Global Capital Resources Pty. Ltd.

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

provide financial product advice to wholesale clients only for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

derivatives limited to:

old law securities options contracts and warrants;

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;

standard margin lending facility; and

superannuation; and

provide general financial product advice to retail clients for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

derivatives limited to:

old law securities options contracts and warrants;

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;

standard margin lending facility; and

deal in a financial product to retail and wholesale clients by:

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;

derivatives limited to:

old law securities options contracts and warrants;

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;

standard margin lending facility; and

superannuation;