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© The Royal Bank of Scotland N.V. 2010.

1. Terms and conditions of use

The use of this website is subject to these terms and conditions.

2. No offer

The information published on this service is for information purposes only, and does not constitute or form part of any offer or invitation to subscribe for or to sell or solicitation of any offer to purchase any structured product or other securities, nor is it calculated to invite persons to subscribe for, or purchase for cash, or other consideration, any structured product or other securities.

The content of this website is intended only for the private information of persons residing in Hong Kong. It may be illegal to download such information in other countries. The Royal Bank of Scotland N.V. (the "Bank") and its group disclaim all responsibility if an investor downloads any information from this website in breach of any law of the country in which the investor is residing. Information on this website must not be relied or acted upon by persons residing outside Hong Kong. Without limitation to the generality of the foregoing, for legal reasons the contents of this website cannot be made available to US or UK residents. The materials and any products described herein are not being offered to or targeted at US and UK Users. Access to US and UK Users to Information available on this website is prohibited.

3. No warranty

(The Bank) takes reasonable steps to ensure the reliability of the information published, however the Bank bears no responsibility for the correctness, completeness or reliability of the information published here and bears no responsibility for the functioning of this service and the rectification of any errors which may appear hereon, from time to time. All prices displayed are purely indicative in nature and are subject to change without further notice. Opinions, estimates and other information contained herein may be changed or withdrawn without prior notice.

4. No investment advice

Information made available on this website should not be considered as investment advice or any form of recommendation to purchase or sell products described thereon.

Investors should always consider any transaction after carefully considering the suitability of the product in light of their particular circumstances. In addition, investors should always obtain their own legal, tax, accounting and other professional advice before investing in any product. The final terms and conditions are the only source of information which fully describe the products.

5. Selling restrictions

The offering, sale and distribution of the products will be restricted by law in certain jurisdictions. Particular structured products may also be subject to specific selling restrictions as set out in their terms and conditions. Investors must inform themselves about, and observe, any such restrictions. In particular, the structured products have not been and will not be made available and/or offered or sold within the United States or the United Kingdom or to, or for the account or benefit of, U.S. persons or U.K. persons.

6. Terms and conditions applicable to listed structured products

The terms and conditions of listed structured products must be read in conjunction with the Base Listing Document and the relevant Supplemental Listing Document. Base Listing Document (in both the English version and the Chinese translation) and any addenda or successor document to the Base Listing Document (each in both the English version and the Chinese translation) and the relevant Supplemental Listing Document (both the English version and the Chinese translation) will be available at the office of the Hong Kong Branch of the Bank, which is presently at 38th Floor, Cheung Kong Center, 2 Queen's Road Central, Hong Kong, or may be downloaded from this website. In the event of any inconsistency between the terms and conditions of the structured products and these Terms of Use, the terms and conditions of the structured products shall prevail to the extent of such inconsistency.

7. Risk Disclosure Statement

Investors are warned that past performance information contained on this website is not indicative of future results and the price of structured products may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment. In addition, anyone who undertakes derivatives transactions or structured transactions should be aware of, and ensure that they are capable of bearing, the high risks that such transactions may involve. Investors should therefore ensure that they understand the nature of the structured products and carefully study the risk factors set out in the Base Listing Document and the relevant Supplemental Listing Document and, where necessary, seek professional advice before investing in the structured products.

8. Liquidity

For listed structured products, the issuer or its appointed liquidity provider may be the only market participant quoting prices on the relevant stock exchange and the secondary markets for such products may be limited.

9. Conflicts of interest

Members of the Bank and its group, their affiliates, directors and employees may from time to time have a position (on a principal basis or otherwise), make markets in, receive payments from, and/or provide services to any company or its affiliate whose structured products are mentioned herein.

10. Use of the Internet

Investors should note that the risks attached to communicating over the Internet and by e-mail including, but not limited to, the risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. The Bank makes no representation regarding the safety of this service/site from this risk or any other risks including, without limitation, viruses, worms or other harmful elements, nor is the Bank liable, even in the event of negligence, for any damages whether direct, indirect, consequential or otherwise as a result of, or in connection with, any access to or use of this service or in respect of any information contained hereon.

11. Delayed data and real time data

11.1 No liability
DELAYED DATA AND REAL TIME DATA ("INFORMATION") ARE PROVIDED BY The ROYAL BANK OF SCOTLAND N.V. (THE "BANK"). THE BANK AND ITS DATA PROVIDERS, FINET HOLDINGS LIMITED AND HKEX INFORMATION SERVICES LIMITED ("HKEx-IS"), AND ITS AND THEIR RESPECTIVE HOLDING COMPANIES AND/OR ANY SUBSIDIARIES OF SUCH HOLDING COMPANIES, DO NOT GUARANTEE THE ACCURACY OR RELIABILITY OF THE INFORMATION PROVIDED AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE YOU MAY SUFFER OR INCUR ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE DATA, INCLUDING LOSS OR DAMAGE WHICH ARISES OUT OF THE DATA BEING INACCURATE OR INCOMPLETE, AND HOWEVER SUCH LOSS OR DAMAGE ARISES, AND YOU AGREE THAT YOU WILL NOT TAKE ANY ACTION AGAINST ANY OF THEM IN RESPECT OF ANY LOSS OR DAMAGE WHICH YOU MAY SUFFER OR INCUR OUT OF OR IN CONNECTION WITH THE USE BY YOU OR ANY OTHER PERSON OF THE DATA. YOU ACKNOWLEDGE THAT THE DATA IS PROVIDED FOR INFORMATION ONLY AND SHOULD NOT BE RELIED UPON FOR ANY PURPOSE.

11.2 No infringing use

No user shall, without the prior written approval of HKEx-IS (such approval not to be unreasonably withheld) disseminate the Information or any part thereof to any other person. No user shall use or permit the use of the Information or any part thereof for any illegal purpose. No user shall use the Information or any part thereof other than in the ordinary course of its own business (which shall not include dissemination to third parties). No user shall use the Information or any part thereof to establish, maintain or provide or to assist in establishing, maintaining or providing an "off market", being a trading floor or dealing service where trading in (a) securities listed on The Stock Exchange of Hong Kong Limited (the "Exchange") or of a type capable of being so listed or (b) any other securities relating to the securities described in (a) is being undertaken otherwise than at or through the Stock Exchange. You acknowledge that the Information is derived from the Exchange and its format or editing is in no way misleading as to the nature or content of the Information. No user shall remove, displace or alter any copyright, confidentiality or other proprietary notices or any disclaimer notice of the Exchange.

11.3 Compliance with licence

You undertake to comply fully with, and to provide any information and do any act or thing to procure compliance with, the restrictions and obligations applying to the Bank and its data providers (each a "Licensee") in their agreements with the HKEx-IS, including the Market Datafeed Service Agreement and Market Datafeed Service Tripartite Agreement including, without limitation, the following (words and phrases used but not defined below have the same meanings as set out in the relevant agreements):

(a) whenever a Licensee wishes to provide the Information in a different form or manner, whether to constitute a new service to, or to modify, an existing service specified in its Memorandum of Permitted Purpose, the Licensee will first give HKEx-IS no less than one month's prior written notice of its intention, and shall provide such further details as HKEx-IS may reasonably request. For the avoidance of doubt, nothing in this clause shall entitle Licensee to do anything outside the scope of the Permitted Purpose without first obtaining HKEx-IS' written consent, (such consent not to be unreasonably withheld). HKEx-IS may, at any time after receiving such notice, issue a revised Memorandum of Permitted Purpose to re-define and/or re-classify the services in question, which Memorandum shall form a part of the relevant agreement and shall replace any then existing Memorandum of Permitted Purpose with effect from its date of issue by HKEx-IS or from the date when the modified services are introduced, if later. (For the avoidance of doubt, this clause is without prejudice and subject to HKEx-IS's right to take action if it establishes that the Information is being used to provide services outside the scope of Permitted Purpose or in a manner materially different from that which had been previously represented to the HKEx-IS)

(b) The Licensee shall comply with such directions as HKEx-IS may reasonably require from time to time concerning permitted use of the Information, provided that such directions are incorporated in the Memorandum of Permitted Purpose or are otherwise given in writing by not less than 3 months notice; and at any time during the 30 days following service of such notice Licensee shall be entitled to terminate the relevant agreement with effect from the date when the direction is to be implemented, by giving written notice to HKEx-IS.

(c) The Licensee shall provide a statement ('the Subscriber Report') to HKEx-IS within 15 days of the end of each month (unless the Subscriber Report relates to Subscribers outside Hong Kong, in which case it shall be provided within 30 days of the end of the month) as to (i) the names of the Subscribers to whom it has disseminated the Information during the preceding month and stating the name or nature of the service by which each received the Information, the number and type of Subscriber Units for each Subscriber within Hong Kong and outside Hong Kong; and (ii) the Licence Fees payable for that month. The Subscriber Report shall contain such further information and shall be provided in such format as HKEx-IS may reasonably require (by not less than 90 days written notice) from time to time.

(d) The Licensee shall maintain complete and accurate records of how the Licence Fees specified in each Subscriber Report have been calculated and shall make such records available to HKEx-IS within 30 days of receiving HKEx-IS's written request. HKEx-IS shall have the right not more than once in each Quarter during and also once in the Quarter following termination of this Agreement to inspect all documents pertaining to such records covering the period of the preceding Quarter (and, if not yet so inspected, previous Quarters) either itself or by its authorized agents. The Licensee shall, upon receiving HKEx-IS' written request, permit and/or (if so requested) procure that HKEx-IS may inspect promptly thereafter the premises and records of the Licensee and any sub-licensee, for the purpose of satisfying HKEx-IS by whatever proofs HKEx-IS may reasonably require that the Licence Fees are being properly accounted for and/or that the Licensee and/or its sub-licensees are using the Information for the Permitted Purpose only and are not using Information contrary to the provisions relating to permitted use of Information, provided always that Licensee shall not be obliged to make and/or procure such inspection to take place more than once in any Quarter. HKEx-IS shall bear its costs (including internal management time and expenses) of each inspection, unless the inspection establishes that HKEx-IS has been underpaid by 5% or more of the amount actually paid in respect of Licence Fees for that Quarter in which case Licensee shall bear such costs. For the avoidance of doubt, such underpayment shall be deemed to have been payable with effect from the due date for providing the Subscriber Report relevant to such underpayment.

11.4 Restrictions on use

Each user registered for the real time service will be allowed a maximum of 10 real time quotes per day, subject to 100 real time quotes per calendar month. The Bank reserves the right at any time to change the number of real time quotes a registered user may utilize, and to terminate the real time service at any time.

12. Use of Multi-Warrant Calculator

The Multi-Warrant Calculator on this website is designed to show purely theoretical prices. The simulated prices might be different if other pricing models are used or other assumptions are based on. The Multi-Warrant Calculator does not identify all risks that might be material to warrant investments. All simulated prices are for illustration purposes only and are not indicative of actual performances and should not be relied upon as such.

13. Use of Warrant Calculator

The Warrant Calculator on this website is designed to show purely theoretical prices. The simulated prices might be different if other pricing models are used or other assumptions are based on. The Warrant Calculator does not identify all risks that might be material to warrant investments. All simulated prices are for illustration purposes only and are not indicative of actual performances and should not be relied upon as such.

14. Changes to the website

The Bank reserves the right at any time to make any changes whatsoever to this website and to restrict interrupt or terminate its service.

15. Changes to terms and conditions

The Bank reserves the right at any time to make any changes whatsoever to the terms and conditions which apply to the use of this website.

16. Intellectual property rights

Except where expressly stated, all intellectual property rights relating to this internet site are owned by or licensed to the Bank. You may use the information on this website for your own personal reference only and you may not reproduce any information in breach of the Copyright Ordinance. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or incorporated in any way into another document or other material. The use or reproduction of any trademarks and logos displayed on this website is strictly prohibited unless written permission for such use is obtained from the Bank and/or the relevant third party which owns the trademarks.

17. Privacy Policy

This website is administered by the Bank. When you visit this website the Bank may collect personal data about you, either directly (where you are asked to provide the data) or indirectly. the Bank will, however, only use these personal data in accordance with the purposes set forth in this Privacy Statement and is committed to safeguarding the personal information collected. This statement sets out the purposes of the Bank's data processing in respect of this website, the use of cookies and how to effect your rights in respect of your personal data.

17.1 Processing of Personal Data

The Bank collects and processes information about customers and visitors to its web for a variety of purposes. Depending on the exact nature of your relationship with it, the Bank may use your personal data for one or more of the following purposes:
(a) the daily operation of the services and credit facilities provided to customers;
(b) conducting credit checks;
(c) assisting other financial institutions to conduct credit checks and collect debts;
(d) ensuring ongoing credit worthiness of customers;
(e) designing financial and other related products for customers' use;
(f) marketing financial and other related products;
(g) determining the amount of indebtedness owed to or by customers;
(h) collection of amounts outstanding from customers and those providing security for customers' obligations;
(i) enabling an actual or potential assignee of the Bank, or participant or sub-participant of the Bank's rights in respect of the customer to evaluate the transaction intended to be the subject of the assignment, participation or sub-participation; and
(j) other lawful purposes relating to the above.

The ways in which the Bank collects and uses personal data, through this website and otherwise, are specifically regulated by the Personal Data (Privacy) Ordinance in Hong Kong.

Your personal data held by the Bank will be kept confidential but the Bank may transfer such data within the Bank Group, whether within or outside of Hong Kong and by using this website you consent to such transfer. In addition, the Bank may provide such data to:

(a) regulators or other parties in circumstances where the Bank is compelled to make disclosure under any law binding on it or any of its branches and group companies;
(b) any person with your express or implied consent;
(c) any agent, contractor or third party service provider who provides administrative, telecommunications, computer, payment or securities clearing or other services to the Bank in connection with the operation of its business;
(d) any other person under a duty of confidentiality to the Bank including a group company of the Bank which has undertaken to keep such information confidential;
(e) the drawee bank providing a copy of a paid cheque (which may contain information about the payee) to the drawer;
(f) credit reference agencies, and in the event of default, to debt collection agencies;
(g) any actual or proposed assignee of the Bank or participant or sub-participant or transferee of the Bank's rights in respect of the customer;
(h) the Bank or its group company's lawyers and auditors; and
(i) carefully selected companies for provisions of service which may be of interest to customers.

17.2 Sensitive Data

The Bank does not seek to collect sensitive personal data (such as data revealing political opinions, religious beliefs, health or other matters) through this website. If the Bank does seek to collect such data, your prior consent hereto will be asked. Please note that, by providing the Bank with unsolicited sensitive personal data you consent to our using those data as described above.

17.3 Cookies

The Bank may gather and analyse information regarding usage of this website, including domain name, the number of hits, the pages visited, pervious/ subsequent sites visited and length of user session. This information may be gathered by using a cookie. A cookie is a small text file placed on your hard drive by our web page server. You can choose whether or not to use a cookie by altering the settings of your browser. A cookie will make the use of this website faster and easier. The Bank may disclose and transfer any information that is collected via this website to any company or branch within the Bank's group, its affiliates, agents or information provider or if we have a duty or right to disclose or are compelled to do so by law.

17.4 How to Effect Your Rights: How to Contact the Bank

In accordance with the Personal Data (Privacy) Ordinance, you have the right, on payment of a fee, to access your personal data kept with the Bank and to request correction of such data. In relation to consumer credit, you also have the right to request to be informed of which items of data are routinely disclosed to credit reference agencies or debt collection agencies, and be provided with further information to enable the making of an access and correction request to the relevant credit reference agency or debt collection agency.

If you wish to exercise any of your rights above or have any questions about this Privacy Statement, please contact our Data Protection Officer - Private Investor Products at 38/F Cheung Kong Centre, 2 Queen's Road Central, Hong Kong or via email warrants.hk@rbs.com.

If you do not wish to receive any marketing messages from the Bank, you can also contact us via email: warrants.hk@rbs.com.

17.5 Amendments

The Bank reserves the right to modify sections of this Privacy Statement at any time. Please check this statement from time to time for any changes.

18. Links

There are links on this website to websites of third parties. The links should not be considered as any form of endorsement by the Bank. When the user clicks on such a link, he leaves this website. The Bank has no control over the materials on such third party websites and accepts no responsibility whatsoever for their suitability, contents, terms of use, privacy policy and any other matters.

19. Severability

If at any time any provision (or part of any provision) of these terms and conditions is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in any jurisdiction of any other provision (or any other part of this provision) of these terms and conditions.

20. Language

In the event of any inconsistency between the Chinese translation of these terms and conditions and the English version of these terms and conditions, the English version of these terms and conditions shall prevail.

21. Governing Law and Jurisdiction

These terms and conditions are governed by and shall be construed exclusively in accordance with Hong Kong law. Each user is subject to the exclusive jurisdiction of the courts of Hong Kong in respect of any disputes arising under these terms and conditions.