Individual Disclosure Statement - ASB Securities

Individual Disclosure StatementThis Disclosure Statement relates to investment advice to be given by your Investment Advisernamed below. It was prepared on 29 February 2008.Your Investment Adviser is SHUN WING WAYNE YAUAddress:ASB Securities LimitedLevel 13, ASB Bank Centre135 Albert StreetPO Box 35AucklandTelephone: +64 9 374 8652Email: wayne.yau@asb.co.nzRange of Investment Advice givenYour ASB Securities Adviser principally gives investment advice on the following types ofSecurities:(a) Equities (NZ and Overseas)(b) Debt securities (including fixed interest and debentures)(c) Other listed securitiesAt your request, your ASB Securities Adviser may give investment advice in relation to certainother investment securities such as unlisted managed funds. Your ASB Securities Adviser alsooffers access to a range of associated ASB Bank services and products including day to daybanking accounts, cash management and foreign currency accounts. ASB Securities alsoprovides related services such as margin lending, portfolio management and referrals to insurance,tax and asset ownership specialists. ASB Securities additionally provides custody services.EmploymentYour ASB Securities Adviser is an employee of ASB Bank Limited (ASB Bank) and commencedemployment on May 2003. However, management control on a day to day basis of your Adviser’sactivities is conducted solely by ASB Securities Limited (ASB Securities), a wholly-ownedsubsidiary of ASB Bank. You should have already received ASB Securities’ and ASB Bank’sDisclosure Statement under the Securities Markets Act 1988 and a further copy is available fromyour ASB Securities Adviser on request. That Disclosure Document sets out the relationships andinterests that ASB Securities and ASB Bank have that are relevant to the provision of investmentadvice by ASB Securities.Qualifications• NZX Associate Advisor• Bachelor of Commerce with Honors majoring in economics. The University of Auckland.Experience• ASB Securities Ltd (2003 - present) – Fixed Interest Advisor

• ASB Securities Ltd (2003-2006) – Online Discount Broker• ASB BANK Ltd (2002-2003) – Personal BankingBasis of RemunerationI am remunerated on a salary only basis. My salary is paid by ASB Securities Ltd. I am alsoentitled to receive an annual bonus. However, this bonus is entirely at the discretion of thecompany and the amount cannot be predetermined.Fees and Remuneration of ASB Securities LimitedASB Securities and ASB Bank (as applicable) charge fees to their clients for certain of theservices referred to in this Disclosure Statement. Attached is a document showing thesefees as at the date of distribution of this Disclosure StatementASB Securities receives remuneration from the issuers of the following securities(calculated as a % of the amount of the investment):UDC debt securitiesFisher and Paykel Finance debenturesSouth Canterbury Finance debt securitiesMarac Retirement BondsNew Zealand Government Kiwi Bondsup to 0.25% p.aup to 0.5% p.aup to 0.5% p.aup to 0.5% p.aup to 0.25% p.aASB Securities also receives one-off remuneration from the issuers of new listed equityand debt securities in respect of “Firm Allocations”. The remuneration varies from issue toissue but does not normally exceed 3% of the amount invested. Specific information willbe provided in respect of specific issues.ASB Securities may also receive one-off remuneration in relation to other investmentsecurities – such as unlisted managed funds – on which advice is provided at a client’srequest. 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 fundsheld on call in the Cash Management Account and Foreign Currency Accounts held withASB Bank.ASB Securities may also receive margin income on foreign exchange transactions of anamount up to 1% of the amount converted.ASB Securities may also receive remuneration from ASB Bank of up to 4% p.a. of amountsoutstanding under any loan provided under a margin lending arrangementThe remuneration referred to in this Disclosure Statement is current at the date of thisDisclosure Statement. Fees and remuneration may change from time to time.Other InterestsYour ASB Securities Adviser (or their Prescribed Persons, as defined in the NZX Rules) may, fromtime to time, hold securities, which are the subject of advice given to you. Other than as describedin this Disclosure Statement, your ASB Securities Adviser does not have any interest orrelationship that is reasonably likely to influence your ASB Securities Adviser in giving investmentadvice.

Professional AffiliationsYour ASB Securities Adviser is a NZX Associate Adviser with the New Zealand Exchange, and isbound by NZX Participant Rules.Dispute ResolutionIf you have a complaint about your ASB Securities Adviser you can contact:The Compliance ManagerASB Securities LimitedP O Box 35Auckland 1015New ZealandEmail: asbsecuritiescompliance@asb.co.nzIndependent dispute resolution procedures may be available through NZX ComplianceDepartment, a copy of the complaints process is available online:http://www.nzx.com/regulation/complaintsProfessional Indemnity InsuranceASB Securities participates in an insurance programme arranged by Commonwealth Bank ofAustralia Limited. The insurances include professional indemnity insurance covering ASB Bankand its employees in respect of the conduct of their professional duties in the provision of productsand services to you. The value of this insurance is not less than $50 million and it is subject toexclusions that may be expected to apply to an insurance policy of this nature.Integrity and ReputationYour ASB Securities Adviser has not:(a) been convicted of an offence under the Securities Markets Act 1988 or the Securities Act1978 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 toabove, 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 companyor a business; or(e) been the subject of an adverse finding by a court in any proceeding taken against theinvestment 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 Adviser29/2/2008____________________Date