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

8 June 2010

Issue No. 346

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 200-123.54325.9-2.8%

-150 to + $5.5 bn(A)

SPI - yesterday-129.04338.0-2.9%

-164 to -113.u.c 39,028(H)

Dow Jones-115.59816.5-1.2%

-122 to +50

HighS&P 500-14.41050.5-1.4%

-15 to +6

AvgNasdaq-45.32173.9-2.0%

-47 to +14

AvgFTSE-56.95069.1-1.1%

-86 to u.c

Avg

Commodities

Move Last % Today % Past Month

Oil-WTI spot-0.5071.01-0.7% -5.5% Gold Spot+21.50 1241.40 +1.8% +2.7%Nickel (LME)+11.39 822.46 +1.4%-19.4% Aluminium (LME)-0.6683.22-0.8% -10.1% Copper (LME)-8.22275.23-2.9% -12.2% Zinc (LME)-0.6172.42-0.8% -22.6% Silver+0.73 18.18 +4.2%-1.0% Sugar-0.1914.33-1.3%+4.2%

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 Monthly Market Review - May 2010

Equity Structured Products and Warrants

Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US)-0.30 -2.0%14.46 17.85

+10.0 c

RIO (UK)-64.0 p -2.1%£30.52 54.49

-1105.7 c

BLT (BHP UK)-36.0 p -2.0%£17.350 30.98

-556.2 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)-1.27 -2.1%58.44 36.07

-47.0 c

AWC (US)-0.13 -2.6%4.88 1.51

-2.4 c

TLS (US)-0.17 -1.4%12.30 3.04

-0.3 c

ANZ (US)-0.31 -1.7%17.75 21.91

-10.9 c

WBC (US)-2.00 -2.2%89.20 22.02

-15.8 c

NAB (US)-0.33 -1.7%18.96 23.40

-21.5 c

LGL (US)+0.21 +0.6% 33.04 4.08

+7.9 c

RMD (US)-1.49 -2.3%62.94 7.77

-5.1 c

JHX (US)-1.10 -3.6%29.40 7.26

+2.8 c

PDN (CAN)-0.11 -3.3%3.23 3.76

-1.0 c

Overnight Commentary

United States Commentary

USmarketsfellagain,afterbeingupearlythankstobetterGermanFactoryorders,withinvestorsstillunwillingtostepintobuystocksaftertheweakPayrollsnumberonFridaynight.TheDowfell116pts,theS&Pdropped1.4%andtheNasdaqwasoff2%withthetechsectoroneoftheworstonthenight.

Economy -

JanetYellen,BarackObama'spicktobethenextFedvicechairman,saidinaspeechthatwhilethereareimprovements,"significantheadwindstostabilityremain".

Financials -

BoAwasoff3.4%andtheworstontheDowafterthecompany'sCountrywideFinancialCorpunitagreedtopay$108milliontosettleU.S.governmentchargesofmisleadingandoverchargingconsumers.Goldmansdropped2.6%followingnewsthatagovernmentcommissioninvestigatingthe2008financialcrisishasissuedasubpoenatothecompanyafterthebankfloodedthepanelwithbillionsofpagesofdigitizedrecords.

Tech -

Googledropped2.7%aftertheConnecticutAGsentalettertothefirmaskingiftheyhadunlawfullycollecteddatawithoutpermission.Applefell2%afterthecompanyunveiledanewiPhonetocompetewithnewAndroidphones.

Materials -

OnComex,Copperdroppedfora6thstraightsessionandtoitslowestlevelsinceOct5.Freeportsank6.1%andAlcoafell3%withtheothermetalsalsoweaker.Caterpillarfell3.3%tobesecondworstontheDowstripping15pts.

United Kingdom & Europe Commentary

TheFTSEshed57pointsMondayasweakerUSjobsnumbersandEuropeandebtconcernscontinuetohauntthemarketwithinvestorsturningtheirbackonrisk.Themarketfinishedtheday-1.1%,theDAX-0.6%andtheCAC-1.2%.

Banks -

BankswerelowerasgeneralmarketfearswereenhancedbyworriesoveranewlevyonBritishlenders.It'sreportedthatfinanceminsterGeorgeOsborneisplanningtoslapthebankswithapunishingnewtaxdespiteattemptstoagreeonauniversallevyforfinancialfirms.Lloyds,BarclaysandRBSoff0.9%to2.7%.

ThemarketwasgivenachancetorallyasGermanfactoryordershitexpectationsoutofthepark.Thenumbercameinat2.8%vs.-0.4%expasaweakerEuroincreasedexports.YetinvestorsremainedcautiousabouttheoverallstateoftheEurozoneandthemarkettradedwithlittleconviction.

Equity Structured Products and Warrants

Commodities Commentary

Miners -

MinerswereweakerasmetalpricescontinuedtofallonthebackofChinesedemandfears.Kazakhmys,ENRC,RIOandBHPoff2%to4%whileRandgoldchalkedupawinof0.9%asinvestorssortrefugeinthegoldplay.

Energy -

EnergymajorswerelowerleadbytheirUSpeersandaweakercrudeprice.RoyalDutchandBGshed1.1%and2.3%whileBP,whichhaslostabout1/3ofitsvaluesincethespillintheGulf,fell0.7%despitecappingsomeoftheleakingoil.

SPI Commentary

TheSPItradeddown133ptto4338.Openat4471withahighof4491andalowof4303.Volume46,403OvernighttheSPItradeddown37ptsto4301.

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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