UNITED STATES (US) Approved NYSE, NASDAQ and AMEX listed securities.

Internet or Phone order	0.6% or US$69.50 (whichever is greater)
PLEASE NOTE: An order, if filled completely, must result in a custodial position worth either greater than US$500.00 (for both buys and sells) or worth US$0.00 (in the case of a sell).

UNITED KINGDOM (UK) Approved LSE listed securities trading in GBP, EUR and USD.

Internet or Phone order	0.6% or £69.50 (whichever is greater)
Orders for listed securities denominated in currencies other than GBP on the LSE will be charged as follows:

Euro denominated Internet or Phone order	0.6% or €95.00 (whichever is greater)

US denominated Internet or Phone order	0.6% or US$140.00 (whichever is greater)
PLEASE NOTE: Stamp duty will apply on all UK buy orders. UK stamp duty is currently 0.5% of the value of any transaction resulting in a change of beneficial ownership. An order, if filled completely, must result in a custodial position worth either greater than £500.00, €500.00 or US$500.00 depending on the currency the security is traded in (for both buys and sells) or worth £0.00, €0.00 or US$0.00 (in the case of a sell).

ADMINISTRATION CHARGES

Custody Fees Charged on aggregate holdings. Value calculated daily and charged following the end of each month.	0.25% per annum (total holding)

Fee Minimum A minimum administration fee of NZ$5.00 is charged each calendar month on aggregate holdings.	NZ$5.00 per month (total holding)

Transfer IN Electronic transfer of securities into Direct Nominees Limited Custody.	No charge

Transfer OUT Electronic transfer of securities out of Direct Nominees Limited Custody.	NZ$100.00 (per security)

BROKERAGE FEE

Brokerage is charged each time you place an order to buy or sell shares via our online custodial trading service. When you buy shares, the brokerage fee is added to the total value of your order. When you sell shares the brokerage fee is deducted from the total value of your order.

The brokerage for custodial orders reflects the costs associated in transacting with international brokers and international markets.

ADMINISTRATION CHARGE

Direct Broking charges an annual administration fee that reflects the requirements of administering and maintaining a custodial holding portfolio.

Direct Broking performs the following tasks on your behalf:

Daily reconciliation of holdings as held by the custodian
Processing corporate actions, including the payment of cash, payment of tax and allocation of shares
Providing tax details on an ad hoc basis for non-standard corporate actions
NZX-mandated six-monthly reporting
End of year Resident Withholding Tax reporting
End of year reporting for the calculation of Foreign Investment Fund tax obligations arising from the custodial holdings
Assorted administration activities as required by unforeseen market events and conditions


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