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FIIG SecuritiesFixed Income Market Transparency ReportWeekly Guide to the Australian Fixed Income Market19 November 2012 – 23 November 2012www.fiig.com.auSydneyMelbourneBrisbanePerthLevel 128 O’Connell StreetSydneyNew South Wales 2000AustraliaLevel 2190 Collins StreetMelbourneVictoria 3000AustraliaLevel 8167 Eagle StreetBrisbaneQueensland 4000AustraliaLevel 10553 Hay StreetPerthWestern Australia 6000AustraliaT +61 (0)2 9697 8700F +61 (0)2 9697 8799T +61 (0)3 8668 8888F +61 (0)3 8668 8899T +61 (0)7 3231 6666F +61 (0)7 3231 6699T +61 (0)8 9421 8500F +61 (0)8 9325 8010© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 224659

Overview & Market CommentaryYield direction and volatilityYields increased with the 5 year swap rate climbing from 3.34% to 3.45%. This was reflected in a number of fixed rate lines, mostnotably the recently issued Dampier-Bunbury (DBNGP) 6% Oct 2019, which closed the trading week with a 6.15% bid / 5.92%offer market.Trading margins on fixed and floating corporate debtTrading margins on corporate debt remained broadly consistent through the trading period.Inflation Linked Bonds (ILB)The standout performers in the ILB space continue to be Sydney Airport 20s & Sydney Airport 30s. Continuing supply saw turnoverof $5m and $1m respectively. FIIG remains well placed to fill orders with indicative markets as follows:• Sydney Airport 20s – 4.40% Bid / 4.03% offer• Sydney Airport 30s – 4.80% Bid / 4.47% offerEnvestra remains in good supply with FIIG executing $4.5m in turnover during last week’s trading period at an indicative market of4.50% bid / 4.14% offer.New issuesNational Australia Bank raised $950m via a subordinated floating rate note. The bond pays a quarterly coupon of 3 month BBSW +2.20%, callable in November 2017 and a legal final maturity in November 2022. These are currently available to wholesaleinvestors in parcels of $500k.The contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or to a third party without FIIG’s prior written permission other than to therecipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document andreserves its rights to prosecute for breaches of those rights.This research report should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of this report can be found at the end of this document.© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246592

Overview & Market CommentaryNew DirectBondsLast week FIIG approved two new issues for our DirectBonds list:• REDS Trust 2007-2 (Class B Notes) RMBS tranche with a legal final maturity of December 2038; available to wholesale clientsonly in minimum denominations of $100k• Ausdrill Finance Pty Ltd 6.875% November 2019s. Issued in USD, the bonds are available to wholesale clients only in minimumdenominations of $200kPlease contact your allocated dealer for detailed research and pricing.News regarding some of our most traded namesDBNGP 2019 fixed continued to trade well with FIIG executing $7m in turnover. Increasing outright yields pushed the offer yieldhigher, prompting a number of clients to take advantage of the opportunity to own this senior note at a small premium to par value.The current indicative market is 6.25% bid / 5.85% offer.Genworth 2016 floating rate note became available during the week in good volume. We executed $2.5m in turnover via a 6.94%bid/6.52% offer, market. A hard issue to source, we have exhausted the existing supply making buy orders tough to fill.Morgan Stanley (MS) fixed rate bonds remain available in good volume. Both the MS 2017 fixed rate issue and the MS 2018 fixedrate issue are available at offer yields of 4.85% and 5.15% respectively.The contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or to a third party without FIIG’s prior written permission other than to therecipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document andreserves its rights to prosecute for breaches of those rights.This research report should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of this report can be found at the end of this document.© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246593

Most Traded Issues19 November 2012 – 23 November 2012ISSUE (ISSUER - COUPON - CALL/MATURITY DATE)CAPITALSTRUCTURECALL DATE ^MATURITYDATE ^^TOTALTRADESDOLLAR VOL.TRADED *WEIGHTED AVERAGE YIELDFIIG SELLSSYDAIR-ILB-3.12%-20Nov30 Senior Debt 20/11/2030 31 $5,000,000 6.97% 7.30%DBNGP-6%-11Oct19 Senior Debt 11/10/2019 28 $7,000,000 5.92% 6.15%ENVESTRA-ILB-3.04%-20Aug25 Senior Debt 20/08/2025 27 $4,500,000 6.64% 7.00%SWISSRE-BBSW+1.17%-25May17c T1 25/05/2017 Perpetual 16 $2,500,000 7.12% 7.44%AXA-7.5%-26Oct16c T1 26/10/2016 Perpetual 15 $3,500,000 8.02% 8.48%GENW-BBSW+4.75%-30Jun16c LT2 30/06/2016 30/06/2021 13 $2,500,000 6.52% 6.94%Praeco-IIA-0%-15Aug20 Senior Debt 15/08/2020 11 $1,500,000 5.86% 6.58%SWISSRE-7.635%-25May17c T1 25/05/2017 Perpetual 11 $2,000,000 7.25% 7.77%AXA-BBSW+1.4%-26Oct16c T1 26/10/2016 Perpetual 10 $1,500,000 9.21% 9.70%PRAECO-7.13%-28Jul20c Senior Debt 28/07/2020 28/07/2022 9 $1,500,000 5.50% 5.84%SYDAIR-ILB-3.76%-20Nov20 Senior Debt 20/11/2020 8 $1,000,000 6.53% 6.90%DBCT(DALRYMPLE)-FRN+30bps-09Jun21 Senior Debt 09/06/2021 7 $1,000,000 6.26% 6.50%NAB-BBSW+2.20%-28Nov17c LT2 28/11/2017 28/11/2022 7 $36,000,000 5.29% 5.53%BNP-BBSW+1.43%-24May16 Senior Debt 24/05/2016 5 $14,000,000 4.70% 4.63%NABCAP -BBSW+0.95%-30Sep16c T1 30/09/2016 Perpetual 4 $1,000,000 6.38% 6.67%RABO -6.415%-31Dec14c T1 31/12/2014 Perpetual 4 $1,500,000 5.91% 6.13%ING-BBSW-2.50%-22Mar16 Senior Debt 22/03/2016 4 $5,000,000 4.63% 5.26%JEM-ILA-0%-28Jun35 Senior Debt 28/06/2035 3 $500,000 6.32%VERO-6.75%-23Sep14c LT2 23/09/2014 23/09/2024 3 $500,000 5.08%FIIG BUYSBENAU-BBSW+1.45%-2Nov15 Senior Debt 02/11/2015 3 $4,500,000 4.36% 4.44%* rounded up to the closest $500,000 multiple^ date at which the issuer first has the option to repay the principal^^date at which the issuer must legally repay principalIf you are a wholesale investor and would like to see the ratingsof these issues, please contact your FIIG representativeThe contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or to a third party without FIIG’s prior written permission other than to therecipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document andreserves its rights to prosecute for breaches of those rights.This research report should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of this report can be found at the end of this document.© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246594

Relative Value ChartThe contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or to a third party without FIIG’s prior written permission other than to therecipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document andreserves its rights to prosecute for breaches of those rights.This research report should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of this report can be found at the end of this document.© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246595

AppendixYieldYield for Floating Rate Notes is the Interest Rate Swap to Maturity/Call plus the Trading Margin.Trading Margin is the additional yield the asset earns above a benchmark - in this case the interest rate swap.Yield for Inflation Linked Bonds equals Real Yield plus a current inflation assumption of 2.5%.Real Yield is the yield earned by the investor when inflation is zero (for the term of the bond life).WeightsYields reported are a weighted average based on transaction size.GeneralThe beneficial ownership of the client’s securities remains with the client, and are the client’s assets, at all times.This report and the yields and prices of the securities are provided by FIIG based upon available yields and prices sourced from leadingmarket makers and data services as well as any available market information and feedback when market volume and turnover is low ornot transparent as at the reporting date. Yields and prices are indicative only and there is no guarantee as to their accuracy. The yieldsand prices for the securities are an estimate based on the information available to FIIG as at the reporting date and do not necessarilyrepresent the market price or a price at which FIIG or any other party will buy or sell the securities and may change without notice. If noyield or security is provided for any security, this is because there is insufficient information available to FIIG to provide a yield or price forthe security.The yields and prices will be impacted by transaction size, the issuer’s financial circumstances, market and economic conditions and thesupply and demand dynamics prevailing at the time the client’s securities are bought and sold, amongst other things.The historical yield, price or performance of the securities is no guarantee of their future performance.The yields and prices are not an offer by FIIG to buy or sell the securities. Should the client wish to sell their securities prior to maturity,FIIG will use its best endeavours to assist the client to sell those securities. However, FIIG does not make a market in the securities.The contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or to a third party without FIIG’s prior written permission other than to the recipient’s accountants, tax advisors and lawyers for the purpose of therecipient obtaining advice prior to making any investment decision. FIIG asserts all of its intellectual property rights in relation to this document and reserves its rights to prosecute for breaches of those rights.This research report should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies that are subject of this report can be found at the end of this document.© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246596

DisclaimerThe contents of this document are copyright. Other than under the Copyright Act 1968 (Cth), no part of it may be reproduced, distributed or provided to a third party without FIIG’s prior writtenpermission other than to the recipient’s accountants, tax advisors and lawyers for the purpose of the recipient obtaining advice prior to making any investment decision. FIIG asserts all of itsintellectual property rights in relation to this document and reserves its rights to prosecute for breaches of those rights.FIIG acted on behalf of Silver Chef Limited as sole lead manager to raise A$30M senior unsecured debt from wholesale investors and received a fee for doing so during September 2012.FIIG Securities Limited (‘FIIG’) provides general financial product advice only. As a result, this document and any information, advice or recommendation has been provided by FIIG withouttaking account of your objectives, financial situation or needs. Because of this, you should before acting on any information, advice or recommendation from FIIG consider theappropriateness of the information, advice or recommendation, having regard to your objectives, financial situation and needs. If this document, or any information, advice orrecommendation, relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a product disclosure document relating to the product and consider thedocument before making any decision about whether to acquire the product. FIIG, its directors, representatives, employees or related parties may have an interest in any companies orentities, or any financial product issued by companies and entities, and may earn revenue from the sale or purchase of any financial product, referred to in this document or in anyinformation, advice or recommendation. Neither FIIG, nor any of its directors, representatives, employees, or agents, make any representation or warranty as to the reliability, accuracy, orcompleteness, of this document or any information, advice or recommendation. Nor do they accept any liability or responsibility arising in any way (including negligence) for errors in, oromissions from, this document or any information, advice or recommendation. Any reference to credit ratings of companies, entities or financial products must only be relied upon by a‘wholesale client’ as that term is defined in the Corporations Act 2001 (Cth). FIIG strongly recommends that you seek in dependent accounting, financial, taxation, and legal advice, tailored toyour specific objectives, financial situation or needs, prior to making any investment decision. FIIG does not make a market in the securities or products that may be referred to in thisdocument.The FIIG research analyst certifies that all of the views expressed in this document accurately reflects their views about the companies and financial products referred to in this document andthat their remuneration is not directly or indirectly related to the views of the research analyst. This document is not available for distribution outside Australia and New Zealand and may notbe passed on to any third party without the prior written consent of FIIG.Click here to view FIIG’s Financial Services Guide© FIIG Securities Limited | ABN 68 085 661 632 | AFS Licence No. 2246597