69722411 rbs investment magazine

An interview with Ross Walker RBS Chief UK Economist, Ross Walker discusses the true implications of the UK election. 6

The magazine for the self-directed investor 01/2010

MARKETS Direct

Politics & Opportunity:A new dawn in Westminster?Page 10

Indices

Emerging Markets on the fast-track to recoveryEmerging market shares have risen sharply since 2009Page 18

Currencies

Currencies - potential trends for 2010Will the pound become the target of speculation?Page 30

Commodities

After the gold peakWhat’s really driving the gold price higher?Page 25

Product information

This document is an advertisement and is not a prospectus for the purposes of EU directive 2003/71/EC (the “directive”) and/or Part VI of the Financial Services and Markets act 2000. A prospectus has been prepared and made available to the public in accordance with the directive. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus. Investors may obtain copies of the prospectus from the o� ces of the issuer and the paying agents. © The Royal Bank of Scotland plc (“RBS”). This advertisement contains numerous trade marks belonging to The Royal Bank of Scotland Group plc and other companies in the RBS Group. These trade marks include, but are not limited to, The Royal Bank of Scotland logo, The Royal Bank of Scotland and RBS. If you are in doubt as to whether an item is a trade mark of The Royal Bank of Scotland Group plc or a member of the RBS Group, please contact us for clarifi cation at the registered o� ce address The Royal Bank of Scotland plc, Registered in Scotland No 90312. Registered O� ce: 36 St Andrew Square, Edinburgh EH2 2YB. RBS is authorised and regulated in the UK by the Financial Services Authority. RBS is an authorised agent of The Royal Bank of Scotland plc N.V in certain jurisdictions.

www.rbs.co.uk/markets

Easy access to the world’s hottest markets

Now with the ease of buying a share, you can gain exposure to new markets, asset classes and investment strategies at a level of risk that you choose. You can access a wide range of alternative savings, investment and trading products through your share dealing account for the same dealing costs* and with the same transparency as buying a share. The markets are now open to all, it’s time to take control of your own portfolio.

Free investment reportsTo help in your journey through the hottest equity markets and commodities, RBS Markets has a wealth of information and independent reports available online at www.rbs.co.uk/markets

Risk WarningIn the unlikely event The Royal Bank of Scotland plc fails or becomes insolvent you may lose some or all of your investment. Products may not be suitable for all investors, you should therefore ensure you fully understand the risks involved.

*Check with your broker for specifi c fees.

Get access to the world’s hottest markets today, visit rbs.co.uk/markets

Welcome to Markets, a division of The Ro-yal Bank of Scotland, which focuses spe-cifically on the needs of the self directed private investor. Our aim is to open up in-vestment markets to give private inves-tors access to the same opportunities that our institutional clients enjoy. Our extensi-ve range of investment products covers varying risk levels, complexities, regions and asset classes. RBS listed products have been created to allow investors to meet needs which may not necessarily be met through the standard financial in-struments available in the wider markets. They are often used as an alternative to direct investment and as part of an asset allocation process to help reduce risk and exposure within a portfolio. They are lis-ted on the London Stock Exchange and can be bought through a UK stockbro-ker. Our whole range can be found on our website www.rbs.co.uk/markets along with regular market news, views and pro-duct guides.

This exciting new business was only laun-ched in the UK in November 2008, but it is founded on a proven model that is well es-

Welcome to ‘Markets’ from The Royal Bank of Scotland

tablished in Germany, Italy, Switzerland, Netherlands, the Nordics and Asia. RBS Markets has over 30,000 products glo-bally and has recently won the prestigious 2009 Euromoney award for ‘Best Structu-red Products House’. In the UK we have already followed in this vain, accumula-ting three awards and being shortlisted for a fourth in our first year of business:

• 2009 FT Investors Chronicle Investment Awards Winner - ‘Innovation of the year’ award.

• 2009 Shares Awards Winner - ‘Best Lis-ted Structured Products provider’.

• Short-listed for The 2010 FT and IC Wealth Management Awards 2010 ‘Best investment / banking website’.

MARKETS Direct is designed to help you construct your own view on the markets. However, you should bear in mind that the content of this magazine does not con-stitute inedependent research or analy-sis. Every edition will focus on the hot-test topics from the markets, new product

ideas and a run down of the events and seminars that you can attend for free. This quarter we look at the likely impact of the election, today‘s burning investment the-mes and Covered Warrants as a means to gain amplified exposure to both rising and falling markets.

Enjoy the first issue of our RBS MARKETS Direct magazine.

Sincerely,Ben BoardDirector, UK Listed Products

Next issue of “MARKETS Direct“ will be published in September 2010.

MARKETS Direct is a form of marketing communication issued by the Royal Bank of Scotland plc

and, among other things, it refers to products and services offered by the RBS group. We would draw

your attention to the legal points set out on page 59. The information contained in this magazine

does not constitute independent investment research or analysis.

The products referred to and/or featured in MARKETS Direct are restricted to those issued by RBS and

listed on the London Stock Exchange. There may be other products available in the wider market that meet

your investment objectives and requirements. If you are unsure of any details relating to the product that

you are considering, consult a financial adviser prior to undertaking any investment activity.

EditorialMARKETS Direct | 01/2010

3Further information on the risks associated with any of the products mentioned in this magazine can be found online at www.rbs.co.uk/markets and in the prospectus relating to the relevant product which is available to the public in accordance with applicable legal requirements.

Past performance is no indication or guarantee of future performance.

South AfricaWill the beautiful game bring a beautiful gain to South Africa? 6

Listed Products The dawn of a better structured product? 8

News 6

MARKETS Direct

Indices 18

Commodities 25

Global 30

Emerging Markets on the fast-track to recovery 18

Index focus 23

After the gold peak 25 Commodities focus 29

Currencies – Potential trends for 2010 30

Are interest rates set to rise globally? 33

Content MARKETS Direct | 01/2010

at a Glance | 01/2010

Covered Warrants 44Trackers 56Accelerated Trackers 56Auto calls and Bonds 56/57

Legal information 59

Products Service

Ross WalkerWhat a coalition government could mean for the UK 16

Interview 16

Building a diversified Portfolio 37 By David Stevenson

Special

A Beginners Guide to Covered WarrantsBy Andrew McHattie 40InternetIntroducing the website 58

Education

Cover StoryPolitics & Opportunity A new dawn for Westminster? 10

Outlook 10

ContentMARKETS Direct | 01/2010


News Focus: South Africa

Will the beautiful game bring a beautiful gain to South Africa?

The World Cup comes to South Africa in 2010.

With the World Cup football tournament taking place in Sou-th Africa, it‘s not just the Eng-land team that stands to gain from the big event. During and following the previous 4 events, the host nation’s main share in-dex performed better than both the MSCI World Index (which represents shares from com-panies across the globe) and the FTSE 100 Index (represen-ting UK shares) in the year fol-lowing the World Cup.

The economic halo of the World CupThe last World Cup hosted in Germany for example saw the domestic DAX Index rise by 15.58% from the 1st June 2006 - 29th December 2006*.

It also performed 53.09% better in the year of the World Cup and the following year of the event than the MSCI World Index, a fair indicator of global economic growth. As a com-parison to the historical per-formance of the DAX Index against the MSCI Index, if we take the 10 year period of Dec 1995 to Dec 2005, the DAX Index performed better than the MSCI Index by 36.81%*, considerably less than the period immediately following the event. With the influx of an estimated 300-400k tourists1, mass global media exposu-re and the investment of big name sponsors, comes the potential for a real boost to the South African economy and

its domestic index, the FTSE/JSE Top40 Index of stocks listed on the Johannesburg Stock Exchange.

The longer-term story for South AfricaAs the main constituents table shows, big global mining com-panies such as Anglo Ameri-can (AAL, AGL:SJ) and BHP Billiton (BLT, BIL:SJ) are part of the FTSE/JSE Top40 Index. This illustrates South Africa’s position as one of the globe‘s core producers of commodi-ties for manufacturing - the nation is the world’s largest producer of platinum, gold and chromium2. As econo-mies such as China continue to rebound from the global re-

cession the demand for raw materials has the potential to rise, providing opportunities for South African companies to further establish themsel-ves on the world stage.

Moreover, while the FTSE/JSE Top40 Index has seen returns of 32% since March 2009*, it still remains 18%* below its peak in May 2008. So, with the potential boost which could re-sult from being the next World Cup host nation, there is still a lot of scope for growth in South African shares to rise in value.

*Bloomberg, April 2010 1) Grant Thornton, http://www.gt.co.za/News/Press-releases/Strategicsolutions/ 2010/domestic10.asp, 18 March 2010 2) CIA World Factbook, 1 April 2010

News MARKETS Direct | 01/2010

6

News Focus: South Africa

About the FTSE/JSE Top40 Index

The FTSE/JSE Top40 Index includes the 40 largest com-panies by market capitalisati-on of the FTSE/JSE All Shares Index. Market capitalisation is calculated by multiplying the number of shares in a compa-

FTSE/JSE Top 40 Index Performance

35000

30000

25000

20000

15000

1000006/05 06/06 06/07 06/08 06/09 06/10

ZAR

FTSE/JSE Africa Top 40 Index

Source: Bloomberg; 8 June 2010

Top 10 FTSE/JSE Top40 Index constituents by index weighting

Constituent Bloomberg code Weight

BHP Billiton BIL SJ 16.52%

Anglo American AGL SJ 12.44%

SABMiller SAB SJ 7.91%

MTN Group MTN SJ 6.14%

SASOL SOL SJ 5.67%

Standard Bank SBK SJ 5.23%

Financiere Richemont CFR SJ 4.39%

Impala Platinium Holdings IMP SJ 3.91%

Naspers NPN SJ 3.75%

Anglogold Ashanti ANG SJ 3.01%

Source: Bloomberg, 8 June 2010 The table above shows a list of some of the companies included in the FTSE/JSE Top40

Index which is ranked according to the weighting they are given in the Index. Companies with the highest rating will contribute most to the performance of the Index.

Companies may benefit from additional business and media focus during the World Cup.

ny by its share price.

A word of warningAs with any foreign invest-ment, we need to consider the impact of exchange rate fluc-tuations. Investments linked to

The world cup encourages the development of new infrastructure.

the performance of the FTSE/JSE Top40 Index will bene-fit if the South African Rand strengthens in value when measured against Sterling, and lose value if the South Af-rican Rand weakens in value

when measured against Ster-ling. You also need to consider the fact that South Africa is an emerging market and therefo-re carries more economic, po-litical and financial risks than developed markets.

NewsMARKETS Direct | 01/2010



News Focus: Listed Products

Listed Products, the dawn of a better structured product?

Structured Products in the UK are like the marmite of the investment communi-ty; you either love them, or you hate them. They clear-ly have their advocates as according to www.structu-redretailproducts.com, the UK Structured Product mar-ket grew 50% between 2008 and 2009 to reach an eye-wa-tering £13.6bn in sales. The growth of the industry could be attributed to the ability of structured products to provi-de exposure to a given mar-ket or underlying whilst also offering some degree of ca-pital protection – something particularly attractive when the markets are unsettled.

When Lehman Brothers col-lapsed in 2008, Structured Products came under close scrutiny from the Financial Services Authority and the industry as a whole. Issues such as credit worthiness and the risk of the issuer go-ing bust came to the fore. Cri-ticisms of overly-complica-ted structures, opaque fees and even an over reliance on UK underlyings had to be addressed by the industry. A big concern surrounded the lack of flexibility. Once you were invested it was hard to sell back your investment wit-hout penalty.

Introducing Listed Pro-ducts, a more flexible struc-tured product So how much of a difference can the word ‘listed’ really make. Well more than you might think. The term ‘Listed Product’ in the context of RBS

Listed Products refers to any financial instrument issued by RBS which is in the nature of a structured product and is lis-ted and traded on a stock ex-change, typically the London Stock Exchange and that’s where the big difference is. Typically when we think of tra-ding ‘on exchange’, we think of buying and selling shares but the same rules apply to Listed Products. With the same ease of buying a share, investors can gain exposure to exciting new markets, asset classes and investment strategies. It’s as simple as that to buy, and if you ever want to get out of your investment, you can sell it back at the price quoted on the LSE between 8.15am and 4.30pm under normal trading conditions and on a regular trading day. This makes the listed products market extre-mely transparent; you know from the start what you’re in-vesting in, what it costs and how to get in, or out if you want to. You do need to be aware that prices will fluc-tuate throughout the invest-ment term and if you sell your investment before the full in-vestment term, you may get back less than your original investment. Also, whilst RBS will assist in the stimulation of a secondary market in these products you must be awa-re that market liquidity cannot be guaranteed and in certain trading conditions it may be difficult or impossible to liqui-date your investment (this is called liquidity risk).

With ready access to this new world of investment opportu-

nity, it is now easier than ever to build and manage your own portfolio. You no longer need to rely on products that charge commissions, exten-sive management fees or in-flict early redemption penal-ties. With Listed Products you will pay an execution fee with your stockbroker which is ty-pically around £10 - £18 per trade. Trackers may also in-clude an Annual Manage-ment fee of 0%-1.5%. So now, you can decide for yourself where and how you want to invest, and for how long you want to do it. Plus, you can do it yourself through your share dealing account for the same dealing costs as buying or selling a share. Just some of the reasons to try Lis-ted Products include:

• Control – you decide whe-re, how and when you want to invest and you can decide exactly when you want to end your investment, subject to li-quidity risk.

• Simplicity – can be bought and sold through your stock broker in exactly the same way that you would buy and sell shares.

• Accessibility – just like shares, they can be bought or sold at any time during a regular trading day (08:15 – 16:30) and do not have to be held for any minimum period of time. • Transparent – two-way pri-ces must be quoted throug-hout the day so you can al-

ways access the current va-lue of your product.

• Low cost – just as with sha-res, the only costs involved in buying a Listed Product will be the bid/ask spread (the difference between the price at which you can buy the pro-duct and the price at which you can sell the product) and your standard broker fees. Trackers may also have an annual management charge.

• Regulated – all products lis-ted on the London Stock Ex-change must adhere to the ru-les of the UK Listing Authority.

Risks to be aware of

• Listed products are subject to price fluctuations and in-vestors may not get back any of their initial investment;

• In the event that RBS fails or be-comes insolvent you may lose some or all of your investment‘.

The RBS Markets team is dedicated to helping you shape your market view.

News MARKETS Direct | 01/2010

8

• These products may not be suitable for all investors, you should therefore ensure you fully understand the risks in-volved, and seek independent advice where necessary.

• Product costs are built into the structure of the product. In the case of a Tracker in-vestment, this may include an annual management charge of 0%-1.5%.

• Subject to any technical pro-blems, RBS will endeavour to offer a secondary market in line with LSE rules and mar-ket making obligations. RBS may be the only market maker in the Listed Products which may affect liquidity.

What can you invest in? A real feature of Listed Pro-ducts is their inherent flexi-bility and diversity. Through Listed Products you can gain exposure to shares, indices, currencies or commodities so the question may not be what you can invest in, but how you can do it. The range is growing continuously but the main types of product in-clude:

Listed bonds which provide a fixed annual income but wit-hout redemption penalties.

Trackers for uncapped ex-posure to global indices and commodities.

Accelerated Trackers for amplified, capped exposure and the possibility of capital protection.

Autocalls for the potential to receive a coupon depending on the performance of global markets or commodities.

Covered Warrants: for gea-red performance from global indices, shares, commodities or currencies.

Choosing the right product for you largely depends on your own market view and the level of risk that you are pre-pared to take. More informa-tion on all our products can be found on page 44 in the product lists or online at www.rbs.co.uk/markets.

Trading Listed Products One of the great things about Listed Products is how easily they can be bought and sold during normal market condi-tions, subject to liquidity risk. As they are listed on the stock exchange, they can be tra-ded in exactly the same way as you would trade a share through your stockbroker. As Listed Products are ge-nerally considered complex, the first time you want to buy a Listed Product your stockbro-ker will need to assess whe-ther the product is appropria-te for you and make sure you understand the relevant risks. This will involve the issue of a risk warning which you will need to read carefully before investing. You must consider whether the investment is ap-propriate for you and meets your investment needs and obtain advice if necessary.

Once you have returned this form to your broker and if the product is deemed suitab-le for you based on the ‘Risk Warning’ form, you are ready to invest.

You can trade online or by calling your broker, quoting the product code of the pro-duct you want to purchase e.g. RB01.

The whole trading process is roughly as follows:

1. Open a share dealing ac-count with a stockbroker (only needs to be done once!).

2. Complete the ‘Risk War-ning’ form to enable the stock-broker to asses whether the-se products are appropriate for you and read the risk war-nings carefully. Seek inde-pendent advice if necessary.

3. Decide which product you want to purchase by visiting www.rbs.co.uk/markets.

4. Go online or call your bro-ker.

5. Quote the product code (TIDM code) you want to purchase which will be listed on the relevant product page of the RBS Markets website.

6. Inform your broker how much you want to buy and

they will process your new in-vestment.

These products may not be suitable for all investors, you should therefore ensure you fully understand the risks in-volved, and seek indepen-dent advice where necessa-ry.

The cost of investment With a Listed Product there are 3 potential costs to be aware of:

1. Brokerage fees – as with buying shares, each time you trade a Listed Product your stockbroker will charge a fee. This will usually be approxi-mately £10 - £18 per trade.

2. Bid/ask spread – There is a bid/ask spread which is the difference between the price at which you can buy and the price at which you can sell the product.

3. Annual Management Char-ge – Trackers may have an annual management charge, payable each year out of your initial investment. This will ty-pically be 0.2%-1.25%.

NewsMARKETS Direct | 01/2010



Britain has cast its vote

Politics & Opportunity A new dawn for Westminster?Following the most exciting election night in decades, the UK has a new coalition government in place. So, how did this situation arise, and what effect will it have on the markets?

Cover Story MARKETS Direct | 01/2010

10

How is this election going to affect my portfolio? The recent election has pro-ved to be one of the most exciting and unpredictable this country has seen for decades. From the first ever live televised leader debates, the rise, fall and subse-quent rise again of Nick Clegg, to the fi-nal farewell of Gordon Brown – the elec-tion was hugely absorbing for anyone with even a remote interest in politics.

The final hours of 6 May raised a sen-se of surprise from political commenta-tors as the initial euphoria around Nick Clegg’s TV performance and groundswell of Liberal Democrat support had come to little more. All the exit polls predictions of a hung parliament proved to be accurate by the morning news on the 7th May.

With no single party clinching an out-right majority, the hours of deal making dragged into days before finally the Ca-meron-Clegg partnership began and our political landscape changed significant-ly with a Conservative-Liberal Democrat coalition agreed. Labour, after 13 years in power, returned to the opposition ben-ches and started the search for a new lea-der. The reason for this hung parliament is simple. The British first-past-the-post system means that for a single party to achieve a majority government they must

secure 326 seats in the Houses of Parlia-ment. As you can see by the election re-sults shown below, despite a swing of 5% from Labour to Conservati-ve, the Tories could not reach this target, falling short at 306 seats. So they were faced with two choices: to either try to push ahead and rule with a minority government, or to seek to form a coalition with the Liberal Democrats. With the Lib Dems winning 57 seats (five less than they held in the previous parliament) the coalition would have a comfortable majority with 363 seats in total.While this political coalition is not one that had been easily envisaged by most vo-ters or analysts, the more likely – on pa-per at least – centre-left coalition of La-bour and the Lib Dems fell down on the maths. Even with Labour’s 258 seats and the Lib Dem’s 57 this gave it only 315 in total which meant it would also have to rely on the support of smaller parties. A rainbow coalition as it was dubbed was not an impossibility, but there was a clear feeling across all parties that with Labour only getting a 29% share of the vote, this was not the mandate of the electorate.

Because of the parlous state of our economy, trying to govern with a mino-rity was far from ideal for the Conserva-

tives. Achieving a “stable government” was the phrase constantly trotted out du-ring, and after, the election with everyone

from the City to the politicians demanding this was the pri-ority above all else. The ne-cessity for this in tumultuous times was starkly illustrated by the riots, and subsequent

deaths, on the streets of Greece as its government, bailed out by the EU and International Monetary Fund (IMF) to the tune of €110 billion, had to slash its public spending and boost tax revenue to meet the conditions of the loan.

So, while the political shenanigans kept the electorate at large enthralled, how did the markets, which do not nor-mally like indecision or a political vacu-um, perform?

Despite fears, the markets proved re-markably tolerant during the few days de-lay required to hammer out the coalition. If anything, it was the bigger picture factors such as the Eurozone debt crisis that had a greater impact than the domestic situ-ation. Greece’s financial straits also high-lighted how intolerant the markets were to countries that did not introduce credible policies to cut budget deficits.

But in the UK there was a sense of cau-tious optimism surrounding this coalition and the FTSE 100 remained broadly un-changed since the election with UK bond prices rising although sterling weakened slightly. Some commentators pointed to the gap narrowing between the yield on equivalent German and UK government bonds, suggesting that investors saw lending to the British government as less risky than previously.

Short-term gains in sterling imme-diately after the coalition was agreed abated as the bigger issues of econo-mic recovery took hold and the Bank of England continued to predict that infla-tion would remain low despite April’s fi-gure of 3.7% (the highest rate for almost a year and a half and above the target of 2%).

The key issue has been how this government would tackle reducing Britain’s budget deficit of £163bn.

”There was a sense of cautious

optimism surround-ing this coalition.“

UK - National results at a glance

36,10% Conservative

29,00% Labour

23,00% Liberal Democrat

11,90% Others

Share

Party Seats Gain Loss Net Votes % +/-%

Conservative 306 100 3 97 10.706.647 36,1 3,8

Labour 258 3 94 -91 8.604.358 29 -6,2

Liberal Democrat 57 8 13 -5 6.827.938 23 1

Source: news.bbc.co.uk/1/shared/election2010/results/

Cover StoryMARKETS Direct | 01/2010



Cameron and Clegg

Performance of the FTSE 100 Index

7000

6500

6000

5500

5000

4500

4000

3500

300005/05 11/05 05/06 11/06 05/07 11/07 05/08 11/08 05/09 11/09 05/10

Points

FTSE 100 Index

Source: Bloomberg, 26 May 2010

Performance of GBP/EUR

1,6

1,5

1,4

1,3

1,2

1,1

105/05 11/05 05/06 11/06 05/07 11/07 05/08 11/08 05/09 11/09 05/10

GBP/EUR

Pound Sterling - Euro

Source: Bloomberg, 26 May 2010

While Labour’s approach had been to de-lay drastic cuts arguing this would tip the country back into recession just as it was falteringly coming out of it, the Conserva-tives wanted more immediate action. How the Lib Dems would fall into line was still unknown but as the details of the coaliti-on came to light it was clear that this was one area where Tory policy was the victor. Many – the Conservatives among them – felt that the markets would not stand a delay. As a result, the government an-nounced that spending cuts worth £6bn would be implemented in 2010, which was welcomed by the governor of the Bank of England, Mervyn King. Full details of how these cuts will be achieved will be presen-ted in the emergency budget announced by Chancellor of the Exchequer, George Osborne, on 22 June.

But this government will still have to hope that the markets work to its favour as there are trends in the underlying econo-my that can have a significant impact. A sterling crisis for instance – where inves-tors sell the pound to buy dollars or euros – would almost certainly be bad news for the coalition government.

Perhaps the most sensitive indicator of confidence will be the long-term gilt pri-ces – these show how much the market is willing to pay for government securities or gilts dated at more than 10 years. So far they have held relatively steadily.

The election aside, much of the in-creased confidence is also a result of positive economic indicators. In parti-cular, recent macro-economic data and GDP trends have been surprisingly po-sitive of late – at the very end of March, for instance, fourth quarter GDP growth was revised up 0.4% quarter-on-quar-ter, ahead of City economists’ forecasts. The main upward impetus seems to have come from companies inventory stocks which were running down at a significant-ly slower rate in the last quarter of 2010 – according to RBS analysis this contribu-ted 0.7 percentage points to last quarter GDP, almost fully accounting for the rise in domestic demand.

The data based on the purchasing decisions and the expectations of ma-nufacturers and service companies (the-


12

12

11

10

9

8

7

6

5

4

3

2

1

0

-1

-22006 2007 2008 2009

Government deficit as a percentage of GDP, calendar years

70

60

50

40

30

20

10

02006 2007 2008 2009

Source: National Statistics – www.statistics.gov.uk/cci/nugget.asp?id=277

Government debt as a percentage of GDP, calendar years

Concerns in the city?

Source: National Statistics – www.statistics.gov.uk/cci/nugget.asp?id=277

se widely used indicators are something called the PMI or purchasing manager indices) also contained some positive news. Even though the „new business“ part of the index fell to a level of 52.8 from 54.6 in April, the purchasing managers‘ index (PMI) for services rose to a level of 55.4 from 55.3 in April. A level of more than 50 is generally considered to be a rise in activity.

Headline manufacturing PMI stayed at 58 and the construction PMI even rose. However, inflation made a comeback with 3.7% which is well above the 2% target. But this new found optimism after one of the toughest 18 to 24 months in living memory, welcome though it may be, still needs to be tempered with caveats.

The broad economic data still suggests a number of worrying issues, not least:

• The savings ratio has declined again – this is good news for shops and factories looking to sell more to free spending con-sumers, but is less positive if rebuilding household finances and cutting down on high debt levels is seen as an imperative

A deficit is created when a government spends more than it takes in. Government debt is the accumulated borrowing.

Cover StoryMARKETS Direct | 01/2010



What is a hung parliament?

A hung parliament is where no single party holds a majority of seats (326, or more, seats are required for an outright majority). This has not been a common feature of the UK political landscape – the First Past The Post (FPTP) system is designed to prevent this by rewar-ding the party with the most votes with a disproportionately large number of seats.

• There is still little evidence of the es-sential rebalancing of the UK economy – net exports and new capital investment in capacity were both down in the last quarter. If the UK is to export its way out a recession, these numbers need to in-crease sharply

• Overall, some of the PMI data was still down in the previous month, which indi-cates that the return in confidence is still fragile.

So, now we have a slightly better idea of what the political landscape will look like

and some understanding of the macro-economic (GDP/PMI) data, what could an investor sensibly conclude in this post-election period? The coalition looks, for the time being at least, to be reasonably strong and the Conservatives have most-ly got their way on the bigger economic areas so a continued recovery in the UK economy seems possible built around improving business sentiment. But the trends underlying these outcomes are still fragile and could be over-turned at any stage with sterling/euro rates looking perhaps the weak link. A strengthening pound may lead to declining exports.


14

*This document is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EU (the “Directive”) and/or Part VI of the Financial Services and Markets Act 2000. A prospectus has been prepared and made available to the public in accordance with the Directive. Investors should not subscribe for the securities referred to in this document except on the basis of the information contained in the prospectus. Investors may obtain copies of the prospectus from the o�ces of the issuer or paying agent. The Royal Bank of Scotland plc is authorised and regulated in the UK by the Financial Services Authority. The Royal Bank of Scotland plc, registered in Scotland No 90312. Registered O�ce: 36 St Andrew Square, Edinburgh EH2 2YB. RBS is authorised and regulated in the UK by the Financial Services Authority. RBS is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

Accelerated Trackers could give your investment a boostGiving exposure to a wide range of global markets and asset classes, Accelerated Trackers provide the opportunity to boost your profits as markets rise up to a cap and the potential for some some capital protection if they fall.

With the flexibility of buying and selling shares, Accelerated Trackers can be traded in your share dealing account at any time throughout the normal trading day.

Accelerated Trackers are certificates issued by the Royal Bank of Scotland plc (RBS) which are part of a range of exchange-listed products from RBS and are subject to the risks below.

Risk WarningThe value of your investments may fall as well as rise, you may receive less than you originally invested and it is possible to lose your entire investment. If RBS fails or becomes insolvent, investors may lose some or all of their investment.These products may not be suitable for all investors, you should therefore ensure you fully understand the risks involved, and seek independent advice where necessary.

For more information visit rbs.co.uk/markets


An interview with Ross WalkerChief UK Economist for The Royal Bank of Scotland plc.

MARKETS Direct: We’ve finally got through this election and now face a hung parliament with a Con-Lib coa-lition. Were you surprised by this out-come?Ross Walker: It’s what the opinion polls had been signalling so in that sense it pro-bably shouldn’t have been a huge surpri-se. Because all the projections that come from the national opinion polls assume a uniform national swing, there was an as-sumption that the Conservatives would do better in some marginal seats. The big pic-ture in the end was that the Conservatives tended to win target marginal seats against Labour, and they won some seats that were beyond what they needed, but they didn’t quite make the inroads against the Libe-ral Democrats in some of those marginals. So, overall the result wasn’t really a sur-prise, we had been quite early in flagging the risks of a hung parliament. The HIPPO (Hung Parliament Probability Observer) in-dicator we developed, which took the opi-nion poll data and expressed it as a proba-bility of a hung parliament, showed it was a higher probability than the markets and bookmakers were factoring in.

MARKETS Direct: The city has traditi-onally been more sceptical of the Li-beral Democrats’ economic position and more comfortable with the Con-servative, where does this coalition leave it? Ross Walker: It’s an evolving picture. We’ve had a major announcement on fiscal policy [the establishment of the Of-fice of Budget Responsibility] and this is one that’s been put together by the coali-tion; in our view it’s the most radical fiscal policy development since the IMF rolled into town back in 1976. There are some early signs that maybe this will be a new politics, at least in some areas. The city will continue to judge as events unfold. But there are signs that things have mo-

ved more quickly and more decisively in some areas than people might have thought.

MARKETS Direct: Can such opposing ideas be easily married?Ross Walker: As Cameron and Clegg have made clear their parties do not ag-ree on everything and there are a sizeab-le number of areas where there are diffe-rences. What they are focusing on is the areas of agreement. I think the surprise so far has been in terms of the big pic-ture economic and fiscal situation – the Conservatives have largely got their way. They’ve given ground on some of the in-dividual policies such as the inheritance tax threshold rise whereas the Liberal po-licy of lifting some of the lowest earners out of tax altogether, looks like it will be a higher priority. So some of the micro eco-nomics have gone the Lib Dems’ way but the big picture, macro economics that our business cares about – currency markets and fixed income, the fiscal tightening this year not next year – it’s Conservative poli-cy that’s getting implemented.

MARKETS Direct: How have the city and markets responded so far to this new government?Ross Walker: It’s been reasonably po-sitive – there have been other big issu-es happening and Greece is the ob-vious one. What Greece has done is bring into focus concerns about fis-cal deficit and downgrades and that focus could have been detrimental to the UK. In fact, UK government bonds have benefited, we’ve seen some sort of ‘flight to safety’ moves so gilt yields have been drifting down a little. We’ve also seen our UK sovereign CDS (credit default swap) prices come down relati-ve to other similar economies. So there are signs that are cautiously positive, but it’s early days.

MARKETS Direct: The great concern is that this coalition will fall apart in a way similar to 1974, how would the markets react if the country was faced with another election in a year or 18 months?Ross Walker: It’s very difficult at this sta-ge to say how durable this is going to be. Before the election the feeling was that a hung parliament would bring an election within a year. I think the fact that one of the agreements between the two parties was fixed parliamentary terms indicates they would like this coalition to run for se-veral years, if not for a full five. Against that you have the fringes of both parties saying that it’s not going to last. The real test will be a year from now when we ex-

About Ross Walker

Ross Walker, Chief UK Economist for The Royal Bank of Scotland plc, pro-vides an inside view on what a coaliti-on government could mean to the UK recovery prospects

Ross Walker

Interview MARKETS Direct | 01/2010

16

pect there’ll be further tax rises taking ef-fect and when spending cuts are starting to bite, and then we’ll get a better idea of just how robust this coalition is.

MARKETS Direct: Do you think peop-le are ready for a more ‘austere’ Bri-tain and what do you think of propo-sals so far? Ross Walker: I think with the public finan-ces featuring so prominently during the election there is clearly some public awa-reness of this issue and the implications to their own financial positions. Personally I’m still sceptical that people have rea-lised just how difficult this is going to be to correct in terms of the scale of the spen-ding cuts and tax rises required and the prolonged period of time over that those austerity measures will be in place.

MARKETS Direct: How will the short-term impact of a coalition government compare to the longer-term impact?Ross Walker: It’s very difficult to say. The early announcements on the fiscal side have been quite positive. The real test will be when the unpopular decisions like spending cuts and tax rises take effect. So far the tax increases have been large-ly about hitting higher earners so at this stage it’s not the average person in the street having to fork out a lot more tax.

MARKETS Direct: While some indica-tors point to Britain coming out of re-cession many commentators continue to highlight the risk of a double dip re-cession. How do you see the economy developing over the next year?Ross Walker: I think although the fiscal tightening measures that have been an-nounced will have some short-term net dampening effect, overall they should support growth. Because there are a number of risks of not taking this action: one would be that the markets would demand a much higher rate of interest on government debt so government’s own financing cost would rise more ra-pidly. Secondly that some of that extra cost of those higher gilt yields would get passed onto companies so higher borro-wing would deter some investment and

future growth. The big risk then is market panic and an aggressive sell off of ster-ling. All of those things would really un-dermine growth, certainly over the me-dium term. Short term there are risks of dampening growth but I don’t think it’s going to be enough to tip us into reces-sion, certainly that’s the Bank of England view, and seemingly the advice of tre-asury officials to the new government is the same. For me the bigger risk was not tightening enough.

MARKETS Direct: This government has said it will introduce fixed-term parliaments, is this something that the market will react well to?Ross Walker: I’m not sure it makes a huge amount of difference. If, as a politi-cian, you know when an election is going to be then you have less flexibility, but in reality it was always a relatively constrai-ned choice. Did you go to the country af-ter four years or did you wait for the full five? So there was never that much free-dom. It was almost impossible to micro manage the economy in a way that would ensure you had buoyant growth and low unemployment during an election. From a fiscal credibility point of view the inde-pendent Office for Budget Responsibility, which will produce the growth and fiscal forecasts, is the biggest bulwark against political interference in terms of trying to align the political and economic cycles. So for me the fixed parliament issue is very much a secondary one.

MARKETS Direct: In light of the out-come to the election, do you have any tips for investors as to where they should be looking now?Ross Walker: Economists are the worst people in the world to listen to in terms of investment advice. But the big ques-tion is still the basic one of how sturdy is risk appetite? And you’d never look at just one indicator, when you do that things start to go badly wrong either for eco-nomic policy or investing. I think the key gauge is do you think the economic reco-very is sustainable? Look at the risk indi-cators – stock markets, CDS levels, cor-porate bond yields – are we on track for

what the markets think will be a relatively healthy recovery or are things going to falter? I’m somewhere between the two in terms of our own forecasts, there’s al-ways a risk the markets have got ahead of themselves and the gains we’ve seen in stock markets, in particular for the past six or nine months, may indicate that. But we’re not in the double dip recession camp, we think that can be avoided and there’s enough momentum in the econo-my, but it’s going to be a slow and drawn out recovery and from an investor’s point of view – guess what? There aren’t any quick easy bucks to be made!

Big Ben

InterviewMARKETS Direct | 01/2010



Despite the global crisis optimism prevails in the emerging markets.

Emerging Markets on the fast-track to recoveryThe higher growth rates in many emerging markets are fuelling share price rises. However, some independent commentators are warning that a speculative bubble is now forming in Asia and Brazil. We look at the case for and against investing in Emerging countries.

.

Indices MARKETS Direct | 01/2010

18

Those who have been watching on the stock markets of some of the world‘s de-veloped countries could be forgiven for feeling somewhat baffled. Since 2003, shares listed on the stock markets of emerging countries have risen sharply, while the more developed countries‘ stocks have climbed only moderately in comparison1. The financial and economic crisis has done nothing to change this si-tuation. After dropping sharply, emerging market stocks again outperformed their counterparts in developed nations1.

However, the equity markets are only reflecting the global economic situ-ation: The bulk of the world’s economic growth is concentrated in emerging mar-kets, since developed nations are having to deal with high unemployment, enor-mous government debt and a weakened banking system. The recent financial cri-sis has scarred developed nations more deeply than the emerging markets. While the largest economic regions, the USA, the Eurozone and Japan, have registered negative growth over the last three ye-ars, the major emerging market countries have proved robust, maintaining impres-sive levels of economic expansion1.

Emerging market growth remained unabated The economic recovery over the last few months means the 2010 economic out-look for developed nations is now brigh-ter. Nevertheless, emerging market growth will remain stronger. “The beating heart of this growth will be Asia. Central and Eastern Europe has greater structu-ral problems than Asia, so we forecast lower growth there,” says Emerging Mar-kets economist from the German Deka-Bank, Janis Hübner.

A key factor in the growth potential of emerging markets is the rising domestic consumer spending that comes hand in hand with the increasing wealth of many people. Booming China alone, with its population of 1.3 billion, is significantly bolstering demand for many industrial goods. And auto sales in emerging mar-kets are higher than in the USA, Euro-pe and Japan2. Experts believe that by 2020 the Chinese will have replaced the

Americans as the world’s largest consu-mers. And, while consumers in develo-ped countries are saving, some experts expect the BRIC countries to lead the glo-bal recovery in consumer spending.

Consumer-based industries set to thrive The sectors likely to flourish in emerging Asian countries over the coming years are therefore those that are largely con-

sumer-driven. According to Union Invest-ment fund manager Hans Hölzl, the con-sumer and infrastructure sectors will ex-perience the strongest growth in Asia, followed by the energy sector, including alternative energy and energy supply. Mr Hölzl, who has managed Union‘s South East Asia fund since 2002, believes that the pensions and healthcare, and tourism segments will be a central theme. From experience, these consumer-focused

All Markets vs. Emerging Markets

250

225

200

175

150

125

100

75

50

Points

06/05 06/06 06/07 06/08 06/09 06/10

MSCI Emerging Markets IndexMSCI World Index

Rebased: June 2005 = 100 points

Sharp price gains

New capital markets arose in these countries (the emerging markets), which performed extremely well. The MSCI

Emerging Markets Index, a barometer of Emerging Markets stock markets, has significantly outperformed the MSCI

World Index from 1988 to the present day. However, these emerging markets also experience higher levels of volati-

lity.

Jakarta – The centre of growth for Indonesia.

1) Bloomberg, 21 April 2010 2) http://globaleconstats.com/wp/2010/01/01/scotia-economics-emerging-market- auto-sales-to-climb-higher-in-2010/, 1 January 2010

Source: Bloomberg; 8 June 2010




market segments trend upwards when the per capita annual income reaches around USD 3,000. “Below this, it makes little difference to consumption whether per capita GDP rises from USD 1,000 to 2,000 or stagnates”.

Equities set to keep rising The healthy growth outlook is heightening equity market expectations in the emer-ging markets. While industrial countries are likely to continue suffering the con-sequences of the crisis, experts belie-ve that the emerging markets prospects are better.

Carry trades benefiting the emerging marketsThe emerging market boom is viewed cri-tically by some. Some market commenta-tors warn that a speculative bubble could emerge owing to the “hot money” on the markets. The background to this is the interest rate differential between deve-loped and emerging market countries: Risk tolerant investors (carry traders) take on debt in low-interest currencies such as the US Dollar and invest their capi-tal in other, higher-interest currencies or in the equity, real estate or commodities markets of the booming emerging mar-kets. This increases the risk of a bubb-le forming.

This is the case today. Capital inflows from developed countries have contribut-ed to the stock markets of emerging mar-kets outperforming those of developed countries. In the past, when interest rates rose in the USA and Europe, funds flowed back out of the emerging markets. Such return flows of money, also referred to as repatriation, led to the appreciation of de-veloped nations‘ currencies, particularly the US Dollar. It also gave rise to foreign currency shortages in emerging markets. The high level of foreign debt could then not be repaid. A credit squeeze and the flight of foreign capital has in many cases then caused share prices to crash in the respective emerging markets.

Increased economic stabilityThe US Dollar has regained a certain de-gree of stability recently, but it is probably

Price/Earnings (P/E) ratio of the MSCI World and MSCI Emerging Markets

90

80

70

60

50

40

30

20

10

0

P/E Ratio

06/95 06/97 06/99 06/01 06/03 06/05 06/07 06/09 06/10

MSCI Emerging Markets IndexMSCI World Index

No over valuation based on P/E ratios

When comparing the P/E ratio of the MSCI Emerging Markets Index to the P/E ratio of the MSCI World Index, we can

see that emerging markets seem cheaper when valued with their P/E ratio.

Source: Bloomberg, 8 June 2010

Emerging Markets are booming


20

Comparison of economic growth

20

15

10

5

0

-5

-10

Change in real Gross Domestic Product (GDP) compared to the previous year in %

1990 1994 1998 2002 2006 20101992 1996 2000 2004 2008

China Germany India Japan USA

Source: International Monetary Fund; 28 January, 2010

Long-term stronger growth

Major emerging markets such as China and India showed stronger GDP growth

than established markets such as the US, Japan and Germany.

Comparison of per capita annual income

9.000

8.000

7.000

6.000

5.000

4.000

3.000

2.000

1.000

0

USD

India Vietnam Philippines Indonesia China Malaysia

2009

Source: IMF; February 2010

Consumer spending threshold reached

According to Jim O‘Neill, Goldman Sachs Economist and inventor of the term

BRICs, emerging markets economies start to grow once per capita GDP rises above

USD 3,000 per year. With its population of 1.3 billion, China has already crossed

this threshold. Indonesia is set to follow in the next few years. The average per ca-

pita GDP of all emerging countries is already more than USD 9,400.

Major infrastructure projects are driving emerging market growth.




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still too early to say whether the trend has reversed, and developed nations‘ central banks are still holding off raising inte-rest rates. The upturn following the se-vere financial and economic crisis of the two preceding years is, quite sim-ply, still too fragile.

In addition, the overall economic stability in many emerging markets has improved considerably in recent years. The export success of these countries

has been used to build currency re-serves and, at the same time, foreign debt has been reduced. Consequently the sensitivity of servicing debt against exchange rate fluctuations has been reduced. Scenarios like the 1997/98 financial cri-sis in Asia, when the high level of for-eign currency-denominated debt and low currency reserves triggered a fa-

tal chain reaction, are much less likely to happen now. Moreover, the growth in domestic demand in these countries

has also had the effect of stabilising the over-all economy. This means that the economy can be less reliant on exports

to industrial countries. There is a very good chance that the economic ascent of the emerging markets will continue.

“Emerging markets have become more

economically stable.”

The agricultural sector is losing economic significance, even in Asia.

Indices

For more information, educational material and expert views, please visit rbs.co.uk/markets References to particular share indices do not indicate any association between RBS and the third party Index provider, or endorsement of any products by the Index provider. The products are not in any way sponsored, sold or promoted by any relevant stock market, relevant Index, related exchange, index sponsor or investment fund provider, and they make no warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the relevant stock market and/or the figure at which the relevant stock market, relevant In-dex, related exchange or investment fund level stands at any particular time on any particular day or otherwise. They shall not be liable (whether in negligence or otherwise) to any person for any error in the relevant stock market, relevant index, related exchange, or relevant investment fund and shall not be under any obligation to advise any person of any error therein.

MARKETS Direct | 01/2010

22

Indices

Europe

Index Country Price Index Performance YTD % Performance 1 year % Performance 5 years %

FTSE Index UK 5232,64 -3,33 19,37 4,67 DAX Index Germany 6075,69 1,99 20,20 34,70 TECDAX 30 Index Germany 757,27 -7,38 17,42 41,85 EURO STOXX 50 Index EU 2650,96 -10,59 6,75 -14,88 ATX Index Austria 2364,80 -5,24 10,58 -16,22 SMI Index Switzerland 6447,23 -1,51 19,73 3,82 CECE Index Eastern Europe 1905,14 4,21 42,39 14,71 WIG20 Index Poland 2405,25 0,69 24,12 23,97 BUX Index Hungary 22674,12 6,82 49,25 28,60 PXD Index Czech 1178,70 5,50 27,61 1,43 RDX Index Russia 1449,49 11,07 30,92 81,76 ROTX Index Romania 6978,53 6,85 49,91 -6,86

America


Dow Jones Industrial Average Index USA 10249,54 -1,71 18,15 -2,02 S&P 500 Index USA 1098,38 -1,50 17,88 -8,16 Nasdaq 100 Index USA 1879,59 1,04 27,39 21,70 Latibex Top Index Latin America 5176,90 3,28 37,59 131,74 Bovespa Index Brazil 62942,91 -8,23 20,84 138,73 Mexbol Index Mexico 31411,91 -2,21 27,42 137,89 Merval Index Argentina 2212,39 -4,67 38,19 46,89

Asia


Nikkei 225 Index Japan 9914,19 -5,99 1,77 -12,26 Hang Seng Index Hong Kong 19786,71 -9,54 6,51 43,19 Hang Seng China Enterprises Index China 11397,41 -10,92 5,29 150,46 MSCI Taiwan Index Taiwan 262,42 -11,33 3,73 2,60 Kospi 200 Index South Korea 217,58 -1,93 20,56 74,01 Nifty 50 Index India 5110,50 -1,74 12,80 144,03 SET 50 Index Thailand 533,95 2,55 28,20 13,70 LQ45 Index Indonesia 545,61 9,50 38,49 128,19 Kuala Lumpur Comp. Index Malaysia 1294,44 1,70 22,65 49,49

Africa


S&P Africa 40 Index Africa 293,04 20,76 48,77 CASE 30 Index Egypt 6517,94 4,98 5,57 56,57 FTSE/JSE Top 40 Index South Africa 24452,18 -2,18 17,15 91,74 CFG 25 Index Morocco 25090,71 15,62 9,16 129,53 Nigeria SE Index Nigeria 26150,78 25,56 -13,39 21,91

Sectors


AMEX Gold Bugs Gold mining 462,34 7,54 23,39 142,74 AMEX Biotech Index Biotechnology 1073,93 13,99 56,85 98,97 AMEX Oil Index Oil producers 943,53 -11,67 -2,65 11,82 DJ Internet Commerce Index E-commerce 162,52 -2,42 41,20 41,32 DJ Internet Service Index E-commerce 71,26 11,54 33,12 62,95

Index Focus The index tables below show the performance of world indices.

Past performance is no indication or guarantee of future performance. Source: Bloomberg; 03 June, 2010



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After the gold peakExperts believe that gold production hit its peak in 2001. Resources that can be mined inexpensively are now depleted, which is likely to push up gold prices in the long term.

The gold price has increased five-fold since 2002. One ounce of fine gold (1 troy ounce = 31.103481 grams) now costs more than USD 1,200. The recent surge in the price of gold can be largely attributed to the widespread volatility that we‘ve seen across asset classes and the enormous inflows of investment into gold Exchange Traded Funds. However, dig

below the surface and you could also find that the gold price is being driven higher by the gradual depletion of our global reserves.

Until 2008, global gold production had fallen for eight consecutive years. According to the World Gold Council (WGC), annual production in 2008 was 2,400 tonnes. In 2009, production rose

by 150 tonnes, which the WGC attribu-tes to an increase in gold recycling. De-spite the brief uptick last year, market commentators believe that production is set to sink over the long term. This is because existing gold reserves are de-pleted and new reserves are not being discovered quickly enough to offset the decline. Owing to the long lead time of

Gold in its purest form.

CommoditiesMARKETS Direct | 01/2010



up to eight years, a rapid increase in pro-duction is not possible. In addition, gold mining is becoming increasingly labour intensive and, therefore, cost-intensive.

South African dominance erodedThis is well illustrated by the situation in South Africa, which was the world’s largest gold producer until 2007. Three years ago, the country was responsible for around 14% of global production. In the 1980s, it accounted for as much as 60%, while today it represents just 10%. In 2009, South Africa produced 205 tonnes of gold, while China produced 314 tonnes. The country has therefore lost its status as the leading gold pro-ducer and is now in fourth place behind China, Australia and the US. One of the significant problems faced by South African companies is the sharp rise in electricity prices. Electricity costs com-prise 13% of gold producers‘ total ex-penses. And the state energy supplier, Eksom, has announced annual price hikes of 45% to cover the cost of mo-

dernising the dilapidated electricity net-work.

Four grams of gold per tonne of ore During the nineteenth century gold rush, gold was found concentrated in the form of nuggets. Now, however, gold mines have to break through tonnes of ore to extract just a couple of grams of gold. According to the WGC, the yield from an underground gold mine in South Af-rica, for example, is between four and ten grams per tonne of ore. Even with a gold yield of ten grams per tonne, more than three tons of ore is needed in order to produce the industry measure of one troy ounce of gold. In many cases the situation is wor-se as the mines are open-pit, and the gold yield is just one to four grams per ton of ore.

South Africa‘s second-largest gold company, Gold Fields, has felt first-hand how problematic gold exploration can

be. The company acquired the mine South Deep three years ago for USD 2.5 billion. Experts believe that the under-ground mine 40 kilometres south-west of Johannesburg contains the world’s lar-gest gold reserves, with 30 million oun-ces. Immediately after the takeover, seri-ous accidents, fire and floods occurred. Owing to the extensive repairs required, the mine was closed down for several months. Although 230,000 ounces were again produced in South Deep in 2008, this was just half the production of 2005. Gold Fields has announced that it is in-vesting EUR 90 million this year to im-prove the mining infrastructure at Sou-

th Deep. The current mine is more than 2,000 metres deep. However, the mine needs to be well over 3,000 metres deep – and

that costs money. In addition, the under-ground temperature is 60 degrees. Coo-ling the facilities is expensive and is only economically viable at a price per ounce of more than USD 1,000.

Global gold production

3.000

2.500

2.000

1.500

1.000

500

01900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2008

tons

Maximum gold production

Is the current downswing in gold production just a blip, of which there have been

several since 1900, or has maximum gold extraction really been reached? The

second hypothesis is supported by today‘s high gold prices, and the sharp rise in

development costs for new gold mines.

Source: Goldsheetlinks.com; March 2010Source: U.S. Geological Survey; March 2010

Gold production worldwide per country

100

90

80

70

60

50

40

30

20

10

0

Percentage of total global gold production

USA CanadaRussia (until 1990 former USSR countries)South Africa

1970 1975 1980 1985 1990 1995 2000 2005 2008

China Australia Others

Traditional producers becoming less significant

Traditional gold producing countries have become considerably less significant with

regard to gold extraction over the last decade. This applies first and foremost to South

Africa, but is also true of the Soviet Union and its successor states. The “other” category

includes a large number of developing and smaller producing countries. The chart indi-

cates that the major gold deposits have already been tapped and are partly exhausted. In

order to maintain production, smaller deposits will increasingly have to be exploited.

“Gold mining could become more and more expensive.“

Commodities MARKETS Direct | 01/2010

26

High production costs The WGC estimate that the average global production cost is approximate-ly USD 400 per ounce. The significant exploration costs also push down gold companies’ margins. When the gold pri-ce experienced a 20-year downward trend, between 1980 and 1999, many small gold mines closed.

“A few years ago, between USD 300 and 500 million was needed to open up a mine,” said Jamie Sokalsky, Chief Fi-nancial Officer of Canada’s Barrick Gold, at an investor conference in Ge-neva. “Now, you need between USD 3 and 5 billion,” he continued. At the same conference, Barrick CEO Aron Regent revealed that Barrick, together with its competitors Goldcorp Newmont Mi-ning and Kinross Gold, invested a to-tal of USD 4 billion in gold exploration in 2009. However, hardly any new deposits were found.

“As in the oil sector, resources that are easy and inexpensive to mine are largely depleted. Extracting poor or very deep ore often comes up against tech-nical and economic hurdles. In open-pit mining, an average of one tonne of stone has to be processed for four grams of gold,“ says gold expert and Erste Bank analyst Ronald-Peter Stöferle in an in-terview with Rohstoff-Spiegel earlier this year. Mr Stöferle points out that gold pro-duction is stagnating or sinking in eight of the twelve most significant gold pro-ducing nations, which together account for more than 50% of the primary supply. This includes the “big four“ gold mining regions, Canada, Australia, the US and South Africa.

The gold peakThe comparison with depleting oil re-sources has been increasingly drawn over the last few years. However, the si-tuation is not exactly the same, as gold is not consumed after it is produced. But there is talk of a gold peak, as experts believe that production peaked in 2001 with annual production of 2,600 tonnes. The world’s largest producer, Barrick Gold, also holds this view. The Canadi-an group anticipates a long-term decline

Gold demand per annum

Global gold mining costs

4.5004.0003.5003.0002.5002.0001.5001.000

5000

-500

Others Bar & coin retail investment Jewellery

ETF (Exchange Traded Funds)

tons

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Industrial & dental

500

400

300

200

100

02003 2004 2005 2006 2007 2008

USD/ounce

Global gold supply per annum

4.5004.0003.5003.0002.5002.0001.5001.000

5000

-500

Net producer hedging (This means that producers store gold to hedge themselves against inflation.)Official sector salesTotal mine supply

tons

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Old gold scrap

Gold supply and demand

The bulk of the world’s gold demand of around 3,500 tonnes per year is attributable to the jewellery industry. Demand for gold

in major emerging markets, such as China and India is increasing in line with the growth in the population’s wealth. Gold is

also used in the electronics industry and dentistry. Added to this, investors’ interest in gold has spiked in recent years and

contributed significantly to the price rises. According to Barclays Capital, investment demand amounted to 1,400 tonnes of

gold last year, which corresponds to a 40% share of global gold production. Today, annual gold production is roughly 2,500

tonnes. Demand is therefore outstripping mine production by more than one third. Additional supply is generated through

recycling and the gold reserves of central banks, which have been consistently reduced since the end of the 1990s. However,

there seems to be a change of thinking in this regard, demonstrated in particular by the gold purchases of Asian central banks.

Surging costs

Over the last 7 years, gold production costs have more than doubled. This upward trend reflects the fact that gold de-

posits that can be easily exploited are already largely exhausted.

Source: GFMS, June 2010

Source: U.S. Geological Survey; March 2010

Source: GFMS, June 2010

CommoditiesMARKETS Direct | 01/2010



RBS Listed products linked to the performance of Gold.

Covered Warrants provide leveraged exposure to the underlying and Tracker Certificates track the performance of the Underlying.

Name Underlying ISIN TIDM (Product code) Expiry Strike Currency

Gold Bullion Tracker Certificate, GBP Hedged Gold GB00B59N1890 RB81 17/06/19 937,25 GBP

Gold Bugs Tracker (Certificate) Gold Bugs Index GB00B4LZCF09 RB11 02/12/19 500,55 GBP

Gold Super Tracker (Certificate) Gold GB00B67JNK20 RB92 25/11/14 GBP

Covered Warrants Gold Various n/a Various Various GBPSource: RBS; 3 June 2010

From gold rush to industrial production

When James Marshall checked his water mill on California’s Ame-rican River on 24 January 1848, something was glinting in the wa-ter. Marshall bent down, grabbed a handful of grit and mud and held it up to the light. Then he re-alised what was shining: Gold! Thousands of gold prospectors were subsequently attracted by the dream of getting rich quick. Between January 1848 and De-cember 1949, San Francisco’s population grew from 1,000 to 25,000. The Californi-an gold rush also marked the start of industrial gold production. In Australia, gold fever took hold in the 1850s, when immigration swelled. The dis-covery of gold also had significant ramifications on South Africa’s industry. The dis-covery of the world’s largest gold deposit in 1886 in Witwatersrand transformed the economic and social structure of the previously remote and agriculturally-dominated Boer Republic. The American gold rush in 1896 also brought significant change. Hundreds of thousands of gold prospectors came to the Klondike River near Daw-son City. This led to the establishment of the Canadian Yukon Territory and the dra-wing of the border between Alaska and Canada. Most of the gold produced through mining today comes from China, Australia, the USA, South Africa, Canada and Rus-sia. Annual production is now roughly 2,500 tonnes, some one hundred times the production in the nineteenth century. We now produce more gold in two years than documented in the thousand years of the middle ages.

Westward Ho! Gold prospectors on the way to California. Only a few were able to realise their dreams.

Pho

to: w

iki.h

istn

et.c

h

Difficult mining conditions.

in production of one million ounces per year. “2009 was a statistical anomaly in terms of gold production,” according to the second largest gold mining compa-ny, Newmont Mining (USA).

Since gold production began, an estimated 160,000 tonnes of gold has been extracted from the earth. It is be-lieved that there are reserves of a further 100,000 tonnes. The expected decli-ne in gold production is an indicator of long-term gold price rises. While supply shrinks, many experts consider that de-mand will rise in the future, particular-ly from burgeoning emerging markets and investors who are banking on ano-ther gold rally.

Gold fever.

Commodities MARKETS Direct | 01/2010

28

Commodities

Commodities Focus The commodity tables below show the performance of various commodity indices and other single commodity futures.

Main indices

Index Maturity Current price Performance YTD % Performance 1 year % Performance 5 years %

Rogers Int. Commodity Index 3274,55 0,02 26,14 7,57

Energy


Rogers Int. Energy 774,68 3,45 30,46 -26,32 IPE Brent Crude Oil TR Index 86,11 9,49 56,55 62,38 NYMEX Crude Oil Aug 10 85,73 7,14 56,65 60,15 NYMEX Heating Oil Jul 10 225,26 6,48 54,75 53,20 NYMEX Natural Gas Jul 10 4,08 -26,17 9,03 -43,33 NYMEX Unleaded Gasoline Jul 10 232,24 13,13 54,58 41,00

Metals


Rogers Int. Metalller 2492,65 7,08 59,70 142,02 Aluminium TR Index 2410,00 7,72 56,75 23,96 Lead Sep 10 2334,75 -4,20 66,35 141,69 Copper Sep 10 7930,50 7,44 73,86 142,23 Nickel Sep 10 25211,00 35,96 128,20 56,76 Zinc Sep 10 2419,00 -5,75 73,13 76,73 Tin Sep 10 18751,00 10,53 70,54 129,48

Precious Metals


Rogers Int. Ädelmetaller 1865,44 10,85 42,92 150,91 Gold TR Index 1163,65 5,92 30,10 172,19 Silver Spot 18,42 8,74 44,36 157,01 Platin Kasse 1737,00 18,34 39,42 101,63 Palladium Kasse 523,00 28,66 117,05 165,48

Agriculture


Rogers Int. Jordbruk 911,02 -8,37 1,90 -12,48 Cotton TR Index 80,06 4,53 64,17 46,31 Oat Oct 10 222,75 -21,84 8,78 56,34 Coffe Sep 10 135,35 -1,64 11,66 14,85 Cocoa Jul 10 2171,00 -4,40 19,68 148,40 Live Cattle Sep 10 94,43 9,57 11,32 11,51 Lean Hog Aug 10 83,48 19,46 13,41 9,73 Corn Jul 10 359,00 -15,38 -10,07 66,78 Feeder Cattle Sep 10 115,10 19,58 16,15 8,43 Orange juice Aug 10 131,80 2,13 54,22 40,51 Rapeseed Sep 10 297,25 1,80 4,85 43,25 Canola Nov 10 387,50 -6,04 -10,53 104,02 Rice Nov 10 13,35 -10,34 -1,29 76,47 Soy bean Sep 10 970,25 -7,46 -3,19 55,36 Soy bean meal Aug 10 269,10 -12,09 -12,27 43,21 Soy bean oil Aug 10 40,36 -1,03 12,94 77,48 Wheat Aug 10 483,00 -12,97 -9,51 50,35 Sugar Sep 10 17,07 -32,34 27,50 98,72

Past performance is no indication or guarantee of future performance. Source: Bloomberg, 3 June, 2010




Currencies – Potential trends for 20102010 promises to be an interesting year for the currency markets. Will the Pound become the target of speculation?

The capital markets were marked by three major developments in 2009: The unex-pectedly rapid exit from the global reces-sion, the increased risk appetite of priva-te investors and the break away of emer-ging markets from developed nations. In the currency markets, the most significant of these was investors’ return to riskier as-sets. Given the extremely low interest ra-tes in most developed nations, investors sought out currencies offering interest rate advantages. A resurgence of carry trades, where investors take out credit in low-interest currencies and invest the mo-ney in higher-interest currencies, began as early as the start of 2009.

Structural problemsOverall, the structural problems in many countries were tackled in 2009 by massi-vely expanding government debt and IMF lending, in order to stop the financial cri-sis spreading like an international wildfi-re. However, this year will likely see some severe adjustments. Countries in financi-al difficulties may be able to help them-selves but if not, more bailouts may be on the cards. This will require painful, even excruciating, cost cutting measures and structural reforms that not all countries are prepared for. We have already seen ex-amples of this in Greece, Iceland, Portu-gal, Mexico and Dubai. A similar situation is brewing in the Baltic States and other Eastern European countries. It is therefore highly likely that, despite the general cal-ming of the global credit market, there will be further local financial crises and the po-tential for significant turbulence for some currencies. A lot depends on whether the economic recovery gathers pace, as this would allow many of the structural prob-lems to be eradicated. However, many are sceptical as to whether this type of blan-A new world of opportunity.

Currencies MARKETS Direct | 01/2010

30

ket recovery is possible in the timescale that it is needed. This puts particular pres-sure on the currencies of countries which have high deficits and debt ratios.

Despite the scepticism surrounding the Euro in recent months, a free-falling US Dollar is the biggest threat to the glo-bal economy that could emerge from the currency market in the long term. Cer-tainly China and many other countries in Asia, which own billions of US Dollars, could face significant economic fallout if this was to occur. This uncontrolled de-valuation of the currency would occur if the market lost confidence in Americas ability to service its huge debt position. Such a scenario is too grim to contemp-late and, in actual fact, an entirely diffe-rent story has played out over the past few months: The US Dollar has been in de-mand again, as many investors are spe-culating that the US economy will recover more quickly than the European or Japa-nese economies, for example. In addition, the events in Greece cast doubts over the stability of the European Monetary Union

which cast downward pressure on the va-lue of the Euro.

Nevertheless, speculation about an early interest rate hike by the US central bank is exaggerated. The Fed is not like-ly to raise its key rate befo-re the ECB, so interest in the Eurozone will remain higher than in the USA for an extended period. This should boost the EUR/USD rate in the me-dium term. The Yen, on the other hand, could again come under selling pressu-re, as it has already done in recent weeks. Chronic deflation in Japan means that the Bank of Japan will likely keep its key rate at zero throughout 2010 and beyond. It is possible that over the long term, the Yen could replace the Dollar as the borrowing currency for carry trades once more and start losing ground again. From the se-cond half of the year, the issue of a rever-sal of interest rates will become increasin-gly important in the USA and Eurozone. In particular, the downward pressure on the Dollar will increase again if the US econo-

my starts to lose pace.Like the Euro, the Pound could be-

come the target of speculative attacks in the coming months, as Britain’s bud-get deficit is running at more than 12% of

GDP, a similar level to that of Greece. Furthermore, the new coalition government in Westminster has yet to explain how it intends to

put its budget in order. It faces an unple-asant task of consolidating the UK bud-get, which will be likely to require dras-tic government spending cuts and, in all likelihood, tax increases. Should an an-nouncement on the new budget conso-lidation measures be further delayed, ra-ting agencies could strip UK government bonds of their top-level credit rating. This could put significant downward pressure on the British currency.

SummaryThe stability of the US economy may be overstated. The present strength of the Dollar is unlikely to be long-lasting. The Yen

”The strength of the US economy

is unknown.“

The greatest threat is for USD depreciation.

CurrenciesMARKETS Direct | 01/2010



Performance GBP/USD exchange rate

2,20

2,00

1,80

1,60

1,40

1,20

Exchange rate

06/05 06/06 06/07 06/08 06/09 06/10

GBP/USD exchange rate


British Pound under pressure

Following the collapse of Lehman Brothers in 2008, the GBP/USD exchange rate

nosedived, falling back to 2001 levels. The currency then recovered, but the new-

found strength of the US Dollar from December 2009 also caused the GBP/USD

exchange rate to slump. At times, the Pound fell below the USD 1.50 mark. Howe-

ver, with regard to the Euro exchange rate, the Pound benefited from the weakness

of the single European currency and EUR/GBP is now significantly below the level

of December 2009.

Performance GBP/BRL (Brazilian Real) exchange rate

5,00

4,50

4,00

3,50

3,00

2,50

2,0006/05 06/06 06/07 06/08 06/09 06/10

Exchange rate

GBP/BRL exchange rate


Emerging market currencies in demand

The appreciation of the emerging market currencies reflects the success of the

recovery in these countries compared to industrialised nations. For example, the

British Pound/Brazilian Real exchange rate has fallen by more than 40% over the

last five years. In countries such as Brazil, China and India, the financial crisis

even accelerated the recovery process; while developed countries were paralysed

by their high level of debt, the emerging markets pulled the global economy out of

recession.

will likely remain the lowest-yielding curren-cy and may therefore start losing ground again during the year. The Pound is under

threat from becoming the target of specu-lative attacks if the government does not indicate the way out of its budget deficit

soon. Overall, 2010 should see further sig-nificant turbulence in the currency market, as the global economy remains unstable.

Currencies

Currencies Focus The Currency tables below show the performance of various currencies.

Leading currencies

Currency Currency pair Exchange rate Performance YTD % Performance 1 year % Perf. 5 years % Current interest rate

British Pound 0,55

Euro GBP/EUR 1,20 -5,87 -3,72 23,82 0,33

US Dollar GBP/USD 1,47 -9,16 -9,93 -19,00 0,30

Swiss Francs GBP/CHF 1,69 -1,32 3,32 34,24 0,02

Norwegian Krone GBP/NOK 9,42 -0,65 10,03 24,36 2,11

Japanese Yen GBP/JPY 135,94 10,63 14,99 43,81 0,13 Australian Dollar GBP/AUD 1,73 3,92 17,38 38,65 4,57

Emerging markets currencies

Currency Currency pair Exchange rate Performance YTD % Performance 1 year % Perf. 5 years % Current interest rate

Polish Zloty GBP/PLN 4,88 -5,19 6,78 24,77 3,06

Czech Krone GBP/CZK 30,84 -3,73 0,43 44,87 0,81

Hungarian Forint GBP/HUF 330,31 -7,95 0,68 12,10 4,52

Russian Ruble GBP/RUB 45,45 6,79 10,80 13,05 2,66

Bulgarian Ruble GBP/BGN 2,34 -5,89 -3,84 23,21 0,35

Turkish Lira GBP/TRY 2,31 4,40 9,06 7,14 6,70

South African Rand GBP/ZAR 11,17 6,79 18,32 11,49 6,49 Brazil Real GBP/BRL 2,67 5,50 20,13 63,77 11,13

Past performance is no indication or guarantee for futures performance. Source: Bloomberg, 3 June, 2010


32

Are interest ratesset to rise globally?Australia was the first major developed country to raise its interest rates. If this is the first sign of a global interest rate snap back, investors will have to get used to the idea of falling bond prices.

Are interest rates set to soar?

Government bonds at a glance

This table shows a list of leading government bonds and their performance over different time periods.

Name Future contract Future price Performance YTD % Performance 1 year % Perf. 5 years % Yield %

German government bond BUND future 128,28 5,85 7,05 4,57 2,72

UK government bond Gilt future 119,66 4,55 32,28 5,22 3,62

Swiss government bond Swiss federal bond 142,15 3,99 15,27 5,44 1,50

US government bond T-note future 119,83 3,79 1,70 6,06 3,41

US government bond T-bond future 122,09 5,82 3,76 3,63 4,30

Japan government bond JGB future 140,37 0,48 2,50 -0,46 1,29

Source: Bloomberg, 3 June, 2010

BondsMARKETS Direct | 01/2010



Israel, Australia and Norway have all raised their key interest rates over the last year. These countries are not usu-ally the central focus of international mo-netary policy, but this time the financial world is tracking their interest rate deci-sions very closely, as Australia was the

first major developed country to raise its interest rates after the economic and financial crisis. Almost all of the world’s central banks reacted to the crisis with swingeing interest rate cuts. Investors are now concerned that the rate hikes in these countries could trigger a global turnaround in interest rates. However, ta-king a closer look, it is clear that the inte-rest rate rise in Australia is largely attribu-table to the brightening economic envi-ronment in the Asia-Pacific region. With its commodity-driven economy, the count-ry is reaping the rewards of the still high growth rates of China and its neighbours.

No whisper of rate hikes in the USAt the heart of the world economy – which is still the US – the situation is com-pletely different, however. During the fi-nancial crisis, the Federal Reserve cut its key rate to a historic low of 0 to 0.25%. At the same time, it pumped enormous amounts of cash into the economy, infla-ting its balance sheet by USD 2 trillion,

Household consumption and GDP (nominal) in the US

16

14

12

10

8

6

4

2

0

-2

-4

Change compared to previous year in %

01/55 01/61 01/67 01/73 01/79 01/85 01/91 01/97 01/03 01/09

Household consumption Gross domestic product

Source: Bloomberg, February 2010

Massive decline

Both gross domestic product and household consumption have declined consi-

derably in US Dollar terms (nominal). A crisis of this scale was last seen in 1958.

This means that company revenues are trending downward.

as a reaction to the contracting GDP – a situation last seen in early 1958. Com-panies saw their potential revenues shri-vel and reacted by making redundan-cies, which in turn put a brake on con-sumer spending, exacerbating the US economic slowdown over the following quarters. As well as the central bank, the US government also mounted a charge against the declining nominal GDP. Ba-rack Obama’s government decided to

tackle the economic crisis with substantial economic stimulus packages, which also caused the budget deficit during the last fiscal

year (to 30 September 2009) to climb to an immense USD 1.417 trillion – its high-est level since the Second World War. However, US exports were favoured by the weaker US Dollar. These efforts paid off: according to the Department of Com-merce, during the fourth quarter, the US economy registered 5.7% growth on an annualised basis. The Fed is nonethe-less sticking to its zero interest rate po-licy. The deteriorating situation in the la-

“The Fed is still holding its key rates

extremely low.“

Australia is leading the way.

Its hard to calculate where interest rates go next

Bonds MARKETS Direct | 01/2010

34

bour market is causing the central bank concern. Fed Chairman Ben Bernanke has stated that the low interest rate will likely be maintained for an “extended pe-riod“, but that the US central bank is pre-pared to rein in monetary policy when the situation has improved sufficiently.

ECB and Bank of England maintain low interest ratesA similar approach has been adopted in Europe. During the financial crisis, in-terest rates were cut to unprecedented lows – the ECB headline rate is now at a historic low of 1.0%, while the Bank of England rate is 0.50%. Banks can now borrow unlimited funds from the ECB for a period of up to one year, which has pumped more liquidity into the market than ever before. The respective heads of the ECB and BoE believe the current monetary policy to be appropriate. Des-pite signs of the economy stabilising, the outlook is still uncertain and a “bumpy landing” is expected. Many experts be-lieve that it is still too early to tighten mo-netary policy in the Eurozone and that

Savings rate and national finances in the US

12

10

8

6

4

2

100

90

80

70

60

50

% %

01/55 01/65 01/75 01/85 01/95 01/05

Unemployment as a % of the labour force (left-hand scale)Capacity utilisation in US industry (right-hand scale)(Capacity utilisation is the extent to which the productive capacity of an industry is being used for production)

20

10

0

-10

-20

%

01/59 01/69 01/79 01/89 01/99 01/09

Savings rate (savings as a percentage of disposable income)Budget balance (as % of GDP)

Source: Bloomberg, January 2010 Source: Bloomberg, January 2010

Job losses

As a result of the economic and financial crisis, capacity utilisation in US industry

slumped. Companies reacted to declining demand with massive job cuts. The un-

employment rate in the US is now just under 10%.

Deficit spending

Borrowing is bad, saving is good – this is the new mantra of private consumers in

the US. This has led to a decline in private demand. The government is trying to

counter this through deficit spending. However, the high budget deficits are not sus-

tainable over the long term.

Interest rates in the US and Europe remain low for the time being.

Labour market and industrial capacity utilisation in the US

BondsMARKETS Direct | 01/2010



Yields on ten-year US bondsPrice developments in the US

8

7

6

5

4

3

2

1

0

Percent

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Inflation expectation

Yield on ten-year US Treasury Inflation Protected Securities (TIPS)Yield on ten-year US Treasury Bonds

6

5

4

3

2

1

0

-1

-2

-3

Change on previous year in %

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Inflation rate Core inflation (excluding food and energy)



Low inflation expected

The yield on traditional bonds reflects investors‘ expectations for nominal growth.

The yield on inflation-protected bonds incorporates the expectations regarding real

economic growth in the US. Based on the yields of traditional and inflation-protec-

ted bonds, investors expect moderate inflation in the coming years and above-

average growth in the US economy. Investors anticipate real economic growth of

1.3% and an inflation rate of 2.2% over the next few years. In addition, they expect

debt reduction in the private sector will continue to hold back the US economy in

the longer term.

Price declines in the US

Negative inflation rates (deflation) have recently been reported in the US. However, ex-

cluding food and energy, prices are up more than 2.5% on the previous year (January

2009 to January 2010). The US government and the Federal Reserve were able to prevent

industrially produced consumer goods and services from slumping into deflation through

spending programmes and an expansionary monetary policy.

the current interest rate levels and ad-ditional money supply should be main-tained for the time being. Although gra-dual recovery in the Eurozone and mar-ginal growth are forecast for this year, the recovery is still reliant on econo-mic stimulus packages in the individual countries. The objective of maintaining low interest rates is therefore to avoid

stresses within the monetary structure. Countries, such as the UK for example, are depen-dent on an even tighter monetary policy in order to recover from their currently weak economic growth. A side-effect of the low inte-rest rate is the weak Pound, which is be-

nefiting the UK’s exporters. Only when the economic recovery firms up and, therefore, the risk of inflation rises, is the pressure on central banks to raise interest rates likely to increase. However, the bond market is not yet an-

ticipating such a development.

“The BoE is strengthening

exports through low interest rates and a

weak currency.”

A jigsaw of interest rates.

RBS Listed Bonds

RBS Listed bonds offer competitive interest rates without any lock-in periods.

Underlying Product type ISIN TIDM Expiry Cur.

Royal Bond Listed Bond GB00B3YVV405 RB53 26/08/15 GBP

Royal Bond Listed Bond GB00B3N3WC23 RB51 03/02/20 GBP

Source: RBS; 3 June, 2010

Bonds MARKETS Direct | 01/2010

36

Building a diversified Portfolio“ Tis the part of a wise man to keep himself today for tomorrow, and not venture all his eggs in one basket.” – Miguel de Cervantes, Don Quixote de la Mancha, 1605. By David Stevenson

Portfolios like stock markets are very strange creatures indeed. I constantly fret over the health of mine– it’s my other child that constantly causes me limitless grief and anxiety, interspersed by the odd moment of euphoria. What makes my behaviour towards my portfolio even more inexcusable is that I also constant-ly break all the rules advanced by be-havioural investment gurus like James Montier, stock-market strategist and au-thor of the US finance best seller the Little Book of Be-havioural Investing. Mon-tier claims this constant fussing over my pension pot is perhaps the greatest sin of modern portfolio management (and trust me when I say there are many, many other sins which he identifies). He cont-ends that a smart investor structures his or her portfolio intelligently and then lea-ves it alone for weeks or even months on end, without constantly checking to see if it’s going up, down or sideways. If this all sounds a bit too good to be true, it’s because it is. Montier is by background a value investor with a strong contrari-

an streak and like many of this creed he’s used to taking a stand – based on many well thought through principles it must be said– and then steadfastly sti-cking to this analysis through thick and thin. He’s also benefiting from the moun-tain of research (courtesy of his leading position in the City) that suggests that certain approaches work over the long

term and that most of the time markets revert to the mean – or mean reversion as its called. For the rest of us life is considerably tougher, especially if we

don’t have access to Montier’s cons-tant stream of institutional information. Truth be told, we’ve probably not thought through the principles underlying our portfolios – they’re largely opportunistic, built through bolt on acquisitions and de-sperate forced sales.

There is an alternative way based on a thorough understanding of what works – and what doesn’t. That analysis of what works has, luckily, already been done by a legion of researchers, acade-mics, and investors. And one lesson shi-

nes through above all else – that diver-sification matters. You may well be able to put together a fantastic portfolio of just three or even four stocks that shoot out the lights in one year or even a few years, but you will pay the price eventually. Your lack of diversification will come back and destroy your returns. Great growth stocks inevitably tumble to earth, dest-roying the share price and your portfo-lio along the way – never under-estimate the power of what economists call mean reversion (you and I would probably call it the final price of hubris!).

The only protection against that fo-cussed short term speculation on just a few stocks – the polar opposite of long term INVESTING - is that mysterious creature called diversification. It seems daft to say it, but diversification really, really matters and it does produce the goods: namely better long term returns, hopefully at a lower cost in terms of los-ses and volatility. But merely stating this obvious truth doesn’t necessarily make it easy to apply for ordinary investors vex-ed by their behavioural vices! In this ar-ticle I’ll try and flesh out some ideas for building a sensibly diversified portfolio.

Where do these profits of diversifica-tion come from? What’s behind this almost magical pro-cess that delivers in some cases less risk but greater returns? Academic eco-nomists have obviously taken the blee-ding obvious and turned it into a much more noble form – modern portfolio the-ory. I’m not going to bore you with a lengthy exposition of the ins and outs of this field but suffice to say that most in-vestors have three building blocks that comprise their total return:

“A smart structure of investments

is crucial.”

Variety is an important part of building a portfolio

About David Stevenson

David Stevenson writes the Adventu-rous Investor column for the FT Week-end. He‘s also a columnist on the trade newspaper Investment Week and writes regularly for the Investors Chronicle on his SIPP

SpecialMARKETS Direct | 01/2010



Juggling all those different Betas can be a big issue.

• The risk free return – this is usually the rate of return you get from cash although economists like to use terms like ‘the rate that best neutralises your risks‘.

• Return from beta - technically spea-king this is the return you get above the risk free rate of return from holding an asset class like equities. So if the risk free rate of return is 2% and you buy a tracker for the FTSE All Share index that gives you 8% pa, your beta is 6%.

• Return from alpha - this is the tricky one as it’s the value added by a manager which is derived by the manager moving away from the beta.

The key to understanding diversification is that lots of different kinds of markets and assets – bonds mixed with equities and say an alternative asset such as commodities – can give you lots of different betas and if you’re lucky tho-se different betas don’t move as one i.e. they’re not correlated. Thus if equities go down, bonds might rise in value along with say commodities like gold – the key is that mixing up different beta’s might give you added benefits and improve returns. In fact economists are so smit-ten with the idea of diversification – some call it the diversification premium - that they suggest it is the one free lunch left in investing. The prime mover in this field of optimising portfolios through beta was economist Harry Markowitz who show-ed how you could combine different as-set classes and betas without increasing risk in his book ‘Portfolio Selection - Ef-ficient Diversification Of Investments’ from 1959. But it’s later economists and analysts who’ve taken Markowitz’s ideas and fleshed them out – Yale University’s fund manager David Swensen for in-stance has spent decades running hu-gely diversified portfolios investing in everything from forests through to priva-te equity funds and hedge funds.

The key is that you can now juggle all these different betas in an accessible manner via funds or products that track key markets. Swensen in particular has

gone on the record and said that his hu-gely diversified portfolio is expected to return about 10.1% per year, with expec-ted standard deviation of 11.8% per year and that for most private investors, the only sensible way of achieving that diversifi-cation is through index tracking funds or Trackers.

The killer piece of research though came in 1991, when three academics (Brinson, Hood, Beebowerset - Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower, Determinants of Portfolio Per-formance II: An Update, The Financial Analysts Journal, 47, 3 (1991)) looked at what really contributes towards the per-formance of a portfolio – they looked at

a fund manager’s market timing skills, their ability to pick shares or their ability to diversify assets. They studied the largest 91 pen-

sion plans in the U.S. over a 10 year peri-od, with portfolio sizes reaching $3 billi-on. Yet again the virtues of traditional ac-tive fund management were found to be wanting – the academics calculated that only 6% of total returns could be attribu-

ted to market timing and stock selection. A massive 94% could be explained by the careful use of diversification and the use of varying asset classes and markets over time. In fact the study found that tra-ditional active fund management skills like timing and stockpicking produced negative returns over time after they’d been adjusted for risk. The bottom line – don’t bother picking shares or trying to time the market, just allocate across dif-ferent asset classes in an intelligent, di-versified manner.

How much is enough? What does good diversification look like? A detailed analysis of what actually cons-titutes a diversified portfolio has been att-empted in the US by analysts Paul Merri-man and colleague Richard Buck – back in September 2005 they attempted to answer the struggle of how to go about building “One portfolio for life?”. Using the database of Dimensional Fund Ad-visors, their research department looked at returns between 1955 and 2004, a 50-year period that included lots of bear, bull and sideways tracking markets.

“Juggle different Betas in an

accessible manner”

Special MARKETS Direct | 01/2010

38

They looked at three potential portfo-lios:

• S&P 500 Index

• Another variant invested 60% in the S&P 500 Index and 40% in five-year US government Treasury Notes (similar to long-term gilts in the UK). This is very easy for any investor to replicate.

• Another 60/40 split made up of 40% US government Treasury Bill (similar to short-term gilts in the UK) and 60% equity but this time the equity was split four ways between US based large-cap stocks, large-cap value stocks, small-cap stocks and small-cap value stocks

According to Merriman and Buck‘s analysis the “all-equity S&P 500 Index portfolio had an annualised return of 10.9% over that 50-year period” while the “60/40 version’s annualised return was 9.6%”. Surely the average private inves-tor would have always plumped for this all equity version? Merriman and Buck aren’t so sure – though the mixed 60/40 equities/bond mix returned less than the

pure equities approach it does so with a much lower level of risk. “Statistically, you could say the 60/40 portfolio reduced re-turn by 12% while reducing risk by 42%” say Merriman and Buck. “Or you could say the 60/40 portfolio provided 88% of the return with only 58% of the risk”.

The best performer by far though came in the shape of the third mixture – the 60/40 portfolio with greater equity diversification. “Over the 50 years in our study” Merriman and Buck report, “this diversified 60/40 portfolio produced a return of 11.4%, with a maximum peak to trough fall in value of 25%. Compared with the all-equity portfolio, this diversified mix raised the return by an extra 0.5% age point while it reduced the risk by 44%”. That 0.5% per annum difference may not seem that great but the authors re-mind us that over 50 years $100 inves-ted at 10.9% would grow to $17,643. The same $100 invested at 11.4% would grow to $22,093, a difference of $4,450, or an increase of 25%! They add „that difference alone is equal to more than

44 times the entire original investment of $100.”

But what about going global? Mer-riman and Buck‘s original analysis only looked at US investments but surely the-re must be some benefit from investing internationally as well? The authors ag-reed and subsequently looked at year-by-year returns from 1970 through 2004 if an investor had stuck with the diversi-fied option number three from earlier (no international stocks) or invested in an alternative strategy which consisted of a 60%/40% equity split but with that equity portion split 50% into US based

stocks of varying sizes (large-cap stocks, large-cap value stocks, small-cap stocks and small-cap value stocks) and 50% in-ternational (split five ways

this time to include large-cap stocks, lar-ge-cap value stocks, small-cap stocks, small-cap value stocks and stocks in emerging markets). The returns incre-ased by more than 40 fold! The bottom line – the more you diversify internatio-nally, the greater your potential returns!

“The more you diver-sify internationally, the greater your

potential returns.”

Choose the right combination.

The contents of this article are solely the opinion of David Stevenson and neither The Royal Bank of Scotland plc nor any member of The Royal Bank of Scotland Group plc take any respon-sibility whatsoever for the contents of this article. The contents of this article are not intended to, nor do they, provide any financial, investment or professional advice and nothing in the article shall be regarded as an offer or provision of financial, investment or other professional advice in any way. Access to the article or the retrieval of any information set out in the article by a user does not mean that the user becomes a client of any member of the The Royal Bank of Scotland Group plc. In particular, you should obtain advice from a qualified expert before making any investment decision.

SpecialMARKETS Direct | 01/2010

39Further informations the risks associated with any of the products mentioned in this magazine can be find under online at www.rbs.co.uk/markets and in the prospectus which is available to the public in accordance with the directive.


A Beginners Guide to Covered Warrants By Andrew McHattie

Covered Warrants are big business ac-ross Europe and in many other markets around the world. RBS Covered War-rants provide exposure to a broad ran-ge of underlying assets, from aluminium to oil; from the Sterling/Euro exchange rate to the FTSE 100 Index; and from the shares of companies such as Ci-tigroup to Vodafone. As the terms of Covered Warrants can be structured to meet market demand, they are fre-quently linked to the finan-cial assets which are most keenly watched by inves-tors. Using covered war-rants it is easy to trade all of these assets in Sterling, using a se-curity fully listed on the London Stock Exchange.

So what exactly are covered warrants? First created in the mid-1980s, covered warrants are popular and versatile opti-on-like derivatives which are issued by major banks. They may offer exposure to a single share or a group of shares, a

market index, a currency, a commodity, or almost any other financial asset.

They come in two forms - Call Warrants and put Warrants. Call warrants can ge-nerate a return if the price of the underly-ing asset that it is linked to has risen above the specified ‘strike’ price before the defined maturity date. Put Warrants al-ternatively can generate a return if its underlying asset price falls.

The common the-me is that Covered War-rants enable investors to gain exposure to the performance of an as-

set for a fraction of the cost of actually purchasing the asset. This property is called gearing, and effectively means that warrants are a way to make your money work harder. There is a similar term - leverage - which refers to the amount that a covered warrant’s price will move in relation to the underlying asset price.

This ability to generate larger, or ‘ge-

ared’ returns is the main reason why in-vestors are attracted to Covered War-rants, although there are other reasons as well. Every month there are examp-les of covered warrants generating large percentage gains.

The gearing can work against you too, magnifying losses as well as gains, but an important feature of Covered War-rants is their strictly limited liability. This is a significant advantage over some other forms of derivative instruments, such as Contracts For Difference (CFDs) and Spread Betting. When you invest in Co-vered Warrants, you know your maximum loss at the outset. You cannot lose more than you invest, so there is no question of

The potential to get more from your investments

“Trade more than 800 RBS Covered

Warrants”

About Andrew McHattie

Andrew is well known as a warrants specialist and has been involved with the London Covered Warrants market from the outset.

Education MARKETS Direct | 01/2010

40

margin calls, nor any requirement at any stage to pay any more money.

Transparency is another key advan-tage of Covered Warrants. They are ful-ly listed on the London Stock Exchange, which means that buying and selling pri-ces are available throughout each trading day, and are very easy to access and track. Covered Warrants are bought and sold using a stockbroker in the same way as ordinary shares, with the same char-ges. You can buy and sell Covered War-rants at any time during their defined life, which generally ranges from six months to two years. Often, Covered Warrants are used for fairly short-term trading, with in-vestors using the gearing to multiply pro-fits, but they can be used in a variety of skilful ways. Covered Warrants are highly flexible instruments which can be used effectively in falling, volatile, and uncer-tain markets.

Time now for a few de-tails. First of all, it is impor-tant to understand that Co-vered Warrant prices are not established by the forces of supply and demand. Instead, like other Covered Warrant providers, the prices are calcu-lated by RBS using option-pricing models which derive the price from a number of inputs. Most important are the underlying asset price, the time to expiry, and the le-vel of volatility.

Pricing is more complex in reality than in the simple examples given on this page,

and Covered Warrant prices generally have two components – Intrinsic Value and Time Value. The intrinsic value is the difference between the Strike Price and the price of the underlying asset. Warrants may be ‘in the money’ with intrinsic value, ‘at the money’, where the strike price and the asset price are equal, or ‘out of the money’ where the warrant has no intrinsic value. For a Call Warrant the underlying price must be above the strike price to be ‘in the money’, and vice-versa for a Put Warrant. Some warrants may have no intrinsic value, in which case their pri-ce is entirely composed of premium or time value.

The time value, or premium, is the ad-ditional price you pay for the extra bene-fits the warrant confers. As the final exer-cise date approaches, so the time value diminishes because there is less time for

the warrant to accumulate profit. As a result, longer-dated warrants are gene-rally more expensive than short-dated ones. The time

value is also influenced by the volatility of the underlying asset price (the higher the volatility, the higher the time value), by the level of interest rates, and by the level of the dividend. Covered Warrants are pure capital instruments, and do not rank for dividends, even if these are paid by the underlying shares.

One other piece of jargon you may come across is the ‘parity’, which refers to the number of warrants required to exer-

“Transparency is a key advantage of

Covered Warrants.”

Here is a simplified example of an investor

using a Call Warrant (Warrant that benefits

from rising prices) with five times gearing and

leverage to benefit from a rise in a share:

Share price 100p; Call Warrant with a strike price

of 80p; warrant price 20p.

Share price gains 10% to 110p; Call Warrant rises

in price to 30p, gaining 50%.

Share price falls 10% to 90p; Call Warrant falls in

price to 10p, losing 50%

And here is the same example for a Put Warrant:

(Warrant that benefits from falling prices)

Share price 100p; Put Warrant with a strike price

of 120p; warrant price 20p.

Share price falls 10% to 90p; Put Warrant rises in

price to 30p, gaining 50%.

Share price rises 10% to 110p; Put Warrant falls

in price to 10p, losing 50%

cise into one of the underlying asset. Fre-quently the parity is one, but if the under-lying has a high value, such as an index, then the parity may be set to a higher mul-tiple such as 1,000 so that the covered warrant has a manageable price of, say, £0.50 instead of £500. Most of the time, investors using warrants do not need to concern themselves with the parity unless performing their own calculations.

The large majority of Covered War-rant trades are closed before the war-rants reach their final expiry date, but for those investors who hold warrants at the end of their lives, an automated cash sett-lement system kicks in. There is no ‘phy-sical’ exercise, so for a warrant on a bar-rel of oil, for example, there is no actual purchase or sale of a physical barrel of oil, but the cash equivalent instead. The automated nature of this settlement is important too – if investors let their war-rants lapse, they are automatically paid any intrinsic value. When the Financial Services Authority set up their regulato-ry framework for Covered Warrants back in 2002 they were very careful to ensure that this market was suitable for retail in-vestors. This is why Covered Warrants have strictly limited liability and why there is automated cash settlement on expiry. To date, the Covered Warrants market is open to retail investors. There is no mini-mum purchase size in the Covered War-rants market – you can buy one warrant if

Typical risks involved with Covered Warrants

• The value of your investments may fall as well as rise

• Covered Warrants are leveraged products that carry a high degree of risk and it is possible to lose your

entire investment

• The value of a warrant is not just its intrinsic value but also the premium or time value. Roughly a third of a

warrant‘s time value is lost during the first half of its life and two thirds goes in the second half

• Warrants do not qualify for dividends, which can be a disadvantage, especially as over time dividend in

come has been a major contributor to the overall return from shares

• These products may not be suitable for all investors, you should therefore ensure you fully understand

the risks involved, and seek independent advice where necessary

• In the event that RBS fails or becomes insolvent you may lose some or all of your investment

• Subject to any technical problems, RBS will endeavour to offer a secondary market in line with LSE rules

and market making obligations. RBS may be the only market maker in the Listed Products which may

affect liquidity.

Education


MARKETS Direct | May 10


you wish. RBS offer good liquidity under normal market conditions in all of their Co-vered Warrants for the whole of every tra-ding day on the London Stock Exchange. Covered Warrants have of course attrac-ted a broad range of buyers, but most of the trade volume is accounted for by private investors.

Commonly, the most popular underly-ing asset in each Covered Warrants mar-ket is the main domestic equity market in-dex, and the UK is no exception. Covered Warrants on the FTSE 100 Index are most popular, and over the last year there has been a lot of trade as well in warrants on single stocks in the banking and mi-ning sectors, including Barclays, HSBC, Lloyds, Anglo American, BHP Billiton, Rio Tinto, and Xstrata. It is simple to identify Covered Warrants, as each one has a

unique identifier (called a TIDM) which usually consists of a letter and three di-gits, such as R779; or two letters and two digits, such as RD31.

Finally, no article on Covered Warrants would be complete without some mention of the risks. The gearing of Covered War-rants can magnify losses, and the value of warrants can fall to zero. The prices can be volatile, and for these reasons it is a very good idea to familiarize your-self fully with their characteristics before you deal. Further information on RBS Co-vered Warrants, including a range of free guides, online calculators, and details of all of the RBS Covered Warrants in issue, can be found on the website www.rbs.co.uk/markets.

The contents of this article are solely the opinion of Andrew McHattie and neither The Royal Bank of Scotland plc nor any member of The Royal Bank of Scotland Group plc take any respon-sibility whatsoever for the contents of this article. The contents of this article are not intended to, nor do they, provide any financial, investment or professional advice and nothing in the article shall be regarded as an offer or provision of financial, investment or other professional advice in any way. Access to the article or the retrieval of any information set out in the article by a user does not mean that the user becomes a client of any member of The Royal Bank of Scotland Group plc. In particular, you should obtain advice from a qualified expert before making any in-vestment decision.

Target your markets carefully

An example of time value vs. intrinsic value

In this example we take the R091 Call Warrant which is linked to the performance of the FTSE 100 Index. The FTSE 100 Index is trading at a price of 5,775.9, and

the Covered Warrant strike price is 5,500. R091 is a Call Warrant and will generate value as the reference price rises above the strike price. Therefore, the intrinsic

value is calculated as the reference price (5,775.9) minus the strike price (5,500) divided by parity (1,000). E.g. (5,775.9- 5,500)/1000 = £0.27.59 or 27.59 pence.

The Covered Warrant however is trading at 33.4 pence, 5.81 pence above the intrinsic value of the Covered Warrant. This is the time value of R091.

Underlying asset FTSE 100 Index Parity 1000

TIDM R091 Warrant price 0.334

Warrant type Call Intrinsic value 0.2759

Price underlying 5775.9 Time value 0.0581

Strike price 5500

Powerful exposure

Source: www.rbs.co.uk/markets; 21 April, 2010

Education MARKETS Direct | 01/2010

42

*This document is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EU (the “Directive”) and/or Part VI of the Financial Services and Markets Act 2000. A prospectus has been prepared and made available to the public in accordance with the Directive. Investors should not subscribe for the securities referred to in this document except on the basis of the information contained in the prospectus. Investors may obtain copies of the prospectus from the o� ces of the issuer or paying agent. The Royal Bank of Scotland plc is authorised and regulated in the UK by the Financial Services Authority. The Royal Bank of Scotland plc, registered in Scotland No 90312. Registered O� ce: 36 St Andrew Square, Edinburgh EH2 2YB. RBS is authorised and regulated in the UK by the Financial Services Authority. RBS is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

Covered Warrants limit your risk, not your potential

Unlike some other leveraged trading products, Covered Warrants give you the potential to amplify your potential returns without risking any more than you initially invested. Regardless of whether the markets are rising or falling, Covered Warrants o� er the potential to gain amplifi ed exposure to the performance of single stocks, global indices, currencies and commodities. Find out more with our special guides, market updates and investment seminars from Covered Warrant expert Andrew McHattie. Risk Warning The value of your investments may fall as well as rise. Covered Warrants are leveraged products that carry a high degree of risk and it is possible to lose your entire investment. These products may not be suitable for all investors, you should therefore ensure you fully understand the risks involved, and seek independent advice where necessary. If RBS fails or becomes insolvent, you may lose some or all of your investment.

For cutting-edge investmentopportunities, analysis, support and education visit rbs.co.uk/markets


Products

ISIN Linked to Product type TIDM (Product Code)

Expiry Strike Eff. Gear. Parity Ref. Currency Bid Ask % Chg (daily)

GB00B5N9PL46 Aluminium Call Warrants RC90 30.11.2010 2300,00 5,09 100,00 2018,80 GBP 0,90 0,91 -2,16%GB00B5T8P481 Aluminium Call Warrants RC91 30.11.2010 2600,00 4,95 100,00 2021,00 GBP 0,55 0,56 -1,77%GB00B5LFP147 Aluminium Put Warrants RD01 30.11.2010 1900,00 -4,65 100,00 2018,10 GBP 1,03 1,04 0,98%GB00B5TGG279 Aluminium Put Warrants RD02 30.11.2010 2200,00 -3,57 100,00 2019,50 GBP 2,30 2,31 0,44%GB00B4YBDZ23 Anglo American Call Warrants RA40 18.06.2010 30,00 10,55 10,00 26,50 GBP 0,016 0,021 5,71%GB00B4ZZ3867 Anglo American Put Warrants RA45 18.06.2010 25,00 -10,70 10,00 26,50 GBP 0,058 0,063 -30,86%GB00B4XTLK88 Anglo American Call Warrants RA41 17.12.2010 27,00 3,85 10,00 26,60 GBP 0,368 0,373 9,13%GB00B4Y06947 Anglo American Call Warrants RA42 17.12.2010 31,00 4,25 10,00 26,50 GBP 0,208 0,213 10,50%GB00B3ZDZX27 Anglo American Call Warrants R704 18.06.2010 20,00 3,89 10,00 26,50 GBP 0,669 0,674 10,53%GB00B4T6S027 Anglo American Call Warrants R751 18.06.2010 22,00 5,22 10,00 26,60 GBP 0,476 0,481 13,25%GB00B4S6QS76 Anglo American Put Warrants R747 18.06.2010 18,00 -1,77 10,00 26,50 GBP 0,001 0,006 -36,36%GB00B4T4DR80 Anglo American Call Warrants R750 18.06.2010 27,00 12,02 10,00 26,60 GBP 0,095 0,10 22,64%GB00B3ZWMJ43 Anglo American Call Warrants R705 18.06.2010 25,00 8,91 10,00 26,60 GBP 0,219 0,224 20,05%GB00B4024451 Anglo American Put Warrants R715 18.06.2010 15,00 -0,03 10,00 26,50 GBP 0,001 0,006 0,00%GB00B598MC57 Anglo American Put Warrants RG42 17.09.2010 27,00 -4,21 10,00 26,60 GBP 0,302 0,307 -10,83%GB00B53H2K64 Anglo American Put Warrants RG46 17.12.2010 20,00 -2,99 10,00 26,50 GBP 0,139 0,144 -9,00%GB00B52VXP16 Anglo American Call Warrants RG36 17.09.2010 28,00 5,37 10,00 26,50 GBP 0,216 0,221 12,92%GB00B57L0G65 Anglo American Call Warrants RG38 17.09.2010 34,00 5,40 10,00 26,50 GBP 0,055 0,06 7,48%GB00B57CD040 Anglo American Put Warrants RG45 17.12.2010 24,00 -3,05 10,00 26,50 GBP 0,268 0,273 -8,46%GB00B58PRS88 Anglo American Call Warrants RG41 17.12.2010 36,00 4,19 10,00 26,50 GBP 0,096 0,101 7,65%GB00B56TB248 Anglo American Put Warrants RG43 17.09.2010 23,00 -4,28 10,00 26,50 GBP 0,141 0,146 -13,81%GB00B58J0X66 Anglo American Call Warrants RG37 17.09.2010 31,00 5,66 10,00 26,50 GBP 0,112 0,117 12,81%GB00B56RWV45 Anglo American Call Warrants RG39 17.12.2010 28,00 3,98 10,00 26,50 GBP 0,323 0,328 9,78%GB00B584GM26 Anglo American Call Warrants RG40 17.12.2010 32,00 4,28 10,00 26,60 GBP 0,177 0,182 9,79%GB00B51WNL12 Anglo American Put Warrants RG44 17.12.2010 27,00 -2,98 10,00 26,60 GBP 0,405 0,41 -7,49%GB00B58SVV84 AstraZeneca Put Warrants R953 17.12.2010 28,00 -4,18 10,00 29,78 GBP 0,255 0,26 -5,85%GB00B58SV962 AstraZeneca Call Warrants R944 17.12.2010 29,00 4,85 10,00 29,76 GBP 0,344 0,349 5,16%GB00B58SVX09 AstraZeneca Put Warrants R951 18.06.2010 26,00 -9,30 10,00 29,78 GBP 0,014 0,019 -23,26%GB00B58ST818 AstraZeneca Call Warrants R943 18.06.2010 30,00 15,76 10,00 29,76 GBP 0,082 0,087 13,42%GB00B58T0H08 AstraZeneca Put Warrants R954 17.12.2010 25,00 -3,94 10,00 29,76 GBP 0,149 0,154 -7,34%GB00B58SZJ45 AstraZeneca Put Warrants R952 18.06.2010 24,00 -5,79 10,00 29,76 GBP 0,006 0,011 -19,05%GB00B58ST032 AstraZeneca Call Warrants R945 17.12.2010 32,00 5,13 10,00 29,76 GBP 0,206 0,211 6,11%GB00B57YZ716 AstraZeneca Call Warrants R942 18.06.2010 28,00 11,10 10,00 29,78 GBP 0,214 0,219 11,31%GB00B5MR8P47 AstraZeneca Call Warrants RD17 18.06.2010 34,00 3,41 10,00 29,76 GBP 0,002 0,007 -18,18%GB00B5T4H065 AstraZeneca Put Warrants RD27 17.09.2010 27,00 -5,37 10,00 29,76 GBP 0,15 0,155 -7,85%GB00B5MGRY34 AstraZeneca Call Warrants RD19 17.09.2010 33,00 6,42 10,00 29,76 GBP 0,10 0,105 8,47%GB00B5KTWW77 AstraZeneca Call Warrants RD20 17.09.2010 36,00 5,42 10,00 29,76 GBP 0,037 0,042 8,22%GB00B5WBLZ73 AstraZeneca Call Warrants RD16 18.06.2010 32,00 12,42 10,00 29,76 GBP 0,017 0,022 0,00%GB00B5TPVL84 AstraZeneca Call Warrants RD21 17.12.2010 35,00 5,14 10,00 29,76 GBP 0,103 0,108 3,94%GB00B5N4M962 AstraZeneca Put Warrants RD28 17.12.2010 31,00 -4,15 10,00 29,76 GBP 0,402 0,407 -5,38%GB00B5NQFZ91 AstraZeneca Put Warrants RD26 17.09.2010 30,00 -5,52 10,00 29,78 GBP 0,276 0,281 -6,70%GB00B5NXWD71 AstraZeneca Call Warrants RD18 17.09.2010 30,00 6,41 10,00 29,78 GBP 0,217 0,222 7,33%GB00B5V1PW36 AstraZeneca Put Warrants RD25 18.06.2010 28,00 -12,72 10,00 29,76 GBP 0,037 0,042 -26,17%GB00B54GQK09 Barclays Put Warrants RA58 17.09.2010 3,00 -3,18 1,00 3,10 GBP 0,40 0,405 -12,40%GB00B4ZG4G40 Barclays Call Warrants RA65 17.09.2010 3,50 4,82 1,00 3,00 GBP 0,204 0,209 7,83%GB00B4ZVHC62 Barclays Put Warrants RA59 17.09.2010 2,00 -2,72 1,00 3,00 GBP 0,13 0,135 -18,96%GB00B4ZW7B80 Barclays Call Warrants RA66 17.09.2010 4,00 5,00 1,00 3,00 GBP 0,069 0,074 5,93%GB00B4ZHG277 Barclays Call Warrants RA68 17.09.2010 4,50 3,76 1,00 3,10 GBP 0,015 0,02 0,00%GB00B4W5LB81 Barclays Call Warrants R777 17.12.2010 4,00 3,95 1,00 3,10 GBP 0,16 0,165 13,24%GB00B4T0WP75 Barclays Call Warrants R775 18.06.2010 5,00 0,01 1,00 3,00 GBP 0,001 0,011 0,00%GB00B4WGX156 Barclays Call Warrants R776 18.06.2010 5,50 0,01 1,00 3,10 GBP 0,001 0,011 0,00%GB00B4T07523 Barclays Call Warrants R779 17.12.2010 6,00 0,05 1,00 3,00 GBP 0,001 0,006 0,00%GB00B4R7PQ21 Barclays Call Warrants R778 17.12.2010 6,00 3,64 1,00 3,10 GBP 0,008 0,013 23,53%GB00B4VR9V18 Barclays Call Warrants R774 18.06.2010 4,00 0,82 1,00 3,00 GBP 0,001 0,011 0,00%GB00B4W43R55 Barclays Put Warrants R785 18.06.2010 3,50 -5,83 1,00 3,10 GBP 0,47 0,48 -17,39%GB00B4VRLN71 Barclays Put Warrants R788 17.12.2010 4,00 -2,13 1,00 3,00 GBP 1,119 1,124 -6,15%GB00B4VGZ096 Barclays Put Warrants R786 18.06.2010 4,00 -3,17 1,00 3,00 GBP 0,95 0,96 -8,61%GB00B4WGW745 Barclays Put Warrants R787 17.12.2010 3,00 -2,32 1,00 3,10 GBP 0,536 0,541 -8,96%GB00B53WN863 Barclays Call Warrants R561 18.06.2010 3,50 8,47 1,00 3,00 GBP 0,021 0,031 -7,14%GB00B53WMJ07 Barclays Call Warrants R560 18.06.2010 2,50 4,38 1,00 3,10 GBP 0,601 0,611 15,21%GB00B3NMYN49 Barclays Call Warrants R619 18.06.2010 4,50 0,01 1,00 3,10 GBP 0,001 0,011 0,00%GB00B3NQ6T65 Barclays Put Warrants R629 18.06.2010 2,00 -3,55 1,00 3,00 GBP 0,011 0,021 -15,79%GB00B3KC9G55 Barclays Put Warrants R628 18.06.2010 2,50 -6,21 1,00 3,10 GBP 0,05 0,06 -23,61%GB00B3NNNC93 Barclays Put Warrants R627 18.06.2010 3,00 -8,76 1,00 3,10 GBP 0,136 0,146 -31,55%GB00B55XT905 Barclays Call Warrants RG76 17.09.2010 2,75 3,44 1,00 3,00 GBP 0,60 0,605GB00B56PPT73 Barclays Put Warrants RG86 17.12.2010 2,75 -2,29 1,00 3,10 GBP 0,432 0,437GB00B56TKJ43 Barclays Put Warrants RG85 17.12.2010 2,50 -2,25 1,00 3,10 GBP 0,342 0,347GB00B5848S25 Barclays Call Warrants RG77 17.09.2010 3,00 3,94 1,00 3,10 GBP 0,442 0,447GB00B5V4CS75 Barclays Put Warrants RG83 17.09.2010 2,50 -3,01 1,00 3,10 GBP 0,233 0,238GB00B58G9J61 Barclays Call Warrants RG75 17.09.2010 2,50 2,99 1,00 3,10 GBP 0,775 0,78GB00B521QY18 Barclays Call Warrants RG79 17.12.2010 2,75 2,84 1,00 3,10 GBP 0,716 0,721GB00B57FWR36 Barclays Call Warrants RG82 17.06.2011 3,50 2,89 1,00 3,10 GBP 0,47 0,475GB00B582NT22 Barclays Put Warrants RG84 17.09.2010 2,75 -3,11 1,00 3,10 GBP 0,307 0,312GB00B5964V28 Barclays Call Warrants RG81 17.06.2011 2,75 2,39 1,00 3,00 GBP 0,849 0,854GB00B5LQJ261 Barclays Call Warrants RG78 17.12.2010 2,50 2,57 1,00 3,10 GBP 0,876 0,881GB00B5899950 Barclays Call Warrants RG80 17.06.2011 2,50 2,22 1,00 3,00 GBP 0,999 1,004GB00B3PVW245 Barclays Call Warrants RF30 17.06.2011 4,50 3,11 1,00 3,00 GBP 0,147 0,152 7,17%GB00B3K69B24 Barclays Call Warrants RF32 17.06.2011 6,00 0,51 1,00 3,00 GBP 0,004 0,014 28,57%GB00B3NFR672 Barclays Call Warrants RF27 17.12.2010 3,00 3,11 1,00 3,10 GBP 0,571 0,576 7,90%GB00B3KYDY73 Barclays Call Warrants RF29 17.12.2010 4,50 3,77 1,00 3,10 GBP 0,058 0,063 19,80%GB00B3N78263 Barclays Put Warrants RF42 17.06.2011 2,10 -1,62 1,00 3,00 GBP 0,346 0,351 -12,11%GB00B3N5QS21 Barclays Put Warrants RF41 17.06.2011 4,00 -1,71 1,00 3,10 GBP 1,249 1,254 -5,55%GB00B3PT9949 Barclays Put Warrants RF40 17.12.2010 4,50 -1,83 1,00 3,00 GBP 1,51 1,52 -5,16%

Covered Warrants Covered Warrants offer leveraged exposure to the Underlying.

as at 03.06.2010


44

Products



GB00B3N6YZ88 Barclays Call Warrants RF28 17.12.2010 3,50 3,63 1,00 3,00 GBP 0,331 0,336 10,61%GB00B3M4JK39 Barclays Call Warrants RF31 17.06.2011 3,00 2,56 1,00 3,10 GBP 0,71 0,715 4,55%GB00B3N1VM99 Barclays Put Warrants RF39 17.12.2010 3,50 -2,29 1,00 3,10 GBP 0,793 0,798 -7,23%GB00B46GPY88 BHP Billiton Put Warrants R689 18.06.2010 12,00 -0,15 10,00 18,90 GBP 0,001 0,006 0,00%GB00B46MHX99 BHP Billiton Put Warrants R688 18.06.2010 15,00 -4,79 10,00 18,90 GBP 0,005 0,01 -28,57%GB00B45D4T84 BHP Billiton Call Warrants R700 18.06.2010 16,00 5,81 10,00 18,91 GBP 0,301 0,306 10,97%GB00B446BL95 BHP Billiton Call Warrants R699 18.06.2010 14,00 3,76 10,00 18,91 GBP 0,492 0,497 6,92%GB00B46JF811 BHP Billiton Call Warrants R701 18.06.2010 20,00 12,69 10,00 18,90 GBP 0,03 0,035 3,17%GB00B4ZG2S22 BHP Billiton Call Warrants R867 17.12.2010 21,00 4,41 10,00 18,91 GBP 0,152 0,157 6,19%GB00B4Z6ZG17 BHP Billiton Call Warrants R866 17.12.2010 19,00 4,12 10,00 18,91 GBP 0,238 0,243 7,13%GB00B4ZLWD23 BHP Billiton Call Warrants R863 18.06.2010 22,00 4,81 10,00 18,90 GBP 0,003 0,008 0,00%GB00B4ZHK709 BHP Billiton Call Warrants R865 17.12.2010 17,00 3,66 10,00 18,91 GBP 0,347 0,352 5,75%GB00B4YYJB93 BHP Billiton Call Warrants R868 17.12.2010 24,00 4,30 10,00 18,90 GBP 0,07 0,075 5,84%GB00B4ZFX425 BHP Billiton Call Warrants R864 18.06.2010 24,00 0,19 10,00 18,90 GBP 0,001 0,006 0,00%GB00B501PT10 BHP Billiton Call Warrants R862 18.06.2010 18,00 9,91 10,00 18,91 GBP 0,133 0,138 15,32%GB00B4Z71L12 BHP Billiton Put Warrants R872 18.06.2010 17,00 -9,58 10,00 18,90 GBP 0,021 0,026 -29,85%GB00B4ZMFY77 BHP Billiton Put Warrants R874 17.12.2010 16,00 -3,25 10,00 18,90 GBP 0,141 0,146 -8,31%GB00B5006J57 BHP Billiton Put Warrants R875 17.12.2010 14,00 -3,09 10,00 18,90 GBP 0,085 0,09 -10,26%GB00B4YSXL91 BHP Billiton Put Warrants R873 17.12.2010 18,00 -3,29 10,00 18,90 GBP 0,219 0,224 -7,52%GB00B4ZW5Q93 BHP Billiton Call Warrants RA69 17.09.2010 22,00 5,67 10,00 18,91 GBP 0,06 0,065 8,70%GB00B4YXQQ07 BHP Billiton Put Warrants RA60 17.09.2010 18,00 -4,57 10,00 18,90 GBP 0,156 0,161 -10,20%GB00B4Z9P821 BHP Billiton Put Warrants RA61 17.09.2010 16,00 -4,42 10,00 18,90 GBP 0,087 0,092 -10,95%GB00B53XDZ64 BHP Billiton Call Warrants RA67 17.09.2010 20,00 5,70 10,00 18,90 GBP 0,125 0,13 9,44%GB00B5MVRJ34 BHP Billiton Call Warrants RC79 17.09.2010 24,00 5,04 10,00 18,90 GBP 0,026 0,031 0,00%GB00B5LDMJ57 BHP Billiton Call Warrants RC76 17.06.2011 20,00 3,26 10,00 18,90 GBP 0,276 0,281 5,29%GB00B5730627 BHP Billiton Call Warrants RC78 17.06.2011 30,00 2,96 10,00 18,90 GBP 0,046 0,051 0,00%GB00B56V5M89 BHP Billiton Call Warrants RC77 17.06.2011 25,00 3,35 10,00 18,90 GBP 0,119 0,124 3,40%GB00B5LD8420 BHP Billiton Put Warrants RC85 17.06.2011 15,00 -2,32 10,00 18,90 GBP 0,188 0,193 -6,39%GB00B5L39J46 BHP Billiton Put Warrants RC84 17.06.2011 20,00 -2,29 10,00 18,90 GBP 0,419 0,424 -5,17%GB00B59N0T39 Bovespa Index Quanto Call Warrants R570 14.12.2010 60000,00 3,79 10000,00 63133,40 GBP 1,12 1,20 1,75%GB00B59N0B54 Bovespa Index Quanto Call Warrants R568 15.06.2010 55000,00 6,64 10000,00 63133,40 GBP 0,85 0,89 3,57%GB00B59G0Q93 Bovespa Index Quanto Call Warrants R569 15.06.2010 65000,00 16,98 10000,00 63133,40 GBP 0,10 0,12 10,00%GB00B59G1G60 Bovespa Index Quanto Call Warrants R571 14.12.2010 70000,00 4,83 10000,00 63133,40 GBP 0,57 0,60 1,74%GB00B3T4JP13 Bovespa Index Quanto Call Warrants R462 15.06.2010 50000,00 4,50 10000,00 63133,40 GBP 1,33 1,39 3,03%GB00B3T4J402 Bovespa Index Quanto Call Warrants R461 15.06.2010 47000,00 3,68 10000,00 63133,40 GBP 1,62 1,72 2,45%GB00B46MHF18 BP Put Warrants R682 18.06.2010 4,50 -7,27 1,00 4,40 GBP 0,303 0,313 -27,01%GB00B445B943 BP Put Warrants R681 18.06.2010 5,50 -3,82 1,00 4,40 GBP 1,09 1,11 -12,21%GB00B584Y735 BP Put Warrants R946 17.12.2010 5,00 -2,52 1,00 4,40 GBP 1,086 1,096 -9,69%GB00B5700638 BP Call Warrants R936 17.12.2010 6,00 3,89 1,00 4,40 GBP 0,169 0,179 20,00%GB00B58SVB88 BP Put Warrants R947 17.12.2010 6,00 -2,02 1,00 4,40 GBP 1,84 1,86 -6,57%GB00B55TCV14 BP Call Warrants R937 17.12.2010 8,00 2,22 1,00 4,40 GBP 0,017 0,027 15,79%GB00B56ZWP27 BP Call Warrants R935 18.06.2010 7,00 0,09 1,00 4,40 GBP 0,001 0,011 0,00%GB00B45M7C99 BP Call Warrants R690 18.06.2010 5,00 9,34 1,00 4,40 GBP 0,08 0,09 13,33%GB00B446B750 BP Call Warrants R691 18.06.2010 6,00 3,13 1,00 4,40 GBP 0,005 0,015 0,00%GB00B3N4X888 BP Put Warrants RD95 18.06.2010 6,00 -2,76 1,00 4,40 GBP 1,56 1,58 -9,77%GB00B3MJ7484 BP Put Warrants RD94 17.12.2010 5,50 -2,27 1,00 4,40 GBP 1,44 1,46 -7,64%GB00B3MLB866 BP Call Warrants RE03 18.06.2010 6,50 0,68 1,00 4,40 GBP 0,001 0,011 0,00%GB00B3MKBZ03 BP Call Warrants RE02 17.06.2011 8,00 2,31 1,00 4,40 GBP 0,04 0,05 50,00%GB00B3PT8L94 BP Call Warrants RE04 17.12.2010 7,00 3,32 1,00 4,40 GBP 0,056 0,066 22,00%GB00B3N18B72 BP Put Warrants RD93 17.06.2011 4,00 -2,30 1,00 4,40 GBP 0,705 0,715 -8,15%GB00B5LHPD23 BP Put Warrants RC48 17.06.2011 4,50 -2,23 1,00 4,40 GBP 0,969 0,979 -7,33%GB00B5KWCY82 BP Call Warrants RC43 17.06.2011 7,00 2,92 1,00 4,40 GBP 0,105 0,115 35,80%GB00B5VMXG62 BP Call Warrants RC44 17.09.2010 8,00 1,41 1,00 4,40 GBP 0,005 0,015 0,00%GB00B5KRX171 BP Call Warrants RC42 17.06.2011 6,00 3,86 1,00 4,40 GBP 0,207 0,217 18,44%GB00B5MTN331 BP Put Warrants RC47 17.09.2010 5,00 -3,19 1,00 4,40 GBP 0,911 0,921 -12,93%GB00B5VDNW57 BP Put Warrants RC46 17.06.2011 5,00 -2,11 1,00 4,40 GBP 1,277 1,287 -6,42%GB00B5MQJN68 BP Call Warrants RC41 17.09.2010 7,00 3,21 1,00 4,40 GBP 0,021 0,031 8,33%GB00B5W6Y425 BP Put Warrants RC45 17.09.2010 5,50 -2,75 1,00 4,40 GBP 1,28 1,30 -9,79%GB00B4ZRF757 BP Put Warrants RA62 17.09.2010 4,50 -3,47 1,00 4,40 GBP 0,614 0,624 -15,09%GB00B54FWR62 BP Call Warrants RA71 17.09.2010 6,00 4,64 1,00 4,40 GBP 0,086 0,096 12,35%GB00B4XLK748 Brent Crude Oil Future Call Warrants RA01 10.11.2010 130,00 2,84 10,00 77,90 GBP 0,03 0,05 -20,00%GB00B4Z1SC31 Brent Crude Oil Future Put Warrants RA19 10.11.2010 70,00 -3,90 10,00 78,00 GBP 0,38 0,40 -2,50%GB00B4Z0QF98 Brent Crude Oil Future Put Warrants RA18 10.11.2010 90,00 -3,29 10,00 78,00 GBP 1,11 1,13 -0,88%GB00B4WGQT49 Brent Crude Oil Future Call Warrants RA00 10.11.2010 110,00 4,35 10,00 78,00 GBP 0,08 0,10 -10,00%GB00B4ZB4582 Brent Crude Oil Future Call Warrants RA02 10.11.2010 150,00 1,87 10,00 77,90 GBP 0,02 0,04 0,00%GB00B60TXG52 Brent Crude Oil Future Call Warrants R596 10.11.2010 100,00 4,97 10,00 78,00 GBP 0,15 0,17 -11,11%GB00B60TXW11 Brent Crude Oil Future Put Warrants R603 10.11.2010 60,00 -3,70 10,00 78,00 GBP 0,19 0,21 -4,76%GB00B613F608 Brent Crude Oil Future Call Warrants R597 10.11.2010 120,00 3,34 10,00 78,00 GBP 0,05 0,07 -14,29%GB00B60YZ538 Brent Crude Oil Future Put Warrants R602 10.11.2010 80,00 -3,78 10,00 78,00 GBP 0,69 0,71 0,00%GB00B3V6FF70 Brent Crude Oil Future Call Warrants R491 10.11.2010 85,00 5,02 10,00 78,00 GBP 0,40 0,42 -4,65%GB00B3V6FC40 Brent Crude Oil Future Call Warrants R490 10.11.2010 75,00 4,43 10,00 78,00 GBP 0,71 0,73 -2,70%GB00B55TJ763 British Airways Call Warrants R939 18.06.2010 2,75 0,04 1,00 2,10 GBP 0,001 0,011 0,00%GB00B57Z0130 British Airways Put Warrants R950 17.12.2010 2,00 -2,78 1,00 2,10 GBP 0,309 0,319 -5,99%GB00B55THY99 British Airways Call Warrants R938 18.06.2010 2,25 9,42 1,00 2,10 GBP 0,021 0,031 4,00%GB00B58SXH80 British Airways Put Warrants R949 18.06.2010 2,25 -7,93 1,00 2,10 GBP 0,21 0,22 -16,02%GB00B56S8V99 British Airways Call Warrants R940 17.12.2010 2,50 3,75 1,00 2,10 GBP 0,127 0,137 20,00%GB00B56S9495 British Airways Call Warrants R941 17.12.2010 3,00 3,30 1,00 2,10 GBP 0,053 0,063 41,46%GB00B58SXF66 British Airways Put Warrants R948 18.06.2010 2,00 -10,49 1,00 2,10 GBP 0,058 0,068 -25,88%GB00B4R5TB91 British Airways Call Warrants RF77 17.06.2011 3,50 2,55 1,00 2,10 GBP 0,075 0,085 50,94%GB00B4JPT731 British Airways Call Warrants RF67 17.12.2010 2,75 3,58 1,00 2,10 GBP 0,082 0,092 27,94%GB00B4N6W512 British Airways Call Warrants RF69 17.06.2011 2,75 2,85 1,00 2,10 GBP 0,171 0,181 22,22%GB00B4P21F05 British Airways Call Warrants RF68 17.06.2011 2,00 2,74 1,00 2,10 GBP 0,388 0,398 6,50%GB00B4JQDD05 British Airways Call Warrants RF78 17.06.2011 3,00 2,78 1,00 2,10 GBP 0,13 0,14 31,07%

as at 03.06.2010





Products



GB00B4PJBX95 British Airways Put Warrants RF79 17.12.2010 2,50 -2,23 1,00 2,10 GBP 0,642 0,652 -3,00%GB00B4QZ9N29 British Airways Put Warrants RF81 17.06.2011 2,25 -1,77 1,00 2,10 GBP 0,59 0,60 -1,98%GB00B4Q5NQ35 British Airways Put Warrants RF80 17.06.2011 1,75 -1,98 1,00 2,10 GBP 0,301 0,311 -6,13%GB00B4NP5L56 Citigroup Put Warrants RF84 17.06.2011 3,00 -1,64 1,00 4,00 GBP 0,36 0,37 0,00%GB00B4QC7F12 Citigroup Put Warrants RF83 17.12.2010 4,50 -2,19 1,00 4,00 GBP 0,70 0,71 -1,40%GB00B4Q5N072 Citigroup Put Warrants RF85 17.06.2011 4,00 -1,52 1,00 4,00 GBP 0,69 0,70 -1,42%GB00B4MCCP03 Citigroup Put Warrants RF86 17.06.2011 4,50 -1,44 1,00 4,00 GBP 0,90 0,91 -1,09%GB00B4NMYG47 Citigroup Put Warrants RF82 17.12.2010 3,50 -2,47 1,00 4,00 GBP 0,32 0,33 -2,99%GB00B4PL4582 Citigroup Call Warrants RF73 17.06.2011 6,00 2,55 1,00 4,00 GBP 0,29 0,30 0,00%GB00B4KWHS03 Citigroup Call Warrants RF74 17.06.2011 4,00 2,36 1,00 4,00 GBP 0,67 0,68 0,00%GB00B4R0VR45 Citigroup Call Warrants RF70 17.12.2010 4,00 3,23 1,00 4,00 GBP 0,46 0,47 0,00%GB00B4N1XT72 Citigroup Call Warrants RF75 17.06.2011 7,00 2,53 1,00 4,00 GBP 0,20 0,21 5,13%GB00B4NWY192 Citigroup Call Warrants RF71 17.12.2010 5,00 3,54 1,00 4,00 GBP 0,23 0,24 0,00%GB00B4Q5NN04 Citigroup Call Warrants RF76 17.06.2011 5,00 2,48 1,00 4,00 GBP 0,44 0,46 0,00%GB00B4NQQB55 Citigroup Call Warrants RF72 17.12.2010 6,00 3,30 1,00 4,00 GBP 0,12 0,13 0,00%GB00B5NWWK16 Citigroup Call Warrants RD29 18.06.2010 4,00 11,30 1,00 4,00 GBP 0,10 0,11 0,00%GB00B5MK7J09 Citigroup Put Warrants RD42 18.06.2010 3,00 -4,33 1,00 4,00 GBP 0,02 0,03 0,00%GB00B5YLCT60 Citigroup Put Warrants RD41 18.06.2010 3,50 -8,65 1,00 4,00 GBP 0,03 0,04 -22,22%GB00B5M8NR45 Citigroup Call Warrants RD31 18.06.2010 5,00 3,63 1,00 4,00 GBP 0,01 0,02 0,00%GB00B5M8RS32 Citigroup Call Warrants RD30 18.06.2010 4,50 8,71 1,00 4,00 GBP 0,02 0,03 0,00%GB00B52QB961 DAX Put Warrants RG10 16.06.2011 4500,00 -3,41 1000,00 6080,40 GBP 0,22 0,222 -5,15%GB00B519V745 DAX Put Warrants RG08 16.12.2010 5000,00 -5,11 1000,00 6080,40 GBP 0,168 0,17 -6,63%GB00B53RBB05 DAX Put Warrants RG07 16.12.2010 5500,00 -5,39 1000,00 6080,40 GBP 0,259 0,261 -6,14%GB00B532FN52 DAX Put Warrants RG09 16.06.2011 5500,00 -3,62 1000,00 6080,40 GBP 0,426 0,428 -4,26%GB00B513FF22 DAX Call Warrants RG15 16.12.2010 6000,00 6,12 1000,00 6080,40 GBP 0,471 0,473 2,61%GB00B50VPN51 DAX Call Warrants RG16 16.12.2010 6500,00 7,41 1000,00 6082,90 GBP 0,253 0,255 3,25%GB00B50KQP10 DAX Call Warrants RG19 16.06.2011 7000,00 5,60 1000,00 6080,40 GBP 0,275 0,277 2,22%GB00B571XT07 DAX Call Warrants RG18 16.06.2011 6500,00 5,02 1000,00 6078,90 GBP 0,451 0,453 2,03%GB00B52M4D97 DAX Call Warrants RG17 16.12.2010 7500,00 7,76 1000,00 6082,10 GBP 0,037 0,039 0,00%GB00B58PSB86 DAX Call Warrants RG20 16.06.2011 8000,00 5,78 1000,00 6079,40 GBP 0,077 0,079 1,30%GB00B4XP7C05 DJ Industrial Average Put Warrants RF99 16.12.2010 9000,00 -4,87 1000,00 10273,20 GBP 0,359 0,364 -9,96%GB00B4TV9601 DJ Industrial Average Call Warrants RF94 16.09.2010 10500,00 8,74 1000,00 10273,20 GBP 0,331 0,336 9,17%GB00B4XW3S98 DJ Industrial Average Call Warrants RF98 16.09.2010 11500,00 9,31 1000,00 10273,20 GBP 0,068 0,073 -2,76%GB00B4XPW819 DJ Industrial Average Call Warrants RF96 16.12.2010 10500,00 6,42 1000,00 10276,20 GBP 0,477 0,482 7,87%GB00B4X2F944 DJ Industrial Average Call Warrants RF95 16.12.2010 11500,00 6,80 1000,00 10278,20 GBP 0,189 0,194 4,93%GB00B4XNCF25 DJ Industrial Average Put Warrants RG00 16.12.2010 10000,00 -5,21 1000,00 10273,20 GBP 0,582 0,587 -8,74%GB00B4XKXT43 DJ Industrial Average Call Warrants RF93 16.09.2010 10000,00 7,64 1000,00 10276,20 GBP 0,53 0,535 9,01%GB00B4TF8P40 DJ Industrial Average Call Warrants RF97 16.12.2010 9500,00 5,24 1000,00 10273,20 GBP 0,881 0,886 6,00%GB00B528FQ71 DJ Industrial Average Call Warrants RC29 17.06.2011 12500,00 4,83 1000,00 10278,20 GBP 0,174 0,179 -4,34%GB00B535B362 DJ Industrial Average Call Warrants RC26 17.09.2010 11000,00 9,88 1000,00 10275,20 GBP 0,165 0,17 9,12%GB00B52SZR82 DJ Industrial Average Put Warrants RC16 17.06.2011 8000,00 -3,40 1000,00 10278,20 GBP 0,393 0,398 -9,60%GB00B51WLC80 DJ Industrial Average Put Warrants RC13 17.09.2010 8000,00 -5,62 1000,00 10273,20 GBP 0,114 0,119 -14,02%GB00B528C449 DJ Industrial Average Put Warrants RC17 17.09.2010 10000,00 -7,24 1000,00 10278,20 GBP 0,397 0,402 -12,49%GB00B55PKK45 DJ Industrial Average Call Warrants RC27 17.09.2010 12000,00 6,94 1000,00 10277,20 GBP 0,031 0,036 -15,19%GB00B53P6083 DJ Industrial Average Put Warrants RC14 17.06.2011 10500,00 -3,70 1000,00 10273,20 GBP 1,011 1,016 -6,29%GB00B53K4H61 DJ Industrial Average Call Warrants RC28 17.06.2011 11000,00 4,94 1000,00 10278,20 GBP 0,516 0,521 4,22%GB00B588G790 DJ Industrial Average Call Warrants RC30 17.06.2011 14000,00 3,86 1000,00 10277,20 GBP 0,056 0,061 -15,83%GB00B5358K25 DJ Industrial Average Put Warrants RC15 17.06.2011 9500,00 -3,61 1000,00 10273,20 GBP 0,715 0,72 -7,36%GB00B54YHS91 DJ Industrial Average Call Warrants R877 17.06.2010 12500,00 0,02 1000,00 10276,20 GBP 0,001 0,006 0,00%GB00B551QF97 DJ Industrial Average Call Warrants R876 17.06.2010 11500,00 0,48 1000,00 10277,20 GBP 0,001 0,006 0,00%GB00B551QV55 DJ Industrial Average Call Warrants R879 16.12.2010 13000,00 4,79 1000,00 10277,20 GBP 0,032 0,037 -12,66%GB00B551J610 DJ Industrial Average Call Warrants R878 16.12.2010 12000,00 6,34 1000,00 10278,20 GBP 0,107 0,112 -0,90%GB00B551JR27 DJ Industrial Average Put Warrants R880 17.06.2010 9500,00 -16,40 1000,00 10277,20 GBP 0,037 0,042 -46,98%GB00B54LK696 DJ Industrial Average Put Warrants R881 16.12.2010 9000,00 -4,88 1000,00 10275,20 GBP 0,356 0,361 -10,26%GB00B3V42270 DJ Industrial Average Call Warrants R479 16.12.2010 10000,00 5,88 1000,00 10274,20 GBP 0,664 0,669 6,73%GB00B3F9FH45 DJ Industrial Average Quanto Call Warrants R072 16.09.2010 8300,00 4,25 1000,00 10274,20 GBP 2,10 2,12 5,50%GB00B3V42K55 DJ Industrial Average Call Warrants R480 16.12.2010 11000,00 6,81 1000,00 10278,20 GBP 0,316 0,321 7,78%GB00B3V41L97 DJ Industrial Average Call Warrants R477 17.06.2010 9500,00 11,27 1000,00 10274,20 GBP 0,556 0,561 13,40%GB00B3V42056 DJ Industrial Average Call Warrants R478 17.06.2010 10500,00 23,53 1000,00 10276,20 GBP 0,08 0,085 12,24%GB00B558D485 DJ Industrial Average Put Warrants R548 16.12.2010 8000,00 -4,46 1000,00 10272,20 GBP 0,215 0,22 -11,76%GB00B557L639 DJ Industrial Average Put Warrants R549 16.12.2010 6500,00 -3,84 1000,00 10273,20 GBP 0,088 0,093 -15,81%GB00B52LC093 DJ Industrial Average Put Warrants R547 17.06.2010 7000,00 -0,01 1000,00 10274,20 GBP 0,001 0,006 0,00%GB00B557KR77 DJ Industrial Average Put Warrants R546 17.06.2010 8500,00 -7,30 1000,00 10274,20 GBP 0,005 0,01 -54,55%GB00B558F084 DJES 50 Put Warrants R552 16.12.2010 2300,00 -4,82 1000,00 2656,40 GBP 0,114 0,116 -6,50%GB00B558DY84 DJES 50 Put Warrants R551 17.06.2010 2000,00 -0,34 1000,00 2656,40 GBP 0,001 0,021 0,00%GB00B4BNL573 DJES 50 Put Warrants R669 17.06.2010 2800,00 -13,49 1000,00 2655,40 GBP 0,134 0,144 -8,55%GB00B43GGY82 DJES 50 Call Warrants R661 17.06.2010 3800,00 0,00 1000,00 2656,40 GBP 0,002 0,004 0,00%GB00B4B0TN21 DJES 50 Call Warrants R660 17.06.2010 3400,00 0,01 1000,00 2657,40 GBP 0,002 0,004 0,00%GB00B558D600 DJES 50 Put Warrants R550 17.06.2010 2400,00 -17,82 1000,00 2654,40 GBP 0,008 0,01 -35,71%GB00B558F753 DJES 50 Put Warrants R553 16.12.2010 1800,00 -4,37 1000,00 2655,40 GBP 0,042 0,044 -8,51%GB00B3V40F62 DJES 50 Call Warrants R472 17.06.2010 2500,00 12,16 1000,00 2655,40 GBP 0,145 0,15 3,51%GB00B3F9FK73 DJES 50 Quanto Call Warrants R074 16.09.2010 2300,00 4,69 1000,00 2656,40 GBP 0,44 0,45 7,23%GB00B3V40Z68 DJES 50 Call Warrants R474 16.12.2010 2750,00 6,41 1000,00 2656,40 GBP 0,154 0,156 0,00%GB00B3V41199 DJES 50 Call Warrants R475 16.12.2010 3250,00 7,85 1000,00 2656,40 GBP 0,024 0,026 -7,41%GB00B3V40H86 DJES 50 Call Warrants R473 17.06.2010 3000,00 1,53 1000,00 2656,40 GBP 0,001 0,003 0,00%GB00B5KPZX77 DJES 50 Call Warrants RC70 17.06.2011 3800,00 5,35 1000,00 2655,40 GBP 0,009 0,011 -9,09%GB00B5LQ0G73 DJES 50 Call Warrants RC69 17.06.2011 3300,00 6,32 1000,00 2654,40 GBP 0,049 0,051 -3,85%GB00B567JH96 DJES 50 Put Warrants RC73 17.06.2011 3100,00 -3,19 1000,00 2656,40 GBP 0,523 0,525 -2,60%GB00B5KTV197 DJES 50 Put Warrants RC75 15.12.2011 2700,00 -2,83 1000,00 2655,40 GBP 0,385 0,387 -3,02%GB00B5VSL593 DJES 50 Put Warrants RC74 17.06.2011 2500,00 -3,56 1000,00 2655,40 GBP 0,249 0,251 -3,85%GB00B56CTN05 DJES 50 Call Warrants RC71 15.12.2011 3000,00 4,66 1000,00 2656,40 GBP 0,17 0,172 -1,72%GB00B5LNP521 DJES 50 Call Warrants RC72 15.12.2011 3500,00 5,28 1000,00 2655,40 GBP 0,061 0,063 -4,62%GB00B50MFC73 DJES 50 Put Warrants RA74 17.06.2011 2800,00 -3,46 1000,00 2654,40 GBP 0,368 0,37 -2,89%

as at 03.06.2010



46

Products



GB00B54CR724 DJES 50 Call Warrants RA81 18.06.2010 3200,00 0,01 1000,00 2654,40 GBP 0,001 0,003 0,00%GB00B544WX97 DJES 50 Put Warrants RA73 18.06.2010 2700,00 -15,84 1000,00 2655,40 GBP 0,067 0,087 -15,38%GB00B54PWB01 DJES 50 Call Warrants RA82 17.06.2011 3000,00 5,78 1000,00 2656,40 GBP 0,115 0,117 -1,69%GB00B54B8L01 DJES 50 Call Warrants RA83 17.06.2011 3500,00 6,15 1000,00 2654,40 GBP 0,026 0,028 -6,90%GB00B4X3XG09 DJES 50 Call Warrants RA34 17.06.2010 4200,00 0,01 1000,00 2655,40 GBP 0,001 0,003 0,00%GB00B4Z1XK67 DJES 50 Call Warrants RA35 16.12.2010 3500,00 6,38 1000,00 2656,40 GBP 0,007 0,009 -11,11%GB00B4WTFQ32 DJES 50 Call Warrants RA37 16.12.2010 4500,00 0,06 1000,00 2654,40 GBP 0,001 0,003 0,00%GB00B4XZLH36 DJES 50 Call Warrants RA36 16.12.2010 4000,00 1,23 1000,00 2655,40 GBP 0,001 0,003 0,00%GB00B4XM9143 DJES 50 Put Warrants RA23 16.12.2010 2600,00 -4,92 1000,00 2656,40 GBP 0,194 0,196 -5,34%GB00B4WZ7L05 DJES 50 Put Warrants RA24 16.12.2010 2900,00 -4,58 1000,00 2655,40 GBP 0,322 0,327 -3,85%GB00B4WC4766 FTSE 100 Put Warrants RA22 16.06.2011 4000,00 -3,72 1000,00 5247,90 GBP 0,261 0,263 -9,34%GB00B4WC4Z43 FTSE 100 Call Warrants RA33 16.06.2011 6000,00 6,14 1000,00 5247,20 GBP 0,215 0,217 9,64%GB00B4XLX196 FTSE 100 Put Warrants RA21 16.06.2011 4500,00 -3,83 1000,00 5247,40 GBP 0,388 0,39 -8,47%GB00B4WZCD73 FTSE 100 Put Warrants RA20 16.06.2011 5000,00 -3,87 1000,00 5246,90 GBP 0,562 0,567 -7,69%GB00B4XS7D08 FTSE 100 Call Warrants RA08 17.06.2010 6500,00 0,01 1000,00 5247,20 GBP 0,001 0,006 0,00%GB00B4YL9986 FTSE 100 Call Warrants RA09 16.12.2010 7000,00 5,04 1000,00 5246,90 GBP 0,004 0,006 0,00%GB00B4WF0Z57 FTSE 100 Call Warrants RA07 17.06.2010 5750,00 4,24 1000,00 5246,20 GBP 0,001 0,006 0,00%GB00B4YWVG29 FTSE 100 Put Warrants RA14 17.06.2010 5250,00 -22,99 1000,00 5247,20 GBP 0,108 0,113 -35,57%GB00B4THCF86 FTSE 100 Put Warrants RA15 16.12.2010 5500,00 -5,43 1000,00 5247,20 GBP 0,587 0,592 -9,66%GB00B4XY7X85 FTSE 100 Put Warrants RA17 16.12.2010 4500,00 -5,43 1000,00 5247,20 GBP 0,219 0,221 -12,70%GB00B4ZV1G83 FTSE 100 Put Warrants RA13 17.06.2010 5000,00 -22,15 1000,00 5246,20 GBP 0,035 0,04 -45,26%GB00B4XDKM51 FTSE 100 Put Warrants RA16 16.12.2010 5000,00 -5,60 1000,00 5246,40 GBP 0,363 0,365 -11,22%GB00B58LK101 FTSE 100 Call Warrants RC25 16.06.2011 5000,00 4,60 1000,00 5244,70 GBP 0,66 0,662 6,44%GB00B55QNT75 FTSE 100 Call Warrants RC21 16.09.2010 6500,00 6,00 1000,00 5246,20 GBP 0,002 0,004 0,00%GB00B53BQR32 FTSE 100 Put Warrants RC12 16.09.2010 4000,00 -6,89 1000,00 5244,70 GBP 0,059 0,061 -18,92%GB00B5111R00 FTSE 100 Put Warrants RC11 16.06.2011 5500,00 -3,79 1000,00 5249,20 GBP 0,797 0,802 -7,20%GB00B528D181 FTSE 100 Call Warrants RC23 16.06.2011 7000,00 5,88 1000,00 5245,90 GBP 0,039 0,041 11,11%GB00B586SY42 FTSE 100 Call Warrants RC24 16.06.2011 7500,00 4,67 1000,00 5247,20 GBP 0,014 0,016 7,14%GB00B52HHJ12 FTSE 100 Call Warrants RC22 16.09.2010 7000,00 0,34 1000,00 5248,40 GBP 0,001 0,003 0,00%GB00B584QP54 FTSE 100 Call Warrants RC19 16.09.2010 5000,00 7,62 1000,00 5246,20 GBP 0,439 0,441 12,24%GB00B586TF28 FTSE 100 Put Warrants RC18 16.09.2010 5000,00 -8,01 1000,00 5248,20 GBP 0,233 0,235 -15,83%GB00B5V5HD01 FTSE 100 Put Warrants RC39 16.06.2011 6000,00 -3,50 1000,00 5249,20 GBP 1,10 1,11 -6,75%GB00B5TWY436 FTSE 100 Call Warrants RC35 16.06.2011 4500,00 3,80 1000,00 5247,70 GBP 0,982 0,987 6,15%GB00B5V9NC34 FTSE 100 Put Warrants RC38 16.09.2010 5500,00 -7,66 1000,00 5246,70 GBP 0,455 0,457 -12,81%GB00B5SR6769 FTSE 100 Put Warrants RC40 16.06.2011 3500,00 -3,55 1000,00 5247,20 GBP 0,171 0,173 -9,47%GB00B53TJW34 FTSE 100 Call Warrants RC20 16.09.2010 6000,00 11,12 1000,00 5246,90 GBP 0,03 0,032 19,23%GB00B5M62Q04 FTSE 100 Call Warrants RC31 16.09.2010 5500,00 10,64 1000,00 5246,20 GBP 0,162 0,164 18,12%GB00B5VVRJ41 FTSE 100 Call Warrants RC33 16.09.2010 7500,00 0,01 1000,00 5246,20 GBP 0,001 0,003 0,00%GB00B5TJFJ60 FTSE 100 Call Warrants RC34 16.06.2011 8000,00 3,19 1000,00 5249,20 GBP 0,006 0,008 16,67%GB00B5KZ3772 FTSE 100 Put Warrants RC36 16.09.2010 4500,00 -7,56 1000,00 5245,90 GBP 0,117 0,119 -17,48%GB00B5M64971 FTSE 100 Put Warrants RC37 16.09.2010 3500,00 -6,30 1000,00 5246,20 GBP 0,027 0,029 -22,22%GB00B5W6W262 FTSE 100 Call Warrants RC32 16.09.2010 4500,00 5,25 1000,00 5247,20 GBP 0,822 0,827 8,70%GB00B6064J62 FTSE 100 Call Warrants RE06 17.03.2011 5500,00 6,19 1000,00 5247,20 GBP 0,344 0,346 9,18%GB00B6052X35 FTSE 100 Call Warrants RE08 17.03.2011 6500,00 7,11 1000,00 5247,70 GBP 0,059 0,061 13,21%GB00B3NX4R16 FTSE 100 Put Warrants RE13 17.06.2010 5750,00 -10,20 1000,00 5246,70 GBP 0,505 0,513 -15,17%GB00B3PVB389 FTSE 100 Put Warrants RE11 17.03.2011 4000,00 -4,26 1000,00 5247,70 GBP 0,199 0,201 -10,71%GB00B3PQY894 FTSE 100 Put Warrants RE12 17.06.2010 5500,00 -16,88 1000,00 5247,20 GBP 0,271 0,276 -23,28%GB00B62Z8557 FTSE 100 Put Warrants RE44 16.09.2010 5250,00 -7,99 1000,00 5247,40 GBP 0,327 0,329 -14,81%GB00B61TZ791 FTSE 100 Call Warrants RE27 16.09.2010 4250,00 4,44 1000,00 5247,70 GBP 1,038 1,043 7,77%GB00B61M4263 FTSE 100 Call Warrants RE34 16.12.2010 4750,00 5,12 1000,00 5246,40 GBP 0,711 0,716 8,02%GB00B636LK37 FTSE 100 Call Warrants RE32 16.12.2010 3750,00 3,08 1000,00 5246,90 GBP 1,52 1,53 4,81%GB00B606KS77 FTSE 100 Put Warrants RE41 16.09.2010 3750,00 -6,52 1000,00 5244,70 GBP 0,04 0,042 -21,15%GB00B602H847 FTSE 100 Call Warrants RE38 16.12.2010 7500,00 1,16 1000,00 5247,20 GBP 0,001 0,003 0,00%GB00B61NMQ90 FTSE 100 Put Warrants RE39 16.09.2010 3000,00 -4,94 1000,00 5246,90 GBP 0,012 0,014 -18,75%GB00B60B7M57 FTSE 100 Call Warrants RE31 16.09.2010 6250,00 8,87 1000,00 5247,70 GBP 0,009 0,011 11,11%GB00B604MM99 FTSE 100 Put Warrants RE43 16.09.2010 4750,00 -7,85 1000,00 5248,20 GBP 0,165 0,167 -16,58%GB00B601RD64 FTSE 100 Call Warrants RE30 16.09.2010 5750,00 11,60 1000,00 5246,20 GBP 0,078 0,08 19,70%GB00B60DK997 FTSE 100 Call Warrants RE35 16.12.2010 5250,00 6,77 1000,00 5246,70 GBP 0,389 0,391 9,86%GB00B61G1Z06 FTSE 100 Call Warrants RE29 16.09.2010 5250,00 9,16 1000,00 5246,70 GBP 0,283 0,285 14,98%GB00B61YXF89 FTSE 100 Call Warrants RE37 16.12.2010 6250,00 8,57 1000,00 5246,40 GBP 0,052 0,054 15,22%GB00B603F278 FTSE 100 Call Warrants RE33 16.12.2010 4250,00 3,91 1000,00 5249,20 GBP 1,10 1,11 6,76%GB00B60C6G54 FTSE 100 Call Warrants RE36 16.12.2010 5750,00 8,18 1000,00 5247,70 GBP 0,17 0,172 13,25%GB00B603W158 FTSE 100 Put Warrants RE40 16.09.2010 3250,00 -5,49 1000,00 5246,20 GBP 0,019 0,021 -20,00%GB00B6026L08 FTSE 100 Call Warrants RE26 16.09.2010 3750,00 3,31 1000,00 5247,90 GBP 1,49 1,50 5,65%GB00B605N525 FTSE 100 Put Warrants RE45 16.09.2010 5750,00 -6,91 1000,00 5246,20 GBP 0,62 0,625 -11,13%GB00B609ZP88 FTSE 100 Call Warrants RE28 16.09.2010 4750,00 6,32 1000,00 5247,40 GBP 0,621 0,623 10,28%GB00B636MQ63 FTSE 100 Put Warrants RE42 16.09.2010 4250,00 -7,28 1000,00 5246,20 GBP 0,083 0,085 -18,45%GB00B639GG37 FTSE 100 Call Warrants RE59 17.03.2011 4250,00 3,62 1000,00 5248,40 GBP 1,14 1,15 6,51%GB00B62H8F17 FTSE 100 Call Warrants RE60 17.03.2011 4500,00 4,07 1000,00 5246,40 GBP 0,947 0,952 6,27%GB00B61KQV35 FTSE 100 Put Warrants RE47 16.12.2010 3750,00 -4,96 1000,00 5246,90 GBP 0,10 0,102 -12,93%GB00B62HBT63 FTSE 100 Call Warrants RE65 17.03.2011 6250,00 7,20 1000,00 5246,90 GBP 0,10 0,102 10,99%GB00B62B9T47 FTSE 100 Put Warrants RE50 16.12.2010 4750,00 -5,54 1000,00 5246,70 GBP 0,283 0,285 -11,80%GB00B62W4815 FTSE 100 Put Warrants RE54 17.03.2011 3750,00 -4,15 1000,00 5246,20 GBP 0,158 0,16 -11,17%GB00B61JCV26 FTSE 100 Put Warrants RE51 16.12.2010 5250,00 -5,58 1000,00 5246,70 GBP 0,463 0,465 -10,60%GB00B62W4H00 FTSE 100 Call Warrants RE58 17.03.2011 4000,00 3,28 1000,00 5247,70 GBP 1,33 1,34 5,53%GB00B6288M18 FTSE 100 Call Warrants RE56 17.03.2011 3500,00 2,68 1000,00 5248,40 GBP 1,76 1,77 4,75%GB00B6321T02 FTSE 100 Put Warrants RE52 16.12.2010 5750,00 -5,17 1000,00 5246,20 GBP 0,737 0,742 -8,98%GB00B62HBL87 FTSE 100 Call Warrants RE63 17.03.2011 5250,00 5,65 1000,00 5247,70 GBP 0,468 0,47 8,56%GB00B62BG268 FTSE 100 Put Warrants RE55 17.03.2011 4250,00 -4,34 1000,00 5244,70 GBP 0,249 0,251 -9,75%GB00B61KT140 FTSE 100 Put Warrants RE53 17.03.2011 3500,00 -4,03 1000,00 5247,70 GBP 0,125 0,127 -11,27%GB00B62DB836 FTSE 100 Call Warrants RE64 17.03.2011 5750,00 6,67 1000,00 5249,20 GBP 0,243 0,245 10,91%GB00B61KS175 FTSE 100 Put Warrants RE49 16.12.2010 4250,00 -5,31 1000,00 5246,90 GBP 0,17 0,172 -12,31%GB00B60DF724 FTSE 100 Call Warrants RE61 17.03.2011 4750,00 4,54 1000,00 5247,20 GBP 0,772 0,777 7,20%

as at 03.06.2010





Products



GB00B61PWX22 FTSE 100 Put Warrants RE46 16.12.2010 3250,00 -4,63 1000,00 5247,70 GBP 0,055 0,057 -13,85%GB00B62W5119 FTSE 100 Call Warrants RE57 17.03.2011 3750,00 2,96 1000,00 5247,20 GBP 1,54 1,55 4,75%GB00B62H6801 FTSE 100 Put Warrants RE48 16.12.2010 4000,00 -5,13 1000,00 5246,90 GBP 0,131 0,133 -13,16%GB00B62W9T76 FTSE 100 Call Warrants RE62 17.03.2011 5000,00 5,09 1000,00 5247,70 GBP 0,611 0,613 8,13%GB00B3F9FG38 FTSE 100 Call Warrants R071 16.09.2010 3000,00 2,32 1000,00 5248,90 GBP 2,21 2,23 4,23%GB00B3SJKZ41 FTSE 100 Put Warrants R456 16.12.2010 3500,00 -4,78 1000,00 5246,20 GBP 0,075 0,077 -13,64%GB00B3T4J394 FTSE 100 Put Warrants R460 17.06.2010 2500,00 0,00 1000,00 5246,70 GBP 0,001 0,009 0,00%GB00B3SJJY60 FTSE 100 Call Warrants R453 16.12.2010 4500,00 4,48 1000,00 5248,20 GBP 0,898 0,903 7,39%GB00B3SJKH68 FTSE 100 Call Warrants R454 16.12.2010 5000,00 5,89 1000,00 5249,20 GBP 0,544 0,546 9,66%GB00B3SJLK62 FTSE 100 Put Warrants R459 17.06.2010 3000,00 0,00 1000,00 5246,90 GBP 0,001 0,009 0,00%GB00B3SJL288 FTSE 100 Put Warrants R457 16.12.2010 3000,00 -4,47 1000,00 5244,70 GBP 0,039 0,041 -14,89%GB00B3SJJX53 FTSE 100 Call Warrants R452 16.12.2010 4000,00 3,46 1000,00 5247,90 GBP 1,31 1,32 6,48%GB00B3SJLJ57 FTSE 100 Put Warrants R458 16.12.2010 2500,00 -4,01 1000,00 5246,90 GBP 0,017 0,019 -14,29%GB00B3SJKJ82 FTSE 100 Call Warrants R455 17.06.2010 4000,00 4,13 1000,00 5248,70 GBP 1,25 1,27 8,62%GB00B3FFN230 FTSE 100 Call Warrants R091 17.06.2010 5500,00 24,79 1000,00 5246,20 GBP 0,018 0,023 51,85%GB00B3FFN016 FTSE 100 Call Warrants R089 17.06.2010 4500,00 6,85 1000,00 5246,70 GBP 0,749 0,757 12,56%GB00B3FFN123 FTSE 100 Call Warrants R090 17.06.2010 5000,00 15,17 1000,00 5248,40 GBP 0,283 0,288 28,31%GB00B3FFN453 FTSE 100 Put Warrants R093 17.06.2010 3500,00 -0,02 1000,00 5246,20 GBP 0,001 0,009 0,00%GB00B3FFN560 FTSE 100 Put Warrants R094 17.06.2010 4000,00 -0,70 1000,00 5246,40 GBP 0,001 0,006 0,00%GB00B3FFN347 FTSE 100 Call Warrants R092 17.06.2010 6000,00 0,06 1000,00 5246,40 GBP 0,001 0,006 0,00%GB00B3FFN677 FTSE 100 Put Warrants R095 17.06.2010 4500,00 -8,28 1000,00 5246,90 GBP 0,003 0,008 -47,62%GB00B42L0423 FTSE 100 Call Warrants R639 17.06.2010 4750,00 9,75 1000,00 5246,70 GBP 0,507 0,512 18,63%GB00B42KXG21 FTSE 100 Call Warrants R638 17.06.2010 4250,00 5,18 1000,00 5248,90 GBP 1,00 1,01 9,84%GB00B42N4J17 FTSE 100 Put Warrants R651 17.06.2010 4750,00 -15,66 1000,00 5247,90 GBP 0,01 0,015 -50,98%GB00B42N6P17 FTSE 100 Put Warrants R652 17.06.2010 4250,00 -2,87 1000,00 5247,20 GBP 0,001 0,006 -36,36%GB00B4ZBXR36 FTSE 100 Call Warrants R856 16.12.2010 5500,00 7,52 1000,00 5246,90 GBP 0,269 0,271 11,11%GB00B556B715 FTSE 100 Call Warrants R927 16.06.2011 6500,00 6,42 1000,00 5246,20 GBP 0,097 0,099 10,11%GB00B4XC9475 FTSE 100 Call Warrants RA06 17.06.2010 5250,00 24,01 1000,00 5247,70 GBP 0,105 0,11 44,30%GB00B54PS898 FTSE 100 Call Warrants R926 16.06.2011 5500,00 5,45 1000,00 5248,20 GBP 0,403 0,405 8,89%GB00B4YT1R46 FTSE 100 Call Warrants R857 16.12.2010 6000,00 8,62 1000,00 5246,20 GBP 0,098 0,10 13,79%GB00B4YXQB53 FTSE 100 Call Warrants R858 16.12.2010 6500,00 8,01 1000,00 5247,70 GBP 0,024 0,026 13,64%GB00B4YDL212 FTSE 100 Call Warrants RF92 15.12.2011 7000,00 4,83 1000,00 5248,20 GBP 0,104 0,106 8,25%GB00B4WYVJ34 FTSE 100 Call Warrants RF90 15.12.2011 6000,00 5,02 1000,00 5246,90 GBP 0,322 0,324 7,67%GB00B4ZL3W82 FTSE 100 Put Warrants RG02 15.12.2011 3500,00 -2,94 1000,00 5246,90 GBP 0,253 0,255 -7,64%GB00B4XSFG91 FTSE 100 Put Warrants RG06 15.12.2011 5500,00 -3,02 1000,00 5246,20 GBP 0,95 0,96 -5,91%GB00B4W1VC74 FTSE 100 Put Warrants RG03 15.12.2011 4000,00 -3,04 1000,00 5246,90 GBP 0,367 0,369 -7,54%GB00B4TKJ781 FTSE 100 Put Warrants RG01 15.12.2011 3000,00 -2,84 1000,00 5247,70 GBP 0,167 0,169 -8,20%GB00B4WZZ508 FTSE 100 Put Warrants RG04 15.12.2011 4500,00 -3,10 1000,00 5245,20 GBP 0,517 0,519 -6,67%GB00B4X17284 FTSE 100 Call Warrants RF89 15.12.2011 5500,00 4,52 1000,00 5249,20 GBP 0,518 0,52 7,23%GB00B4Y7SG67 FTSE 100 Call Warrants RF87 15.12.2011 4500,00 3,39 1000,00 5247,70 GBP 1,068 1,073 5,42%GB00B4WTL436 FTSE 100 Call Warrants RF88 15.12.2011 5000,00 3,94 1000,00 5246,20 GBP 0,767 0,772 5,77%GB00B4VPGK32 FTSE 100 Call Warrants RF91 15.12.2011 6500,00 5,33 1000,00 5244,70 GBP 0,182 0,184 8,28%GB00B4WLXQ53 FTSE 100 Put Warrants RG05 15.12.2011 5000,00 -3,10 1000,00 5247,20 GBP 0,706 0,711 -6,47%GB00B6068D80 FTSE 100 Call Warrants RE07 17.03.2011 6000,00 7,07 1000,00 5247,90 GBP 0,161 0,163 10,96%GB00B3MF7L34 FTSE 100 Put Warrants RE14 17.06.2010 6000,00 -6,81 1000,00 5246,90 GBP 0,75 0,76 -11,70%GB00B61LSF40 FTSE 100 Put Warrants RE70 17.03.2011 5500,00 -4,41 1000,00 5246,90 GBP 0,70 0,705 -8,11%GB00B61MTL08 FTSE 100 Put Warrants RE67 17.03.2011 4500,00 -4,44 1000,00 5245,70 GBP 0,309 0,311 -9,62%GB00B3MDGZ49 FTSE 100 Put Warrants RE10 17.03.2011 5000,00 -4,52 1000,00 5246,90 GBP 0,469 0,471 -8,91%GB00B3M2QB74 FTSE 100 Call Warrants RE09 17.03.2011 7000,00 6,29 1000,00 5247,90 GBP 0,017 0,019 5,88%GB00B61G1C78 FTSE 100 Call Warrants RE66 16.06.2011 4000,00 3,14 1000,00 5248,90 GBP 1,35 1,36 4,63%GB00B6360952 FTSE 100 Put Warrants RE68 17.03.2011 4750,00 -4,50 1000,00 5246,20 GBP 0,382 0,384 -9,24%GB00B62C2M15 FTSE 100 Put Warrants RE69 17.03.2011 5250,00 -4,49 1000,00 5246,20 GBP 0,575 0,58 -8,55%GB00B61LS439 FTSE 100 Put Warrants RE71 17.03.2011 5750,00 -4,26 1000,00 5245,90 GBP 0,846 0,851 -7,22%GB00B61C2H71 FTSE 100 Put Warrants RE72 17.03.2011 6000,00 -4,02 1000,00 5245,90 GBP 1,01 1,02 -7,31%GB00B54FQN07 FTSE 100 Call Warrants RG48 16.06.2011 4750,00 4,18 1000,00 5247,20 GBP 0,815 0,82 6,65%GB00B4Z9P599 FTSE 100 Call Warrants RG61 15.09.2011 6500,00 5,78 1000,00 5247,20 GBP 0,14 0,142 9,30%GB00B5551K12 FTSE 100 Call Warrants RG47 16.06.2011 4250,00 3,45 1000,00 5247,20 GBP 1,16 1,17 5,43%GB00B503RL30 FTSE 100 Put Warrants RG65 16.06.2011 5250,00 -3,85 1000,00 5246,20 GBP 0,672 0,677 -7,41%GB00B4Z4QZ17 FTSE 100 Call Warrants RG51 16.06.2011 6250,00 6,36 1000,00 5245,20 GBP 0,147 0,149 10,45%GB00B5430J87 FTSE 100 Call Warrants RG60 15.09.2011 6250,00 5,69 1000,00 5246,90 GBP 0,198 0,20 9,34%GB00B541F312 FTSE 100 Call Warrants RG54 15.09.2011 4750,00 3,89 1000,00 5246,90 GBP 0,864 0,869 6,12%GB00B54SB237 FTSE 100 Call Warrants RG57 15.09.2011 5500,00 4,92 1000,00 5246,90 GBP 0,461 0,463 7,69%GB00B4ZD0125 FTSE 100 Call Warrants RG53 15.09.2011 4500,00 3,58 1000,00 5248,20 GBP 1,025 1,03 5,76%GB00B4ZVDB75 FTSE 100 Put Warrants RG62 16.06.2011 3750,00 -3,63 1000,00 5247,20 GBP 0,212 0,214 -9,36%GB00B50HTL99 FTSE 100 Call Warrants RG59 15.09.2011 6000,00 5,49 1000,00 5247,20 GBP 0,27 0,272 8,84%GB00B541JL75 FTSE 100 Call Warrants RG49 16.06.2011 5250,00 5,03 1000,00 5246,70 GBP 0,523 0,525 7,16%GB00B540GW43 FTSE 100 Call Warrants RG58 15.09.2011 5750,00 5,21 1000,00 5246,20 GBP 0,358 0,36 8,13%GB00B4Z3L757 FTSE 100 Call Warrants RG55 15.09.2011 5000,00 4,22 1000,00 5247,20 GBP 0,715 0,72 6,22%GB00B5552R55 FTSE 100 Call Warrants RG52 15.09.2011 4000,00 3,01 1000,00 5246,90 GBP 1,38 1,39 5,32%GB00B548J301 FTSE 100 Put Warrants RG66 16.06.2011 5750,00 -3,67 1000,00 5247,20 GBP 0,94 0,95 -6,90%GB00B503Q723 FTSE 100 Call Warrants RG56 15.09.2011 5250,00 4,58 1000,00 5244,70 GBP 0,579 0,581 6,62%GB00B53XHM16 FTSE 100 Put Warrants RG63 16.06.2011 4250,00 -3,78 1000,00 5247,90 GBP 0,319 0,321 -8,83%GB00B54W7W70 FTSE 100 Put Warrants RG64 16.06.2011 4750,00 -3,88 1000,00 5247,20 GBP 0,468 0,47 -8,22%GB00B54V1V12 FTSE 100 Call Warrants RG50 16.06.2011 5750,00 5,84 1000,00 5246,20 GBP 0,30 0,302 9,06%GB00B57M1J93 FTSE 100 Put Warrants RG69 15.09.2011 4250,00 -3,38 1000,00 5246,90 GBP 0,381 0,383GB00B52N1W04 FTSE 100 Put Warrants RG72 15.09.2011 5000,00 -3,42 1000,00 5247,90 GBP 0,64 0,645GB00B52HZK82 FTSE 100 Put Warrants RG68 15.09.2011 4000,00 -3,34 1000,00 5249,20 GBP 0,316 0,318GB00B5VCY525 FTSE 100 Put Warrants RG71 15.09.2011 4750,00 -3,42 1000,00 5246,90 GBP 0,542 0,547GB00B58G5B06 FTSE 100 Put Warrants RG73 15.09.2011 5250,00 -3,41 1000,00 5246,90 GBP 0,753 0,758GB00B5LP0N19 FTSE 100 Put Warrants RG67 15.09.2011 3500,00 -3,21 1000,00 5246,90 GBP 0,214 0,216GB00B5LNHN49 FTSE 100 Put Warrants RG74 15.09.2011 5500,00 -3,36 1000,00 5249,20 GBP 0,879 0,884GB00B57ZWS49 FTSE 100 Put Warrants RG70 15.09.2011 4500,00 -3,42 1000,00 5245,20 GBP 0,457 0,459GB00B4TPC967 FTSE 250 Put Warrants R853 17.06.2010 9500,00 -15,71 1000,00 9807,60 GBP 0,17 0,18 -28,57%

as at 03.06.2010



48

Products



GB00B4VQ9299 FTSE 250 Put Warrants R854 16.12.2010 7500,00 -3,51 1000,00 9808,10 GBP 0,41 0,42 -6,74%GB00B4T8XR09 FTSE 250 Put Warrants R852 17.06.2010 8000,00 -4,23 1000,00 9809,10 GBP 0,01 0,02 0,00%GB00B4V05W30 FTSE 250 Put Warrants R855 16.12.2010 9000,00 -4,33 1000,00 9808,30 GBP 0,75 0,76 -8,48%GB00B4V4QT97 FTSE 250 Call Warrants R835 16.12.2010 11500,00 4,99 1000,00 9807,60 GBP 0,29 0,30 20,41%GB00B4W3JC94 FTSE 250 Call Warrants R836 16.12.2010 13000,00 3,51 1000,00 9808,10 GBP 0,05 0,06 22,22%GB00B4VDJ428 FTSE 250 Call Warrants R833 17.06.2010 10000,00 17,85 1000,00 9807,90 GBP 0,18 0,19 37,04%GB00B4V8SR36 FTSE 250 Call Warrants R834 17.06.2010 11000,00 2,19 1000,00 9807,50 GBP 0,01 0,02 0,00%GB00B4ZSP010 FTSE 250 Call Warrants RA10 17.06.2010 12000,00 0,01 1000,00 9807,50 GBP 0,01 0,02 0,00%GB00B3F9FM97 FTSE 250 Call Warrants R075 16.09.2010 5600,00 2,30 1000,00 9809,10 GBP 4,14 4,16 3,75%GB00B3YTY908 FTSE 250 Put Warrants R503 17.06.2010 5500,00 0,00 1000,00 9807,50 GBP 0,01 0,02 0,00%GB00B3YTXH14 FTSE 250 Call Warrants R500 16.12.2010 8500,00 3,99 1000,00 9807,60 GBP 1,79 1,80 6,53%GB00B3YTX827 FTSE 250 Call Warrants R499 17.06.2010 9000,00 10,17 1000,00 9808,40 GBP 0,86 0,87 17,69%GB00B3YTY239 FTSE 250 Put Warrants R502 17.06.2010 6500,00 -0,05 1000,00 9808,10 GBP 0,01 0,02 0,00%GB00B3YTXQ05 FTSE 250 Call Warrants R501 16.12.2010 10000,00 5,80 1000,00 9808,20 GBP 0,77 0,78 9,93%GB00B3YTWX07 FTSE 250 Call Warrants R498 17.06.2010 8000,00 5,37 1000,00 9808,10 GBP 1,80 1,81 9,73%GB00B57FZP27 FTSE 250 Put Warrants RC56 16.06.2011 9000,00 -2,82 1000,00 9807,60 GBP 1,27 1,28 -4,49%GB00B5LBK063 FTSE 250 Call Warrants RC53 16.06.2011 10000,00 3,82 1000,00 9808,00 GBP 1,20 1,21 7,11%GB00B5LZ8N77 FTSE 250 Put Warrants RC55 16.09.2010 8000,00 -4,91 1000,00 9808,00 GBP 0,28 0,29 -12,31%GB00B5L6VQ40 FTSE 250 Call Warrants RC51 16.09.2010 11000,00 6,83 1000,00 9807,90 GBP 0,21 0,22 16,22%GB00B5TBK207 FTSE 250 Call Warrants RC52 16.06.2011 12000,00 3,82 1000,00 9808,30 GBP 0,44 0,45 12,66%GB00B5NHDV49 FTSE 250 Call Warrants RC50 16.09.2010 10000,00 6,97 1000,00 9807,50 GBP 0,61 0,62 12,84%GB00B5SGZ438 FTSE 250 Put Warrants RC57 16.06.2011 7000,00 -2,53 1000,00 9808,40 GBP 0,62 0,63 -6,02%GB00B56S7564 FTSE/JSE TOP 40 Call Warrants RG24 15.06.2011 26000,00 4,23 1000,00 24429,70 GBP 0,27 0,28 0,00%GB00B50QBC16 FTSE/JSE TOP 40 Call Warrants RG26 15.06.2011 31000,00 4,53 1000,00 24427,10 GBP 0,10 0,11 0,00%GB00B52C2V31 FTSE/JSE TOP 40 Call Warrants RG25 15.06.2011 28000,00 4,52 1000,00 24446,50 GBP 0,19 0,20 0,00%GB00B52RJB73 FTSE/JSE TOP 40 Put Warrants RG13 15.06.2011 24000,00 -3,24 1000,00 24445,20 GBP 0,21 0,22 -4,44%GB00B5190996 FTSE/JSE TOP 40 Call Warrants RG23 15.12.2010 30000,00 4,96 1000,00 24427,10 GBP 0,04 0,05 28,57%GB00B52LFP51 FTSE/JSE TOP 40 Call Warrants RG21 15.12.2010 25000,00 5,68 1000,00 24427,10 GBP 0,20 0,21 0,00%GB00B57CPR53 FTSE/JSE TOP 40 Call Warrants RG22 15.12.2010 27000,00 6,02 1000,00 24446,50 GBP 0,12 0,13 8,70%GB00B5950S86 FTSE/JSE TOP 40 Put Warrants RG12 15.12.2010 22000,00 -4,58 1000,00 24446,50 GBP 0,10 0,11 -8,70%GB00B57Z9727 FTSE/JSE TOP 40 Put Warrants RG14 15.06.2011 20000,00 -3,12 1000,00 24445,20 GBP 0,11 0,12 -8,00%GB00B53SR268 FTSE/JSE TOP 40 Put Warrants RG11 15.12.2010 25000,00 -4,95 1000,00 24446,50 GBP 0,19 0,20 -4,88%GB00B3P7G975 GBP/EUR Put Warrants RF01 17.06.2011 1,20 9,60 0,10 1,19 GBP 0,567 0,572 -1,04%GB00B3PWLJ79 GBP/EUR Put Warrants RE99 17.06.2011 1,00 7,29 0,10 1,20 GBP 0,101 0,106 -2,82%GB00B3PYDP38 GBP/EUR Call Warrants RE89 17.12.2010 1,10 -8,31 0,10 1,19 GBP 0,905 0,91 0,11%GB00B3NQYN60 GBP/EUR Call Warrants RE92 17.06.2011 1,20 -9,02 0,10 1,20 GBP 0,496 0,501 0,20%GB00B66Y8810 GBP/EUR Put Warrants RF00 17.06.2011 1,10 9,19 0,10 1,20 GBP 0,245 0,25 -1,98%GB00B3NVW372 GBP/EUR Call Warrants RE88 17.09.2010 1,10 -9,56 0,10 1,19 GBP 0,849 0,854 1,31%GB00B3L9MM21 GBP/EUR Call Warrants RE87 18.06.2010 1,15 -22,49 0,10 1,20 GBP 0,391 0,396 1,55%GB00B3NRN437 GBP/EUR Call Warrants RE91 17.06.2011 1,15 -8,08 0,10 1,19 GBP 0,723 0,728 -0,14%GB00B68HCB90 GBP/EUR Call Warrants RE90 17.06.2011 1,10 -6,78 0,10 1,19 GBP 1,007 1,012 0,00%GB00B67G0P71 GBP/EUR Call Warrants RE86 18.06.2010 1,10 -11,45 0,10 1,19 GBP 0,795 0,80 0,89%GB00B5P53N88 GBP/EUR Call Warrants RD52 17.12.2010 1,20 -12,46 0,10 1,19 GBP 0,355 0,36 0,28%GB00B5YD4F22 GBP/EUR Put Warrants RD63 17.12.2010 1,10 12,36 0,10 1,20 GBP 0,126 0,131 -5,17%GB00B5M9QL21 GBP/EUR Put Warrants RD61 17.09.2010 1,10 16,03 0,10 1,19 GBP 0,059 0,064 -4,65%GB00B5LMLL79 GBP/EUR Call Warrants RD50 17.09.2010 1,30 -13,46 0,10 1,20 GBP 0,049 0,054 1,98%GB00B5MJ2582 GBP/EUR Put Warrants RD64 17.12.2010 1,00 8,47 0,10 1,19 GBP 0,038 0,043 -6,90%GB00B5L6HP56 GBP/EUR Put Warrants RD62 17.09.2010 1,00 8,38 0,10 1,19 GBP 0,013 0,018 -6,06%GB00B5N07Y43 GBP/EUR Call Warrants RD49 17.09.2010 1,20 -16,66 0,10 1,19 GBP 0,253 0,258 1,19%GB00B5Q0R966 GBP/EUR Call Warrants RD53 17.12.2010 1,30 -11,36 0,10 1,19 GBP 0,111 0,116 1,79%GB00B5MXSG34 GBP/EUR Call Warrants RD54 17.12.2010 1,40 -8,14 0,10 1,20 GBP 0,04 0,045 7,59%GB00B5M2BB68 GBP/EUR Call Warrants RD51 17.09.2010 1,40 -7,36 0,10 1,19 GBP 0,011 0,016 0,00%GB00B4Z9YV81 GBP/EUR Call Warrants R527 18.06.2010 1,40 -0,10 0,10 1,19 GBP 0,001 0,006 0,00%GB00B4ZGX894 GBP/EUR Put Warrants R530 18.06.2010 1,00 0,05 0,10 1,19 GBP 0,001 0,006 0,00%GB00B4Z07454 GBP/EUR Put Warrants R531 18.06.2010 1,10 7,25 0,10 1,19 GBP 0,001 0,006 -22,22%GB00B4YVLH05 GBP/EUR Call Warrants R526 18.06.2010 1,20 -35,91 0,10 1,19 GBP 0,088 0,093 -5,24%GB00B3MQR051 GBP/EUR Call Warrants R606 18.06.2010 1,30 -3,71 0,10 1,19 GBP 0,001 0,006 -22,22%GB00B3LTDK75 GBP/EUR Put Warrants R618 18.06.2010 1,20 49,34 0,10 1,19 GBP 0,13 0,135 -8,93%GB00B54CMB16 GBP/JPY Call Warrants R543 18.06.2010 170,00 0,01 0,10 135,50 GBP 0,001 0,006 0,00%GB00B54CPL29 GBP/JPY Put Warrants R537 18.06.2010 140,00 -19,85 0,10 135,50 GBP 0,372 0,377 -17,78%GB00B3LMYG99 GBP/JPY Call Warrants RD73 17.12.2010 180,00 7,13 0,10 135,50 GBP 0,013 0,018 0,00%GB00B3MFMJ64 GBP/JPY Call Warrants RD74 17.06.2011 160,00 10,22 0,10 135,50 GBP 0,178 0,183 4,03%GB00B3MJN956 GBP/JPY Call Warrants RD75 17.06.2011 190,00 6,30 0,10 135,50 GBP 0,036 0,041 0,00%GB00B3PRXR49 GBP/JPY Call Warrants RD70 18.06.2010 160,00 0,11 0,10 135,50 GBP 0,001 0,006 0,00%GB00B61CJD28 GBP/JPY Call Warrants RD69 18.06.2010 150,00 5,84 0,10 135,50 GBP 0,001 0,006 0,00%GB00B3NW1P54 GBP/JPY Call Warrants RD72 17.12.2010 160,00 13,65 0,10 135,50 GBP 0,063 0,068 3,15%GB00B62KT809 GBP/JPY Call Warrants RD71 17.12.2010 150,00 14,80 0,10 135,60 GBP 0,167 0,172 4,31%GB00B3MZCS53 GBP/JPY Put Warrants RD78 17.06.2011 130,00 -3,98 0,10 135,50 GBP 0,694 0,699 -5,04%GB00B3LDJ892 GBP/JPY Put Warrants RD77 17.12.2010 140,00 -6,23 0,10 135,50 GBP 0,773 0,778 -7,07%GB00B62FTW94 GBP/JPY Put Warrants RD76 18.06.2010 150,00 -9,33 0,10 135,50 GBP 1,07 1,075 -7,66%GB00B5M9PL55 GBP/USD Call Warrants RD60 17.12.2010 2,00 3,92 0,10 1,50 GBP 0,006 0,011 13,33%GB00B5L6HT94 GBP/USD Put Warrants RD66 17.09.2010 1,40 -10,06 0,10 1,50 GBP 0,177 0,187 -9,23%GB00B5KT5B79 GBP/USD Call Warrants RD59 17.12.2010 1,80 8,84 0,10 1,50 GBP 0,021 0,026 4,44%GB00B5MJ3P56 GBP/USD Put Warrants RD65 17.09.2010 1,60 -9,04 0,10 1,50 GBP 0,952 0,97 -5,92%GB00B5KYNF23 GBP/USD Call Warrants RD58 17.12.2010 1,60 16,63 0,10 1,50 GBP 0,122 0,127 3,32%GB00B5N91Q16 GBP/USD Call Warrants RD57 17.09.2010 2,00 1,05 0,10 1,50 GBP 0,001 0,006 0,00%GB00B5N8ZJ98 GBP/USD Call Warrants RD56 17.09.2010 1,80 5,56 0,10 1,50 GBP 0,005 0,01 15,38%GB00B5M96F64 GBP/USD Put Warrants RD68 17.12.2010 1,30 -6,32 0,10 1,50 GBP 0,143 0,148 -9,91%GB00B5MJDW21 GBP/USD Call Warrants RD55 17.09.2010 1,60 21,61 0,10 1,50 GBP 0,048 0,053 2,02%GB00B5MGTK38 GBP/USD Put Warrants RD67 17.12.2010 1,50 -8,59 0,10 1,50 GBP 0,563 0,568 -6,61%GB00B4ZGX126 GBP/USD Put Warrants R523 18.06.2010 1,60 -10,74 0,10 1,50 GBP 0,923 0,933 -5,45%GB00B4Z06L53 GBP/USD Call Warrants R517 18.06.2010 2,00 0,01 0,10 1,50 GBP 0,001 0,011 71,43%GB00B4YY0P07 GBP/USD Put Warrants R521 18.06.2010 1,30 -3,20 0,10 1,50 GBP 0,002 0,012 27,27%

as at 03.06.2010





Products



GB00B4ZGWP91 GBP/USD Call Warrants R515 18.06.2010 1,60 4,19 0,10 1,50 GBP 0,002 0,012 55,56%GB00B4YY1C43 GBP/USD Put Warrants R522 18.06.2010 1,50 -25,71 0,10 1,50 GBP 0,276 0,286 -14,46%GB00B4YY1020 GBP/USD Call Warrants R516 18.06.2010 1,80 0,03 0,10 1,50 GBP 0,001 0,011 71,43%GB00B3LTN742 GBP/USD Put Warrants RF04 17.12.2010 1,60 -7,61 0,10 1,50 GBP 1,033 1,038 -4,78%GB00B3LH7982 GBP/USD Put Warrants RF05 17.12.2010 1,40 -7,72 0,10 1,50 GBP 0,284 0,289 -8,61%GB00B688WQ76 GBP/USD Call Warrants RE98 17.12.2010 1,50 15,17 0,10 1,50 GBP 0,331 0,336 4,06%GB00B66VDB02 GBP/USD Put Warrants RF02 18.06.2010 1,40 -16,75 0,10 1,50 GBP 0,022 0,032 -26,03%GB00B3LC7B50 GBP/USD Call Warrants RE93 18.06.2010 1,40 19,74 0,10 1,50 GBP 0,472 0,482 10,80%GB00B3LQSF86 GBP/USD Call Warrants RE96 17.09.2010 1,50 21,03 0,10 1,50 GBP 0,214 0,229 10,47%GB00B66LWD58 GBP/USD Call Warrants RE94 18.06.2010 1,50 55,82 0,10 1,50 GBP 0,041 0,051 26,03%GB00B66R7B61 GBP/USD Call Warrants RE97 17.12.2010 1,40 10,48 0,10 1,50 GBP 0,732 0,737 3,23%GB00B68T2M65 GBP/USD Put Warrants RF03 17.09.2010 1,50 -11,68 0,10 1,50 GBP 0,441 0,451 -9,72%GB00B3M74S59 GBP/USD Call Warrants RE95 17.09.2010 1,40 12,82 0,10 1,50 GBP 0,624 0,639 6,49%GB00B549LL57 Glaxosmithkline Put Warrants R907 17.12.2010 11,00 -4,62 10,00 11,95 GBP 0,082 0,087 -8,65%GB00B51QM051 Glaxosmithkline Call Warrants R898 17.12.2010 15,00 3,14 10,00 11,95 GBP 0,011 0,016 8,00%GB00B51QN240 Glaxosmithkline Call Warrants R897 17.12.2010 13,00 5,35 10,00 11,95 GBP 0,054 0,059 3,67%GB00B51QKR82 Glaxosmithkline Call Warrants R896 18.06.2010 15,00 0,01 10,00 11,95 GBP 0,001 0,006 0,00%GB00B3Z8CH05 Glaxosmithkline Put Warrants R722 18.06.2010 11,00 -9,27 10,00 11,95 GBP 0,007 0,012 -29,63%GB00B41TM635 Glaxosmithkline Call Warrants R712 18.06.2010 13,00 3,65 10,00 11,95 GBP 0,002 0,007 0,00%GB00B5M8KD93 Glaxosmithkline Call Warrants RC99 17.06.2011 17,00 1,77 10,00 11,95 GBP 0,006 0,011 0,00%GB00B5W24628 Glaxosmithkline Put Warrants RD06 17.09.2010 13,00 -6,03 10,00 11,95 GBP 0,152 0,157 -7,21%GB00B5M4YF73 Glaxosmithkline Call Warrants RC96 17.09.2010 13,00 6,63 10,00 11,95 GBP 0,032 0,037 6,15%GB00B5MQPP01 Glaxosmithkline Call Warrants RC97 17.09.2010 15,00 1,64 10,00 11,95 GBP 0,002 0,007 -18,18%GB00B5Q8LV00 Glaxosmithkline Put Warrants RD08 17.06.2011 12,00 -3,56 10,00 11,95 GBP 0,182 0,187 -3,66%GB00B5LJ3896 Glaxosmithkline Call Warrants RC98 17.06.2011 15,00 3,25 10,00 11,95 GBP 0,027 0,032 7,27%GB00B5M9QK14 Glaxosmithkline Put Warrants RD07 17.06.2011 14,00 -3,12 10,00 11,95 GBP 0,311 0,316 -3,09%GB00B4XFBJ55 Gold Call Warrants RA32 17.12.2010 1700,00 7,27 100,00 1219,30 GBP 0,078 0,083 -12,02%GB00B4XFB954 Gold Call Warrants RA31 17.12.2010 1500,00 7,75 100,00 1218,60 GBP 0,17 0,175 -8,49%GB00B4WYBG07 Gold Call Warrants RA29 18.06.2010 1400,00 4,01 100,00 1218,70 GBP 0,001 0,006 -36,36%GB00B4YXJK51 Gold Call Warrants RA30 18.06.2010 1500,00 0,41 100,00 1219,40 GBP 0,001 0,006 0,00%GB00B3V44656 Gold Call Warrants R486 17.12.2010 1000,00 4,54 100,00 1218,40 GBP 1,633 1,643 -1,86%GB00B3V43Q82 Gold Call Warrants R485 18.06.2010 1100,00 10,05 100,00 1218,20 GBP 0,812 0,817 -2,40%GB00B3V44870 Gold Call Warrants R487 17.12.2010 1100,00 5,94 100,00 1218,50 GBP 1,082 1,087 -2,60%GB00B3V43N51 Gold Call Warrants R484 18.06.2010 1000,00 5,52 100,00 1218,50 GBP 1,494 1,504 -1,25%GB00B3FG6W75 Gold Quanto Call Warrants R113 18.06.2010 1200,00 27,29 100,00 1218,40 GBP 0,299 0,309 -9,52%GB00B3FG6S30 Gold Quanto Call Warrants R110 18.06.2010 600,00 1,96 100,00 1218,60 GBP 6,197 6,217 -0,42%GB00B3FG6T47 Gold Quanto Call Warrants R111 18.06.2010 800,00 2,90 100,00 1218,40 GBP 4,194 4,204 -0,64%GB00B3FG6V68 Gold Quanto Call Warrants R112 18.06.2010 1000,00 5,52 100,00 1218,10 GBP 2,192 2,202 -1,35%GB00B3FG6Y99 Gold Quanto Put Warrants R115 18.06.2010 700,00 0,00 100,00 1218,50 GBP 0,001 0,016 0,00%GB00B3FG6X82 Gold Quanto Put Warrants R114 18.06.2010 500,00 0,00 100,00 1218,60 GBP 0,001 0,006 0,00%GB00B4Q3JP83 Gold Put Warrants R736 17.12.2010 1000,00 -7,50 100,00 1218,30 GBP 0,11 0,115 -8,91%GB00B4S3JX48 Gold Put Warrants R731 18.06.2010 800,00 0,00 100,00 1219,20 GBP 0,001 0,006 0,00%GB00B4PNDR95 Gold Put Warrants R734 17.12.2010 800,00 -5,56 100,00 1218,10 GBP 0,018 0,023 -16,33%GB00B4PB2L05 Gold Call Warrants R726 18.06.2010 1300,00 24,34 100,00 1218,60 GBP 0,012 0,017 -43,14%GB00B4RGQT95 Gold Put Warrants R737 17.12.2010 1100,00 -7,67 100,00 1218,50 GBP 0,239 0,244 -3,98%GB00B4R95G86 Gold Call Warrants R725 18.06.2010 1200,00 27,77 100,00 1218,50 GBP 0,201 0,206 -9,35%GB00B4RLM639 Gold Put Warrants R732 18.06.2010 900,00 -0,03 100,00 1218,30 GBP 0,001 0,006 0,00%GB00B4NVYB66 Gold Call Warrants R728 17.12.2010 1400,00 7,81 100,00 1218,60 GBP 0,264 0,269 -6,98%GB00B4PND919 Gold Call Warrants R727 17.12.2010 1200,00 7,17 100,00 1218,70 GBP 0,67 0,675 -3,03%GB00B4NVVL59 Gold Put Warrants R735 17.12.2010 900,00 -6,90 100,00 1218,60 GBP 0,046 0,051 -14,16%GB00B4QRF962 Gold Put Warrants R733 18.06.2010 1000,00 -0,62 100,00 1218,30 GBP 0,001 0,006 0,00%GB00B4RNJM43 Gold Call Warrants RF51 17.09.2010 1400,00 8,03 100,00 1218,30 GBP 0,151 0,156 -11,53%GB00B4Q00565 Gold Put Warrants RF66 16.12.2011 1000,00 -3,12 100,00 1218,70 GBP 0,51 0,515 -1,54%GB00B4PYHP82 Gold Call Warrants RF54 17.06.2011 1200,00 4,41 100,00 1218,10 GBP 1,105 1,11 -1,25%GB00B4RJF686 Gold Call Warrants RF52 17.06.2011 1000,00 3,64 100,00 1218,10 GBP 1,901 1,911 -1,55%GB00B4QVXJ41 Gold Put Warrants RF61 17.09.2010 1100,00 -8,07 100,00 1219,30 GBP 0,159 0,164 -7,45%GB00B4NBM670 Gold Call Warrants RF59 16.12.2011 1500,00 3,57 100,00 1218,40 GBP 0,786 0,791 -1,38%GB00B4R7LD12 Gold Put Warrants RF64 17.06.2011 1100,00 -3,99 100,00 1218,50 GBP 0,567 0,572 0,00%GB00B4JWTM99 Gold Call Warrants RF53 17.06.2011 1100,00 4,15 100,00 1219,70 GBP 1,458 1,463 -0,61%GB00B4QTMX57 Gold Call Warrants RF50 17.09.2010 1300,00 8,77 100,00 1218,50 GBP 0,291 0,296 -6,97%GB00B4JWTQ38 Gold Call Warrants RF57 16.12.2011 1100,00 3,44 100,00 1218,30 GBP 1,709 1,714 -0,93%GB00B4R1YM38 Gold Put Warrants RF62 17.09.2010 900,00 -5,07 100,00 1219,40 GBP 0,021 0,026 -17,54%GB00B4Q82092 Gold Call Warrants RF47 17.09.2010 1000,00 4,99 100,00 1218,40 GBP 1,569 1,579 -1,87%GB00B4MN4N52 Gold Put Warrants RF60 17.09.2010 1000,00 -6,75 100,00 1218,60 GBP 0,061 0,066 -11,19%GB00B4NPC812 Gold Put Warrants RF63 17.06.2011 900,00 -3,68 100,00 1218,40 GBP 0,199 0,204 -4,28%GB00B4RLZ862 Gold Call Warrants RF56 17.06.2011 1400,00 4,37 100,00 1218,50 GBP 0,67 0,675 -1,61%GB00B4QR8313 Gold Put Warrants RF65 16.12.2011 900,00 -3,01 100,00 1218,30 GBP 0,329 0,334 -2,64%GB00B4N6X924 Gold Call Warrants RF48 17.09.2010 1100,00 7,03 100,00 1218,70 GBP 0,99 0,995 -2,84%GB00B4RGM134 Gold Call Warrants RF58 16.12.2011 1300,00 3,63 100,00 1218,70 GBP 1,143 1,148 -0,69%GB00B4RC9F42 Gold Call Warrants RF49 17.09.2010 1200,00 8,94 100,00 1218,40 GBP 0,543 0,548 -4,38%GB00B4N7Q520 Gold Call Warrants RF55 17.06.2011 1300,00 4,44 100,00 1218,70 GBP 0,86 0,865 -1,15%GB00B5MZ3S67 Google Call Warrants RD32 18.06.2010 600,00 0,23 100,00 495,70 GBP 0,001 0,006 0,00%GB00B5MGFF07 Google Put Warrants RD43 18.06.2010 600,00 -4,72 100,00 495,70 GBP 0,711 0,716 -2,33%GB00B5YLBZ55 Google Call Warrants RD34 18.06.2010 700,00 0,01 100,00 495,70 GBP 0,001 0,006 0,00%GB00B5N1N834 Google Call Warrants RD33 18.06.2010 650,00 0,01 100,00 495,70 GBP 0,001 0,006 0,00%GB00B5NSBJ10 Google Put Warrants RD44 18.06.2010 550,00 -8,52 100,00 495,70 GBP 0,378 0,383 -4,76%GB00B5LPP039 HSBC Put Warrants RC86 17.09.2010 7,00 -4,84 1,00 6,40 GBP 0,913 0,923 -8,11%GB00B56GFY53 HSBC Put Warrants RC87 17.09.2010 6,00 -5,17 1,00 6,40 GBP 0,405 0,415 -11,45%GB00B57BZ722 HSBC Put Warrants RC88 17.09.2010 5,00 -4,59 1,00 6,40 GBP 0,145 0,155 -13,79%GB00B5LD5P26 HSBC Call Warrants RC80 17.09.2010 7,00 6,41 1,00 6,40 GBP 0,295 0,305 9,09%GB00B55W5555 HSBC Call Warrants RC83 17.09.2010 10,00 1,14 1,00 6,40 GBP 0,004 0,014 0,00%GB00B57C7R98 HSBC Call Warrants RC82 17.09.2010 9,00 3,45 1,00 6,40 GBP 0,019 0,029 -4,00%GB00B5LNNL43 HSBC Call Warrants RC81 17.09.2010 8,00 5,50 1,00 6,40 GBP 0,087 0,097 4,55%

as at 03.06.2010



50

Products



GB00B53WM568 HSBC Call Warrants R557 18.06.2010 7,50 1,29 1,00 6,40 GBP 0,001 0,011 -14,29%GB00B53WLF93 HSBC Call Warrants R556 18.06.2010 6,00 10,84 1,00 6,40 GBP 0,492 0,502 19,47%GB00B3NPW739 HSBC Call Warrants R624 18.06.2010 5,00 4,47 1,00 6,40 GBP 1,426 1,436 8,41%GB00B3NPSM03 HSBC Put Warrants R636 18.06.2010 5,00 -1,19 1,00 6,40 GBP 0,001 0,011 -33,33%GB00B3NQB137 HSBC Put Warrants R637 18.06.2010 4,00 0,00 1,00 6,40 GBP 0,001 0,011 0,00%GB00B4VB6R86 HSBC Call Warrants R806 18.06.2010 8,00 0,02 1,00 6,40 GBP 0,001 0,011 0,00%GB00B4V42914 HSBC Put Warrants R795 18.06.2010 6,50 -14,95 1,00 6,40 GBP 0,237 0,247 -25,77%GB00B4VQ3T44 HSBC Call Warrants R810 17.12.2010 9,00 3,98 1,00 6,40 GBP 0,097 0,107 5,15%GB00B4TSDG99 HSBC Put Warrants R797 17.12.2010 7,00 -3,49 1,00 6,40 GBP 1,145 1,155 -6,28%GB00B4TGTS75 HSBC Call Warrants R811 17.12.2010 10,00 3,12 1,00 6,40 GBP 0,037 0,047 0,00%GB00B4VC4775 HSBC Call Warrants R809 17.12.2010 8,00 4,57 1,00 6,40 GBP 0,225 0,235 6,48%GB00B4VC2514 HSBC Put Warrants R796 18.06.2010 6,00 -12,80 1,00 6,40 GBP 0,067 0,077 -35,71%GB00B4V72127 HSBC Call Warrants R807 18.06.2010 9,00 0,01 1,00 6,40 GBP 0,001 0,011 0,00%GB00B4T9M099 HSBC Call Warrants R808 17.12.2010 7,00 4,75 1,00 6,40 GBP 0,492 0,502 8,75%GB00B4WJPG34 HSBC Put Warrants R799 17.12.2010 5,00 -3,47 1,00 6,40 GBP 0,30 0,31 -8,96%GB00B4TG7Q14 HSBC Put Warrants R794 18.06.2010 7,00 -9,86 1,00 6,40 GBP 0,599 0,609 -16,23%GB00B4WPJN68 HSBC Put Warrants R798 17.12.2010 6,00 -3,67 1,00 6,40 GBP 0,629 0,639 -7,31%GB00B3N4ZQ07 HSBC Call Warrants RF38 17.06.2011 10,00 3,09 1,00 6,40 GBP 0,148 0,158 3,38%GB00B3NL8L70 HSBC Put Warrants RF45 17.12.2010 7,50 -3,20 1,00 6,40 GBP 1,485 1,495 -5,22%GB00B3NHPC57 HSBC Call Warrants RF36 17.06.2011 6,00 3,26 1,00 6,40 GBP 1,198 1,208 5,90%GB00B3PQZ313 HSBC Call Warrants RF35 17.12.2010 6,50 4,53 1,00 6,40 GBP 0,707 0,717 8,21%GB00B3MPT174 HSBC Put Warrants RF43 17.06.2011 7,00 -2,51 1,00 6,40 GBP 1,476 1,486 -4,51%GB00B3PTH232 HSBC Call Warrants RF33 17.12.2010 7,50 4,75 1,00 6,40 GBP 0,334 0,344 7,62%GB00B3N6LP77 HSBC Put Warrants RF44 17.06.2011 5,00 -2,54 1,00 6,40 GBP 0,547 0,557 -5,64%GB00B3MLCW79 HSBC Put Warrants RF46 17.12.2010 8,00 -2,84 1,00 6,40 GBP 1,869 1,879 -5,40%GB00B3N77968 HSBC Call Warrants RF37 17.06.2011 8,00 3,58 1,00 6,40 GBP 0,437 0,447 5,74%GB00B3MPQ618 HSBC Call Warrants RF34 17.12.2010 8,50 4,33 1,00 6,40 GBP 0,15 0,16 4,73%GB00B551RD49 HSCEI Quanto Call Warrants R889 17.06.2010 14000,00 0,03 1000,00 11371,70 GBP 0,01 0,03 0,00%GB00B54LK258 HSCEI Quanto Call Warrants R891 16.12.2010 15000,00 4,46 1000,00 11374,60 GBP 0,27 0,29 0,00%GB00B551QS27 HSCEI Quanto Call Warrants R892 16.12.2010 18000,00 2,67 1000,00 11374,60 GBP 0,05 0,07 0,00%GB00B551PY12 HSCEI Quanto Put Warrants R893 17.06.2010 12000,00 -12,46 1000,00 11371,70 GBP 0,73 0,75 -7,50%GB00B50P0Y36 HSCEI Quanto Call Warrants R890 17.06.2010 16000,00 0,01 1000,00 11374,60 GBP 0,01 0,03 0,00%GB00B551JN88 HSCEI Quanto Call Warrants R888 17.06.2010 13000,00 1,99 1000,00 11374,60 GBP 0,01 0,03 0,00%GB00B551K022 HSCEI Quanto Put Warrants R894 16.12.2010 11000,00 -3,66 1000,00 11374,60 GBP 1,18 1,20 -3,25%GB00B3FJ9M78 HSCEI Quanto Call Warrants R134 16.09.2010 6500,00 2,23 1000,00 11371,70 GBP 4,92 4,96 1,02%GB00B4ZTXF55 HSCEI Put Warrants RA52 16.12.2010 13000,00 -3,22 1000,00 11374,60 GBP 0,207 0,217 -2,30%GB00B61BY784 Lloyds Put Warrants RE84 17.09.2010 0,40 -3,33 0,10 0,57 GBP 0,189 0,199 -17,80%GB00B61LX488 Lloyds Put Warrants RE81 18.06.2010 0,55 -8,37 0,10 0,57 GBP 0,229 0,239 -23,78%GB00B3NQ8N44 Lloyds Put Warrants R633 18.06.2010 0,40 -0,43 1,00 0,57 GBP 0,001 0,009 0,00%GB00B3KC9J86 Lloyds Call Warrants R622 18.06.2010 0,60 8,00 1,00 0,57 GBP 0,033 0,041 27,59%GB00B3NPW069 Lloyds Call Warrants R623 18.06.2010 0,80 0,24 1,00 0,57 GBP 0,001 0,009 0,00%GB00B3KD0X28 Lloyds Put Warrants R632 18.06.2010 0,60 -6,68 1,00 0,57 GBP 0,072 0,08 -16,48%GB00B4TS7S90 Lloyds Call Warrants R821 17.12.2010 0,60 3,19 1,00 0,57 GBP 0,138 0,146 9,23%GB00B4TSBZ49 Lloyds Call Warrants R822 17.12.2010 0,73 3,33 1,00 0,57 GBP 0,074 0,082 14,71%GB00B4TSC060 Lloyds Call Warrants R823 17.12.2010 0,87 3,14 1,00 0,57 GBP 0,033 0,041 27,59%GB00B4TF7Y65 Lloyds Call Warrants R818 18.06.2010 0,67 5,94 1,00 0,57 GBP 0,008 0,016 33,33%GB00B4TD6X21 Lloyds Call Warrants R820 18.06.2010 0,87 0,02 1,00 0,57 GBP 0,001 0,009 0,00%GB00B4TF8J89 Lloyds Call Warrants R819 18.06.2010 0,73 1,73 1,00 0,57 GBP 0,001 0,009 0,00%GB00B4T9QM93 Lloyds Put Warrants R832 17.12.2010 0,40 -2,14 1,00 0,57 GBP 0,054 0,062 -13,43%GB00B4T9Q181 Lloyds Put Warrants R831 17.12.2010 0,53 -2,20 1,00 0,57 GBP 0,128 0,136 -7,04%GB00B4T99R53 Lloyds Put Warrants R829 18.06.2010 0,53 -6,95 1,00 0,57 GBP 0,025 0,033 -23,68%GB00B4T99538 Lloyds Put Warrants R828 18.06.2010 0,67 -4,91 1,00 0,57 GBP 0,146 0,154 -12,79%GB00B4T9B688 Lloyds Put Warrants R830 17.12.2010 0,67 -2,01 1,00 0,57 GBP 0,238 0,246 -5,10%GB00B61LWK70 Lloyds Call Warrants RE76 17.09.2010 0,50 3,36 0,10 0,57 GBP 1,225 1,235 9,14%GB00B62WVP72 Lloyds Put Warrants RE83 17.09.2010 0,55 -3,16 0,10 0,57 GBP 0,683 0,693 -9,47%GB00B62C2P46 Lloyds Call Warrants RE80 17.06.2011 0,80 2,89 0,10 0,57 GBP 0,623 0,633 19,62%GB00B62C3D98 Lloyds Put Warrants RE85 17.06.2011 0,40 -1,70 0,10 0,57 GBP 0,594 0,604 -8,97%GB00B61LWQ33 Lloyds Call Warrants RE74 18.06.2010 0,60 9,63 0,10 0,57 GBP 0,219 0,229 32,54%GB00B61DYL85 Lloyds Call Warrants RE78 17.09.2010 0,80 4,72 0,10 0,57 GBP 0,148 0,158 39,09%GB00B61MJ329 Lloyds Call Warrants RE79 17.06.2011 0,60 2,53 0,10 0,57 GBP 1,297 1,307 9,41%GB00B62C1Q87 Lloyds Call Warrants RE73 18.06.2010 0,50 5,87 0,10 0,57 GBP 0,826 0,836 17,71%GB00B61G0B96 Lloyds Call Warrants RE77 17.09.2010 0,60 4,11 0,10 0,57 GBP 0,692 0,702 13,33%GB00B61LXJ31 Lloyds Call Warrants RE75 18.06.2010 0,70 8,43 0,10 0,57 GBP 0,025 0,035 57,89%GB00B62NHY13 Lloyds Put Warrants RE82 18.06.2010 0,40 -2,01 0,10 0,57 GBP 0,003 0,013 -33,33%GB00B55H6131 NASDAQ 100 Call Warrants R917 17.06.2010 1900,00 19,95 100,00 1881,90 GBP 0,27 0,28 22,22%GB00B54PS781 NASDAQ 100 Put Warrants R929 16.12.2010 1700,00 -4,42 100,00 1880,40 GBP 0,84 0,85 -6,63%GB00B520L108 NASDAQ 100 Put Warrants R930 16.12.2010 1400,00 -4,04 100,00 1881,40 GBP 0,37 0,38 -7,41%GB00B53Y3H14 NASDAQ 100 Call Warrants R919 16.12.2010 2200,00 6,28 100,00 1881,90 GBP 0,38 0,39 5,48%GB00B554TV59 NASDAQ 100 Put Warrants R928 17.06.2010 1800,00 -17,07 100,00 1881,70 GBP 0,16 0,17 -26,67%GB00B55J5230 NASDAQ 100 Call Warrants R918 16.12.2010 1800,00 4,89 100,00 1881,70 GBP 1,62 1,63 4,50%GB00B44M5049 NASDAQ 100 Call Warrants R664 17.06.2010 1700,00 9,03 100,00 1880,90 GBP 1,29 1,30 9,28%GB00B431VQ02 NASDAQ 100 Put Warrants R672 17.06.2010 1500,00 -3,80 100,00 1881,70 GBP 0,01 0,02 0,00%GB00B431TP56 NASDAQ 100 Call Warrants R665 17.06.2010 2100,00 3,26 100,00 1881,90 GBP 0,003 0,013 14,29%GB00B4BNND95 NASDAQ 100 Put Warrants R673 17.06.2010 1200,00 0,00 100,00 1881,90 GBP 0,001 0,011 0,00%GB00B3F9FJ68 NASDAQ 100 Quanto Call Warrants R073 16.09.2010 1500,00 3,90 100,00 1881,90 GBP 4,22 4,25 4,18%GB00B3V41J75 Nikkei 225 Call Warrants R476 16.12.2010 13000,00 5,08 10,00 9954,70 GBP 0,041 0,051 53,33%GB00B3V42M79 Nikkei 225 Call Warrants R481 17.06.2010 10000,00 19,71 10,00 9952,20 GBP 0,166 0,176 46,15%GB00B3FJ9N85 Nikkei 225 Quanto Call Warrants R135 16.09.2010 8000,00 3,98 1000,00 9952,20 GBP 2,21 2,23 7,77%GB00B3V43575 Nikkei 225 Call Warrants R483 16.12.2010 11000,00 6,78 10,00 9952,20 GBP 0,292 0,302 17,39%GB00B3V43351 Nikkei 225 Call Warrants R482 17.06.2010 12000,00 0,01 10,00 9954,70 GBP 0,001 0,011 0,00%GB00B4BNLG86 Nikkei 225 Put Warrants R676 17.06.2010 9000,00 -12,76 10,00 9954,70 GBP 0,02 0,03 -45,65%GB00B43BY055 Nikkei 225 Put Warrants R675 17.06.2010 12000,00 -4,83 10,00 9952,20 GBP 1,509 1,519 -9,07%GB00B43BXJ77 Nikkei 225 Call Warrants R668 17.06.2010 13000,00 0,02 10,00 9954,70 GBP 0,001 0,011 0,00%

as at 03.06.2010





Products



GB00B4ZVXD95 Nikkei 225 Put Warrants RA56 16.12.2010 8000,00 -4,62 10,00 9954,70 GBP 0,242 0,252 -11,15%GB00B4YVH279 Nikkei 225 Put Warrants RA55 17.06.2010 10000,00 -18,33 10,00 9952,20 GBP 0,201 0,211 -30,41%GB00B4XVZQ82 Nikkei 225 Put Warrants RA57 16.12.2010 10000,00 -5,04 10,00 9952,20 GBP 0,698 0,708 -9,64%GB00B4YKZM05 Nikkei 225 Call Warrants RA50 17.06.2010 11000,00 4,29 10,00 9954,70 GBP 0,003 0,013 33,33%GB00B5472N80 Nikkei 225 Put Warrants RA76 17.09.2010 10000,00 -6,91 10,00 9952,20 GBP 0,51 0,52 -12,86%GB00B5467W94 Nikkei 225 Call Warrants RA86 17.09.2010 12000,00 6,97 10,00 9954,70 GBP 0,041 0,051 39,39%GB00B51BXF21 Nikkei 225 Call Warrants RA87 17.09.2010 11000,00 8,89 10,00 9952,20 GBP 0,158 0,168 26,36%GB00B578VW07 Nikkei 225 Call Warrants RG31 15.12.2011 15000,00 3,49 10,00 9954,70 GBP 0,074 0,084 27,42%GB00B5910757 Nikkei 225 Call Warrants RG27 16.06.2011 11000,00 4,96 10,00 9952,20 GBP 0,519 0,529 11,49%GB00B5B59Z68 Nikkei 225 Put Warrants RG32 17.09.2010 11000,00 -6,17 10,00 9952,20 GBP 0,937 0,947 -10,71%GB00B57HP142 Nikkei 225 Call Warrants RG29 16.06.2011 15000,00 3,25 10,00 9954,70 GBP 0,03 0,04 40,00%GB00B56MKD79 Nikkei 225 Put Warrants RG34 16.06.2011 9000,00 -3,55 10,00 9952,20 GBP 0,654 0,664 -7,57%GB00B57D4823 Nikkei 225 Put Warrants RG35 15.12.2011 10000,00 -2,91 10,00 9952,20 GBP 1,16 1,17 -5,74%GB00B55THM77 Nikkei 225 Call Warrants RG28 16.06.2011 13000,00 4,75 10,00 9954,70 GBP 0,148 0,158 24,39%GB00B57D3G36 Nikkei 225 Call Warrants RG30 15.12.2011 12000,00 4,30 10,00 9952,20 GBP 0,439 0,449 11,56%GB00B58SPS38 Nikkei 225 Put Warrants RG33 16.06.2011 11000,00 -3,46 10,00 9952,20 GBP 1,358 1,368 -6,39%GB00B5KN8P40 Platinum Call Warrants RC94 16.12.2010 1600,00 3,93 100,00 1564,50 GBP 1,38 1,39 4,53%GB00B5KXS658 Platinum Call Warrants RC95 16.12.2010 1900,00 3,55 100,00 1564,50 GBP 0,84 0,85 3,68%GB00B5MLBS09 Platinum Put Warrants RD04 16.12.2010 1300,00 -3,30 100,00 1564,80 GBP 0,53 0,54 -5,31%GB00B60W9C20 Platinum Put Warrants R601 17.06.2010 1000,00 0,00 100,00 1564,80 GBP 0,01 0,02 0,00%GB00B60W8X67 Platinum Call Warrants R592 17.06.2010 1500,00 13,10 100,00 1564,50 GBP 0,62 0,63 10,62%GB00B60YYT00 Platinum Call Warrants R593 17.06.2010 2000,00 2,69 100,00 1564,50 GBP 0,01 0,02 0,00%GB00B5MCVK53 Prudential Call Warrants RD35 18.06.2010 6,00 11,73 1,00 5,70 GBP 0,14 0,15 -6,45%GB00B5NM9Z50 Prudential Put Warrants RD45 18.06.2010 6,00 -8,44 1,00 5,70 GBP 0,46 0,48 -14,55%GB00B5MTX884 Prudential Put Warrants RD46 18.06.2010 5,50 -9,23 1,00 5,70 GBP 0,20 0,22 -25,00%GB00B5MWSX75 Prudential Call Warrants RD36 18.06.2010 6,50 10,54 1,00 5,70 GBP 0,03 0,04 -22,22%GB00B5NJXF43 Prudential Call Warrants RD37 18.06.2010 7,00 2,92 1,00 5,70 GBP 0,01 0,02 0,00%GB00B5NQLL73 RICI® EnhancedSM ER Call Warrants RD14 17.06.2011 4000,00 2,86 1000,00 2970,80 GBP 0,10 0,11 0,00%GB00B5YCP014 RICI® EnhancedSM ER Call Warrants RD15 17.12.2010 3750,00 3,51 1000,00 2971,40 GBP 0,06 0,07 0,00%GB00B5MJP824 RICI® EnhancedSM ER Call Warrants RD13 17.12.2010 3500,00 3,96 1000,00 2971,20 GBP 0,10 0,11 0,00%GB00B59N2D19 RICI® EnhancedSM ER Call Warrants R584 18.06.2010 3500,00 0,05 1000,00 2970,80 GBP 0,001 0,021 0,00%GB00B59G3Q09 RICI® EnhancedSM ER Call Warrants R587 17.12.2010 4500,00 1,72 1000,00 2970,80 GBP 0,01 0,02 0,00%GB00B59G3N77 RICI® EnhancedSM ER Call Warrants R585 18.06.2010 4000,00 0,01 1000,00 2971,10 GBP 0,001 0,011 0,00%GB00B59N2G40 RICI® EnhancedSM ER Call Warrants R586 17.12.2010 4000,00 2,64 1000,00 2971,20 GBP 0,04 0,05 0,00%GB00B59G2K71 Rio Tinto Call Warrants R579 18.06.2010 33,04 12,92 8,26 32,46 GBP 0,125 0,13 64,52%GB00B59N1V26 Rio Tinto Call Warrants R578 18.06.2010 28,91 7,37 8,26 32,46 GBP 0,464 0,469 31,59%GB00B59G2V86 Rio Tinto Put Warrants R582 18.06.2010 24,78 -5,93 8,26 32,46 GBP 0,006 0,011 -45,16%GB00B59G2X01 Rio Tinto Put Warrants R583 18.06.2010 20,65 -0,25 8,26 32,46 GBP 0,001 0,006 0,00%GB00B3L6LK43 Rio Tinto Put Warrants RD81 17.06.2011 30,00 -2,06 10,00 32,49 GBP 0,554 0,559 -8,40%GB00B3MBJH16 Rio Tinto Call Warrants RD84 17.06.2011 50,00 3,02 10,00 32,49 GBP 0,157 0,162 12,72%GB00B3LLXD60 Rio Tinto Call Warrants RD85 17.06.2011 60,00 2,71 10,00 32,49 GBP 0,068 0,073 12,80%GB00B3MXFK27 Rio Tinto Call Warrants RD83 17.09.2010 50,00 3,17 10,00 32,46 GBP 0,011 0,016 17,39%GB00B618F102 Rio Tinto Put Warrants RD80 17.12.2010 25,00 -2,90 10,00 32,49 GBP 0,204 0,209 -13,78%GB00B3NZQM60 Rio Tinto Put Warrants RD79 17.09.2010 30,00 -4,13 10,00 32,46 GBP 0,263 0,268 -16,90%GB00B3M2F328 Rio Tinto Put Warrants RD82 17.06.2011 25,00 -2,09 10,00 32,49 GBP 0,339 0,344 -9,54%GB00B5M55G88 Rio Tinto Put Warrants RC58 17.09.2010 25,00 -3,98 10,00 32,49 GBP 0,112 0,117 -19,08%GB00B5W58D60 Rio Tinto Put Warrants RC60 17.12.2010 40,00 -2,42 10,00 32,49 GBP 0,98 0,985 -8,90%GB00B56VG144 Rio Tinto Call Warrants RC62 17.09.2010 35,00 5,28 10,00 32,49 GBP 0,232 0,237 21,82%GB00B5WCV727 Rio Tinto Put Warrants RC59 17.12.2010 30,00 -2,91 10,00 32,49 GBP 0,386 0,391 -12,60%GB00B5T1FM59 Rio Tinto Call Warrants RC66 17.12.2010 40,00 4,08 10,00 32,46 GBP 0,204 0,209 15,69%GB00B5T03G27 Rio Tinto Call Warrants RC68 17.12.2010 60,00 2,65 10,00 32,45 GBP 0,015 0,02 12,90%GB00B5MW3765 Rio Tinto Call Warrants RC63 17.09.2010 40,00 5,33 10,00 32,49 GBP 0,091 0,096 23,84%GB00B5SY5F86 Rio Tinto Call Warrants RC67 17.12.2010 50,00 3,60 10,00 32,45 GBP 0,056 0,061 11,43%GB00B5W75190 Rio Tinto Call Warrants RC65 18.06.2010 45,00 0,01 10,00 32,46 GBP 0,001 0,006 0,00%GB00B52GPX80 Royal Dutch Shell - B shares Put Warrants RA98 17.06.2011 16,00 -3,11 10,00 17,70 GBP 0,208 0,213 -4,97%GB00B53JJ678 Royal Dutch Shell - B shares Call Warrants RC06 17.09.2010 17,00 6,49 10,00 17,70 GBP 0,163 0,168 9,97%GB00B53DDV21 Royal Dutch Shell - B shares Call Warrants RC08 17.06.2011 21,00 3,86 10,00 17,80 GBP 0,093 0,098 6,70%GB00B52C4399 Royal Dutch Shell - B shares Call Warrants RC09 17.06.2011 18,00 3,97 10,00 17,70 GBP 0,198 0,203 6,37%GB00B5283B83 Royal Dutch Shell - B shares Put Warrants RA97 17.09.2010 17,00 -6,02 10,00 17,80 GBP 0,109 0,114 -7,47%GB00B53GLC88 Royal Dutch Shell - B shares Call Warrants RC07 17.09.2010 20,00 6,36 10,00 17,80 GBP 0,039 0,044 16,90%GB00B548Y243 Royal Dutch Shell - B shares Put Warrants R909 18.06.2010 18,00 -15,36 10,00 17,80 GBP 0,063 0,068 -18,63%GB00B544BY34 Royal Dutch Shell - B shares Put Warrants R910 17.12.2010 17,00 -4,41 10,00 17,80 GBP 0,166 0,171 -5,60%GB00B51QNW41 Royal Dutch Shell - B shares Call Warrants R900 17.12.2010 18,00 5,30 10,00 17,70 GBP 0,147 0,152 8,73%GB00B51QN133 Royal Dutch Shell - B shares Call Warrants R901 17.12.2010 20,00 4,21 10,00 17,70 GBP 0,028 0,033 15,09%GB00B3Z79430 Royal Dutch Shell - B shares Put Warrants R719 18.06.2010 13,00 -0,51 10,00 17,80 GBP 0,001 0,006 0,00%GB00B40B3X43 Royal Dutch Shell - B shares Put Warrants R718 18.06.2010 15,00 -4,20 10,00 17,70 GBP 0,002 0,007 -30,77%GB00B3Z78K25 Royal Dutch Shell - B shares Call Warrants R708 18.06.2010 16,00 8,88 10,00 17,80 GBP 0,184 0,189 13,37%GB00B4403606 Royal Dutch Shell - B shares Call Warrants R709 18.06.2010 20,00 3,10 10,00 17,80 GBP 0,001 0,006 0,00%GB00B5106T47 S&P 500 Call Warrants R923 16.12.2010 1100,00 5,31 100,00 1102,00 GBP 0,74 0,745 6,00%GB00B55JDK75 S&P 500 Put Warrants R932 17.06.2010 900,00 -6,85 100,00 1102,80 GBP 0,006 0,011 -56,41%GB00B54J7N94 S&P 500 Call Warrants R920 17.06.2010 1100,00 19,03 100,00 1102,50 GBP 0,202 0,207 15,21%GB00B54PTR57 S&P 500 Put Warrants R933 16.12.2010 1000,00 -4,27 100,00 1102,30 GBP 0,529 0,534 -9,53%GB00B55BBF49 S&P 500 Call Warrants R924 16.12.2010 1300,00 5,49 100,00 1102,30 GBP 0,167 0,172 9,71%GB00B55B6R12 S&P 500 Call Warrants R925 16.12.2010 1500,00 2,58 100,00 1102,80 GBP 0,01 0,015 0,00%GB00B53Y3C68 S&P 500 Call Warrants R922 17.06.2010 1300,00 0,03 100,00 1102,00 GBP 0,001 0,006 0,00%GB00B556DF30 S&P 500 Call Warrants R921 17.06.2010 1200,00 6,76 100,00 1102,50 GBP 0,003 0,008 -26,67%GB00B54PWJ86 S&P 500 Put Warrants R934 16.12.2010 900,00 -3,96 100,00 1102,00 GBP 0,345 0,35 -11,01%GB00B55B9503 S&P 500 Put Warrants R931 17.06.2010 1000,00 -13,67 100,00 1102,50 GBP 0,036 0,041 -49,01%GB00B3P20G71 S&P 500 Put Warrants RD99 16.09.2010 1100,00 -6,37 100,00 1102,50 GBP 0,56 0,565 -11,90%GB00B3MMK592 S&P 500 Put Warrants RD96 16.06.2011 1100,00 -3,16 100,00 1102,30 GBP 1,101 1,106 -6,28%GB00B5NXR324 S&P 500 Call Warrants RD12 16.09.2010 1600,00 0,01 100,00 1102,30 GBP 0,01 0,015 0,00%GB00B5NQKF49 S&P 500 Call Warrants RD09 17.06.2010 1400,00 0,01 100,00 1102,50 GBP 0,001 0,006 0,00%GB00B5M9D771 S&P 500 Call Warrants RD10 16.09.2010 1200,00 7,84 100,00 1102,50 GBP 0,21 0,215 9,25%

as at 03.06.2010



52

Products



GB00B5VM9136 S&P 500 Call Warrants RD11 16.09.2010 1400,00 1,54 100,00 1102,50 GBP 0,003 0,008 -15,38%GB00B5T3MF32 S&P 500 Put Warrants RD22 17.06.2010 1100,00 -19,03 100,00 1102,50 GBP 0,184 0,189 -32,30%GB00B5NQH758 S&P 500 Put Warrants RD23 16.09.2010 1000,00 -5,81 100,00 1102,30 GBP 0,333 0,338 -13,86%GB00B5TMYR62 S&P 500 Put Warrants RD24 16.09.2010 900,00 -5,21 100,00 1102,00 GBP 0,192 0,197 -15,25%GB00B3NDCL14 S&P 500 Call Warrants RD86 16.06.2011 1200,00 4,25 100,00 1102,50 GBP 0,677 0,682 4,62%GB00B3MMQ409 S&P 500 Put Warrants RD97 16.06.2011 1000,00 -3,04 100,00 1102,00 GBP 0,823 0,828 -6,99%GB00B3KXBY01 S&P 500 Call Warrants RD88 16.06.2011 1600,00 2,73 100,00 1102,80 GBP 0,033 0,038 9,23%GB00B3MLX688 S&P 500 Put Warrants RD98 16.06.2011 900,00 -2,90 100,00 1102,50 GBP 0,594 0,599 -8,16%GB00B3N6N280 S&P 500 Call Warrants RD89 16.12.2010 1400,00 4,33 100,00 1102,00 GBP 0,049 0,054 10,75%GB00B3P3TP28 S&P 500 Put Warrants RE00 16.12.2010 1100,00 -4,52 100,00 1102,50 GBP 0,783 0,788 -8,50%GB00B3N19143 S&P 500 Call Warrants RD90 16.09.2010 1300,00 5,86 100,00 1102,50 GBP 0,039 0,044 2,47%GB00B3P66M78 S&P 500 Call Warrants RD87 16.06.2011 1400,00 4,02 100,00 1102,80 GBP 0,205 0,21 6,68%GB00B5N7W394 Silver Put Warrants RD05 18.06.2010 15,00 -7,68 1,00 18,35 GBP 0,01 0,02 0,00%GB00B42Y7951 Silver Put Warrants R679 17.12.2010 14,00 -4,31 1,00 18,35 GBP 0,342 0,357 -1,69%GB00B4B0Q313 Silver Put Warrants R680 17.12.2010 12,00 -4,33 1,00 18,35 GBP 0,12 0,13 -7,41%GB00B4RGV838 Silver Put Warrants R744 17.12.2010 17,00 -4,09 1,00 18,35 GBP 1,00 1,01 -0,99%GB00B4S5GC85 Silver Call Warrants R742 17.12.2010 23,00 4,94 1,00 18,35 GBP 0,62 0,63 1,63%GB00B4RLMR45 Silver Call Warrants R739 18.06.2010 21,00 14,41 1,00 18,35 GBP 0,02 0,03 -28,57%GB00B4PNFX95 Silver Call Warrants R741 17.12.2010 20,00 4,82 1,00 18,38 GBP 1,10 1,11 1,84%GB00B4QRGY80 Silver Call Warrants R740 17.12.2010 18,00 4,57 1,00 18,35 GBP 1,60 1,61 1,26%GB00B4S3K642 Silver Call Warrants R738 18.06.2010 18,00 14,30 1,00 18,36 GBP 0,54 0,55 3,81%GB00B4QRHJ05 Silver Put Warrants R743 18.06.2010 17,00 -15,75 1,00 18,35 GBP 0,10 0,11 -8,70%GB00B3XWST88 Standard Chartered Call Warrants R506 18.06.2010 12,00 3,36 10,00 16,90 GBP 0,493 0,498 7,14%GB00B3XWT177 Standard Chartered Call Warrants R507 18.06.2010 16,00 9,00 10,00 16,90 GBP 0,132 0,137 14,47%GB00B54LHX57 Standard Chartered Call Warrants R885 17.12.2010 20,00 4,06 10,00 16,90 GBP 0,114 0,119 7,37%GB00B551R340 Standard Chartered Call Warrants R882 18.06.2010 18,00 11,52 10,00 16,90 GBP 0,027 0,032 25,53%GB00B5570Q62 Standard Chartered Put Warrants R887 17.12.2010 15,00 -3,04 10,00 16,90 GBP 0,16 0,165 -7,41%GB00B551MW82 Standard Chartered Put Warrants R886 18.06.2010 16,00 -9,91 10,00 16,90 GBP 0,041 0,046 -23,01%GB00B54LK928 Standard Chartered Call Warrants R883 18.06.2010 20,00 0,89 10,00 16,90 GBP 0,001 0,006 0,00%GB00B54LJ409 Standard Chartered Call Warrants R884 17.12.2010 16,00 3,65 10,00 16,90 GBP 0,285 0,29 5,50%GB00B59N5T83 Tullow Oil Put Warrants RD48 18.06.2010 12,00 -9,50 10,00 11,51 GBP 0,078 0,083 -16,58%GB00B5LG3P70 Tullow Oil Put Warrants RD47 18.06.2010 13,00 -6,57 10,00 11,51 GBP 0,157 0,162 -11,14%GB00B5MHVH79 Tullow Oil Call Warrants RD40 18.06.2010 15,00 0,19 10,00 11,50 GBP 0,001 0,006 0,00%GB00B5MMVJ47 Tullow Oil Call Warrants RD39 18.06.2010 14,00 2,20 10,00 11,51 GBP 0,001 0,006 0,00%GB00B5NW1370 Tullow Oil Call Warrants RD38 18.06.2010 13,00 7,67 10,00 11,50 GBP 0,007 0,012 26,67%GB00B3PMG700 USD/JPY Put Warrants RE25 17.06.2011 80,00 -5,03 0,10 92,50 GBP 0,157 0,162 -5,90%GB00B3LNBL64 USD/JPY Call Warrants RE18 17.06.2011 100,00 12,23 0,10 92,50 GBP 0,168 0,173 -2,29%GB00B3LN6226 USD/JPY Put Warrants RE22 17.12.2010 100,00 -7,88 0,10 92,50 GBP 0,662 0,667 -3,35%GB00B3PKWL01 USD/JPY Call Warrants RE20 17.12.2010 110,00 10,89 0,10 92,50 GBP 0,016 0,021 12,12%GB00B3LKB514 USD/JPY Put Warrants RE24 17.06.2011 90,00 -6,04 0,10 92,50 GBP 0,368 0,373 -3,89%GB00B3LJMR79 USD/JPY Call Warrants RE16 17.12.2010 90,00 12,05 0,10 92,50 GBP 0,387 0,392 0,00%GB00B549DZ36 USD/JPY Call Warrants R540 18.06.2010 110,00 0,06 0,10 92,50 GBP 0,001 0,006 0,00%GB00B54CPP66 USD/JPY Put Warrants R534 18.06.2010 90,00 -27,11 0,10 92,50 GBP 0,023 0,028 -21,54%GB00B3Q4GM07 USD/JPY Call Warrants RE15 18.06.2010 100,00 8,56 0,10 92,50 GBP 0,001 0,006 0,00%GB00B3LM0V60 USD/JPY Put Warrants RE21 18.06.2010 100,00 -12,07 0,10 92,50 GBP 0,553 0,558 -4,31%GB00B3PLGC27 USD/JPY Call Warrants RE17 17.12.2010 100,00 17,76 0,10 92,50 GBP 0,078 0,088 0,00%GB00B3L67K65 USD/JPY Put Warrants RE23 17.12.2010 90,00 -8,74 0,10 92,50 GBP 0,231 0,236 -4,89%GB00B3MGLV43 USD/JPY Call Warrants RE19 17.06.2011 120,00 7,07 0,10 92,50 GBP 0,018 0,023 5,13%GB00B63CPB04 Vodafone Put Warrants RF19 17.12.2010 1,40 -4,04 1,00 1,38 GBP 0,174 0,178 -8,81%GB00B63CG280 Vodafone Call Warrants RF15 17.12.2010 1,30 4,59 1,00 1,38 GBP 0,18 0,184 10,98%GB00B65C5R44 Vodafone Call Warrants RF16 17.12.2010 1,50 5,06 1,00 1,38 GBP 0,087 0,091 14,10%GB00B63Q2D30 Vodafone Call Warrants RF12 18.06.2010 1,55 3,84 1,00 1,38 GBP 0,001 0,005 0,00%GB00B63H9F71 Vodafone Call Warrants RF13 17.06.2011 1,60 3,85 1,00 1,38 GBP 0,086 0,09 11,39%GB00B63PZQ42 Vodafone Call Warrants RF17 17.12.2010 1,60 4,95 1,00 1,38 GBP 0,056 0,06 18,37%GB00B65FFF15 Vodafone Call Warrants RF14 17.06.2011 1,30 3,71 1,00 1,38 GBP 0,202 0,206 9,09%GB00B63QBR06 Vodafone Call Warrants RF11 18.06.2010 1,50 9,88 1,00 1,38 GBP 0,006 0,01 33,33%GB00B63CJ417 Vodafone Put Warrants RF18 18.06.2010 1,40 -13,54 1,00 1,38 GBP 0,056 0,06 -28,40%GB00B445D659 Vodafone Put Warrants R685 18.06.2010 1,20 -7,53 1,00 1,38 GBP 0,005 0,009 -46,15%GB00B46KWR25 Vodafone Put Warrants R686 18.06.2010 1,00 -0,48 1,00 1,38 GBP 0,001 0,005 0,00%GB00B51QN356 Vodafone Call Warrants R904 17.12.2010 1,40 4,93 1,00 1,38 GBP 0,129 0,133 12,93%GB00B53ZD297 Vodafone Call Warrants R905 17.12.2010 1,70 4,53 1,00 1,38 GBP 0,032 0,036 17,24%GB00B54TXP34 Vodafone Put Warrants R913 17.12.2010 1,10 -3,76 1,00 1,38 GBP 0,059 0,063 -10,29%GB00B549G545 Vodafone Put Warrants R912 17.12.2010 1,30 -4,06 1,00 1,38 GBP 0,126 0,13 -9,22%GB00B446BJ73 Vodafone Call Warrants R697 18.06.2010 1,60 0,55 1,00 1,38 GBP 0,001 0,005 0,00%GB00B45M7X03 Vodafone Call Warrants R696 18.06.2010 1,40 14,87 1,00 1,38 GBP 0,034 0,038 33,33%GB00B51YTK80 Vodafone Put Warrants RA94 17.06.2011 1,40 -2,91 1,00 1,38 GBP 0,255 0,259 -6,55%GB00B52Q5L63 Vodafone Call Warrants RC01 17.06.2011 1,70 3,74 1,00 1,38 GBP 0,061 0,065 12,50%GB00B586YY69 Vodafone Put Warrants RA92 17.06.2011 1,10 -2,89 1,00 1,38 GBP 0,117 0,121 -7,03%GB00B5314F74 Vodafone Call Warrants RC00 17.09.2010 1,60 6,19 1,00 1,38 GBP 0,029 0,033 24,00%GB00B52YDZ07 Vodafone Call Warrants RC10 17.09.2010 1,40 6,45 1,00 1,38 GBP 0,101 0,105 17,05%GB00B5285X44 Vodafone Call Warrants RA99 17.06.2011 1,40 3,86 1,00 1,38 GBP 0,156 0,16 9,72%GB00B590PS88 Vodafone Put Warrants RA91 17.09.2010 1,40 -5,60 1,00 1,38 GBP 0,121 0,125 -12,14%GB00B56XNT75 Vodafone Put Warrants RA93 17.09.2010 1,20 -5,17 1,00 1,38 GBP 0,046 0,05 -15,79%GB00B53LC422 Xstrata Call Warrants RC03 10.09.2010 14,00 5,09 1,00 10,20 GBP 0,20 0,21 10,81%GB00B50J1L90 Xstrata Put Warrants RA96 18.06.2010 11,00 -7,88 1,00 10,20 GBP 0,97 0,98 -21,05%GB00B52T6569 Xstrata Call Warrants RC05 18.06.2010 14,00 0,44 1,00 10,20 GBP 0,01 0,02 0,00%GB00B51YT191 Xstrata Put Warrants RA95 10.09.2010 10,00 -3,99 1,00 10,20 GBP 1,05 1,06 -14,57%GB00B52LZY49 Xstrata Call Warrants RC02 10.09.2010 11,00 5,08 1,00 10,20 GBP 0,84 0,85 10,46%GB00B530JZ98 Xstrata Call Warrants RC04 18.06.2010 13,00 4,21 1,00 10,20 GBP 0,01 0,02 0,00%GB00B3P3BZ67 Xstrata Put Warrants RD92 17.06.2011 8,00 -1,97 1,00 10,20 GBP 1,17 1,18 -8,56%GB00B3P4RL72 Xstrata Put Warrants RD91 17.06.2011 11,00 -1,75 1,00 10,20 GBP 2,73 2,75 -6,16%GB00B3N1CP99 Xstrata Call Warrants RE05 17.06.2011 16,00 2,88 1,00 10,20 GBP 0,75 0,76 5,59%GB00B3PVH527 Xstrata Call Warrants RE01 17.06.2011 13,00 2,86 1,00 10,20 GBP 1,35 1,36 8,84%

as at 03.06.2010





Products



GB00B5N9PL46 Aluminium Call Warrants RC90 30.11.10 2.300, 5,09 100, 2018,80 GBP 0,90 0,91 -2,16%GB00B5T8P481 Aluminium Call Warrants RC91 30.11.10 2.600, 4,95 100, 2021,00 GBP 0,55 0,56 -1,77%GB00B5LFP147 Aluminium Put Warrants RD01 30.11.10 1.900, -4,65 100, 2018,10 GBP 1,03 1,04 0,98%GB00B5TGG279 Aluminium Put Warrants RD02 30.11.10 2.200, -3,57 100, 2019,50 GBP 2,30 2,31 0,44%GB00B4YBDZ23 Anglo American Call Warrants RA40 18.06.10 30, 10,55 10, 26,50 GBP 0,016 0,021 5,71%GB00B4ZZ3867 Anglo American Put Warrants RA45 18.06.10 25, -10,70 10, 26,50 GBP 0,058 0,063 -30,86%GB00B4XTLK88 Anglo American Call Warrants RA41 17.12.10 27, 3,85 10, 26,60 GBP 0,368 0,373 9,13%GB00B4Y06947 Anglo American Call Warrants RA42 17.12.10 31, 4,25 10, 26,50 GBP 0,208 0,213 10,50%GB00B3ZDZX27 Anglo American Call Warrants R704 18.06.10 20, 3,89 10, 26,50 GBP 0,669 0,674 10,53%GB00B4T6S027 Anglo American Call Warrants R751 18.06.10 22, 5,22 10, 26,60 GBP 0,476 0,481 13,25%GB00B4S6QS76 Anglo American Put Warrants R747 18.06.10 18, -1,77 10, 26,50 GBP 0,001 0,006 -36,36%GB00B4T4DR80 Anglo American Call Warrants R750 18.06.10 27, 12,02 10, 26,60 GBP 0,095 0,10 22,64%GB00B3ZWMJ43 Anglo American Call Warrants R705 18.06.10 25, 8,91 10, 26,60 GBP 0,219 0,224 20,05%GB00B4024451 Anglo American Put Warrants R715 18.06.10 15, -0,03 10, 26,50 GBP 0,001 0,006 0,00%GB00B598MC57 Anglo American Put Warrants RG42 17.09.10 27, -4,21 10, 26,60 GBP 0,302 0,307 -10,83%GB00B53H2K64 Anglo American Put Warrants RG46 17.12.10 20, -2,99 10, 26,50 GBP 0,139 0,144 -9,00%GB00B52VXP16 Anglo American Call Warrants RG36 17.09.10 28, 5,37 10, 26,50 GBP 0,216 0,221 12,92%GB00B57L0G65 Anglo American Call Warrants RG38 17.09.10 34, 5,40 10, 26,50 GBP 0,055 0,06 7,48%GB00B57CD040 Anglo American Put Warrants RG45 17.12.10 24, -3,05 10, 26,50 GBP 0,268 0,273 -8,46%GB00B58PRS88 Anglo American Call Warrants RG41 17.12.10 36, 4,19 10, 26,50 GBP 0,096 0,101 7,65%GB00B56TB248 Anglo American Put Warrants RG43 17.09.10 23, -4,28 10, 26,50 GBP 0,141 0,146 -13,81%GB00B58J0X66 Anglo American Call Warrants RG37 17.09.10 31, 5,66 10, 26,50 GBP 0,112 0,117 12,81%GB00B56RWV45 Anglo American Call Warrants RG39 17.12.10 28, 3,98 10, 26,50 GBP 0,323 0,328 9,78%GB00B584GM26 Anglo American Call Warrants RG40 17.12.10 32, 4,28 10, 26,60 GBP 0,177 0,182 9,79%GB00B51WNL12 Anglo American Put Warrants RG44 17.12.10 27, -2,98 10, 26,60 GBP 0,405 0,41 -7,49%GB00B58SVV84 AstraZeneca Put Warrants R953 17.12.10 28, -4,18 10, 29,78 GBP 0,255 0,26 -5,85%GB00B58SV962 AstraZeneca Call Warrants R944 17.12.10 29, 4,85 10, 29,76 GBP 0,344 0,349 5,16%GB00B58SVX09 AstraZeneca Put Warrants R951 18.06.10 26, -9,30 10, 29,78 GBP 0,014 0,019 -23,26%GB00B58ST818 AstraZeneca Call Warrants R943 18.06.10 30, 15,76 10, 29,76 GBP 0,082 0,087 13,42%GB00B58T0H08 AstraZeneca Put Warrants R954 17.12.10 25, -3,94 10, 29,76 GBP 0,149 0,154 -7,34%GB00B58SZJ45 AstraZeneca Put Warrants R952 18.06.10 24, -5,79 10, 29,76 GBP 0,006 0,011 -19,05%GB00B58ST032 AstraZeneca Call Warrants R945 17.12.10 32, 5,13 10, 29,76 GBP 0,206 0,211 6,11%GB00B57YZ716 AstraZeneca Call Warrants R942 18.06.10 28, 11,10 10, 29,78 GBP 0,214 0,219 11,31%GB00B5MR8P47 AstraZeneca Call Warrants RD17 18.06.10 34, 3,41 10, 29,76 GBP 0,002 0,007 -18,18%GB00B5T4H065 AstraZeneca Put Warrants RD27 17.09.10 27, -5,37 10, 29,76 GBP 0,15 0,155 -7,85%GB00B5MGRY34 AstraZeneca Call Warrants RD19 17.09.10 33, 6,42 10, 29,76 GBP 0,10 0,105 8,47%GB00B5KTWW77 AstraZeneca Call Warrants RD20 17.09.10 36, 5,42 10, 29,76 GBP 0,037 0,042 8,22%GB00B5WBLZ73 AstraZeneca Call Warrants RD16 18.06.10 32, 12,42 10, 29,76 GBP 0,017 0,022 0,00%GB00B5TPVL84 AstraZeneca Call Warrants RD21 17.12.10 35, 5,14 10, 29,76 GBP 0,103 0,108 3,94%GB00B5N4M962 AstraZeneca Put Warrants RD28 17.12.10 31, -4,15 10, 29,76 GBP 0,402 0,407 -5,38%GB00B5NQFZ91 AstraZeneca Put Warrants RD26 17.09.10 30, -5,52 10, 29,78 GBP 0,276 0,281 -6,70%GB00B5NXWD71 AstraZeneca Call Warrants RD18 17.09.10 30, 6,41 10, 29,78 GBP 0,217 0,222 7,33%GB00B5V1PW36 AstraZeneca Put Warrants RD25 18.06.10 28, -12,72 10, 29,76 GBP 0,037 0,042 -26,17%GB00B54GQK09 Barclays Put Warrants RA58 17.09.10 3, -3,18 1, 3,10 GBP 0,40 0,405 -12,40%GB00B4ZG4G40 Barclays Call Warrants RA65 17.09.10 3,5 4,82 1, 3,00 GBP 0,204 0,209 7,83%GB00B4ZVHC62 Barclays Put Warrants RA59 17.09.10 2, -2,72 1, 3,00 GBP 0,13 0,135 -18,96%GB00B4ZW7B80 Barclays Call Warrants RA66 17.09.10 4, 5,00 1, 3,00 GBP 0,069 0,074 5,93%GB00B4ZHG277 Barclays Call Warrants RA68 17.09.10 4,5 3,76 1, 3,10 GBP 0,015 0,02 0,00%GB00B4W5LB81 Barclays Call Warrants R777 17.12.10 4, 3,95 1, 3,10 GBP 0,16 0,165 13,24%GB00B4T0WP75 Barclays Call Warrants R775 18.06.10 5, 0,01 1, 3,00 GBP 0,001 0,011 0,00%GB00B4WGX156 Barclays Call Warrants R776 18.06.10 5,5 0,01 1, 3,10 GBP 0,001 0,011 0,00%GB00B4T07523 Barclays Call Warrants R779 17.12.10 6, 0,05 1, 3,00 GBP 0,001 0,006 0,00%GB00B4R7PQ21 Barclays Call Warrants R778 17.12.10 6, 3,64 1, 3,10 GBP 0,008 0,013 23,53%GB00B4VR9V18 Barclays Call Warrants R774 18.06.10 4, 0,82 1, 3,00 GBP 0,001 0,011 0,00%GB00B4W43R55 Barclays Put Warrants R785 18.06.10 3,5 -5,83 1, 3,10 GBP 0,47 0,48 -17,39%GB00B4VRLN71 Barclays Put Warrants R788 17.12.10 4, -2,13 1, 3,00 GBP 1,119 1,124 -6,15%GB00B4VGZ096 Barclays Put Warrants R786 18.06.10 4, -3,17 1, 3,00 GBP 0,95 0,96 -8,61%GB00B4WGW745 Barclays Put Warrants R787 17.12.10 3, -2,32 1, 3,10 GBP 0,536 0,541 -8,96%GB00B53WN863 Barclays Call Warrants R561 18.06.10 3,5 8,47 1, 3,00 GBP 0,021 0,031 -7,14%GB00B53WMJ07 Barclays Call Warrants R560 18.06.10 2,5 4,38 1, 3,10 GBP 0,601 0,611 15,21%GB00B3NMYN49 Barclays Call Warrants R619 18.06.10 4,5 0,01 1, 3,10 GBP 0,001 0,011 0,00%GB00B3NQ6T65 Barclays Put Warrants R629 18.06.10 2, -3,55 1, 3,00 GBP 0,011 0,021 -15,79%GB00B3KC9G55 Barclays Put Warrants R628 18.06.10 2,5 -6,21 1, 3,10 GBP 0,05 0,06 -23,61%GB00B3NNNC93 Barclays Put Warrants R627 18.06.10 3, -8,76 1, 3,10 GBP 0,136 0,146 -31,55%GB00B55XT905 Barclays Call Warrants RG76 17.09.10 2,75 3,44 1, 3,00 GBP 0,60 0,605GB00B56PPT73 Barclays Put Warrants RG86 17.12.10 2,75 -2,29 1, 3,10 GBP 0,432 0,437GB00B56TKJ43 Barclays Put Warrants RG85 17.12.10 2,5 -2,25 1, 3,10 GBP 0,342 0,347GB00B5848S25 Barclays Call Warrants RG77 17.09.10 3, 3,94 1, 3,10 GBP 0,442 0,447GB00B5V4CS75 Barclays Put Warrants RG83 17.09.10 2,5 -3,01 1, 3,10 GBP 0,233 0,238GB00B58G9J61 Barclays Call Warrants RG75 17.09.10 2,5 2,99 1, 3,10 GBP 0,775 0,78GB00B521QY18 Barclays Call Warrants RG79 17.12.10 2,75 2,84 1, 3,10 GBP 0,716 0,721GB00B57FWR36 Barclays Call Warrants RG82 17.06.11 3,5 2,89 1, 3,10 GBP 0,47 0,475GB00B582NT22 Barclays Put Warrants RG84 17.09.10 2,75 -3,11 1, 3,10 GBP 0,307 0,312GB00B5964V28 Barclays Call Warrants RG81 17.06.11 2,75 2,39 1, 3,00 GBP 0,849 0,854GB00B5LQJ261 Barclays Call Warrants RG78 17.12.10 2,5 2,57 1, 3,10 GBP 0,876 0,881GB00B5899950 Barclays Call Warrants RG80 17.06.11 2,5 2,22 1, 3,00 GBP 0,999 1,004GB00B3PVW245 Barclays Call Warrants RF30 17.06.11 4,5 3,11 1, 3,00 GBP 0,147 0,152 7,17%GB00B3K69B24 Barclays Call Warrants RF32 17.06.11 6, 0,51 1, 3,00 GBP 0,004 0,014 28,57%GB00B3NFR672 Barclays Call Warrants RF27 17.12.10 3, 3,11 1, 3,10 GBP 0,571 0,576 7,90%GB00B3KYDY73 Barclays Call Warrants RF29 17.12.10 4,5 3,77 1, 3,10 GBP 0,058 0,063 19,80%GB00B3N78263 Barclays Put Warrants RF42 17.06.11 2,1 -1,62 1, 3,00 GBP 0,346 0,351 -12,11%GB00B3N5QS21 Barclays Put Warrants RF41 17.06.11 4, -1,71 1, 3,10 GBP 1,249 1,254 -5,55%

as at 18.04.2010



54

Products



GB00B3PT9949 Barclays Put Warrants RF40 17.12.10 4,5 -1,83 1, 3,00 GBP 1,51 1,52 -5,16%GB00B3N6YZ88 Barclays Call Warrants RF28 17.12.10 3,5 3,63 1, 3,00 GBP 0,331 0,336 10,61%GB00B3M4JK39 Barclays Call Warrants RF31 17.06.11 3, 2,56 1, 3,10 GBP 0,71 0,715 4,55%GB00B3N1VM99 Barclays Put Warrants RF39 17.12.10 3,5 -2,29 1, 3,10 GBP 0,793 0,798 -7,23%GB00B46GPY88 BHP Billiton Put Warrants R689 18.06.10 12, -0,15 10, 18,90 GBP 0,001 0,006 0,00%GB00B46MHX99 BHP Billiton Put Warrants R688 18.06.10 15, -4,79 10, 18,90 GBP 0,005 0,01 -28,57%GB00B45D4T84 BHP Billiton Call Warrants R700 18.06.10 16, 5,81 10, 18,91 GBP 0,301 0,306 10,97%GB00B446BL95 BHP Billiton Call Warrants R699 18.06.10 14, 3,76 10, 18,91 GBP 0,492 0,497 6,92%GB00B46JF811 BHP Billiton Call Warrants R701 18.06.10 20, 12,69 10, 18,90 GBP 0,03 0,035 3,17%GB00B4ZG2S22 BHP Billiton Call Warrants R867 17.12.10 21, 4,41 10, 18,91 GBP 0,152 0,157 6,19%GB00B4Z6ZG17 BHP Billiton Call Warrants R866 17.12.10 19, 4,12 10, 18,91 GBP 0,238 0,243 7,13%GB00B4ZLWD23 BHP Billiton Call Warrants R863 18.06.10 22, 4,81 10, 18,90 GBP 0,003 0,008 0,00%GB00B4ZHK709 BHP Billiton Call Warrants R865 17.12.10 17, 3,66 10, 18,91 GBP 0,347 0,352 5,75%GB00B4YYJB93 BHP Billiton Call Warrants R868 17.12.10 24, 4,30 10, 18,90 GBP 0,07 0,075 5,84%GB00B4ZFX425 BHP Billiton Call Warrants R864 18.06.10 24, 0,19 10, 18,90 GBP 0,001 0,006 0,00%GB00B501PT10 BHP Billiton Call Warrants R862 18.06.10 18, 9,91 10, 18,91 GBP 0,133 0,138 15,32%GB00B4Z71L12 BHP Billiton Put Warrants R872 18.06.10 17, -9,58 10, 18,90 GBP 0,021 0,026 -29,85%GB00B4ZMFY77 BHP Billiton Put Warrants R874 17.12.10 16, -3,25 10, 18,90 GBP 0,141 0,146 -8,31%GB00B5006J57 BHP Billiton Put Warrants R875 17.12.10 14, -3,09 10, 18,90 GBP 0,085 0,09 -10,26%GB00B4YSXL91 BHP Billiton Put Warrants R873 17.12.10 18, -3,29 10, 18,90 GBP 0,219 0,224 -7,52%GB00B4ZW5Q93 BHP Billiton Call Warrants RA69 17.09.10 22, 5,67 10, 18,91 GBP 0,06 0,065 8,70%GB00B4YXQQ07 BHP Billiton Put Warrants RA60 17.09.10 18, -4,57 10, 18,90 GBP 0,156 0,161 -10,20%GB00B4Z9P821 BHP Billiton Put Warrants RA61 17.09.10 16, -4,42 10, 18,90 GBP 0,087 0,092 -10,95%GB00B53XDZ64 BHP Billiton Call Warrants RA67 17.09.10 20, 5,70 10, 18,90 GBP 0,125 0,13 9,44%GB00B5MVRJ34 BHP Billiton Call Warrants RC79 17.09.10 24, 5,04 10, 18,90 GBP 0,026 0,031 0,00%GB00B5LDMJ57 BHP Billiton Call Warrants RC76 17.06.11 20, 3,26 10, 18,90 GBP 0,276 0,281 5,29%GB00B5730627 BHP Billiton Call Warrants RC78 17.06.11 30, 2,96 10, 18,90 GBP 0,046 0,051 0,00%GB00B56V5M89 BHP Billiton Call Warrants RC77 17.06.11 25, 3,35 10, 18,90 GBP 0,119 0,124 3,40%GB00B5LD8420 BHP Billiton Put Warrants RC85 17.06.11 15, -2,32 10, 18,90 GBP 0,188 0,193 -6,39%GB00B5L39J46 BHP Billiton Put Warrants RC84 17.06.11 20, -2,29 10, 18,90 GBP 0,419 0,424 -5,17%GB00B59N0T39 Bovespa Index Quanto Call Warrants R570 14.12.10 60.000, 3,79 10.000, 63133,40 GBP 1,12 1,20 1,75%GB00B59N0B54 Bovespa Index Quanto Call Warrants R568 15.06.10 55.000, 6,64 10.000, 63133,40 GBP 0,85 0,89 3,57%GB00B59G0Q93 Bovespa Index Quanto Call Warrants R569 15.06.10 65.000, 16,98 10.000, 63133,40 GBP 0,10 0,12 10,00%GB00B59G1G60 Bovespa Index Quanto Call Warrants R571 14.12.10 70.000, 4,83 10.000, 63133,40 GBP 0,57 0,60 1,74%GB00B3T4JP13 Bovespa Index Quanto Call Warrants R462 15.06.10 50.000, 4,50 10.000, 63133,40 GBP 1,33 1,39 3,03%GB00B3T4J402 Bovespa Index Quanto Call Warrants R461 15.06.10 47.000, 3,68 10.000, 63133,40 GBP 1,62 1,72 2,45%GB00B46MHF18 BP Put Warrants R682 18.06.10 4,5 -7,27 1, 4,40 GBP 0,303 0,313 -27,01%GB00B445B943 BP Put Warrants R681 18.06.10 5,5 -3,82 1, 4,40 GBP 1,09 1,11 -12,21%GB00B584Y735 BP Put Warrants R946 17.12.10 5, -2,52 1, 4,40 GBP 1,086 1,096 -9,69%GB00B5700638 BP Call Warrants R936 17.12.10 6, 3,89 1, 4,40 GBP 0,169 0,179 20,00%GB00B58SVB88 BP Put Warrants R947 17.12.10 6, -2,02 1, 4,40 GBP 1,84 1,86 -6,57%GB00B55TCV14 BP Call Warrants R937 17.12.10 8, 2,22 1, 4,40 GBP 0,017 0,027 15,79%GB00B56ZWP27 BP Call Warrants R935 18.06.10 7, 0,09 1, 4,40 GBP 0,001 0,011 0,00%GB00B45M7C99 BP Call Warrants R690 18.06.10 5, 9,34 1, 4,40 GBP 0,08 0,09 13,33%GB00B446B750 BP Call Warrants R691 18.06.10 6, 3,13 1, 4,40 GBP 0,005 0,015 0,00%GB00B3N4X888 BP Put Warrants RD95 18.06.10 6, -2,76 1, 4,40 GBP 1,56 1,58 -9,77%GB00B3MJ7484 BP Put Warrants RD94 17.12.10 5,5 -2,27 1, 4,40 GBP 1,44 1,46 -7,64%GB00B3MLB866 BP Call Warrants RE03 18.06.10 6,5 0,68 1, 4,40 GBP 0,001 0,011 0,00%GB00B3MKBZ03 BP Call Warrants RE02 17.06.11 8, 2,31 1, 4,40 GBP 0,04 0,05 50,00%GB00B3PT8L94 BP Call Warrants RE04 17.12.10 7, 3,32 1, 4,40 GBP 0,056 0,066 22,00%GB00B3N18B72 BP Put Warrants RD93 17.06.11 4, -2,30 1, 4,40 GBP 0,705 0,715 -8,15%GB00B5LHPD23 BP Put Warrants RC48 17.06.11 4,5 -2,23 1, 4,40 GBP 0,969 0,979 -7,33%GB00B5KWCY82 BP Call Warrants RC43 17.06.11 7, 2,92 1, 4,40 GBP 0,105 0,115 35,80%GB00B5VMXG62 BP Call Warrants RC44 17.09.10 8, 1,41 1, 4,40 GBP 0,005 0,015 0,00%GB00B5KRX171 BP Call Warrants RC42 17.06.11 6, 3,86 1, 4,40 GBP 0,207 0,217 18,44%GB00B5MTN331 BP Put Warrants RC47 17.09.10 5, -3,19 1, 4,40 GBP 0,911 0,921 -12,93%GB00B5VDNW57 BP Put Warrants RC46 17.06.11 5, -2,11 1, 4,40 GBP 1,277 1,287 -6,42%GB00B5MQJN68 BP Call Warrants RC41 17.09.10 7, 3,21 1, 4,40 GBP 0,021 0,031 8,33%GB00B5W6Y425 BP Put Warrants RC45 17.09.10 5,5 -2,75 1, 4,40 GBP 1,28 1,30 -9,79%GB00B4ZRF757 BP Put Warrants RA62 17.09.10 4,5 -3,47 1, 4,40 GBP 0,614 0,624 -15,09%GB00B54FWR62 BP Call Warrants RA71 17.09.10 6, 4,64 1, 4,40 GBP 0,086 0,096 12,35%GB00B4XLK748 Brent Crude Oil Future Call Warrants RA01 10.11.10 130, 2,84 10, 77,90 GBP 0,03 0,05 -20,00%GB00B4Z1SC31 Brent Crude Oil Future Put Warrants RA19 10.11.10 70, -3,90 10, 78,00 GBP 0,38 0,40 -2,50%GB00B4Z0QF98 Brent Crude Oil Future Put Warrants RA18 10.11.10 90, -3,29 10, 78,00 GBP 1,11 1,13 -0,88%GB00B4WGQT49 Brent Crude Oil Future Call Warrants RA00 10.11.10 110, 4,35 10, 78,00 GBP 0,08 0,10 -10,00%GB00B4ZB4582 Brent Crude Oil Future Call Warrants RA02 10.11.10 150, 1,87 10, 77,90 GBP 0,02 0,04 0,00%GB00B60TXG52 Brent Crude Oil Future Call Warrants R596 10.11.10 100, 4,97 10, 78,00 GBP 0,15 0,17 -11,11%GB00B60TXW11 Brent Crude Oil Future Put Warrants R603 10.11.10 60, -3,70 10, 78,00 GBP 0,19 0,21 -4,76%GB00B613F608 Brent Crude Oil Future Call Warrants R597 10.11.10 120, 3,34 10, 78,00 GBP 0,05 0,07 -14,29%GB00B60YZ538 Brent Crude Oil Future Put Warrants R602 10.11.10 80, -3,78 10, 78,00 GBP 0,69 0,71 0,00%GB00B3V6FF70 Brent Crude Oil Future Call Warrants R491 10.11.10 85, 5,02 10, 78,00 GBP 0,40 0,42 -4,65%GB00B3V6FC40 Brent Crude Oil Future Call Warrants R490 10.11.10 75, 4,43 10, 78,00 GBP 0,71 0,73 -2,70%GB00B55TJ763 British Airways Call Warrants R939 18.06.10 2,75 0,04 1, 2,10 GBP 0,001 0,011 0,00%GB00B57Z0130 British Airways Put Warrants R950 17.12.10 2, -2,78 1, 2,10 GBP 0,309 0,319 -5,99%GB00B55THY99 British Airways Call Warrants R938 18.06.10 2,25 9,42 1, 2,10 GBP 0,021 0,031 4,00%GB00B58SXH80 British Airways Put Warrants R949 18.06.10 2,25 -7,93 1, 2,10 GBP 0,21 0,22 -16,02%GB00B56S8V99 British Airways Call Warrants R940 17.12.10 2,5 3,75 1, 2,10 GBP 0,127 0,137 20,00%GB00B56S9495 British Airways Call Warrants R941 17.12.10 3, 3,30 1, 2,10 GBP 0,053 0,063 41,46%GB00B58SXF66 British Airways Put Warrants R948 18.06.10 2, -10,49 1, 2,10 GBP 0,058 0,068 -25,88%GB00B4R5TB91 British Airways Call Warrants RF77 17.06.11 3,5 2,55 1, 2,10 GBP 0,075 0,085 50,94%GB00B4JPT731 British Airways Call Warrants RF67 17.12.10 2,75 3,58 1, 2,10 GBP 0,082 0,092 27,94%GB00B4N6W512 British Airways Call Warrants RF69 17.06.11 2,75 2,85 1, 2,10 GBP 0,171 0,181 22,22%

as at 18.04.2010





Products



GB00B45D4J86 Xstrata Call Warrants R694 18.06.2010 10,00 10,76 1,00 10,20 GBP 0,57 0,58 32,18%GB00B4467775 Xstrata Call Warrants R693 18.06.2010 12,00 9,66 1,00 10,20 GBP 0,05 0,06 57,14%GB00B4T2SF55 Xstrata Call Warrants R843 17.12.2010 12,00 3,81 1,00 10,20 GBP 0,99 1,00 8,74%GB00B4T3DJ73 Xstrata Call Warrants R842 17.12.2010 10,00 3,42 1,00 10,20 GBP 1,76 1,77 9,97%GB00B4VJ4455 Xstrata Call Warrants R844 17.12.2010 14,00 3,86 1,00 10,20 GBP 0,54 0,55 10,10%GB00B4T2VQ73 Xstrata Put Warrants R850 17.12.2010 9,00 -2,83 1,00 10,20 GBP 1,05 1,06 -10,21%GB00B4T3S362 Xstrata Put Warrants R851 17.12.2010 7,00 -2,89 1,00 10,20 GBP 0,40 0,41 -12,90%GB00B4T2TP29 Xstrata Put Warrants R848 18.06.2010 9,00 -10,31 1,00 10,20 GBP 0,11 0,12 -41,03%GB00B4VBTH95 Xstrata Put Warrants R849 18.06.2010 8,00 -7,46 1,00 10,20 GBP 0,03 0,04 -46,15%GB00B467P418 Xstrata Put Warrants R683 18.06.2010 6,00 -0,03 1,00 10,20 GBP 0,01 0,02 0,00%GB00B53WNM01 Xstrata Call Warrants R564 18.06.2010 8,00 4,36 1,00 10,20 GBP 2,25 2,27 13,85%GB00B53WPL34 Xstrata Put Warrants R567 18.06.2010 7,00 -1,60 1,00 10,20 GBP 0,01 0,02 0,00%GB00B65BQV24 Xstrata Call Warrants RF07 17.12.2010 13,00 3,88 1,00 10,20 GBP 0,73 0,74 7,30%GB00B65BRJ78 Xstrata Call Warrants RF08 18.03.2011 14,00 3,29 1,00 10,20 GBP 0,84 0,85 9,03%GB00B63PCK78 Xstrata Put Warrants RF20 18.06.2010 12,00 -5,24 1,00 10,20 GBP 1,82 1,84 -14,49%GB00B63PQ059 Xstrata Put Warrants RF25 17.06.2011 11,50 -1,70 10,20 GBP 3,05 3,07 -5,26%GB00B65BQC35 Xstrata Call Warrants RF10 17.06.2011 14,00 2,89 1,00 10,20 GBP 1,11 1,12 6,70%GB00B63P5T72 Xstrata Put Warrants RF22 18.03.2011 10,00 -2,17 1,00 10,20 GBP 1,85 1,86 -7,71%GB00B63D4K52 Xstrata Call Warrants RF09 18.03.2011 12,50 3,23 1,00 10,20 GBP 1,20 1,21 8,07%GB00B63FMW90 Xstrata Put Warrants RF24 17.06.2011 10,00 -1,84 1,00 10,20 GBP 2,14 2,15 -6,13%GB00B667NQ31 Xstrata Put Warrants RF23 18.03.2011 12,00 -1,91 1,00 10,20 GBP 3,07 3,09 -6,10%GB00B65C7124 Xstrata Put Warrants RF21 17.12.2010 11,00 -2,52 1,00 10,20 GBP 2,09 2,11 -9,09%GB00B65ZGS15 Xstrata Call Warrants RF06 18.03.2011 11,50 3,14 1,00 10,20 GBP 1,51 1,52 9,39%

ISIN Underlying Product type TIDM Expiry Par. Ref. Cur. Bid Ask % Chg (daily)

GB00B4NQ5Z25 DJES 50 Europe Autocall RB62 11.05.2015 1, 2652,90 GBP 98,70 99,70 0,61%GB00B50PH089 FTSE 100 UK Autocall 2 RB72 26.05.2015 1, 5239,20 GBP 102,70 103,70 0,68%GB00B3Y4W804 FTSE 100 UK Autocallable RB04 23.07.2012 1, 5237,40 GBP 111,19 112,19 0,35%GB00B4M79H64 FTSE 100 UK Autocallable Accelerator RB06 10.09.2011 1, 5237,40 GBP 106,73 107,73 0,54%

Auto Call

ISIN Name Underlying TIDM Expiry Strike Ref. Cur. Bid Ask % Chg (daily)

GB00B59N0X74 Gold Bullion Tracker Certificate, USD Gold RB80 17.06.2019 937,25 1218,30 USD 129,31 129,56 -0,30%GB00B59N1890 Gold Bullion Tracker Certificate, GBP Hedged Gold RB81 17.06.2019 937,25 129,00 GBP 129,40 129,66 0,25%GB00B59N1H81 Gold Bullion Tracker Certificate, EUR Hedged Gold RB82 17.06.2019 937,25 129,00 EUR 129,25 129,51 0,24%GB00B46DN453 Gold Bullion Tracker Certificate, EUR Hedged Gold RB09 15.11.2019 1.140, 1091,90 EUR 106,91 107,55 0,20%GB00B4LZCF09 Gold Bugs Tracker Gold Bugs Index RB11 02.12.2019 500,55 459,33 GBP 103,96 105,51 -0,09%GB00B436SJ76 Emerging Market Tracker MSCI Emerging Market EUR Price Index RB08 20.11.2019 313,00 EUR 123,34 124,34 2,44%GB00B4XTW837 Emerging Market Tracker GBP MSCI Emerging Market Index RB15 16.12.2019 975,01 926,00 GBP 106,06 107,06 1,51%GB00B5VDGW64 Frontier Markets Tracker MSCI Frontier Markets Net TR USD Index RB18 20.01.2020 548,441 554,00 GBP 111,572 112,574 0,14%GB00B59N1Q72 RICI® EnhancedSM - Agri.ER Index T.Certi, USD RICI Enhanced Agric. Excess Return Index RB83 17.06.2019 905,88 837,00 USD 91,77 92,33 0,05%GB00B59N2971 RICI® EnhancedSM - Agric. ER Index T. Certi EUR Hedged RICI Enhanced Agric. Excess Return Index RB85 17.06.2019 905,88 91,00 EUR 90,95 91,49 0,07%

Trackers

ISIN Name Underlying TIDM Expiry Strike Ref. Cur. Bid Ask % Chg (daily)

GB00B54X1L77 US Accelerated Tracker DJ Industrial Average RB02 17.06.2014 8.497,18 10278,20 GBP 124,70 125,20 0,64%GB00B4XJML62 Europe Accelerated Tracker DJES 50 RB12 06.12.2013 2.871,22 2657,40 EUR 93,14 94,14 0,79%GB00B41DLC45 UK Accelerated Tracker 2 FTSE 100 RB05 11.09.2014 4.987,68 5241,70 GBP 102,90 103,40 2,18%GB00B40PNB41 UK Accelerated Tracker FTSE 100 RB01 28.04.2014 4.096,4 5244,70 GBP 134,90 135,40 2,27%GB00B5MHYJ09 UK Accelerated Tracker 3 FTSE 100 RB19 12.01.2015 5.538,07 5245,20 GBP 93,60 94,10 2,40%GB00B59SRD16 South Africa Accelerated Tracker FTSE/JSE TOP 40 RB42 08.04.2013 26.045,83 24422,90 GBP 93,18 94,18 1,01%GB00B67JNK20 Gold Super Tracker Gold RB92 25.11.2014 1217,50 GBP 155,67 156,67 0,26%GB00B54W1D61 China Accelerated Tracker HSCEI RB03 17.06.2013 10.700,15 11383,10 GBP 105,70 106,70 0,47%GB00B4WZ6467 Ireland Accelerated Tracker ISEQ 20 RB14 08.12.2011 462,78 482,20 EUR 98,51 99,51 1,94%GB00B61FBF70 China Bear Super Tracker iShares FTSE/Xinhua China 25 Index Fund RB94 05.02.2016 37,57 39,60 GBP 99,00 100,00 -0,53%

Accelerated Trackers

as at 03.06.2010


as at 03.06.2010

as at 03.06.2010

as at 03.06.2010


56

Products

Underlying Product type TIDM Expiry Strike Eff. Gear. Par. Ref. Cur. Bid Ask % Chg (daily)

Royal Bond Listed Bond RB53 26.08.2015 1 1 GBP 103,4 104,15 0,00%Royal Bond Listed Bond RB51 03.02.2020 GBP 100,55 101,3 0,00%

Bonds

Emerging Markets

Gold

as at 03.06.2010

Name Underlying TIDM Expiry Strike Cur.

Gold Bullion Tracker Certificate, USD Gold RB80 17.06.2019 937,25 USDGold Bullion Tracker Certificate, GBP Hedged Gold RB81 17.06.2019 937,25 GBPGold Bullion Tracker Certificate, EUR Hedged Gold RB82 17.06.2019 937,25 EURGold Bullion Tracker Certificate, EUR Hedged Gold RB09 15.11.2019 1140,00 EURGold Super Tracker Gold RB92 25.11.2014 GBPCovered Warrants Gold n/a Various Various GBP Gold N/A Various Various GBP

Name Underlying TIDM Expiry Strike Cur.

Emerging Market Tracker MSCI Emerging Market EUR Price Index RB08 20.11.2019 EUREmerging Market Tracker GBP MSCI Emerging Market Index RB15 16.12.2019 975,01 GBPFrontier Markets Tracker MSCI Frontier Markets Net TR USD Index RB18 20.01.2020 548,441 GBPSouth Africa Accelerated Tracker FTSE/JSE TOP 40 RB42 08.04.2013 26.045,83 GBPChina Accelerated Tracker HSCEI RB03 17.06.2013 10.700,15 GBPChina Bear Super Tracker iShares FTSE/Xinhua China 25 Index Fund RB94 05.02.2016 GBPRussia Accelerated Tracker RDX (EU) RB07 02.10.2013 1.118,02 GBPBovespa Index Various n/a Various GBP GBPNikkei 225 Index Various n/a Various GBP GBPHSCEI Index Various n/a Various GBP GBPFTSE/JSE TOP 40 Index Various n/a Various GBP GBP

as at 03.06.2010

as at 03.06.2010



Fine Gold


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Issuer:

The Royal Bank of Scotland plc 250 Bishopsgate London EC2M 3AA

Editor: Kornelia Lindschinger Production: Ben Thompson, Daniela Epp

Layout: LAD-fc, LINKING ADVERTISING, Maria Trippler, www.LAD-fc.com

Art Director: Veronika Betz

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An interview with Ross WalkerRBS Chief UK Economist, Ross Walker discusses the true implications of the UK election. Page 16

The magazine for the self-directed investor

01/2010

MARKETS Direct Politics & Opportunity:A new dawn in Westminster?

Page 10

Indices Emerging Markets on the fast-track to recoveryEmerging market shares have risen sharply since 2009Page 18

CurrenciesCurrencies - potential trends for 2010Will the pound become the target of speculation?Page 30

CommoditiesAfter the gold peakWhat’s really driving the gold price higher?Page 25

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