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

The Round Up
14 August 2009
Issue No. 155
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 Scoreboard
Aussie Market Action SPI Comment, Events & Dividends
CBA (CBAWZQ) Trading Sell – Overbought after result
SUN (SUNKZM) MINI Trading Buy – Value in insurance
SLF (SLFSZX) Self Funding Investment – property sector
Round Up Corner NEW – Self Funding Instalments Listing

Equities

Move Last % Move Range Volume

ASX 200 +92.8 4435.9 +2.1% u.c to +93 $6.0 bn(H)
SPI - yesterday +105.0 4402.0 +2.4% +31 to +112 28,147(A)
Dow Jones +36.6 9398.2 +0.4% -56 to +45 Low
S&P 500 +6.9 1012.7 +0.7% -5 to +7 Avg
Nasdaq +10.6 2009.4 +0.5% -12 to +15 Avg
FTSE +38.7 4755.5 +0.8% u.c to +73 Avg

Commodities

Move Last % Today % Past Month

Oil-WTI spot +0.89 71.05 +1.3% +18.9%
Gold Spot +7.80 954.90 +0.8% +3.7%
Nickel (LME) +43.45 931.37 +4.9% +40.2%
Aluminium (LME) +3.42 91.96 +3.9% +32.3%
Copper (LME) +8.78 289.53 +3.1% +30.3%
Zinc (LME) +2.73 85.42 +3.3% +33.0%
Silver +0.49 15.03 +3.4% +16.8%
Sugar -0.76 22.21 -3.3% +26.6%
Dual Listed Companies (DLC’s)

Move %Move Last AUD Terms Diff to Aus

NWS (US) +0.09 +0.7% 13.01 15.46 -17.4 c
RIO (UK) +97.5 p +4.2% £24.10 47.47 -1133.3 c
BLT (BHP UK) +35.0 p +2.3% £15.900 31.32 -693.7 c
BXB (UK) +4.5 p +1.4% £3.283 6.47 +1.7 c

American Depository Receipts (ADR’s)

Move %Move Last AUD Terms Diff to Aus

BHP (US) +1.86 +2.9% 65.06 38.65 +38.6 c
AWC (US) +0.22 +3.7% 6.15 1.83 +0.2 c
TLS (US) +0.18 +1.2% 15.22 3.62 +5.6 c
ANZ (US) +0.55 +3.3% 17.15 20.37 +17.4 c
WBC (US) +4.33 +4.4% 102.10 24.26 +0.9 c
NAB (US) +0.86 +3.9% 22.81 27.10 +14.8 c
LGL (US) +0.24 +1.1% 22.31 2.65 +3.0 c
RMD (US) -0.14 -0.3% 45.32 5.38 -14.6 c
JHX (US) +2.38 +11.4% 23.23 5.52 -3.1 c
PDN (CAN) +0.25 +6.1% 4.32 4.72 +17.7 c

Overnight Commentary
United States Commentary
The US indices managed to holf their previous gains and the Dow added a further 36.6pts, despite slightly disappointing eco data, as it
seems to be general consensus that the US has moved past the worst this quarter.

Eco - Retail Sales slipped in July, -0.1% vs +0.8% exp'd, after being +0.8% previously, and Retail Sales ex.Autos was -0.6% vs +0.1%
exp'd. While Jobless data was mixed Initial Claims at 558k vs 545k forecast, from 554k, but Continuing Claims better at 6202k vs
6300k exp'd, down from 6343k previous. Also a better Business Inventories number in June -1.1% vs -0.9% forecast, after a 1.2% fall
in May.

Fins - Financials gained as the Libor-OIS spread narrowed to 25 basis points a level Alan Greenspan has previously considered
"normal". The sector also benefitted from reports that John Paulson's hedge fund, that had large returns on picking the failure of
subprime mortgages, had bought decent stakes in Bank of America (gained 6.7%), Regions Financial (up 7.9%) and Goldmans Sachs
(rose 0.4%).

Resources - Alcoa gained 5.8% after a stronger night from the commodites, boosted by the combination of Fed comments that the
recession is easing and unexpected increase in 2Q growth from France and Germany. Also saw a solid session from Schlumberger, up
2.3% and Halliburton, up 2.8%.

Retail - Wal-Mart gained 2.7% and was the biggest pts contributor on the Dow, adding 10.4pts, after it reported better-than-expected
2Q earnings, over shadowing a slump in official retail sales numbers.

Homebuilders - DR Horton lost 3.7% after it was downgraded by one broker to 'sell', from 'hold', after it's 50 percent rise over the last
month. KB Homes also fell 2.5% after being downgraded to 'underpeform by another shop.

United Kingdom & Europe Commentary

The FTSE 100, up 0.8% or 39pts, hit a fresh 10 month high as positive GDP data from Germany and France lifted sentiment. The
FTSE Eurofirst 300 was up 0.7%, the DAX added 1% and the CAC rose 0.5%.

Eco - The German and French economies unexpectedly grew in the second quarter bouncing back from previous GDP readings of -
3.5% from the Germans and -1.3% for the French, raising hopes that the worst of the economic crisis is coming to an end in the
eurozone. German GDP was +0.3% and French GDP was also up 0.3%. Forecasts were for German and French GDP to be down
0.2% and 0.3% respectively.

UK Banks - The sector was in demand with the positive sentiment helping. Barclays, HSBC, RBS and Lloyds were up between 2.8%
and 1.7%.
Euro Banks - The positive eco news also helped the Euro banks with UBS jumping 5.4%, Credit Suisse added 3.1%, BNP rose 1.2%,
SocGen was up 2.9%, Deutsche Bank climbed 2.5% and Banco Santander ended 0.6% higher.

Insurers - Prudential, up 10.7%, led the sector higher after increasing its interim dividend. Peers Aviva, Legal & General, Old Mutual
and Standard Life added 0.4% to 4.4%.

Beverages - Anheuser-Busch InBev sank 6% as a grim outlook offset strong 2Q results. Dutch brewer Heineken, which reports on
August 26, fell on the back of the poor outlook, losing 2.8% but Danish rival Carlsberg rose 1.1%.

Property - Takeover rumours helped the sector with talk that both Land Securities, up 4.9%, and British Land, up 2.5%, were being
looked at. The FTSE Real Estate index is up 33% in the past month and some market commentators are saying the companies may
actually take advantage of the recent gains and raise capital.

Resources Commentary
Miners - The sector tracked metal prices higher on increased demand hopes. BHP rose 2.25%, Rio added 4.2%, Anglo was up 3.1%,
Xstrata jumped 6% and Vedanta was 3.5% higher.

Energy - Oil and gas services firm Petrofac was a big blue-chip riser, up 8.9% as the stock was added to the MSCI UK index.
Elsewhere the majors were weaker, BG Group, BP and Shell were down between 0.3% to 1.1%.

SPI Commentary
The SPI traded up 105 pts or 2.44% to 4402. Open at 4336 with a low of 4328 and a high of 4409. Volume 29,164. Overnight the SPI
traded up 41pts to 4443.

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

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 Sell:

Commonwealth Bank (CBAWZQ) – Overbought after result

CBA reported this week and has rallied 8% in 2 days. The stock is set to go ex dividend on Monday, $1.15. While the
result demonstrates that we may be within six months of seeing a peak in BDDs, the stock looks overbought and may be
set for a pullback post dividend. RBS Research prefer NAB and ANZ. Play a pullback in CBA thorugh CBAWZQ.

Source: IRESS

• CBA’s cash NPAT of A$4,415m was cA$150m ahead of RBS forecasts driven by a lower tax rate partially offset by
higher BDDs
• CBA declared a final dividend of A$1.15ps in line with guidance provided at their 3Q update. The total dividend of
A$2.28ps was 14% below FY08.
• The key positive surprise was the strength in revenue and, in particular, in fee income.
• The key negative was the benefit from the artificially low tax rate which is expected to normalise to c27% going
forward.
• The tier-1 capital position of 8.07% is looking a bit thin, though is likely to be addressed by the issue of hybrid
equity adding c24bp.
• The outlook was understandably cautious given headwinds still exist around credit growth and unemployment and
in the absence of similar fee growth to pcp.
• RBS valuation becomes A$41.88
• CBA set to go ex dividend on Monday, take a position today to caputre any profit taking that occurs post dividend
through CBAWZQ

RBS MINIs over CBA

Security ExPrc Stop Loss CP ConvFac Delta Description

CBAKZK 1936.76 2126 Long 1 1 MINI Long
CBAKZN 2775.8 3047 Long 1 1 MINI Long
CBAKZO 2401.61 2636 Long 1 1 MINI Long
CBAKZT 5155.27 4871 Short 1 1 MINI Short
CBAKZZ 5497.42 5226 Short 1 1 MINI Short
RBS Warrants over CBA

Security ExDate ExPrice CP ConvFac Delta Description

CBASZW 4-Feb-19 1866.78 Call 1 0 Self Funding Instalment
CBASZX 4-Feb-19 1444.23 Call 1 0 Self Funding Instalment
CBAVZA 27-Aug-09 3600 Call 5 0.2 Trading Call Warrant
CBAVZB 24-Sep-09 3800 Call 5 0.1942 Trading Call Warrant
CBAVZC 24-Sep-09 4000 Call 5 0.1847 Trading Call Warrant
CBAVZD 29-Oct-09 4200 Call 5 0.1599 Trading Call Warrant
CBAVZE 29-Oct-09 4400 Call 5 0.1386 Trading Call Warrant
CBAVZF 26-Nov-09 4800 Call 5 0.0949 Trading Call Warrant
CBAVZG 26-Nov-09 4500 Call 5 0.1263 Trading Call Warrant
CBAWZQ 27-Aug-09 4500 Put 5 -0.0426 Trading Put Warrant
CBAWZR 24-Sep-09 3500 Put 5 -0.0001 Trading Put Warrant
CBAWZS 29-Oct-09 3800 Put 5 -0.0067 Trading Put Warrant
CBAWZT 29-Oct-09 4000 Put 5 -0.0164 Trading Put Warrant
CBAWZU 26-Nov-09 3600 Put 5 -0.0055 Trading Put Warrant
CBAWZV 26-Nov-09 4200 Put 5 -0.04 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) – starting to run

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)

• Cash NPAT of A$4,415m was cA$150m ahead of RBS forecasts driven by a lower tax rate partially offset by higher BDDs.
• CBA declared a final dividend of A$1.15ps in line with guidance provided at their 3Q update. The total dividend of A$2.28ps was
14% below FY08.
• The key positive surprise was the strength in revenue and, in particular, in fee income. The key negative was the benefit from
the artificially low tax rate which is expected to normalise to c27% going forward.
• In addition the tier-1 capital position of 8.07% is looking a bit thin, though is likely to be addressed by the issue of hybrid equity
adding c24bp.
• The outlook was understandably cautious given headwinds still exist around credit growth and unemployment and in the
absence of similar fee growth to pcp.

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

NEW Self Funding Instalments listing today

Security ExPrc Stop Loss CP ConvFac Delta Description

STWSZW $ 24.50 $ 26.95 Long 1 1 Self Funding Instalment
ANZSZW $ 10.50 $ 11.55 Long 1 1 Self Funding Instalment
NABSZW $ 13.50 $ 14.85 Long 1 1 Self Funding Instalment
BSLSZW $ 1.75 $ 1.93 Long 1 1 Self Funding Instalment
WESSZW $ 13.50 $ 14.85 Long 1 1 Self Funding Instalment
NWSSZX $ 8.00 $ 8.80 Long 1 1 Self Funding Instalment
CSRSZX $ 1.00 $ 1.15 Long 1 1 Self Funding Instalment
HSPSZX $ 2.25 $ 2.59 Long 1 1 Self Funding Instalment

MINIs approaching stop loss

Approx. MINI Share:

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

LLC LLCKZQ Short 10 9 $ 9.15 $ 1.03 0.2%

WBC WBCKZW Short $27.03 $24.34 $ 24.25 $ 2.78 0.4%
MQG MQGKZW Short $51.74 $46.67 $ 46.25 $ 5.49 0.9%
ANZ ANZKZU Short $22.99 $20.70 $ 20.20 $ 2.79 2.5%
CBA CBAKZT Short $51.55 $48.71 $ 47.53 $ 4.02 2.5%
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