Costs

Australian Shares

Trade Execution	Minimum	Above Minimum (flat)
Share trades Internet Preferred1	$19.95 up to $10,000 transaction value	$29.95 (up to $25,000) 0.12% (above $25,000)
Share trades over the Internet	$29.95 up to $10,000 transaction value	0.31% (above $10,000)
Share trades over the phone including CommSec and Colonial Margin Lending trades	$59.95 up to $10,000 transaction value	0.52% (up to $25,000) 0.49% (up to $1m) 0.11% (above $1m)
Phone Trader	$29.95 up to $10,000 transaction value	0.31% (above $10,000)
Trades requiring settlement through a third party	$99.95 up to $15,000 transaction value	0.66% (above $15,000)
One-off trades	$66.00 up to $10,000 transaction value	0.66% (above $10,000)
Deceased estates	$81.90 up to $15,000 transaction value	0.54% (above $15,000)

1 To be eligible for Internet Preferred trading, you must be CHESS sponsored by CommSec and settle your trades through a CommSec Cash Account, CDIA or a CommSec or Colonial Margin Loan.

Share Packs

CommSec Share Packs over the internet	$66 per pack of 6 shares
CommSec Share Packs over the telephone	$181.50 per pack of 6 shares

International Shares

Leading global exchanges
Region	Markets	Brokerage^*
North America	New York Stock Exchange NASDAQ American Stock Exchange Includes equities, foreign denominated bonds, managed funds and Options	USD$71.50 or 0.825%, whichever is greater 1 Additional brokerage of USD$1.20 per contract applies to US Option trades.
North America	Canada	Additional fee of CAD$0.0165 per share
Asia	Japan
Asia	Hong Kong
United Kingdom 2	London Stock Exchange

Other markets
Region	Markets	Brokerage^*
Asia-Pacific	Indonesia	USD$143.00 or 1.10%, whichever is greater1
	New Zealand
	Philippines
	Singapore
	Thailand
Europe and Middle East	Austria
	Belgium
	Denmark
	Finland
	France
	Germany
	Ireland
	Israel
	Italy
	Luxembourg
	The Netherlands
	Norway
	Portugal
	Spain
	Sweden
	Switzerland
	Turkey

*All of the above brokerage rates and fees include GST.

1 For all limit and market orders which are not fully executed in the same trading day, normal brokerage will be charged for the total portion executed per day. Brokerage charges may be converted and applied in the local currency. This may result in variances in the US dollar equivalent brokerage being applied.

2 A stamp duty of 50 basis points may apply to buy trades executed on the London Stock Exchange. The provision of services in all markets is subject to prior approval by CommSec. The available markets may be varied at any time without notice.

Brokerage - Please note effective 1st March 2009

Confirmation Notes

Interpretation of Confirmations for Australian Goods and Services Tax (GST) purposes

For Australian GST purposes only the Confirmations issued with Commonwealth Securities Ltd (CommSec) letterhead must be interpreted as follows:

(a) The word "CONFIRMATION" printed in upper case at the top of the Confirmation is to be read as stating the words "TAX INVOICE" (herein referred to as "Tax Invoice")

(b) The total of the following items that appear on the Tax Invoice includes GST:

"Interest"
"Commission Comm Equiv"
"Service Charge"
"Trans. Fee"

(c) To calculate the total GST payable, add up all of the amounts shown on your Confirmation listed in (b) above and divide by 11

(d) The "Principal" amount shown on the Confirmation does not include GST and should not be included in the GST calculation detailed in paragraph (c)

(e) GST included in the fees and charges listed in (b) above and shown on the Confirmation are to be calculated in Australian Dollars at the exchange rate published by the RBA at 4pm Australian Eastern Standard Time on the business day prior to the settlement date

Fees*

Exchange fees and other regulatory fees also apply. Exchange fees may be different for each exchange you trade on.

Custody fee for inactive accounts 1	USD$75.00 per year
Outgoing account transfers to either another custodian or direct registration to client.	USD$110.00 per transfer
Foreign Securities Custody Fee	USD$2.20 per non-US holding of security per month, per account
Posted trade confirmation fee	USD$2.00 per trade confirmation

*All of the above fees include GST.

1 Custody fees are assessed to accounts defined as inactive; that is, accounts holding a security position for a calendar year (1 January to 31 December) without generating a trade, or margin interest of USD$100 or more. Systematic reinvestment activity in mutual funds and/or exchange activity in mutual funds will be considered as a trade. However dividend reinvestment activity is not considered as a trade.

ASX Contracts for Difference (ASX CFDs)

ASX Australian Equity and Index CFDs
	Currency	Minimum	Percentage
Internet trades	AUD	14.95	0.11
Telephone trades	AUD	54.60	0.22
Internet trades	AUD/S&P/ASX200	14.95	0.055
Telephone trades	AUD/S&P/ASX200	54.60	0.11

ASX Index CFDs
	Index	Currency	Percentage
Internet trades	Dow Jones Industrial Average	USD	0.055
	NASDAQ	USD	0.055
	FTSE UK	GBP	0.055
	DAX	EUR	0.055
	DJ Euro Stoxx	EUR	0.055
Telephone trades	Dow Jones Industrial Average	USD	0.11
	NASDAQ	USD	0.11
	FTSE UK	GBP	0.11
	DAX	EUR	0.11
	DJ Euro Stoxx	EUR	0.11

ASX Commodity CFDs
	Commodities	Currency	Percentage
Internet trades	Gold	USD	0.055
Internet trades	Oil	USD	0.055
Telephone trades	Gold	USD	0.11
Telephone trades	Oil	USD	0.11

ASX FX CFDs
	Currency pair	Currency	Percentage
Internet trades	AUD/USD	USD	0.055
	AUD/NZD	NZD	0.055
	AUD/EUR	EUR	0.055
	NZD/JPY	JPY	0.055
	AUD/JPY	JPY	0.055
	EUR/USD	USD	0.055
	USD/JPY	JPY	0.055
	NZD/USD	USD	0.055
Telephone trades	AUD/USD	USD	0.11
	AUD/NZD	NZD	0.11
	AUD/EUR	EUR	0.11
	NZD/JPY	JPY	0.11
	AUD/JPY	JPY	0.11
	EUR/USD	USD	0.11
	USD/JPY	JPY	0.11
	NZD/USD	USD	0.11

Volume discounts are available on request

Over-the-Counter Contracts for Difference (OTC CFDs)

AUD-denominated trades
Brokerage payable on opening and on closing an OTC CFD		Example
Non-advised
Internet trades	0.125% of the Contract Value of the OTC CFD, subject to a minimum of AUD14.95.	Where the Closing Value is AUD100,000 when you close your OTC CFD position, the brokerage payable on close will be AUD125.00.
Telephone trades	0.25% of the Contract Value of the OTC CFD, subject to a minimum of AUD54.60.	Where you enter into an OTC CFD with an Open Contract Value of AUD 100,000, the brokerage payable when you enter into the OTC CFD will be AUD250.00.
Advised
	Not more than 0.35% of the Contract Value, subject to a minimum of AUD70.	You agree with your advisor that the brokerage rate on your OTC CFD account will be 0.25% and you enter into an OTC CFD with an Open Contract Value of AUD100,000. The brokerage payable when you enter will be AUD250.00.

Non-AUD trades
Brokerage payable on opening and on closing an OTC CFD
Non-advised	Internet	Phone
Japan	0.14% of the Contract Value of the OTC CFD, subject to a minimum of JPY1500.	0.25% of the Contract Value of the OTC CFD, subject to a minimum of JPY3000.
Singapore	0.14% of the Contract Value of the OTC CFD, subject to a minimum of SGD19.95.	0.25% of the Contract Value of the OTC CFD, subject to a minimum of SGD39.90.
New Zealand	0.185% of the Contract Value of the OTC CFD, subject to a minimum of NZD19.95	0.25% of the Contract Value of the OTC CFD, subject to a minimum of NZD39.90.
Hong Kong	0.25% of the Contract Value of the OTC CFD, subject to a minimum of HKD90.00.	0.30% of the Contract Value of the OTC CFD, subject to a minimum of HKD120.00.
New markets	For new international markets that CommSec makes available, the rate at which brokerage is charged will be advised to you at the time of trading but will not be more than: Internet trades: 1.00% of the Contract Value of the OTC CFD, subject to a minimum of USD100.00. Telephone trades: 1.50% of the Contract Value of the OTC CFD, subject to a minimum of USD100.00.
Advised
	Not more than 2.00% of the Contract Value, subject to a minimum of USD100.00.	Some international markets have trading charges. CommSec will pay local market trading charges on your behalf where they are applicable.

Volume discounts are available on request

International Markets

For international markets that you nominate to receive data on the following charges (including GST) will be incurred in the nominated currency, but charged against your account in AUD equivalent. These fees are payable even if you do not log on to the electronic trading platform during the month.

Exchange fees
Country	Exchange	Exchange fees	Currency	Period
Japan – Tokyo	TSE	2310	JPY	per month
Japan – Osaka	OSE	1155	JPY	per month
Hong Kong	HKSE	231	HKD	per month
Singapore	SGSE	51.98	SGD	per month
New Zealand	NZX Access Fee	27.50	AUD	per month
New Zealand	NZX	82.50	NZD	per month

Reuters charges
Number of exchanges	Market data cost	Currency	Period
1-2	11.00	USD	per month
3-5	16.50	USD	per month
6-10	22.00	USD	per month

Trading Platform
Software fee	A royalty and software fee charged for clients who use our trading platform at a maximum of AUD$40.70 per month (inc. GST).
Platform data fee	An ASX royalty fee charged at 2.53 cents per minute between 9.30 am and 5.00 pm on weekdays, up to a maximum of AUD$41.25 per month (inc. GST) for live ASX equity prices.

1 Only the software fee is charged if eight or more confirmations are generated for the month. No software fee or data fee is charged if 16 or more contracts are generated for the month. No fees are payable if you elect not to log on to the trading platform during the month.

Interest
Debit account balances	You pay interest at the RBA Base Rate plus 3% pa
Credit account balances	You receive interest at the RBA Base Rate minus 3% pa
Open long positions	You pay interest at the RBA Base Rate plus 3% pa
Open short positions	You receive interest at the RBA Base Rate 3% pa

Conditional Trading

Trade Execution	Minimum	Above Minimum (flat)
'Up front' Conditional Orders1	$9.95 up to $40,000 transaction value	0.099% (above $40,000)
'On execution' Conditional Orders1	$14.95 up to $40,000 transaction value	0.12% (above $40,000)

Upfront Conditional Orders will not be available to clients on the upgraded CommSec website.

Short Selling

Fee	Amount	When charged
Day Short Sell fee	Trades up to $25,000: $9.95 Trades more than $25,000: 0.04%	Added to standard brokerage
Term Short Sell fee	Trades up to $25,000: $14.95	Added to standard brokerage on partial execution of Term Short Open or CommSec-generated close
Term Short Sell fee	Trades more than $25,000 (minimum): 0.06%	Added to standard brokerage on execution of Term Short Open or CommSec-generated close
Fail fee	$54 per day or 0.1%, whichever is greater	Charged for executed Open and Close orders that do not balance
Late settlement fee	$54 per day	Charged if the executed Open and Close orders do not settle on T+3
Dishonour fee	$30	Charged if a cheque is dishonoured or a direct debit is rejected
Margin lending Transaction fee	$10	Charged for each security transaction or withdrawal from loan account

Exchange Traded Options

Trade Execution	Minimum	Above Minimum (flat)
Exchange traded options1 over the phone (also charged upon exercise or assignment of the option)	$54.60 up to $10,000 in premium	0.54% (above $10,000)
Exchange traded options1 over the Internet (also charged upon exercise or assignment of the option)	$34.95 up to $10,000 in premium	0.35% (above $10,000)

1There is also an ASX Clear fee of $0.13 (GST exclusive) per share option contract (open or close) and $0.05 (GST exclusive) per share option contract (exercise and assignment). There is a fee of $0.35 (GST exclusive) per index option (open, close, exercise and assignment). These prices have been set out on a GST exclusive basis as the total GST may be rounded in accordance with the GST law.