RBS - Round Up

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

28 June 2010

Issue No. 359

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 200-66.74413.0-1.5%

-70 to + $7.6 bn(H)

SPI - yesterday-70.04417.0-1.6%

-84 to -44.u.c 19,220(L)

Dow Jones-9.010143.8-0.1%

-72 to +50

Very HighS&P 500+3.1 1076.8 +0.3%

-6 to +10

Very HighNasdaq+6.1 2223.5 +0.3%

-12 to +23

Very HighFTSE-53.85046.5-1.1%

-69 to +30

Avg

Commodities

Move Last % Today % Past Month

Oil-WTI spot+2.35 78.86 +3.1% +14.7%Gold Spot+11.15 1246.05 +0.9% +4.8%Nickel (LME)+15.97 892.63 +1.8%-6.8% Aluminium (LME)+1.55 89.37 +1.8%-0.8% Copper (LME)+3.46 305.85 +1.1% +0.6%Zinc (LME)-0.0183.53-0.0%+0.9% Silver+0.26 18.71 +1.4% +6.2%Sugar+0.47 17.29 +2.8% +13.4%

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

– Lumwana Phase 2: when, not if

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)-0.17 -1.2%14.52 16.61

-53.9 c

RIO (UK)-93.0 p -2.8%£31.89 54.99

-1460.6 c

BLT (BHP UK)-53.0 p -2.8%£18.670 32.20

-660.4 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US)+0.01 +0.0% 67.99 38.89

+9.1 c

AWC (US)+0.11 +2.0% 5.55 1.59

+0.2 c

ANZ (US)+0.26 +1.3% 19.71 22.55

+7.9 c

WBC (US)+0.45 +0.5% 94.72 21.67

-7.7 c

NAB (US)+0.11 +0.5% 20.96 23.98

+17.9 c

LGL (US)+1.14 +3.0% 39.24 4.49

+4.9 c

RMD (US)+0.30 +0.5% 61.69 7.06

-7.2 c

JHX (US)+0.90 +3.3% 28.46 6.51

-2.8 c

PDN (CAN)+0.13 +3.3% 4.09 4.52

+22.4 c

Overnight Commentary

United States Commentary

The S&P500 and the Nasdaq chalked up wins as the Financial regulation bill was seen as less onerous on banks andOracle reported strong quarterly profit numbers. The DOW finished in the red with Wal-Mart the biggest weight.

Eco -



Q1 GDP was lower than expected while a Uni. of Michigan survey showed consumer confidence was higher thanforecast at 76 vs 75 exp.

Financials

-



Banks were stronger as it was revealed new financial regulation will not be as damaging to profits as somehad previously feared. In particular, lawmakers made no changes to derivatives and proprietary trading which were saidto be in line for a dramatic overhaul. JP Morgan +3.7% and BOA +2.7%.

Tech

-

Oracle reported strong quarterly profits igniting talks of a pick up in tech spending and offsetting some of theconcerns around the weaker than expected GDP figures. The stock added 1.7% while Microsoft and Apple were off 2.4%and 1% respectively.

Energy -



Crude rallied 3.1% as cyclone season kicked off with a disturbance in the Caribbean that may threaten the Gulfof Mexico's production. On the flip side BP fell 6% as the cyclone threatened to hamper efforts to contain the spill andadd to costs which are currently at $2.35B.

United Kingdom & Europe Commentary

TheFTSE

fell 54 points Friday as miners were weaker on the back of global recovery concerns and the energysector tracked BP lower. The market finished the day -1.1%, the DAX -0.7% and the CAC -1%

Banks -



Banks were steady as their US peers were stronger on the back of better than expected financial reform andtalks the G20 summit may lead to a dilution of a reform that forces banks to hold more reserves. Standard and Charteredand HSBC the best on the day +1.8% and 1.7%.

Commodities Commentary

Miners -

M

iners were weaker as global recovery fears resurfaced and caused a selloff within the sector. ENRC, Lonmin,BHP and RIO off 2.8% to 3.8%.

Energy -



Energy plays were weaker despite crude rallying 3.1% to $78.86/barrel. BP was the culprit falling 6% as fears acyclone could hamper its attempts to plug the spill in the Gulf mounted. BG and RDSA caught in the wash off 1.2% and1.3% respectively.