RACHEL WINDNER

INVESTMENT ADVISORS’ AND BROKERS DISCLOSURE STATEMENT

Pursuant to the provisions of the Securities Markets Act 1988 and the Securities Markets (Investment Advisers and Brokers) Regulations 2007 this Disclosure Statement provides you with important information about your ABN AMRO Craigs Advisor, ABN AMRO Craigs and the investment advice you will receive. This document was prepared in February 2008.

Name of Investment Advisor

Your Investment Advisor is ABN AMRO Craigs Limited (“ABN AMRO Craigs”) and Rachel Windner.

Disclosure of ABN AMRO Craigs Limited

Rachel Windner ('your Investment Advisor') is employed by ABN AMRO Craigs as a Research Analyst. ABN AMRO Craigs is an NZX Firm and one of New Zealand's largest investment advisory firms. ABN AMRO Craigs is 50% owned by certain ABN AMRO Craigs staff and 50% owned by ABN AMRO Craigs Holdings Limited, part of the ABN AMRO Group. ABN AMRO Craigs Head Office and administration centre is at 158 Cameron Road, Tauranga, Tel +64 (7) 577 6049 or Free phone 0800 272 442.

Rachel Windner can be contacted at:
P.O Box 13 155, Tauranga 3141
Tel +64 (7) 577 6049 or 0800 272 442
Fax: + 64 (7) 571 8625
Email: rachel.windner@abnamrocraigs.com

Qualifications

Rachel Windner holds the following qualifications:

• MBA (Finance), University of Oregon, USA (1994)
• Bachelor of Architecture (Honours), Victoria University (1987)

In ABN AMRO Craigs pursuit of excellence, Investment Advisors are required to maintain internal continuous performance modules, covering topics such as industry and regulatory developments. ABN AMRO Craigs Investment Advisors are supported by a global research network.

Experience

Rachel Windner has been employed with ABN AMRO Craigs Limited as a Research Analyst since October 2007.

Previous work history details:

• Paramount Farms, Los Angeles (1997 - 1999)
  Senior Financial Analyst
• Auckland International Airport (1995 - 1996)
  Business Analyst (1995 - 1996), Commercial Projects Manager (1996)
• Cavill White Securities (1994-1995)
  Equities Analyst
• Croydon Council, London (1990 - 1992)
  Policy Development Officer (1990 - 1991), Project Manager (1991 - 1992)
• Manukau City Council, Auckland (1989 - 1990)
  Project Anlayst

ABN AMRO Craigs (formerly Craig & Co.) was established in 1984 and has operated as an Investment Advisory Firm since that time.

Industry Accreditation/Association

ABN AMRO Craigs is an NZX Firm and must comply with the NZX Participant Rules.

Range of Investment Advice Given

ABN AMRO Craigs Limited gives investment advice on, but not limited to, the following services and securities; Australian and New Zealand Equities, International Equities, Public Offerings, International Bonds, New Zealand Government Stock, Kiwi Bonds, Local Authority Stock, Corporate Bonds and Capital Notes, Debenture Investments, Money Market, Managed Funds, Investment Trusts, Savings Plans, Unit Trusts, Private Equity, Fixed Interest, Investment Banking and Corporate Advice, Share broking and Company Research, Portfolio Services, Margin Lending, Foreign Exchange, at Call Investments and Funds Management.

Types of Services

Your Investment Advisor provides the following services; Share broking, Portfolio Strategy and Management, Retirement Planning and Superannuation, Investment Advisory, Custodial Services, Foreign Exchange, Asset Allocation, Cash Management, Portfolio Lending, Research and such other services as introduced from time to time by ABN AMRO Craigs.

ABN AMRO Craigs Terms and Conditions for Services Provided to Clients (as amended from time to time) apply to all advice given by your Investment Advisor.

Dispute Resolution

If you have a dispute with your Investment Advisor or ABN AMRO Craigs in connection with any investment advice given you should promptly (either in writing and or verbally) detail the particulars of the dispute to the AAC Compliance Manager:

The Compliance Manager
C/- ABN AMRO Craigs
PO Box 13155
Tauranga
New Zealand
Phone: +64 (7) 577 6049

In the first instance the Compliance Manager will, in good faith, try to resolve the dispute. If an appropriate outcome cannot be achieved the matter may be referred in writing to the NZX at:

New Zealand Stock Exchange
NZX Regulation
P.O. Box 2959
Wellington
New Zealand
Phone: +64 (4) 472 7599

Disclosure of Certain Criminal Convictions

Neither your Investment Advisor, ABN AMRO Craigs Limited nor the directors of ABN AMRO Craigs Limited have, within the last 5 years:

• had a conviction under the Securities Markets Act 1988, or the Securities Act 1978 (as amended), or for a crime involving dishonesty (as defined in the Crimes Act 1961);
• been a director or principal officer of a Company convicted of any of the above offences;
• been adjudged bankrupt;
• been prevented by a court from taking part in the management of a company or business;
• been the subject of an adverse finding by a court in any proceeding that has been taken against the Investment Advisor or broker in the Investment Advisor or broker's professional capacity;
• been expelled from or been prohibited from being a member of a professional body.

ABN AMRO Craigs has not, within the last 5 years been placed in statutory management or receivership.

Fees

Detailed information regarding fees is set out in the schedule to this Disclosure Statement.

Other Interests and Relationships

ABN AMRO Craigs has the following relationship(s) with the following relevant organisations.

Details of the commissions ABN AMRO Craigs receives from the above organisations are included in the schedule to this Disclosure Statement. ABN AMRO Craigs may be the sponsor, promoter or manager of a security, which has been recommended to you and may receive a fee for the services it performs in such capacity. Such fees are disclosed in the Investment Statement or Explanatory Document for each relevant security or offering. As at the date of this Disclosure Statement ABN AMRO Craigs is the Sponsor and Promoter of SuperSTART, a registered superannuation scheme and KiwiStart Defined and KiwiStart Personalised, KiwiSaver Schemes offered by ABN AMRO Craigs.

Your Investment Advisor or an associated person may have, a direct or indirect pecuniary or other interest in giving investment advice to you. Your Investment Advisor or an associated person will or may receive directly or indirectly, from a person other than yourself as an investor and in connection with the giving of investment advice to you or a transaction resulting from the giving of advice to you, remuneration that is reasonably likely to influence your Investment Advisor in giving advice to you.

An Investment Advisor receives either commission from ABN AMRO Craigs of up to 50% of the total gross revenue generated by the Investment Advisor, or a fixed salary. These are paid from fees, brokerage and margins earned by ABN AMRO Craigs which are included in the schedule to this Disclosure Statement. If staff are also a shareholder in ABN AMRO Craigs, they will receive any distributions paid by ABN AMRO Craigs to it’s shareholders.

Your Investment Advisor or their Prescribed Persons (as defined in the NZX Participant Rules) may, from time to time, hold securities, which are the subject of advice given to you. These holdings may constitute a threshold interest in the security, which they are recommending to you or which you may buy or sell. A threshold interest is an interest that exceeds $100,000 NZD, or equivalent value, of the security on issue.

Money Handling Procedures

Payment of Money

Money for buy Transactions can be made:

• by personal or bank cheque made payable to “ABN AMRO Craigs Limited Client Funds Account” and crossed “non transferable“ and “A/c Payee only”;
• by ABN AMRO Craigs debiting your ABN AMRO Craigs Cash Management Account;
• by you direct crediting or sending by telegraphic transfer to an ABN AMRO Craigs Client Funds Account.
• Payment by cash is not accepted.

Payment of sale Transactions will be settled by ABN AMRO Craigs by cheque, telegraphic transfer or direct credit into your ABN AMRO Craigs Cash Management Account or nominated bank account.

Investment Money

Money received from you will be held, on trust for you in the ABN AMRO Craigs Client Funds Accounts and will be held in the ABN AMRO Craigs Client Funds Accounts until it has been disbursed in accordance with your instructions. We may however, withdraw money from funds held on trust for you for Fees and Charges owed by you to ABN AMRO Craigs. Money paid by you to ABN AMRO Craigs or money held by ABN AMRO Craigs for you pending investment, reinvestment, payment to you, or for any other reason, may attract interest from the bank where it is deposited. Such interest will be deducted from the bank account and retained by us.

ABN AMRO Craigs and your Investment Advisor keep electronic records of all property and monies received on your account, these records detail:

• The person on whose account the money/property is received.
• The date of receipt.
• The amount of money or nature of the property.

KPMG currently undertake the statutory audit of ABN AMRO Craigs.

You may request a statement of your account by contacting ABN AMRO Craigs or your Investment Advisor.

Except as detailed above, ABN AMRO Craigs and your Investment Advisor will only apply money or property received from you for the benefit of ABN AMRO Craigs or any other person in accordance with instructions given by you.

Investment Property

Other valuable property or documents should be delivered to ABN AMRO Craigs Limited, 158 Cameron Road, PO Box 13155, Tauranga, telephone: +64 (7) 577 6049, or 0800 272 442, or other ABN AMRO Craigs offices.

Professional Indemnity

ABN AMRO Craigs maintain professional indemnity insurance, which is consistent with standard commercial terms, which covers all employees and members of the ABN AMRO Craigs Group of Companies and is commensurate with the nature and scope of the business which ABN AMRO Craigs conduct.

Fee’s Schedule

Your Investment Advisor provides a range of investment related services on which ABN AMRO Craigs charges may apply:

• Share broking: Transactional brokerage is charged on the purchase and sale of listed and unlisted securities, dependent on the value of the transaction, of up to 2.5% plus any stamp duties, trade levies and other agency charges. A minimum charge may apply.
• Portfolio Strategy and Management: An annual fee of up to 1.25%, based on the market value of the portfolio, will be charged.
• Superannuation and Funds Management: ABN AMRO Craigs offers a range of superannuation and kiwiSaver products and a range of Portfolio Investment Entities (PIEs). Entry, Exit, Custodial and Management fees may apply, for specific details please refer to our latest investment statement.
• Custodial Services: An annual fee of up to 0.50%, based on the market value of your portfolio will be charged. Alternatively a fixed dollar charge per security held can be applied.
• Foreign Exchange: No fixed fee is charged in relation to providing foreign exchange services, although ABN AMRO Craigs may earn a margin between the wholesale rate and the client rate.
• Cash Management: Cash Management Accounts operate free of account and transaction charges although we reserve the right to impose transaction fees in certain circumstances for specific client’s (please refer to a copy of our latest Investment Statement). ABN AMRO Craigs, through it’s wholly owned subsidiary CMT Management Ltd, is responsible for the payment of Trustee Fees, Manager Fees and Brokerage Fees as set out in the Trust Deed and detailed in the Prospectus. Interest rates are offered to investors net of these fees.
• Portfolio Lending: ABN AMRO Craigs charges an Application fee ($125), a Margin Call ($30 per margin call) and an Administration fee ($500 per 6 months, offset against any interest charge) in relation to providing Portfolio Lending services. ABN AMRO Craigs may also earn a margin between the interest rate charged to Portfolio Lending clients and the interest ABN AMRO Craigs is charged through it’s wholesale lending arrangements.
• Private Equity: ABN AMRO Craigs, through it’s 50% joint venture, Pohutukawa Management Limited, may earn management and performance fees as detailed in the relevant Investment Statement.

© February 2008. This disclosure statement is the property of ABN AMRO Craigs Limited and should not be copied or disseminated without the prior authorisation of ABN AMRO Craigs Limited.