Rmhedge Pty Ltd

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

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

derivatives limited to:

derivatives relating to the wholesale price of electricity only;

derivatives, limited to those where the amount of the consideration or the value of the arrangement is ultimately determined or derives from or varies by reference to the value of an instrument, right or obligation that is or relates to:

Australian carbon credit units;

eligible international emissions units;

the generation of renewable energy or any other energy efficiency measure, whether it is issued or created in Australia or elsewhere; or

the offset or the reduction in the emission of gases into the atmosphere, whether it is issued or created in Australia or elsewhere;

Australian carbon credit units;

eligible international emissions units; and

financial products limited to:

miscellaneous financial risk products limited to value risk products;

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 limited to:

derivatives relating to the wholesale price of electricity;

other derivatives which are entered into for the purpose of managing a financial risk that arises in the ordinary course of the activities of the person where the person:

is not making a market for any such derivatives; and

is only dealing in any such derivatives on the person's own behalf;

ancillary services as defined under the National Electricity Rules made in accordance with the National Electricity Law as set out in the schedule to the National Electricity (South Australia) Act 1996 (SA); and

derivatives, limited to those where the amount of the consideration or the value of the arrangement is ultimately determined or derives from or varies by reference to the value of an instrument, right or obligation that is or relates to:

Australian carbon credit units;

eligible international emission units;

the generation of renewable energy or any other energy efficiency measure, whether it is issued or created in Australia or elsewhere; or

the offset or the reduction in the emission of gases into the atmosphere, whether it is issued or created in Australia or elsewhere;

financial products limited to:

miscellaneous financial risk products limited to value risk products; and

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

derivatives limited to:

derivatives relating to the wholesale price of electricity;

other derivatives which are entered into for the purpose of managing a financial risk that arises in the ordinary course of the activities of the person where the person:

is not making a market for any such derivatives; and

is only dealing in any such derivatives on the person's own behalf;

ancillary services as defined under the National Electricity Rules made in accordance with the National Electricity Law as set out in the schedule to the National Electricity (South Australia) Act 1996 (SA);

derivatives, limited to those where the amount of the consideration or the value of the arrangement is ultimately determined or derives from or varies by reference to the value of an instrument, right or obligation that is or relates to:

Australian carbon credit units;

eligible international emissions units;

the generation of renewable energy or any other energy efficiency measure, whether it is issued or created in Australia or elsewhere; or

the offset or the reduction in the emission of gases into the atmosphere, whether it is issued or created in Australia or elsewhere;

financial products limited to:

miscellaneous financial risk products limited to value risk produts; and

make a market for the following financial products:

derivatives limited to:

derivatives relating to the wholesale price of electricity only;

derivatives, limited to those where the amount of the consideration or the value of the arrangement is ultimately determined or derives from or varies by reference to the value of an instrument, right or obligation that is or relates to:

Australian carbon credit units;

eligible international emissions units;

the generation of renewable energy or any other energy efficiency measure, whether it is issued or created in Australia or elsewhere; or

the offset or the reduction in the emission of gases into the atmosphere, whether it is issued or created in Australia or elsewhere;

Australian carbon credit units; and

eligible international emissions units;

to wholesale clients.