Exhibit 2.3



Note Deed Poll



in relation to the issue of A$400,000,000 medium term notes

by Coles Myer Finance Limited (Issuer)



LOGO



101 Collins Street Melbourne Victoria 3000
Australia

Telephone +61 3 9288 1234 Facsimile +61 3 9288 1567

www.freehills.com DX 240 Melbourne



SYDNEY MELBOURNE PERTH BRISBANE
SINGAPORE

Correspondent Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR



Reference AB:UAG:80707085



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Note Deed Poll



Table of contents





|                                 |  |                                       |  |                                            |  |  
|-------------------------------- |  | ------------------------------------- |  | ------------------------------------------ |  | -
|Clause                           |  | Page                                 
|                                 |  |                                      
|1                                |  | The Notes                             |  | 2                                         
|                                 |  |                                       | 
|                                 |  | 1.1                                   |  | Creation of Notes                          |  | 2
|                                 |  | 1.2                                   |  | Undertaking to pay                         |  | 2
|                                 |  | 1.3                                   |  | Appointment of Registrar                   |  | 2
|                                 |  | 1.4                                   |  | No dealing by Issuer                       |  | 2
|                                 |  | 1.5                                   |  | Application of Common Provisions Deed Poll |  | 3
|                                 |  |                                      
|2                                |  | Rights and obligations of Noteholders |  | 3                                         
|                                 |  |                                       | 
|                                 |  | 2.1                                   |  | Benefit and entitlement                    |  | 3
|                                 |  | 2.2                                   |  | Rights independent                         |  | 3
|                                 |  | 2.3                                   |  | Noteholders bound                          |  | 3
|                                 |  | 2.4                                   |  | Directions to hold documents               |  | 3
|                                 |  | 2.5                                   |  | Copies of documents to Noteholders         |  | 3
|                                 |  |                                      
|3                                |  | Governing law                         |  | 4                                         
|                                 |  |                                       | 
|                                 |  | 3.1                                   |  | Governing law                              |  | 4
|                                 |  | 3.2                                   |  | Jurisdiction                               |  | 4
|                                 |  | 3.3                                   |  | Serving documents                          |  | 4
|                                 |  |                                      
|4                                |  | Interpretation                        |  | 4                                         
|                                 |  |                                       | 
|                                 |  | 4.1                                   |  | Incorporation of other defined terms       |  | 4
|                                 |  | 4.2                                   |  | References to certain general terms        |  | 4
|                                 |  | 4.3                                   |  | References to principal and interest       |  | 5
|                                 |  | 4.4                                   |  | Number                                     |  | 5
|                                 |  | 4.5                                   |  | Headings                                   |  | 5
|                                 | 
|Schedule 1 - Conditions          |  | 6                                    
|                                 | 
|Schedule 2 - Meetings Provisions |  | 24                                   



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This note deed poll



is made on 15 JULY 2005 between the following parties:



| | 1 | Coles Myer Finance Limited
| | - | --------------------------

ABN 33 008 544 161

of 800 Toorak Road, Tooronga, Victoria, 3146, Australia

(Issuer)



| | 2 | Each person who is from time to time a Noteholder
| | - | -------------------------------------------------

(Beneficiaries)



Recitals



| | A. | The Issuer proposes to issue Notes from time to time.
| | -- | -----------------------------------------------------



| | B. | Notes will be issued in registered form by entry in the Register.
| | -- | -----------------------------------------------------------------



The deed witnesses



that in consideration of, among other things, the mutual promises contained in this deed, the parties agree:



|1 | The Notes
|- | ---------



| | 1.1 | Creation of Notes
| | --- | -----------------



The obligations of the Issuer under the Notes are constituted by, and owing under, this deed.



| | 1.2 | Undertaking to pay
| | --- | ------------------



The Issuer unconditionally and irrevocably undertakes with each Noteholder:



| | (a) | to pay, in respect of each Note issued by it and held by the Noteholder, principal, (if applicable) interest and any other amounts in accordance with the Conditions set out in
schedule 1 (Conditions); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | otherwise to comply with the Conditions of that Note.
| | --- | -----------------------------------------------------



| | 1.3 | Appointment of Registrar
| | --- | ------------------------



The Issuer agrees to appoint the Registrar under the Registry Services Agreement and to ensure that the Registrar establishes and maintains during its
term of appointment a Register in Sydney (or any other place in New South Wales as the Issuer and the Registrar may agree).



| | 1.4 | No dealing by Issuer
| | --- | --------------------



The Issuer may not assign or otherwise deal with its rights under this deed except in relation to a particular Series as expressly contemplated by the
Conditions.



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| | 1.5 | Application of Common Provisions Deed Poll
| | --- | ------------------------------------------



| | (a) | This deed and the Notes are Finance Documents for the purposes of the Common Provisions Deed Poll dated 12 May 2005 made by the Issuer and Coles Myer Ltd (
Guarantor) (as amended) (Common Provisions Deed Poll).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Noteholder is a Finance Party for the purposes of the Common Provisions Deed Poll.
| | --- | -----------------------------------------------------------------------------------------



| | (c) | The Issuer and the Guarantor acknowledge that where clauses 6, 8, 9.1, 9.2, 10.1, 10.2 and 10.6 of the Common Provisions Deed Poll are inconsistent with the Conditions, the
Conditions will prevail to the extent of the inconsistency.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2 | Rights and obligations of Noteholders
|- | -------------------------------------



| | 2.1 | Benefit and entitlement
| | --- | -----------------------



This deed is executed as a deed poll. Each Noteholder has the benefit of, and is entitled to enforce, this deed even though it is not a party to, or is
not in existence at the time of execution and delivery of, this deed.



| | 2.2 | Rights independent
| | --- | ------------------



Each Noteholder may enforce its rights under this deed independently from each other Noteholder and any other person.



| | 2.3 | Noteholders bound
| | --- | -----------------



The Notes are issued on the condition that each Noteholder (and any person claiming through or under a Noteholder) is taken to have notice of, and be
bound by, this deed, the Common Provisions Deed Poll, the Information Memorandum (including but not limited to the relevant Pricing Supplement) and the Conditions.



| | 2.4 | Directions to hold documents
| | --- | ----------------------------



Each Noteholder is taken to have irrevocably:



| | (a) | instructed the Issuer that this deed (or a certified copy) is to be delivered to and held by the Registrar; and
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (b) | appointed and authorised the Registrar to hold those documents in Sydney (or any other place in New South Wales as the Issuer and the Registrar may agree) on behalf of the Holders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2.5 | Copies of documents to Noteholders
| | --- | ----------------------------------



Within 14 days of an Issuer receiving a written request from a Noteholder to do so, the Issuer must ensure that the relevant Registrar gives to the
Noteholder a certified copy of any document held in accordance with clause 2.4 (Direction to hold documents) if the Noteholder requires the copy in connection with any legal proceeding, claim or action brought by the Noteholder in
relation to its rights under a Note.



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|3 | Governing law
|- | -------------



| | 3.1 | Governing law
| | --- | -------------



This deed is governed by the law in force in the Australia Capital Territory and each party submits to the non-exclusive jurisdiction of the courts in
that place.



| | 3.2 | Jurisdiction
| | --- | ------------



The Issuer submits, and each Noteholder is taken to have submitted, to the non-exclusive jurisdiction of the courts of the Australian Capital Territory
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.



| | 3.3 | Serving documents
| | --- | -----------------



Without preventing any other method of service, any document in any action may be served on:



| | (a) | the Issuer by being delivered to, or left at, the registered office of the Issuer; or
| | --- | -------------------------------------------------------------------------------------



| | (b) | a Noteholder by being delivered or left at the address of the Noteholder (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).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4 | Interpretation
|- | --------------



| | 4.1 | Incorporation of other defined terms
| | --- | ------------------------------------



Terms which are defined in the Conditions have the same meaning when used in this deed unless the same term is also defined in this deed, in which case
the definition in this deed prevails.



| | 4.2 | References to certain general terms
| | --- | -----------------------------------



Unless the contrary intention appears, a reference in this deed to:



| | (a) | a group of persons is a reference to any two or more of them jointly and to each of them individually;
| | --- | ------------------------------------------------------------------------------------------------------



| | (b) | a document (including this deed) includes any variation or replacement of it;
| | --- | -----------------------------------------------------------------------------



| | (c) | law means common law, principles of equity and laws made by any parliament (and laws made by parliament include and regulations and other instruments under them, and consolidations,
amendments, re-enactments or replacements of any of them);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | a directive means a treaty, an official directive, request, regulation, guideline or policy (whether or not having the force of law) with which responsible participants in the
relevant market generally comply;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (e) | Australian dollars or A$ is a reference to the lawful currency of Australia;
| | --- | ----------------------------------------------------------------------------



| | (f) | a time of day is a reference to Sydney time;
| | --- | --------------------------------------------



| | (g) | the word person includes an individual, a firm, a body corporate, an unincorporated association and an authority;
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (h) | a particular person includes a reference to the persons executors, administrators, successors, substitutes (including persons taking by novation) and assigns;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly and each of them individually;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | anything (including any amount) is a reference to the whole and each part of it;
| | --- | --------------------------------------------------------------------------------



| | (k) | the words including, for example or such as when introducing an example, do not limit the meaning of the words to which the example relates to
that example or examples of a similar kind.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | References to principal and interest
| | --- | ------------------------------------



Unless the contrary intention appears, in this deed:



| | (a) | any reference to principal is taken to include the Redemption Amount (as defined in the Conditions) in respect of a Note, any additional amounts in respect of principal
which may be payable under the Conditions), any premium payable in respect of a Note, and any other amount in the nature of principal payable in respect of the Notes under the Conditions;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | 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 Notes under the Conditions;
and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any reference to principal and/or interest is taken to include any Additional Amounts payable in respect of the Notes under Condition 8
(Taxation) of the Conditions.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Number
| | --- | ------



The singular includes the plural and vice versa.



| | 4.5 | Headings
| | --- | --------



Headings (including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of this deed.



Executed as a deed poll:



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Schedule 1 - Conditions



Terms and Conditions of the Australian Domestic Notes



All capitalised terms that are not defined in these Conditions will have the meanings given to them in the relevant Pricing Supplement.



The Notes are issued pursuant to an Agency and Registry Services Agreement
(as amended or supplemented as at the Issue Date, the Registry Services Agreement) dated 4 May 2001 between the Issuer and Austraclear Services Limited as registrar and paying agent (Australian Registrar)
and will be constituted by an Australian Notes Deed Poll the Deed Poll) dated 15 July 2005 executed by the Issuer in relation to the Notes. The Notes will have the benefit of a Guarantee Deed Poll (as amended or supplemented
as at the Issue Date, the Guarantee Deed Poll) dated 18 May 2005 executed by the Guarantor. The Deed Poll provides that the Deed Poll and the Notes are Finance Documents for the purposes of the Common Provisions Deed Poll
made by the Issuer and the Guarantor on 12 May 2005 (as amended) (Common Provisions Deed Poll) so that the financial covenants and other provisions of the Common Provisions Deed Poll will bind the Issuer and the Guarantor for
the benefit of the Noteholders (as defined below). The Noteholders (as defined below) are deemed to have notice of and be bound by all of the provisions of the Registry Services Agreement and the Deed Poll.



Copies of the Registry Services Agreement, the Deed Poll and the Guarantee Deed Poll are
available for inspection at the specified offices of the Issuer and the Programme Manager.



|1 | Form, Denomination and Title
|- | ----------------------------



|1.1 | Form and denomination
|--- | ---------------------



The Notes are registered debt obligations of the Issuer constituted by, and owing under, the Deed Poll and take the form of entries in the register that
the Issuer shall procure to be kept by the Australian Registrar in accordance with the provisions of the Registry Services Agreement (Australian Register). Each entry in the Australian Register constitutes a separate and
individual acknowledgement to the relevant Noteholder of the indebtedness of the Issuer to the relevant Noteholder.



Each Note will be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note, an Index Linked Interest Note, an Index Linked Redemption Note, an
Instalment Note, a Dual Currency Note or a Partly Paid Note, a combination of any of the foregoing or any other kind of Note, depending upon the Interest and Redemption/Payment Basis shown in the applicable Pricing Supplement.



Unless otherwise specified in the applicable Pricing Supplement
(a) Notes are issued in the Denomination of A$10,000, (b) Notes may only be issued if the consideration payable to the Issuer by the relevant Noteholder is a minimum of A$500,000 (disregarding any moneys lent by the Issuer or its
associates to the purchaser) or if the Notes are otherwise issued in a manner which constitutes an Excluded Issue (as defined in Condition 5.10) and (c) Notes will be denominated in Australian Dollars.



|1.2 | Title
|--- | -----



Title to the Notes shall pass by registration in the Australian Register. Except as ordered by a court of competent jurisdiction or as required by law,
the holder (as defined below) of any Note shall be deemed to be and may be treated as its absolute owner for all purposes, whether or not it is overdue and regardless of any notice of ownership, trust or an interest in it and no person shall be
liable for so treating the holder.



|1.3 | Register conclusive
|--- | -------------------



Entries in the Australian Register in relation to a Note constitute conclusive evidence that the person so entered is the registered owner of the Note
subject to rectification for fraud or error. No Note will be registered in the name of more than 4 persons. A Note registered in the name of more than one person is held by those persons as joint tenants. Notes will be registered by name only
without reference to any trusteeship. The person registered in the Australian Register as a Noteholder of a Note will be treated by the Issuer and the Australian Registrar as absolute owner of that Note and neither the Issuer nor the



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Australian Registrar is, except as ordered by a court or as required by statute, obliged to take notice of any other claim to a Note.



|1.4 | Holder absolutely entitled
|--- | --------------------------



Upon a person acquiring title to any Note by virtue of becoming registered as the owner of that Note, all rights and entitlements arising by virtue of the
Deed Poll in respect of that Note vest absolutely in the registered owner of the Note, such that no person who has previously been registered as the owner of the Note has or is entitled to assert against the Issuer or the Australian Registrar or the
registered owner of the Note for the time being and from time to time any rights, benefits or entitlements in respect of the Note.



|1.5 | Location of Australian Register
|--- | -------------------------------



The Australian Register will be established and maintained in Sydney, New South Wales unless otherwise agreed with the Australian Registrar.



|1.6 | Certificates
|--- | ------------



No certificate or other evidence of title will be issued by or on behalf of the Issuer to evidence title to a Note unless the Issuer determines that
certificates should be made available or it is required to do so pursuant to any applicable law or regulation.



|1.7 | Acknowledgment
|--- | --------------



Where the Austraclear System is recorded in the Australian Register as the Noteholder, each person in whose account that Note is recorded is deemed to
acknowledge in favour of the Australian Registrar and Austraclear that (a) the Australian Registrars decision to act as the Australian Registrar of the Note does not constitute a recommendation or endorsement by the Australian Registrar
or Austraclear in relation to the Note but only indicates that such Note is considered by the Australian Registrar to be compatible with the performance by it of its obligations as Australian Registrar under its agreement with the Issuer to act as
Australian Registrar of the Note and (b) the Noteholder does not rely on any fact, matter or circumstance contrary to this Condition 1.7.



|1.8 | General
|--- | -------



In these Conditions, Noteholder and holder mean the person in whose name a Note is registered. Unless defined in
these Conditions capitalised terms have the meanings given to them in the applicable Pricing Supplement, the absence of any such meaning indicating that such term is not applicable to the Notes.



|2 | Transfers
|- | ---------



|2.1 | Limits on Transfers
|--- | -------------------



Notes may only be transferred in whole. Unless otherwise specified in the applicable Pricing Supplement. Notes may only be transferred within Australia if
the consideration payable at the time of transfer is a minimum amount of A$500,000 (disregarding any moneys lent by the transferor or its associates to the transferee) or the transfer otherwise constitutes an Excluded Issue.



Notes entered in the Austraclear System may only be transferred in
accordance with the Austraclear Regulations. If, in accordance with the Austraclear Regulations, Notes are required to be removed from the Austraclear System, application for the transfer of such Notes must be made by the lodgement of a transfer
form with the Australian Registrar. Transfer forms are available from the Australian Registrar. Each form must be accompanied by such evidence (if any) as the Australian Registrar may require to prove the title of the transferor or the
transferors right to transfer the Note and be signed by both the transferor and the transferee.



Notes may only be transferred to or from Australia (a) unless otherwise specified in the applicable Pricing Supplement, if the consideration payable
at the time of the transfer is a minimum amount of A$500,000 (disregarding any moneys lent by the transferor or its associates to the transferee) or the transfer



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otherwise constitutes an Excluded Issue (as defined in Condition 5.10); and (b) if the transfer is in compliance with the laws of the jurisdiction in
which the transfer takes place.



Notes may only be transferred
between the persons in a jurisdiction or jurisdictions other than Australia if the transfer is in compliance with the laws of the jurisdiction in which the transfer takes place.



|2.2 | Registration of transfer
|--- | ------------------------



The transferor of a Note is deemed to remain the holder of that Note until the name of the transferee is entered in the Australian Register in respect of
that Note. Transfers will not be registered later than 8 days prior to the relevant Record Date.



|2.3 | Estates
|--- | -------



A person becoming entitled to a Note as a consequence of the death or bankruptcy of a Noteholder or of a vesting order or a person administering the
estate of a Noteholder may, upon producing such evidence as to that entitlement or status as the Australian Registrar considers sufficient, transfer the Note or, if so entitled, become registered as the holder of the Note.



|2.4 | Unincorporated associations
|--- | ---------------------------



A transfer to an unincorporated association is not permitted.



|2.5 | Transfer of unidentified Notes
|--- | ------------------------------



Where the transferor executes a transfer of less than all Notes of the relevant Tranche or Series registered in its name, and the specific Notes to be
transferred are not identified, the Australian Registrar may (subject to the limit on minimum holdings) register the transfer in respect of such of the Notes of the relevant Tranche or Series registered in the name of the transferor as the
Australian Registrar thinks fit, provided the aggregate principal amount of the Notes registered as having been transferred equals the aggregate principal amount of the Notes expressed to be transferred in the transfer.



|2.6 | Australian Stock Exchange
|--- | -------------------------



Notes which are listed on the Australian Stock Exchange Limited will not be transferred through or registered on CHESS and will not be CHESS
approved securities. In the event that an interface between the Australian Register maintained by the Australian Registrar and CHESS is established the relevant Transaction Documents may be amended to facilitate settlement on CHESS and so that
the Notes will become CHESS approved securities.



For the purposes of this Condition 2.6, CHESS means the Clearing House Electronic Subregister System operated by the Australian Stock Exchange Limited.



|2.7 | Closed periods
|--- | --------------



No Noteholder may require the transfer of a Note to be registered (a) during the period of 7 days ending on the due date for redemption of, or
payment of any Instalment Amount in respect of, that Note, (b) during the period of 7 days before any date on which Notes may be called for redemption by the Issuer at its option pursuant to Condition 6.5, (c) after any such Note has been
called for redemption or (d) during the period of seven days ending on (and including) any Record Date.



|3 | Guarantee and status
|- | --------------------



|3.1 | Guarantee
|--- | ---------



All the payment obligations incurred or assumed by the Issuer under the Notes (including Notes designated in the applicable Pricing Supplement as being
issued on a subordinated basis (Subordinated Notes)) are guaranteed by the Guarantee Deed Poll in favour of the Noteholders from time to time in accordance with the terms of the Guarantee Deed Poll.



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|3.2 | Status of Senior Notes and Guarantee
|--- | ------------------------------------



The Notes constitute (subject to the provisions of the Common Provisions Deed Poll) unsecured obligations of the Issuer and shall at all times rank
pari passu and without any preference among themselves, unless the Notes are Subordinated Notes, or as otherwise specified in the applicable Pricing Supplement. Unless otherwise specified in the applicable Pricing Supplement, the payment
obligations of the Issuer under those Notes and of the Guarantor under the Guarantee Deed Poll in respect of those Notes shall, save for such exceptions as may be provided by applicable legislation and subject to the provisions of the Common
Provisions Deed Poll, at all times rank at least equally with all other unsecured and unsubordinated indebtedness and monetary obligations of the Issuer and the Guarantor respectively, present and future.



|3.3 | Status of Subordinated Notes and Guarantee
|--- | ------------------------------------------



Unless otherwise specified in the applicable Pricing Supplement, the following provisions apply to Subordinated Notes:



| | (a) | subject to Conditions 3.3(b) and (c), the rights of the holders of Subordinated Notes are subordinated to the claims of Unsubordinated Creditors (as defined below) in that:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the obligations of the Issuer to make payments of principal and interest in respect of the Subordinated Notes and all other amounts owing under the Subordinated Notes are
conditional upon the Issuer being Solvent (as defined below) at the time of payment; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | no principal or interest is payable in respect of Subordinated Notes except to the extent that the Issuer may make that payment and still be Solvent immediately after doing so;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Issuer would not remain Solvent immediately after payment of the whole of any moneys referred to in Condition 3.3(a), but would remain Solvent immediately after payment of a
portion of those moneys, then that portion of the amounts due to the holders of Subordinated Notes will be paid to those holders rateably (as to their respective due proportion only);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in a Winding-Up (as defined below) of the Issuer the rights and claims of holders of Subordinated Notes are subordinated to the claims of Unsubordinated Creditors. Holders of
Subordinated Notes may make demand for an amount equal to the outstanding principal amount of each Subordinated Note together with accrued interest (if any) and such amounts will only become due and payable on an equal basis with all other claims
against the Issuer subordinated in the same manner once the claims of all Unsubordinated Creditors have been satisfied in full;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | there is no limit on the amount of debt or other obligations which rank equally or ahead of the Subordinated Notes that may be incurred or assumed by the Issuer; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the Subordinated Notes constitute (subject to the provisions of the Common Provisions Deed Poll) unsecured obligations of the Issuer and the payment obligations of the Guarantor
under the Guarantee Deed Poll in respect of them shall at all times rank pari passu and without preference among themselves unless otherwise specified in the applicable Pricing Supplement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.4 | Definitions for Subordinated Notes
|--- | ----------------------------------



For the purposes of Condition 3.3:



| | (a) | the Issuer is taken to be Solvent if:
| | --- | ---------------------------------------



| | (i) | it is able to pay its debts to Unsubordinated Creditors as they fall due; and
| | --- | -----------------------------------------------------------------------------



| | (ii) | its assets exceed its liabilities.
| | ---- | ----------------------------------



A report as to whether the Issuer is Solvent signed by 2 directors of the Issuer or the auditors of the Issuer or, if the Issuer is being wound-up, its
liquidator, will, unless the contrary is proved, be evidence of the information set out in that report. In the absence of such a report the Issuer and any holder of a Subordinated Note is entitled to assume (unless the contrary is proved) that the
Issuer is and will after any payment be Solvent.



| | (b) | Unsubordinated Creditors means all the creditors (present and future) of the Issuer:
| | --- | --------------------------------------------------------------------------------------



| | (i) | whose claims would be admitted in a Winding-Up of the Issuer; and
| | --- | -----------------------------------------------------------------



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| | (ii) | who do not have claims against the Issuer, the right to payment or repayment of which by their terms is, or is expressed to be, subordinated in a Winding-Up of the Issuer to the
claims of all Unsubordinated Creditors (whether secured or not) of the Issuer;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Winding-Up means any procedure whereby the Issuer may be wound-up, dissolved, liquidated or cease to exist as a body corporate whether brought or instigated by a
Noteholder or any other person, but excludes any winding-up, dissolution, liquidation or cessation in the process of a merger, reconstruction or amalgamation in which the surviving entity has assumed or will assume expressly or by law all
obligations of the Issuer in respect of the Notes.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4 | Common Provisions Deed Poll
|- | ---------------------------



|4.1 | Form of Common Provisions Deed Poll
|--- | -----------------------------------



The Issuer and the Guarantor have entered into a deed poll which sets out standard terms and conditions that are to apply in respect of moneys raised by
and financial accommodation provided to the Issuer or the Guarantor and certain related companies where the documentation relating to the raising of such moneys or the provision of such financial accommodation so provides. The Issuer and the
Guarantor have, pursuant to the Deed Poll and Guarantee Deed Poll respectively, provided that the Noteholders from time to time will obtain the benefit of the Common Provisions Deed Poll.



|4.2 | Compliance Certificate
|--- | ----------------------



The Issuer agrees to:



make available for inspection by Noteholders on the Issuers internet site at http://www.cmfl.com.au a compliance certificate (Compliance
Certificate) in accordance with the Common Provisions Deed Poll upon:



| | (i) | release of the Guarantors annual accounts and the Issuers annual accounts, and in any case, within 120 days of the end of their financial year; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | upon release of the accounts of the Guarantor for the first half of each financial year, and in any case, within 90 days of the end of the first half of the Guarantors
financial year; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



notify Noteholders in
accordance with Condition 13 if a Compliance Certificate is not provided in accordance with Condition 4.2(a) or if the Compliance Certificate evidences non-compliance with any provision of the Common Provisions Deed Poll.



|5 | Interest and other calculations
|- | -------------------------------



|5.1 | Interest on Fixed Rate Notes
|--- | ----------------------------



Each Fixed Rate Note bears interest on its outstanding principal amount from the Interest Commencement Date at the rate per annum (expressed as a
percentage) equal to the Rate of Interest, such interest being payable in arrear on each Interest Payment Date.



If a Fixed Coupon Amount or a Broken Amount is specified in the applicable Pricing Supplement, the amount of interest payable on each Interest Payment
Date will amount to the Fixed Coupon Amount or, if applicable, the Broken Amount so specified and in the case of the Broken Amount will be payable on the particular Interest Payment Date(s) specified in the applicable Pricing Supplement.



|5.2 | Interest on Floating Rate Notes and Index Linked Interest Notes
|--- | ---------------------------------------------------------------



| | (a) | Interest Payment Dates: Each Floating Rate Note and Index Linked Interest Note bears interest on its outstanding principal amount from the Interest
Commencement Date at the rate per annum (expressed as a percentage) equal to the Rate of Interest, such interest being payable in arrear on each Interest Payment Date. Such Interest Payment Date(s) is/are either shown in the applicable Pricing
Supplement as Specified Interest Payment Dates or, if no Specified Interest Payment Date(s) is/are shown in the applicable Pricing Supplement, Interest Payment Date shall mean each date which falls the number of months or other period shown in
the applicable Pricing Supplement
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | as the Specified Period after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement
Date.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Business Day Convention:If any date referred to in these Conditions that is specified to be subject to adjustment in accordance with a Business Day Convention would
otherwise fall on a day that is not a Business Day, then, if the Business Day Convention specified is:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Floating Rate Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in which
event (A) such date shall be brought forward to the immediately preceding Business Day and (B) each subsequent such date shall be the last Business Day of the month in which such date would have fallen had it not been subject to
adjustment;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Following Business Day Convention, such date shall be postponed to the next day that is a Business Day;
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (iii) | the Modified Following Business Day Convention, such date shall be postponed to the next day that is a Business Day unless it would thereby fall into the next calendar month, in
which event such date shall be brought forward to the immediately preceding Business Day; or
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the Preceding Business Day Convention, such date shall be brought forward to the immediately preceding Business Day.
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (c) | Rate of Interest for Floating Rate Notes: The Rate of Interest in respect of Floating Rate Notes for each Interest Accrual Period shall be determined in the manner specified
in the applicable Pricing Supplement and the provisions below relating to either ISDA Determination or Screen Rate Determination shall apply, depending upon which is specified in the applicable Pricing Supplement.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | ISDA Determination for Floating Rate Notes
| | --- | ------------------------------------------



Where ISDA Determination is specified in the applicable Pricing Supplement as the manner in which the Rate of Interest is to be determined, the Rate of
Interest for each Interest Accrual Period shall be determined by the Calculation Agent as a rate equal to the relevant ISDA Rate plus or minus (as indicated in the applicable Pricing Supplement) the Margin (if any). For the purposes of this
sub-paragraph (i), ISDA Rate for an Interest Accrual Period means a rate equal to the Floating Rate that would be determined by the Calculation Agent under a Swap Transaction under the terms of an ISDA Master Agreement
incorporating the 2000 ISDA Definitions and under which:



| | (A) | the Floating Rate Option is as specified in the applicable Pricing Supplement;
| | --- | ------------------------------------------------------------------------------



| | (B) | the Designated Maturity is a period specified in the applicable Pricing Supplement; and
| | --- | ---------------------------------------------------------------------------------------



| | (C) | the relevant Reset Date is the first day of that Interest Accrual Period unless otherwise specified in the applicable Pricing Supplement.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



For the purposes of this sub-paragraph (i), Floating Rate,
Calculation Agent, Floating Rate Option, Designated Maturity, Reset Date and Swap Transaction have the meanings given to those terms in the ISDA Definitions.



| | (ii) | Screen Rate Determination for Floating Rate Notes
| | ---- | -------------------------------------------------



Where Screen Rate Determination is specified in the applicable Pricing Supplement as the manner in which the Rate of Interest is to be determined, the
Rate of Interest for each Interest Accrual Period shall be determined by the Calculation Agent at or about the Relevant Time on the Interest Determination Date in respect of such Interest Accrual Period in accordance with the following:



| | (A) | if the Primary Source for the Floating Rate is a Page, subject as provided below, the Rate of Interest shall be:
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (aa) | the Relevant Rate (where such Relevant Rate on such Page is a composite quotation or is customarily supplied by one entity); or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------



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| | (ab) | the arithmetic mean of the Relevant Rates of the persons whose Relevant Rates appear on that Page (rounded if necessary to the fourth decimal place, with 0.00005 being rounded
upwards),
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



in each case appearing on such Page
at the Relevant Time on the Interest Determination Date. If five or more such offered quotations are available on the Page, the highest (or if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there
is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Calculation Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations;



| | (B) | if sub-paragraph (A)(aa) applies and no Relevant Rate appears on the Page at the Relevant Time on the Interest Determination Date or if sub-paragraph (A)(ab) applies and fewer than
two Relevant Rates appear on the Page at the Relevant Time on the Interest Determination Date, subject as provided below, the Rate of Interest shall be the arithmetic mean of the rates per annum (expressed as a percentage) that the Calculation Agent
determines to be the rates (being the nearest equivalent to the Benchmark) in respect of a Representative Amount of the Specified Currency that at least two out of five leading banks selected by the Calculation Agent in the Relevant Financial Centre
are quoting at or about the Relevant Time on the date on which such banks would customarily quote such rates for a period commencing on the Effective Date for a period equivalent to the Specified Duration to leading banks carrying on business in the
Relevant Financial Centre; except that, if fewer than two of such banks are so quoting to leading banks in the Relevant Financial Centre, the Rate of Interest shall be the Rate of Interest determined on the previous Interest Determination Date
(after readjustment for any difference between any Margin, Rate Multiplier or Maximum or Minimum Rate of Interest applicable to the preceding Interest Accrual Period and to the relevant Interest Accrual Period),
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



and in each case the Rate of Interest is the Relevant Rate/arithmetic mean
plus or minus the Margin, as specified in the applicable Pricing Supplement.



| | (d) | Rate of Interest for Index Linked Interest Notes: The Rate of Interest in respect of Index Linked Interest Notes for each Interest Accrual Period shall be determined in the
manner specified in the applicable Pricing Supplement and interest will accrue by reference to an Index or Formula as specified in the applicable Pricing Supplement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.3 | Zero Coupon Notes
|--- | -----------------



Where a Note the Interest Basis of which is specified to be Zero Coupon is repayable prior to the Maturity Date and is not paid when due, the amount due
and payable prior to the Maturity Date shall be the Early Redemption Amount of such Note. As from the Maturity Date, the Rate of Interest for any overdue principal of such a Note shall be a rate per annum (expressed as a percentage) equal to the
Amortisation Yield (as described in Condition 6.2(a)(ii)).



|5.4 | Dual Currency Notes
|--- | -------------------



In the case of Dual Currency Notes, if the rate or amount of interest falls to be determined by reference to a Rate of Exchange or a method of calculating
Rate of Exchange, the rate or amount of interest payable shall be determined in the manner specified in the applicable Pricing Supplement.



|5.5 | Partly Paid Notes
|--- | -----------------



In the case of Partly Paid Notes (other than Partly Paid Notes which are Zero Coupon Notes), interest will accrue as aforesaid on the paid-up principal
amount of such Notes and otherwise as specified in the applicable Pricing Supplement.



|5.6 | Accrual of Interest
|--- | -------------------



Interest shall cease to accrue on each Note on the due date for redemption unless, upon due claim for payment being made, payment is improperly withheld
or refused, in which event interest shall continue to



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accrue (after as well as before judgment) at the Rate of Interest in the manner provided in this Condition 5 to the Relevant Date (as defined in Condition
8).



|5.7 | Margin, Maximum/Minimum Rates of Interest, Instalment Amounts and Redemption Amounts, Rate Multipliers and Rounding
|--- | -------------------------------------------------------------------------------------------------------------------



| | (a) | If any Margin or Rate Multiplier is specified in the applicable Pricing Supplement (either (i) generally, or (ii) in relation to one or more Interest Accrual Periods), an
adjustment shall be made to all Rates of Interest, in the case of (i), or the Rates of Interest for the specified Interest Accrual Periods, in the case of (ii), calculated in accordance with clause 5.2 above by adding (if a positive number) or
subtracting the absolute value (if a negative number) of such Margin or multiplying by such Rate Multiplier, subject always to the next paragraph.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If any Maximum or Minimum Rate of Interest, Instalment Amount or Redemption Amount is specified in the applicable Pricing Supplement, then any Rate of Interest, Instalment Amount or
Redemption Amount shall be subject to such maximum or minimum, as the case may be.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For the purposes of any calculations required pursuant to these Conditions (unless otherwise specified), (i) all percentages resulting from such calculations shall be rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point (with halves being rounded up), and (ii) all currency amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves being rounded
up), save in the case of yen, which shall be rounded down to the nearest yen. For these purposes unit means the lowest amount of such currency that is available as legal tender in the countries of such currency.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.8 | Calculations
|--- | ------------



The amount of interest payable in respect of any Note for any period shall be calculated by multiplying the product of the Rate of Interest and the
outstanding principal amount of such Note by the Day Count Fraction, unless an Interest Amount (or a formula for its calculation) is specified in respect of such period, in which case the amount of interest payable in respect of such Note for such
period shall equal such Interest Amount (or be calculated in accordance with such formula). Where any Interest Period comprises two or more Interest Accrual Periods, the amount of interest payable in respect of such Interest Period shall be the sum
of the amounts of interest payable in respect of each of those Interest Accrual Periods. Calculations under this clause 5.8 shall be rounded if necessary to the second decimal place, with 0.005 being rounded upwards, or otherwise in accordance with
applicable market convention.



|5.9 | Determination and Publication of Rates of Interest, Interest Amounts, Final Redemption Amounts, Early Redemption Amounts, Optional Redemption Amounts and Instalment Amounts
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



As soon as practicable after the Relevant
Time on such date as the Calculation Agent may be required to calculate any rate or amount, obtain any quotation or make any determination or calculation, it shall determine such rate and calculate the Interest Amounts in respect of each Specified
Denomination of the Notes for the relevant Interest Accrual Period, calculate the Final Redemption Amount, Early Redemption Amount, Optional Redemption Amount or Instalment Amount, obtain such quotation or make such determination or calculation, as
the case may be, and cause the Rate of Interest and the Interest Amounts for each Interest Period and the relevant Interest Payment Date and, if required to be calculated, the Final Redemption Amount, Early Redemption Amount, Optional Redemption
Amount or any Instalment Amount to be notified to the Issuer, the Australian Registrar, the Noteholders, any other Calculation Agent appointed in respect of the Notes that is to make a further calculation upon receipt of such information and, if the
Notes are listed on a stock exchange and the rules of such exchange or other relevant authority so require, such exchange or other relevant authority as soon as possible after their determination but in no event later than:



| | (a) | the commencement of the relevant Interest Period, if determined prior to such time, in the case of notification to such exchange of a Rate of Interest and Interest Amount; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in all other cases, the fourth Business Day after such determination. Where any Interest Payment Date or Interest Period Date is subject to adjustment pursuant to
Condition 5.2(b), the Interest Amounts and the Interest Payment Date so published may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the
Interest Period. If the Notes become due and payable under Condition 10, the accrued interest and the Rate of Interest payable in respect of the Notes shall
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | nevertheless continue to be calculated as previously in accordance with this Condition but no publication of the Rate of Interest or the Interest Amount so
calculated need be made. The determination of any rate or amount, the obtaining of each quotation and the making of each determination or calculation by the Calculation Agent(s) shall (in the absence of manifest error) be final and binding upon all
parties.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.10 | Definitions
|---- | -----------



In these Conditions, unless the context otherwise requires, the following defined terms shall have the meanings set out below:



Austraclear means Austraclear Limited (ABN 94 002 060
773).



Austraclear System means the system
operated by Austraclear for holding securities and electronic recording and settling of transactions in those securities between members of that system.



Austraclear Regulations means the regulations known as the Regulations and Operations Manual established by Austraclear (as
amended and replaced from time to time) to govern the use of the Austraclear System.



Business Day means:



| | (a) | a day (other than a Saturday, Sunday or public holiday) on which commercial banks are open for general banking business in the place specified in the Pricing Supplement, or, if no
such place is specified, Melbourne and Sydney; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if a Note is to be issued or paid on such Business Day, a day on which commercial banks settle payments in the relevant currency in Melbourne and Sydney and a day on which the
Austraclear System is operating.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Day
Count Fraction means, in respect of the calculation of an amount of interest on any Note for any period of time (from and including the first day of such period to but excluding the last) (whether or not constituting an Interest Period,
the Calculation Period):



| | (a) | if Actual/365 or Actual/Actual - ISDA is specified in the applicable Pricing Supplement, the actual number of days in the Calculation Period
divided by 365 (or, if any portion of that 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);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if Actual/365 (Fixed) is specified in the applicable Pricing Supplement, the actual number of days in the Calculation Period divided by 365;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | if Actual/360 is specified in the applicable Pricing Supplement, the actual number of days in the Calculation Period divided by 360;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (d) | if 30/360, 360/360 or Bond Basis is specified in the applicable Pricing Supplement, 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 12 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 shall not be 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 shall not be considered to be lengthened to a 30-day month));
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | if 30/360 (Fixed) is specified in the applicable Pricing Supplement, the number of days in the period from (and including) the most recent Interest Payment Date
(or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months) divided by 360;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | if 30E/360 or Eurobond Basis is specified in the applicable Pricing Supplement, 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 12 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 shall not be considered to be lengthened to a 30-day month); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (g) | if Actual/Actual-ISMA is specified in the applicable Pricing Supplement:
| | --- | --------------------------------------------------------------------------



| | (i) | if the Calculation Period is equal to or shorter than the Determination Period during which it falls, the number of days in the Calculation Period divided by the product of
(B) the number of days in such Determination Period and (A) the number of Determination Periods normally ending in any year; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if the Calculation Period is longer than one Determination Period, the sum of:
| | ---- | ------------------------------------------------------------------------------



| | (A) | the number of days in such Calculation Period falling in the Determination Period in which it begins divided by the product of (aa) the number of days in such Determination Period
and (ab) the number of Determination Periods normally ending in any year; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | the number of days in such Calculation Period falling in the next Determination Period divided by the product of (aa) the number of days in such Determination Period and (ab) the
number of Determination Periods normally ending in any year
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



where:



Determination Period means the period from and including a Determination Date in any year to but excluding the next Determination Date; and



| | (h) | if RBA Bond Basis or Australian Bond Basis is specified, one divided by the number of Interest Payment Dates in a year.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



Denomination means the
notional face value of the Notes as specified in the applicable Pricing Supplement.



Effective Date means, with respect to any Floating Rate to be determined on an Interest Determination Date, the date specified as such in the applicable Pricing Supplement or, if none is so
specified, the first day of the Interest Accrual Period to which such Interest Determination Date relates.



Excluded Issue means an issue of an invitation, offer or issue of Notes for which no disclosure is required to be made to investors
pursuant to Part 6D.2 of the Corporations Act.



Interest Accrual Period means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Period Date and each successive period beginning on (and including) an
Interest Period Date and ending on (but excluding) the next succeeding Interest Period Date.



Interest Amount means the amount of interest payable, and in the case of Fixed Rate Notes, means the Fixed Coupon Amount or Broken Amount, as the case may be.



Interest Commencement Date means the Issue Date or such
other date as may be specified in the applicable Pricing Supplement.



Interest Determination Date means, with respect to a Rate of Interest and Interest Accrual Period, the date specified as such in the applicable Pricing Supplement.



Interest Period means the period beginning on (and
including) the Interest Commencement Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest
Payment Date.



Interest Period Date means
each Interest Payment Date unless otherwise specified in the applicable Pricing Supplement.



ISDA Definitions means the 2000 ISDA Definitions or any replacement of them, as published by the International Swaps and Derivatives Association, Inc., unless otherwise specified in the applicable
Pricing Supplement.



Offshore Associate
means a person who is an Associate (as defined in section 128F(a) of the Income Tax Assessment Act 1936) of the Issuer and:



| | (a) | either:
| | --- | -------



| | (1) | the Associate is a Non-Resident (as defined in the Income Tax Assessment Act 1936) and the payment is not received by the Associate in respect of a debenture
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | that the Associate acquired in carrying on a business in Australia at or through a permanent establishment of the Associate in Australia; or
| | --------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | the Associate is a Resident (as defined in the Income Tax Assessment Act 1936) and the payment is received by the Associate in respect of a debenture that the Associate acquired in
carrying on a business in a country outside Australia at or through a permanent establishment of the Associate in that country; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Associate does not receive the payment in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page means such page,
section, caption, column or other part of a particular information service (including, but not limited to, Reuters monitor system page BBSW (or any page which replaces that page) (Reuters)) as may be specified for the
purpose of providing a Relevant Rate, or such other page, section, caption, column or other part as may replace it on that information service or on such other information service, in each case as may be nominated by the person or organisation
providing or sponsoring the information appearing there for the purpose of displaying rates or prices comparable to that Relevant Rate.



Payment Date means, in respect of a Note, an Interest Payment Date, the Maturity Date or other relevant payment date (including an
early payment date).



Rate of Interest
means the rate of interest payable from time to time in respect of this Note and that is either specified or calculated in accordance with the provisions in the applicable Pricing Supplement.



Relevant Financial Centre means, with respect to any
Floating Rate to be determined in accordance with a Screen Rate Determination on an Interest Determination Date, the financial centre as may be specified as such in the applicable Pricing Supplement or, if none is so specified, Melbourne.



Relevant Rate means the Benchmark for a
Representative Amount of the Specified Currency for a period (if applicable or appropriate to the Benchmark) equal to the Specified Duration commencing on the Effective Date.



Relevant Time means, with respect to any Interest Determination Date, the local time in the Relevant
Financial Centre specified in the applicable Pricing Supplement or, if no time is specified, the local time in the Relevant Financial Centre at which it is customary to determine bid and offered rates in respect of deposits in the Specified Currency
in the interbank market in the Relevant Financial Centre.



Representative Amount means, with respect to any Floating Rate to be determined in accordance with a Screen Rate Determination on an Interest Determination Date, the amount specified as such in the applicable Pricing
Supplement or, if none is specified, an amount that is representative for a single transaction in the relevant market at the time.



Specified Currency means the currency specified as such in the applicable Pricing Supplement or, if none is specified, the currency in
which the Notes are denominated.



Specified
Duration means, with respect to any Floating Rate to be determined in accordance with a Screen Rate Determination on an Interest Determination Date, the duration specified in the applicable Pricing Supplement or, if none is specified, a
period of time equal to the relative Interest Accrual Period, ignoring any adjustment pursuant to Condition 5.2(b).



Subsidiary of an entity means another entity which is a subsidiary of the first within the meaning of Part 1.2 Division 6 of the
Corporations Act.



|5.11 | Calculation Agent
|---- | -----------------



Where more than one Calculation Agent is appointed in respect of the Notes, references in these Conditions to the Calculation Agent shall be construed as
each Calculation Agent performing its respective duties under the Conditions. If the Calculation Agent is unable or unwilling to act as such or if the Calculation Agent fails duly to establish the Rate of Interest for an Interest Period or Interest
Accrual Period or to calculate any Interest Amount, Instalment Amount, Final Redemption Amount, Early Redemption Amount or Optional Redemption Amount, as the case may be, or to comply with any other requirement, the Issuer shall appoint a leading
bank or investment banking firm engaged in the interbank market (or, if appropriate, money, swap or over-the-counter index options market) that is most closely connected with the calculation or determination to be made by the Calculation Agent
(acting through its principal Sydney or Melbourne office or any other office actively involved in such market) to act as such



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in its place. The Calculation Agent may not resign its duties without a successor having been appointed as aforesaid.



|6 | Redemption, Purchase and Options
|- | --------------------------------



|6.1 | Redemption by instalments and final redemption:
|--- | -----------------------------------------------



| | (a) | Unless previously redeemed, purchased and cancelled as provided in this Condition 6 or the relevant Instalment Date (being one of the dates so specified in the applicable Pricing
Supplement) is extended pursuant to any Issuers or Noteholders option in accordance with Condition 6.4 or 6.5, each Note that provides for Instalment Dates and Instalment Amounts shall be partially redeemed on each Instalment Date at the
related Instalment Amount specified in the applicable Pricing Supplement. The outstanding principal amount of each such Note shall be reduced by the Instalment Amount (or, if such Instalment Amount is calculated by reference to a proportion of the
principal amount of such Note, such proportion) for all purposes with effect from the related Instalment Date, unless payment of the Instalment Amount is improperly withheld or refused, in which case, such amount shall remain outstanding until the
Relevant Date relating to such Instalment Amount.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Unless previously redeemed, purchased and cancelled as provided below or its maturity is extended pursuant to any Issuers or Noteholders option in accordance with
Condition 6.4 or 6.5, each Note shall be finally redeemed on the Maturity Date specified in the applicable Pricing Supplement at its Final Redemption Amount (which, unless otherwise provided, is its principal amount) or, in the case of a Note
falling within paragraph (a) above, its final Instalment Amount.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.2 | Early redemption
|--- | ----------------



| | (a) | Zero Coupon Notes:
| | --- | ------------------



| | (i) | The Early Redemption Amount payable in respect of any Zero Coupon Note, the Early Redemption Amount of which is not linked to an index and/or a formula, upon redemption of such Note
pursuant to Condition 6.3 or upon it becoming due and payable as provided in Condition 10 shall be the Amortised Face Amount (calculated as provided below) of such Note unless otherwise specified in the applicable Pricing Supplement.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Subject to the provisions of paragraph (iii) below, the Amortised Face Amount of any such Note shall be the scheduled Final Redemption Amount of such Note on the Maturity Date
discounted at a rate per annum (expressed as a percentage) equal to the Amortisation Yield (which, if none is shown in the applicable Pricing Supplement, shall be such rate as would produce an Amortised Face Amount equal to the issue price of the
Notes if they were discounted back to their issue price on the Issue Date) compounded annually.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | If the Early Redemption Amount payable in respect of any such Note upon its redemption pursuant to Condition 6.3 or upon it becoming due and payable as provided in Condition 10 is
not paid when due, the Early Redemption Amount due and payable in respect of such Note shall be the Amortised Face Amount of such Note as defined in paragraph (ii) above, except that such sub-paragraph shall have effect as though the date on
which the Note becomes due and payable were the Relevant Date. The calculation of the Amortised Face Amount in accordance with this sub-paragraph shall continue to be made (after as well as before judgment) until the Relevant Date, unless the
Relevant Date falls on or after the Maturity Date, in which case the amount due and payable shall be the scheduled Final Redemption Amount of such Note on the Maturity Date together with any interest that may accrue in accordance with Condition 5.3.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Where such calculation is to be made for a
period of less than one year, it shall be made on the basis of the Day Count Fraction shown in the applicable Pricing Supplement.



| | (b) | Other Notes: The Early Redemption Amount payable in respect of any Note (other than Notes described in Condition 6.2 (a) above), upon redemption of such Note pursuant to
Condition 6.3 or upon it becoming due and payable as provided in Condition 10, shall be the Final Redemption Amount unless otherwise specified in the applicable Pricing Supplement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|6.3 | Redemption for taxation reasons
|--- | -------------------------------



The Notes may be redeemed at the option of the Issuer in whole, but not in part on any Interest Payment Date or, if so specified in the applicable Pricing
Supplement, at any time, on giving not less than 30 nor more than 45 days notice to the Noteholders (which notice shall be irrevocable), at their Early Redemption Amount (as described in Condition 6.2 above) (together with interest accrued to
the date fixed for redemption), if (a) the Issuer (or, if the Guarantee Deed Poll were called, the Guarantor) has or will become obliged to pay additional amounts as provided or referred to in Condition 8 as a result of any change in, or
amendment to, the laws or regulations of the Commonwealth of Australia or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations,
which change or amendment becomes effective on or after the Issue Date, and (b) such obligation cannot be avoided by the Issuer (or the Guarantor, as the case may be) taking reasonable measures available to it, provided that no such notice of
redemption shall be given earlier than 60 days prior to the earliest date on which the Issuer (or the Guarantee Deed Poll, as the case may be) would be obliged to pay such additional amounts were a payment in respect of the Notes (or the Guarantor,
as the case may be) then due. Before the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Australian Registrar a certificate signed by a Director of the Issuer (or the Chief Executive Officer or
Chief Financial Officer of the Guarantor, as the case may be) stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have
occurred, and an opinion of independent legal advisers of recognised standing to the effect that the Issuer (or the Guarantor, as the case may be) has or will become obliged to pay such additional amounts as a result of such change or amendment.



|6.4 | Redemption at the option of the Issuer and exercise of Issuers options
|--- | -----------------------------------------------------------------------



If Call Option is specified in the applicable Pricing Supplement, the Issuer may, on giving not less than 15 nor more than
30 days irrevocable notice to the Noteholders (or such other notice period as may be specified in the applicable Pricing Supplement) redeem, or exercise any Issuers option (as may be described in the applicable Pricing Supplement) in
relation to, all or, if so provided, some, of the Notes on any Optional Redemption Date or Option Exercise Date, as the case may be. Any such redemption of Notes shall be at their Optional Redemption Amount together with interest accrued to the date
fixed for redemption. Any such redemption or exercise must relate to Notes of a principal amount at least equal to the minimum principal amount to be redeemed specified in the applicable Pricing Supplement and no greater than the maximum principal
amount to be redeemed specified in the applicable Pricing Supplement.



All Notes in respect of which any such notice is given shall be redeemed, or the Issuers option shall be exercised, on the date specified in such notice in accordance with this Condition.



In the case of a partial redemption or a partial exercise of an
Issuers option, the notice to Noteholders shall also contain details of the Notes to be redeemed or in respect of which such option has been exercised, which shall have been drawn in such place and in such manner as may be fair and reasonable
in the circumstances, taking account of prevailing market practices, subject to compliance with any applicable laws and stock exchange or other relevant authority requirements.



|6.5 | Redemption at the option of Noteholders and exercise of Noteholders options
|--- | ----------------------------------------------------------------------------



If Put Option is specified in the applicable Pricing Supplement, the Issuer shall, at the option of the holder of any such
Note, upon the holder of such Note giving not less than 15 nor more than 30 days notice to the Issuer (or such other notice period as may be specified in the applicable Pricing Supplement) redeem such Note on the Optional Redemption Date(s) at
its Optional Redemption Amount together with interest accrued to the date fixed for redemption.



To exercise such option or any other Noteholders option that may be set out in the applicable Pricing Supplement (which must be exercised on an
Option Exercise Date) the holder must deposit with the Australian Registrar at its specified office, a duly completed option exercise notice (Exercise Notice) in the form obtainable from the Australian Registrar within the notice
period. No option exercised may be withdrawn (except as provided in the Registry Services Agreement) without the prior consent of the Issuer.



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|6.6 | Partly Paid Notes
|--- | -----------------



Partly Paid Notes will be redeemed, whether at maturity, early redemption or otherwise, in accordance with the provisions of this Condition and the
provisions specified in the applicable Pricing Supplement.



|6.7 | Purchases
|--- | ---------



The Issuer may at any time purchase Notes in the open market or otherwise at any price.



|6.8 | Cancellation
|--- | ------------



Any Notes purchased by or on behalf of the Issuer or the Guarantor may be cancelled. Any Notes cancelled may not be reissued or resold and the obligations
of the Issuer and the Guarantor in respect of any such Notes shall be discharged.



|7 | Principal and interest
|- | ----------------------



|7.1 | Registered Notes
|--- | ----------------



Payments of principal and interest (which for the purpose of this Condition 7.1 shall include all Instalment Amounts other than final Instalment Amounts)
on Notes shall be paid to the person shown on the Australian Register at the close of business on the eighth day before the due date for payment thereof (Record Date).



Where a Note is held jointly, payments will be made in their joint names unless requested otherwise.



|7.2 | Method of payments
|--- | ------------------



Payments in respect of each Note will be made:



| | (a) | if the Notes are in the Austraclear System, by crediting on the relevant Payment Date the amount then due to the account of the Noteholder in accordance with the Austraclear
Regulations; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if the Notes are not in the Austraclear System as a result of being removed from the Austraclear System in accordance with the Austraclear Regulations, by crediting on the Payment
Date the amount then due to an account previously notified by the registered owner of the Note to the Issuer and the Australian Registrar. If the registered owner of the Note has not notified the Issuer and the Australian Registrar of such an
account by close of business on the relevant Record Date or upon application by the registered owner of the Note to the Issuer and the Australian Registrar no later than close of business on the relevant Record Date, payments in respect of the
relevant Note will be made by cheque, mailed on the Business Day immediately preceding the relevant Interest Payment Date in the case of payments of interest or on the due date for redemption or repayment, in the case of payments of principal, at
the Noteholders risk to the registered owner (or to the first named of joint registered owners) of such Note at the address appearing in the Australian Register as at the Record Date. Cheques to be despatched to the nominated address of a
Noteholder will in such cases be deemed to have been received by the Noteholder on the relevant Payment Date and no further amount will be payable by the Issuer in respect of the relevant Note as a result of payment not being received by the
Noteholder on the due date.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.3 | Payments subject to fiscal laws
|--- | -------------------------------



All payments are subject in all cases to any applicable fiscal or other laws, regulations and directives, but without prejudice to the provisions of
Condition 8. No commission or expenses shall be charged to the Noteholders in respect of such payments.



All payments must be made in accordance with the applicable Business Day Convention.



|7.4 | Non-Business Days
|--- | -----------------



If any date for payment in respect of any Note is not a Business Day, the holder shall not be entitled to payment until the next following Business Day
nor to any interest or other sum in respect of such postponed payment.



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|8 | Taxation
|- | --------



All payments of principal and interest in respect of the Notes or under the Guarantee Deed Poll shall be made free and clear of, and without withholding
or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within the Commonwealth of Australia or any authority therein or thereof having power to tax, unless
such withholding or deduction is required by law. In that event, the Issuer or, as the case may be, the Guarantor shall pay such additional amounts as shall result in receipt by the Noteholders of such amounts as would have been received by them had
no such withholding or deduction been required, except that no such additional amounts shall be payable with respect to any Note or the Guarantee Deed Poll:



| | (a) | (other connection) to, or to a third party on behalf of, a holder who is liable to such taxes, duties, assessments or governmental charges in respect of such Note or the
Guarantee Deed Poll by reason of the holder having some connection with the Commonwealth of Australia other than (i) the mere holding of the Note or (ii) the receipt of principal, premium or interest in respect of the Note; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (lawful avoidance of withholding) to, or to a third party on behalf of, a holder who could lawfully avoid (but has not so avoided) such deduction or withholding by complying
or procuring that any third party complies with any statutory requirements or by making or procuring that any third party makes a declaration of non-residence or other claim for exemption to any tax authority in the place where payment under the
Note is made; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | (claim more than 30 days after the Relevant Date) in respect of which a claim for payment is made more than 30 days after the Relevant Date except to the extent that the
holder of it would have been entitled to such additional amounts on making such claim for payment on the thirtieth such day; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (Offshore Associates) issued to, or to a third party on behalf of, a holder who is liable to such taxes, duties, assessments or governmental charges in respect of such Note
by reason of that person being an Offshore Associate of the Issuer; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | (identifying number) to, or to a third party on behalf of an Australian resident Noteholder, if that person has not supplied an Australian business number, a tax file number
or exemption details as may be necessary to enable the payment to be made without such withholding or deduction.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



As used in these Conditions, Relevant Date in respect of any Note means the date on which payment in respect of it first becomes due or
if all money then due for payment shall not have been paid to the Noteholder on or prior to such date in accordance with these Conditions, the date on which all such moneys will have been so paid and notice to that effect will have been duly given
in accordance with Condition 13. References in these Conditions to (i) principal shall be deemed to include any premium payable in respect of the Notes, all Instalment Amounts, Final Redemption Amounts, Early Redemption
Amounts, Optional Redemption Amounts, Amortised Face Amounts and all other amounts in the nature of principal payable pursuant to Condition 6 or any amendment or supplement to it, (ii) interest shall be deemed to include all
Interest Amounts and all other amounts payable pursuant to Condition 5 or any amendment or supplement to it and (iii) principal and/or interest shall be deemed to include any additional amounts that may be
payable under this Condition.



|9 | Prescription
|- | ------------



Claims against the Issuer and the Guarantor for payment in respect of the Notes shall be prescribed and become void unless made within 10 years (in the
case of principal) or 5 years (in the case of interest) from the appropriate Relevant Date in respect of them.



|10 | Events of Default
|-- | -----------------



|10.1 | Events of Default
|---- | -----------------



Unless otherwise specified in the applicable Pricing Supplement, an event of default (Event of Default) occurs in relation to a Series
of Notes if an Event of Default (as defined and specified in the Common Provisions Deed Poll) occurs, and any Noteholder of that Series may give notice to the Issuer effective upon receipt of such notice by the Issuer that, subject to
Condition 3.3 (Status of Subordinated Notes and Guarantee), the Notes of a Series are immediately due and repayable.



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|10.2 | Consequences of an Event of Default
|---- | -----------------------------------



Upon the giving of notice by a Noteholder in accordance with Condition 10.1, the Early Redemption Amount of such Note together with accrued interest to
the date of payment shall become immediately due and payable unless such Event of Default has been remedied prior to the receipt of notice by the Issuer, in accordance with Condition 10.1.



|11 | Meeting of Noteholders and modifications
|-- | ----------------------------------------



|11.1 | Meetings of Noteholders
|---- | -----------------------



Annexure 1 to these Conditions contains provisions for convening meetings of Noteholders (Meetings Provisions) to consider any matter
affecting their interests, including the sanctioning by Extraordinary Resolution (as defined in the Meetings Provisions) of a modification of any of these Conditions. Such a meeting may be convened on the request of Noteholders holding not less than
10% in principal amount of the Notes for the time being outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution shall be two or more persons holding or representing 51% in principal amount of the Notes for the time
being outstanding, or at any adjourned meeting two or more persons being or representing Noteholders whatever the principal amount of the Notes held or represented, unless the business of such meeting includes consideration of proposals, inter
alia;



| | (a) | to amend the dates of maturity or redemption of the Notes, any Instalment Date or any date for payment of interest or Interest Amounts on the Notes;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to reduce or cancel the principal amount of, or any Instalment Amount of, or any premium payable on redemption of, the Notes;
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (c) | to reduce the rate or rates of interest in respect of the Notes or to vary the method or basis of calculating the rate or rates or amount of interest or the basis for calculating
any Interest Amount in respect of the Notes;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | if a Minimum and/or a Maximum Rate of Interest, Instalment Amount or Redemption Amount is shown in the applicable Pricing Supplement, to reduce any such Minimum and/or Maximum;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | to vary any method of, or basis for, calculating the Final Redemption Amount, the Early Redemption Amount or the Optional Redemption Amount, including the method of calculating the
Amortised Face Amount;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | to vary the currency or currencies of payment or denomination of the Notes;
| | --- | ---------------------------------------------------------------------------



| | (g) | to take any steps that as specified in the applicable Pricing Supplement may only be taken following approval by an Extraordinary Resolution to which the special quorum provisions
apply;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | to modify the provisions concerning the quorum required at any meeting of Noteholders or the majority required to pass the Extraordinary Resolution;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | to make a substitution pursuant to Condition 11.3 where the requirements set out therein have not been satisfied; or
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (j) | to modify or cancel the Guarantee Deed Poll (except as otherwise expressly permitted under the Guarantee Deed Poll),
| | --- | --------------------------------------------------------------------------------------------------------------------



in which case the necessary quorum shall be two or more persons holding or
representing not less than 75 %, or at any adjourned meeting not less than 51%, in principal amount of the Notes for the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on Noteholders (whether or not they were
present at the meeting at which such resolution was passed).



|11.2 | Modification and waiver
|---- | -----------------------



The Issuer and the Guarantor shall only permit any modification of, or any waiver or authorisation of any breach or proposed breach of or any failure to
comply with, the Registry Services Agreement, if to do so could not reasonably be expected to be prejudicial to the interests of the Noteholders.



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The Issuer may, without the consent of the Noteholders to:



| | (a) | any modification (except as mentioned above) of the Notes which is not materially prejudicial to the interests of the Noteholders; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any modification of the Notes which is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of the law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



Any such modification shall be binding on the
Noteholders and any such modification shall be notified to the Noteholders in accordance with Condition 13 as soon as practicable thereafter. No modification shall take effect without the approval of the Issuer.



|11.3 | Substitution
|---- | ------------



The Issuer may at any time, without the consent of the Noteholders, substitute for itself as principal debtor under the Notes and the Deed Poll any
Subsidiary of the Guarantor (other than the Issuer) or of the Issuer which assumes all of the obligations of the Issuer under the Notes or by the Guarantor by execution of a deed by which it assumes all of such obligations
(Substitute) provided that no payment in respect of the Notes is at the relevant time overdue. The substitution shall be made by a deed poll (Substitution Deed Poll) and may take place only if:



| | (a) | the Substitute shall, by means of the Substitution Deed Poll, agree to indemnify each Noteholder against any tax, duty, assessment or governmental charge that is imposed on it by
(or by any authority in or of) the jurisdiction of the country of the Substitutes residence for tax purposes and, if different, of its incorporation with respect to any Note or the Deed Poll and that would not have been so imposed had the
substitution not been made, as well as against any tax, duty, assessment or governmental charge, and any cost or expense, relating to the substitution;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | where the Substitute is not the Guarantor, the Guarantee Deed Poll remains in full force and effect and the Noteholders remain entitled to the full benefit of the Guarantee Deed
Poll in accordance with its terms;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | all necessary action, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary governmental, regulatory or other consents) to ensure
that the Substitution Deed Poll, the Notes and Deed Poll represent valid, legally binding and enforceable obligations of the Substitute and in the case of the Substitution Deed Poll of the Guarantor have been taken, fulfilled and done and are in
full force and effect;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Substitute shall have become party to the Registry Services Agreement, with any appropriate consequential amendments, as if it had been an original party to it;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | legal opinions addressed to the Noteholders shall have been delivered to them from a lawyer or firm of lawyers with a leading securities practice in each jurisdiction referred to in
paragraph (a) and in Australia as to the fulfilment of the preceding conditions of this paragraph (e) and the other matters specified in the Substitution Deed Poll; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the Issuer shall have given at least 14 days prior notice, in accordance with Condition 14, of such substitution to the Noteholders, stating that copies, or pending execution
the agreed text, of all documents in relation to the substitution that are referred to above, or that might otherwise reasonably be regarded as material to Noteholders, and shall be made available for inspection at the specified office of the
Australian Registrar.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12 | Further issues
|-- | --------------



The Issuer may from time to time without the consent of the Noteholders create and issue further notes having the same terms and conditions as the Notes
(so that, for the avoidance of doubt, references in the conditions of such notes to Issue Date shall be to the first issue date of the Notes) and so that the same shall be consolidated and form a single series with such Notes, and
references in these Conditions to Notes shall be construed accordingly.



|13 | Notices
|-- | -------



Notices to the holders of Notes shall be:



| | (a) | mailed to them at their respective addresses in the Australian Register and deemed to have been given on the fourth weekday (being a day other than a Saturday or a Sunday) after the
date of mailing; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | by advertisement published in the Australian Financial Review or any other newspaper or newspapers circulating in Australia generally. Any such notice shall be deemed to have
been given on the date of such publication or, if published more than once or on different dates, on the date of the first publication as provided above.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14 | Currency indemnity
|-- | ------------------



If any amount received or recovered under or in connection with the Notes, whether as a result of, or the enforcement of, a judgment or order rendered by
a court of any particular jurisdiction for the payment of any amounts owing to the Noteholder under the Notes or for the payment of damages in respect thereof, and any such amount is expressed in a currency (Specified Currency)
other than the currency in which the obligation of the Issuer to which the relevant claim under such Notes relates, is required to be paid under the Notes (Contractual Currency), the Issuer, failing whom the Guarantor, will
indemnify and hold those Noteholders harmless against any deficiency arising or resulting from any variation in rates of exchange between the Specified Currency and the Contractual Currency between:



| | (a) | the date on which any amount expressed in the Contractual Currency falls due for payment; and
| | --- | ---------------------------------------------------------------------------------------------



| | (b) | the date or dates of payment of such amount, or part thereof or of discharge of such first-mentioned judgment or order, or part thereof, as appropriate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



If, the amount receivable by the Noteholder under this Condition 14 would,
if converted on the date of payment into the Contractual Currency, yield a sum in excess of that due in the Contractual Currency, the Noteholder must hold such excess to the order of the Issuer or other person making payment.



|15 | Governing law and jurisdiction
|-- | ------------------------------



|15.1 | Governing law
|---- | -------------



The Notes and the Deed Poll are governed by, and shall be construed in accordance with, the law of the Australian Capital Territory, Australia. The
Guarantee Deed Poll is governed by, and shall be construed in accordance with, the law of the State of Victoria, Australia.



|15.2 | Jurisdiction
|---- | ------------



The Courts of the Australian Capital Territory, Australia and the federal courts of Australia are to have jurisdiction to settle any disputes that may
arise out of or in connection with the Deed Poll and any Notes and accordingly any legal action or proceedings arising out of or in connection with any Notes (Proceedings) may be brought in such courts. Each of the Issuer and the
Guarantor irrevocably submits to the jurisdiction of those courts and waives any objection to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is made
for the benefit of each of the holders of the Notes and shall not affect the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking
of Proceedings in any other jurisdiction (whether concurrently or not).



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Schedule 2 - Meetings Provisions



Meetings Provisions



The following are the Meetings Provisions which are applicable to the convening of meetings of Noteholders of Australian Domestic Notes and the passing of resolutions
by them.



Interpretation



|1      (a) | Expressions and terms having a defined meaning in the Terms and Conditions have the same meaning when used in these provisions and the following words have these meanings in these
provisions unless the contrary intention appears:
|---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dealer means a person appointed by the Issuer to act as a dealer in relation to Notes.



Extraordinary Resolutionmeans:



| | (i) | a resolution passed at a Meeting by a majority of at least 75% of the votes cast; or
| | --- | ------------------------------------------------------------------------------------



| | (ii) | a resolution made in writing by Noteholders in accordance with paragraph 24(b).
| | ---- | -------------------------------------------------------------------------------



Form of Proxy means a notice in writing in the usual or common form or an electronic copy of such a notice and
available from the Australian Registrar.



Meeting is
deemed to include:



| | (i) | if there is only one Noteholder, the attendance of that person or its Proxy on the day and at the place and time specified in accordance with these provisions;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the presence of persons physically, by conference telephone call or by video conference; and
| | ---- | --------------------------------------------------------------------------------------------



| | (iii) | (other than in paragraphs 7, 8, 12 and 14) any adjourned meeting.
| | ----- | -----------------------------------------------------------------



Ordinary Resolutionmeans:



| | (i) | a resolution passed at a Meeting by a clear majority of the votes cast; or
| | --- | --------------------------------------------------------------------------



| | (ii) | a resolution made in writing by Noteholders in accordance with paragraph 24(a).
| | ---- | -------------------------------------------------------------------------------



Proxymeans a person so appointed pursuant to a Form of Proxy.



Notification Datemeans the date stated in the copies of a resolution
to be made in writing sent for that purpose to Noteholders, which must be no later than the date on which such resolution is first notified to Noteholders in the manner provided in the Terms and Conditions.



Special Quorum Resolutionmeans an Extraordinary Resolution for the
purpose referred to in paragraph 27(a) and (b) and any of the proposals referred to in Condition 11.1 or any amendment of this definition or the provisions of the table in paragraph 10 expressed to relate to a Special Quorum
Resolution.



Terms and Conditionsmeans the terms
and conditions applicable to the Notes.



| | (b) | If there is only one Noteholder of Notes of a Series that person must be treated as two persons for the purposes of any quorum requirements of a Meeting.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | References to a Meeting are to a Meeting of Noteholders of a single Series of Notes and references to Notes and to Noteholders are to the Notes of the Series
in respect of which a Meeting has been, or is to be, called and to the Noteholders of those Notes, respectively.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The time and date for determining the identity of a Noteholder who may be counted for the purposes of determining a quorum or attend, speak and vote at a Meeting (including any
adjourned Meeting) or sign a resolution made in writing is at the close of business in the place where the Australian Register is kept 7 days prior to the date of the Meeting or, for a resolution made in writing, the Notification Date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (e) | References to persons representing a proportion of the Notes are to Noteholders or Proxies holding or representing in aggregate at least that proportion in principal amount of the
Notes for the time being outstanding.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | In determining whether the provisions relating to quorum, meeting and voting procedures are complied with, any Notes held in the name of the Issuer, or any of its associates or
Subsidiaries shall be disregarded.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Proxies



|2 | A Noteholder may by a Form of Proxy signed by the Noteholder or, in the case of a corporation, executed under its common seal, executed in accordance with Section 127(1) of the
Corporations Act or signed on its behalf by its duly appointed attorney or a person authorised under section 250D of the Corporations Act to act as the corporations representative at the Meeting, appoint a Proxy to attend
and act on that Noteholders behalf in connection with any Meeting or proposed meeting of the Noteholders.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3 | Forms of Proxy are valid for so long as the Notes to which they relate are registered in the name of the appointor but not otherwise. Despite any other paragraph of these provisions
and during the validity of a Form of Proxy, the Proxy is, for all purposes in connection with any Meeting of Noteholders, deemed to be the Noteholder of the Notes to which that Form of Proxy relates.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4 | A person appointed as Proxy in any Form of Proxy:
|- | -------------------------------------------------



| | (a) | need not be a Noteholder; and
| | --- | -----------------------------



| | (b) | may be an officer, employee, representative of or otherwise connected with the Issuer.
| | --- | --------------------------------------------------------------------------------------



|5 | Each Form of Proxy, the power of attorney or other authority (if any) under which it is signed, or a copy of such power or authority certified in such manner as the Australian
Registrar may require, must be deposited at the office of the Australian Registrar specified in the Form of Proxy not less than 48 hours before the time appointed for holding the Meeting to which the Form of Proxy relates, failing which the
Form of Proxy may not be treated as valid unless the chairman of the Meeting decides otherwise before the Meeting or adjourned Meeting proceeds to business.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6 | Any vote given in accordance with the terms of a Form of Proxy will be valid despite the previous revocation or amendment of the Form of Proxy or of any instructions of the
Noteholder pursuant to which it was executed, unless notice in writing of such revocation or amendment is received from the Noteholder who has executed such Form of Proxy at the principal office of the Issuer not less than 48 hours before the
commencement of the Meeting or adjourned Meeting at which the Form of Proxy is used.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Convening Meetings



|7 | A Meeting of the Noteholders:
|- | -----------------------------



| | (a) | may be convened at any time by the Issuer, or the Australian Registrar at the place and time appointed by the convenor; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (b) | must be convened by the Australian Registrar at a place and time appointed by it:
| | --- | ---------------------------------------------------------------------------------



| | (i) | if requested in writing to do so by the Issuer; or
| | --- | --------------------------------------------------



| | (ii) | if requested in writing to do so by Noteholders of Notes representing in the aggregate at least 10% of the aggregate Outstanding Principal Amount of the outstanding Notes.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Notice of Meeting



|8 | Unless otherwise agreed in writing by each Noteholder, at least 21 days notice (exclusive of the day on which the notice is given and of the day on which
the Meeting is held) specifying the day, time and place of the Meeting must be given to the Noteholders and, if not given by the Australian Registrar, copied to the Australian Registrar or, if not given by the Issuer, copied to the Issuer. Such
notice must be given in the manner provided in the Terms and Conditions, must state generally the nature of the business to be transacted at the Meeting but (except for an Extraordinary Resolution) need not specify the terms of the resolutions to be
proposed and must include statements to the effect that Proxies may be appointed until 48 hours before the time fixed for the Meeting but not after that time. The accidental omission to give
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | notice to, or the non-receipt of notice by, any Noteholder does not invalidate the proceedings at any Meeting.
| | --------------------------------------------------------------------------------------------------------------



Chairman



|9 | A person (who may, but need not, be a Noteholder) nominated in writing by the convenor of the Meeting must take the chair at every such Meeting but if no such nomination is made or
if at any Meeting the person nominated is not present within 15 minutes after the time appointed for the holding of such Meeting or is unable or unwilling to chair the Meeting the person or persons present being Noteholders or Proxies must choose
one of their number to be chairman and, failing such nomination the convenor may appoint a chairman (who may, but need not, be a Noteholder). The chairman of an adjourned Meeting need not be the same person as was the chairman of the Meeting from
which the adjournment took place.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Quorum



|10 | At any Meeting any person or persons present being a Noteholder or Proxy form a quorum and only if they represent the proportion of the Outstanding Principal Amount of the Notes
shown in the table below.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                           |  |                                                |  |                                                       
|------------------------------------------ |  | ---------------------------------------------- |  | ------------------------------------------------------
|Column 1                                   |  | Column 2                                       |  | Column 3                                              
|Purpose of Meeting                         |  | Any Meeting except one referred to in Column 3 |  | Meeting previously adjourned because of lack of quorum
|                                           |  | Required proportion                            |  | Required proportion                                   
|To pass a Special Quorum Resolution        |  | 75%                                            |  | 51%                                                   
|To pass any other Extraordinary Resolution |  | 51%                                            |  | NIL                                                   
|To pass any Ordinary Resolution            |  | 51%                                            |  | NIL                                                   



|11 | No business (other than the choosing of a chairman) may be transacted at any Meeting unless the requisite quorum is present at the commencement of the relevant business.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Adjournment



|12 | If within 30 minutes from the time appointed for any Meeting a quorum is not present for the transaction of any particular business then, subject and without prejudice to the
transaction of the business (if any) for which a quorum is present, the Meeting will, if convened on the requisition of Noteholders, be dissolved. In any other case it will stand adjourned until such date, being not less than 21 days nor more
than 42 days (in each case exclusive of the day on which the Meeting is held and the day on which the adjourned Meeting is to be held) and to such time and place as the chairman appoints.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|13 | If within 30 minutes from the time appointed for any adjourned Meeting a quorum is not present for the transaction of any particular business then, subject and without
prejudice to the transaction of the business (if any) for which a quorum is present, the chairman may dissolve such Meeting.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14 | If the meeting is not dissolved in accordance with paragraph 13, the chairman may with the consent of (and must if directed by) any Meeting adjourn the Meeting from time to time and
from place to place. Only business which might validly (but for the lack of required quorum) have been transacted at the original Meeting may be transacted at such adjourned Meeting.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Notice of adjourned Meeting



|15 | Unless otherwise agreed in writing by each Noteholder, at least 10 days notice (exclusive of the day on which the notice is given and of the day on which the adjourned
Meeting is to be held) of any Meeting adjourned because of lack of a quorum must be given in the same manner as the notice of the original Meeting and such notice must state the quorum required at such adjourned Meeting but need not contain any
further information.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Attendees



|16 | The Issuer, the Australian Registrar, the Dealers and the Noteholders (through their respective representatives and Proxies) and their respective financial and legal advisers are
entitled to attend and speak at any Meeting of Noteholders. Otherwise, no person may, except for the chairman, attend or speak at any Meeting of Noteholders.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Voting and polls



|17 | Every question submitted to a Meeting will be decided in the first instance by a show of hands and in the case of equality of votes the chairman has, both on a show of hands and on
a poll, a casting vote in addition to the vote or votes (if any) to which the chairman may be entitled as a Noteholder.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18 | At any Meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chairman, the Issuer or by one or more persons holding or
representing at least 2% of the aggregate Outstanding Principal Amount of the outstanding Notes, a declaration by the chairman that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority
is conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19 | If at any Meeting a poll is so demanded, it must be taken in such manner and (subject to paragraph 20) either at once or after such an adjournment as the chairman directs. The
result of such poll is deemed to be the resolution of the Meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll does not prevent the continuance of the Meeting for the transaction of any business
other than the question on which the poll has been demanded.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|20 | Any poll demanded at any Meeting on the election of a chairman or on any question of adjournment must be taken at the Meeting without adjournment.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------



Voting entitlements



|21 | A Noteholder or, in the case of a Note registered as being owned jointly, the person whose name appears first on the Australian Register as one of the owners of the Note is entitled
to vote in respect of the Note either in person or by Proxy.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|22 | Subject to paragraphs 17 and 21, at any Meeting:
|-- | ------------------------------------------------



| | (a) | on a show of hands every person who is present and is a Noteholder or a Proxy has one vote; and
| | --- | -----------------------------------------------------------------------------------------------



| | (b) | on a poll every person who is present and is a Noteholder or a Proxy has one vote in respect of each principal amount equal to the denomination of the Notes of the Series in respect
of which the Meeting is being held of Notes which are registered in that persons name or in respect of which that person is a Proxy.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Note Deed Poll



|23 | Without affecting the obligations of the Proxies named in any Form of Proxy, any person entitled to more than one vote need not use all votes (or cast all the votes) to which that
person is entitled in the same way.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Passing
resolutions in writing



|24 | A resolution is passed:
|-- | -----------------------



| | (a) | if it is an Ordinary Resolution, where within one month from the Notification Date, Noteholders representing more than 50% of the aggregate Outstanding Principal Amount of
outstanding Notes as at the Notification Date have signed the resolution; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if it is an Extraordinary Resolution, where within one month from the Notification Date stated in the copies of the resolution sent for that purpose to Noteholders, Noteholders
representing at least 75% of the aggregate Outstanding Principal Amount of outstanding Notes as at the Notification Date have signed the resolution,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



and any such resolution is deemed to have been passed on the date on which the last Noteholder whose signature on the
resolution caused it to be so passed signed it (as evidenced on its face).



|25 | The accidental omission to give a copy of the resolution to, or the non-receipt of such a copy by, any Noteholder does not invalidate a resolution in writing made pursuant to
paragraph 24.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|26 | A resolution in writing signed by Noteholders may be contained in one document or in several documents in like form each signed by one or more Noteholders.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



Use of Extraordinary Resolution



|27 | The Noteholders have, in addition to the powers set out above but without affecting any powers of any other person, the following powers exercisable only by Extraordinary Resolution
subject to the provisions relating to quorum in paragraph 10:
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | to sanction any proposal by the Issuer for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the Noteholders against the Issuer
whether such rights arise under the Notes or otherwise;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to sanction the exchange or substitution for the Notes of, or the conversion of the Notes into, or the cancellation of the Notes in consideration of, other obligations or securities
of the Issuer or any other body corporate formed or to be formed or cash or any combination of the above;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to assent to any modification of the provisions of the Deed Poll or the Notes proposed by the Issuer or any Noteholder;
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (d) | to waive or authorise any breach or proposed breach by the Issuer of any of its obligations under the Deed Poll or the Notes;
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (e) | to authorise any person to concur in and do anything necessary to carry out and give effect to an Extraordinary Resolution;
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (f) | to give any authority, direction or sanction which is required to be given by Extraordinary Resolution; and
| | --- | -----------------------------------------------------------------------------------------------------------



| | (g) | to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interests of the Noteholders and to confer upon such committee or committees any
powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Use of Ordinary Resolution



|28 | The Noteholders have the power exercisable by Ordinary Resolution to do anything for which an Extraordinary Resolution is not required.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------



Common Provisions Deed Poll



|29 | The Noteholders do not have power, by Extraordinary Resolution or otherwise, to amend the Common Provisions Deed Poll except in accordance with its terms.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



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Note Deed Poll



Effect and notice of resolution



|30 | A resolution passed at a Meeting of Noteholders duly convened and held (or passed by those Noteholders in writing pursuant to paragraph 24) in accordance with these provisions
is binding on all Noteholders, whether present or not present and whether or not voting at the Meeting (or signing or not signing the written resolution), and each Noteholder is bound to give effect to it accordingly. The passing of any such
resolution is conclusive evidence that the circumstances of such resolution justify its passing.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|31 | The Issuer must give notice to the Noteholders of the result of the voting on a resolution within 14 days of such result being known but failure to do so will not invalidate
the resolution. Such notice to Noteholders must be given in the manner provided in the Terms and Conditions.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Minutes



|32 | Minutes of all resolutions and proceedings at every Meeting (or resolutions otherwise passed in accordance with these provisions) must be duly entered by the Australian Registrar
(failing which the Issuer) in minute books to be kept for that purpose by the Australian Registrar (or the Issuer as the case may be) and any such minutes, if purported to be signed by the chairman of the Meeting at which such resolutions were
passed or proceedings transacted or by the chairman of the next succeeding Meeting of Noteholders (or, where the resolution is passed otherwise than at a Meeting, if purporting to be signed by a director or secretary of the Australian Registrar or
Issuer as the case may be), are conclusive evidence of the matters contained in them. Until the contrary is proved, every Meeting (and every resolution passed in writing) in respect of which minutes have been so made and signed is deemed to have
been duly convened and held (or copies of the proposed written resolution duly sent) and all resolutions passed or proceedings transacted at that Meeting are deemed to have been duly passed and transacted (or, where a resolution is passed in
writing, such resolution is deemed to have been duly passed).
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Further procedures



|33 | The Issuer (in consultation with the Programme Manager and the Australian Registrar) may prescribe such further regulations for the holding of, attendance and voting at Meetings as
are necessary or desirable and do not adversely affect the interests of the Noteholders.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Notes of more than one Series



|34 | Whenever there are Notes outstanding which do not form one single Series then these provisions have effect subject to the following:
|-- | ------------------------------------------------------------------------------------------------------------------------------------



| | (a) | a resolution which affects one Series only of Notes is deemed to have been duly passed if passed at a Meeting of the Noteholders of that Series (or, subject to paragraph 34(d),
pursuant to paragraph 24);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a resolution which affects more than one Series of Notes but does not give rise to a conflict of interest between the Noteholders of any of the Series so affected is deemed to have
been duly passed if passed at a single Meeting of the Noteholders of all Series so affected (or, subject to paragraph 34(d), pursuant to paragraph 24);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | a resolution which affects more than one Series of Notes and gives or may give rise to a conflict of interest between the Noteholders of any of the Series so affected is deemed to
have been duly passed if passed at separate Meetings of the Noteholders of each Series so affected (or, subject to paragraph 34(d), pursuant to paragraph 24);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | in respect of a Meeting referred to in paragraphs 34(a), (b) and (c), these provisions apply with the necessary modifications as though references in them to Notes and
Noteholders were references to Notes of the Series in question and to the Noteholders of the Notes of such Series, respectively; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | references to the Australian Registrar in these Meetings Provisions means the Australian Registrar of each of the relevant Series acting jointly.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



|35 | The Issuer may rely on, and the Noteholders and the Australian Registrar are bound by, a legal opinion from a leading law firm in the Commonwealth of Australia to the effect that a
resolution affects one Series only or, if it affects more than one Series of Notes, does not give rise to a conflict of interest, for the purposes of determining the Meeting or Meetings which need to be held for the purposes of paragraph 34.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page 29



---

Note Deed Poll



Executed as a deed poll:



Signed sealed and delivered for

Coles Myer Finance Limited

by its attorney in

the presence of:



|        |  |  |  |                                                                                                                           
|------- |  |  |  | --------------------------------------------------------------------------------------------------------------------------
|        |  | 
|H DYSON |  |  |  | C Thiris                                                                                                                  
|Witness |  |  |  | By executing this deed the attorney states that the attorney has received no notice of revocation of the power of attorney



|                    |  |  |  |                    
|------------------- |  |  |  | -------------------
|                    |  | 
|HELEN DYSON         |  |  |  | C THIRIS           
|Name (please print) |  |  |  | Name (please print)



page 30