Exhibit 2.6

CONFORMED COPY



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| |  | New Deed of Covenant                                                                                                                                                                                                                                              
| | 
| |  | Relating to the A$3,000,000,000 Debt Issuance Programme of Coles Myer Finance Limited                                                                                                                                                                             
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| |  | and                                                                                                                                                                                                                                                               
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| |  | Coles Myer Finance Limited as Issuer                                                                                                                                                                                                                              
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| |  | LOGO                                                                                                                                                                                                                                                              
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| |  | 101 Collins Street Melbourne Victoria 3000 Australia Telephone +61 3 9288 1234 Facsimile +61 3 9288 1567 www.freehills.comDX 240 Melbourne  SYDNEY MELBOURNE
PERTH BRISBANE SINGAPORE Correspondent Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR  Reference













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|                  |  |                                                                           |  |   
|----------------- |  | ------------------------------------------------------------------------- |  | --
|Table of contents |  |                                                                          
|                  | 
|Clause            |  | Page                                                                     
|                  |  |                                                                          
|1                 |  | Definitions                                                               |  | 3 
|                  |  |                                                                          
|                  |  | 1.2    Interpretation                                                     |  | 9 
|                  |  | 1.3    Headings                                                           |  | 10
|                  |  | 1.4    Application                                                        |  | 10
|                  |  |                                                                          
|2                 |  | Registered Notes                                                          |  | 11
|                  |  |                                                                          
|                  |  | 2.1     Creation of Australian Domestic Notes                             |  | 11
|                  |  | 2.2    Undertakings in relation to Registered Notes                       |  | 11
|                  |  | 2.3    Appointment of Registrar                                           |  | 11
|                  |  |                                                                          
|3                 |  | Direct Rights of Relevant Account Holder                                  |  | 11
|                  |  |                                                                          
|                  |  | 3.1    Acquisition of Direct Rights                                       |  | 11
|                  |  | 3.2    No further act required                                            |  | 11
|                  |  | 3.3    Termination of Direct Rights                                       |  | 12
|                  |  |                                                                          
|4                 |  | Evidence                                                                  |  | 12
|                  |  |                                                                          
|                  |  | 4.1    Records conclusive                                                 |  | 12
|                  |  | 4.2    Blocked Securities Account                                         |  | 12
|                  |  | 4.3    Original Notes and entries treated as fungible                     |  | 13
|                  |  |                                                                          
|5                 |  | Rights and obligations of Registered Holders and Relevant Account Holders |  | 13
|                  |  |                                                                          
|                  |  | 5.1    Benefit and entitlement                                            |  | 13
|                  |  | 5.2    Rights independent                                                 |  | 13
|                  |  | 5.3    Registered Holders bound                                           |  | 13
|                  |  |                                                                          
|6                 |  | Common Provisions Deed Poll                                               |  | 13
|                  |  |                                                                          
|                  |  | 6.1    Confirmation of obligations                                        |  | 13
|                  |  | 6.2    Compliance Certificate                                             |  | 13
|                  |  |                                                                          
|7                 |  | Payments                                                                  |  | 14
|                  |  |                                                                          
|8                 |  | Deposit of this deed poll                                                 |  | 14
|                  |  |                                                                          
|                  |  | 8.1    Delivery of deed poll                                              |  | 14
|                  |  | 8.2    Production of deed poll                                            |  | 14
|                  |  | 8.3    Proceedings                                                        |  | 14
|                  |  |                                                                          
|9                 |  | Amendment and non-application of this deed poll                           |  | 14
|                  |  |                                                                          
|                  |  | 9.1    Amendment to this deed poll                                        |  | 14
|                  |  | 9.2    Non-application of this deed poll                                  |  | 15



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|                                                               |  |                                |  |   
|-------------------------------------------------------------- |  | ------------------------------ |  | --
|10                                                             |  | Stamp duties                   |  | 15
|                                                               |  |                               
|11                                                             |  | Governing law and jurisdiction |  | 15
|                                                               |  |                               
|                                                               |  | 11.1 Governing law             |  | 15
|                                                               |  | 11.2 Jurisdiction              |  | 16
|                                                               | 
|Schedule 1  Terms and Conditions of Australian Domestic Notes |  | 17                            



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This deed of covenant

is made on 30 January 2006 by:

Coles Myer Finance Limited

(ABN 33 008 544 161) a company incorporated

in the Australian Capital Territory, Australia

of 800 Toorak Road, Tooronga, Victoria, 3146

(Issuer)

In favour of

The Registered Holders and the Relevant Account Holders (each as defined below) from time to time.

Recitals



| | A. | The Issuer has established the Programme for the issue of Notes pursuant to the Programme Documents.
| | -- | ----------------------------------------------------------------------------------------------------



| | B. | Under the Programme, the Issuer may from time to time have up to A$3,000,000,000 (or its equivalent in other currencies) principal amount of Notes outstanding at any one time (or
such other amount notified by the Issuer from time to time in accordance with the Dealer Agreement).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | C. | Pursuant to this deed poll, the Issuer wishes to:
| | -- | -------------------------------------------------



| | (a) | make arrangements for the protection of the interests of Registered Holders and Relevant Account Holders in the circumstances set out below;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | constitute Australian Domestic Notes; and
| | --- | -----------------------------------------



| | (c) | confirm compliance with the Common Provisions Deed Poll.
| | --- | --------------------------------------------------------

The deed
poll witnesses

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



|1 | Definitions
|- | -----------

The following words have these
meanings in this deed poll unless the contrary intention appears:

Account Holder means a holder of a Securities Account, except for
an Account Issuer to the extent that any securities, or rights in respect of securities, credited to such Account Issuers Securities Account are held by such Account Issuer for the account or benefit of a holder of a Securities Account with
that Account Issuer;

Account Issuer means a Clearing System or a Custodian;

Acquisition Time means, in relation to any Original Account Holders Entry, its Effective Time (as defined in the definition of Original
Account Holder below) and, in relation to any Subsequent Account Holders Entry, its Transfer Time;

Agency Agreementhas the
meaning given to that term in the Principal Agency Agreement;



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Amendment and Restatement Deed means the amendment and restatement deed (dealer agreement) dated
on or about 30 January 2006 made by the Issuer and the parties listed in schedule 1 of that deed;

Australian Domestic Notesmeans Notes in inscribed form, constituted by this deed poll and issued by the Issuer in the Australian domestic capital markets;

Australian Dollarsmeans the lawful currency of the Commonwealth of Australia;

Australian Registrarmeans
Austraclear Services Limited (ABN 28 003 284 419) or such other person appointed by the Issuer pursuant to the Registry Services Agreement to maintain the Register in relation to the Australian Domestic Notes and perform such payment and other
duties as specified in that agreement;

Australian Tranche Deed Pollmeans the note deed poll dated 15 July 2005 made by the
Issuer in respect of the Australian Tranche Issue;

Australian Tranche Issue means the A$400,000,000 of Notes issued on 25 July
2005 in inscribed form constituted by the Australian Tranche Deed Poll in favour of the registered holders of those Notes from time to time;

Authorised Personhas the meaning given to that term in the Principal Agency Agreement;

Base Prospectusmeans:



| | (a) | the base prospectus relating to the Notes prepared in connection with the Programme as revised, supplemented, amended or updated from time to time by the Issuer in accordance with
the Dealer Agreement and including, in relation to each Tranche of Notes, the Pricing Supplement or Final Terms relating to such Tranche and such other documents as are incorporated in it by reference; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | each other base prospectus or other prospectus supplement which is used by the Issuer to provide potential investors with information about the Issuer, the Guarantor or the Group or
any Notes as revised, supplemented, amended or updated from time to time in accordance with the Dealer Agreement and including any Pricing Supplement and Final Terms issued in connection with any Notes;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Bearer Notehas the meaning given to that term in the Principal Agency Agreement;

Certificatehas the meaning given to that term in the Principal Agency Agreement;

Clearing Systemmeans Euroclear, Clearstream, Luxembourg and any other clearing system designated as such in a relevant Final Terms or Pricing
Supplement (as the case may be);

Clearstream, Luxembourgmeans Clearstream Banking, société anonyme;

Common Depositarymeans, in relation to a Series of Notes, the common depositary for one or more of the Clearing Systems specified in the relevant
Final Terms or Pricing Supplement (as the case may be);

Common Provisions Deed Pollmeans the common provisions deed poll dated
12 May 2005 made by the Issuer and the Guarantor as amended and restated by the deed poll of amendment and restatement of common provisions deed poll dated 15 July 2005 made by the Issuer and the Guarantor, as the same may be amended,
supplemented or replaced from time to time, and as set out in the Annexure;



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Conditionsmeans in relation to the Notes of any Series:



| | (a) | in relation to Notes (other than Registered Notes), the terms and conditions set out in Part VII of schedule 1 to the Principal Agency Agreement and endorsed on or incorporated by
reference in those Notes;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to Registered Notes (other than Australian Domestic Notes), the terms and conditions set out in Part VII of schedule 1 to the Principal Agency Agreement endorsed on or
incorporated by reference in the Certificates representing those Registered Notes; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in relation to Australian Domestic Notes, the terms and conditions set out in schedule 1 and applying to those Notes pursuant to this deed poll,
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------

each as amended, completed, supplemented or replaced by the relevant Pricing Supplement or Final Terms (as the case may be) and, with respect to any Notes
represented by a Global Certificate or a Global Note, the provisions of such Global Certificate or Global Note or the relevant Deed of Covenant (if any) applicable to the Notes of the relevant Series, or such other terms and conditions as may be
agreed in accordance with the relevant Agency Agreement;

An Entry corresponds with another Entry if:



| | (d) | both Entries relate to the same Global Note or Global Certificate;
| | --- | ------------------------------------------------------------------



| | (b) | one of those Entries has been debited from the Securities Account of an Account Holder in connection with, and substantially at the same time as, the credit of the other Entry to
the Securities Account of another Account Holder; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the purpose of debiting the first Entry and crediting the second Entry was to transfer all rights relating to the debited Entry from the Account Holder to whose Securities Account
it was debited to the other Account Holder to whose Securities Account the other Entry has been credited,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

and one Entry
corresponds with another Entry if they both correspond with a third Entry;

Couponhas the meaning given to that term in
the Principal Agency Agreement;

Couponholdershas the meaning given to that term in the Principal Agency Agreement;

Custodianmeans a person who acknowledges to a Clearing System (or to a Custodian and therefore indirectly to a Clearing System) that it holds
securities, or rights in respect of securities, for the account or benefit of that Clearing System (or Custodian);

Dealer Agreementmeans the dealer agreement dated 4 May 2001 between the Issuer, the Dealers named therein and Merrill Lynch International and Merrill Lynch International (Australia) Limited as arrangers and Merrill Lynch Australia (International) Limited
as programme manager, as the same may be amended, supplemented or replaced from time to time (including as amended and restated by the Amendment and Restatement Deed);

Deed of Guaranteemeans the deed poll guarantee and indemnity given by the Guarantor in connection with Notes issued under the Programme dated 18 May 2005 as amended, supplemented or replaced from time to
time in accordance with its terms;



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Default Noticemeans a notice given to the Fiscal Agent by the holder of a Global Note or of the
Notes represented by a Global Certificate and in respect of which Notes there has been a failure to pay principal when due in accordance with the Conditions that elects for Direct Rights to arise in relation to the whole or a stated part of such
Global Note or one or more Notes represented by such Global Certificate and which identifies the Account Holder and Entries to which such notice relates;

Definitive Notehas the meaning given to that term in the Principal Agency Agreement;

Direct
Rightsmeans the rights referred to and defined in clause 3.1 (Acquisition of Direct Rights);

Entrymeans an entry
relating to an Original Note (and, if applicable, its related Global Note or Global Certificate) in a Securities Account of an Account Holder;

Euroclearmeans Euroclear Bank S.A./N.V., as operator of the Euroclear System;

Extraordinary Resolutionin respect
of the holders of a Series of Notes, has the meaning:



| | (a) | in the case of Notes (other than Australian Domestic Notes), given in paragraph 1.1 of schedule 2 to the Principal Agency Agreement; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of Australian Domestic Notes, given in paragraph 1 of annexure 1 to schedule 1;
| | --- | -------------------------------------------------------------------------------------------

Final Terms in respect of a Tranche of Notes (other than Australian Domestic Notes) means the final terms issued in respect of the Tranche
specifying the relevant issue details in relation to the Tranche;

Finance Document has the meaning given to that term in the Common
Provisions Deed Poll;

Finance Party has the meaning given to that term in the Common Provisions Deed Poll;

Fiscal Agenthas the meaning given to that term in the Principal Agency Agreement;

Global Certificatehas the meaning given to that term in the Principal Agency Agreement;

Global Notehas the meaning given to that term in the Principal Agency Agreement;

Guarantormeans Coles Myer Ltd. (ABN 11 004 089 936);

Note in relation to a Series, means any negotiable bearer or registered bond, note, bill of exchange, promissory note or other debt instrument (including, without limitation, commercial paper) issued, or to be
issued pursuant to this agreement which:



| | (a) | contains the terms and conditions specified in the relevant Pricing Supplement or Final Terms (as the case may be); and
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (b) | is issued by the Issuer; and
| | --- | ----------------------------



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| | (c) | is represented by either:
| | --- | -------------------------



| | (1) | a Temporary Global Note; or
| | --- | ---------------------------



| | (2) | a Permanent Global Note; or
| | --- | ---------------------------



| | (3) | one or more Definitive Note;
| | --- | ----------------------------



| | (4) | one or more Registered Notes (other than Australian Domestic Notes) or one or more Certificates or Global Certificates representing such Registered Notes; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (5) | one or more Australian Domestic Notes,
| | --- | --------------------------------------

and includes any
replacement Note issued pursuant to the Conditions (if applicable) and, unless the context otherwise requires, includes the Coupons, Talons and/or Receipt(s) (if any) relating to the Notes;

Noteholderin respect of a Note, means:



| | (a) | the bearer for the time being of an outstanding Bearer Note, Coupon, Talon and/or Receipt(s); or
| | --- | ------------------------------------------------------------------------------------------------



| | (b) | the person whose name is entered in the Register as being a holder of a Registered Note (including each person who is for the time being and from time to time entitled to be
registered as a holder); or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | where there are joint holders of a Registered Note, the persons whose name appears in the Register as joint holders of the Note;
| | --- | --------------------------------------------------------------------------------------------------------------------------------

Original Account Holdermeans an Account Holder who has one or more Entries credited to its Securities Account at the time (Effective
Time) at which a Default Notice is given in relation to such Entries or when the relevant Global Note or the Registered Notes represented by the relevant Global Certificate becomes void in accordance with its terms;

Original Notemeans, in relation to any Global Note, a Bearer Note in definitive form for which such Global Note (or any Permanent Global Note for
which such Global Note may be exchanged) may be exchanged (or, in relation to a part of a Global Note in respect of which Direct Rights have arisen, would have been exchangeable prior to the acquisition of such Direct Rights) in accordance with its
terms and, in relation to a Global Certificate, a Registered Note (other than an Australian Domestic Note) which is represented by such Global Certificate (or, in relation to any Registered Note which has become void as the result of the acquisition
by an Original Account Holder of Direct Rights in respect of such Registered Note, such Registered Note prior to it becoming void).

Permanent Global Notehas the meaning given to that term in the Principal Agency Agreement;

Programmemeans the
programme for the issue of Notes established under the Programme Documents;

Programme Documentshas the meaning given to that term
in the Dealer Agreement;

Pricing Supplementin respect of a Tranche of Australian Domestic Notes means a pricing supplement issued
in respect of the Tranche specifying the relevant issue details in relation to the Tranche;

Principal Agency Agreementmeans the
agency agreement dated 4 May 2001 between the Issuer and Bank One, NA, London Branch as Fiscal Agent among



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others as novated by an agreement dated 21 October 2003 between the Issuer, Bank One, NA, London Branch (as agent), Kredietbank S.A. Luxembourgeoise (as
paying agent and transfer agent) and JP Morgan Chase Bank (as new agent), as the same may be amended, supplemented or replaced from time to time;

Registerin relation to a Registered Note, means any register, including any sub-register, maintained by the Registrar in relation to such Registered Note;

Registered Holdermeans a person whose name is entered in the Register as being a holder of a Registered Note issued pursuant to this deed poll (including each person who is for the time being and from time to
time entitled to be registered as a holder);

Registered Notesmeans:



| | (a) | the Notes described as Registered Notes in, and issued under, the Principal Agency Agreement on or after the date of this deed poll; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Notes described as Australian Domestic Notes in, and constituted by, this deed poll;
| | --- | ----------------------------------------------------------------------------------------

Registrarmeans:



| | (a) | in relation to Notes described as Registered Notes in the Principal Agency Agreement, the Registrar described in that agreement; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in relation to Australian Domestic Notes, the Australian Registrar,
| | --- | -------------------------------------------------------------------

or any successor of either of them or such other registrar in relation to any Notes as may from time to time be appointed by the Issuer;

Registry Services Agreementmeans the agreement titled Agency and Registry Services Agreement between the Issuer and the Australian Registrar dated 4 May 2001 in relation to the Australian
Domestic Notes, or any replacement of it;

Relevant Account Holdermeans an Original Account Holder or a Subsequent Account Holder,
as the case may be;

Securities Accountmeans any arrangement between an Account Issuer and any other person (which may include any
other Account Issuer, the holder of the Securities Account) pursuant to which such Account Issuer may acknowledge to the holder of the Securities Account that it holds securities, or rights in respect of securities, for the
account or benefit of such holder and, in relation to a specific Entry, means the Securities Account to which such Entry is credited;

Seriesmeans each original issue of a Tranche of Notes, together with the issue of any further Tranche of Notes, expressed to form a single Series with the original issue and the Notes comprising such Tranches being identical in
every respect except for the Issue Date, Issue Price and Interest Commencement Date (as those terms are defined in the relevant Pricing Supplement or Final Terms (as the case may be)) of each Tranche and in respect of the first interest payment (if
any) and a Series may comprise Notes in more than one denomination;

Subsequent Account Holdermeans an Account Holder who has had an
Entry credited to his Securities Account in connection with the debit of a corresponding Entry in respect of which Direct Rights have arisen from the Securities Account of another Account Holder (Previous Account Holder);

Talonhas the meaning given to that term in the Principal Agency Agreement;



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Talonholdershas the meaning given to that term in the Principal Agency Agreement;

Temporary Global Notehas the meaning given to that term in the Principal Agency Agreement;

Termination Datemeans the first date on which no further Global Certificate, Global Notes or Australian Domestic Notes may be issued under the
Programme Documents and complete performance of the obligations contained in this deed poll and in all outstanding Notes initially represented by Global Notes, Global Certificates and Australian Domestic Notes occurs;

Tranchemeans a tranche of Notes specified as such in the relevant Pricing Supplement (in the case of a tranche of Australian Domestic Notes) or
Final Terms (in the case of a tranche of Notes other than Australian Domestic Notes) issued on the same Issue Date and on the same terms and conditions (except that a Tranche may comprise Notes in more than one denomination);

Transfer Timemeans, in relation to any Subsequent Account Holders Entry, the time at which such Entry is credited to its Securities Account.



| | 1.2 | Interpretation
| | --- | --------------

In this deed poll unless the
contrary intention appears:



| | (a) | a reference to this deed poll or another instrument includes any variation or replacement of any of them;
| | --- | ---------------------------------------------------------------------------------------------------------



| | (b) | a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of
them;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the singular includes the plural and vice versa;
| | --- | ------------------------------------------------



| | (d) | words denoting one gender only shall include the other gender;
| | --- | --------------------------------------------------------------



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



| | (f) | a reference to a person includes a reference to the persons executors, administrators, successors, substitutes (including, without limitation, persons taking by novation) and
assigns;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (h) | an agreement, representation or warranty on the part of two or more persons binds them jointly and severally;
| | --- | -------------------------------------------------------------------------------------------------------------



| | (i) | a reference to any thing (including, without limitation, any amount) is a reference to the whole and each part of it and a reference to a group of persons (including, without
limitation, the Issuer) is a reference to all of them collectively, to any two or more of them collectively and to each of them individually;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | a reference to a particular numbered Condition is to be read and construed as a reference to the relevant numbered Condition of the relevant Notes;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | all references to commissions, fees, disbursements, costs, charges or expenses shall include any value added tax, goods and services tax or similar tax charged or chargeable in
respect thereof;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (l) | all references to the relevant currency shall be construed as references to the currency in which the relevant Notes and/or Coupons are denominated;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | any present or future legislation which operates to vary the obligations of the Issuer in connection with this deed poll with the result that a Relevant Account Holders
rights, powers or remedies are adversely affected (including, without limitation, by way of delay or postponement) is excluded except to the extent that its exclusion is prohibited or rendered ineffective by law;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | the rights, powers and remedies provided in this deed poll are cumulative with and not exclusive of the rights, powers or remedies provided by law independently of this deed poll;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | time is of the essence of this deed poll in respect of an obligation of the Issuer to pay money;
| | --- | ------------------------------------------------------------------------------------------------



| | (p) | all references to Noteholders includes Couponholders, Talonholders and Receiptholders (if any) holding Coupons, Talons and/or Receipts (as the case may be) relating to the relevant
Notes and all references to Noteholders must, unless the context otherwise requires, be read and construed as references to holders of Notes of a particular Series;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (q) | all references to Notes, must, unless the context otherwise requires, be read and construed as references to Notes of a particular Series; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (r) | a reference to a Note, a Bearer Note or a Definitive Note includes any Coupon or Talon in relation to that Note, Bearer Note or Definitive Note or Global Note representing such
Note.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.3 | Headings
| | --- | --------

Headings are inserted for convenience and
do not affect the interpretation of this deed poll.



| | 1.4 | Application
| | --- | -----------



| | (a) | This deed poll applies in respect of Notes constituted under this deed poll and Notes issued pursuant to the Principal Agency Agreement after the date of this deed poll.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Nothing in this deed poll applies, or is deemed to apply, in respect of:
| | --- | ------------------------------------------------------------------------



| | (1) | Notes constituted under the deed of covenant made by the Issuer in connection with the Programme dated 4 May 2001;
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (2) | Notes issued pursuant to the Principal Agency Agreement before the date of this deed poll; or
| | --- | ---------------------------------------------------------------------------------------------



| | (3) | Notes issued pursuant to the Australian Tranche Deed Poll before the date of this deed poll.
| | --- | --------------------------------------------------------------------------------------------



| | (c) | For the purposes of the Common Provisions Deed Poll:
| | --- | ----------------------------------------------------



| | (1) | each of this deed poll and each Note constituted under this deed poll and each Note issued pursuant to the Principal Agency Agreement after the date of this deed poll is a Finance
Document; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | each Registered Holder and each Relevant Account Holder is a Finance Party.
| | --- | ---------------------------------------------------------------------------



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|2 | Registered Notes
|- | ----------------



| | 2.1 | Creation of Australian Domestic Notes
| | --- | -------------------------------------

The
obligations of the Issuer under the Australian Domestic Notes are constituted by, and specified in, this deed poll.



| | 2.2 | Undertakings in relation to Registered Notes
| | --- | --------------------------------------------

The
Issuer undertakes in favour of each Registered Holder to observe the obligations expressed to be undertaken by it in each Registered Note, or the Certificates representing such Notes (if any), and in the relevant Conditions (and for this purpose any
reference in the Conditions to any obligation or payment under or in respect of the Registered Notes is to be construed to include a reference to any obligation or payment under or pursuant to this clause).



| | 2.3 | Appointment of Registrar
| | --- | ------------------------

The Issuer appoints the
Registrar as registrar under the Principal Agency Agreement or the Registry Services Agreement, as the case may be, and agrees to procure that the Registrar establishes and maintains a principal Register:



| | (a) | in the case of Registered Notes (other than Australian Domestic Notes), in such place as the Issuer and the relevant Registrar may agree; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of Australian Domestic Notes, in New South Wales or such other place as the Issuer and the Australian Registrar may agree.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



|3 | Direct Rights of Relevant Account Holder
|- | ----------------------------------------



| | 3.1 | Acquisition of Direct Rights
| | --- | ----------------------------

Each Relevant Account
Holder, at the Acquisition Time for each of such Relevant Account Holders Entries, acquires against the Issuer all rights (Direct Rights) which it would have had if, immediately before each such Acquisition Time, it had been
the holder of the Original Notes to which each of such Entries relates including, without limitation, the right to receive all payments due at any time in respect of such Original Notes other than those corresponding to any already made:



| | (a) | under the relevant Global Note or the Registered Notes represented by the relevant Global Certificate prior to the Effective Time relating to such Original Notes; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | at or after such Effective Time and in relation to Subsequent Account Holders,
| | --- | ------------------------------------------------------------------------------

to Previous Account Holders which have had corresponding Entries credited to their Securities Accounts and which have been made in respect of such corresponding Entries.



| | 3.2 | No further act required
| | --- | -----------------------

No further action is
required on the part of any person in order for such Direct Rights to be acquired and for each Relevant Account Holder severally to have the benefit of, and to be able to enforce, such Direct Rights.



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| | 3.3 | Termination of Direct Rights
| | --- | ----------------------------

The Direct Rights of
each Previous Account Holder in relation to any Entry terminate when the Subsequent Account Holder to whose Securities Account a corresponding Entry has been credited acquires Direct Rights in relation to such Entry in accordance with clause 3.1
(Acquisition of Direct Rights).



|4 | Evidence
|- | --------



| | 4.1 | Records conclusive
| | --- | ------------------

The records of each Account
Issuer, in the absence of manifest error, are conclusive evidence as to the matters set out in clauses 4.1 (a) to (c), inclusive, below. For the purposes of this clause one or more certificates issued by an Account Issuer stating:



| | (a) | whether or not one or more Default Notices have been given and, if any such notice has been given:
| | --- | --------------------------------------------------------------------------------------------------



| | (1) | the Effective Time in relation to such Default Notice; and
| | --- | ----------------------------------------------------------



| | (2) | the Original Notes to which it related;
| | --- | ---------------------------------------



| | (b) | in relation to each Relevant Account Holder:
| | --- | --------------------------------------------



| | (1) | the name of the Relevant Account Holder; and
| | --- | --------------------------------------------



| | (2) | the Entries in respect of which Direct Rights have arisen (and have not terminated in accordance with clause 3.3 (Termination of Direct Rights)) which are credited to the
Securities Account of such relevant Account Holder; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in relation to each Entry in respect of which Direct Rights have arisen:
| | --- | ------------------------------------------------------------------------



| | (1) | the Original Note to which such Entry relates;
| | --- | ----------------------------------------------



| | (2) | its Acquisition Time;
| | --- | ---------------------



| | (3) | whether any payment made under the relevant Global Note or the Registered Notes represented by the relevant Global Certificate prior to the Effective Date relating to such Entry was
made in respect of the Original Note relating to such Entry; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (4) | the amount of any payments made to Previous Account Holders who have had a corresponding Entry credited to their Securities Account and which have been made in respect of any such
corresponding Entry,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

are conclusive evidence of the records of such Account Issuer at the date of such certificate.



| | 4.2 | Blocked Securities Account
| | --- | --------------------------

A certificate from an
Account Issuer stating the information set out in clause 4.1(b) which certifies that one or more of the Entries referred to in that certificate may not be debited or transferred from the Securities Account of the Relevant Account Holder until a
certain time and date or before the occurrence of any identified condition precedent is conclusive evidence that such Entries remain credited to such Securities Account until such time and date or the satisfaction of such condition precedent.



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---

| | 4.3 | Original Notes and entries treated as fungible
| | --- | ----------------------------------------------

Where two or more Entries in the books of any Account Issuer relate to Original Notes which have identical terms and have Direct Rights which are identical in all respects, any certificate given pursuant to this clause need not identify
specific Original Notes or Entries, but may certify that an Entry (or the Direct Rights in respect of it) relates to an Original Note or another Entry which forms one of a class of identical Original Notes and/or Entries having identical Direct
Rights.



|5 | Rights and obligations of Registered Holders and Relevant Account Holders
|- | -------------------------------------------------------------------------



| | 5.1 | Benefit and entitlement
| | --- | -----------------------

This deed is executed as a
deed poll. Accordingly, each Registered Holder and Relevant Account Holder 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.



| | 5.2 | Rights independent
| | --- | ------------------

Each Registered Holder and
Relevant Account Holder may enforce its rights under this deed independently from the Registrar and each other Registered Holder or Relevant Account Holder, as the case may be.



| | 5.3 | Registered Holders bound
| | --- | ------------------------

Each Registered Holder
and any person claiming through or under a Registered Holder or Relevant Account Holder, as the case may be, is bound by this deed. The Notes will be issued subject to and on the basis that each Noteholder and Relevant Account Holder is deemed to
have notice of, and be bound by, all the provisions of this deed, the Base Prospectus, the Conditions and the relevant Pricing Supplement or Final Terms (as the case may be).



|6 | Common Provisions Deed Poll
|- | ---------------------------



| | 6.1 | Confirmation of obligations
| | --- | ---------------------------

The Issuer confirms
that for so long as any of the Notes remain outstanding, the Issuer will:



| | (a) | comply with the obligations imposed on it under the Common Provisions Deed Poll; and
| | --- | ------------------------------------------------------------------------------------



| | (b) | take all steps necessary to ensure that the Guarantor does the same.
| | --- | --------------------------------------------------------------------



| | 6.2 | Compliance Certificate
| | --- | ----------------------

A compliance certificate
will be provided in accordance with clause 4.2(c) of the Common Provisions Deed Poll.



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---

|7 | Payments
|- | --------

Each Relevant Account Holder is entitled
to receive payment of the amount due in respect of each of its Entries and of all other sums referable to its Direct Rights to the exclusion of any other person and payment in full by the Issuer to such Relevant Account Holder discharges the Issuer
from all obligations in respect of each such Entry and such Direct Rights. As a condition precedent to making any payment to a Relevant Account Holder in whole or partial discharge of any Direct Rights, the Issuer is entitled to require that
reasonable arrangements are made (at the Issuers expense) for confirmation of the receipt of such payment by the Relevant Account Holder to be given to, and for receipt of such confirmation to be acknowledged by, the Account Issuer in whose
books the Entry in respect of which such payment is to be made is credited.



|8 | Deposit of this deed poll
|- | -------------------------



| | 8.1 | Delivery of deed poll
| | --- | ---------------------

An original of this deed
poll must be delivered to and held by each of the Fiscal Agent and the Australian Registrar and be held to the exclusion of the Issuer until the Termination Date.



| | 8.2 | Production of deed poll
| | --- | -----------------------

The Issuer undertakes with
each Registered Holder and Relevant Account Holder on demand to produce or procure that there is produced this deed poll to such Registered Holder or Relevant Account Holder and allow it to take copies thereof on demand at any reasonable time.



| | 8.3 | Proceedings
| | --- | -----------

Any Registered Holder or Relevant
Account Holder may, in any proceedings relating to this deed poll, protect and enforce its rights arising out of this deed poll in respect of any Entry to which it is entitled (in the case of a Relevant Account Holder) upon the basis of a statement
by an Account Issuer as provided in clause 4 (Evidence)and (in each case) upon the basis of a copy of this deed poll certified as being a true copy by a duly authorised officer of the Fiscal Agent or the Australian Registrar, as the case may
be, without the need for production in such proceedings or in any court of the actual records or this deed poll. Any such certification is binding, except in the case of manifest error, upon the Issuer, the Registered Holders and all Relevant
Account Holders. This clause does not limit any right of any Registered Holder or Relevant Account Holder to the production of the originals of such records or documents in evidence.



|9 | Amendment and non-application of this deed poll
|- | -----------------------------------------------



| | 9.1 | Amendment to this deed poll
| | --- | ---------------------------

The Issuer may not
amend, vary, terminate or suspend this deed poll or its obligations hereunder until after the Termination Date unless such amendment, variation, termination or suspension has been approved by an Extraordinary



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---

Resolution to which the special quorum provisions specified in the relevant Conditions apply to the holders of each Series of Notes outstanding. However,
nothing in this clause prevents the Issuer from increasing or extending its obligation under this deed poll by way of supplement to this deed poll at any time or amending or varying this deed poll, if in the Issuers reasonable opinion such
amendment or variation is of a formal, minor or technical nature or is made to correct a manifest error and is otherwise not to be or not likely to be materially prejudicial to the interests of Noteholders as a whole or is necessary to comply with
the provisions of any statute or the requirements of a statute authority.



| | 9.2 | Non-application of this deed poll
| | --- | ---------------------------------

This deed poll
does not apply to a Global Note or Global Certificate if:



|    |  |                                                                                                                  |  |                                                                                                                                                                                                                                                                                                                     
|--- |  | ---------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | the Conditions applicable to such Global Note or Global Certificate state that this deed poll does not apply; or
|    |  |                                                                                                                 
|(b) |  | (1)                                                                                                              |  | the Issuer executes a further agreement, deed, deed poll, instrument or other document (New Covenant) which confers upon the Account Holders who have Entries relating to such
Global Note or Global Certificate credited to their Securities Account rights which are substantially similar to the Direct Rights;
|    |  |                                                                                                                 
|    |  | (2)                                                                                                              |  | such Global Note or Global Certificate is issued after the date of execution of the New Covenant; and                                                                                                                                                                                                               
|    |  |                                                                                                                 
|    |  | (3)                                                                                                              |  | the provisions of the New Covenant are disclosed to the subscribers of the related Notes.                                                                                                                                                                                                                           



|10 | Stamp duties
|-- | ------------

The Issuer undertakes with the
Registered Holders and the Relevant Account Holders that it will pay promptly, and in any event before any penalty becomes payable, any stamp, documentary, registration or similar duty or tax payable in the Commonwealth of Australia, the Australian
Capital Territory, New South Wales, Victoria, the United Kingdom, as the case may be, or in the country of any currency in which Notes may be denominated or amounts may be payable in respect of the Notes or any political subdivision or taxing
authority thereof or therein in connection with the entry into, performance, enforcement or admissibility in evidence of this deed poll and/or any amendment of, supplement to or waiver in respect of this deed poll, and indemnify each of the
Registered Holders and the Relevant Account Holders against any liability with respect to or resulting from any delay in paying or omission to pay any such tax.



|11 | Governing law and jurisdiction
|-- | ------------------------------



| | 11.1 | Governing law
| | ---- | -------------

This deed poll shall be governed by
and construed in accordance with the laws in force in the Australian Capital Territory, Australia.



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---

| | 11.2 | Jurisdiction
| | ---- | ------------

The courts of the Australian Capital
Territory, Australia are to have jurisdiction to settle any disputes which may arise out of or in connection with this deed and accordingly any legal action or proceedings arising out of or in connection with this deed poll
(Proceedings) may be brought in such courts. The Issuer irrevocably submits to the jurisdiction of the courts and waives any objection to Proceedings in such courts whether on the ground of venue or on the ground that the
Proceedings have been brought in an inconvenient forum. These submissions are made for the benefit of each of the Registered Holders and the Relevant Account Holder and do not limit 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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|----------------------------- |  | -------
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---

Schedule 1  Terms and Conditions of Australian Domestic Notes

The following is the text of the terms and conditions that, subject to completion and amendment and as supplemented or varied in accordance with the provisions of the
relevant Pricing Supplement, shall be applicable to the Australian Domestic Notes (Notes). All capitalised terms that are not defined in these Conditions will have the meanings given to them in the relevant Pricing
Supplement. References in the Conditions to Notes are to the Notes of one Series only, not to all Notes that may be issued under the Programme.

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 is constituted by a Deed of Covenant (as amended or supplemented as at the Issue Date, the Deed of Covenant) dated on or
about 30 January 2006 executed by the Issuer in relation to the Notes. The Notes 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 of Covenant provides that the Deed of Covenant and the Notes are Finance Documents for the purposes of the Common Provisions Deed Poll dated 12 May 2005 made by the Issuer and the Guarantor as
amended and restated by a deed poll of amendment and restatement dated 15 July 2005 (Common Provisions Deed Poll) so that the financial covenants and other provisions of the Commons 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 of Covenant applicable to
them.

Copies of the Registry Services Agreement, the Deed of Covenant, the Common Provisions 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 of Covenant 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 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



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---

Issuer and the Australian Registrar as absolute owner of that Note and neither the Issuer nor the 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 of Covenant 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 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.



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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
remains 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.



|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



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---

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
|--- | ------------------------------------------



| | (a) | Unless otherwise specified in the applicable Pricing Supplement, the following provisions apply to Subordinated Notes, 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 (as defined
below). 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:
| | --- | ---------------------------------------

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

(B) its assets exceed its
liabilities.

A report as to whether the Issuer is Solvent signed by 2 directors 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
| | --- | -----------------------------------------------------------------



| | (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;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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---

| | (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 the Common Provisions 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 monies or the provision of such financial accommodation so provides. The Issuer and the Guarantor have, pursuant to the Deed of Covenant 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 and the
Guarantor must:



| | (a) | in accordance with clause 4.2(c) of the Common Provisions Deed Poll, make available for inspection by Noteholders on the Issuers internet site at www.cfml.com.au a compliance
certificate (Compliance Certificate) signed by the Chief Financial Officer of the Guarantor:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in the case of both the Issuer and Guarantor, at the same time as the provision of their annual financial reports; and
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (ii) | in the case of the Guarantor only, at the same time as the provision of its semi-annual financial report, and
| | ---- | -------------------------------------------------------------------------------------------------------------



| | (b) | provide the Fiscal Agent with a copy of the Compliance Certificate at the same time as the Compliance Certificate is posted to the Issuers internet site in accordance with
Condition 4.2(a).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 arrears 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 arrears 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 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.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (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 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).



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|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 Condition 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 Condition 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 nevertheless continue to
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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---

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 2001 (Cth).

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.



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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(9) of the Income Tax Assessment Act 1936) of the Issuer to whom interest is paid by the Issuer in respect of a Note 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 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 2001 (Cth).



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|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 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
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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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.



|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 Guarantee, 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.



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|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.



|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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|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.



|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 where the holder, or (if relevant) a depository, could lawfully avoid (but has not so
avoided) such deduction or withholding by:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | complying or procuring that any third party comply with any statutory notification requirement (such as quoting an Australian Business Number or tax file number or providing its
name and address) or by making or procuring that any third party make a declaration of non-residence or other similar claims for exemption to any tax authority ; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | presenting the relevant Note (or the Certificate representing it), Receipt or Coupon to another Paying Agent in a Member State of the European Union; or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | (EU Directive and Luxembourg withholding tax)
| | --- | ---------------------------------------------



| | (i) | where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any law implementing or
complying with, or introduced in order to conform to, such Directive; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | where such withholding or deduction is imposed on a payment to an individual after 1 January 2006 and is required to be made pursuant to Luxembourg withholding tax law; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (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
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | (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.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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.



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References in these Conditions to (i) principal shall 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 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
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, 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 if:



| | (a) | failure to pay: the Issuer or the Guarantor (as the case may be) fails to pay any amount payable to the Noteholders when due and payable by it and the Issuer or the Guarantor
does not remedy the failure within 5 Business Days after the due date for payment of the amount in respect of the principal amount or interest payable in respect of Notes or such a Series;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | financial covenants: the Issuer or the Guarantor fails to comply with:
| | --- | ----------------------------------------------------------------------



| | (i) | an undertaking in clause 4.4(a)(1) or (3) of the Common Provisions Deed Poll and that failure has not been remedied within 30 Business Days of the date of the most recent
certificate provided under clause 4.2(c) of the Common Provisions Deed Poll; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the undertaking in clause 4.4(a)(2) of the Common Provisions Deed Poll and that failure has not been remedied within 30 Business Days of the date that the Issuer or the Guarantor
became aware of that failure to comply;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | other failure: the Issuer or the Guarantor (as the case may be) fails to comply with any other obligation of the Issuer or the Guarantor (as the case may be) under the Notes,
the Deed of Covenant or, as the case may require, the Guarantee Deed Poll and the failure has had, or is likely to have, a Material Adverse Effect and the Issuer or the Guarantor, as the case may require, does not remedy the failure within 20
Business Days after receipt by the Issuer or the Guarantor, as the case may be, of a notice specifying the failure;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | cross default: any Indebtedness of the Issuer or the Guarantor or a Substantial Subsidiary (other than Limited Recourse Borrowings) in an amount in excess of A$20,000,000 (or
its equivalent in another currency):
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | becomes due and payable, or becomes capable of being declared due and payable, before the scheduled date for payment as a result of the occurrence of an event of default (however
described); or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | is not paid when due (after taking into account any applicable grace period);
| | ---- | -----------------------------------------------------------------------------



| | (e) | execution: a distress, attachment, execution, final judgment, court order or other process is issued against, levied or entered upon an asset of the Issuer, Guarantor or a
Substantial Subsidiary in an amount exceeding A$20,000,000 (or its equivalent in another currency) and is not set aside, stayed or satisfied within 20 Business Days;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Controller: other than in respect of Limited Recourse Borrowings, a Controller (as defined in section 9 of the Corporations Act) is appointed to the Issuer or the Guarantor
or over the whole or substantially the whole of the undertaking or assets of the Issuer or the Guarantor unless the appointment of the Controller is capable of being set aside, and it is set aside, within 20 Business Days of the appointment
being made;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | winding up: any of the following occur:
| | --- | ---------------------------------------



| | (i) | an order is made; or
| | --- | --------------------



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| | (ii) | a resolution is passed,
| | ---- | -----------------------

for the winding up of the Issuer
or the Guarantor;



| | (g) | administration: an administrator is appointed to the Issuer or the Guarantor;
| | --- | -----------------------------------------------------------------------------



| | (h) | suspends payment: the Issuer or the Guarantor suspends payment of its debts generally;
| | --- | --------------------------------------------------------------------------------------



| | (i) | insolvency: the Issuer, Guarantor or a Substantial Subsidiary:
| | --- | --------------------------------------------------------------



| | (i) | admits in writing its inability to pay its debts when they are due; or
| | --- | ----------------------------------------------------------------------



| | (ii) | becomes insolvent or is declared insolvent by a court of competent jurisdiction;
| | ---- | --------------------------------------------------------------------------------



| | (j) | arrangements: the Issuer or the Guarantor enters into or resolves to enter into any arrangement, composition or compromise with, or assignment for the benefit of, any of its
creditors;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | misrepresentation: any representation or warranty made, repeated or deemed to be made or repeated in favour of the Noteholders is untrue when made or repeated, or when deemed
to be made or repeated (as the case may be) in any material respect and, where capable of remedy, is not remedied within 20 Business Days after the Issuer or Guarantor first becomes aware that it is untrue;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | void or voidable: the Guarantee Deed Poll is or becomes void, voidable or unenforceable in whole or in part in any material respect;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (m) | illegality: at any time it is unlawful for the Issuer or the Guarantor to perform any of its obligations under the Notes, the Deed of Covenant or, as the case may require,
the Guarantee Deed Poll, the non-performance of which would likely have a Material Adverse Effect; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | Material Adverse Effect: any other event or circumstance occurs that has had, or is likely to have, a Material Adverse Effect and the event or circumstance which gave rise to
the Material Adverse Effect is not remedied within 20 Business Days.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

For the purposes of this provision:

Accounting Standards means generally accepted accounting principles as in effect from time to time in Australia;

Capital Lease means any hire purchase agreement, hiring arrangement, lease or any other agreement under which any property is or may be
used or operated by a person other than the owner, irrespective of whether that agreement is required to be capitalised on the hirers or lessees statement of financial position in accordance with Accounting Standards;

CML Group means the Guarantor and its Subsidiaries;

Consolidated Total Revenue means, in respect of a period, the Total Revenue as shown in the latest consolidated Financial Reports of the CML Group prepared in accordance with Accounting
Standards;

Consolidated Total Tangible Assets means the Total Assets of the CML Group as shown in the latest
consolidated Financial Reports of the CML Group prepared in accordance with Accounting Standards after:



| | (a) | excluding Intangible Assets;
| | --- | ----------------------------



| | (b) | including (insofar as they are not included in the aggregate) the proceeds of any issue of shares (other than issues of shares to the Guarantor or any subsidiary of the Guarantor)
bonds, debentures, notes or other securities made by the Guarantor or any subsidiary of the Guarantor or proceeds of calls made on partly paid shares (other than on shares issued to the Guarantor or any Subsidiary of the Guarantor) or on bonds,
debentures, notes or other securities issued by the Guarantor or any subsidiary of the Guarantor which proceeds have been received after the date of the Financial Report or, pursuant to an underwriting agreement, will be received within four months
after that date; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | making any further or other adjustments which in the opinion of the auditor of the CML Group are in accordance with current accounting practice appropriate to enable a proper
determination of Consolidated Total Tangible Assets to be made but disregarding Capital Leases (but not disregarding leasehold improvements described as fixed assets) which may be capitalised pursuant to Accounting Standards;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Financial Report means, in relation to an entity, the following financial statements and information in
relation to the entity, prepared for its financial half year or financial year:



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| | (a) | a statement of financial performance;
| | --- | -------------------------------------



| | (b) | a statement of financial position; and
| | --- | --------------------------------------



| | (c) | a statement of cashflows;
| | --- | -------------------------

Indebtedness
means any debt or other monetary liability in respect of moneys borrowed or raised or any financial accommodation;

Intangible
Assets means licences, brand names, goodwill, trademarks, design rights, franchises, underwriting and formation expenses and all other items which in accordance with Accounting Standards would be treated as intangible assets;

Limited Recourse Borrowings means, in relation to a person, any Indebtedness of that person to finance the acquisition, holding or
maintenance of any specific assets (including any asset or part of an asset held in, or as part of, a joint venture) where:



| | (a) | except to the extent set out in paragraph (b), recourse in respect of such Indebtedness is limited to:
| | --- | ------------------------------------------------------------------------------------------------------



| | (i) | those specific assets;
| | --- | ----------------------



| | (ii) | cashflow related to those assets;
| | ---- | ---------------------------------



| | (iii) | equity (whether direct or indirect) in those assets; or
| | ----- | -------------------------------------------------------



| | (iv) | any combination of paragraphs (i), (ii) and (iii) above; and
| | ---- | ------------------------------------------------------------



| | (b) | recourse in respect of such Indebtedness may, in addition to that specified in paragraph (a), be had to that person in the following limited circumstances:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in respect of fraud or wilful misconduct or similar circumstances;
| | --- | ------------------------------------------------------------------



| | (ii) | in respect of breach of representation or warranty in respect of title to, or insurance for, such assets, cashflow or equity; or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



| | (iii) | where provided by non-excludable rule of law or equity (but not express contractual provision);
| | ----- | -----------------------------------------------------------------------------------------------

Material Adverse Effect means a material adverse effect on the ability of the Issuer or the Guarantor, as a whole, to perform their
payment obligations under the Notes, or as the case may require, the Guarantee Deed Poll;

Subsidiary has the same
meaning as in the Corporations Act; and

Substantial Subsidiary means a Subsidiary whose:

(a) consolidated total tangible assets comprise more than 20% of Consolidated Total Tangible Assets; or

(b) consolidated total revenue comprises more than 20% of Consolidated Total Revenue;



|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;



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| | (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.

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 of Covenant 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



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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 of Covenant 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 of Covenant 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 Deed Poll; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the Issuer shall have given at least 14 days prior notice, in accordance with Condition 13, 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
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (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



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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 of Covenant
are governed by, and shall be construed in accordance with, the law of the Australian Capital Territory, Australia.

The Common Provisions
Deed Poll and the Guarantee Deed Poll are 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 of Covenant 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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Annexure 1: 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



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|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 Resolution means:                                                                                                                                                                                                                                                                                  
|  |  |   
|  |  |    |   |  | (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 includes:                                                                                                                                                                                                                                                                                                
|  |  |   
|  |  |    |   |  | (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.                               



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|                   |  | (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.                                                                                                                                                          
|                   | 
|                   |  | (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 2001 (Cth) or signed on its behalf by its duly appointed attorney or a person authorised under section 250D of the Corporations Act 2001 (Cth) 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.                                                                                                                                                                                                                                                                                                                                                                                                          
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



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Notice of Meeting

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|         | 
|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 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                                                   



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|----------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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.
|            | 
|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.                                                                                                                                                                                                                                                 



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|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.                                                                                                                                                                                                                                              
|                               | 
|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                                                                                                                                                                                                                                                                                                                 



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|                                | 
|                                |  | (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,                                                                                                                                                                                      
|                                | 
|                                |  | (c)    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 of Covenant 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 of
Covenant 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.                                                                                                                                                                                                                                                                                                                                                                        
|                               
|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.



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|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 duly convened and held (or
copies of the proposed written resolution duly sent) and all resolutions passed or proceedings transacted at that Meeting are duly passed and transacted (or, where a resolution is passed in writing, such resolution is 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 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 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 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 
| |  | 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.



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|                                                                                               |  |  |  |                    
|---------------------------------------------------------------------------------------------- |  |  |  | -------------------
|Executed as a deed poll:                                                                       |  |  |  |                    
|                                                                                               |  | 
|Signed sealed and delivered for Coles Myer
Finance Limited by its attorney in the presence
of: |  |  |  |                    
|                                                                                               |  | 
|Penelope Leake                                                                                 |  |  |  | Chris Thiris       
|Witness                                                                                        |  |  |  | Attorney           
|                                                                                               |  | 
|Penelope Leake                                                                                 |  |  |  | Chris Thiris       
|Name (please print)                                                                            |  |  |  | Name (please print)



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