RBS Morgans press release

Media Release 9 September 2009

NEW NAME FOR LEADING STOCKBROKING GROUP

Australia’s largest regional network, full service stockbroker ABN AMRO Morgans is entering a new growth phase as it undergoes a name change reflecting the Royal Bank of Scotland (RBS) commitment to its 50% shareholding in the company.

The stockbroker will be rebranded RBS Morgans, and is set to benefit from the power of RBS’s global network and its international brand.

Managing Director Brian Sheahan said the firm, which has over 450 advisors and 54 offices throughout Australia and is represented in every state, will now have improved offering to clients.

“We have always had a 100% client focus and with the involvement of RBS we believe our advisers and clients will benefit from the broader, international reach,” he said.

While RBS will be the largest single shareholder, Mr Sheahan said it was important to remember that fifty percent of RBS Morgans is owned by management and staff, all of whom work in the business.

“We have retained the original Morgans broking model which was launched in 1982”, he said, “and along the way continue to add products and services in response to the advice needs of clients”.

“We try and match up the right companies with the right investors and we have such a broad retail base we can do that”.

RBS Morgans is known for the strength of its regional network and the breadth of its 300,000 strong client base while RBS in Australia is a leading banking partner to major corporations, financial institutions and public sector clients.

RBS rebranded the Australian ABN AMRO business in March highlighting the Group’s commitment to the local market. RBS Australia Country Executive Stephen Williams said “In February RBS confirmed Australia as a core country hub for the Group globally. The

rebranding of RBS Morgans is now further confirmation that we are here to stay in Australia and are committed to the long‐standing partnership with RBS Morgans.

We strongly believe the partnership is of great value to our clients, it’s a partnership that works incredibly well and we have every confidence that it will continue to be successful in the future.”

The rebranding comes at a time when RBS Morgans is gearing up for its next growth phase.

New branch offices have recently opened in Melbourne and regional Queensland, with another planned for next month.

“Growth will continue to be a focus for us, and we are targeting all states of Australia. We have the infrastructure, logistics and services to enable advisors and franchisees to effectively service their clients,” Mr Sheahan said.

“We think there is ample scope to continue to grow the franchise network particularly in NSW and Victoria where we are underrepresented”.

Mr Williams said RBS was wholly supportive of RBS Morgans’ growth plans. “The business has gone from strength to strength over the last few years and we are firmly behind their plans to expand the business. At the same time, we will be focussing on the growth of our own Equities business in Australia which has been particularly successful this year in the equity capital markets space.”

RBS and RBS Morgans combined have the largest research team in the country and provide the highest quality research on all sectors of the market for small, mid and large cap companies.

RBS Morgans’ national footprint combined with its strong corporate finance, research and institutional sales teams has enabled it to establish a reputation as one of Australia’s leading providers of new equity for Australian companies, raising approximately $20 billion in the last 10 years. The group has recently completed equity raisings for Bank of Queensland ($340m), Graincorp ($200m), PanAust ($140m) and Ausenco ($90m).

Chairman, Tim Crommelin said the firm has been able to preserve its traditional Australian stock broking values and culture in a rapidly changing environment with many international competitors.

“We believe we will continue to punch above our weight and continue to generate the corporate deal flow which has made us the No 1 broking house in the small to mid cap sector.”

RBS Morgans commences trading on 14th September.