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Issuer Long-Term Senior Unsecured Credit Ratings
As of April 17, 2012
SandP Moody's Fitch
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RBS plc* A A2*** A
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RBS NV* A A2*** A
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RBS Group** A- A3*** A
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* Issuers of RBS products and subsidiaries of RBS Group.
** Issuer of RBS products and guarantor of RBS products issued by RBS plc and
RBS NV.
*** Ratings under review for downgrade.
A credit rating is not a recommendation to buy, sell or hold securities. Credit
ratings may be subject to revision or withdrawal at any time by the assigning
rating organization, and each rating should be evaluated independently of any
other rating.
RBS Group Selected Key Financials
Risk Asset Ratio
At December 31
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2011 2010 2009
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Core Tier 1 10.6% 10.7% 11.0%
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Tier 1 13.0% 12.9% 14.1%
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RBS Holdings N.V. Selected Key Financials
Risk Asset Ratio*
At December 31
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2011 2010 2009
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Core Tier 1 8.4% 8.7% 16.9%
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Tier 1 12.0% 11.0% 19.9%
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* The ratios published for 2009 were calculated on a Basel I basis and reflect
the inclusion of the Dutch State and Banco Santander S.A. acquired businesses
existing in the period prior to the legal separation of ABN Amro Bank N.V. on
April 1, 2010. With effect from June 30, 2010, RBS Holdings N.V. and its
consolidated subsidaries migrated to Basel II status; the ratios for 2010 and
2011 are presented on a Basel II basis.
About Issuer Credit Ratings
An issuer credit rating reflects the assigning rating agency's opinion of the
issuer's creditworthiness (i.e., the issuer's ability to pay its obligations
when they become due). It is not the rating of any RBS product issued by RBS
Group, RBS plc or RBS NV.
An issuer credit rating has no bearing on how much you may be entitled to be
paid on an RBS product or what your return on investment may be. Your return on
investment will depend on the terms of the particular RBS product that you buy
and how that product performs. An issuer credit rating does not enhance the
performance or potential return on any RBS product. If an RBS product or its
underlying asset underperforms, your investment may result in a loss, which may
be significant, regardless of RBS' issuer credit ratings.
About RBS Group
RBS Group is the issuer of certain RBS products, and the guarantor of the
obligations of RBS plc, as the issuer, under certain RBS products. The
prospectus will specify if the RBS Group guarantee applies to your RBS products.
For additional information on key financials and financial statements of RBS
Group see RBS Group 2011 Annual Report (Form 20-F).
About RBS Holdings N.V.
RBS Holdings N.V., a subsidiary of RBS Group, is the guarantor of the
obligations of RBS NV, as the issuer, under certain RBS products. The prospectus
will specify if the RBS Holdings N.V. guarantee applies to your RBS products.
For additional information on key financials and financial statements of RBS
Holdings N.V., see RBS Holdings N.V. 2011 Annual Report (Form 20-F).
The Boards of RBS Group, RBS plc, RBS Holdings N.V. and RBS NV (collectively,
the RBS Entities) approved the proposed transfers of a substantial part of the
business activities of RBS NV to RBS plc, subject, amongst other matters, to
regulatory and other approvals, further tax and other analysis in respect of the
assets and liabilities to be transferred and employee consultation procedures.
It is expected that the proposed transfers will be implemented on a phased basis
over a period ending December 31, 2013. For further information, see the press
release entitled "Proposed transfers of a substantial part of the business
activities of RBS NV to RBS plc" filed on Form 6-K by RBS Group on April 19,
2011.
CERTAIN RISK CONSIDERATIONS: An investment in RBS products involves risks,
including market risk, liquidity risk, and a possible loss of some or all of
your investment. Some RBS products do not pay coupons. Any payment on RBS
products will be subject to the ability of the relevant RBS issuer and
guarantor, if any, to pay their respective obligations when they become due. You
should carefully consider whether the RBS products are suited to your particular
circumstances before you buy them. We urge you to consult with your investment,
legal, accounting, tax and other advisors with respect to any investment in RBS
products. You should carefully read the relevant prospectus for the RBS product,
including the "Risk Factors" section in the prospectus, before investing.
IMPORTANT NOTICE: The RBS Entities have filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (SEC) for
offerings to which this communication may relate. Before you invest, you should
read the relevant prospectus in such registration statement and other documents
that have been filed with the SEC for more complete information about the
relevant RBS Entities and offerings. You may get these documents without cost by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBS Group, RBS
plc, RBS NV, any underwriter or any dealer participating in the relevant
offering will arrange to send you the relevant prospectus and pricing
supplements if you request by calling toll free (866) 747-4332.
For broker-dealer and registered investment adviser use only. Not for
distribution to retail investors.
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