ANZ RESEARCH

COMMODITY DAILY
Overnight Wrap Crude fell after disappointing US labour data Gold up on weaker US dollar & safe-haven bids Base metals closed, but negative tone expected Newc coal spot price up, but activity subdued
April 10, 2012 Overnight Themes Commodity markets that were closed over the Easter Holidays are expected to soften after market sentiment took a hit on Friday night. A much weaker-thanexpected US non-farm payrolls result and concerns that Spain would be the next in line to receive a bailout set a negative tone. The US 10-year yield has fallen sharply and peripheral European bond yields continued to rise. US non-farm payrolls rose by 120k in March (mkt: +205k) but the unemployment rate fell 0.1ppts to 8.2% alongside a decline in the participation rate. Warmer weather likely boosted jobs during the Jan/Feb, while the March outcome potentially reflected an unwinding of seasonal factors. However, we note that employment gains of around 200k are consistent with a broad range of employment lead indicators and we expect that jobs growth will bounce back to this pace over the next few months. In China, CPI inflation for March printed a touch higher than market expectations at 3.6% y/y (mkt: 3.4% y/y), which could also dampen market expectations for further cuts in policy. Our colleagues in China believe a RRR cut could be postponed until May or June. Crude benchmarks declined slightly, reacting to the weak US employment data on Friday and reports of a meeting scheduled between Iran and the West over their nuclear program. Front-month WTI crude oil fell to the lowest level since February, before rebounding into the close. Although Brents premium over WTI remained above the US$20/bbl level. Oil prices fell over 2% for the week after US FOMC minutes lowered expectations of further easing, but the disappointing employment read could reignite this case, potentially supporting crude markets going forward. Gold firmed by 0.5% to US$1,640/oz on a weaker US dollar, but the weekly average remained in negative territory. Safe-haven bids could have been reinstated, but it is likely that prices were supported by hopes of US policy easing after weaker than expected US employment data. Gold could also receive a boost this week as Chinas real interest rates turned negative again, but an uncertain inflation outlook implies the PBoC will remain cautious in its policy operations. Base metals were closed for holidays, but prices will potentially remain under pressure during trade today after a triple whammy of weaker US data, Spanish sovereign risk, and an uncertain inflation outlook in China (potentially lowering expectations of further monetary policy easing). This week the major Chinese economic indicators will likely influence direction. Today, we expect Chinese trade data for March to show a surplus of US$9.6bn (mkt: US$3.15bn deficit) on improving demand from the US and emerging Asia. Newcastle spot coal prices strengthened to US$106/t on a weekly basis, but activity was quiet ahead of the Easter Holidays. Indias state-owned utility NTPC announced a 5mt 5,800-6,500kcal/kg coal import tender with supplies to be completed within four months from July 2012. We could see some near-term upside from India, with local coal customer stocks tighter on the ground than in China.

Contacts: Mark Pervan Natalie Robertson

+613 9273 3716 | mark.pervan@anz.com +613 9273 3415 | natalie.robertson@anz.com

Daily Ranked Price Moves (%)

0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1 ) (0.2) (0.4) (0.5) (0.7) (1 ) .1 (1 .5) (1 .0) (0.5) 0.0 0.5 1 .0 Go ld P latinum B altic Freight Tin Lead Zinc Nickel Co pper A luminium WTI Oil B rent Oil USD (DXY) Silver Co al (NEWC) S&P 500

Note: Easter holidays no change for base metals & freight rates Sources: Bloomberg, globalCOAL

Weekly Ranked Price Moves (%)

1 .2 1 .0 0.8 (0.0) (0.2) (0.3) (0.6) (0.8) (2.2) (2.2) (2.3) (2.6) (2.6) (3.4) (4.3) (5.0) (4.0) (3.0) (2.0) (1 .0) 0.0 1 .0 2.0 USD (DXY) Nickel Co al (NEWC) Lead Zinc Tin B altic Freight A luminium P latinum Go ld B rent Oil S&P 500 WTI Oil Co pper Silver

Sources: Bloomberg, globalCOAL

Price Data
Commodities LME BASE METALS (US$/t)
Aluminium Copper Nickel Zinc Lead Tin 2,072 8,382 18,336 2,000 2,059 23,115 0.0 0.0 0.0 0.0 0.0 0.0 (0.8) (3.4) 1.0 (0.2) (0.0) (0.3) (5.2) (0.8) (4.4) (3.7) (2.4) (1.3) (0.6) 11.9 (3.9) 7.0 6.1 17.1

Close

1 Day

1 Wk

1 Mth

3 Mth

% Change

Inventories LME BASE METALS (kt)

Aluminium Copper Nickel Zinc Lead Tin

Close

1 Day

1 Wk

1 Mth

3 Mth

% Change
5,059 265 100 895 375 13 0.0 0.0 0.0 0.0 0.0 0.0 (0.4) 2.8 (0.4) (0.2) (0.6) (0.2) (0.6) (3.3) 3.4 3.3 3.0 12.5 1.8 (27.8) 11.5 9.3 6.8 15.4

PRECIOUS METALS (US$/oz)

Gold Gold (A$/oz) Silver Platinum Palladium 1,640 1,589 31.5 1,615 644 0.5 0.4 (0.5) 0.5 (0.3) (2.2) (1.2) (4.3) (2.2) (1.8) (3.6) (2.0) (6.3) (4.7) (8.2) 1.8 0.7 8.7 13.2 4.6

Key Indices
S&P 500 VIX Volatility Index CRB Index LME Metals Index

Close
1,382 19 305 3,567

1 Day
(1.1) 12.6 (0.5) 0.0

1 Wk
(2.6) 20.3 (2.4) (2.1)

1 Mth
0.8 20.3 (3.5) (2.4)

3 Mth
7.9 (10.7) (2.2) 7.5

% Change

ENERGY (US$/bbl)
WTI Oil* Brent Oil* Sing Gasoil 0.5% Sing Fuel Oil 180cst (US$/t) 102.5 122.6 134.2 739 (0.1) (0.2) 0.0 0.0 (2.6) (2.3) (0.4) (0.7) (3.6) (2.2) (2.5) (0.1) 1.1 9.0 3.2 3.0

Freight
Baltic Freight Rate Baltic Capesize Baltic Panamax Baltic Handysize

Close
928 1,507 1,036 547

1 Day
0.0 0.0 0.0 0.0

1 Wk
(0.6) 5.6 (1.4) (2.7)

1 Mth
10.9 0.7 13.6 14.4

3 Mth
(29.1) (32.4) (31.2) (1.3)

% Change

OTHER (US$/t)
China HR Coil (RmB/t) Richards Bay Coal API4 Newcastle Coal Australia Coking Coal** Iron Ore Spot 4,387 102.7 106.0 207.5 147.6 0.3 0.0 (0.7) 0.0 0.3 (1.6) 0.8 1.1 0.0 1.6 (0.5) (4.6) (1.9) 3.0 4.0 (2.8) (7.3) (7.3) 5.4

Currencies
DXY - USD Index AUD/USD - Aussie NZD/USD - Kiwi

Close
79.8 1.032 0.823

1 Day
(0.4) 0.1 0.7

1 Wk
1.2 (1.0) (0.1)

1 Mth
(0.1) (1.7) 0.7

3 Mth
(1.6) 1.1 4.8

% Change

* Front-month futures ** Weekly prices Sources: Bloomberg, globalCOAL, Argus Coal

US Commodity Futures Trading Commission (CFTC) Data

METALS
Gold (t) Long Short Net Position Open Interest Silver (t) Long Short Net Position Open Interest Copper (kt) Long Short Net Position Open Interest 545 438 107 1,778 502 412 90 1,726 496 378 119 1,741 336 354 (18) 1,371 339 355 (16) 1,362 525 271 254 1,524 4,800 1,168 3,632 24,072 4,440 1,031 3,408 22,826 6,474 943 5,531 25,561 4,322 2,213 2,109 22,195 3,967 873 3,094 24,395 7,717 1,307 6,409 32,882 562 97 465 1,938 594 96 498 1,949 789 100 689 2,294 531 109 422 1,999 608 114 494 2,566 845 127 718 2,212 Spot 1 Wk 1 Mth 3 Mth 6 Mth 12 Mth Actual

ENERGY
WTI Crude Oil (mbbls) Long Short Net Position Open Interest Natural Gas (1000 mmbtu) Long Short Net Position Open Interest RBOB Gasoline (m gallons) Long Short Net Position Open Interest

Spot

1 Wk

1 Mth

3 Mth

6 Mth

12 Mth

Actual

396 100 295 1,569

412 100 313 1,562

419 85 333 1,518

327 113 214 1,373

326 128 198 1,381

430 97 333 1,567

2,799 4,076 (1,277) 12,737

2,694 4,216 (1,522) 12,654

2,480 3,823 (1,343) 12,316

1,818 3,429 (1,611) 10,448

1,474 3,195 (1,721) 9,466

1,591 3,260 (1,669) 9,695

4,824 724 4,101 15,419

4,485 665 3,820 16,295

4,689 818 3,870 15,680

3,567 900 2,667 12,142

2,727 1,200 1,527 12,030

3,424 633 2,791 13,536

Note: Closing prices at 10 April 2012 Source: Bloomberg

Data Calendar Week Beginning 26 March 2012

DATE 9-Apr Monday CH EU COUNTRY JP DATA/EVENT Current Account Total Trade Balance - BOP Basis Producer Price Index YoY Consumer Price Index YoY Sentix Investor Confidence Lloyds Employment Confidence RICS House Price Balance US 10-Apr Tuesday CH JP Business Outlook Future Sales BOJ Target Rate Machine Tool Orders YoY Trade Balance (USD) Exports YoY Imports YoY GE Exports sa MoM Imports sa MoM Current Account (EURO) Trade Balance US NFIB Small Business Optimism IBD/TIPP Economic Optimism JOLTs Job Openings Wholesale Inventories Bank Lending Ex-Trusts YoY Bank Lending incl Trusts YoY 11-Apr Wednesday JP US Machine Orders YoY MBA Mortgage Applications Import Price Index MoM Import Price Index YoY Fed's Beige Book Fed Releases Beige Book Economic Survey Monthly Budget Statement 12-Apr Thursday US EU ECB Publishes April Monthly Report Euro-Zone Ind. Prod. wda YoY Trade Balance Producer Price Index YoY Initial Jobless Claims 13-Apr Friday CH Industrial Production YoY Fixed Assets Inv Excl. Rural YTD YoY Real GDP QoQ Real GDP YoY Retail Sales YoY GE US Consumer Price Index YoY Consumer Price Index YoY Consumer Price Index Nsa U. of Michigan Confidence
Sources: Bloomberg, ANZ Research

PERIOD FEB FEB MAR MAR APR MAR MAR 1Q 10-Apr MAR P MAR MAR MAR FEB FEB FEB FEB MAR APR FEB FEB MAR MAR FEB 6-Apr MAR MAR

MARKET ---0.3% 3.4% -------$6.20B 7.0% 10.5% ---------------

ANZ ----------------------------

LAST -437.3B -1381.6B 0.0% 3.2% -8.2 -69 -13.0% -4 0.1% -8.6% -$31.48B 18.4% 39.6% 2.4% 2.4% 8.0B 13.1B 94.3 47.5 3459 0.4% 0.8% -5.7% -0.4% 5.5%

GMT 23:50 23:50 01:30 01:30 08:30 23:01 23:01 14:30 14:00 06:00 14:00 14:00 14:00 06:00 06:00 06:00 06:00 11:30 14:00 14:00 14:00 23:50 23:50 23:50 11:00 12:30 12:30 18:00 18:00

AEST 09:50 09:50 11:30 11:30 18:30 09:01 09:01 00:30 00:00 16:00 00:00 00:00 00:00 16:00 16:00 16:00 16:00 21:30 00:00 00:00 00:00 09:50 09:50 09:50 21:00 22:30 22:30 04:00 04:00 04:00 18:00 19:00 22:30 22:30 22:30 12:00 12:00 12:00 12:00 12:00 16:00 22:30 22:30 23:55

MAR FEB FEB MAR 7-Apr MAR MAR 1Q 1Q MAR MAR F MAR MAR APR P

---------------

---------------

--1.5% -$52.6B 3.3% --21.5% 2.0% 8.9% -2.1% 2.9% 227.663 --

18:00 08:00 09:00 12:30 12:30 12:30 02:00 02:00 02:00 02:00 02:00 06:00 12:30 12:30 13:55

Moving Averages
US$ /t 3,000

ALUMINIUM

US$ /t 1 ,000 1 1 0,000

COPPER

US$ /t 30,000

NICKEL

2,700 9,000 2,400 8,000

25,000

20,000 7,000 2,1 00 6,000 1 ,800 5,000 4,000 1 ,500 3,000 1 ,200 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 M ar-1 2 2,000 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 M ar-1 2 5,000 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 M ar-1 2 1 0,000 1 5,000

Spo t price

50-day

200-day

Spo t price

50-day

200-day

Spo t price

50-day

200-day

US$ /t 3,000 2,750 2,500 2,250

LEAD

US$ /t 2,800 2,600 2,400 2,200 2,000

ZINC

US$ /bbl 1 20 10 1 1 00 90 80 70 60 50 40 30

OIL

2,000 1 ,800 1 ,750 1 ,500 1 ,250 1 ,000 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 200-day M ar-1 2 1 ,600 1 ,400 1 ,200 1 ,000 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 M ar-1 2

A pr-09

No v-09

Jun-1 0 50-day

Jan-1 1

A ug-1 1 200-day

M ar-1 2

Spo t price

50-day

Spo t price

50-day

200-day

Spo t price

US$ /o 2,000

GOLD

US$ /o z 55 50

SILVER

US$ /o z 2,1 00 1 ,900 1 ,700 1 ,500 1 ,300 1 00 ,1 900 700

PLATINUM

1 ,800

45 40 35

1 ,600

1 ,400

30 25

1 ,200

20 1 5 1 0

1 ,000

800 A pr-09 No v-09 Jun-1 0 50-day Jan-1 1 A ug-1 1 200-day M ar-1 2

5 A pr-09 No v-09 Jun-1 0 50-day Jan-1 1 A ug-1 1 200-day M ar-1 2

A pr-09

No v-09

Jun-1 0 50-day

Jan-1 1

A ug-1 1 200-day

M ar-1 2

Spo t price

Spo t price

Spo t price

US$ /t 1 50

NEWCASTLE COAL

US$ /t 21 0 1 90

IRON ORE

US$ 15 .1 10 .1 1 .05 1 .00 0.95 0.90

AUSTRALIAN DOLLAR

1 30 1 70 10 1 1 50 1 30 90 10 1 90 70 70 50 A pr-09 No v-09 Jun-1 0 50-day Jan-1 1 A ug-1 1 200-day M ar-1 2 50 A pr-09 No v-09 Jun-1 0 Jan-1 1 50-day A ug-1 1 M ar-1 2

0.85 0.80 0.75 0.70 0.65 0.60 A pr-09 No v-09 Jun-1 0 Jan-1 1 A ug-1 1 M ar-1 2

Spo t price

Spo t price

200-day

Spo t price

50-day

200-day

Note: Closing prices at 6 April 2012. Sources: Bloomberg, globalCOAL, ANZ Commodity Strategy

Forward Curves
US$/t 2,400 2,350 2,300 2,250 2,200 2,150 2,100 2,050 2,000 1M 6M 3 C urrent US$/t 2,180 2,160 2,140 2,120 2,100 2,080 2,060 2,040 2,020 2,000 1,980 1M 3 6M 1Y Last week GOLD 2Y 3Y Last quarter C urrent US$/oz 1,710 1,700 1,690 1,680 1,670 1,660 1,650 1,640 1,630 1,620 1M 6 M 3 C urrent 1Y Last week 2Y 3Y Last quarter 1Y Last week LEAD 2Y 3Y Last quarter 7,600 7,400 1M 6M 3 C urrent US$/t 2,100 2,050 2,000 1,950 1,900 1,850 1,800 1M 6 M 3 C urrent US$/oz 32.5 32.0 31.5 31.0 30.5 30.0 29.5 29.0 1M 6M 3M C urrent 1Y Last week 2Y 3Y Last quarter 1,450 1,400 1M 3M C urrent US$ 1.04 1.03 1.02 1.01 1.00 0.99 0.98 0.97 0.96 0.95 0.94 0.93 0.92 1M3M 6M C urrent 1Y Last week 2Y Last quarter 1M 6M 3M C urrent 1Y Last week 2Y 3Y Last quarter 6M Last week 1Y Last quarter 1,550 1,500 1Y Last week 2Y 3Y Last quarter 1Y Last week ZINC 2Y 3Y Last quarter 8,200 8,000 7,800 ALUMINIUM US$/t 8,600 8,400 COPPER US$/t 19,000 18,800 18,600 18,400 18,200 18,000 17,800 17,600 17,400 17,200 17,000 1M 6 M 3 C urrent US$/bbl 106 104 102 100 98 96 94 1 M 6M 3 C urrent US$/oz 1,650 1,600 1Y Last week 2Y 3Y Last quarter 1Y Last week WTI OIL 2Y 3Y Last quarter NICKEL

SILVER

PLATINUM

US$t 118 117 116 115 114 113 112 111 110 109 108 107 106

NEWCASTLE THERMAL COAL

US$t 150 145 140 135 130 125 120

IRON ORE

AUSTRALIAN DOLLAR

1M 3M 6M C urrent

1Y Last week

2Y Last quarter

Note: Forward curves at 5 April 2012. Sources: Bloomberg, globalCOAL, FIS, ANZ Commodity Strategy

ANZ Forecast Table1

COMMODITY
BASE METALS Aluminium Copper Nickel Zinc Lead Tin PRECIOUS METALS Gold Platinum Palladium Silver ENERGY WTI NYMEX Dated Brent Uranium BULKS Thermal coal2 Premium hard coking Hard coking Semi-soft coking coal Iron ore lump Iron ore fines OTHER METALS Alumina Molybdenum Cobalt EXCHANGE RATES AUD/USD NZD/USD EUR/USD USD/JPY USD/CAD USD/CNY US$ US$ US$ C$ Yuan 1.08 0.82 1.46 81.03 0.96 6.46 1.05 0.83 1.41 76.78 0.99 6.38 1.04 0.79 1.35 77.48 1.01 6.36 1.06 0.83 1.33 80.06 1.00 6.29 1.05 0.84 1.35 78.96 0.99 6.27 1.09 0.86 1.36 75.67 1.00 6.23 1.10 0.88 1.37 73.00 1.02 6.14 1.10 0.90 1.37 70.67 1.04 6.10 1.10 0.90 1.37 70.00 1.06 6.08 1.10 0.90 1.36 70.00 1.08 #/NA 1.10 0.90 1.34 70.00 1.10 #/NA US$/t US$/lb US$/lb 326 16.7 18.3 300 14.6 17.1 262 13.4 15.1 265 13.8 14.8 278 14.8 15.3 280 15.8 16.2 288 16.3 16.8 291 16.5 17.0 288 16.8 17.5 288 16.9 18.0 291 16.7 18.0 US$/t US$/t US$/t US$/t US$/t US$/t 130.0 330.0 300.0 275.0 206.1 171.8 130.0 315.0 290.0 230.0 202.0 168.3 130.0 285.0 265.0 208.0 177.6 148.0 130.0 235.0 225.0 171.0 168.0 140.0 115.0 206.0 196.0 151.0 175.2 146.0 115.0 215.0 195.0 170.0 180.0 150.0 115.0 220.0 200.0 175.0 183.9 152.0 115.0 220.0 200.0 175.0 183.9 152.0 125.0 225.0 200.0 175.0 181.5 150.0 125.0 225.0 200.0 175.0 176.7 146.0 125.0 220.0 195.0 170.0 173.2 142.0 US$/bbl US$/bbl US$/lb 102.5 117.0 56.4 89.5 112.9 51.8 94.1 109.3 52.6 102.4 115.8 53.1 107.0 123.5 56.0 108.5 122.5 60.5 111.0 123.0 65.0 114.5 124.5 68.5 116.5 125.0 71.5 116.0 123.5 74.0 114.5 121.0 76.0 US$/oz US$/oz US$/oz US$/oz 1,508 1,785 760 38.5 1,706 1,771 752 38.9 1,683 1,531 630 31.8 1,632 1,526 673 31.2 1,740 1,685 700 34.8 1,790 1,700 730 35.3 1,815 1,700 775 36.2 1,855 1,765 820 37.4 1,870 1,795 850 37.5 1,830 1,765 850 36.9 1,770 1,725 838 36.3 US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb 1.18 4.16 11.05 1.02 1.16 13.08 1.09 4.07 9.98 1.01 1.11 11.16 0.95 3.41 8.34 0.86 0.90 9.45 0.96 3.62 8.70 0.87 0.94 9.09 1.01 3.85 9.15 0.90 0.96 9.45 1.02 3.98 9.70 0.91 0.96 9.75 1.05 4.08 10.15 0.95 0.99 10.30 1.06 4.08 10.25 0.98 1.02 10.55 1.05 4.13 10.40 1.01 1.05 10.80 1.05 4.15 10.45 1.03 1.06 10.95 1.06 3.95 10.15 1.04 1.07 10.80 Unit Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

Note 1: Average prices Note 2: Thermal coal prices are for JPY year starting April 1 Source: ANZ Commodity Strategy

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DISCLAIMER

Except if otherwise specified above, this document is issued and distributed in your country/region by Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ), on the basis that it is only for the information of the specified recipient or permitted user of the relevant website (collectively, recipient). This document may not be reproduced, distributed or published by any recipient for any purpose. It has been prepared without taking into account the objectives, financial situation or needs of any person. Nothing in this document is intended to be an offer to sell, or a solicitation of an offer to buy, any product, instrument or investment, to effect any transaction or to conclude any legal act of any kind. If, despite the foregoing, any services or products referred to in this document are deemed to be offered in the jurisdiction in which this document is received or accessed, no such service or product is intended for nor available to persons resident in that jurisdiction if it would be contradictory to local law or regulation. Such local laws, regulations and other limitations always apply with non-exclusive jurisdiction of local courts. Before making an investment decision, recipients should seek independent financial, legal, tax and other relevant advice having regard to their particular circumstances. The views and recommendations expressed in this document are the authors. They are based on information known by the author and on sources which the author believes to be reliable, but may involve material elements of subjective judgement and analysis. Unless specifically stated otherwise: they are current on the date of this document and are subject to change without notice; and, all price information is indicative only. Any of the views and recommendations which comprise estimates, forecasts or other projections, are subject to significant uncertainties and contingencies that cannot reasonably be anticipated. On this basis, such views and recommendations may not always be achieved or prove to be correct. Indications of past performance in this document will not necessarily be repeated in the future. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Additionally, this document may contain forward looking statements. Actual events or results or actual performance may differ materially from those reflected or contemplated in such forward looking statements. All investments entail a risk and may result in both profits and losses. Foreign currency rates of exchange may adversely affect the value, price or income of any products or services described in this document. The products and services described in this document are not suitable for all investors, and transacting in these products or services is considered risky. ANZ and its related bodies corporate and affiliates, and the officers, employees, contractors and agents of each of them (including the author) (Affiliates), do not make any representation as to the accuracy, completeness or currency of the views or recommendations expressed in this document. Neither ANZ nor its Affiliates accept any responsibility to inform you of any matter that subsequently comes to their notice, which may affect the accuracy, completeness or currency of the information in this document. Except as required by law, and only to the extent so required: neither ANZ nor its Affiliates warrant or guarantee the performance of any of the products or services described in this document or any return on any associated investment; and, ANZ and its Affiliates expressly disclaim any responsibility and shall not be liable for any loss, damage, claim, liability, proceedings, cost or expense (Liability) arising directly or indirectly and whether in tort (including negligence), contract, equity or otherwise out of or in connection with this document. If this document has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. ANZ and its Affiliates do not accept any Liability as a result of electronic transmission of this document. Disclosure of Interests ANZ and its Affiliates may have an interest in the products and services described in this document as follows:

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