Investment Analysis (as at 30 November 2010):

Date	ANZ	CBA	MQG	NAB	WBC	Basket Value	% of Strike
Initial Level (24-Apr-08)	21.51	43.5	59.39	29.3	24.89	35.718	-
Strike Level (24-Oct-08)	15.45	40.08	26.05	19.6	22	24.64	-
30-Nov-10	22.66	48.28	35.45	23.45	21.37	30.242	122.74%
29-Oct-10	24.81	48.9	36.2	25.46	22.7	31.614	128.30%
30-Sep-10	23.68	51.17	36.27	25.34	23.24	31.94	129.63%
31-Aug-10	22.59	50.3	37.46	23.2	21.7	31.05	126.01%
30-Jul-10	23.05	52.56	37.2	25.13	23.99	32.386	131.44%
30-Jun-10	21.61	48.64	37.12	23.28	21.23	30.376	123.28%
31-May-10	22.31	51.37	43.33	24.63	22.95	32.918	133.60%
30-Apr-10	24.2	58.51	50.29	28	27.2	37.64	152.76%
31-Mar-10	25.36	56.29	47.25	27.52	27.84	36.852	149.56%
26-Feb-10	23.14	53.92	45.26	26.37	23.86	34.51	140.06%
29-Jan-10	21.73	53.23	50.16	26.37	23.86	35.07	142.33%
31-Dec-09	22.15	52.8	48	28.62	24.14	35.142	142.62%
30-Nov-09	21.29	42.8	39.1	22.44	20.25	29.176	118.41%
30-Oct-09	23.06	52.25	50	22.02	18.87	33.24	134.90%
30-Sep-09	24.39	51.75	58.79	22.02	18.87	35.164	142.71%
31-Aug-09	18.53	39	31.65	22.02	18.87	26.014	105.58%
31-Jul-09	18.53	39	31.65	22.02	18.87	26.014	105.58%
30-Jun-09	16.49	39	31.65	22.02	18.87	25.606	103.92%
29-May-09	15.9	35.14	31.65	22.02	18.87	24.716	100.31%
30-Apr-09	15.9	35.11	33.48	20.63	19.2	24.864	100.91%
31-Mar-09	15.75	34.73	27.05	20.1	19.09	23.344	94.74%
27-Feb-09	13.31	29.8	16.98	17.88	16.89	18.972	77.00%
30-Jan-09	13.27	26.9	25.99	18.93	15.64	20.146	81.76%
31-Dec-08	15.29	28.9	28.81	20.87	16.97	22.168	89.97%
28-Nov-08	14.8	34.09	29.7	20	17.89	23.296	94.55%
31-Oct-08	18.75	42.62	37	24.26	21.48	28.822	116.97%
30-Sep-08	18.75	42.62	37	24.26	21.48	28.822	116.97%
29-Aug-08	16.61	42.4	44.04	24.5	23.55	30.22	122.65%
31-Jul-08	16.25	39.75	51.43	24.7	21.55	30.736	124.74%
30-Jun-08	18.72	40.17	48.64	26.5	20	30.806	125.02%
30-May-08	21.68	42.32	54.5	31.31	23.25	34.612	140.47%
30-Apr-08	21.9	44.85	63.42	30.21	24.49	36.974	150.06%

The Lookback Period ended on 24 October 2008. Accordingly the Strike Level has been set at the lowest Oficial Closing Level observed during this Lookback Period. This occured on the 18 September 2008.

The Cap Level for the AUD Series is 60% and for the USD Series is 55%.

*The Lookback Period ended on 24 October 2008. Accordingly the Strike Level has been set at the lowest Official Closing Level observed during this Lookback Period. This occured on the 18 September 2008.

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