Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

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1 Market Access ETFs Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

2 2 Market Access ETFs The Royal Bank of Scotland (RBS) is a recognised provider of low cost and efficient Exchange Traded Funds (ETFs) based on innovative and niche underlying investments. Market Access ETFs offer investors access to commodities, precious metals and emerging market equities. Introduction Mutual funds first appeared on the financial landscape in the early twentieth century, the size of the industry and products being offered changing significantly since that time. The term Mutual Fund now covers various types of collective investment vehicles varying in purpose, objective and regulatory oversight. The growth of passively managed funds over the past 10 years has been particularly impressive and vindicated given evidence that over the long term indices tend to outperform actively managed funds (a study by Standard & Poor s shows for the five-year period through 30 June 2008, the S&P 500 Index outperformed 68.6% of actively managed large-cap funds). RBS has developed the Market Access funds in order to provide efficient access to the commodity, precious metals and emerging equity markets. In the current market they provide investors with the ability to invest in strategies that are highly relevant and well performing, with the benefits of intra-daily dealing, low costs and strict regulatory oversight in the form of the UCITS III framework. About us The Market Access ETFs, managed by the Royal Bank of Scotland plc, are Exchange Traded Funds that provide cost effective access to Commodity, Precious Metals and Emerging Market equities (Shares). All the funds are UCITS compliant giving the investor the benefits and added security that the UCITS rules provide such as strict requirements for diversity and transparency of the funds. The first ETF, the Jim Rogers International Commodity Index ETF, was launched in 2006 with the other nine ETFs being launched over the course of the following year. Since then the Assets under Management (AuM) of the funds has grown significantly with the largest fund, the Jim Rogers International Commodity Index ETF now being worth almost EUR 200 million (as of the end of January 2010). The Market Access ETFs are subfunds of the Market Access SICAV, an umbrella fund investment company domiciled in Luxembourg. The sub-funds comply with the relevant European fund regulations relating to undertakings for collective investments in transferable securities (UCITS III) and are listed on numerous stock exchanges across Europe including Euronext Amsterdam, Deutsche Börse, Borsa Italiana, SIX Swiss Exchange and Wiener Börse.

3 Market Access ETFs 3 What are ETFs? ETFs generally tend to be passively managed funds that aim to replicate the performance of a specific financial index, the rationale of this being that it s more cost effective for an investor to invest into a particular ETF rather than into the underlying strategy itself (as the ETF benefits from economies of scale in terms of its transaction execution ability). The most attractive benefit to investors of ETFs are their stock-like features, enabling investors to carry out the same types of trades they can with stocks such as shorting (borrowing stocks and selling them in order to benefit from a downward movement in the price), ordering (place orders to buy/sell at set prices) and trading intra-day (prices are available throughout the day). Available to both Institutional and retail investors, they provide cheap & well diversified exposure to various asset classes, sectors or index styles which is beneficial to investors for hedging purposes or in order to diversify their portfolio. Being based off indices means that the investment methodology and objectives are clear, transparent and rules based ensuring that the investor has the ability to view and understand the constituents of their investment at all times. Typical ETF Model A market maker is an institution that is required to continuously offer a bid/offer (buy/sell) price on the fund shares through the hours which the Stock Exchange is open. In the case of individual investors, Brokers can act on your behalf to buy shares in the fund via the exchange. Charges from the Broker may apply, please contact your individual broker for more details. ETF Shares ETF Shares ETF Shares Investor Exchange Traded Fund Market Maker Exchange Broker Investor Cash Cash Cash Investor

4 4 Market Access ETFs Fees & Tax ETFs benefit from a low cost fee structure because there is no entry or exit fees whilst trading in/out on the fund in the secondary market, the management costs are low because the style is passive in nature, and the same dealing costs as for ordinary shares apply (such as brokerage costs to intermediary parties and bid-offer spreads). The fund expenses inherent in the ETFs are known as the Total Expense Ratio, or TER, which includes costs that the Fund must pay to third parties in order to keep the fund operational. The TER can vary from fund to fund but for ETFs and index funds in general, it tends to be lower than actively managed funds which can charge large management fees justified by the investment decisions the Investment Manager must make. In addition to the TER there are some costs associated to executing the investment strategy of the Fund, such as costs incurred from buying and selling shares whilst replicating the performance of the index. In order for individual investors to purchase shares in the secondary market, a Broker will have to act on the investor s behalf in order to trade on the exchange. In this case a fee may be payable to that Broker. The Funds are subject to your local Tax law and as the funds are domiciled in Luxembourg, they are subject to a Luxembourg withholding tax. Please consult your tax advisor for further advice. Why Market Access ETFs? Market Access Exchange Traded Funds provide investors with convenient and cost effective access to various markets though an easily accessible and investable format. With a lower TER compared to that of traditional mutual funds and the benefit of no front or back-end loading fees (subscription or redemption fees), the ETFs are extremely cost effective in gaining access to the indices that they track. By tracking their benchmark indices very closely, the Market Access ETFs ensure that any tracking error is kept to a minimum and correlations with the underlying indices are close to unity. Every day the designated market maker for the funds, The Royal Bank of Scotland N.V, offers real-time two way prices on the Market Access ETFs. In addition to this, the intra-day indicative Net Asset Value (known as the inav ) is published by the various stock exchanges where the ETFs are listed enabling investors to track the performance of their investments. The underlying indices that form the investment strategies of the fund are created by established index providers with track record in creating financial indices. All the underlying indices are transparent and methodologies are available from the providers respective websites. Reporting Quarterly performance updates are available from the Market Access website: All fund prices and inavs are available on Bloomberg and Reuters as well as the Morningstar and Lipper fund databases for the countries in which the ETFs are listed.

5 Market Access ETFs 5 Funds Governance Structure Global Distributor The Royal Bank of Scotland N.V. Investment Manager The Royal Bank of Scotland plc Management Company RBS (Luxembourg) S.A. Regulatory Authority Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg Market Access SICAV Incorporated in Luxembourg Custodian / Transfer Agent RBC Dexia Investor Services Banks S.A. Legal Advisors Arendt & Medernach Auditors PriceWaterhouseCoopers in Luxembourg About the Royal Bank of Scotland The Royal Bank of Scotland plc, manages over GBP 1.6 billion (as of 31 January 2010) of assets under the Structured Funds business, which includes the Market Access Funds, closed ended protected funds and various tailor made funds for large institutions. The Royal Bank of Scotland Group has grown from small beginnings nearly 300 years ago to become one of the largest financial services groups in the world. With the acquisition of ABN AMRO, the RBS group is now a truly global business, numbering over 170,000 people, working in more than 50 countries across five continents for 40 million customers. Our banking heritage spans hundreds of years, and our expertise ranges from personal to private and corporate banking. We have clearly changed a lot over the years. But one thing that s stayed the same is our focus on innovation. Right from the start we ve pioneered new products and services and led the way with landmark deals. We wouldn t have become a global financial name without doing things differently. We have a phrase that sums up our approach: Make it happen. It is a steadfast belief that actions speak louder than words. This is what keeps us ahead of the game. Key Risks Investors must be aware that ETFs are access products allowing exposure to the upside and downside of the performance of the underlying index, so therefore it is possible that investors could lose some or all of their money. Any investor of the funds potentially has FX exposure depending on whether the fund shares are purchased in a different currency to which the fund is denominated and also if the fund is in a different currency to the currency in which the underlying index is denominated.

6 6 Market Access ETFs Frequently asked questions What is an Exchange Traded Fund (ETF)? Exchange Traded Funds (ETFs) are funds that trade like shares on an Exchange. ETFs have low annual expenses but as they are traded on-exchange a brokerage commission is charged to trade them. Whilst they come in many asset class varieties such as commodity, currency and equity, and also actively managed / passively managed guises, the most common are index ETFs which aim to mimic the performance of a financial index. Generally the price at which the shares of an ETF trade mirror the NAV of the fund very closely, although depending on demand for the fund the share price can trade at a premium (above) or discount (below) to the NAV of the fund. What is the Net Asset Value (NAV)? The Net Asset Value is the total value of the fund s assets less any liabilities the fund holds. This is usually quoted on a per share basis so the NAV is usually calculated by subtracting the fund liabilities from the fund s total assets and dividing by the number of shares outstanding. The official NAV of the fund is published once a day. The inav is the intraday NAV, so throughout the day the NAV of the fund is estimated based and published. This is distinct from the price of the ETF which can also depend on supply and demand. What is an index or passively managed fund? An index fund uses a passive investment technique to replicate the performance of a financial index or to follow a fixed set of investment rules regardless of market conditions. Index funds can come under the guise of an ETF or mutual fund, but the same investment technique will be used in both. Tracking an index can be achieved through holding all the financial instruments of the index using the same weightings as the index, or another method that can be employed is to statistically sample the market and hold securities that represent the performance of the market. The lack of active management generally leads to the benefit of lower fees, however it is usually not possible to perfectly mirror an index to 100% accuracy and any difference between the index performance and the fund performance is known as the tracking error. What are the costs of an ETF? For MarketAccess ETFs the total expense ratio (TER) for the funds vary between 0.6% and 0.85% per annum (please refer to the prospectus for the exact TER for each ETF). The TER encapsulates all the fees associated with running the fund, such as management fees, administration fees etc. Additionally, there may also be transaction costs associated with the index replication and brokers may charge a commission for trading the shares of the ETFs. The ETF share price is subject to a bid-offer spread (similar to shares). What is MarketAccess? Originally established in 2001, MarketAccess is a limited liability company (a self managed SICAV) with variable share capital, CSSF (the Luxembourg regulatory authority) authorised umbrella fund governed under the UCITS III framework. The platform is sponsored by the Royal Bank of Scotland plc and its goal is to enable convenient and cost-effective access to various asset classes through index-tracking funds for both private and institutional investors. The platform consists of numerous sub-funds with each sub-fund of MarketAccess being compartmentalized with full asset segregation. 10 of the sub-funds are available for sale as ETFs with these ETFs being listed on numerous exchanges in Europe. What does UCITS stand for? UCITS stands for the Undertakings for Collective Investment in Transferable Securities. What is UCITS III? The UCITS III regime refers to a European Union directive that establishes the terms under which a fund domiciled in one EU member state can be marketed in all EU countries. The UCITS III regulatory environment aims to simplify investment regulations across EU borders and increase investor protection.

7 Market Access ETFs 7 UCITS III can be split into two key types of directives: Management and Product directives. The Management Directive seeks to give management companies a European passport to operate across the continent and widen the activities that it is allowed to undertake. The Product Directives allow managers to invest in a wider range of financial instruments. What is the meaning of SICAV? A SICAV (Société d Investissement à Capital Variable) is an open-ended investment company. Luxembourg-domiciled funds are typically SICAVs. Are the MarketAccess ETFs returns based on total return or price indices? MarketAccess ETFs returns are based on total return indices, if such an underlying index is available. Please refer to the sub-fund specifics in the MarketAccess Prospectus. Do MarketAccess ETFs distribute dividends? MarketAccess ETFs do not distribute dividends. For the current range of ETFs, the share type is an accumulation share where all dividends/ returns are accumulated into the price of the share. Please refer to the MarketAccess prospectus and the sub-fund particulars for more details on each fund and share class offered. What are the tax implications for an investor investing in MarketAccess ETFs? Private investors are advised to seek advice from their fiscal advisers and/or their investment advisors with regards to tax treatment of investments in the MarketAccess ETFs according to the fiscal rules in their fiscal jurisdiction. Contact us You can contact us by phone or . Germany marketaccess.de@rbs.com Netherlands marketaccess.nl@rbs.com Switzerland marketaccess.ch@rbs.com Austria marketaccess.de@rbs.com Italy marketaccess.it@rbs.com What is the function of a market-maker? A market-maker is generally a regulated financial institution which undertakes to make a price (bid-offer) on a continuous basis during exchange hours in a specified financial instrument. The Royal Bank of Scotland N.V. (London Branch) is a market-maker for the MarketAccess ETFs. How can I buy or sell a MarketAccess ETF? MarketAccess ETFs are quoted with a bid and offer price by the official market-maker during normal business hours on several exchanges: NYSE Euronext Deutsche Börse Group SWX Wiener Börse Borsa Italiana Buy and sell orders can be placed at given prices, like equity orders. There is no minimum or maximum holding period. Please contact your financial advisor before any transactions are made in MarketAccess ETFs. What is the minimum dealing size in MarketAccess ETFs? The minimum dealing size is one share or unit of a MarketAccess ETF. Are there purchase or redemption fees charged by MarketAccess ETFs? MarketAccess ETFs do not charge any purchase or redemption fees when transacted via the exchanges where they are listed. Please refer to the sub-fund specific information within the MarketAccess prospectus. What is the difference between the primary market and the secondary market in ETFs? In the primary market, ETF shares are generally only issued to institutional investors in large quantities through subscriptions. In the secondary market, ETFs can be transacted (bought and sold) via any exchange on which the ETFs are listed, in smaller quantities. Please refer to the MarketAccess prospectus for more information.

8 Market Access or its sponsor, The Royal Bank of Scotland plc, London Branch ( RBS plc ) does not offer advice to individual investors. Past investment performance is not an indication of future performance. The value of investments can go down as well as up and you may not get back the full amount invested. Changes in foreign exchange rates may cause the value of investments to fluctuate. A significant proportion of the Fund may be invested in commodities linked to derivatives. Investments in commodity derivatives can involve greater risk than is customarily associated with more traditional markets meaning above average price movements both positive and negative can be expected. RBS N.V. London Branch has taken reasonable care to ensure the accuracy of this information at the time of publication but it is subject to change. This document is not for distribution in the U.S. or to U.S. persons. This document is issued by RBS, acting through its London branch which is established at 250 Bishopsgate, London EC2M 4AA. RBS plc is authorised by the Financial Services Authority and is regulated by the Financial Services Authority for the conduct of UK business. Calls may be recorded. Market Access is regulated by the Commission de Surveillance du Secteur Financier. Investors should read the Prospectus of the product carefully before investing and inform themselves about potential legal and tax consequences, offering restrictions or exchange control requirements that may be encountered under their local country laws and regulations. The Fund is not and will not be offered or sold in the United States to or for the account of U.S. persons as defined by U.S. securities laws. Each purchaser of the Fund shares will be asked to certify that such purchaser is not a U.S. person, is not receiving the Fund shares in the United States, and is not acquiring the Fund shares for the benefit of a U.S. person. Shares of the Fund are issued by Market Access and are globally distributed by The Royal Bank of Scotland N.V.. The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. To find out more about Market Access Funds, Log on to or call The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.