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

9 June 2010

Issue No. 347

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+55.3 4381.2 +1.3%

-4 to +60 $5.2 bn(A)

SPI - yesterday+56.0 4394.0 +1.3%

-20 to +59 31,426(A)

Dow Jones+123.5 9940.0 +1.3%

-59 to +137

AvgS&P 500+11.5 1062.0 +1.1%

-8 to +13

AvgNasdaq-3.32170.6-0.2%

-34 to +9

AvgFTSE-40.95028.2-0.8%

-84 to +15

Low

Commodities

Move Last % Today % Past Month

Oil-WTI spot+0.89 72.33 +1.2%-3.7% Gold Spot-3.221237.03-0.3%+2.4% Nickel (LME)+12.70 835.16 +1.5%-18.1% Aluminium (LME)+2.42 85.64 +2.9%-7.5% Copper (LME)+3.02 278.25 +1.1%-11.2% Zinc (LME)+4.81 77.22 +6.6%-17.4% Silver+0.14 18.30 +0.7%-0.3% Sugar+0.55 14.88 +3.8% +8.2%

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)+0.23 +1.6% 14.69 17.75

-34.0 c

RIO (UK)+10.0 p +0.3% £30.62 53.42

-1333.0 c

BLT (BHP UK)+33.0 p +1.9% £17.680 30.84

-617.5 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)+3.17 +5.4% 61.61 37.22

+20.2 c

AWC (US)+0.25 +5.1% 5.13 1.55

-0.0 c

TLS (US)+0.65 +5.3% 12.95 3.13

+2.0 c

ANZ (US)+1.01 +5.7% 18.76 22.67

+35.8 c

WBC (US)+4.06 +4.6% 93.26 22.54

-5.3 c

NAB (US)+1.04 +5.5% 20.00 24.17

+6.6 c

LGL (US)+0.69 +2.1% 33.73 4.08

+0.6 c

RMD (US)-0.11 -0.2%62.83 7.59

+1.2 c

JHX (US)+0.05 +0.2% 29.45 7.12

-0.3 c

PDN (CAN)+0.07 +2.2% 3.30 3.80

+3.5 c

Overnight Commentary

United States Commentary

USmarketswerewhippyovernightbeforefindingsupportfrommaterialandenergynamestoclosenearhighs.TechshareshoweverweighedonthemarketwithconcernsovertheirexposuretoEurope.TheDowrose124pts,theS&Padded1.1%buttheNasdaqdropped0.2%.

Economy -

ABCConsumerConfidencewas-43asexpectedandupfrom-44prior.AninterviewwithBernankeovernightsawcommentslike"theunemploymentratewillstayhighforawhile".FellowFedGovernorswerealsocautiouslyoptimisticontheeconomybutwereworriedbythejoblessrecoveryandthetimetakingtorepairhouseholdbalancesheets.

Materials -

AgoodbouncefromthesectoraftercommentsfromBrazil,aneconomyheavilyreliantonresources,thatsawitsstrongest1Qgrowthin14years.Caterpillarrose1.4%withAlcoaadding2.5%.Freeportjumped4.8%withNewmontending2.3%higher.Exxonrose3.3%withcrudealsoenjoyingabounce.

United Kingdom & Europe Commentary

TheFTSEfell41pointsTuesdaywithmanyofthesameexcusesbeingputforward.BankscontinuedtofallonfearsofEuropeanexposureandincominglevieswhileminersmanagedtobuckthetrendwithmostpostinggainsonthebackoffirmermetalprices.Themarketfinishedtheday-0.8%,theDAX-0.6%andtheCAC-1%.

Banks-BanksremainedunderpressureasEuropeanfinanceministerssoughtagreementonhowtomakebankspayforfinancialcrisis's.Lloyds,Barclays,RBSandStandardCharteredsomeofthehardesthitoff1.9%to4.1%.

Commodities Commentary

Miners -

Minersenjoyedadayintheblackascommoditypricesfoundsupportafterdaysofselling.BHP,Anglo,Randgold,andAntofagastaallup0.8%to4.6%.

Energy -

Energyplaysfailedtotrackcrudehigher.BPcontinueditsdemisefalling5%afterfreshconcernssurroundingtheoilspillintheGulfweremadepublic.BG,RoyalDutch,CairnEnergyandTullowOilfollowedsuitoff0.5%to1.2%.

SPI Commentary

TheSPItradedup56ptto4394.Openat4338withahighof4397andalowof4294.Volume38,068OvernighttheSPItradedup5ptsto4401.

SPI Intraday SPI Daily