Equity Structured Products and Warrants

This material has been produced by RBS sales and trading staff and should not be considered independent.

The Round Up

1 March 2010

Issue No. 281

The Round Up is a comprehensivedaily note produced by the RBSWarrants team providing an overviewof market movements along withquality ideas for warrant traders andinvestors.

Equities

Move Last % Move Range Volume

ASX 200+43.6 4637.7 +0.9%

-1 to +44 $7.1 bn(VH)

SPI - yesterday+16.0 4619.0 +0.3%

-18 to +33 34,180(A)

Dow Jones+4.2 10325.3 +0.0%

-49 to +32

HighS&P 500+1.6 1104.5 +0.1%

-5 to +4

AvgNasdaq+4.0 2238.3 +0.2%

-12 to +9

AvgFTSE+76.3 5354.5 +1.4%

u.c to +90

High

Commodities

Move Last % Today % Past Month

Oil-WTI spot+1.49 79.66 +1.9% +6.6%Gold Spot+11.25 1117.60 +1.0% +1.8%Nickel (LME)+37.47 956.91 +4.1% +16.4%Aluminium (LME)+2.23 95.35 +2.4%-3.9% Copper (LME)+8.95 325.07 +2.8%-2.6% Zinc (LME)+3.70 98.52 +3.9%-5.4% Silver+0.39 16.48 +2.4%-1.6% Sugar-0.1023.60-0.4% -19.5%

Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

News Corp. (NWSKZJ) MINI Trading Buy

- 2Q result drives higher guidance

Oil Search (OSHKZD) MINI Trading Buy

– Focus is clearly shifting to T3

Paladin (PDNKZK) MINI Trading Buy

– Take profits on recent strong rally

Australian Strategy Reporting Season

Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US)-0.07 -0.4%15.75 17.53

-7.1 c

RIO (UK)+113.5 p +3.5% £33.64 56.91

-1358.8 c

BLT (BHP UK)+46.0 p +2.3% £20.070 33.95

-714.6 c

BXB (UK)+8.0 p +2.0% £4.030 6.82

-12.2 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)+0.89 +1.2% 73.33 40.81

-29.3 c

AWC (US)-0.03 -0.5%5.43 1.51

+0.6 c

TLS (US)+0.05 +0.4% 13.39 2.98

+1.1 c

ANZ (US)+1.07 +5.5% 20.72 23.06

-7.8 c

WBC (US)+2.57 +2.2% 117.12 26.07

-67.0 c

NAB (US)+1.02 +4.6% 23.00 25.60

+15.8 c

LGL (US)+0.37 +1.6% 24.11 2.68

+3.3 c

RMD (US)-0.46 -0.8%57.08 6.35

-7.7 c

JHX (US)-0.19 -0.6%33.21 7.39

-2581.8 c

PDN (CAN)-0.14 -4.0%3.37 3.56

-4.8 c

Overnight Commentary

United States Commentary

TheDowheldontosmallgainsamidmixedecodatawithfinancialsgenerallystrongerexceptforAIGwhichslumpedafterreportinga4Qloss.TheDowclosed4ptshigher,theS&Pwasup0.1%andtheNasdaqadded0.2%.

Eco -

ApositivelyrevisedGDPnumberfor4Q5.9%vs5.7%helpedbutadropinExistingHomeSales,5.05mvs5.5mandaMoMdecline-7.2%vs+0.9%expecteddragged.UniofMichiganConfidencewasalsoslightlylowerthanexpected,73.6vs73.9forecastanddownfrom73.7priorbutChicagoPMIwas62.6vs59.7expectedandupfrom61.5prior.

Financials -

JPMorganeasilytoppedtheDowleaderboardup3.3%anditadded10ptsafterexecssaidtherewouldbenoneedtomakestrategicshiftsdespitechangingregulations.BoAwasup0.7%andMSadded1.6%butAIGslumpednearly10%afterreportinga$9bnloss.

Retail -

GAPjumped5.4%aftersayingthecompanyexpectedtorecordaFYprofitofbetween$1.70and$1.75whichisaboveconsensusof$1.69.Thecompanyalsosaiditwouldincreaseitsdividendandbuybackanextra$1bnofstock.DeckersOutdoorsgained13.2%onFridayafterposting4Qresultsthatcomfortablybeataverageanalystestimates.ThemakerofUggbootssaiditexpectsfull-yearearningstogrow5%.

United Kingdom & Europe Commentary

TheFTSEadded76pointstodayfinishingup1.5%andtakingFebruarygainsto3.2%.Minersandenergystockswerethebiggestcontributorstodaybuoyedbyrisingmetalandcrudeprices.TheDAXfinishedtheday+1.2%andtheCAC+1.9%.

UK Financials -

ThebanksweremixedtodayasLloydsandRBSfailedtorunwiththebroadermarket.Lloydswasoff4.4%asitreportedbiggerthanexpectedbaddebtswithRBSfollowingitsouthshedding1.9%.Insurerswereup3.2%liftedbyareportthatGermany'sMunichRe,theworldslargestinsurer,islookingatAegonasatakeovertarget.

Eco -

ThemarketwasliftedbydatashowingtheUSeconomygrewfasterthanexpectedinthefourthquarter.InGermanyCPI(yoy)was0.4%vs0.7%expectedandcommentsthattheywouldpurchaseGreekgovernmentbondstobailoutthetroublednationaddedtothepositivesentiment.WithintheUKGDP(qoq)was0.35vs0.2%expected,whilePrivateConsumption(0.4%vs0.3%),GovernmentSpending(1.2%vs0.2%)andExports(3.7%vs3.4%)allbeatconsensus.



Commodities Commentary

Miners -

Afterstrugglingthroughtheweek,minersenjoyedadayintheblacktodayasmetalpriceswereupacrosstheboard.Anglo,RIO,BHP,KazakhmysandLonminallup2.4%-3.6%withthe5addingover18pointstothemarket.

Energy -

Energystockswerestrongasoilbouncedbacktowardthe$80level.BP,RoyalDutchandBGupbetween1.3%and2%addingacombined14pointstothebroadermarket.

SPI Commentary

TheSPItradedup28ptsor0.6%to4603.Openat4575withahighof4624andalowof4519.Volume32,466.OvernighttheSPItradedup18pts4619.

SPI Intraday SPI Daily

*SPI report taken from the 9:50am open to the 4:30pm close on the previous trading day. Charts taken from IRESS

Upcoming Economic Events for the Week

Monday

AUS

Aus real business sales

Tuesday

AUS

Aus nominal retail trade, Aus building approvals

US personal income