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UDC Call and Term Maximiser Funds     (PIE's) Secured Term Capital Drawdown Call Accounts UDC Disclosure Statement

The Capital Drawdown Option is a unique feature of the UDC Secured Term Investment   that allows you to receive a regular payment amount. It is ideally suited to those   investments who need to meet regular monthly or quarterly commitments, for example,   school fees or rest home costs. For those who are self-employed or rely on commission-  based income, the Capital Drawdown provides a regular cashflow against irregular   earnings. It is also ideal for those retirees whose interest-only income may no longer be   sufficient to cover their living expenses. PRODUCT FEATURES AND BENEFITS     Minimum investment $5,000   Interest rate Fixed for the term of the investment. As the principal balance generally decreases over the life of the investment, the interest rate is determined in accordance with the reducing principal. Rates may be obtained by contacting our Investor Services Officers on 0800 652 832.   Investment terms and   payment frequency Terms range from 1 to 5 years with interest / payments direct credited either monthly or quarterly to your nominated bank account. Interest and payment frequencies must be the same and the first payment date must be at least one calendar month from the initial investment date.   Payments Payments may consist of either: some of your interest, all of your interest, or, all of your interest plus a portion of your principal. There is no minimum payment amount, but sufficient funds must be deposited to cover the required payments over the term of the investment.   Interest Payment Dates Interest payment dates will be aligned to the interest frequency.   Account Conditions &   Reinvestments Payments may be increased (subject to sufficient funds) or reduced by any amount, or suspended. There is no minimum payment amount.   Fees There are no fees on the Capital Drawdown Option, but an interest adjustment will apply where an investment is partially or fully withdrawn prior to maturity. This does not apply to the regular payment amount.   Withholding tax The interest earned on your investment is taxable. The applicable withholding tax or levy will be deducted before interest is compounded and the payment direct credited. Please refer to the Terms & Conditions section for further information about resident and non-resident withholding tax.   Identification Please refer to the Terms & Conditions section for identification requirements.   Security Your Capital Drawdown investment is fully secured by UDC First Ranking Debenture Stock.     Read the   Investment Statement (PDF, 46kb)   To read a file, you will need access to Adobe Acrobat Reader.   You can download the Adobe Acrobat Reader from Adobe.    A copy of a disclosure statement prepared under the Securities    Markets Act 1988 is available on our website, free of charge.       © 2004-2005 Copyright UDC Finance Limited            Disclaimer/Terms of Use