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FAQs FOR AOT OPTIONS CLIENTS
23 Jan 2005



1. HOW DO I OPEN AN ACCOUNT WITH COMMSEC?


To select CommSec as your Participant and trade Options with CommSec, you will need to take the following action:

i) Please read the ASX “Understanding Options Trading” booklet by simply going to the AOT website or you can request a copy by calling AOT on 1300 55 4444.

ii) Please go to the AOT website and download and read the CommSec Exchange Traded Options Product Disclosure Statement(PDS) or you can request a copy by calling AOT. Complete, sign and return the CommSec Exchange Traded Options Application Form. If you did not receive a pre-filled application form by email on 30 December 2004, then please see FAQ below.

iii) If you wish to lodge CHESS securities as collateral with the Options Clearing House, please also complete, sign and return the Registered Holder Collateral Authorisation Form, which is included in the PDS.

iv) Please return your signed form(s) by close of business on 14 January 2005 to:

CommSec (AOT)
Reply Paid 60768
Australia Square NSW 1214


2. HOW DO I NOMINATE COMMSEC AS MY PARTICIPANT FOR TRADING OPTIONS AND TRANSFER MY ACCOUNT TO COMMSEC?


All you need to do is fill in the forms required above and return them to CommSec. Once CommSec receives the forms they will process and activate the account number that they have allocated to you.
You do not need to advise Berndale Securities that you have opened an account with CommSec. Before the transfer date, CommSec will advise Berndale Securities that you have nominated to have your account transferred.

3. WHAT IS THE TRANSFER DATE?


The transfer date is 24 January 2005. This means that from the open of market on 24 January 2005, CommSec will be acting as your trading participant on the condition that you have completed the forms outlined in FAQ 1.


4. WHEN WILL MY ACCOUNT BE TRANSFERRED TO COMMSEC?


Your account will be transferred between the close of business on Friday 21 January 2005 and before the market open on Monday 24 January 2005.

5. WHAT FEES WILL APPLY WHEN I TRADE OPTIONS WITH COMMSEC?


The CommSec fees will apply to options trading and will be detailed in a new Supplementary Financial Services Guide (FSG) that will be issued on 16 January 2005.
These fees are as follows: For the execution of Exchange Traded Options, the rate will be $34.95 up to $10,000 in premium and 0.35% above $10,000. The same rates will apply to exercise and assignment. The options clearing house fee of $1.12 per share option contract (open or close) and $0.55 per option exercise and assignment will continue to apply.

6. WHAT ARE THE RELEVANT DATES LEADING UP TO THE TRANSFER?


From 16 January 2005 and prior to the transfer date, we will formally advise you of your new account number. Unless you notify us otherwise, this account will be activated to enable you to commence trading with CommSec from Monday 24 January 2005.


7. DO I NEED TO NOTIFY BERNDALE SECURITIES OF MY INTENTION TO TRANSFER TO COMMSEC?


No, CommSec will notify Berndale Securities that you wish to transfer. By completing the relevant forms you are indicating to us that you wish to transfer to CommSec and we will advise Berndale on your behalf.

8. CAN I START TRADING WITH COMMSEC BEFORE THE TRANSFER DATE?

If you wish to trade options with CommSec prior to the transfer date then you will need to complete the application forms outlined in FAQ 1 above and as well send a notification of withdrawal to Berndale Securities indicating that you wish them to transfer your account, open positions and cash
and collateral held for securities purposes.

9. WHAT DO I DO IF I DIDN’T RECEIVE AN APPLCIATION FORM PREFILLED WITH A COMMSEC ACCOUNT NUMBER?


If you did not receive a pre-filled application form then please advise AOT and they will arrange to email one to you. Alternatively you may download the CommSec Exchange Traded Options Product Disclosure Statement (PDS) from the AOT website and complete the application form which is included in the PDS. Please ensure that when you return the signed form(s) to:

CommSec(AOT Options)
Reply Paid 60768
Australia Square 1214


10. WHAT WILL HAPPEN IF I HAVE AN OPEN POSITION ON THE TRANSFER DATE?


If you have an open position on the transfer date and you have completed the forms to transfer to CommSec by following the steps in FAQ 1 above, then CommSec will advise Berndale Securities to transfer your open option position to CommSec before market open on Monday 24 January 2005.
This will ensure that your existing option position and any cash and securities held for collateral purposes will be moved from your existing account to your new account at CommSec. If you do not take action to either nominate CommSec or another broker as your trading participant for options then Berndale Securities will not be able to transfer any open positions. Berndale Securities has advised that if they do not receive instructions, then they may liquidate open positions on 24 January 2005.

11. WHO DO I DIRECT MY ENQUIRIES TO BEFORE THE TRANSFER DATE ON 24 JANUARY 2005?


For more information about transferring your options trading account to CommSec, please call AOT on 1300 55 4444 between 8.30am and 5.30pm (EST), Monday to Friday.


12. WHO DO I DIRECT MY ENQUIRIES TO FROM 24 JANUARY 2005?

From Monday 24 January 2005, should you have any enquiries regarding options trading you can call the CommSec High Value Client desk on 1300 55 4444.


13. HOW DO I TRADE OPTIONS FROM 24 JANUARY 2005?


You can continue to trade options by logging on to the CommSec site using the Account number and password that we allocate and advise to you. When you log in you will be taken to the Web Iress trading platform that you currently use with AOT.



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