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RBS MARKETACCESS

An open-ended investment company with variable sharecapital ("SICAV")

Unaudited Semi-Annual Report

as at June 30, 2015

R.C.S. Luxembourg B-78 567

No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latestpublished prospectus accompanied by the Key Investor Information Documents, the latest annual report and the most recent semi-annualreport, if published thereafter.

Table of Contents

Page

Management and Administration 3

Information to Shareholders 5

Report on the activities of the Fund 6

Statement of Net Assets 8

Statement of Changes in Net Assets 12

Changes in the Number of Shares for the Period ended June 30, 2015 and Statistics 16

Statement of Investments and Investments Breakdowns

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF 19

RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF 21

RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF 23

RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF 25

RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF 27

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF 29

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF 31

RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF 33

RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF 35

RBS MARKET ACCESS RICI METALS INDEX UCITS ETF 37

RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 39

RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF 41

Notes to the Financial Statements 43

RBS MARKET ACCESS

2

Management and Administration

R.C.S. LUXEMBOURG B 78 567

Board of DirectorsChairman and DirectorMr David MORONEYThe Royal Bank of Scotland PlcLondon BranchBishopsgate 135EC2M 3UR LondonUnited Kingdom

DirectorsMr Claude KREMERArendt & MedernachLuxembourgGrand Duchy of Luxembourg

Mr Koenraad VAN DER BORGHTAnphiko Asset Management S.A.100, Rue de la Gare,L-8303 CapellenGrand Duchy of Luxembourg

Mr Revel WOODRBS (Luxembourg) S.A.33, Rue de Gasperich,L-5826 HesperangeGrand Duchy of Luxembourg

Mr Daniel DOLAN (since March 12, 2015)The Royal Bank of Scotland PlcLondon BranchBishopsgate 135EC2M 3UR LondonUnited Kingdom

Registered Office

11-13, Boulevard de la Foire,L-1528 LuxembourgGrand Duchy of Luxembourg

Custodian, Domiciliary, Corporate, Central Administrative,Registrar, Transfer, Principal Paying and Listing AgentRBC Investor Services Bank S.A.14, Porte de France,L-4360 Esch-sur-AlzetteGrand Duchy of Luxembourg

RBS MARKET ACCESS

3

AuditorPricewaterhouseCoopers, Societe cooperative2, Rue Gerhard MercatorL-2182 LuxembourgGrand Duchy of Luxembourg

Sponsor and Investment ManagerThe Royal Bank of Scotland plc (London Offices)135 Bishopsgate,EC2M 3UR LondonUnited Kingdom

Management CompanyRBS (Luxembourg) S.A.33, Rue de Gasperich,L-5826 HesperangeGrand Duchy of Luxembourg

Legal AdvisersArendt & Medernach14, Rue Erasme,L-2082 LuxembourgGrand Duchy of Luxembourg

RBS MARKET ACCESS

4

Management and Administration(continued)

Information to Shareholders

Publication of the net asset value per share

The net asset value per share and the issue and redemption prices per share of each Sub-Fund are available at theregistered office of the Fund. In addition, this information may be inserted in any newspaper that the Board of Directorsconsiders appropriate.

Notices to shareholders

Notices to shareholders will be available at all times from the registered office of the Fund.

If bearer shares represented by Global Shares Certificates are issued, shareholders shall be notified via publication in thosecountries where the Fund is marketed in any newspaper that the Board of Directors considers appropriate, in accordancewith applicable laws and regulations. In Luxembourg, this will be the Luxemburger Wort.

Registered shareholders shall be personally notified via mail sent to the address indicated in their subscription form.

Shareholders’ Meetings

The Annual General Meeting of shareholders will be held:

* at the registered office of the Fund, or at any other place in Luxembourg to be specified in the notice convening themeeting;

* on April 18 at 2.00 p.m. (Luxembourg time) or, if this is not a bank business day in Luxembourg, on the next Luxembourgbank business day.

To the extent required by Luxembourg law, notices of all general meetings are published in the Memorial, in theLuxemburger Wort and in such other newspaper as the Board of Directors determines and are sent to the holders ofregistered shares by post at least 8 calendar days prior to the meeting at their addresses shown on the register ofshareholders. These notices will state the time and the place of the general meeting and the conditions for admission, theagenda and the requirements under Luxembourg law relating to quorums and mandatory majorities.

Each whole share confers the right to one vote.

Financial year and reports for shareholders

The financial year of the Fund begins on January 1 and ends on December 31 of each year, this being the date at which anannual report is drawn up. Audited annual reports are published within 4 months following the end of the accounting yearand unaudited semi-annual reports are published within 2 months following the period to which they refer. The annual andsemi-annual reports are made available at the registered office of the Fund during ordinary office hours. The referencecurrency of the Fund is the Euro. The annual and semi-annual reports comprise consolidated accounts of the Fundexpressed in euros as well as individual information on each Sub-Fund expressed in the reference currency of each Sub-Fund.

RBS MARKET ACCESS

5

Report on the activities of the Fund

There were 12 Sub-Funds in operation as of June 30, 2015. All Sub-Funds’ objective is to replicate, as far as possible, theperformance of their benchmark. The Sub-Funds used a synthetic replication method in order to gain performance to theindices below:

Sub-Fund name Benchmark index

RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEXUCITS ETF Rogers International Commodity IndexÒ

RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF NYSE Arca Gold BUGS Index

RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF Rogers International Commodity IndexÒ - Agriculture

RBS MARKET ACCESS RICI METALS INDEX UCITS ETF Rogers International Commodity IndexÒ - Metals

RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITSETF Dow Jones Turkey Titans 20 IndexSM

RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF DAXglobalÒ BRIC Index

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF DAXglobalÒ Asia Index

RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF DAXglobalÒ Russia Index

RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF FTSE/JSE Africa Top 40 Index

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF MSCI Frontier Markets Index

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EXSOUTH AFRICA INDEX UCITS ETF MSCI EFM Africa ex South Africa Index

RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF TOPIXÒ Total Return Euro Hedged Index

Tracking difference

The tracking difference is the difference between the return of the Sub-Fund and its benchmark index over a period of time.The table below compares Sub-Funds performance to the performance of the benchmark index for theperiod December 31, 2014 to June 30, 2015. A negative tracking difference means that the Sub-Fund underperformedthe benchmark index. A positive tracking difference is shows an outperformance of the benchmark index by the Sub-Fund.

Sub-Fund nameSub-Fundreturn

BenchmarkIndexreturn

Trackingdifference

RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 7.07% 7.64% (0.58%)

RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF (0.77%) (0.29%) (0.48%)

RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF 7.05% 7.63% (0.58%)

RBS MARKET ACCESS RICI METALS INDEX UCITS ETF 0.30% 0.77% (0.48%)

RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF (9.09%) (8.69%) (0.41%)

RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF 18.32% 19.01% (0.70%)

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF 12.97% 13.70% (0.72%)

RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF 29.97% 30.81% (0.84%)

RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF 9.74% 9.95% (0.21%)

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF (4.14%) (3.15%) (0.99%)

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTHAFRICA INDEX UCITS ETF

(6.49%) (5.75%) (0.74%)

RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF 16.47% 16.92% (0.45%)

RBS MARKET ACCESS

6

Tracking error

The tracking error is the volatility of the difference between the return of the Sub-Fund and the return of the benchmarkindex. It measures the quality of index replication. For the period December 31, 2014 to June 30, 2015.

Sub-Fund nameEstimatedtracking error

Realisedtracking error

RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 0.25% 0.02%

RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF 0.25% 0.01%

RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF 0.25% 0.01%

RBS MARKET ACCESS RICI METALS INDEX UCITS ETF 0.25% 0.004%

RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF 0.10% 0.004%

RBS Market Access DAXglobalÒ BRIC INDEX UCITS ETF 0.10% 0.01%

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF 0.10% 0.01%

RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF 0.15% 0.01%

RBS Market Access FTSE/JSE Africa Top 40 Index UCITS ETF 0.90% 0.01%

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF 0.04% 0.02%

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEXUCITS ETF

0.04% 0.01%

RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF 0.04% 0.06%

The Board of DirectorsLuxembourg, August 3, 2015

RBS MARKET ACCESS

7

Report on the activities of the Fund(continued)

The information stated in this report is historical and not necessarily indicative of future performance.

Statement of Net Assetsas at June 30, 2015

RBS MARKET

ACCESS

DAXGLOBALÒ

ASIA INDEX

UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

BRIC INDEX

UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

RUSSIA INDEX

UCITS ETF

Notes EUR EUR EUR

ASSETSInvestments in securities at market value (2c) 12,286,762.43 19,470,141.10 12,278,703.90Cash at bank 667.03 243,601.69 532.13Amounts receivable on sale of investments 0.00 0.00 0.00Amounts receivable on swaps 0.00 320,972.33 0.00Unrealised appreciation on swaps (2e, 6) 85,861.87 747,874.43 388,008.15Other assets 0.00 0.00 0.00

TOTAL ASSETS 12,373,291.33 20,782,589.55 12,667,244.18

LIABILITIESAmounts payable on purchase of investments 0.00 0.00 0.00Amounts payable on swaps 0.00 556,172.49 0.00Unrealised depreciation on swaps (2e, 6) 0.00 0.00 0.00Service agent fees payable (3) 6,601.31 12,917.69 6,844.19Payable on swaps 5,556.63 9,010.57 5,909.78TOTAL LIABILITIES 12,157.94 578,100.75 12,753.97

TOTAL NET ASSETS 12,361,133.39 20,204,488.80 12,654,490.21

Net asset value per share- Class Capitalisation EUR 52.42 EUR 48.45 EUR 34.09

Number of shares outstanding- Class Capitalisation 235,802.00 416,996.00 371,209.00

RBS MARKET ACCESS

The accompanying notes form an integral part of these financial statements.

8

RBS MARKET

ACCESS DOW

JONES TURKEY

TITANS 20

INDEXSM UCITS

ETF

RBS MARKET

ACCESS FTSE/

JSE AFRICA TOP

40 INDEX UCITS

ETF

RBS MARKET

ACCESS MSCI

EMERGING AND

FRONTIER

AFRICA EX

SOUTH AFRICA

INDEX UCITS ETF

RBS MARKET

ACCESS MSCI

FRONTIER

MARKETS INDEX

UCITS ETF

RBS MARKET

ACCESS NYSE

ARCA GOLD BUGS

INDEX UCITS ETF

RBS MARKET

ACCESS RICI

AGRICULTURE

INDEX UCITS ETF

EUR EUR USD USD EUR EUR

8,613,072.32 9,908,116.80 21,126,766.36 22,107,973.15 76,170,952.52 50,837,982.57630.82 405.14 705.57 271.17 406.21 487.85

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

452,591.32 185,366.38 974,873.94 727,249.68 3,321,742.20 4,457,143.050.00 358.10 0.00 0.00 0.00 0.00

9,066,294.46 10,094,246.42 22,102,345.87 22,835,494.00 79,493,100.93 55,295,613.47

0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00

4,394.99 5,292.34 15,597.55 17,012.54 44,415.73 28,506.57939.34 0.00 11,781.77 19,526.92 5,859.97 9,825.72

5,334.33 5,292.34 27,379.32 36,539.46 50,275.70 38,332.29

9,060,960.13 10,088,954.08 22,074,966.55 22,798,954.54 79,442,825.23 55,257,281.18

EUR 155.84 EUR 39.90 USD 68.90 USD 71.73 EUR 56.38 EUR 93.82

58,143.00 252,873.00 320,407.00 317,842.00 1,408,954.00 589,001.00

RBS MARKET ACCESS


9

Statement of Net Assets(continued)as at June 30, 2015

RBS MARKET

ACCESS RICI

METALS INDEX

UCITS ETF

RBS MARKET

ACCESS ROGERS

INTERNATIONAL

COMMODITY

INDEX UCITS ETF

RBS MARKET

ACCESS TOPIXÒ

EUR HEDGED

INDEX UCITS ETF

Notes EUR EUR EUR

ASSETSInvestments in securities at market value (2c) 23,389,139.66 154,153,299.06 6,170,277.24Cash at bank 240.08 315.73 238.04Amounts receivable on sale of investments 0.00 21,201,855.00 0.00Amounts receivable on swaps 0.00 0.00 0.00Unrealised appreciation on swaps (2e, 6) 0.00 1,881,224.04 16,848.79Other assets 0.00 0.00 0.00

TOTAL ASSETS 23,389,379.74 177,236,693.83 6,187,364.07

LIABILITIESAmounts payable on purchase of investments 0.00 21,201,856.94 0.00Amounts payable on swaps 0.00 0.00 0.00Unrealised depreciation on swaps (2e, 6) 392,581.79 0.00 0.00Service agent fees payable (3) 11,585.50 88,620.40 2,576.26Payable on swaps 10,451.53 23,337.88 1,316.67TOTAL LIABILITIES 414,618.82 21,313,815.22 3,892.93

TOTAL NET ASSETS 22,974,760.92 155,922,878.61 6,183,471.14

Net asset value per share- Class Capitalisation EUR 101.76 EUR 21.97 EUR 41.66

Number of shares outstanding- Class Capitalisation 225,785.00 7,098,331.00 148,432.00

RBS MARKET ACCESS


10


COMBINED

EUR

412,081,839.73248,401.35

21,201,855.00320,972.33

13,064,324.58358.10

446,917,751.09

21,201,856.94556,172.49392,581.79241,022.70100,307.79

22,491,941.71

424,425,809.38

RBS MARKET ACCESS


11


Statement of Changes in Net Assets for the Period ended June 30, 2015

RBS MARKET

ACCESS

DAXGLOBALÒ

ASIA INDEX

UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

BRIC INDEX

UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

RUSSIA INDEX

UCITS ETF

Notes EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE PERIOD 10,940,551.17 20,964,164.28 7,245,260.62

INCOMEBank interest 0.00 0.00 0.00Other income 0.00 0.00 0.00

TOTAL INCOME 0.00 0.00 0.00

EXPENSESService Agent fees (3) 39,892.31 77,748.62 36,538.60Bank interest 56.30 2.55 36.07Charge on swaps (6) 39,749.18 66,030.25 39,401.37

TOTAL EXPENSES 79,697.79 143,781.42 75,976.04

NET INCOME / (LOSS) FROM INVESTMENTS (79,697.79) (143,781.42) (75,976.04)Net realised gain / (loss) on sales of investments (2f) 1,157,195.24 2,245,222.61 443,720.21Net realised gain / (loss) on foreign exchange 25.48 36.03 18.33Net realised gain / (loss) on swaps 453,351.74 2,047,679.04 1,443,741.70

Net result for the period before changes in unrealisedappreciation / (depreciation) 1,530,874.67 4,149,156.26 1,811,504.20

Change in net unrealised appreciation/(depreciation) on:- investments (18,433.72) (384,764.57) (123,074.77)- swaps (91,858.73) 118,582.83 568,700.16

NET INCREASE / (DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS 1,420,582.22 3,882,974.52 2,257,129.59

MOVEMENTS IN CAPITALIssue of shares 0.00 0.00 3,152,100.00Redemption of shares 0.00 (4,642,650.00) 0.00Currency translation 0.00 0.00 0.00

NET ASSETS AT THE END OF THE PERIOD 12,361,133.39 20,204,488.80 12,654,490.21

RBS MARKET ACCESS


12

RBS MARKET

ACCESS DOW

JONES TURKEY

TITANS 20

INDEXSM UCITS

ETF

RBS MARKET

ACCESS FTSE/JSE

AFRICA TOP 40

INDEX UCITS ETF

RBS MARKET

ACCESS MSCI

EMERGING AND

FRONTIER

AFRICA EX SOUTH

AFRICA INDEX

UCITS ETF

RBS MARKET

ACCESS MSCI

FRONTIER

MARKETS INDEX

UCITS ETF

RBS MARKET

ACCESS NYSE

ARCA GOLD BUGS

INDEX UCITS ETF

RBS MARKET

ACCESS RICI

AGRICULTURE

INDEX UCITS ETF

EUR EUR USD USD EUR EUR

9,967,211.41 9,193,684.93 18,559,585.03 21,642,916.60 86,649,858.80 51,445,218.73

0.00 0.00 0.00 0.00 0.00 0.000.00 12,867.30 55,195.00 14,752.98 0.00 0.00

0.00 12,867.30 55,195.00 14,752.98 0.00 0.00

28,177.36 32,438.03 81,840.16 96,434.01 277,428.37 173,461.160.83 0.52 0.00 0.15 28.74 3.93

14,449.51 0.00 126,023.98 143,551.81 144,483.41 105,861.80

42,627.70 32,438.55 207,864.14 239,985.97 421,940.52 279,326.89

(42,627.70) (19,571.25) (152,669.14) (225,232.99) (421,940.52) (279,326.89)1,776,551.00 1,729,480.44 656,165.42 311,272.81 7,461,935.46 6,704,417.77

26.03 23.35 (22,857.96) 3,931.04 5.91 25.33(2,336,794.77) (166,465.37) (2,442,739.41) (536,635.07) (7,322,079.45) (8,114,083.06)

(602,845.44) 1,543,467.17 (1,962,101.09) (446,664.21) (282,078.60) (1,688,966.85)

(508,995.50) (627,549.52) (532,069.03) (343,434.88) (2,557,461.96) (241,202.21)205,589.66 (20,648.50) 1,122,651.64 (150,890.69) 3,228,114.59 5,768,751.51

(906,251.28) 895,269.15 (1,371,518.48) (940,989.78) 388,574.03 3,838,582.45

0.00 0.00 4,886,900.00 2,097,027.72 13,583,830.00 2,989,350.000.00 0.00 0.00 0.00 (21,179,437.60) (3,015,870.00)0.00 0.00 0.00 0.00 0.00 0.00

9,060,960.13 10,088,954.08 22,074,966.55 22,798,954.54 79,442,825.23 55,257,281.18

RBS MARKET ACCESS


13

Statement of Changes in Net Assets for the Period ended June 30, 2015(continued)

RBS MARKET

ACCESS RICI

METALS INDEX

UCITS ETF

RBS MARKET

ACCESS ROGERS

INTERNATIONAL

COMMODITY

INDEX UCITS ETF

RBS MARKET

ACCESS TOPIXÒ

EUR HEDGED

INDEX UCITS ETF

Notes EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE PERIOD 22,908,345.78 118,805,680.59 7,849,135.86

INCOMEBank interest 113.77 1,743.85 0.00Other income 0.00 0.00 0.00

TOTAL INCOME 113.77 1,743.85 0.00

EXPENSESService Agent fees (3) 71,699.07 488,546.48 19,775.81Bank interest 0.00 0.00 210.43Charge on swaps (6) 46,835.25 291,336.94 12,074.19

TOTAL EXPENSES 118,534.32 779,883.42 32,060.43

NET INCOME / (LOSS) FROM INVESTMENTS (118,420.55) (778,139.57) (32,060.43)Net realised gain / (loss) on sales of investments (2f) 3,160,792.16 14,261,429.22 791,744.70Net realised gain / (loss) on foreign exchange 9.82 29.22 14.53Net realised gain / (loss) on swaps (1,498,680.38) (4,939,295.85) 685,018.88

Net result for the period before changes in unrealisedappreciation / (depreciation) 1,543,701.05 8,544,023.02 1,444,717.68

Change in net unrealised appreciation/(depreciation) on:- investments (918,487.57) (1,516,450.42) (94,924.87)- swaps (558,798.34) 2,193,582.71 16,242.47

NET INCREASE / (DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS 66,415.14 9,221,155.31 1,366,035.28

MOVEMENTS IN CAPITALIssue of shares 0.00 37,896,722.71 0.00Redemption of shares 0.00 (10,000,680.00) (3,031,700.00)Currency translation 0.00 0.00 0.00

NET ASSETS AT THE END OF THE PERIOD 22,974,760.92 155,922,878.61 6,183,471.14

RBS MARKET ACCESS


14


COMBINED

EUR

379,192,947.24

1,857.6275,645.95

77,503.57

1,405,707.76339.50

1,002,167.50

2,408,214.76

(2,330,711.19)40,600,769.40

(16,772.97)(22,421,610.82)

15,831,674.42

(7,777,114.19)12,300,418.61

20,354,978.84

63,890,112.31(41,870,337.60)

2,858,108.59

424,425,809.38

RBS MARKET ACCESS


15


Changes in the Number of Shares for the Period endedJune 30, 2015

RBS MARKET

ACCESS

DAXGLOBALÒ ASIA

INDEX UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ BRIC

INDEX UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

RUSSIA INDEX

UCITS ETF

RBS MARKET

ACCESS DOW JONES

TURKEY TITANS 20

INDEXSM UCITS ETF

Class Capitalisation

Number of shares outstanding at thebeginning of the period 235,802.00 511,996.00 276,209.00 58,143.00Number of shares issued 0.00 0.00 95,000.00 0.00Number of shares redeemed 0.00 (95,000.00) 0.00 0.00

Number of shares outstanding at theend of the period 235,802.00 416,996.00 371,209.00 58,143.00

Statistics

RBS MARKET

ACCESS

DAXGLOBALÒ ASIA

INDEX UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ BRIC

INDEX UCITS ETF

RBS MARKET

ACCESS

DAXGLOBALÒ

RUSSIA INDEX

UCITS ETF

RBS MARKET

ACCESS DOW JONES

TURKEY TITANS 20

INDEXSM UCITS ETF

EUR EUR EUR EUR

Total Net Asset Value- June 30, 2015 12,361,133.39 20,204,488.80 12,654,490.21 9,060,960.13- December 31, 2014 10,940,551.17 20,964,164.28 7,245,260.62 9,967,211.41- December 31, 2013 10,214,863.32 26,019,067.70 15,783,578.30 6,649,522.34

Net asset value per ClassCapitalisation share as at:- June 30, 2015 52.42 48.45 34.09 155.84- December 31, 2014 46.40 40.95 26.23 171.43- December 31, 2013 35.91 39.67 41.52 127.19

RBS MARKET ACCESS


16

RBS MARKET

ACCESS FTSE/JSE

AFRICA TOP 40

INDEX UCITS ETF

RBS MARKET

ACCESS MSCI

EMERGING AND

FRONTIER AFRICA

EX SOUTH AFRICA

INDEX UCITS ETF

RBS MARKET

ACCESS MSCI

FRONTIER MARKETS

INDEX UCITS ETF

RBS MARKET

ACCESS NYSE ARCA

GOLD BUGS INDEX

UCITS ETF

RBS MARKET

ACCESS RICI

AGRICULTURE

INDEX UCITS ETF

252,873.00 251,907.00 289,209.00 1,525,034.00 587,001.000.00 68,500.00 28,633.00 205,000.00 35,000.000.00 0.00 0.00 (321,080.00) (33,000.00)

252,873.00 320,407.00 317,842.00 1,408,954.00 589,001.00

RBS MARKET

ACCESS FTSE/JSE

AFRICA TOP 40

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EUR USD USD EUR EUR

10,088,954.08 22,074,966.55 22,798,954.54 79,442,825.23 55,257,281.189,193,684.93 18,559,585.03 21,642,916.60 86,649,858.80 51,445,218.73

13,270,516.99 16,315,172.01 21,766,308.80 88,643,533.90 49,220,232.02

39.90 68.90 71.73 56.38 93.8236.36 73.68 74.83 56.82 87.6432.68 80.38 71.83 59.97 83.61

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17

Changes in the Number of Shares for the Period endedJune 30, 2015(continued)

Statistics(continued)

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Class Capitalisation

Number of shares outstanding at the beginning of the period 225,785.00 5,790,330.00 219,432.00Number of shares issued 0.00 1,770,001.00 0.00Number of shares redeemed 0.00 (462,000.00) (71,000.00)

Number of shares outstanding at the end of the period 225,785.00 7,098,331.00 148,432.00

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EUR EUR EUR

Total Net Asset Value- June 30, 2015 22,974,760.92 155,922,878.61 6,183,471.14- December 31, 2014 22,908,345.78 118,805,680.59 7,849,135.86- December 31, 2013 25,872,929.05 166,964,250.84 27,856,461.12

Net asset value per ClassCapitalisation share as at:- June 30, 2015 101.76 21.97 41.66- December 31, 2014 101.46 20.52 35.77- December 31, 2013 98.61 23.43 32.76

RBS MARKET ACCESS


18

Changes in the Number of Shares for the Period endedJune 30, 2015(continued)

Statistics(continued)

Statement of Investmentsas at June 30, 2015(expressed in EUR)

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF

Description Quantity Currency Cost Market ValueEUR

% netassets

Transferable securities admitted to an official stock exchange listing

Shares

Belgium

ANHEUSER-BUSH INBEV SA 4,000 EUR 425,400.00 430,000.00 3.48

425,400.00 430,000.00 3.48

Germany

ALLIANZ AG 3,600 EUR 519,300.00 502,920.00 4.07BASF NAM. 6,152 EUR 516,989.20 484,900.64 3.92BAYER 4,400 EUR 555,720.00 552,420.00 4.47COMMERZBANK AKT NACH KAP 41,098 EUR 491,110.89 471,188.57 3.81DAIMLER AG /NAM. 6,800 EUR 554,880.00 555,152.00 4.49DEUTSCHE BANK AG 35,111 EUR 973,565.27 946,241.45 7.66DEUTSCHE POST AG BONN 21,000 EUR 556,710.00 550,305.00 4.45DEUTSCHE TELEKOM 36,000 EUR 540,540.00 556,200.00 4.50E.ON /NAM. 42,214 EUR 581,286.78 504,457.30 4.08FRESENIUS MEDICAL CARE AG 7,500 EUR 575,625.00 555,300.00 4.49LINDE AG 2,832 EUR 504,520.80 481,156.80 3.89MUENCHENER RUECKVERS /NAM. 2,648 EUR 425,401.20 421,032.00 3.41SAP AG 9,000 EUR 583,470.00 563,400.00 4.56SIEMENS AG /NAM. 5,160 EUR 507,073.20 466,206.00 3.77VOLKSWAGEN AG /VORZUG. 2,693 EUR 583,707.75 560,144.00 4.53

8,469,900.09 8,171,023.76 66.10

Luxembourg

ALTICE SA 5,000 EUR 515,000.00 617,750.00 5.00

515,000.00 617,750.00 5.00

Spain

BANCO SANTANDER — REGS SHS 153,191 EUR 1,049,358.35 959,588.42 7.76REPSOL SA 34,400 EUR 555,044.00 541,800.00 4.39TELEFONICA SA 78,731 EUR 1,026,652.24 1,003,820.25 8.12

2,631,054.59 2,505,208.67 20.27

The Netherlands

ING GROEP 38,000 EUR 547,770.00 562,780.00 4.55

547,770.00 562,780.00 4.55

Total - Shares 12,589,124.68 12,286,762.43 99.40

TOTAL - Transferable securities admitted to an official stock exchange listing 12,589,124.68 12,286,762.43 99.40

TOTAL INVESTMENT PORTFOLIO 12,589,124.68 12,286,762.43 99.40

RBS MARKET ACCESS


19

Investments Breakdownsas at June 30, 2015(expressed as a percentage of net assets)


Geographical breakdown %

Germany 66.10Spain 20.27Luxembourg 5.00The Netherlands 4.55Belgium 3.48

99.40

Economic breakdown %

Banks and Financial Institutions 23.78News Transmission 17.62Automobile Industry 9.02Chemicals 8.39Insurance 7.48Internet Software 4.56Pharmaceuticals and Cosmetics 4.49Transportation 4.45Petrol 4.39Public Services 4.08Mechanics, Machinery 3.89Various Capital Goods 3.77Tobacco and Spirits 3.48

99.40

RBS MARKET ACCESS

20


RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF


% netassets


Shares

Belgium

ANHEUSER-BUSH INBEV SA 15,500 EUR 1,685,925.00 1,666,250.00 8.25

1,685,925.00 1,666,250.00 8.25

Germany

ALLIANZ AG 5,650 EUR 820,097.50 789,305.00 3.91BASF NAM. 10,000 EUR 847,700.00 788,200.00 3.90BAYER 13,000 EUR 1,751,100.00 1,632,150.00 8.08COMMERZBANK AKT NACH KAP 56,822 EUR 662,521.72 651,464.23 3.22DAIMLER AG /NAM. 9,998 EUR 865,926.78 816,236.72 4.04DEUTSCHE BANK AG 28,715 EUR 813,926.68 773,869.25 3.83DEUTSCHE POST AG BONN 30,000 EUR 824,550.00 786,150.00 3.89DEUTSCHE TELEKOM 51,000 EUR 833,595.00 787,950.00 3.90E.ON /NAM. 15,340 EUR 211,231.80 183,313.00 0.91HENKEL /VORZUG 7,813 EUR 866,461.70 785,987.80 3.89MUENCHENER RUECKVERS /NAM. 5,105 EUR 895,927.50 811,695.00 4.02VOLKSWAGEN AG /VORZUG. 3,900 EUR 858,780.00 811,200.00 4.01

10,251,818.68 9,617,521.00 47.60

Spain

REPSOL SA 49,255 EUR 815,662.80 775,766.25 3.84TELEFONICA SA 127,000 EUR 1,656,080.00 1,619,250.00 8.02

2,471,742.80 2,395,016.25 11.86

The Netherlands

AEGON NV 122,000 EUR 824,720.00 804,224.00 3.98ASML HOLDING NV 9,146 EUR 886,979.08 847,834.20 4.20BOSKALIS WESTMINSTER 19,000 EUR 864,975.00 834,100.00 4.13DELTA LLOYD 53,434 EUR 820,211.90 786,815.65 3.89NN GROUP NV 32,000 EUR 806,400.00 806,880.00 3.99ROYAL PHILIPS ELECTRONICS NV 75,000 EUR 1,800,750.00 1,711,500.00 8.47

6,004,035.98 5,791,353.85 28.66

Total - Shares 20,413,522.46 19,470,141.10 96.37



RBS MARKET ACCESS


21




Germany 47.60The Netherlands 28.66Spain 11.86Belgium 8.25

96.37


Insurance 19.79Electronic Semiconductor 12.67Chemicals 11.98News Transmission 11.92Tobacco and Spirits 8.25Automobile Industry 8.05Banks and Financial Institutions 7.05Construction, Building Material 4.13Consumer Goods 3.89Transportation 3.89Petrol 3.84Public Services 0.91

96.37

RBS MARKET ACCESS

22


RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF


% netassets


Shares

Belgium


548,125.00 548,250.00 4.33

Germany

ALLIANZ AG 4,000 EUR 568,373.95 558,800.00 4.42BASF NAM. 6,700 EUR 567,959.00 528,094.00 4.17BAYER 1,154 EUR 147,365.80 144,884.70 1.14DAIMLER AG /NAM. 7,140 EUR 582,624.00 582,909.60 4.61DEUTSCHE POST AG BONN 21,829 EUR 571,155.79 572,028.95 4.52DEUTSCHE TELEKOM 36,000 EUR 563,415.00 556,200.00 4.40E.ON /NAM. 10,000 EUR 137,700.00 119,500.00 0.94FRESENIUS MEDICAL CARE AG 7,640 EUR 571,166.40 565,665.60 4.47HEIDELBERGCEMENT AG 7,700 EUR 569,338.00 547,701.00 4.33HENKEL /VORZUG 2,000 EUR 223,700.00 201,200.00 1.59MUENCHENER RUECKVERS /NAM. 3,555 EUR 571,110.75 565,245.00 4.47SAP AG 3,293 EUR 224,417.95 206,141.80 1.63SIEMENS AG /NAM. 3,000 EUR 283,680.00 271,050.00 2.14VOLKSWAGEN AG /VORZUG. 2,720 EUR 571,200.00 565,760.00 4.47

6,153,206.64 5,985,180.65 47.30

Luxembourg

ALTICE SA 5,000 EUR 356,400.00 617,750.00 4.88

356,400.00 617,750.00 4.88

Spain

BANCO POPULAR ESPAGNOL SA 130,000 EUR 584,480.00 564,980.00 4.46BANCO SANTANDER — REGS SHS 166,598 EUR 1,145,523.13 1,043,569.87 8.25BCO BILBAO VIZ. ARGENTARIA /NAM. 121,296 EUR 1,171,791.77 1,066,434.43 8.43INDITEX 11,740 EUR 362,766.00 342,279.70 2.70REPSOL SA 35,399 EUR 571,162.87 557,534.25 4.41TELEFONICA SA 85,000 EUR 1,108,400.00 1,083,750.00 8.56

4,944,123.77 4,658,548.25 36.81

The Netherlands

OCI 18,500 EUR 537,332.50 468,975.00 3.71

537,332.50 468,975.00 3.71

Total - Shares 12,539,187.91 12,278,703.90 97.03



RBS MARKET ACCESS


23


RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF


Germany 47.30Spain 36.81Luxembourg 4.88Belgium 4.33The Netherlands 3.71

97.03


Banks and Financial Institutions 21.14News Transmission 17.84Automobile Industry 9.08Chemicals 9.02Insurance 8.89Transportation 4.52Pharmaceuticals and Cosmetics 4.47Petrol 4.41Construction, Building Material 4.33Tobacco and Spirits 4.33Retail 2.70Various Capital Goods 2.14Internet Software 1.63Consumer Goods 1.59Public Services 0.94

97.03

RBS MARKET ACCESS

24


RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF


% netassets


Shares

Belgium


192,511.15 195,327.50 2.16

Finland

FORTUM CORPORATION 20,555 EUR 375,610.67 327,646.70 3.62SAMPO PLC A 3,153 EUR 144,312.81 133,214.25 1.47

519,923.48 460,860.95 5.09

Germany

ALLIANZ AG 2,733 EUR 407,672.30 381,800.10 4.21AXEL SPRINGER SE N NAMEN-AKT. V 8,113 EUR 437,858.61 382,041.17 4.22BASF NAM. 4,245 EUR 363,367.31 334,590.90 3.69COMMERZBANK AKT NACH KAP 50,741 EUR 629,140.00 581,745.57 6.42DAIMLER AG /NAM. 3,321 EUR 285,529.85 271,126.44 2.99DEUTSCHE BOERSE AG 7,069 EUR 510,311.11 524,873.25 5.79DEUTSCHE POST AG BONN 14,665 EUR 384,809.60 384,296.33 4.24GEA GROUP AG 9,000 EUR 405,810.00 360,090.00 3.98HANNOVER RUECKVERSICHERUNG SE 4,113 EUR 363,378.56 356,967.27 3.94HENKEL AG & CO KGAA 4,172 EUR 396,882.36 356,664.28 3.94INFINEON TECHNOLOGIES /NAM. 33,053 EUR 375,812.61 367,879.89 4.06MAN AG 3,809 EUR 363,278.47 351,913.51 3.88METRO AG 19,001 EUR 593,400.70 537,348.28 5.93RWE AG ESSEN -A- 18,000 EUR 415,620.00 347,130.00 3.83SIEMENS AG /NAM. 4,309 EUR 422,684.04 389,318.15 4.30THYSSENKRUPP AG 16,206 EUR 404,825.88 378,167.01 4.17

6,760,381.40 6,305,952.15 69.59

The Netherlands

AKZO NOBEL NV 6,000 EUR 421,380.00 391,620.00 4.32HEINEKEN HOLDING 3,112 EUR 192,290.48 195,900.40 2.16HEINEKEN NV 2,755 EUR 192,326.55 187,532.85 2.07KONINKLIJKE AHOLD NV 20,107 EUR 368,360.24 337,797.60 3.73KONINKLIJKE DSM NV 3,909 EUR 192,322.80 203,268.00 2.24UNILEVER CERT. OF SHS 8,963 EUR 365,463.57 334,812.87 3.70

1,732,143.64 1,650,931.72 18.22

Total - Shares 9,204,959.67 8,613,072.32 95.06



RBS MARKET ACCESS


25




Germany 69.59The Netherlands 18.22Finland 5.09Belgium 2.16

95.06


Chemicals 10.25Retail 9.66Insurance 9.62Mechanics, Machinery 7.86Banks and Financial Institutions 6.42Tobacco and Spirits 6.39Holding and Finance Companies 5.79Various Capital Goods 4.30Transportation 4.24Graphic Art, Publishing 4.22Mines, Heavy Industries 4.17Electronic Semiconductor 4.06Consumer Goods 3.94Public Services 3.83Food and Distilleries 3.70Petrol 3.62Automobile Industry 2.99

95.06

RBS MARKET ACCESS

26


RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF


% netassets


Shares

Belgium


394,770.85 385,495.00 3.82

Canada

VALEANT PHARMACEUTICALS INTL 1 USD 0 199.38 0

0 199.38 0

Finland

FORTUM CORPORATION 27,983 EUR 519,364.48 446,049.02 4.42SAMPO PLC A 11,347 EUR 519,352.19 479,410.75 4.75

1,038,716.67 925,459.77 9.17

Germany

ALLIANZ AG 2,628 EUR 394,794.50 367,131.60 3.64AXEL SPRINGER SE N NAMEN-AKT. V 6,648 EUR 334,194.96 313,054.32 3.10BASF NAM. 4,510 EUR 394,896.20 355,478.20 3.52DAIMLER AG /NAM. 5,724 EUR 497,639.30 467,307.36 4.63DEUTSCHE POST AG BONN 16,203 EUR 425,166.72 424,599.62 4.21GEA GROUP AG 7,957 EUR 354,504.33 318,359.57 3.16HANNOVER RUECKVERSICHERUNG SE 4,520 EUR 394,928.22 392,290.80 3.89HENKEL AG & CO KGAA 3,794 EUR 355,802.42 324,349.06 3.21INFINEON TECHNOLOGIES /NAM. 38,429 EUR 436,937.73 427,714.77 4.24MAN AG 4,181 EUR 394,939.40 386,282.59 3.83METRO AG 15,385 EUR 506,159.63 435,087.80 4.31RWE AG ESSEN -A- 19,750 EUR 456,027.50 380,878.75 3.78SIEMENS AG /NAM. 9,010 EUR 892,133.26 814,053.50 8.07THYSSENKRUPP AG 34,407 EUR 858,776.36 802,887.35 7.96

6,696,900.53 6,209,475.29 61.55

The Netherlands

AKZO NOBEL NV 6,353 EUR 446,171.19 414,660.31 4.11HEINEKEN HOLDING 6,260 EUR 394,891.44 394,067.00 3.91HEINEKEN NV 5,541 EUR 394,928.88 377,175.87 3.74KONINKLIJKE AHOLD NV 23,850 EUR 436,932.00 400,680.00 3.97KONINKLIJKE DSM NV 7,704 EUR 394,910.88 400,608.00 3.97UNILEVER CERT. OF SHS 10,716 EUR 436,944.90 400,296.18 3.97

2,504,779.29 2,387,487.36 23.67

Total - Shares 10,635,167.34 9,908,116.80 98.21



RBS MARKET ACCESS


27





98.21


Insurance 12.28Chemicals 11.60Tobacco and Spirits 11.47Retail 8.28Various Capital Goods 8.07Mines, Heavy Industries 7.96Mechanics, Machinery 6.99Automobile Industry 4.63Petrol 4.42Electronic Semiconductor 4.24Transportation 4.21Food and Distilleries 3.97Public Services 3.78Consumer Goods 3.21Graphic Art, Publishing 3.10

98.21

RBS MARKET ACCESS

28

Statement of Investmentsas at June 30, 2015(expressed in USD)

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX

UCITS ETF

Description Quantity Currency Cost Market ValueUSD

% netassets


Shares

Finland

ELISA CORPORATION A 18,224 EUR 557,294.04 577,276.29 2.62FORTUM CORPORATION 34,700 EUR 693,848.04 616,284.08 2.79KONE OYJ -B- 12,740 EUR 557,268.96 516,694.65 2.34METSO CORP 19,418 EUR 557,282.05 533,099.60 2.41SAMPO PLC A 17,126 EUR 843,055.73 806,205.59 3.65STORA ENSO AB /-R- 52,809 EUR 557,208.52 543,973.84 2.46WARTSILA CORPORATION -B- 19,510 EUR 894,808.82 913,432.52 4.14

4,660,766.16 4,506,966.57 20.41

Germany

AXEL SPRINGER SE N NAMEN-AKT. V 14,549 EUR 842,973.68 763,352.25 3.46BEIERSDORF AG 10,277 EUR 894,784.84 860,400.59 3.90COMMERZBANK AKT NACH KAP 66,403 EUR 894,754.78 848,252.05 3.84DAIMLER AG /NAM. 10,364 EUR 967,493.08 942,743.52 4.27DEUTSCHE LUFTHANSA 39,031 EUR 557,212.02 502,942.66 2.28DEUTSCHE POST AG BONN 45,072 EUR 1,328,692.27 1,315,994.72 5.96GEA GROUP AG 17,378 EUR 842,964.71 774,696.33 3.51HENKEL AG & CO KGAA 8,270 EUR 843,034.49 787,741.96 3.57INFINEON TECHNOLOGIES /NAM. 82,213 EUR 1,027,174.00 1,019,527.19 4.62METRO AG 44,450 EUR 1,580,801.63 1,400,600.65 6.34MUENCHENER RUECKVERS /NAM. 4,549 EUR 894,590.53 805,890.83 3.65RWE AG ESSEN -A- 35,932 EUR 908,903.83 772,083.35 3.50SIEMENS AG /NAM. 14,194 EUR 1,549,060.64 1,428,881.17 6.47THYSSENKRUPP AG 49,564 EUR 1,334,476.62 1,288,656.91 5.84

14,466,917.12 13,511,764.18 61.21

The Netherlands

AKZO NOBEL NV 11,020 EUR 839,189.74 801,416.65 3.63HEINEKEN HOLDING 6,959 EUR 484,188.30 488,096.54 2.21KONINKLIJKE AHOLD NV 52,347 EUR 1,041,505.17 979,860.46 4.44UNILEVER CERT. OF SHS 20,150 EUR 902,941.31 838,661.96 3.80

3,267,824.52 3,108,035.61 14.08

Total - Shares 22,395,507.80 21,126,766.36 95.70



RBS MARKET ACCESS


29


RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX

UCITS ETF


Germany 61.21Finland 20.41The Netherlands 14.08

95.70


Mechanics, Machinery 12.40Retail 10.78Transportation 8.24Insurance 7.30Various Capital Goods 6.47Mines, Heavy Industries 5.84Electronic Semiconductor 4.62Automobile Industry 4.27Pharmaceuticals and Cosmetics 3.90Banks and Financial Institutions 3.84Food and Distilleries 3.80Chemicals 3.63Consumer Goods 3.57Public Services 3.50Graphic Art, Publishing 3.46Petrol 2.79News Transmission 2.62Forest Products and Paper Industry 2.46Tobacco and Spirits 2.21

95.70

RBS MARKET ACCESS

30

Statement of Investmentsas at June 30, 2015(expressed in USD)

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF

Description Quantity Currency Cost Market ValueUSD

% netassets


Shares

Belgium


708,712.99 708,358.22 3.11

Finland

FORTUM CORPORATION 42,879 EUR 854,845.35 761,545.96 3.34NESTE OIL OYJ 32,747 EUR 900,634.25 834,086.13 3.66SAMPO PLC A 17,387 EUR 854,811.78 818,492.16 3.59UPM-KYMMENE CORP 45,926 EUR 900,681.24 812,079.79 3.56

3,510,972.62 3,226,204.04 14.15

Germany

ALLIANZ AG 4,881 EUR 834,548.50 759,745.90 3.33AXEL SPRINGER SE N NAMEN-AKT. V 14,746 EUR 854,853.28 773,688.38 3.39BASF NAM. 8,592 EUR 834,541.17 754,560.13 3.31COMMERZBANK AKT NACH KAP 56,803 EUR 782,292.13 725,618.74 3.18DAIMLER AG /NAM. 18,687 EUR 1,735,992.70 1,699,830.96 7.46DEUTSCHE POST AG BONN 17,294 EUR 509,815.50 504,943.48 2.22GEA GROUP AG 17,649 EUR 854,801.49 786,777.28 3.45HANNOVER RUECKVERSICHERUNG SE 8,348 EUR 834,440.14 807,263.44 3.54HENKEL AG & CO KGAA 9,242 EUR 944,383.51 880,327.84 3.86MAN AG 7,714 EUR 834,594.36 794,086.40 3.48METRO AG 27,796 EUR 946,759.54 875,840.17 3.84MUENCHENER RUECKVERS /NAM. 4,380 EUR 900,772.06 775,951.16 3.41RWE AG ESSEN -A- 33,233 EUR 834,517.51 714,089.01 3.13SIEMENS AG /NAM. 14,136 EUR 1,546,051.00 1,423,042.42 6.24THYSSENKRUPP AG 38,777 EUR 1,031,927.79 1,008,196.46 4.42VOLKSWAGEN AG /VORZUG. 3,340 EUR 834,804.74 774,057.02 3.40

15,115,095.42 14,058,018.79 61.66

The Netherlands

ASML HOLDING NV 7,378 EUR 785,849.32 762,046.62 3.34HEINEKEN NV 7,489 EUR 590,192.47 567,992.68 2.49KONINKLIJKE AHOLD NV 38,875 EUR 782,277.97 727,684.02 3.19KONINKLIJKE DSM NV 10,596 EUR 590,256.90 613,915.29 2.69RANDSTAD HOLDING 13,972 EUR 830,927.96 909,303.66 3.99TNT EXPRESS—SHS 63,040 EUR 543,021.60 534,449.83 2.35

4,122,526.22 4,115,392.10 18.05

Total - Shares 23,457,307.25 22,107,973.15 96.97



RBS MARKET ACCESS


31





96.97


Insurance 13.87Automobile Industry 10.86Retail 7.03Petrol 7.00Mechanics, Machinery 6.93Various Capital Goods 6.24Chemicals 6.00Tobacco and Spirits 5.60Transportation 4.57Mines, Heavy Industries 4.42Other Services 3.99Consumer Goods 3.86Forest Products and Paper Industry 3.56Graphic Art, Publishing 3.39Electronic Semiconductor 3.34Banks and Financial Institutions 3.18Public Services 3.13

96.97

RBS MARKET ACCESS

32


RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF


% netassets


Shares

Belgium


5,664,059.75 5,651,597.50 7.11

Germany

ALLIANZ AG 47,000 EUR 6,849,050.00 6,565,900.00 8.27BASF NAM. 44,211 EUR 3,747,766.47 3,484,711.02 4.39BAYER 28,000 EUR 3,740,800.00 3,515,400.00 4.43BMW-BAYER. MOTORENWERKE 26,000 EUR 2,785,900.00 2,552,680.00 3.21DAIMLER AG /NAM. 43,000 EUR 3,675,640.00 3,510,520.00 4.42DEUTSCHE BANK AG 110,000 EUR 3,117,950.00 2,964,500.00 3.73DEUTSCHE POST AG BONN 135,000 EUR 3,645,000.00 3,537,675.00 4.45DEUTSCHE TELEKOM 195,000 EUR 3,136,575.00 3,012,750.00 3.79E.ON /NAM. 292,000 EUR 4,020,840.00 3,489,400.00 4.39FRESENIUS MEDICAL CARE AG 44,481 EUR 3,396,124.35 3,293,373.24 4.15HEIDELBERGCEMENT AG 45,134 EUR 3,337,207.96 3,210,381.42 4.04RWE AG ESSEN -A- 93,877 EUR 2,076,089.86 1,810,417.95 2.28SAP AG 46,000 EUR 3,134,900.00 2,879,600.00 3.62SIEMENS AG /NAM. 36,400 EUR 3,685,500.00 3,288,740.00 4.14VOLKSWAGEN AG /VORZUG. 17,150 EUR 3,740,415.00 3,567,200.00 4.49

54,089,758.64 50,683,248.63 63.80

Spain

BANCO SANTANDER — REGS SHS 1,000,000 EUR 6,836,425.00 6,264,000.00 7.89TELEFONICA SA 500,000 EUR 6,585,000.00 6,375,000.00 8.02

13,421,425.00 12,639,000.00 15.91

The Netherlands

HEINEKEN NV 5,000 EUR 348,450.00 340,350.00 0.43ING GROEP 235,000 EUR 3,595,500.00 3,480,350.00 4.38UNILEVER CERT. OF SHS 90,387 EUR 3,685,529.93 3,376,406.39 4.25

7,629,479.93 7,197,106.39 9.06

Total - Shares 80,804,723.32 76,170,952.52 95.88



RBS MARKET ACCESS


33




Germany 63.80Spain 15.91The Netherlands 9.06Belgium 7.11

95.88


Banks and Financial Institutions 16.00Automobile Industry 12.12News Transmission 11.81Chemicals 8.82Insurance 8.27Tobacco and Spirits 7.54Public Services 6.67Transportation 4.45Food and Distilleries 4.25Pharmaceuticals and Cosmetics 4.15Various Capital Goods 4.14Construction, Building Material 4.04Internet Software 3.62

95.88

RBS MARKET ACCESS

34


RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF


% netassets


Shares

Belgium


2,093,825.00 2,096,250.00 3.79

Germany

ADIDAS AG 28,929 EUR 2,012,879.82 1,985,975.85 3.59ALLIANZ AG 14,362 EUR 2,064,475.90 2,006,371.40 3.63BASF NAM. 24,869 EUR 2,068,431.86 1,960,174.58 3.55BAYER 31,824 EUR 4,025,736.00 3,995,503.20 7.23DEUTSCHE BANK AG 72,693 EUR 2,012,869.17 1,959,076.35 3.55DEUTSCHE POST AG BONN 76,710 EUR 2,012,870.40 2,010,185.55 3.64DEUTSCHE TELEKOM 133,924 EUR 2,012,877.72 2,069,125.80 3.75E.ON /NAM. 162,460 EUR 2,192,279.40 1,941,397.00 3.51FRESENIUS MEDICAL CARE AG 28,740 EUR 2,230,224.00 2,127,909.60 3.85FRESENIUS SE & CO KGAA 36,144 EUR 2,051,784.36 2,080,087.20 3.76K+S AKTIENGESELLSCHAFT 72,497 EUR 2,012,879.21 2,739,299.15 4.96MUENCHENER RUECKVERS /NAM. 12,479 EUR 2,012,862.70 1,984,161.00 3.59VOLKSWAGEN AG /VORZUG. 9,594 EUR 2,059,301.20 1,995,552.00 3.61

28,769,471.74 28,854,818.68 52.22

Spain

AMADEUS IT HOLDING SR. A 50,000 EUR 1,825,750.00 1,787,750.00 3.23DISTRIBUIDORA INTL 140,000 EUR 853,944.87 959,000.00 1.74TELEFONICA SA 315,869 EUR 4,104,207.72 4,027,329.75 7.29

6,783,902.59 6,774,079.75 12.26

The Netherlands

AEGON NV 309,387 EUR 2,012,871.82 2,039,479.10 3.69BOSKALIS WESTMINSTER 20,863 EUR 895,648.59 915,885.70 1.66ING GROEP 280,350 EUR 4,025,826.00 4,151,983.50 7.51ROYAL PHILIPS ELECTRONICS NV 169,862 EUR 4,025,729.40 3,876,250.84 7.02UNILEVER CERT. OF SHS 57,000 EUR 2,362,650.00 2,129,235.00 3.85

13,322,725.81 13,112,834.14 23.73

Total - Shares 50,969,925.14 50,837,982.57 92.00



RBS MARKET ACCESS


35




Germany 52.22The Netherlands 23.73Spain 12.26Belgium 3.79

92.00


Chemicals 15.74Banks and Financial Institutions 11.06News Transmission 11.04Insurance 10.91Pharmaceuticals and Cosmetics 7.61Electronic Semiconductor 7.02Food and Distilleries 3.85Tobacco and Spirits 3.79Transportation 3.64Automobile Industry 3.61Textile 3.59Public Services 3.51Internet Software 3.23Retail 1.74Construction, Building Material 1.66

92.00

RBS MARKET ACCESS

36


RBS MARKET ACCESS RICI METALS INDEX UCITS ETF


% netassets


Shares

Belgium


1,010,325.00 1,021,250.00 4.44

Germany

ALLIANZ AG 13,063 EUR 1,909,594.45 1,824,901.10 7.94BASF NAM. 12,000 EUR 1,017,240.00 945,840.00 4.12BAYER 8,000 EUR 1,068,800.00 1,004,400.00 4.37COMMERZBANK AKT NACH KAP 92,940 EUR 1,136,339.20 1,065,557.10 4.64DAIMLER AG /NAM. 12,500 EUR 1,068,500.00 1,020,500.00 4.44DEUTSCHE POST AG BONN 40,000 EUR 1,080,000.00 1,048,200.00 4.56DEUTSCHE TELEKOM 64,000 EUR 1,029,440.00 988,800.00 4.30E.ON /NAM. 73,000 EUR 1,005,210.00 872,350.00 3.80FRESENIUS MEDICAL CARE AG 8,632 EUR 659,053.20 639,113.28 2.78INFINEON TECHNOLOGIES /NAM. 79,843 EUR 894,640.82 888,652.59 3.87MUENCHENER RUECKVERS /NAM. 6,276 EUR 1,144,428.60 997,884.00 4.34RWE AG ESSEN -A- 45,000 EUR 1,038,150.00 867,825.00 3.78SIEMENS AG /NAM. 11,000 EUR 1,112,650.00 993,850.00 4.33VOLKSWAGEN AG /VORZUG. 9,000 EUR 1,961,100.00 1,872,000.00 8.15

16,125,146.27 15,029,873.07 65.42

Spain

BANCO SANTANDER — REGS SHS 298,988 EUR 2,024,148.76 1,872,860.83 8.15TELEFONICA SA 153,000 EUR 1,999,345.00 1,950,750.00 8.49

4,023,493.76 3,823,610.83 16.64

The Netherlands

KONINKLIJKE KPN NV 213,000 EUR 734,424.00 730,590.00 3.18RANDSTAD HOLDING 13,000 EUR 728,000.00 759,330.00 3.31ROYAL PHILIPS ELECTRONICS NV 44,518 EUR 1,127,863.53 1,015,900.76 4.42UNILEVER CERT. OF SHS 27,000 EUR 1,119,150.00 1,008,585.00 4.39

3,709,437.53 3,514,405.76 15.30

Total - Shares 24,868,402.56 23,389,139.66 101.80



RBS MARKET ACCESS


37





101.80


News Transmission 15.97Banks and Financial Institutions 12.79Automobile Industry 12.59Insurance 12.28Chemicals 8.49Electronic Semiconductor 8.29Public Services 7.58Transportation 4.56Tobacco and Spirits 4.44Food and Distilleries 4.39Various Capital Goods 4.33Other Services 3.31Pharmaceuticals and Cosmetics 2.78

101.80

RBS MARKET ACCESS

38


RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF


% netassets


Shares

Belgium


13,167,153.25 13,291,837.50 8.53

Germany

ADIDAS AG 88,000 EUR 6,070,240.00 6,041,200.00 3.88ALLIANZ AG 42,000 EUR 6,342,000.00 5,867,400.00 3.76BASF NAM. 160,000 EUR 13,748,800.00 12,611,200.00 8.09BAYER 100,000 EUR 12,520,000.00 12,555,000.00 8.05DAIMLER AG /NAM. 83,531 EUR 7,140,229.88 6,819,470.84 4.37DEUTSCHE BANK AG 220,000 EUR 6,088,500.00 5,929,000.00 3.80DEUTSCHE POST AG BONN 235,000 EUR 6,091,200.00 6,158,175.00 3.95DEUTSCHE TELEKOM 400,000 EUR 6,076,000.00 6,180,000.00 3.96FRESENIUS MEDICAL CARE AG 82,000 EUR 6,123,760.00 6,071,280.00 3.89FRESENIUS SE & CO KGAA 109,615 EUR 6,228,636.19 6,308,343.25 4.05LANXESS AG 115,000 EUR 6,067,400.00 6,082,350.00 3.90LINDE AG 15,000 EUR 2,590,500.00 2,548,500.00 1.64MUENCHENER RUECKVERS /NAM. 45,000 EUR 7,722,600.00 7,155,000.00 4.59VOLKSWAGEN AG /VORZUG. 30,000 EUR 6,960,000.00 6,240,000.00 4.00

99,769,866.07 96,566,919.09 61.93

Spain

CAIXABANK 457,875 EUR 1,955,126.25 1,902,928.50 1.22FERROVIAL SA 150,000 EUR 2,892,000.00 2,917,500.00 1.87TELEFONICA SA 539,307 EUR 7,032,563.28 6,876,164.25 4.41

11,879,689.53 11,696,592.75 7.50

The Netherlands

BOSKALIS WESTMINSTER 115,000 EUR 5,200,875.00 5,048,500.00 3.24ING GROEP 430,000 EUR 6,127,500.00 6,368,300.00 4.08NN GROUP NV 72,766 EUR 1,862,081.94 1,834,794.69 1.18ROYAL PHILIPS ELECTRONICS NV 580,000 EUR 13,644,500.00 13,235,600.00 8.49UNILEVER CERT. OF SHS 163,586 EUR 6,693,038.56 6,110,755.03 3.92

33,527,995.50 32,597,949.72 20.91

Total - Shares 158,344,704.35 154,153,299.06 98.87



RBS MARKET ACCESS


39




Germany 61.93The Netherlands 20.91Belgium 8.53Spain 7.50

98.87


Chemicals 20.04Insurance 9.53Banks and Financial Institutions 9.10Tobacco and Spirits 8.53Electronic Semiconductor 8.49Automobile Industry 8.37News Transmission 8.37Pharmaceuticals and Cosmetics 7.94Transportation 5.82Food and Distilleries 3.92Textile 3.88Construction, Building Material 3.24Mechanics, Machinery 1.64

98.87

RBS MARKET ACCESS

40


RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF


% netassets


Shares

Belgium


287,143.65 289,067.50 4.68

Germany

ALLIANZ AG 1,909 EUR 277,091.35 266,687.30 4.31BASF NAM. 3,579 EUR 300,504.33 282,096.78 4.56BAYER 2,287 EUR 289,688.10 287,132.85 4.65COMMERZBANK AKT NACH KAP 15,526 EUR 191,047.43 178,005.59 2.88DAIMLER AG /NAM. 3,559 EUR 311,553.45 290,556.76 4.70DEUTSCHE POST AG BONN 20,500 EUR 536,382.50 537,202.50 8.69DEUTSCHE TELEKOM 34,500 EUR 529,230.00 533,025.00 8.62E.ON /NAM. 16,344 EUR 225,056.88 195,310.80 3.16FRESENIUS MEDICAL CARE AG 3,900 EUR 291,564.00 288,756.00 4.67HEIDELBERGCEMENT AG 3,179 EUR 235,055.26 226,122.27 3.66MERCK KGAA 1,413 EUR 149,919.30 126,293.94 2.04MUENCHENER RUECKVERS /NAM. 1,820 EUR 292,383.00 289,380.00 4.68RWE AG ESSEN -A- 10,336 EUR 238,451.52 199,329.76 3.22SIEMENS AG /NAM. 2,328 EUR 237,456.00 210,334.80 3.40VOLKSWAGEN AG /VORZUG. 1,350 EUR 283,500.00 280,800.00 4.54

4,388,883.12 4,191,034.35 67.78

Spain

BANCO SANTANDER — REGS SHS 76,765 EUR 517,516.14 480,855.96 7.78REPSOL SA 33,000 EUR 532,455.00 519,750.00 8.40TELEFONICA SA 13,083 EUR 170,275.25 166,808.25 2.70

1,220,246.39 1,167,414.21 18.88

The Netherlands

OCI 9,150 EUR 265,761.75 231,952.50 3.75UNILEVER CERT. OF SHS 7,785 EUR 314,683.00 290,808.68 4.70

580,444.75 522,761.18 8.45

Total - Shares 6,476,717.91 6,170,277.24 99.79



RBS MARKET ACCESS


41





99.79


Chemicals 12.96News Transmission 11.32Banks and Financial Institutions 10.66Automobile Industry 9.24Insurance 8.99Transportation 8.69Petrol 8.40Pharmaceuticals and Cosmetics 6.71Public Services 6.38Food and Distilleries 4.70Tobacco and Spirits 4.68Construction, Building Material 3.66Various Capital Goods 3.40

99.79

RBS MARKET ACCESS

42

Notes to the Financial Statementsas at June 30, 2015

1. General

RBS MARKET ACCESS (referred to hereinafter as the ‘‘Fund’’), is a Luxembourg open-ended investment company withvariable share capital, sponsored by The Royal Bank of Scotland plc (London Branch), incorporated on October 31, 2000 foran unlimited period as a public limited company (societe anonyme) under the name ‘‘Unifund’’ and organised in accordancewith the provisions of Part I of the Law of December 17, 2010, as amended (the ‘‘2010 Law’’) on undertakings for collectiveinvestment (UCIs). The Fund has appointed RBS (Luxembourg) S.A. to act as management company of the Fund underChapter 15 of the 2010 Law (the ‘‘Management Company’’).

The articles of incorporation of the Fund (the‘‘Articles’’) have been filed with the Luxembourg Trade and Companies’Register (where they are available to the public or from where a copy may be obtained) and they have been published forthe first time in the Memorial C, Recueil des Societes et Associations (the ‘‘Memorial’’) on December 8, 2000. The Articleshave been lastly amended on June 26, 2013, and the amendments were published in the Memorial on July 22, 2013.

The list of the funds managed by the Management Company, may be obtained, on simple request, at the registered office ofthe Management Company.

The Fund works as an umbrella fund, which means that it is comprised of sub-funds, each of which represents a specificclass of assets and liabilities (the "Sub-Funds").

All of the following Sub-Funds are open to subscription.

In order to realise the investment objective outlined below, the assets of the following Sub-Funds (disclosed with theirdefined index),

RBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF - DAXglobalÒ Asia Index

RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF - DAXglobalÒ BRIC Index

RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF - DAXglobalÒ Russia Index

RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF - DOW JONES TURKEY TITANS 20 INDEXSM

RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF - FTSE/JSE AFRICA TOP 40 INDEX

RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF - NYSE ARCA Gold BUGS Index

RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF - Rogers International Commodity IndexÒ- Agriculture

RBS MARKET ACCESS RICI METALS INDEX UCITS ETF - Rogers International Commodity IndexÒ- Metals

RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF - Rogers International Commodity IndexÒ

were managed as follows:

The objective of each Sub-Fund is to replicate, as far as possible, the performance of the defined index (the "Index"). Inorder to gain exposure to the Index, each Sub-Fund will use a method of synthetic replication of the Index.

It is intended that each Sub-Fund’s assets will be investedmainly in equities and other securities classed as equities, MoneyMarket Instruments, money market funds, negotiable debt instruments and debt or interest rate instruments, syntheticMoney Market Instruments (i.e. equities and/or fixed income securities which performance is exchanged against MoneyMarket Instruments linked performance), bonds and other debt instruments.

The Sub-Fund may also use management techniques and instruments available to UCITS, such as repurchase agreements,securities lending and borrowing.

On an ancillary basis, the Sub-Fund may also hold cash.

In order to realise its investment objective outlined above, each Sub-Fund entered into a performance swap agreement(the "Swap Agreement") with either J.P. Morgan Securities plc or Barclays Bank plc or their affiliate or successor (the "SwapCounterparty"), denominated in either Euro or US Dollars. Through such Swap Agreement, each Sub-Fund will exchangethe total return of the performance of its portfolio against payment by the Swap Counterparty of the performance of theIndex.

Where appropriate, the Swap Agreement’s notional amount will be adjusted when subscriptions or redemptions arereceived by the Sub-Fund.

The transactions above will be carried out in strict compliance with the applicable regulations and the investmentrestrictions applicable to the Sub-Fund.

RBS MARKET ACCESS

43

1. General(continued)

In order to realise the investment objective outlined below, the assets of the following Sub-Funds (disclosed with theirdefined index),

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF - MSCI EFM Africa exSouth Africa Index

RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF - MSCI Frontier Markets Index

RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF - TOPIXÒ Total Return Euro Hedged Index

were managed as follows:

Each Sub-Fund’s objective is to replicate, as far as possible, the performance of the defined Index (the "Index"). In order togain exposure to the Index, the Sub-Fund will use a method of synthetic replication of the Index, as set forth below.

It is intended that the Sub-Fund’s assets will be invested mainly in equities and other securities classed as equities, MoneyMarket Instruments, money market funds, negotiable debt instruments and debt or interest rate instruments, syntheticMoney Market Instruments (i.e. equities and/or fixed income securities which performance is exchanged against MoneyMarket Instruments linked performance), bonds and other debt instruments.

The Sub-Fund may also use management techniques and instruments available to UCITS, such as repurchase agreements,securities lending and borrowing.

On an ancillary basis, the Sub-Fund may also hold cash.

In order to achieve its investment objective, the Sub-Fund has entered into one or more OTC derivative(s) in the form ofswaps on or around the Launch Date. The Sub-Fund may select one of the following options – which can change during thelifetime of the Sub-Fund:

(a) one or more funded performance swap(s) (a "Funded Performance Swap" or, collectively, "Funded PerformanceSwaps") entered into with either J.P. Morgan Securities plc or Barclays Bank plc or their affiliate or successor, acting as theswap counterparty (the "Swap Counterparty") whereby the Sub-Fund exchanges the subscription proceeds againstpayment by the Swap Counterparty of the performance of the Index. The purpose of a Funded Performance Swap is toreplicate a funded exposure to the Index; or

(b) one or more un-funded performance swap(s) (an "Un-Funded Performance Swap" or, collectively, "Un-FundedPerformance Swaps" and, together with the Funded Performance Swaps, the "Swaps") entered into with the SwapCounterparty whereby the Sub-Fund exchanges the performance of a portfolio against payment by the Swap Counterpartyof the performance of the Index. It is intended that the Sub-Fund’s portfolio of assets will be invested mainly in equities andother securities classed as equities, Money Market Instruments, money market funds, negotiable debt instruments, debtand/or interest rate financial derivative instruments as well as synthetic money market instruments, bonds and other debtinstruments. The purpose of an Un-Funded Performance Swap is to replicate an un-funded exposure to the Index.

Where appropriate, the notional amount of the Swaps will be adjusted when subscriptions or redemptions are received bythe Sub-Fund.

2. Summary of significant accounting policies

a) Presentation of the financial statements

The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collectiveinvestments.

The financial statements are presented on the basis of the latest net asset value calculated at the end of the financial year.In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the timeof calculation.

b) Combined

The combined statement of net assets and statement of changes in net assets are expressed in Euro (EUR).

c) Valuation of investments in securities

Securities listed on an official stock exchange or dealt in on a Regulated Market are valued on the basis of the last knownprice in Luxembourg on the Valuation Date and, if this security is traded on several markets, on the last known price of themarket considered to be the principal market for these securities. If the last known price is not representative, thevaluation is based on the probable realisation value estimated by the Board of Directors with due care and in good faith.Securities not listed on an official stock market or dealt in on a Regulated Market are valued on the basis of the probablerealisation value estimated by the Board of Directors conservatively and in good faith.

RBS MARKET ACCESS

44

Notes to the Financial Statementsas at June 30, 2015(continued)

2. Summary of significant accounting policies(continued)

d) Valuation of Forward Foreign Exchange Contracts

The liquidating value of forward foreign exchange contracts not traded on exchanges or on other regulated markets shallmean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basisconsistently applied for each different variety of contracts. The liquidating value of forward foreign exchange contractstraded on exchanges and regulated markets shall be based upon the last available settlement prices of these contracts onexchanges and regulated markets on which the particular forward foreign exchange contracts are traded by the Fund;provided that if a forward foreign exchange contract could not be liquidated on the day with respect to which net assets arebeing determined, the basis for determining the liquidating value of such contract shall be such value as the Board ofDirectors may deem fair and reasonable.

e) Valuation of Swaps

Index or financial instrument related swaps are valued at their market value established by reference to the applicableindex or financial instrument. The valuation of the swap agreement - related to the index or a financial instrument - isbased upon the market value of such swap transaction, which is subject to parameters such as the level of the underlyingindex, the interest rates, the equity dividend yields and the estimated index volatility.

For the avoidance of doubt, in exceptional circumstances where some of the prices of the underlying constituents of anindex are stale because the relevant markets on which they are traded are closed for trading or because of a marketdisruption event or a suspension in trading on a given day, the valuation of such swap referencing the index may beadjusted to reflect the next available live prices for the affected constituents. This adjusted swap valuation will bedetermined by the Pricing Agent(s) and verified by the Investment Manager and the Central Administrative Agent.

f) Net realised gain or loss on sales of investments

Realised gains or losses on sales of investments are calculated on the basis of average cost of the investments sold.

g) Net realised gain or loss on swaps

The net realised gain or loss on sale of swaps is determined on the basis of the average cost of swaps sold.

h) Conversion of foreign currencies

The accounting records and the financial statements of each Sub-Fund are expressed in the respective currencies of thesub-funds as mentioned in the statements (EUR, USD and GBP). Bank accounts, other net assets and market value of theinvestments in securities expressed in currencies other than EUR are converted into EUR at the rates of exchangeprevailing at year-end. Income and expenses in currencies other than EUR are converted into EUR at the rate of exchangeprevailing at payment date.

Exchange rates used as at June 30, 2015:

1 EUR = 1.114200 USD1 EUR = 1.391023 CAD1 EUR = 1.041275 CHF1 EUR = 0.708463 GBP

i) Cost of investments in securities

Cost of investments in securities in currencies other than Sub-Fund currency is converted into EUR, USD and GBP at theexchange rate applicable at purchase date.

j) Formation expenses

The Fund bears the upfront costs, including the cost of drawing up and any other costs relating to the incorporation andlaunch of the Fund. These costs are charged to the initial Sub-Fund immediately upon launching (no amortisation). For allactive Sub-Funds, the start up costs have been borne by the Sponsor.

RBS MARKET ACCESS

45


3. Service agent fees

For the following sub-funds, the effective Service agent fees, including subscription fees and all the costs and expenses,except the transaction costs are as follows as at June 30, 2015:

Name of the Sub-Fund Effective RateRBS MARKET ACCESS DAXGLOBALÒ ASIA INDEX UCITS ETF 0.65% p.a.RBS MARKET ACCESS DAXGLOBALÒ BRIC INDEX UCITS ETF 0.65% p.a.RBS MARKET ACCESS DAXGLOBALÒ RUSSIA INDEX UCITS ETF 0.65% p.a.RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEXSM UCITS ETF 0.60% p.a.RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF 0.65% p.a.RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF 0.85% p.a.RBS MARKET ACCESS MSCI FRONTIER MARKETS INDEX UCITS ETF 0.90% p.a.RBS MARKET ACCESS NYSE ARCA GOLD BUGS INDEX UCITS ETF 0.65% p.a.RBS MARKET ACCESS RICI AGRICULTURE INDEX UCITS ETF 0.70% p.a.RBS MARKET ACCESS RICI METALS INDEX UCITS ETF 0.60% p.a.RBS MARKET ACCESS ROGERS INTERNATIONAL COMMODITY INDEX UCITS ETF 0.70% p.a.RBS MARKET ACCESS TOPIXÒ EUR HEDGED INDEX UCITS ETF 0.50% p.a.

These service agent fees are calculated on the average of net assets of the Sub-Funds and payable on a monthly basis.

All these fees are disclosed under the caption "Service Agent fees" in the Statement of Changes in Net Assets for the periodended June 30, 2015.

The custodian fees are charged out of the assets of the relevant Sub-Fund of the Fund in accordance with normal practice in

Luxembourg* and included in the Service Agent fee as detailed here above.

*custodian fees mainly composed of safe custody charges as detailed here below:

– 0.025% p.a on the net assets up to EUR 50 mio;

– 0.020% p.a on the net assets between EUR 50 mio and EUR 100 mio;

– 0.015% p.a on the net assets over EUR 100 mio;

– with a minimum of EUR 20,000 for the entire Fund.

Fees are calculated quarterly in arrears on the average of net assets calculated at the frequency of each Net Asset Valuecalculation.

4. Taxation

Subscription tax

The sub-funds are as a rule liable in Luxembourg to a subscription tax (taxe d’abonnement) of 0.05% per annum of theirnet asset value. Such tax is payable quarterly at the end of the relevant quarter. The subscription tax is included in theservice agent fees.

However, an exemption from such subscription tax is available to the relevant sub-fund(s), namely, those (i) whosesecurities are listed or traded on at least one stock exchange or another regulated market operating regularly, recognisedand open to the public; and (ii) whose exclusive object is to replicate the performance of one or more indices (as theseterms are interpreted under applicable Luxembourg regulations) on the basis of Article 175 e) of the 2010 Law. Theapplication of such exemption is based on regulatory and tax provisions as these are known to the Board of Directors. Suchassessment is subject to such changes in the Luxembourg legal, regulatory and tax provisions by any competentLuxembourg authority as will exist from time to time. Any such change by an authority as to the status of an investor maysubmit the entire relevant sub-fund(s) to a subscription tax at the rate of 0.05%. Furthermore, other exemptions orreduction of the applicable rate to (i.e. 0.01% per annum) are available under the conditions of Articles 174 and 175 of the2010 Law.

Withholding tax

Under current Luxembourg tax law, there is no withholding tax on any distribution, redemption or payment made by theFund to its shareholders under the shares. There is also no withholding tax on the distribution of liquidation proceeds to theshareholders.

RBS MARKET ACCESS

46


4. Taxation(continued)

Non-resident shareholders should note however that under the Council Directive 2003/48/EC on taxation of savingsincome in the form of interest payments ("EU Savings Directive"), interest payments made by the Fund or itsLuxembourg paying agent to individuals and residual entities (i.e. entities (i) without legal personality (except for a Finnishavoin yhtio and kommandiittiyhtio / oppet bolag and kommanditbolag and a Swedish handelsbolag and kommanditbolag)and (ii) whose profits are not taxed under the general arrangements for the business taxation and (iii) that are not, or havenot opted to be considered as, undertaking for collective investment in transferable securities ("UCITS") recognised inaccordance with Council Directive 85/611/EEC – a "Residual Entity") resident or established in another EU Member State asLuxembourg or individuals or Residual Entities resident or established in certain associated or dependant territories of theEuropean Union (Aruba, British Virgin Islands, Guernsey, Isle of Man, Jersey, Montserrat as well as the former NetherlandsAntilles, i.e. Bonaire, Curacao, Saba, Sint Eustatius and Sint Maarten – collectively the "Associated Territories"), aresubject to a withholding tax in Luxembourg unless the beneficiary elects for an exchange of information whereby the taxauthorities of the state of residence are informed of the payment thereof. The withholding tax rate is 35% asfrom July 1, 2011.

Interest as defined by the laws dated June 21, 2005 implementing the EU Savings Directive and several agreementsconcluded between Luxembourg and certain dependant territories of the European Union encompasses (i) dividendsdistributed by a UCITS where the investment in debt claims within the meaning of the EU Savings Directive of such UCITSexceeds 15% of its assets and (ii) income realised upon the sale, refund, redemption of shares or units held in a UCITS, if itinvests directly or indirectly more than 25% of its assets in debt claims within the meaning of the EU Savings Directive.

Income tax

Under current law and practice, the Fund is not liable to any Luxembourg income tax.

Value added tax

The Fund is considered in Luxembourg as a taxable person for value added tax ("VAT") purposes without any input VATdeduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Otherservices supplied to the Fund could potentially trigger VAT and require the VAT registration of the Fund in Luxembourg as toself-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.

No VAT liability arises in principle in Luxembourg in respect of any payments by the Fund to its shareholders, to the extentthat such payments are linked to their subscription to the Fund’s shares and do not constitute the consideration receivedfor taxable services supplied.

Other taxes

No stamp duty or other tax is generally payable at a proportional rate in Luxembourg on the issue of shares. Anyamendment of the articles of incorporation of the Fund is generally subject to a fixed registration duty of EUR 75.

The Fund may be subject to withholding tax on dividends and interest and to tax on capital gains in the country of origin ofits investments. As the Fund itself is exempt from income tax, withholding tax levied at source, if any, is not refundable inLuxembourg.

Luxembourg tax residency of the shareholders

A shareholder will not become resident, nor be deemed to be resident, in Luxembourg by reason only of the holding and/ordisposing of the shares or the execution, performance or enforcement of his/her rights thereunder.

Income tax

Luxembourg resident shareholders

A Luxembourg resident shareholder is not liable to any Luxembourg income tax on reimbursement of share capitalpreviously contributed to the Fund.

Luxembourg resident individuals

Dividends and other payments derived from the shares by a resident individual shareholder, who acts in the course of themanagement of either his/her private wealth or his/her professional/business activity, are subject to income tax at theordinary progressive rates.

RBS MARKET ACCESS

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4. Taxation(continued)

Capital gains realised upon the disposal of the shares by a resident individual shareholder, who acts in the course of themanagement of his/her private wealth, are not subject to income tax, unless said capital gains qualify either as speculativegains or as gains on a substantial participation. Capital gains are deemed to be speculative and are thus subject to incometax at ordinary rates if the shares are disposed of within six (6) months after their acquisition or if their disposal precedestheir acquisition. A participation is deemed to be substantial where a resident individual shareholder holds or has held,either alone or together with his spouse or partner and/or minor children, directly or indirectly at any time within the five(5) years preceding the disposal, more than ten percent (10%) of the share capital of the company whose shares are beingdisposed of. A shareholder is also deemed to alienate a substantial participation if he acquired free of charge, within the five(5) years preceding the transfer, a participation that was constituting a substantial participation in the hands of thealienator (or the alienators in case of successive transfers free of charge within the same five-year period). Capital gainsrealised on a substantial participation more than six (6) months after the acquisition thereof are taxed according to thehalf-global rate method (i.e. the average rate applicable to the total income is calculated according to progressive incometax rates and half of the average rate is applied to the capital gains realised on the substantial participation). A disposalmay include a sale, an exchange, a contribution or any other kind of alienation of the participation.

Capital gains realised on the disposal of the shares by a resident individual shareholder, who acts in the course of themanagement of his/her professional/business activity, are subject to income tax at ordinary rates. Taxable gains aredetermined as being the difference between the price for which the shares have been disposed of and the lower of their costor book value.

Luxembourg resident companies

A Luxembourg resident company (societe de capitaux) must include any profits derived, as well as any gain realised on thesale, disposal or redemption of shares, in their taxable profits for Luxembourg income tax assessment purposes.

Luxembourg residents benefiting from a special tax regime

Shareholders who are Luxembourg resident companies benefiting from a special tax regime, such as (i) undertakings forcollective investment governed by the law of December 17, 2010 relating to undertakings for collective investment (the"2010 Law"), as amended by the law of February 13, 2007 on specialised investment funds, as amended by the law ofMarch 26, 2012, as amended and by the law of May 11, 2007 on family wealth management companies, as amended, areincome tax exempt entities in Luxembourg, and profits derived from the shares are thus not subject to Luxembourg incometax.

Luxembourg non-resident shareholders

A non-resident, who has neither a permanent establishment nor a permanent representative in Luxembourg to which orwhom the shares are attributable, is not liable to any Luxembourg income tax on income received and capital gains realisedupon the sale, disposal or redemption of the shares.

A non-resident company which has a permanent establishment or a permanent representative in Luxembourg to which theshares are attributable, must include any income received, as well as any gain realised on the sale, disposal or redemptionof shares, in its taxable income for Luxembourg tax assessment purposes. Taxable gains are determined as being thedifference between the sale, repurchase or redemption price and the lower of the cost or book value of the shares sold orredeemed.

Net wealth tax

A Luxembourg resident, as well as a non-resident who has a permanent establishment or a permanent representative inLuxembourg to which the shares are attributable, are subject to Luxembourg net wealth tax on such shares, except if theshareholder is (i) a resident or non-resident individual taxpayer, (ii) an undertaking for collective investment governed bythe 2010 Law, (iii) a securitization company governed by the law of March 22, 2004 on securitization, (iv) a companygoverned by the law of June 15, 2004 on venture capital vehicles, (v) a specialised investment fund governed by theamended law of February 13, 2007 or (vi) a family wealth management company governed by the law of May 11, 2007.

Other taxes

Under Luxembourg tax law, where an individual shareholder is a resident of Luxembourg for tax purposes at the time ofhis/her death, the shares are included in his or her taxable basis for inheritance tax purposes. On the contrary, noinheritance tax is levied on the transfer of the shares upon death of a shareholder in cases where the deceased was not aresident of Luxembourg for inheritance purposes.

Gift tax may be due on a gift or donation of the shares, if the gift is recorded in a Luxembourg notarial deed or otherwiseregistered in Luxembourg.

5. Changes in the composition of the portfolio

The changes in the composition of the portfolio are available upon request and free of charge from the registered office.

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6. Swap contracts

As at June 30, 2015, the Sub-Funds have invested in the following unfunded performance swaps contracts:


Type Currency Notional on

basket

Paying leg Receiving leg Notional on

index

Unrealised

gain

Counterparty Maturity

Un-funded performanceswaps EUR 1,000.00 (12,286,762.43) 12,372,611.56 19,578.78 85,861.87 JP Morgan 11/30/15



basket


index

Unrealised

gain



RBS MARKET ACCESS DAXGLOBAL@ RUSSIA INDEX UCITS ETF


basket


index

Unrealised

gain





basket


index

Unrealised

gain


Un-funded performanceswaps EUR 1,000.00 (8,613,072.32) 9,065,664.10 14,601.08 452,591.32 Barclays 11/27/15



basket


index

Unrealised

gain


Un-funded performanceswaps EUR 1,000.00 (9,908,116.80) 10,093,491.81 22,731.51 185,366.38 Barclays 11/27/15

RBS MARKET ACCESS MSCI EMERGING AND FRONTIER AFRICA EX SOUTH AFRICA INDEX UCITS ETF


basket


index

Unrealised

gain


Un-funded performanceswaps USD 1,000.00 (21,126,766.36) 22,101,636.68 29,937.93 974,873.94 Barclays 11/27/15



basket


index

Unrealised

gain


Un-funded performanceswaps USD 1,000.00 (22,107,973.15) 22,835,208.64 29,600.26 727,249.68 Barclays 11/27/15

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49


6. Swap contracts(continued)



basket


index

Unrealised

gain


Un-funded performanceswaps EUR 1,000.00 (76,170,952.52) 79,492,656.47 558,664.80 3,321,742.20 JP Morgan 11/30/15



basket


index

Unrealised

gain





basket


index

Unrealised

(loss)


Un-funded performanceswaps EUR 1,000.00 (23,389,139.66) 22,996,551.05 14,090.44 (392,581.79) JP Morgan 11/30/15



basket


index

Unrealised

gain





basket


index

Unrealised

gain



7. Dividends

Any dividends payable on the stocks comprising the Index tracked by each sub-fund will be reinvested in the Index.Equities held by each sub-fund ("the Portfolio") are substituted before they go ex-dividend. The sub-funds are not entitledto receive any dividends from the Portfolios they hold. Any dividends received from the Portfolio will be returned to theswap counterparty.

8. Subsequent Events

On August 18, 2015, Royal Bank of Scotland plc (‘‘RBS’’) announced that it is selling RBS (Luxembourg) S.A. (‘‘RBSL’’), itsLuxembourg-domiciled independent management company and funds governance business, to BlackFin Capital Partners,a private equity firm specialised in the financial services sector. The completion of the deal is subject to approval of theLuxembourg regulator, Commission de Surveillance du Secteur Financier (‘‘CSSF’’), and is expected to complete in thefourth quarter of this year.

Mr Koenraad Van der Borght, Director, resigned from the Board of Directors of the Company with effect asof August 21, 2015.

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