Navigator International – Issue 9A dynamic account aiming for growth, whatever the conditions…

The Royal Bank of Scotland International Limited (RBS International). Registered Office: PO Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey, JE4 8PJ. Regulated by the Jersey Financial Services Commission.

Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.

Isle of Man business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man, IM99 1NJ. Licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of general business.

Our services are not offered to any person in any jurisdiction where their advertisement, offer or sale is restricted or prohibited by law or regulation or where we are not appropriately licensed.

RBS International is a member of the Isle of Man Depositors’ Compensation Scheme (DCS) as set out in the Depositors’ Compensation Scheme Regulations 2010. Our Structured Deposit Accounts are domiciled in the Isle of Man and therefore you may have the protection of the DCS, subject to the rules of the Scheme. Further details of the scheme are available on request.

RBS International is a member of The Royal Bank of Scotland Group. The Royal Bank of Scotland plc - Registered in Scotland No 90312. Registered office: 36 St Andrew Square, Edinburgh, EH2 2YB. The Royal Bank of Scotland plc is authorised and regulated by the Financial Services Authority. The latest report and accounts are available at www.investors.rbs.com

RBS International places funds with other parts of its Group and thus its financial standing is linked to the Group. Depositors may wish to form their own view on the financial standing of RBS International and the Group based on publicly available information. The latest report and accounts are available at www.rbsinternational.com/financial-results

RBS International is not an Authorised Person subject to the rules and regulations made under the UK Financial Services & Markets Act 2000, and therefore deposits made with branches, all of which are outside the UK, are not protected by those rules and regulations covered by the UK Financial Services Compensation Scheme.

As at 31 December 2010, RBS International’s paid-up capital and reserves exceeded £1,416 million.

UK resident depositors may be subject to declaration and taxation of resulting income.

AER stands for Annual Equivalent Rate and illustrates the interest rates as if paid and compounded each year. Rates correct as at September 2011.

The use of the word ‘protected’ in relation to this product refers only to RBS International’s obligations to repay your capital in full upon maturity. Our products are not guaranteed by any other party.

Past performance is not necessarily a guide to future performance. The value of investments, and any income from them, can fall as well as rise.

Please bear in mind that inflation may have reduced the purchasing power of your deposit by the time it has matured.

Graphs and figures are used for illustrative and information purposes only and are not based on past or projected performance. They in no way represent projections of the anticipated or expected performance of relevant products.

Navigator International is not in any way sponsored, sold or promoted by any stock market, related exchange or Index, and they make no warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the Index and/or the figure at which the Index stands at any particular time on any particular day or otherwise. They shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and shall not be under any obligation to advise any person of any error therein.

All information in this promotional literature relating to taxation is for information purposes only and is based upon current legislation, which may change, and the availability and value of any tax relief will depend on your individual circumstances. In providing this information we are not acting as tax advisers and we strongly recommend that you seek independent professional advice if you are in any doubt over your personal circumstances. We shall not be liable for any loss resulting from reliance upon this information.

All interest rates are quoted gross of tax.

This brochure must be read in conjunction with the product terms and conditions and the application form.

If you are not satisfied with any of our products or services, we have a complaints procedure that you can use. A leaflet, giving details of the procedure, is available from your branch upon request.

Calls may be recorded.

RBSI 586 Sept 2011N49

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1 I listen, understand and respond to your needsI take time to understand individual circumstances and needs

I suggest the best options to meet your needs

2 I do what I sayI am committed to getting things right, first time

I work to an agreed timeframe and keep you informed of progress

I explain how decisions are made

3 I act where problems ariseI act quickly to resolve matters and will provide you with a dedicated contact

If things do go wrong, I’ll put them right and say sorry

I learn from problems to improve things for the future

OUR PROMISES

Before everything, here is our promise to you...

These are our Customer Promises. This is a serious commitment to you, our customer. These Promises are at the heart of our culture and every single member of our team has committed to them. We want everyone to know what we stand for and why. We want to be judged on our ability to deliver the sort of service that makes a real difference to you.

Our Promises are based on the things you have told us are important to you and we want to be judged, by you, on how well we deliver these Promises to you. One thing you can be sure of, you will notice the difference.

Contents

1 NavigatorInternational

2 NavigatorInternationalOverview

3 TheNavigatorIndexinaction

4 HowdoestheNavigatorIndexwork?

5 NavigatorIndex-performanceinformation

6 NavigatorInternational-yourquestionsanswered

8 TermsandConditions

1

RiskfactorsInsolvencyrisk(counterpartyrisk)–intheunlikelyeventtheBankdefaultsorbecomesinsolvent,youmaylosesome,orall,ofyourDeposit.

EarlyclosureofAccountrisk–if,aspermittedattheBank’sdiscretion,youclosetheAccountbeforetheMaturityDate,thereturnofyourDepositisnotprotectedandwillreflectinvestmentconditionsprevailingatthetime.YouwillreceivetheRedemptionValuelessanadministrativechargeof£75whichmaybesubstantiallylessthanyourDeposit.

PleaseconsultwithyourfinancialadviserpriortoopeningtheAccount.

See‘YourQuestionsAnswered’onpages6and7forkeyriskfactors.

NavigatorInternationalKeyfeaturesofNavigatorInternational(the“Account”)are:

•Yourinitialdeposit(the“Deposit”)is100%capitalprotectedbyTheRoyalBankofScotlandInternationalLimited(the“Bank”)ifyouholdituntiltheMaturityDate,subjecttotheriskfactorsintheboxbelow

•TheTermoftheAccountisfiveyears

•YourpotentialreturnisequaltothegrowthoftheRBSUKNavigatorIndex(the“NavigatorIndex”)overtheTerm,subjecttoaveraging,whichisexplainedonpage3

•Minimumreturn:0% •Maximumreturn:ReturndependentonNavigatorIndexperformance

•TheAccountisdesignedtoofferthepotentialforpositivereturnsregardlessofwhethertheUKstockmarketisrisingorfalling

•TheAccountisavailableinSterlingonly

InadditiontoyourAccount,aStructuredDepositCashManagementAccount(‘theSDCMA’)willbeopenedbythebank,inthesamenameasyourAccount.Uponrepayment,yourfundswillbetransferredtotheSDCMA.BothyourAccountandtheSDCMAwillbeopenedandmaintainedintheIsleofMan.AsyourAccountisheldintheIsleofMan,intheunlikelyeventthattheBankdefaultsorbecomesinsolvent,youwouldnotbeaffordedprotectionfromtheUK’sFinancialServicesCompensationScheme.However,youmaybeaffordedtheprotectionoftheIsleofManDepositors’CompensationScheme(DCS)assetoutintheDepositors’CompensationSchemeRegulations2010.TheBankisregulatedintheIsleofMan,JerseyandGuernseyandisoutsidethejurisdictionoftheUK.

NavigatorInternationalOverview

2

Mosttraditionalstockmarketrelatedinvestmentsgiveyoutheopportunitytoshareonlyinthegrowthofaparticularmarket.Ifthemarketrises,sotoodoesthevalueofyourinvestment.Equally,ifthemarketfalls,sodoesthevalueofyourinvestment.However,theNavigatorIndexaimstogrowwhentheUKstockmarketisbothrisingandfalling.

TheStockMarketisthetop100UKcompaniesbyMarketCapitalisation(calculatedbymultiplyingthenumberofsharesofacompanybyitssharepricetogiveitssize)

Thepotentialforgrowthinallmarketconditions

TheNavigatorIndexisdesignedtogrowregardlessofwhichdirectiontheStockMarketismoving,offeringyouthepotentialtomakeapositivereturnonyourAccountinbothrisingandfallingmarkets.TheAccountaimstogrowyourmoneyoverafiveyearterm,whileprotectingyourDeposit,aslongasyoukeepitopenuntilmaturity.AnypotentialreturnsonyourAccountdependontheperformanceoftheNavigatorIndex.

ThegrowthoftheNavigatorIndexiscalculatedbycomparingtheInitialLeveloftheNavigatorIndexatthestartoftheAccountwiththeFinalLevel.TheFinalLeveliscalculatedontheExpiryDateandistheaverageleveloftheNavigatorIndexinthelast12monthsoftheTerm.AnyreturnpayableonyourAccountattheendoftheTermwillbeequaltothegrowthintheNavigatorIndex.

3

TheNavigatorIndexinactionTheNavigatorIndexisdesignedtogrowregardlessofwhichdirectiontheStockMarketismoving.ItalsoaimstoprotectagainstvolatilepricemovementsintheStockMarket.

TheNavigatorIndexuses3stepstomonitortheStockMarket:

Step1- TrendDirection:monitorthedirectionofapricetrendbyobservingcurrentpricescomparedtohistorical averageprices.

Step2-TrendStrength:monitorthestrengthofapricetrendbycomparinghistoricalaveragepricesoverdifferent timeperiods.

Step3-PriceVolatility:monitorswingsinpricesbylookingathistoricalpricesandtheirmovementsaround theiraverage.

Atthestartofeachmonth,theNavigatorIndexfollowsStep1abovetodeterminetheTrendDirectionoftheStockMarket:•IftheTrendDirectionoftheStockMarketispositive,andthentheStockMarketrisesthatmonth,theNavigatorIndexwillrisetoo.•IftheTrendDirectionoftheStockMarketisnegative,andthentheStockMarketfallsthatmonth,theNavigatorIndexwillrise.•However,iftheTrendDirectionispositiveornegative,andthentheStockMarketdoestheoppositethatmonth,theNavigatorIndexwillfall.

BasedontheresultsofSteps2and3,theNavigatorIndexwillalsodetermineitsexposuretomovementsintheStockMarket.

Step2takesintoaccountthestrengthofthetrendandStep3takesintoaccountthevolatilityintheStockMarket.TheaimistotakeadvantagewhentheStockMarketistrendingstronglyineitherdirection,whilstreducingexposureoftheNavigatorIndextoweakertrendsandvolatilepricemovements.Thisisexplainedfurtherintheflowchartonpage4.

ThefollowingdiagramshowshowtheNavigatorIndexwouldhaveperformedoverthepasttenyearsincomparisonwiththeFTSE100Index.FortheNavigatorIndex,thesimulatedpastperformancehasbeenproducedusingactualhistoricaldatabetweenSeptember2000and23rdApril2009.From24thApril2009,thischartrepresentstheactualpastperformanceoftheNavigatorIndex.

RBSUKNavigatorIndexvsFTSE100Index

Source:RBSGlobalBanking&MarketsandBloomberg,5September2011.

Pleasenotethathistoricaleconomicconditionsmaydifferfromthosethatoccurinthefuture.Theabovesimulatespastperformanceandpastperformanceisnotareliableindicatoroffutureresults.

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RBS UK Navigator Index vs FTSE 100 Index

RBS UK Navigator Index

FTSE 100 Index

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The3-stepprocesscanbeillustratedinaflowchartasbelow:

IstheStockMarketinarisingtrend?

Yes No

Yes YesNo No

GoLongtheStockMarket

Isthisastronglyrisingtrend?

Long(upto1.25timesthemovementoftheStockMarket)

Short(upto1.25timesthemovementoftheStockMarket)

Long(upto0.75timesthemovementoftheStockMarket)

Short(upto0.75timesthemovementoftheStockMarket)

GoShorttheStockMarket

Isthisastronglyfallingtrend?

ThedailymovementsintheNavigatorIndexbasedonitsexposure

totheStockMarketarerecorded.

STEP1:TRENDDIRECTION-ObserveCurrentLevelandthe12-monthaverageoftheStockMarkettodecidewhethertogoLongorShortintheStockMarketforthefollowingmonth.

Alongposition(‘Long’)aimstobenefitfromrisesintheStockMarketAshortposition(‘Short’)aimstobenefitfromfallsintheStockMarket

STEP2:TRENDSTRENGTH-Observethe3-monthandthe12-monthaverageoftheStockMarkettodeterminethestrengthofthetrend.

STEP3:PRICEVOLATILITY-ObservetheVolatilityoftheStockMarketeveryday

Howlow/highisVolatility?

HowdoestheNavigatorIndexwork?

RelativelylowVolatility-HigherexposureoftheNavigatorIndextotheStockMarket(uptoamaxofeither0.75or1.25asdeterminedinStep2)

Volatility

RelativelyhighVolatility-LowerexposureoftheNavigatorIndextotheStockMarket(down

toaminofzeroinveryvolatileconditions)

FormoreinformationonhowtheNavigatorIndexworks,pleasereadtheenclosedRBSUKNavigatorIndexFactsheet.

NavigatorIndex–PerformanceInformation

5

WhatreturnscouldIgetattheendoffiveyears?Thefollowingtable,basedona£10,000Deposit,showswhatyoumightgetbackattheendofthefiveyearterm.ThesefiguresareexamplesonlytoshowwhatyoucouldgetbackfromtheDeposit.WhatyouwillgetbackdependsontheperformanceoftheNavigatorIndex.

TheabovetablewouldonlyapplyifyourDepositremainedintheAccountforthefullfiveyears.

UsingthesimulatedperformancefromSeptember2001onwards,weareabletocalculateNavigatorInternationalAERs(AnnualEquivalentRates)thatwouldhavebeengeneratedforafiveyearaccountmaturingmonthly,attheendofeachmonthbetweenSeptember2006andSeptember2011.NavigatorreturnsarepaidontheMaturityDateonly,howeverAnnualEquivalentRatesshowswhatthereturnwouldhavebeenifitwaspaidonceeachyear.

ThischartshowsthathadaNavigatorInternationalaccountbeenavailable:

1)Forthefiveyearterm,withastartdateattheendofSeptember2001andamaturitydateattheendofSeptember2006,thesimulatedreturnwouldhavebeen69%overthefiveyearterm,whichisanAERof11.04%;

2)Forthefiveyearterm,withastartdateattheendofSeptember2006andamaturitydateattheendofSeptember2011,thesimulatedreturnwouldhavebeen17%overthefiveyearterm,whichisanAERof3.16%.

Overthispastperformanceperiod,themaximumAERwouldhavebeen11.07%andtheminimumAERwouldhavebeen2.90%withanaverageAERof7.56%.

Source:RBSGlobalBanking&MarketsandBloomberg,5September2011.

ThesimulatedpastperformancehasbeenproducedusingactualhistoricaldatabetweenSeptember2000andSeptember2011.Pleasenotethathistoricaleconomicconditionsmaydifferfromthosethatoccurinthefuture.Theabovesimulatespastperformanceandpastperformanceisnotareliableindicatoroffutureresults.

NavigatorInternationalAERs

OriginaldepositPercentagechangeinthe

NavigatorIndexafterfiveyears

AnnualEquivalentRate(AER)

Totalyougetbackafterfiveyears

£10,000 +50% 8.43% £15,000

£10,000 +25% 4.55% £12,500

£10,000 +10% 1.92% £11,000

£10,000 0% 0% £10,000

£10,000 -10% 0% £10,000

£10,000 -25% 0% £10,000

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NavigatorInternational–yourquestionsanswered

6

WhatisNavigatorInternational?

NavigatorInternational(theAccount)isafiveyeardeposit,providingthepossibilityofgrowthonyourmoney.WhetherornotyoureceiveanygrowthisdependentontheperformanceoftheNavigatorIndexovertheTermoftheAccount.You‘llreceive100%ofyourDepositifyoukeepyourmoneyintheAccountuntiltheMaturityDate(subjecttotherisksdescribedbelow).FordetailsofthepastperformanceoftheNavigatorIndex,pleaseseepages3and5.

CouldIlosemymoney?

TheAccountisdesignedtoreturnyourDepositattheendofthefiveyearterm,irrespectiveoftheperformanceoftheNavigatorIndex.However,youcouldstilllosesome,orall,ofyourDepositintheunlikelyeventtheBankdefaultsorbecomesinsolvent.

HowdoIopenanAccount?

Simplycompletetheenclosedapplicationform.YourAccount,alongwithanSDCMAinthesamename,willbeopenedoncetheapplicationhasbeenreturnedtogetherwiththerequireddocumentation.

Whatistheminimumdepositamount?

TheminimumdepositamountisGBP10,000.

CanIaddtomyAccount?

No.YoucannotaddtooramendyourdepositamountaftertheClosingDateforapplications.

CanIclosetheAccountearly?

Thereisatwoweek‘coolingoffperiod’,wherebyyouwillhavetwoweeksfromthedateofapplicationtocancelyourAccount.TheAccountisdesignedtohaveafiveyeartermandwecanonlyensureyourDepositisprotectedifthefundsremainintheAccountfortheTerm,thoughyouarealwayssubjecttothecounterpartyriskoftheBank.ArequesttocloseyourAccountpriortotheMaturityDatewillonlybepermittedattheBank’sdiscretionandmaymeanthatyoureceivesubstantiallylessthanyourDeposit.ShouldyouwishtocloseyourAccountduringtheTermyouwillreceivetheRedemptionValueof

yourDepositlessanadministrativechargeof£75.AnestimateoftheRedemptionValue,whichisthemarketvalueofyourDepositatthetimeyourequesttocloseyourAccount,asdefinedintheTermsandConditionsonpage8,canbeprovideduponrequestandyouwillbegiventheopportunitytowithdrawyourinstructiontoclosetheAccountshouldyouwishtodoso.

WillIpayanycharges?

AllcostsarealreadyfactoredintotheAccount,sotherearenoadditionalfeesorchargestopayprovidingyoudonotcloseyourAccountbeforetheendoftheTerm.

DoesmyfinancialadviserreceiveacommissionwhenIopenmyAccount?

Yes,afixedpercentagecommissionispayablebyustoyouradviser.Yourfinancialadviserwillsupplyyouwithdetailsofthiscommissionuponrequest.

WhatupdateswillIreceivetotracktheperformanceofmyAccount?

YouwillreceiveaninitialconfirmationthatyourAccounthasbeenopened.WewillthensendyouannualupdatesontheperformanceofyourAccount.AseparatecommunicationwillalsobeforwardedtoyouapproximatelysixweekspriortomaturityofyourAccount.

WhatrisksdoIneedtoconsiderbeforeopeninganAccount?

ItisimportantthatyouconsiderthefollowingbeforedecidingwhethertheAccountisrightforyou.

•TheAccounthasafixedtermoffiveyearsandisnotsuitableifyouneedeasyaccesstoyourmoneyorrequireregularincome.IfyouneedtocloseyourAccountbeforetheMaturityDate,youmaynotreceivebackthefullDeposit.

•Theuseoftheword‘protected’inrelationtothisAccountrefersonlytoourobligationtorepayyourDepositatmaturity,however,if,intheunlikelyeventtheBankdefaultsorbecomesinsolvent,youmaylosesome,orall,ofyourDeposit.TheAccountisnotguaranteedbyanythirdparty.

•AsyourAccountisheldintheIsleofMan,intheunlikelyeventtheBankdefaultsorbecomesinsolvent,youwouldnotbeaffordedprotectionfromtheUK’sFinancialServicesCompensationScheme.YourAccountandtheSDCMAwillbeopenedandmaintainedintheIsleofMan.Asaresult,youmaybeaffordedtheprotectionoftheIsleofManDepositors’CompensationScheme(DCS)assetoutintheDepositors’CompensationSchemeRegulations2010.YoucangetmoreinformationabouttheIsleofManDepositorsProtectionSchemeatwww.gov.im/iomfinance/banking/depositorprotection.xml

•FundsdepositedintheAccountarenotinvesteddirectlyintothesharesoftheunderlyinglistedcompanies.Instead,yourfundsareheldinadepositaccountwiththeBankwiththereturnsattheMaturityDatebeinglinkedtotheperformanceoftheNavigatorIndex.AnyreturnonyourDepositwillnotreflectthevalueofanydividendspaidonthesharesofanylistedcompaniesintheStockMarketcontributingtotheNavigatorIndex.

•Iftheexposureappliedtoa“Long”or“Short”strategyforanyparticularmonthisgreaterthan1thenanypotentialrisesor,asthecasemaybe,fallsintheNavigatorIndexforthatmonthwillbegreaterthanexperiencedbydirectlygoing“Long”orgoing“Short”intheunderlyinglistedcompaniescomprisingtheStockMarket.Iftheexposureappliedislessthan1,thepotentialriseorfallsintheNavigatorIndexforthatmonthwillbelessthanthoseexperiencedbydirectlyinvestingintheunderlyinglistedcompaniescomprisingtheStockMarket.

•TheAccountisavailableinSterlingonly.Thereisanexchangerateriskifyouneedtoundertakeaforeignexchangetomaketheinitialdepositoratmaturity.

•AlthoughyourDepositisprotectediftheAccountishelduntilmaturity(subjecttotherisksdescribedabove)thereturnfromtheAccountmaynotbeasmuchasifyouhadinvestedinatraditionaldepositaccount.

•InflationmayreducethepurchasingpowerofyourDepositandanyreturnbythetimetheAccountmatures.

NavigatorInternational–yourquestionsansweredWhatabouttax?

•IfyouareresidentintheEuropeanUnion(EU)youmaybeaffectedbytheEUSavingsTaxDirective(EUSD).TheBankwillautomaticallyexchangeinformationaboutyouridentityandresidence,theamountofsavingsincomeearnedandtheperioditrelatestowiththetaxauthoritiesintheIsleofMan.

•MoreinformationonhowtheEUSDaffectsyouraccountscanbefoundinourGuidetotheEUSavingsDirectiveorbyspeakingtoyournormalpointofcontact.

•PleasenoteourunderstandingisthatanyreturnatmaturityfromtheelementoftheAccountlinkedtomarketindicesisnotcurrentlysubjecttoExchangeofInformation.Inprovidingthisinformationwearenotactingastaxadvisersandwestronglyrecommendthatyouseekindependentprofessionaladviceforyourpersonalcircumstancesasregardstoallaspectsofthisdeposit.

•TheBankisnotabletoadviseonanysubsequentchangesinlegislationthatmayaffecttheAccountoryourreturnfromit.Itisyourresponsibilitytodeclareanyincomeandreturnstotheappropriatetaxauthorities.

•Thestatementsabovearenotintendedtobe,norshouldtheyberegardedas,legalortaxadviceandyoushouldconsultyourowntaxadvisertoobtainadviceaboutyourparticulartaxtreatmentinrelationtotheAccount.Taxtreatmentdependsonyourindividualcircumstancesandmaybesubjecttochangeinthefuture.

WhathappenstomyfundsbetweenthedateonwhichmyAccountisopenedandtheStartDateofthefiveyearterm?

YourfundswillbeplacedondeposituntiltheStartDateandwillearninterestat0.50%belowtheBankofEnglandBaseRateprovidedthatinterestwillnotbelessthan0.50%.AnyinterestearnedpriortotheStartDatewillbeaddedtoyourinitialdeposit.YoumustensurethatthereareclearedfundsinyourAccountby5January2012.Thisisalimitedofferdepositaccount.Duetothenatureofthistypeofaccount,theoffermaybewithdrawnearlyandwithoutnoticeifit

isfullysubscribed.InthiseventallfundsreceivedbytheBankwillbereturnedtoyouinfullwithoutinterest.TheAccountisavailableonafirstcome,firstservedbasis.

WhathappensiftheNavigatorIndexunderperforms?

WhatevertheperformanceoftheNavigatorIndexduringthefiveyeartermofyourAccount,yourDepositisprotectedagainstanyfallsintheNavigatorIndexbytheBank,providingyoudon’tclosetheAccountbeforetheendofthefiveyearterm.However,notethatyouaresubjecttocounterpartyrisk:intheunlikelyeventtheBankdefaultsorbecomesinsolvent,youmaylosesome,orall,ofyourDeposit.ThereisnocertaintythatyouwillreceiveareturnonyourDeposit.

WhocanIcontactforfurtherinformation?

Ifyourequireanyfurtherinformation,simplycontactyourfinancialadviser.

IstheAccountrightforme?

ThisAccountmayberightforyouif:

•You’rehappytoholdyourDepositforthefullfiveyears.

•You’relookingforthepotentialtoreceiveareturnafterfiveyearsthatisdependentontheperformanceoftheNavigatorIndex.

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Summarybox

KeyProductInformationforyourAccount

Accountname NavigatorInternational–Issue9

AnnualEquivalentRate(AER) Itshowswhattheinterestratewouldbeifitwaspaidonceeachyear.ReturndependentontheNavigatorIndexperformance.

Taxstatus ThereturnispaidgrossontheAccount

Conditionsofbonuspayments Notapplicable

Withdrawalarrangements FullwithdrawalpermittedattheBank’sdiscretion,andyouwillreceivetheRedemptionValueofyourDepositlessanadministrationchargeof£75

Access YoumaynotaddtotheAccountduringtheTerm.PartialwithdrawalsfromtheAccountarenotpermitted

DoIhavetoapplybyacertaindate?Thefinaldatethatapplicationscanbeacceptedis2December2011.However,theoffermaycloseearlyiffullysubscribed.Pleaseseethetablebelowforkeyinformation.

Currency GBP

Minimumdeposit GBP10,000

Offerperiod 10October2011-2December2011

ClosingDateforapplications 2December2011

LastDateforFunds 5January2012

StartDate 12January2012

ExpiryDate 12January2017

MaturityDate 16January2017

1. PleasenoteNavigatorInternational-Issue9isaformofdepositaccountwithTheRoyalBankofScotlandInternationalLimited(the“Bank”).AccountsareopenedandmaintainedintheIsleofMan.Theuseoftheword‘protected’inrelationtotheAccountrefersonlytoourobligationstorepayyourDepositinfullatmaturity.Intheunlikelyevent,theBankdefaultsorbecomesinsolvent,youmaylosesome,orall,oryourDeposit.TheAccountisnotguaranteedbyanyotherparty.

2. OurdealingswithyouPleasereadtheseTermsandConditionsandthePersonalorBusinessBankingTermsandConditions(asapplicable)carefullyandkeepacopyofthemforfuturereference.TheyprovideyouwithimportantinformationaboutyourAccountandtheSDCMAandtheyarethetermsofthecontractbetweenyouandus.Whenyousigntheapplicationform,whichisavailableonrequestfromusyouagreetotheabovementionedTermsandConditions.TheAccountisadministeredbytheBank’sStrategicDepositUnitintheIsleofMan,andyouwillreceivecorrespondenceconcerningyourdepositdirectlyfromthiscentre.

3. Definitions‘Account’meanstheNavigatorInternational-Issue9account,afixedtermdepositaccountlinkedtotheNavigatorIndexopenedandmaintainedintheIsleofMan.

‘AER’meansAnnualEquivalentRate.Itshowswhattheinterestratewouldbeifitwaspaidonceeachyear.Thisletsyoucompareinterestratesacrossdifferentaccountsandwhatreturnyoucanexpectfromyoursavingsovertime.

‘BusinessDay’meansadayonwhichcommercialbanksandforeignexchangemarketssettlepaymentsandareopenforgeneralbusinessinLondonandintheIsleofMan.

‘ClosingDate’means2December2011,beingthelastdateapplicationscanbeaccepted.

‘CurrentLevel’meanstheclosingleveloftheStockMarketattheendofeachmonth.

‘DateofAcceptance’meansthedateonwhichweareinpossessionofbothclearedfundsandanyinformationanddocumentationthatmayberequiredbyus.Ifanyofthatdocumentationorinformationisnotreceivedbeforetheofferiswithdrawnorfullysubscribed,wemaybeunabletoopentheAccountforyouandanyfundsreceivedbytheBankwillbereturnedtoyouinfullwithoutinterest.

‘Deposit’meansthesumdepositedpriortotheStartDatetogetherwithanyinterestearnedfrom,andincluding,theDateofAcceptanceto,butexcluding,theStartDate.

‘ExpiryDate’means12January2017unlessitisnotaTradingDayinwhichcasetakethenextTradingDay,unlessaMarketDisruptionEventoccurs,inwhichcasetheExpiryDateshallbethefirstsucceedingTradingDayonwhichthereisnoMarketDisruptionEvent.IftheMarketDisruptionEventcontinuesformorethaneightTradingDaysfollowingtheoriginalExpiryDate,thentheeighthTradingDayshallbedeemedtobeaTradingDayandisthedateonwhichtheFinalLevelwillbecalculated,subjecttoclause18–“alterationsandamendments”.

‘FinalLevel’meanstheaverageleveloftheNavigatorIndexoverthelast12monthsonthe12thdayofeachmonthstartingfrom12January2016toandincludingtheExpiryDate,whichisatotalof13observationdates.ThisiscalculatedontheExpiryDate.

‘IndexSponsor’meansTheRoyalBankofScotlandplcassponsoroftheNavigatorIndex,oranysuccessorthereof.

‘InitialLevel’meanstheclosingleveloftheNavigatorIndexontheStartDate.

‘LastDateforFunds’means5January2012,thedatebywhichfundsmustbereceived.

‘MarketCapitalisation’iscalculatedbymultiplyingthenumberofsharesofacompanybyitsshareprice.

‘MarketDisruptionEvent’meansthefailureorinabilityoftheIndexSponsortocalculateandpublishtheleveloftheIndex.

‘MaturityDate’means16January2017,thedateonwhichtheDepositandanyreturnwillberepaid.IftheExpiryDateissubjecttoaMarketDisruptionEvent,thentheMaturityDateshallbethelaterofthe16January2017andthetenthBusinessDayinLondonandtheIsleofManfollowingtheExpiryDate.

‘NavigatorIndex’meansRBSUKNavigatorIndex.

‘RedemptionValue’meansthefairmarketvalueoftheDepositatanypointintime,whichdependsonvariousfactorssuchasinterestratesandtheperformanceoftheIndex,lessanycostsrelatingtotheunwindingofanyhedgingandfundingarrangements.

‘SDCMA’meanstheStructuredDepositCashManagementAccount.ThisisaCashManagementAccountasdetailedwithinourPersonalorBusinessBankingTermsandConditions(asapplicable)openedwiththeBankforrepaymentofmaturingfundsandanyinterestearned.

‘SecurityDetails’meanstheidentifyingwords,codesand/ornumbersagreedbetweenyouandusthatareusedinthesecurityprocedureandforidentificationpurposes.

‘StartDate’means12January2012.

‘Step1-TrendDirection’meansonthelastdayofeachmonththeNavigatorIndexstrategydeterminesthedirectionoftheStockMarket.

•IftheCurrentLeveloftheStockMarketisequaltooraboveits12-monthaveragetheStockMarketisdeterminedtobeinarisingtrendandtheNavigatorIndexwilltakealongpositionintheStockMarket.IftheStockMarketisdeterminedtobeinafallingtrendwheretheCurrentLevelisbelowits12-monthaverage,theNavigatorIndexwilltakeashortpositionintheStockMarket.

‘Step2-TrendStrength’meansonthelastdayofeachmonth,theNavigatorIndexstrategydeterminesthestrengthoftheTrendDirectionoftheStockMarket.

•IftheStockMarketisinarisingtrendlevelandits3-monthaveragelevelisequaltoorabovethe12-monthaveragelevelitisdeterminedtobeinastrongpositivetrendandtheNavigatorIndexwillhaveupto1.25timesexposuretotheStockMarket.

•IftheStockMarketisinarisingtrendandits3-monthaverageisbelowthe12-monthaveragelevelitisdeterminedtobeinamoderatepositivetrendandtheNavigatorIndexwillhaveupto0.75timesexposuretotheStockMarket.

•IftheStockMarketisinafallingtrendandits3-monthaveragelevelisabovethe12-monthaveragelevelitisdeterminedtobeinamoderatenegativetrendandtheNavigatorIndexwillhaveupto0.75timesexposuretotheStockMarket.

•IftheStockMarketisinafallingtrendandits3-monthaveragelevelisequalorbelowthe12-monthaveragelevelitisdeterminedtobeinastrongnegativetrendandtheNavigatorIndexwillhaveupto1.25timesexposuretotheStockMarket.

‘Step3-PriceVolatility’.EachdaytheVolatilityoftheStockMarketismonitored.Foranymonth,whethertheNavigatorIndexisLongorShortat1.25or0.75timesexposuretotheStockMarket,theexposureoftheNavigatorIndextotheStockMarketisadjustedaccordinglydailybasedontheStockMarketVolatility.

‘StockMarket’meansthetop100UKcompaniesbyMarketCapitalisationusingfuturescontracts.Afuturescontractisastandardisedcontractbetweenoneparty(forexampleabank)andacentralexchange.Theexchangeactsasacentralcounterpartytomatchbuyersandsellers,wherethebuyerofthecontractagreestobuyandtheselleragreestosellthespecifiedassetatapre-determineddateatapriceagreedtoday.Thepartyagreeingtobuytheunderlyingassetinthefutureassumesalongpositionandthepartyagreeingtoselltheassetinthefutureassumesashortposition.

‘Term’meanstheperiodfrom,andincluding,theStartDateto,andincluding,theMaturityDate.

‘We’,‘us’and‘our’eachmeanTheRoyalBankofScotlandInternationalLimited.

‘TradingDay’meansanydayonwhichtheIndexSponsorcalculatesandpublishestheleveloftheNavigatorIndexaccordingtoitsrules.

‘Volatility’onadailybasis,themovementofapricearounditsaverageoverthepast20daysiscalculated.ThechangeinthehighestlevelofthismeasureoverthepastfivedaysisusedtodetermineVolatility.

‘You’,‘your’meansyou,theperson(s)orentityinwhosenametheaccountisopened.

4. AvailabilityApplicationsareacceptedatthediscretionoftheBankandwillbesubjecttoaccountopeningrequirements.

5. CommissionWhenyouopenanAccountthroughafinancialadviser,thenafixedpercentagecommissionispayablebyustoyouradviser.Yourfinancialadviserwillsupplyyouwithdetailsofthiscommissionuponrequest.

6.Securityprocedure• YoumustkeepyourSecurityDetailssecret.

• IfyoususpectsomeoneknowsyourSecurityDetailsyoumustcontactusimmediately.Ifyoufailtodoso,youwillbeliableforanyunauthorisedtransactionsonyourAccountconfirmedbyuseofthesecuritydetails.

• Youmusttakeallreasonableprecautionstopreventthe

fraudulentuseofyourSecurityDetails.

• YoushouldnotrecordyourSecurityDetailsinanyway,whichmayresultinthembecomingknowntoanotherperson.

• WhereatransactionontheAccountisconfirmedbyuseoftheSecurityDetailsbutyousubsequentlyshowitwasnotauthorisedbyyou,providedyouhavekeptyourSecurityDetailssecret,youwillnotbeliableforthatunauthorisedtransaction.

7.RefusalofdepositsWereservetherighttorefuseaDeposit,ordeclinetoopenanAccount,orrequireyoutowithdrawaDepositwithoutgivingareasonforsuchadecision.

8.OperationsontheAccount• DepositsmustbereceivedinGBP.Fundsmustbe

depositedwithusinthesamedenominationasyourchosenoption(s).

• TheminimumyoumaydepositintheAccountisGBP10,000.

• TheAccountandtheSDCMAwillbeopeneduponreceiptofavalidandcorrectlycompletedapplicationformandacceptablesupportingdocumentation.

• Thisisalimitedofferdepositaccount.Duetothenatureofthistypeofaccount,theoffermaybewithdrawnearlyandwithoutnoticeifitisfullysubscribed.InthiseventallfundsreceivedbytheBankwillbereturnedtoyouinfullwithoutinterest.TheAccountisavailableonafirstcome,firstservedbasis.

• Jointdepositorsarejointlyandseverallyliable.

• Iftwoormorepeoplearenamedasthecustomer,theBankwillacceptinstructionssignedbyanyone,orthesurvivor,ofthepersonsnamedasthecustomer.

• YoumaynotaddtotheDepositduringtheTerm,butyoumayhavemorethanoneAccountatthesametime.

• TheBankwillnotbeliableforanychangesinmarketconditionsfrom,andincluding,theDateofAcceptanceto,andincluding,theStartDate.

• WewillwritetoyouaftertheStartDatetoconfirmacceptanceofyourAccount.Youwillthenbesentfurtherupdatesonanannualbasis.

• OncetheAccounthasbeenopeneditisnotpossibletochangethenameoftheAccountinwhichtheDepositisheld,exceptintheeventofthedeathofasoleaccountholder.IntheeventofdeathofajointaccountholderthetitleoftheAccountwouldpasstotheremainingnamedsurvivingparty/partiestotheAccount.Further,exceptintheeventofthedeathofasoleaccountholder,youmaynottransferorassignanyoftherightsunderthisAccount.

9. InterestpriortotheStartDate• TheDepositwillearninterestfrom,andincluding,the

DateofAcceptanceuntiltheStartDate.

• ADepositwillonlybeacceptedbytheBankandbegintoearninterestpendingtheStartDatewhenallrequirementsaremetaslaidoutintheapplicationform.

• AnyinterestearnedpriortotheStartDatewillbeaddedtotheinitialdepositandthetotalamountdepositedintheAccount.

• ThecurrentratesofinterestapplicabletodepositsheldpriortotheStartDatearesetoutinthisdocument.

• IfyouareresidentintheEuropeanUnion(EU)youmaybeaffectedbytheEUSavingsTaxDirective(EUSD).TheBankwillautomaticallyexchangeinformationaboutyouridentityandresidence,theamountofsavingsincomeearnedandtheperioditrelatestowiththetaxauthoritiesintheIsleofMan.

• MoreinformationonhowtheEUSDaffectsyouraccountscanbefoundinourGuidetotheEUSavingsDirectiveorbyspeakingtoyournormalpointofcontact.

• PleasenoteourunderstandingisthatanyreturnatmaturityfromtheAccountisnotcurrentlysubjecttothisretentiontaxandundercurrentguidelineswillbepaidgross.Inprovidingthisinformationwearenotactingastaxadvisersandwestronglyrecommendthatyouseekindependentprofessionaladviceforyourpersonalcircumstancesasregardstoallaspectsofthisdeposit.TheBankisnotabletoadviseonanysubsequentchangesinlegislationthatmayaffecttheAccountoryourreturnfromit.

10.CancellationandEarlyclosureoftheAccount• Youunderstandthatonceyouhavesubmitted

yoursignedapplicationyouwillhaveatwoweekperiodinwhichtocancelyourapplication.Wewillrequirewrittenconfirmationbeforeactingonsuchinstructions.

• Ifyouwishtocancelyourapplicationwithoutthistwoweek‘cooling-off’periodbutbeforetheStartDatewewillapplyanadministrativefeeof£75intheeventof

NavigatorInternational-Issue9TermsandConditions

8

9

cancellationorearlyclosure.PartialwithdrawalsfromtheAccountarenotpermitted.PleasecontacttheStrategicDepositUnitdirecton0044(0)1624637127tounderstandwhatinformationwillneedtobeincludedwithinyourwrittenconfirmation.

• IfyouclosetheAccountaftertheStartDatebutbeforetheMaturityDate,thereturnofyourDepositisnotprotectedandwillreflectinvestmentconditionsprevailingatthetimeascalculatedbyTheRoyalBankofScotlandplc.TheamountreturnedmaybesubstantiallylessthanyourDeposit.

• Intheeventofthedeathofasoleaccountholder,theAccountmaybeclosedattheRedemptionValueatthetimeofclosure,ormaybetransferredtotheexecutor(oradministrator)orbeneficiaryofthedeceased’sestatefortheremainderoftheTerm.IftheAccountisajointaccountandoneoftheaccountholder(s)dies,onlythesurvivor(s)willberecognisedashavinganyrighttothemoneyintheAccount.

• Intheeventofdeathofasoleaccountholder,itwillbenecessaryfortheexecutor(oradministrator)ofthatperson’sestatetoobtainagrantofprobateintheIsleofManbeforetheBankpaysoutanymoniesontheorderofsuchexecutor(oradministrator).

11.ReturnatmaturityOntheMaturityDateoftheAccountyouwillreceivebackasumequivalenttothegreaterofthefollowingtwoamounts: 1)TheDepositor; 2)TheDepositx(FinalLevel/InitialLevel)

12.MaturityAtmaturitytheDeposittogetherwithanyreturnwillbetransferredtotheSDCMA.TheBankreservestherighttodeductfromtheDepositanychargesorfeesincurredincomplyingwithanysubsequentonwardpaymentinstructions.

• PleasebearinmindthatinflationmayhavereducedthepurchasingpowerofyourDepositbythetimeithasmatured.

• ThereisnocertaintythatyouwillreceiveanyamountoverandaboveyourDepositatmaturity.

13.MarketDisclaimer• TheAccountisnotinanywaysponsored,soldor

promotedbyanyrelevantstockmarket,orindexsponsorandtheymakenowarrantyorrepresentationwhatsoever,expressorimplied,eitherastotheresultstobeobtainedfromtheuseoftherelevantstockmarketand/orthefigureatwhichtherelevantstockmarket,orrelevantindexstandsatanyparticulartimeonanyparticulardayorotherwise.Theyshallnotbeliable(whetherinnegligenceorotherwise)toanypersonforanyerrorintherelevantstockmarket,relevantindex,relatedexchange,orrelevantinvestmentfundandshallnotbeunderanyobligationtoadviseanypersonofanyerrortherein.

• TheNavigatorIndexdoesnotinvestdirectlyinthetop100UKcompaniesbyMarketCapitalisation.Thereforeyoudonotreceiveanydividendpayments.

14.ProprietaryIndices• AlthoughtheIndexSponsorwillobtaininformation

forinclusioninorforuseinthecalculationoftheIndexfromsourceswhichtheIndexSponsorconsidersreliable,theIndexSponsorwillnotindependentlyverifysuchinformationanddoesnotguaranteetheaccuracyand/orthecompletenessoftheIndexoranydataincludedtherein.TheIndexSponsorisundernoobligationtoadviseanypersonofanyerrorintheIndex(butmaydosoinitssoleandabsolutediscretion).ReferencestotheunderlyingoftheIndexareincludedonlytodescribethecomponentsuponwhichtheIndexisbased.TheIndexisnotinanywaysponsored,endorsedorpromotedbyanyexchange.AnyinformationwithrespecttotheIndexisbasedonpubliclyavailableinformationandneithertheIndexSponsornorthecalculationagentoftheIndexmakeanyrepresentationorwarrantyastotheaccuracyorcompletenessofsuchinformation.

• TheIndexSponsoranditsaffiliatesmakenoexpressorimpliedrepresentationsorwarrantiesconcerning(i)theaccuracyorcompletenessofthedescriptionoftheIndex,(ii)whetherornottheIndexmayachieveanyparticularlevelormeetorcorrelatewithanyparticularobjectiveor(iii)thefitnessforanypurposeoftheIndex.TheRoyalBankofScotlandplc.anditsaffiliatesshallhavenoliabilitytoanypersonforthequality,accuracy,orcompletenessoftheinformationinthedescriptionoftheIndexorforanydelays,omissionsorinterruptionsindeliveryofanyinformationrelatingtotheIndex.TheRoyalBankofScotlandplc.shallhavenoliabilitytoanypersoninrespectofanydetermination,amendment,modification,adjustmentorterminationinrespectoftheIndex.TheRoyalBankofScotland

plc.makesnowarrantyorrepresentation,expressorimpliedinconnectionwiththeIndexorthepurposesforwhichitisused,andshallnothaveliabilityforanylossesorexpensesincurredinconnectionwiththeIndex,itsdescriptionoranyinstrumentlinkedtotheIndex.

• NeithertheIndexSponsornoranyofitsaffiliatesacceptlegalliabilitytoanypersoninconnectionwith(i)thedescriptionoftheIndexand(ii)itspublicationanddisseminationoftheIndex.

Nothinginthisdisclaimerwill: (i) excludeorrestrictanyobligationtheIndexSponsor mayhavetoanyrecipientofthisdocument,nor anyliabilitytheSponsormayincurtoanysuch recipient,undertheFinancialServicesandMarkets Act2000,ortheregulatoryregimehereunder;or (ii) excludeorrestrict,toanextentprohibitedbylaw, anydutyorliabilitytheSponsormayhavetoany recipientofthedescriptionoftheIndex.

• TheIndexfollowsanotionalrules-basedproprietarytradingstrategythatoperatesonthebasisofpre-determinedrules.

• Accordingly,potentialinvestorsinfinancialproductswhicharelinkedtotheperformanceoftheIndexshoulddeterminewhetherthoserulesassummarisedinthismaterialareappropriateinlightoftheirindividualcircumstancesandinvestmentobjectives.

• NoassurancecanbegiventhatthestrategyemployedbytheIndexSponsorwillbesuccessful,generatepositivereturns,outperformanybenchmarkorotherindicesorthatthereturnontheIndexwillbeasprojectedorestimated.

• InstrumentsrelatedtotheIndexarecomplexfinancialinstrumentsandsuchinstrumentsmaybepurchasedasawayforyoutoincurparticularmarketexposuresorseekenhancedyieldwithanappropriateadditionofrisktoyouroverallportfolio.Youshouldnotinvestincomplexfinancialinstrumentsunlessyouhavetheexpertisetoevaluatehowsuchaninstrumentmayperformunderchangingconditions,theresultingeffectsonthevalueofsuchinstrumentandtheimpactthisinvestmentwillhaveonyouroverallinvestmentportfolio.

15.OperationsontheSDCMA• TheSDCMAmustremainopenfortheTermoftheAccount.

FORFULLTERMSANDCONDITIONSOFTHESDCMAPLEASEREFERTOTHEPERSONALORBUSINESSBANKINGTERMSANDCONDITIONS(ASAPPLICABLE)

16.ComplaintsIfyouarenotsatisfiedwithanyofourproductsorservices,wehaveacomplaintsprocedurethatyoucanuse.Aleaflet,givingdetailsoftheprocedure,isavailableuponrequest.

17.RighttosetoffWhereatanytimeduringtheTermoftheAccountyouoweanyamounttotheBankandsuchamountisnotrepaidtotheBankbyyouondemand,theBankshallhaveanimmediatelyexercisableandinalienablerightofsetoffagainstyouraccount(s).

18.Alterationsandamendments• WherethereisaneventbeyondthecontroloftheBank,

suchas,withoutlimitation:aMarketDisruptionEvent;anychangeintheformulaormethodofcalculationoftheNavigatorIndex;thentheBankreservestherighttomakesuchchangestotheseTermsandConditionsasitdeemsfairandappropriatewithoutnoticetoyou,andthatchangewilltakeeffectimmediately.

• WemayalteranyoftheseTermsandConditions,foranyotherreasonsdeemednecessary,ongivingyouatleast60days’priorwrittennotice.Thisnoticewillcontainthedateonwhichthealterationtakeseffect.

19.Governinglawandjurisdiction• YourAccountwillbeopenedandmaintainedintheIsle

ofMan.Asaresult,youmaybeaffordedtheprotectionoftheIsleofManDepositors’CompensationScheme(DCS)assetoutintheDepositors’CompensationSchemeRegulations2010.Further,thecontractbetweentheBankandyou,thecustomer(s),shallbegovernedbyandconstruedinaccordancewiththelawsoftheIsleofMan.DetailsoftheIsleofManDepositors’CompensationSchemecanbefoundatwww.gov.im/iomfinance/banking/depositorprotection.xml

• ThecourtsoftheIsleofManshallhaveexclusivejurisdictiontosettleanydisputeswhichmayariseoutof,orinconnectionwith,thiscontractandaccordinglyanyproceedingsarisinghereundermaybebroughtinsuchcourt.FortheavoidanceofdoubttheBank,foritssolebenefit,reservestherighttoissueproceedingsinanyotherjurisdictionasappropriateornecessaryfortheprotectionofitsrightshereunder.

• Ifanyoftheseconditionsareinvalid,therestshallremainvalidandbindingtothefullestextentpermittedbylaw.

• WearenotanAuthorisedPersonsubjecttotherulesandregulationsmadeundertheUKFinancialServicesandMarketsAct2000,andthereforedepositsmadewithbranches,allofwhichareoutsidetheUK,arenotprotectedbythoserulesandregulationscoveredbytheUKFinancialServicesCompensationScheme.

Yourinformation

WhoweareYourAccountiswithTheRoyalBankofScotlandInternationalLimited(the“Bank”).WeareamemberofTheRoyalBankofScotlandGroup(the“Group”).Forinformationaboutourgroupofcompanies,pleasevisitwww.rbs.comandclickon‘AboutUs’,orforsimilarenquiriespleasetelephone00441315568555orTextphone08459005960.

HowweuseyourinformationandwhoweshareitwithYourinformationcomprisesallthedetailsweholdaboutyouandyourtransactions,andincludesinformationobtainedfromthirdparties.WemayuseandshareyourinformationwithothermembersoftheGrouptohelpusandthem:•assessfinancialandinsurancerisks;•recoverdebt;•preventanddetectcrime;•understandourcustomers’requirements;

•developandtestproductsandservices

WedonotdiscloseyourinformationtoanyoneoutsidetheGroupexcept:• wherewehaveyourpermission;or• wherewearerequiredorpermittedtodosobylaw;or• tocreditreferenceandfraudpreventionagenciesand

othercompanieswhoprovideaservicetousoryou;or

• wherewemaytransferrightsandobligationsunderthisagreement.

Wemaytransferyourinformationtoothercountriesonthebasisthatanyonetowhomwepassitprovidesanadequatelevelofprotection.However,suchinformationmaybeaccessedbylawenforcementagenciesandotherauthoritiestopreventanddetectcrimeandcomplywithlegalobligations.Fromtimetotime,wemaychangethewayweuseyourinformation.Wherewebelieveyoumaynotreasonablyexpectsuchachange,weshallwritetoyou.Ifyoudonotobjecttothechangewithin60days,youconsenttothatchange.Ifyouwouldlikeacopyoftheinformationweholdaboutyou,pleasewritetoyourbranch.Afeemaybepayable.

Creditreferenceagencies

WemaymakeperiodicsearchesatcreditreferenceagenciesandwillprovideinformationtotheGrouptomanageandtakedecisionsaboutyouraccounts.Thismayincludeinformationabouthowyoumanageyouraccountincludingyouraccountbalance,creditlimitandanyarrears.Wewillalsoprovidethisinformationtocreditreferenceagencies,whowillmakethisinformationavailabletootherorganisationssothattheycanmakedecisionsaboutyou,yourassociatesandmembersofyourhousehold.Theinformationmayalsobeusedfortracingpurposes.

Fraudpreventionagencies

Iffalseorinaccurateinformationisprovidedandfraudisidentifiedorsuspected,detailsmaybepassedtofraudpreventionagencies.Lawenforcementagenciesmayaccessandusethisinformation.Weandotherorganisationsmayalsoaccessandusethisinformationtopreventfraudandmoneylaundering,forexamplewhen:• checkingapplicationsfor,andmanagingcreditofother

facilitiesandrecoveringdebt;• checkinginsuranceproposalsandclaims;• checkingdetailsofjobapplicantsandemployees.

We,andotherorganisationsthatmayaccessanduseinformationrecordedbyfraudpreventionagencies,maydosofromothercountries.

Wecanprovidethenamesandaddressesofthecreditreferenceandfraudpreventionagenciesweuseifyouwouldlikeacopytheinformationheldbythem.Pleasecontactyourbranch.Theagenciesmaychargeafee.

Notes

1 I listen, understand and respond to your needsI take time to understand individual circumstances and needs

I suggest the best options to meet your needs

2 I do what I sayI am committed to getting things right, first time

I work to an agreed timeframe and keep you informed of progress

I explain how decisions are made

3 I act where problems ariseI act quickly to resolve matters and will provide you with a dedicated contact

If things do go wrong, I’ll put them right and say sorry

I learn from problems to improve things for the future

OUR PROMISES

Before everything, here is our promise to you...

These are our Customer Promises. This is a serious commitment to you, our customer. These Promises are at the heart of our culture and every single member of our team has committed to them. We want everyone to know what we stand for and why. We want to be judged on our ability to deliver the sort of service that makes a real difference to you.

Our Promises are based on the things you have told us are important to you and we want to be judged, by you, on how well we deliver these Promises to you. One thing you can be sure of, you will notice the difference.

Navigator International – Issue 9A dynamic account aiming for growth, whatever the conditions…

The Royal Bank of Scotland International Limited (RBS International). Registered Office: PO Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey, JE4 8PJ. Regulated by the Jersey Financial Services Commission.

Guernsey business address: PO Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.

Isle of Man business address: Royal Bank House, 2 Victoria Street, Douglas, Isle of Man, IM99 1NJ. Licensed by the Financial Supervision Commission of the Isle of Man and registered with the Insurance and Pensions Authority in respect of general business.

Our services are not offered to any person in any jurisdiction where their advertisement, offer or sale is restricted or prohibited by law or regulation or where we are not appropriately licensed.

RBS International is a member of the Isle of Man Depositors’ Compensation Scheme (DCS) as set out in the Depositors’ Compensation Scheme Regulations 2010. Our Structured Deposit Accounts are domiciled in the Isle of Man and therefore you may have the protection of the DCS, subject to the rules of the Scheme. Further details of the scheme are available on request.

RBS International is a member of The Royal Bank of Scotland Group. The Royal Bank of Scotland plc - Registered in Scotland No 90312. Registered office: 36 St Andrew Square, Edinburgh, EH2 2YB. The Royal Bank of Scotland plc is authorised and regulated by the Financial Services Authority. The latest report and accounts are available at www.investors.rbs.com

RBS International places funds with other parts of its Group and thus its financial standing is linked to the Group. Depositors may wish to form their own view on the financial standing of RBS International and the Group based on publicly available information. The latest report and accounts are available at www.rbsinternational.com/financial-results

RBS International is not an Authorised Person subject to the rules and regulations made under the UK Financial Services & Markets Act 2000, and therefore deposits made with branches, all of which are outside the UK, are not protected by those rules and regulations covered by the UK Financial Services Compensation Scheme.

As at 31 December 2010, RBS International’s paid-up capital and reserves exceeded £1,416 million.

UK resident depositors may be subject to declaration and taxation of resulting income.

AER stands for Annual Equivalent Rate and illustrates the interest rates as if paid and compounded each year. Rates correct as at September 2011.

The use of the word ‘protected’ in relation to this product refers only to RBS International’s obligations to repay your capital in full upon maturity. Our products are not guaranteed by any other party.

Past performance is not necessarily a guide to future performance. The value of investments, and any income from them, can fall as well as rise.

Please bear in mind that inflation may have reduced the purchasing power of your deposit by the time it has matured.

Graphs and figures are used for illustrative and information purposes only and are not based on past or projected performance. They in no way represent projections of the anticipated or expected performance of relevant products.

Navigator International is not in any way sponsored, sold or promoted by any stock market, related exchange or Index, and they make no warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the Index and/or the figure at which the Index stands at any particular time on any particular day or otherwise. They shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and shall not be under any obligation to advise any person of any error therein.

All information in this promotional literature relating to taxation is for information purposes only and is based upon current legislation, which may change, and the availability and value of any tax relief will depend on your individual circumstances. In providing this information we are not acting as tax advisers and we strongly recommend that you seek independent professional advice if you are in any doubt over your personal circumstances. We shall not be liable for any loss resulting from reliance upon this information.

All interest rates are quoted gross of tax.

This brochure must be read in conjunction with the product terms and conditions and the application form.

If you are not satisfied with any of our products or services, we have a complaints procedure that you can use. A leaflet, giving details of the procedure, is available from your branch upon request.

Calls may be recorded.

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