dolphin partners financial services guide

Dolphin Partners Financial Services Guide (FSG)

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Table of Contents

AboutDolphinPartners ........................... 2

OurCurrentAdvisors ............................... 2

TypesofFinancialProductsandServices 3

FinancialServicesGuide: ......................... 3 StatementofAdvice(SOA) ......................... 4 ActingintheClient’sbestinterests .......... 4 ProductDisclosureStatement(“PDS”) ..... 4 Prospectus: .................................................. 4

WhoIsDolphinPartners? ........................ 5

WhatservicesdoesDolphinPartnersprovide? ..................................................... 5

YourAdvisor: ............................................ 5

Advice: ....................................................... 5

OnlineInformationServices .................... 6 HowdoIaccesstheseservices? ................ 6 CashManagementAccount ........................ 6

Howyoucangiveusinstructions ............ 7 CancellationofMarketTransaction ......... 7

ChargesandMeansofRemuneration ..... 7 Howyoupayforservices ........................... 7 Calculationofbrokerage,commissionandothercharges .............................................. 7 Options ........................................................ 8 BrokeragesFees: ........................................ 8

CHESSSponsorship ................................... 9

Provision of Financial Advice ...................... 10 PortfolioAdministrationServiceFee: .... 10 Newissues,PrivatisationsandFloats .... 10 FixedInterest/CashManagementAccounts .................................................... 10

AustralianClearingCorporationFees .... 11 MeansofRemuneration ........................... 11 ReferralFeespaidtoThirdParties ........ 11

YourRights .............................................. 12

ProvisionofInformationtoLicencedDealerinSecurities ................................. 12 Whatarethepossibleconsequencesofnotprovidingthisinformation? .............. 12

LimitationsofResearch–ResearchServices .................................................... 13

General Risk Disclosure Statement and Guidance for Investors ............................... 13 Introduction .............................................. 13

What are the risks? .................................... 14 Overall Market Risk ..................................... 14 Domestic Vs International Factors ............... 14 Stock Specific Factors ................................... 14

BasicInvestmentStrategiesandwhatarethey? ......................................................... 14

DolphinPrivacyPolicy ............................ 15 DolphinandthecollectionofPersonalInformation ............................................... 15

CollectionofPersonalInformation ........ 15 TaxFileNumber ....................................... 15 DisclosureofInformationtooverseasRecipients .................................................. 15 UseandDisclosureofPersonalInformation ............................................... 15

Professional Indemnity Insurance Cover .... 16

Dolphin Partners Anti Money Laundering & Counter Terrorism Financing Policy ............ 16

Complaints ............................................... 17

GlossaryofTerms: ................................... 18

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AboutDolphinPartners

DolphinPartnersholdsanAustralianFinancialServicesLicenceNo.364512(AFSL).OurAustralianBusinessNumber(ABN)is55142380176.

AsaholderofanAFSLicence,DolphinPartnersisrequiredtocomplywiththeprovisionsoftheCorporationsAct2001(CorporationsAct)whichareadministeredbytheAustralianSecuritiesandInvestmentsCommission(ASIC).

IfyouhaveanyquestionsinrelationtothisFinancialServicesGuideortheservicesDolphinPartnersoffers,pleasecontactDolphinPartnersoryourAdvisoronthenumberslistedbelow

Office: (03)-99828500Email: enquiries@dolphinpartners.com.auWebpage: www.dolphinpartners.com.au

OurCurrentAdvisors

Ourcurrentadvisorsarelistedbelow:

Advisor ContactEmailLewisVassos lvassos@dolphinpartners.com.au

DarrenKerford dkerford@dolphinpartners.com.au

TonyNeasmith tneasmith@dolphinpartners.com.au

DarrenLight dlight@dolphinpartners.com.au

NicholasThomas nthomas@dolphinpartners.com.au

GeorgeMaikousis gmaikousis@dolphinpartners.com.au

PeterClarke pclarke@dolphinpartners.com.au

JohnJoglou jjoglou@dolphinpartners.com.au

MarkTrent mtrent@dolphinpartners.com.au

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TypesofFinancialProductsandServices TypesofFinancialServices TypesofFinancialProductsProvideFinancialProductAdviceDealinaFinancialProduct(Applyfor,acquire,varyordisposeofafinancialproductonbehalfofanother)

Deposit&PaymentProducts:- BasicDepositProducts

Deposit&PaymentProducts:- NonBasicDepositProducts

DerivativesManagedInvestmentSchemes(ExcludingIDPSSecurities)SecuritiesSuperannuationStandardMarginLendingFacility

- Financialinvestmentproducts

DealinaFinancialProduct(Applyfor,acquire,varyordisposeofafinancialproductonbehalfofanother)

DepositandPaymentProducts- Basicdepositproducts- NonBasicProducts

DerivativesManagedInvestmentSchemes(ExcludingIDPSSecurities)SecuritiesSuperannuationStandardMarginLendingFacility

- FinancialInvestmentProducts

FinancialServicesGuide: ThisFinancialServicesGuide(FSG)isanimportantdocumentwhichcontainsimportantinformationaboutthetypesoffinancialserviceswecanprovideyou.Inthisdocument,“we”,“us”and“Dolphin”meanDolphinPartners.ThepurposeoftheFSGistoexplainimportantinformationaboutthetypesoffinancialserviceswecanprovidetoyou,ourmethodsofremuneration,detailsofsomeoftherisksinvolvedinmakinganinvestment,andwhatyoumaydoincaseyouwishtomakeacomplaint.ThematterscoveredbytheFSGinclude:• Whoweareandhowwecanbecontacted• Whatservicesandtypesofproductsweareauthorisedtoprovide• Howwe(andotherrelevantparties)areremunerated• Detailsofourinternalandexternaldisputeresolutionproceduresandhowcomplaintsaredealtwith

ItisintendedthatthisFSGshouldassistyouindeterminingwhethertouseanyofourservices.Ifyouchoosetouseanyofourproductsandservices,youmayalsoreceiveotherdocumentswhichyoushouldreadcarefully.Thesedocumentsmayincludethefollowing:-

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StatementofAdvice(SOA)Thiswillusuallybegivenifweprovideyouwithpersonaladvicethatisfinancialproductadvicewherewetakeintoaccountyourpersonalobjectives,financialsituationandneeds.TheSOAwillcontainthepersonaladvice,thebasisonwhichitisgivenandotherinformationincludingdetailsaboutourfees,chargesandotherbenefits,commissionsandassociationswhichmayhaveinfluencedtheprovision(s)oftheadvice.YouwillnotreceiveanSOAifyourAdvisorisprovidingyouwithfurtherAdvice(“-FA-”).Generallyspeaking,advicewillconstitutefurtheradviceif;

• yourAdvisorhaspreviouslygivenyouanSOAthatsetsoutyourpersonalcircumstances;

• yourAdvisorprovidesyouwithfurtheradvicerecommendingthatyoubuyorsellshares,options,otherlistedsecuritiesorfinancialproducts;and

• yourpersonalcircumstancesandthebasisonwhichthefurtheradvicewasgivenhavenotsignificantlychangedsincethepreviousadvicewasgiven.

IfyouhavenotalreadybeenprovidedwitharecordofthefurtheradviceFAyoumayrequestyourAdvisortoprovideyouwithsucharecord.DolphinPartnersmaintainsallrecordswhichrelatetotheprovisionoffurtheradviceforseven(7)years.ActingintheClient’sbestinterests Whenprovidingpersonaladvicetoretailclients,DolphinPartnerswill:

- actinthebestinterestsoftheirclients;

- provideappropriateadvice;

- warntheclientifadviceisbasedonincompleteorin-accurateinformation;and

- prioritisetheclient’sinterests

ProductDisclosureStatement(“PDS”) APDSwillusuallybeprovidedwhenwemakearecommendationtoyoutoacquire,continuetoholdordisposeofafinancialproduct(otherthansecurities)oroffertoissueorarrangetheissueofsuchafinancialproductonyourbehalf.APDSisproducedandmadeavailablebytheissuerofthefinancialproductsnecessaryforyoutomakeaninformeddecisionaboutwhethertoacquire,holdordisposeofthatproduct.Prospectus: AProspectuswillusuallybeprovidedwhenwemakearecommendationtoyoutoacquiresecuritiesunderanewissueofferingorafloat,priortoquotationofthesecuritiesonaprescribedfinancialmarketsuchastheAustralianSecuritiesExchange(-ASX-).TheProspectuswillcontaininformationaboutthesecuritiesandissuernecessaryforyoutomakeaninformeddecisionaboutwhethertoacquirethesecurities.

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WhoIsDolphinPartners?DolphinPartnersholdsAFSLLicenceNo.364512issuedbytheAustralianSecuritiesandInvestmentCommission(ASIC).Thecompanycommencedoperationson01-02-2011.

WhatservicesdoesDolphinPartnersprovide? DolphinPartnersAFSLicenceenablesittoprovidearangeofsecuritiesandadviceservicesincludingthefollowing:• Buyingandsellingsharesofsecurities,participatingininitialpublicofferings;placementsandother

corporateactions;• Dealinginderivativesincludingexchangetradedoptionsandwarrants;• Dealingininternationalequities;• Dealinginbankbills;companydebenturesandconvertiblenotesasagent;• Facilitatingaccesstocashmanagementtrusts;• Dealinginmanagedfunds;• Investmentstrategiesforself-managedsuperannuationfunds.DolphinPartnerssuperannuationaccredited

Advisorscanprovidefinancialproductadviceforself-managedsuperannuationfunds.Allsuchfundsarerequiredtohaveaformalinvestmentstrategy.Itistheresponsibilityofthetrusteesofthefundtoensurethattheinvestmentportfolioiswithinthebenchmarkssetoutintheinvestmentstrategy.DolphinPartnersaccreditedAdvisorscanassistthetrusteetoimplementtheinvestmentstrategy;

• Aportfolioadministrationservicewhichincludessharetradingsummaries,portfoliovaluations,incomereportsandsectoranalysis;

• Standardmarginlendingandonlineinformationservices(directlyorindirectly)throughanapprovedDolphinPartnersserviceprovider

DolphinPartnersisrequiredunderitsAFSLLicencetohaveinplaceprofessionalindemnityinsurancesufficienttocoveritforthefinancialservicesitprovides.

YourAdvisor: YourAdvisorisadirector,employeeand/orauthorisedrepresentativeofDolphinPartnersandisauthorisedtoprovideyouwithsomeoralloftheaboveservices.DetailsofyourAdvisorareincludedwiththisFSG.DolphinPartnersisresponsibleforanyadvisoryservicesyoureceive.Inprovidingyouwiththesefinancialservices,wewillbeactingonyourbehalf.Ifyoualreadyownsharesorotherfinancialproducts,yourAdvisorcanreviewyourportfolioandhelpyoudecidewhetherthefinancialproductsyouholdarestillappropriatehavingregardtoyourpersonalcircumstances.Ifyoudonotalreadyownsharesorotherfinancialproducts,yourAdvisorcanhelpyoudesignaportfoliotosuityourpersonalcircumstances.

Advice: Ifweprovideyouwithadvice,youwillreceiveeitherpersonalfinancialproductadvice(PersonalAdvice)orgeneralfinancialproductadvice(GeneralAdvice).InorderforyoutoreceivePersonalAdviceyouwillneedtogiveDolphinPartnersdetailsofyourpersonalobjectives,currentfinancialsituationandneeds,andanyotherrelevantinformation,sothatwecanprovideyouwiththeappropriateadvice.

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WemayalsoprovideyouwithlimitedPersonalAdvice,thatis,advicethatislimitedtoaparticularfinancialproductrangeand/orbasedonlimitedrelevantinformation.Thismaymeantheadviceandresultinginvestmentmaynotbeappropriatetoyourneeds,objectivesandcircumstances.Furthermore,youmayneedtoformyourownassessmentoftheappropriatenessofanysuchadvicegiven.Wewillonlygive“PersonalAdvice”toyouifyouengageoneofourAdvisorsandspecifythatwearegivingyou“PersonalAdvice”.“PersonalAdvice”isnotprovidedinourregularupdatesormarketingmaterialwhenvisitingourwebsiteorwhencontactingnon-advisorystaff.GeneralAdviceisadvicethatdoesnotcontainanydirectorimplicitrecommendationthatthefinancialproductsreferredtoareappropriatetoyourowninvestmentobjectivesandpersonalcircumstances.Youshouldnotrelyon“GeneralAdvice”withoutmakingyourowninquiriesorassessmentaboutsuitabilityofthefinancialproducttoyourownindividualinvestmentobjectives,financialsituationandneeds.

OnlineInformationServices DolphinPartnerswebsitecontainsawiderangeofinformationtoassistyoutomakeinvestmentdecisions.OurwebsitewilllinkyoutoyourCMCMARKETSLimited(ABN69081002852)AFSLicence246381(CMCMarketsLimited)accountwhereinformationcanincludethefollowing;• AccesstoCMCMARKETSresearch;• AccesstoyourCHESSholdings;• CashbalancesinyourlinkedANZV2cashmanagementaccountorMacquarieBankCashManagement

Account;• Transactionhistory;• Confirmations(contractnotes)onlineandviaemail;• ComprehensiverecordsoftheoptiontradesyouhavemadethroughyourCMCMARKETSaccount;• ASXprices(realtimeor20minutedelayed),quotes,announcements,companyprofilesandhistoricalprices;

and• Customisablewatchlistsandcharts

HowdoIaccesstheseservices?ToaccesstheservicesofferedbyDolphinPartnersyoushouldenterintoaclientagreementrelevanttotheparticularservice.IfyouareanewclientofDolphinPartnersyouwillneedtocompleteaDolphinPartnersclientagreementforequities,optionsorwarrantspriortotransacting.WhereyouareprovidedwithassociatedfinancialservicesyouwillbeprovidedwithanadditionalFSGrelatingtotheservicesofferedbythatprovidere.g.CMCMarketsLimited.ClientagreementsareavailablefromDolphinPartnersoryourAdvisor.Ifyouhaveanyquestionsaboutanyclientagreements,youshouldseekindependentlegaladvice.PleasenoteyourAdvisorcannotgiveyoulegaladvice.CashManagementAccountWeofferclientstheconvenienceofestablishingacashmanagementaccountfortransactionsontheirportfolio.DolphinPartnerspreferredcashmanagementisthe“MacquarieBankCMA”

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Howyoucangiveusinstructions Youcangiveusinstructionsinrelationtomarkettransactionsbytelephone,facsimile,letter,emailorbyanyothermeansasmaybemutuallyagreedinwriting.However,whengivingDolphinPartnersorderinstructions,unlessyouspeaktooneofourAdvisorswecannotguaranteethatyourorderwillbecarriedout.Forallotherinstructionsyouwillneedtoprovideuswithwrittenandsigneddocumentation.Theseinstructionsdonotapplyto(“DolphinPartnersOnlineAccounts”),whereallsharetradingordersareexecutedthroughCMCMARKETSdirectlywithnoadvicegiven. CancellationofMarketTransactionUnderASXGroupRules,theASXispermittedtodirectCMCMARKETS(ourexecutionandclearingASXparticipant)tocanceloramendanymarkettransactionthatiseffectedbyanerrororomission.Underthoserules,CMCMARKETSmayelect(byagreementwiththeotherbroker)tocanceloramendamarkettransaction(s),orCMCMARKETSmaybedirectedbytheASXGrouptocanceloramendamarkettransaction(s)dueto;(a)anhonestandgenuinemistakeinrelationtothecharacteristics,detailsorexecutionofamarkettransaction,or(b)abreakdownormalfunctionoftheASXGroupssystemsoranyothertechnicaloradministrativeerroreffectingthemarkettransaction.WhereatransactionisexecutedbyDolphinPartnersonyourbehalf,youconsenttoanydecisionmadebyusorCMCMARKETSLIMITED,tocanceloramendsuchmarkettransaction(s),oranydirectionbyASXcompellingCMCMARKETStocancelsuchmarkettransaction(s)andagreethatCMCMARKETSandDolphinPartnerswillnotbeliabletoyouoranyotherpersonincontactortortoranyotherbasisforanyloss,damage,costorexpensearisingdirectlyorindirectlyfromsuchcancellationoramendment.

ChargesandMeansofRemuneration Howyoupayforservices Brokerageandotherchargeswhichapplytotheadvisoryservicesweofferareexplainedbelow.Feesforportfolioadministrationandinvestmentproductsarealsoexplainedbelow.Newslettersandindependentresearchreportsareprovidedfreeofcharge.Allbrokerage,commissionandotherchargesaretobepaidbyyou,asperconfirmation(s)fromCMCMARKETSoratourdirectionforservicesprovidedbyDolphinPartners. Calculationofbrokerage,commissionandotherchargesBrokeragechargesapplytothepurchaseandsaleofproductsquotedfortradingonprescribedfinancialmarketssuchasASXinvolvingequities,options,warrants,fixedinterestproductsandinterestsinlistedmanagedinvestmentschemes.Thescheduleoffeesisshownbelow:Online:Minimumbrokerage $19.95exclusiveofGST(GoodsandServicesTax)forequitiesor

options.Maximumbrokerage 0.1%exclusiveofGST(GoodsandServicesTax).*AdvisorExecutionOnlyTransactionsmaxbrokerage0.5%exclusiveofGST

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AdvisorTransactions:CMCMarketsLimitedMinimumbrokerage $75exclusiveofGST(GoodsandServicesTax)forequities.Maximumbrokerage 2.5%exclusiveofGST(GoodsandServicesTax).Brokerageischargedoneachtransaction,andiscalculatedasapercentageofthedollarvalueofthetransactionplus(GST).Brokerageratesarenegotiableandwillbeagreedwithyoupriortotheexecutionofatransaction. MaximumandMinimumbrokeragearesubjecttochange Example:TradingOnlinewithCMCMarketsLimited:Thepurchaseof$1000ofsharesonlinewillattractbrokerageof$19.95+GSTwiththetotalconsiderationbeing$1021.95.Example:AdvisortradingwithCMCMarketsLimited:Thepurchaseof$1000ofshareswillattractbrokerageof$95+GSTwiththetotalconsiderationbeing$1104.50 Options TheASXmarketrulesrequireoptiontransactionstobesettledonthenextbusinessdayafterthetransactionwasundertaken(T+1)Aminimumchargeof$95+GSTappliesforoptiontransactions.BrokeragesFees:DolphinPartnersorderallocationpolicyisinaccordancewiththeASXmarketrulesonallordersoriginatingfromDolphinPartnersclients.Thespecificrateofbrokeragewilldependonfactorssuchasthelevelofservice,thetypeofadvice,thetypeoffinancialproduct,thesizeofthetransactionandthefrequencyofthetransactionsonyouraccount(s).Theactualamountofbrokeragepayablebyyouwillbedisclosedintheconfirmation(contractnote)forthetransaction.IfyoureceivePersonalAdviceinrelationtoafinancialproductandtheamountofbrokeragecanbecalculatedatthattime,theactualamountwillalsobesetoutinanySOAorrecordofpersonaladviceorconfirmation(contractnote)thatmaybeprovidedtoyou.Forapurchase,thebrokerage+GSTisaddedtothetransactionvaluetoformthetotalconsiderationpayablebyyoutoCMCMARKETS.Forasale,thebrokerage+GSTisdeductedfromthetransactionvaluetoformthetotalconsiderationpayabletoyoufromCMCMARKETS.FailfeesYoumayalsobecharged‘failfees’or‘latepaymentfees’(chargedbyASX)andpassedontoyoubyCMCMARKETSIfyoufailtosettleapurchaseorsaletransactionbythetimeanddatespecifiedontheconfirmation.Thesefeesareshownbelow.Thefollowingfeesmaybechargedagainstyouraccount,inrespectofafailuretosettletransactions;

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FailFee-$55+ASXFeeperfaileddayLateSettlementFee-$55+0.1%ofvalueoftradefeeperfaileddayOverdraftinterestchargesinlinewithbankchargeswillapplyforaccountswherethereareinsufficientfunds.Afeeof$2.42willbechargedperconfirmationforcontractnotespostedviamail.AllChargesaresubjecttochange.

CHESSSponsorship YouradvisorcanarrangeCHESSsponsorshipthroughCMCMARKETSOnceyouhaveexecutedthenecessarydocuments.CHESSsponsorshipmakesbuyingandsellingshareseasierandfarmoreconvenientforyou.Itrelievesyouoftheneedtoprovidecopiesofthestatementsofyourholdingswhenyousellshares.BecauseallyourholdingsareheldwithCMCMARKETSitgreatlyreducestheriskoflatesettlementofasale.Italsofacilitatestheprocessofchangingyourregistrationdetailsifyouchangeyouraddress. BestExecutionPolicy.CMCMarkets-actingasourclearing,settlementandexecutionproviderClause1CMCMarketsarerequiredtotakeallreasonablestepstoobtainthebestoutcomeforyouwhenhandlingandexecutingyourorders.ThisrequirementisoutlinedintheASICMarketIntegrityRules(CompetitioninExchangeMarkets)2011(“ExchangeMarketRules”). Clause2Inordertomeettheirobligationstoyou,CMCMARKETSwillplaceallclientordersontheASXCentralLimitOrderBook(“ASXCLOB”).CMCMARKETSplacesordersaccordingtoprice-timepriority,whichmeansthefirstvalidordertheyreceiveatagivenpriceforaparticularFinancialProductwillbethefirstordertheysubmittotheASXCLOB. Clause3IntheeventyougiveyourDolphinAdvisoraninstructiontorefrainfromobtainingthebestoutcomeforyoui.e.(whereforexampleyouplacean“AtLimitOrder”CMCMARKETSwillfollowyourinstructions,howeverpleasenotethattheeffectofthismaybethatyouwillnotobtainthebestoutcomeorthebestprice. Clause4IfyourequireproofthatCMCMARKETShavefulfilledourbestexecutionobligations,pleasecontactyourFinancialAdvisoratDolphinPartners.Clause5UndertheASICMarketIntegrityRules2010andtheCorporationsAct,youhavecertainobligationswhenyoutradeinFinancialProducts,forexampletonotmanipulatethemarkets,andtorefrainfrominsidertrading.CMCMARKETSuseorderentryfilterstovetallordersbeforetheyareplacedintothemarkettoensurethatordersareconsistentwiththeselaws.Asaresult,CMCMARKETSmayrejectyourorderorreferitformanualreviewbyoneoftheirDesignatedTradingRepresentatives,assetoutinClause11.2oftheTermsandConditions.Clause6CMCMARKETSwillreviewthispolicyanditseffectivenessregularly,andinformyou(inaccordancewiththeseterms)ofanychangestothebestexecutionpolicy.

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Provision of Financial Advice DolphinPartnersmaychargeafeefortheprovisionoffinancialadvice.Thisfeewillvarydependingonthecomplexityoftheadviceandstrategyprovided(basedonhourstopreparetheadvice).YourAdvisorwillagreethefeewithyoupriortothepreparationofthefinancialadvice.WherePersonalAdviceisprovided,furtherdetailsofthefeesforadviceprovidedwillbecontainedintheSOAyoureceive.PortfolioAdministrationServiceFee: DolphinPartnersviaPraemium(preferred3rdpartyplatform)canprovideadministrationservicesforyourinvestmentportfolio.AsummaryofthefeesthatwillapplytothatservicearesetoutinthetablebelowPortfolioAdministrationServiceFee;EstablishmentFee NoneCashOnly NoCharge

Cash&Investments NoCharge

AdministrationServiceFee Minimum$250.00+GSTperquarter.MaximumFeesubjecttoagreementwithyourDolphinadvisor.

ByExampleThemarketvalueoftheinvestmentweadministeronyourbehalfis$100000attheendofthemonth.Theservicefeewhichmaybechargedforthatmonthisonetwelfthof$1000or$83.33plusGSTof$8.34.OtherfeesandchargesdescribedinthisFSGareadditionaltothePortfolioAdministrationServicefee.Forexample,brokeragewillapplyonallASXtradedsecuritiestransactionswithinthePortfolioAdministrationService.Newissues,PrivatisationsandFloats Youarenotchargedbrokerageorcommissionwhenmakinganapplicationforsecuritiesinanewissue,privatisationorafloat.Ifhowever,yourapplicationisstampedbyDolphinPartnersandissuccessful,wemaybeentitledtoreceivealodgementfeefromthecompany,governmentorrelevantissuer,whichwillvarydependingontheissuer.Whereweactasthelodginglicenceddealerofanissue,wewillreceivefeesforactinginthatcapacity.Detailsoflodgementandotherfeeswillbedisclosedintheprospectusfortheissueandwilldependontheindividualcircumstancesandtypeofissue.FixedInterest/CashManagementAccounts Nobrokerageorcommissionischargedbyuswhenlodgingfundsonyourbehalfinacashmanagementtrustorwhereyoupurchasefixedinterestsecuritiesintheprimarymarket,thatis,throughaprospectusor(PDS).Wemayreceiveacommissionfromfixedinterestborrowersandcashmanagementtrusteesforanyfundslodgedwiththemonbehalfofourclients.Thiscommissionispayableonlytolicencedinstitutions,suchasourselves,andisnotpayabletoinvestors.Youareinnowaydisadvantagedbyarrangingthesefacilitiesthroughus.Theamount

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ofcommissionwereceivevariesdependingontheidentityoftheissuerandthenatureoftheproduct,buttypicallyrangesfrom0.25%(inclusiveofGST)to0.44%(inclusiveofGST)oftheaveragedailybalanceoftheamountlodged.Wherewepurchasediscountedsecuritiessuchasbankbillsofexchangeorpromissorynotes,ourfeewillbe$100flatfeeexclusiveofGSTpertransaction.AustralianClearingCorporationFees TheAustralianClearingCorporation(ACC)determinesthechargesandfeespayablebyyou.PleasecontactyourDolphinadvisorforanup-to-datefeecostforoptioncontractsandthecurrentexercisefeeforexercisingashareoptionpercontract.Inthecaseofindexoptions,ACCchargesafeepercontractforboththetransactionfeeandexercisefee.Theexactcostofyourtransactionfeeswillbedisclosedinanyconfirmationwhichwillbeprovidedtoyou.

MeansofRemuneration DirectorsandclientAdvisorsofDolphinPartnersareremuneratedbysalaryoronacommissionbasisoracombinedsalary/commissionbasis.Advisorswillreceiveupto80%ofthefollowing

• Brokerage.

• PortfolioAdministrationServicesFees.

• Newissues,privatisationandfloatcommissions.

• Trailingandroll-overcommissions.

ReferralFeespaidtoThirdParties AreferralfeemaybepaidtoathirdpartysuchasafinancialplannerforreferringyourbusinesstoDolphinPartners.Anysuchpaymentdependsontheparticularcircumstancesofeacharrangementwiththatthirdparty.DolphinPartnerswillpayashareofbrokeragetoathirdpartywhenevershares,optionsorothersecuritiesareboughtandsoldbyyouasaresultofthatreferral.TheshareofbrokerageiscalculatedasapercentageofthebrokeragewhichDolphinPartnersreceivesfromyouforthetransaction.ThespecificratewilldependonthetermsoftheagreementbetweenDolphinPartnersandthethirdparty.CMCMARKETSandDolphinPartners,haveenteredintoanagreementwhereCMCMARKETSwillprovideexecutionandclearingservices,CHESSsponsorshipandotherbrokingservicestoclientsofDolphinPartnersforaspecifiedfeewhichformsallorpartofthebrokerageshownonconfirmationnotes(contractnotes)issuedbyCMCMARKETSLIMITED.CMCMARKETSwillretainapartofthebrokeragethatappearsonyourconfirmationadvice(contractnote)whenshares,optionsorothersecuritiesareboughtandsoldthroughCMCMARKETSLIMITED.ThebrokerageretainedisdependentonthetermsoftheagreementbetweenDolphinPartnersandCMCMARKETSLIMITED.Thetotalamountofbrokeragepayablebyyouwillbedisclosedintheconfirmation(contractnote)forthetransaction.

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YoumayrequestparticularsofthefeeathirdpartywillreceivefromDolphinPartners.AnyrequestmustbemadewithinareasonabletimeafteryoureceivethisFSGandbeforeanyfinancialserviceisprovidedtoyou.Ifyoureceivepersonaladviceinrelationtoafinancialproductandtheamountoftheshareofbrokeragecanbecalculatedatthattime,theactualamountwillbedisclosedatthetimethepersonaladviceisgivenorassoonaspracticableafterthattime.

YourRights WhereyoureceivePersonalAdvice,yourAdvisorisobligedtohaveareasonablebasisformakingthatrecommendation.ThismeansthatyourAdvisormustgiveconsiderationtotheinformationavailableaboutyourinvestmentobjectives,financialsituationandparticularneeds.Ifyoudonotwishtoprovidesuchinformation,oryouonlyprovidelimitedinformationyourAdvisorwillbelimitedinhisorherabilitytoprovidefinancialadvicespecifiedtoyourrequirement.Insuchcases,anyfinancialadvicegivenwillonlybegeneralinnature.YouhavetherighttoknowaboutdetailsofcommissionsandotherbenefitsyouAdvisorreceivesforprovidingfinancialadvicetoyouandweareobligedtodiscloseanyinterestoftheadvisorthatmayreasonablybeexpectedtobecapableofinfluencingfinancialadviceprovidedtoyou.Wewillprovidetheinformationtoyouwhenweprovidethatadvice.

ProvisionofInformationtoLicencedDealerinSecuritiesWhenyoucontactaclientadvisorofDolphinPartners,heorshewillgenerallypresumethatyouhavealreadymadethedecisiontoinvestaparticularpartofyourinvestableassetsinequitiesratherthansomeotherassetclass.Ifyouhavenotmadethisdecisionoryourequireassistancewithit,youshouldlettheclientadvisorknow,sothatheorshecanadviseyouappropriatelyorreferyouelsewhere.Inorderforustoprovideadvicewhichisappropriatetoyourpersonalcircumstances,youwillbeaskedtoprovidecertaindetailedpersonalinformationaboutyourinvestmentobjectives,financialsituationandparticularneeds,eitherinwritingororally.Thisinformationwillbekeptstrictlyconfidential.Ifyouwishtorelyonouradviceitisincumbentuponyoutohaveprovideduswithfulldetailsofyourpersonalcircumstancessothatwecanmakeaproperjudgementastothesuitabilityorotherwiseofthesecuritiesunderdiscussion.IfyouchoosetoprovidethisinformationyoushouldensurethatyourAdvisorbecomesawareofanychangesthatmayberelevantwhenadviceisgiveninthefuture.Whatarethepossibleconsequencesofnotprovidingthisinformation? Youareofcourseatlibertytodeclinetoprovidesomeorallofthisinformation,butifyoudonotprovideit,yourclientAdvisorwillonlybeabletoprovideyouwithGeneralAdviceonthebasisoftheinformationyoudoprovide.Ifyoudonotprovideinformationrelevanttoyourinvestmentobjectives,financialsituationandparticularneeds:

(a) wemaynotbeabletoundertakeacomprehensiveanalysisofyourinvestmentobjectives,financialsituationandparticularneeds;

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(b) accordingly,ouradvicemaybebasedonincompleteorinaccurateinformationrelatingtoyourrelevantpersonalcircumstances;and

(c) beforeactingontheadvice,youneedtoconsiderwhetherourgeneraladviceisappropriatehavingregardtoyourrelevantpersonalcircumstances.

Thisprocessdoesnotapplyinrelationtotheprovisionofwrittenororalgeneraladvice,suchasthatcontainedinnewslettersandresearchreports.Generaladviceisbasedsolelyontheinvestmentmeritsofthefinancialproducts,andispreparedwithoutconsiderationoftheinvestmentobjectives,needsandfinancialcircumstancesofanyparticularinvestorandincludesthewarningthattheadviceisnotarecommendationofthatparticulartransactionandthosefinancialproductsmaynotbeappropriateorsuitablefortherecipientoftheadvice.

LimitationsofResearch–ResearchServices YourAdvisorcanprovideyouwithindependentresearchreportsandotherinformationissuedbyDolphinPartnersand/orapprovedthirdpartyproviders.SomeoftheResearchreportsissuedinclude:

• ComprehensiveindependentcompanyreportsanalysingASXstocks,includingfinancials,valuationsandrecommendation(E.g.Morningstar);

• Dailymorningcomments;

• Specialisedreportswhichcoverseconomicoutlookandcompanyrecommendations

YourAdvisorcanalsoprovideananalysisofyourshareportfolioandmakerecommendations.Youshouldbearinmindthatresearchreportsarepreparedformultipledistributionsandcontaininformationandopinionsofageneralnature.Theymaynotnecessarilybesuitableortakeintoconsiderationyourpersonalcircumstances.YoushouldalwaysconsultyourAdvisorbeforeactingonanyresearchreports.

General Risk Disclosure Statement and Guidance for Investors Introduction Wewillexplaintoyouanysignificantrisksassociatedwithinvestmentsandstrategieswhichwerecommendtoyou.Youcanaskustoexplainthoseriskstoyouatanytime.Equitysecurities,incommonwithallotherassetclasses(egrealpropertyandgovernmentbonds)candeclineinvalueaswellasappreciate.Themeasureofthischangeinvalueisoftenreferredtoasvolatility,i.e.themorethevaluevariesovertime,themorevolatiletheassetisandthereforegenerallythemoreriskinvolvedininvestinginit.Ontheotherhand,thelessvolatiletheassetthelesslikelyisthesignificantcapitalgainorlossfrominvestinginthatasset.Equitysecuritiesaregenerallymorevolatilethanotherassetclasses;howeverthemarketsforotherassetclassesarenotnearlyastransparentasthestockmarketintermsoftheinformationavailabletoinvestorsandtheprocessforcontinuouslydeterminingandmakingpublictherealtimemarketvalueoftheparticularasset.Forthisreasontherealbenefitinthevolatilityofequitysecuritiesisoftenseenasanegativefeatureandnotfullyappreciated.Youshouldconsultwithyouradvisorforfurtherclarification.

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What are the risks? Ingeneraltherisksofinvestinginequitiescanbecategorisedinthefollowingmanner.(Pleasenotethatthelistbelowdoesnotpurporttobecomplete,asitwouldnotbefeasibletolistallthepossiblerisksineachcategory.) Overall Market Risk Thisistheriskoflossbyreasonofmovementsinthesharemarketgenerally.Thesecanbecausedbyanynumberoffactors.Specificexamplesarechangesininterestrates,politicalchanges,changesintaxationorsuperannuationlaws,internationalcrisesornaturaldisasters. Domestic Vs International Factors Thevulnerabilityofacompanytointernationaleventsormarketfactorscaninfluencethevalueofitsshares.Thesewouldincludemovementsinexchangerates,changesintradeortariffpoliciesandchangesinotherstockorbondmarkets. Stock Specific Factors Thesewouldincludethecompany’sdirectors,thestrengthofthecompany’smanagementandthesignificanceofanykeypersonnel,thecompany’sprofithistory,thecompany’stangibleassetbase,debtlevelandfixedcoststructure,productrecalls,litigationprofitsorlossesonparticularcontracts,drillresults,competitionfromwithinthesectorandwhetherthecompanyalreadyhasaprofitablebusinessorwhetheritisexploringforrecoverableresourcesorisdevelopinganewproduct.

BasicInvestmentStrategiesandwhatarethey?Income–youmayneedanincomestream,perhapstomeetyourlivingexpenses.Youmaywishtoavoidshareswhichdonotpayfrankeddividends.Carefulconsiderationshouldbemadewhendecidingwhethertoinvestincompaniespayingfrankeddividendsandyourpersonaltaxposition.Growth–asecureincomestreammaynotbenecessary,asyourincomeneedsaremetfromothersources.Youmayontheotherhandprefercapitalgrowthtoprovideahedgeagainstinflation,toaccumulatewealthandasaresult,growthstockorientated.Shareswithgrowthlikecharacteristicscanalsoincurcapitallossesandtheshareswiththegreatestpotentialforgrowthmayalsohavethegreatestpotentialforlossinvalue.Mixofgrowthandincome–yourneedsmayincludebothasecureincomestreamandsomemeasureofcapitalgrowth.Shorttermtrading–youmaywishtotradeinshareswithaviewtoprofitingfromshorttermpricemovements.Mixtureoftheabove–sharestobeacquiredtoobtainamixoftheabovepurposes.

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DolphinPrivacyPolicy DolphinPartnersPtyLtd(Dolphin)isanAustralianFinancialServiceslicenseeandissubjecttolegislativeandregulatoryrequirementswhichrequireDolphintoobtainandholdinformationwhichpersonallyidentifiesthosepersonswhichwhomwetransactbusiness.DolphinisboundbytheAustralianPrivacyPrinciples(APPs)establishedundertheprivacyact1988andtheprivacyAmendment(EnhancingPrivacyProtection)Act2012.DolphinandthecollectionofPersonalInformation Personalinformationisinformationoranopinionaboutidentifyinganindividualandwhethertheinformationrecordedismaterialornot.

CollectionofPersonalInformation Dolphincanprovidefinancialproductsandservicestoclientsafterobtainingpersonalinformation.Theinformationwillbeusedasabasisfordeterminingtheclientsinvestmentobjectives,financialsituationandparticularneeds.DolphinmayundercurrentlegislationbeunabletoopenormaintainexistingaccountsforclientswhoareunwillingtoprovideinformationwhichmaycontraveneexistinglegalorregulatoryrequirementsasofanAFSlicencees.Clientsmustbeawarethatfailingtoprovidedetailedinformationmayresultininvestmentadvicebeingprovidedthatmaynotmeettheclient’sinvestmentobjectives,financialsituationorparticularneeds.TaxFileNumber Dolphinencourageclientstoprovidetheirtaxfilenumber,howevertheprivacycommissionhasstatedthatthedisclosureofaTFNtoanAFSLholderisnotmandatory.Dolphinonlycollectsinformationaboutaclienttoensurewecomplywithaspectsoftheclientsidentityforanti-moneylaunderingpurposesandensurewedonotcollectedun-solicitedpersonalinformation.Intheeventwereceiveun-solicitedinformationwewilldestroyitassoonaspracticableandifitislawful.DisclosureofInformationtooverseasRecipients DolphinPartnersisrequiredunderthePrivacyActtodisclosewhetheritislikelytodisclosepersonalinformationtooverseasrecipients.Atpresent,wedonotdiscloseinformationtooverseasrecipientsandintheeventwedowewillrequestpermissionfromtheclient.UseandDisclosureofPersonalInformation InformationcollectedbyDolphinenablesusto:

- Determinewhetherwewillopenanaccountforyouandmayincludeassessingyourcreditworthiness;- Consideryourinvestmentobjectives,financialsituationandparticularneedswhenprovidingpersonal

advice- Transactinshares,provideCHESSSponsorshipandotherfinancialservicessuchasPortfolioService

Agreement(PAS)

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- FacilitatecompliancewiththetermsandconditionsofyouraccountwithDolphinandyournominatedexecution,settlementandclearingmemberoftheASX,andlegalandregulatorybodies.

Professional Indemnity Insurance Cover DolphinPartnershasinplaceProfessionalIndemnityInsurancewhichsatisfiestherequirementsofSection912BoftheCorporationsAct.Section912BrelatestoRetailClientcompensationarrangements.Inverygeneralterms,Section912BrequiresDolphinPartnerstohavearrangementsforcompensatingaretailclientforlossordamagesufferedbecauseofbreachesbyDolphinPartners,orbyourrepresentativesand/oremployees,TheProfessionalIndemnityInsurancewehaveinplacewillcoverclaimsinrelationtotheconductofrepresentativesand/oremployeeswhonolongerworkforDolphinPartnersbutwhodidatthetimeoftherelevantconduct.

Dolphin Partners Anti Money Laundering & Counter Terrorism Financing Policy TheAnti-MoneyLaunderingandCounterTerrorismFinancingAct(TheAML/CTFAct)imposesstrictobligationsinrelationtoclientidentification.UndertheActDolphinPartnersisrequiredtoundertakeanumberofprocessesaimedatensuringcompliancewiththeAct.DolphinPartnerswillobtainfromclientswhoelecttodobusinesswithus:

- identificationdocumentsthatarecurrent,validandcertifiedandinthecaseofentitiesotherthannaturalpersons,wewillrequireidentificationdocumentsforallpersonswhooperatetheentityand/orhaveabeneficialinterestintheentity.

DolphinwillobtainanyadditionalinformationitrequiresfromneworexistingclientsifitconsidersthattheinformationwecurrentlyholdisinsufficienttomeetcurrentAML/CTFidentificationrequirements.DolphinPartnerswillalsokeeparecordoftheidentificationdocumentsyousupplyusandthesemayberequestedbytherelevantregulatorforinspectionandverification.AUSTRACistherelevantregulatorandtheirwebsiteiswww.austrac.gov.auThiswebsitesetsouttherelevantlegislationontheAML/CTFActanditsimplicationsYourPrivacyisimportanttoDolphinandwewillabidebytherequirementsofthePrivacyAct.OurPrivacypolicyisavailablebycontactingyourrelevantDolphinAdvisorandrequestingacopy.

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Complaints Toimproveourlevelofcustomerservice,DolphinPartnershasacomplaintshandlingprocedure.Ifyouhaveacomplaintabouttheserviceprovidedtoyou,youshouldtakethefollowingsteps:

(a) ContactyourAdvisorandtellhim/heraboutyourcomplaint

(b) Ifyourcomplaintisnotsatisfactorilyresolvedwithin3days,pleasecontactourComplianceManageron(03)99828583,orputyourcomplaintinwritingandsendittousaddressedto:

TheComplianceManager,DolphinPartnersPtyLtdLevel2,156CollinsSt.,Melbourne3000.Wewilltryandresolveyourcomplaintfairlyandexpeditiously.

(c) Ifyoustilldonotobtainasatisfactoryoutcome,youhavetherighttocomplaininwritingto:

AustralianFinancialComplaintsAuthorityGPOBox3MelbourneVIC3001Tel:1800931678orFax:0396136399Website:www.afca.org.au

DolphinPartnersisamemberofanexternaldisputeresolutionschemeoperatedbytheAustralianFinancialComplaintsAuthorityLimited(AFCA).IfyouarenotsatisfiedwithyourresponsefromDolphinPartnersyoumayreferthemattertoAFCAwithintwoyearsofthefinalresponsefromDolphinPartners.Weareamemberofthisscheme.Ourmembershipnumberis22896ASICalsohasafreecallinfolineon1300300630whichyoumayusetomakeacomplaintandobtaininformationaboutyourrights.

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GlossaryofTerms:

Term Meaning ASIC AustralianSecuritiesandInvestmentCommission AFCA AustralianFinancialComplaintsAuthority FSG FinancialServicesGuide ACH AustralianClearingCorporation SOA StatementofAdvice PDS ProductDisclosureStatement ACN AustralianCompanyNumberABN AustralianBusinessNumberAFSL AustralianFinancialServicesLicenceAML/CTF AntiMoneyLaunderingandCounterTerrorismFinancingActGuidelines ASX AustralianSecuritiesExchangeGST GoodsandServicesTaxCHESS ClearingHouseElectronicSub-registerSystemCorpAct CorporationsAct2001Dolphin DolphinPartnersPtyLtdFA FurtherAdvicePAS PortfolioAdministrationServiceCMCMarketsLimited

ExecutionandSettlementServicesProvider

DolphinOnline RegisteredbusinessnameofDolphinPartnersPA PersonalAdviceGA GeneralAdviceT+1settlement Tradedayplusonebusinessday

Last Updated - 26 August 2019

Level 2, 156 Collins Street, Melbourne VIC 3000

Telephone: (03) 9982 8500

Website: www.dolphinpartners.com.au

Email: enquiries@dolphinpartners.com.au

Holder of Australian Financial Service Licence Number - 364512

Australian Business Number (ABN) - 55142380176