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 June 2010

Issue No. 342

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 200-27.84429.7-0.6%

-30 to -4.u.c $4.6 bn(L)

SPI - yesterday-28.04438.0-0.6%

-46 to -7.u.c 28,189(A)

Dow Jones- - -

-S&P 500- - -

-Nasdaq- - -

-FTSE- - -

Commodities

Move Last % Today % Past Month

Oil-WTI spot+0.47 74.44 +0.6%-13.6% Gold Spot+1.82 1216.20 +0.1% +3.1%Nickel (LME)- - - -Aluminium (LME)- - - -Copper (LME)- - - -Zinc (LME)- - - -Silver+0.17 18.56 +0.9%-0.4% Sugar- - - -

Global Market Action

Scoreboard, commentary

Aussie Market Action

SPI Comment, Events & Dividends

Newcrest (NCMKZG) MINI Trading Buy –

Flight to GOLD

Equinox (EQNKZA) MINI Trading Buy

– Costs in focus

Origin Energy (ORGKZC) MINI Trading Buy

– Offtake and set for NSWprivatisation sale

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)- - - -

RIO (UK)- - - -

BLT (BHP UK)- - - -

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)- - - -

AWC (US)- - - -

TLS (US)- - - -

ANZ (US)- - - -

WBC (US)- - - -

NAB (US)- - - -

LGL (US)- - - -

RMD (US)- - - -

JHX (US)- - - -

PDN (CAN)- - - -

Overnight Commentary

United States Commentary

USClosed

United Kingdom & Europe Commentary



– Closed

Europeanconsumerconfidencewasslightlylowerthanexpectedat98.4vs.100.6expandinflationgrewataslowerpacethanforecastat1.6%vs.1.7%exp.TheongoingGreekdebtcrisiscontinuestoweighoninvestorconfidenceandtheweakerEuro,whilebolsteringexports,isincreasingimportcosts.Spainisexpectedtotoughenitscontrolsofequityshortselling.Allhedgefundsandothershortsellerswouldhavetoinformregulatorsoftheirshortpositionsofmorethan0.2%oftotalcapitalinlistedcompaniespostJune10.

Commodities Commentary

Miners -

Minersnchanged.

SPI Commentary

TheSPItradeddown27ptto4438.Openat4465withahighof4496andalowof4415.Volume32,253OvernighttheSPItradeddown17pts4421.

SPI Intraday SPI Daily