Warning of permanent loss of AU unfrank share dividend

TBNZ is a foreign entity operating without a Permanent Establishment in Australia. Your financial products are pooled in one or more accounts. You may receive dividends or distributions net of applicable taxes which has been paid or withheld at rates that are less beneficial than those that might apply if the financial products were held in your own name or not pooled. An Australian tax resident may permanently lose up to 15% (non-Australian tax resident up to 30%) of the dividend paid depending on numerous factors such as the franking status of the dividend while trading Australian shares. Please refer to your tax adviser for further information.