Natwest Group PLC — Capital/Financing Update 2011

Apr 25, 2011

Filed under Rule 424(b)(5), Registration Statement Nos. 333-162219, 333-162219-01

Preliminary Pricing Supplement No. 46 – dated April 25, 2011 (to: Prospectus dated May 18, 2010 and Prospectus Supplement dated September 20, 2010)

CUSIP Number	Aggregate Principal Amount	Selling Commission	Net Proceeds	Coupon Rate	Coupon Frequency	Maturity Date	1 st Coupon Date	1 st Coupon Amount	Survivor’s Option	Product Ranking
78011RBR3	$ 100%	1.075 %	$ FIXED	2.30% (Per Annum)	MONTHLY	05/15/2014	06/15/2011	$2.56	NO	SENIOR

Redemption Information: Non-Callable/Non-Puttable Lead Manager and Lead Agent : RBS Securities Inc.

The Royal Bank of Scotland plc Offering Dates: 04/25/2011 through 05/02/2011 Trade Date: 05/02/2011 @ 12:00 PM ET Settlement Date: 05/05/2011 Minimum Denomination/Increments: $1,000.00/$1,000.00 Guaranteed in full by The Royal Bank of Scotland Group plc Initial trades settle flat and clear SDFS: DTC Book-Entry only DTC Number 2230 via RBS Securities Inc. If the maturity date or an interest payment date for any note is not a business day (as that term is defined in the prospectus supplement), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date. Royal Bank of Scotland plc Retail Corporate Notes Prospectus dated May 18, 2010 and Prospectus Supplement dated September 20, 2010