Individual Disclosure Statement - ASB Securities

Individual Disclosure Statement
This Disclosure Statement relates to investment advice to be given by your Investment Adviser
named below. It was prepared on 29 February 2008.
Your Investment Adviser is Michael Ross Revell
Address:
ASB Securities Limited
Level 13, ASB Bank Centre
135 Albert Street
PO Box 35
Auckland
Telephone: +64 9 374 8692
Email: michael.revell@asb.co.nz
Range of Investment Advice given
Your ASB Securities Adviser principally gives investment advice on the following types of
Securities:
(a) Equities (NZ and Overseas)
(b) Debt securities (including fixed interest and debentures)
(c) Other listed securities
At your request, your ASB Securities Adviser may give investment advice in relation to certain
other investment securities such as unlisted managed funds. Your ASB Securities Adviser also
offers access to a range of associated ASB Bank services and products including day to day
banking accounts, cash management and foreign currency accounts. ASB Securities also
provides related services such as margin lending, portfolio management and referrals to insurance,
tax and asset ownership specialists. ASB Securities additionally provides custody services.
Employment
Your ASB Securities Adviser is an employee of ASB Bank Limited (ASB Bank) and commenced
employment on 28 September 1998. However, management control on a day to day basis of your
Adviser’s activities is conducted solely by ASB Securities Limited (ASB Securities), a whollyowned
subsidiary of ASB Bank. You should have already received ASB Securities’ and ASB
Bank’s Disclosure Statement under the Securities Markets Act 1988 and a further copy is available
from your ASB Securities Adviser on request. That Disclosure Document sets out the relationships
and interests that ASB Securities and ASB Bank have that are relevant to the provision of
investment advice by ASB Securities.
Qualifications
• NZX Associate Advisor
• Papers associated with Bachelor of Business (Auckland University of Technology)
• Adviserlink “Introduction to Financial Planning”
• 3 papers completed under Dipolma in Financial Planning (Massey University)

Experience
• ASB Securities Ltd (April 20th 2003 - present) – Margin Lending Adviser
• ASB Group Investments (September 9th 2001 – April 20th 2003) – Account Manager
• ASB BANK Ltd (September 28 th 1998 – September 9 th 2001) – Personal Banking
Basis of Remuneration
I am remunerated on a salary only basis. My salary is paid by ASB Securities Ltd. I am also
entitled to receive an annual bonus. However, this bonus is entirely at the discretion of the
company and the amount cannot be predetermined.
Fees and Remuneration of ASB Securities Limited
ASB Securities and ASB Bank (as applicable) charge fees to their clients for certain of the
services referred to in this Disclosure Statement. Attached is a document showing these
fees as at the date of distribution of this Disclosure Statement
ASB Securities receives remuneration from the issuers of the following securities
(calculated as a % of the amount of the investment):
UDC debt securities
Fisher and Paykel Finance debentures
South Canterbury Finance debt securities
Marac Finance Debt Securities and Retirement Bonds
New Zealand Government Kiwi Bonds
up to 0.25% p.a
up to 0.5% p.a
up to 0.5% p.a
up to 0.5% p.a
up to 0.25% p.a
ASB Securities also receives one-off remuneration from the issuers of new listed equity
and debt securities in respect of “Firm Allocations”. The remuneration varies from issue to
issue but does not normally exceed 3% of the amount invested. Specific information will
be provided in respect of specific issues.
ASB Securities may also receive one-off remuneration in relation to other investment
securities – such as unlisted managed funds – on which advice is provided at a client’s
request. Specific information will be provided in respect of specific investment securities.
ASB Securities may also receive remuneration from ASB Bank of up to 2.5% p.a. of funds
held on call in the Cash Management Account and Foreign Currency Accounts held with
ASB Bank.
ASB Securities may also receive margin income on foreign exchange transactions of an
amount up to 1% of the amount converted.
ASB Securities may also receive remuneration from ASB Bank of up to 4% p.a. of amounts
outstanding under any loan provided under a margin lending arrangement
The remuneration referred to in this Disclosure Statement is current at the date of this
Disclosure Statement. Fees and remuneration may change from time to time.
Other Interests
Your ASB Securities Adviser (or their Prescribed Persons, as defined in the NZX Rules) may, from
time to time, hold securities, which are the subject of advice given to you. Other than as described
in this Disclosure Statement, your ASB Securities Adviser does not have any interest or
relationship that is reasonably likely to influence your ASB Securities Adviser in giving investment
advice.

Professional Affiliations
Your ASB Securities Adviser is a NZX Associate Adviser with the New Zealand Exchange, and is
bound by NZX Participant Rules.
Dispute Resolution
If you have a complaint about your ASB Securities Adviser you can contact:
The Compliance Manager
ASB Securities Limited
P O Box 35
Auckland 1015
New Zealand
Email: asbsecuritiescompliance@asb.co.nz
Independent dispute resolution procedures may be available through NZX Compliance
Department, a copy of the complaints process is available online:
http://www.nzx.com/regulation/complaints
Professional Indemnity Insurance
ASB Securities participates in an insurance programme arranged by Commonwealth Bank of
Australia Limited. The insurances include professional indemnity insurance covering ASB Bank
and its employees in respect of the conduct of their professional duties in the provision of products
and services to you. The value of this insurance is not less than $50 million and it is subject to
exclusions that may be expected to apply to an insurance policy of this nature.
Integrity and Reputation
Your ASB Securities Adviser has not:
(a) been convicted of an offence under the Securities Markets Act 1988 or the Securities Act
1978 or of a crime involving dishonesty, as defined in section 2(1) of the Crimes Act 1961;
or
(b) been a director or principal officer of a body corporate convicted an offence referred to
above, when the body corporate committed the offence; or
(c) been adjudged bankrupt; or
(d) been prohibited by an Act or by a court from taking part in the management of a company
or a business; or
(e) been the subject of an adverse finding by a court in any proceeding taken against the
investment adviser in the adviser’s professional capacity; or
(f) been expelled from, or prohibited from being a member of a professional body.
______________________________
ASB Securities Investment Adviser
29 February 2008
____________________
Date