MXROF Max Resource Corporation (PK)

[GRAPHIC OMITTED]

www. rbs.com/etnUS or 855.RBS.ETPS (855.727.3877)


RBS ETN Performance as of 11/08/13

RBS Trendpilot[] Exchange Traded Notes ("ETNs") track an RBS Trendpilot[] Index.
As described in more detail below, RBS Trendpilot[] Indices alternate between
tracking a Benchmark Index and the yield on a hypothetical notional investment
in 3-month U.S. Treasury Bills as of the most recent weekly auction (the "Cash
Rate"), depending on the performance of the Benchmark Index relative to its 100-
or 200 Index business day simple moving average ("SMA"), as applicable.



Trendpilot[] ETN Series

Ticker TRND TRNM TBAR TWTI TNDQ TCHI

RBS        RBS US Large RBS US Mid RBS Gold           RBS Oil      RBS NASDAQ-
ETN/Index: Cap          Cap Trendpilot[] Trendpilot[] Trendpilot[] 100([R])
           Trendpilot[] ETN/Index  ETN/Index          ETN/Index    Trendpilot[]
           ETN/Index                                               ETN/Index




Benchmark SandP 500([R]) SandP MidCap     Price of Gold RBS 12-Month NASDAQ-100(
Index:    Total        400([R]) Total Bullion       Oil Total    Total
          Return Index Return Index                 Return Index Return Index(SM

RBS China
Trendpilot[]
ETN/Index


[R]) BNY Mellon
 China Select
) ADR Total
 Return Index(SM)

Daily
Redemption     $34.6348 $31.3458 $27.9806 $19.8423 $34.0533 $27.7552
Value (NAV)(1)
============== ======== ======== ======== ======== ======== ========
RBS Index
Weekly          0.60%    -0.33%   0.00%    0.00%    -0.27%   -1.92%
Return(2)
============== ======== ======== ======== ======== ======== ========
RBS Index
Month to Date   0.89%    -0.21%   0.00%    0.00%    -0.21%   -1.31%
Return(2)
============== ======== ======== ======== ======== ======== ========
RBS Index
Year to        26.42%   27.54%    -2.96%  -13.04%  24.94%   10.03%
Date Return(2)
============== ======== ======== ======== ======== ======== ========




Trendpilot[] Indicator as of 11/08/13

If a Benchmark Index level is at or above its applicable SMA, for a specified
number of days (each as noted below) (i.e., a "positive trend" is established),
the relevant Trendpilot[] Index will track its Benchmark Index. If the Benchmark
Index level is below its applicable SMA for the specified number of days (i.e.,
a "negative trend" is established), the relevant Trendpilot[] Index will track
the Cash Rate.

                  TRND       TRNM       TBAR        TWTI      TNDQ        TCHI
============== ========== ========== ========== ========== ========== ==========
SMA Day
Count/Days to   200 Day/5 200 Day/5 200 Day/5 100 Day/5 100 Day/5 100 Day/3
confirm
Benchmark
Index trend
============== ========== ========== ========== ========== ========== ==========
Benchmark
Index            3,166.11   1,782.82   1,285.50   2,879.07   3,630.83   5,266.45
Closing
Level
============== ========== ========== ========== ========== ========== ==========
Benchmark
Index
SMA              2,892.46   1,637.42   1,419.41   2,970.85   3,386.95   4,957.90
============== ========== ========== ========== ========== ========== ==========
Friday,
11/08/2013     ABOVE SMA  ABOVE SMA  BELOW SMA  BELOW SMA  ABOVE SMA  ABOVE SMA
============== ========== ========== ========== ========== ========== ==========
Thursday,
11/07/2013     ABOVE SMA  ABOVE SMA  BELOW SMA  BELOW SMA  ABOVE SMA  ABOVE SMA
============== ========== ========== ========== ========== ========== ==========
Wednesday,     ABOVE SMA  ABOVE SMA  BELOW SMA  BELOW SMA  ABOVE SMA  ABOVE SMA
11/06/2013
============== ========== ========== ========== ========== ========== ==========
               ABOVE SMA  ABOVE SMA  BELOW SMA  BELOW SMA  ABOVE SMA  ABOVE SMA

Tuesday,
11/05/2013
=============== ============ ============== ========== ========= ============
Monday,
11/04/2013      ABOVE SMA     ABOVE SMA     BELOW SMA  BELOW SMA ABOVE SMA
=============== ============ ============== ========== ========= ============
Friday,         ABOVE SMA     ABOVE SMA     BELOW SMA  BELOW SMA ABOVE SMA
11/01/2013
=============== ============ ============== ========== ========= ============
Last Benchmark
Index Trend
switch
effective
 as of open       1/3/12       1/19/12        2/20/13   10/31/13   1/10/13
of trading
on:(3)
=============== ============ ============== ========== ========= ============
Benchmark Index
Closing Level
 at last
Benchmark Index    2,192.40     1,256.22      1,588.50  2,916.66  2,923.71
trend switch
=============== ============ ============== ========== ========= ============
The Trendpilot  SandP 500([R]) SandP MidCap                       NASDAQ-100
Index Return    Total Return 400([R]) Total Cash Rate  Cash Rate Total Return

Source:(4)      Index        Return Index                        Index(SM)

--------------- ------------ -------------- ---------- --------- ------------

The tables above present the actual performance of the respective indices and
RBS ETNs as of the specified dates and periods. For information regarding the
performance of each Index, please refer to the relevant pricing supplement filed
with the U.S. Securities and Exchange Commission ("SEC"). Past performance does
not guarantee future results.

*Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this document. (1) Includes the deduction of
the annual investor fee, which accrues on a daily basis. The annual investor fee
is equal to: (i)(a) 1.00% per annum when the RBS US Large Cap Trendpilot(TM)
Index (USD), RBS US Mid Cap Trendpilot(TM) Index (USD), RBS Gold Trendpilot(TM)
Index (USD) and the RBS NASDAQ-100([R]) Trendpilot(TM) Index (USD) are tracking
their respective Benchmark Indices and (b) 1.10% per annum when the RBS Oil
Trendpilot(TM) Index (USD) and RBS China Trendpilot(TM) Index (USD) are tracking
their respective Benchmark Indices; and (ii) 0.50% per annum when any of these
Trendpilot(TM) Indices are tracking the Cash Rate.

(2) These percentages are calculated for the periods indicated based on the
levels of the respective Indices through the close of business on the date set
forth at the top of this fact sheet (the "measurement date"). More specifically,
the Index Weekly Return is calculated using the level of the relevant
Trendpilot(TM) Index at the close of business on the last Index business day of
the week prior to the measurement date through the measurement date; the Index
Month to Date Return is calculated from the last Index business day of the month
prior to the measurement date through the measurement date; and the Index Year
to Date Return is calculated from the last Index business day of the year prior
to the measurement date through the measurement date.

(3) These dates are those on which the relevant Trendpilot(TM) Index implemented
the change in the reference exposure (i.e., the Index Return Source) following a
Benchmark Index trend switch. The Trendpilot[] Index will implement the change
in the reference exposure at the open of trading on the second Index business
day immediately following the business day on which the Benchmark Index trend
switches from positive to negative or from negative to positive, as the case may
be.

(4) The "Index Return Source" is either the Benchmark Index (if the Benchmark
Index is in a positive trend) or the Cash Rate (if the Benchmark Index is in a
negative trend).

For more information: 855.727.3877

FOR REGISTERED BROKER/DEALERS AND REGISTERED INVESTMENT ADVISERS ONLY. NOT FOR
DISTRIBUTION TO INDIVIDUAL INVESTORS.

CERTAIN RISK CONSIDERATIONS: The RBS ETNs involve risks not associated with an
investment in conventional debt securities, including a possible loss of some or
all of your investment. The level of the relevant Index must increase by an
amount sufficient to offset the aggregate investor fee applicable to the RBS
ETNs in order for you to receive at least the principal amount of your
investment back at maturity or upon early repurchase or redemption. The RBS Oil
Trendpilot(TM) ETNs and the RBS Oil Trendpilot(TM) Index (USD) do not provide
exposure to spot prices of crude oil and, consequently, may not be
representative of an investment that provides exposure to crude oil. Each
Trendpilot[] Index may underperform its respective Benchmark Index, and is
expected to perform poorly in volatile markets. The RBS China Trendpilot[] ETNs
involve risks associated with an investment in emerging markets, as well as
currency exchange risk. Even though the RBS ETNs are listed on the NYSE Arca, a
trading market may not develop and the liquidity of the RBS ETNs may be limited
and/or vary over time, as RBS plc is not required to maintain any listing of the
RBS ETNs. The RBS ETNs are not principal protected and do not pay interest. Any
payment on the RBS ETNs is subject to the ability of the applicable issuer and
guarantor to pay their respective obligations when they become due. You should
carefully consider whether the RBS ETNs are suited to your particular
circumstances before you decide to purchase them. We urge you to consult with
your investment, legal, accounting, tax and other advisors with respect to any
investment in the RBS ETNs. The RBS ETNs are not suitable for all investors. You
should carefully read the relevant pricing supplement and prospectus, including
the more detailed explanation of the risks involved in any investment in the RBS
ETNs as described in the "Risk Factors" section of the applicable pricing
supplement, before investing.

IMPORTANT INFORMATION: The Royal Bank of Scotland plc (RBS plc) and The Royal
Bank of Scotland Group plc (RBS Group) have filed a registration statement
(including a prospectus) with the U.S. Securities and Exchange Commission (SEC)
for the offering of RBS ETNs to which this communication relates. Before you
invest in any RBS ETNs, you should read the prospectus in that registration
statement and other documents that have been filed by RBS plc and RBS Group with
the SEC for more complete information about RBS plc and RBS Group, and the
offering. You may get these documents for free by visiting EDGAR on the SEC's
web site at www.sec.gov. Alternatively, RBS plc, RBS Securities Inc. (RBSSI) or
any dealer participating in the offering will arrange to send you the prospectus
and the pricing supplement at no charge if you request it by calling
1-855-RBS-ETPS (toll-free).

RECENT DEVELOPMENTS: On June 13, 2013, we announced that we would be exiting the
structured retail investor products business that is responsible for issuing and
maintaining the RBS ETNs, and that we expect to move such business into a runoff
organization which will go through a process of restructuring and / or business
sales (the "RBS Retail Investor Products Exit Plan"). The implementation of the
RBS Retail Investor Products Exit Plan increases the likelihood that the RBS
ETNs will be redeemed by us prior to maturity. We plan to continue to maintain
and issue the RBS ETNs,

but our plans could change. We cannot give you any assurances as to any minimum
period of time that you may hold the RBS ETNs before we redeem them at our
option.

RBS China Trendpilot[] Index, RBS US Large Cap Trendpilot[] Index (USD), RBS US
Mid Cap Trendpilot[] Index (USD) and RBS Gold Trendpilot[] Index (USD)
(collectively, the "Indices") are the property of RBS plc (the "Index Sponsor"),
which has contracted with SandP Opco, LLC, a subsidiary of SandP Dow Jones
Indices LLC ("SandP Dow Jones Indices") to maintain and calculate the Indices.
The SandP 500([R]) Index and the SandP MidCap 400([R]) Index are the exclusive
property of SandP Dow Jones Indices and have been licensed for use by RBSSI and
its affiliates in connection with the RBS US Large Cap Trendpilot[] Index (USD)
and the RBS US Mid Cap Trendpilot[] Index (USD), respectively. SandP Dow Jones
Indices, its affiliates and their third party licensors shall have no liability
for any errors or omissions in calculating the Indices. SandP([R]) is a
registered trademark of Standard and Poor's Financial Services LLC ("SPFS") and
Dow Jones([R]) is a registered trademark of Dow Jones Trademark Holdings LLC
("Dow Jones"). These trademarks have been licensed to SandP Dow Jones Indices.
"Standard and Poor's([R])", "SandP([R])", "SandP 500([R])" and "SandP MidCap
400([R])" are trademarks of SPFS and together with the "Calculated by SandP Dow
Jones Indices Custom" and its related stylized mark(s) have been licensed for
use by RBSSI and its affiliates. The RBS China Trendpilot[] ETNs, RBS US Large
Cap Trendpilot[] ETNs, RBS US Mid Cap Trendpilot[] ETNs and RBS Gold
Trendpilot[] ETNs are not sponsored, endorsed, sold or promoted by SandP Dow
Jones Indices, SPFS, Dow Jones, their affiliates or their third party licensors,
and neither SandP Dow Jones Indices, SPFS, Dow Jones, their affiliates or their
third party licensors make any representation regarding the advisability of
investing in such RBS ETNs.

NASDAQ([R]), OMX([R]), NASDAQ OMX([R]), NASDAQ-100([R]), NASDAQ-100 Index([R])
and NASDAQ-100([R]) Total Return Index(SM) are registered trademarks and service
marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS plc. The RBS
NASDAQ-100([R]) Trendpilot(TM) Index is the property of RBS plc. RBS plc has
contracted with The NASDAQ OMX Group, Inc. (which with its affiliates and
subsidiaries is referred to as the "Corporations") to calculate and maintain the
RBS NASDAQ-100([R]) Trendpilot(TM) Index, either directly or through a third
party. Currently, the RBS NASDAQ-100([R]) Trendpilot(TM) Index is calculated and
maintained by SandP Opco, LLC ("SandP Opco"), a subsidiary of SandP Dow Jones
Indices LLC ("SandP Dow Jones Indices"), on behalf of The NASDAQ OMX Group, Inc.
SandP Opco and the Corporations shall have no liability for any errors or
omissions in calculating the Index. The RBS NASDAQ-100([R]) Trendpilot(TM) ETNs,
which are based on the RBS NASDAQ-100([R]) Trendpilot(TM) Index, have not been
passed on by the Corporations or SandP Opco as to their legality or suitability
and are not sponsored, endorsed, sold or promoted by the Corporations or SandP
Opco. THE CORPORATIONS AND SandP OPCO MAKE NO WARRANTIES AND BEAR NO LIABILITY
WITH RESPECT TO THE RBS NASDAQ-100([R]) TRENDPILOT(TM) ETNs.

RBS Oil Trendpilot(TM) Index (USD) and RBS 12-Month Oil Total Return Index (USD)
are the property of RBS plc and are calculated by NYSE Arca, a wholly-owned
subsidiary of NYSE Euronext. The RBS Oil Trendpilot[] ETNs, which track the RBS
Oil Trendpilot(TM) Index (USD) and RBS 12-Month Oil Total Return Index (USD),
are not issued, sponsored, endorsed, sold or promoted by NYSE Arca, and NYSE
Arca makes no representation regarding the advisability of investing in such
ETNs. NYSE ARCA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
WITH RESPECT TO THE RBS OIL TRENDPILOT[] INDEX (USD) OR RBS 12-MONTH OIL TOTAL
RETURN INDEX (USD) OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE ARCA
HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation and
may be used as a generic term to reference the corporation as a whole or its
various subsidiaries. BNY Mellon and BNY Mellon ADR Indices and BNY Mellon DR
Indices are service marks owned by The Bank of New York Mellon Corporation. This
information is provided for general purposes only and is not investment advice.
We provide no advice nor recommendations or endorsement with respect to any
company, security or products based on any index licensed by BNY Mellon, and we
make no representation regarding the advisability of investing in the same. BNY
Mellon's Depositary Receipt business is conducted through BNY Mellon.


BNY Mellon does not guarantee the accuracy, timeliness and/or completeness of
BNY Mellon ADR Indices and BNY Mellon DR Indices, or any associated indices, or
any data included therein, and BNY Mellon shall have no liability for any
errors, omissions, or interruptions therein. BNY Mellon makes no express or
implied warranties, and expressly disclaims all warranties of merchantability or
fitness for a particular purpose or use with respect to BNY Mellon ADR Indices
and BNY Mellon DR Indices or any associated indices, or any data included
therein, or any materials derived from such data. Without limiting any of the
foregoing, in no event shall the company have any liability for any special,
punitive, indirect, or consequential damages (including lost profits), even if
notified of the possibility of such damages. For the full disclaimer please see
the pricing supplements relating to the notes that RBS plc and RBS Group filed
with the SEC.

Copyright [C] 2013 RBS Securities Inc. All rights reserved. RBS Securities Inc.,
a U.S. registered broker-dealer, member of FINRA and SIPC, is an indirect
wholly-owned subsidiary of The Royal Bank of Scotland plc.