NatWest Markets

RBSMarketplace Terms & Conditions

Terms and Conditions of Use of The Royal Bank of Scotland plc's Internet Web Site.

This website is owned and maintained by the NatWest Markets business ("NatWest Markets") of The Royal Bank of Scotland plc ("RBS"), publisher and issuer of the website www.rbsm.com (the "website"). The services and information on this website are provided for Clients or prospective Clients of RBS, The Royal Bank of Scotland N.V. ("RBS NV"), National Westminster Bank Plc ("NWB") and RBS Securities Inc. By using this website you agree to accept and be legally bound by these terms and conditions which you should read carefully. If you do not accept these terms and conditions, please do not use this website.

For the purposes of the above, a "Client" means a person who has been approved by either of RBS, RBS NV, NWB or RBS Securities Inc. for regulatory purposes to receive certain investment products and services (including such services available on this website). Client classification is determined in accordance with the rules applicable to the RBS business with whom the client relationship is maintained. Accordingly, a Client of:

  • RBS or NWB means an Eligible Counterparty or a Professional Client within the meaning of the rules of the Financial Conduct Authority;
  • RBS Securities Inc., means an Institutional Investor as defined in Rule 2211 of the Financial Industry Regulatory Authority; and
  • Offices of RBS and RBS NV in Asia and Australia, means a client as described in the relevant sections below.

In addition, the services and information on this website (the "Material") may be restricted or subject to additional requirements in certain jurisdictions as noted below:

United Kingdom and European Economic Area

The Material is prepared and distributed in the United Kingdom and the rest of the European Economic Area by RBS exclusively to Eligible Counterparties and Professional Clients within the meaning of the Markets in Financial Instruments Directive and the implementation thereof in EU member states. Please note that the contents of this website unless otherwise specified are deemed to be unsuitable for Retail Clients. In addition, RBS takes responsibility for Material prepared by RBS Securities Inc. that is distributed in other jurisdictions and such material is for institutional investors only (as defined in Rule 2211 of the Financial Industry Regulatory Authority).

United States Residents

The Materials are provided to US institutional investors only (as defined in Rule 2211 of the Financial Industry Regulatory Authority) by RBS Securities Inc. a subsidiary of RBS; or by RBS to major US institutional investors only (as defined in Rule 15a-6 of the US Securities Exchange Act 1934). RBS Securities Inc. accepts responsibility for the content of Material prepared by RBS, when distributed by RBS Securities Inc. All transactions by a US person in securities mentioned in the Material must be effected through RBS Securities Inc., a broker-dealer registered with the Securities and Exchange Commission a member of FINRA (http://www.finra.org) and SIPC (http://www.sipc.org). With respect to the execution of interest rate derivatives, credit derivatives and foreign exchange transactions, RBS Securities Inc. generally acts as agent for RBS which will be the principal in such transactions. Certain transactions, including those involving futures, options, derivatives and high yield securities, give rise to substantial risk and are not suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from any investments discussed herein. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. Please ensure that you have read and understood the current options disclosure document before entering into any options transactions. United States listed options disclosure documents are available from our sales representatives or at http://www.theocc.com/components/docs/riskstoc.pdf. You represent in respect of any transactions entered into via this website that (A) you are an Eligible Contract Participant within the meaning of Section 1 (a) (12) of the Commodity Exchange Act, as amended; (B) each transaction and any agreement entered into in respect thereof is subject to individual negotiation; and (C) neither the transaction or any agreement in respect thereof will be executed or traded on a 'trading facility' within the meaning of section 1(a) (33) of the Commodity Exchange Act, as amended. The information on this website is not an offer or solicitation of an offer to buy or sell any securities or securities related financial services in the United States. The currency options, foreign exchange, interest rate derivatives, credit derivatives and certain other financial products to the extent made available by NatWest Markets on this website do not constitute 'securities' as that term is defined under U.S. federal securities laws, and the rules, regulations and interpretations thereunder and are not subject to regulation as such in the United States. Clients in the United States may not be able to deal directly with NatWest Markets in certain other products including equity securities, debt securities, structured products, commodity futures, standardised options and certain over-the-counter products and should therefore contact their RBS Securities Inc. sales coverage.

Australian Residents

Persons accessing this website and the Material from Australia are restricted to Wholesale Clients as defined under the Australian Corporations Act 2001 and should note that their access to, and use of, the information, services and products on this website may be prohibited under the Australian Corporations Act 2001 or under RBS' Australian Financial Services Licence. Nothing contained in this website should be construed as an authorisation to access or use the information, services or products on this website in Australia where such prohibitions apply. In Australia RBS is regulated by the Australian Securities & Investments Commission and the Australian Prudential Regulation Authority, ABN 30 101 464 528, (AFS License No 241114). RBS Securities Inc. is exempt from the requirement to hold an Australian Financial Services Licenses under the Corporations Act 2001 of Australia in respect of these financial services, and that RBS Securities Inc. is regulated by the SEC under US laws, which differ from Australian laws.

Singapore

The Materials are distributed in Singapore by The Royal Bank of Scotland plc (Singapore branch), Level 26, One Raffles Quay, South Tower, Singapore 048583, which are regulated by the Monetary Authority of Singapore. The Royal Bank of Scotland plc (Singapore branch) is exempt from licensing in respect of all financial advisory services under the (Singapore) Financial Advisers Act, Chapter 110. In Singapore, the Materials are intended solely for distribution to Institutional Investors, Accredited Investors and Expert Investors as defined in Section 4A of the (Singapore) Securities and Futures Act, Chapter 289. The Materials are provided for information only and do not constitute an offer or a solicitation to deal in securities or to enter into any legal relations, nor as advice or a recommendation with respect to such securities. The Materials are prepared for general circulation by RBS and do not have regard to the specific investment objectives, financial situation and the particular needs of any particular recipient. The recipient should independently evaluate particular investments and consult an independent financial adviser before dealing in any securities mentioned in the Materials.

Persons receiving the Materials in Singapore should contact The Royal Bank of Scotland plc (Singapore branch) in respect of any matters in connection with the Materials.

Hong Kong (SAR) Residents

The Material is intended for professional investors only. You are advised to exercise caution in relation to this website. If you are in any doubt about any of the contents of this website, you should obtain independent professional advice.

This website and its contents have not been reviewed by any regulatory authority in Hong Kong. Any information contained in this website is brought to you by RBS. RBS is authorized by the Hong Kong Monetary Authority (“HKMA”) and registered with the Securities and Futures Commission of Hong Kong ("SFC") to carry on Type 1 (dealing in securities) regulated activity. The HKMA’s register can be accessed at: http://www.hkma.gov.hk/eng/index.shtml. The SFC's register can be accessed at: http://www.sfc.hk/web/EN/index.html. RBS's CE number is ADI888.

Neither this website nor any information contained in it constitutes or forms part of any offer or invitation to offer or any solicitation to offer any financial products or securities nor an investment advisory service by RBS Securities Inc. Any information contained in this website is for reference only and is not intended for distribution to, or use by, any person in any other jurisdiction where such distribution or use would be contrary to law or regulation or which would subject any member of The Royal Bank Scotland Group to any registration requirement within such jurisdiction. No reliance may be placed for any purpose whatsoever on the information contained in this document/website or its completeness. RBS has engaged RBS Securities Inc. (a US broker dealer, Member of SIPC) to act as its broker with respect to activities relating to US securities. RBS Securities Inc. does not conduct, nor holds itself out as conducting a business in investment advisory or dealing services in Hong Kong, nor any other regulated activity. It holds no Hong Kong regulatory licenses.

Japanese Residents

Persons accessing this website are limited to Professional Investors (as defined in Article 2-31 of Financial Instruments and Exchange Law) only. The access to the website is provided by RBS Securities Japan Limited (“RBSSJ”) to their respective Clients in Japan who are classified as Professional Investors. However some Material is intended to be provided only to Qualified Institutional Investors (as defined in Article 10 of Cabinet Office Ordinance concerning Definitions provided in Article 2 of Financial Instruments and Exchange Law). RBSSJ is regulated by the Japanese Financial Services Agency. This Material is provided for information only and it does not constitute an offer or a solicitation to deal in any specific products or to enter into any legal relations, nor an advice or a recommendation with respect to such products. Clients should independently evaluate particular investments before dealing in any products herein referred to.

Use of website

1. The information provided on this website or in any communication containing a link to this site is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any member of The Royal Bank of Scotland Group ("the RBS Group" or the “Group”) to any registration requirement within such jurisdiction or country. It is not intended for distribution to, or use by, any person that is not a Client and should not be forwarded to third parties. Where any opinions are expressed on this website, they are provided by the RBS Group for personal use and for informational purposes only.

2. This website is designed to be accessed through its principal home pages and such other pages as we may decide. If you access the site through individual pages directly, which are not designed for this purpose, you may not see important information which is relevant to information on this website. You will be referred on certain site pages to read pages containing important details and relevant legal or regulatory information and this should be read in conjunction with the relevant site pages. NatWest Markets makes no representations that materials on this website are appropriate for use in all locations or that transactions, securities, products, instruments or services discussed on this website are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Users of this site may not necessarily be able to deal directly with NatWest Markets. Those who access this site do so on their own initiative and are responsible for compliance with applicable local laws or regulations.

Exclusion of liability

3. These 'Exclusion of Liability' provisions should be read carefully as they exclude or limit our legal liability in connection with your use of this website. Nothing in these terms and conditions and in particular within the 'Exclusion of Liability' clauses shall attempt to exclude liability to the extent that such limitation is not permissible under applicable law, including without limitation, for fraudulent misrepresentation.

4. In respect of RBS and NWB Clients only, nothing in these terms and conditions shall exclude or limit or restrict our duties and liabilities to you under the Financial Services and Markets Act 2000, or any conduct of business rules which we are bound to comply with. In respect of RBS NV Clients only, nothing in these terms and conditions shall exclude or limit or restrict our duties and liabilities to you under applicable provisions of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

5. While we have taken reasonable steps to ensure reliability of the content of the website, we do not make any warranties, undertakings or representations (either express or implied) that the website or (including without limitation) all or any part of the content or materials is accurate, available or complete or that the content or materials are appropriate or available for use either in the United Kingdom or in other jurisdictions. If you use this website from other jurisdictions, you must do so in compliance with applicable local laws.

6. We accept no liability (including without limitation) in either law, equity, contract, tort, negligence, statutory duty or otherwise (to the maximum extent permitted by applicable law) arising out of or in connection with the use of or access to this website (which includes without limitation) any errors or omissions contained in this website) or if the website is unavailable, and we shall not be liable for any direct or indirect:

  • economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings);
  • loss of goodwill or reputation;
  • special, incidental, consequential loss or damage,

suffered or incurred arising out of or in connection with your use of this website and these terms and conditions. At times, you may have difficulty accessing the website due to high Internet traffic or because of system's capacity limitations. We do not represent or warrant that access to the website will be uninterrupted. We make no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with this site.

7. Access to and use of this website is at the user's own risk and we do not warrant that the use of this website or any material downloaded from it will not cause damage to any property, or otherwise minimise or eliminate the inherent risks of the internet including but not limited to loss of data, computer virus infection, spyware, malicious software, trojans and worms. Also, we accept no liability in respect of losses or damages arising out of changes made to the content of this website by unauthorised third parties.

8. To provide increased value to users of this website, we may provide links to other websites or resources (that are not part of the RBS Group, and whose contents RBS Group has no power to alter) for you to access at your sole discretion. You acknowledge and agree that, as you have chosen to enter the linked website, we are not responsible for the availability of such external sites or resources, and do not review or endorse and shall not be responsible or liable, directly or indirectly, for (i) the privacy practices of such websites, (ii) the content of such websites, including (without limitation) any advertising, content, products, goods or other materials or services on or available from such websites or resources or (iii) the use that others make of these websites or resources, nor for any damage, loss or offence caused or alleged to be caused by, or in connection with, the use of or reliance on any such advertising, content, products, goods or other materials or services available on such external websites or resources. The RBS Group may suspend or terminate a hyperlink due to mechanical or technical difficulties or similar problems.

9. The above limitation or exclusion may not apply to you to the extent that applicable law may not allow the limitation or exclusion of liability for incidental or consequential damages.

Your information

10. We are a member of the Group. For information about our group of companies please visit www.rbs.com and click on 'About Us', or for similar enquiries please telephone 0131 556 8555 or Textphone 0845 900 5960.

Your information comprises all the details we hold about you and your transactions, and includes information obtained from third parties.

We may use and share your information with other members of the Group to help us and them:

  • assess financial and insurance risks.
  • recover debt.
  • prevent and detect crime.
  • understand and service our customers' requirements.
  • develop and test products and services.

We do not disclose your information to anyone outside the Group except:

  • where we have your permission.
  • where we are required or permitted to do so by law.
  • to credit reference and fraud prevention agencies and other companies that provide a service to us or you.
  • where we may transfer rights and obligations under this agreement.

We may transfer your information to other countries on the basis that anyone to whom we pass it provides, in our sole discretion, an adequate level of protection. Such information may be accessed by law enforcement agencies and other authorities to prevent and detect crime and comply with legal obligations.

From time to time we may change the way we use your information. Where we believe you may not reasonably expect such a change we shall write to you. If you do not object to the change within 60 days, you consent to that change.

If you would like a copy of the information we hold about you, please write to: The Royal Bank of Scotland plc, 36 St Andrew Square, Edinburgh, EH2 2YB. A fee may be payable.

Copyright

11. © The Royal Bank of Scotland Group plc. All rights, save as expressly granted, are reserved. Reproduction in any form of any part of the contents of this website without our prior written consent is prohibited unless for personal use only.

Trade marks

12. This website 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, RBS, NatWest, the three chevrons logo, Royline, Highline and Cashline, and RBS Securities Inc. 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 clarification at the registered office address below. The DAISY Device logo, RBS, THE ROYAL BANK OF SCOTLAND and BUILDING TOMORROW are trade marks of The Royal Bank of Scotland Group plc.

Advice

13. The contents of this website do not purport to provide any financial, investment, legal, tax, accounting, professional or other advice and nothing on the pages of this website shall be deemed to constitute the making of a personal recommendation, offer or provision of financial, investment or other professional advice in any way. None of NatWest Markets, RBS Securities Inc or RBS NV are acting as an advisor or fiduciary in any respect in connection with providing this information and no information or material on this website is to be relied upon for the purpose of making or communicating investment or other decisions nor construed as either projections or predictions, in each case, without independently verifying the same. NatWest Markets transacts business with counterparties on an arm's length basis and on the basis that each counterparty is sophisticated and capable of independently evaluating the merits and risks of each transaction and that counterparty is making an independent decision regarding any transaction. Investors must make their own independent decisions regarding any securities, financial instruments or strategies mentioned herein.

14. The contents of this website have not been prepared with any specific investment objective, financial situation or particular need of any specific recipient in mind, and the contents are not intended as recommendations of particular securities, financial instruments or strategies to particular investors. Securities, financial instruments or strategies discussed herein may not be suitable for all investors. The contents are published solely for information purposes and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Information, estimates, assumptions, and/or opinion expressed within this website is subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of RBS as a result of different assumptions and criteria. NatWest Markets assumes no obligation to update or keep such material current or to notify you when or whether the material has changed. Changes to assumptions made in the preparation of such materials may have a material impact on returns. You are reminded that the contents of this website should not be relied upon as up to date or current and should not be used in substitution for the exercise of independent judgement. You should read and consider carefully any disclosures or disclaimers made within this website.

15. Any opinions constitute our judgement as of the date indicated and nothing contained in this website constitutes investment advice or an assurance or guarantee as to the expected outcome of any strategy. Past performance is not indicative of future results. You agree that you will not rely upon such opinions as investment advice or an assurance or guarantee as to the expected outcome of any strategy and that you will take all steps you deem necessary, including obtaining independent professional advice, to arrive at your independent opinion of any proposed strategy and your decision whether or not to proceed. NatWest Markets or connected companies, their clients and officers, may have a position or engage in transactions in any of the instruments mentioned.

Conflicts

16. RBS, its affiliates, or any of their respective employees, clients and officers, including persons involved in the preparation or issuance of the information contained in the material on this website may act as a market-maker, deal as principal, agent or investment manager in any of the securities or other financial instruments mentioned, and may have a long or short position in (including possibly a position that was accumulated on the basis of the material prior to it being disseminated and/or a position inconsistent with the information on this website), engaged in transactions in, or acted as manager or co-manager of a public offering of, any of the securities (or related securities) mentioned on this website, and may have, or be seeking to develop, an investment banking or corporate banking relationship with companies mentioned on this website. Accordingly, information included in or excluded from this website is not independent from the proprietary interests of RBS and its affiliates, which may conflict with your interests. Issuers mentioned in any material may be investment banking clients of RBS and its affiliates and RBS and its affiliates may have provided in the past, and may provide in the future, financing, advice, and securitization and underwriting services to these clients in connection with which it has received or will receive compensation.

Regulatory Information

17. RBS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank is entered in the FCA's Register and its Register number is 121882. The FCA's Register can be accessed at www.fca.org.uk/register/. The Bank's registered VAT number is GB 243852752.

18. NWB is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank is entered in the FCA's Register and its Register number is 121878. The FCA's Register can be accessed at www.fca.org.uk/register/. The Bank's registered VAT number is GB 243852752.

19. RBS NV is authorised and regulated by the Dutch Central Bank (DNB - De Nederlandsche Bank) and the Dutch Authority for the Financial Markets (AFM -Autoriteit Financiële Markten). The Bank is entered in the register of DNB and the AFM Register. The DNB register can be accessed at www.dnb.nl. The AFM Register can be accessed at http://www.afm.nl/registers/. The Bank's registered VAT number is nl003027144b01. RBS Securities Inc. is a subsidiary of RBS and is a broker-dealer registered with the Securities and Exchange Commission, as well as a member of FINRA (http://www.finra.org) and SIPC. RBS is the marketing name for the securities business of RBS Securities Inc.

20. NatWest Markets is a marketing and trading name of The Royal Bank of Scotland plc, National Westminster Bank plc, RBS Securities Inc. and RBS Securities Japan Limited.

21. Transactions in non-investment products (such as spot and forward foreign exchange and wholesale deposits) business with RBS and NWB is governed by the Non-Investment Products code which is intended as guidance on good practice in these markets. This is available at www.bankofengland.co.uk/markets.

22. Persons, dealing with any member of the RBS Group outside the UK should be aware that they may not be covered by the rules and regulations applicable for the protection of investors in the UK and should seek advice in the relevant territory.

23. Transactions executed electronically with NatWest Markets shall be in the English language and shall be recorded by NatWest Markets. Confirmations of transactions shall be sent by NatWest Markets by post, fax or electronic means. You agree that regulations 9 and 11 of the Electronic Commerce (EC Directive) Regulations 2002 shall not apply to the entry into financial markets transactions with NatWest Markets by electronic means.

24. Any prices and/or quotes for transactions provided NatWest Markets do not include any applicable tax or delivery charges, unless stated to the contrary. Transactions executed with RBS Securities Inc. are not FDIC Insured, are not guaranteed by RBS Group, and may lose value.

25. We may be contacted by email at the following address: rbsmsupport@natwestmarkets.com

Changes to website

26. The contents of this website, including these terms and conditions of use, are current as of the date indicated and are subject to change by us without notification.

Telephone Calls

27. Calls may be recorded, in accordance with applicable laws and regulations.

Internet communications

28. In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, the RBS Group reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to; viruses and other malignant code, criminal activity, and use or content which is unauthorised as being in breach of the Group Dignity at Work and Information Security policies.

United States Residents

29. To help the US Government fight the funding of terrorism and money laundering activities, all US Financial Institutions are required by law to obtain, verify and record information that identifies each individual or entity that opens an account in the US.

30. No Offer of Securities - Restricted Dealing: the information on this website is not an offer or solicitation of an offer to buy or sell any securities or securities related financial services in the United States. The currency options, foreign exchange and other financial products made available by NatWest Markets on this website do not constitute 'securities' as that term is defined under U.S. federal securities laws, and the rules, regulations and interpretations thereunder, and are not subject to regulation as such in the United States. Clients in the United States may not be able to deal directly with NatWest Markets in certain other products including equity securities, debt securities, structured products, commodity futures, standardised options and certain over-the-counter products.

31. Research Not a Recommendation to Buy or Sell: you understand and acknowledge that neither NatWest Markets nor any affiliate or employees has provided any advice concerning the nature, value or suitability of any particular financial product, transaction, investment strategy, portfolio or other matter. You understand that the research and other materials provided in this website are for information purposes only, and any reference to a specific financial product or service contained therein does not constitute a recommendation to buy or sell. You acknowledge that any investment is based solely on your own evaluation of your investment objectives and financial condition.

32.Internet Site not an Exchange or ATS: neither this website nor any of the services or facilities provided by NatWest Markets in connection with this website constitutes an 'exchange' or 'alternative trading system' (ATS) as those terms are defined in the U.S. federal securities laws, and the rules regulations and interpretations thereunder, and neither NatWest Markets nor this website is subject to regulation as an exchange or ATS in the United States.

Other Important Information concerning RBS listed securities

33. This website contains certain 'forward looking statements' as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that include the words 'expect', 'estimate', 'project', 'anticipate', 'should', 'intend', 'plan', 'probability', 'risk', 'Value-at-Risk ('VAR')', 'target', 'goal', 'objective', 'will', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on such expressions.

34. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this website include, but are not limited to, general economic conditions in the UK and in other countries in which the RBS Group has significant business activities or investments, including in the United States; the monetary and interest rate policies of the Bank of England, the Board of Governors of the Federal Reserve System and other G-8 central banks; unanticipated turbulence in interest rates, foreign currency exchange rates, commodity prices or equity prices; changes in UK or foreign laws, regulations or taxes; changes in competition or pricing environments; natural and other disasters; the inability to hedge certain risks economically; the adequacy of loss reserves; acquisitions or restructurings; technology changes; changes in consumer spending and saving habits; and the success of the RBS Group in managing the risks involved in the foregoing. The risks and uncertainties are discussed in the RBS Group's SEC filings. The forward-looking statements contained in this website speak only as of the date of the related document, and the RBS Group does not undertake to update any forward looking statement to reflect events or circumstances after the date hereof.

35. The information contained in this website is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by RBS. Any person at any time acquiring the securities on the basis of information contained in this website must do so only on the basis of such person's own judgment as to the merits of the suitability of the securities for its purposes and only on such information as is contained in such public information, having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained herein. This information is not tailored for any particular investor and does not constitute individual investment advice.

36. Information in this website relating to the price at which investments have been bought or sold in the past or the yield on investments cannot be relied upon as a guide to future performance.

37. The financial information published or to be published on this website, or made available or to be made available through this website, such as annual reports and quarterly reports, is compiled and placed on this website with the great care. Nevertheless, only the original hard-copy English versions of this information shall be regarded as the original version. No rights may be derived from financial information published or to be published on this website, or available or to be made available through this website, including with regard to its accuracy and completeness.

38. In addition, it should be noted that the annual report and accounts of the RBS Group which may be published on this website or made available through this website, may be subject to adoption by the Annual General Meeting of Shareholders of the RBS Group for the year to which the report and accounts relate.

Additional Information for United Kingdom Users

Regulatory Information

39. For RBS, NWB and RBS NV Clients, if you are not satisfied with any of RBS' products or services we have a complaint handling procedure that you can use to resolve such matters.

General Information

Enforceability

40. In the event any provision of these terms and conditions of use and access of this website is held unenforceable, it will not affect the validity and enforceability of the remaining provisions and will be replaced by an enforceable provision that comes the closest to the intention underlying the unenforceable provision.

Governing Law

41. These terms and conditions are governed by the laws of England and any dispute regarding this website shall be subject to the exclusive jurisdiction of the English courts. However, for users provided access to this website by RBS Securities Inc. any dispute regarding this website shall be subject the laws of the State of New York, and subject to the exclusive jurisdiction of U.S. federal court for the Southern District of New York.

Registered details

42.The Royal Bank of Scotland plc. Incorporated and registered in Scotland No 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.

43.National Westminster Bank Plc. Incorporated and registered in England No 929027 with limited liability. Registered Office: 135 Bishopsgate, London EC2M 3UR

44. Royal Bank of Scotland N.V. Incorporated and registered in the Netherlands No 33002587, Registered Office: Gustav Mahlerlaan 350, 1082 ME, Amsterdam

Use of Chat on RBSMarketplace

45. Where you have been approved for access to the RBSMarketplace Chat service (the 'Service' which term shall include any software comprised therein), the following shall apply to your use of the Service and all messages posted by you on the Service.

The Service is intended to provide a real time communication channel for discussion of matters relating to financial markets between you and us and is licensed to you on a personal, non-exclusive, non-assignable and non-transferable basis for your own internal business use only and is not to be used by you for any other purpose or with or for any third party, whether in whole or in part. You must not reverse engineer, decompile, disassemble, modify, translate, make any attempt to discover the source code of any software comprised in the Service, or create derivative works based on same, except as permitted by law. You must not sublicense, assign or transfer the license created hereby, or rent, lease or provide access to any portion of any software comprised in the Service to others. You agree that all intellectual property rights in software comprised in the Service are and remain the property of NatWest Markets and/or its licensors as the case may be. The Service must not be used for trading purposes nor to transmit any message or attachment thereto which you know to be untrue or misleading, or which is unlawful, abusive (in any manner), libellous or otherwise would be viewed by a reasonable person as being objectionable in any way. Where you send any file or attachment using the Service you shall ensure that it is free from any computer virus that may damage or hinder NatWest Markets’ systems.

You acknowledge that we may remove any message that you place using the Service or suspend or terminate your use thereof and any license created hereby, where we deem such action to be necessary in our absolute discretion.

Your use of the Service shall be subject to your compliance with all applicable legal and regulatory restrictions. We may from time to time impose restrictions on your use of the Service, including but not limited to, the number of messages, size of message and/or any attachments you may post using the Service, the hours and frequency of availability of the Service, and the duration for which messages posted using the Service may be viewed.

We may also retain and preserve messages and information posted by you on the Service for our own use as we deem necessary and to comply with applicable laws and regulations. We may be obliged to disclose such information where required by applicable law or regulation or where necessary in order to protect NatWest Markets. We shall not be liable to you for any failure, defect or unavailability of the Service including the loss or deletion of any message or attachment posted by you or us using the Service.

Marketing communications

46. The Material is produced in the name of RBS, RBS NV, RBS Securities Inc and/or one of our affiliates within the RBS Group (individually an “RBS Entity” together “RBS Entities”) and should be regarded as a marketing communication which has not been prepared in accordance with the legal and regulatory requirements to promote the independence of investment research and may have been produced in conjunction with one or more RBS Entity’s trading desks that trade as principal in the instruments or currencies mentioned therein (where such a reference is made). This commentary is therefore not independent from the proprietary interests of any RBS Entity, which may conflict with your interests. Opinions expressed may differ from the opinions expressed by other areas of any RBS Entity. The Material may include references to securities, related derivatives or currencies that an RBS Entity’s trading desk may make a market or provide liquidity in, and in which it is likely as principal to have a long or short position at any time, including possibly a position that was accumulated on the basis of the Material prior to its dissemination. Any RBS Entity’s trading desks may also have or take positions inconsistent with the Material. The Material may have been made available to other clients of any RBS Entity before they have been made available to you and regulatory restrictions on any RBS Entity dealing in any financial instruments mentioned in the Material at any time before it is distributed to you do not apply. No RBS Entities make any representation, nor give you advice in respect of any tax, legal or accounting matters in any applicable jurisdiction. You should make your own independent evaluation of the relevance and adequacy of the information contained in any Material and make such other investigations as you deem necessary, including obtaining independent financial advice, before participating in any transaction based on the Material.