New Issue: RBS prices $1.28 million capped market-linked protected notes on S&P 500

By Susanna Moon

Chicago, July 27 - Royal Bank of Scotland plc priced $1.28 million of 0% capped market-linked principal-protected notes due July 29, 2016 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 any gain in the index, up to a maximum return of $1,460 for each $1,000 principal amount.

If the index falls, the payout will be par.

RBS Securities Inc. is the underwriter.

Issuer:	Royal Bank of Scotland plc
Issue:	Capped market-linked principal-protected notes
Underlying index:	S&P 500
Amount:	$1,276,000
Maturity:	July 29, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 46%; floor of par
Initial level:	1,331.94
Pricing date:	July 26
Settlement date:	July 29
Lead agent:	RBS Securities Inc.
Fees:	3.95%
Cusip:	78009PAX9

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