FuturesFutures Trading Agreement and application

Issued by Macquarie Equities Limited ABN 41 002 574 923 Australian Financial Services Licence No. 237504 Date of issue JuNe 2014

Macquarie Private Wealth is a division of Macquarie Equities Limited ABN 41 002 574 923 (MEL) participant of Australian Securities Exchange Group, Australian Financial Services Licence No. 237504, 1 Shelley Street, Sydney NSW 2000. Any reference to Macquarie Private Wealth should be read as a reference to MEL. References to ‘we’, ‘us’ or ‘our’ in this document are references to MEL.

This advice has been prepared by MEL and is general advice and does not take into account of your objectives, financial situation or needs. Before acting on this general advice you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial decision.

MEL is not an authorised deposit-taking institution for the purpose of the Banking Act (Cth)1959, and MEL’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or provide assurance in respect of the obligations of MEL.

Contents

01 Futures Trading Agreement and application 02

02 Macquarie Futures Trading Agreement 04

03 Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) Act 2006 27

04 Application form checklist 28

05 Futures Trading application form 32

Inserts

FSC/FPA Individuals & Sole Traders Identification Form

Macquarie Equities Limited Financial Services Guide

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Futures Trading Agreement and application

How to apply

1. Read the relevant documents

Prior to completing the application form, you should read the Macquarie Equities Limited (MEL) Financial Services Guide (FSG) enclosed in the back of this booklet. Our FSG states who we are, the services and types of products we are authorised to provide and details relating to fees and charges. You must also read the Macquarie Futures Trading Agreement (‘Agreement’) (pages 4-26), which includes the futures trading terms and conditions.

Please ensure you have read the Futures Product Disclosure Statement (PDS), and any Supplementary PDS, and are aware of the features of this financial product, including the risks, benefits and costs involved.

2. Decide your applicant type

Applications may be made by an individual, sole trader, joint applicants, a company, a trustee of a trust or a superannuation fund, a partnership, an association, a registered co-operative or a government body. Please use the table on the following page and the checklist in the application form as a guide on how to apply correctly.

3. Complete the Macquarie Futures Trading application form

Please complete all relevant sections of the application form. Your application cannot be processed without the required details. Refer to the application form checklist for further instructions (page 28).

4. Complete the applicable FSC/FPA* Identification Form(s)

Please ensure you also complete the applicable FSC/FPA* Identification Form(s).

Foreign Account Tax Compliance Act (FATCA)

FATCA is United States (US) tax legislation that assists the US Internal Revenue Service (IRS) to identify and collect tax from US residents for tax purposes that invest in certain financial accounts through non-US entities. If you are a US resident for tax purposes, you should note that MEL is a ‘Foreign Financial Institution’ under FATCA.

MEL intends to comply with its FATCA obligations, as determined by either the FATCA regulations or any intergovernmental agreement (IGA) entered into by Australia and the US for the purposes of implementing FATCA and any Australian laws and regulations relating to the IGA. As at the date of this document it is expected that Australia will enter into an IGA with the US. It is expected that under these obligations, MEL will have to obtain and disclose information about certain investors to the ATO or IRS. In order for MEL to comply with its obligations, we will also request that you provide certain information about yourself, including your US Taxpayer Identification Number (if applicable). You will be asked to provide this information as part of completing the FSC/FPA identification form(s) as applicable.

5. Include proof of identification documents (for each applicant)

Please present to your financial adviser or the relevant checking officer relevant original or certified copies of identification documents as listed in the application form checklist.

Your application cannot be processed without all the required identification documents.

* FSC is the Financial Services Council and FPA is the Financial Planning Association. Some of the more commonly used Identification Forms are available for downloading at macquarie.com.au/idforms.

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6. Payment via funds transfer or BPAY

Once your application form is complete, you will need to arrange a deposit for a minimum of $10,000 to Macquarie Equities Ltd Futures s981B Corps Act Trust Account.

The account details for a direct transfer are:

Bank account name Macquarie Equities Ltd Futures s981B Corps Act Trust Account

Bank name Macquarie Bank LimitedBSB 182 222Account number 203 243 993

Please inform your adviser of any deposits made and reference any deposits with either your full name or account number. Keep these instructions on hand for future deposits.

Alternatively, you will be assigned a BPAY reference number when your account is established.

7. Return the relevant documentation

Detach the Macquarie Futures application form from this booklet and return it with the applicable FSC/FPA* Identification Form(s) to your adviser, along with the necessary identification as described above.

Use this table as a guide for deciding your applicant type (as described in step 2 of How to apply).

IF You ARe InveSTIng FoR:

YouR ACCounT MuST Be In The nAMe oF:

exAMPle: The ACCounT DeSIgnATIon CoulD Be:

an individual the full given and last name of the individual

Mrs Mary Elizabeth Brown None required

joint applicants the full names of the individuals

Mrs Mary Elizabeth Brown and Mr James Anthony Brown

None required

a company the company name. ABC Pty Ltd None required

an unincorporated body name of the unincorporated body

Hurstville Soccer Club None required

a partnership the partner(s) Mrs Mary Elizabeth Brown and Mrs Jesse Johnson

Brown Johnson & Assoc

a trust the trustee(s), rather than the name of the trust1

Mrs Mary Elizabeth Brown and Mr James Anthony Brown

Family Fund A/C

a corporate trust the corporate trustee, rather than the name of the trust.

ABC Pty Ltd Staff Super Fund A/C

a superannuation fund the trustee(s) of the superannuation fund1

Mrs Mary Elizabeth Brown and Mr James Anthony Brown

Brown Corp Super Fund

a minor the trustees, rather than the name of the minor

Mrs Mary Elizabeth Brown and Mr James Anthony Brown

Miss Louise Brown (name of the minor)

a deceased estate2 the executors of the estate Mrs Mary Elizabeth Brown Estate of Agnes Johnson

1 Applications in the name of a trust, rather than the trustee, will not be accepted.2 One certified copies of Probate must accompany the completed application.

* FSC is the Financial Services Council and FPA is the Financial Planning Association. Some of the more commonly used identification forms are available for downloading at macquarie.com.au/idforms.

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Macquarie Futures Trading Agreement

This Agreement is made

Between: 1. Macquarie Equities Limited (ABN 41 002 574 923) of No 1 Martin Place, Sydney, New South Wales (‘Macquarie’).

2. The Party named in the Futures Trading application form as the Client (the ‘Client’).

3. The Party (if any) named in the Futures Trading application form as the Guarantor (the ‘Guarantor’).

Background: 1. Macquarie and the Client intend by this Agreement to set out the terms and conditions which will govern Contracts which they have already or may in the future enter into with each other relating to Futures.

2. This Agreement will take the place of any agreement that Macquarie and the Client have previously entered into with respect to dealings in Futures.

It is agreed and acknowledged as follows:

1. Definitions and interpretation

1.1 Definitions

In this Agreement, unless a contrary intention appears:

“AMl/CTF laws” means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, rules and other subordinate instruments;

“Approved Securities” means approved securities or collateral as defined in the Rules;

“ASx Clear” means ASX Clear Pty Limited (ABN 48 001 314 503);

“ASx24” means the derivatives market operated by the Australian Securities Exchange Limited (ABN 83 000 943 377) (formerly known as the Sydney Futures Exchange Limited);

“ASx24 Clear” means ASX Clear (Futures) Pty Limited (ABN 91 050 615 864);

“Authorised Representative” means a person authorised under clause 22.7 – 22.9 to bind the Client under this Agreement;

“Automated order entry Interface” means any automated order entry interface that is provided to you by Macquarie that connects to an Exchange System;

“Block Trade” means a Trade which is executed via a block trade facility, however described in the Rules of a Licensed Market;

“Brokerage” means the brokerage payable by the Client to Macquarie on purchases and sales of Contracts as described in the Product Disclosure Statement. The Brokerage will include any brokerage or other fees payable to the Macquarie Participant and will generally also include any Derivative Exchange Fees unless otherwise notified at the time of the transaction;

“Business Day” means a day on which trading banks in Sydney are open for business (excluding Saturday or Sunday);

“Clearing house” means any clearing and/or settlement facility as that term is defined in section 768A of the Corporations Act from time to time operating in or authorised or appointed by any Licensed Market on which Macquarie may trade, or where the market is not a Licensed Market, any other clearing or settlement facility of that market;

“Clearing limit” means a limit either in monetary terms or in number of Trades or both for which the Macquarie Participant will accept clearing responsibility;

“Clearing Participant” means a participant of a Clearing House;

“Client Monies Rules” means the provisions in Part 7.8 of the Corporations Act and the Corporations Regulations made under those provisions (and any ASIC policy) that specify the manner in which financial services licensees are to deal with client monies and property. In other jurisdictions, client money rules may be found in the relevant legislation or Rules of the relevant Financial Market;

“Client Segregated Account” means a client segregated account which complies with the Client Monies Rules;

“Close out” in relation to a Contract means the act of entering into arrangements to reverse the effect of that Contract including, without limitation, the entry into an opposite Contract;

“Contract” means a contract applying for, acquiring, issuing, disposing of or varying a Derivative;

“Client Contract” means a Contract that is entered into by the Macquarie Participant (or any third party Market Participant appointed by it) on instructions from Macquarie acting as agent for the Client in accordance this Agreement whether entered into before or after the date of this Agreement;

“Deposit” has the same meaning as the Rules of the relevant Financial Market and where the Rules of the Financial Market use the term ‘initial margin’, it means initial margin as defined in those Rules;

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“Derivative” means an arrangement as defined in section 761D of the Corporations Act and, for the purpose of this Agreement, is limited to Derivatives which are futures contracts or futures option contracts as defined in the Corporations Act prior to the commencement of the Financial Services Reform Act;

“Derivative exchange Fees” means any fees and costs which are payable to any Financial Market or Clearing House in respect of the Client Contracts;

“Derivatives law” means the Corporations Act and the Australian Securities and Investments Commission Act;

“eFP transaction” means an exchange for physical transaction as defined in the Rules of the relevant Financial Market;

“exchange System” means any computer system utilised by any Financial Market operator for or in connection with trading, matching or price reporting;

“event of Default” means any of the events listed in clause 10 of this Agreement;

“Financial Market” means a financial market as that term is defined in section 767A of the Corporations Act and includes a Licensed Market;

“Financial Services guide” means the disclosure document issued by Macquarie in accordance with Part 7.7 of the Corporations Act covering the general advice provided by Macquarie to the Client in respect of the Client Contracts a copy of which is available on the website macquarie.com/personal entitled Macquarie Private Wealth Financial Service Guide;

“Functionalities” means an order type, specification or condition including, but not limited to, ‘limit’, ‘limit BC’, ‘limit FAK’, ‘limit FK’, ‘limit FOK’, ‘fill/kill’, ‘I.O.C’, ‘market’, ‘market FK’, ‘mkt limit’, ‘MIT’, and ‘RFQ’;

“Futures Account” means the facility provided by Macquarie which allows the Client to open Contracts, and includes the records kept by Macquarie of the amount of Deposit and Margin which has been provided by the Client to Macquarie, as adjusted to reflect:

(a) profits and losses incurred on the Close Out of a Client Contract;

(b) the withdrawal or return of Deposit or Margin by the Macquarie Participant;

(c) monthly adjustments in respect of the interest payable under clause 11;

(d) all Brokerage, Derivative Exchange Fees, Platform Fees or other amounts payable by the Client under this Agreement; and

(e) any losses referred to in clause 14.5(g) and clause 14.5(i);

“Futures Trading application” means the application form accompanying this Agreement;

“gST” means any tax on goods, services or goods and services, including any value-added tax as imposed by the GST Law;

“gST law” means any Act, order, ruling or regulation which imposes or purports to impose or otherwise deals with the administration or imposition of GST on a supply of goods and/or services in Australia and includes the A New Tax System (Goods and Services Tax) Act 1999 as affected by any other applicable legislation;

“licensed Market” means a financial market that is authorised by an Australian market licence in accordance with the Corporations Act;

“Macquarie Participant” means a third party appointed by Macquarie to act as Market Participant and Clearing Participant in respect of the Client Contracts;

“Macquarie Provided online Platforms” means any automated order entry system, including any software, hardware or telecommunications equipment made available by Macquarie to the Client;

“Margin” has the same meaning as the Rules of the relevant Financial Market and where the Rules of the Financial Market use the term ‘other margin obligation’ it includes other margin obligation as defined in those Rules;

“Market Participant” means a market participant or member of a Financial Market

“obligations” means all obligations and liabilities of whatever kind, undertaken or incurred by, or devolving upon, the Client under or in respect of this Agreement or any deed, or other instrument collateral to it or given or entered into pursuant to this Agreement;

“Platform Fees” means the fees that are payable in relation to any Macquarie Provided Online Platform;

“Product Disclosure Statement” means the disclosure document required to be given in accordance with Part 7.9 of the Corporations Act in respect of the issue of Contracts together with any updates, copies of which can be found on the website macquarie.com/personal;

“Proper law” means the laws described in clause 22.4;

“Retail Client” means a retail client as defined in s.761G of the Corporations Act;

“Rules” means the articles, rules, regulations and procedures of a Financial Market, Clearing House or regulatory body, as in force from time to time, pursuant to which the relevant Client Contract or Trade is executed and cleared;

“Taxable Supply” is a supply on which GST is imposed pursuant to the GST Law;

“Trade” means a Client Contract bought or sold in accordance with the Rules of a Financial Market;

“Trust” means the Trust (if any) described in the Futures Trading application; and

“Trust Deed” means the Trust Deed (if any) described in the Futures Trading application (as amended from time to time) establishing the Trust.

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1.2 Interpretation

In this Agreement unless the context indicates a contrary intention:

(a) a reference to this Agreement or to any deed, agreement, document or instrument Includes respectively this Agreement or that deed, agreement, document or instrument as amended novated, supplemented, varied or replaced from time to time;

(b) a reference to any statute, rule or other law, or to any sections or provisions thereof includes any statutory modification or re-enactment or any statutory provision substituted therefore and all ordinances, by-laws, regulations and other statutory documents issued thereunder;

(c) the word person includes a firm, a body corporate, an unincorporated association and statutory authority;

(d) a reference to any party includes a reference to that party’s executors, administrators, successors, substitutes and permitted assigns and any person taking by way of novation;

(e) a reference to any thing (including, without limitation, any amount) is a reference to the whole or any part of it and a reference to a group of persons is a reference to any one or more of them;

(f) where any word or phrase is given a defined meaning, any other part of speech or other grammatical form in respect of the word or phrase has a corresponding meaning;

(g) a reference to a clause or a Schedule is, unless the context otherwise indicates, is a reference to a clause or a schedule in this Agreement,

(h) except where expressly defined in this Agreement or where a contrary intention appears, all terms in this Agreement shall bear the meaning given to them in the Rules or the Derivatives Law and in the event of any inconsistency between the meaning in the Derivatives Law and in the Rules, the meaning in the Derivatives Law shall prevail;

(i) except where specified otherwise, all Derivatives Law section and regulations references are to the Corporations Act sections and regulations;

(j) in this Agreement, the singular includes the plural and vice versa;

(k) headings are used in this Agreement for convenience of reference only and will not affect the construction of this Agreement;

(l) where a party to this Agreement is more than one person they will be jointly and severally liable under the terms of this Agreement.

2. Authority to execute agreement

2.1 Each of the Client and the Guarantor represents and warrants to Macquarie that:

(a) where the Client or the Guarantor is a body corporate, the Client or the Guarantor (as the case may be) has been and is duly formed under the laws of the place of its formation, (in the case of the Client) has power and authority, and where the Client or Guarantor is a partnership, each partner of the Client has power and authority, to deal in Contracts and the persons executing this Agreement have full power and authority to execute this Agreement on behalf of the Client;

(b) where the Client or Guarantor is a natural person, the Client or the Guarantor (as the case may be) has legal capacity to execute this Agreement; and

(c) where the Client is trustee of a trust, the Client makes the additional representations and warranties contained in Schedule 1;

2.2 Each of the Client and the Guarantor further represents and warrants to Macquarie that:

(a) there is no current or pending or threatened action or proceeding affecting it or any of its assets before a court, tribunal, government agency, commission or arbitrator which draws or purports to draw into question or is likely to affect the legality, validity or enforceability of this Agreement or any Contract or the ability of the Client or the Guarantor (respectively) to observe its obligations under and in respect of this Agreement; and

(b) no Event of Default or event which with the giving of notice, lapse of time or fulfilment of any conditions would be likely to become an Event of Default has occurred or continues unremedied.

2.3 All representations and warranties made by the Client and or the Guarantor under this Agreement are taken to be made on the date of:

(a) this Agreement;

(b) each Trade; and

(c) each Contract.

2.4 Where the Client is trustee of a Trust, the Client undertakes the additional obligations contained in Schedule 1.

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3. Acknowledgements

3.1 The Client agrees and acknowledges that:

(a) they have read the PDS, (including any Supplementary Product Disclosure Statements) and FSG; and

(b) Macquarie may give Supplementary Financial Services Guides, Supplementary Product Disclosure Statements and any related disclosure documents to the Client by posting the relevant documentation on the Macquarie website;

(c) Macquarie, and the Macquarie Participant are, in relation to any dealings between them concerning Client Contracts, subject to and bound by the Derivatives Law and the Rules and the procedures, customs, usages and practices of the relevant Financial Market and their related entities, as amended from time to time, on which the Trades will be effected. Nothing in this clause 3.1 will be construed to change the Proper Law of this Agreement;

(d) Macquarie agrees to provide the Client with execution only and general advice services and the Client understands that Macquarie will not provide the Client with any personal advice on the Client’s dealings in Contracts and will not act on a discretionary basis on the Client’s behalf under any circumstance;

(e) the Client will take all reasonable steps to obtain and communicate to Macquarie all information and deliver or cause to be delivered to Macquarie all documents with respect to dealings in Contracts on a Licensed Market or a Financial Market which are requested by the Macquarie Participant or any other person having a right to request that information or those documents. The Client authorises Macquarie to pass on all information, and deliver or cause to be delivered all documents to the requesting party;

(f) dealing in Contracts may create an obligation to give or take delivery or make a cash adjustment in accordance with the terms of a Contract;

(g) trading in Contracts incurs the risk of loss as well as the prospect of profit;

(h) the Client must promptly advise Macquarie when there is a material change in its personal circumstances; and

(i) the provisions of Schedule 2 will apply, despite anything else to the contrary in this Agreement.

3.2 The Client agrees to notify Macquarie in writing within ten (10) Business Days of any change in the Client’s personal details, including postal address, email address or facsimile address that has previously been provided in connection with its dealings in Contracts. Macquarie is not able to accept notification by email or telephone as a physical signature is required for verification purposes.

4. Dealing by Macquarie

4.1 The Client appoints Macquarie as its agent for the purpose of dealing in Contracts both within and outside Australia in accordance with the terms of this Agreement.

4.2 As a condition precedent to the performance by Macquarie of its obligations under this Agreement:

(a) the Client will deposit with Macquarie the minimum amount that Macquarie requires; and

(b) the Client will maintain a minimum deposit equal to the amount specified by Macquarie from time to time, in its account at all times.

4.3 The Client acknowledges that:

(a) Macquarie is not a Market Participant or Clearing Participant on any Licensed Market or other Financial Market;

(b) Macquarie will accordingly appoint the Macquarie Participant to deal in any Contracts requested by the Client;

(c) where the Macquarie Participant is not itself a Market Participant or Clearing Participant on a particular Financial Market the Macquarie Participant may appoint a third person to deal in those Contracts on behalf of the Macquarie Participant;

(d) subject to paragraphs (e),(f) and (g) below, the Client will be entitled to all profits and gains made in connection with the Client Contracts but will also be liable for all costs and losses arising in connection with those Client Contracts;

(e) the Client will not be entitled to any interest or other returns earned on the amounts paid to the Client Segregated Account of the Macquarie Participant but it will be entitled to be paid interest by Macquarie in accordance with clause 11(a);

(f) the Client will be obliged to pay Brokerage to Macquarie but will not be obligated to pay any additional amount in respect of the brokerage or other fees owing to the Macquarie Participant or any third party Market Participant and Clearing Participant nor will it be obliged to pay any Derivative Exchange Fees (unless Macquarie has advised that these are not included in the Brokerage) as Macquarie will pay these amounts out of the Brokerage;

(g) the Client will be obliged to pay debit interest and default interest in accordance with clauses 11(b) and 11(c) but it will not be obliged to pay any additional amount in respect of the interest owing to the Macquarie Participant or any third party Market Participant and Clearing Participant as Macquarie will pay such interest out of the debit interest and default interest paid by the Client;

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(h) any trades conducted by Market Participants of a Licensed Market or Financial Market are conducted as principals between those Market Participants notwithstanding that in entering into those transactions they may be acting on the instructions of clients;

(i) the Macquarie Participant (or any third party Market Participant appointed by it) will accordingly incur a personal obligation when dealing in the Client Contracts;

(j) any benefit or right obtained by the Macquarie Participant (or any third party Clearing Participant appointed by it) upon registration of a Client Contract with a Clearing House by way of assumption of liability by that Clearing House under any Client Contract or any other legal result of that registration is personal to the Macquarie Participant (or the third party Clearing Participant appointed by it) and the benefit of that benefit or right or other legal result does not pass to Macquarie or the Client;

(k) in relation to all Trades conducted on a Financial Market by the Macquarie Participant (or any third party Market Participant appointed by it) and all Client Contracts registered by the Macquarie Participant (or any third party Clearing Participant appointed by it) with a Clearing House, neither Macquarie nor the Client has any rights whether by way of subrogation or otherwise against either the Financial Market or the Clearing House; and

(l) although Macquarie acts as agent for the Client in placing Trades through the Market Participant, Macquarie and the Macquarie Participant act as principals in relation to those Trades and the Client has no rights whether by way of subrogation or otherwise against the Macquarie Participant.

5. Execution of Orders

5.1 Macquarie will use its best endeavours in the circumstances of each case to arrange the execution of the Client’s directions by the Macquarie Participant in accordance with their tenor, but Macquarie will not be responsible for delays or errors in the transmission or execution of the Client’s directions except where these arise as a result of the negligence, fraud or dishonesty of Macquarie or the Macquarie Participant or their employees, agents, officers or representatives. The Client will be bound by the terms of each Client Contract as entered into or executed by the Macquarie Participant.

5.2 The Client may give instructions to Macquarie either orally, in writing or via any text messaging system recognised by Macquarie.

5.3 The Client acknowledges that in respect of Client Contracts transacted on a Licensed Market, instructions received from the Client and other clients of Macquarie or the Macquarie Participant and orders for the own account of Macquarie or the Macquarie Participant will be executed and allocated in the sequence in which they are received and recorded by the Macquarie Participant, unless it would be fair and equitable to allocate Contracts obtained in respect of similar orders on the same day on a different basis, in which case the Macquarie Participant may, at its discretion, so allocate those Contracts.

6. Clearing of Trades

6.1 The Client acknowledges that the Macquarie Participant will not accept any clearing responsibility in relation to a Trade, and will not be liable to Macquarie or to any other person if:

(a) the relevant Financial Market or Clearing House does not permit the recording of the clearing of that Trade by the Macquarie Participant (or a third party Clearing Participant appointed by it) or accepts the clearing of that Trade subject to conditions; or

(b) The Macquarie Participant (or the third party Clearing Participant appointed by it) does not trade, or after the date of this Agreement ceases to trade on the Financial Market to which that Trade relates or ceases to be a Clearing Participant of the relevant Clearing House.

6.2 Upon registration of a Client Contract with the Clearing House in the name of the Macquarie Participant or the third party Clearing Participant appointed by it, the Client acknowledges that the Macquarie Participant or the third party Clearing Participant appointed by it incurs obligations to the Clearing House as principal, even though the Client Contract may have been entered into pursuant to instructions given by the Client to Macquarie under this Agreement.

6.3 Macquarie will furnish to the Client confirmation of all Trades cleared by the Macquarie Participant or the third party Clearing Participant appointed by it as soon as practicable after the close of trading on the day the Trade was cleared.

6.4 None of Macquarie, the Macquarie Participant or any third party Clearing Participant appointed by it is required to act in accordance with any instructions given by or on behalf of the Client, where to do so would constitute a breach of the Rules or the Derivatives Law.

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7. Principal Trading

7.1 The Client is aware that:

(a) each of Macquarie and the Macquarie Participant may trade for itself as principal on its own account; and

(b) the directors, employees or related bodies corporate of Macquarie and the Macquarie Participant may trade on their own account from time to time.

7.2 The Client further acknowledges and agrees that it is aware that in the same trading Macquarie or the Macquarie Participant may either on its own account or on behalf of other clients take an opposite position to that taken in a Client Contract, and the Client acknowledges the right of Macquarie or the Macquarie Participant to do so, and consents to Macquarie or the Macquarie Participant so doing.

8. Electronic recording of telephone conversations

8.1 The Client agrees and consents to the electronic recording by Macquarie (or by a Licensed Market or any other person on behalf of Macquarie) of the Client’s telephone conversations with Macquarie or the Licensed Market or with any of its agents or employees or the agents or employees of any of its related bodies corporate, with or without an automatic tone warning device.

8.2 In the absence of manifest error, the Client and Macquarie agree in the event of a dispute that a recording of the matters to which the dispute relates (or any copy of that recording) will be prima facie evidence of its contents.

8.3 Notwithstanding any other arrangements relating to the use of personal information by Macquarie, where the tape recording collects ‘personal information’ as that term is defined in the Privacy Act 1988 (Cth), the Client consents to the following use and disclosure of the personal information contained on the tapes by Macquarie:

(a) use the tapes for its internal purposes including assisting it in resolving any dispute;

(b) disclose the tapes and any information contained on the tapes to regulatory and self regulatory bodies, such as the ASX24, to assist in the resolution of any dispute.

8.4 The Client will have the right to listen to any recording in the event of a dispute or anticipated dispute, provided the Client has paid to Macquarie its reasonable costs to comply with that request subject to availability.

9. Deposits and Margins

The Client agrees and acknowledges that:

(a) the Client must provide Macquarie with telephone access to the Client, twenty-four (24) hours a day while holding an open position in a Contract;

(b) Macquarie may at any time and from time to time make calls for payment of sums (or, in the alternative, call for lodgement of Approved Securities) by way of Deposit or Margin as Macquarie reasonably considers necessary to protect Macquarie from any liability incurred or which may be incurred by it in dealing in Client Contracts;

(c) should the Client fail to pay Deposit or Margin (or lodge Approved Securities) then Macquarie may (without prejudice to any other rights or powers under this Agreement) and without creating an obligation to do so, Close Out without notice, any or all of the Client Contracts;

(d) the time for payment of Deposit or Margin is of the essence and if no other time is stipulated by Macquarie prior to calling Deposit or Margin then the Client is required to comply within twenty-four (24) hours;

(e) liability to pay Deposit accrues at the time the Trade is executed regardless of when a call is made;

(f) liability to pay Margin accrues at the time the Margin comes into existence regardless of when a call is made;

(g) the Client’s liability in respect of calls for Margin and Deposit is not limited to the amount, if any, deposited with Macquarie;

(h) the Client is responsible to pay in cash any deficit owing after closure of any Client Contract and if the Client defaults in payment of that deficit Macquarie may realise any Approved Securities, including any property or other collateral lodged by way of Deposit or Margin, held by it and apply the proceeds against that deficiency;

(i) in the event the Client defaults in payment of a deficit pursuant to paragraph (h), the Client must, at its own expense, promptly execute such documents and other instruments as Macquarie may reasonably require and (if Macquarie or the Macquarie Participant exercises its power of sale or disposal in relation to Approved Securities) do everything and sign everything reasonably requested by Macquarie which is in the Client’s power to enable the sale or disposal of the Approved Securities and any registration required, including granting Macquarie or the Macquarie Participant a power of attorney to sign any relevant documents or instruments on the Client’s behalf;

(j) Macquarie will not call any Deposit or Margin for an amount less than the minimum Deposit or Margin required by the Licensed Market or Financial Market on which the relevant Trade was executed.

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10. Client’s default

10.1 For the purposes of this Agreement, the occurrence of any of the following events will constitute the occurrence of an Event of Default:

(a) if the Client or the Guarantor becomes bankrupt or enters into a composition or arrangement for the benefit of creditors or being a company goes into liquidation voluntarily or otherwise (except for the purpose of reconstruction) or enters into any compromise or arrangement with or assignment for the benefit of any of its creditors or members or if any liquidator, receiver, manager, receiver and manager, managing controller or official manager is appointed;

(b) if the Client or the Guarantor makes any representation that is incorrect or misleading in any material way with the result that loss or damage is, or is likely to be, suffered by Macquarie;

(c) if any guarantee of, or security for, the Client or the Guarantor’s obligations is, without the consent of Macquarie, withdrawn or becomes defective or insufficient;

(d) if the Client or the Guarantor fails to meet a call for Deposit or Margin or lodge Approved Securities or fails to meet any other obligation under this Agreement, including settlement of a Client Contract;

(e) if the Client or the Guarantor, being a natural person, dies or becomes of unsound mind or whose person or estate is liable to be dealt with in any way under the law relating to mental health;

(f) if the Client or the Guarantor imposes a moratorium on payments to creditors or ceases or threatens to cease carrying on business;

(g) if, in the absence of the Client making alternative arrangements, the Client is not contactable by Macquarie for any period of twenty-four (24) hours in order for Macquarie to obtain instructions;

(h) if the conduct of the Client is such that it would cause a reasonably prudent Australian Financial Services Licensee authorised to advise and deal in Derivatives to be of the view that the Client would be unable to comply with all the Client’s obligations under this Agreement, including (without limitation) strict compliance with any time limit.

10.2 Upon the occurrence of an Event of Default Macquarie may:

(a) Close Out any or all of the Client’s Contracts;

(b) Close Out, exercise or abandon any option not yet exercised;

(c) cover option positions by entering into further Client Contracts;

(d) take any other action that a reasonably prudent Australian Financial Services Licensee authorised to advise and deal in Derivatives would be expected to take in the circumstances to protect the personal obligation incurred when dealing on behalf of the Client;

(e) sell any or all of the Client’s property lodged with Macquarie, including without limiting the generality of the foregoing, any Approved Securities and the Client agrees that Macquarie must liquidate the property as quickly as possible and is not obligated to liquidate the property at the best possible price;

(f) satisfy any obligation the Client may have to Macquarie by transferring from the Client’s other account(s), if any, whether carried or managed by Macquarie, such funds as may be required for this purpose; and

(g) exercise any other power or right which Macquarie may have under this Agreement or in law or equity.

11. Interest

(a) Macquarie shall pay to the Client credit interest on any credit balances in its Futures Account at the rate of interest specified in the Product Disclosure Statement.

(b) The Client shall pay to Macquarie debit interest on any negative balances in any currency in its Futures Account, or any other amounts owing under this Agreement, at the rate of interest specified in the Product Disclosure Statement.

(c) In addition if all of the Client Contracts are Closed Out and following that Close Out, the balance of the Client’s Futures Account is less than zero the Client shall pay default interest to Macquarie at the rate specified in the Product Disclosure Statement.

(d) Interest will accrue on the balance of any amount owing and will be calculated on a daily basis from (and including) the date when that amount becomes due to (but excluding) the date of final payment of the amount in full, assuming a 365 day year. Interest will be credited or debited to the Futures Account at the end of each month.

12. Commissions, fees, expenses

In addition to interest in accordance with clause 11, the Client agrees to pay:

(a) brokerage;

(b) platform fees;

(c) Derivative exchange fees (to the extent not included in the brokerage); and

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(d) all stamp duty, duties and taxes payable on this Agreement or in connection with dealings in Client Contracts or both;

(e) all amounts payable as a result of making or taking delivery or making a cash adjustment in accordance with the terms of a Client Contract;

(f) all amounts reasonably incurred by Macquarie as a result of the Client’s default under the terms of this Agreement, including (without limitation) all legal costs and expenses on a solicitor/client basis;

(g) any other proper charges incurred by either Macquarie or the Macquarie Participant in relation to the Client Contracts (but excluding any brokerage and fees that will be paid by Macquarie out of the Brokerage, any interest that will be paid by Macquarie out of the debit interest and default interest referred to in clause 11(b) and 11(c));

(h) in the case where:

(i) Macquarie makes any Taxable Supply; or

(ii) any indemnity payment constitutes the consideration for any Taxable Supply (whether in whole or in part) by Macquarie, to pay Macquarie an additional amount so as to ensure that, after allowing for the payment of any GST by Macquarie (and after any adjustment that Macquarie determines is appropriate for compliance with Part VB of the Trade Practices Act or any other relevant law) the net amount that Macquarie actually receives is to Macquarie the economic equivalent of the amount that Macquarie would have received but for the imposition of any GST;

(i) in the case where any payment or other consideration made or provided by Macquarie to any person under or in connection with or for the purpose of this Agreement or any transaction referred to in or contemplated by it may be increased or added to by reference to any GST, the amount that may be necessary to reimburse Macquarie in respect of that increase or addition; and

(j) an additional amount equal to the amount of any penalty or interest as a result of late payment of any GST where that late payment arises because of any failure by the Client to comply with the provisions of this clause 12.

13. Exchange rate risk

(a) If the Client defaults under the terms of this Agreement, Macquarie may elect to convert any amount owed by the Client (including any interest) into Australian currency either at the date of the Client’s default or on the date on which the Client pays the amount owed to Macquarie in full.

(b) Macquarie and the Client agree and acknowledge that:

(i) the Client bears all exchange rate risks;

(ii) if the Client at any time requests Macquarie to convert any amount (whether payable by the Client or owing to the Client) into another currency, Macquarie may, but is not obliged to, arrange or enter into a foreign exchange transaction on behalf of the Client. Macquarie will execute the foreign exchange transactions on a best endeavours basis only and is not liable for the effects of any currency movements.

14. Trust accounts

14.1 Macquarie and the Client agree and acknowledge that:

(a) all of the money deposited with Macquarie by the Client, or received by Macquarie for, or on behalf of the Client, will be paid into a bank account with an Australian deposit taking institution held in Macquarie’s name and designated as a trust account, in accordance with the Derivatives Law; and

(b) all of the property deposited with Macquarie by the Client, or received by Macquarie for, or on behalf of the Client, will be held in trust and will be dealt with in accordance with the Derivatives Law. Unless the Client otherwise instructs, the Client agrees that all property will be deposited with Macquarie in safe custody.

14.2 Macquarie and the Client agree and acknowledge that in relation to monies held in Macquarie’s trust account:

(a) the only monies that will paid into the trust account will be monies related to Contracts entered into or to be entered into on behalf of Macquarie’s clients and interest on such monies;

(b) payments out of the trust account can only be made in limited circumstances in accordance with the Derivatives Law, including:

(i) making payments in accordance with any directions received by the Client;

(ii) paying Brokerage, interest and other monies owed to Macquarie; and

(iii) defraying other proper charges and expenses; and

(c) Macquarie will be entitled to any interest earned on the monies in the trust account however Macquarie will pay interest to the Client in accordance with clause 11(a).

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14.3 The Client directs Macquarie to pay all amounts held on the Client’s behalf in Macquarie’s trust account (including monies held in excess of any Margin requirement) and to deliver any property held for the Client in connection with the Client Contracts, to the Macquarie Participant to meet Macquarie’s obligations in respect of the Client Contracts.

14.4 Where the Client wishes to pay amounts owing in respect of its Client Contracts in a foreign currency Macquarie may direct the Client to pay these amounts directly to the Macquarie Participant.

14.5 Client acknowledges and agrees that:

(a) any monies paid by Macquarie to the Macquarie Participant pursuant to the direction in clause 14.3 or paid by the Client to the Macquarie Participant pursuant to clause 14.4 will be held by the Macquarie Participant on account of/in the name of Macquarie in a Client Segregated Account in accordance with the Derivatives Law;

(b) Macquarie is authorised to give directions in respect of the monies held in the Client Segregated Account of the Macquarie Participant;

(c) unless otherwise agreed in writing by Macquarie and the Macquarie Participant, the Macquarie Participant will be entitled to invest the monies in its Client Segregated Account in accordance with the Derivatives Law;

(d) unless otherwise agreed in writing by Macquarie and the Macquarie Participant, the Macquarie Participant will be entitled to any interest or other earnings on monies invested in accordance with 14.2(c);

(e) where Macquarie and the Macquarie Participant agree that any interest or other earnings on monies invested in accordance with clause 14.2(c) will be paid to Macquarie then, notwithstanding that Macquarie is acting as agent for the Client, Macquarie shall be entitled to retain that interest for its own account provided that Macquarie pays interest to the Client in accordance with clause 11(a);

(f) the interest or other earnings earned by Macquarie pursuant to paragraph (d) of this clause may be greater than the interest paid by Macquarie to the Client pursuant to clause 11(a);

(g) in the event that there is a default in the repayment of part or all of the principal arising from an investment made by the Macquarie Participant in accordance with the Derivatives Law, all losses are to the account of the Client and will not be met by Macquarie or the Macquarie Participant;

(h) while the money paid by Macquarie under the direction in clause 14.3 is segregated from the Macquarie Participant’s money, it is co-mingled with that of other clients’ of Macquarie and other clients of the Macquarie Participant and in the event of a default in the Macquarie Participant’s Client Segregated Account, the Macquarie Participant has the right to apply the monies held in the Macquarie Participant’s Client Segregated Account to meet the default, irrespective of whether the default was caused by the Client’s default or not;

(i) any losses suffered as a result of the Macquarie Participant applying money in accordance with paragraph (h) will be for the account of the Client;

(j) in accordance with the Derivatives Law and the Rules, the Macquarie Participant is entitled to make the following withdrawals from its Client Segregated Account:

(i) all amounts of Deposit, Margin and option premium in respect of Client Contracts;

(ii) all proper charges and expenses incurred in respect of Client Contracts which will include Exchange Fees any amounts required to be paid to any third party Market Participant or Clearing Participant appointed by the Macquarie Participant;

(iii) amounts of interest and brokerage to which the Macquarie Participant is entitled; and

(iv) withdrawals made in accordance with Macquarie’s directions;

(k) where the Client has requested a withdrawal of amounts standing to the credit of the Client’s Futures Account and has directed that such payment should be made to its nominated bank account, Macquarie will direct the Macquarie Participant to withdraw such amounts (after deducting any Brokerage, Derivative Exchange Fees, Platform Fees, interest or other amounts owing to Macquarie) from the Macquarie Participant’s Client Segregated Account and pay them directly to the Client’s bank account;

(l) Macquarie will be entitled to request a withdrawal of amounts equal to the Brokerage, Platform Fees, interest and other amounts that are owing by the Client to Macquarie in respect of its Client Contracts, (after deducting any brokerage and interest owing to the Macquarie Participant and any Derivative Exchange Fees and other proper charges payable in respect of the Client Contracts) from the Macquarie Participant’s Clients Segregated Account and to retain these amounts for its own account; and

(m) where Macquarie requests a withdrawal of any other amounts which are held in the Client Segregated Account of the Macquarie Participant such amounts will be paid into Macquarie’s trust account.

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14.6 The Client acknowledges and agrees that any property that is transferred to the Macquarie Market Participant and Clearing Participant may also be used by the Macquarie Participant in accordance with the Derivatives Law and Rules.

15. Appointment of Attorney

The Client acknowledges that:

(a) in relation to Trades effected on the ASX24, the Client irrevocably appoints the Managing Director of ASX24 Clear as Macquarie’s attorney to exercise the powers conferred upon that person under the relevant Rules including, without limitation, to do all things necessary to transfer any open position held by the Macquarie Participant on Macquarie’s behalf to another Market Participant where the Macquarie Participant has been suspended or terminated as a Market Participant of the ASX24; and

(b) in relation to Trades effected on the ASX, Macquarie has irrevocably appointed severally the ASX, ASX Clear, and every director, manager and assistance manager for the time being of ASX or ASX Clear Pty Limited, at the option of ASX or ASX Clear Pty Limited (as applicable) to do all acts and execute all documents on Macquarie’s behalf for the purpose of exercising the powers conferred on the ASX or ASX Clear Pty Limited under the Rules.

16. Rights of Macquarie and Macquarie Participant to impose limits and to refuse to deal

16.1 Macquarie or the Macquarie Participant may at any time:

(a) refuse to deal in any Client Contract (other than Closing Out the Client’s existing open positions);

(b) impose a limit, either in monetary terms or in number of Trades or both, as to the number of Trades, or open positions held on behalf of the Client, or both; and/or

(c) impose a Clearing Limit.

16.2 Where Macquarie refuses to deal in any Client Contracts pursuant to paragraph (a) of clause 16.1, Macquarie will inform the Client of that refusal at or before the time of the Client placing the order or as soon as possible thereafter.

16.3 The Macquarie Participant may decline to accept clearing responsibility for a Trade if:

(a) a Clearing Limit has been exceeded; or

(b) the acceptance of clearing responsibility for the Trade would result in a Clearing Limit being exceeded.

16.4 If Macquarie or the Macquarie Participant reasonably believes that an undesirable situation of the kind described in the Rules of the Licensed Market on which the Trade or Client Contract is executed has occurred or is likely to occur in relation to any Client Contract or underlying commodity, Macquarie or the Macquarie Participant, as the case may be, will be entitled, on giving the amount of notice that it considers reasonable, to Close Out, sell or terminate any Client Contract referred to in that notice.

17. Indemnity

17.1 Without limiting any other indemnity that may be detailed in this Agreement, the Client is responsible for all expenses, liabilities, fines, claims, suits, actions and demands and any other amounts in relation to any Contract, or arising out of any default, whether by act or omission, by the Client under this Agreement or in relation to anything lawfully done by Macquarie, its officers, agents, employees or related bodies corporate in accordance with or incidental to this Agreement or by reason of or in connection with Macquarie, its officers, agents, employees or related bodies corporate complying with any Rule, direction, request or requirement of a Licensed Market, Financial Market or Clearing House or other regulatory authority, court or tribunal.

17.2 Should any act or omission by the Client, whether in respect of the giving or taking of delivery of an underlying commodity or otherwise, result in a fine or fines or other penalty which causes Macquarie loss or damage of any kind, the Client is liable to Macquarie in respect of that loss or damage.

17.3 The indemnities referred to in this clause 16 will not apply to the extent that any expenses, fines, liabilities, claims, suits, actions or demands incurred are the direct result of any fraud, negligence or dishonesty of Macquarie, its officers, agents, employees or related bodies corporate.

17.4 Without limiting clauses 16.1 and 16.2, if the Client fails to take or make delivery of any underlying commodity upon the expiration of any Contract, Macquarie may do so on behalf of the Client and the Client agrees to pay all costs and expenses of Macquarie doing so including (without limitation) the cost of acquisition, insurance and storage of any commodity.

17.5 Macquarie does not accept or bear any liability or responsibility in relation to currency exchange rate risks, including, without limitation, where a Client pays Margin or Deposits in a currency other than Australian currency.

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17.6 Macquarie does not accept or bear any liability in respect of the operation of an Exchange System, whether for any breach of a provision of any relevant legislation, negligence, injury, death, loss of profits, loss of files, data or use, economic loss, loss of reputation or losses or damages incidental or consequential to the operation of any Exchange System except to the extent that it is caused by the negligence, fraud or dishonesty on the part of Macquarie, its employees or agents in relation to Macquarie’s activities an Australian Financial Services Licences holder authorised to deal and advise in derivatives.

18. Termination

18.1 Without affecting any existing obligations or liabilities, either the Client or Macquarie may terminate this Agreement at any time by giving the other notice in writing to that effect, whereupon the provisions of clause 18.2 will apply.

18.2 Upon termination of this Agreement in accordance with clause 18.1, unless otherwise agreed in writing, Macquarie may instruct the Macquarie Participant to Close Out, abandon or exercise all Client Contracts.

19. Delivery

19.1 Where a Client Contract is able to be settled by physical delivery of the underlying commodity or instrument, the following provisions shall apply:

(a) The Client agrees and acknowledges that Macquarie is entitled to prohibit the Client from making or taking delivery in accordance with the terms of any Client Contract;

(b) Notwithstanding paragraph (a), Macquarie may in its absolute discretion, but without creating an obligation to do so, allow the Client to make or take delivery in accordance with the terms of the Client Contract on the following conditions:

(i) the Client at least five (5) Business Days prior to the first day on which notice requiring delivery can be given or received in respect of that Client Contract notifies Macquarie in writing of the Client’s intention to give or take delivery and provides Macquarie such evidence as Macquarie reasonably requests to show that the Client will be able to deliver or receive delivery in accordance with the Client Contract; and

(ii) the Client lodges with Macquarie such amounts of money, Approved Securities or other property as Macquarie nominates and in such manner and at such time as Macquarie directs.

(c) If the Client has not:

(i) Closed Out an open Client Contract prior to the first day on which notice requiring delivery can be given or received in respect of that Client Contract; or

(ii) obtained the consent of Macquarie to the making or taking of delivery under that Client Contract,

the Client shall have defaulted, and Macquarie may exercise any rights or powers under clause 10.2, under any other provision of this Agreement or otherwise arising howsoever.

(d) Notwithstanding paragraph (a), if the Client is obliged to make or take delivery under a Client Contract, the Client shall make or take delivery in accordance with the terms of the relevant Client Contract and at the place where the Clearing House of the Financial Market on which the dealing took place notifies the Macquarie Participant or Macquarie that delivery is required to be made or taken.

20. Notice

20.1 Macquarie will provide the Client with confirmation of derivative transactions as required by the Derivatives Law and, unless objected to by the Client within two (2) Business Days of being deemed to be received by the Client, the confirmation and any other statements given to the Client (including, where applicable, monthly statements and open position statements) will be prima facie evidence as to their contents.

20.2 A notice is deemed to be received by a party (recipient):

(a) where it is delivered to the recipient personally or delivered to the recipient’s address, at the time of delivery;

(b) where it is posted to the recipient, on the day which is two (2) Business Days after the day on which it is posted;

(c) where it is sent electronically:

(i) if the electronic message travels directly to the recipient, at the time when it enters the recipient’s system; or

(ii) in all other cases, at the time when the electronic message enters the first system outside the control of the sender;

(d) where it is sent to the recipient by facsimile or telex:

(i) in the case of a telex transmission - on receipt by the transmitting machine of the answerback code of the recipient;

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(ii) in the case of a facsimile transmission - on production of a transmission report by the transmitting machine indicating that the notice was sent in its entirety to the facsimile number of the recipient as last notified to the sender;

(e) where it is sent or posted to the recipients’ password protected information accessed via Macquarie Online, at the time of posting; or

(f) in any other case, when it is actually received by the recipient.

21. Macquarie Provided Online Platforms

21.1 The Client agrees and acknowledges;

(a) the Client will be liable for the conduct of its Authorised Representatives in connection with Macquarie Provided Online Platforms and the Client warrants that any Authorised Representatives who access Macquarie Provided Online Platforms will comply with this Agreement;

(b) that data made available to the Client by access to Macquarie Provided Online Platforms is not the property of Macquarie and remains the valuable property of the Financial Market or other third party and that the Client is prohibited from publicly displaying re-distributing or re-transmitting the data in any way without having executed a Market Data Distribution Agreement or similar agreement with the Financial Market or other third party;

(c) The Client shall not:

(i) modify, alter, copy or otherwise reproduce, reverse engineer, decompile or disassemble Macquarie Provided Online Platforms, Information or any related documentation provided by Macquarie;

(ii) adapt or create any derivative works based upon such intellectual property or otherwise incorporate such intellectual property into any of the Client’s own intellectual property;

(iii) assign, rent, sub-license, lease, transfer or otherwise provide Macquarie Provided Online Platforms, the Information or related documentation (whether in whole or in part) to any third party unless otherwise authorised in writing by Macquarie;

(iv) engage in any other form of data stripping, infringe any intellectual property rights that Macquarie or any third party provider has in Macquarie Provided Online Platforms or incorporate any part of Macquarie Provided Online Platforms into its own inventions or other intellectual property for which it may claim for legally protected proprietary rights; and

(d) Upon Macquarie’s request, the Client will destroy or return all materials associated with Macquarie Provided Online Platforms to Macquarie, including any expressions or copies of intellectual property in Macquarie Provided Online Platforms, the Information or related documentation;

(e) the Client’s access to Macquarie Provided Online Platforms will be terminated if found in breach of this clause 21.1;

(f) Macquarie may, but is under no obligation to, provide on-going support services in relation to Macquarie Provided Online Platforms, whether by providing advice, training, error correction, modifications, updates or otherwise; and

(g) Macquarie will execute a Client order as it is received by Macquarie under Macquarie Provided Online Platform and that the order of receipt of a Client’s order may not necessarily correspond with the sequence in which the Client made the order using Macquarie Provided Online Platforms.

(h) the Client may only place orders through Macquarie Provided Online Platforms for Client Contracts approved by Macquarie on Financial Markets approved by Macquarie;

(i) there may be risks as to the quality and performance of the information, software, programs, hardware, telecommunications equipment, manuals and other materials and/or services; and

(j) neither Macquarie nor any of Macquarie’s third party providers gives any assurance that the information, software, programs, hardware, telecommunications equipment, manuals and other materials and services, in whole or in part, will meet the Client’s requirements, be error free, or operate without interruption.

21.2 The Client undertakes:

(a) to ensure that the Client and its Authorised Representatives only access Macquarie Provided Online Platforms in a manner which ensures fairness, efficiency and ongoing protection of market integrity and must comply with all relevant trading rule requirements and Corporations Act requirements relating to anti-fraud, anti-manipulation, conduct that is likely to mislead or deceive, and any other requirements regulating abusive market conduct;

(b) to accept all responsibility for the genuineness and accuracy, both as to content and form, of any such instruction and for all resulting activity initiated by Client or on Client’s behalf using Macquarie Provided Online Platforms, including without limitation, all orders entered and trades executed;

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(c) to follow and abide by any policy and operational guidelines provided by Macquarie or the Financial Market in relation to security procedures, access and denial to Macquarie Provided Online Platforms, and to risk management issues and that the Client will not engage in any conduct that interferes with Macquarie’s compliance with the Financial Market’s Rules or Macquarie’s contractual obligations to the Financial Market;

(d) to ensure that only Authorised Representatives that have been authorised by Macquarie have access to Macquarie Provided Online Platforms;

(e) to at all times maintain adequate security measures to prevent unauthorised access to, use of or damage to Macquarie Provided Online Platforms including, without limitation, protecting all passwords issued by Macquarie to the Client and, if the security measures are breached at any time, to immediately inform Macquarie and take any action that Macquarie reasonably requires;

(f) to immediately inform Macquarie as soon as becoming aware of any delay in telecommunications services to it, interrupted service, errors, faults or inaccuracies in the provision of service or inaccuracies generally and to take any action that Macquarie reasonably requires;

(g) not to modify, alter, translate, decompile or reverse engineer Macquarie Provided Online Platforms or attempt to do any of these things with respect to Macquarie Provided Online Platforms or engage in any other form of data stripping and not to infringe any intellectual property rights that Macquarie or the third party service provider has in Macquarie Provided Online Platforms; and

(h) to maintain all necessary permits and licences required under the laws of the relevant jurisdiction necessary for the conduct of its business.

21.3 The Client agrees and acknowledges that in relation to order and/or positions limits the following:

(a) the Client and Macquarie must agree in writing to pre-determined order and/or position limits, including volume per order limit, an aggregate loss limit and an aggregate net session limit, for the Client’s trading in Client Contracts on Macquarie Provided Online Platforms;

(b) the Client understands and agrees that orders in excess of the agreed pre-determined limits shall be rejected by Macquarie Provided Online Platforms;

(c) Macquarie may amend the pre-determined order and/or position limit or any element thereof, and advise the Client in writing of that amendment as soon as practicable after making it;

(d) the limits are not a guide or recommendation of acceptable trading levels for the Client and the Client agrees that it relies on its own financial and risk assessments to determine internal trading limits. It is the Client’s sole responsibility to monitor trading and prevent trades in excess of the limits placed by Macquarie;

(e) trading outside agreed limits requires Macquarie’s prior consent in writing;

(f) subject to clause 21.3(a) and clause 21.3(e), trading in excess of the order and/or position limits is a breach of this clause 21; and

(g) the Client will not attempt to change the settings or limits on Macquarie Provided Online Platforms other wise than in accordance with clause 21.

21.4 In relation to execution of order, the Client agrees and acknowledges that:

(a) orders placed through Macquarie Provided Online Platforms will be routed directly to the relevant Financial Market, or where applicable to a third party execution service, without any intervention by Macquarie or any other person (other than through the application of any credit or other electronic filters that Macquarie or a third party broker may impose for its own risk management purposes) and that there is no assurance that any such orders will be executed at any particular price or time, or that they will be executed at all;

(b) Functionalities available through Macquarie Provided Online Platforms, including synthetic order types, may not be recognised by an Financial Market and order types and terminology employed by one Financial Market may not correspond with the order types and terminology employed by another Financial Market or the Functionalities available through Macquarie Provided Online Platforms;

(c) the Client is solely responsible for:

(i) satisfying itself that any orders it places using the Functionalities available through Macquarie Provided Online Platforms on a Financial Market will be recognised by that Financial Market and correspond to an order type that may be executed on that Financial Market;

(ii) ensuring that any orders placed through Macquarie Provided Online Platforms and any resulting contracts are in compliance in all respects with Applicable Law; and

(iii) any model based trading devised and implemented by it, and any order generated by it through the use of Macquarie Provided Online Platforms and any external system or program.

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(d) where synthetic order types are made available to the Client through Macquarie Provided Online Platforms, the Client acknowledges that synthetic order types are triggered by market data received through Macquarie Provided Online Platforms from an Financial Market and that any interruption in receipt of such market data may affect the way in which a synthetic order is triggered.

21.5 Access to Macquarie Provided Online Platforms may be terminated;

(a) by the Client or Macquarie at will, by notice in writing to the other party;

(b) by Macquarie immediately without notice upon the happening of any one of the following:

(i) termination of the Macquarie Futures Trading Agreement by either party;

(ii) breach by the Client of the Macquarie Futures Trading Agreement;

(iii) any use by the Client of software in conjunction with Macquarie Provided Online Platforms which is identified by a third party as allegedly infringing that third party’s intellectual property rights;

(iv) upon request by a Financial Market, Clearing House or regulatory body or a change in the rules or regulations of a Financial Market, Clearing House or regulatory body such that Macquarie is required to terminate the Client’s access to Macquarie Provided Online Platforms; or

(v) upon termination by any third party provider of Macquarie’s access and use of Macquarie Provided Online Platforms.

(c) any such termination will have no effect upon any party’s rights arising out of orders placed through Macquarie Provided Online Platform prior to such termination.

21.6 Macquarie or its third party providers accept no liability for any loss, cost, damage, liability or expense suffered by the Client or any other person as a result of or in connection with:

(a) the proper functioning or use of Macquarie Provided Online Platforms or any related software, programs, hardware, telecommunications equipment, manuals and other materials, including, without limitation, the correctness, quality, accuracy, security, completeness, reliability, performance, timeliness, pricing of Macquarie Provided Online Platforms, any delays, interrupted service or suspension of access to or service of Macquarie Provided Online Platforms, any omission, malfunction, breakdown or failure of Macquarie Provided Online Platforms, any inability to effect or cancel orders communicated through Macquarie Provided Online Platforms, any inaccuracy or loss of data transmitted

through Macquarie Provided Online Platforms or interruption of such transmission, or any erroneous communications through Macquarie Provided Online Platforms;

(b) any support services provided in relation to Macquarie Provided Online Platforms;

(c) any failure by a Financial Market to recognise Functionalities, including synthetic order types, available through Macquarie Provided Online Platforms;

(d) any failure of a synthetic order type to be triggered by Macquarie Provided Online Platforms;

(e) any decision made or action taken in reliance upon information to which the Client had access through Macquarie Provided Online Platforms or which arose out of the use or inability to use Macquarie Provided Online Platforms, unless such loss, cost, damage, liability or expense suffered has been caused by the negligence or default of Macquarie or its third party providers.

22. Foreign currency exchange facility

22.1 Macquarie will make available to the Client a foreign currency exchange facility (‘FX Facility’) within the Client Segregated Account of the Macquarie Participant and only for the purposes of facilitating futures trading on foreign Derivatives Exchanges.

22.2 The Client appoints Macquarie as its agent for the purpose of dealing in foreign exchange transactions on the Client’s behalf.

22.3 Macquarie will appoint a broker (which may be a related body corporate) to execute foreign exchange transaction orders (‘FX Orders’) the Client places with Macquarie.

22.4 The Client may only place FX Orders with Macquarie through a Macquarie Futures broker by telephone or by email.

22.5 Once Macquarie has received, accepted and confirmed the FX Order, the FX order will be legally binding and the Client may not amend or cancel the FX Order.

22.6 Macquarie may, in its absolute discretion, accept or reject any FX Order placed by the Client.

22.7 In placing an FX Order with a broker Macquarie may, in its absolute discretion, enter into either:

(a) a same day foreign exchange transaction, which will normally settle on the same day that the FX Order has been executed; or

(b) a spot trade foreign exchange transaction, which will normally settle two (2) business days after the FX Order has been executed.

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22.8 When Macquarie places an FX Order the broker will execute the FX Order at the prevailing market rate and this rate will reflect any fees, charges or margin payable to the broker. The price achieved will not be communicated to the Client until the FX Order settles in the Client Segregated Account of the Macquarie Participant.

23. General

23.1 No failure, delay, relaxation or indulgence on the part of Macquarie in exercising any power or right conferred upon it under this Agreement or otherwise will operate as a waiver of that power or right, nor will any single or partial exercise of any power or right preclude any future exercise of that power or right.

23.2 If any term or part of this Agreement is invalid or not enforceable in accordance with its terms, all other terms or parts which are self-sustaining and capable of separate enforcement without regard to the invalid or unenforceable term or part will be and continue to be valid and enforceable in accordance with their terms.

23.3 Macquarie may vary these terms and conditions by giving you notice of the variation in the following manner:

(a) where the variation would cause the Client detriment, by giving the Client at least 21 days written notice;

(b) where the variation would not cause the Client detriment, by giving the Client at least 14 days notice, such notice to be given by:

(i) posting notice of the changes on our website; or

(ii) any other form of written notice; and

(c) subject to (a), where the variation is required in order to:

(i) meet regulatory requirements;

(ii) reflect new industry guidance and codes of practice which in our reasonable opinion are likely to raise standards of consumer protection (whether mandatory or voluntary); or

(iii) comply with any legal requirement, or any decision, code, recommendation, guidance or standard of any regulatory authority, court or tribunal;

by giving the Client at least 14 days’ notice, such notice to be given by:

(i) posting notice of the changes on our website; or

(ii) any other form of written notice.

Hard copy versions of the revised terms and conditions will be sent to the Client on request.

If, following a variation to these terms and conditions, the Client no longer wishes to maintain this account with Macquarie, the Client may terminate it in accordance with clause 18. We will not charge the Client any exit or termination fees but the Client will be required to satisfy any current obligations or liabilities prior to the termination becoming effective.

23.4 This Agreement will be governed by and construed in accordance with the laws of New South Wales and each party submits to the non-exclusive jurisdiction of the Courts of New South Wales.

23.5 The Client acknowledges to Macquarie that there are risks involved in dealing in Client Contracts and accepts that those risks are for the account of the Client.

23.6 Macquarie will not in any way be liable for any damages, loss or injury suffered or incurred (physical, pecuniary or otherwise), by the Client as a result of or arising out of, or in connection with:

(a) any misinterpretation of any information provided by or on behalf of Macquarie relating to a transaction entered into or proposed to be entered into by Macquarie pursuant to this Agreement;

(b) any forecast, opinion or statement of intention to the Client in relation to price movements or positions or to the likely profitability of any transaction or any Client Contract;

(c) any delay in the transmission or execution of any order or instruction given or placed by the Client;

(d) any delay in any communication due to breakdown or failure of transmission or communication facilities;

(e) any action or failure by Macquarie to place and activate a stop loss order;

(f) other causes beyond Macquarie’s reasonable control.

23.7 The persons named in the Futures Trading application as Authorised Representatives are each authorised to instruct Macquarie under this Agreement to enter into Client Contracts on the Client’s behalf. The Client may invest any other person with similar authority by giving notice in writing to Macquarie accompanied by the name of the person to be so authorised and executed by the Client.

23.8 The authority of a person to instruct Macquarie under this Agreement or to enter into a Client Contract may be withdrawn by the Client and notice in writing will be given by the Client to Macquarie of such withdrawal.

23.9 Nothing in this clause will prevent the Client being bound by the terms of any Client Contract entered into or other action taken by Macquarie pursuant to instructions given to Macquarie by a person not authorised under this clause if it would have been reasonable in the circumstances to infer the authority of the Client in relation to those instructions.

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23.10 Macquarie will be entitled to assume:

(a) the genuineness and authenticity of any instructions given or purportedly given by or on behalf of the Client;

(b) if the Client has not given a notice of revocation of any person previously authorised, that the person giving instructions to Macquarie is authorised by the Client to do so; and

(c) that any person claiming to be a person, details of whom have been given to Macquarie in accordance with clause 23.7, is, in fact, that person.

23.11 Macquarie will not be obliged to make any enquiry into any of the matters referred to in clause 23.10 and the Client instructs Macquarie to act upon any instructions reasonably believed by Macquarie to be genuine.

24. Revised terms declared by Licensed Market operator

24.1 If a Licensed Market operator declares:

(a) amended minimum terms (‘Amended Terms’) that apply to agreements between Macquarie and the Macquarie Participant; or

(b) new or amended Rules that affect Macquarie and the Market Participant (‘Amended Rules’) then, to the extent of any inconsistency between the terms of this Agreement and the Amended Terms or Amended Rules this Agreement shall be deemed to be amended so as to reflect the Amended Terms or Amended Rules.

24.2 Macquarie will post a copy of the Amended Terms or summary of the Amended Rules on the Macquarie website as soon as practicable after the relevant Licensed Market operator declares them to be effective or to be effective from a certain date.

25. Guarantors

25.1 In consideration of Macquarie entering into this Agreement and agreeing to enter and/or clear Trades at the request of the Client, each Guarantor jointly and severally with each other Guarantor unconditionally and irrevocably guarantees the due performance, observance and fulfilment by the Client of its obligations contained or implied and on the part of the Client to be performed, observed and fulfilled under this Agreement (whether or not that performance, observance or fulfilment is or may for any reason be unenforceable either in whole or in part).

25.2 As a separate and additional liability (which is not intended be read down by clause 25.1) each Guarantor jointly and severally with each other Guarantor is responsible for all costs, losses and expenses which Macquarie may suffer or incur consequent upon or arising directly or indirectly out of any breach or non-observance by the Client of any of its obligations under this Agreement. This indemnity will continue in full force and effect despite that as a consequence of that breach or non-observance Macquarie has exercised any of its rights under this Agreement and despite that the Client may enter into liquidation either voluntarily or otherwise and despite that the guarantee as to performance observance and fulfilment given in clause 25.1 may for any reason whatsoever be unenforceable either in whole or in part.

25.3 The liability of a Guarantor under this Agreement will not be affected by the granting of time or other indulgence or concessions by Macquarie to any person or by the compounding, compromise, release, abandonment, waiver, variation, relinquishment or renewal of any of the rights of Macquarie against the Client or any other person or of the terms of any Contract or of any security or by any neglect or omission to enforce those rights, terms or security or by any other act, matter or thing which under the law relating to sureties would or might but for this provision release the Guarantor from any obligations under this guarantee and indemnity.

25.4 This guarantee and indemnity will continue and remain in full force and effect until the due performance, observance and fulfilment by the Client of all obligations on the part of the Client required to be performed, observed and fulfilled under this Agreement or any Contract provided however that if any payment made by the Client or any Guarantor is subsequently avoided under any law relating to insolvency or protection of creditors that payment will not discharge any liability of the Guarantor and Macquarie will be entitled as against the Guarantor to the rights to which it would have been entitled if that payment had not taken place.

25.5 As long as any of the obligations of the Client under this Agreement are unperformed, unobserved or unfulfilled (whether or not the Guarantor has become liable to perform, observe or fulfil those obligations of the Client) the Guarantor will not:

(a) in reduction of its liability under this Agreement, raise any set-off or counterclaim available to the Client or any co-surety against Macquarie or claim any set-off or make any counter-claim against Macquarie;

(b) make any claim or enforce any right against the Client or the Guarantor or (where a Client or the Guarantor dies) against his estate;

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(c) prove in competition with Macquarie if the Client or the Guarantor becomes insolvent, whether in respect of any amount paid by the Guarantor under this Agreement in respect of any other (including the proceeds of any security) applied by Macquarie in reduction of the Guarantor’s liability under this Agreement or otherwise; or

(d) be entitled to the benefit of any security or guarantee now or subsequently held by Macquarie for the performance, observance or fulfilment of any obligations of the Client.

25.6 If the Guarantor has any right of proof following the insolvency of the Client in respect of any matter not connected with its rights as Guarantor, it will exercise the right of proof on behalf of Macquarie and hold any dividend received on trust for Macquarie to the extent of the Guarantor’s liability under this Agreement. The Guarantor will also hold on trust for Macquarie to the same extent any amount received or recovered from any co-surety by virtue of any right of contribution.

26. Your Privacy

(a) We may collect, hold, use and disclose personal information about the Client to process the Client’s application, administer and manage the products and services sought by and provided to the Client’s, monitor, audit and evaluate those products and services, model and test data, communicate with the Client and deal with any complaints or enquiries.

(b) The client also consents to Macquarie using the Client’s personal information for the following purposes:

(i) assessing and processing the Client’s Account application;

(ii) effecting the purchase and sale of Futures Client Contracts on the Client’s Futures Account in the Client’s name and providing related facilities and services, including any requirement to facilitate settlement;

(iii) communicating with the Client about the Client’s Account application and any product or service Macquarie supplies to the Client.

(c) We collect and record personal information through our interactions with the Client and the Client’s nominated adviser(s), including by telephone, email or online. We may also collect personal information from public sources and third parties including information brokers and our service providers. Without this information, we may not be able to process the Client’s application or provide the Client’s with an appropriate level of service. We are required or authorised to collect the Client’s personal information under various laws including AML/CTF Laws, the Superannuation Industry (Supervision) Act 1993 (Cth), the Taxation

Administration Act 1953 (Cth), the Income Tax Assessment Act 1936 (Cth) and the Income Tax Assessment Act 1997 (Cth), the Corporations Act 2001 (Cth), Life Insurance Act 1995 (Cth), Insurance Contracts Act 1984 (Cth), the Foreign Account Tax Compliance Act (US), and any similar law of any country, and any related laws designed to implement those laws in Australia as well as any associated regulations or Rules.

(d) Where the Client provide us with personal information about someone else the Client must first ensure that the Client have obtained their consent to provide their personal information to us based on this Privacy Statement.

(e) We may exchange the Client’s personal information with other companies in the Macquarie Group as well as our service providers which are described further in our Privacy Policy. We will supply the adviser(s) nominated on your application form or in a subsequent written communication to us, and their Australian financial services licensee if applicable, with information about your Account. We may also disclose personal information to regulatory authorities (eg tax authorities in Australia and overseas) in connection with their lawful information requests or to meet our legal obligations in any relevant jurisdiction. The third parties with whom we exchange personal information may operate outside of Australia (this includes locations in India, the Philippines, the United States of America and other countries specified in our Privacy Policy). Where this occurs, Macquarie takes steps to protect your information against misuse or loss.

(f) We and other companies in the Macquarie Group may use the Client’s personal information to contact the Client on an ongoing basis by telephone, electronic messages (like email), online and other means to offer the Client products or services that may be of interest to the Client, including offers of banking, financial, advisory, investment, insurance and funds management services, unless you change your marketing preferences by telephoning us as set out below or visiting macquarie.com.au/optout-bfs. Under the Privacy Act, the Client may request access to your personal information that we hold. The Client can contact us to make such a request or for any other reason relating to the privacy of the Client’s personal information by telephoning us on 1800 806 310 or emailing privacy@macquarie.com. Please mark communications to the attention of our Privacy Officer.

(g) The Client may also request a copy of our Privacy Policy which contains further details about our handling of personal information, including how the Client may access or update the Client’s personal information and how we deal with the Client’s concerns. The Privacy Policy can also be found via macquarie.com.au.

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27. FATCA

(a) The Client must not knowingly do anything to put Macquarie in breach of sections 1471 to 1474 of the US Internal Revenue Code of 1986 (commonly known as FATCA), any associated regulations or official guidance, any agreement with the US Internal Revenue Service relating to FATCA or any Australian laws, regulations or official guidance relating to an intergovernmental agreement between the United States and Australia in connection with FATCA (FATCA Laws) and or its internal policies and procedures.

(b) The Client agree to provide to Macquarie all the information requested at any time (whether as part of the application process or otherwise) to ensure that Macquarie is able to company with its obligations under the FATCA Laws and or its internal policies and procedures.

(c) If requested, the Client must provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with its obligations under the FATCA Laws and or its internal policies and procedures.

(d) The Client acknowledge that Macquarie is subject to the FATCA Laws and or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with the FATCA Laws and or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)).

28. Counterparts

This Agreement may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. The counterparts taken together constitute one and the same instrument.

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Schedule 1

Where the Client is the trustee of a Trust, the Client:

1 represents and warrants to Macquarie that:

(a) the Trust was validly created, is in existence at the date of this Agreement and the Trust Deed has been duly stamped by the appropriate authorities;

(b) the Client was validly appointed as trustee of the Trust and is presently the sole trustee;

(c) the Trust is solely constituted by the Trust Deed;

(d) the Client:

(i) has full, complete, valid and unfettered authority and power under the Trust Deed to enter into this Agreement; and

(ii) has the power to enter into and observe all the provisions in this Agreement;

2 undertakes to Macquarie that:

(a) it will notify Macquarie immediately in writing if:

(i) the Client ceases for any reason or at any time to be the sole trustee of the Trust;

(ii) the Trust is determined or for any other reason ceases to exist; or

(iii) the Manager ceases to be the manager of the Trust; and

(b) a distribution of any of the capital of the Trust will not be made which would result in there being insufficient assets of the Trust to meet the Client’s liabilities under outstanding Client Contracts and this Agreement.

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Schedule 2

1 The Client agrees and acknowledges that:

(a) Macquarie will, as soon as is reasonably practicable after a transaction occurs, provide confirmations electronically to the Client by means of the Macquarie facility where the Client can access the confirmation for themselves using their password as provided by Macquarie;

(b) Macquarie will, where a transactions forms part of a series of transactions made to complete an order by the Client placed with Macquarie, give the Client in relation to that order or all orders, in lieu of a confirmation in respect of each such Trade, a single confirmation in respect of that series of Trades.

2 Where a single confirmation is provided in relation to clause 1(b), the confirmation will specify the average contract price of the Contracts acquired or disposed of in that series of Trades and, unless otherwise provided by the relevant Rules, Macquarie will, if requested to do so by the Client, give the Client a document which includes a statement of the contract price of each futures contract acquired or disposed of in each Trade in that series of Trades;

3 The Client agrees that Macquarie will execute Block Trades on behalf of the Client in accordance with the Rules and this Agreement and the Client acknowledges that:

(i) the price quoted for Block Trades may or may not be the prevailing market rate;

(ii) the price at which a Block Trade is executed will not be used to establish settlement prices;

(iii) Block Trades effected under the Rules of the Licensed Market have no impact on data generated from Exchange Systems; and

(iv) Block Trades will be separately reported to the relevant Licensed Market.

4 The Client agrees that Macquarie will execute prenegotiated trades for the Client in accordance with the Rules and this Agreement.

5 The Client agrees that Macquarie will execute EFP trades for the Client in accordance with the Rules and this Agreement and where Macquarie effects any EFP transactions on behalf of the Client, the Client will provide Macquarie with full details of the physical transactions including documentary evidence relating to the relevant EFP transactions to enable Macquarie to comply with the Rules.

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Annexure A

Risk Disclosure StatementThis statement is given to you to confirm your understanding of the key risks associated with trading in exchange traded derivative contracts. The key risks are also detailed in the Futures Product Disclosure Statement, (and any Supplementary Product Disclosure Statements). The risk of loss in trading in derivatives can be substantial.

You should therefore carefully consider whether that kind of trading is appropriate for you in the light of your financial circumstances, situation and needs. In deciding whether or not you will become involved in that kind of trading, you should be aware of the following matters:

(a) you could sustain a total loss of initial margin funds that you deposit with Macquarie to establish or maintain a position on a Financial Market and you may incur losses beyond this amount.

(b) If the market moves against your position, you may be required, at short notice, to deposit with Macquarie additional margin funds in order to maintain your position. Those additional funds may be substantial. If you fail to provide those additional funds within the required time, your position may be liquidated at a loss and in that event you will be liable for any shortfall in your account resulting from that failure.

(c) Under certain conditions, it could become difficult or impossible for you to liquidate a position (this can, for example, happen when there is a significant change in prices over a short period).

(d) The placing of contingent orders (such as a ‘stop-loss’ order) may not always limit your losses to the amounts that you may want. Market conditions may make it impossible to execute such orders.

(e) A ‘spread’ position is not necessarily less risky than a simple ‘long’ or ‘short’ position.

(f) The high degree of leverage that is obtainable in derivatives trading, because small margin requirements can work against you as well as for you. The use of leverage can lead to large losses as well as large gains.

(g) If you propose to trade in old law ‘futures options’, being an option on a futures contract, the maximum loss in buying an option is the amount of the premium, but the risks in selling an option are the same as in other futures trading, that is potentially unlimited losses greater than the amount you deposited with Macquarie.

(h) You may experience losses due to systems failures at either or both Macquarie or the exchange on which the contracts are executed.

(i) You should thoroughly read and understand the Macquarie Futures Trading Agreement, the FSG and the PDS, (and any Supplementary Product Disclosure Statements), before entering into any derivative transaction with Macquarie. This statement does not disclose all of the risks and other significant aspects involved in trading derivative products on Financial Markets. You should therefore study derivatives trading carefully before becoming involved in it.

NYMEX Risk Disclosure Statement

There are significant risks in trading through a system which is serviced by means of computer and telecommunications systems. The NYMEX ACCESS system cannot be operated in all circumstances without error including, without limitation, errors in computer programs and telecommunications systems.

These errors may result in, among other things, a delay in telecommunications services to the user, interrupted service, faults, inaccuracies in the provision of the service or inaccuracies in information displayed.

Risk Disclosure Statement(Required under the Regulations of the Commodity Exchange Act, USA)

The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points:

1 you may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

2 under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit (‘limit move’).

3 placing contingent orders, such as ‘stop-loss’ or ‘stoplimit’ orders, will not necessarily limit your losses to the intended amounts, since the market conditions on the exchange where the order is placed may make it impossible to execute such orders.

4 all futures positions involve risk, and a ‘spread’ position may not be less risky than an outright ‘long’ or ‘short’ position.

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5 the high degree of leverage (gearing) that is often obtainable in futures trading because of the small margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as gains.

6 you should consult your broker concerning the nature of the protections available to safeguard funds or property deposited for your account.

All of the points noted above apply to all futures trading whether foreign or domestic. In addition, if you are contemplating trading foreign futures or options contracts, you should be aware of the following additional risks:

7 Foreign futures transactions involve executing and clearing trades on a foreign exchange. This is the case even if the foreign exchange is formally ‘linked’ to a domestic exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No domestic organisation regulates the activities of a foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the protections which apply to domestic transactions, including the right to use domestic alterative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions on domestic exchanges. Before you trade, you should familiarise yourself with the foreign rules which will apply to your particular transaction.

8 Finally, you should be aware that the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting there from, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign contract is liquidated or the foreign option contract is liquidated or exercised.

The brief statement cannot, of course, disclose all the risks and other aspects of the commodity markets.

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Anti-Money Laundering and Counter-Terrorism Financing Act 2006

(a) You must not knowingly do anything to put Macquarie or the Macquarie Group in breach of the Anti-Money Laundering and Counter Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws) and/or its internal policies and procedures. You agree to notify Macquarie if you are aware of anything that would put Macquarie, or the Macquarie Group, in breach of AML/CTF Laws.

(b) If requested, you agree to provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with AML/CTF Laws and/or its internal policies and procedures in Australia or an equivalent overseas jurisdiction.

(c) You undertake that you are not aware and have no reason to suspect that:

– the money used to fund the investment is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities); and

– proceeds of investment made in connection with this product will fund Illegal Activities.

(d) You acknowledge that Macquarie is subject to AML/CTF Laws and/or its internal policies and procedures. In making an application pursuant to these terms and conditions, you consent to us disclosing in connection with AML/CTF Laws any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) Macquarie has.

(e) In certain circumstances Macquarie may be obliged to freeze or block an Account where it is used in connection with Illegal Activities or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/CTF Laws and/or its internal policies and procedures. If Macquarie freezes or blocks your Account because it believes on a reasonable basis that it is required to do so in order to comply with AML/CTF Laws and/or its internal policies and procedures, we are not liable to you for any consequences or losses whatsoever and you agree to be liable for any losses, costs and expenses incurred by Macquarie if we are found liable to a third party in connection with the freezing or blocking of your account.

(f) You acknowledge that Macquarie retains the right not to provide services/issue products to any applicant that Macquarie decides, in its sole discretion, that it does not wish to supply.

(g) You agree to advise Macquarie in writing and in a timely manner if there are any changes to your personal information, as to the following:

(i) for an individual, change of name (for example on marriage or by deed poll), change ofresidential address;

(ii) for a company, change of business name, change of shareholders, change of directors and/or secretary;

(iii) for a trustee, change of trustee, addition of a settlor, addition of a beneficiary or class of beneficiary.

Provision of tax file number

Our collection of your tax file number (TFN) is authorised, and its use and disclosure strictly regulated by, tax laws and the Privacy Act. You do not have to provide us with your TFN, and declining to do so is not an offence. If you do provide us with your TFN, we are required to disclose your TFN to any investment body where you invest in their products/services through us. We are required to do this until you revoke your quotation of your TFN. However, if you do not provide us with your TFN (including both TFNs for joint accounts) or claim an exemption, tax may be withheld by the investment bodies from your income paid to you at the highest marginal rate (plus Medicare levy) before it is paid to you. For more information about the use of TFNs please phone your nearest Tax Office.

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The AML/CTF Act 2006 was introduced in Australia to meet higher international standards and to protect Australian business for being used for Money Laundering and Terrorism Financing Activity. To meet our regulatory obligations as a reporting entity offering designated services, we are required to collect and verify ‘know your customer’ (KYC) information which will vary by investor type. In some instances we may be required to conduct enhanced due diligence before being able to proceed with your application.

Guidance notes for certification and verification

1. What is a certified copy?

A certified copy is a document that has been certified as a true and accurate copy of the original document by one of the following persons listed below. The authorised person should also print their name and position and if possible affix an official stamp.

• An officer with, or authorised representative of, a holder of an Australian Financial Services Licence (AFSL), having two or more continuous years of service with one or more licensees.

• Finance company officer with two or more continuous years of service with one or more finance companies (for the purposes of the Statutory Declaration Regulations 1993).

• An officer with two or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993).

• A Justice of the Peace

• An Australian police officer

• A member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership.

• Chiropractor

• Dentist

• Legal practitioner

• Medical practitioner

• Nurse

• Optometrist

• Patent attorney

• Pharmacist

• Physiotherapist

• Psychologist

• Trade marks attorney

• Veterinary surgeon

• Registered marriage celebrant

• Teacher.

2. offshore certification

In the case of individuals and companies based offshore who cannot have documents certified by an Australian person as listed above, it is acceptable to accept certification completed by the international equivalent of the above listed person. However, where the applicant is based in a jurisdiction of extreme/high risk, we will request additional information and identification to ensure we are reasonably satisfied that an applicant is who they claim to be.

3. verification through an authorised Financial Adviser

An authorised financial adviser is an adviser who has held an AFSL or has provided financial services as a representative on behalf of an AFSL holder, for two or more continuous years.

If you are being identified by an authorised financial adviser, your adviser will need to

• Certify copies (or collect certified copies) of your proof of identification documents and arrange for verification of these documents.

– For all applicant types (as listed in the application form checklist on the following page), the relevant FSC/FPA* Identification Form will need to be completed. A copy of the Identification Form for Individuals and Sole Traders is included in the back of this booklet. Further copies, and all other FSC/FPA* Identification Forms are available at macquarie.com.au/idforms

• Send us

– the completed Futures Trading application, and

– the relevant FSC/FPA* identification form(s), and

– supporting proof of identification documents.

Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) Act 2006

* FSC is the Financial Services Council and FPA is the Financial Planning Association. Some of the more commonly used Identification Forms are available for downloading at macquarie.com.au/idforms

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Application checklist

The table below summarises the sections of this application form and FSC/FPA Identification Forms (available for downloading on macquarie.com.au/idforms) that must be completed and any documentation required to support your application. Please select your applicant type and tick off the checkboxes when completed.

As a result of FATCA it is expected that we will have to obtain and disclose information about certain investors to the ATO or US Internal Revenue Service. Please refer to the section headed ‘Foreign Account Tax Compliance Act (FATCA)’ in the terms and conditions of this document for more information. Accordingly all applicants will be required to answer certain FATCA questions as part of their application. If you are being identified by your financial adviser as part of your application then your adviser will also need to complete the FATCA questions contained in the relevant FSC/FPA Identification Form for the type of account you are opening.

Foreign documentation — Where any documentation relied on as part of the procedure is in a language that is not English, it must be accompanied by an English translation prepared by an accredited translator.

Applicant type Sections to complete Whose name must the account be in

Who signs Documentation required for ID verification

Individual applicant

Section 1(a) of application form

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Individuals & Sole Traders

The individual The individual Provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

If Attorney(s) – If you are signing under power of attorney, please also attach a certified copy of the power of attorney.

Joint applicants Section 1(a) to 1(b) of application form (as appropriate)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Individuals & Sole Traders

Each individual investor

All investors Provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

If Attorney(s) – If you are signing under power of attorney, please also attach a certified copy of the power of attorney.

Sole trader Section 1(a) and 1(c) of application form

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Individuals & Sole Traders

The individual and the business name

The sole trader Provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

If sole trader – also provide certified copy of registration of business name.

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Applicant type Sections to complete Whose name must the account be in

Who signs Documentation required for ID verification

Investing for a child under 18 (minor)

Section 1(a) to 1(b) of application form (as appropriate)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Individuals & Sole Traders

The parent or guardian (as trustees for the trust)

The parent or guardian

Provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

If minor – the parent or guardian also needs to provide a certified copy of the minor’s birth certificate.

Deceased estate

Section 1(a) to 1(b) of application form (as appropriate)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Individuals & Sole Traders

The executors of the estate (as trustees for the trust)

The executor Provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

If deceased estate – the executor also needs to provide a certified copy of the grant of probate or letters of administration.

Australian companies

Section 1(a) to 1(b) of application form (as appropriate)

Section 2 of application form

Section 4 to 12 of application form

AND

FSC/ FPA Identification Form for Australian Companies

The company Two officers (eg directors or a director and secretary)

OR

As required by the constitution/rules of the company

OR

One director (for a sole director company)

Provide original or certified copies of the documentation listed in Australian Company Verification Procedure section of the FSC/FPA Identification Form for Australian Companies.

All authorised signatories/directors also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

Foreign companies

Section 1(a) to 1(b) of application form (as appropriate)

Section 2 of application form

Section 4 to 12 of application form

AND

FSC/ FPA Identification Form for Foreign Companies

The company Two officers (eg directors or a director and secretary)

OR

As required by the constitution/rules of the company

OR

One director (for a sole director company)

Provide original or certified copies of the documentation listed in Foreign Company Verification Procedure section of the FSC/FPA Identification Forms for Foreign Companies.

All authorised signatories/directors also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

29

Applicant type Sections to complete Whose name must the account be in

Who signs Documentation required for ID verification

Non corporate trusts

(including superannuation funds)

Section 1(a) to 1(b) of application form (as appropriate)

Section 2 of application form (as appropriate)

Section 3 of application form (as appropriate)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Australian Regulated Trusts & Trustees, OR the FSC/FPA Identification Form for Unregulated Trusts & Trustees (as appropriate)

The trustees of the trust

All trustees Provide original or certified copies of the documentation listed in Trust Verification Procedure section (of the appropriate FSC/FPA Identification Form for Australian Regulated OR for Unregulated Trusts & Trustees). (The certified copy/extract of the trust deed should show the trust name, trustee(s) names, trustee(s) signatures with witness’ signatures).

All authorised signatories/directors also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

Corporate trusts

(including superannuation funds)

Section 1(a) to 1(b) of application form (as appropriate)

Section 2 of application form (as appropriate)

Section 3 of application form (as appropriate)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Australian Regulated Trusts & Trustees, OR the FSC/FPA Identification Form for Unregulated Trusts & Trustees (as appropriate)

AND

FSC/FPA Identification Form for Australian Companies, OR the FSC/FPA Identification Form for Foreign Companies (as appropriate)

The Corporate Trustee

two directors

OR

sole director

OR

director and company secretary (as required by the constitution/ rules of the company)

Provide original or certified copies of the documentation listed in Verification Procedure section (of the appropriate FSC/FPA Identification Form for Australian Regulated OR for Unregulated Trusts & Trustees). (The certified copy/extract of the trust deed should show the trust name, trustee(s) names, trustee(s) signatures with witness’ signatures).

Provide original or certified copies of the documentation listed in Verification Procedure section of the relevant FSC/FPA Identification Form for Australian Companies, OR the FSC/FPA Identification Form for Foreign Companies (as appropriate).

All authorised signatories/executors also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

30

Applicant type Sections to complete Whose name must the account be in

Who signs Documentation required for ID verification

Partnerships and partners

Section 1(a) to 1(b) of application form (as appropriate for partners)

Section 2 of application form (for partnership)

Section 4 to 12 of application form

AND

FSC/ FPA Identification Form for Partnerships and Partners

The principals of the partnership

The Partners Provide original or certified copies of the documentation listed in Partnership Verification Procedure section and Individual Partner Verification Procedure section of the FSC/FPA Identification Form for Partnerships and Partners (The certified copy/extract of the partnership agreement should show the names of the partners).

All authorised signatories/executors also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

Associations

Incorporated or Unincorporated

Section 1(a) to 1(b) of application form (as appropriate for officers)

Section 2 of application form as (appropriate for association)

Section 4 to 12 of application form

AND

FSC/ FPA Identification Form for Associations

The name of the incorporated body

OR

Officers on behalf of the unincorporated body

Appointed officers

Applications must be completed under common seal and witnessed by two officers (for incorporated associations)’

(All officers must specify their title)

Provide original or certified copies of the documentation listed in Association Verification Procedure Section and Individual Member Verification Procedure section (if applicable) of FSC/FPA Identification Form for Associations (This should include a copy of signed meeting minutes showing which officers can open and operate on the account).

All authorised signatories also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

Registered Cooperatives

Section 1(a) to 1(b) of application form (as appropriate for officers)

Section 2 of application form (as appropriate for Registered Cooperative)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Registered Cooperatives

The name of the Registered Cooperative

Appointed officers

Applications must be completed under common seal and witnessed by two officers.

(All officers must specify their title).

Provide original or certified copies of the documentation listed in Registered Cooperative Identification Procedure section of the FSC/FPA Identification Form for Registered Cooperatives.

All authorised signatories also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA Identification Form for Individuals & Sole Traders.

31

Applicant type Sections to complete Whose name must the account be in

Who signs Documentation required for ID verification

Government Body

Section 1 of application form (as appropriate for officers)

Section 2 of application form (for Government body)

Section 4 to 12 of application form

AND

FSC/FPA Identification Form for Government Bodies

The name of the Government Body

Appointed officers

Provide the documentation listed in Government Body Identification Procedure section of the FSC/FPA Identification Form for Government Bodies.

For foreign government bodies, information about beneficial ownership/control should also be provided.

All authorised signatories also need to provide original or certified copies of the documentation listed in the Verification Procedure section of the FSC/FPA identification Form for Individuals & Sole Traders.

Futures Trading application

Complete this form using BLACK INK and print well within the boxes in CAPITAL LETTERS. Mark answer boxes with a cross (X). Start at the left of each answer space and leave a gap between words.

Please complete ALL questions and provide the required identification documentation as incomplete applications may cause delays in the application being processed.

Please ensure you have completed all fields and signed this form. You can return it by either faxing it to your adviser or emailing it to: privateclient.futures@macquarie.com

If you have any questions, please call your adviser or contact us on 1800 420 803.

Dated: June 2014

1Individual applicants

1a. Applicant 1 details (all applicants must complete this section)

Please specify your preferred contact person for correspondence (if applicable) Applicant 1 Applicant 2

Investor type

Individual applicant/Sole trader/Joint applicant

Individual trustee All Individual Trustees must also complete section 3

Partner All Partnerships must also complete section 2

Director of corporate (if more than one director, complete section 1(b)). All Corporates must also complete section 2

Director of corporate trustee (if more than one director, complete section 1(b)) All Corporate trustees must also complete section 2 and 3

Secretary of corporate All Corporates must also complete section 2

Officer of Association All Associations must also complete section 2

Officer of Registered cooperative All Registered Cooperatives must also complete section 2

Officer of Government body All Government bodies must also complete section 2

Are you or your partner a Macquarie staff member? No Yes Please provide employee ID

Title First name(s)

Surname

Other name known by

Address details

Residential address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Macquarie Futures Trading application 2 of 13

If mailing address is the same as residential address, tick here

Mailing address (please complete if different to residential address)

Street number and name

Suburb

State Postcode

Country

Home phone number Work phone number

Mobile phone number Fax number

Email

Driver’s licence number Expiry date Date of birth

Passport number Expiry date Country of issue

Occupation Gender Male Female

Are you an Australian resident for tax purposes?

Yes No If no, please specify your country of residence for tax purposes

Collection of tax file numbers (TFN) is authorised and its use and disclosure is strictly regulated by the tax laws and the Privacy Act. Quotation is not compulsory but tax may be withheld from your income if you do not provide us with your TFN or claim an exemption. For more information, please contact the Australian Taxation Office.

TFN or exemption reason Expiry date (if applicable)

As an alternative to quoting your TFN, you may wish to quote your ABN in section 1c, 2 or 3 as appropriate. To quote your ABN you must be conducting your Account in the course of a business.

Do you wish to trade Futures online through a third party trading platform made available to you by Macquarie?

No Yes

Are there more than two applicants?

No Yes

The maximum number of applicants per account is three. If there is a third applicant, please attach a separate application form with additional applicant details.

In what range would your net worth be best represented?

Up to $250,000 $250,000 – $500,000 $500,000 – $2.5m

$2.5m – $5m $5m – $10m $10m and over

Your gross income over each of the last two consecutive financial years would be best represented by the following range?

Up to $100,000 pa $100,000 – $250,000 pa $250,000 – $500,000 pa Over $500,000 pa

What percentage of your assets is liquid?

Nil – 10 per cent 11 per cent – 30 per cent 31 per cent – 50 per cent

51 per cent – 70 per cent 71 per cent – 100 per cent

Macquarie Futures Trading application 3 of 13

1b. Applicant 2 details (if applicable)

Please specify your preferred contact person for correspondence (if applicable) Applicant 1 Applicant 2

Investor type

Individual applicant/Sole trader/Joint applicant

Individual trustee All Individual Trustees must also complete section 3

Partner All Partnerships must also complete section 2

Director of corporate (if more than one director, complete section 1(b)) All Corporates must also complete section 2

Director of Corporate trustee (if more than one director, complete section 1(b))All Corporate trustees must also complete section 2 and 3

Secretary of corporate All Corporates must also complete section 2

Officer of Association All Associations must also complete section 2

Officer of Registered cooperatives. All Registered cooperatives must also complete section 2

Officer of Government body All Government bodies must also complete section 2

Are you or your partner a Macquarie staff member? No Yes Please provide employee ID

Title First name(s)

Surname

Other name known by

Address details

Residential address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

If mailing address is the same as residential address, tick here

Mailing address (please complete if different to residential address)

Street number and name

Suburb

State Postcode

Country

Home phone number Work phone number

Mobile phone number Fax number

Email

Driver’s licence number Expiry date Date of birth

Passport number Expiry date Country of issue

Occupation Gender Male Female

Are you an Australian resident for tax purposes?

Yes No If no, please specify your country of residence for tax purposes

Collection of TFNs is authorised and its use and disclosure is strictly regulated by the tax laws and the Privacy Act. Quotation is not compulsory but tax may be withheld from your income if you do not provide us with your TFN or claim an exemption. For more information, please contact the Australian Taxation Office.

Macquarie Futures Trading application 4 of 13

TFN or exemption reasonExpiry date

(if applicable)

As an alternative to quoting your TFN, you may wish to quote your ABN in section 1c, 2 or 3 as appropriate. To quote your ABN you must be conducting your Account in the course of a business.

Do you wish to trade Futures online through a third party trading platform made available to you by Macquarie?

No Yes

Are there more than two applicants?

No Yes

The maximum number of applicants per account is three. If there is a third applicant, please attach a separate application form with additional applicant details.

In what range would your net worth be best represented?

Up to $250,000 $250,000 – $500,000 $500,000 – $2.5m

$2.5m – $5m $5m – $10m $10m and over

Your gross income over each of the last two consecutive financial years would be best represented by the following range?

Up to $100,000 pa $100,000 – $250,000 pa $250,000 – $500,000 pa Over $500,000 pa

What percentage of your assets is liquid?

Nil – 10 per cent 11 per cent – 30 per cent 31 per cent – 50 per cent

51 per cent – 70 per cent 71 per cent – 100 per cent

1c. Sole trader details

If you are a sole trader, please complete the following questions.

Full business name (if any) ABN (if any)

Principal place of business (if applicable) (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Nature of business activity

2 Non-individual applicants

Investor type

Australian company

Public

Private/Proprietary

Foreign company

Public

Private/Proprietary

Other

Partnership

Association

Registered cooperative

Government body

Please mark the appropriate box: Corporate Corporate trustee (also complete section 3)

Company/Partnership/Association/Registered cooperative/Government body name

Macquarie Futures Trading application 5 of 13

3 Trust details (if you are not a trust, please proceed to section 4)

Collection of TFNs is authorised and their use and disclosure strictly regulated by the tax laws and Privacy Act. Quotation is not compulsory but tax may be withheld from your income if you do not provide us with your tax file number or claim an exemption. For more information, please contact the Australian Taxation Office.

ACN (if applicable) ABN (if applicable)

Tax file number (TFN) (if applicable)

Expiry date

As an alternative to quoting your TFN, you may wish to quote your ABN. To quote your ABN you must be conducting your Account in the course of a business.

Registered address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Principal place of business (if applicable) (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

If mailing address is the same as registered address, tick here

Mailing address (please complete if different to registered address)

Street number and name

Suburb

State Postcode

Country

Nature of business activity

Please proceed to fill in the applicable FSC/FPA Identification Form located on the website macquarie.com.au/idforms. Then continue with the relevant sections of this application form as per the checklist.

Trust type

Registered managed investment scheme

Regulated trust (SMSF)

Government superannuation fund

Other trust type (Family, unit, charitable, estate)

Name of trust

Trust/SMSF ABN (if applicable)

Trust/SMSF TFN (if applicable)

Collection of TFNs is authorised and its use and disclosure is strictly regulated by the tax laws and Privacy Act. Quotation is not compulsory but tax may be withheld from your income if you do not provide us with your tax file number or claim an exemption. For more information, please contact the Australian Taxation Office.

Macquarie Futures Trading application 6 of 13

Nature of business activity

Please proceed to fill in the FSC/FPA Identification Form for either Australian Regulated Trusts & Trustees or the FSC/FPA Identification Form for Unregulated Trusts and Trustees (as applicable), located on the website macquarie.com.au/idforms. Then continue with the relevant sections of this application form as per the checklist.

Is this a self managed superannuation fund (SMSF) account? Yes No

4 Account designation

Account designation ie (Brown Corp Super Fund, Estate of Agnes Johnson, name of minor), etc. Refer to page 3 for instructions on account designation.

< A/C>

5 Authorised Representative on Futures Trading Account

Would you like to appoint an Authorised Representative for your Futures Trading Account who has authority to act on your Account in all matters as if they were you (excluding any instructions to alter your personal information)?

Yes No

If yes, please complete details below. If no, proceed to section 6.

Title First name(s)

Last name

Other name known by

Residential address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Mailing address (please complete if different to residential address)

Street number and name

Suburb

State Postcode

Country

Macquarie Futures Trading application 7 of 13

Work phone number Home phone number

Mobile phone number Fax number

Email

Driver’s licence number Expiry date Date of birth

Passport number Expiry date Country of issue

Occupation Gender Male Female

Signature of Authorised Representative

Do you wish to give your Authorised Representative access to online services for this account?

Yes No If yes, does your Authorised Representative have a Macquarie Access Code (MAC)? Yes No

If yes, please provide their MAC here

Important note: the Authorised Representative must provide proof of identification.

6 Trade confirmations

Please specify your preferred contact person to receive original trade confirmations:

Applicant 1 Applicant 2You must supply an email address for the preferred contact person in section 1. Trade Confirmations are only sent via email.

Please write the email address(es) where you would like copies of trade confirmations to be sent below.

Additional recipient

Additional recipient

Is any applicant an employee of an ASX Market Participant or a company or controlled Trust an employee of an ASX Market participant?

Yes No

If yes, copies of trade confirmations must be sent to the employer. Please provide your employer’s email address,

If you have nominated an Authorised Representative in Section 5, would you like your Authorised Representative to receive copies of trade confirmations for this account via email?

Yes No

If yes, please ensure you have provided an email address above.

Macquarie Futures Trading application 8 of 13

7 Electronic access

To access your statements online you require a Macquarie Access Code (MAC).

Do you have an existing MAC for accessing Macquarie products online?

Applicant 1

Yes No If yes, please provide MAC here

Applicant 2

Yes No If yes, please provide MAC here

Important note: your monthly statements should be retained for tax purposes. An administration fee of $25 per month will be charged if you require reprints from our office.

8 Settlement Account details

It is mandatory to nominate a standard settlement instruction. It is used to authorise Macquarie Equities Limited to directly credit funds to the bank account nominated below upon your instruction to your adviser.

Name of financial institution

Branch BSB

Account name Acount number

Important note: any request to withdraw funds from your Futures Trading Account and credit your settlement account must be made by the account holder. We will not make third party payments.

9 Guarantor details

Are you applying in a company name or as the trustee of a trust? Yes No

If yes, please nominate a Director/Trustee as a Guarantor. If no, a Guarantor is not required, proceed to section 10.

Guarantor A

Title First name(s)

Last name

Other name known by

Residential address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Home phone number Work phone number

Macquarie Futures Trading application 9 of 13

Mobile phone number Fax number

Email

Driver’s licence number Expiry date Date of birth

Occupation Gender Male Female

Important note: the guarantor must provide proof of identification.

Signature of Guarantor A

Name

Date

In what range would your net worth be best represented?

Up to $250,000 $250,000 – $500,000 $500,000 – $2.5m

$2.5m – $5m $5m – $10m $10m and over

Your gross income over each of the last two consecutive financial years would be best represented by the following range?

Up to $100,000 pa $100,000 – $250,000 pa $250,000 – $500,000 pa Over $500,000 pa

What percentage of your assets is liquid?

Nil – 10 per cent 11 per cent – 30 per cent 31 per cent – 50 per cent

51 per cent – 70 per cent 71 perc ent – 100 per cent

Guarantor B

Title First name(s)

Last name

Other name known by

Residential address (this cannot be a PO Box)

Street number and name

Suburb

State Postcode

Country

Work phone number Home phone number

Mobile phone number Fax number

Email

Driver’s licence number Expiry date Date of birth

Occupation Gender Male Female

Important note: the Guarantor must provide proof of identification.

Macquarie Futures Trading application 10 of 13

Signature of Guarantor B

Name

Date

In what range would your net worth be best represented?

Up to $250,000 $250,000 – $500,000 $500,000 – $2.5m

$2.5m – $5m $5m – $10m $10m and over

Your gross income over each of the last two consecutive financial years would be best represented by the following range?

Up to $100,000 pa $100,000 – $250,000 pa $250,000 – $500,000 pa Over $500,000 pa

What percentage of your assets is liquid?

Nil – 10 per cent 11 per cent – 30 per cent 31 per cent – 50 per cent

51 per cent – 70 per cent 71 per cent – 100 per cent

10 Purpose of your investment and source of funds

What is the purpose of your Futures Trading application? Savings Retirement Growth Retirement

Business account Income Other, please specify below

What is the source of the funds for this account?

Supperannuation contributions Savings Income Investment

Inheritance Other, please specify below

In addition to the above, are any funds to be invested coming from a borrowed source?

Yes No

Macquarie Futures Trading application 11 of 13

11 Futures trading self assessment

Is Futures trading suitable for you?

Futures trading is a highly geared and complex product, only suitable for experienced traders who are able to constantly monitor their Contracts.

You should ensure that you have considered whether or not Futures trading is suitable for you. In particular, you should consider whether you:

• have sufficient income and liquid assets to be able to post Margin on very short notice

• have previous experience in investing and trading in financial products, including securities, derivatives and high leveraged products

• understand the concept of leverage, margin and volatility

• are prepared to accept, monitor and manage the risks of trading Futures on a continual basis

• understand the nature of Futures markets and the factors that may influence price, volatility and liquidity of futures markets and Derivatives Exchanges.

Macquarie Futures Trading application 12 of 13

12 Declaration

We recommend that before signing this Macquarie Futures Trading application form, that you read and understand the following documents:

• the Macquarie Futures Product Disclosure Statement, (and any Supplementary Product Disclosure Statement)

• this Macquarie Futures Trading Agreement, in particular the terms and conditions plus the Risk Disclosure Statements in Annexure A

• Macquarie Equities Limited (MEL) Financial Services Guide

Unless you have been classified as a ‘wholesale client’ under the Corporations Act, your adviser is required to provide you with a MEL Financial Services Guide and a Product Disclosure Statement prior to any trading in Futures.

By signing this application you:

• confirm that this application was obtained and signed when in Australia;

• confirm that you have received, read, understood and agree to the terms and conditions set out in:

– MEL Financial Services Guide;

– this application booklet, in particular the terms outlined in the Macquarie Futures Trading Agreement, and the section entitled Annexure A in this Agreement which contains a risk disclosure statement;

– the PDS, (and any Supplementary Product Disclosure Statements), (together, the ‘Documentation’);

– the Privacy Statement as set out in Clause 26 of the Macquarie Futures Trading Agreement which describes the handling of your personal information, including direct marketing. You can change your marketing preferences by telephoning us on 1800 806 310 or visiting macquarie.com.au/optout-bfs;

• acknowledge and consent to trade confirmations, account statements, updates to disclosure documents and any other information which Macquarie is required to disclose to me/us, being provided to me/us electronically;

• release Macquarie from any obligation or liability with respect to the content or use of the information provided to you via email including without limitation, any liabilities arising from delays, interruptions, errors or omissions in the information or otherwise in relation to the format, completeness, accuracy or timeliness of the information;

• acknowledge that the brokerage described in the Financial Services Guide is payable to either MEL or to MEL and your financial adviser; and

• confirm that information provided by me/us in this application form, or to my/our financial adviser, to enable Macquarie to comply with the US Foreign Account Tax Compliance Act, its supporting regulations and any related laws designed to implement those laws in Australia (FATCA) is correct and where relevant reflects my/our tax status for the purposes of FATCA. I/We will promptly notify Macquarie and provide Macquarie with any changes to the information provided by me/us in connection with FATCA and on request with any further information which is necessary or desirable for Macquarie to comply with any obligations it may have in connection with FATCA.

• acknowledge that to the extent that MEL provides me/us with any financial product advice including Macquarie Research, I/we acknowledge that it is intended to for my/our use only and agree not to pass on that advice to any other party nor attribute it to MEL.

You should contact your financial adviser if there is any aspect of the Documentation and the Futures Trading Account and dealing services to be provided to you by MEL that you do not understand.

Signature authorisation of applicant 1 or company officer Signature authorisation of applicant 2 or company officer

Name Name

Date Date

If a company officer or trustee, specify your corporate title If a company officer or trustee, specify your corporate title

Director Secretary Sole director or Sole secretary Director Secretary Sole director or Sole secretary

Other Other

Macquarie Futures Trading application 13 of 13

Office use only

Adviser name Adviser code

Are you related to, associated to, or have an interest in this account?

No Yes. Should this account be flagged as staff?

Yes No. Please provide RMG Control room approval

14

IDENTIFICATION FORM INDIVIDUALS & SOLE TRADERS

22 October 2013 DRAFT – Refer to FSC/FPA DRAFT GUIDANCE - FATCA CUSTOMER IDENTIFICATION OBLIGATIONS for conditions of use 1/2

GUIDE TO COMPLETING THIS FORM

o Complete one form for each individual. Complete all applicable sections of this form in BLOCK LETTERS. o Contact your licensee if you have any queries.

SECTION 1: PERSONAL DETAILS

Surname Date of Birth dd/mm/yyyy

Full Given Name(s)

Residential Address (PO Box is NOT acceptable)

Street

Suburb State Postcode Country

COMPLETE THIS PART IF INDIVIDUAL IS A SOLE TRADER

Full Business Name (if any) ABN (if any)

Principal Place of Business (if any) (PO Box is NOT acceptable)

Street

Suburb State Postcode Country

SECTION 2: FATCA INFORMATION (US FOREIGN ACCOUNT TAX COMPLIANCE ACT)

Is the individual a US citizen or resident of the US for tax purposes? Yes If yes, provide the individual’s US Taxpayer Identification Number (TIN): No

SECTION 3: VERIFICATION PROCEDURE

Verify the individual’s full name; and EITHER their date of birth or residential address. o Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III.) o Contact your licensee if the individual is unable to provide the required documents.

PART I – ACCEPTABLE PRIMARY PHOTOGRAPHIC ID DOCUMENTS

Tick Select ONE valid option from this section only

Australian State / Territory driver’s licence containing a photograph of the person

Australian passport (a passport that has expired within the preceding 2 years is acceptable)

Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person

Foreign passport or similar travel document containing a photograph and the signature of the person*

IDENTIFICATION FORM INDIVIDUALS & SOLE TRADERS

22 October 2013 DRAFT – Refer to FSC/FPA DRAFT GUIDANCE - FATCA CUSTOMER IDENTIFICATION OBLIGATIONS for conditions of use

2/2

PART II – ACCEPTABLE SECONDARY ID DOCUMENTS – should only be completed if the individual does not own a document from Part I

Tick Select ONE valid option from this section

Australian birth certificate

Australian citizenship certificate

Pension card issued by Department of Human Services (previously known as Centrelink)

Tick AND ONE valid option from this section

A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual’s name and residential address

A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and residential address. Block out the TFN before scanning, copying or storing this document.

A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual’s name and residential address)

If under the age of 18, a notice that: was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school

PART III – ACCEPTABLE FOREIGN PHOTOGRAPHIC ID DOCUMENTS – should only be completed if the individual does not own a document from Part I Tick Select ONE valid option from this section only

Foreign driver's licence that contains a photograph of the person in whose name it issued and the individual’s date of birth*

National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*

*Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. IMPORTANT NOTE:

Either attach a legible certified copy of the ID documentation used to verify the individual (and any required translation) OR Alternatively, if agreed between your licensee and the product issuer, complete the Record of Verification Procedure section below and

DO NOT attach copies of the ID Documents

SECTION 4: RECORD OF VERIFICATION PROCEDURE

ID DOCUMENT DETAILS Document 1 Document 2 (if required)

Verified From Original Certified Copy Original Certified Copy

Document Issuer

Issue Date

Expiry Date

Document Number

Accredited English Translation N/A Sighted N/A Sighted

By completing and signing this Record of Verification Procedure I declare that: • an identity verification procedure has been completed in accordance with the AML/CTF Rules, in the capacity of an AFSL holder or their authorised

representative and • the FATCA information provided is reasonable considering the documentation provided.

AFS Licensee Name AFSL No.

Representative/ Employee Name Phone No.

Signature Date Verification Completed

IDENTIFICATION FORM INDIVIDUALS & SOLE TRADERS

22 October 2013 DRAFT – Refer to FSC/FPA DRAFT GUIDANCE - FATCA CUSTOMER IDENTIFICATION OBLIGATIONS for conditions of use 1/2

GUIDE TO COMPLETING THIS FORM

o Complete one form for each individual. Complete all applicable sections of this form in BLOCK LETTERS. o Contact your licensee if you have any queries.

SECTION 1: PERSONAL DETAILS

Surname Date of Birth dd/mm/yyyy

Full Given Name(s)

Residential Address (PO Box is NOT acceptable)

Street

Suburb State Postcode Country

COMPLETE THIS PART IF INDIVIDUAL IS A SOLE TRADER

Full Business Name (if any) ABN (if any)

Principal Place of Business (if any) (PO Box is NOT acceptable)

Street

Suburb State Postcode Country

SECTION 2: FATCA INFORMATION (US FOREIGN ACCOUNT TAX COMPLIANCE ACT)

Is the individual a US citizen or resident of the US for tax purposes? Yes If yes, provide the individual’s US Taxpayer Identification Number (TIN): No

SECTION 3: VERIFICATION PROCEDURE

Verify the individual’s full name; and EITHER their date of birth or residential address. o Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III.) o Contact your licensee if the individual is unable to provide the required documents.

PART I – ACCEPTABLE PRIMARY PHOTOGRAPHIC ID DOCUMENTS

Tick Select ONE valid option from this section only

Australian State / Territory driver’s licence containing a photograph of the person

Australian passport (a passport that has expired within the preceding 2 years is acceptable)

Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person

Foreign passport or similar travel document containing a photograph and the signature of the person*

About this documentThis Financial Services Guide (Guide) is an important document that outlines the types of products and services that Macquarie Equities Limited (‘MEL’, ‘we’, ‘us’ or ‘our’) can provide to you under our Australian Financial Services Licence (AFSL).

This Guide is designed to assist you in deciding whether to use our financial services and to provide you with an understanding of what to expect from our relationship. It contains important information about:

• who we are and how we can be contacted

• the services and types of products we are authorised to provide

• how we (and any other relevant parties) are remunerated

• potential conflicts of interest

• how complaints are dealt with.

Other documents you may receive If you choose to use any of our products or services, you may also receive other important documents including:

Statement of Advice (SoA) and Record of Advice (RoA)

An SoA is a document that summaries your situation and goals and sets out your adviser’s advice and recommendations. If you are a retail client, you will normally receive an SoA when we provide you with personal advice that takes into consideration your objectives, financial situation and needs. The SoA will contain:

• the advice

• a summary of the key background on which the advice is based

• information about fees, commissions and associations related to the provision of the advice.

We may not provide you with an SoA in certain circumstances, such as when we only provide general advice or when we provide you with further personal advice. If you have previously received an SoA and the basis on which the advice was given is not significantly different and your relevant personal circumstances have not materially changed, we may not be required to provide you with a further SoA. Where further personal advice is provided and we are not required to provide you with a further SoA, the details of such personal advice may be documented in an RoA.

A RoA is similar to an SoA in that it sets out the personal advice that your adviser provides; however, the adviser retains the RoA. You can request a copy of the RoA from your adviser for up to seven years after the advice has been given. Your request can be made in writing or verbally.

Product disclosure statement (PDS)

A PDS is a document that describes a financial product. A PDS contains important information to assist you to make a decision about the product. You will usually receive a PDS if a recommendation is made to acquire a particular financial product (other than securities) or an offer is made to issue or arrange the issue of a particular financial product.

Advice and your best interests In order for us to give you personal advice, you will need to provide details of your personal objectives, current financial situation, needs and any other relevant information, so that we can provide you with advice which is appropriate and in your best interests.

You do not have to provide us with this information. If you choose not to provide us with this information, we may not be able to provide you with personal advice, or the advice you receive may be general in nature and may not address your particular objectives, financial situation and needs.

We may provide personal advice to you if you use the services of one of our advisers. We will not give you personal advice in our regular updates, research reports, marketing material, or when you contact our Client Service Centre.

Financial services guideMacquarie Private Wealth

Macquarie Private Wealth’s services are provided by Macquarie Equities Limited ABN 41 002 574 923. Australian financial services licence number 237504. Date of preparation: June 2013.

We are committed to acting in your best interests when we provide you with personal advice. We will conduct meaningful discussions with you about your financial needs. Your needs and interests are important in driving our advice and services.

If there are any instances where the advice and service cannot be fulfilled by your adviser according to their level of accreditation, your adviser will coordinate the provision of the advice and services from other advisers if this is appropriate for you. Your adviser can provide you with further details of their accreditation levels and the types of advice and services they can offer to you.

Our financial services and financial products We are authorised to offer the following financial services:

• financial product advice (both general advice and personal advice)

• dealing in financial products, including arranging the issue of financial products

• custodial/depository services.

We are authorised to provide financial product advice on and to deal in a range of financial services and financial products including:

• deposit and payment products

• derivatives

• government debentures, stocks or bonds

• life insurance

• superannuation

• managed investment schemes

• investor directed portfolio services

• managed investment warrants

• retirement savings accounts

• securities

• foreign exchange

• margin lending facilities.

When you trade through us, we will always seek to achieve the best outcome for you when handling and executing your orders. For more information on how we seek to achieve the best outcome for you, please visit macquarie.com.au/melbestexecution.

We also provide an extensive range of related advice and planning services including:

• investment advice

• retirement planning

• debt planning

• risk insurance advice

• estate planning

• superannuation advice

• portfolio review services

• cashflow and budgeting services.

We have an extensive investment and product menu which includes products offered by members of the Macquarie Group as well as products from other financial institutions. This means we are not limited to recommending Macquarie Group products when advising you.

If you have any questions about our products or services or your adviser’s level of accreditation, you can speak to your adviser. If you do not have an adviser, you can:

• call our Client Service Centre on 1800 789 789

• visit our website at macquarieprivatewealth.com.au

• write to us at Macquarie Private Wealth, PO Box 192, Australia Square NSW 1215.

Who we act for when providing you our financial services and financial products We are responsible for the financial services described in this Guide and will generally be acting on your behalf when providing you with financial services. In certain circumstances, we or other members of the Macquarie Group may be acting on behalf of other parties.

Providing instructions to us You can provide instructions to us by telephone, mail, email, fax or via our website. Please contact your adviser and alert them to your email, mail or fax if you are working within tight timeframes. There may be special instruction arrangements for some products and services. Any special instruction agreements are explained in the relevant PDS, terms and conditions or product offer document.

Telephone conversations with us may be recorded.

Payment we receive for the services we provideWe may charge fees for services and products we provide. Where we provide you with personal or general advice, information about fees, commissions and/or other benefits will be contained in the SoA or, where an SoA is not provided, will be disclosed to you verbally or in writing.

These fees may be charged in various ways, including:

• advice fees

• ongoing service fees

• asset-based fees

• administration fees

• brokerage on trades

• subscription or service fees

• other benefits that are paid with your consent.

If you invest in a product we recommend, we may receive benefits from the product issuer where permitted by law. These benefits may include portions of upfront fees, management fees (which includes transaction, ongoing and, if applicable, any borrowing costs). In addition, where you place funds in our trust account, we will retain any accrued interest.

What we may charge you Advice fees

The fee for the preparation of advice will vary depending on your individual circumstances and an assessment of the complexity of the advice provided. This fee will be agreed with you prior to your adviser preparing the advice.

You may also be charged an ongoing advisory fee of between 0 per cent to 5 per cent of the ongoing value of your investments, or your adviser may charge an annual fee (which will be agreed with you upfront).

Where you have borrowed to fund your investments, we may charge you a flat fee. The applicable advice fees will be disclosed to you by your adviser.

Brokerage and other service fees

Brokerage will apply to any trading in financial products that you conduct with us. The schedule of standard fees and charges related to our brokerage services are shown below. In addition to brokerage fees, we may also charge other fees including (but not limited to) exchange and clearing fees, interest and other administrative fees. Further details of brokerage fees are set out in our account opening forms, terms and conditions, product disclosure statements and/or the relevant product offer document.

Product/Service Type of fee Fee details

Australian exchange traded securities, options and funds

Equities, fixed interest and exchange traded funds (ETF) brokerage fee

Options brokerage fee

Minimum* of $137.50 and a maximum of 2.75% of the traded value

Minimum* of $137.50 and a maximum of 2% of the traded value

*In certain circumstances, we may decide to charge a lower brokerage fee than the normal rate. Where applicable, your adviser will disclose to you the brokerage fee which applies to you.

International exchange traded securities, options and funds

Equities, fixed interest and ETF brokerage fee

US options brokerage fee

Annual account keeping fee

Minimum of $US165 or local currency equivalent and a maximum of 5% of principal transacted

Minimum of $US165 plus $US0.50 per contract and a maximum of 5% of principal transacted, plus up to $US4 per contract

$US120 per annum per account

Futures Brokerage fee on Australian exchange

Brokerage fee on foreign exchanges

Minimum of $A0.22 and a maximum of $A110 per contract traded*

Minimum of $US0.22 and a maximum of $US110 per contract traded*

* Excluding exchange fees and any online trading platform fees if accessing futures online.

Margin foreign exchange Brokerage fee Minimum of 0.0002% to a maximum of 0.002% on either side of Macquarie’s interbank rate

Unlisted securities and unlisted funds

Brokerage/Transaction fee Where you trade unlisted products, you will be charged a fee agreed with your adviser

What monetary benefits are paid to us by product issuers and others?When we advise you about products offered by another member of the Macquarie Group or external product issuers and you acquire that product, we may, subject to law, receive various monetary benefits as summarised below.

Type of product or service

Frequency of monetary benefit paid to us

Monetary benefit we may receive*

Portfolio management services

Upfront Ongoing Ad hocOngoing

As agreed between you and your adviser0% to 5.5% per annum As agreed between you and your adviserWe may also charge you a minimum monthly fee which will be disclosed in the relevant PDS or other offer document

Personal risk insurance products

UpfrontOngoing

0% to 130% of the first year’s premium 0% to 40% (per annum) of the ongoing annual premium

Investment products

Upfront One-off Ongoing

0% to 12% of the upfront amount held with the product issuer0% to 5% of the value transacted0% to 6% (per annum) of your ongoing investment position

Margin lending products

Ongoing 0% to 1% per annum of your loan balance with the margin lender

Foreign exchange

One-off Up to 30% of the fee charged by the foreign exchange service provider

Trade execution platforms

OngoingOne-offOne-off

0% to 1% of your loan or cash balance with the platform 0% to 1.9% of the amount transacted through the platformFor administration of international securities, we may receive up to 50% of the fee charged by the international securities platform provider

Capital raisings

Upfront A fixed fee and/or 0% to 10% of the total value of the securities distributed by us, paid by or on behalf of, the issuer of the securities

* All noted fees are GST inclusive unless otherwise specified.

What other remuneration or benefits may be received by Macquarie? Macquarie staff

Unless otherwise indicated, your adviser may also be entitled to receive up to 56 per cent of all fees we charge you and commissions we receive from product issuers. The applicable advice fees will be disclosed in the statement of advice provided to you by your adviser. Examples are listed below:

Fee for service for advice

On the provision of an SoA, your adviser may agree a fee of $5,000 (excluding GST). We will receive $5,000, of which your adviser may receive up to $2,800.

Broking fees example for an Australian equity trade

On a transaction charged at $125 (excluding GST), we will receive $125, of which your adviser may receive up to $70.

Commission example for a typical personal risk insurance product

For a first year premium of $1,000 (excluding GST) with an upfront commission of 130 per cent, we will receive $1,300, of which your adviser may receive up to $728. Where an ongoing trail commission is received, we will receive a percentage of the premium paid for the duration that the policy is in force. For example, if the trail commission rate is 18 per cent and the premium in year 2 is $1,000 (excluding GST), we will receive $180, of which your adviser may receive up to $101.

Our employees and directors receive salaries, bonuses, commission and other benefits from us. Your adviser will set out the remuneration and commissions they receive in the SoA given to you when providing personal advice.

Any alternative form of remuneration, such as gifts, are recorded by MEL on a Register which outlines all alternative forms of remuneration received by MEL representatives. The Register is publicly available upon request.

For more information about Macquarie Private Wealth call us on 1800 789 789, visit macquarieprivatewealth.com.au or email macquarieprivatewealth@macquarie.com

Macquarie Private Wealth’s services are provided by Macquarie Equities Limited (MEL), ABN 41 002 574 923, participant of Australian Securities Exchange Group, Australian financial services licence number 237504. MEL is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MEL’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MEL.

Date of preparation: June 2013.

Adelaide

Level 2, 151 Pirie Street Adelaide SA 5000

GPO Box 663 Adelaide SA 5001

Tel 08 8203 0200 Fax 08 8203 0392

Brisbane

Level 7, 825 Ann Street

Fortitude Valley QLD 4006

GPO Box 1428 Brisbane QLD 4001

Tel 07 3233 5888 Fax 07 3233 5999

Canberra

Level 7, Canberra House 40 Marcus Clarke Street Canberra ACT 2600

GPO Box 358 Canberra ACT 2601

Tel 02 6103 3100 Fax 02 6103 3133

Gold Coast

Level 10, Niecon Tower 19 Victoria Avenue Broadbeach Mall Broadbeach QLD 4218

PO Box 1191 Broadbeach QLD 4218

Tel 07 5509 1444 Fax 07 5509 1414

Manly

60 The Corso Manly NSW 2095

PO Box 400 Manly NSW 2095

Tel 02 9425 6000 Fax 02 9425 6066

Melbourne

Level 26, 101 Collins Street Melbourne VIC 3000

GPO Box 5435 Melbourne VIC 3001

Tel 03 9635 8383 Fax 03 9635 8326

Perth

Level 4, 235 St Georges Terrace Perth WA 6000

GPO Box R1285 Perth WA 6844

Tel 08 9224 0888 Fax 08 9224 0895

Sunshine Coast

69 Mary Street Noosaville QLD 4566

PO Box 47 Noosaville QLD 4566

Tel 07 5474 1608 Fax 07 5474 4965

Sydney

1 Shelley Street Sydney NSW 2000

GPO Box 526 Sydney NSW 2001

Tel 02 8232 1679 Fax 02 8232 4055

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Other Macquarie Group entities and associates

Other Macquarie Group entities and associates may, subject to law, receive remuneration, commission and other benefits from you, which are attributable to, or in respect of, financial services provided by us. For example, when you acquire a financial product from a Macquarie Group entity in connection with our advice, the Macquarie Group entity may receive fees, brokerage and/or commissions in relation to your investment in that product. In addition, where the Macquarie Group entity is a product issuer, a financial service provider or a platform provider, it may charge various upfront and/or ongoing fees, including contribution fees, withdrawal fees, management fees and administration fees. Please refer to the relevant Macquarie Group entity’s financial services guide, product disclosure statement or other disclosure document for further explanation of these fees or contact your adviser.

Associations and relationships

Members of the Macquarie Group (including MEL) or their associates, officers or employees (Macquarie Members) may have interests in particular financial products by acting in various roles including as investment banker, underwriter or dealer, holder of principal positions, broker, lender or adviser in respect of that financial product. In addition, Macquarie Members may buy or sell the financial products as principal or agent and as such may affect transactions which are not consistent with recommendations provided to you by us.

Remuneration or benefits paid to those who refer clients to usIf you have been referred to us by someone else, we may pay them a fee or commission in relation to that referral, where the law allows. Additionally, we may receive payments for referring you to other professionals, where the law allows.

Compensation arrangements Macquarie Group Limited, on behalf of MEL, has a professional indemnity insurance policy in place which satisfies the regulatory requirements for compensation arrangements under section 912B of the Corporations Act. Subject to the terms and conditions, the policy provides cover for civil liability resulting from third party claims concerning the professional services provided by MEL and its employees and representatives.

This insurance arrangement continues to provide coverage for past employees and representatives in respect of professional services performed whilst engaged by MEL.

Personal informationAt Macquarie, the privacy of your personal information is important to us. Any personal information collected will be handled in accordance with our Privacy Policy.

To provide you with our services, we maintain a record of the information you provide to us, including your personal profile, and details of your objectives, financial situation and needs. We also maintain records of any recommendations made to you.

Our Privacy Policy details how we comply with the requirements of the Privacy Act in the handling of your personal information. A copy of that policy can be obtained by visiting the Macquarie website at macquarie.com.au.

If you would like a copy of the information we hold, please contact your adviser. We may charge you a nominal cost for accessing and/or photocopying personal information that you request.

Making a complaint Macquarie is committed to providing a high standard of client service and to maintaining our reputation for honesty and integrity. If our level of service or quality of products has failed to meet your expectations, we would like you to tell us about your concerns. Macquarie’s complaint handling process is designed to ensure that your concerns are dealt with appropriately and that your complaint is addressed promptly and fairly. Your complaint may be lodged either verbally or in writing and will be dealt with in strict confidence.

If you are a retail client and have a complaint about the service provided to you, please contact:

• your adviser and discuss your concerns

• our Client Service Centre on 1800 789 789

• the Complaints Manager, Macquarie Private Wealth, PO Box 192, Australia Square NSW 1215.

If you are not satisfied with how your complaint is handled, you may direct your concerns to:

Financial Ombudsman Service (FOS) GPO Box 3, Melbourne VIC 3001

Tel 1300 780 808 Fax (03) 9613 6399

Website fos.org.au Email info@fos.org.au

Information about Macquarie Equities Limited MEL is part of the Macquarie Group and as such is associated with other Macquarie Group companies that issue financial products. Should an investment recommendation be required, we may recommend that you invest in a Macquarie issued or branded product.

The Macquarie companies that MEL is associated with include Macquarie Private Portfolio Management Limited ABN 26 089 987 388, Macquarie Investment Management Limited ABN 66 002 867 003, Macquarie Bank Limited ABN 46 008 583 542, Macquarie Life Limited ABN 56 003 963 773, Macquarie Securities Australia Limited ABN 58 002 832 126, Macquarie Financial Products Management Limited ABN 38 095 135 694, Macquarie Mortgages Pty Limited ABN 23 057 760 175, Macquarie Direct Property Management Limited ABN 56 073 623 784 and Risk Advice Specialists ABN 27 153 718 079.

MEL is a participant of ASX Limited, Australian Clearing House Pty Limited and ASX Settlement and Transfer Corporation Pty Limited.

For more information about Macquarie Private Wealth call us on 1800 789 789, visit macquarieprivatewealth.com.au or email macquarieprivatewealth@macquarie.com

Macquarie Private Wealth’s services are provided by Macquarie Equities Limited (MEL), ABN 41 002 574 923, participant of Australian Securities Exchange Group, Australian financial services licence number 237504. MEL is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MEL’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MEL.

Date of preparation: June 2013.

Adelaide

Level 2, 151 Pirie Street Adelaide SA 5000

GPO Box 663 Adelaide SA 5001

Tel 08 8203 0200 Fax 08 8203 0392

Brisbane

Level 7, 825 Ann Street

Fortitude Valley QLD 4006

GPO Box 1428 Brisbane QLD 4001

Tel 07 3233 5888 Fax 07 3233 5999

Canberra

Level 7, Canberra House 40 Marcus Clarke Street Canberra ACT 2600

GPO Box 358 Canberra ACT 2601

Tel 02 6103 3100 Fax 02 6103 3133

Gold Coast

Level 10, Niecon Tower 19 Victoria Avenue Broadbeach Mall Broadbeach QLD 4218

PO Box 1191 Broadbeach QLD 4218

Tel 07 5509 1444 Fax 07 5509 1414

Manly

60 The Corso Manly NSW 2095

PO Box 400 Manly NSW 2095

Tel 02 9425 6000 Fax 02 9425 6066

Melbourne

Level 26, 101 Collins Street Melbourne VIC 3000

GPO Box 5435 Melbourne VIC 3001

Tel 03 9635 8383 Fax 03 9635 8326

Perth

Level 4, 235 St Georges Terrace Perth WA 6000

GPO Box R1285 Perth WA 6844

Tel 08 9224 0888 Fax 08 9224 0895

Sunshine Coast

69 Mary Street Noosaville QLD 4566

PO Box 47 Noosaville QLD 4566

Tel 07 5474 1608 Fax 07 5474 4965

Sydney

1 Shelley Street Sydney NSW 2000

GPO Box 526 Sydney NSW 2001

Tel 02 8232 1679 Fax 02 8232 4055

BFS0279 06/13

For more information about Futures call us on 1800 420 803. You can also visit macquarie.com.au or email privateclient.futures@macquarie.com

1 Shelley Street Sydney NSW 2000

GPO Box 526 Sydney NSW 2001

Tel 02 8775 2399 Fax 02 8232 4055

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