STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING

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1 COMMSEC ADVISER SERVICES JULY COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING IMPORTANT INFORMATION This guidance wording for Trading is provided to you as a guide only for inclusion in a Statement of Advice (SOA). It is not a complete SOA. It does not take into account any particular individual s objectives, financial situation or needs. It does not provide you with a complete mechanism for complying with or demonstrating compliance with relevant advice related obligations in the Corporations Act or elsewhere. It should be assessed in consultation with your own business rules and by your compliance department to determine the appropriateness for your client base and for compliance with the Corporations Act and any other legislative or regulatory requirements. This document is provided to you as a wholesale client and is for your information only. It is not to be disseminated as a work of CommSec Adviser Services. We believe that the information herein is correct and any opinions, conclusions or recommendations contained in this guidance are reasonably held or made as at the time of its compilation, but we make no warranty as to the accuracy, reliability or completeness of that information. Except to the extent that any liability under any law cannot be excluded, no liability for any loss or damage which may be suffered by any person, directly or indirectly, through relying upon any information or statement in this guidance is accepted by the Commonwealth Bank of Australia (CBA) ABN AFSL and Australian credit licence , any of its subsidiary companies (including Commonwealth Securities Limited ABN ), any of its directors, employees or agents, whether that loss or damage is caused by any fault or negligence on their part or otherwise. Share Trading is a service provided by Australian Investment Exchange Ltd (AUSIEX) ABN AFSL , a Participant of the ASX Group and Chi-X Australia. AUSIEX is a wholly owned but non-guaranteed subsidiary of CBA. Fees and charges apply. Full terms and conditions in respect of share trading services are available on application. It is your responsibility to ensure that: You have the required licence or authorisation from a licensee to advise and deal in these financial products and strategies, namely securities. These products are approved and appear on your licensee s approved product list. You meet the know your product and know your client obligations, as well as the best interests duty and all other advice related obligation in the Corporations Act Any clients are referred to the CommSec Adviser Services Financial Services Guide when considering Trading. That any additional information or analysis i.e. cash flow analysis, fee disclosure etc is provided to the client in the required form to meet the reasonable basis of advice and SOA content requirements. This PDF document has been prepared to make it as easy as possible for you to use the wording, diagrams and tables to assist in developing recommendations for your clients. Simply choose the Select tool located at the top left of the tool bar or in the dropdown menu in Adobe Acrobat (or Adobe Reader). For text, use the tool to highlight the copy you want to include in your SOA. Then, choose Copy from the dropdown menu at the top and paste into your document. In the case of a table, if working in the full version of Acrobat, when you ve selected the table, click the right mouse button and a pop-up menu will appear. From this menu, select Copy as table and paste into your document. To copy a diagram, use the select tool to draw a box around the diagram and copy and paste this into your document. If you require further assistance, please speak to your CommSec Adviser Services Business Development Manager. Page 1 of 7

2 2 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING PERSONAL PROFILE Client 1: <<Client 1 Name>> You are <<age>> years of age. You are <<employment status>> through <<employer name>> with total income of $<<income amount>>. You have additional income of $<<total additional income>> received from <<rental income / investment income / other>> OR You have no additional income. Client 2: <<Client 1 Name>> You are <<age>> years of age. You are <<employment status>> through <<employer name>> with total income of $<<income amount>>. You have additional income of $<<total additional income>> received from <<rental income / investment income / other>> OR You have no additional income. You have combined total assets of $<<total assets>> and total liabilities of $<<total liabilities>>. Your investment preference is to invest for <<investment preference>>. [Select below] Balance of Income and Growth You are interested in investing in securities that may provide a combination of Income and Capital Growth per the below descriptions. Income you typically want to invest in securities that produce current income through dividends and interest, in preference to securities that have the potential for higher capital appreciation or income growth. You may also be seeking to benefit from franking which may provide tax offsets. Investments that are suitable for this objective may not provide capital appreciation. Dividends and interest can be forecast but are not guaranteed and therefore volatility in the level of income received may be experienced. Capital Growth you are interested in investing in securities which will have the potential to achieve higher capital appreciation or growth of income compared to securities that produce higher levels of current income. To achieve capital growth, you are prepared to take on higher volatility for the opportunity of greater returns. Fluctuations in the price of growth shares are common and losses can be realised if shares are sold following a share price fall. Capital Preservation you are interested in ensuring that part of your available investment capital remains protected against a fall in investment markets. Short Term Trading you have an interest to trade on the volatility of share prices over the short term. You will typically want to achieve capital appreciation in a short period and generally will not be interested in receiving dividend income. Share price fluctuations against your investment view can result in large losses. Your time frame for this investment strategy is <<investment timeframe>>. Your familiarity with investment markets could be described as <<investment experience>>. Your attitude to volatility of returns in Australian equities could be best described as <<risk appetite>>. Your reaction to a significant fall in the value of your portfolio over a 12 month period could be described as <<attitude to capital loss>> and you would typically describe your attitude to investment markets as <<investment preferences>>. You have provided the following additional information in your Personal Profile: <<Additional objectives / comments>> OR You have not provided any additional information in your Personal Profile. If you do not feel comfortable with any of the information documented above, particularly your objectives, investment time frame or attitude to risk, please speak with your adviser prior to considering any of the recommendations contained in this Statement of Advice. Page 2 of 7

3 3 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING RECOMMENDED STRATEGY I recommend that you implement an investment strategy which is outlined in the tables below: Existing Investment Portfolio ASX Code Security Units Current Price Value Portfolio Weight Total Value (<<No of stocks>> stocks) The information contained in the above table is based on our records. Please contact your adviser if you believe it is incomplete or inaccurate. Recommended Actions If the action is SELL or REDUCE please be aware of the potential loss of benefits and other significant consequences. Potential benefits (pecuniary or otherwise) that may be lost include a loss of access to rights or other opportunities (such as access to product discounts); loss of future dividends; loss of potential capital gains; voting rights and a potential loss of shareholder benefits. ASX Code Security Action Units Price ($) Value ($) Total Page 3 of 7

4 4 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING Recommended Investment Portfolio ASX Code Security Units Current Price Value Portfolio Weight Total Value (<<No of stocks>> stocks) BASIS OF RECOMMENDATION Where available, <<standard research requirements>> <<is/are>> considered in recommending the following: [Insert for each recommendation] <<Stock Name>> Stock Code: Adviser Recommendation: Recommended Portfolio Holding: Current Price: Total: Adviser Commentary: <<Stock Code>> <<Adviser Recommendation>> <<Units>> <<Currency>> << Price>> <<Currency>> <<Total Amount>> <<Adviser Commentary>> BENEFITS AND DISADVANTAGES OF TRADING EQUITIES BENEFITS Capital Growth over the longer term; Income Generation through dividends paid from post-tax profits; Tax effectiveness through full entitlement to any franking credits; Diversification by investing across different industries; and Liquidity though the ability to buy and sell securities quickly. DISADVANTAGES The market will experience periods of volatility; Market volatility may result in share price falls and large losses may occur if shares are sold when the market has dropped; Dividends may vary. If profits are low, dividends may also be low or not paid; Diversification can be inadequate unless large amounts are invested; and Managing investments in equities can be time consuming. For further information on general investment concepts and risks please see the appendix attached. Page 4 of 7

5 5 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING DISCLOSURES Associations with related Product Issuers We may refer you to or provide you with financial services and products from both related and non-related product providers. [Delete the following if not applicable] As a member of <<Company>>, we deal in and advise on products provided from related Group companies or we may refer you to these Group companies, which include <<subsidiaries>>. We may receive a commission payment from the above companies as a result of you investing in one of their products or services. Remuneration of our Representatives Our representatives are remunerated by <<insert remuneration details>>. Our representatives may also be eligible to: [Delete if not applicable] Share in incentives (both monetary and non-monetary) rewarded for outstanding service. Receive a free grant of <<company name>> shares under our Employee Share Acquisition Plan Participate in our long term incentive program. This incentive is in the form of <<company name>> shares that only vest at a prescribed point in the future where <<company name>> attains certain share performance hurdles. It is entirely discretionary and is based on a representative s contribution to the business over time; and Receive indirect benefits stemming from advice provided to you. Indirect benefits include such things as tickets to sporting and cultural events, corporate promotional merchandise and functions, and other minor benefits unquantifiable at this stage from product providers whose products they recommend. COSTS OF ADVICE [Select/Delete as applicable] The fee for preparing this advice is <<SOA Upfront Fee>> (including GST). This fee applies to the construction, review or re-balancing of a portfolio. OR The fee for preparing this advice has been waived by your Adviser. Brokerage is charged by AUSIEX at a rate of <<Brokerage Rate>> per trade subject to a minimum of <<Minimum Brokerage>>. An additional <<Advice Fee>> per trade will be charged for our advice. Brokerage at these rates applies each time you buy or sell a stock, warrant or listed managed investment under advice. Please see the table below for indicative brokerage charges to implement the recommendations. Recommendation Provided Action Units Amount Invested Initial Brokerage Initial Brokerage Rate Total Stock prices are subject to constant movement. Amounts invested and brokerage are indicative only and reflect values at the time of production of this Statement of Advice. Page 5 of 7

6 6 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING WARNINGS This SOA is based on your personal circumstances as provided by you through the completion of your personal profile and discussions with your adviser. It is therefore important that you are aware that if you have not provided your adviser with all relevant details, this SOA or any further personal advice may not be appropriate to your circumstances. This SOA may be based on incomplete or inaccurate information. Before you act on this SOA or any further advice, you should carefully consider the appropriateness, suitability and completeness of the advice having regard to your overall personal circumstances, including any facts or circumstances that you have not made known to your adviser. This SOA may cease to be appropriate if your personal circumstances change. Please notify your adviser of any changes in your personal circumstances. This SOA will remain current, and be based on information supplied through your personal profile, for a period of <<term>> days from the date of this document. Page 6 of 7

7 7 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING APPENDIX Investment risks Each asset class and investment within that class has its own risk return characteristics. These characteristics are summarised below: Asset Description Risks Concerns Cash and Short Duration At call deposits with banks Inflation, Credit, Regulatory Inflation can reduce purchasing etc power Fixed Interest Alternatives Shares Property Term Deposits, Bonds, Debentures Hedge funds, currency, commodities, infrastructure Securities listed on a stock exchange, either domestic or international. Direct ownership or via listed property trusts on stock exchanges. Inflation, Market, Credit, Regulatory, Manager Market, Regulatory, Timing, Value, Manager, Currency, Inflation, Credit, Liquidity Market, Regulatory, Timing, Value, Manager, Currency Market, Liquidity, Regulatory, Timing, Value, Manager Interest rate may not rise with inflation, Not as liquid as cash. Capital value may fall in the event of a rise in interest rates. Less liquidity than traditional asset classes. May experience some volatility. Market movements, higher volatility than cash and bonds. High cost and management input. If directly owned, concentrated ownership in single asset class. Below is an explanation of the specific risks: Risk Inflation Market Liquidity Credit Regulatory Timing Value Manager Currency Concentration Operational Model Interest rate Explanation The possibility that the purchasing power of your money may not keep pace with inflation. Unanticipated inflation results in a poor real return on funds invested. The possibility that movements in a market can cause an investment to decrease (as well as increase) in value. You may not be able to readily access your funds because they are invested in illiquid assets. Proceeds may be obtained only at marked-down prices, if at all. Arises because an entity may default on their repayment obligations, the credit rating of the entity may be downgraded, or market credit spreads may widen. The possibility of government policy changes negatively affecting your financial strategy (for example, superannuation and retirement incomes policy). The possibility that a strategy of trying to time entry and exit from markets will expose you to greater short-term volatility than a buy-and-hold strategy. The possibility you will pay too much for a particular product or that you will sell it too cheaply. The possibility that an investment manager will not achieve their stated performance objectives or performance differs from a relevant benchmark. The possibility that investments held in other countries may fall or rise in value due to changes in the relative value of international and domestic currency. The possibility that, if you put all your investment capital into one asset class (eg the share market), a fall in that market will adversely affect all of your capital. The risk of loss from failures in a company's systems, procedures, or from external events. These may arises from computer problems, human error, and events outside of the control of the company. The risk that a model used to value securities is incorrect, or misapplied. Losses may arise if investors choose inappropriate models, use incorrect inputs, or misinterpret results. Prices of fixed-income securities are sensitive to changes in market interest rates. Income investors receive from short-dated securities may also vary with changes to interest rates. Page 7 of 7

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