Disclosure Statement

Aidan Francis Cassidy (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2009

AFMA Core Accreditation 2008

AFMA FX Accreditation 2008

Graduate Diploma in Business Studies (Finance) 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1991 and has been providing investment advice since 1991.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Financial Services Institute of Australasia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Alexander David Sinton (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 64 9 309 8500

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2009

New Zealand Diploma in Business Studies 1996

Associate Australasian Institute of Banking & Finance 1996

Australian Financial Markets Association (AFMA) - Certification in FX & DCM

2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1983 and has been providing investment advice since 1983.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Financial Services Institute of Australia, the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Allan Mark Omeri (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Post Graduate Diploma Business & Administration 1999

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1986 and has been providing investment advice since 1986.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Amanda Pipe (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 269 439

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Major in Finance & Accounting)

1995

New Zealand Institute of Chartered Accountants 1999

AFMA Diploma of Financial Services 2008

NZFMA Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Chartered Accountants of New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Andrew David Chapman (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 472 1446

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1988 and has been providing investment advice since 1986.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Andrew Kenneth Carrington (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Laws 2002

Bachelor of Commerce (Finance) 2002

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2002.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Andrew Malcolm Mackinder (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Po Box 1790, Wellington 0800 805 777

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Finance) 1999

Accredited NZX Associate Advisor 2004

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2000.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the NZ Exchange Limited, Securites Industry Assoc. relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Andrew Robert Allan (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 471 0860

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Bachelor of Science 1987

Bachelor of Commerce (Honours) 1989

Fellow of the Institute of Actuaries of Australia (FIAA) 2002

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1991 and has been providing investment advice since 1991.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Fellow of the Institute of Actuaries of Australia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Angus Gavin Stewart Taylor (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Major in Property Management & Valuation)

1991

NZ Stock Exchange Diploma

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1996 and has been providing investment advice since 1993.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Anna Fitzsimons (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street Wellington 04 802 2000

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majoring in Finance, Economics) 2007

Bachelor of Laws 2007

NZFMA 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Anna Margaret Dick (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 03 364 5331

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Bridging course 2009

NZFMA Core Accreditation 2009

NZFMA FX Specialist Module 2010

Bachelor of Commerce (Accounting) 1999

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2004 and has been providing investment advice since 2000.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Antony James Allen (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 3543

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce 1990

Graduate Diploma in Applied Finance & Investment (ASIA)

1995

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2002 and has been providing investment advice since 1992.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Barry Meredith Morris (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 737 444

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma in Banking 1993

NZFMA Bridging Course 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1970 and has been providing investment advice since 1970.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Benjamin Petro (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 692 266

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Bachelor of Commerce (Major in Finance) 1995

Post Graduate Diploma in Banking 1997

Master of Business Studies 2001

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2002 and has been providing investment advice since 1996.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Benjamin Garland Lester (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, wellington 04 439 2470

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Engineering 1986

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1987.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the FSA (UK) Approved relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Bevan Graham Holdaway (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Finance) Otago University 1999

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2000 and has been providing investment advice since 2000.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the FSA Approved - (Financial Regulation & Derivates) UK relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Blair David Curry (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 3543

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Law 2002

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Barrister and Solicitor of the High Court of NZ relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Bridget Marjorie Greer (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 269 6239

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majors in Finance and Economics)

2005

Masters of Business in Finance 2007

AFMA Accreditation 2009

NZFMA Accreditation Bridging Exam 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Cameron Bagrie (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2212

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master of Commerce 1995

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1999 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Carlo Navarro (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 923

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor Science in Business & Economics (Major in Business Management) (Diploma)

1985

NZFMA Accreditation Bridging Exam 2008

Australian Financial Markets Association - Core Module 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1985.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Certified Foreign Exchange Dealer by Bankers Associates of the Philippines relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Carolyn Ng (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration (Major in Business Administration)

1989

Diploma of Business Studies (Finance) 1995

Diploma of Business Studies (Accounting) 1999

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 1989.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Christopher Dean O'Neale (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 692 663

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration (Major in Accountancy)

1982

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2001 and has been providing investment advice since 1983.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Christopher Donald Palmer (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 0800 269 261

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Bridging Course 2009

Financial Services Authority (FSA) London 2002

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1998.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Claire Brennan (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 269 6239

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business & Tourism 1997

Australian Financial Markets Association (AFMA) Core Accreditation

2005

Australian Financial Markets Association (AFMA) /ACI Dealing Simulation

2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 1998.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Clark Ian Boustridge (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 933 001

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majors in Finance and Economics)

2006

Post-Graduate Diploma in Commerce (Major in Finance) 2007

Australian Financial Markets Association Core Level 2008

NZFMA Bridging Course 2008

Australian Financial Markets Association Foreign Exchange Accreditation

2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Cornelius (Con) John Williams (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2361

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Applied Science (Agribusiness) 1st Class 2004

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2010.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the NZ Institute of Primary Industry Mgmt relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Craig Newton Barkley (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 381 9848

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Bachelor of Business Studies (Major in Finance & Marketing)

2000

Post-Graduate Diploma Applied Finance & Investment 2005

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2001 and has been providing investment advice since 2001.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Daniel William Bell (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Arts (Major in Economics) 2001

Graduate Diploma Finance and Investment 2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2004.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Associate of Financial Services Institute of Australasia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Darian Chu (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration 1994

Post Graduate Diploma in Business 2004

NZFMA Accreditation 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2000 and has been providing investment advice since 1995.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Chalklen (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 839 347

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2009

AFMA Core Accreditation 2010

NZFMA FX Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2002 and has been providing investment advice since 1983.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Croy (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2212

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Social Soiences (Major in Economics and Politics)

1992

Master of Management Studies with Distinction (Major in Finance and Economics)

1994

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 1994.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Antony Walker (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 0800 269 261

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce 1986

Post Grad Diploma Banking 1991

Master of Business Administration 1996

NZFMA Bridging Course 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1987 and has been providing investment advice since 1987.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Charles Speight (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Po Box 1790, Wellington 0800 805 777

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Accredited NZX Advisor 2003

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1978.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the NZ Exchange Limited, Securities Industry Assoc. relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Colin Wilkinson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Ground/Cnr. Colombo & Hereford Streets Christchurch 03 364 5333

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Economics) 1989

Diploma of Treasury Management 2001

FSA Accreditation (UK) 2007

NZFMA Bridging Course 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1996 and has been providing investment advice since 1996.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the INFINZ relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David John Drummond (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert Street, Auckland 0800 226 222

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business (Majoring in Business Economics and Marketing)

2007

NZFMA Certification 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

David Scott Chapman (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert St, Auckland 09 377 9450

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Applied Science (Valuation and Management)

2001

Post Graduate Diploma (Business and Administration) 2002

NZFMA Qualification 2009

ACI Dealing Accreditation 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 2003.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Dean Spicer (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 381 9884

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Management 1989

Chartered Financial Analyst 2003

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1990.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Chartered Financial Analyst Institute, New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Dean Neil Edgerton (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma in Business Studies 1995

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1988 and has been providing investment advice since 1983.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Derek Clifton Whittaker (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 110

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation - Core / Bridging / Interest Rates & Derivatives

2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1999 and has been providing investment advice since 2005.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Elizabeth Jane Morrah (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Australian Financial Markets Association Accreditation 2004

Australian Financial Markets Association FX Module 2005

NZFMA Accreditation Bridging Exam 2008

Australian Financial Markets Association Debt Markets Module

2009

Bachelor of Arts (major Classical Studies) 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2000 and has been providing investment advice since 1989.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Erin Craig Walshe (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 3543

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Law 1997

Bachelor of Arts (Intl Politics/Comp Politics) 1995

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1997.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Chartered Accountants of NZ relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Ewan Henderson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 737 444

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master of Science (Honours) (Major in Geology) 1985

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1987 and has been providing investment advice since 1987.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Francis William Herridge (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert St, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Australian Financial Markets Association Core Level Diploma

2008

BBS Business Studies (Major in Finance) 2008

NZFMA Bridging Course 2008

NZFMA ACI Dealing Simulation Course 2009

NZFMA New Zeland Interest Rates & Derivatives Module 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2000.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Gavin Andrew Bell (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

AFMA Core, Foreign Exchange, and Government Bonds, Securities & Debt Derivatives Modules

2008

Bachelor of Science (Major Statistics & Management Science)

2005

Bachelor of Commerce with Honours (Major Management Science)

2006

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Geraldine Khoo (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert Street, Auckland 0800 226 222

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (major in Finance) 2004

NZFMA Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2004 and has been providing investment advice since 2004.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Glen Andrew Sorensen (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 692 663

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Management Studies (Finance & Economics) 1996

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1996.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Grant John Smith (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration (Major in Accountancy)

1993

Australian Financial Markets Association (AFMA) Accreditation

2006

NZ FMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 1991.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Gregory Denton (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 269 6239

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Major in Finance) 2006

Bachelor of Laws (Major in Law) 2007

NZFMA Accreditation Bridging Exam 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Gregory Beresford Wilson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 ANZDKIWI (0800

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Masters Degree in Applied Finance 2004

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 1984.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand, Financial Services Institute of Australasia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Hao Cheng (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, Albert Street, Auckland 0800 933 001

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master of Professional Business Study 2007

Bachelor of Commerce 2004

NZFMA Accreditation 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2004.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Financial Risk Manager (FRM) relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Hayley Jayne Johnstone (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 923

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Australian Financial Markets Association FX Module 2009

Australian Financial Markets Association Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1994 and has been providing investment advice since 1994.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Jacqueline Louise Mitchell (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma of Financial Services 2005

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2001 and has been providing investment advice since 1995.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

James Gerard Scott Rawcliffe (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 110

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Agriculture) 1998

Australian Financial Markets Association Core Level Diploma

2009

NZFMA Bridging Course 2009

Australian Financial Markets Association Foreign Exchange Accreditation

2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

James Laurence Conder (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Bachelor of Business Studies 1992

Master of Business Studies 1998

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1992 and has been providing investment advice since 1992.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand, Financial Services Institute of Australasia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Jason Paul Green (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2376

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administrationm Victoria University (Majoring in Accounting)

1993

Chartered Accountant, Institute of Chartered Accountants of New Zealand

1997

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1999 and has been providing investment advice since 1997.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Chartered Accountants of New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Jefcoate Dickie (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majoring in Accounting, Finance and Information Systems)

2007

Bachelor of Forestry Science 2007

NZFMA Accreditation Bridging Exam 2008

AFMA - Core Module 2009

AFMA - FX Dealing Module 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Jennifer Stephen (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 64 4 381 9848

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Laws (LLB) 2005

Bachelor of Commerce 2004

Diploma in Financial Services 2007

NZFMA Accreditation 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the AFMA, NZFMA relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Julie Maree Oliver (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZICA - Accounting Technician 2001

AFMA - Diploma of Financial Services 2005

NZFMA Accreditation Bridging Exam 2009

Diploma of Business Studies 2000

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 2005.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Institute of Chartered Accountants relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Kate Radcliffe (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28,23-29 Albert Street 09 357 4032

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce majoring in Economics and Finance

2008

NZFMA Certificate 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2009.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Kevin Wilson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2361

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Agricultural Science (Lincoln) 1970

Diploma of Business Studies (Victoria) 1990

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1970 and has been providing investment advice since 1970.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Institute of Primary Industry Management relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Khoon Goh (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2357

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master of Commerce in Economics (First Class Honours) 1996

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Kieran O'Grady (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 737 444

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 1991.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Kylie Donaldson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert Street, Auckland 0800 933 001

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Core Accreditation 2009

NZFMA FX Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Lance Peter Cook (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, PO Box 1790, Wellington 0800 805 777

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZSE Diploma 1998

Accredited NZX Advisor 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1985.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Louise Catherine Tong (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Engineering (Civil) Honours 1991

Master of Applied Finance Honours 2002

Australian Financial Markets Association (AFMA) Core and Interest Rate Module

2006

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1992.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand, Australian Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Mark Smith (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Wellington 04 802 2212

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master Social Sciences (economics) 1994

Bachelor Social Sciences (economics and political science)

1991

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1995.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand association of Economists relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Mark John Peterson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, PO Box 1790, Wellington 64 4 382 1953

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration (Majors in Economics and Finance)

1990

Accredited NZX Advisor 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 1990.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Mark William Thomlinson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Wellington 0800626939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Mechanical Engineering Hons. 1991

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 1995.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Matthew Leicester (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 64 4 494 8588

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Bridging Course 2008

Bachelor of Commerce (Double Major in Finance and Economics)

2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Matthew Kirby (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre 23 Albert Street 09 357 4044

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Economics and Finance) 2006

AFMA Bridge 2010

NZFMA Core 2008

NZFMA FX & Derivs 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Matthew Keith Keown (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 381 9889

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor Business Studies 1994

NZFMA Accreditation Bridging Exam 2008

AFMA Accreditation 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 1996.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Michael Simpson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Australian Financial Markets Assn. Dip of Fin Services (Fin Markets)

2008

NZFMA Accreditation Bridging Exam 2009

Bachelor of Business Studies (Major in Finance) 2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1993 and has been providing investment advice since 1993.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Michael Brian Attwood (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma in Business Studies with endorsement in Finance

1996

Australian Financial Markets Association (AFMA) Accreditation

2007

NZFMA Accreditation Bridging Exam 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1989 and has been providing investment advice since 1978.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professional New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Michael David Brockway Rogers (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor Commerce (Majors in Company Law & Marketing)

1988

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 1989.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Murray Edward Hindley (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 471 0060

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

NZFMA accredited Individual status. 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1978 and has been providing investment advice since 1982.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand and Financial Services Institute of Australasia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Neel Pillay (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 269 6239

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accrediting Exam 2009

Australian Financial Markets (AFMA) Accredited 2004

Diploma in Financial Markets 2003

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1997.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Nicholas Robert Maxwell (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 09 377 9450

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Arts (History) Canterbury University 1990

Post Grad Diploma Applied Finance and Investment Aust Sec Institute

1998

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 1991.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the INFINZ, Financial Services Institute of Australia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Nikki Jacobson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration 1999

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Owen Johnston (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 35494

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accredited individual status 2009

NZFMA bridging exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 1985.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Patrick James McCarthy (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Australian Financial Markets Association Accreditation 2006

Bachelor of Commerce 2003

Bachelor of Commerce & Administration with Honours in Finance

2004

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 2005.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Paul Bernard Saunders (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 0800 500 617

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

AIB Qualification (London) 1980

NZFMA Bridging Course 2009

NZFMA Core Accreditation 2009

NZFMA FX Accreditation 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1994 and has been providing investment advice since 1977.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Canterbury Manufacturers Association (CMA), Export New Zealand Canterbury relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Penny Ford (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 09 357 4044

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor Science - Biochemistry 1996

Bachelor of Engineering with Honours - Chemical and Process

1998

Masters of Applied Finance 2002

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Penny Sewell (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 439 2474

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce & Administration 2004

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 2003.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Peter Ryan Ashmore (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre 23 Albert Street 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Foreign Exchange & Derivatives Module

2010

NZFMA Accreditation Financial Services Core Module 2010

Bachelor of Commerce (Major in Finance) 2008

Bachelor of Science (Major in Economics) 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2009.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Philip Usmar (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 35494

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

NZFMA Accredited Individual Status 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2004 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the New Zealand Financial Markets Association relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Phillip Andrew Criglington (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Streets, Christchurch 0800 500 615

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Australian Financial Markets Association - Foreign Exchange Module

2010

Australian Financial Markets Association - Core Module 2009

New Zealand Financial Markets Association - NZ Bridging Course

2008

Bachelor of Business Studies (Major in Marketing) 2003

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Quinn Battson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Major in Management) 2002

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2003.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Rachel Lash (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

AFMA Core & Interest Rate Specialist Exam 2005

FSA Regulatory Exam 2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Rhys Talbot (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 110

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma in Business 2000

AFMA Accreditation - Core / Bridging / Debt Markets 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 1985.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Richard Davey (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 471 0030

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Major in Finance and Economics) 1991

Post Graduate Diploma in Commerce (Economics) 1992

Australian Financial Markets Association (AFMA) Accreditation

1998

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2004 and has been providing investment advice since 1993.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Richard McRae (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Bachelor of Business Studies (Business Law) 1998

Graduate Diploma in Applied Finance & Investment 2001

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Senior Associate of the Securities Institute of Australia relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Robert Till (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 471 0060

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Accountancy) 1997

New Zealand Institute of Chartered Accountants 2001

NZFMA Accreditation Bridging Exam 2009

AFMA Diploma of Financial Services (Financial Markets - Australia)

2009

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Chartered Accountants of New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Sam Robert Anderson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 269 296

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Postgraduate Diploma in Commerce (Finance) 2009

NZFMA Accredited Individual 2010

Bachelor of Commerce (Finance) 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2010.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Samuel James Tuck (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria St, Wellington 04 472 1446

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

SFA - Securities & Financial Derivatives UK 2000

NZFMA Accredited 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 1998.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Samuel James Lobb Goddard (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Wellington, New Zealand +64 4 471 0060

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Core Accreditation Module 2009

AFMA FX Specialist Module 2009

BCA hons (1st class) - Victoria University of Wellington 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2009.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Samuel John McKay (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 09 377 9450

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Economics (Major in Economics) 2006

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Broking Accreditation and Securities & Derivatives Industry Association - Australia - PS 146 Compliant relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Samuel Reaburn Forgie (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 737 444

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Double Major in Finance and Accountancy)

2006

Bachelor of Arts (Major in Philosophy, Policies and Economics)

2006

NZFMA Accreditation 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Sanjay Chandran (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 0800 500 615

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Bridging Course 2009

NZFMA Core Module 2009

NZFMA Foreign Exchange & Derivatives Module 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2005 and has been providing investment advice since 1995.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Sarah Robertson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited L 28, ANZ Centre Auckland 0800 226 222

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Major in Finance) 2000

NZFMA Core Accreditation 2010

NZFMA FX Accreditation 2010

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2001.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Scott Douglas Dewar (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 2, Cnr Colombo & Hereford Sts, Christchurch 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA - Bridging Course 2009

Certificate of Financial Services & Australian Financial Markets Association (AFMA)

2001

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 1985.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Sharon Zollner (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited 1 Victoria Street, Wellington 0800 181818

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Arts (Major in Economics and English) 1996

Master of Commerce (1st class, Major in Economics) 1997

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2010 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Shaun Patrick Coleman (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 923

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Certificate of Cash Management 2006

Australian Financial Markets Association Accreditation 2009

Australian Financial Markets Association FX Module 2010

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 2003.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Simon Neale (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 737 444

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Master of Science 1997

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2006 and has been providing investment advice since 2006.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Simon Paul Eckhoff (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23-29 Albert Street, Auckland 0800 730 100

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majoring in Finance) 2006

Post Graduate Diploma in Commerce (Majoring in Entrepreneurship)

2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Sophie Alison Gallagher (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Lvl 28, 23-29 Albert Street 09 309 8500

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

NZFMA Accreditated 2009

Bachelor of Commerce (Major in Finance) 2006

Bachelor of Law 2007

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2007.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Stephen Thomas Gawn (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 663

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Honours) (Major in Finance)

2000

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2003 and has been providing investment advice since 2000.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Steve Edwards (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 04 802 2217

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce 1985

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1987 and has been providing investment advice since 1987.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Steven Dundon (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Certificate in Securities and Derivatives 2003

Certificate in Securities Regulation 2003

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 1990.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Securities Institute London relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Stuart John Esquilant (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 966

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Diploma of Financial Services (Financial Markets), Australian Financial Markets Assoc

2006

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1978 and has been providing investment advice since 1986.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Suzanne Helen Pulham (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

Certificate in Business Studies (Major in Banking) 2000

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 1988 and has been providing investment advice since 1993.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Thomas George Robertson (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 626 923

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Majors in Finance and Economics)

2006

Post Graduate Diploma of Finance 2007

NZFMA Accreditation Bridging Exam 2008

AFMA Core Module Exam 2008

Euromoney Bond School 2009

NZFMA ACI Dealing Simulation 2009

AFMA Gov Bonds, Securities and Debt Module 2009 The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2008 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Thornton Mason Williams (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, ANZ Centre, 23-29 Albert St, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Commerce (Major in Marketing) 1997

Post-Graduate Diploma of Applied Finance & Investment 2005

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 1999.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the INFINZ relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Tim Chapman (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 28, 23 Albert Street, Auckland 0800 426 939

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Law 2001

Bachelor of Commerce (Major in Economics) 2001

Post Graduate Bachelor Comm Hons. 2002

NZFMA Accreditation Bridging Exam 2010

Unit 01 - FSA Financial Regulation (UK) 2004

Unit 02 - FSA Securities (UK) 2004

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2009 and has been providing investment advice since 2002.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the FSA Registered (UK) relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Timothy Wybrants Olphert (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 114 815

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

NZFMA Accreditation Bridging Exam 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2000 and has been providing investment advice since 1989.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is a member of the Institute of Finance Professionals New Zealand relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.

Disclosure Statement

Zachary Allen Young (“Investment Adviser”) This document was prepared as at 5 October 2010

ANZ National Bank Limited Level 7, 1 Victoria Street, Wellington 0800 839 347

Disclosure information The Investment Adviser is an employee of ANZ National Bank Limited (the “Bank”).

The Investment Adviser and the Bank (in respect of itself and the principal officers of the Bank) make the following investment adviser disclosure to you pursuant to section 41A of the Securities Markets Act 1988.

Qualifications, experience and professional standing Relevant qualifications

The Investment Adviser has the following qualifications that are relevant to giving investment advice:

Qualification Date obtained

Bachelor of Business Studies (Finance) 2007

NZFMA Bridging Course 2008

The Investment Adviser keeps the knowledge obtained from those qualifications up to date by reading relevant industry publications and attending both internal and external seminars and workshops.

Experience

The Investment Adviser has been employed by the Bank since 2007 and has been providing investment advice since 2008.

The Bank is a registered bank and, through its staff, is experienced in providing investment advice about its own securities and, where appropriate, the securities of other issuers. The Bank has been selling securities, and providing investment advice on those securities, to customers as a core part of its business for many years, drawing on the extensive research undertaken by the Bank and its related companies and the skills of specialised staff employed by the Bank. The Bank is represented on many bank, finance and investment related organisations and keeps abreast of relevant issues by running seminars and workshops for relevant staff and having its investment adviser staff attend external seminars where appropriate. The Bank subscribes to relevant industry publications and, where appropriate, its investment advisers will monitor the financial markets.

Relevant professional body

The Investment Adviser is not a member of a professional body relevant to the provision of investment advice.

The Bank is a member of the following professional bodies relevant to the provision of investment advice:

• New Zealand Bankers’ Association; • Investment Savings & Insurance Association of NZ (Associate

Member); • Financial Markets Operations Association; and • Institute of Finance Professionals.

Professional indemnity insurance

The Investment Adviser has the benefit of the Bank’s professional indemnity insurance discussed below.

The Bank (and its subsidiaries), through its ultimate parent company Australia and New Zealand Banking Group Limited, has professional indemnity insurance which covers its activities including those of investment advisers it employs.

This insurance covers issues (including ‘prior acts’) arising from staff fraud, electronic crime, documentary fraud and physical loss of property. The scope of the insurance also extends to third party civil claims, including those for negligence. The level of cover is of an amount commensurate with the size and scale of the Bank.

The insurer is ANZcover Insurance Pty Limited.

Dispute resolution facilities

The Bank has a process in place for resolving disputes. Should a problem arise, you should contact your Relationship Manager or Markets Dealer who will be able to give you more information on the Bank’s procedures. If your complaint is not satisfactorily resolved please contact ANZ Customer Relations, ANZ Centre, Private Bag 92 210, Auckland. Unresolved complaints may ultimately be referred to the Banking Ombudsman, whose contact address is PO Box 10-573, Wellington.

Criminal convictions In the five years before the relevant investment advice is given none of the Investment Adviser, the Bank or any principal officer of the Bank has 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);

• a principal officer of a body corporate when that body corporate committed any of the offences or crimes involving dishonesty as described above;

• adjudicated bankrupt; • prohibited by an Act or by a court from taking part in the

management of a company or a business; • subject of an adverse finding by a court in any proceeding that has

been taken against them in their professional capacity; • expelled from or has been prohibited from being a member of a

professional body; or; • placed in statutory management or receivership.

Other interests and relationships Investment Adviser

The Investment Adviser may receive payments or other benefits from the Bank in addition to his or her salary that are linked to various internal performance criteria, including the provision of investment advice and the sale of securities and/or related products. Accordingly, by giving investment advice to you and/or by selling securities and/or related products to you, the Investment Adviser may increase the likelihood of his or her receiving, and/or the amount of, such payments. It is not practicable to calculate the amounts or rates of such payments.

Other than the Investment Adviser’s employment with the Bank and the remuneration received by the Investment Adviser from the Bank, neither the Investment Adviser nor an associated person of the Investment Adviser has, or will or may have, any interest or relationship that a reasonable person would find reasonably likely to influence the Investment Adviser in providing the investment advice.

Bank

The Bank is one of New Zealand's largest financial institutions and, therefore, has banking and other financial relationships with many of the country's public and private entities. Accordingly, in relation to any security in relation to which investment advice is given, the Bank may have a relationship with the issuer or other person connected with the security. Also, the Bank's subsidiary Direct Broking Limited ("DBL") has an NZX designation as a Market Participant and has been accredited by the NZX to participate in the markets provided by NZX or otherwise in relation to any such security.

The Bank and DBL may receive remuneration from a third party in connection with a security about which the Bank has provided investment advice. Whether remuneration is received and, if received, from whom, and its value, depends on the security but, for the Bank, remuneration will typically fall within a range of 0.00% to 2.00% of the value of the security subscribed for or placed. Remuneration, if any, received by DBL in such cases for its participation, will be paid by the Bank from the remuneration the Bank has received.

At the time of providing this disclosure statement, it is not practicable to disclose exactly the amount or rate of any remuneration that might be received or the name of the person from whom it may be received.

Securities about which investment advice may be given The Investment Adviser provides investment advice on some or all of, the following types of contracts some of which may be securities:

• Foreign Exchange and related contracts of all kinds • Interest Rate and related contracts of all kinds • Corporate and other Bonds, Notes and deposits of all kinds • Commodities contracts of all kinds • Derivative contracts of all kinds including options

While the investment advice which may be given will relate principally to securities issued by the Bank, investment advice may be given in relation to securities issued by other issuers. If at any time you require further information about which particular types of securities the Investment Adviser then provides investment advice on, please contact the Investment Adviser for details.

Disclaimer Each security (including the principal, interest or other returns of any security) the subject of investment advice given to you by the Investment Adviser or the Bank or otherwise, is not guaranteed, secured or underwritten in any way by the Investment Adviser, the Bank or any associated or related party, except to the extent expressly agreed in the terms of the relevant security. It is your responsibility to understand the nature of any security subscribed for, and the risks associated with that security. To the maximum extent permitted by law, the Investment Adviser and the Bank exclude liability for, and shall not be responsible for, any loss suffered by you resulting from the Bank's or the Investment Adviser's investment advice.