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Important Notice

Please read carefully the terms of this notice which shall apply in respect of services provided by The Royal Bank of Scotland Global Banking & Markets ('RBSGBM', 'we' or 'us'). RBSGBM is a trading name covering certain business undertaken by either The Royal Bank of Scotland plc or National Westminster Bank Plc. Unless otherwise specified, this Site and its contents are intended for Clients or proposed Clients, as defined below, of RBSGBM or other parts of The Royal Bank of Scotland Group and not for any other person.

A 'Client' means a person who is categorised as a Market Counterparty or an Intermediate Customer within the meaning of the Financial Services and Markets Act 2000. The contents of this Site unless otherwise specified are deemed to be unsuitable for Private Customers.

The distribution of material on this Site may be restricted by the laws or regulations of the country from which you are accessing this Site. Where such restrictions exist persons accessing this Site must inform themselves about, and observe, any such restrictions.

This Site and its contents have not been prepared with any specific investment objective, financial situation or particular need of any specific recipient in mind. 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. All the information, including opinions, charts, indicative rates, calculation tools and reports, has been compiled or arrived at by RBSGBM from sources believed to be reliable, but RBSGBM does not accept any liability for any loss arising from its use and makes no representation as to its accuracy or completeness. Any opinion expressed within this Site is subject to change without notice and RBSGBM is not under any obligation to update or keep the information current. You are reminded that the contents of this Site 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 Site.

Any opinions constitute our judgement as of the date indicated and nothing contained in this Site constitutes investment advice or an assurance or guarantee as to the expected outcome of any strategy. You agree that you will not rely upon the contents of the Site 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. RBSGBM or connected companies, their clients and officers, may have a position or engage in transactions in any of the instruments mentioned.

All rates and prices made available on this Site are indicative only and not tradable unless expressed to be a rate or price that can be accepted by clicking on an 'Accept', 'Trade' or 'Deal' icon. RBSGBM does not warrant that the functions contained in this Site will be uninterrupted or error-free, that defects will be corrected, or that this Site or the server that makes it available are free from viruses.

You, and any person connected to or representing you, accept that all communications (including telephone conversations) between us may be recorded by us. Such recording will be our sole property, and will in the absence of manifest error be conclusive evidence of the communications recorded and may be used as evidence in event of a dispute. If you have made similar recordings they will be accorded similar status.

In the event of any failure, interruption or delay in performance of our obligations resulting from acts, events or circumstances not reasonably within our control, including but not limited to industrial disputes, acts or regulations of any governmental or supranational bodies or authorities, breakdown, failure or malfunction of any telecommunications or computer service, RBSGBM shall not be liable or have any responsibility of any kind for any loss or damage thereby incurred or suffered by you. Click Here to view our policy for managing conflicts of interest in connection with Investment Research.

US Investors

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.

Securities Research

This material is solely for 'Major US Institutional Investors' (as defined in Rule 15a-6 of the US Securities Exchange Act 1934.

Transactions

For U.S. investors, the following representations shall apply to any transactions entered into via this Site:

Swap Exceptions

Eligible Contract Participant. (A) It is an 'eligible contract participant' within the meaning of Section 1 (a) (12) of the Commodity Exchange Act, as amended; (B) this Agreement and each Transaction is subject to individual negotiation; and (C) neither this Agreement nor any Transaction will be executed or traded on a 'trading facility' within the meaning of section 1(a) (33) of the Commodity Exchange Act, as amended.

No Offer of Securities - Restricted Dealing

The information on this Site 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 RBSGBM on this Site do not constitute 'securities' as that term is defined in the U.S. Securities Acts and Exchange 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 RBSGBM in certain other products including equity securities, debt securities, commodity futures, standardised options and certain over-the-counter products.

Research Not a Recommendation to Buy or Sell

You understand and acknowledge that neither RBSGBM 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 Site 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.

Internet Site not an Exchange or ATS

Neither this Site nor any of the services or facilities provided by RBSGBM in connection with this Site constitutes an 'exchange' or 'alternative trading system' (ATS) as those terms are defined in the U.S. Securities Laws, and the rules regulations and interpretations thereunder, and neither RBSGBM nor this Site is subject to regulation as an exchange or ATS in the United States.

General Information

The terms in this notice shall apply on each visit made by you to this Site. Any transactions entered into via this Site shall be subject to such additional terms and conditions agreed between you and RBSGBM. We may modify, supplement or amend this notice and such terms and/or conditions hereby, at any time.

This notice shall be governed by and construed in accordance with English law and both you and RBSGBM irrevocably agree that the courts of England shall have exclusive jurisdiction to hear any dispute or suit. You waive any right to claim the action is being brought in an inconvenient forum.

Transactions with RBSGBM shall be in the English language and shall be recorded by RBSGBM. Confirmations of transactions shall be sent by RBSGBM by post, fax or electronic means. You agree that regulations 9(1) and 9(2) of the Electronic Commerce (EC Directive) Regulations 2002 shall not apply to the entry into financial markets transactions with RBSGBM by electronic means. Any prices and/or quotes for transactions provided by RBSGBM do not include any applicable tax or delivery charges, unless stated to the contrary.

Our details are as follows:

The Royal Bank of Scotland plc
Registered in Scotland No 90312
Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB
Authorised and regulated by the Financial Services Authority.
VAT number GB 243852752.

National Westminster Bank Plc
Registered in England No 929027
Registered Office: 135 Bishopsgate, London EC2M 3UR
Authorised and regulated by the Financial Services Authority.
VAT number GB 243852752.

The Royal Bank of Scotland has an entry in the Financial Services Authority ('FSA') register with Register Number 121882. National Westminster Bank Plc has an entry in the FSA register with Register Number 121878. All investment business is regulated by the FSA whose handbook of Rules and Guidance can be authorised and accessed at www.fsa.gov.uk. Non-investment products (such as spot and forward foreign exchange and wholesale deposits) business 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.

We may be contacted by email at the following address: electronictrading@rbos.com

Application Information

When you apply for a product or service on this website, you will be asked for personal information that is needed to process your application.

You (and your employees, if you are not an individual) agree that we and other companies in our group may hold and process by computer or otherwise any information we hold about you (and your employees) and may use any of that information to administer and operate your account and to provide any services to you, to monitor and analyse the conduct of your account, to assess any credit decision and to enable us to carry out statistical and other analyses. You agree that we may disclose that information to other companies in our group for these purposes. We may also transfer information we hold about you to any country, including countries outside the European Economic Area that may not have data protection laws, for any of the purposes described in this clause. We may also disclose information about you (and your employees) to law enforcement agencies or regulators when properly requested to do so.

Use of RBSopenvu

The following shall apply to your use of RBSopenvu (the 'Service' which term shall include any software comprised therein) 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 RBSGBM 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 RBSGBM's 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. You consent, and shall ensure that any individual authorised by you to use the Service consents to us using the information (company name, individual contact at the company, company address etc.) we obtain from you and any individual authorised by you to use the Service, for the purposes of carrying out the Service, which information may be shared with our affiliates.

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. We may be obliged to disclose such information where required by applicable law or regulation or where necessary in order to protect RBSGBM. 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.

Copyright

©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

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 and RBS. If you are in doubt as to whether an item is a trade mark of The Royal Bank of Scotland Group plc or a member of the RBS Group, please contact us for clarification at the registered office address.