HOLST

Statement of Advice
13 February 2012
F W Holst & Co. Pty Ltd
A.C.N. 006 545 660 A.B.N. 67 006 545 660

AFS Licence No: 247841 A Participant of ASX Group Level 9 600 Bourke Street Melbourne 3000 Australia PO Box 44 Collins Street West Victoria 8007 Australia Telephone (03) 9282 8111 Facsimile (03) 9282 8222 e-mail holst@holst.com.au www.holst.com.au

PJP Investments Pty Ltd PO Box 2541 MOUNT WAVERLEY VIC 3149

Dear Client Re: Portfolio Review & Recommendation

I have conducted a review of your portfolio and after considering several aspects of your personal circumstances and investment objectives, my advice is as follows: SELL: QBE Insurance. The floods in Queensland and New South Wales will trigger new claims and dampen its profitability & BUY: Silver Lake Resources.

In providing this recommendation, I have considered several aspects of your personal circumstances that you have provided to HOLST and believe this recommendation is appropriate to meet your investment objectives and needs. In formulating this recommendation I have considered the following matters: Investment Time Horizon: Attitude to Risk: Investment Objectives: Medium Term Balanced/Normal Stockmarket Risk Total Return Income Growth HOLST/Morningstar Research

Basis of Advice:

If, for any reason, your investment objectives, goals or personal circumstances change, or you have additional information that I should have considered in formulating my advice to you, please let me know before you act on this recommendation. If a recommendation involves a switch out of one security into another security, you need to consider the tax consequences, benefits that may be foregone (including dividends, franking credits and potential share price gains) and the charges HOLST will apply to the transactions. You also need to be aware that market priced securities may fall and rise in price. HOLST is not able to guarantee performance. These comments are current at the date of this recommendation but may change due to subsequent events. Your Profile Details: Your profile was last updated on: Contact Number: Contact Email Address: Your HOLST Account Number:

Feb 10 2012

33726

13 February 2012

Confidential

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F W Holst & Co. Pty Ltd

A.C.N. 006 545 660

Brokerage Schedule: $20,000.00 2.00% $50,000.00 1.00% $100,000.00 0.90% $200,000.00 0.80% $500,000.00 0.70% $700,000.00 0.60% * 0.50% Minimum for Buying is $80 and minimum for Selling is $40. Disclosure of Material Interest: Adviser & Associates: Nil HOLST: Nil I trust this meets with your approval. Yours sincerely F W Holst & Co. Pty Ltd

KIM LEE

This Statement of Advice (SOA) is being provided to you, a retail investor, in accordance with the Corporations Act. This SOA is a record of the personal financial product advice given to you by HOLST. If any information contained in this SOA is inaccurate, please contact your Adviser immediately. If you wish to have your portfolio reviewed on a regular basis, please consider using one of HOLSTs Portfolio Management Services. For further information on HOLSTs services and privacy policy, please refer to the Financial Services Guide (FSG) at www.holst.com.au. Your allocated HOLST Adviser is: KIM LEE (PF) Your Adviser can be contacted on +61 3 9282 8111 or klee@Holst.com.au. As a representative of HOLST, your Adviser may share in brokerage paid to HOLST.
DISCLAIMER This document has been prepared by F W Holst & Co. Pty Ltd ABN 67 006 545 660 (HOLST) Australian Financial Services Licensee No. 247841 for its clients and must not be copied in any way or distributed to any other person without the written authorisation of HOLST. You will notice that HOLST Research documents, if enclosed, state that they provide general advice only. This is in accordance with the Corporations Act, which requires HOLST to disclose on publications when general financial products advice is given. The opinions, forecasts and recommendations expressed by the analysts are subject to change without notice. In making a personal recommendation, HOLST has taken into account the appropriateness of the advice in light of your particular investment needs, objectives and financial circumstances as disclosed to HOLST. HOLST, its directors and associates may hold an interest in financial products and may receive brokerage, commission, fees or may receive other benefits on transactions and/or holdings in the financial products mentioned in this publication. HOLST has made every effort to ensure the information in this publication is accurate and takes no responsibility for any losses incurred as a result of any errors or omissions in data on which this document is based.

13 February 2012

Confidential

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