New Issue: RBS prices $3.08 million capped enhanced participation notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 27 - Royal Bank of Scotland plc priced $3.08 million of 0% capped enhanced participation notes due May 31, 2013 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any increase in the index, subject to a maximum return of 18.5%. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.

RBS Securities Inc. is the underwriter.

Issuer:	Royal Bank of Scotland
Issue:	Capped enhanced participation notes
Underlying index:	S&P 500
Amount:	$3,077,000
Maturity:	May 31, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, up to maximum return of 18.5%; par if index declines by 10% or less; 1% loss for every 1% that index declines beyond 10%
Initial index level:	1,320.47
Pricing date:	May 25
Settlement date:	May 31
Underwriter:	RBS Securities Inc.
Fees:	1%
Cusip:	78009PAJ0

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