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

21 April 2010

Issue No. 316

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+10.7 4925.8 +0.2%

-1 to +30 $5.4 bn(A)

SPI - yesterday+41.0 4970.0 +0.8%

+1 to +46 3,866(L)

Dow Jones+25.0 11117.1 +0.2%

-11 to +54

AvgS&P 500+9.7 1207.2 +0.8%

+2 to +11

AvgNasdaq+20.2 2500.3 +0.8%

+1 to +21

AvgFTSE+55.8 5783.7 +1.0%

u.c to +69

Avg

Commodities

Move Last % Today % Past Month

Oil-WTI spot+2.00 83.45 +2.5% +3.4%Gold Spot+3.05 1138.80 +0.3% +2.8%Nickel (LME)+26.76 1235.01 +2.2% +21.5%Aluminium (LME)+0.71 106.70 +0.7% +5.7%Copper (LME)+4.22 351.81 +1.2% +4.8%Zinc (LME)+2.71 109.52 +2.5% +6.6%Silver+0.11 17.85 +0.6% +5.1%Sugar-0.4516.46-2.7% -11.7%

Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

News Corp. (NWSKZJ) MINI Trading Buy

- 2Q result drives higher guidance

Equinox (EQNKZA) MINI Trading Buy

– Favoured copper play

QBE (QBEKZM) MINI Trading Buy

– Valuation looks compelling

Australian Strategy US Reporting Season

Equity Structured Products and Warrants

Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US)+0.03 +0.2% 18.23 19.56

+4.2 c

RIO (UK)+5.0 p +0.1% £37.99 62.64

-1590.9 c

BLT (BHP UK)+18.0 p +0.8% £21.800 35.95

-685.0 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)+0.74 +0.9% 79.36 42.58

-22.0 c

AWC (US)+0.05 +0.8% 6.18 1.66

+0.3 c

TLS (US)+0.37 +2.6% 14.76 3.17

+0.8 c

ANZ (US)+0.30 +1.3% 23.50 25.22

+8.7 c

WBC (US)+2.26 +1.8% 130.90 28.09

-360.7 c

NAB (US)+0.70 +2.7% 26.90 28.87

+3.6 c

LGL (US)-0.19 -0.5%36.48 3.91

+3.5 c

RMD (US)+1.67 +2.7% 63.54 6.82

+6.8 c

JHX (US)+0.41 +1.3% 32.69 7.02

-2567.4 c

PDN (CAN)+0.02 +0.5% 3.70 3.97

+4.4 c

Overnight Commentary

United States Commentary

TheDowclimbed25pts,underperformingtheS&PandNasdaqdespiteagoodnightforfinancialsandenergyplays,asresultsfromIBMandCocaColastripped25pts.TheS&PandNasdaqbothclimbed0.8%.

Financials -

GoldmanSachs,down2.1%andtheworstontheS&P100,reportedbetterthanexpectedpre-marketandlookedsetforagooddaybeforebeingsoldoffonfurtherregulatoryconcerns.RegionsFinancialandZionsBancorpreportedbetterthanexpectedclimbing4.6%and7.8%respectively.

Growth Proxies -

IBMwasadragontheDowoff2%despitereportingbetterthanexpectedresultswithinvestorsworriedaboutfallingmargins.CocaCola,down1.6%,alsofelldespitebeatingestimateswhilstJ&Jdropped0.2%afteritreportedbetterbutlowereditsforecast.

Energy -

ExxonandChevronclimbed1.2%and1%respectivelyonthebackofastrongercrudepricewhilstHalliburton jumped5.5%afterbeingupgraded.Schlumbergerrose4%,NationalOilwellwasup3.5%andBakerHughesclimbed5.6%.

Tech -

Apple,down1%,fellaheadofreportinga90%increasein2QprofitasdemandfortheiPhoneandMacincreased.Yahoowasflatduringtradingbeforealsoreportingbetterthanexpectedafterthecloseaftersayingtheadmarkethadrecovered.

United Kingdom & Europe Commentary

TheFTSEclimbed1%withpositiveresultsliftingtheindexforthefirstdayin3whilestrongresultsfromGoldmanSachsliftedthebankingsectorwithinvestorsagainfocussingonresultsratherthantheSEC.TheDaxclimbed1.7%andtheCACadded1.4%.

Banks -

ThesectorwasstrongeronthebackoftheGSresultwithRBSup4.6%,Lloydsrose1.3%,HSBCekedoutagainof0.2%andStandardCharteredadded0.1%.EuropeanbanksalsobenefitteddfromthestrongGSresult.DeutscheBankwasup2.2%withBNPadding1%.

Eco -

TheZEWSurveycameoutovernightandeasilybeatexpectations,withinvestorconfidencerisingforthefirsttimein7months,whichhelpedtheDAXoutperform.Thesurveywas53vs45.1andupfrom44.5prior.UKCPIwasslightlyaheadofexpectations0.6%vs0.3%MoMand3.4%vs3.1%YoY.

Equity Structured Products and Warrants

Auto -

Daimlerjumped7.4%afterdoublingitsprofitforecastforitsMercedesunit.Theluxurycarmakersaiddemandforlimousineswasstrong.ItwasgoodnewsforthesectorwithfellowGermanBMWup4.2%,Fiatadded9.7%whileFrenchmakersPeugeotandRenaultrose5.1%and4.5%respectively.

Consumer Goods -

SABMillersoared4.5%toalltimehighsafterreportingbetterthanexpectedsaleswhileAssociatedBritishFoodsclimbed5.9%,tohighsnotseensince1986,afterreportinga79%increasein1Hincome.Tescodroppedmarginallythoughafterinternationalearningsmissedestimates.

Commodities Commentary

Arallyinmetalsandcrudesawtheminersandenergyplaysbounceback.BHProse1%andRiowasup1.1%withcopperplayAntofagastaup1.6%.AmongsttheenergyplaysShellrose1.4%,BPadded0.96%andCairnEnergyjumped3.2%.

SPI Commentary

TheSPItradedup24ptto4929.Openat4905withahighof4956andalowof4896.Volume20,288.OvernighttheSPItradedup39pts4973.

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

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