the Trust Company (Re Services) Limited

This licence authorises the licensee to carry on a financial services business to:

provide financial product advice for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

deposit products other than basic deposit products;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);

securities; and

superannuation;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:

derivatives;

foreign exchange contracts;

interests in managed investment schemes including:

the investor directed portfolio service known as "Permanent Private Client Services"; and

securities; and

applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

deposit and payment products limited to:

basic deposit products;

deposit products other than basic deposit products;

derivatives;

foreign exchange contracts;

general insurance products;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

the investor directed portfolio service known as "Permanent Private Client Services";

retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);

securities;

superannuation;

Australian carbon credit units; and

eligible international emissions units;

operate the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:

schemes which only hold the following types of property:

derivatives;

direct real property;

financial assets; and

mortgages; and

IDPS-like schemes;

provide the following custodial or depository services:

operate custodial or depository services other than investor directed portfolio services;

operate the business and conduct the affairs of a retail CCIV(s) which only holds the following types of CCIV assets (including the holding of any incidental property);

Derivatives;

Direct Real Property;

Financial assets; and

Mortgages; and

operate the business and conduct the affairs of a wholesale CCIV(s) which only holds the following types of CCIV assets (including the holding of any incidental property):

Derivatives;

Direct Real Property;

Financial assets; and

Mortgages;

to retail and wholesale clients.