EXHIBIT 4.(v)


MTN
    Conditions


The following are the MTN
      Conditions which, as supplemented, amended, modified or replaced in relation
      to any MTN by any relevant Supplement, apply to each Series of MTNs constituted
      by the Note Deed Poll described below. References below to the Supplement are
      references to any Supplement applicable to the relevant Tranche of MTNs
      but do not limit the provisions which may be supplemented, amended, modified
      or replaced by a relevant Supplement in relation to that particular Tranche
of MTNs.

Each Holder and any person claiming through or under a Holder is deemed to have notice of, and is bound by, these Conditions, the Note Deed Poll, the Information Memorandum, the applicable Agency Agreement and any
applicable Supplement.

Copies of the above documents (to the extent they relate to a Tranche of MTNs) will be available for inspection by Holders of any MTN of such Tranche during normal business hours at the respective offices of the
Issuer and the Registrar.

Definitions and interpretation provisions are set out in Condition 1 (Interpretation).  All capitalised terms that are not defined in these Conditions will have the meanings given to them in the
applicable Supplement. References in these conditions to MTNs are to the MTNs of one specific Series only, not to all MTNs that may be issued under the Programme.

Part 1Introduction

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1

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| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | the amount resulting from
        the application of the amortisation yield specified in the Supplement
        (compounded annually) to the issue price (as specified in the Supplement)
        from (and including) the Issue Date specified in the Supplement to (but
        excluding) the date fixed for redemption or (as the case may be) the
    date the MTN becomes due and repayable.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                   
| | If the
          calculation is to be made for a period which is not a whole number
          of years, the calculation in respect of the period of less than a full
          year must be made on the basis of the Day Count Fraction specified
          in the Supplement.
      Austraclearmeans
          Austraclear Limited (ABN 94 002 060 773).
      Austraclear New Zealand
            Regulationsmeans the regulations known as the Austraclear New Zealand System Rules
			established by the Reserve Bank of New Zealand to govern the use of the Austraclear New Zealand System.
      Austraclear New Zealand
            Systemmeans the system
            operated by the Reserve Bank of New Zealand in New Zealand for holding
            securities and electronic recording and settling of transactions
            in those securities between members of that system.
      Austraclear Regulationsmeans
          the regulations known as the Austraclear System Regulations established
          by Austraclear to govern the use of the Austraclear System.
      Austraclear Systemmeans
          the system operated by Austraclear in Australia for holding securities
          and electronic recording and settling of transactions in those securities
          between members of the system.
      Australian Domestic
            MTNmeans an MTN issued
            in the Australian domestic markets and specified as such in the applicable
            Supplement.
      Australian Registrarmeans,
          in relation to Australian Domestic MTNs, Austraclear Services Limited
          (ABN 33 051 775 556) or such other person appointed by the Issuer pursuant
          to the Australian Registry Services Agreement to maintain a Register
          in relation to Australian Domestic MTNs and perform such payment and
          other duties as specified in that agreement.
      Australian Registry
            Services Agreementmeans
            the agreement titled Agency and Registry Services Agreement dated
            on or about the date of this agreement between the Issuer and the
            Australian Registrar.
Australian Tax Actmeans
            the Income Tax Assessment Act of 1936 of Australia and, where applicable, the Income Tax Assessment Act 1997 of Australia.
Business Daymeans
    a day on which banks are open for general banking business in:
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                   
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | for Australian Domestic MTNs, Sydney,
    Australia;                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                   
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | for New Zealand Domestic MTNs, Auckland
    and Wellington, New Zealand,                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                   
| | and in
          each (if any) Relevant Financial Centre specified in the Supplement
          (not being a Saturday, Sunday or public holiday in that place) and,
          if an MTN is to be issued or paid on that day, a day on which each
          Clearing System is operating.
      Business Day Conventionmeans
          a convention for adjusting any date if it would otherwise fall on a
          day that is not a Business Day and the following conventions, where
          specified in the Supplement in relation to any date applicable to any
          MTN, have the following meanings:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                   
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Floating
          Rate Convention means
          that the date is postponed to the next following day which is a Business
    Day unless that day falls in the next calendar month, in which event:                                                                                                                                                                                           



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (i)                                                                                                                                                                                                                                                                                                                                                            | that date is brought forward
    to the first preceding day that is a Business Day; and                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (ii)                                                                                                                                                                                                                                                                                                                                                           | each subsequent Interest
        Payment Date is the last Business Day in the month which falls the number
        of months or other period specified as the Interest Period in the Supplement
    after the preceding applicable Interest Payment Date occurred;                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Following
          Business Day Conventionmeans
          that the date is postponed to the first following day that is a Business
    Day;                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Modified
          Following Business Day Convention or Modified Business Day Convention means
          that the date is postponed to the first following day that is a Business
          Day unless that day falls in the next calendar month in which case
          that date is brought forward to the first preceding day that is a Business
    Day;
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Preceding
          Business Day Conventionmeans
          that the date is brought forward to the first preceding day that is
    a Business Day; and                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | No
          Adjustmentmeans
          that the relevant date must not be adjusted in accordance with any
    Business Day Convention.                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | If no convention
          is specified in the Supplement, the Following Business Day Convention
          applies. Different conventions may be specified in relation to, or
          apply to, different dates.
      Calculation Agentmeans
          the Registrar or any other person specified in the Supplement as the
          party responsible for calculating the Interest Rate and other amounts
          required to be calculated under these Conditions.
    Clearing Systemmeans:                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | the Austraclear System;                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | the Austraclear New Zealand
    System; or                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | any other clearing system
    specified in the Supplement.                                                                                                                                                                                                                                                                                                    
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| | Corporations
            Actmeans the Corporations
            Act 2001 of Australia.
      Custodianmeans
          New Zealand Central Securities Depositary Limited or any other entity
          appointed from time to time by the Operator, under the Austraclear
          New Zealand Regulations, as custodian trustee to hold securities on
          the Austraclear New Zealand System.
      Day Count Fractionmeans,
          in respect of the calculation of interest for any period of time (Calculation
          Period), the day count
    fraction specified in the Supplement and:
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | if Actual/Actual
          (ICMA)is
    so specified, means:                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (i)                                                                                                                                                                                                                                                                                                                                                            | where the Calculation Period
        is equal to or shorter than the Regular Period during which it falls,
        the actual number of days in the Calculation Period divided by the product
        of (1) the actual number of days in such Regular Period and (2) the number
    of Regular Periods normally ending in any year; and
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                          | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (ii)                                                                                                                                                                                                                                                                                                                                                           | where the Calculation Period
    is longer than one Regular Period, the sum of:                                                                                                                                                                                                                                                         
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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (I)                                                                                                                                                                                                                                                                                                        | the actual number of days
        in such Calculation Period falling in the Regular Period in which it
        begins divided by the product of (1) the actual number of days in such
    Regular Period and (2) the number of Regular Periods in any year; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (II)                                                                                                                                                                                                                                                                                                       | the actual number of days
        in such Calculation Period falling in the next Regular Period divided
        by the product of (1) the actual number of days in such Regular Period
    and (2) the number of Regular Periods normally ending in any year;  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if Actual/365or Actual/Actual
          (ISDA)is
          so specified, means the actual number of days in the Calculation Period
          divided by 365 (or, if any portion of the Calculation Period falls
    in a leap year, the sum of:                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the actual number
        of days in that portion of the Calculation Period falling in a leap year
    divided by 366; and                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the actual number
        of days in that portion of the Calculation Period falling in a non-leap
    year divided by 365);                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if Actual/365
          (Fixed)is
          so specified, means the actual number of days in the Calculation Period
    divided by 365;                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if Actual/360is
        so specified, means the actual number of days in the Calculation Period
    divided by 360;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if 30/360is
        so specified, means the number of days in the Calculation Period divided
        by 360 (the number of days to be calculated on the basis of a year of
    360 days with twelve 30-day months unless:                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the last day of the Calculation
        Period is the 31st day of a month but the first day of the Calculation
        Period is a day other than the 30th or 31st day of a month, in which
        case the month that includes that last day is not considered to be shortened
    to a 30-day month; or
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the last day of the Calculation
        Period is the last day of the month of February, in which case the month
    of February is not considered to be lengthened to a 30-day month);                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if 30E/360orEurobond
          Basisis
          so specified means, the number of days in the Calculation Period divided
          by 360 (the number of days to be calculated on the basis of a year
          of 360 days with twelve 30-day months, without regard to the date of
          the first day or last day of the Calculation Period unless, in the
          case of a Calculation Period ending on the Maturity Date, the Maturity
          Date is the last day of the month of February, in which case the month
    of February is not considered to be lengthened to a 30-day month);
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if RBA
          Bond Basis or Australian
          Bond Basis is so specified,
          means one divided by the number of Interest Payment Dates in a year;
    and                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | (h)                                                                                                                                                                                                                                                                                                                                                                                                                                                       | any other day count fraction
    specified in the Supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                
| | Debtmeans
          all obligations that in accordance with generally accepted accounting
          principles would be included in determining the total liabilities of
          an entity and all obligations guaranteeing the debt of any third person.
      Denominationmeans
          the notional face value of an MTN specified in the Supplement.
      Event of Defaultmeans
    an event so described in Condition 15 (Events of Default).
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                



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| | Extraordinary
            Resolutionhas the meaning
            given in the Meetings Provisions.
      Fixed Rate MTNmeans
          an MTN on which interest is calculated at a fixed rate payable in arrears
          on a fixed date or fixed dates in each year and on redemption or on
          any other dates as specified in the Supplement.
      Floating Rate MTNmeans
          an MTN on which interest is calculated at a floating rate payable 1,
          2, 3, 6, or 12 monthly or in respect of any other period or on any
          date specified in the Supplement.
      Governmental Agencymeans
          any government or any governmental, semi-governmental, administrative,
          fiscal or judicial body, department, commission, authority, tribunal,
          agency or entity. It also includes a self-regulatory organisation established
          under statute or a stock exchange.
      Holdermeans,
          in respect of an MTN, the person whose name is entered in the Register
          as the holder of that MTN.
      For the avoidance
            of doubt, where an MTN is held in a Clearing System, references to
            a Holder include the operator of that system or a nominee for that
            operator or a common depository for one or more Clearing Systems
            (in each case acting in accordance with the rules and regulations
            of the Clearing System or Systems).
      Index Linked MTNmeans
          an MTN in respect of which the amount payable in respect of interest
          is calculated by reference to an index or a formula or both as specified
          in the Supplement.
      Information Memorandumin
          respect of an MTN means the information memorandum, disclosure document
          (as defined in the Corporations Act) or other offering document referred
          to in the Supplement.
      Instalment Amountshas
          the meaning given in the Supplement.
      Instalment MTNmeans
          an MTN which is redeemable in one or more instalments, as specified
          in the Supplement.
      Interest Commencement
            Datemeans, for an MTN,
            the Issue Date of the MTN or any other date so specified in the Supplement.
      Interest Determination
            Datehas the meaning given
            in the Supplement.
      Interest Payment
            Datemeans each date so
            specified in, or determined in accordance with, the Supplement.
      Interest Periodmeans
          each period beginning on (and including) an Interest Payment Date and
    ending on (but excluding) the next Interest Payment Date. However:
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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | Interest
            Ratemeans, for an MTN,
            the interest rate (expressed as a percentage per annum) payable in
            respect of that MTN specified in the Supplement or calculated or
            determined in accordance with these Conditions and the Supplement.
      ISDA Definitionsmeans
          the 2000 ISDA Definitions published by the International Swaps and
          Derivatives Association, Inc. (as supplemented, amended and updated
          as at the Issue Date of the first Series or Tranche of the MTNs of
    the Series).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



5

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| | Issue
            Datemeans the date on
            which an MTN is, or is to be issued, as specified in, or determined
            in accordance with, the Supplement.      Issuermeans
          American Express Credit Corporation.      Issuer's Borrowing Basemeans
    the sum of:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|    |                                                                                                                                                                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | the outstanding Debt owed by the Issuer to American Express Company, or a Subsidiary of American Express Company, that has been subordinated to the MTNs; plus                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                       
|(b) | at any date, the aggregate stated value of all classes of the Issuer's capital stock plus the aggregate amount of the consolidated surplus, whether capital, earned or other, of the Issuer and its consolidated Subsidiaries, calculated in accordance with generally accepted accounting principles;

Marginmeans
          the margin specified in, or determined in accordance with, the Supplement.

Maturity Datemeans,
          the date so specified in, or determined in accordance with, the Supplement.

Meetings Provisionsmeans
          the provisions relating to meetings of Holders set out in the schedule
          to the Note Deed Poll.

MTNmeans
          amedium
          term debt obligation issued or to be issued by the Issuer which is
          constituted by, and owing under the Note Deed Poll, the details of
          which are recorded in, and evidenced by, entry in, the Register.

New Zealand Domestic
            MTNmeans an MTN issued
            in the New Zealand domestic markets and specified as such in the
            applicable Supplement.

New Zealand Registrarmeans,
          in relation to New Zealand Domestic MTNs, Computershare Investor Services
          Limited or such other person appointed by the Issuer pursuant to the
          New Zealand Registry Services Agreement to maintain a Register in relation
          to New Zealand Domestic MTNs and perform such payment and other duties
          as specified in that agreement.

New Zealand Registry
            Services Agreementmeans
            the agreement titled Registrar and Paying Agency Agreement dated
            on or about the date of this agreement between the Issuer and the
            New Zealand Registrar.

Note Deed Pollmeans
          the deed so entitled dated 15 November 2006
          and executed by the Issuer.

Offshore Associatemeans
          an associate (as defined in section 128F of the Australian Tax Act) of the Issuer that either:

|(a) | a non-resident of Australia which does not acquire the MTNs in carrying on a business at or through a permanent establishment in Australia; or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                               
|(b) | a resident of Australia that acquires the MTNs in carrying on a business at or through a permanent establishment outside Australia.           

Operatormeans
            the Reserve Bank of New Zealand or its successor or replacement from
            time to time in its capacity as operator of the Austraclear New Zealand
            System.

Ordinary Resolutionhas
          the meaning given in the Meetings Provisions.

Partly Paid MTNmeans
          an MTN in relation to which the initial subscription moneys are payable
          to the Issuer in two or more instalments.

Process Agentmeans
          Emesco Agents Pty Ltd (ABN 38 000 405 265).

Record Datemeans:

| | (a)                     | for Australian
        Domestic MTNs, the close of business in the place where the Register
    is maintained on the eighth calendar day before the payment date;   
| | ----------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                         |                                                                                                                                                                     
| | (b)                     | for New Zealand Domestic
        MTNs, the close of business in the place where the Register is maintained
    on the tenth calendar day before the payment date; or
| |                         |                                                                                                                                                                     
| | (c)                     | any other date so specified
    in the Supplement.                                                                                                                  
| |                         |                                                                                                                                                                     
| | Redemption Amountmeans:
| |                         |                                                                                                                                                                     
| | (a)                     | for an MTN (other than a
        Zero Coupon MTN or a Structured MTN), the outstanding principal amount
    as at the date of redemption;                           
| |                         |                                                                                                                                                                     
| | (b)                     | for a Zero Coupon MTN, the
    Amortised Face Amount calculated as at the date of redemption; and                                                                   
| |                         |                                                                                                                                                                     



6

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| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | for a Structured
        MTN, the amount determined by the Calculation Agent in the manner specified
    in the Supplement,                                                                                                                                                                                                                                                                                                                                                                                                               
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | and
          also includes any final instalment and any other amount in the nature
          of a redemption amount specified in, or determined in accordance with,
          the Supplement or these Conditions.
      Reference Banksmeans
          the institutions so described in the Supplement or, if none, four major
          banks selected by the Calculation Agent in the market that is most
          closely connected with the Reference Rate.
      Reference Ratehas
          the meaning given in the Supplement.
      Registermeans
          any register, including any branch register, of MTNs established and
          maintained by or on behalf of the Issuer in which is entered the names
          and addresses of Holders whose MTNs are carried on that register, the
          amount of MTNs held by each Holder and the Tranche, Series and date
          of issue and transfer of those MTNs, and any other particulars which
          the Issuer sees fit.
    Registrarmeans:
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | for Australian
    Domestic MTNs, the Australian Registrar;                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | for New Zealand
    Domestic MTNs, the New Zealand Registrar; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | any other party
        expressed to be the registrar in respect of any Tranche of MTNs in an
    Agency Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | Regular Periodmeans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | in
        the case of MTNs where interest is scheduled to be paid only by means
    of regular payments, each Interest Period;                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | in
        the case of MTNs where, apart from the first Interest Period, interest
        is scheduled to be paid only by means of regular payments, each period
        from and including a Regular Date falling in any year to but excluding
        the next Regular Date, where"Regular
        Date"means the day and month
    (but not the year) on which any Interest Payment Date falls; and                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | in
        the case of MTNs where, apart from one Interest Period other than the
        first Interest Period, interest is scheduled to be paid only by means
        of regular payments, each period from and including a Regular Date falling
        in any year to but excluding the next Regular Date, where"Regular
        Date"means the day and month
        (but not the year) on which any Interest Payment Date falls other than
        the Interest Payment Date falling at the end of the irregular Interest
    Period.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | Relevant
            Financial Centrehas the
            meaning given in the Supplement.
      Relevant Indebtednessmeans
          any present or future indebtedness of the Issuer or a Subsidiary of
          the Issuer or any other person or entity in the form of, or represented
          by, bonds, notes, debentures, loan stock or other securities.
    Relevant Screen Pagemeans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | the page, section or other
        part of a particular information service (including the Reuters Monitor
        Money Rates Service and the Dow Jones Telerate Service) specified as
    the Relevant Screen Page in the Supplement; or                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | any
        other page, section or other part as may replace it on that information
        service or such other information service, in each case, as may be nominated
    by the person                                                                                                                                                                                                                                                                                                                                                





7

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | providing or sponsoring
        the information appearing there for the purpose of displaying rates or
    prices comparable to the Reference Rate.                                                                                                                                                                                                                                                                      
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | Relevant
            Timehas the meaning given
            in the Supplement.
      Security Interestmeans
          any mortgage, pledge, lien or charge or any security or preferential
          interest or arrangement of any kind or any other right of, or arrangement
          with, any creditor to have its claims satisfied in priority to other
          creditors with, or from the proceeds of, any asset. Without limitation,
          it includes security by way of deposit of moneys or other property
          and title retention other than in the ordinary course of day-to-day
    trading, but does not include:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | any lien arising
    by operation of law in the ordinary course of business;                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | any charge or
        lien in favour of a Governmental Agency arising by operation of law;                                                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | deposits
        of money or property in the ordinary course of business by way of security
        for the performance of statutory obligations, where there is no default
    in respect of the secured obligations.                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | liens for taxes, assessments or governmental charges that are not at the time due or that are payable without penalty or as to which the Issuer or any of its Subsidiaries has not yet been officially assessed or notified or that are being contested in good faith by appropriate proceedings;                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (v)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | any security interest incidental to the conduct of business or the ownership of properties or assets that were not incurred in connection with the issuance or assumption of Debt, and that do not in the aggregate materially detract from the value of any properties or assets or materially impair their use in the operation of business;                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (vi)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | liens on deposits of money in connection with the provision of financial accomodation to any person in the ordinary course of business;                                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (vii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | any security interest on properties or assets of a Subsidiary of the Issuer to secure obligations of such Subsidiary to the Issuer or to one or more of the Issuer's Subsidiaries;                                                                                                                                                                                                                                       
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (viii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | any security interest existing on any tangible property of any corporation at the time it becomes a Subsidiary of the Issuer, or existing prior to the time of acquisition upon any tangible property acquired through purchase, merger or consolidation or otherwise, whether or not assumed or placed upon tangible property being constructed or acquired to secure all or a portion of the purhcase price thereof; or
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (ix)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | any extension, renewal or replacement, in whole or in part, of any mortgage, pledge, encumbrance, security interest or charge referred to in the foregoing clauses (i) to (viii) inclusive.                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | Security Record:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | for Australian
        Domestic MTNs, has the meaning given to it in the Austraclear Regulations;
    and                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | for New Zealand Domestic
        MTNs, has the meaning given to the term Security Account in
    the Austraclear New Zealand Regulations.                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | Seriesmeans
          an issue of MTNs made up of one or more Tranches all of which form
          a single Series and are issued on the same Conditions except that the
          Issue Date and Interest Commencement Date may be different in respect
          of different Tranches of a Series.
      Specified Officemeans
          the office specified in the Information Memorandum or any other address
          notified to Holders from time to time.
    Structured MTNmeans:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | an Index Linked MTN; or                                                                                                                                                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | an
    Instalment MTN.                                                                                                                                                                                                                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | Subsidiaryof
          an entity means any corporation, partnership or other entity of which
          the first entity owns or controls, directly or indirectly more than
          50% of the outstanding Voting Stock.
      Supplementmeans,
          in respect of a Tranche of MTNs, the pricing or other supplement in
          relation to such MTNs which may be in the form, or substantially in
          the form, set out in the Information Memorandum.
      Taxesmeans
          taxes, levies, imposts, charges and duties (including stamp and transaction
          duties) imposed by any authority together with any related interest,
          penalties, fines and expenses in connection with them except if imposed
          on, or calculated having regard to, the net income of a Holder.
      Tranchemeans
          an issue of MTNs specified as such in any applicable Supplement issued
          on the same Issue Date and on the same Conditions.
      United Statesmeans
          the United States of America (including the States and the District
          of Columbia), its territories, its possessions and other areas subject
    to its jurisdiction.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                          





8

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|    | United States Alienmeans any person who is, for United States federal income tax purposes, as to the United States:                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (c)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (d)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | Voting Stockshall mean stock or other interests evidencing ownership in a corporation, partnership or other entity which ordinarily has voting power for
the election of directors, or other persons performing equivalent functions, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | Zero Coupon MTNmeans an MTN which does not carry entitlement to periodic payment of interest before the redemption date of the MTN and which is issued at
a discount to its principal amount.                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                           
|(b) | References to certain general terms                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | Unless the contrary intention appears, a reference in these Conditions to:                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (i)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (ii)                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (iii)                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (iv)                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (v)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (vi)                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (vii)                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (viii)                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (ix)                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (x)                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (xi)                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                           
|    | (xii)                                                                                                                                                                                                                                                                                                                                                     

9

---



|    | (xiii)                                                      | a reference to an accounting term is to be interpreted in accordance with generally accepted principals in the United States applicable at the time.                                                                                                                                                                                                 
|--- | ----------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                            
|(c) | References to particular terms                             
|    |                                                            
|    | Unless the contrary intention appears, in these Conditions:
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (i)                                                         | a reference to the Issuer, the Registrar, the Calculation Agent or another Agent is a reference to the person so specified in the Supplement;                                                                                                                                                                                                        
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (ii)                                                        | a reference to the Agency Agreement is a reference to the Agency Agreement applicable to the MTNs of the relevant Series;                                                                                                                                                                                                                            
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (iii)                                                       | a reference to an MTN is a reference to an MTN of a particular Series issued by the Issuer specified in the Supplement;                                                                                                                                                                                                                              
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (iv)                                                        | a reference to a Holder is a reference to the holder of MTNs of a particular Series;                                                                                                                                                                                                                                                                 
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (v)                                                         | if the MTNs are Zero Coupon MTNs or Structured MTNs which do not bear interest, references to interest are not applicable;                                                                                                                                                                                                                           
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (vi)                                                        | a reference to a particular date is a reference to that date adjusted in accordance with the applicable Business Day Convention; and                                                                                                                                                                                                                 
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (vii)                                                       | a reference to a Tranche is a reference to a Tranche of a particular Series.                                                                                                                                                                                                                                                                         
|    |                                                            
|(d) | References to principal and interest                       
|    |                                                            
|    | Unless the contrary intention appears, in these Conditions:
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (i)                                                         | any reference to principal is taken to include the Redemption Amount, any additional amounts in respect of principal which may be payable under Condition 13 (Taxation), all
Instalment Amounts, any premium payable in respect of an MTN, and any other amount in the nature of principal payable in respect of the MTNs under these Conditions;
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (ii)                                                        | the principal amount of an MTN issued at a discount is to be taken as at any time to equal the lesser of:                                                                                                                                                                                                                                            
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    |                                                             | (i)                                                                                                                                                                                                                                                                                                                                                  
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    |                                                             | (ii)                                                                                                                                                                                                                                                                                                                                                 
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (iii)                                                       | the principal amount of an MTN which is to vary by reference to a schedule or formula (where such determination has been previously made in accordance with these Conditions) is to be taken as at any
time to equal its varied amount;                                                                                                              
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (iv)                                                        | the principal amount of a Partly Paid MTN is to be taken to equal its paid up principal amount;                                                                                                                                                                                                                                                      
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (v)                                                         | the principal amount of an Instalment MTN at any time is to be taken to be its Denomination less the total instalments repaid to the extent that such instalments relate to a repayment of
principal;                                                                                                                                                
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (vi)                                                        | any reference to interest is taken to include all interest payable and all other amounts in the nature of interest payable in respect of the MTNs under these Conditions; and                                                                                                                                                                      
|    |                                                             |                                                                                                                                                                                                                                                                                                                                                      
|    | (vii)                                                       | any reference to interest is taken to include any additional amounts in respect of interest which may be payable under Condition 13 (Taxation).                                                                                                                                                                                                  

10

---



|(e) | Number                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The singular includes the plural and vice versa.                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(f) | Headings                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Headings (including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of these Conditions.                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(g) | Terms defined in Supplement                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Terms which are defined in any applicable Supplement as having a defined meaning have the same meaning when used in these Conditions but if any applicable Supplement gives no meaning or specifies
that the definition is Not Applicable, then that definition is not applicable to the MTNs.                                                                                                                     
|   
|2   | Introduction                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(a) | Programme                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | MTNs are issued under a debt issuance programme established by the Issuer.                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(b) | Supplement                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | MTNs are issued in Series. A Series may comprise one or more Tranches having one or more Issue Dates and on conditions otherwise identical (other than in respect of the first payment of interest). A
Tranche is the subject of a Supplement which supplements, amends or replaces these Conditions. If there is any inconsistency between these Conditions and any applicable Supplement, that Supplement prevails.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | Copies of any applicable Supplement are available for inspection or on request by a Holder or prospective Holder during normal business hours at the Specified Office of the Issuer or the
Registrar.                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(c) | Types of MTNs                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | An MTN may be:                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(d) | Denomination                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | MTNs are issued in a single Denomination of A$10,000 unless otherwise specified in the relevant Supplement.                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|(e) | Currency                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | MTNs are denominated in the currency
    specified in the relevant Supplement.                                                                                                                                                                                                                                                                                                                                       



11

---





|(f)                | Clearing
    Systems                                                                                                                                                                                                          
|------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                   |                                                                                                                                                                                                                               
|                   | MTNs may be held
        in a Clearing System, in which case the rights of a person holding an
        interest in the MTNs lodged in the Clearing System are subject to the
    rules and regulations of the Clearing System.
|                   |                                                                                                                                                                                                                               
|(g)                | Issue restrictions
    and tenor                                                                                                                                                                                              
|                   |                                                                                                                                                                                                                               
|                   | Unless otherwise
    specified in any relevant Supplement, MTNs may only be issued if:                                                                                                                                        
|                   |                                                                                                                                                                                                                               
|                   | (i)                                                                                                                                                                                                                           
|                   |                                                                                                                                                                                                                               
|                   |                                                                                                                                                                                                                               
|                   |                                                                                                                                                                                                                               
|                   |                                                                                                                                                                                                                               
|                   |                                                                                                                                                                                                                               
|                   | (ii)                                                                                                                                                                                                                          
|                   |                                                                                                                                                                                                                               
|Part 2The
    MTNs
|                   |                                                                                                                                                                                                                               
|                  
|3                  | Form                                                                                                                                                                                                                          
|                   |                                                                                                                                                                                                                               
|(a)                | Constitution under
    Note Deed Poll                                                                                                                                                                                         
|                   |                                                                                                                                                                                                                               
|                   | MTNs are debt obligations
    of the Issuer constituted by, and owing under, the Note Deed Poll.                                                                                                                              
|                   |                                                                                                                                                                                                                               
|(b)                | Form                                                                                                                                                                                                                          
|                   |                                                                                                                                                                                                                               
|                   | MTNs are issued in registered
    form by entry in the Register.                                                                                                                                                              
|                   |                                                                                                                                                                                                                               
|(c)                | No certificates                                                                                                                                                                                                               
|                   |                                                                                                                                                                                                                               
|                   | No certificates will be issued
        to Holders unless the Issuer determines that certificates should be available
    or are required by any applicable law.                                                               
|                   |                                                                                                                                                                                                                               
|(d)                | Status                                                                                                                                                                                                                        
|                   |                                                                                                                                                                                                                               
|                   | MTNs constitute direct, unconditional,
    unsubordinated and unsecured obligations of the Issuer.                                                                                                                            
|                   |                                                                                                                                                                                                                               
|(e)                | Ranking                                                                                                                                                                                                                       
|                   |                                                                                                                                                                                                                               
|                   | MTNs rank equally among themselves
        and at least equally with all other unsubordinated and unsecured obligations
    of the Issuer except for liabilities mandatorily preferred by law.                                
|                   |                                                                                                                                                                                                                               



12

---



|   
|---
|4  
|   
|(a)
|   
|   
|   
|   
|   
|   
|   
|   
|   
|(b)
|   
|   
|   
|   
|   
|   
|   
|5  
|   
|(a)
|   
|   
|   
|(b)
|   
|   
|   
|   
|   
|   
|   
|(c)
|   
|   
|   
|(d)
|   
|   
|   

13

---



|    | Condition applies whether or
    not an MTN is overdue and despite any notice of ownership, trust or interest
    in the MTN.                                                                                                                                                                                                                                                                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(e) | Joint holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Where two or more persons are entered in the Register as the joint holders of an MTN then they are taken to hold the MTN as joint tenants with rights of survivorship, but the Registrar is not bound
to register more than four persons as joint holders of an MTN.                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(f) | Transfers in whole                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | MTNs may be transferred in whole but not in part.                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(g) | Compliance with laws                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | MTNs may only be transferred if:                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(h) | Transfer procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | Interests in MTNs held in a Clearing System are transferable only in accordance with the rules and regulations of that Clearing System.                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | In particular, where the Custodian is the Holder and the MTN is lodged in the Austraclear New Zealand System, the Operator may, in its absolute discretion and, to the extent not prohibited by the
Austraclear New Zealand Regulations, instruct the New Zealand Registrar to transfer the MTN to the person in whose Security Record that MTN is recorded without any consent or action of such transferee and, as a consequence, remove that MTN from the
Austraclear New Zealand System.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Application for the transfer of MTNs not held in a Clearing System must be made by the lodgment of a transfer form with the Registrar at its Specified Office. Transfer forms must be in the form
available from the Registrar. Each transfer form must be:                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(i) | Effect of transfer                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Upon registration and entry
      of the transferee in the Register the transferor ceases to be entitled
      to future benefits under these Conditions in respect of the transferred
    MTNs and the                                                                                                                                                                                                                                                                                     

14

---





|               | transferee becomes
        so entitled in accordance with Condition 5.2 (Effect of entries
    in Register).                                                                                                                                                                                                                                           
|-------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |                                                                                                                                                                                                                                                                                                                                                          
|(j)            | [CHESS]                                                                                                                                                                                                                                                                                                                                                  
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | [MTNs listed on
        the Australian Stock Exchange Limited (ABN 98 008 624 691) will not be
        transferred through, or registered on, the Clearing House Electronic
        Subregister System operated by the Australian Stock Exchange and will
        not be Approved Financial Products (as defined for the purposes
    of that system).]
|               |                                                                                                                                                                                                                                                                                                                                                          
|5.11           | Austraclear
    or Custodian as Holder                                                                                                                                                                                                                                                                                                                   
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | If Austraclear
        or the Custodian is recorded in the Register as the Holder, each person
        in whose Security Record an MTN is recorded is taken to acknowledge in
        favour of the Issuer, the Registrar and the relevant Holder (and, if
    the Holder is the Custodian, the Operator) that:                                          
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | (i)                                                                                                                                                                                                                                                                                                                                                      
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | (ii)                                                                                                                                                                                                                                                                                                                                                     
|               |                                                                                                                                                                                                                                                                                                                                                          
|Part 3Interest
|               |                                                                                                                                                                                                                                                                                                                                                          
|              
|6              | Fixed Rate MTNs                                                                                                                                                                                                                                                                                                                                          
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | This Condition 6 (Fixed
          Rate MTNs) applies to the MTNs only if the Supplement states
    that it applies.                                                                                                                                                                                                                                    
|               |                                                                                                                                                                                                                                                                                                                                                          
|(a)            | Interest on Fixed
    Rate MTNs                                                                                                                                                                                                                                                                                                                          
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | Each Fixed Rate MTN bears
        interest on its outstanding principal amount from (and including) its
        Interest Commencement Date to (but excluding) its Maturity Date at the
        Interest Rate. Interest is payable in arrear on each Interest Payment
    Date.                                                                           
|               |                                                                                                                                                                                                                                                                                                                                                          
|(b)            | Fixed Coupon Amount                                                                                                                                                                                                                                                                                                                                      
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | Unless otherwise specified
        in the Supplement, the amount of interest payable on each Interest Payment
        Date in respect of the preceding Interest Period is the Fixed Coupon
    Amount specified in the Supplement.                                                                                                                       
|               |                                                                                                                                                                                                                                                                                                                                                          
|(c)            | Calculation of interest
    payable                                                                                                                                                                                                                                                                                                                      
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | The amount of interest payable
        in respect of a Fixed Rate MTN for any period for which a Fixed Coupon
        Amount is not specified in the Supplement is calculated by multiplying
        the Interest Rate for that period, the outstanding principal amount of
    the Fixed Rate MTN and the applicable Day Count Fraction.                
|               |                                                                                                                                                                                                                                                                                                                                                          
|              
|7              | Floating Rate MTNs                                                                                                                                                                                                                                                                                                                                       
|               |                                                                                                                                                                                                                                                                                                                                                          
|               | This Condition 7 (Floating
          Rate MTNs) applies to the MTNs only if the Supplement states
    that it applies.                                                                                                                                                                                                                                 





15

---



|    |                                                                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Interest on Floating Rate MTNs                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | Each Floating Rate MTN bears interest on its outstanding principal amount from (and including) its Interest Commencement Date to (but excluding) its Maturity Date at the Interest Rate.                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | Interest is payable in arrears:                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | (i)                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | (ii)                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                
|(b) | Interest Rate determination                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | The Interest Rate payable in respect of a Floating Rate MTN must be determined by the Calculation Agent in accordance with these Conditions.                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                
|(c) | Fallback Interest Rate                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | Unless otherwise specified in the Supplement, if, in respect of an Interest Period, the Calculation Agent is unable to determine a rate in accordance with Condition 7.2 (Interest Rate
determination), the Interest Rate for the Interest Period is the Interest Rate applicable to the Floating Rate MTNs during the immediately preceding Interest Period.
|    |                                                                                                                                                                                                                                                                                                                                                                
|(d) | ISDA Determination                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | If ISDA Determination is specified in the Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate applicable to the Floating Rate MTNs for each Interest Period is
the sum of the Margin and the ISDA Rate.                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | In this Condition:                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | (i)                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | (ii)                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                
|(e) | Screen Rate Determination                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                
|    | If Screen Rate Determination
      is specified in the Supplement as the manner in which the Interest Rate
      is to be determined, the Interest Rate applicable to the Floating Rate
    MTNs for each Interest Period is the sum of the Margin and the Screen Rate.                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                

16

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|    |                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    | In this Condition, Screen Rate means, for an Interest Period, the quotation offered for the Reference
Rate appearing on the Relevant Screen Page at the Relevant Time on the Interest Determination Date. However:                                         
|    |                                                                                                                                                                                                                                                              
|    | (i)                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                              
|    | (ii)                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    | (iii)                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                              
|(f) | Bank Bill Rate Determination                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                              
|    | If Bank Bill Rate Determination is specified in the Supplement as the manner in which the Interest Rate is to be determined, the Interest Rate applicable to the Floating Rate MTNs for each Interest
Period is the sum of the Margin and the Bank Bill Rate.
|    |                                                                                                                                                                                                                                                              
|    | In this Condition:                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                              
|    | (i)                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              
|    | (ii)                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                              

17

---



|    |                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(g) | Interpolation                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                        
|    | If the Supplement states that "Linear Interpolation" applies to an Interest Period, the Interest Rate for that Interest Period is determined through the use of straight line interpolation by
reference to two ISDA Rates, Screen Rates, Bank Bill Rates or other floating rates specified in the Supplement.         
|    |                                                                                                                                                                                                                                                                                                                        
|    | The first rate must be determined as if the Interest Period were the period of time for which rates are available next shorter than the length of the Interest Period (or any alternative Interest
Period specified in the Supplement).                                                                                
|    |                                                                                                                                                                                                                                                                                                                        
|    | The second rate must be determined as if the Interest Period were the period of time for which rates are available next longer than the length of the Interest Period (or any alternative Interest
Period specified in the Supplement).                                                                                
|    |                                                                                                                                                                                                                                                                                                                        
|   
|8   | Structured MTNs                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                        
|    | This Condition 8 (Structured MTNs) applies to the MTNs only if the Supplement states that it applies.                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                        
|(a) | Interest on Structured MTNs                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                        
|    | Each interest bearing Structured MTN bears interest on its outstanding principal amount from (and including) its Interest Commencement Date to (but excluding) its Maturity Date at the Interest
Rate.                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                        
|    | Interest is payable in arrears:                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                
|    | (i)                                                                                                                                                                                                                                                                                                                     | on each Interest Payment Date; or                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                
|    | (ii)                                                                                                                                                                                                                                                                                                                    | if no Interest Payment Date is specified in the Supplement, each date which falls the number of months or other period specified as the Specified Period in the Supplement after the preceding Interest
Payment Date (or in the case of the first Interest Payment Date, after the Interest Commencement Date).
|    |                                                                                                                                                                                                                                                                                                                        
|(b) | Interest Rate                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                        
|    | The Interest Rate payable in respect of an interest bearing Structured MTN must be determined in the manner specified in the Supplement.                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                        
|   
|9   | General provisions applicable to interest                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                        
|(a) | Maximum or Minimum Interest Rate                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                        
|    | If the Supplement specifies a Maximum Interest Rate or Minimum Interest Rate for any Interest Period, then the Interest Rate for the Interest Period must not be greater than the maximum, or be less
than the minimum, so specified.                                                                                  
|    |                                                                                                                                                                                                                                                                                                                        
|(b) | Calculation of Interest Rate and interest payable                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                        
|    | The Calculation Agent must, as soon as practicable after determining the Interest Rate in relation to each Interest Period for each Floating Rate MTN and interest bearing Structured MTN, calculate
the amount of interest payable for the Interest Period in respect of the outstanding principal amount of that MTN.
|    |                                                                                                                                                                                                                                                                                                                        
|    | Unless otherwise specified in
      the Supplement, the amount of interest payable is calculated by multiplying
      the product of the Interest Rate for the Interest Period and the outstanding
    principal amount of the MTN by the applicable Day Count Fraction.                                               
|    |                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                        

18

---



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | The rate determined by the Calculation Agent must be expressed as a percentage rate per annum.                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(c) | Calculation of other amounts                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | If the Supplement specifies that any other amount is to be calculated by the Calculation Agent, the Calculation Agent must, as soon as practicable after the time at which that amount is to be
determined, calculate the amount in the manner specified in the Supplement.                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d) | Notification of Interest Rate, interest payable and other items                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The Calculation Agent must notify the Issuer, the Registrar, the Holders, each other Agent and any stock exchange or other relevant authority on which the MTNs are listed of:                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The Calculation Agent must give notice under this Condition as soon as practicable after it makes its determination. However, it must give notice of each Interest Rate, the amount of interest payable
and each Interest Payment Date by the fourth day of the Interest Period.                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The Calculation Agent may amend its determination of any amount, item or date (or make appropriate alternative arrangements by way of adjustment) as a result of the extension or reduction of the
Interest Period or calculation period without prior notice but must notify the Issuer, the Registrar, the Holders, each other Agent and each stock exchange or other relevant authority on which the MTNs are listed after doing so.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(e) | Determination final                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The determination by the Calculation Agent of all amounts, rates and dates falling to be determined by it under these Conditions is, in the absence of manifest error, final and binding on the Issuer,
the Registrar, each Holder and each other Agent.                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(f) | Rounding                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | For the purposes of any calculations required under these Conditions (unless otherwise specified in the Supplement):                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                        

19

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|Part 4Redemption
    and purchase
|---------------------------------
|                                 
|                                 
|10                               
|                                 
|(a)                              
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|(b)                              
|                                 
|                                 
|                                 
|(c)                              
|                                 
|                                 
|                                 
|(d)                              
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 
|                                 







20

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|    |                                                                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (C)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (D)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|(e) | Early redemption at the option of Holders (Holder put)                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | If the Supplement states that a Holder may require the Issuer to redeem all or some of the MTNs of a Series held by that Holder before their Maturity Date, the Issuer must redeem the MTNs specified
by the Holder at the Redemption Amount and any interest accrued on the Redemption Amount to (but excluding) the redemption date if the following conditions are satisfied:
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (i)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (iv)                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (v)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|(f) | Early redemption at the option of the Issuer (Issuer call)                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | If the Supplement states that the Issuer may redeem all or some of the MTNs of a Series before their Maturity Date under this Condition, the Issuer may redeem such MTNs at the Redemption Amount and
any interest accrued on the Redemption Amount to (but excluding) the redemption date.                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | However, the Issuer may only do
    so if:                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (i)                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                 
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                            

21

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|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|-------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | the proposed redemption date is an Early Redemption Date (Call) specified in the Supplement; and                                                                                                                                                                                                                                               
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | any other condition specified in the Supplement is satisfied.                                                                                                                                                                                                                                                                                  
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(g)            | Partial redemptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | If only some of the MTNs are to be redeemed under Condition 10.6 (Early redemption at the option of the Issuer (Issuer call)), the MTNs to be redeemed must be specified in the notice and
selected:                                                                                                                                                                                                                                                                                                                   
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | in a fair and reasonable manner; and                                                                                                                                                                                                                                                                                                           
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | in compliance with any applicable law, directive or requirement of any stock exchange or other relevant authority on which the MTNs are listed.                                                                                                                                                                                                
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(h)            | Effect of notice of redemption                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | Any notice of redemption given under this Condition 10 (Redemption) is irrevocable.                                                                                                                                                                                                                                                                                                                                                                                                                                    
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(i)            | Late payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | If an amount is not paid under this Condition 10 (Redemption) when due, then:                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | for an MTN (other than a Zero Coupon MTN or a Structured MTN), interest continues to accrue on the unpaid amount (both before and after any demand or judgment) at the default rate specified in the
Supplement (or, if no default rate is specified, the last applicable Interest Rate) until the date on which payment is made to the Holder;
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | for a Zero Coupon MTN, the obligation to pay the amount is replaced by an obligation to pay the Amortised Face Amount recalculated as at the date on which payment is made to the Holder; and                                                                                                                                                  
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | for a Structured MTN as specified in the Supplement:                                                                                                                                                                                                                                                                                           
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (I)                                                                                                                                                                                                                                                                                                                                            
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (II)                                                                                                                                                                                                                                                                                                                                           
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(j)            | Purchase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | The Issuer and any of its Related Entities may at any time purchase MTNs in the open market or otherwise and at any price. If purchases are made by tender, tenders must be available to all Holders
alike. MTNs purchased under this Condition 10.10 may be held, resold or cancelled at the discretion of the purchaser and (if the MTNs are to be cancelled, the Issuer), subject to compliance with any applicable law or requirement of any stock
exchange or other relevant authority on which the MTNs are listed.
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Part 5Payments
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|              
|11             | General provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(a)            | Summary of payment provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | Payments in respect of MTNs must
    be made in accordance with this Condition 11 and with Condition 12 (Payments).                                                                                                                                                                                                                                                                                                                                                                                                    

22

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|(b) | Payments
    subject to law                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | All payments are
        subject to applicable law, but without prejudice to the provisions of
    Condition 13 (Taxation).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(c) | Payments
    on business days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | If a payment is
        due on a day which is not a Business Day then the due date for payment
    is adjusted in accordance with the applicable Business Day Convention.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | The Holder is
    not entitled to any additional payment in respect of that delay.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(d) | Impositions
    of exchange controls                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | If the Issuer
        reasonably determines that a payment on the MTNs cannot be made in Australian
        dollars due to restrictions imposed by the government of the Commonwealth
        of Australia or any agency or instrumentality thereof or any monetary
        authority in the Commonwealth of Australia, such payment will be made
        outside Australia in U. S. dollars by a cheque drawn on, or by credit
        or transfer to an account maintained by the holder with a bank located
        outside Australia. The Issuer shall give prompt notice to the holders
        of the MTNs if such a determination is made. The amount of U. S. dollars
        to be paid with respect to any such payment shall be the amount of U.
        S. dollars that could be purchased by the Issuer with the amount of Australian
        dollars payable on the date the payment is due, at the rate for sale
        in financial transactions of U. S. dollars (for delivery in Sydney two
        Business Days later) quoted by such bank at 10:00 a. m. local time in
    Sydney on the second Business Day prior to the date the payment is due.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(e) | Currency indemnity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | The Issuer waives any right
        it has in any jurisdiction to pay an amount other than in the currency
        in which it is due. However, if a Holder receives an amount in a currency
    other than that in which it is due:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|12  | Payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(a) | Payment of principal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | Payments of principal and
        any final Instalment Amount in respect of an MTN will be made to each
        person registered at the opening of business on the payment date as the
    holder of an MTN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(b) | Payment of interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | Payments of interest and Instalment
        Amounts (other than the final Instalment Amount) in respect of an MTN
        will be made to each person registered at the close of business on the
    Record Date as the holder of that MTN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             





23

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | Payments to accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Payments in respect of MTNs will be made:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(d) | Payments by cheque                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | If the Holder has not notified the Registrar of an account to which payments to it must be made by the close of business on the Record Date, payments in respect of the MTN will be made by cheque sent
by prepaid post on the Business Day immediately before the payment date, at the risk of the registered Holder, to the Holder (or to the first named joint holder of the MTN) at its address appearing in the Register at the close of business on the
Record Date. Cheques sent to the nominated address of a Holder are taken to have been received by the Holder on the payment date and, no further amount is payable by the Issuer in respect of the MTNs as a result of the Holder not receiving payment
on the due date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   
|13  | Taxation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | All payments of principal and
      interest on the MTNs will be made without deduction or withholding for
      or on account of any present or future tax, assessment or other governmental
      charge, of whatever nature, imposed or levied by or within the United States
      or Australia or by or within any political subdivision or taxing authority thereof or
      therein, except as required by law. The Issuer will, subject to certain
    limitations and exceptions set forth below, pay to a Holder who is a United
      States Alien (as the case may be) such additional amounts (Additional
      Amounts) as may be necessary
      so that every net payment by the Issuer or any of its Agents of principal
      or interest with respect to the MTNs after deduction or withholding for
      or on account of any present or future tax, assessment or other governmental
      charge imposed upon such Holder (or as a result of such payment) by or
      within the United States or Australia (or any political subdivision or taxing authority
      thereof or therein), will not be less than the amount provided for in such
      MTNs to be then due and payable. However, the Issuer will not be required
    to make any payment of Additional Amounts for or on account of:

24

---



|   |                                                                                                                                                                                                                                                                                                                                                                         
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (i)                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (ii)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (iii)                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (iv)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (v)                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (vi)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (vii)                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (viii)                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (ix)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (x)                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (xi)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (xii)                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | nor shall Additional Amounts
      be paid with respect to a payment of principal of or interest on any MTN
      to a holder that is not the beneficial owner of such MTN to the extent
      that the beneficial owner thereof would not have been entitled to the payment
      of such Additional Amounts had such beneficial owner been the holder of
    such MTN.
|   |                                                                                                                                                                                                                                                                                                                                                                         
|  
|14 | Time limit for claims                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | A claim against the Issuer
    for a payment under an MTN is void unless made within:                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (i)                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   | (ii)                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                         

25

---





|Part 6Events
    of Default
|---------------------------
|                           
|                           
|                           
|15                         
|                           
|(a)                        
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           
|                           







26

---



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             | affairs, and the continuance of any such
      decree or order for relief or any such other decree or order unstayed and
    in effect for a period of 60 consecutive days; or                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |            
|    | (vii)                                                                                                                                                                                                                                                                                                                                                                                                                                          | Winding up:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (A)         | the commencement by the Issuer of a voluntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganisation or other similar law, or of any other case
or proceeding to be adjudicated a bankrupt or insolvent; or                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             |                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (B)         | the consent by the Issuer to the entry of a decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any applicable United States federal or state bankruptcy,
insolvency, reorganisation or other similar law, or to the commencement of any bankruptcy or insolvency case or proceeding against it; or                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             |                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (C)         | the filing by the Issuer of a petition or answer or consent seeking reorganisation or relief under any applicable United States federal or state law, or the consent by the Issuer to the filing of
such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Issuer or of any substantial part of its property; or
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             |                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (D)         | the making by the Issuer of an assignment for the benefit of creditors; or                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             |                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (E)         | the admission by the Issuer in writing of its inability to pay its debts generally as they become due; or                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |             |                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                | (F)         | the taking of corporate action by the Issuer in furtherance of any action in (i) to (v) above.                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(b) | Consequences of an Event of Default                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | If an Event of Default occurs and continues unremedied in relation to the MTNs, then a Holder may declare by notice to the Issuer (with a copy to the Registrar) that each MTN held by it is to be
redeemed at its Redemption Amount (together with any accrued interest) in which case those amounts become immediately due and payable.                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(c) | Rectification                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | The Holders right to declare the MTNs of any Series due and payable terminates if the situation giving cause to it has been cured before such right is exercised, or the Holders waive the Event
of Default by Extraordinary Resolution.                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(d) | Notification                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | If an Event of Default occurs,
      the Issuer must promptly after becoming aware of it notify the Registrar
      of the occurrence of the Event of Default (specifying details of it) and
      use its reasonable endeavours to ensure that the Registrar promptly notifies
      Holders, each other Agent and any stock exchange or other relevant authority
    on which the MTNs are listed of the occurrence of the Event of Default.

27

---





|Part 7General
|-------------
|             
|             
|16           
|             
|(a)          
|             
|             
|             
|(b)          
|             
|             
|             
|(c)          
|             
|             
|             
|(d)          
|             
|             
|             
|             
|             
|             
|             
|             
|17           
|             
|             
|             
|             
|18           
|             
|(a)          
|             
|             
|             
|(b)          
|             
|             
|             
|             
|             
|             





28

---



|    |                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                             
|    | (iii)                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                             
|    | (iv)                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                             
|   
|19  | Further issues                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                             
|    | The Issuer may from time to time, without the consent of the Holders, issue further Tranches of MTNs having the same Conditions as the MTNs of any Series in all respects (or in all respects except
for the first payment of interest) so as to form a single series with the MTNs of that Series.                         
|    |                                                                                                                                                                                                                                                                                                                             
|   
|20  | Notices                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                             
|(a) | Notices to Holders                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                             
|    | All notices and other communications to Holders must be in writing and must be left at the address of or sent by prepaid post (airmail, if appropriate) to the address of the Holder (as shown in the
Register at the close of business on the day which is 3 Business Days before the date of the notice or communication).
|    |                                                                                                                                                                                                                                                                                                                             
|    | They may also be:                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                             
|    | (i)                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                             
|    | (ii)                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                             
|(b) | Notices to the Issuer and the Agents                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                             
|    | All notices and other communications to the Issuer or an Agent must be in writing and may be left at the address of, or sent by prepaid post (airmail, if appropriate) to, the Specified Office of the
Issuer or the Agent.                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                             
|(c) | When effective                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                             
|    | All notices and communications provided pursuant to clause 21.1 and 21.2 take effect from the time they are received unless a later time is specified in them.                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                             
|(d) | Deemed receipt - publication in newspaper                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                             
|    | If published in a newspaper, they are taken to be received on the first date that publication has been made in all the required newspapers.                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                             
|(e) | Deemed receipt - postal                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                             
|    | If sent by post, they are taken to be received five days after posting.                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                             
|   
|21  | Governing law                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                             
|(a) | Governing law                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                             
|    | The MTNs are governed by the law
    in force in New South Wales.                                                                                                                                                                                                                                                           

29

---



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(b) | Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The Issuer submits, and each Holder is taken to have submitted, to the non-exclusive jurisdiction of the courts of New South Wales and courts of appeal from them. The Issuer waives any right it has
to object to an action being brought in those courts including by claiming that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction.                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(c) | Serving documents                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | Without preventing any other method of service, any document in any action may be served on the Issuer or a Holder by being delivered to, or left at, their registered office or principal place of
business .                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d) | Process agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The Issuer appoints Emesco Agents Pty Ltd (ABN 38 000 405 265) currently of Level 19, Aurora Place, 88 Phillip Street, Sydney NSW 2000 Australia to receive any document referred to in clause 22.3
(Serving documents). If for any reason that person ceases to be able to act as such, the Issuer must immediately appoint another person with an office located in the Commonwealth of Australia to receive any such document and promptly
notify the Holders of such appointment.

30

---



Form
    of Supplement


The Supplement that will be issued in respect of each Tranche of Notes will be substantially in the form set out below.



|Series No.:  | []
|------------ | ---
|             |    
|Tranche No.: | []



AMERICAN EXPRESS CREDIT CORPORATION(incorporated in the State of Delaware, the United States of America)(registered in Australia as a foreign company under the Corporations Act 2001 of Australia with ABN 99 110 265 088)A$6,000,000,000Australian Debt Issuance ProgrammeIssue of[Aggregate Principal Amount of Series/Tranche][Title of Notes](Notes)

The date of this Supplement is [].

This Supplement (as referred to in the Information Memorandum dated [] 2006 (Information
Memorandum) in relation to the above Programme) relates to the Tranche of Notes referred to above. It is supplementary to, and should be read in conjunction with the Information Memorandum and the Note
Deed Poll executed by the Issuer dated [] (Note Deed Poll).

This Supplement does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is
unlawful to make such offer or solicitation, and no action is being taken to permit an offering of the Notes or the distribution of this Supplement in any jurisdiction where such action is required.

Terms used but not otherwise defined in this Supplement have the meaning given in the Conditions. A reference to a Condition in this Supplement is a reference to the corresponding Condition as set out in
the Information Memorandum.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act''). Notes may not be offered, sold or delivered within the United States or to or for
the account of U.S. persons unless registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and applicable U.S. tax law requirements are satisfied. For a description of certain
restrictions on offers and sales of Notes and on distribution of this Supplement and the Information Memorandum, see the section entitled "Selling Restrictions'' in the Information Memorandum.

The Notes are not guaranteed by the Commonwealth of Australia.

31

---



The particulars to be specified in relation to the Tranche of Notes referred to above are as follows:

|1  |  | Issuer                                |  | :American Express Credit Corporation           
|-- |  | ------------------------------------- |  | -----------------------------------------------
|   |  |                                       |  |                                                
|2  |  | Type of Notes                         |  | :[Fixed Rate / Floating Rate / Zero Coupon /   
|   |  |                                       |  | Index Linked / Instalment / other]             
|   |  |                                       |  | [Australian Domestic MTN / New Zealand         
|   |  |                                       |  | Domestic MTN]                                  
|   |  |                                       |  |                                                
|3  |  | If to form a single Series with an    |  | :[Specify]                                     
|   |  | existing Series, specify the existing |  |                                                
|   |  | Series and the date on which all      |  |                                                
|   |  | Notes of the Series are               |  |                                                
|   |  | consolidated, if not the Issue Date   |  |                                                
|   |  |                                       |  |                                                
|4  |  | Method of distribution                |  | :[Private / Syndicated Issue]                  
|   |  |                                       |  |                                                
|5  |  | Lead Manager                          |  | :[Name(s)]                                     
|   |  |                                       |  |                                                
|6  |  | Purchasing Dealer[s]                  |  | :[Name]                                        
|   |  |                                       |  |                                                
|7  |  | Principal Amount of                   |  | :[Specify]                                     
|   |  | [Series/Tranche]                      |  |                                                
|   |  |                                       |  |                                                
|8  |  | Issue Date                            |  | :[Specify]                                     
|   |  |                                       |  |                                                
|9  |  | Issue Price                           |  | :[Specify]                                     
|   |  |                                       |  |                                                
|10 |  | Net proceeds                          |  | :[Specify]                                     
|   |  |                                       |  |                                                
|11 |  | Currency and denomination             |  | :[Specify currency and amount]                 
|   |  |                                       |  |                                                
|12 |  | Maturity Date                         |  | :[Specify] [In the case of an amortising Notes,
|   |  |                                       |  | insert the date on which the last instalment of
|   |  |                                       |  | principal is payable].                         
|13 |  | Status of the Notes:                  |  | The Notes constitute unsecured and             
|   |  |                                       |  | unsubordinated obligations of the Issuer.      
|  
|14 |  | If the Notes are Fixed Rate Notes     |  | :Condition 6 applies: [Yes / No]               
|   |  |                                       |  |                                                
|   |  | Fixed Coupon Amount                   |  | :[Specify]                                     
|   |  |                                       |  |                                                
|   |  | Interest Rate                         |  | :[Specify]                                     
|   |  |                                       |  |                                                
|   |  | Interest Commencement Date, if not    |  | :[Specify]                                     
|   |  | Issue Date                            |  |                                                
|   |  |                                       |  |                                                
|   |  | Interest Payment Dates                |  | :[Specify]                                     
|   |  |                                       |  |                                                
|   |  | Business Day Convention               |  | :[Following Business Day Convention /          
|   |  |                                       |  | Preceding Business Day Convention / No         
|   |  |                                       |  | Adjustment / other]                            

32

---



|   |  | Day Count Fraction                     |  | :[Specify]                                    
|-- |  | -------------------------------------- |  | ----------------------------------------------
|   |  |                                        |  |                                               
|15 |  | If the Notes are Floating Rate Notes   |  | :Condition 7 applies: [Yes / No]              
|   |  |                                        |  |                                               
|   |  | Interest Commencement Date, if not     |  | :[Specify / Not applicable]                   
|   |  | Issue Date                             |  |                                               
|   |  |                                        |  |                                               
|   |  | Interest Rate                          |  | :[Specify method of calculation]              
|   |  |                                        |  |                                               
|   |  | Interest Payment Dates                 |  | :[Specify dates or the Specified Period]      
|   |  |                                        |  |                                               
|   |  | Business Day Convention                |  | :[Floating Rate Convention (specify interest  
|   |  |                                        |  | period) / Following Business Day Convention / 
|   |  |                                        |  | Modified Following Business Day Convention /  
|   |  |                                        |  | Preceding Business Day Convention / No        
|   |  |                                        |  | Adjustment / other]                           
|   |  |                                        |  |                                               
|   |  | Margin                                 |  | :[Specify] (state if positive or negative)    
|   |  |                                        |  |                                               
|   |  | Day Count Fraction                     |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Fallback Interest Rate                 |  | :[Specify / Not applicable]                   
|   |  |                                        |  |                                               
|   |  | Interest Rate Determination            |  | :[ISDA Determination / Screen Rate            
|   |  |                                        |  | Determination / Bank Bill Rate Determination] 
|   |  |                                        |  |                                               
|   |  | [If ISDA Determination applies,        |  |                                               
|   |  | specify]                               |  |                                               
|   |  |                                        |  |                                               
|   |  | Floating Rate Option                   |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Designated Maturity                    |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Reset Date                             |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | [If Screen Rate Determination applies, |  |                                               
|   |  | specify]                               |  |                                               
|   |  |                                        |  |                                               
|   |  | Relevant Screen Page                   |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Relevant Time                          |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Reference Rate                         |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Reference Banks                        |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | Interest Determination Date            |  | :[Specify]                                    
|   |  |                                        |  |                                               
|   |  | [If Bank Bill Rate Determination       |  |                                               
|   |  | applies, specify]                      |  |                                               
|   |  |                                        |  |                                               
|   |  | Bank Bill Rate                         |  | :[Yes / No] [Set out any variation to the     
|   |  |                                        |  | Conditions]                                   
|   |  |                                        |  |                                               
|16 |  | Relevant Financial Centre              |  | :[Applicable (specify) / Not applicable]      
|   |  |                                        |  |                                               
|17 |  | Linear Interpolation                   |  | :[Applicable / Not applicable] [If applicable,
|   |  |                                        |  | provide details]                              

33

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|18 |  | If Notes are Structured Notes       |  | :Condition 8 applies: [Yes / No]                
|-- |  | ----------------------------------- |  | ------------------------------------------------
|  
|   |  |                                     |  | [Specify full interest determination provisions,
|   |  |                                     |  | including Interest Commencement Date, rate or   
|   |  |                                     |  | calculation basis for interest or actual amounts
|   |  |                                     |  | of interest payable, amount and dates for       
|   |  |                                     |  | payment, minimum / maximum rates / late         
|   |  |                                     |  | payment default]                                
|  
|   |  |                                     |  | [Specify any relevant investment risks]         
|  
|19 |  | Amortisation Yield                  |  | :[Specify] [In the case of Zero Coupon Notes,   
|   |  |                                     |  | specify the Reference Price]                    
|  
|20 |  | If Notes are Instalment Notes       |  | :[Specify details of Instalments including      
|   |  |                                     |  | Instalment Amount and Instalment Dates]         
|  
|21 |  | If Notes are Partly Paid Notes      |  | :[Specify details]                              
|  
|22 |  | Business Day Convention             |  | :[Specify]                                      
|  
|23 |  | Redemption Amount                   |  | :[Specify any variations to the Redemption      
|   |  |                                     |  | Amount as defined in the Conditions]            
|  
|24 |  | Early Redemption Amount (Tax)       |  |                                                 
|  
|   |  | If Early Redemption Amount (Tax)    |  | :[Specify]                                      
|   |  | is not the Redemption Amount plus   |  |                                                 
|   |  | interest accrued on each Note to    |  |                                                 
|   |  | (but excluding) the redemption date |  |                                                 
|   |  | insert amount or full calculation   |  |                                                 
|   |  | provisions                          |  |                                                 
|  
|25 |  | Early Redemption Amount (Default)   |  | :[Specify]                                      
|  
|   |  | If Early Redemption Amount          |  |                                                 
|   |  | (Default) is not the Redemption     |  |                                                 
|   |  | Amount plus interest accrued on     |  |                                                 
|   |  | each Note to (but excluding) the    |  |                                                 
|   |  | redemption date insert amount or    |  |                                                 
|   |  | full calculation provisions         |  |                                                 
|  
|26 |  | [Events of Default]                 |  | :[Specify any additional (or modifications to)  
|   |  |                                     |  | Events of Default]                              
|  
|27 |  | [Additional or alternate            |  | :[Specify any additional or alternate newspapers
|   |  | newspapers]                         |  | for the purposes of Condition 20.1(b)]          
|  
|28 |  | [Taxation]                          |  | :[Specify any additional circumstances in which 
|   |  |                                     |  | an exception to the gross up obligation are to  
|   |  |                                     |  | apply pursuant to Condition 13]                 
|  
|29 |  | Other relevant terms and            |  | :[Specify any Conditions to be altered, varied, 
|   |  | conditions                          |  | deleted otherwise than as provided above and    
|   |  |                                     |  | also any additional Conditions to be included]  

34

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|30 |  | Registrar                           |  | :[Name and address]                                 
|-- |  | ----------------------------------- |  | ----------------------------------------------------
|   |  |                                     |  |                                                     
|   |  |                                     |  | [If required, specify details of Agency             
|   |  |                                     |  | Agreement]                                          
|   |  |                                     |  |                                                     
|   |  |                                     |  | [If required, specify any other Agents]             
|   |  |                                     |  |                                                     
|31 |  | [Calculation Agent]                 |  | :[Name and address]                                 
|   |  |                                     |  | [If required, specify details of Agency             
|   |  |                                     |  | Agreement]                                          
|   |  |                                     |  |                                                     
|32 |  | Clearing System(s)                  |  | :[Austraclear / Specify others]                     
|   |  |                                     |  |                                                     
|33 |  | ISIN                                |  | :[Specify]                                          
|   |  |                                     |  |                                                     
|34 |  | [Common Code]                       |  | :[Specify]                                          
|   |  |                                     |  |                                                     
|35 |  | [Selling restrictions]              |  | :[Specify any variation to the selling restrictions]
|   |  |                                     |  |                                                     
|36 |  | Listing                             |  | :[Unlisted / Specify]                               
|   |  |                                     |  |                                                     
|37 |  | [Investment risks]                  |  | [Specify any relevant investment risks]             
|   |  |                                     |  |                                                     
|38 |  | [Other amendments]                  |  | :[Specify]                                          
|   |  |                                     |  |                                                     
|39 |  | Australian interest withholding tax |  | :[The [Notes] satisfy the public offer test as the  
|   |  |                                     |  | issue resulted from the [Notes] being offered for   
|   |  |                                     |  | issue to at least 10 persons each of whom           
|   |  |                                     |  | was carrying on a business of providing finance,    
|   |  |                                     |  | or investing or dealing in securities, in the course
|   |  |                                     |  | of operating in financial markets and was not       
|   |  |                                     |  | known, or suspected, by the Dealer to be an         
|   |  |                                     |  | associate (as defined in section (8F(9)) of any     
|   |  |                                     |  | of the above persons as a result of the IM          
|   |  |                                     |  | being publicly available in capital markets.]       

CONFIRMEDFor and on behalf ofAmerican Express Credit Corporation

|By:    | 
|------ | 
|       | 
|Name:  | 
|       | 
|Title: | 
|       | 
|Date:  | 
|       | 



35

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