This Target Market Determination (TMD) issued on 3 March 2026 by:

In this document, the use of the words ‘us’, ‘our’, and/or ‘us’ refer to HiFX Australia Pty Ltd trading as Xe Australia.

Xe Australia’s Target Market Determination

Contents

1.         Issuer

2.         Product description

3.         Date of issue

4.         Target market

5.         Distribution conditions

6.         Review triggers

7.         Review periods

8.         Reporting requirements

9.         Record keeping

This Target Market Determination (TMD) is a publicly available document required under section 994B of the Corporations Act 2001 (Cth). It sets out the target market for the product, distribution conditions, circumstances in which this TMD must be reviewed and any reporting obligations. This TMD forms part of HiFX Australia Pty Ltd trading as Xe Australia (Xe AU)’s design and distribution framework.

This document is not a Product Disclosure Statement (PDS) or Supplementary Product Disclosure Statement (SPDS) and is not intended to provide financial advice regarding the product. Customers must refer to the Terms and Conditions, the PDS and/or SPDS for the product, and the Financial Services Guide (FSG) which outline the relevant terms and conditions, and risks of the product, when making a decision about this product. They should obtain legal or financial advice if they are unsure of the product.

This TMD provides Xe AU's customers with information regarding:

• which customers this product is suitable for (the target market) and which customers this product is unsuitable for;
• any distribution conditions and restrictions on distribution for this product; and
• the review period and events or circumstances that may trigger a review.

This TMD describes the customers within Xe AU's target market, but does not consider a customer's personal needs, objectives or financial situation. Customers should obtain their own advice in this regard.

1. Issuer

The issuer of this TMD and the financial product contained within is Xe AU. Xe AU’s ACN is 105 106 045 and its AFSL No. is 240917.

2. Product description

The key features are as follows:

• A facility that enables customers to receive, send, and store funds across multiple currencies, along with the ability to make electronic payments and exchange currencies at predetermined rates and times.
• Aimed at Individuals and entities including private companies, trusts, sole traders, public companies, and partnerships.
   

3. Date of issue

3 March 2026

4. Target market

The target market for this product is customers who wish to hold, receive and send money in various foreign currencies within a single platform.  Xe AU’s customers include a mix of individuals, private companies, trusts, sole traders, public companies, and partnerships.

These customers are likely to have the following objectives, needs and financial situation and must meet the eligibility and assessment criteria for this product as set out below.

4.1 Customer Objectives and Needs

This product is designed for individuals or entities who seek to hold, receive and send money in various foreign currencies within a single platform.

4.2 Customer Financial Situation

This product is designed for individuals or entities who, in terms of their financial situation:

• can afford to pay the full amount of any transfers booked including all fees and charges.
• accept the features, advantages, benefits and risks of the product as set out below, and have the ability and capacity to obtain legal and financial advice if required.

4.3 Multicurrency Account

Description of features, advantages, benefits, and risks of the Xe Australia Multicurrency Account.

4.4 Customer Eligibility

The eligibility criteria of this product include that individuals and entities must:

(a) accept the terms and conditions;  

(b) have received and read the PDS;

(c) accept the key risks set out in the PDS, including in relation to counterparty risk on market disruptions, slippage, online services risks, conflicts risk, and systems risk; and

(d) successfully complete all 'Know-Your-Customer' processes in accordance with Anti-Money Laundering and Counter-Terrorism Financing laws.

The product has not been designed for individuals and entities who:

(a) do not meet the financial suitability criteria set out above;

(b) wish to engage in foreign currency exchange trading or investment for speculative purposes;

(c) are unfamiliar with foreign currency or foreign currency exchange dealings; and

(d) are unable to pay the agreed Exchange Rate and any fees without hardship.

4.5 Appropriateness of the target market

This product is consistent with the likely objectives, financial situation and needs of the class of customers in the target market. This is based on an analysis of the key terms, features and attributes of the product and a finding that these are consistent with the identified class of customers.

The customer needs to exchange one currency (i.e sold currency) for another currency (i.e. bought currency) at an agreed exchange rate on a date (i.e. contract date) for delivery at a pre-determined date (i.e. value date) where the value date is more than two business days after the date on which the transaction was entered, pay the margin and accept the risks of this product. This allows the customer to avoid the risk and uncertainty associated with adverse exchange rate movements.

Xe AU does not encourage customers to utilise this product if the above key attributes do not align with their objectives, requirements and personal circumstances.

5. Distribution conditions

This product will be distributed:

• to customers with existing Xe AU accounts, who satisfy this TMD;
• through Xe AU’s website;
• through Xe AU’s Sales and Dealer teams, via email and/or phone; and
• through Xe AU's affiliates.

This product should only be distributed under the following conditions:

• to individuals and entities that meet Customer Eligibility set out above;
• through Xe AU's approved distribution channels;
• where there are any consumer queries or concerns, where they have been answered by an authorised Xe AU representative;
• where they are eligible in accordance with the application or acceptance that has been approved in writing by Xe AU and which complies with relevant laws;
• by Xe AU's authorised representatives, including corporate authorised representatives, where they have received training and relevant accreditation (if required) and have met annual compliance reviews.

It has been determined that the distribution conditions and restrictions will make it likely that customers who purchase the product are in the class of customers for which it has been designed. This is because:

• Xe AU will programmatically prevent any person that directly opens a Xe AU account and who is not within the target market from accessing Xe AU's issued FEC product;
• Xe AU will have controls to ensure applying customers meet eligibility requirements; and
• monitoring and supervision of customer suitability and onboarding processes.
   

6. Review triggers

Review triggers are events and circumstances that would reasonably suggest that the TMD is no longer appropriate. This may include:

(a) receipt of a Product Intervention Power order from ASIC or significant communication from a regulator requiring Xe AU to cease distribution of this product;

(b) receipt of a significant number of complaints from applicants who have acquired this product that would suggests the TMD is no longer appropriate;

(c) occurrence of a significant dealing outside of the TMD that would reasonably suggest that this TMD is no longer appropriate;

(d) material changes to key product features, investment objectives or terms and conditions that would reasonably suggests that this TMD is no longer appropriate;

(e) any significant or continual poor performance of the product or risk that the investment option is not likely to meet its investment objective over the minimum suggested investment timeframe, reasonably suggesting that this TMD is no longer appropriate;

(f) material discrete complaints, AFCA determinations or litigation relating to the product;

(g) external events such as adverse media coverage or regulatory attention; and

(h) significant changes in review triggers covering matters such as:

• inconsistency of product with target market’s likely needs, objectives or financial situation;
• product design or implementation failures;
• inconsistency of distribution with the TMD;
• feedback received, including through industry forums; and
• potential or actual harm to consumers;

(i) the nature of and number of complaints from consumers indicating that the risks of FEC contracts are not well understood;

(j) the target market and product attributes described in this TMD is found to include materially incorrect or misleading information that reasonably suggests that this TMD is no longer appropriate; and

(k) changes to legislation have come into effect that materially impacts upon the design or distribution of the product and reasonably suggests that this TMD is no longer appropriate.

7. Review periods

To ensure that the TMD remains appropriate for the product, Xe AU will review the TMD:

(a) periodically, and at least annually from initial review;

(b) in response to the review triggers; or

(c) when other events or circumstances reasonably suggest that the TMD in its current form is no longer appropriate.

Xe AU will integrate the review process into the product governance arrangements, and controls will be put in place to ensure that meaningful reviews take place. Possible outcomes from the review process include:

(a) no change to the way the product is distributed;

(b) changing the product design, target market or distribution; or

(c) ceasing to distribute the product.

If Xe AU becomes aware of information that would reasonably suggest that the TMD is no longer appropriate (e.g. a review trigger has occurred), Xe AU will stop issuing the product and direct its authorised representatives to stop distributing until Xe AU has reviewed the TMD and product.

8. Reporting requirements

Complaints and general feedback about a financial product are a useful indicator of whether the TMD may still be appropriate. Where Xe AU engages its employees, contractors and authorised representatives to distribute its products, there is a requirement to promptly provide any information about complaints and product feedback it receives to Xe AU.

Xe AU requires its authorised representatives – where it appoints them - to provide the following information:

(a) complaints under ASIC RG 271 and all related information;

(b) significant dealings outside the target market; and

(c) general feedback relating to the product and its performance.

The following is an example of the type of information that must be provided to Xe AU by its authorised representative who engages in distribution of this product:

9. Record keeping

Xe AU will keep records of the reasonable steps it has taken to ensure that this product is sold in a manner consistent with this TMD.

Xe AU will also keep complete and accurate records of its decisions, and the reasons for those decisions about:

(a) all TMDs for this product;

(b) identifying and tracking review triggers;

(c) setting review periods; and

(d) the matters documented in this TMD.

Relevant records will be retained by Xe AU for seven (7) years.