THE ROYAL BANK OF SCOTLAND PLC

AVVISO n.465
10 Gennaio 2013
SeDeX - LEV. CERTIFICATES

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: THE ROYAL BANK OF SCOTLAND PLC

Testo del comunicato

Oggetto : Inizio negoziazione 'Leverage Certificates' 'THE ROYAL BANK OF SCOTLAND PLC'

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: Mini Futures Long e Short su indici (I emissione

2013)

Emittente: THE ROYAL BANK OF SCOTLAND PLC

Rating Emittente: Società di rating

Long term

Data report

Moody's A3 21/06/2012

Standard & Poor's A 29/11/2011

Fitch A 13/10/2011

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 11/01/2013

Mercato di quotazione: Borsa - Comparto SEDEX “Leverage Certificates” Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dall’art.

IA.7.3.1 delle Istruzioni

Operatore incaricato ad assolvere l’impegno di quotazione:

The Royal Bank of Scotland plc Member ID Specialist: IT2084

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Mini Futures Long e Short su indici (I emissione 2013)

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 11/01/2013, gli strumenti finanziari "Mini Futures Long e Short su indici (I emissione 2013)" (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Num. Serie	Codice Isin	Trading Code	Instrument Id	Descrizione	Sottostante	Tipologia	Strike	Data Scadenza	Parità	Quantità	Lotto Negoziazione	EMS	Prima Barriera
1	GB00B8XJ4N09	NJ4N09	741243	RBDAXSLML6900AB7038E300916	DAX Index	Bull	6900	30/09/16	0,01	40000	1	301	7038
3	GB00B8XJ4L84	NJ4L84	741244	RBDAXSLML7100AB7242E300916	DAX Index	Bull	7100	30/09/16	0,01	40000	1	396	7242
5	GB00B8XJ4749	NJ4749	741245	XXXXXXXXX00000XX00000X000000	Xxx Xxxxx Xxxxxxxxxx Xxxxxxx	Xxxx	00000	30/09/16	0,001	200000	1	2191	12257
8	GB00B8XJ4Q30	NJ4Q30	741246	RBEUS50SLML2450AB2524E300916	Euro Stoxx 50 Index (Official)	Bull	2450	30/09/16	0,01	100000	1	969	2524
11	GB00B8XJ4H49	NJ4H49	741247	RBFTMIBSLML15400AB15708E300916	XXXX XXX Xxxxx	Xxxx	00000	30/09/16	0,0001	2000000	1	12475	15708
13	XX00X0XX0X00	XX0X00	741248	RBFTMIBSLML15700AB16014E300916	XXXX XXX Xxxxx	Xxxx	00000	30/09/16	0,0001	2000000	1	14671	16014
15	GB00B8XJ4C93	NJ4C93	741249	RBFTMIBSLML15900AB16218E300916	XXXX XXX Xxxxx	Xxxx	00000	30/09/16	0,0001	2000000	1	16622	16218
22	GB00B8XJ4293	NJ4293	741250	RBSP500SLML1320AB1360E300916	S&P 500 Index	Bull	1320	30/09/16	0,01	200000	1	2315	1360
23	GB00B8XJ3V18	NJ3V18	741251	RBSX7PSLML135AB146E300916	Stoxx Bank Index	Bull	135	30/09/16	0,01	1000000	1	5951	146
24	GB00B8XJ4525	NJ4525	741252	RBDAXSLMS9200AB9016E300916	DAX Index	Bear	9200	30/09/16	0,01	30000	1	170	9016
25	GB00B8XJ4186	NJ4186	741253	RBDAXSLMS9000AB8820E300916	DAX Index	Bear	9000	30/09/16	0,01	30000	1	197	8820
28	XX00X0XX0X00	XX0X00	741254	RBDJISLMS17000AB16490E300916	Dow Xxxxx Industrial Average	Bear	17000	30/09/16	0,001	200000	1	905	16490
33	XX00X0XX0X00	XX0X00	000000	RBFTMIBSLMS20500AB20090E300916	FTSE MIB Index	Bear	20500	30/09/16	0,0001	1400000	1	8075	20090
39	GB00B8XJ3H73	NJ3H73	741256	RBSP500SLMS1650AB1600E300916	S&P 500 Index	Bear	1650	30/09/16	0,01	200000	1	1728	1600
40	GB00B8XJ3G66	NJ3G66	741257	RBSP500SLMS1750AB1697E300916	S&P 500 Index	Bear	1750	30/09/16	0,01	200000	1	1130	1697
42	GB00B8XJ3R71	NJ3R71	741258	RBSX7PSLMS220AB203E300916	Stoxx Bank Index	Bear	220	30/09/16	0,01	800000	1	5815	203

Final Terms

Dated 08 January 2013

Issue I 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

40,000 DAX® Index Mini Future Long Certificates Issue Price: EUR 8.564

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional

information with regard to DAX® Index Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/ markets

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: DAX® Index Mini Future Long Certificates

Issue Price: EUR 8.564

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: DAX® Index Mini Future Long Certificates (ISIN:

GB00B8XJ4N09)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 7,038 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 2%

Current Spread: 2%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 6,900 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.01

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: DAX® Index (Bloomberg code: DAX <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Applicable

Notional Dividend Period: As stated in Product Condition 1

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: EUR

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4N09

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

Bloomberg Code: DAX <INDEX>

Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as

sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the Issuer of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"DAX® Index Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"DAX® Index Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

40,000 DAX® Index Mini Future Long Certificates Issue Price: EUR 7.564

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional

information with regard to DAX® Index Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/ markets

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: DAX® Index Mini Future Long Certificates

Issue Price: EUR 7.564

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: DAX® Index Mini Future Long Certificates (ISIN:

GB00B8XJ4M91)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 7,140 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 2%

Current Spread: 2%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 7,000 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.01

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: DAX® Index (Bloomberg code: DAX <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Applicable

Notional Dividend Period: As stated in Product Condition 1

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: EUR

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4M91

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

Bloomberg Code: DAX <INDEX>

Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as

sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the Issuer of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"DAX® Index Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"DAX® Index Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

40,000 DAX® Index Mini Future Long Certificates Issue Price: EUR 6.564

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional

information with regard to DAX® Index Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/ markets

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: DAX® Index Mini Future Long Certificates

Issue Price: EUR 6.564

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: DAX® Index Mini Future Long Certificates (ISIN:

GB00B8XJ4L84)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 7,242 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 2%

Current Spread: 2%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 7,100 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.01

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: DAX® Index (Bloomberg code: DAX <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Applicable

Notional Dividend Period: As stated in Product Condition 1

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: EUR

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4L84

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

Bloomberg Code: DAX <INDEX>

Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as

sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the Issuer of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"DAX® Index Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"DAX® Index Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

40,000 DAX® Index Mini Future Long Certificates Issue Price: EUR 5.564

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional

information with regard to DAX® Index Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/ markets

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: DAX® Index Mini Future Long Certificates

Issue Price: EUR 5.564

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: DAX® Index Mini Future Long Certificates (ISIN:

GB00B8XJ4K77)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be EUR 7,344 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 2%

Current Spread: 2%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 7,200 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.01

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: DAX® Index (Bloomberg code: DAX <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Applicable

Notional Dividend Period: As stated in Product Condition 1

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: EUR

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4K77

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

Bloomberg Code: DAX <INDEX>

Website: xxx.xxxxxxxx-xxxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): This Security is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilisation in connection with the Security or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor with respect to the attractiveness on an investment in this product. In its capacity as

sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the Issuer of the Security the utilisation of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the Security.

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"DAX® Index Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"DAX® Index Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

200,000 Dow Xxxxx Industrial Average Mini Future Long Certificates Issue Price: EUR 1.138

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional information with regard to Dow Xxxxx Industrial Average Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/xxxxxxx

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: Dow Xxxxx Industrial Average Mini Future Long Certificates

Issue Price: EUR 1.138

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: Dow Xxxxx Industrial Average Mini Future Long Certificates

(ISIN: GB00B8XJ4749)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be USD 12,257 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 3%

Current Spread: 2.5%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 11,900 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: Dow Xxxxx Industrial Average (Bloomberg code: INDU <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Not Applicable

Notional Dividend Period: Not Applicable

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: USD

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4749

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

FX Adjustment: The value of the Securities at maturity/expiration will be affected both by the value or performance of the Underlying and by the performance of the relevant FX rate between the currency of the Underlying and the currency of the Securities.

Bloomberg Code: INDU <INDEX>

Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): (i) "Dow Xxxxx" and "Dow Xxxxx Industrial AverageSM" are service marks of Dow Xxxxx & Company, Inc. and have been licensed for use for certain purposes by The Issuer The Royal Bank of Scotland's Securities based on the Dow Xxxxx Industrial AverageSM, are not sponsored, endorsed, sold or promoted by Xxx Xxxxx, and Xxx Xxxxx makes no representation regarding the advisability of investing in such product(s). (ii) "Dow Xxxxx", "Dow Xxxxx Industrial Global IndexesSM" are service marks of Dow Xxxxx & Company, Inc. Dow Xxxxx has no relationship to the Issuer, other than the licensing of the Dow Xxxxx Industrial Average (DJIA) and its service marks for use in connection with the Securities. The Securities are not sponsored, endorsed, sold

or promoted by Xxx Xxxxx or any of its licensors. Neither Dow Xxxxx nor any of its licensors makes any representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly. The only relationship of Dow Xxxxx and its licensors to the Licensee is the licensing of certain trademarks, trade names and service marks and of the Dow Xxxxx Industrial AverageSM, which is determined, composed and calculated without regard to The Issuer or the Securities. Neither Dow Xxxxx nor any of its licensors has any obligation to take the needs of The Issuer or the owners of the Securities into consideration in determining, composing or calculating Dow Xxxxx Industrial AverageSM. Neither Dow Xxxxx nor any of its licensors is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Securities to be issued or in the determination or calculation of the equation by which the Securities are to be converted into cash. None of Dow Xxxxx or any of its licensors has any obligation or liability in connection with the administration, marketing or trading of the Securities. DOW XXXXX AND ITS LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE

COMPLETENESS OF THE Dow Xxxxx Industrial AverageSM OR ANY DATA RELATED THERETO AND NONE OF DOW XXXXX NOR ANY OF ITS LICENSORS SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW XXXXX AND ITS LICENSORS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE

OBTAINED BY THE Issuer, OWNERS OF THE Securities, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE

DJ Industrial AverageSM OR ANY DATA RELATED THERETO. NONE OF DOW XXXXX OR ITS LICENSORS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Dow Xxxxx

Industrial AverageSM OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW XXXXX OR ANY OF ITS LICENSORS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT FOR THE LICENSORS, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW XXXXX AND THE Issuer

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"Dow Xxxxx Industrial Average Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"Dow Xxxxx Industrial Average Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

200,000 Dow Xxxxx Industrial Average Mini Future Long Certificates Issue Price: EUR 0.985

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional information with regard to Dow Xxxxx Industrial Average Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/xxxxxxx

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: Dow Xxxxx Industrial Average Mini Future Long Certificates

Issue Price: EUR 0.985

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: Dow Xxxxx Industrial Average Mini Future Long Certificates

(ISIN: GB00B8XJ4632)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be USD 12,463 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 3%

Current Spread: 2.5%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 12,100 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: Dow Xxxxx Industrial Average (Bloomberg code: INDU <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Not Applicable

Notional Dividend Period: Not Applicable

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: USD

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4632

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

FX Adjustment: The value of the Securities at maturity/expiration will be affected both by the value or performance of the Underlying and by the performance of the relevant FX rate between the currency of the Underlying and the currency of the Securities.

Bloomberg Code: INDU <INDEX>

Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): (i) "Dow Xxxxx" and "Dow Xxxxx Industrial AverageSM" are service marks of Dow Xxxxx & Company, Inc. and have been licensed for use for certain purposes by The Issuer The Royal Bank of Scotland's Securities based on the Dow Xxxxx Industrial AverageSM, are not sponsored, endorsed, sold or promoted by Xxx Xxxxx, and Xxx Xxxxx makes no representation regarding the advisability of investing in such product(s). (ii) "Dow Xxxxx", "Dow Xxxxx Industrial Global IndexesSM" are service marks of Dow Xxxxx & Company, Inc. Dow Xxxxx has no relationship to the Issuer, other than the licensing of the Dow Xxxxx Industrial Average (DJIA) and its service marks for use in connection with the Securities. The Securities are not sponsored, endorsed, sold

or promoted by Xxx Xxxxx or any of its licensors. Neither Dow Xxxxx nor any of its licensors makes any representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly. The only relationship of Dow Xxxxx and its licensors to the Licensee is the licensing of certain trademarks, trade names and service marks and of the Dow Xxxxx Industrial AverageSM, which is determined, composed and calculated without regard to The Issuer or the Securities. Neither Dow Xxxxx nor any of its licensors has any obligation to take the needs of The Issuer or the owners of the Securities into consideration in determining, composing or calculating Dow Xxxxx Industrial AverageSM. Neither Dow Xxxxx nor any of its licensors is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Securities to be issued or in the determination or calculation of the equation by which the Securities are to be converted into cash. None of Dow Xxxxx or any of its licensors has any obligation or liability in connection with the administration, marketing or trading of the Securities. DOW XXXXX AND ITS LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE

COMPLETENESS OF THE Dow Xxxxx Industrial AverageSM OR ANY DATA RELATED THERETO AND NONE OF DOW XXXXX NOR ANY OF ITS LICENSORS SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW XXXXX AND ITS LICENSORS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE

OBTAINED BY THE Issuer, OWNERS OF THE Securities, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE

DJ Industrial AverageSM OR ANY DATA RELATED THERETO. NONE OF DOW XXXXX OR ITS LICENSORS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Dow Xxxxx

Industrial AverageSM OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW XXXXX OR ANY OF ITS LICENSORS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT FOR THE LICENSORS, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW XXXXX AND THE Issuer

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.

No Significant Change and No Material Adverse Change

There has been no significant change in the trading or financial position of the Issuer Group taken as a whole since 30 June 2012 (the end of the last financial period for which audited financial information or interim financial information of the Issuer Group has been published).

There has been no material adverse change in the prospects of the Issuer Group taken as a whole since 31 December 2011 (the date of the last published audited financial information of the Issuer Group).

Responsibility

The Issuer accepts responsibility for the information contained in the Base Prospectus, as completed and/or amended by these Final Terms. To the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Material changes since the date of the Base Prospectus will trigger the need for a supplement under Article 16 of Directive 2003/71/EC which will be filed with both the AFM and the SIX Swiss Exchange.

Annex A

Modulo - Dichiarazione di rinuncia all'esercizio

(Facsimile)

"Dow Xxxxx Industrial Average Mini Future Long Certificates"

I termini in lettere maiuscole avranno il significato a loro attribuito nelle General Conditions e nelle Product Conditions relative ai securities in oggetto

La presente dichiarazione deve essere compilata a cura del portatore dei securities in oggetto. A [Intermediario presso cui il portatore detiene il proprio conto]

Nome e Ragione/denominazione sociale dell’Intermediario

[Att: Nome del responsabile dell’ufficio titoli]

[numero di fax – ufficio titoli]

A BNP Paribas, Filiale di Milano Corporate Actions

Tel: (x00) 00 0000 0000

Fax: (x00) 00 0000 0000

Copia a:

The Royal Bank of Scotland plc Xxx.xx di Xxxx Xxxxx/Xxxxxxxxx Xxxxxx Tel.: x00 (0) 000 000 0000

Fax: + 00 (0) 000 000 0000

"Dow Xxxxx Industrial Average Mini Future Long Certificates" (di seguito, Securities)

Il sottoscritto portatore (di seguito, il "Portatore") con la presente dichiara:

A. di rinunciare in modo irrevocabile all’esercizio dei Securities con le caratteristiche di seguito descritte;

B. di essere consapevole che la presente Dichiarazione di Rinuncia non sarà ritenuta valida laddove non vengano rispettate le condizioni delle General Conditions e delle pertinenti Product Conditions, in particolare laddove la presente Dichiarazione di Rinuncia non pervenga nei termini indicati alla voce "Additional Conditions" dei Final Terms relativi ai Securities. Inoltre, la presente Dichiarazione di Rinuncia non é da considerarsi valida nel caso in cui non siano identificati correttamente i Securities, di cui il Portatore intende rinunciare all’esercizio.

(Il Portatore dei Securities)

(Cognome e nome o ragione/denominazione sociale)

(Via e numero civico)

(Comune, provincia) (Telefono)

Serie dei Securities

Codice ISIN dei Securities

Numero dei Securities, di cui si rinuncia all’esercizio.

Il Portatore dei Securities accetta che la presente dichiarazione venga presentata ad enti ed altri uffici pubblici (anche fuori dalla Repubblica Italiana).

Luogo e data

Sottoscrizione (sottoscrizioni) del Portatore dei Securities

Final Terms

Dated 08 January 2013

The Royal Bank of Scotland plc

(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980 registered number SC090312)

200,000 Dow Xxxxx Industrial Average Mini Future Long Certificates Issue Price: EUR 0.832

The Securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act")

or the Securities laws of any state or political subdivision of the United States, and may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person, except pursuant to an exemption from, or in a transaction not subject to the requirements of the Securities Act and any applicable U.S. state securities laws. The Securities are being offered and sold only: (I) outside the United States to persons other than U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions that meet the requirements of Regulation S under the Securities Act; and (II) only with respect to the equity certificates (as defined herein) in registered form to U.S. persons who are "qualified institutional buyers" (as defined in Rule 144A of the

Securities Act). Futhermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended.

The securities do not constitute units of collective investment schemes within the meaning of the Swiss Federal Act on collective investment schemes ("CISA") and are not subject to the approval of, or supervision by the Swiss Financial Market Supervisory Authority ("FINMA"). Holders of the Securities are exposed to the credit risk of the issuer.

These Final Terms, the Base Prospectus (as defined below), as supplemented from time to time and any additional information with regard to Dow Xxxxx Industrial Average Mini Long Certificates shall be published on the Issuer's website: xxx.xxxxxxx.xx/xxxxxxx

Final Terms

Terms used herein shall be deemed to be defined as such for the purposes of the General Conditions and the Product Conditions applicable to each Series of Securities described herein (the "relevant Product Conditions") as set forth in the Base Prospectus relating to Certificates dated 25 May 2012 (the "Base Prospectus") as supplemented from time to time which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of each Series of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer and each Series of the Securities described herein is only available on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented. The Base Prospectus as so supplemented is available for viewing at the office of the Issuer at 00 Xx Xxxxxxx Xxxxxx, Xxxxxxxxx, XX0 0XX, Xxxxxxxx and copies may be obtained from the Issuer at that address.

These Final Terms relate to the Securities and must be read in conjunction with, and are subject to, the General Conditions and the relevant Product Conditions contained in the Base Prospectus as so supplemented. These Final Terms, the relevant Product Conditions and the General Conditions together constitute the Conditions of each Series of the Securities described herein and will be attached to any Global Security representing each such Series of the Securities. In the event of any inconsistency between these Final Terms and the General Conditions or the relevant Product Conditions, these Final Terms will govern.

The Netherlands Authority for the Financial Markets has provided the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Market Authority (FMA), the Financial Services and Markets Authority (FSMA), Comisión Nacional del Mercado de Valores (CNMV), Comissão do Mercado de Valores Mobiliários (CMVM), Autorité des Marchés Financiers (AMF), Irish Financial Services Regulatory Authority (IFSRA), Commissione Nazionale per le Societa e la Borsa (CONSOB), Commission de Surveillance du Secteur Financier (CSSF), Financial Services Authority (FSA), Financial Supervisory Authority (FIN-FSA), the Danish Financial Services Authority (Finanstilsynet), the Swedish Financial Supervisory Authority and the Financial Supervisory Authority of Norway (Finanstilsynet) with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.

In respect of Securities to be listed on the SIX Swiss Exchange Ltd, the Programme, together with any Final Terms, will constitute the listing prospectus pursuant to the Listing Rules of the SIX Swiss Exchange Ltd.

So far as the Issuer is aware, no person (other than (i) the Issuer, (ii) the Calculation Agent, see "Risk Factors – Actions taken by the Calculation Agent may affect the Underlying" and "Risk Factors – Actions taken by the Issuer may affect the value of the Securities" in the Base Prospectus and (iii) the third party distributors) involved in the issue of the Certificates has an interest material to the offer.

Issuer: The Royal Bank of Scotland plc

Clearing Agents: Monte Titoli S.p.A, Euroclear Bank S.A. as operator of the Euroclear system, Clearstream Banking, société anonyme

Launch Date: 08 January 2013

Subscription Period: Not Applicable

Issue Date: 08 January 2013

Listing: Italian Stock Exchange (Sedex)

Listing Date: The Issue Date or as soon as practicable thereafter

Pricing Date: Not Applicable

Admission to Trading: Application will be made for the Securities to be admitted to trading on the Italian Stock Exchange (SeDeX) with effect from the Listing Date

Details of the minimum and/or maximum amount of application:

Manner in and date on which results of the offer are to be made public:

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (d) Minimum/ Maximum Application Amount"

Please refer to the section of the Base Prospectus entitled "General Information - Information on the Offering of the Securities - (f) Details of the Manner in Which the Results of the Initial Offer are to be Made Public"

Announcements to Holders: Delivered to Borsa Italiana S.p.A for delivery to the market Principal Agent: The Royal Bank of Scotland plc, London branch, 000

Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Registrar: In respect of Securities cleared through CREST, Computershare Investor Services PLC, The Pavilions, Xxxxxxxxxxx Xxxx, Xxxxxxx, XX00 0XX, Xxxxxxx.

In respect of Securities not cleared through CREST, None

Agent(s): BNP Paribas Milan

Calculation Agent: The Royal Bank of Scotland plc, London branch, 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxx Xxxxxxx

Indication of Yield: Not Applicable

Form of the Securities: Dematerialised form

Ratings: Standard & Poor's Credit Market Services Europe Limited: Not Applicable

Moody's Investors Service Limited: Not Applicable Fitch Ratings Limited: Not Applicable

Index Express Certificates

Series: Dow Xxxxx Industrial Average Mini Future Long Certificates

Issue Price: EUR 0.832

Additional Market Disruption Events: None

Basket: Not Applicable

Business Day: As stated in Product Condition 1

Calculation Period: As stated in Product Condition 1

Cash Amount: The amount determined by the Calculation Agent in accordance with the following formula, provided that the Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Final Exchange Rate” means the Exchange Rate published by the European Central Bank on the Valuation Date, Termination Date or Issuer Call Date, as applicable, at or around 14:15 Central European Time and quoted on Reuters page ECB37 and the website xxx.xxx.xxx

Renunciation Security: Dow Xxxxx Industrial Average Mini Future Long Certificates

(ISIN: GB00B8XJ4418)

Certificate: Not Applicable

Current Barrier Level: As stated in Product Condition 1 and rounded upwards to the next whole unit in the Underlying Currency. The Current Barrier Level on the Launch Date shall be USD 12,669 and shall be recalculated on each Reset Date, starting from the first Reset Date following the Listing Date

The Current Barrier Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Barrier Level becomes effective

Current Premium: 3%

Current Spread: 2.5%

Current Strike Level: Subject to adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) determined by the Calculation Agent, on each Exchange Business Day, in accordance with the following formula:

(a) the Current Strike Level on the previous Exchange Business Day; plus

(b) Funding Cost; and minus

(c) Notional Dividend Amounts.

The Current Strike Level will be rounded to the nearest whole unit in the Underlying Currency, 0.5 being rounded upwards. The Current Strike Level on the Launch Date shall be 12,300 and shall be recalculated on each Exchange Business Day, starting from the Exchange Business Day following the Listing Date

The Current Strike Level will be published and forwarded to the relevant Exchanges/Clearing systems/Data vendors prior to 1.00

p.m. (Italian time) on the Exchange Business Day preceding the day when the Current Strike Level becomes effective

Early Termination Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Early Termination Amount shall not be less than zero:

(Early Termination Reference Price - Current Strike Level on the Termination Date) x Entitlement

The Early Termination Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Where:

“Early Termination Reference Price” means, subject to any adjustment in accordance with Product Condition 4, an amount (which shall be deemed to be a monetary value in the Underlying Currency) as determined by or on behalf of the Calculation Agent to be the lowest level of the Index on the Termination Date; and

“Termination Date” means the date on which the Early Termination Event occurs in the determination of the Calculation Agent

Early Termination Date: Not Applicable

Early Termination Event: Occurs if, in the determination of the Calculation Agent and

subject to any adjustment in accordance with Product Condition 4, the Reference Price is equal to or lower than the Current Barrier Level on any Trading Day from (and including) the Listing Date to (and excluding) the Valuation Date, or Issuer Call Date, if applicable (other than a time at which there is a Market Disruption Event)

Where:

“Reference Price” means an amount (which shall be deemed to be a monetary value in the Underlying Currency) equal to the level of the Index at any time on a Trading Day, as determined by or on behalf of the Calculation Agent without regard to any subsequently published correction or (if, in the determination of

the Calculation Agent, no such level can be determined and no Market Disruption Event has occurred and is continuing) an amount determined by the Calculation Agent as its good faith estimate of the level of the Index, on such date having regard to the then prevailing market conditions, the last reported trading price of the Shares, and such other factors as the Calculation Agent determines relevant

Emerging Market Disruption Events: As stated in Product Condition 1 Entitlement: 0.001

Exchange Business Day: Any day that is (or but for the occurrence of a Market Disruption

Event would have been) a trading day on the Italian Stock Exchange, or any successor to that exchange, other than a day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time

Exercisable Certificates: Applicable

Exercise Date: 30 September 2016

Express Long: Applicable

Express Short: Not Applicable

Final Reference Price: The Reference Price at the Valuation Time on the Valuation Date

or the Issuer Call Date, as the case may be

Funding Cost: As stated in Product Condition 1

Index: Dow Xxxxx Industrial Average (Bloomberg code: INDU <INDEX>)

Initial Reference Price: Not Applicable

Interest: Not Applicable

Interest Amount: Not Applicable

Interest Payment Dates: Not Applicable

Interest Period: Not Applicable

Interest Rate: Not Applicable

Interest Rate Day Count Fraction: Not Applicable Issuer Call: Applicable

Issuer Call Cash Amount: The amount determined by the Calculation Agent in accordance

with the following formula, provided that the Issuer Call Cash Amount shall not be less than zero:

(Final Reference Price - Current Strike Level) x Entitlement

The Issuer Call Cash Amount shall be converted into the Settlement Currency at the Final Exchange Rate, if an Exchange Rate is applicable, and rounded to the nearest four decimal places in the Settlement Currency, 0.00005 being rounded upwards

Issuer Call Commencement Date: The first Business Day immediately following the one year period

from (and including) the Launch Date

Issuer Call Notice Period: One calendar month

Launch Date: 08 January 2013

Redeemable Certificates: Not Applicable

Notional Dividend Amount: Not Applicable

Notional Dividend Period: Not Applicable

Pricing Date(s): Not Applicable

Relevant Currency: As stated in Product Condition 1 Relevant Number of Trading Days: For the purposes of:

Early Termination Date: Not Applicable

Valuation Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Issuer Call Date: 8, or in respect of an Emerging Market Disruption Event only, 180

Reset Date: As stated in Product Condition 1, on the 15th day of each calendar month

Settlement Currency: EUR

Settlement Date: Means (i) the sixth Business Day following the Termination Date if an Early Termination Event has occurred, (ii) the third Business Day following the Issuer Call Date if an Issuer Call has occurred and otherwise (iii) the third Business Day following the Valuation Date

Redemption Date: Not Applicable

Standard Currency: As stated in Product Condition 1

Underlying Currency: USD

Valuation Date(s): The Exercise Date

Valuation Time: The time with reference to which the Index Sponsor calculates the closing level of the relevant Index

Amendments to General Conditions and/or Product Conditions:

Amendments to the Offering Procedure for the Securities:

As specified in Additional Condition 1 Not Applicable

ISIN: GB00B8XJ4418

Common Code: Not Applicable

Fondscode: Not Applicable

WKN: Not Applicable

Other Securities Code: Not Applicable

Sales Restriction: The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and the Securities may not be exercised, offered, sold, transferred or delivered within the United States or to, or for the account or benefit of, any U.S. person as defined in Regulation S under the Securities Act. Furthermore, trading in the Securities has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended and no U.S. person may at any time trade or maintain a position in the Securities.

Information on the Underlying

Performance of Underlying/formula/ other variable, explanation of effect on value of investment and associated risks and other information concerning the Underlying:

Page where information about the past and future performance of the Underlying and its volatility can be obtained:

General: Fluctuations in the value of the Underlying will have an effect on the value of the Securities throughout the life of the Securities and at maturity/expiration. The value of the Underlying may go down or up throughout the life of the Securities.

Automatic Termination: If the value or performance of the Underlying on any date meets certain specified conditions, it will affect the value of the Securities, and will potentially lead to the automatic termination of the Securities.

Positive Correlation: All other things being equal, positive performance of the Underlying will have a positive effect on the value of the Securities at maturity/expiration, and negative performance of the Underlying will have a negative effect on the value of the Securities at maturity/expiration.

Entitlement Less Than 1: Any increase in the value or performance of the Underlying will have a lesser effect on the value of the Securities at maturity/expiration than would have been the case if the Securities had been exposed to one unit of the Underlying.

Leverage: All other things being equal, positive or negative changes in the performance of the Underlying will have a proportionately larger effect on the value of the Securities, and therefore leverage has the potential to magnify gains or losses of the Securities.

No Capital Protection: All other things being equal, the value or performance of the Underlying will affect the value of the Securities at maturity/expiration, to such an extent that the value of the Securities at maturity/expiration may be zero.

FX Adjustment: The value of the Securities at maturity/expiration will be affected both by the value or performance of the Underlying and by the performance of the relevant FX rate between the currency of the Underlying and the currency of the Securities.

Bloomberg Code: INDU <INDEX>

Website: xxx.xxxxx.xxx and xxx.xxxxxxxxxxxxx.xx Italian Newspaper: Il Sole 24 Ore

Index disclaimer(s): (i) "Dow Xxxxx" and "Dow Xxxxx Industrial AverageSM" are service marks of Dow Xxxxx & Company, Inc. and have been licensed for use for certain purposes by The Issuer The Royal Bank of Scotland's Securities based on the Dow Xxxxx Industrial AverageSM, are not sponsored, endorsed, sold or promoted by Xxx Xxxxx, and Xxx Xxxxx makes no representation regarding the advisability of investing in such product(s). (ii) "Dow Xxxxx", "Dow Xxxxx Industrial Global IndexesSM" are service marks of Dow Xxxxx & Company, Inc. Dow Xxxxx has no relationship to the Issuer, other than the licensing of the Dow Xxxxx Industrial Average (DJIA) and its service marks for use in connection with the Securities. The Securities are not sponsored, endorsed, sold

or promoted by Xxx Xxxxx or any of its licensors. Neither Dow Xxxxx nor any of its licensors makes any representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly. The only relationship of Dow Xxxxx and its licensors to the Licensee is the licensing of certain trademarks, trade names and service marks and of the Dow Xxxxx Industrial AverageSM, which is determined, composed and calculated without regard to The Issuer or the Securities. Neither Dow Xxxxx nor any of its licensors has any obligation to take the needs of The Issuer or the owners of the Securities into consideration in determining, composing or calculating Dow Xxxxx Industrial AverageSM. Neither Dow Xxxxx nor any of its licensors is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Securities to be issued or in the determination or calculation of the equation by which the Securities are to be converted into cash. None of Dow Xxxxx or any of its licensors has any obligation or liability in connection with the administration, marketing or trading of the Securities. DOW XXXXX AND ITS LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE

COMPLETENESS OF THE Dow Xxxxx Industrial AverageSM OR ANY DATA RELATED THERETO AND NONE OF DOW XXXXX NOR ANY OF ITS LICENSORS SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW XXXXX AND ITS LICENSORS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE

OBTAINED BY THE Issuer, OWNERS OF THE Securities, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE

DJ Industrial AverageSM OR ANY DATA RELATED THERETO. NONE OF DOW XXXXX OR ITS LICENSORS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Dow Xxxxx

Industrial AverageSM OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW XXXXX OR ANY OF ITS LICENSORS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT FOR THE LICENSORS, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW XXXXX AND THE Issuer

Additional Information

The statements herein regarding taxation are based on the laws in force in Italy as at the date of this Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Securities and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules. Prospective investors are advised to consult their own tax advisers concerning the overall tax consequences of their interest in the Securities.

With regard to certain innovative or structured financial instruments there is currently neither case law nor comments of the Italian tax authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be excluded that the Italian tax authorities and courts or Italian intermediaries may adopt a view different from that outlined below.

Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, where the Italian resident Holder is (i) an individual not engaged in an entrepreneurial activity to which the Securities are connected, (ii) a non commercial partnership with the exception of general partnership, limited partnership and similar entities, (iii) a non-commercial private or public institution, or (iv) an investor exempt from Italian corporate income taxation, capital gains realised under the sale or the exercise of the Securities are subject to a 20 per cent substitute tax.

Particular provisions apply to Securities held or managed by a qualified intermediary; the recipient may opt for two different tax regime: (1) under the "risparmio amministrato" regime, Italian resident individuals holding the Securities not in connection with an entrepreneurial activity may elect to pay the imposta sostitutiva separately on each capital gains realised on the Securities; (2) under the "risparmio gestito" regime any capital gains realised or accrued by the Italian resident individuals holding the Securities not in connection with an entrepreneurial activity who have entrusted the management of their financial assets, including the Securities, will be included in the computation of the annual increase in value of the managed assets accrued, even if not realised, at year end, subject to a 20 per cent. substitute tax, to be paid by the managing authorised intermediary. Under some conditions and limitations, Holders may set off capital losses (decrease in value for the risparmio gestito regime) with capital gains (increase in value for the risparmio gestito regime). Capital losses realised (decrease in value accrued for the risparmio gestito regime) before 1 January 2012 may be carried forward to be offset against subsequent capital gains (increase in value accrued for the risparmio gestito regime) of the same nature for an overall sum of 62.5 per cent. of the relevant amount.

Where an Italian resident Holder is a company or similar commercial entity, or the Italian permanent establishment of a foreign commercial entity to which the Securities are effectively connected, capital gains

arising from the Securities will not be subject to imposta sostitutiva, but must be included in the relevant Holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realised by non-Italian resident Holders are not subject to Italian taxation, provided that the Securities (i) are transferred on regulated markets, or (ii) if not transferred on regulated markets, are held outside of Italy.

It is worth noting that, in accordance with a different interpretation of current tax law, there is a remote possibility that the Securities would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Securities may be subject to an Italian withholding tax, levied at the rate of 20 per cent. The withholding tax mentioned above does not apply to payments made to a non-Italian resident Holder and to an Italian resident Holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

Stamp Duty

Pursuant to Article 19(1) of Decree No. 201 of 6 December 2011 (“Decree 201”), a proportional stamp duty applies on an annual basis to the periodic reporting communications sent by financial intermediaries to their clients for the Securities deposited therewith. The stamp duty applies at a rate of 0.1 per cent. for year 2012 and at 0.15 per cent. for subsequent years; this stamp duty is determined on the basis of the market value or

– if no market value figure is available – the nominal value or redemption amount of the Securities held. The stamp duty can be no lower than € 34.20 and, for the year 2012 only, it cannot exceed € 1,200. Although the stamp duty is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance. Under a preliminary interpretation of the law, it may be understood that the stamp duty applies both to Italian resident and non-Italian resident Holders, to the extent that the Securities are held with an Italian-based financial intermediary.

Wealth Tax on securities deposited abroad

Pursuant to Article 19(18) of Decree 201, Italian resident individuals holding the Securities outside the Italian territory are required to pay an additional tax at a rate of 0.1 per cent. for 2011 and 2012, and at 0.15 per cent. for subsequent years. This tax is calculated on the market value of the Securities at the end of the relevant year or – if no market value figure is available – the nominal value or the redemption value of such financial assets held outside the Italian territory. Taxpayers are entitled to an Italian tax credit equivalent to the amount of wealth taxes paid in the State where the financial assets are held (up to an amount equal to the Italian wealth tax due). Although the wealth tax is already applicable, certain aspects of the relevant discipline should be clarified and implemented by a Decree of the Ministry of Economy and Finance.