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   Trading Terms and Conditions

These terms and conditions apply to the securities transaction (the "Transaction") executed by us on your behalf and are issued by us as required under the Corporations Act and the rules of the Australian Stock Exchange Limited ("ASX").

The confirmation and the Transaction are subject to the terms of your client agreement with us, the ASX Market Rules, the ACH Clearing Rules and the ASTC Settlement Rules.

The Confirmation issued to you is subject to the correction of errors or omissions. You authorise us to, and agree that we may, request or agree to the cancellation or amendment of the Transaction, without your consent where (a) we decide, in our absolute discretion, that it is desirable to cancel or amend the Transaction, having regard to the interest of maintaining a fair and orderly market; (b) ASX requests or directs us to cancel or amend the Transaction; or (c) the cancellation or amendment is effected pursuant to or as contemplated by the ASX Rules, the ACH Rules or the ASTC Rules. ASX may also, under the ASX Rules, cancel or vary a Transaction in some circumstances. If the Transaction is cancelled, our respective obligations relating to the settlement of the Transaction cease to apply from the time it is cancelled. If the Transaction is amended, our respective obligations relating to the settlement of the Transaction are amended with effect from the time it is amended.

We may apply any amount we receive from you or for your benefit (whether pursuant to this Transaction or otherwise) against any amount you owe us.

If, as a result or failure by you to settle, we suffer any claim, liability, direct or consequential loss or incur any cost, charge or expense of any nature, you must on demand fully indemnify us and keep us fully indemnified in respect of that claim, liability, loss, cost, charge or expense.

Purchases

Payment in full must be received by us prior to the Settlement Time of 10.00am (or other time specified by ASX or SCH). If payment in full is not received by us by Settlement Time we reserve the right to charge you a default charge on the amount outstanding at a rate equal to the current overdraft rate of National Australia Bank and/or sell out any financial products purchased in accordance with the operating rules of ASX.

Sales

Where the financial products the subject of the Transaction are registered on an issuer sponsored register, you may notify us of your shareholder reference number (SRN) by T+1 (that is, 1 day after the sale of the transaction referred to in this confirmation). If you fail to do so, we may charge an administration fee calculated by reference to the additional cost which may be incurred as a result of your failure to deliver. You must pay or reimburse to us such administration fee immediately upon demand or at our option we may deduct it from any sale proceeds.

Credits in respect of sales are not available until the later of (a) the time the Transaction is settled on the settlement date; and (b) the time when all relevant information is received by us in deliverable form.

Net proceeds will be paid into your account or in accordance with your instructions on the settlement date. Deposits into external bank accounts will be credited to your account on the settlement date and are available as cleared funds the following day.

Privacy Act 1988 Disclosure

We are collecting information about you in order to facilitate the processing, execution and settlement of your securities transactions. Without this information we may not be able to process your securities transactions and provide you with the services required. We may use and disclose this information for the following:

• In relation to our internal administration and operations;
  
• To maintain our relationship with you as your stockbroker;
  
• For compliance with relevant legislation and regulations.
  

We advise that ACS Securities Pty Ltd ABN 19 007 305 160 ("ACS") provides on-line bureau services to us to enable us to settle your securities transactions. As such ACS obtains information about you (such as your name, contact details and securities dealings) from us. This information is retained in ACS' computer systems, which we use to facilitate the settlement of your securities transactions. If your information is not retained in ACS' computer systems, we will not be able to settle and clear the securities transactions that you have conducted through us. ACS advises that your information may be disclosed to its contractors and software providers. In addition your information may be disclosed and used for compliance with relevant legislation and regulations and in relation to ACS and its related companies' internal operations (including system testing). Your information will also be disclosed to ACS' auditors and third parties authorised and/or required by law to obtain your information. You may request access to information that ACS has collected and retained about you by writing to ACS at GPO Box 1645N, Melbourne Vic 3001. Please note that any request for access to your information will be directed to Daiwa Securities SMBC Stockbroking Limited in the first instance. In addition, access will be granted in accordance with the Privacy Act 1988 (CTH) and ACS reserves the right to charge a reasonable fee for such access. If any of your information is incorrect, you may request Daiwa Securities SMBC Stockbroking Limited to correct it.

You may request access to information about you that we have collected and retained by writing to us at the address stated on the confirmation. Access will be granted in accordance with the Privacy Act 1988 (CTH) and we may charge a reasonable fee. If any of your information is inaccurate, you may request that it be corrected.

If you are a company, and you have provided personal information on an officer or employee of yours to us in respect of your account with us, you must show this disclosure statement to your officer or employee.