This material has been produced by RBS sales and trading staff and should not be considered independent.

The Round Up
13 August 2009
Issue No. 154
The Round Up is a comprehensive daily note produced by the RBS Warrants
team providing an overview of market movements along with quality ideas for
warrant traders and investors.

In today’s issue
Global Market Action
Aussie Market Action
BHP (BHPVZE/BHPVZV)
SUN (SUNKZM)
SLF (SLFSZX)
Round Up Corner
Scoreboard
SPI Comment, Events & Dividends
Trading Update – Key points from result
MINI Trading Buy – Value in insurance
Self Funding Investment – property sector
XJOKZT – Rollover options

Equities

Move Last % Move Range Volume

ASX 200 +11.1 4343.1 +0.3% -38 to +20 $4.8 bn(A)
SPI - yesterday -13.0 4297.0 -0.3% -55 to +7 34,147(A)
Dow Jones +120.2 9361.6 +1.3% -20 to +183 Low
S&P 500 +11.5 1005.8 +1.2% -1 to +18 Avg
Nasdaq +29.0 1998.7 +1.5% +1 to +46 Low
FTSE +45.4 4716.8 +1.0% -40 to +51 Avg

Commodities

Move Last % Today % Past Month

Oil-WTI spot +0.76 70.21 +1.1% +17.2%
Gold Spot +1.00 947.10 +0.1% +3.7%
Nickel (LME) +6.89 887.92 +0.8% +35.9%
Aluminium (LME) +2.51 88.53 +2.9% +26.4%
Copper (LME) +7.21 280.75 +2.6% +27.4%
Zinc (LME) +1.64 82.69 +2.0% +24.1%
Silver +0.21 14.54 +1.5% +14.5%
Sugar +1.05 22.97 +4.8% +33.0%
Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US) +0.17 +1.3% 12.92 15.50 +20.7 c
RIO (UK) +7.0 p +0.3% £23.12 45.71 -1229.4 c
BLT (BHP UK) +27.5 p +1.8% £15.550 30.74 -724.9 c
BXB (UK) +0.5 p +0.2% £3.238 6.40 -5.0 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US) +1.29 +2.1% 63.20 37.90 -8.8 c
AWC (US) -0.01 -0.2% 5.93 1.78 +0.8 c
TLS (US) +0.20 +1.3% 15.04 3.61 -0.2 c
ANZ (US) +0.32 +2.0% 16.60 19.91 +31.1 c
WBC (US) +3.17 +3.4% 97.77 23.45 +12.4 c
NAB (US) +0.65 +3.1% 21.95 26.33 +47.8 c
LGL (US) +0.17 +0.8% 22.07 2.65 +0.7 c
RMD (US) +0.30 +0.7% 45.46 5.45 -5.7 c
JHX (US) -0.15 -0.7% 20.86 5.00 -4.7 c
PDN (CAN) +0.18 +4.6% 4.07 4.48 +9.1 c

Overnight Commentary
United States Commentary
US stocks rose, Dow +120pts, rebounding from the markets biggest fall in a month, after the Fed Reserve said the recession is easing
and analysts raised their outlook for insurers. Treasuries also slipped at the long end of the curve as the central bank said it will slow
purchases as the economy levels out.

Fed Reserve - The Fed Reserve has maintained their benchmark rate at between zero and 0.25 percent, and said it will stay
"exceptionally low" for an "extended period". The Fed also said it plans to slow its pace of its $300bn program to buy US bonds, with
the full amount to be purchased by October, and commented that it sees the economy as "levelling out".

Eco - The US Trade Defecit widened less than forecast in June, -$27bn vs -$28.7bn exp'd, reflecting a second consecutive gain in
exports spurred by a pickup in world econmies. A Confidence Surevey by Bloomberg surged to a 22-month high in August on signs the
recession is turning, although the volatile weekly Mortgage Appl'ns slipped 3.5% to Aug 8.

Insurers - Travelers Co, the New York insurer of cars, boats and businesses, added 3.3%, leading insurers higher after its credit
outlook was lifted by S&P to "positve". Allstate Corp jumped 6.4% after an upgrade to 'buy' by one broker on speculation the rally in
capital markets will boost its investment holdings.

Homebuilders - Toll Brothers, the biggest US luxury homebuilder, gained 14% after sales topped anlysts forecasts. Toll Bros said 3Q
revenue fell less than predicted as the cancellation rate declined to the lowest level since the housing slump started in 2006.

Retail - Macy's Inc climbed 5% after lifting its full-year profit forecast and posting 2Q earnings that beat analyst estimates as it
benefited from efforts to streamline its structure.

United Kingdom & Europe Commentary

The FTSE 100 rose 1% or 45pts with commodity and banking sectors adding points to the index. The FTSE Eurofirst 300 was up 1.1%,
the DAX added 1.2% and the CAC closed 1.5% higher.

UK Banks - The BoE sounded a dovish tone in its quarterly inflation report giving the sector support. Lloyds rose 6.5% after saying it
would sell the bulk of its Insight Investment unit to Bank of New York Mellon for £235mn. RBS, Standard Chartered and Barclays
added between 0.2% and 5.4%.

Euro Banks - UBS climbed 3.1% after news that the Swiss bank had provisionally settled its long-running tax dispute with the US
government. Deutsche Bank rose 0.7%, Commerzbank added 3%, BNP was up 2.7% and UniCredit ended 2.1% higher.
Eco - British unemployment hit its highest rate since 1996 in the three months to June. The unemployment rate was 7.8% vs 7.7%
expected and up from 7.6% previously. Jobless claims rose broadly as expected in July.

Insurers - ING, up 2.35%, returned to profit but fell short of expectations as high loan loss provisions took a toll. Aegon added 3%
ahead of its results tonight but Fortis fell 1%. In the UK, RSA Insurance and Standard Life both fell as they traded ex div.

Resources Commentary
Miners - Base metals climbed giving the sector a boost whilst BHP climbed 1.8% after the world's largest miner reported with the CEO
giving a cautiously optimistic outlook for commodities demand. Rio added 0.3%, Anglo rose 0.5%, Xstrata was up 2.8% and Vedanta
ended 0.1% higher.

Energy - Crude climbed giving a boost to the majors. Shell was 2.3% higher, BG Group surged 4.9%, Tullow added 2.5% and BP
climbed 0.75% even after going ex div. In Europe

SPI Commentary
The SPI traded down 13pts or 0.3% to 4297. Open at 4262 with a low of 4255 and a high of 4317. Volume 34,276. Overnight the SPI
traded up 50pts to 4347.

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

Upcoming Economic Events for the Week

Monday AUS Owner occupied housing finance, investor housing finance

US
Tuesday AUS NAB Business confidence, NAB Business conditions
US Non-farm productivity
Wednesday AUS WMI consumer sentiment, wage price index
US Wholesale inventories, trade balance
Thursday AUS AWOTE
US Fed funds rate decision, import prices, retail sales
Friday AUS RBA Governor testifies on monetary policy
US Buisiness inventories, CPI, industrial production, Michigan consumer conf
*Dates are indicative only and may change

Upcoming Dividends

ExDivDate Security Description Div (c) Yield Frk(%) PayDate

13-Aug-09 ARG Argo Invest 13 4.07% 100 4-Sep-09
17-Aug-09 AXA AXA Asia Pacific 9.25 4.25% 30.06 24-Sep-09
3-Sep-09 NWS News Corp 6 0.9% 0 14-Oct-09
Trading Update:

BHP Billiton (BHPVZE/BHPVZV) – Key points from the result

BHP reported late yesterday with a profit of US$10.7bln which was ahead of market and RBS expectations (RBS
US$10.5bln). Trade long thorugh BHPVZE August $40 call, or short through BHPVZV August $36 put.

• Profit US$10.7bln (ahead of expectations)

• Dividend US$0.41 (in line with expectations)
• Management outlook was cautious as expected. There is uncertainty over the commodities demand dynamics in
China and concern that recent higher commodity prices will lead to increased production before there is an
increase in real demand

Source: IRESS

Technically, since hitting $20 in 2008 BHP has formed an uptrending channel and has recently traded to the top end of
the channel and retraced. A worse than expected result could see the stock trade back down to the bottom end of its
trading range near $32, while a better than expected result could see the stock crack through $40.

RBS MINIs over BHP

Security ExPrc Stop Loss CP ConvFac Delta Description

BHPKZB 1867.63 2051 Long 1 1 MINI Long
BHPKZC 1539.07 1690 Long 1 1 MINI Long
BHPKZD 2490.93 2736 Long 1 1 MINI Long
BHPKZJ 3000 3300 Long 1 1 MINI Long
BHPKZR 4649.65 4185 Short 1 1 MINI Short
BHPKZS 5299.62 4770 Short 1 1 MINI Short
BHPKZY 4841.25 4575 Short 1 1 MINI Short
RBS Warrants over BHP

Security ExDate ExPrice CP ConvFac Delta Description

BHPVZE 27-Aug-09 4000 Call 4 0.06 Trading Call Warrant
BHPVZF 27-Aug-09 3600 Call 4 0.19 Trading Call Warrant
BHPVZG 24-Sep-09 3500 Call 4 0.18 Trading Call Warrant
BHPVZH 24-Sep-09 3400 Call 4 0.20 Trading Call Warrant
BHPVZI 29-Oct-09 4200 Call 4 0.07 Trading Call Warrant
BHPVZJ 40,115.00 3,200 Call 4 0.21 Trading Call Warrant
BHPVZK 26-Nov-09 3,800 Call 4 0.13 Trading Call Warrant
BHPVZL 26-Nov-09 4500 Call 4 0.05 Trading Call Warrant
BHPVZV 27-Aug-09 3600 Put 4 -0.06 Trading Put Warrant
BHPVZW 24-Sep-09 3800 Put 4 -0.13 Trading Put Warrant
BHPVZX 24-Sep-09 2800 Put 4 0.00 Trading Put Warrant
BHPVZY 29-Oct-09 3,400 Put 4 -0.06 Trading Put Warrant
BHPVZZ 29-Oct-09 3000 Put 4 -0.02 Trading Put Warrant
BHPWZP 26-Nov-09 2500 Put 4 0.00 Trading Put Warrant
BHPWZQ 26-Nov-09 3200 Put 4 -0.05 Trading Put Warrant
BHPWZR 17-Dec-09 4000 Put 4 -0.14 Trading Put Warrant
MINI Trading Update:

Suncorp Metway (SUNKZM) – Value in insurance

We have been bullish SUN since the stock broke through ressitance at $6.75. SUN has continued its rally since then
thanks to talk of selling its banking assets, which RBS Research believe could unlock additional value for shareholders.
SUNm announced its expected results on Friday with the key takeaway being that bad debts did not deteriorate further,
which has positive implications for a potential divestment of SUN’s banking operations. While Insurance and Life were
behind RBS Research expectations, the negative surprises were largely oneoff in nature. RBS Research believe there is
further upside from here and retain Buy call with a new target price of $8.80. Buy SUNKZM

Source: IRESS

Early release of FY09 result

• The key positive from the result was the narrowing of the bad debt guidance from 125-145bp to 125-135bp which
has lifted banking NAPT expectations
• Insurance suffered from the negative impact of marking-to-market the bond portfolio which was was greater than
RBS Research had anticipated and the insurance margin guidance of 7.5-8% was also behind expectations.
• The weakness in Life insurance was mainly due to the rapid unwinding of discount rate changes and is largely one-
off so not of particular concern.
• The outlook for bad debts in Australia appears to be improving along with the macroeconomic situation. As a result,
RBS Research have nudged up banking valuation multiple from 0.9x book value to 1.0x, which still only implies a
PE of 6.4x in FY11F.
• RBS price target increases from $7.38 to $8.80

RBS MINIs over SUN

Security ExPrc Stop Loss CP ConvFac Delta Description

SUNKZL 396.47 436 Long 1 1 MINI Long
SUNKZM 459.67 505 Long 1 1 MINI Long
SUNKZP 1094.16 985 Short 1 1 MINI Short
SUNKZQ 893.17 843 Short 1 1 MINI Short
Self Funding Investment:

SPDR S&P/ASX 200 Property Fund (SLFSZX)

The listed property sector has been one of the biggest casualties of the global financial crisis due to their high levels of
gearing, falling occupancy rates and downward property revaluations. As a result the S&P/ASX 200 property index fell
~79% from its 2007 peak. However, with property trusts now reducing debt and obtaining refinancing from the banks, the
underperforming property trust sector looks worthy of investment. You can gain exposure to the S&P/ASX 200 listed
property stocks through SLFSZX. SLF is an S&P/ASX 200 Listed Property exchange traded fund (ETF) which tracks
the performance of the listed property stocks.

Technicals

Source: IRESS

The chart above shows SLF over the past 18 months. After bottoming in March 2009, the ETF has developed a
sustained medium term uptrend with higher lows and current resistance at $7.50. A breakout of $7.50 would be a
bullish signal for a continued advance of the uptrend

SPDR S&P/ASX 200 Listed Property Fund (SLFSZX)

SPDR S&P/ASX 200 Listed Property Fund (SLF) seeks to closely track, before fees and expenses, the returns and
characteristics of the S&P/ASX 200 Listed Property Trust Index. The approach is designed to provide a portfolio with low
portfolio turnover, accurate tracking, and low costs.*

The Index comprises the leading listed property vehicles in Australia and represents diversified exposure to the Australian
listed property market. Exposure is diversified geographically across Australia’s major population centres and by sector
across a range of property types, including industrial, commercial, retail and hotel/tourism.*
*Source: IRESS
The breakdown of the S&P/ASX 200 Listed Property Index is as follows:

Security Description MktCap($) MktWeight

WDC Westfield Group 25,167,772,097 46.30%
SGP Stockland 7,039,547,620 12.95%
GPT GPT Group 4,096,636,126 7.54%
CFX CFS Retail Property 3,553,926,494 6.54%
DXS Dexus Property Group 3,384,606,240 6.23%
MGR Mirvac Group 3,173,820,078 5.84%
CPA Commonwealth Prop 1,634,763,680 3.01%
IOF ING Office Fund 1,430,118,085 2.63%
GMG Goodman Group 1,348,421,200 2.48%
MOF Macquarie Office 1,016,127,900 1.87%
MCW Macquarie Countrywid 717,642,730 1.32%
BWP Bunnings Warehouse 580,178,793 1.07%
ABP Abacus Property Grp. 384,546,012 0.71%
CHC Charter Hall Group 325,218,125 0.60%
IIF ING Industrial Fund 295,460,083 0.54%
AJA Astro Jap Prop Trust 211,095,600 0.39%

SLF vs XJO (ex property trust) performance over the past 3 years

Source: IRESS

The chart above compares the returns from the S&P/ASX 200 – Ex-property and SLF. It can be seen that the listed
property sector has been a big underperformer compared to the rest of the market and this underperformance has
increased over the past month, despite property companies improving their balance sheets. Look for this
underperformance to reverse as the listed property companies de-risk and sell underperforming assets.
Using SLFSZX to gain exposure to listed property index

Take advantage of upside in the S&P/ASX 200 Listed Property Index through an RBS Self Funding Instalment, SLFSZX.
Self Funding Instalments (SFIs) are a simple way to gain long term geared exposure to ASX-listed shares while receiving
many of the major benefits of share ownership including exposure to share price movements, dividends and franking
credits.

KEY BENEFITS of the new RBS self funding instalments include:

* NO PUT PROTECTION COST

* Simple, transparent and Cost-effective
* 1 for 1 movement with the underlying share (delta 1)
* Gearing around 50% - Limited downside risk
* No margin calls
* Non-recourse loan - You can never lose more than your initial outlay
* ATO product rulings - Perfectly suitable to be used in SMSF's
* Listed - Can be sold at anytime
* Can be exercised at any time - simply by paying back loan amount
* RBS are the only product issuer in the market who can offer this product
* A low interest rate of 7.46% per annum

Key details of SLFSZX

Instalment Current Share

Underlying SFI Code Stop Loss Approx. SFI Value
Payment Price
SLF SLFSZX $3.5267 $3.88 $7.38 $3.85

Reasons to buy SLF:

* Listed property has significantly underperformed the rest of the market, particularly in the most recent rally
* A major concern for the smaller property trusts has been refinancing debt, however banks are more likely to re-
finance the property trusts rather than taking the properties onto their own balance sheets and then having to
manage them
* Occupancy rates are still high, particularly in retail property which makes up a large proportion of the overall
SLF portfolio (predominantly WDC)
* Major property compmanies have undergone capital raisings to improve their balance sheets and de-risk
* SLF offers an attractive yield with any franking credits an added bonus
* SLF gives you exposure to the whole sector, which reduces the risk of being exposed to problems of any
individual company.

STRATEGY – Using SLFSZX and WDCKZR to gain exposure to listed property ex-WDC

For investors out there who are looking to gain exposure to a basket of listed property stocks without the 46% exposure to
Westfield Group (WDC), a strategy to consider would be long SLFSZX and then short WDC thorugh WDCKZR MINI
short. This strategy would give you upside exposure to all the stocks in SLF except WDC.

RBS warrants over SLF

Security ExPrc Stop Loss CP ConvFac Delta Description

SLFSZX 4-Feb-19 352.67 Call 1 1 Self Funding Instalment
RBS Round Up Corner:

Stocks Reporting This Week – COH,JBH,BHP,CBA,CPU,TLS,CCL,LEI

Reporting season kicked off last week with results overall largely in line with expectation. This week some bigger names such as CBA,
BHP and TLS are set to report. RBS Research are expecting company results to come in line or slightly ahead of expectations due to
the long downgrade cycle over the past six months. RBS MINIs are a great way to trade company results this reporting season, from
both a long or short view.

Date Code Company Y/E NPAT (Abs) Div EPS 2H div Long Short
(pre abs) Product Product
11 Aug COH Cochlear Limited Jun AUD 137.4 0.0 170.0c 241.0c 90.0c COHKZB COHKZQ
11 Aug JBH JB Hi Fi Jun AUD 92.3 0.0 37.0c 90.0c 22.0c JBHKZP
12 Aug BHP BHP Billiton Jun USD 10506 -4466 82.0c 188.8c 41.0c BHPKZD BHPKZR
12 Aug CBA Comm Bank Jun AUD 4104.4 0.0 228.0c 279.6c 106.0c CBAKZN CBAKZT
12 Aug CPU Computershare Jun USD 291.3 -6.1 23.0c 52.2c CPUKZB CPUKZP
13 Aug TLS Telstra Corporation Jun AUD 3979 0.0 28.0c 32.0c 14.0c TLSKZD TLSKZP
13 Aug CCL Coca Cola Amatil Dec AUD 193.5 0.0 19.0c 60.2c 43.0c CCLKZA CCLKZP
14 Aug LEI Leighton Holdings Jun AUD 627.0 -218.5 107.0c 215.3c 47.0c LEIKZI LEIKZP

Cochlear Limited (COH)

• The FY09 results were known to the market as COH released unaudited FY09 results on 14 July, 2009. FY09 core net profit
was A$138.0m(pre-released at $137.7m), up 11.5% on pcp, and in line with the unaudited results. Core basic EPS was 233.7
cps, up 13.2% on pcp. FY09 dividend increased by 17% to 175 cps (fully franked)
• The lacklustre result was due to weak cochlear implant (CI) growth (+1.3% on the pcp). FY09 CI unit sales were 18,461 with
zero contribution from the Chinese donation contract.
• Product sales growth overall was up 23% on pcp and 10% on pcp in constant currency terms. EBIT margin has decreased
350bp to 24.5% (vs. 28.0% in pcp). Importantly, the result included A$17.1m in losses from forex contracts.
• In terms of guidance, management have not issued guidance for FY10 core earnings growth, but plan to update the market at
the 2009 AGM in October.

JB Hi Fi (JBH)
• FY09 NPAT A$94.4m (+45.1%), on strong results in Australia & NZ. Loss on sale of Fixed Assets A$2.1m, v A$2.9m pcp.
• Final dividend of 29cps representing FY09 payout ratio of 50%. This is the new target, up from 40% previously. Will likely result
in 10cps uplifts to dividends going forward.
• RBS Research target price increased to $20 from $17.75

BHP Billiton (BHP)

• Reports in USD
• While recent falls in commodity prices are likley to impact earnings, the change in costs will be a key focus as well as the
management outlook for demand and prices

Commonwealth Bank (CBA)

• FY09 result is likely to show continued deterioration in economic conditions, albeit at a slower rate than peers given CBA's
business mix and stronger domestic focus
• Outlook for BDD’s will also be a focus and important for the sctor as a whole
• The other focus will be the level of dividend paid out

Computershare (CPU)
• Result was in line with RBS forecasts - normalised NPAT at US$290m (vs RBS at US$291m) and EPS at US52.1c (vs RBS at
US52.4c).
• Guidance for the FY10 is for EPS "to be similar to" FY09. Given management's usual conservatism at the start of the year, RBS
REsearch view this as positive
• Free cashflow was very strong at US$319m, up 5% on pcp although this was partly due to a halving of capex to US$23m.
• Interim dividend was flat at A11c (50% franked) rather than lifted by the usual 1c per half.

Telstra Corporation (TLS)

• Expect the result to be at the low end of guidance, however a reliable and strong dividend will support the stock

Coca Coal Amatil (CCL)

• Strong summer should underpin double-digit 1H09 EPS growth and likely FY09 upgrades

Leighton Holdings (LEI)

• Expect surprise in the provision for firm guidance for FY10, with market attention likely to return to this forgotten
favourite
XJOKZT Holders – Roll options

Just a reminder to XJOKZT holders that the MINI is close to its stop loss of 4393. A stop loss event only occurs if the SPI
hits 4393 or higher between 10am and 4pm. However, if you wish to maintain your XJO MINI short exposure you will
need to roll over to either XJOKZS or XJOKZW prior to the SPI futures hitting 4393. If the stop loss level is hit, RBS will
buy back the SPI futures underlying the XJOKZT and holders will reveice the remaining value. Details of roll options are:

Security ExPrc Stop Loss CP ConvFac Delta Description

XJOKZS 5364.53 5101 Short 2500 1 Index MINI Short
XJOKZW 5111.47 4861 Short 2500 1 Index MINI Short

MINIs approaching stop loss

Approx. MINI Share:

Underlying MINI Code MINI Type Strike Stop Loss Share Price
Value Stop Loss

XJO XJOKZT Short 4,619 4,393 4,348.20 $ 2.71 1.0%

ORI ORIKZQ Short $25.22 $22.71 $ 22.11 $ 3.11 2.7%
MQG MQGKZW Short $51.75 $46.67 $ 45.36 $ 6.39 2.9%
WBC WBCKZW Short $27.03 $24.34 $ 23.40 $ 3.63 4.0%
LLC LLCKZQ Short $10.18 $9.17 $ 8.72 $ 1.46 5.2%
For further information please do not hesitate to contact us on the details below

Contact
Equities Structured Products & Warrants
Toll free 1800 450 005 www.rbs.com.au/warrants
Trading Products Team
Ben Smoker 02 8259 2085 ben.smoker@rbs.com
Robbie Taylor 02 8259 2018 robbie.taylor@rbs.com
Ryan Corrigan 02 8259 2425 ryan.corrigan@rbs.com
Investment Products Team
Elizabeth Tian 02 8259 2017 elizabeth.tian@rbs.com
Tania Smyth 02 8259 2023 tania.smyth@rbs.com
Robert Deutsch 02 8259 2065 robert.deutsch@rbs.com
Mark Tisdell 02 8259 6951 mark.tisdell@rbs.com

Disclaimer:
The information contained in this report has been prepared by RBS Equities (Australia) Limited (“RBS”) (ABN 84 002 768 701) (AFS Licence No
240530) (“RBS Equities”) and has been taken from sources believed to be reliable. RBS Equities does not make representations that the information is
accurate or complete and it should not be relied on as such. Any opinions, forecasts and estimates contained in this report are the views of RBS
Equities at the date of issue and are subject to change without notice. RBS Equities and its affiliated companies may make markets in the securities
discussed. RBS Equities, its affiliated companies and their employees from time to time may hold shares, options, rights and warrants on any issue
contained in this report and may, as principal or agent, sell such securities. RBS Equities may have acted as manager or co-manager of a public
offering of any such securities in the past three years. RBS Equities’ affiliates may provide, or have provided banking services or corporate finance to
the companies referred to in this report. The knowledge of affiliates concerning such services may not be reflected in this report. This report does not
constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment. RBS Equities,
in preparing this report, has not taken into account an individual client’s investment objectives, financial situation or particular needs. Before a client
makes an investment decision, a client should, with or without RBS Equities’ assistance, consider whether any advice contained in this report is
appropriate in light of their particular investment needs, objectives and financial circumstances. It is unreasonable to rely on any recommendation
without first having consulted with your adviser for a personal securities recommendation. This information contained in this report is general advice
only. RBS Equities, its officers, directors, employees and agents accept no liability for any loss or damage arising out of the use of all or any part of the
information contained in this report. This Information is not intended for distribution to, or use by any person or entity in any jurisdiction or country where
such distribution or use would be contrary to local law or regulation. If you are located outside Australia and use this Information, you are responsible
for compliance with applicable local laws and regulation. This report may not be taken or distributed, directly or indirectly into the United States, or to
any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1993, as amended.

The warrants contained in this report are issued by RBS Group (Australia) Pty Limited (ABN 78 000 862 797, AFS Licence No. 247013). The Product
Disclosure Statements relating to these warrants are available upon request from RBS Equities or on our website www.rbs.com.au/warrants

© Copyright 2009. RBS Equities. A Participant of the ASX Group.

Explanation of Warrant Tables:

Security – refers to the code ascribed to the warrant, ExDate – refers to the date on which the warrant expires or is reset, ExPrc – refers to the
exercise price, or second instalment payment, CP – tells you whether the warrant is a call or a put, ConvFac – the conversion factor of the warrant
which tells you how many warrants you need to exercise in order to take possession of 1 share, Delta – tells you how much the warrant will move for a
1c move in the underlying security, Description – Tells you the type of warrant.
All charts taken from IRESS unless indicated otherwise