Copper price:

Copper prices fell 29% to $2,500/t in the quarter as demand for copper fell by the global recession
and lower-than-expected demand for copper from China that didn't meet expectations, indicating a
further cut -back in copper production for the remainder of the year. Also, Global copper stocks
also rose over the quarter. Based on the above factors, we can speculate that the price of copper
may continue to fall in the future, so QEPA does not need to hedge as a buyer of copper.

USD:
Due to the decrease in international crude oil demand and the decline in crude oil prices, the US
dollar is facing depreciation as a settlement currency, and because the risk appetite of global
investors has changed to speculation, which has led to an increase in capital inflows. Therefore,
the overall exchange rate against the US dollar rose and the US dollar depreciated. In addition, this
suggests that the Australian dollar may appreciate relative to other currencies due to the decline in
Australian exports. QEPA and LG need to use the US dollar, but according to the above prediction,
the US dollar will depreciate in the future, and the Australian dollar will appreciate, so there is no
need to hedge US dollar.

EUR:
Due to the collapse of RoyalXS in the United Kingdom, both Australia and the United Kingdom
have negative GDP growth, the Australian dollar is in an unstable state, and the Australian dollar
is in a state of depreciation against the euro. APA needs to pay a European supplier EUR
5,000,000 on 15 Sep 2009. In addition, the former manager sold 5,000,000 euros in June 2009. So,
on September 15th 10,000,000 euros should be bought.