FOREIGN EXCHANGE CONTRACTS

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1 Product Disclosure Statement 14th July 2003 This Product Disclosure Statement is an important document. We are providing this information to ensure that you receive key information about our foreign exchange contracts, (also referred to as Forward Exchange Contracts and Forward Foreign Exchange Contracts) to help you understand the risks, benefits and costs. Please note that this Product Disclosure Statement is not a recommendation or opinion that particular foreign exchange products are appropriate for you. If there is anything in this Product Disclosure Statement that you do not understand, please contact your FX Relationship Manager. Before entering into a foreign exchange contract you should give consideration to your objectives, financial situation and needs. 1.0 Forward Exchange Contracts 1.1 A forward exchange contract is an agreement between two parties to exchange a specified amount of one currency for another currency at a specified foreign exchange rate on a future date. 1.2 A foreign exchange rate is the price at which one currency can be bought with or sold for another currency. All quotations are made up of two currencies: the base currency and the terms currency. A quotation shows how many units of the terms currency will equal 1 unit of the base currency. 1.3 Example: Australian Dollar (AUD) against United States Dollar (USD) AUD/USD Here, Australian Dollars is the base currency and US Dollars is the terms currency. One Australian Dollar is equal to US Dollar (66.6 US cents). 2.0 Purpose of Forward Exchange Contracts 2.1 Forward exchange contracts are used by market participants to set exchange rates for a future date. Importers, exporters and investors commonly use forward exchange contracts to hedge foreign currency cash flows. 2.2 A forward exchange contract can be: for a fixed term, such as months; for a fixed delivery date; or for a fixed term or fixed delivery date, but with an optional delivery period (in which case you can take delivery at any time in an agreed period leading up to the delivery date). 2.3 If you decide to enter into a forward exchange contract, you will need to tell us the term or delivery date, as this will identify when you want delivery of the currency. If you want a contract with an optional delivery period, you will also need to identify when the period is to begin. 3.0 Pricing of Forward Exchange Contracts 3.1 The forward exchange rates that we quote are not a forecast of where we believe the foreign exchange rate will be on any future date. Rather, we calculate a forward exchange rate, by taking the current spot foreign exchange rate and adjusting it by a forward margin.

2 3.2 The spot foreign exchange rate is the term given to the foreign exchange rate when the delivery date is two clear business days after the date the rate is quoted. 3.3 The forward margin reflects interest rate differentials between the two currencies. It is expressed as a number of foreign exchange points, and is either added to or subtracted from the current spot exchange rate to determine the forward exchange rate. This depends on which currency has the higher or lower interest rate. 3.4 Example: Current spot exchange rate Three month forward margin Forward exchange rate AUD/USD In this case, the forward exchange rate for AUD/USD reflects the fact that interest rates are currently higher in Australia than the United States of America. 4.0 Extension of a Forward Exchange Contract 4.1 After taking out a forward exchange contract, you may wish to delay the settlement of the contract. If this happens, we may agree to extend the term of the contract. However, we normally only do this for trade related transactions. It is also subject to our credit policies. 4.2 If we agree to extend a contract, we will adjust the old contract rate by: marking it to market (MTM); and applying a new forward margin for the new delivery date. At the time of the extension, the old contract will have either a positive or negative value compared to the prevailing market value. This difference (number) is known as the mark to market value of the contract (MTM). We will adjust the contract rate up or down to reflect the changed value. We will also adjust the contract rate up or down by the applicable forward margin from the current delivery date to the new delivery date, together with any interest cost or benefit resulting from deferring the cash payment or receipt of the mark to market value. 5.0 Pre-Delivery of Forward Exchange Contract 5.1 After taking out a forward exchange contract, you may wish to bring forward the date on which you settle the contract. This is called pre-delivery of the contract. 5.2 If we agree to pre-deliver a contract, we will adjust the old contract rate by: marking it to market (MTM); and applying a new forward margin for the new delivery date. At the time of the adjustment, the old contract will have either a positive or negative value compared to the prevailing market value. This difference (number) is known as the mark to market value of the contract (MTM). We will adjust the contract rate up or down to reflect the changed value.

3 Product Disclosure Statement We will also adjust the contract rate up or down by the applicable forward margin from the current delivery date to the new delivery date, together with any interest cost or benefit resulting from early payment or receipt of the mark to market value. 6.0 Cancellation of a Forward Exchange Contract 6.1 You can cancel a forward exchange contract at any time. 6.2 The cancellation can take place either on the delivery date or at any time before the delivery date. 6.3 Any cancellation will take into account the (MTM) value of the contract and the forward margin (pre-delivery margin) if cancelled before the delivery date (refer to explanation in pre-delivery for further explanation). 6.4 On cancellation of a contract, the net positive or negative cash flow of the base currency will be settled. 7.0 Cost of a Forward Exchange Contract 7.1 When you enter into a foreign exchange contract with us, you agree to pay one currency to us in exchange for another currency at a fixed rate on an agreed delivery date, or at your option, on or before an agreed delivery date (depending on the nature of the contract). What you pay is determined by the exchange rate we agree with you. 7.2 Fees may be payable for the establishment, extension, pre-delivery, cancellation or settlement of a foreign exchange contract. Current fees are as follows: Establishment of new contract under $100K equivalent $15 Establishment of new contract $100K equivalent or over No charge Extension $15 Predelivery $15 Cancellation (residual balances > $50) $ You may also need to pay some extra costs at settlement depending on the method by which settlement is effected, for example, by Telegraphic Transfer (TT) or International Draft. These costs are in addition to the costs described above. Information about the costs of TT's and International Drafts is contained in the Product Disclosure Statement or other document relating to these products. Additional fees are payable for couriers, postage and/or other actions relating to forward exchange contract transactions. 8.0 Terms of Foreign Exchange Contracts 8.1 Customers who want to enter into foreign exchange transactions with ANZ need to enter into our Master Agreement for foreign exchange transactions. This brief document describes the rights and obligations of both parties in relation to the foreign exchange contract. It is signed only once, and then covers all future foreign exchange contracts between us. 8.2 Each time you enter into a foreign exchange transaction with us, we will provide you with a confirmation note, setting out the details of the transaction.

4 9.0 Risks There are two principal foreign exchange rate risks associated with forward exchange contracts: 9.1 Entering into a forward exchange contract fixes the exchange rate for a future delivery date. This precludes any future financial benefit (sometimes known as opportunity cost ) or any future financial cost from subsequent exchange rate movements. 9.2 If the underlying reason for wishing to set the exchange rate for a future delivery date no longer exists (e.g. the underlying commercial contract is cancelled), the forward exchange contract may need to be cancelled at prevailing market rates. This may incur a profit or a loss. ( i.e. the mark to market value of the contract). Currency markets are highly volatile and the prices of the underlying currencies can fluctuate rapidly and over wide ranges and may reflect unforeseen events or changes in conditions Complaints 10.1 If you have a complaint, please contact your FX Relationship Manager to tell us what it is If your complaint is not satisfactorily resolved within 14 days of your first contact with your FX Relationship Manager, please contact our Compliance Manager in writing with the details of your complaint: Compliance Manager, ANZ Investment Bank Level 12, 530 Collins Street Melbourne, Victoria If you still do not get a satisfactory outcome, you have the right to complain to: Australian Banking Industry Ombudsman Ltd GPO Box 3A Melbourne, Victoria, 3001 Telephone: Fax: Internet: Tax Implications 11.1 Legislation has recently been introduced into Parliament to provide for a new Australian taxing regime in relation to foreign exchange gains and losses. This legislation has not yet been enacted but is intended to apply, generally, from 1 July The new foreign exchange rules may apply to you if you dispose of foreign currency or a right to receive foreign currency, you cease to have a right or obligation to receive foreign currency (for example, as a consequence of that right or obligation being satisfied by the payment to you of foreign currency or because an option that you have to buy foreign currency expires without having been exercised or is cancelled, released or abandoned) or you cease to

5 Product Disclosure Statement have a right or obligation to pay foreign currency (for example because an option that you have to sell foreign currency expires without having been exercised or is cancelled, released or abandoned). The impact of the new rules is generally (subject to some exceptions): if you make a gain from a foreign exchange arrangement and part of that gain is attributable to a currency exchange rate fluctuation that part of the gain is included in your assessable income as a forex realisation gain; if you make a loss from a foreign exchange arrangement and part of that loss is attributable to a currency exchange rate fluctuation that part of the loss is allowable as a deduction against your assessable income as a forex realisation loss You should consult your own independent professional adviser(s) regarding the tax and accounting consequences of acquiring, holding or disposing of foreign exchange contracts in light of your particular circumstances Further information For further information about foreign exchange contracts, please visit our website at ( or contact your local ANZ Foreign Exchange or International Trade representative. Australia and New Zealand Banking Group Limited ABN Financial Services Licence No Level 14, 530 Collins Street, Melbourne, Victoria 3000

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