Document:

IMPORTANT  NOTICE  TO  VENDORS  AND  PURCHASERS

BEFORE  SIGNING  THIS CONTRACT YOU SHOULD ENSURE THAT YOU UNDERSTAND YOUR RIGHTS
AND  OBLIGATIONS, SOME OF WHICH ARE NOT WRITTEN IN THIS CONTRACT BUT ARE IMPLIED
BY  LAW.

    IF  THIS  CONTRACT IS MADE ON OR AFTER 1 SEPTEMBER 2000, THIS NOTICE APPLIES
                INSTEAD  OF  THE  NOTICE  ON  PAGE  3  OF  THIS  CONTRACT.

VENDOR:     RESMED  HOLDINGS  LIMITED  ACN  003  765  133
PURCHASER:  TRUST  COMPANY  OF  AUSTRALIA  LIMITED  ACN  004  027  749
PROPERTY:   97  WATERLOO  ROAD,  NORTH  RYDE

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CONTRACT FOR THE SALE OF LAND - 2000 EDITION
(THIS CONTRACT CONSISTS OF THIS SHEET, THE PROVISIONS OF THIS CONTRACT AND ANYTHING ATTACHED)
(A CHOICE PRINTED IN BLOCK CAPITALS APPLIES UNLESS A DIFFERENT CHOICE IS MARKED)

<S>                    <C>
TERM                   MEANING OF TERM
VENDOR'S AGENT         JONES LANG LASALLE   PHONE:  (02) 9936 5859
(IF MORE THAN ONE,     LEVEL 24, 100 MILLER STREET, NORTH SYDNEY, NSW, 2060  FAX:  (02) 9957 5126
THE FIRST NAMED)       REF:  CLIVE TAYLOR
                       COLLIERS JARDINE (NSW) PTY LIMITED  PHONE:  (02) 9957 6611
                       LEVEL 38, 100 MILLER STREET, NORTH SYDNEY, NSW, 2060  FAX:  (02) 9957 2990
                       REF:  MALCOLM TYSON
                       RESMED HOLDINGS LIMITED  ACN 003 765 133
                       97 WATERLOO ROAD, NORTH RYDE, NSW, 2113
VENDOR'S               DIBBS BARKER GOSLING  PHONE:  (02) 8233 9500
SOLICITOR              LEVEL 8, ANGEL PLACE, 123 PITT STREET, SYDNEY  FAX:  (02) 8233 955
                       DX 101 SYDNEY  REF:  3055754. D TURNER
DEPOSIT HOLDER         VENDOR'S AGENT  INVEST DEPOSIT:  YES (CLAUSE 3)
COMPLETION DATE        THE EARLIER OF THE 42ND DAY AFTER THE CONTRACT DATE AND THE DATE 5 BUSINESS DAYS
                       AFTER EITHER PARTY SERVES WRITTEN NOTICE ON THE OTHER REQUESTING COMPLETION (SUCH
                       NOTICE NOT TO BE GIVEN ON OR BEFORE 21 DAYS AFTER THE CONTRACT DATE).  (CLAUSE 15)

PROPERTY               THE LAND, THE IMPROVEMENTS, ALL FIXTURES AND THE INCLUSIONS, BUT NOT THE EXCLUSIONS
LAND ADDRESS           97 WATERLOO ROAD, NORTH RYDE
PLAN                   REGISTERED PLAN:   LOT 1 IN DEPOSITED PLAN 872430   (COPY ATTACHED)
TITLE                  FOLIO IDENTIFIER 1/872430
                       TORRENS
                       FEE SIMPLE - OWNERSHIP
IMPROVEMENTS           AS SHOWN ON THE ATTACHED SURVEY REPORT
INCLUSIONS             THE FOLLOWING ITEMS, ALL INSPECTED BY THE PURCHASER (SOME MAY BE FIXTURES):
                       THE ITEMS LISTED IN ANNEXURE "B" TO THE LEASE REFERRED TO IN CLAUSE 44.
EXCLUSIONS             SEE CLAUSE 38.
PURCHASER              TRUST COMPANY OF AUSTRALIA LIMITED ACN 004 027 749

                       80-84 NEW SOUTH HEAD ROAD, EDGECLIFF
IF MORE THAN ONE, AS   _ JOINT TENANTS  TENANTS IN COMMON (IN EQUAL SHARE UNLESS OTHERWISE STATED)
PURCHASER'S            MAKINSON & D'APICE  PHONE:  9233 7788
_  SOLICITOR           LEVEL 18, 68 PITT STREET, SYDNEY  FAX:  9233 1550
_  LICENSED
CONVEYANCER            DX 296 SYDNEY  REF:  W R D'APICE
PRICE                  PRICE  $34,000,000.00
                       DEPOSIT  $1,700,000.00    (10% OF THE PRICE, UNLESS OTHERWISE STATED)
                       ------------------------------------------------------------------------------------
                       BALANCE  $32,300,000.00
CONTRACT DATE          (IF NOT STATED, THE DATE THIS CONTRACT WAS MADE)
</TABLE>

NOTE:  THE  PRICE  EXCLUDES  GST  (IF  ANY)  PAYABLE  BY  THE  VENDOR.

VENDOR'S  INITIALS    (FULL  SIGNATURES  ON  NEXT  PAGE)    PURCHASER'S INITIALS

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                                            1A
<S>                          <C>  <C>             <C>                                <C>
VENDOR                                            PURCHASER
                                                  (USE THE APPROPRIATE BOX)

SIGNED BY                      )                  SIGNED BY                         )
                               )                  SIMON HINDSON                     )
AS ATTORNEY FOR THE VENDOR     )                  AS ATTORNEY FOR THE PURCHASER     )
UNDER POWER OF ATTORNEY        )                  TRUST COMPANY OF
DATED                          )                  AUSTRALIA LIMITED                 )  /S/ SIMON HINDSON
IN THE PRESENCE OF:            )                  ACN 004 027 749                   )  -----------------
                                                  UNDER POWER OF ATTORNEY           )  MANAGER
                                                  REGISTERED BOOK 4279 NO. 670)     )
                                                                                    )
                                                  IN THE PRESENCE OF:
WITNESS                                                                             )
                                                  /S/ ROHAN KHAN
                                                  ------------------------------
                                                  WITNESS

THE COMMON SEAL OF THE         )                  THE COMMON SEAL OF                )
VENDOR
                               )                  MACQUARIE GOODMAN)                )
RESMED HOLDINGS                )                  FUNDS MANAGEMENT)                 )
LIMITED ACN 03 765 133         )                  LIMITED ACN 067 796 641)          )
WAS AFFIXED IN                 )                  WAS AFFIXED IN ACCORDANCE         )
ACCORDANCE WITH ITS            )                  WITH ITS CONSTITUTION IN THE)     )
CONSTITUTION IN THE            )                  PRESENCE OF:                      )
PRESENCE OF:-
                               )

/S/ CHRIS ROBERTS                                 /S/ PATRICK LEDGERGOODMAN             /S/ JAMES HODGKINSON
---------------------------                       ------------------------------       ---------------------
DIRECTOR / SECRETARY                              DIRECTOR / SECRETARY                 DIRECTOR

CHRIS ROBERTS                                     PATRICK LEDGERGOODMAN                JAMES HODGKINSON
---------------------------                       ------------------------------       ---------------------
NAME (PRINTED)                                    NAME (PRINTED)                       NAME (PRINTED)
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DOCUMENTS  (COPY  OF  DOCUMENT  ATTACHED  IF  MARKED)  (SOME  COPIES  ARE  REQUIRED  BY  LEGISLATION)

<S>  <C>                                                   <C>  <C>
     GENERAL                                                    STRATA OR COMMUNITY TITLE (CLAUSE 23)
X    PROPERTY CERTIFICATE FOR THE LAND                       _  PROPERTY CERTIFICATE FOR STRATA COMMON PROPERTY
X    PLAN OF THE LAND                                        _  PLAN CREATING STRATA COMMON PROPERTY
_    UNREGISTERED PLAN OF THE LAND                           _  STRATA BY-LAWS NOT SET OUT IN LEGISLATION
_    PLAN OF LAND TO BE SUBDIVIDED                           _  STRATA DEVELOPMENT CONTRACT OR STATEMENT
_    DOCUMENT THAT IS TO BE LODGED WITH A RELEVANT PLAN      _  STRATA MANAGEMENT STATEMENT
                                                             _  LEASEHOLD STRATA: LEASE OF LOT AND COMMON PROPERTY
X    S149(2) CERTIFICATE (ENVIRONMENTAL PLANNING AND         _  PROPERTY CERTIFICATE FOR NEIGHBOURHOOD PROPERTY
     ASSESSMENT ACT 1979)                                    _  PLAN CREATING NEIGHBOURHOOD PROPERTY
X    S149(5) INFORMATION INCLUDED IN THAT CERTIFICATE        _  NEIGHBOURHOOD DEVELOPMENT CONTRACT
X    SEWERAGE CONNECTIONS DIAGRAM                            _  NEIGHBOURHOOD MANAGEMENT STATEMENT
X    SEWER MAINS DIAGRAM                                     _  PROPERTY CERTIFICATE FOR PRECINCT PROPERTY
X    DOCUMENT THAT CREATED OR MAY HAVE CREATED AN            _  PLAN CREATING PRECINCT PROPERTY
     EASEMENT, PROFIT   PRENDRE, RESTRICTION ON USE OR       _  PRECINCT DEVELOPMENT CONTRACT
     POSITIVE COVENANT DISCLOSED IN THIS CONTRACT            _  PRECINCT MANAGEMENT STATEMENT
X    S88G CERTIFICATE (POSITIVE COVENANT)                    _  PROPERTY CERTIFICATE FOR COMMUNITY PROPERTY
                                                             _  PLAN CREATING COMMUNITY PROPERTY
X    SURVEY REPORT                                           _  COMMUNITY DEVELOPMENT CONTRACT
_    SECTION 317A CERTIFICATE (CERTIFICATE OF COMPLIANCE)    _  COMMUNITY MANAGEMENT STATEMENT
X    BUILDING CERTIFICATE GIVEN UNDER LEGISLATION            _  DOCUMENT DISCLOSING A CHANGE OF BY-LAWS
_    INSURANCE CERTIFICATE (HOME BUILDING ACT 1989)          _  DOCUMENT DISCLOSING A CHANGE IN A
_    SECTION 24 CERTIFICATE (SWIMMING POOLS ACT 1992)
_    OLD SYSTEM DOCUMENT                                     _  DOCUMENT DISCLOSING A CHANGE IN BOUNDARIES
_    CROWN TENURE CARD
_    CROWN PURCHASE STATEMENT OF ACCOUNT
</TABLE>

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CHOICES

<S>                             <C>   <C>
ADJOINING LAND OWNED BY VENDOR  X NO  _  YES - PURCHASER CANNOT REQUIRE VENDOR TO CONTRIBUTE TO FENCING WORK
COVENANT/EASEMENT IN TRANSFER   X NO  _  YES - WORDING ATTACHED, WITH DESCRIPTION OF LAND BENEFITED (CLAUSE 4)
LAND TAX ADJUSTMENT REQUIRED    _ NO  _  YES -USING OWNER-OCCUPIED RESIDENTIAL CONCESSION _ YES (CLAUSE 14)
SPECIAL COMPLETION ADDRESS      X NO  _  YES - ADDRESS (CLAUSE 16):
TENANCIES                       _ NO  _  YES - SUBJECT TO TENANCIES DISCLOSED IN THIS CONTRACT (CLAUSES 17, 24)
MONEY PAYABLE TO CROWN          X NO  _  YES - PURCHASER LIABLE FOR UP TO $#(31) (IF NOT STATED, NIL)(CLAUSE 26)
CONSENT TO TRANSFER REQUIRED    X NO  _  YES - VENDOR TO APPLY FOR CONSENT (CLAUSE 27)
</TABLE>

GST INFORMATION (A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999) (CLAUSE 13)
THIS  SALE  IS  A  TAXABLE  SUPPLY  (SECTIONS 9-5 AND 195-1)      _ NO     X YES

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TENANTS (COPY OF EACH LEASE AND ANY RELEVANT MEMORANDUM OR VARIATION ATTACHED)
PREMISES:  #(32)
TENANT'S NAME (SHOW FULL NAME):  #(32A) SEE CLAUSES 43 AND 44
NATURE OF TENANCY:  #(32B)
EXPIRY DATE:  #(32C)
OPTION PERIOD:  #(32D)
RENT (SHOW WEEKLY/MONTHLY):  #(32E)

STRATA / COMMUNITY MANAGEMENT AGENT'S NAME, ADDRESS AND PHONE NUMBER
(OR IF THERE IS NO MANAGEMENT AGENT, SECRETARY'S DETAILS)
NAME:  #(33)
ADDRESS:  #(33A)
PHONE:  #(33B)

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SPECIAL  PROVISIONS  ATTACHED  TO  AND FORMING PART OF CONTRACT FOR SALE OF LAND
BETWEEN
RESMED  HOLDINGS  LIMITED  (VENDOR)
AND  TRUST  COMPANY  OF  AUSTRALIA  LIMITED  (PURCHASER)
DATED  THE                               DAY  OF                  2002

30.     MORE  INTERPRETATION
        --------------------
30.1     IN  THIS  CONTRACT  UNLESS  THE  CONTEXT  OTHERWISE  REQUIRES:
-     THE TERM "PURCHASER'S SOLICITOR" OR PHRASES REFERRING TO THE SOLICITOR FOR
THE PURCHASER INCLUDE THE PERSON OR ENTITY NAMED AS THE PURCHASER'S SOLICITOR OR
PURCHASER'S  REPRESENTATIVE  IN  THIS  CONTRACT.
-     IF  THERE  IS  ANY  INCONSISTENCY BETWEEN CLAUSES 1 - 29 AND THESE SPECIAL
PROVISIONS,  THESE  PROVISIONS  PREVAIL;
-     A  REFERENCE  TO  ANY  LEGISLATION  OR  LEGISLATIVE PROVISION INCLUDES ANY
STATUTORY  MODIFICATION OR RE-ENACTMENT OF, OR LEGISLATIVE PROVISION SUBSTITUTED
FOR,  AND  ANY  SUBORDINATE  LEGISLATION  OR  REGULATIONS  ISSUED  UNDER,  THAT
LEGISLATION  OR  LEGISLATIVE  PROVISION;
-     THE  SINGULAR  INCLUDES  THE  PLURAL  AND  VICE  VERSA;
-     A  REFERENCE  TO  ANY  THING (INCLUDING ANY RIGHT) INCLUDES A PART OF THAT
THING;
-     A  REFERENCE  TO  AN  INDIVIDUAL  OR  PERSON  INCLUDES  A  CORPORATION,
PARTNERSHIP,  JOINT  VENTURE, ASSOCIATION, AUTHORITY, TRUST, STATE OR GOVERNMENT
AND  VICE  VERSA;
-     A  REFERENCE  TO  ANY  GENDER  INCLUDES  ALL  GENDERS;
-     A  REFERENCE  TO  ANY  PARTY  TO  THIS  CONTRACT  OR ANY OTHER DOCUMENT OR
ARRANGEMENT  INCLUDES  THAT  PARTY'S  EXECUTORS,  ADMINISTRATORS,  SUBSTITUTES,
SUCCESSORS  AND  PERMITTED  ASSIGNS;
-     WHERE AN EXPRESSION IS DEFINED, ANOTHER PART OF SPEECH OR GRAMMATICAL FORM
OF  THAT  EXPRESSION  HAS  A  CORRESPONDING  MEANING;  AND
-     HEADINGS  ARE  FOR  CONVENIENCE  OF  REFERENCE  ONLY  AND  DO  NOT  AFFECT
INTERPRETATION.
30.2     TIME  OF  DAY  REFERS  TO THE LOCAL TIME THEN APPLICABLE IN SYDNEY, NEW
SOUTH  WALES.
30.3     IF  ANY  PROVISION  OF  THIS  CONTRACT  IS  OR  BECOMES  INVALID OR NOT
ENFORCEABLE  IN  ACCORDANCE  WITH  ITS  TERMS,  ALL  OTHER  PROVISIONS WHICH ARE
SELF-SUSTAINING  AND  CAPABLE  OF  SEPARATE  ENFORCEMENT  WITHOUT  REGARD TO THE
INVALID  OR  UNENFORCEABLE  PROVISION  WILL  BE  AND  CONTINUE  TO  BE VALID AND
ENFORCEABLE  IN  ACCORDANCE  WITH  THEIR  TERMS.
31.     AMENDMENTS  TO  PRINTED  PROVISIONS
        -----------------------------------
THE  PROVISIONS  OF THIS CONTRACT SPECIFIED IN THIS CLAUSE ARE DEEMED AMENDED AS
FOLLOWS:
31.1     SETTLEMENT  CHEQUE
IN CLAUSE 1 THE DEFINITION OF "SETTLEMENT CHEQUE" IS DELETED AND REPLACED BY THE
FOLLOWING:
"AN UNENDORSED CHEQUE MADE PAYABLE TO THE PERSON TO BE PAID AND DRAWN ON ITS OWN
FUNDS  BY  A  BANK  THAT  CARRIES  ON BUSINESS IN AUSTRALIA OR, IF AUTHORISED IN
WRITING  BY  THE  VENDOR  OR  THE  VENDOR'S  SOLICITORS,  SOME  OTHER  CHEQUE;"
31.2     INVESTMENT  OF  DEPOSIT
TO  CLAUSE  3 ADD: "NOTWITHSTANDING THE FOREGOING, IF THIS CONTRACT IS COMPLETED
BUT  ONE  PARTY  (OR  WHERE  A PARTY COMPRISES TWO OR MORE PERSONS, ALL OF THEM)
FAILS  TO  FURNISH  THE DEPOSITHOLDER WITH HIS TAX FILE NUMBER OR EXEMPTION FROM
QUOTATION  THEREOF, ALL NET INTEREST AFTER DEDUCTIONS AS AFORESAID SHALL BE PAID
TO  THE  OTHER  PARTY".
31.3     CLAIMS
IN  CLAUSE  7.1.1  CHANGE  "5%"  TO  "2.5%";
31.4     CLAUSE  13
CLAUSES  13.2,  13.4,  13.5,  13.6,  13.7,  13.8  AND  13.9  ARE  DELETED.
31.5     CLAUSE  16.5
CLAUSE  16.5  IS  DELETED.
31.6     POSSESSION  BEFORE  COMPLETION
TO  CLAUSE  18  ADD:
"18.8     IF ANY FEE OR RENT PAYABLE BY THE PURCHASER IS IN ARREARS FOR A PERIOD
EXCEEDING  7  DAYS,  OR  IF  THE PURCHASER DOES NOT COMPLY WITH ANY PART OF THIS
CLAUSE,  IMMEDIATELY  AFTER  THE VENDOR SERVES NOTICE REQUIRING THE PURCHASER TO
VACATE  THE  PROPERTY  THE  PURCHASER  MUST  DO  SO."
31.7     LAND  TAX
CLAUSE  16.6  IS  DELETED.
31.8     FACSIMILE
DELETE  CLAUSE  20.6.5  AND  SUBSTITUTE:
"20.6.5     SERVED  IF IT IS SENT BY FAX TO THE PARTY'S SOLICITOR.  THE DOCUMENT
WILL BE DEEMED TO HAVE BEEN DULY SERVED WHEN THE TRANSMISSION HAS BEEN COMPLETED
EXCEPT  WHERE:
(A)     THE  SENDER'S  MACHINE  INDICATES  A  MALFUNCTION IN TRANSMISSION OR THE
RECIPIENT  IMMEDIATELY  NOTIFIES  THE  SENDER  OF AN INCOMPLETE TRANSMISSION, IN
WHICH  CASE  THE  DOCUMENT  WILL  BE  DEEMED  NOT  TO  HAVE  BEEN  SERVED;  OR
(B)     THE  TRANSMISSION  IS MADE ON A DAY WHICH IS NOT A BUSINESS DAY OR AFTER
5.00PM  ON  A  BUSINESS  DAY, IN WHICH CASES THE DOCUMENT WILL BE DEEMED TO HAVE
BEEN  SERVED  AT  9.00AM  ON  THE  NEXT  BUSINESS  DAY;"
31.9     CLAUSE  29
CLAUSE  29  IS  DELETED.
32.     PURCHASER'S  ACKNOWLEDGMENTS
        ----------------------------
SUBJECT  TO  SECTION 52A(2)(B) OF THE CONVEYANCING ACT, 1919 AND THE REGULATIONS
UNDER  THAT  ACT  THE  PURCHASER  ACKNOWLEDGES  AND  AGREES  THAT:
32.1     THE  PURCHASER  PURCHASES  THE  PROPERTY:
(A)     RELYING  ON THE PURCHASER'S OWN KNOWLEDGE, INSPECTION AND ENQUIRIES; AND
(B)     IN  ITS  EXISTING  CONDITION  AND  STATE  OF  REPAIR  AND SUBJECT TO ALL
INFESTATIONS  AND  DILAPIDATION;
32.2     EXCEPT FOR ANYTHING CONTAINED IN THIS CONTRACT, ANY WARRANTIES BY OR ON
BEHALF  OF  THE  VENDOR,  EXPRESS  OR  IMPLIED,  AS TO ANY PURPOSE FOR WHICH THE
PROPERTY,  OR FOR WHICH ANY BUILDING WHICH IS OR MAY BE ERECTED ON THE PROPERTY,
CAN  BE  USED  ARE  EXPRESSLY  NEGATIVED;
32.3     THE  PURCHASER CANNOT MAKE A CLAIM, OBJECTION OR REQUISITION OR RESCIND
OR  TERMINATE  IN  RESPECT  OF  ANY  OF  THE  FOLLOWING  MATTERS:
(A)     THE  PRESENCE  ON  THE  PROPERTY  OF  ANY  SEWER,  MANHOLE, VENT, MAINS,
CONNECTIONS,  WIRES,  PIPES,  CONDUITS, CHANNELS OR DISTRIBUTORS WITH RESPECT TO
ANY  SERVICE  AS  REFERRED  TO  IN  BRACKETS  IN  CLAUSE  10.1.2;
(B)     ANY ROOF AND/OR YARDWATER DRAINAGE OR PIPE BEING CONNECTED TO THE SEWER;
(C)     WHETHER  OR  NOT ANY IMPROVEMENTS HAVE BEEN CONSTRUCTED OVER OR ADJACENT
TO  THE  SEWER MAIN OR OTHER INSTALLATIONS OF SYDNEY WATER CORPORATION (OR OTHER
COMPETENT AUTHORITY) AND WHETHER OR NOT ANY APPROVALS FOR SUCH CONSTRUCTION HAVE
BEEN  OBTAINED  AND  WHETHER  OR  NOT  ANY  CONDITIONS OF ANY APPROVAL HAVE BEEN
COMPLIED  WITH.
33.     DEATH,  MENTAL  ILLNESS,  LIQUIDATION,  ETC
        -------------------------------------------
WITHOUT  IN  ANY  MANNER NEGATING LIMITING OR RESTRICTING ANY RIGHTS OR REMEDIES
WHICH  WOULD  HAVE  BEEN  AVAILABLE  TO  THE VENDOR AT LAW OR IN EQUITY HAD THIS
CLAUSE  NOT  BEEN  INCLUDED,  SHOULD  THE  PURCHASER  (OR,  WHERE  THE PURCHASER
COMPRISES  MORE  THAN  ONE  PERSON,  ANY  OF  THEM)  PRIOR  TO  COMPLETION:
(A)     DIE OR BECOME MENTALLY ILL THEN THE VENDOR CAN RESCIND BY SERVING NOTICE
ON  THE  PURCHASER'S  SOLICITOR;  OR
(B)     AS DEBTOR, ENTER INTO ANY COMPOSITION UNDER PART X OF THE BANKRUPTCY ACT
1966  (COMMONWEALTH)  OR, BEING A BODY CORPORATE, RESOLVE TO GO INTO LIQUIDATION
OR  BE  SUBJECT  TO AN APPLICATION FOR ITS WINDING UP MADE TO THE COURT OR ENTER
INTO ANY COMPROMISE OR ARRANGEMENT WITH ITS CREDITORS UNDER THE CORPORATIONS LAW
OR  OTHER  APPLICABLE  LAW  OR  SHOULD  ANY  LIQUIDATOR, PROVISIONAL LIQUIDATOR,
RECEIVER,  RECEIVER  AND  MANAGER OR OFFICIAL MANAGER BE APPOINTED IN RESPECT OF
THE  PURCHASER,  THEN  THE  PURCHASER SHALL IMMEDIATELY AND WITHOUT NOTICE BE IN
BREACH  OF  THIS  CONTRACT  IN  AN  ESSENTIAL  RESPECT.
34.     (DELETED)
35.     SURVEY  ETC
        -----------
ANNEXED  TO  THIS  CONTRACT  IS  A  COPY  OF
(A)     A  SURVEY  REPORT  BY  WILLIAM  L BACKHOUSE PTY LIMITED DATED 5 DECEMBER
2001;
(B)     BUILDING  CERTIFICATE GIVEN UNDER LEGISLATION DATED 21 MARCH 2002 ISSUED
BY  RYDE  CITY  COUNCIL.
THE  PURCHASER  CANNOT  MAKE  A  CLAIM OR REQUISITION OR RESCIND OR TERMINATE IN
RESPECT  OF  ANY  MATTER  DISCLOSED  OR  REFERRED  TO THEREIN INCLUDING, WITHOUT
LIMITING  THE  GENERALITY OF THE FOREGOING, ANY ENCROACHMENTS WHICH ARE SHOWN IN
THE  SAID  SURVEY  REPORT  OR ANY ENCROACHMENT ON TO ANY EASEMENT OR THE SIZE OR
LOCATION  OF  THE  SUBSTATION  PREMISES.
36.     (DELETED)
37.     (DELETED)
38.     EXCLUSIONS
        ----------
THE  PURCHASER  ACKNOWLEDGES  THAT:
(A)     THE  EXCLUSIONS  LISTED BELOW ARE NOT INCLUDED IN THE SALE AND FORM PART
OF  THE  LESSEE'S  FITTINGS  UNDER  THE  LEASE  REFERRED  TO  IN  CLAUSE  44;
(B)     THE  EXCLUSIONS  NEED  NOT  BE  REMOVED FROM THE PROPERTY ON OR PRIOR TO
COMPLETION;  AND
(C)     RESMED  LIMITED,  AS  LESSEE  UNDER  THE  SAID LEASE, WILL BE OBLIGED TO
REMOVE  THE  EXCLUSIONS  FROM  THE  PROPERTY PRIOR TO ITS VACATING THE PROPERTY,
SUBJECT  TO  THE  TERMS  OF  THE  SAID  LEASE  IN  THAT  REGARD.
EXCLUSIONS:  ALL  ARTWORK,  ALL  OFFICE  FURNITURE,  WORKSTATIONS,  LABORATORY
BENCHES,  BOARDROOM FURNITURE, MEETING ROOM FURNITURE, RESOURCES ROOM FURNITURE,
AUDIO  VISUAL  SYSTEMS,  AUDIO/VIDEO  CONFERENCING  EQUIPMENT,  ALL  PRODUCTION
EQUIPMENT,  PRODUCTION  RELATED COMPRESSORS, PRODUCTION RELATED CHILLERS AND ALL
WAREHOUSE  RACKING.
39.     ENVIRONMENTAL  MATTERS
        ----------------------
39.1     IN  THIS  CLAUSE:
"CONTAMINATION"  MEANS ANY POLLUTION, CONTAMINATION, DEGRADATION OR POISONING OF
OR  WHICH AFFECTS OR MAY AFFECT OR WHICH HAS OR MAY HAVE ITS ORIGIN (AND WHETHER
BEFORE,  ON  OR  AFTER THE DATE OF THIS CONTRACT) ON THE PROPERTY OR ANY PART OF
THE  PROPERTY  OR ANY DAMAGE ARISING THEREFROM AND, WITHOUT LIMITATION, INCLUDES
CONTAMINATION  AS  DEFINED  IN  THE  CONTAMINATED  LAND  MANAGEMENT ACT 1997 AND
ANYTHING REFERRED TO OR IDENTIFIED AS CONTAMINATION IN THE ENVIRONMENTAL REPORT.
"ENVIRONMENTAL  LEGISLATION"  MEANS  ANY  STATE  OR  FEDERAL STATUTE RELATING TO
HEALTH OR THE ENVIRONMENT (INCLUDING, WITHOUT LIMITATION, ENVIRONMENT AS DEFINED
IN THE CONTAMINATED LAND MANAGEMENT ACT 1997) INCLUDING, WITHOUT LIMITATION, THE
CLEAN  AIR ACT 1961, THE CLEAN WATERS ACT 1970, THE CONTAMINATED LAND MANAGEMENT
ACT  1997,  THE  ENVIRONMENTAL  OFFENCES & PENALTIES ACT 1989, THE ENVIRONMENTAL
PLANNING  &  ASSESSMENT  ACT  1979,  THE ENVIRONMENTALLY HAZARDOUS CHEMICALS ACT
1985, THE NOISE CONTROL ACT 1975, THE POLLUTION CONTROL ACT 1970, THE PROTECTION
OF  THE  ENVIRONMENT  ADMINISTRATION ACT 1991, THE PROTECTION OF THE ENVIRONMENT
OPERATIONS  ACT  1997,  THE  UNHEALTHY  BUILDING  LAND  ACT  1990  AND THE WASTE
MINIMISATION & MANAGEMENT ACT 1995, ALL AS AMENDED FROM TIME TO TIME (OR ANY ACT
WHICH  REPLACES  OR  SUBSTITUTES ANY OF THEM) TOGETHER WITH ALL REGULATIONS MADE
UNDER  THEM  AS  AMENDED  FROM  TIME  TO  TIME;
"ENVIRONMENTAL  REPORT"  MEANS  EACH  OF  THE GEOTECHNICAL & ENVIRONMENTAL STUDY
DATED 10 MARCH 1995 BY COFFEY PARTNERS INTERNATIONAL PTY LIMITED (COPY ATTACHED)
AND  THE  ENVIRONMENTAL  DUE DILIGENCE REPORT DATED DECEMBER 2001 BY NOEL ARNOLD
AND  ASSOCIATES  PTY  LIMITED  (COPY  ATTACHED).
39.2     (A)     THE  PURCHASER ACKNOWLEDGES AND WARRANTS THAT PRIOR TO THE DATE
OF  THIS  CONTRACT THE PURCHASER PERUSED AND WAS SATISFIED AS TO THE CONTENTS OF
THE  ENVIRONMENTAL  REPORT.
(B)     THE  VENDOR DOES NOT WARRANT THAT THE ENVIRONMENTAL REPORT WAS, OR IS AT
THE  DATE  OF  THIS  CONTRACT,  ACCURATE  OR  COMPLETE.
39.3     THE  PURCHASER  SHALL  NOT  BE  ENTITLED TO MAKE A CLAIM OR REQUISITION
EITHER BEFORE OR AFTER COMPLETION OR TO RESCIND OR TERMINATE OR DELAY COMPLETION
OF  THIS  CONTRACT  IN  RESPECT  OF:
(A)     ANY MATTER DISCLOSED OR REFERRED TO IN OR ARISING FROM THE ENVIRONMENTAL
REPORT;  OR
(B)     SUBJECT  TO CLAUSES 39.5 AND 39.6 AND CLAUSE 15 OF THE LEASE REFERRED TO
IN  CLAUSE  44:
(I)     CONTAMINATION;  OR
(II)     ANY  BREACH  OF  OR CLAIM, ORDER, DECLARATION, NOTICE OR PROPOSAL UNDER
ANY  ENVIRONMENTAL  LEGISLATION  IN  RESPECT  OF  CONTAMINATION;  OR
(III)     THE  COSTS OR EXPENSES OF OR INCIDENTAL TO ANY INVESTIGATION, PROPOSAL
OR  REMEDIATION  IN  RELATION  TO  CONTAMINATION.
39.4     SUBJECT TO CLAUSES 39.5 AND 39.6 AND CLAUSE 15 OF THE LEASE REFERRED TO
IN  CLAUSE  44:
(A)     THE  PURCHASER MUST COMPLY AT THE PURCHASER'S COST WITH THE REQUIREMENTS
OF  ANY  ENVIRONMENTAL  LEGISLATION  RELATING  TO  CONTAMINATION  OR  OTHERWISE
AFFECTING  THE  PROPERTY  AND  WITH  ALL  NOTICES  AND  REQUIREMENTS  OF  ANY
GOVERNMENTAL,  SEMI-GOVERNMENTAL,  CITY,  MUNICIPAL,  LICENSING  OR  ANY  OTHER
AUTHORITY  HAVING  JURISDICTION  OR  AUTHORITY  IN  THAT  REGARD;  AND
(B)     THE  PURCHASER  RELEASES THE VENDOR AND RESMED LIMITED AND THE PURCHASER
INDEMNIFIES  AND  WILL  KEEP  INDEMNIFIED THE VENDOR AND RESMED LIMITED FROM AND
AGAINST  ALL  DEMANDS, CLAIMS, EXPENSES, PROCEEDINGS OR LIABILITIES WHATEVER AND
HOWEVER  ARISING FROM OR IN RESPECT OF CONTAMINATION, OR ANY LEACHING WITHIN THE
PROPERTY  OF  CONTAMINATION OR FROM OR TO THE PROPERTY OF CONTAMINATION IN OR ON
TO OR FROM ANY ADJOINING LAND, WATERCOURSE OR BODY OF WATER, OR ANY OTHER MATTER
DISCLOSED  HEREIN.
39.5     THE  VENDOR WARRANTS THAT AS AT THE DATE OF THIS CONTRACT AND EXCEPT AS
DISCLOSED  HEREIN  IT  IS  NOT  AWARE  OF:
(A)     ANY  SUBSISTING NOTICES, ORDERS, FINES, PENALTIES OR PROCEEDINGS ISSUED,
IMPOSED  OR  COMMENCED  BY  THE  ENVIRONMENT  PROTECTION  AUTHORITY,  THE  STATE
POLLUTION CONTROL COMMISSION OR ANY OTHER GOVERNMENTAL OR SEMI-GOVERNMENTAL BODY
OR  AUTHORITY  OR  ANY  OTHER  PERSON  OR  CORPORATION  FOR  ANY  POLLUTION  OR
CONTAMINATION  TO  THE PROPERTY OR POLLUTION OR CONTAMINATION EMANATING FROM THE
PROPERTY  AND  AFFECTING  ANY  ADJOINING PROPERTY OR FOR COMPLIANCE REQUIREMENTS
UNDER  ANY  ENVIRONMENTAL  LEGISLATION;
(B)     CONTAMINATION  OR  THE  LIKELIHOOD  OF  CONTAMINATION  OF  THE PROPERTY.
39.6     DESPITE  ANY OTHER PROVISIONS OF THIS CONTRACT, THE VENDOR SHALL REMAIN
LIABLE  TO  THE PURCHASER AND TO ALL THIRD PARTIES AND AUTHORITIES IN RESPECT OF
ALL  LIABILITY  ARISING AS A RESULT OF THE PRESENCE OF ANY CONTAMINATION ON, IN,
ABOVE  OR UNDER THE PROPERTY WHICH EXISTED AT OR PRIOR TO THE DATE OF COMPLETION
AND  WHICH OCCURRED DURING OWNERSHIP OF THE PROPERTY BY THE VENDOR AND WHICH HAD
ITS  ORIGIN  ON  THE PROPERTY (OTHER THAN CONTAMINATION DISCLOSED OR REFERRED TO
HEREIN)  AND  INDEMNIFIES  THE  PURCHASER  FROM  AND  IN  RESPECT OF ALL CLAIMS,
DEMANDS,  SUITS,  ACTIONS,  PROCEEDINGS  AND  COSTS  ARISING  IN RESPECT OF SUCH
CONTAMINATION.
39.7     THE  PURCHASER ACKNOWLEDGES THAT THE PURCHASER, WHEN ENTERING INTO THIS
CONTRACT,  RELIED  EXCLUSIVELY  ON  THE  FOLLOWING  MATTERS INDEPENDENTLY OF ANY
STATEMENTS,  INDUCEMENTS  OR REPRESENTATIONS MADE BY OR ON BEHALF OF THE VENDOR:
(A)     INSPECTIONS OF AND INVESTIGATIONS RELATING TO THE PROPERTY INCLUDING THE
ENVIRONMENTAL  REPORT  MADE  BY  OR  ON  BEHALF  OF  THE  PURCHASER;
(B)     THE  SKILL  AND  JUDGMENT  OF  THE  PURCHASER,  ITS  CONSULTANTS  AND
REPRESENTATIVES;
(C)     OPINIONS OR ADVICE OBTAINED BY THE PURCHASER INDEPENDENTLY OF THE VENDOR
OR  OF  THE  VENDOR'S  AGENTS  OR  EMPLOYEES.
39.8     THE  PROVISIONS  OF THIS CLAUSE SHALL NOT MERGE ON COMPLETION OR IN THE
TRANSFER  OF  THE  PROPERTY.
40.     SERVICE  CONTRACTS
        ------------------
40.1     IN  THIS  CLAUSE  "SERVICE CONTRACTS" MEANS THE FOLLOWING CONTRACTS FOR
SERVICING  OR MAINTAINING PLANT OR EQUIPMENT OR FOR THE PROVISION OF SERVICES AT
THE  PROPERTY,  COPIES OF WHICH HAVE BEEN PROVIDED TO THE PURCHASER PRIOR TO THE
DATE  OF  THIS  CONTRACT:
(A)     ELEVATOR  SERVICE  AGREEMENT  WITH  KONE ELEVATORS PTY LIMITED ("KONE");
(B)     AIR  CONDITIONING  MAINTENANCE  AGREEMENT  WITH  MCNEALL  INDUSTRIAL
TECHNOLOGIES  PTY  LIMITED;
(C)     CHILLER  MAINTENANCE  AGREEMENT  WITH  YORK  INTERNATIONAL AUSTRALIA PTY
LIMITED;
(D)     AIR CONDITIONING PREVENTIVE MAINTENANCE CONTRACT WITH MCNEALL INDUSTRIAL
TECHNOLOGIES  PTY  LIMITED;
(E)     FIRE  PROTECTION SERVICE AGREEMENT WITH AUTOMATIC FIRE PROTECTION DESIGN
PTY  LIMITED;
(F)     GENERATOR MAINTENANCE AGREEMENT WITH CUMMINS ENGINE COMPANY PTY LIMITED.
40.2     THE  PARTIES  ACKNOWLEDGE  THAT:
(A)     THE  SERVICE  CONTRACTS  ARE  WITH  RESMED  LIMITED;
(B)     SUBJECT  TO  CLAUSE  40.4,  THE  SERVICE  CONTRACTS  WILL CONTINUE AFTER
COMPLETION.
40.3     THE  PURCHASER  APPROVES  THE  CONTRACTORS WITH WHOM RESMED LIMITED HAS
CONTRACTED UNDER THE SERVICE CONTRACTS AS SPECIALIST CONTRACTORS FOR THE PURPOSE
OF  CLAUSE  14.1(B)  OF  THE  LEASE  REFERRED  TO  IN  CLAUSE  44.
40.4     THE  VENDOR  SHALL  PROCURE  RESMED LIMITED TO ASSIGN AND THE PURCHASER
AGREES  TO  TAKE  AN  ASSIGNMENT  OF  THE  ELEVATOR SERVICE AGREEMENT WITH KONE,
SUBJECT TO THE CONSENT OF KONE.  THE VENDOR SHALL PROCURE RESMED LIMITED TO, AND
THE  PURCHASER  SHALL, USE ITS BEST ENDEAVOURS TO EFFECT SUCH ASSIGNMENT AS SOON
AS  PRACTICABLE  AFTER  COMPLETION  AND  TO  OBTAIN  A  RELEASE  BY  KONE OF THE
OBLIGATIONS  OF  RESMED  LIMITED  UNDER  THE  AGREEMENT.
40.5     THE  PURCHASER  CANNOT  MAKE  ANY  REQUISITION  OR  CLAIM OR RESCIND OR
TERMINATE  OR  DELAY COMPLETION OF THIS CONTRACT IN RESPECT OF ANYTHING REFERRED
TO  IN  THIS  CLAUSE  OR  ANYTHING  IN  RELATION  TO  THE  SERVICE  CONTRACTS.
40.6     THE  PROVISIONS  OF  THIS  CLAUSE SHALL NOT MERGE IN THE TRANSFER OR ON
COMPLETION.
41.     GST
        ---
41.1     IN  THIS  CONTRACT:
"GST"  MEANS  THE  SAME  AS  IN  THE  GST  LAW;
"GST  LAW"  MEANS  THE  SAME  AS  "GST  LAW"  MEANS  IN  THE  GST  ACT.
41.2     CLAUSES  13.2, 13.4 13.5, 13.6, 13.7, 13.8 AND 13.9 ARE DEEMED DELETED.
41.3     ANY  AMOUNTS PAYABLE UNDER THIS CONTRACT (OTHER THAN SUMS PAYABLE UNDER
THIS  CLAUSE)  DO  NOT  INCLUDE  GST.
41.4     IF  ANY  GST  IS  OR  BECOMES  PAYABLE BY THE VENDOR IN RELATION TO ANY
ASPECT  OF  ITS  SALE  OF  THE PROPERTY OR WITH RESPECT TO ANYTHING SUPPLIED (OR
DEEMED  TO BE SUPPLIED) BY THE VENDOR TO THE PURCHASER UNDER THIS CONTRACT, THEN
THE PURCHASER MUST PAY THE VENDOR (IN ADDITION TO THE AMOUNTS REFERRED TO IN THE
PRECEDING SUBCLAUSE) A SUMS OR SUMS ON ACCOUNT OF GST, EACH SUM TO BE CALCULATED
BY  MULTIPLYING  THE  AMOUNT PAYABLE BY THE PURCHASER FOR THE RELEVANT SUPPLY BY
THE  PREVAILING  GST  RATE.
41.5     THE PURCHASER MUST MAKE PAYMENT UNDER THIS CLAUSE ON COMPLETION.  IT IS
AN  ESSENTIAL  TERM  OF  THIS CONTRACT THAT SUCH SUMS ON ACCOUNT OF GST, AND ANY
SUMS  PAYABLE  BY  THE PURCHASER UNDER THE NEXT SUBCLAUSE, ARE PAID ON OR BEFORE
COMPLETION  AND  THE PURCHASER IS NOT ENTITLED TO REQUIRE THE VENDOR TO COMPLETE
UNLESS  SUCH  SUMS  ARE  SO  PAID.
41.6     IF  ANY  INTEREST,  FINE,  PENALTY,  ADDITIONAL TAX OR OTHER SUM LEVIED
AGAINST  THE  VENDOR FOR NON-PAYMENT OF GST ("DEFAULT GST") BECOMES PAYABLE AS A
RESULT OF NON-PAYMENT OR DELAYED PAYMENT BY THE PURCHASER UNDER THIS CLAUSE, THE
PURCHASER  MUST  PAY ANY SUCH DEFAULT GST.  IT SHALL NOT BE A DEFENCE TO A CLAIM
AGAINST  THE  PURCHASER  FOR  PAYMENT  TO THE VENDOR OF ANY DEFAULT GST THAT THE
VENDOR  HAS  FAILED  TO  MITIGATE THE VENDOR'S DAMAGES BY NOT PAYING GST WHEN IT
FELL  DUE.
41.7     REIMBURSEMENTS
A PARTY'S OBLIGATION TO REIMBURSE ANOTHER PARTY FOR AN AMOUNT PAID OR PAYABLE TO
A  THIRD  PARTY  (EG  A  PARTY'S  OBLIGATION TO PAY ANOTHER PARTY'S LEGAL COSTS)
INCLUDES  GST  ON  THE  AMOUNT  PAID OR PAYABLE TO THE THIRD PARTY EXCEPT TO THE
EXTENT  THAT THE PARTY BEING REIMBURSED IS ENTITLED TO CLAIM AN INPUT TAX CREDIT
FOR  THAT  GST.
41.8     INDEMNITIES
(A)     IF  A  PAYMENT  UNDER AN INDEMNITY GIVES RISE TO A LIABILITY TO PAY GST,
THE  PAYER  MUST  PAY,  AND INDEMNIFY THE PAYEE AGAINST, THE AMOUNT OF THAT GST.
(B)     IF A PARTY HAS AN INDEMNITY FOR A COST ON WHICH THAT PARTY MUST PAY GST,
THE  INDEMNITY IS FOR THE COST PLUS ALL GST (EXCEPT ANY GST FOR WHICH THAT PARTY
CAN  OBTAIN  AN  INPUT  TAX  CREDIT).
(C)     A  PARTY  MAY  RECOVER  PAYMENT  UNDER  AN INDEMNITY BEFORE IT MAKES THE
PAYMENT  IN  RESPECT  OF  WHICH  THE  INDEMNITY  IS  GIVEN.
41.9     THE  PROVISIONS  OF THIS CLAUSE SHALL NOT MERGE ON COMPLETION OR IN THE
TRANSFER  OF  THE  PROPERTY.
42.     ADJUSTMENTS
        -----------
42.1     NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS  CONTRACT:
(A)     NO  ADJUSTMENTS  OF  COUNCIL  RATES,  WATER RATES OR CHARGES OR LAND TAX
("STATUTORY  OUTGOINGS")  SHALL  BE  MADE  AT  COMPLETION;
(B)     ON  OR  PRIOR TO COMPLETION THE VENDOR MUST PAY ALL ARREARS OF STATUTORY
OUTGOINGS AND ALL INSTALMENTS OF STATUTORY OUTGOINGS CHARGED FOR PERIODS CURRENT
AT THE DATE OF COMPLETION ("INSTALMENTS") WHERE THOSE INSTALMENTS ARE PAYABLE ON
OR  PRIOR  TO  COMPLETION.
42.2     THE  PURCHASER  CANNOT  MAKE  ANY  REQUISITION  OR  CLAIM OR RESCIND OR
TERMINATE  OR  DELAY  COMPLETION  OF  THIS  CONTRACT,  NOR  REQUIRE  A  LAND TAX
CERTIFICATE  SHOWING NO CHARGE ON THE LAND, IN RESPECT OF INSTALMENTS NOT DUE ON
OR  PRIOR  TO  COMPLETION  NOT  HAVING  BEEN  PAID  ON  OR  PRIOR TO COMPLETION.
42.3     THE  PARTIES  ACKNOWLEDGE  THAT  RESMED  LIMITED  IS  OBLIGATED  TO PAY
STATUTORY  OUTGOINGS  UNDER  THE  LEASE  REFERRED  TO  IN  CLAUSE  44.
43.     SUBJECT  TO  LEASE
        ------------------
THE  PROPERTY IS SOLD SUBJECT TO THE LEASE REGISTERED AS 6745832 (COPY ATTACHED)
AND  CLAUSE  24  APPLIES.  THE  PURCHASER  CANNOT MAKE A CLAIM OR REQUISITION IN
RESPECT  OF THE VENDOR NOT HOLDING OR HANDING OVER ON COMPLETION THE ORIGINAL OF
THE  SAID  LEASE.
44.     LEASE  BACK
        -----------
(A)     UPON COMPLETION OF THIS CONTRACT THE PURCHASER (AS LANDLORD) SHALL GRANT
AND  THE  VENDOR  SHALL  PROCURE  RESMED  LIMITED ACN 003 765 142 (AS TENANT) TO
ACCEPT  A  LEASE  OF  THE  PROPERTY  FOR  THE  TERM AND AT THE RENT AND UPON THE
CONDITIONS  CONTAINED  IN  THE  FORM  OF  LEASE  ANNEXED  HERETO  MARKED  "Z".
(B)     SUCH LEASE SHALL COMMENCE ON THE DATE OF COMPLETION OF THIS CONTRACT AND
THE  COMMENCEMENT  AND  EXPIRY  DATES OF THE TERM SHALL BE INSERTED IN THE LEASE
ACCORDINGLY.
(C)     THE VENDOR SHALL PROCURE RESMED LIMITED TO EXECUTE AND HAVE DULY STAMPED
THE  LEASE  DOCUMENT  IN  TRIPLICATE;
(D)     WITHIN  21  DAYS  AFTER THE CONTRACT DATE THE VENDOR SHALL SUBMIT TO THE
PURCHASER THE STAMPED ORIGINAL EXECUTED LEASE AND A STAMPED COPY EXECUTED LEASE.
THE  PURCHASER  SHALL  EXECUTE,  AND  PROCURE MACQUARIE GOODMAN FUNDS MANAGEMENT
LIMITED  AS RESPONSIBLE ENTITY TO EXECUTE, THOSE DOCUMENTS.  THE PURCHASER SHALL
HOLD  THOSE  DOCUMENTS  IN  ESCROW  PENDING  COMPLETION.  IF  THIS  CONTRACT  IS
RESCINDED  OR  TERMINATED, THE PURCHASER SHALL FORTHWITH THEREAFTER RETURN THOSE
DOCUMENTS  TO  THE  VENDOR.
(E)     ON  COMPLETION  THE PURCHASER SHALL DELIVER TO THE VENDOR THE COPY LEASE
DULY  EXECUTED  BY THE PURCHASER AND MACQUARIE GOODMAN FUNDS MANAGEMENT LIMITED.
ON  COMPLETION  THE VENDOR SHALL DELIVER TO THE PURCHASER A FURTHER STAMPED COPY
OF  THE  LEASE  EXECUTED  BY  RESMED  LIMITED.
(F)     ON COMPLETION THE PURCHASER SHALL PROVIDE WRITTEN EVIDENCE TO THE VENDOR
THAT  ANY  MORTGAGEE  OF  THE  PURCHASER  CONSENTS  TO  THE  LEASE.
(G)     ON  OR  BEFORE  COMPLETION  THE  VENDOR  WILL  PROCURE RESMED LIMITED TO
PROVIDE  THE  PURCHASER  WITH A CERTIFICATE OF CURRENCY FOR POLICY IS10017/00 AS
REFERRED  TO  IN  CLAUSE 7.7(B) OF THE LEASE EVIDENCING THAT CLAUSE 7.7(E)(I) OF
THE  LEASE  HAS  BEEN  COMPLIED  WITH.
(H)     PURSUANT  TO  THE  PROVISIONS  OF  THIS  CLAUSE, THE VENDOR SHALL NOT BE
REQUIRED TO GIVE VACANT POSSESSION OF THE PROPERTY UPON COMPLETION TO THE INTENT
THAT COMPLETION OF THIS CONTRACT IS CONDITIONAL ON THE LEASE BEING ENTERED INTO.
(I)     THE  VENDOR  SHALL  PROCURE  RESMED  LIMITED  TO PAY TO THE PURCHASER ON
COMPLETION  REGISTRATION  FEES AND THE RENT (AS WELL AS GST ON THE RENT) FOR THE
FIRST  MONTH  PAYABLE  IN  RELATION  TO  THE  LEASE  AND  THE PURCHASER SHALL ON
COMPLETION  GIVE  THE  VENDOR FOR FORWARDING TO RESMED LIMITED A TAX INVOICE (AS
REFERRED  TO  IN  CLAUSE 13.1) IN RESPECT OF THE RENT PAID.  NOTWITHSTANDING THE
PROVISIONS  OF THE LEASE EACH PARTY SHALL BEAR ITS OWN LEGAL COSTS IN RESPECT OF
PREPARING,  NEGOTIATING  AND  ENGROSSING  THE  LEASE.
(J)     FOLLOWING COMPLETION THE PURCHASER SHALL PROCURE THE REGISTRATION OF THE
LEASE  WITHOUT  DELAY  AND  THEREAFTER  SHALL PROMPTLY DELIVER TO THE VENDOR THE
ORIGINAL  OF  THE  LEASE.
(K)     THE  PROVISIONS  OF  THIS  CLAUSE  SHALL  NOT  MERGE  ON  COMPLETION.
45.     NOTICE  TO  COMPLETE
        --------------------
45.1     A  NOTICE  TO COMPLETE SERVED BY EITHER PARTY CAN REQUIRE COMPLETION TO
BE  EFFECTED BY A TIME AND ON A DATE WHICH DATE IS 14 DAYS OR MORE (AS SPECIFIED
IN  THE NOTICE) AFTER THE DATE OF SERVICE OF THE NOTICE.  THE PARTIES AGREE THAT
SUCH  NOTICE  IS  SUFFICIENT AT LAW AND IN EQUITY TO MAKE TIME OF THE ESSENCE IN
RESPECT  OF  THE  TIME  (BOTH THE DATE AND THE HOUR OF THE DAY) SPECIFIED IN THE
NOTICE.
45.2     THE  PARTIES  FURTHER AGREE THAT A PERIOD OF AT LEAST 14 DAYS FROM (BUT
EXCLUDING)  THE  DATE  OF  SERVICE OF THE NOTICE TO (AND INCLUDING) THE DATE FOR
COMPLETION  SPECIFIED  IN  THE NOTICE WILL BE A SUFFICIENT AND REASONABLE PERIOD
FOR  THE  PARTY  SERVED  TO COMPLETE THIS CONTRACT, AND WILL BE A SUFFICIENT AND
REASONABLE  PERIOD  AS  AFORESAID EVEN THOUGH THAT PERIOD INCLUDES (BUT DOES NOT
EXPIRE  ON)  ANY  DAYS  WHICH  ARE  NOT  BUSINESS  DAYS.
45.3     A  PARTY  CAN  AT  ANY  TIME  WITHDRAW  HIS  NOTICE TO COMPLETE WITHOUT
PREJUDICE  TO  HIS  CONTINUING  RIGHT  TO  GIVE  ANY  FURTHER  SUCH  NOTICE.
46.     INTEREST
        --------
46.1     IN  THIS  CLAUSE  "NON-INTEREST  DAY"  MEANS ANY BUSINESS DAY AFTER THE
COMPLETION  DATE  DURING THE WHOLE OF WHICH BUSINESS DAY THE VENDOR IS UNABLE OR
UNWILLING  TO  COMPLETE  THIS  CONTRACT AND THE PURCHASER IS ABLE AND WILLING TO
COMPLETE.
46.2     IF  COMPLETION  IS  NOT EFFECTED ON OR BEFORE THE COMPLETION DATE THEN,
WITHOUT PREJUDICE TO ANY OTHER REMEDY OF THE VENDOR AND IN ADDITION TO ALL OTHER
AMOUNTS  PAYABLE  BY  THE  PURCHASER  TO  THE  VENDOR  UNDER  THIS CONTRACT, THE
PURCHASER  MUST  PAY  TO THE VENDOR ON COMPLETION INTEREST ON THE #(M)BALANCE OF
THE  PRICE  AT  THE  RATE  OF  10  PER  CENT  PER  ANNUM.
46.3     THE  INTEREST  ACCRUES  FROM  DAY  TO  DAY  FROM  (BUT  EXCLUDING)  THE
COMPLETION DATE UNTIL (AND INCLUDING) THE DATE OF ACTUAL COMPLETION, BUT NO SUCH
INTEREST  IS  PAYABLE  IN RESPECT OF ANY NON-INTEREST DAY, NOR IN RESPECT OF ANY
NON-BUSINESS  DAY WHERE THE IMMEDIATELY PRECEDING BUSINESS DAY IS A NON-INTEREST
DAY.
46.4     IT  IS AN ESSENTIAL TERM OF THIS CONTRACT THAT SUCH INTEREST IS PAID TO
THE VENDOR ON COMPLETION AND THE PURCHASER IS NOT ENTITLED TO REQUIRE THE VENDOR
TO  COMPLETE  UNLESS  SUCH  INTEREST  IS  SO  PAID.
47.     LIMITATION  OF  LIABILITY
        -------------------------
47.1     THE  PURCHASER  (REFERRED  TO IN THIS CLAUSE AS "THE CUSTODIAN") ENTERS
INTO  THIS CONTRACT AS CUSTODIAN AND AGENT OF MACQUARIE GOODMAN FUNDS MANAGEMENT
LIMITED  A.C.N. 067 796 641, THE RESPONSIBLE ENTITY OF THE TRUST AND IN NO OTHER
CAPACITY.
47.2     THE  PARTIES  OTHER THAN THE CUSTODIAN ACKNOWLEDGE THAT THE OBLIGATIONS
ARE  INCURRED BY THE CUSTODIAN SOLELY IN ITS CAPACITY AS CUSTODIAN OF THE ASSETS
OF  THE TRUST AND AS AGENT OF THE RESPONSIBLE ENTITY AND THAT THE CUSTODIAN WILL
CEASE TO HAVE ANY OBLIGATION UNDER THIS CONTRACT IF THE CUSTODIAN CEASES FOR ANY
REASON  TO  BE  CUSTODIAN  OF  THE  ASSETS  OF  THE  TRUST.
47.3     THE  CUSTODIAN  WILL  NOT  BE  LIABLE TO PAY OR SATISFY ANY OBLIGATIONS
EXCEPT  TO  THE  EXTENT  TO WHICH IT IS INDEMNIFIED BY THE RESPONSIBLE ENTITY OR
EXCEPT  OUT  OF  THE  ASSETS  AGAINST  WHICH IT IS ENTITLED TO BE INDEMNIFIED IN
RESPECT  OF  ANY  LIABILITY  INCURRED BY IT.   THE OBLIGATION OF THE RESPONSIBLE
ENTITY  TO  INDEMNIFY  THE  CUSTODIAN  AND  THE  RIGHT  OF  THE  CUSTODIAN TO BE
INDEMNIFIED  OUT  OF  THE  ASSETS  ARE  LIMITED.
47.4     THE  PARTIES  OTHER THAN THE CUSTODIAN MAY ENFORCE THEIR RIGHTS AGAINST
THE CUSTODIAN ARISING FROM NON-PERFORMANCE OF THE OBLIGATIONS ONLY TO THE EXTENT
OF  THE  CUSTODIAN  INDEMNITY  AS  PROVIDED  ABOVE  IN  SUBCLAUSE  3.
47.5     IF  ANY PARTY OTHER THAN THE CUSTODIAN DOES NOT RECOVER ALL MONEY OWING
TO IT ARISING FROM NON-PERFORMANCE OF THE OBLIGATIONS IT MAY NOT SEEK TO RECOVER
THE  SHORTFALL  BY:
(A)     BRINGING PROCEEDINGS AGAINST THE CUSTODIAN IN ITS PERSONAL CAPACITY;  OR
(B)     APPLYING  TO HAVE THE CUSTODIAN WOUND UP OR PROVING IN THE WINDING UP OF
THE  CUSTODIAN.
47.6     EXCEPT  IN THE CASE OF AND TO THE EXTENT OF FRAUD, NEGLIGENCE OR BREACH
OF  DUTY  ON  THE  PART  OF  THE  CUSTODIAN UNDER ITS CUSTODY AGREEMENT WITH THE
RESPONSIBLE  ENTITY, THE PARTIES OTHER THAN THE CUSTODIAN WAIVE THEIR RIGHTS AND
RELEASE  THE CUSTODIAN FROM ANY PERSONAL LIABILITY WHATSOEVER, IN RESPECT OF ANY
LOSS  OR  DAMAGE:
(A)     WHICH  THEY  MAY  SUFFER  AS  A  RESULT  OF  ANY:
(I)     BREACH  BY  THE  CUSTODIAN  OF  ANY  OF  ITS  OBLIGATIONS;   OR
(II)     NON-PERFORMANCE  BY  THE  CUSTODIAN  OF  THE  OBLIGATIONS;  AND
(B)     WHICH  CANNOT  BE  PAID OR SATISFIED FROM THE INDEMNITY SET OUT ABOVE IN
SUBCLAUSE  3  IN  RESPECT  OF  ANY  LIABILITY  INCURRED  BY  IT.
47.7     THE PARTIES OTHER THAN THE CUSTODIAN ACKNOWLEDGE THAT THE WHOLE OF THIS
CONTRACT  IS  SUBJECT  TO  THIS  CLAUSE AND SUBJECT TO SUBCLAUSE 6 THE CUSTODIAN
SHALL IN NO CIRCUMSTANCES BE REQUIRED TO SATISFY ANY LIABILITY ARISING UNDER, OR
FOR  NON  PERFORMANCE  OR BREACH OF ANY OBLIGATIONS UNDER OR IN RESPECT OF, THIS
CONTRACT  OR  UNDER OR IN RESPECT OF ANY OTHER DOCUMENT TO WHICH IT IS EXPRESSED
TO BE A PARTY OUT OF ANY FUNDS, PROPERTY OR ASSETS OTHER THAN TO THE EXTENT THAT
THIS  CONTRACT  REQUIRES  SATISFACTION  OUT OF THE ASSETS OF THE TRUST UNDER THE
CUSTODIAN'S  CONTROL AND IN ITS POSSESSION AS AND WHEN THEY ARE AVAILABLE TO THE
CUSTODIAN  TO  BE  APPLIED  IN  EXONERATION  FOR  SUCH  LIABILITY.
47.8     THE  PARTIES  ACKNOWLEDGE  THAT  THE RESPONSIBLE ENTITY OF THE TRUST IS
RESPONSIBLE  UNDER  THE  CONSTITUTION  FOR  PERFORMING  A VARIETY OF OBLIGATIONS
RELATING  TO  THE TRUST, INCLUDING UNDER THIS CONTRACT.   THE PARTIES AGREE THAT
NO  ACT  OR  OMISSION OF THE CUSTODIAN (INCLUDING ANY RELATED FAILURE TO SATISFY
ANY  OBLIGATIONS)  WILL  CONSTITUTE  FRAUD,  NEGLIGENCE OR BREACH OF DUTY OF THE
CUSTODIAN  FOR  THE  PURPOSES  OF  SUBCLAUSE 6 TO THE EXTENT TO WHICH THE ACT OR
OMISSION  WAS  CAUSED OR CONTRIBUTED TO BY ANY FAILURE OF THE RESPONSIBLE ENTITY
OR  ANY  OTHER  PERSON TO FULFIL ITS OBLIGATIONS RELATING TO THE TRUST OR BY ANY
OTHER  ACT  OR  OMISSION  OF  THE  RESPONSIBLE  ENTITY  OR  ANY  OTHER  PERSON.
47.9     NO  ATTORNEY,  AGENT  OR OTHER PERSON APPOINTED IN ACCORDANCE WITH THIS
CONTRACT  HAS AUTHORITY TO ACT ON BEHALF OF THE CUSTODIAN IN A WAY WHICH EXPOSES
THE  CUSTODIAN TO ANY PERSONAL LIABILITY AND NO ACT OR OMISSION OF SUCH A PERSON
WILL  BE CONSIDERED FRAUD, NEGLIGENCE OR BREACH OF DUTY OF THE CUSTODIAN FOR THE
PURPOSES  OF  SUBCLAUSE  6.
47.10     IN THIS CLAUSE THE "OBLIGATIONS" MEANS ALL OBLIGATIONS AND LIABILITIES
OF  WHATEVER  KIND  UNDERTAKEN  OR INCURRED BY, OR DEVOLVING UPON, THE CUSTODIAN
UNDER  OR  IN RESPECT OF THIS CONTRACT.   "ASSETS" INCLUDES ALL ASSETS, PROPERTY
AND  RIGHTS  REAL  AND  PERSONAL  OF  ANY  VALUE  WHATSOEVER  OF  THE TRUST, AND
"RESPONSIBLE  ENTITY"  MEANS  MACQUARIE  GOODMAN FUNDS MANAGEMENT LIMITED OR ANY
REPLACEMENT  RESPONSIBLE  ENTITY OF THE TRUST FROM TIME TO TIME.   "TRUST" MEANS
THE  MACQUARIE  GOODMAN  CAPITAL  TRUST, "CUSTODY AGREEMENT" MEANS THE AGREEMENT
MADE  BETWEEN  MACQUARIE  GOODMAN  FUNDS MANAGEMENT LIMITED (PREVIOUSLY KNOWN AS
GOODMAN  HARDIE  MANAGEMENT  AUSTRALIA  LIMITED)  AND TRUST COMPANY OF AUSTRALIA
LIMITED  DATED  17  JANUARY  2000 OR SUCH REPLACEMENT AGREEMENT.  "CONSTITUTION"
MEANS  THE  TRUST DEED ESTABLISHING THE TRUST DATED 5 APRIL 2002 AS AMENDED FROM
TIME  TO  TIME.
48.     RESPONSIBLE  ENTITY'S  LIMITATION  OF  LIABILITY
        ------------------------------------------------
48.1     THE RESPONSIBLE ENTITY (AS TESTIFIED BY ITS EXECUTION OF THIS CONTRACT)
INCURS OBLIGATIONS UNDER THIS CONTRACT AS RESPONSIBLE ENTITY OF THE TRUST AND IN
NO  OTHER  CAPACITY.   AN  OBLIGATION  CAN  BE  ENFORCED AGAINST THE RESPONSIBLE
ENTITY  ONLY TO THE EXTENT TO WHICH IT IS SATISFIED OUT OF PROPERTY OF THE TRUST
OUT  OF WHICH THE RESPONSIBLE ENTITY IS ACTUALLY INDEMNIFIED FOR THE OBLIGATION.
THIS LIMITATION OF  THE RESPONSIBLE ENTITY'S LIABILITY APPLIES DESPITE ANY OTHER
PROVISION  OF  THIS  CONTRACT  AND  EXTENDS  TO  ALL  OBLIGATIONS.
48.2     THE  PARTIES  OTHER  THAN  THE  RESPONSIBLE  ENTITY  MAY  NOT  SUE  THE
RESPONSIBLE  ENTITY  IN  ANY  CAPACITY  OTHER  THAN AS RESPONSIBLE ENTITY OF THE
TRUST,  INCLUDING  SEEK  THE  APPOINTMENT  OF  A RECEIVER (EXCEPT IN RELATION TO
PROPERTY  OF THE TRUST), A LIQUIDATOR, AN ADMINISTRATOR OR ANY SIMILAR PERSON TO
THE  RESPONSIBLE  ENTITY  OR  PROVE  IN  ANY  LIQUIDATION,  ADMINISTRATION  OR
ARRANGEMENT  OF  OR  AFFECTING  THE  RESPONSIBLE  ENTITY  (EXCEPT IN RELATION TO
PROPERTY  OF  THE  TRUST).
48.3     THE  PROVISIONS  OF  THIS  CLAUSE  DO NOT APPLY TO AN OBLIGATION TO THE
EXTENT  THAT  IT  IS NOT SATISFIED BECAUSE UNDER THE TRUST DEED ESTABLISHING THE
TRUST  OR  BY  OPERATION  OF  LAW  THERE  IS  A  REDUCTION  IN THE EXTENT OF THE
RESPONSIBLE ENTITY'S INDEMNIFICATION OUT OF THE ASSETS OF THE TRUST, AS A RESULT
OF  THE  RESPONSIBLE  ENTITY'S  FRAUD,  NEGLIGENCE  OR  BREACH  OF  TRUST.  THE
RESPONSIBLE  ENTITY  IS  NOT  TO  BE REGARDED AS BEING NEGLIGENT OR IN BREACH OF
TRUST  TO  THE  EXTENT TO WHICH ANY FAILURE BY THE RESPONSIBLE ENTITY TO SATISFY
ITS  OBLIGATIONS  UNDER  THIS  CONTRACT  HAS  BEEN CAUSED OR CONTRIBUTED TO BY A
FAILURE  BY ANY PERSON TO FULFIL ITS OBLIGATIONS IN RELATION TO THE TRUST OR ANY
OTHER  ACT  OR  OMISSION  OF  ANOTHER  PERSON.
48.4     NO  ATTORNEY,  AGENT,  RECEIVER,  OR  RECEIVER AND MANAGER APPOINTED IN
ACCORDANCE  WITH THIS CONTRACT HAS AUTHORITY TO ACT ON BEHALF OF THE RESPONSIBLE
ENTITY IN ANY WAY WHICH EXPOSES THE RESPONSIBLE ENTITY TO ANY PERSONAL LIABILITY
AND  NO  ACT OR OMISSION OF ANY SUCH PERSON WILL BE CONSIDERED FRAUD, NEGLIGENCE
OR  BREACH  OF TRUST OF THE RESPONSIBLE ENTITY FOR THE PURPOSE OF SUBCLAUSE 3 OF
THIS  CLAUSE.
48.5     THE  RESPONSIBLE  ENTITY  IS  NOT  OBLIGED  TO DO OR REFRAIN FROM DOING
ANYTHING  UNDER  THIS  CONTRACT  (INCLUDING  INCUR  ANY  LIABILITY)  UNLESS  THE
RESPONSIBLE  ENTITY'S  LIABILITY  IS  LIMITED  IN  THE SAME MANNER AS SET OUT IN
SUBCLAUSES  1  TO  3  OF  THIS  CLAUSE.
48.6     FOR  THE  PURPOSES  OF  THIS  CLAUSE:
"OBLIGATIONS"  MEANS  ALL  OBLIGATIONS  AND  LIABILITIES  OF  WHATSOEVER  KIND,
UNDERTAKEN  OR INCURRED BY, OR DEVOLVING UPON THE RESPONSIBLE ENTITY UNDER OR IN
RESPECT  OF  THIS CONTRACT OR ANY DEED, AGREEMENT OR OTHER INSTRUMENT COLLATERAL
WITH  THIS  CONTRACT  OR GIVEN OR ENTERED INTO UNDER THIS CONTRACT AND INCLUDES,
WITHOUT  LIMITATION,  ALL  LIABILITIES  OF  THE  RESPONSIBLE  ENTITY  IN ANY WAY
CONNECTED  WITH  ANY  REPRESENTATION,  WARRANTY, CONDUCT, OMISSION, AGREEMENT OR
TRANSACTION  RELATED  TO  THIS  CONTRACT.  "TRUST"  MEANS  THE MACQUARIE GOODMAN
CAPITAL  TRUST.

48.7     THE  RESPONSIBLE  ENTITY  WARRANTS TO THE VENDOR THAT, IN ENTERING INTO
THIS  CONTRACT,  THE  RESPONSIBLE  ENTITY  WILL  NOT BE IN BREACH OF THE CUSTODY
AGREEMENT  AND WILL BE ENTITLED TO BE INDEMNIFIED OUT OF THE ASSETS OF THE TRUST
IN  RELATION  TO  ITS  OBLIGATIONS  AS  PURCHASER  ARISING  UNDER THIS CONTRACT.

<PAGE>
<TABLE>

<CAPTION>

FORM    :  07L                                        LEASE
LICENCE  :  01-08-025                              NEW  SOUTH  WALES
LICENSEE:  DIBBS  BARKER  GOSLING             REAL  PROPERTY  ACT  1900

<S>                  <C>
                     PRIVACY NOTE:  THIS INFORMATION IS LEGALLY REQUIRED AND WILL BECOME PART OF THE PUBLIC RECORD
 STAMP DUTY          OFFICE OF STATE REVENUE USE ONLY
(A)  TORRENS TITLE   PROPERTY LEASED:  IF APPROPRIATE, SPECIFY THE PART OR PREMISES 1/872430
(B)  LODGED BY       DELIVERY                                      CODE
                     CODE                                           L
                     BOX
                     REFERENCE (OPTIONAL):  3055754.DAT (79432)
 (C)  LESSOR         TRUST COMPANY OF AUSTRALIA LIMITED ACN 004 027 749

                     THE LESSOR LEASES TO THE LESSEE THE PROPERTY REFERRED TO ABOVE
(D)                  ENCUMBRANCES (IF APPLICABLE):    1.   LEASE 6745832            2.                   3.
                     RESMED LIMITED ACN 003 765 142
(E)  LESSEE

(F)                  TENANCY:
</TABLE>

<TABLE>
<CAPTION>
<C><S>

(G)  1.  TERM THREE (3) YEARS
     2.  COMMENCEMENT DATE
     3.  TERMINATING DATE
     4.  WITH AN OPTION TO RENEW FOR A PERIOD OF ONE (1) YEAR  SET OUT IN ITEM 10
     5.  WITH AN OPTION TO PURCHASE SET OUT IN : NOT APPLICABLE
     6.  TOGETHER WITH AND RESERVING THE RIGHTS SET OUT IN ANNEXURE "A" HERETO.
     7.  INCORPORATES THE PROVISIONS OR ADDITIONAL MATERIAL SET OUT IN ANNEXURE(S) "A" HERETO.
     8.  INCORPORATES THE PROVISIONS SET OUT IN MEMORANDUM FILED AT LAND AND PROPERTY INFORMATION NEW SOUTH WALES AS
         NO. : NOT APPLICABLE
     9.  THE RENT IS SET OUT IN  ITEM 11  OF THE SUMMARY OF LEASE PARTICULARS
         DATE   _____________ / ______________ / _____________
                                 DD                         MM                        YYYY
</TABLE>

<TABLE>
<CAPTION>
<S>  <C>
(H)  I CERTIFY THAT THE PERSON(S) SIGNING OPPOSITE, WITH WHOM I AM PERSONALLY ACQUAINTED OR AS TO
WHOSE IDENTITY I AM OTHERWISE SATISFIED, SIGNED THIS INSTRUMENT IN MY PRESENCE.
SIGNATURE OF WITNESS:
NAME OF WITNESS:       SEE ANNEXURE "C" FOR EXECUTION
ADDRESS OF WITNESS:
</TABLE>

CERTIFIED CORRECT FOR THE PURPOSE OF THE REAL
PROPERTY ACT 1900 BY THE LESSOR.
SIGNATURE OF LESSOR

SIGNATURE OF LESSOR:

NOTE:  WHERE  APPLICABLE,  THE  LESSOR  MUST  COMPLETE THE STATUTORY DECLARATION
BELOW.

<PAGE>

<TABLE>
<CAPTION>
<S>  <C>
I CERTIFY THAT THE PERSON(S) SIGNING OPPOSITE, WITH WHOM I AM PERSONALLY ACQUAINTED OR AS TO WHOSE
IDENTITY I AM OTHERWISE SATISFIED, SIGNED THIS INSTRUMENT IN MY PRESENCE.
SIGNATURE OF WITNESS:
NAME OF WITNESS:      SEE ANNEXURE "C" FOR EXECUTION
ADDRESS OF WITNESS:
</TABLE>

CERTIFIED CORRECT FOR THE PURPOSE OF THE REAL
PROPERTY ACT 1900 BY THE LESSOR.
SIGNATURE OF LESSOR

SIGNATURE OF LESSOR:

(I)  STATUTORY  DECLARATION
     I,
     SOLEMNLY  AND  SINCERELY  DECLARE  THAT  -
1.  THE  TIME  FOR  THE  EXERCISE  OF                   IN  EXPIRED  LEASE  NO.
2.  THE  LESSEE  UNDER  THAT  LEASE  HAS  NOT  EXERCISED  THE  OPTION.

I MAKE THIS SOLEMN DECLARATION CONSCIENTIOUSLY BELIEVING THE SAME TO BE TRUE AND
BY  VIRTUE  OF  THE  OATHS  ACT  1900.
MADE  AND  SUBSCRIBED  AT                         IN  THE  STATE  OF
ON                         IN  THE  PRESENCE  OF  -

SIGNATURE  OF  WITNESS                               SIGNATURE  OF  LESSOR:

NAME  OF  WITNESS:

ADDRESS  OF  WITNESS:

QUALIFICATION  OF  WITNESS:

<PAGE>
THIS  PAGE AND THE FOLLOWING              PAGES CONSTITUTE ANNEXURE "A" TO LEASE
BETWEEN  TRUST  COMPANY  OF  AUSTRALIA  LIMITED  (LESSOR)
AND  RESMED  LIMITED  (LESSEE)
DATED  THIS                 DAY  OF
-----------------------------------200-_

                          SUMMARY  OF  LEASE  PARTICULARS
ITEM  1     THE  LESSOR  (CLAUSE  1.1):
     TRUST COMPANY OF AUSTRALIA LIMITED ACN 004 027 749 OF 80-84 NEW SOUTH ROAD,
EDGECLIFF.
ITEM  2     THE  LESSEE  (CLAUSE  1.1):
     RESMED  LIMITED  (ACN  003  765  142) OF 97 WATERLOO ROAD, NORTH RYDE, 2113
ITEM  3     THE  GUARANTOR  (CLAUSES  1.1  AND  14):
     NOT  APPLICABLE
ITEM  4     THE  LAND  (CLAUSE  1.1):
     THE  WHOLE  OF  THE  LAND  IN  THE  FOLLOWING  CERTIFICATE  OF  TITLE:
     FOLIO  1/872430
ITEM  5     THE  PREMISES  (CLAUSE  1.1):
     THE  LAND  AND THE IMPROVEMENTS ERECTED THEREON, KNOWN AS 97 WATERLOO ROAD,
NORTH  RYDE  (TOGETHER  WITH  THE  ITEMS  LISTED  IN  ANNEXURE  "B"  HERETO).
ITEM  6     THE  STATE/TERRITORY  (CLAUSE  1.1):
     NEW  SOUTH  WALES
ITEM  7     THE  TERM  (CLAUSE  1.1):
     THREE  (3)  YEARS
ITEM  8     COMMENCEMENT  DATE  (CLAUSE  1.1):
                                                   200
ITEM  9     TERMINATION  DATE  (CLAUSE  1.1):
                                                   200
ITEM  10     FURTHER  TERM  (CLAUSE  3.2):
     ONE  FURTHER  LEASE  OF  ONE  (1)  YEAR  WHICH  EXPIRES  ON
200
ITEM  11     BASE  RENT  (CLAUSE  A  AND  B.1):
     TWO  MILLION  NINE  HUNDRED  THOUSAND  DOLLARS  ($2,900,000.00)  PER ANNUM.
ITEM  12     BASE  RENT  INCREASE  (CLAUSE  B.2):
     ON EACH ANNIVERSARY OF THE COMMENCEMENT DATE AND AT THE COMMENCEMENT OF THE
OPTION  TERM.
ITEM  13     LESSEE'S  BUSINESS  (CLAUSES  1.1  AND  4.1(A)):
     COMMERCIAL  PREMISES  AND  MANUFACTURING AND DIRECT SALES OF SLEEP DISORDER
BREATHING  PRODUCTS.
ITEM  14     NOT  USED
ITEM  15     PUBLIC  RISK  INSURANCE  (CLAUSE  7.1(A)):
     TWENTY  MILLION  DOLLARS  ($20,000,000.00).
ITEM  16     BANK  GUARANTEE  (CLAUSES  1.1  AND  14.1):
     NOT  APPLICABLE.
ITEM  17     OUTGOINGS  YEAR  (CLAUSE  A):
     THE  30TH  DAY  OF  JUNE
ITEM  18     AGREEMENT  FOR  LEASE  (CLAUSES  1.1  AND  1.2(H)):
     NOT  APPLICABLE
ITEM  19     PART  OF  LESSEE'S  FITTINGS  (CLAUSE  1.1):
ALL  ARTWORK,  ALL OFFICE FURNITURE, WORKSTATIONS, LABORATORY BENCHES, BOARDROOM
FURNITURE,  MEETING  ROOM  FURNITURE,  RESOURCES  ROOM  FURNITURE,  AUDIO VISUAL
SYSTEMS,  AUDIO/VIDEO  CONFERENCING  EQUIPMENT,  ALL  PRODUCTION  EQUIPMENT,
PRODUCTION  RELATED  COMPRESSORS,  PRODUCTION RELATED CHILLERS AND ALL WAREHOUSE
RACKING.

<PAGE>
                            GENERAL  LEASE  CONDITIONS

49.     DEFINITIONS  AND  INTERPRETATION
NOTE:  DEFINITIONS  AND  MOST  OPERATIVE PROVISIONS DEALING WITH RENT, OPERATING
EXPENSES  AND  CLEANING  ARE  CONTAINED  IN  THE  RENT  SCHEDULE.
49.1     DEFINITIONS
 IN  THIS  LEASE  THE  FOLLOWING  TERMS  HAVE  THE FOLLOWING MEANINGS UNLESS THE
CONTEXT  OTHERWISE  REQUIRES:
"AGREEMENT"  MEANS THE WRITTEN AGREEMENT FOR THE GRANT OF THIS LEASE (IF ANY) AS
SPECIFIED  IN  ITEM  18;
     "APPURTENANCE"  INCLUDES  ANY  DRAIN,  BASIN,  SINK,  TOILET  OR  URINAL;
     "AUSTRALIAN  INSTITUTE"  MEANS  AUSTRALIAN  PROPERTY  INSTITUTE INC. (STATE
DIVISION);
     "AUTHORITY"  INCLUDES  ANY  STATE  OR FEDERAL GOVERNMENT, ANY SEMI OR LOCAL
GOVERNMENT,  ANY  STATUTORY,  PUBLIC  OR  ANY  OTHER  PERSON,  AUTHORITY,
INSTRUMENTALITY OR BODY HAVING JURISDICTION OVER THE BUILDING AND/OR THE LAND OR
ANY  PART  OF  THEM  OR  ANYTHING IN RELATION TO THEM AND INCLUDES THE INSURANCE
COUNCIL;
"BANK GUARANTEE" MEANS AN IRREVOCABLE AND UNCONDITIONAL UNDERTAKING BY A TRADING
BANK  OR OTHER FINANCIAL ORGANISATION APPROVED BY THE LESSOR TO PAY AN AMOUNT OF
MONEY  TO THE LESSOR UPON DEMAND AND CONTAINING SUCH TERMS AND CONDITIONS AS ARE
ACCEPTABLE  TO  THE  LESSOR  AND  AS  THE  LESSOR  MAY DETERMINE IN ITS ABSOLUTE
DISCRETION;
"BUILDING"  MEANS  THE  IMPROVEMENTS  ERECTED  ON  THE  LAND;
"CLAIM"  INCLUDES  ANY  CLAIM, DEMAND, REMEDY, SUIT, INJURY, DAMAGE, LOSS, COST,
LIABILITY, ACTION, PROCEEDING, RIGHT OF ACTION, CLAIM FOR COMPENSATION AND CLAIM
FOR  ABATEMENT  OF  RENT  OBLIGATION;
"CLAUSE"  MEANS  A CLAUSE OF THIS LEASE; ("SUB-CLAUSE" HAS A SIMILAR MEANING); A
REFERENCE TO A CLAUSE FOLLOWED BY A NUMBER REFERS TO THE RELEVANT CLAUSE IN THIS
LEASE;  A  REFERENCE  TO A CLAUSE FOLLOWED BY A LETTER OF THE ALPHABET REFERS TO
THE  RELEVANT  CLAUSE  IN  THE  RENT  SCHEDULE;
"COMMENCEMENT  DATE"  MEANS THE DATE OF COMMENCEMENT OF THIS LEASE AS SET OUT IN
ITEM  8;
"CORPORATION"  -  SEE  CLAUSE  1.2(M);
"COST"  INCLUDES  ANY  COST,  CHARGE,  EXPENSE,  OUTGOING,  PAYMENT  OR  OTHER
EXPENDITURE OF ANY NATURE (WHETHER DIRECT, INDIRECT OR CONSEQUENTIAL AND WHETHER
ACCRUED  OR  PAID), INCLUDING WHERE APPROPRIATE ALL RATES AND ALL REASONABLE AND
PROPER  LEGAL  FEES;
"DEFAULT  RATE"  MEANS  THE  RATE WHICH IS TWO PER CENT (2%) PER ANNUM ABOVE THE
HIGHEST OVERDRAFT RATE CHARGED AT THE DUE DATE FOR PAYMENT OF THE RELEVANT MONEY
BY  THE  LESSOR'S  BANK FOR COMMERCIAL LOANS IN EXCESS OF $100,000.  A NOTICE BY
ANY  MANAGER  OF  THE  LESSOR'S  BANK  SHALL IN THE ABSENCE OF MANIFEST ERROR BE
CONCLUSIVE  EVIDENCE  OF  SUCH  RATE;
"GUARANTOR"  MEANS EACH GUARANTOR (IF ANY) NAMED IN THIS LEASE (AS IDENTIFIED IN
ITEM  3)  AND  INCLUDES  ANY:
(A)     SUCCESSOR  OR  PERMITTED  ASSIGN  OF  ANY  CORPORATE  GUARANTOR;
(B)     EXECUTOR,  ADMINISTRATOR  OR PERMITTED ASSIGN OF ANY NATURAL PERSON THAT
IS  A  GUARANTOR;  AND
(C)     PERSON  THAT  MAY  FROM  TIME  TO  TIME  BE  INCLUDED  AS  A  GUARANTOR;
     "INCOMING  TENANT"  MEANS THE PROPOSED ASSIGNEE OR SUBLESSEE AS REFERRED TO
IN  CLAUSE  6;
     "INSURANCE  COUNCIL"  MEANS  THE  INSURANCE  COUNCIL  OF  AUSTRALIA  LTD;
     "ITEM"  MEANS  THE  RELEVANT  ITEM  IN  THE  SUMMARY  OF LEASE PARTICULARS;
     "KEYS"  MEANS  KEYS,  ACCESS  CARDS OR OTHER METHODS OF ACCESS FROM TIME TO
TIME  USED  FOR  THE  BUILDING  OR  ANY  PART  OF  IT;
     "LAND"  MEANS  THE  LAND  IN  THE  CERTIFICATE(S) OF TITLE OR CONVEYANCE(S)
SPECIFIED  IN  ITEM  4;
"LAW"  INCLUDES  ANY REQUIREMENT OF ANY STATUTE, RULE, REGULATION, PROCLAMATION,
ORDINANCE OR BY-LAW, PRESENT OR FUTURE, AND WHETHER STATE, FEDERAL OR OTHERWISE;
"LESSEE"  MEANS  THE  LESSEE  NAMED  IN THIS LEASE (AS IDENTIFIED IN ITEM 2) AND
INCLUDES  IN  THE  CASE  OF  A:
(A)     CORPORATION  THE  LESSEE,  ITS  SUCCESSORS  AND  PERMITTED  ASSIGNS;
(B)     NATURAL  PERSON  THE LESSEE, HIS EXECUTORS, ADMINISTRATORS AND PERMITTED
ASSIGNS;
"LESSEE'S BUSINESS" MEANS THAT BUSINESS CARRIED ON OR WHICH MAY BE CARRIED ON IN
THE  PREMISES  IN COMPLIANCE WITH THE PERMITTED USE OF THE PREMISES SPECIFIED IN
ITEM  13;
"LESSEE'S  EMPLOYEES"  INCLUDES  THE  LESSEE'S  SUBLESSEES,  LICENSEES  AND
CONCESSIONAIRES, AND THE EMPLOYEES, AGENTS, CONTRACTORS, CONSULTANTS, CUSTOMERS,
WORKMEN,  INVITEES  AND CLIENTS OF THEM OR OF THE LESSEE, WHO MAY AT ANY TIME BE
IN  OR  UPON  THE  PREMISES,  THE  BUILDING OR THE LAND, WHETHER WITH OR WITHOUT
INVITATION;
"LESSEE'S  FITTINGS"  INCLUDES  ALL  FIXTURES,  FITTINGS,  PLANT,  EQUIPMENT,
PARTITIONS  OR  OTHER  ARTICLES  AND  CHATTELS  OF  ALL  KINDS  (OTHER  THAN
STOCK-IN-TRADE)  WHICH  ARE  NOT  OWNED BY THE LESSOR AND AT ANY TIME ARE IN THE
PREMISES  (INCLUDING,  WITHOUT  LIMITATION,  THE  ITEMS  LISTED  IN  ITEM  19);
"LESSOR"  MEANS  THE  LESSOR  NAMED  IN THIS LEASE (AS IDENTIFIED IN ITEM 1) AND
INCLUDES  IN  THE  CASE  OF  A:
(A)     CORPORATION  THE  LESSOR,  ITS  SUCCESSORS  AND  ASSIGNS;
(B)     NATURAL  PERSON  THE  LESSOR, HIS EXECUTORS, ADMINISTRATORS AND ASSIGNS;
"LESSOR'S  BANK"  MEANS THE FINANCIAL INSTITUTION WHICH AT THE RELEVANT TIME THE
LESSOR  USES  AS  A  BANK AND WHICH, IN THE EVENT OF MORE THAN ONE, SHALL BE THE
FINANCIAL  INSTITUTION  FROM TIME TO TIME SELECTED BY THE LESSOR IN ITS ABSOLUTE
DISCRETION;
"LESSOR'S  FIXTURES"  INCLUDES:
(A)     GENERAL:  ALL  PLANT  AND  EQUIPMENT, MECHANICAL OR OTHERWISE, FITTINGS,
FIXTURES, FURNITURE, FURNISHINGS OF ANY KIND, INCLUDING WINDOW COVERINGS, BLINDS
AND  LIGHT  FITTINGS  FROM  TIME TO TIME IN THE PREMISES OR ANY PART OF THEM AND
OWNED  OR  SUPPLIED  BY  THE  LESSOR (INCLUDING THE ITEMS LISTED IN ANNEXURE "B"
HERETO);
(B)     FIRE  FIGHTING:  ALL  STOP  COCKS,  FIRE  HOSES,  HYDRANTS,  OTHER  FIRE
PREVENTION  AIDS AND ALL FIRE FIGHTING SERVICES FROM TIME TO TIME LOCATED IN THE
PREMISES  OR  WHICH  MAY  SERVICE  THE  PREMISES AND BE IN COMMON AREAS NEAR THE
PREMISES;
"MONTH"  OR  "MONTHLY"  MEANS  RESPECTIVELY CALENDAR MONTH AND CALENDAR MONTHLY;
     "NOTICE" MEANS ANY NOTICE IN WRITING, ANY STATEMENT IN WRITING, ANY WRITTEN
MATERIAL  AND  ANY  OTHER  WRITTEN  COMMUNICATION;
     "OFFICER"  INCLUDES  ANY DIRECTOR, ALTERNATE DIRECTOR, SECRETARY, ASSISTANT
SECRETARY,  EXECUTIVE  OFFICER,  ATTORNEY  AND  MANAGING AGENT OF THE PARTICULAR
PARTY;
     "PARAGRAPH"  MEANS  A PARAGRAPH OF A CLAUSE OF THIS LEASE; ("SUB-PARAGRAPH"
HAS  A  SIMILAR  MEANING);
"PARTY"  MEANS  A  PARTY  TO  THIS  LEASE  AND  INCLUDES  ANY  GUARANTOR;
"PERSON"  INCLUDES  A  NATURAL  PERSON  AND  A  CORPORATION;
"PREMISES"  MEANS  THE  BUILDING  AND,  IF  SO SPECIFIED IN ITEM 5, THE LAND AND
INCLUDES  ANY  OF  THE  LESSOR'S  FIXTURES  FROM  TIME  TO  TIME  IN  THEM;
"PROPOSED WORK" INCLUDES ANY PROPOSED WORK, ALTERATION, ADDITION OR INSTALLATION
IN  OR  TO  THE  PREMISES AND/OR TO THE BUILDING AND/OR TO THE LESSOR'S FIXTURES
AND/OR  TO  THE  EXISTING LESSEE'S FITTINGS BY THE LESSEE AND/OR BY THE LESSEE'S
EMPLOYEES;
"REINSTATEMENT NOTICE" MEANS ANY NOTICE GIVEN BY THE LESSOR TO THE LESSEE OF ITS
INTENTION TO RE-INSTATE THE BUILDING AND/OR MAKE THE PREMISES FIT FOR OCCUPATION
AND  USE  OF  AND/OR  ACCESSIBLE  TO  THE  LESSEE  (AS  APPROPRIATE);
"RENT" MEANS AND INCLUDES EACH OF THE RENTS AND ANY OTHER MONEYS THAT MAY AT ANY
TIME  BE  PAYABLE  ON  ANY ACCOUNT BY OR ON BEHALF OF THE LESSEE, INCLUDING SUCH
RENTS  OR  OTHER  MONEYS  REFERRED  TO  IN  THE  RENT  SCHEDULE;
"RENT  SCHEDULE"  MEANS  THE  SCHEDULE  TO  THIS LEASE WHICH INCLUDES PROVISIONS
DEALING  WITH  RENT;
"REQUIREMENT"  INCLUDES  ANY  REQUIREMENT,  NOTICE,  ORDER,  DIRECTION,
RECOMMENDATION,  STIPULATION  OR  SIMILAR NOTIFICATION RECEIVED FROM OR GIVEN BY
ANY  AUTHORITY  OR  PURSUANT  TO  ANY  LAW,  WHETHER IN WRITING OR OTHERWISE AND
NOTWITHSTANDING  TO  WHOM  SUCH  REQUIREMENT  IS  ADDRESSED  OR  DIRECTED;
"SERVICES"  MEANS  ALL  SERVICES  OR  SYSTEMS  OF  ANY  NATURE FROM TIME TO TIME
PROVIDED  TO  THE BUILDING AND/OR TO THE LAND OR AVAILABLE FOR USE, AND INCLUDES
THE  PROVISIONS  OF  ANY  ELECTRONIC MEDIUM, ENERGY SOURCE, LIGHTING, GAS, FUEL,
POWER,  WATER,  SEWERAGE,  DRAINAGE,  LOADING DOCKS, PLANT ROOMS, STORAGE AREAS,
FIRE SERVICES, SPRINKLER SYSTEMS OR DEVICES, LIFTS, ESCALATORS, AIR-CONDITIONING
AND  THE  FITTINGS,  FIXTURES,  APPLIANCES, PLANT AND EQUIPMENT UTILISED FOR ANY
SUCH  SERVICES,  AND INCLUDES ANY SERVICES OR SYSTEMS FROM TIME TO TIME UTILISED
FOR  ACCESS  TO  THE  BUILDING;
"STATE"  MEANS  THE  STATE  OR  TERRITORY  OF  AUSTRALIA  SPECIFIED  IN  ITEM 6;
"SUMMARY  OF  LEASE  PARTICULARS" MEANS THE SUMMARY OF LEASE PARTICULARS TO THIS
LEASE  AND INCLUDES ALL THE INFORMATION FROM TIME TO TIME CONTAINED OR DEEMED TO
BE  CONTAINED  IN  IT;
"TERM"  MEANS  THE TERM OF THIS LEASE AS SPECIFIED IN ITEM 7 AND SHALL BE DEEMED
TO  COMPRISE  THAT  PERIOD  FROM  AND  INCLUDING  THE  COMMENCEMENT  DATE TO AND
INCLUDING  THE  TERMINATION  DATE;
"TERMINATION  DATE"  MEANS THE DATE OF TERMINATION OF THIS LEASE AS SPECIFIED IN
ITEM  9;
"THIS  LEASE"  OR  "THE  LEASE" MEANS AND INCLUDES THIS LEASE AND ALL SCHEDULES,
APPENDICES,  ANNEXURES  AND  EXHIBITS  TO IT AND THE RULES (IF ANY) FROM TIME TO
TIME  CURRENT;
"WRITING"  AND  WORDS  OF  SIMILAR  OUTPUT  -  SEE  CLAUSE  1.2(L).
49.2     INTERPRETATION
(A)     PLURALS: WORDS IMPORTING THE SINGULAR NUMBER INCLUDE THE PLURAL AND VICE
VERSA.
(B)     GENDER:  WORDS  IMPORTING  ANY  PARTICULAR  GENDER  INCLUDE ALL GENDERS.
(C)     PARTIES  JOINTLY  AND  SEVERALLY  BOUND:  WHERE
(I)          THE  LESSEE  OR  THE  GUARANTOR COMPRISES MORE THAN ONE PERSON; AND
(II)          A  COVENANT  OR  AGREEMENT  IS MADE BY OR ON BEHALF OF SUCH PARTY,
          SUCH  COVENANT  OR  AGREEMENT  ON  THEIR  PART SHALL BIND SUCH PERSONS
JOINTLY  AND  EACH  OF  THEM  SEVERALLY.
(D)     STATUTES AND REGULATIONS: REFERENCE TO STATUTES, REGULATIONS, ORDINANCES
OR  BY-LAWS  INCLUDES ALL STATUTES, REGULATIONS, ORDINANCES OR BY-LAWS AMENDING,
CONSOLIDATING  OR  REPLACING  THEM.
(E)     COVENANTS:
(I)          EVERY  OBLIGATION  UNDERTAKEN BY ANY OF THE PARTIES OR ARISING FROM
THIS  LEASE  OR  THE  AGREEMENT  SHALL:
(A)          NOTWITHSTANDING THE FORM OR CONTEXT OF THE WORDING, BE DEEMED TO BE
AND  BE  CONSTRUED  AS  A COVENANT BY THE PARTY UNDERTAKING SUCH OBLIGATION; AND
(B)          UNLESS  THE  CONTEXT OTHERWISE REQUIRES, BE CONSTRUED AS CONTINUING
THROUGHOUT  THE  TERM  AND  ANY HOLDING OVER PERIOD AND THEREAFTER SO FAR AS THE
OBLIGATION  REMAINS  TO  BE  OBSERVED  OR  PERFORMED.
(II)          EVERY COVENANT BY THE LESSEE SHALL BE DEEMED TO INCLUDE A COVENANT
BY  THE  LESSEE  TO PROCURE COMPLIANCE WITH THE COVENANT BY EACH OF THE LESSEE'S
EMPLOYEES.
(F)     SEVERABILITY:  ALL  PROVISIONS OF THIS LEASE SHALL SO FAR AS POSSIBLE BE
CONSTRUED  SO AS NOT TO BE INVALID, ILLEGAL OR UNENFORCEABLE IN ANY RESPECT BUT,
IF  ANY  PROVISION  ON  ITS  TRUE  INTERPRETATION  IS  ILLEGAL,  INVALID  OR
UNENFORCEABLE,  THAT  PROVISION  SHALL  SO  FAR AS POSSIBLE BE READ DOWN TO SUCH
EXTENT  AS  MAY  BE  NECESSARY  TO  ENSURE  THAT  IT  IS NOT ILLEGAL, INVALID OR
UNENFORCEABLE AND AS MAY BE REASONABLE IN ALL THE CIRCUMSTANCES SO AS TO GIVE IT
A  VALID  OPERATION OF A PARTIAL CHARACTER.  IF ANY SUCH PROVISION OR PART OF IT
CANNOT  BE  SO  READ DOWN, SUCH PROVISION OR PART SHALL BE DEEMED TO BE VOID AND
SEVERABLE  AND  THE  REMAINING  PROVISIONS OF THIS LEASE SHALL NOT IN ANY WAY BE
AFFECTED  OR  IMPAIRED.
(G)     NO  LIMITATION:  NO WORD, WORDS OR PROVISION OF THIS LEASE SHALL OPERATE
TO  LIMIT  OR  IN  ANY  WAY  PREJUDICE  THE  EFFECT  OF ANY OTHER WORD, WORDS OR
PROVISIONS  OF  THIS  LEASE  UNLESS  IT  IS  EXPRESSLY  PROVIDED  OTHERWISE.
(H)     EXTRINSIC  TERMS:  SUBJECT  TO  THE  PROVISIONS  OF ANY WRITTEN MATERIAL
ENTERED  INTO  AND APPROVED BY THE LESSOR AND TO WHICH THE LESSOR AND THE LESSEE
ARE  PARTIES,  THE  LESSOR  AND  THE  LESSEE  AGREE  THAT:
(I)          THE  TERMS  CONTAINED  IN  THIS  LEASE  AND THE AGREEMENT COVER AND
COMPRISE  THE  WHOLE  OF  THE  AGREEMENT  IN RESPECT OF THE PREMISES BETWEEN THE
LESSOR  AND  THE  LESSEE;
(II)          NO FURTHER TERMS, WHETHER IN RESPECT OF THE PREMISES OR OTHERWISE,
SHALL BE IMPLIED OR ARISE BETWEEN THE LESSOR AND THE LESSEE BY WAY OF COLLATERAL
OR  OTHER AGREEMENT MADE BY OR ON BEHALF OF THE LESSOR OR BY OR ON BEHALF OF THE
LESSEE ON OR BEFORE OR AFTER THE EXECUTION OF THIS LEASE, AND ANY IMPLICATION OR
COLLATERAL  OR  OTHER  AGREEMENT  IS  EXCLUDED  AND  NEGATIVED;  AND
(III)          TO  THE EXTENT OF ANY INCONSISTENCY BETWEEN THE PROVISIONS OF THE
AGREEMENT  AND  THIS  LEASE, THE PROVISIONS OF THIS LEASE SHALL PREVAIL AND TAKE
EFFECT.
     (FOR  THE  PURPOSES  ONLY  OF  THIS  CLAUSE 1.2(H), THE TERM "LESSEE" SHALL
INCLUDE  "GUARANTOR").
(I)     HEADINGS:  HEADINGS,  BOLD  LETTERING  AND THE TABLE OF CONTENTS TO THIS
LEASE  HAVE  BEEN  INSERTED  FOR  GUIDANCE  ONLY, AND SHALL NOT FORM PART OF THE
CONTEXT  AND  SHALL  NOT  LIMIT  OR  GOVERN  THE  CONSTRUCTION  OF  THIS  LEASE.
(J)     BODIES  AND  AUTHORITIES:
(I)          WHERE  A  REFERENCE  IS  MADE TO ANY PERSON, BODY OR AUTHORITY SUCH
REFERENCE SHALL, IF THE PERSON, BODY OR AUTHORITY HAS CEASED TO EXIST, BE DEEMED
A  REFERENCE  TO  THE PERSON, BODY OR AUTHORITY AS THEN SERVES SUBSTANTIALLY THE
SAME  OBJECTS  AS  THAT  PERSON,  BODY  OR  AUTHORITY.
(II)          ANY  REFERENCE  TO THE PRESIDENT OF SUCH PERSON, BODY OR AUTHORITY
SHALL,  IN  THE  ABSENCE  OF  A  PRESIDENT, BE READ AS A REFERENCE TO THE SENIOR
OFFICER FOR THE TIME BEING OF THE PERSON, BODY OR AUTHORITY OR SUCH OTHER PERSON
FULFILLING  THE  DUTIES  OF  PRESIDENT.
(K)     CONSENT  OF  LESSOR:  UNLESS  THE  CONTEXT OTHERWISE REQUIRES, WHERE THE
LESSOR  HAS A DISCRETION OR ITS CONSENT OR APPROVAL IS REQUIRED FOR ANYTHING THE
LESSOR  SHALL,  CONSISTENT  WITH  ITS  RIGHTS  AND  OBLIGATIONS  AS  LESSOR, NOT
UNREASONABLY  WITHHOLD  OR  DELAY  ITS  DECISION,  CONSENT  OR  APPROVAL.
(L)     WRITING:  A REFERENCE TO "WRITING" OR "WRITTEN" AND ANY WORDS OF SIMILAR
IMPORT  INCLUDE PRINTING, TYPING, LITHOGRAPHY AND ANY OTHER MEANS OF REPRODUCING
CHARACTERS  IN  TANGIBLE  AND VISIBLE FORM, INCLUDING ANY COMMUNICATION EFFECTED
THROUGH  ANY  ELECTRONIC MEDIUM IF SUCH COMMUNICATION IS SUBSEQUENTLY CAPABLE OF
REPRODUCTION  IN  TANGIBLE  OR  VISIBLE  FORM.
(M)     CORPORATION:  A  REFERENCE  TO  "CORPORATION"  AND  ANY  OTHER  WORDS OR
EXPRESSIONS  USED  OR  DEFINED  IN  THE  CORPORATIONS ACT 2001 SHALL, UNLESS THE
CONTEXT  OTHERWISE  REQUIRES, HAVE THE SAME MEANING AS GIVEN IN THE CORPORATIONS
ACT  2001.
(N)     EMERGENCY:  WHERE ANYTHING IS PERMITTED IN AN "EMERGENCY" THE OPINION OF
THE  LESSOR ACTING REASONABLY AS TO THE EXISTENCE OR NON-EXISTENCE OF SUCH STATE
OF  AFFAIRS  SHALL  BE  CONCLUSIVE.
(O)     UPON  DEMAND:  A  REFERENCE TO "ON DEMAND", "OF DEMAND" OR "UPON DEMAND"
AND  ANY  OTHER  WORDS  OF  SIMILAR  IMPORT  SHALL, UNLESS THE CONTEXT OTHERWISE
REQUIRES,  MEAN  WHICHEVER  IS  THE  EARLIER  OF:
(I)          THE  DATE  ON WHICH THE LESSOR MAKES FORMAL DEMAND (WHETHER ORAL OR
IN  WRITING);  AND
(II)          THE  DATE  ON  WHEN  THE MONEYS OUGHT IN THE CIRCUMSTANCES TO HAVE
BEEN  PAID  BY  OR  ON  BEHALF  OF  THE  LESSEE.
(P)     LIQUIDATION:  A  REFERENCE  TO "LIQUIDATION" AND WORDS OF SIMILAR IMPORT
EXCLUDES  ANY  LIQUIDATION  FOR  THE  PURPOSE  OF RECONSTRUCTION OR AMALGAMATION
PREVIOUSLY  APPROVED  IN  WRITING  BY  THE  LESSOR.
(Q)     PROPER  LAW:  THIS  LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE AND
THE  PARTIES  IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS
OF  THE  STATE  AND  WHERE  APPLICABLE  THE  FEDERAL  COURTS  OF  AUSTRALIA.
(R)     RELEVANT  DATE: WHERE THE DAY OR LAST DAY FOR DOING ANYTHING OR ON WHICH
AN  ENTITLEMENT  IS  DUE TO ARISE IS A SATURDAY, SUNDAY OR PUBLIC HOLIDAY IN THE
STATE,  THE DAY OR LAST DAY FOR DOING THE THING OR DATE ON WHICH THE ENTITLEMENT
ARISES  SHALL  FOR  THE  PURPOSES OF THIS LEASE BE THE IMMEDIATELY FOLLOWING DAY
THAT  IS  NOT  A  SATURDAY,  SUNDAY  OR  PUBLIC  HOLIDAY.
50.     EXCLUSION  OF  STATUTORY  PROVISIONS
50.1     CONVEYANCING  ACT
THE  COVENANTS, POWERS AND PROVISIONS IMPLIED IN LEASES BY VIRTUE OF ANY LAW ARE
EXPRESSLY  NEGATIVED.
50.2     MORATORIUM
TO  THE EXTENT PERMITTED BY LAW THE APPLICATION TO THIS LEASE OR TO ANY PARTY OF
ANY  LAW  OR ANY REQUIREMENT OR ANY MORATORIUM HAVING THE EFFECT OF EXTENDING OR
REDUCING  THE TERM, REDUCING OR POSTPONING THE PAYMENT OF RENT OR ANY PART(S) OF
IT  OR  OTHERWISE  AFFECTING  THE  OPERATION  OF  THE TERMS OF THIS LEASE OR ITS
APPLICATION  TO  ANY  PARTY  IS  EXCLUDED  AND  NEGATIVED.
51.     TERM
51.1     TERM  OF  LEASE
THIS  LEASE  STARTS ON THE COMMENCEMENT DATE AND ITS PROVISIONS BIND THE PARTIES
ON  AND  FROM  THAT  DATE, WHENEVER THIS LEASE IS EXECUTED OR DATED.  IT ENDS AT
MIDNIGHT  ON  THE  TERMINATION  DATE.
51.2     OPTION  TO  RENEW
IF  THE  LESSEE:
(A)     WISHES  TO  HAVE  A  LEASE OF THE PREMISES GRANTED TO THE LESSEE FOR THE
FURTHER TERM SPECIFIED IN ITEM 10, TO COMMENCE IMMEDIATELY AFTER THE TERMINATION
DATE;
(B)     GIVES  THE  LESSOR  NOTICE TO THAT EFFECT NOT LESS THAN THREE (3) MONTHS
BEFORE  THE  TERMINATION  DATE;  AND
(C)     IS  NOT  IN  DEFAULT  IN  COMPLYING WITH ANY PROPER NOTICE  GIVEN BY THE
LESSOR  TO THE LESSEE REQUIRING THE LESSEE TO REMEDY ANY BREACH COMMITTED BY THE
LESSEE  OF  ANY  OF  THE  COVENANTS,  CONDITIONS OR AGREEMENTS CONTAINED IN THIS
LEASE,  WITHIN  THE  TIME  SPECIFIED  IN  THE  NOTICE,
     THE  LESSOR SHALL GRANT TO THE LESSEE A LEASE OF THE PREMISES UPON THE SAME
COVENANTS, CONDITIONS AND AGREEMENTS AS ARE CONTAINED IN THIS LEASE EXCEPT THAT:
(D)     THE  TERM  TO  BE SPECIFIED IN ITEM 7 OF THE FURTHER LEASE SHALL BE THAT
SPECIFIED  IN  ITEM  10;
(E)     THE DATE TO BE SPECIFIED IN ITEM 8 OF THE FURTHER LEASE SHALL BE THE DAY
AFTER  THE  TERMINATION  DATE;
(F)     THE  DATE  TO  BE  SPECIFIED IN ITEM 9 OF THE FURTHER LEASE SHALL BE THE
LAST  DAY OF THE TERM SPECIFIED IN ITEM 10 AFTER THE DATE OF COMMENCEMENT OF THE
FURTHER  LEASE;
(G)     THE  AMOUNT OF BASE RENT TO BE SPECIFIED IN ITEM 11 OF THE FURTHER LEASE
SHALL  BE  DETERMINED  IN  ACCORDANCE  WITH  CLAUSE  B.2;
(H)     THE  NUMBER  OF  FURTHER  LEASES  (IF ANY) SPECIFIED IN ITEM 10 SHALL BE
REDUCED  BY  ONE  AND IF THE RESULTING NUMBER IS ZERO, THEN THIS CLAUSE 3.2 WILL
NOT  BE  INCLUDED  IN  THE  FURTHER  LEASE.
51.3     HOLDING  OVER
IF  THE  LESSOR PERMITS THE LESSEE TO CONTINUE TO OCCUPY THE PREMISES BEYOND THE
TERMINATION DATE (OTHERWISE THAN PURSUANT TO THE GRANT OF A FURTHER LEASE) THEN:
(A)     THE  LESSEE  SHALL  DO  SO  AS  A  MONTHLY TENANT ONLY AT A TOTAL RENTAL
PAYABLE  MONTHLY  IN  ADVANCE,  THE FIRST OF SUCH PAYMENTS TO BE MADE ON THE DAY
FOLLOWING  THE TERMINATION DATE, AND BEING AN AMOUNT EQUAL TO ONE-TWELFTH OF THE
AGGREGATE  OF  THE RENT AND ANY OTHER MONEYS PAYABLE BY THE LESSEE TO THE LESSOR
PURSUANT  TO  THIS  LEASE  AS  AT  THE  TERMINATION  DATE;
(B)     THE  MONTHLY  TENANCY  SO  CREATED  SHALL BE DETERMINABLE AT ANY TIME BY
EITHER THE LESSOR OR THE LESSEE BY ONE (1) MONTH'S NOTICE GIVEN TO THE OTHER, TO
EXPIRE  ON  ANY DATE, BUT OTHERWISE THE TENANCY SHALL CONTINUE ON THE SAME TERMS
AND  CONDITIONS  SO  FAR  AS APPLICABLE TO A MONTHLY TENANCY AS ARE CONTAINED IN
THIS  LEASE.
52.     USE  OF  PREMISES  AND  BUILDING
52.1     PERMITTED  USE
THE  LESSEE  SHALL:
(A)     LESSEE'S  BUSINESS:  NOT WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR
USE  THE  PREMISES  FOR  ANY  PURPOSE  OTHER  THAN  THAT  SPECIFIED  IN ITEM 13;
(B)     ALL  TIMES  CONDUCT  THE  LESSEE'S  BUSINESS  IN  THE  PREMISES;
(C)     NOT  USE  THE  PREMISES  FOR  THE  PURPOSES  OF  A  RESIDENCE;
(D)     NOT  KEEP  ANY  ANIMALS  OR  BIRDS  IN  THE  PREMISES  OR  THE BUILDING;
(E)     AT  ITS  OWN COST KEEP THE PREMISES FREE AND CLEAR OF PESTS, INSECTS AND
VERMIN;
(F)     NOT  (AND  DISREGARDING  ANY  OTHER  PROVISION  OF  THIS LEASE OR OF ANY
CONSENT  OR  OF ANY PERMISSION GRANTED PURSUANT TO THIS LEASE) DO OR CARRY ON IN
THE  PREMISES  OR  ANY  PART OF THEM ANY HARMFUL OR OFFENSIVE TRADE, BUSINESS OR
OCCUPATION  OR  ANYTHING  WHATEVER WHICH SHALL OR MAY CAUSE ANNOYANCE, NUISANCE,
DAMAGE  OR  DISTURBANCE  TO THE OCCUPIERS OR OWNERS OF ANY NEARBY PREMISES OR TO
THE  LESSOR;
(G)     NOT  HOLD  ANY  AUCTION,  BANKRUPT  OR  FIRE  SALE  ON  THE  PREMISES;
(H)     NOT  PREPARE  OR  COOK  FOOD  EXCEPT IN ANY AREAS WHICH MAY BE PROVIDED.
52.2     NO  WARRANTY  AS  TO  USE
THE LESSOR GIVES NO WARRANTY (EITHER PRESENT OR FUTURE) AS TO THE SUITABILITY OF
THE  PREMISES  FOR  THE USE TO WHICH THE PREMISES MAY BE PUT.  THE LESSEE SHALL:
(A)     BE DEEMED TO HAVE ACCEPTED THIS LEASE WITH FULL KNOWLEDGE OF AND SUBJECT
TO ANY PROHIBITIONS OR RESTRICTIONS ON THE USE OF THE PREMISES FROM TIME TO TIME
UNDER  OR  IN  PURSUANCE  OF  ANY  LAWS  OR  ANY  REQUIREMENTS;
(B)     OBTAIN,  MAINTAIN  AND COMPLY WITH AT THE LESSEE'S COST THE REQUIREMENTS
OF  ANY  LAWS  AND ALL CONSENTS OR APPROVALS FROM ALL AUTHORITIES WHICH MAY FROM
TIME  TO  TIME  BE  NECESSARY  OR  APPROPRIATE  FOR  THE  LESSEE'S  BUSINESS;
(C)     NOT  BY  ANY  ACT OR OMISSION CAUSE OR PERMIT ANY CONSENT OR APPROVAL AS
REFERRED  TO  IN  CLAUSE  4.2(B)  TO  LAPSE  OR  BE  REVOKED.
52.3     COMPLIANCE  WITH  LAWS  AND  REQUIREMENTS
     (A)     THE  LESSEE  SHALL:
(I)          COMPLY  WITH  AND OBSERVE AT THE LESSEE'S OWN COST ALL LAWS AND ALL
REQUIREMENTS  IN  RELATION  TO  OR  AFFECTING:
(A)          ANY  OF  THE  LESSEE'S  FITTINGS  INSTALLED  IN  THEM;  AND/OR
(B)          THE LESSEE'S PARTICULAR USE OR OCCUPATION OF THE PREMISES FROM TIME
TO TIME, INCLUDING SUCH AS ARISE AS A RESULT OF THE SEX OR NUMBER OF  PERSONS IN
THE  PREMISES,
               WHETHER  OR NOT ANY SUCH LAWS OR REQUIREMENTS ARE ADDRESSED TO OR
REQUIRED  TO  BE COMPLIED WITH BY EITHER OR BOTH OF THE LESSOR AND THE LESSEE OR
BY  ANY  OTHER  PERSON.  WHERE  ANY SUCH LAWS OR REQUIREMENTS ARE NOTIFIED TO OR
SERVED  UPON  THE  LESSEE  THE LESSEE SHALL FORTHWITH PROVIDE A COMPLETE COPY OF
THEM  TO  THE  LESSOR;
(II)     BEFORE  COMPLYING  WITH ANY LAWS OR REQUIREMENTS AS REFERRED TO IN THIS
CLAUSE  4.3  OBTAIN  THE WRITTEN CONSENT OF THE LESSOR AND OTHERWISE OBSERVE THE
PROVISIONS  OF  THIS  LEASE.
(B)     THE  LESSOR  MAY:
(I)          (WITHOUT  PREJUDICE  TO ANY OF THE LESSOR'S OTHER RIGHTS IN RESPECT
OF  NON-COMPLIANCE)  ELECT  AT THE LESSEE'S COST TO COMPLY WITH ANY SUCH LAWS OR
REQUIREMENTS  (AS  REFERRED  TO  IN  THIS  CLAUSE  4.3) EITHER IN PART OR WHOLE,
INCLUDING  WHERE THE LESSEE FAILS TO COMPLY WITHIN THE APPROPRIATE TIME WITH ANY
OF  ITS  OBLIGATIONS;  AND
(II)          WHERE  THE  LESSOR  DOES  EXERCISE  ANY  RIGHTS  AS REFERRED TO IN
PARAGRAPH  (I),  ELECT  TO  HAVE  THE  BALANCE  OF ANY SUCH LAWS OR REQUIREMENTS
COMPLIED  WITH  BY  THE  LESSEE.
(C)     STRUCTURAL  ALTERATIONS:  THE  LESSEE  SHALL NOT BE REQUIRED PURSUANT TO
THIS  CLAUSE 4.3 TO EFFECT STRUCTURAL OR CAPITAL ALTERATIONS OR ADDITIONS EXCEPT
TO THE EXTENT THAT THE NEED TO COMPLY HAS BEEN CONTRIBUTED TO OR ARISES FROM THE
LESSEE'S  PARTICULAR  USE  OF  THE PREMISES, THE NUMBER OR SEX OF THE LESSEE AND
LESSEE'S  EMPLOYEES  OR  FROM ANY DELIBERATE OR NEGLIGENT ACT OR OMISSION ON THE
PART  OF  THE  LESSEE  OR  OF  THE  LESSEE'S  EMPLOYEES.
(D)     THE  LESSEE  SHALL  UPON  DEMAND  PAY TO THE LESSOR ALL REASONABLE COSTS
INCURRED  BY  OR  ON  BEHALF  OF  THE  LESSOR IN COMPLYING WITH ANY SUCH LAWS OR
REQUIREMENTS  AS  REFERRED  TO IN THIS CLAUSE 4.3 AS IF SUCH MONEYS WERE RENT IN
ARREARS.
52.4     OVERLOADING
THE  LESSEE  SHALL  NOT:
(A)     OVERLOADING  OF FLOOR: PLACE OR STORE ANY HEAVY ARTICLES OR MATERIALS ON
ANY  OF  THE  FLOORS  OF  THE  BUILDING WITHOUT THE PRIOR WRITTEN CONSENT OF THE
LESSOR,  WHICH  CONSENT  SHALL ONLY BE GIVEN WHERE THE ARTICLES OF MATERIALS ARE
REASONABLY NECESSARY AND PROPER FOR THE CONDUCT OF THE LESSEE'S BUSINESS AND ARE
OF  SUCH  NATURE AND SIZE AS WILL NOT IN THE LESSOR'S OPINION CAUSE OR BE LIKELY
TO CAUSE ANY STRUCTURAL OR OTHER DAMAGE TO THE FLOORS OR WALLS OR ANY OTHER PART
OF  THE  PREMISES OR OF THE BUILDING.  THE LESSOR SHALL IN ALL CASES BE ENTITLED
TO  PRESCRIBE  THE MAXIMUM WEIGHT FOR AND PROPER LOCATION OF SUCH HEAVY ARTICLES
OR  MATERIALS  IN  THE  PREMISES  OR  THE  BUILDING,  AND ANY DAMAGE DONE TO THE
BUILDING OR ANY PART OF IT BY TAKING IN OR REMOVING THEM OR DURING THE TIME THEY
ARE IN THE BUILDING SHALL BE MADE GOOD AND/OR PAID FOR UPON DEMAND BY THE LESSEE
(AS  APPROPRIATE);  OR
(B)     OVERLOADING  OF  ELECTRICAL CIRCUITS: INSTALL ANY EQUIPMENT OR SYSTEM IN
THE  PREMISES THAT OVERLOADS OR MAY OVERLOAD THE ELECTRICAL OR OTHER SERVICES TO
THE  PREMISES.  IF THE LESSOR AT THE REQUEST OF THE LESSEE UPGRADES THE SERVICES
TO  ACCOMMODATE  ANY EQUIPMENT OR SYSTEM WHICH THE LESSEE WISHES TO INSTALL, THE
LESSEE SHALL PAY TO THE LESSOR UPON DEMAND THE ENTIRE COST TO THE LESSOR OF SUCH
ALTERATIONS  (INCLUDING CONSULTANTS' FEES) AND THE LESSOR MAY REQUIRE THE LESSEE
TO  DEPOSIT  WITH  THE  LESSOR  THE  ESTIMATED  COST  OF  THEM  BEFORE  ANY SUCH
ALTERATIONS  ARE  COMMENCED.  THE LESSOR GIVES NO WARRANTY AS TO THE SUITABILITY
OF  ANY  SUCH  ALTERATIONS.
52.5     AIRCONDITIONING  AND  FIRE  ALARM  EQUIPMENT
WHERE ANY AIRCONDITIONING OR FIRE ALARM SYSTEM OF THE LESSOR IS INSTALLED IN THE
PREMISES,  THE  LESSEE  SHALL  NOT IN ANY WAY INTERFERE WITH ANY SUCH SYSTEM AND
SHALL  NOT  IN  ANY  MANNER  OBSTRUCT  OR  HINDER  ACCESS  TO  IT.
52.6     USE  OF  APPURTENANCES
THE  LESSEE  SHALL:
(A)     NOT  USE  THE  APPURTENANCES  IN THE PREMISES FOR ANY PURPOSE OTHER THAN
THOSE  FOR  WHICH  THEY  WERE  DESIGNED;
(B)     NOT  PLACE  IN  THE  APPURTENANCES  ANY  SUBSTANCES  WHICH THEY WERE NOT
DESIGNED  TO  RECEIVE;  AND
(C)     PAY  TO THE LESSOR ANY REASONABLE COSTS OF MAKING GOOD ANY DAMAGE TO ANY
APPURTENANCES  ARISING  FROM  ANY MISUSE CAUSED BY THE LESSEE OR BY THE LESSEE'S
EMPLOYEES.
52.7     NOT  ERECT  AWNING
THE  LESSEE  SHALL  NOT  ERECT  OR  INSTALL WINDOW COVERINGS, BLINDS, SCREENS OR
AWNINGS  WITHOUT  THE  PRIOR  WRITTEN  CONSENT  OF  THE  LESSOR,  AND ANY WINDOW
COVERINGS,  BLINDS, SCREENS OR AWNINGS HUNG, ERECTED OR INSTALLED IN OR NEAR THE
PREMISES  SHALL  BE  OF  NON-INFLAMMABLE  MATERIALS  AND  SHALL  COMPLY WITH ALL
RELEVANT  PRESCRIBED  OR  RECOMMENDED  STANDARDS  OF  THE  AUSTRALIAN  STANDARDS
ASSOCIATION  AND  OF  ALL  OTHER  AUTHORITIES.
52.8     NOT  DAMAGE
THE  LESSEE  SHALL NOT DAMAGE OR DEFACE OR MARK, OR WITHOUT THE LESSOR'S CONSENT
DRIVE  ANY NAILS, SCREWS OR HOOKS INTO, ANY PART OF THE BUILDING.  IF THE LESSEE
OR  THE  LESSEE'S  EMPLOYEES  DAMAGE,  DEFACE  OR  MARK ANY PART OR PARTS OF THE
BUILDING,  THE LESSEE SHALL FORTHWITH UPON DEMAND PAY TO THE LESSOR ALL COSTS IN
REPAIRING  AND/OR REINSTATING SUCH PART OR PARTS OF THE BUILDING TO THEIR FORMER
CONDITION.
52.9     NOT  ACCUMULATE  RUBBISH
THE  LESSEE  SHALL  KEEP THE PREMISES CLEAN (HAVING REGARD TO THEIR CONDITION AT
THE COMMENCEMENT DATE) AND SHALL NOT PERMIT ANY ACCUMULATION OF USELESS PROPERTY
OR  RUBBISH  IN  THEM.  NO RUBBISH OR WASTE SHALL AT ANY TIME BE BURNED UPON THE
PREMISES  OR  THE  BUILDING  BY  THE  LESSEE.
52.10     NOT  THROW  ITEMS  FROM  WINDOWS
THE  LESSEE SHALL NOT THROW ANYTHING OUT OF THE WINDOWS OR DOORS OF THE PREMISES
OR THE BUILDING OR DOWN THE LIFT SHAFTS, PASSAGES OR SKYLIGHTS OR INTO THE LIGHT
AREAS  OF  THE  BUILDING,  OR  DEPOSIT WASTE PAPER OR RUBBISH ANYWHERE EXCEPT IN
PROPER RECEPTACLES, OR PLACE ANYTHING UPON ANY SILL, LEDGE OR OTHER SIMILAR PART
OF  THE  BUILDING.
52.11     SIGNS
(A)     THE  LESSEE SHALL NOT DISPLAY ANY SIGN (OTHER THAN SIGNS EXISTING AT THE
COMMENCEMENT  DATE)  ON  ANY PART OF THE OUTSIDE OF THE BUILDING EXCEPT WITH THE
PRIOR  WRITTEN  CONSENT  OF  THE  LESSOR, AND THEN ONLY OF SUCH COLOUR, SIZE AND
STYLE  AND  IN  SUCH  PLACE  OR PLACES AS SHALL BE FIRST APPROVED BY THE LESSOR.
(B)     AT  THE TERMINATION DATE OR OTHER DETERMINATION OF THIS LEASE THE LESSEE
SHALL  AT  ITS SOLE COST REMOVE ALL LETTERING, SIGNS AND OTHER DISTINCTIVE MARKS
FROM THE PREMISES AND THE BUILDING.  THE LESSEE SHALL ALSO BE ENTITLED TO REMOVE
THE  DEDICATION  PLAQUE  AT  THE  ENTRANCE  TO  THE  PREMISES.
(C)     SUBJECT  TO  CLAUSE 4.13, THE LESSOR SHALL NOT DISPLAY ANY SIGN ON OR AT
THE  PREMISES EXCEPT WITH THE PRIOR WRITTEN CONSENT OF THE LESSEE, AND THEN ONLY
OF  SUCH  COLOUR,  SIZE  AND STYLE AND IN SUCH PLACE OR PLACES AS SHALL BE FIRST
APPROVED  BY  THE  LESSEE.
52.12     INFECTIOUS  ILLNESS
IF  ANY  INFECTIOUS  ILLNESS  OCCURS  IN THE PREMISES OR THE BUILDING THE LESSEE
SHALL  FORTHWITH  GIVE  NOTICE  OF  SUCH  EVENT  TO THE LESSOR AND TO ALL PROPER
AUTHORITIES,  AND  WHERE ANY SUCH INFECTIOUS ILLNESS IS CONFINED TO THE PREMISES
AND HAS RESULTED FROM THE USE OF THEM BY THE LESSEE OR BY THE LESSEE'S EMPLOYEES
THE  LESSEE  AT ITS COST SHALL THOROUGHLY FUMIGATE AND DISINFECT THE PREMISES TO
THE  SATISFACTION  OF  THE  LESSOR  AND  OF  ALL  RELEVANT  AUTHORITIES.
52.13     FOR  SALE/TO  LET
THE  LESSOR  SHALL  BE  ENTITLED  AT  REASONABLE  TIMES  TO:
(A)     PLACE  ADVERTISEMENTS  AND  SIGNS  ON SUCH PART(S) OF THE PREMISES AS IT
REASONABLY  CONSIDERS  APPROPRIATE WHERE THE BUILDING OR THE PREMISES ARE EITHER
FOR  SALE  OR  AVAILABLE  FOR  LEASE;  AND
(B)     SHOW  INTERESTED  PERSONS  THROUGH  THE  PREMISES.
THE  LESSOR  IN  EXERCISING  ITS  RIGHTS  UNDER  THIS  CLAUSE SHALL ENDEAVOUR TO
MINIMISE  ANY  INCONVENIENCE  TO  THE  LESSEE  OR  THE  LESSEE'S  BUSINESS.
53.     MAINTENANCE  REPAIRS  ALTERATIONS  AND  ADDITIONS
53.1     REPAIR  OBLIGATIONS
(A)     GENERAL  REPAIR  OBLIGATION:  THE  LESSEE  SHALL DURING THE TERM AND ANY
HOLDING  OVER  KEEP  THE PREMISES (INCLUDING LANDSCAPING ELEMENTS), THE LESSEE'S
FITTINGS  AND  ALL  THE  LESSOR'S  FIXTURES  IN  THE PREMISES IN GOOD REPAIR AND
CONDITION  HAVING  REGARD  TO  THEIR  STATE  OF  REPAIR  AND  CONDITION  AT  THE
COMMENCEMENT  OF THIS LEASE (OR IF THIS LEASE IS ONE OF A SEQUENCE OF LEASES, TO
THEIR  STATE  OF  REPAIR  AND CONDITION AT THE COMMENCEMENT OF THE FIRST LEASE).
THIS  OBLIGATION  EXCLUDES:
(I)     FAIR  WEAR  AND  TEAR;  AND
(II)     DAMAGE  TO  THE  PREMISES  ARISING  FROM FIRE, FLOOD, LIGHTNING, STORM,
TEMPEST,  EARTHQUAKE,  AIRCRAFT  OR OTHER AERIAL DEVICE, RIOT, EXPLOSION, ACT OF
GOD,  INHERENT  DEFECT, TERRORISM, WAR OR OTHER DISABLING CAUSE OR DAMAGE TO THE
PREMISES WHERE THE LESSOR IS INDEMNIFIED BY AN INSURANCE POLICY TAKEN OUT BY THE
LESSOR  OR  WHICH  WOULD  BE  TAKEN  OUT  BY  A PRUDENT LESSOR IN RESPECT OF THE
BUILDING  (OTHER  THAN  WHERE ANY INSURANCE MONEYS ARE IRRECOVERABLE THROUGH THE
ACT,  OMISSION,  NEGLECT,  DEFAULT  OR  MISCONDUCT OF THE LESSEE OR THE LESSEE'S
EMPLOYEES)
(B)     STRUCTURAL  REPAIR:  NOTHING  IN  THIS  CLAUSE  5.1  SHALL  IMPOSE  ANY
OBLIGATION UPON THE LESSEE IN RESPECT OF ANY STRUCTURAL MAINTENANCE, REPLACEMENT
OR REPAIR EXCEPT WHERE RENDERED NECESSARY BY ANY ACT, OMISSION, NEGLECT, DEFAULT
OR  MISCONDUCT  OF  THE  LESSEE  OR  THE  LESSEE'S  EMPLOYEES OR BY ITS OR THEIR
PARTICULAR  USE  AND  OCCUPANCY  OF  THE PREMISES OR BY THE INSTALLATION, USE OR
REMOVAL  OF  THE  LESSEE'S  FITTINGS.
(C)     PARTICULAR  REPAIR  OBLIGATIONS:  THE LESSEE SHALL, OR THE LESSOR MAY AT
THE  LESSEE'S  COST:
(I)     (WITHOUT  PREJUDICE  TO  ANY  OTHER  RIGHT  OR  REMEDY  OF  THE  LESSOR)
IMMEDIATELY  MAKE  GOOD  ANY  DAMAGE  TO  THE  PREMISES OR ANY OTHER PART OF THE
BUILDING  CAUSED BY THE WILFUL OR NEGLIGENT ACT OF THE LESSEE OR OF THE LESSEE'S
EMPLOYEES;
(II)          IMMEDIATELY  REPLACE  ALL  GLASS BROKEN BY THE LESSEE OR BY ANY OF
THE  LESSEE'S  EMPLOYEES;
(III)          REPLACE  ALL  DAMAGED  OR  NON-OPERATIVE  ELECTRIC  LIGHT  BULBS,
GLOBES,  TUBES  AND  OTHER  MEANS  OF  ILLUMINATION  WITHIN  THE  PREMISES;
(IV)     SUBJECT  TO  CLAUSE  5.1(A), REPAIR OR WHERE APPROPRIATE REPLACE ANY OF
THE LESSOR'S FIXTURES WHICH ARE BROKEN OR DAMAGED BY THE LESSEE OR BY ANY OF THE
LESSEE'S  EMPLOYEES.  UNLESS  THE  LESSOR  NOTIFIES THE LESSEE IN WRITING TO THE
CONTRARY  THE  LESSEE  AGREES  THAT  SUCH  REPAIRS OR REPLACEMENTS SHALL ONLY BE
CARRIED  OUT  BY  THE  LESSOR  BUT  AT  THE  LESSEE'S  COST.
(D)     CONDITION REPORT:  FOR THE PURPOSE OF ESTABLISHING A RECORD OF THE STATE
OF  REPAIR  AND  CONDITION OF THE BUILDING AT THE COMMENCEMENT DATE IN 2002, THE
LESSEE  SHALL  AS  SOON  AS  PRACTICABLE  AFTER SUCH COMMENCEMENT DATE PREPARE A
CONDITION  REPORT  CONSISTING  OF  PHOTOGRAPHS OF COMPONENTS OF THE BUILDING AND
FURNISH  A  COPY  TO  THE  LESSOR.
53.2     LESSOR'S  RIGHT  OF  INSPECTION
THE  LESSOR  MAY  AT  ALL  REASONABLE TIMES UPON GIVING TO THE LESSEE REASONABLE
NOTICE  (EXCEPT IN THE CASE OF EMERGENCY WHEN NO NOTICE SHALL BE REQUIRED) ENTER
THE  PREMISES  AND  VIEW  THEIR  STATE  OF  REPAIR  AND  CONDITION.
53.3     NOT  USED.
53.4     NOT  USED.
53.5     ENFORCEMENT  OF  REPAIR  OBLIGATIONS
THE  LESSOR  MAY:
(A)     SERVE UPON THE LESSEE A NOTICE OF ANY FAILURE BY THE LESSEE TO CARRY OUT
ANY  REPAIR,  REPLACEMENT, CLEANING OR REDECORATION OF THE PREMISES WHICH IS THE
LESSEE'S  OBLIGATION  UNDER  THIS  LEASE;  AND/OR
(B)     REQUIRE  THE  LESSEE  TO CARRY OUT SUCH REPAIR, REPLACEMENT, CLEANING OR
REDECORATION  WITHIN  A  REASONABLE TIME AND, IN DEFAULT OF THE LESSEE DOING SO,
THE  LESSOR  MAY  ELECT  TO  CARRY  OUT  SUCH  REPAIR,  REPLACEMENT, CLEANING OR
REDECORATION  AND  ANY COSTS WHETHER INCIDENTAL OR OTHERWISE SHALL BE PAYABLE ON
DEMAND  BY  THE  LESSEE  TO  THE  LESSOR.
53.6     LESSOR  MAY  ENTER  TO  REPAIR
IF:
(A)     THE  LESSOR  WISHES  TO CARRY OUT ANY REPAIRS TO THE PREMISES CONSIDERED
NECESSARY OR DESIRABLE BY THE LESSOR OR IN RELATION TO ANYTHING WHICH THE LESSOR
IS  OBLIGED  TO  DO  UNDER  THIS  LEASE;
(B)     ANY  AUTHORITY  REQUIRES  ANY  REPAIR  OR  WORK  TO BE UNDERTAKEN ON THE
PREMISES OR THE BUILDING WHICH THE LESSOR IN ITS DISCRETION ELECTS TO DO AND FOR
WHICH  THE  LESSEE  IS  NOT  LIABLE  UNDER  THIS  LEASE;  AND/OR
(C)     THE  LESSOR  ELECTS  TO  CARRY  OUT  ANY REPAIR WORK WHICH THE LESSEE IS
REQUIRED  OR  LIABLE TO DO UNDER THIS LEASE BY ANY LAW OR BY ANY REQUIREMENT BUT
FAILS  TO  DO  SO,
THEN THE LESSOR, ITS ARCHITECTS, WORKMEN AND OTHERS AUTHORISED BY THE LESSOR MAY
AT  ALL  REASONABLE TIMES UPON GIVING TO THE LESSEE REASONABLE NOTICE (EXCEPT IN
THE  CASE OF EMERGENCY WHEN NO NOTICE SHALL BE REQUIRED) ENTER AND CARRY OUT ANY
SUCH  WORKS  AND  REPAIRS.  IN  SO DOING THE LESSOR SHALL ENDEAVOUR NOT TO CAUSE
UNDUE  INCONVENIENCE  TO  THE  LESSEE  AND THE CONDUCT OF THE LESSEE'S BUSINESS.
53.7     ALTERATIONS  TO  PREMISES
THE  LESSEE  SHALL  NOT  MAKE  OR PERMIT TO BE MADE ANY PROPOSED WORK (INCLUDING
INTER-TENANCY PARTITIONS AND FLOOR COVERINGS) WITHOUT THE LESSOR'S PRIOR WRITTEN
APPROVAL  AND:
(A)     IN  SEEKING  THE  LESSOR'S  APPROVAL TO A PROPOSED WORK THE LESSEE SHALL
SUBMIT PLANS AND SPECIFICATIONS OF THE PROPOSED WORK TOGETHER WITH A LIST OF THE
PERSONS  (IF ANY) FROM WHOM THE LESSEE PROPOSES TO CALL TENDERS FOR THE PROPOSED
WORK;
(B)     THE LESSOR WILL (UNLESS IT NOTIFIES OTHERWISE) REQUIRE AS A CONDITION OF
ITS  APPROVAL  THAT:
(I)     ANY  PROPOSED  WORK  SHALL  BE  SUPERVISED  BY  A PERSON APPROVED BY THE
LESSOR;
(II)          ANY  PROPOSED  WORK  SHALL BE EXECUTED BY CONTRACTORS OR TRADESMEN
APPROVED  BY  THE  LESSOR,  BUT  NO OBJECTION SHALL BE MADE BY THE LESSOR TO ANY
PERSON WHOSE NAME APPEARS ON THE LIST PROVIDED PURSUANT TO PARAGRAPH (A) AND WHO
HAS  BEEN  APPROVED  BY  THE  LESSOR;
(III)          THE  LESSEE  PAYS  ON  DEMAND ALL COSTS INCURRED BY THE LESSOR IN
CONSIDERING  THE  PROPOSED  WORK  AND  ITS  SUPERVISION,  INCLUDING  THE FEES OF
ARCHITECTS  OR OTHER BUILDING CONSULTANTS ENGAGED BY OR ON BEHALF OF THE LESSOR;
(IV)          THE  LESSEE  SHALL OBTAIN AND KEEP CURRENT ALL NECESSARY APPROVALS
OR  PERMITS  FROM  ALL  AUTHORITIES  NECESSARY TO ENABLE ANY PROPOSED WORK TO BE
LAWFULLY  EFFECTED, AND SHALL ON REQUEST BY THE LESSOR PRODUCE FOR INSPECTION BY
THE  LESSOR  COPIES  OF  ALL  SUCH  APPROVALS  AND  PERMITS;
(V)          UPON  COMPLETION  OF  THE  PROPOSED WORK THE LESSEE SHALL FORTHWITH
OBTAIN AND PRODUCE TO THE LESSOR ANY UNCONDITIONAL CERTIFICATES OF COMPLIANCE OR
OF  SATISFACTORY  COMPLETION  AVAILABLE  FROM  ANY  SUCH  AUTHORITY;  AND
(VI)          THE  LESSEE SHALL FORTHWITH REPAY ON DEMAND BY THE LESSOR ANY COST
INCURRED  BY  THE LESSOR AS A RESULT OF ANY ALTERATION, ADDITION OR INSTALLATION
TO  OR IN THE PREMISES, INCLUDING ANY RESULTING MODIFICATION OR VARIATION TO THE
BUILDING;  AND
(C)     THE  LESSEE SHALL AT ITS OWN EXPENSE COMPLY WITH ALL CONDITIONS ON WHICH
THE  LESSOR  CONSENTS  TO  ANY  PROPOSED  WORK.
53.8     ALTERATIONS  OR  ADDITIONS  TO  LESSOR'S  FIXTURES  AND  SERVICES
SUBJECT  TO CLAUSE 5.7 THE LESSEE WILL NOT WITHOUT THE PRIOR WRITTEN APPROVAL OF
THE  LESSOR  INSTALL,  INTERFERE  WITH  OR  MAKE ANY CONNECTIONS TO THE LESSOR'S
FIXTURES,  SERVICES  AND/OR  APPURTENANCES,  INCLUDING  EXISTING  WATER,  GAS OR
ELECTRICAL  FIXTURES, EQUIPMENT OR APPLIANCES OR ANY APPARATUS FOR ILLUMINATING,
AIR-CONDITIONING,  HEATING,  COOLING  OR  VENTILATING  THE  PREMISES.
53.9     NOTICE  TO  LESSOR  OF  DAMAGE,  ACCIDENT  ETC
THE  LESSEE  SHALL  FORTHWITH  GIVE  NOTICE  TO  THE  LESSOR  OF  ANY:
(A)     DAMAGE,  ACCIDENT  TO  OR DEFECTS IN THE PREMISES OR IN THE BUILDING; OR
(B)     CIRCUMSTANCES  LIKELY TO CAUSE ANY DAMAGE OR INJURY OCCURRING WITHIN THE
PREMISES  OR  THE  BUILDING  OF  WHICH  THE  LESSEE  HAS  NOTICE  (ACTUAL  OR
CONSTRUCTIVE).
54.     ASSIGNMENT  AND  SUBLETTING
54.1     NO  DISPOSAL  OF  LESSEE'S  INTEREST
THE  LESSEE  SHALL  NOT DURING THE CONTINUANCE OF THIS LEASE ASSIGN, TRANSFER OR
OTHERWISE DEAL WITH OR PART WITH POSSESSION OF THE PREMISES OR THIS LEASE OR ANY
PART  OF  THEM OR ANY INTEREST IN THEM OR ATTEMPT TO DO ANY OF THE FOREGOING, OR
BY  ANY  ACT  PROCURE  THE  PREMISES  OR  THIS  LEASE OR ANY PART OF THEM OR ANY
INTEREST IN THEM TO BE ASSIGNED, TRANSFERRED OR OTHERWISE DEALT WITH OR DISPOSED
OF.
54.2     ASSIGNMENTS  AND  SUBLEASES
THE  LESSEE  SHALL  NOT  BE  IN  BREACH  OF  CLAUSE  6.1  IF:
(A)     THE  LESSEE IS NOT IN DEFAULT IN THE TIMELY OBSERVANCE OR PERFORMANCE OF
EACH OF THE COVENANTS AND AGREEMENTS ON THE LESSEE'S PART, AND IN PARTICULAR ALL
RENT  AND ALL OTHER MONEYS PAYABLE BY THE LESSEE TO THE LESSOR UP TO THE DATE OF
THE  PROPOSED  ASSIGNMENT  OR  SUBLEASE  HAVE  BEEN  PAID;
(B)     THE  LESSEE  PAYS  TO  THE  LESSOR  ALL REASONABLE COSTS INCURRED BY THE
LESSOR  (WHETHER  OR  NOT  THE  PROPOSED  ASSIGNMENT  OR  SUBLEASE  PROCEEDS  TO
COMPLETION)  INCLUDING  THE LESSOR'S ADMINISTRATIVE AND OTHER LEGAL COSTS OF AND
INCIDENTAL  TO  THE  PROPOSED  ASSIGNMENT  OR  SUBLEASE;
(C)     THE  LESSEE  PROVES  TO THE SATISFACTION OF THE LESSOR THAT THE INCOMING
TENANT  IS  A  RESPECTABLE,  RESPONSIBLE  AND  SOLVENT  PERSON;
(D)     IN  THE  CASE  OF  A  PROPOSED  SUBLEASE:
(I)          THE  LESSEE  PROVES TO THE SATISFACTION OF THE LESSOR (BY VALUATION
OR VALUATIONS IF SO REQUIRED) THAT THE RENT PAYABLE BY THE INCOMING TENANT UNDER
THE  SUBLEASE  IS  AT  A RATE NOT LESS THAN THE THEN CURRENT MARKET RENT FOR THE
PREMISES;
(II)          THE  LESSOR MAY IN ITS ABSOLUTE DISCRETION APPROVE A SUBLEASE AT A
RATE  LESS  THAN  THE  THEN  CURRENT  MARKET RENT FOR THE PREMISES IF THE LESSEE
PROVIDES  A WRITTEN ACKNOWLEDGMENT IN A FORM SATISFACTORY TO THE LESSOR THAT THE
RATE  IS  BELOW  CURRENT  MARKET  RENT  FOR  THE  PREMISES;
(E)     THE  LESSEE AND THE INCOMING TENANT ENTER INTO A DEED WITH THE LESSOR IN
THE  FORM  REQUIRED  BY  THE  LESSOR WHICH INCLUDES PROVISIONS THAT THE INCOMING
TENANT, IF AN ASSIGNEE, WILL COMPLY WITH ALL THE LESSEE'S OBLIGATIONS UNDER THIS
LEASE  ON  AND FROM THE DATE OF ASSIGNMENT OR, IF A SUBLESSEE, WILL NOT CAUSE OR
CONTRIBUTE  TO  A  BREACH  OF  THIS  LEASE;
(F)     THE LESSEE AND THE INCOMING TENANT COMPLY WITH THE LESSOR'S REQUIREMENTS
IN  RELATION  TO  THE  DOCUMENTATION,  STAMPING AND REGISTRATION OF THE PROPOSED
ASSIGNMENT  OR  SUBLEASE;  AND
(G)     IF  THE  INCOMING TENANT IS A COMPANY, OTHER THAN A COMPANY WHOSE SHARES
CAN  BE  PUBLICLY  TRADED  THROUGH  A STOCK EXCHANGE, THE LESSEE PROVIDES AND/OR
PROCURES  IN FAVOUR OF THE LESSOR A BANK GUARANTEE EQUIVALENT TO SIX MONTHS BASE
RENT.
54.3     CORPORATE  OWNERSHIP
IF  THE  LESSEE  IS A COMPANY, OTHER THAN A COMPANY WHOSE SHARES CAN BE PUBLICLY
TRADED  THROUGH  A  STOCK EXCHANGE, ANY CHANGE IN THE SHAREHOLDING OF THE LESSEE
ALTERING  THE  EFFECTIVE  CONTROL  OF  THE  LESSEE  SHALL  BE  DEEMED A PROPOSED
ASSIGNMENT  OF THIS LEASE, AND THE LESSEE SHALL NOT REGISTER, RECORD OR ENTER IN
ITS  BOOKS  ANY TRANSFER OF ANY SHARE OR SHARES IN THE CAPITAL OF THE LESSEE, OR
DEAL  WITH ANY BENEFICIAL INTEREST IN ANY SUCH SHARE OR SHARES, OR ISSUE ANY NEW
SHARE  OR  SHARES,  OR  TAKE  OR ATTEMPT TO TAKE ANY ACTION HAVING THE EFFECT OF
ALTERING  THE  EFFECTIVE  CONTROL  OF  THE  LESSEE OR HAVING THE EFFECT THAT THE
SHAREHOLDERS  OF THE LESSEE AT THE DATE OF THIS LEASE TOGETHER BENEFICIALLY HOLD
OR CONTROL LESS THAN FIFTY ONE PER CENT (51%) OF THE VOTING RIGHTS OF CAPITAL IN
THE  LESSEE,  UNLESS  THE  LESSEE  COMPLIES  WITH  THE CONDITIONS OF CLAUSE 6.2.
54.4     MORTGAGING  LESSEE'S  INTEREST  IN  PREMISES
THE  LESSEE  SHALL NOT MORTGAGE OR CHARGE THIS LEASE OR THE LESSEE'S INTEREST IN
THE  PREMISES  WITHOUT  FIRST OBTAINING THE CONSENT OF THE LESSOR, WHICH CONSENT
WILL  NOT  BE  UNREASONABLY WITHHELD WHERE THE LESSEE IS A COMPANY AND WISHES TO
ENTER  INTO  A PROPER FIXED AND/OR FLOATING CHARGE OVER ITS ASSETS IN GOOD FAITH
AS  A  MEANS  OF  SECURING  A  BANK  OVERDRAFT  FACILITY.
54.5     RESMED  LTD  AND  RELATED  BODIES  CORPORATE
NOTWITHSTANDING  CLAUSE 6.2, THE LESSEE SHALL NOT BE IN BREACH OF CLAUSE 6.1 IF:
(A)     THE LESSEE IS RESMED LIMITED AND/OR A RELATED BODY CORPORATE (WHICH TERM
IN  THIS  CLAUSE 6.5 HAS THE MEANING AS DEFINED IN THE CORPORATIONS ACT 2001) OF
RESMED  LIMITED;  AND
(B)     THE INCOMING TENANT IS RESMED LIMITED AND/OR A RELATED BODY CORPORATE OF
RESMED  LIMITED;  AND
(C)     IN  THE CASE OF A PROPOSED SUBLEASE, THE INCOMING TENANT AGREES THAT THE
PROPOSED  SUBLEASE  WILL  TERMINATE  UPON  THE  TERMINATION  OF  THIS LEASE; AND
(D)     CLAUSES  6.2(B),  (E)  AND  (F)  ARE  COMPLIED  WITH;  AND
(E)     RESMED  LIMITED  PROVIDES  IN  FAVOUR  OF  THE LESSOR A GUARANTEE OF THE
OBLIGATIONS  AND  COVENANTS  OF THE INCOMING TENANT CONTAINING PROVISIONS AS SET
OUT  OR  TO  THE  EFFECT  OF  THOSE  SET OUT IN CLAUSES 13.2-13.5 OF THIS LEASE.
55.     INSURANCE  AND  INDEMNITIES
55.1     INSURANCES  TO  BE  TAKEN  OUT  BY  LESSEE
THE  LESSEE  SHALL:
(A)     PUBLIC RISK:  EFFECT ON OR BEFORE THE COMMENCEMENT DATE AND KEEP CURRENT
DURING  THE  TERM  (INCLUDING ANY EXTENSION OR RENEWAL OR HOLDING OVER) A PUBLIC
RISK  INSURANCE  POLICY  BEARING  AN ENDORSEMENT WHEREBY THE INDEMNITY UNDER THE
POLICY  IS EXTENDED TO INCLUDE THE RISKS REFERRED TO IN CLAUSE 7.6 AND ALL OTHER
CLAIMS ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, SUCH POLICY TO BE FOR AN
AMOUNT OF NOT LESS THAN THE AMOUNT SPECIFIED IN ITEM 15 OR SUCH OTHER REASONABLE
AMOUNT  AS  THE LESSOR MAY NOTIFY THE LESSEE FROM TIME TO TIME IN RESPECT OF ANY
SINGLE  ACCIDENT;
(B)     PLATE  GLASS:  INSURE  IN  SUCH  AMOUNT  (NOT  BEING  LESS THAN THE FULL
INSURABLE  VALUE  OF  THEM) AND AGAINST SUCH RISKS AS THE LESSOR MAY REQUIRE ALL
PLATE  GLASS WINDOWS (OTHER THAN EXTERNAL WINDOWS), DOORS AND DISPLAY SHOW-CASES
FORMING  PART  OF  OR  WITHIN  THE  PREMISES;
(C)     APPROVED  INSURERS:  ENSURE  THAT  ALL POLICIES OF INSURANCE EFFECTED OR
REQUIRED  TO  BE  EFFECTED  BY  THE LESSEE PURSUANT TO THIS CLAUSE 7, WHETHER IN
RESPECT  OF  THE  PROPERTY  OR  RISK  EITHER  OF  THE  LESSOR  OR  THE  LESSEE:
(I)     ARE  TAKEN  OUT  WITH  AN  INDEPENDENT  AND  REPUTABLE  INSURER;
(II)          ARE  FOR  SUCH  AMOUNTS  AND  COVER  SUCH  RISKS AS ARE REASONABLY
ACCEPTABLE  TO  OR  REQUIRED  BY  THE LESSOR AND/OR THE LESSOR'S INSURER(S); AND
(III)          ARE TAKEN OUT IN THE NAMES OF THE LESSOR AND THE LESSEE FOR THEIR
RESPECTIVE  RIGHTS  AND  INTERESTS:
(D)     EVIDENCE  OF  INSURANCE:  IN  RESPECT  OF  ANY POLICY OF INSURANCE TO BE
EFFECTED  BY  THE LESSEE PURSUANT TO THIS CLAUSE 7, WHENEVER REASONABLY REQUIRED
BY THE LESSOR PRODUCE TO THE LESSOR THE POLICY OF INSURANCE, THE RECEIPT FOR THE
LAST  PREMIUM  AND  A  CERTIFICATE  OF  CURRENCY;  AND
(E)     LESSEE  TO  PAY  PREMIUMS:  PAY ALL PREMIUMS AND OTHER MONEYS PAYABLE IN
RESPECT  OF  ANY  SUCH  POLICY  WHENEVER  THEY  SHALL  BECOME  DUE  AND PAYABLE.
55.2     EFFECT  ON  LESSOR'S  INSURANCES
(A)     NOT  TO  PREJUDICE  INSURANCES:  THE  LESSEE SHALL NOT WITHOUT THE PRIOR
CONSENT  IN  WRITING OF THE LESSOR BRING, KEEP, DO OR PERMIT TO BE BROUGHT, KEPT
OR  DONE  ANYTHING  TO  OR UPON THE PREMISES OR THE BUILDING WHICH SHALL OR MAY:
(I)          INCREASE  THE RATE OF ANY INSURANCE ON THE PREMISES OR THE BUILDING
OR  ON  ANY  PROPERTY  IN  THEM;  OR
(II)          VITIATE OR RENDER VOID OR VOIDABLE ANY INSURANCE IN RESPECT OF THE
PREMISES  OR  THE  BUILDING  OR  ANY  PROPERTY  IN  THEM;  OR
(III)          CONFLICT  WITH  ANY  LAWS  OR  ANY  REQUIREMENTS  OR  WITH  ANY
REQUIREMENTS OF THE LESSOR'S INSURER(S) RELATING TO FIRES OR FIRE SAFETY OR FIRE
PREVENTION  OR  WITH  ANY  INSURANCE  POLICY  IN  RESPECT OF THE PREMISES OR THE
BUILDING  OR  ANY  PROPERTY  IN  THEM.
(B)     EXTRA  COSTS OF INSURANCE:  THE LESSEE SHALL PAY TO THE LESSOR ON DEMAND
ALL  EXTRA  COSTS  OF  INSURANCE  (INCLUDING  ANY  RATES) ON THE PREMISES OR THE
BUILDING  AND  ON  ANY  PROPERTY IN THEM (IF ANY ARE REQUIRED) ON ACCOUNT OF THE
EXTRA  RISK  CAUSED  BY  THE  LESSEE'S  USE  OR  OCCUPATION  OF  THE  PREMISES.
55.3     INFLAMMABLE  SUBSTANCES
THE  LESSEE  SHALL  NOT:
(A)     OTHER  THAN  AS  IS  NECESSARY AND PROPER FOR THE LESSEE'S BUSINESS, AND
THEN  ONLY  IN  SUCH  QUANTITIES AS ARE REASONABLY APPROPRIATE, STORE CHEMICALS,
INFLAMMABLE  LIQUIDS,  ACETYLENE  GAS  OR  ALCOHOL,  VOLATILE OR EXPLOSIVE OILS,
COMPOUNDS  OR  SUBSTANCES  UPON  THE  PREMISES  AND/OR  THE  BUILDING;  OR
(B)     USE  ANY  OF  SUCH  SUBSTANCES OR FLUIDS IN THE PREMISES FOR ANY PURPOSE
OTHER  THAN  THE  LESSEE'S  BUSINESS.
55.4     COMPLIANCE  WITH  FIRE  REGULATIONS
THE  LESSEE  SHALL:
(A)     COMPLY WITH INSURANCE, SPRINKLER OR FIRE ALARM REGULATIONS IN RESPECT OF
ANY  PARTITIONS  WHICH  MAY  BE  ERECTED  BY  OR  ON BEHALF OF THE LESSEE IN THE
PREMISES;  AND
(B)     PAY  TO  THE  LESSOR  UPON  DEMAND  THE  COST  OF  ANY ALTERATION TO ANY
SERVICES,  SPRINKLER  OR  FIRE PREVENTION EQUIPMENT AND INSTALLATIONS (INCLUDING
ALARMS) WHICH MAY BECOME NECESSARY BY REASON OF THE NON-COMPLIANCE BY THE LESSEE
OR  BY  THE  LESSEE'S  EMPLOYEES  WITH  ANY  SUCH REGULATIONS IN RESPECT OF SUCH
PARTITIONS.
55.5     EXCLUSION  OF  LESSOR'S  LIABILITY
THE  LESSEE:
(A)     LESSEE'S  RISK:  ACKNOWLEDGES  THAT  ALL  PROPERTY  WHICH  MAY BE IN THE
PREMISES  DURING  THE CONTINUANCE OF THIS LEASE SHALL BE AT THE SOLE RISK OF THE
LESSEE,  AND THE LESSOR SHALL NOT BE LIABLE FOR ANY CLAIM THAT THE LESSEE OR THE
LESSEE'S  EMPLOYEES  OR  ANY PERSON CLAIMING BY, THROUGH OR UNDER THE LESSEE MAY
INCUR  OR  MAKE  OR  ANY  WHICH  ARISES  FROM:
(I)          ANY FAULT IN THE CONSTRUCTION OR STATE OF REPAIR OF THE BUILDING OR
THE  PREMISES  OR  ANY  PART  OF  THEM  OR  THE  LESSOR'S  FIXTURES;  OR
(II)          ANY  DEFECT  IN  ANY  SERVICE  OR  ANY  APPURTENANCE;  OR
(III)          THE  FLOW,  OVERFLOW,  LEAKAGE,  CONDENSATION OR BREAKDOWN OF ANY
WATER,  AIR-CONDITIONING,  GAS,  OIL OR OTHER SOURCES OF ENERGY OR FUEL, WHETHER
FROM  THE  ROOF,  WALLS,  GUTTER,  DOWNPIPES  OR  OTHER  PARTS  OF THE BUILDING;
          OR FROM ANY OTHER CAUSE EXCEPT AS A RESULT OF BREACH OF THIS LEASE BY,
OR  THE  NEGLIGENCE  OF  ANY  SERVANT  OR  AGENT  OF,  THE  LESSOR;  AND
(B)     RELEASE:  AGREES  THAT  THE  LESSOR  SHALL  NOT  BE  RESPONSIBLE FOR AND
RELEASES  THE  LESSOR  FROM  LIABILITY  IN  RESPECT  OF  ANY:
(I)          CLAIM RELATING TO ANY PROPERTY OF THE LESSEE OR ANY OTHER PERSON IN
THE  BUILDING  OR  ANY  PART  OF  IT  HOWEVER  OCCURRING;  OR
(II)          DAMAGE  OR  INJURY TO ANY PERSON OR PROPERTY IN THE BUILDING OR ON
ANY  LAND  NEAR  THE  BUILDING,
EXCEPT  TO  THE  EXTENT  THE CLAIM, DAMAGE OR INJURY RESULTS FROM BREACH OF THIS
LEASE  BY,  OR  THE  NEGLIGENCE  OF  ANY  SERVANT  OR  AGENT  OF,  THE  LESSOR.
55.6     INDEMNITIES
NOTWITHSTANDING  THAT:
(A)     ANY  CLAIMS  SHALL  HAVE  RESULTED FROM ANYTHING WHICH THE LESSEE MAY BE
AUTHORISED  OR  OBLIGED  TO  DO  UNDER  THIS  LEASE;  AND/OR
(B)     AT  ANY TIME ANY WAIVER OR OTHER INDULGENCE HAS BEEN GIVEN TO THE LESSEE
IN  RESPECT  OF  ANY  OBLIGATION  OF  THE  LESSEE  UNDER  THIS  CLAUSE  7.6,
THE  LESSEE SHALL INDEMNIFY AND KEEP INDEMNIFIED THE LESSOR FROM AND AGAINST ALL
CLAIMS  FOR WHICH THE LESSOR SHALL OR MAY BE OR BECOME LIABLE, WHETHER DURING OR
AFTER  THE  TERM,  IN  RESPECT  OF  OR  ARISING  FROM:
(I)     INJURY TO PROPERTY OR PERSON:  ANY LOSS, DAMAGE OR INJURY TO PROPERTY OR
PERSON  CAUSED OR CONTRIBUTED TO BY ANY WILFUL OR NEGLIGENT ACT OR OMISSION, ANY
DEFAULT  UNDER  THIS LEASE, AND/OR THE USE OF THE PREMISES, BY OR ON THE PART OF
THE  LESSEE OR THE LESSEE'S EMPLOYEES EXCEPT TO THE EXTENT CAUSED BY THE LESSOR,
ITS  SERVANTS  OR  AGENTS;
(II)     ABUSE  OF  SERVICES:  THE  NEGLIGENT  OR CARELESS USE OR NEGLECT OF THE
SERVICES  AND FACILITIES OF THE PREMISES OR THE BUILDING OR THE APPURTENANCES BY
THE  LESSEE  OR  THE  LESSEE'S EMPLOYEES OR ANY OTHER PERSON CLAIMING THROUGH OR
UNDER  THE  LESSEE.
(III)     WATER LEAKAGE:  OVERFLOW OR LEAKAGE OF WATER (INCLUDING RAIN WATER) OR
FROM  ANY  SERVICES  OR  FROM ANY OF THE APPURTENANCES OR THE LESSOR'S FIXTURES,
CAUSED OR CONTRIBUTED TO BY ANY ACT OR OMISSION ON THE PART OF THE LESSEE OR THE
LESSEE'S  EMPLOYEES  OR  OTHER  PERSON  CLAIMING  THROUGH  OR  UNDER THE LESSEE;
(IV)     NOTIFICATION  OF  DEFECTS:  FAILURE OF THE LESSEE TO GIVE NOTICE TO THE
LESSOR  OF  ANY  DEFECT IN ANY OF THE MECHANICAL OR ANY OTHER SERVICES IN, TO OR
NEAR  THE  PREMISES;
(V)     PLATE  GLASS:  ALL  CLAIMS  RELATING  TO PLATE AND OTHER GLASS CAUSED OR
CONTRIBUTED  TO BY ANY ACT OR OMISSION ON THE PART OF THE LESSEE OR THE LESSEE'S
EMPLOYEES.
55.7     BUILDING  INSURANCE
(A)     IN  THIS  CLAUSE  "INDUSTRIAL  SPECIAL  RISKS POLICY" MEANS AN INSURANCE
POLICY:
(I)     FOR  THE  FULL  INSURABLE  AND  REPLACEMENT  VALUE  (AS DETERMINED BY AN
INDEPENDENT  VALUER  AT  THE  LESSOR'S EXPENSE) OF THE BUILDING AND THE LESSOR'S
FIXTURES, INCLUDING COVERAGE FOR COSTS OF DEMOLITION, SITE CLEARANCE, REMOVAL OF
DEBRIS,  PROFESSIONAL  AND  OTHER  COSTS OF PLANNING AND OTHER APPROVALS AND FOR
REINSTATING OR REPLACING THE BUILDING AND THE LESSOR'S FIXTURES, AGAINST LOSS OR
DAMAGE BY FIRE, STORM, TEMPEST, EARTHQUAKE, LIGHTNING, EXPLOSION AND OTHER RISKS
USUALLY  COVERED  UNDER  A  COMPREHENSIVE  INSURANCE POLICY FOR FIRE AND RELATED
RISKS;  AND
(II)     (SUBJECT  TO  THE  EXCLUSION OF ANY RENTS ARISING FROM NORMAL VACANCIES
DURING  LETTING  UP  PERIODS)  FOR  LOSS  OF  ANY RENTS OR OTHER MONEYS (WHETHER
SEPARATE  OR  OTHERWISE INCLUDED IN ANY RENTS OR OTHER MONEYS PAYABLE IN RESPECT
OF ANY TENANCY OR OCCUPATION OF THE BUILDING) ARISING FROM DAMAGE OR DESTRUCTION
OF  THE  BUILDING  OR  ANY  PART OF IT OR ARISING FROM DIMINUTION OR LOSS OF ANY
MEANS  OF  ACCESS  OR  OTHER  SIMILAR  CAUSES.
(B)     FROM  THE  COMMENCEMENT  DATE IN 2002 UNTIL 30 SEPTEMBER 2002 THE LESSEE
SHALL  MAINTAIN  THE COMPREHENSIVE INSURANCE POLICY FOR INDUSTRIAL SPECIAL RISKS
WITH  XL  WINTERTHUR  INTERNATIONAL  (POLICY  NUMBER  IS10017/00)  ("THE CURRENT
POLICY")  WHICH  POLICY COVERS THE BUILDING AND WHICH THE PARTIES ACKNOWLEDGE IS
AN  INDUSTRIAL  SPECIAL  RISKS  POLICY  FOR  THE  PURPOSES  OF  THIS  CLAUSE.
(C)     EACH  PARTY  WILL  SUBMIT  TO  THE  OTHER  BY  31  AUGUST  2002 AND EACH
ANNIVERSARY  OF  THAT DATE FOR THE REMAINDER OF TERM AT LEAST TWO (2) QUOTES FOR
AN INDUSTRIAL SPECIAL RISKS POLICY FOR THE NEXT TWELVE (12) MONTHS STARTING FROM
1 OCTOBER AND ENDING ON THE FOLLOWING 30 SEPTEMBER FROM AN INSURER WHICH, AT THE
DATE  OF  THE  QUOTE,  IS  INDEPENDENT,  REPUTABLE AND RATED WITH A STANDARD AND
POOR'S  RATING  OF  AT LEAST AA.  WHERE THE PROPOSED POLICY COVERS PROPERTIES IN
ADDITION  TO  THE  BUILDING, A STATEMENT BY A PARTY'S INSURANCE BROKER AS TO THE
COST OF THE POLICY IN RESPECT OF THE BUILDING SHALL BE THE QUOTE FOR THAT POLICY
FOR  THE  PURPOSE  OF  THIS  CLAUSE.
(D)     THE  PARTIES  WILL  ACCEPT THE LOWEST QUOTE AND WHICHEVER PARTY OBTAINED
SUCH QUOTE WILL EFFECT AND MAINTAIN THE INDUSTRIAL SPECIAL RISKS POLICY WITH THE
RELEVANT  INSURER  FOR  THE  RELEVANT  TWELVE  (12) MONTH PERIOD STARTING FROM 1
OCTOBER  AND  ENDING  ON  THE  FOLLOWING  30  SEPTEMBER.
(E)     IN  RESPECT  OF  ANY  INDUSTRIAL  SPECIAL  RISKS POLICY TAKEN OUT BY THE
LESSEE  PURSUANT  TO  THIS  CLAUSE  (INCLUDING  THE  CURRENT  POLICY):
(I)     SUCH POLICY WILL NOTE THE INTERESTS OF THE LESSOR, THE MACQUARIE GOODMAN
CAPITAL TRUST (AS REFERRED TO IN CLAUSE 18.10) AND ANY MORTGAGEE OF THE PREMISES
AS  NOTIFIED  BY  THE  LESSOR  FROM  TIME  TO  TIME;
(II)     THE LESSEE, WHENEVER REASONABLY REQUIRED BY THE LESSOR, WILL PRODUCE TO
THE  LESSOR THE INDUSTRIAL SPECIAL RISKS POLICY, THE RECEIPT OF THE LAST PREMIUM
AND  A  CERTIFICATE  OF  CURRENCY;
(III)     THE  LESSEE  WILL PAY ALL PREMIUMS AND OTHER MONEYS PAYABLE IN RESPECT
OF  ANY  SUCH  POLICY  WHENEVER  THEY  SHALL  BECOME  DUE  AND  PAYABLE.
(F)     IN  THE EVENT OF LOSS OR DAMAGE TO THE BUILDING OR THE LESSOR'S FIXTURES
WHICH  IS COVERED BY AN INDUSTRIAL SPECIAL RISKS POLICY, THE LESSEE ACKNOWLEDGES
THAT  THE LESSOR IS ENTITLED TO THE PROCEEDS FROM THE INSURANCE AND, IF ANY SUCH
PROCEEDS ARE RECEIVED BY THE LESSEE, THE LESSEE SHALL FORTHWITH REMIT THE AMOUNT
RECEIVED  TO  THE  LESSOR.
56.     DAMAGE  AND  RESUMPTION
56.1     DAMAGE  TO  OR  DESTRUCTION  OF  BUILDING/PREMISES
IF THE BUILDING OR THE PREMISES OR ANY PART OF THEM SHALL AT ANY TIME BE DAMAGED
OR  DESTROYED OR AFFECTED BY ANY DISABLING CAUSE SO AS TO RENDER THE PREMISES OR
ANY  PART WHOLLY OR SUBSTANTIALLY UNFIT FOR THE OCCUPATION AND USE OF THE LESSEE
OR  (HAVING  REGARD  TO  THE  NATURE AND LOCATION OF THE PREMISES AND THE NORMAL
MEANS  OF  ACCESS)  WHOLLY  OR  SUBSTANTIALLY  INACCESSIBLE  THEN:
(A)     RENT  ABATEMENT:  SUBJECT  TO  SUBCLAUSE  (D),  THE  RENT (AND OPERATING
EXPENSES)  OR A PROPORTIONATE PART THEREOF ACCORDING TO THE NATURE AND EXTENT OF
THE  DAMAGE,  DESTRUCTION  OR  AFFECTATION  SHALL  ABATE,  AND  ALL REMEDIES FOR
RECOVERY OF SAME FALLING DUE AFTER SUCH DAMAGE, DESTRUCTION OR AFFECTATION SHALL
BE  SUSPENDED  UNTIL  THE  PREMISES  HAVE  BEEN  RESTORED  OR  MADE  FIT FOR THE
OCCUPATION  AND  USE  OF  OR  ACCESSIBLE  TO  THE  LESSEE  (AS  APPROPRIATE);
(B)     UNLESS  THE  LESSOR:
(I)          WITHIN  THREE  (3)  MONTHS  AFTER  THE  OCCURRENCE  OF  ANY  SUCH
DESTRUCTION,  DAMAGE OR AFFECTATION SHALL HAVE GIVEN A REINSTATEMENT NOTICE; AND
(II)          SHALL  THEREAFTER  WITH  ALL REASONABLE EXPEDITION (AND SUBJECT TO
ALL  NECESSARY APPROVALS FIRST BEING OBTAINED) PROCEED TO REINSTATE THE BUILDING
AND MAKE THE PREMISES FIT FOR OCCUPATION AND USE OR ACCESSIBLE TO THE LESSEE (AS
APPROPRIATE),
          THIS  LEASE  MAY  BE DETERMINED BY NOTICE BY THE LESSOR OR, SUBJECT TO
SUBCLAUSE  (D),  BY  THE  LESSEE,  SERVED  ON  THE  OTHER;
(C)     IF  THE LESSOR GIVES A REINSTATEMENT NOTICE TO THE LESSEE AND THEREAFTER
DOES NOT WITHIN A REASONABLE TIME (HAVING REGARD TO THE NATURE AND EXTENT OF THE
DAMAGE, DESTRUCTION OR AFFECTATION AND THE TIME EXPECTED TO OBTAIN ALL NECESSARY
APPROVALS  AND  TO  COMMENCE AND TO CARRY OUT THE NECESSARY WORKS) REINSTATE THE
PREMISES  OR  MAKE  THEM  FIT  FOR  THE  OCCUPATION  AND  USE OF, OR RENDER THEM
ACCESSIBLE  TO,  THE LESSEE (AS APPROPRIATE), THE LESSEE MAY SERVE ON THE LESSOR
NOTICE OF INTENTION TO TERMINATE THIS LEASE (THE "FIRST NOTICE"), AND UNLESS THE
LESSOR SHALL UPON RECEIPT OF THE FIRST NOTICE PROCEED WITH REASONABLE EXPEDITION
AND  DILIGENCE TO REINSTATE THE PREMISES OR MAKE THEM FIT FOR THE OCCUPATION AND
USE  OF,  OR  RENDER THEM ACCESSIBLE TO, THE LESSEE (AS APPROPRIATE), THE LESSEE
MAY  TERMINATE  THIS LEASE BY GIVING NOT LESS THAN ONE (1) MONTH'S NOTICE TO THE
LESSOR  (THE  "SECOND  NOTICE")  AND AT THE EXPIRATION OF THE SECOND NOTICE THIS
LEASE  SHALL  BE  AT  AN  END;
(D)     THE  PROVISIONS  OF  PARAGRAPH  (A)  SHALL  NOT APPLY TO THE EXTENT SUCH
DAMAGE,  DESTRUCTION  OR AFFECTATION HAS BEEN CAUSED OR CONTRIBUTED TO OR ARISES
FROM,  AND  THE  PROVISIONS OF PARAGRAPHS (B) AND (C) SHALL NOT APPLY WHERE SUCH
DAMAGE  OR DESTRUCTION HAS BEEN CAUSED OR CONTRIBUTED TO OR ARISES FROM, ANY ACT
OR  OMISSION  OF THE LESSEE OR THE LESSEE'S EMPLOYEES AND ANY POLICY OR POLICIES
OF INSURANCE EFFECTED ON THE BUILDING SHALL HAVE BEEN AVOIDED, OR PAYMENT OF THE
POLICY  MONEYS  REFUSED  OR REDUCED, IN CONSEQUENCE OF ANY ACT OR DEFAULT OF THE
LESSEE  OR  OF  THE  LESSEE'S  EMPLOYEES.
56.2     LESSOR'S  RIGHT  TO  TERMINATE
IF  IN THE LESSOR'S ABSOLUTE UNFETTERED OPINION (WHICH MAY BE FORMED AT ANY TIME
INCLUDING  BEFORE  OR  AFTER  ANY  NOTICE REFERRED TO IN CLAUSE 8.1) THE DAMAGE,
DESTRUCTION  OR  AFFECTATION  TO THE BUILDING OR THE PREMISES IS SUCH THAT IT IS
IMPRACTICAL  OR  UNDESIRABLE  TO REINSTATE THE PREMISES OR MAKE THEM FIT FOR THE
OCCUPATION  AND  USE  OF,  OR  RENDER  THEM  ACCESSIBLE  TO,  THE  LESSEE  (AS
APPROPRIATE),  THE  LESSOR  MAY TERMINATE THIS LEASE BY GIVING NOT LESS THAN ONE
(1) MONTH'S NOTICE TO THE LESSEE AND AT THE EXPIRATION OF THAT NOTICE THIS LEASE
SHALL  BE  AT  AN  END.
56.3     RESUMPTION
IF:
(A)     THE  WHOLE  OF  THE  PREMISES  ARE  RESUMED;  OR
(B)     PART OF THE PREMISES IS RESUMED SO THAT THE RESIDUE OF THEM IS WHOLLY OR
SUBSTANTIALLY  UNFIT  FOR THE OCCUPATION AND USE OF THE LESSEE OR (HAVING REGARD
TO  THE  NATURE  AND LOCATION OF THE PREMISES AND THE NORMAL MEANS OF ACCESS) IS
WHOLLY  OR  SUBSTANTIALLY  INACCESSIBLE,
EITHER THE LESSOR OR THE LESSEE MAY DETERMINE THIS LEASE BY GIVING NOT LESS THAN
ONE  MONTH'S  NOTICE TO THE OTHER.  AT THE END OF THAT NOTICE THIS LEASE WILL BE
AT  AN  END.
56.4     LIABILITY
NO  LIABILITY  SHALL  ATTACH  TO  THE  LESSOR  OR  TO  THE  LESSEE  BY REASON OF
TERMINATION  OF  THIS  LEASE PURSUANT TO CLAUSE 8.1 OR CLAUSE 8.2 OR CLAUSE 8.3.
ANY SUCH TERMINATION SHALL BE WITHOUT PREJUDICE TO THE RIGHTS OF EITHER PARTY IN
RESPECT  OF  ANY PRECEDING BREACH OR NON-OBSERVANCE OF ANY COVENANT OR PROVISION
OF  THIS  LEASE.
56.5     DISPUTE
ANY  DISPUTE  ARISING  UNDER  CLAUSE  8.1 SHALL BE DETERMINED BY A LOSS ASSESSOR
BEING  A MEMBER OF THE INSURANCE COUNCIL APPOINTED BY ITS PRESIDENT FOR THE TIME
BEING.  THE  PERSON  SO  APPOINTED  SHALL  BE  AN  ASSESSOR  HAVING  SUBSTANTIAL
EXPERIENCE IN ASSESSING BUILDINGS OF A SIMILAR TYPE WITHIN THE AREA IN WHICH THE
BUILDING  IS  LOCATED  OR  OTHER  COMPARABLE  AREA  AND  SHALL  IN  MAKING  HIS
DETERMINATION  ACT  AS  AN EXPERT AND NOT AS AN ARBITRATOR AND HIS DETERMINATION
SHALL  BE  FINAL AND BINDING ON THE PARTIES.  THE COST OF ANY SUCH DETERMINATION
SHALL  BE BORNE BY EITHER OR BOTH OF THE LESSOR OR THE LESSEE (AND IF BY BOTH OF
THE  PARTIES  IN  THE  PROPORTION  BETWEEN  THEM)  AS  THE  PERSON  MAKING  THE
DETERMINATION  SHALL  DECIDE.
56.6     LESSOR  NOT  OBLIGED  TO  REINSTATE
NOTHING  IN  THIS LEASE SHALL OBLIGE THE LESSOR TO REINSTATE THE BUILDING OR THE
PREMISES  OR  THE  MEANS  OF  ACCESS  TO  THEM.
57.     LESSOR'S  COVENANTS
57.1     QUIET  ENJOYMENT
SUBJECT  TO  THE  RIGHTS, POWERS, REMEDIES AND RESERVATIONS OF OR TO THE LESSOR,
THE LESSOR COVENANTS THAT, IF THE LESSEE PAYS THE RENT AND OBSERVES AND PERFORMS
IN  A  TIMELY FASHION THE COVENANTS AND CONDITIONS ON ITS PART CONTAINED IN THIS
LEASE,  THE LESSEE MAY OCCUPY AND ENJOY THE PREMISES DURING THE TERM WITHOUT ANY
INTERRUPTION  BY  THE LESSOR OR BY ANY PERSON RIGHTFULLY CLAIMING THROUGH, UNDER
OR  IN  TRUST  FOR  THE  LESSOR.
57.2     BUILDING  CONDITION
SUBJECT  TO  THE  LESSEE'S OBLIGATIONS UNDER THIS LEASE, THE LESSOR SHALL DURING
THE  CONTINUANCE OF THIS LEASE KEEP THE STRUCTURE OF THE BUILDING IN A SOUND AND
TENANTABLE CONDITION AND KEEP THE BUILDING WATERTIGHT AND WEATHERPROOF AND SHALL
CARRY  OUT  ANY  REASONABLY NECESSARY REPAIRS TO THE BUILDING AND SHALL MAINTAIN
THE ACCESS WAYS, PARKING AREAS, WATER, DRAINAGE, ELECTRICAL AND OTHER FACILITIES
AND  SERVICES  IN OR ON THE BUILDING AND THE LAND OPERATING AS INTENDED AND IN A
REASONABLE STATE OF REPAIR HAVING REGARD TO THE CONDITION AND STATE OF REPAIR OF
THE  BUILDING,  THE  FACILITIES  AND  SERVICES  AS  AT  THE  COMMENCEMENT  DATE.
57.3     FIRE  SAFETY  AND  OTHER  REQUIREMENTS
THE  LESSOR  SHALL AT ITS OWN EXPENSE ENSURE THAT THE BUILDING COMPLIES WITH ALL
FIRE  AND  SAFETY  REQUIREMENTS  AND  SHALL PROMPTLY COMPLY WITH AND OBSERVE ALL
NOTICES  AND  REQUIREMENTS OF ANY AUTHORITY WITH RESPECT TO THE BUILDING WHETHER
INVOLVING  STRUCTURAL  ALTERATIONS  OR  NOT  EXCEPT  THOSE  WHICH  ARE  THE
RESPONSIBILITY  OF  THE  LESSEE  UNDER  THIS  LEASE.
58.     DEFAULT,  TERMINATION
58.1     DEFAULT
IF:
(A)     THE  RENT  OR  ANY PART OF IT IS IN ARREARS AND UNPAID FOR FOURTEEN (14)
DAYS  NEXT  AFTER ANY OF THE DUE DATES FOR PAYMENT (WHETHER DEMANDED OR NOT); OR
(B)     ANY  MONEYS  (OTHER  THAN  RENT)  PAYABLE BY THE LESSEE TO THE LESSOR ON
DEMAND  ARE  NOT PAID WITHIN FOURTEEN (14) DAYS OF THE LESSOR DEMANDING PAYMENT,
OR  IF  ANY OTHER MONEYS PAYABLE BY THE LESSEE TO THE LESSOR ARE NOT PAID BY THE
DUE  DATE  FOR  PAYMENT;  OR
(C)     THE  LESSEE  FAILS OR REFUSES TO CARRY OUT ANY REPAIRS PROPERLY REQUIRED
BY  ANY  NOTICE  WITHIN  THE  TIME  SPECIFIED  IN  THE  NOTICE;  OR
(D)     THE  LESSEE  FAILS  TO PERFORM OR OBSERVE IN A TIMELY FASHION ANY OF THE
COVENANTS  OR  CONDITIONS CONTAINED IN THIS LEASE WHICH OUGHT TO BE PERFORMED OR
OBSERVED  BY  THE  LESSEE;  OR
(E)     ANY  ASSIGNMENT IS MADE OF THE PROPERTY OF THE LESSEE FOR THE BENEFIT OF
CREDITORS;  OR
(F)     THE LESSEE, BEING A COMPANY, ENTERS INTO LIQUIDATION (WHETHER VOLUNTARY,
COMPULSORY OR PROVISIONAL), OR IS WOUND-UP OR DISSOLVED, OR ENTERS INTO A SCHEME
OF  ARRANGEMENT  FOR  CREDITORS,  OR  IS  PLACED UNDER OFFICIAL MANAGEMENT, OR A
RECEIVER  AND/OR  MANAGER  OF  ANY  OF  ITS  ASSETS  IS  APPOINTED,
     THEN  AND  IN  ANY  OF  SUCH  CASES THE LESSEE SHALL BE DEEMED TO HAVE MADE
DEFAULT.  THE  LESSOR  MAY  ELECT  TO TREAT ANY SUCH DEFAULT AS A REPUDIATION OF
THIS  LEASE  BY  THE  LESSEE.
58.2     FORFEITURE  OF  LEASE
IF  THE  LEASE  HAS  MADE  DEFAULT  AS  SPECIFIED IN CLAUSE 10.1 THE LESSOR MAY,
WITHOUT  PREJUDICE  TO ANY OTHER CLAIM WHICH THE LESSOR HAS OR MAY HAVE OR COULD
OTHERWISE  HAVE  AGAINST  THE  LESSEE  OR  ANY  OTHER  PERSON IN RESPECT OF SUCH
DEFAULT,  AT  ANY  TIME:
(A)     SUBJECT  TO  ANY  PRIOR DEMAND OR NOTICE AS IS REQUIRED BY LAW, RE-ENTER
INTO  AND  TAKE  POSSESSION  OF  THE  PREMISES  OR ANY PART OF THEM (BY FORCE IF
NECESSARY)  AND  EJECT THE LESSEE AND ALL OTHER PERSONS FROM THEM, AND THEREUPON
THIS  LEASE  SHALL  BE  ABSOLUTELY  DETERMINED;  OR
(B)     BY  NOTICE  TO  THE  LESSEE  DETERMINE  THIS LEASE, AND FROM THE DATE OF
GIVING  SUCH  NOTICE  THIS  LEASE  SHALL  BE  ABSOLUTELY  DETERMINED.
58.3     LESSOR  MAY  RECTIFY
THE  LESSOR  MAY, BUT SHALL NOT BE OBLIGED TO, REMEDY AT ANY TIME WITHOUT NOTICE
ANY  DEFAULT  BY  THE LESSEE UNDER THIS LEASE, AND WHENEVER THE LESSOR SO ELECTS
ALL REASONABLE COSTS INCURRED BY THE LESSOR (INCLUDING LEGAL COSTS AND EXPENSES)
IN  REMEDYING  A DEFAULT SHALL CONSTITUTE A LIQUIDATED DEBT AND SHALL BE PAID BY
THE  LESSEE  TO  THE  LESSOR  ON  DEMAND.
58.4     WAIVER
(A)     NO  WAIVER:  THE  LESSOR'S  FAILURE  TO TAKE ADVANTAGE OF ANY DEFAULT OR
BREACH  OF  COVENANT ON THE PART OF THE LESSEE SHALL NOT BE OR BE CONSTRUED AS A
WAIVER  OF IT, NOR SHALL ANY CUSTOM OR PRACTICE WHICH MAY GROW UP BETWEEN ANY OF
THE  PARTIES  IN THE COURSE OF ADMINISTERING THIS LEASE BE CONSTRUED TO WAIVE OR
TO  LESSEN  THE  RIGHT  OF  THE  LESSOR TO INSIST UPON THE TIMELY PERFORMANCE OR
OBSERVANCE  BY  THE  LESSEE  OF  ANY  COVENANT  OR CONDITION OF THIS LEASE OR TO
EXERCISE  ANY  RIGHTS  GIVEN  TO  THE  LESSOR  IN  RESPECT  OF ANY SUCH DEFAULT.
(B)     WAIVER  OF  INDIVIDUAL  DEFAULT:  A WAIVER BY THE LESSOR OF A PARTICULAR
BEACH  OR  DEFAULT  SHALL  NOT BE DEEMED TO BE A WAIVER OF THE SAME OR ANY OTHER
SUBSEQUENT  BREACH  OR  DEFAULT.
(C)     ACCEPTANCE OR DEMAND FOR RENT NOT WAIVER:  THE DEMAND BY THE LESSOR FOR,
OR  SUBSEQUENT  ACCEPTANCE  BY  OR ON BEHALF OF THE LESSOR OF, RENT OR ANY OTHER
MONEYS  PAYABLE  UNDER  THIS  LEASE SHALL NOT CONSTITUTE A WAIVER OF ANY EARLIER
BREACH  BY THE LESSEE OF ANY COVENANT OR CONDITION OF THIS LEASE, OTHER THAN THE
FAILURE  OF  THE  LESSEE  TO  MAKE THE PARTICULAR PAYMENT OR PAYMENTS OF RENT OR
OTHER  MONEYS  SO  ACCEPTED, REGARDLESS OF THE LESSOR'S KNOWLEDGE OF ANY EARLIER
BREACH  AT  THE  TIME  OF  ACCEPTANCE  OF  SUCH  RENT  OR  OTHER  MONEYS.
58.5     TENDER  AFTER  DETERMINATION
ANY  MONEYS  TENDERED BY THE LESSEE AFTER THE DETERMINATION OF THIS LEASE IN THE
MANNER  DESCRIBED  IN  CLAUSE  10.2(A)  OR IN CLAUSE 10.2(B) AND ACCEPTED BY THE
LESSOR  MAY  BE AND (IN THE ABSENCE OF ANY EXPRESS ELECTION OF THE LESSOR) SHALL
BE  APPLIED:
(A)     FIRSTLY ON ACCOUNT OF ANY RENT AND OTHER MONEYS ACCRUED AND DUE PURSUANT
TO  THIS  LEASE  BUT  UNPAID AT THE TERMINATION DATE OR DATE OF DETERMINATION OF
THIS  LEASE  (AS  APPROPRIATE);  AND
(B)     SECONDLY  ON  ACCOUNT  OF  THE  LESSOR'S  COSTS  OF  RE-ENTRY.
58.6     INTEREST  ON  OVERDUE  MONEYS
(A)     THE  LESSEE  SHALL PAY TO THE LESSOR INTEREST AT THE DEFAULT RATE ON ANY
RENT  OR  OTHER  MONEYS  DUE BY THE LESSEE TO THE LESSOR ON ANY ACCOUNT WHATEVER
(INCLUDING ALL MONEYS OR COSTS WHICH ARE EXPRESSED TO BE PAYABLE OR REIMBURSABLE
TO  THE  LESSOR  UPON DEMAND) BUT UNPAID FOR FOURTEEN (14) DAYS PURSUANT TO THIS
LEASE.
(B)     RENT  OR  MONEYS  FALLING  DUE  FOR  PAYMENT  BUT  UNPAID AS A RESULT OF
CONSECUTIVE  BREACHES  OF  THE  SAME  COVENANT  SHALL  BEAR INTEREST AT THE RATE
APPLICABLE  TO  THE  RENT  OR  OTHER  MONEYS (AS APPROPRIATE) WHICH WERE DUE AND
UNPAID  ON  THE  BREACH  OF  THE  COVENANT  WHICH  FIRST  OCCURRED.
(C)     SUCH  INTEREST  SHALL:
(I)     ACCRUE  FROM  DAY  TO  DAY;
(II)          BE  COMPUTED  FROM  THE  DUE DATE FOR PAYMENT OF THE RENT OR OTHER
MONEYS  (AS APPROPRIATE) UNTIL PAYMENT OF SUCH RENT OR OTHER MONEYS IN FULL; AND
(III)     BE  RECOVERABLE  IN  THE  SAME  MANNER  AS  RENT  IN  ARREARS.
58.7     DAMAGES  FOR  BREACH
THE  LESSEE  AGREES  THAT:
(A)     IF  THE  LESSEE'S  CONDUCT  (WHETHER  BY  ACT OR OMISSION) CONSTITUTES A
REPUDIATION  OF THIS LEASE (OR OF THE LESSEE'S OBLIGATIONS UNDER THIS LEASE), OR
CONSTITUTES  A  BREACH OF ANY LEASE COVENANTS, OR THE LESSOR ELECTS TO TREAT ANY
DEFAULT  AS  A  REPUDIATION PURSUANT TO CLAUSE 10.1, THE LESSEE SHALL COMPENSATE
THE  LESSOR  FOR  ALL  COSTS  SUFFERED  BY  REASON  OF  OR ARISING FROM ANY SUCH
REPUDIATION  OR  BREACH;
(B)     THE  LESSOR  SHALL  BE  ENTITLED  TO RECOVER COSTS AGAINST THE LESSEE IN
RESPECT  OF  REPUDIATION  OR  BREACH  OF COVENANT FOR THE DAMAGE SUFFERED BY THE
LESSOR  FOR  THE  TERM;
(C)     THE LESSOR'S ENTITLEMENT TO RECOVER DAMAGES FROM THE LESSEE OR ANY OTHER
PERSON  SHALL NOT BE LIMITED FOR ANY REASON OR AFFECTED BY ANY OF THE FOLLOWING:
(I)     IF  THE  LESSEE  ABANDONS  OR  VACATES  THE  PREMISES;
(II)     IF  THE LESSOR ELECTS TO RE-ENTER THE PREMISES OR TERMINATE THIS LEASE;
(III)          IF  THE  LESSOR  ACCEPTS  THE  LESSEE'S  REPUDIATION;  OR
(IV)          IF  THE  PARTIES'  CONDUCT  (OR  THAT  OF ANY OF THEIR SERVANTS OR
AGENTS)  CONSTITUTES  OR  MAY  CONSTITUTE  A  SURRENDER  BY  OPERATION  OF  LAW.
58.8     LESSOR  MAY  INSTITUTE  PROCEEDINGS  AT  ANY  TIME
THE  LESSOR SHALL BE ENTITLED AT ANY TIME IN THE LESSOR'S ABSOLUTE DISCRETION TO
INSTITUTE  LEGAL  PROCEEDINGS  CLAIMING DAMAGES AGAINST THE LESSEE IN RESPECT OF
THE  TERM,  INCLUDING  THE PERIOD BEFORE AND AFTER THE REPUDIATION, ABANDONMENT,
TERMINATION, ACCEPTANCE OF REPUDIATION OR SURRENDER BY OPERATION OF LAW REFERRED
TO IN CLAUSE 10.7, WHETHER THE PROCEEDINGS ARE INSTITUTED EITHER BEFORE OR AFTER
SUCH  CONDUCT.
58.9     LESSOR  TO  MITIGATE  DAMAGES
IF  THE  LESSEE  VACATES  THE  PREMISES,  WHETHER  WITH  OR WITHOUT THE LESSOR'S
CONSENT,  THE  LESSOR  SHALL  TAKE RESPONSIBLE STEPS TO MITIGATE ITS LOSS AND TO
ENDEAVOUR TO RE-LEASE THE PREMISES AT A REASONABLE RENT AND ON REASONABLE TERMS.
THE  LESSOR'S  CONDUCT TAKEN IN PURSUANCE OF THIS DUTY TO MITIGATE DAMAGES SHALL
NOT  OF  ITSELF CONSTITUTE ACCEPTANCE OF THE LESSEE'S BREACH OR REPUDIATION OR A
SURRENDER  BY  OPERATION  OF  LAW.
58.10     ESSENTIAL  TERMS  AND  DAMAGES
(A)     THE  FOLLOWING  ARE  ESSENTIAL  TERMS  OF  THIS  LEASE:
          CLAUSE  4.3(A)  (COMPLIANCE  WITH  LAWS  AND  REQUIREMENTS)
          CLAUSE  6.1  (NO  DISPOSAL  OF  LESSEE'S  INTEREST)
          CLAUSE  6.4  (NO  MORTGAGE  ETC)
          PAYMENT  OF  THE  BASE  RENT  UNDER  CLAUSE B.1 OF, OR OF OTHER MONEYS
UNDER,  THE  RENT  SCHEDULE  WITHIN  14  DAYS  OF  THE  DUE  DATE.
(B)     SHOULD  THE  LESSOR  TERMINATE  THIS  LEASE  FOLLOWING  ANY BREACH OF AN
ESSENTIAL  TERM  THEN,  WITHOUT  PREJUDICE  TO  ANY OTHER RIGHT OR REMEDY OF THE
LESSOR,  THE  LESSOR SHALL BE ENTITLED TO RECOVER FROM THE LESSEE THE DIFFERENCE
BETWEEN  THE  NET  PRESENT  VALUE (AS DETERMINED BY A MEMBER OF THE INSTITUTE OF
CHARTERED ACCOUNTANTS IN AUSTRALIA APPOINTED AT THE REQUEST OF THE LESSOR BY THE
PRESIDENT  OF  THAT INSTITUTE) OF THE AGGREGATE OF RENT AND OTHER MONEYS PAYABLE
BY  THE  LESSEE  UNDER THIS LEASE FOR THE UNEXPIRED RESIDUE OF THE TERM LESS THE
NET  PRESENT  VALUE  OF  THE  AGGREGATE  OF  RENT AND OTHER MONEY EXPECTED TO BE
RECEIVED  FROM  A  NEW  TENANT  OR  TENANTS OF THE PREMISES DURING THE UNEXPIRED
RESIDUE  OF  THE TERM.  IN ADDITION THE LESSEE SHALL PAY ALL FEES CHARGED BY THE
EXPERTS  APPOINTED  UNDER  THIS  CLAUSE.
59.     DETERMINATION  OF  TERM
59.1     LESSEE  TO  YIELD  UP
THE  LESSEE SHALL AT THE EXPIRATION OR SOONER DETERMINATION OF THE TERM YIELD UP
THE  PREMISES  IN  THE  ORDER  AND  CONDITION  DESCRIBED  IN  CLAUSE  5.1
59.2     REMOVAL  OF  LESSEE'S  FITTINGS
THE  LESSEE  SHALL, AT OR BEFORE THE TERMINATION DATE OR SOONER DETERMINATION OF
THIS  LEASE,  REMOVE  FROM  THE  PREMISES  ALL  THE  LESSEE'S  FITTINGS.
59.3     LESSEE  NOT  TO  CAUSE  DAMAGE
THE  LESSEE  SHALL  USE  REASONABLE ENDEAVOURS NOT TO CAUSE OR CONTRIBUTE TO ANY
DAMAGE  TO  THE  PREMISES  OR  TO  THE  BUILDING  IN THE REMOVAL OF THE LESSEE'S
FITTINGS.  SHOULD  THE  LESSEE FAIL TO DO SO THE LESSEE SHALL MAKE GOOD ANY SUCH
DAMAGE  AND IN ANY EVENT SHALL LEAVE THE PREMISES IN A CLEAN STATE AND CONDITION
HAVING  REGARD TO THEIR CONDITION AT THE COMMENCEMENT DATE.  IF THE LESSEE FAILS
TO  DO  SO THE LESSOR MAY MAKE GOOD AND/OR CLEAN THE PREMISES AT THE COST OF AND
AS  AGENT  FOR  THE LESSEE AND RECOVER FROM THE LESSEE THE COST TO THE LESSOR OF
DOING  SO  AS  A  LIQUIDATED  DEBT  PAYABLE  ON  DEMAND.
59.4     FAILURE  BY  LESSEE  TO  REMOVE  LESSEE'S  FITTINGS
IF  THE LESSEE FAILS TO REMOVE THE LESSEE'S FITTINGS AS REQUIRED BY CLAUSE 11.2,
OR  IN  THE  EVENT  OF  RE-ENTRY  PURSUANT TO CLAUSE 10.2, THE LESSOR MAY AT ITS
OPTION:
(A)     CAUSE ANY SUCH LESSEE'S FITTINGS TO BE REMOVED AND STORED IN SUCH MANNER
AS  THE  LESSOR IN ITS ABSOLUTE DISCRETION DEEMS FIT AT THE RISK AND AT THE COST
OF  LESSEE;  OR
(B)     TREAT  THE LESSEE'S FITTINGS AS IF THE LESSEE HAD ABANDONED ITS INTEREST
IN  THEM  AND  THEY HAD BECOME THE PROPERTY OF THE LESSOR, AND DEAL WITH THEM IN
SUCH  MANNER AS THE LESSOR THINKS FIT WITHOUT BEING LIABLE IN ANY WAY TO ACCOUNT
TO  THE  LESSEE  FOR  THEM.
59.5     LESSEE  TO  INDEMNIFY  AND  PAY  LESSOR'S  COSTS
THE  LESSEE  SHALL:
(A)     INDEMNIFY  AND KEEP INDEMNIFIED THE LESSOR IN RESPECT OF THE REMOVAL AND
STORAGE  OF  THE  LESSEE'S  FITTINGS AND ALSO IN RESPECT OF ALL CLAIMS WHICH THE
LESSOR  MAY  SUFFER  OR  INCUR AT THE SUIT OF ANY PERSON (OTHER THAN THE LESSEE)
CLAIMING  AN INTEREST IN THE LESSEE'S FITTINGS BY REASON OF THE LESSOR ACTING IN
ANY  MANNER  PERMITTED  IN  CLAUSE  11.4;  AND
(B)     PAY  TO  THE  LESSOR  AS  A  LIQUIDATED DEBT PAYABLE ON DEMAND ANY COSTS
INCURRED  BY  THE  LESSOR  IN  EXERCISING  ITS  RIGHTS  PURSUANT TO CLAUSE 11.4,
INCLUDING  ANY  EXCESS OF COSTS OVER MONEYS RECEIVED ON DISPOSAL OF THE LESSEE'S
FITTINGS  PURSUANT  TO  THE  LESSOR'S  RIGHTS  CONTAINED  IN  CLAUSE  11.4(B).
59.6     EARLIER  BREACHES
THE TERMINATION OR DETERMINATION OF THIS LEASE SHALL NOT PREJUDICE OR AFFECT ANY
RIGHTS  OR  REMEDIES  OF THE LESSOR AGAINST THE LESSEE IN RESPECT OF ANY EARLIER
BREACH  BY THE LESSEE OF ANY COVENANTS AND CONDITIONS ON THE PART OF THE LESSEE.
60.     MISCELLANEOUS
60.1     NOTICES
(A)     EXECUTION  OF LESSOR'S NOTICE:  ANY NOTICE SERVED OR GIVEN BY THE LESSOR
PURSUANT  TO THIS LEASE SHALL BE VALID AND EFFECTUAL IF SIGNED BY ANY OFFICER OR
SOLICITORS  FOR  THE TIME BEING OF THE LESSOR OR ANY OTHER PERSON NOMINATED FROM
TIME  TO  TIME  BY  THE  LESSOR.
(B)     NOTICE  OF  LESSEE'S  ADDRESS:  THE  LESSEE  SHALL FORTHWITH PROVIDE THE
LESSOR  WITH  A  NOTICE CONTAINING FULL PARTICULARS OF THE ADDRESS AND FACSIMILE
INFORMATION OF THE LESSEE AND OF ANY GUARANTORS, AND SHALL UPDATE SUCH NOTICE IN
THE  EVENT  OF  ANY  CHANGE.
(C)     SERVICE  OF NOTICE ON LESSEE:  ANY NOTICE REQUIRED TO BE SERVED OR WHICH
THE  LESSOR  MAY  ELECT  TO SERVE ON THE LESSEE SHALL BE SUFFICIENTLY SERVED IF:
(I)     SERVED  PERSONALLY  OR  IF LEFT ADDRESSED TO THE LESSEE ON THE PREMISES;
(II)          SENT  BY  FACSIMILE  MACHINE TO THE LESSEE'S FACSIMILE MACHINE; OR
(III)          FORWARDED  BY  PREPAID REGISTERED POST TO THE LAST KNOWN PLACE OF
BUSINESS  OR ABODE OF THE LESSEE OR THE LESSEE'S REGISTERED OFFICE IF THE LESSEE
IS  A  CORPORATION.
(D)     SERVICE  OF  NOTICE  ON  LESSOR: ANY NOTICE REQUIRED TO BE SERVED ON THE
LESSOR  SHALL  BE  SUFFICIENTLY  SERVED  IF:
(I)     SERVED  PERSONALLY;
(II)     SENT  BY  FACSIMILE MACHINE TO THE LESSOR'S TELEX OR FACSIMILE MACHINE;
OR
(III)          FORWARDED  BY  PREPAID  REGISTERED  POST ADDRESSED TO THE LESSOR.
ALL  SUCH  NOTICES  MUST  BE ADDRESSED TO THE LESSOR AT THE ADDRESS SPECIFIED IN
THIS  LEASE  OR  AT  SUCH  OTHER  ADDRESS  AS THE LESSOR SHALL FROM TIME TO TIME
NOMINATE.
(E)     TIME  OF:  ANY  NOTICE  SENT  BY:
(I)     POST  SHALL  BE DEEMED TO BE SERVED ON THE SECOND BUSINESS DAY AFTER THE
DAY  IT  WAS  POSTED;
(II)     FACSIMILE  SHALL  BE  DEEMED TO HAVE BEEN SERVED AT THE TIME AND ON THE
DAY  THAT  THE  SENDING  FACSIMILE MACHINE INDICATES THE WHOLE OF THE NOTICE HAS
BEEN TRANSMITTED UNLESS THE INTENDED RECIPIENT FORTHWITH INDICATES A MALFUNCTION
IN  THE  TRANSMISSION.
60.2     COSTS
THE  LESSEE  SHALL  PAY  TO  THE  LESSOR  ON  DEMAND:
(A)     DUTY:  ALL  DUTY (INCLUDING PENALTIES AND FINES OTHER THAN PENALTIES AND
FINES  DUE  TO  THE  DEFAULT  OF  THE  LESSOR)  IN  RESPECT  OF  THIS LEASE; AND
(B)     LESSOR'S OTHER COSTS:  ALL THE LESSOR'S REASONABLE LEGAL AND OTHER COSTS
OF  AND  INCIDENTAL  TO:
(I)     (DELETED);
(II)     ANY  CONSENT  REQUIRED  UNDER  THIS  LEASE;
(III)          ANY  ASSIGNMENT  OR  SUBLETTING;
(IV)          ANY  SURRENDER  OR  TERMINATION  OF  THIS  LEASE OTHERWISE THAN BY
EFFLUXION  OF  TIME;  AND
(V)          DEFAULT  BY  THE  LESSEE  OR THE LESSEE'S EMPLOYEES IN OBSERVING OR
PERFORMING  ANY  COVENANTS  CONTAINED  OR  IMPLIED  IN  THIS  LEASE.
(VI)          THE  ACTUAL  OR  CONTEMPLATED  ENFORCEMENT  OF,  OR  ACTUAL  OR
CONTEMPLATED  EXERCISE,  PRESERVATION  OR CONSIDERATION OF ANY RIGHTS, POWERS OR
REMEDIES  UNDER  THIS  LEASE.
60.3     RESERVATIONS
THE  LESSOR RESERVES TO ITSELF AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER THE
LESSOR,  AFTER  REASONABLE  NOTICE  (EXCEPT  IN THE CASE OF AN EMERGENCY WHEN NO
NOTICE  SHALL BE NECESSARY), THE RIGHT TO INSTALL, MAINTAIN, USE, REPAIR, ALTER,
SERVICE  AND  REPLACE ANY SERVICES OR ANY PART OF THEM INCLUDING ANY PIPE, DUCT,
WIRE  AND  PLANT  FOR  THE  LAND  AND/OR  FOR  THE  BUILDING.
60.4     EASEMENTS
THE  LESSOR MAY, FOR THE PURPOSE OF THE PROVISION OF PUBLIC OR PRIVATE ACCESS TO
THE PREMISES OR THE BUILDING, OR FOR THE PURPOSE OF RECTIFYING ANY ENCROACHMENT,
OR FOR THE SUPPORT OF STRUCTURES HEREAFTER ERECTED ON OR FROM ADJOINING LAND, OR
FOR  ANY  SERVICES,  DEDICATE  LAND OR TRANSFER, GRANT OR CREATE ANY EASEMENT OR
OTHER  RIGHT  IN FAVOUR OF, OR ENTER INTO ANY ARRANGEMENT OR AGREEMENT WITH, ANY
OWNERS, LESSEES OR OCCUPIERS OR OTHERS HAVING AN INTEREST IN ANY LAND (INCLUDING
THE  LAND)  NEAR  THE  PREMISES OR WITH ANY AUTHORITY (PURSUANT TO ANY VALID AND
ENFORCEABLE  REQUIREMENT OF ANY SUCH AUTHORITY) AS THE LESSOR MAY DECIDE, ACTING
REASONABLY,  PROVIDED  SUCH EASEMENT OR RIGHT DOES NOT MATERIALLY INTERFERE WITH
THE  LESSEE'S  USE  AND OCCUPATION OF THE PREMISES UNDER THIS LEASE.  THIS LEASE
SHALL  BE  DEEMED TO BE SUBJECT TO ANY SUCH EASEMENT OR OTHER RIGHT AS ENVISAGED
BY  THIS CLAUSE AND THE LESSEE SHALL PROMPTLY UPON REQUEST BY THE LESSOR CONFIRM
TO  THE  LAND  TITLES  OFFICE  OR  OTHER  RELEVANT AUTHORITY ITS CONSENT TO THAT
EASEMENT  OR  OTHER  RIGHT.
61.     GUARANTEES  AND  INDEMNITIES
61.1     BANK  GUARANTEE
(A)     THE  LESSEE  MUST:
(I)     ON  OR  BEFORE  EXECUTING THIS LEASE GIVE TO THE LESSOR A BANK GUARANTEE
FOR  THE  AMOUNT  SPECIFIED  IN  ITEM  16;
(II)          AT  ALL  TIMES  ENSURE THAT ANY BANK GUARANTEE IS KEPT CURRENT AND
ENFORCEABLE;  AND
(III)          WHERE  THE  LESSOR  MAKES DEMAND ON ANY BANK GUARANTEE, PROVIDE A
REPLACEMENT  BANK  GUARANTEE  EQUAL  TO  THE  AMOUNT  FROM TIME TO TIME PROPERLY
CLAIMED  BY  THE  LESSOR.
(B)     IF  THE  LESSEE  BREACHES  OR  FAILS  TO COMPLY WITH ANY OF THE LESSEE'S
OBLIGATIONS  UNDER  THIS  LEASE,  THE  LESSOR  MAY  WITHOUT  LIMITING  ANY OTHER
AVAILABLE REMEDY DEMAND PAYMENT UNDER THE BANK GUARANTEE TO RECOVER THE WHOLE OR
ANY  PART  OF  ANY  LOSS  SUFFERED  AS  A  RESULT  OF  THE  LESSEE'S  DEFAULT.
61.2     PERSONAL  GUARANTEE
THE  GUARANTOR  GUARANTEES  TO  THE  LESSOR:
(A)     RENT:  THE  DUE  PAYMENT  BY  THE  LESSEE  OF  THE RENT AND OTHER MONEYS
COVENANTED  OR  AGREED  TO  BE  PAID;  AND
(B)     OTHER  COVENANTS:  THE  TIMELY  PERFORMANCE  AND  OBSERVANCE  OF ALL THE
COVENANTS  AND CONDITIONS CONTAINED OR IMPLIED IN THIS LEASE AND TO BE PERFORMED
AND  OBSERVED  BY  THE  LESSEE.
61.3     INDEMNITY
THE  GUARANTOR INDEMNIFIES THE LESSOR AND AGREES AT ALL TIMES TO KEEP THE LESSOR
INDEMNIFIED  FROM  AND  AGAINST  ALL CLAIMS WHICH THE LESSOR MAY SUFFER OR INCUR
CONSEQUENT  UPON  OR  ARISING  DIRECTLY  OR  INDIRECTLY  OUT  OF  ANY  BREACH OR
NON-OBSERVANCE  BY THE LESSEE OF ANY OF THE COVENANTS OR CONDITIONS CONTAINED OR
IMPLIED  IN  THIS LEASE OR ANY EXTENSION OR RENEWAL OF IT AND TO BE PERFORMED OR
OBSERVED  BY  THE  LESSEE.
61.4     LIABILITY  OF  GUARANTOR
(A)     LIABILITY OF GUARANTOR:  THE RIGHTS, REMEDIES AND RECOURSE OF THE LESSOR
PURSUANT TO CLAUSES 13.2 AND 13.3 SHALL NOT IN ANY WAY BE PREJUDICED OR AFFECTED
AND  SHALL  REMAIN  FULLY  ENFORCEABLE, AND THE LIABILITY OF THE GUARANTOR UNDER
CLAUSES  13.2  AND 13.3 SHALL NOT BE PREJUDICED OR AFFECTED, NOTWITHSTANDING ANY
ONE  OR  MORE  OR  ALL  OF  THE  FOLLOWING  CIRCUMSTANCES:
(I)     THE  GRANTING OF ANY TIME, CREDIT, FORBEARANCE, INDULGENCE OR CONCESSION
AT  ANY  TIME  BY  THE  LESSOR  TO  THE  LESSEE  OR  TO  ANY  GUARANTOR;
(II)          ANY  ABSOLUTE OR PARTIAL RELEASE OF THE LESSEE OR ANY GUARANTOR OR
ANY  COMPROMISE  WITH  THE  LESSEE  OR  ANY  GUARANTOR;
(III)          ANY VARIATION OF THE PROVISIONS OF THIS LEASE OR ANY EXTENSION OR
RENEWAL  OF IT AND ANY EXTENSION OR RENEWAL OR HOLDING OVER OF THE TERM OR OTHER
CONTINUED  OCCUPATION  OF  THE  PREMISES  BY  THE  LESSEE;
(IV)     ANY  COMPOSITION,  COMPROMISE,  RELEASE,  DISCHARGE,  ARRANGEMENT,
ABANDONMENT,  WAIVER,  VARIATION,  RELINQUISHMENT  OR RENEWAL OF ANY SECURITY OR
RIGHT  BY  THE  LESSOR;
(V)          ANY  ASSIGNMENT  OF  THIS  LEASE OR SUBLEASE OF THE PREMISES OR ANY
PART  OF  THEM;
(VI)          ANY  TERMINATION  OR  DETERMINATION  OF  THIS  LEASE  (WHETHER  BY
EFFLUXION  OF  TIME,  RE-ENTRY,  FORFEITURE,  SURRENDER  OR  OTHERWISE);
(VII)          THE  FACT  THAT  THE RENT OR ANY OTHER MONEYS OR ANY PART OF THEM
MAY  NOT  BE  RECOVERABLE  OR MAY CEASE TO BE RECOVERABLE OR MAY NEVER HAVE BEEN
RECOVERABLE,  OR  THAT  ANY  TRANSACTION  AFFECTING  IN  ANY WAY THE RENT OR THE
OBLIGATIONS  CONTAINED  OR  SECURED  BY  THIS  LEASE  IS  VOID,  VOIDABLE  OR
UNENFORCEABLE  IN  WHOLE  OR  IN  PART  WHETHER  INITIALLY  OR  OTHERWISE;
(VIII)          ANY  FAILURE  OR  AGREEMENT NOT TO SUE, EXCHANGE OR MODIFICATION
MADE  OR  ANY  OTHER  DEALING,  ACT  OR OMISSION (WHETHER CONSTITUTING A WAIVER,
ELECTION,  ESTOPPEL  OR  OTHERWISE)  BY THE LESSOR WITH RESPECT TO ANY JUDGMENT,
ORDER  FOR  PAYMENT OF MONEYS, SPECIALTY INSTRUMENT, NEGOTIABLE OR OTHERWISE, OR
OTHER  SECURITY  WHATEVER  RECOVERED,  HELD OR ENFORCEABLE BY THE LESSOR OR WITH
RESPECT  TO ANY OBLIGATION OR LIABILITY WHATEVER IN RESPECT OF ALL OR ANY OF THE
RENT  AND  OTHER MONEYS PAYABLE UNDER THIS LEASE OR THE OBLIGATIONS CONTAINED IN
THIS  LEASE.
(IX)          THE  DEATH,  DISABILITY, BANKRUPTCY, INFANCY, DEED OR ARRANGEMENT,
ASSIGNMENT  OR  COMPOSITION  FOR THE BENEFIT OF CREDITORS, WINDING-UP, SCHEME OF
ARRANGEMENT,  REDUCTION OF CAPITAL, CAPITAL RECONSTRUCTION OR THE APPOINTMENT OF
RECEIVER  AND/OR  MANAGER (WHETHER BY THE COURT OR UNDER THE POWERS CONTAINED IN
ANY  INSTRUMENT) OR OFFICIAL MANAGEMENT OF THE LESSEE OR ANY GUARANTOR OR NOTICE
OF  ANY  OF  THESE  CIRCUMSTANCES;
(X)          THE  FACT  THAT ONE OR MORE OF THE PERSONS NAMED IN THIS LEASE AS A
GUARANTOR  MAY  NEVER  EXECUTE  THIS LEASE AS GUARANTOR OR THAT THE EXECUTION OF
THIS  LEASE BY ANY ONE OR MORE OF THE GUARANTOR (OTHER THAN THE PERSON SOUGHT TO
BE MADE LIABLE UNDER CLAUSE 13.2 OR CLAUSE 13.3) IS OR MAY BECOME UNENFORCEABLE,
VOID  OR  VOIDABLE;  OR
(XI)          ANY  EXERCISE  OR PURPORTED EXERCISE BY THE LESSOR OF ITS RIGHT OF
RE-ENTRY.
(B)     IRREVOCABLE:  THIS  GUARANTEE  AND  INDEMNITY  SHALL  BE IRREVOCABLE AND
CONTINUING AND SHALL EXTEND TO COVER ALL OBLIGATIONS OF THE LESSEE TO THE LESSOR
HOWEVER  ARISING,  AND  THEY  SHALL CONTINUE AND REMAIN IN FULL FORCE AND EFFECT
UNTIL  THE DUE PERFORMANCE AND OBSERVANCE BY THE LESSEE OF ALL THE COVENANTS AND
CONDITIONS  TO  BE  PERFORMED  AND OBSERVED BY THE LESSEE IN ACCORDANCE WITH THE
TERMS  OF  THIS  LEASE.
(C)     GUARANTEE  NOT  PREJUDICED:  NEITHER  THE  GUARANTOR'S LIABILITY NOR THE
LESSOR'S  RIGHTS  UNDER  THIS  GUARANTEE  AND  INDEMNITY  OR  OTHERWISE SHALL BE
PREJUDICED  OR  DISCHARGED  BY ANY ACT OR OMISSION OR ANY EVENT OR SECURITIES OF
ANY  DESCRIPTION WHICH MIGHT OTHERWISE HAVE THE EFFECT (WHETHER AT LAW IN EQUITY
OR  UNDER ANY LAW) OF PREJUDICING OR DISCHARGING THE LIABILITY OF THE GUARANTOR,
EITHER  AS  GUARANTOR  OR  PRINCIPAL  DEBTOR  OR  AS  AN  INDEMNIFIER.
(D)     GUARANTOR  LIABLE NOTWITHSTANDING ANY LAW:  THE GUARANTOR FURTHER AGREES
THAT  ANY  PAYMENT MADE TO THE LESSOR AND LATER AVOIDED BY PROVISIONS OF ANY LAW
SHALL  BE  DEEMED  NOT  TO HAVE DISCHARGED THE GUARANTOR'S LIABILITY, AND IN ANY
SUCH  EVENT  THE  LESSOR,  THE LESSEE AND THE GUARANTOR SHALL BE RESTORED TO THE
RIGHTS  WHICH EACH RESPECTIVELY WOULD HAVE HAD IF THE PAYMENT HAD NOT BEEN MADE.
(E)     INDEMNITY  ON  DISCLAIMER:  THE  GUARANTOR  AGREES TO INDEMNIFY AND KEEP
INDEMNIFIED  THE  LESSOR  AGAINST  ALL  CLAIMS, DIRECT OR INDIRECT, SUSTAINED OR
INCURRED  BY  THE  LESSOR  CONSEQUENT  UPON  ANY  DISCLAIMER  OF THIS LEASE BY A
LIQUIDATOR  OF  THE LESSEE FOR THE RESIDUE OF THE TERM WHICH WOULD HAVE REMAINED
IF  THERE  HAD  BEEN  NO  DISCLAIMER.
(F)     GUARANTOR  NOT  PROVE  IN  LIQUIDATION: THE GUARANTOR SHALL NOT PROVE OR
CLAIM  IN  ANY  SUCH  LIQUIDATION,  COMPOSITION, ARRANGEMENT OR ASSIGNMENT OR IN
RESPECT  OF  SUCH APPOINTMENT UNTIL THE LESSOR HAS RECEIVED ONE HUNDRED CENTS IN
THE  DOLLAR  IN RESPECT OF THE MONEYS DUE, OWING OR PAYABLE BY THE LESSEE TO THE
LESSOR,  AND  THE  GUARANTOR  SHALL  HOLD IN TRUST FOR THE LESSOR SUCH PROOF AND
CLAIM  AND  ANY  DIVIDEND  RECEIVED  ON  IT.
61.5     GUARANTEE  TO  ENURE
IF THIS LEASE IS TRANSFERRED OR ASSIGNED TO ANY PERSON OR PERSONS THE BENEFIT OF
THIS  GUARANTEE AND INDEMNITY SHALL EXTEND TO THE TRANSFEREE OR ASSIGNEE AND THE
BENEFIT OF THIS GUARANTEE AND INDEMNITY SHALL CONTINUE TO ENURE CONCURRENTLY FOR
THE  BENEFIT  OF  THE  LESSOR  NOTWITHSTANDING  ANY SUCH TRANSFER OR ASSIGNMENT.
62.     REPAIRS  MAINTENANCE  AND  COMPLIANCE  WITH  LAWS
62.1     IN  ADDITION  TO  THE OTHER OBLIGATIONS OF THE LESSEE CONTAINED IN THIS
LEASE,  SUBJECT  TO  CLAUSE  14.2  THE  LESSEE  MUST:
(A)     ENSURE  THAT  ALL  AIR-CONDITIONING PLANT, FIRE PREVENTION EQUIPMENT AND
ALL  OTHER  PLANT  MACHINERY  INSTALLATIONS  AND  EQUIPMENT  IN OR SERVICING THE
BUILDING  (COLLECTIVELY  CALLED  "PLANT") ARE ONLY USED FOR THEIR PROPER PURPOSE
AND  MUST  [SUBJECT  TO  CLAUSES 5.1(A) AND (B)] MAINTAIN AND KEEP SUCH PLANT IN
GOOD  REPAIR AND CONDITION HAVING REGARD TO ITS CONDITION AT THE COMMENCEMENT OF
THIS  LEASE  (OR AT THE COMMENCEMENT OF ANY PRIOR LEASE IF THIS LEASE IS GRANTED
PURSUANT  TO  AN OPTION) OR AT THE TIME OF ANY REPLACEMENT, EXCEPT FOR FAIR WEAR
AND TEAR BUT THE LESSEE SHALL NOT BE LIABLE FOR ANY EXPENSES OF A CAPITAL NATURE
UNLESS  THEY  RESULT  FROM  THE  LESSEE'S  FAILURE TO SO MAINTAIN THE PLANT; AND
(B)     ENTER  INTO  AND  KEEP  CURRENT DURING THIS LEASE A MAINTENANCE CONTRACT
WITH  SUCH  RESPONSIBLE SPECIALIST CONTRACTORS AS ARE REASONABLY APPROVED BY THE
LESSOR  FOR  THE  REGULAR INSPECTION, SERVICE, MAINTENANCE AND REPAIR (INCLUDING
THE TESTING AND INSPECTION OF SUCH EQUIPMENT PURSUANT TO THE REQUIREMENTS OF ALL
AUTHORITIES)  OF ALL SUCH PLANT AND SHALL PAY ALL FEES AND OTHER CHARGES PAYABLE
TO  SUCH  CONTRACTORS.  IN  PARTICULAR, THE SERVICE MAINTENANCE CONTRACT FOR THE
AIR-CONDITIONING PLANT SHALL INCLUDE PROVISIONS FOR INSPECTION OF SUCH PLANT NOT
LESS  FREQUENTLY  THAN  ONCE  EVERY  THREE  MONTHS.
62.2     THE  LESSEE SHALL ASSIGN AND THE LESSOR SHALL TAKE AN ASSIGNMENT OF THE
ELEVATOR  SERVICE  AGREEMENT  BETWEEN THE LESSEE AND  KONE ELEVATORS PTY LIMITED
("KONE")  WHICH  COMMENCED  ON  1  MARCH 2000 WITH RESPECT TO THE PREMISES.  THE
LESSOR  AND THE LESSEE ACKNOWLEDGE THAT, WHILE THE AGREEMENT SUBSISTS DURING THE
TERM,  THE  MAINTAINING  OF THE ELEVATORS IN THE PREMISES AND THE KEEPING OF THE
ELEVATORS  IN  GOOD  REPAIR AND CONDITION WILL BE THE RESPONSIBILITY OF KONE AND
THE  LESSEE WILL REIMBURSE THE LESSOR FOR AMOUNTS PROPERLY PAYABLE TO KONE UNDER
THE  AGREEMENT.
62.3     THE  LESSEE  MUST  COMPLY WITH THE LESSOR'S REASONABLE DIRECTIONS ABOUT
REFUSE  REMOVAL  AND  RECYCLING.
62.4     THE  LESSOR WILL NOTIFY THE LESSEE (IF POSSIBLE) OF ANY INTERRUPTION TO
ANY  SERVICE  PROVIDED  UNDER  THIS  LEASE  AND REINSTATE THE SERVICE AS SOON AS
PRACTICABLE  AFTER  SUCH  INTERRUPTION.
63.     ENVIRONMENTAL  PROTECTION
63.1     THE  LESSEE  AGREES  TO  COMPLY  WITH  ALL  ENVIRONMENTAL  PROTECTION
LEGISLATION DURING THE TERM TO THE EXTENT THAT THE LESSEE CAUSES ANY REQUIREMENT
OF  SUCH  LEGISLATION  TO  BE APPLIED TO THE PREMISES AND WILL NOT BRING ONTO OR
ALLOW TO REMAIN ON THE PREMISES ANY SUBSTANCE OR MATERIAL, THE PRESENCE OF WHICH
IS,  OR  WITH  THE  PASSAGE  OF  TIME MAY, CONSTITUTE OR CREATE AN ENVIRONMENTAL
CONTAMINATION  RISK  OR  HAZARD  EXCEPT SUCH AS MAY BE REQUIRED FOR THE LESSEE'S
BUSINESS  AND THE LESSEE SHALL COMPLY WITH ANY LAW IN RESPECT OF SUCH SUBSTANCES
OR  MATERIALS  WHICH  ARE  SO  REQUIRED.
63.2     THE  LESSEE INDEMNIFIES THE LESSOR FROM AND AGAINST ALL COSTS, DAMAGES,
PENALTIES,  FINES,  LOSSES OR CLAIMS WHICH THE LESSOR MAY SUSTAIN AS A RESULT OF
ANY  BREACH  OF  CLAUSE  15.1  BY  THE LESSEE INCLUDING THE COST INCURRED BY THE
LESSOR  IN  CLEANING  UP  THE  REINSTATING  THE  PREMISES, DISPOSING OF ANY SUCH
MATERIAL  AND  COMPLYING  WITH  ALL  LEGAL REQUIREMENTS IN THE REMOVAL, STORAGE,
TRANSPORTATION  AND  DISPOSAL  OF  THE  MATERIAL.
64.     RULES  AND  REGULATIONS
64.1     THE  LESSEE  MUST  OBSERVE  AND  COMPLY  WITH  RULES AND REGULATIONS IN
RESPECT  OF THE MANAGEMENT, SAFETY AND CONTROL OF THE BUILDING OR IN THE CONDUCT
OF OCCUPANTS OF THE BUILDING NOTIFIED TO THE LESSEE FROM TIME TO TIME AS VARIED,
ADDED  TO,  DELETED  OR  AMENDED.
64.2     THE  LESSOR  SHALL  HAVE THE RIGHT AT ANY TIME AND FROM TIME TO TIME TO
DELETE  VARY  AMEND  OR  ADD TO THE SAID RULES AND REGULATIONS.  THE LESSEE MUST
OBSERVE  AND  COMPLY  WITH  SUCH  DELETIONS  VARIATIONS  AMENDMENTS OR ADDITIONS
FOLLOWING  NOTICE  IN  WRITING  FROM  THE  LESSOR.
64.3     DESPITE  THE  FOREGOING,  NO  RULE  OR REGULATION OR DELETION VARIATION
AMENDMENT  OR  ADDITION  TO  ANY  RULE  OR  REGULATION SHALL DEROGATE FROM OR BE
INCONSISTENT  WITH  THE  RIGHTS  OF  THE  LESSEE  UNDER  THIS  LEASE.
64.4     SUBJECT  TO THE PRECEDING SUBCLAUSE, THE LESSEE ACKNOWLEDGES AND AGREES
THAT  THE FAILURE OF THE LESSEE TO KEEP ANY SUCH RULES AND REGULATIONS AS MAY BE
IN  FORCE  SHALL  CONSTITUTE  A  BREACH  OF  THE  TERMS  OF  THIS  LEASE.
65.     DISPUTE  RESOLUTION
(A)     A  PARTY  MUST NOT COMMENCE LEGAL PROCEEDINGS (OTHER THAN FOR INJUNCTIVE
RELIEF)  UNLESS  IT  HAS  COMPLIED  WITH  THIS  CLAUSE.
(B)     IF  THERE  IS  A  DISPUTE  BETWEEN  THE PARTIES, EITHER PARTY MAY GIVE A
NOTICE  TO  THE  OTHER:
(I)     SUCCINCTLY  SETTLING  OUT  THE  DETAILS  OF  THE  DISPUTE;
(II)     STATING  THAT  IT  IS  A  DISPUTE  NOTICE  GIVEN  UNDER  THIS  CLAUSE.
(C)     WITHIN  10  BUSINESS  DAYS AFTER THE DELIVERY OF THE DISPUTE NOTICE, THE
RECIPIENT  MUST  DELIVER  TO  THE  OTHER  PARTY  A  NOTICE  IN  RESPONSE:
(I)     STATING  THAT  IT  IS  A  NOTICE  GIVEN  UNDER  THIS  CLAUSE;  AND
(II)     SUCCINCTLY SETTING OUT ANY INFORMATION IT BELIEVES IS DIRECTLY RELEVANT
TO  THE  DISPUTE.
(D)     THE PARTIES MUST MEET WITHIN 15 BUSINESS DAYS AFTER THE DATE OF DELIVERY
OF  THE  DISPUTE  NOTICE TO ATTEMPT TO RESOLVE THE DISPUTE AND MUST USE ITS BEST
ENDEAVOURS  AND  ACT  IN  GOOD  FAITH.
(E)     (I)     IF  THE PARTIES CANNOT SOLVE THE DISPUTE WITHIN 20 BUSINESS DAYS
OF  THE DATE ON WHICH THE DISPUTE NOTICE IS DELIVERED, EACH PARTY MUST REFER THE
DISPUTE  TO  ITS  RESPECTIVE  CHIEF  EXECUTIVE  OFFICER;
(II)     EACH  PARTY  MUST  PROVIDE  ITS CHIEF EXECUTIVE OFFICER WITH A COPY OF:
(A)     THE  DISPUTE  NOTICE;
(B)     THE  NOTICE  IN  RESPONSE;  AND
(C)     A  SUCCINCT ACCOUNT OF ANY SUBSEQUENT MEETINGS OR CORRESPONDENCE BETWEEN
THE  PARTIES.
(F)     IF  THE  CHIEF  EXECUTIVE  OFFICERS  CANNOT  SOLVE THE DISPUTE WITHIN 30
BUSINESS DAYS OF THE DATE ON WHICH THE DISPUTE NOTICE IS DELIVERED, THEN NEITHER
PARTY  IS  RESTRICTED  IN  PURSUING  ITS  RIGHTS  UNDER  THIS  LEASE.
(G)     EACH  PARTY  MUST  CONTINUE  TO PERFORM ITS RESPECTIVE OBLIGATIONS UNDER
THIS  LEASE  PENDING  RESOLUTION  OF  THE  DISPUTE.
66.     LIMITATION  OF  LIABILITY
66.1     THE  LESSOR (REFERRED TO IN THIS CLAUSE AS "THE CUSTODIAN") ENTERS INTO
THIS  LEASE AS CUSTODIAN AND AGENT OF MACQUARIE GOODMAN FUNDS MANAGEMENT LIMITED
A.C.N.  067  796  641,  THE  RESPONSIBLE  ENTITY  OF  THE  TRUST AND IN NO OTHER
CAPACITY.
66.2     THE  PARTIES  OTHER THAN THE CUSTODIAN ACKNOWLEDGE THAT THE OBLIGATIONS
ARE  INCURRED BY THE CUSTODIAN SOLELY IN ITS CAPACITY AS CUSTODIAN OF THE ASSETS
OF  THE TRUST AND AS AGENT OF THE RESPONSIBLE ENTITY AND THAT THE CUSTODIAN WILL
CEASE  TO  HAVE  ANY OBLIGATION UNDER THIS LEASE IF THE CUSTODIAN CEASES FOR ANY
REASON  TO  BE  CUSTODIAN  OF  THE  ASSETS  OF  THE  TRUST.
66.3     THE  CUSTODIAN  WILL  NOT  BE  LIABLE TO PAY OR SATISFY ANY OBLIGATIONS
EXCEPT  TO  THE  EXTENT  TO WHICH IT IS INDEMNIFIED BY THE RESPONSIBLE ENTITY OR
EXCEPT  OUT  OF  THE  ASSETS  AGAINST  WHICH IT IS ENTITLED TO BE INDEMNIFIED IN
RESPECT  OF  ANY  LIABILITY  INCURRED BY IT.   THE OBLIGATION OF THE RESPONSIBLE
ENTITY  TO  INDEMNIFY  THE  CUSTODIAN  AND  THE  RIGHT  OF  THE  CUSTODIAN TO BE
INDEMNIFIED  OUT  OF  THE  ASSETS  ARE  LIMITED.
66.4     THE  PARTIES  OTHER THAN THE CUSTODIAN MAY ENFORCE THEIR RIGHTS AGAINST
THE CUSTODIAN ARISING FROM NON-PERFORMANCE OF THE OBLIGATIONS ONLY TO THE EXTENT
OF  THE  CUSTODIAN  INDEMNITY  AS  PROVIDED  ABOVE  IN  SUBCLAUSE  3.
66.5     IF  ANY PARTY OTHER THAN THE CUSTODIAN DOES NOT RECOVER ALL MONEY OWING
TO IT ARISING FROM NON-PERFORMANCE OF THE OBLIGATIONS IT MAY NOT SEEK TO RECOVER
THE  SHORTFALL  BY:
(A)     BRINGING PROCEEDINGS AGAINST THE CUSTODIAN IN ITS PERSONAL CAPACITY;  OR
(B)     APPLYING  TO HAVE THE CUSTODIAN WOUND UP OR PROVING IN THE WINDING UP OF
THE  CUSTODIAN.
66.6     EXCEPT  IN THE CASE OF AND TO THE EXTENT OF FRAUD, NEGLIGENCE OR BREACH
OF  DUTY  ON  THE  PART  OF  THE  CUSTODIAN UNDER ITS CUSTODY AGREEMENT WITH THE
RESPONSIBLE  ENTITY, THE PARTIES OTHER THAN THE CUSTODIAN WAIVE THEIR RIGHTS AND
RELEASE  THE CUSTODIAN FROM ANY PERSONAL LIABILITY WHATSOEVER, IN RESPECT OF ANY
LOSS  OR  DAMAGE:
(A)     WHICH  THEY  MAY  SUFFER  AS  A  RESULT  OF  ANY:
(I)     BREACH  BY  THE  CUSTODIAN  OF  ANY  OF  ITS  OBLIGATIONS;   OR
(II)     NON-PERFORMANCE  BY  THE  CUSTODIAN  OF  THE  OBLIGATIONS;  AND
(B)     WHICH  CANNOT  BE  PAID OR SATISFIED FROM THE INDEMNITY SET OUT ABOVE IN
SUBCLAUSE  3  IN  RESPECT  OF  ANY  LIABILITY  INCURRED  BY  IT.
66.7     THE PARTIES OTHER THAN THE CUSTODIAN ACKNOWLEDGE THAT THE WHOLE OF THIS
LEASE  IS  SUBJECT TO THIS CLAUSE AND SUBJECT TO SUBCLAUSE 6 THE CUSTODIAN SHALL
IN  NO  CIRCUMSTANCES BE REQUIRED TO SATISFY ANY LIABILITY ARISING UNDER, OR FOR
NON  PERFORMANCE OR BREACH OF ANY OBLIGATIONS UNDER OR IN RESPECT OF, THIS LEASE
OR  UNDER  OR  IN RESPECT OF ANY OTHER DOCUMENT TO WHICH IT IS EXPRESSED TO BE A
PARTY  OUT  OF  ANY FUNDS, PROPERTY OR ASSETS OTHER THAN TO THE EXTENT THAT THIS
LEASE REQUIRES SATISFACTION OUT OF THE ASSETS OF THE TRUST UNDER THE CUSTODIAN'S
CONTROL AND IN ITS POSSESSION AS AND WHEN THEY ARE AVAILABLE TO THE CUSTODIAN TO
BE  APPLIED  IN  EXONERATION  FOR  SUCH  LIABILITY.
66.8     THE  PARTIES  ACKNOWLEDGE  THAT  THE RESPONSIBLE ENTITY OF THE TRUST IS
RESPONSIBLE  UNDER  THE  CONSTITUTION  FOR  PERFORMING  A VARIETY OF OBLIGATIONS
RELATING  TO  THE TRUST, INCLUDING UNDER THIS LEASE.   THE PARTIES AGREE THAT NO
ACT  OR  OMISSION OF THE CUSTODIAN (INCLUDING ANY RELATED FAILURE TO SATISFY ANY
OBLIGATIONS)  WILL  CONSTITUTE  FRAUD,  NEGLIGENCE  OR  BREACH  OF  DUTY  OF THE
CUSTODIAN  FOR  THE  PURPOSES  OF  SUBCLAUSE 6 TO THE EXTENT TO WHICH THE ACT OR
OMISSION  WAS  CAUSED  TO  OR  CONTRIBUTED  TO BY ANY FAILURE OF THE RESPONSIBLE
ENTITY OR ANY OTHER PERSON TO FULFIL ITS OBLIGATIONS RELATING TO THE TRUST OR BY
ANY  OTHER  ACT  OR  OMISSION  OF  THE  RESPONSIBLE  ENTITY OR ANY OTHER PERSON.
66.9     NO  ATTORNEY,  AGENT  OR OTHER PERSON APPOINTED IN ACCORDANCE WITH THIS
LEASE HAS AUTHORITY TO ACT ON BEHALF OF THE CUSTODIAN IN A WAY WHICH EXPOSES THE
CUSTODIAN TO ANY PERSONAL LIABILITY AND NO ACT OR OMISSION OF SUCH A PERSON WILL
BE  CONSIDERED  FRAUD,  NEGLIGENCE  OR  BREACH  OF DUTY OF THE CUSTODIAN FOR THE
PURPOSES  OF  SUBCLAUSE  6.
66.10     IN THIS CLAUSE THE "OBLIGATIONS" MEANS ALL OBLIGATIONS AND LIABILITIES
OF  WHATEVER  KIND  UNDERTAKEN  OR INCURRED BY, OR DEVOLVING UPON, THE CUSTODIAN
UNDER  OR IN RESPECT OF THIS LEASE.   "ASSETS" INCLUDES ALL ASSETS, PROPERTY AND
RIGHTS  REAL AND PERSONAL OF ANY VALUE WHATSOEVER OF THE TRUST, AND "RESPONSIBLE
ENTITY"  MEANS  MACQUARIE  GOODMAN  FUNDS  MANAGEMENT LIMITED OR ANY REPLACEMENT
RESPONSIBLE ENTITY OF THE TRUST FROM TIME TO TIME.   "TRUST" MEANS THE MACQUARIE
GOODMAN  CAPITAL  TRUST,  "CUSTODY  AGREEMENT"  MEANS THE AGREEMENT MADE BETWEEN
MACQUARIE  GOODMAN  FUNDS MANAGEMENT LIMITED (PREVIOUSLY KNOWN AS GOODMAN HARDIE
MANAGEMENT  AUSTRALIA  LIMITED)  AND TRUST COMPANY OF AUSTRALIA LIMITED DATED 17
JANUARY 2000 OR SUCH REPLACEMENT AGREEMENT.  "CONSTITUTION" MEANS THE TRUST DEED
ESTABLISHING  THE  TRUST  DATED  13  DECEMBER 1989 AS AMENDED FROM TIME TO TIME.
67.     RESPONSIBLE  ENTITY'S  LIMITATION  OF  LIABILITY
67.1     THE  RESPONSIBLE  ENTITY  (AS TESTIFIED BY ITS EXECUTION OF THIS LEASE)
INCURS OBLIGATIONS UNDER THIS LEASE AS RESPONSIBLE ENTITY OF THE TRUST AND IN NO
OTHER  CAPACITY.   AN  OBLIGATION CAN BE ENFORCED AGAINST THE RESPONSIBLE ENTITY
ONLY  TO THE EXTENT TO WHICH IT IS SATISFIED OUT OF PROPERTY OF THE TRUST OUT OF
WHICH  THE  RESPONSIBLE ENTITY IS ACTUALLY INDEMNIFIED FOR THE OBLIGATION.  THIS
LIMITATION  OF  THE  RESPONSIBLE  ENTITY'S  LIABILITY  APPLIES DESPITE ANY OTHER
PROVISION  OF  THIS  LEASE  AND  EXTENDS  TO  ALL  OBLIGATIONS.
67.2     THE  PARTIES  OTHER  THAN  THE  RESPONSIBLE  ENTITY  MAY  NOT  SUE  THE
RESPONSIBLE  ENTITY  IN  ANY  CAPACITY  OTHER  THAN AS RESPONSIBLE ENTITY OF THE
TRUST,  INCLUDING  SEEK  THE  APPOINTMENT  OF  A RECEIVER (EXCEPT IN RELATION TO
PROPERTY  OF THE TRUST), A LIQUIDATOR, AN ADMINISTRATOR OR ANY SIMILAR PERSON TO
THE  RESPONSIBLE  ENTITY  OR  PROVE  IN  ANY  LIQUIDATION,  ADMINISTRATION  OR
ARRANGEMENT  OF  OR  AFFECTING  THE  RESPONSIBLE  ENTITY  (EXCEPT IN RELATION TO
PROPERTY  OF  THE  TRUST).
67.3     THE  PROVISIONS  OF  THIS  CLAUSE  DO NOT APPLY TO AN OBLIGATION TO THE
EXTENT  THAT  IT  IS NOT SATISFIED BECAUSE UNDER THE TRUST DEED ESTABLISHING THE
TRUST  OR  BY  OPERATION  OF  LAW  THERE  IS  A  REDUCTION  IN THE EXTENT OF THE
RESPONSIBLE ENTITY'S INDEMNIFICATION OUT OF THE ASSETS OF THE TRUST, AS A RESULT
OF  THE  RESPONSIBLE  ENTITY'S  FRAUD,  NEGLIGENCE  OR  BREACH  OF  TRUST.  THE
RESPONSIBLE  ENTITY  IS  NOT  TO  BE REGARDED AS BEING NEGLIGENT OR IN BREACH OF
TRUST  TO  THE  EXTENT TO WHICH ANY FAILURE BY THE RESPONSIBLE ENTITY TO SATISFY
ITS  OBLIGATIONS UNDER THIS LEASE HAS BEEN CAUSED OR CONTRIBUTED TO BY A FAILURE
BY  ANY  PERSON  TO FULFIL ITS OBLIGATIONS IN RELATION TO THE TRUST OR ANY OTHER
ACT  OR  OMISSION  OF  ANOTHER  PERSON.
67.4     NO  ATTORNEY,  AGENT,  RECEIVER,  OR  RECEIVER AND MANAGER APPOINTED IN
ACCORDANCE  WITH  THIS  LEASE  HAS AUTHORITY TO ACT ON BEHALF OF THE RESPONSIBLE
ENTITY IN ANY WAY WHICH EXPOSES THE RESPONSIBLE ENTITY TO ANY PERSONAL LIABILITY
AND  NO  ACT OR OMISSION OF ANY SUCH PERSON WILL BE CONSIDERED FRAUD, NEGLIGENCE
OR  BREACH  OF TRUST OF THE RESPONSIBLE ENTITY FOR THE PURPOSE OF SUBCLAUSE 3 OF
THIS  CLAUSE.
67.5     THE  RESPONSIBLE  ENTITY  IS  NOT  OBLIGED  TO DO OR REFRAIN FROM DOING
ANYTHING UNDER THIS LEASE (INCLUDING INCUR ANY LIABILITY) UNLESS THE RESPONSIBLE
ENTITY'S LIABILITY IS LIMITED IN THE SAME MANNER AS SET OUT IN SUBCLAUSES 1 TO 3
OF  THIS  CLAUSE.
67.6     FOR  THE  PURPOSES  OF  THIS  CLAUSE:
"OBLIGATIONS"  MEANS  ALL  OBLIGATIONS  AND  LIABILITIES  OF  WHATSOEVER  KIND,
UNDERTAKEN  OR INCURRED BY, OR DEVOLVING UPON THE RESPONSIBLE ENTITY UNDER OR IN
RESPECT OF THIS LEASE OR ANY DEED, AGREEMENT OR OTHER INSTRUMENT COLLATERAL WITH
THIS  LEASE  OR  GIVEN  OR  ENTERED  INTO UNDER THIS LEASE AND INCLUDES, WITHOUT
LIMITATION,  ALL LIABILITIES OF THE RESPONSIBLE ENTITY IN ANY WAY CONNECTED WITH
ANY  REPRESENTATION,  WARRANTY,  CONDUCT,  OMISSION,  AGREEMENT  OR  TRANSACTION
RELATED  TO  THIS  LEASE.  "TRUST"  MEANS  THE  MACQUARIE GOODMAN CAPITAL TRUST.
67.7     THE  RESPONSIBLE  ENTITY  WARRANTS TO THE LESSEE THAT, IN ENTERING INTO
THIS  LEASE,  THE  RESPONSIBLE  ENTITY  WILL  NOT  BE  IN  BREACH OF THE CUSTODY
AGREEMENT  AND WILL BE ENTITLED TO BE INDEMNIFIED OUT OF THE ASSETS OF THE TRUST
IN  RELATION  TO  ITS  OBLIGATIONS  AS  LESSEE  ARISING  UNDER  THIS  LEASE.

<PAGE>

                                  RENT  SCHEDULE

A.     DEFINITIONS
     IN  THIS  LEASE  THE FOLLOWING TERMS HAVE THE FOLLOWING MEANINGS UNLESS THE
CONTEXT  OTHERWISE  REQUIRES:
"BASE  RENT"  MEANS  THE AMOUNT OF BASE RENT SPECIFIED IN ITEM 11 AS VARIED FROM
TIME  TO  TIME  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF  THIS  LEASE;
"LEASE  YEAR" MEANS EACH PERIOD OF TWELVE (12) MONTHS COMMENCING ON AND FROM THE
COMMENCEMENT  DATE;
"LESSEE'S  OPERATING  EXPENSE  CONTRIBUTION"  MEANS THE AMOUNT FROM TIME TO TIME
PAYABLE  BY  THE  LESSEE  TO  THE  LESSOR  UNDER  CLAUSE  C.1;
"OPERATING  EXPENSES"  MEANS THE TOTAL OF ALL AMOUNTS PAID BY THE LESSOR (OR FOR
THE  PAYMENT  OF WHICH THE LESSOR MAY BE OR BECOME LIABLE) IN ANY OUTGOINGS YEAR
IN  RESPECT  OF THE BUILDING AND/OR THE LAND (WHETHER BY DIRECT ASSESSMENT OR BY
VIRTUE  OF  ANY  COVENANT  IN  ANY  HEAD LEASE OR OTHERWISE) UNDER THE FOLLOWING
SUBCLAUSES  (A),  (B)  AND  (C):
(A)     STATUTORY  OR  REGULATORY:  ALL  RATES PAYABLE TO ANY AUTHORITY OR UNDER
ANY  LAW  IN  RESPECT  OF:
(I)     THE  BUILDING  OR  ANY  PART  OF  IT;
(II)     THE  LAND  OR  ANY  PART  OF  IT;
(III)     THE  LESSOR'S  OWNERSHIP AND OPERATION OF THE WHOLE OR ANY PART OF THE
BUILDING  AND/OR  THE  LAND;  AND/OR
(IV)     RECEIPTS  OF  RENT  AND OTHER MONEYS PAYABLE IN RESPECT OF THE WHOLE OR
ANY  PART  OF  THE  BUILDING  AND/OR  THE  LAND;
          INCLUDING:
(A)     COUNCIL  RATES:  ALL  RATES PAYABLE TO ANY AUTHORITY RELATING TO THE USE
AND  OCCUPATION OF THE BUILDING AND/OR FOR ANY SERVICES OF THE TYPE FROM TIME TO
TIME  PROVIDED  BY  THE LOCAL GOVERNMENT AUTHORITY FOR THE LOCALITY IN WHICH THE
BUILDING  IS  SITUATED,  AND  FOR  WASTE  AND  GENERAL  GARBAGE REMOVAL FROM THE
BUILDING,  INCLUDING  ANY  EXCESS;
(B)     WATER  RATES:  ALL  RATES  PAYABLE  TO  ANY AUTHORITY FOR THE PROVISION,
RETICULATION  OR  DISCHARGE  OF  WATER AND/OR SEW-AGE AND/OR DRAINAGE, INCLUDING
EXCESS  WATER  OR  WATER  OR  OTHER  USAGE  CHARGES  AND  METER  RENTS;  AND
(C)     LAND  TAX:  LAND TAXES OR TAXES OF THE NATURE OF A TAX ON LAND, COMPUTED
ON  THE  TAXABLE  VALUE  OF  THE  LAND AT THE RATE WHICH WOULD BE PAYABLE BY THE
LESSOR  IF  THE LAND WERE THE ONLY LAND OWNED BY THE LESSOR IN THE STATE AND THE
LESSOR  WERE  NOT  A  TRUSTEE  OR  NON-CONCESSIONAL  COMPANY;
(B)     INSURANCES:  ALL  INSURANCE  PREMIUMS  AND AMOUNTS PAYABLE IN RESPECT OF
INSURANCE:
(I)          BUILDING:  ON THE BUILDING OR ANY PART OF IT FOR ITS FULL INSURABLE
VALUE  EXCEPT  THAT THE LESSEE SHALL NOT BE REQUIRED TO PAY MORE THAN THE AMOUNT
OF  THE  PREMIUM  IT  WOULD  PAY  IF  IT  WERE  EFFECTING  SUCH  INSURANCE;
(II)          LOSS  OF  RENTS:  (SUBJECT  TO  THE EXCLUSION OF ANY RENTS ARISING
FROM  NORMAL VACANCIES DURING LETTING UP PERIODS) FOR LOSS OF ANY RENTS OR OTHER
MONEYS  (WHETHER  SEPARATE  OR  OTHERWISE  INCLUDED IN ANY RENTS OR OTHER MONEYS
PAYABLE  IN  RESPECT  OF ANY TENANCY OR OCCUPATION OF THE BUILDING) ARISING FROM
DAMAGE  OR  DESTRUCTION  OF  THE  BUILDING  OR  ANY  PART  OF IT OR ARISING FROM
DIMINUTION  OR  LOSS  OF  ANY  MEANS  OF  ACCESS  OR  OTHER  SIMILAR  CAUSES;
(III)          WORKERS'  COMPENSATION:  FOR  WORKERS'  COMPENSATION  FOR  ALL
EMPLOY-EES  OF THE LESSOR ENGAGED IN EMPLOYMENT IN CONNECTION WITH THE BUILDING,
BUT WHERE ANY SUCH EMPLOYEE IS ENGAGED IN CONNECTION WITH OTHER BUILDINGS OF THE
LESSOR  THE COST OF WORKERS' COMPENSA-TION INSURANCE SHALL BE APPORTIONED BY THE
LESSOR  ON  A  EQUITABLE  PRO  RATA  BASIS;  AND
(IV)          OTHER  RISKS:  FOR SUCH OTHER INSURABLE RISKS (INCLUDING MACHINERY
BREAKDOWN  AND BOILER EXPLOSION) AS THE LESSOR REASONABLY DEEMS APPROPRIATE FROM
TIME  TO  TIME;
PROVIDED  THAT,  FOR  ANY PERIOD DURING WHICH AN INDUSTRIAL SPECIAL RISKS POLICY
TAKEN OUT BY THE LESSEE UNDER CLAUSE 7.7 IS ON FOOT, THE LESSOR MUST NOT INCLUDE
WITHIN  OPERATING  EXPENSES  ANY  PREMIUMS  OR  AMOUNTS  PAYABLE  IN  RESPECT OF
INSURANCE  UNDER  PARAGRAPHS  (I)  AND  (II).
(C)     MANAGEMENT  EXPENSES:  MANAGEMENT,  CONTROL,  CARETAKING  AND  SECURITY
EXPENSES  ("MANAGEMENT  SERVICES")  OF THE LAND WHETHER PERFORMED ON THE LAND OR
ELSEWHERE  AND WHETHER PERFORMED BY THE LESSOR OR BY OTHERS (INCLUDING SALARIES,
LEAVE  ENTITLEMENTS,  SUPERANNUATION  OR  OTHER EMPLOYMENT OVERHEADS PAID BY THE
LESSOR)  PROVIDED  THAT  WHILST  EVER  A  "RESMED COMPANY" [BEING RESMED LIMITED
AND/OR  A  RELATED  BODY CORPORATE (WHICH TERM IN THIS CLAUSE HAS THE MEANING AS
DEFINED  IN  THE  CORPORATIONS  ACT  2001) OF RESMED LIMITED] IS THE LESSEE, THE
LESSOR  APPOINTS  THE RESMED COMPANY TO PERFORM THE MANAGEMENT SERVICES IN WHICH
CASE  THE RESMED COMPANY WILL ATTEND TO SAME DILIGENTLY AND AT NO EXPENSE TO THE
LESSOR  AND  THE  LESSOR  SHALL  NOT  INCLUDE ANY SUCH EXPENSES WITHIN OPERATING
EXPENSES.
     "OUTGOINGS YEAR" MEANS EACH PERIOD OF TWELVE (12) MONTHS ENDING ON THE DATE
IN  EACH YEAR SPECIFIED IN ITEM 17, NOTWITHSTANDING THAT PART OF ANY SUCH TWELVE
(12)  MONTH  PERIOD DOES NOT FALL WITHIN THE TERM (OR ANY PERIOD OF HOLDING OVER
AS  APPROPRIATE);
     "RATES"  INCLUDES  ALL  RATES,  TAXES, CHARGES, COSTS, ASSESSMENTS, DUTIES,
IMPOSITIONS,  LEVIES,  SURCHARGES  OR  FEES, OF ANY AUTHORI-TY OR OF ANY LAW BUT
EXCLUDES  ANY:
(A)     INCOME  TAX:  TAX  ON  THE  ASSESSABLE  INCOME  OF  THE  LESSOR;  OR
(D)     RATES  ASSESSED  ON THE PREMISES:  RATES ASSESSED DIRECTLY IN RESPECT OF
THE  PREMISES  AND  PAID  BY  THE  LESSEE;
B.     BASE  RENT
B.1     PAYMENT  OF  BASE  RENT
THE  LESSEE  COVENANTS  WITH THE LESSOR TO PAY TO THE LESSOR, WITHOUT DEMAND AND
WITHOUT  ANY  DEDUCTION  OR RIGHT OF SET-OFF WHATEVER, THE BASE RENT RESERVED BY
THIS  LEASE  BY EQUAL MONTHLY INSTALMENTS (AND PROPORTIONATELY FOR ANY PART OF A
MONTH)  IN  ADVANCE ON THE FIRST DAY OF EACH MONTH.  THE FIRST INSTAL-MENT SHALL
BE  PAID  ON  THE COMMENCEMENT DATE.  ALL SUCH INSTALMENTS SHALL BE PAID TO SUCH
PLACE  AND  BY  SUCH  MEANS  AS  THE  LESSOR  MAY  FROM  TIME  TO  TIME  DIRECT.
B.2     PERCENTAGE  REVIEW  OF  BASE  RENT
AT THE EXPIRATION OF EACH LEASE YEAR THE BASE RENT SHALL BE VARIED IN ACCORDANCE
WITH  THE  FOLLOWING  FORMULA:
     R  =  R  X  103       WHERE  IN  THIS  CLAUSE:
           ---------
               100
     R  =     BASE  RENT  PAYABLE  FOR  THE  FOLLOWING  LEASE  YEAR;
     R  =     BASE  RENT  PAYABLE  DURING  THE  LEASE  YEAR  JUST  ENDED.
C.     OPERATING  EXPENSES
C.1     LESSEE'S  OPERATING  EXPENSE  CONTRIBUTION
IN  ADDITION  TO  THE  BASE RENT THE LESSEE SHALL PAY TO THE LESSOR THE LESSEE'S
OPERATING  EXPENSE  CONTRIBUTION  FOR  EACH  OUTGOINGS YEAR, THE AMOUNT OF WHICH
SHALL  BE  CALCULATED  AS  FOLLOWS:
     C  =  N  X  I      WHERE  IN  THIS  CLAUSE:
           -------
               Y
     C  =     LESSEE'S  OPERATING  EXPENSE  CONTRIBUTION;
     N  =     THE  NUMBER  OF  DAYS OF THE TERM OR HOLDING OVER (AS APPROPRIATE)
FALLING  WITHIN  THE  RELEVANT  OUTGOINGS  YEAR;
     I  =     THE  AMOUNT  (TO THE NEAREST DOLLAR) OF THE OPERATING EXPENSES FOR
THE  RELEVANT  OUTGOINGS  YEAR;
     Y  =     365  (OR  366  IN  THE  CASE  OF  A  LEAP  YEAR).
C.2     LESSOR'S  ESTIMATE
THE  LESSOR  MAY:
(E)     BEFORE  OR  DURING EACH OUTGOINGS YEAR NOTIFY THE LESSEE OF THE LESSOR'S
REASONABLE  ESTIMATE  OF  THE  LESSEE'S  OPERATING EXPENSE CONTRIBUTION FOR THAT
OUTGOINGS  YEAR;  AND
(F)     FROM  TIME  TO  TIME  DURING THAT OUTGOINGS YEAR BY NOTICE TO THE LESSEE
ADJUST  THE  REASONABLE ESTIMATE OF THE LESSEE'S OPERAT-ING EXPENSE CONTRIBUTION
AS  MAY  BE  APPROPRIATE  TO  TAKE  ACCOUNT  OF  CHANGES IN ANY OF THE OPERATING
EXPENSES.
C.3     PAYMENTS  ON  ACCOUNT
THE  LESSEE  SHALL PAY ON ACCOUNT OF THE LESSEE'S OPERATING EXPENSE CONTRIBUTION
(SUBJECT  TO THIS CLAUSE C, WITHOUT DEMAND AND WITHOUT ANY DEDUCTION OR RIGHT OF
SET  OFF  WHATEVER)  THE  ESTIMATES  PROVIDED FOR IN CLAUSE C.2 BY EQUAL MONTHLY
INSTALMENTS  IN ADVANCE ON THE SAME DAYS AND IN THE SAME MANNER AS THE LESSEE IS
REQUIRED  TO  PAY  BASE  RENT.
C.4     ADJUSTMENTS  OF  PAYMENTS
(B)     AS  SOON  AS PRACTICABLE AFTER THE END OF EACH OUTGOINGS YEAR THE LESSOR
SHALL  FURNISH TO THE LESSEE A NOTICE GIVING REASONABLE DETAILS OF THE OPERATING
EXPENSES  FOR  THAT  OUTGOINGS  YEAR  AND  THE  LESSEE'S  OPERATING  EXPENSE
CONTRIBUTION.
(G)     THE  LESSEE SHALL WITHIN FOURTEEN (14) DAYS AFTER THE DATE OF THE NOTICE
REFERRED TO IN CLAUSE C.4(A) PAY TO THE LESSOR OR THE LESSOR SHALL CREDIT TO THE
LESSEE'S  ACCOUNT  (AS  APPROPRIATE)  THE  DIFFERENCE BETWEEN THE AMOUNT PAID ON
ACCOUNT  OF  THE  LESSEE'S OPERAT-ING EXPENSE CONTRIBUTION DURING THAT OUTGOINGS
YEAR AND THE AMOUNT ACTUALLY PAYABLE IN RESPECT OF IT BY THE LESSEE, SO THAT THE
LESSEE  SHALL  HAVE  PAID  THE  CORRECT AMOUNT OF THE LESSEE'S OPERATING EXPENSE
CONTRIBUTION  FOR  THAT  OUTGOINGS  YEAR.  IN  THE  ABSENCE OF PATENT ERROR SUCH
NOTICE  SHALL  BE  SUFFICIENT EVIDENCE OF THE MATTERS CONTAINED IN IT UNLESS THE
CONTRARY  IS  PROVED.
C.5     PAYMENT  NOTWITHSTANDING  TERMINATION
SUBJECT  TO  CLAUSE  C.6  THE  LESSEE'S  OPERATING EXPENSE CONTRIBUTION SHALL BE
PAYABLE NOTWITHSTANDING THAT THE TERM MAY HAVE EXPIRED OR BEEN DETERMINED BEFORE
THE LESSEE'S OPERATING EXPENSE CONTRIBUTION FOR ANY PARTICULAR OUTGOINGS YEAR IS
CAPABLE  OF  BEING  FINALLY  CALCULATED.
C.6     LESSOR'S  RIGHTS  NOT  DIMINISHED
NOTHING  IN  CLAUSES  C.1  TO  C.5  SHALL  PREVENT  THE  LESSOR:
(C)     RECOVERING  FROM  THE LESSEE THE LESSEE'S OPERATING EXPENSE CONTRIBUTION
WHERE  THE  LESSOR  HAS  FAILED  TO  NOTIFY THE LESSEE OF AN ESTI-MATE OR OF THE
ACTUAL  AMOUNT  OF  SUCH  LESSEE'S  OPERATING  EXPENSE CONTRI-BUTION IN A TIMELY
MANNER  (INCLUDING  FAILURE  TO  NOTIFY  PRIOR TO THE TERMINA-TION DATE OR OTHER
DETERMINATION  OF  THIS  LEASE);  OR
(H)     REQUIRING  THE  LESSEE  IN ANY NOTICE TO PAY TO THE LESSOR A LUMP SUM IN
RESPECT  OF  THE  LESSEE'S  OPERATING  EXPENSE  CONTRIBUTION  FOR  A  PERIOD THE
COMMENCEMENT  OF  WHICH  PRE-DATES  THE  DATE  OF  ANY  SUCH  NOTICE.
D.     SERVICE  CHARGES
D.1     LESSEE  TO  PAY  CHARGES  LEVIED  ON  PREMISES
THE  LESSEE  SHALL  FORTHWITH  PAY  ALL:
(D)     COSTS,  RATES,  TAXES  OR  IMPOSTS  OF  ANY NATURE IMPOSED OR SEPARATELY
CHARGED  BY  ANY  LAW  OR  BY ANY AUTHORITY TO THE PREMISES OR IN RESPECT OF THE
CONDUCT  OF  THE  LESSEE'S  BUSINESS  IN  THE  PREMISES;  AND
(I)     COSTS  FOR  ALL  SERVICES,  INCLUDING  FOR  ALL  SOURCES  OF  ENERGY,
ELECTRICITY,  GAS,  OIL,  WATER  AND  TELEPHONE,  SEPARATELY  SUPPLIED, METERED,
CONSUMED  OR  CONNECTED  (AS  APPROPRIATE)  TO,  IN  OR  ON  THE  PREMISES.
E.     GST
(E)     IN  THIS  CLAUSE  "GST" REFERS TO GOODS AND SERVICES TAX UNDER A NEW TAX
SYSTEM (GOODS AND SERVICES TAX) ACT 1999 ("GST ACT") AND THE TERMS USED HAVE THE
MEANINGS  AS  DEFINED  IN  THE  GST  ACT.
(J)     IT  IS  AGREED  THAT RENT AND ALL OTHER AMOUNTS AGREED TO BE PAID BY THE
LESSEE  TO  THE LESSOR, BEING THE CONSIDERATION FOR THE SUPPLY EXPRESSED IN THIS
LEASE,  ARE  EXCLUSIVE  OF  GST.
(K)     IN  RESPECT  OF  ANY  LIABILITY OF THE LESSOR FOR GST IN RESPECT OF THIS
LEASE,  AND  THE  RENEWAL OR EXTENSION OF THIS LEASE, INCLUDING FOR RENT, RATES,
OUTGOINGS,  OR  ANY  CONSIDERATION  FOR  ANY  OTHER  TAXABLE  SUPPLY, THE LESSEE
COVENANTS TO PAY TO THE LESSOR AT THE SAME TIME AS ANY PAYMENT IS MADE INVOLVING
THE  LESSOR  IN  GST  LIABILITY, THE ADDITIONAL AMOUNT OF GST, TOGETHER WITH THE
PAYMENT  TO  WHICH  IT  RELATES.
(L)     (I)     THE LESSEE'S LIABILITY UNDER (C) IS TO REIMBURSE THE FULL AMOUNT
OF GST, DISREGARDING AND EXCLUDING THE LESSOR'S ENTITLEMENT TO INPUT TAX CREDITS
OR  OTHER  CREDITS  OR  REIMBURSEMENTS  FOR  GST.
(II)          NOTWITHSTANDING  (D)(I), IF THE LESSOR IS ENTITLED TO AN INPUT TAX
CREDIT  IN  RELATION  TO  ANY  AMOUNT RECOVERABLE FROM THE LESSEE UNDER (C), THE
AMOUNT  PAYABLE  BY  THE  LESSEE SHALL BE REDUCED BY THE AMOUNT OF THE INPUT TAX
CREDIT  WHICH  THE  LESSOR  HAS  RECEIVED  OR CLAIMS AND IS ENTITLED TO RECEIVE.
(III)     IN  RESPECT OF EACH PAYMENT BY THE LESSEE UNDER (C), THE LESSOR AGREES
TO  DELIVER TO THE LESSEE, AS REQUIRED UNDER THE GST ACT, TAX INVOICES IN A FORM
WHICH  COMPLIES  WITH  THE GST ACT, AND THE REGULATIONS, TO ENABLE THE LESSEE TO
CLAIM  INPUT  TAX  CREDITS  IN  RESPECT  OF  THE  TAXABLE  SUPPLY.

<PAGE>
<TABLE>

<CAPTION>

                                      TABLE  OF  CONTENTS

<S>                           <C>                                                         <C>
SUMMARY OF LEASE PARTICULARS                                                              19
GENERAL LEASE CONDITIONS                                                                  21
1.                            DEFINITIONS AND INTERPRETATION                              21
1.1                           DEFINITIONS                                                 21
1.2                           INTERPRETATION                                              23
2.                            EXCLUSION OF STATUTORY PROVISIONS                           25
2.1                           CONVEYANCING ACT                                            25
2.2                           MORATORIUM                                                  25
3.                            TERM                                                        25
3.1                           TERM OF LEASE                                               25
3.2                           OPTION TO RENEW                                             25
3.3                           HOLDING OVER                                                26
4.                            USE OF PREMISES AND BUILDING                                26
4.1                           PERMITTED USE                                               26
4.2                           NO WARRANTY AS TO USE                                       26
4.3                           COMPLIANCE WITH LAWS AND REQUIREMENTS                       26
4.4                           OVERLOADING                                                 27
4.5                           AIRCONDITIONING AND FIRE ALARM EQUIPMENT                    27
4.6                           USE OF APPURTENANCES                                        28
4.7                           NOT ERECT AWNING                                            28
4.8                           NOT DAMAGE                                                  28
4.9                           NOT ACCUMULATE RUBBISH                                      28
4.10                          NOT THROW ITEMS FROM WINDOWS                                28
4.11                          SIGNS                                                       28
4.12                          INFECTIOUS ILLNESS                                          28
4.13                          FOR SALE/TO LET                                             29
5.                            MAINTENANCE REPAIRS ALTERATIONS AND ADDITIONS               29
5.1                           REPAIR OBLIGATIONS                                          29
5.2                           LESSOR'S RIGHT OF INSPECTION                                29
5.5                           ENFORCEMENT OF REPAIR OBLIGATIONS                           30
5.6                           LESSOR MAY ENTER TO REPAIR                                  30
5.7                           ALTERATIONS TO PREMISES                                     30
5.8                           ALTERATIONS OR ADDITIONS TO LESSOR'S FIXTURES AND SERVICES  31
5.9                           NOTICE TO LESSOR OF DAMAGE, ACCIDENT ETC                    31
6.                            ASSIGNMENT AND SUBLETTING                                   31
6.1                           NO DISPOSAL OF LESSEE'S INTEREST                            31
6.2                           ASSIGNMENTS AND SUBLEASES                                   31
6.3                           CORPORATE OWNERSHIP                                         32
6.4                           MORTGAGING LESSEE'S INTEREST IN PREMISES                    32
6.5                           RESMED LTD AND RELATED BODIES CORPORATE                     32
7.                            INSURANCE AND INDEMNITIES                                   32
7.1                           INSURANCES TO BE TAKEN OUT BY LESSEE                        32
7.2                           EFFECT ON LESSOR'S INSURANCES                               33
7.3                           INFLAMMABLE SUBSTANCES                                      33
7.4                           COMPLIANCE WITH FIRE REGULATIONS                            33
7.5                           EXCLUSION OF LESSOR'S LIABILITY                             33
7.6                           INDEMNITIES                                                 34
7.7                           BUILDING INSURANCE                                          34
8.                            DAMAGE AND RESUMPTION                                       35
8.1                           DAMAGE TO OR DESTRUCTION OF BUILDING/PREMISES               35
8.2                           LESSOR'S RIGHT TO TERMINATE                                 36
8.3                           RESUMPTION                                                  36
8.4                           LIABILITY                                                   36
8.5                           DISPUTE                                                     36
8.6                           LESSOR NOT OBLIGED TO REINSTATE                             36
9.                            LESSOR'S COVENANTS                                          37
9.1                           QUIET ENJOYMENT                                             37
9.2                           BUILDING CONDITION                                          37
9.3                           FIRE SAFETY AND OTHER REQUIREMENTS                          37
10.                           DEFAULT, TERMINATION                                        37
10.1                          DEFAULT                                                     37
10.2                          FORFEITURE OF LEASE                                         37
10.3                          LESSOR MAY RECTIFY                                          38
10.4                          WAIVER                                                      38
10.5                          TENDER AFTER DETERMINATION                                  38
10.6                          INTEREST ON OVERDUE MONEYS                                  38
10.7                          DAMAGES FOR BREACH                                          38
10.8                          LESSOR MAY INSTITUTE PROCEEDINGS AT ANY TIME                39
10.9                          LESSOR TO MITIGATE DAMAGES                                  39
10.10                         ESSENTIAL TERMS AND DAMAGES                                 39
11.                           DETERMINATION OF TERM                                       39
11.1                          LESSEE TO YIELD UP                                          39
11.2                          REMOVAL OF LESSEE'S FITTINGS                                40
11.3                          LESSEE NOT TO CAUSE DAMAGE                                  40
11.4                          FAILURE BY LESSEE TO REMOVE LESSEE'S FITTINGS               40
11.5                          LESSEE TO INDEMNIFY AND PAY LESSOR'S COSTS                  40
11.6                          EARLIER BREACHES                                            40
12.                           MISCELLANEOUS                                               40
12.1                          NOTICES                                                     40
12.2                          COSTS                                                       41
12.3                          RESERVATIONS                                                43
12.4                          EASEMENTS                                                   43
13.                           GUARANTEES AND INDEMNITIES                                  43
13.1                          BANK GUARANTEE                                              43
13.2                          PERSONAL GUARANTEE                                          43
13.3                          INDEMNITY                                                   43
13.4                          LIABILITY OF GUARANTOR                                      43
13.5                          GUARANTEE TO ENURE                                          45
14.                           REPAIRS MAINTENANCE AND COMPLIANCE WITH LAWS                45
15.                           ENVIRONMENTAL PROTECTION                                    45
16.                           RULES AND REGULATIONS                                       45
17.                           DISPUTE RESOLUTION                                          46
18.                           LIMITATION OF LIABILITY                                     46
19.                           RESPONSIBLE ENTITY'S LIMITATION OF LIABILITY                47
RENT SCHEDULE                                                                             49
A.                            DEFINITIONS                                                 49
B.                            BASE RENT                                                   50
B.1                           PAYMENT OF BASE RENT                                        50
B.2                           PERCENTAGE REVIEW OF BASE RENT                              50
C.                            OPERATING EXPENSES                                          51
C.1                           LESSEE'S OPERATING EXPENSE CONTRIBUTION                     51
C.2                           LESSOR'S ESTIMATE                                           51
C.3                           PAYMENTS ON ACCOUNT                                         51
C.4                           ADJUSTMENTS OF PAYMENTS                                     51
C.5                           PAYMENT NOTWITHSTANDING TERMINATION                         51
C.6                           LESSOR'S RIGHTS NOT DIMINISHED                              51
D.                            SERVICE CHARGES                                             52
D.1                           LESSEE TO PAY CHARGES LEVIED ON PREMISES                    52
E.                            GST                                                         52
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

ANNEXURE  "C"  TO  LEASE  BETWEEN
TRUST  COMPANY  OF  AUSTRALIA  LIMITED  ACN  004  027  749     (LESSOR)
AND  RESMED  LIMITED  ACN  003  765  142     (LESSEE)
DATED  THIS     8TH               DAY  OF   MARY                2002
----------------------------------------------------------------------

<S>                                                 <C>
SIGNED, SEALED AND DELIVERED BY                     )
                                                    )
/S/SIMON HINDSON                                    )
                                                    )
AS ATTORNEY FOR THE LESSOR                          )
TRUST COMPANY OF AUSTRALIA LIMITED                  )
UNDER POWER OF ATTORNEY REGISTERED BOOK 4279 NO. 670)
IN THE PRESENCE OF:                                 )
</TABLE>

/S/EVE ROZALI
---------------------
WITNESS

EVE ROZALI
--------------------
NAME (PRINTED)

---------------------
WITNESS, ADDRESS

THE COMMON SEAL OF                                  )
MACQUARIE GOODMAN FUNDS                             )
MANAGEMENT LIMITED                                  )
ACN 067 796 641 WAS HEREUNTO                        )
AFFIXED IN ACCORDANCE WITH ITS                      )
CONSTITUTION IN THE PRESENCE OF:                    )

/S/ CAROLYN SLOBIS                /S/ GREG GOODMAN
---------------------             ------------------
DIRECTOR / SECRETARY              DIRECTOR

CAROLYN SLOBIS                    GREG GOODMAN
---------------------             ------------------
NAME (PRINTED)                    NAME (PRINTED)

THE COMMON SEAL OF THE LESSEE                        )
RESMED LIMITED WAS AFFIXED                           )
IN ACCORDANCE WITH ITS CONSTITUTION                  )
IN THE PRESENCE OF:                                  )

/S/CHRIS ROBERTS
--------------------------------
DIRECTOR / SECRETARY

CHRIS ROBERTS
--------------------------------
NAME (PRINTED)

</MIMEDATA>
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</XFDL>EMPLOYMENT  AGREEMENT
                           ---------------------

     THIS  EMPLOYMENT  AGREEMENT  DATED  AS  OF MAY 14, 2002, IS ENTERED INTO BY
SERVO  MAGNETICS  ACQUISITION, INC., A DELAWARE CORPORATION (THE "COMPANY"), AND
LESLIE  HOFFMAN,  AN  INDIVIDUAL  (THE  "EMPLOYEE").

1.     EMPLOYMENT.
1.1     TITLE
        -----
..  THE  COMPANY  HEREBY  EMPLOYS  EMPLOYEE, AND EMPLOYEE HEREBY AGREES TO ACCEPT
EMPLOYMENT  FROM  THE  COMPANY  AS  ITS  PRESIDENT  AND  CHIEF EXECUTIVE OFFICER
REPORTING  DIRECTLY  TO THE CEO OF RESMED INC.   EMPLOYEE AGREES TO USE HIS BEST
EFFORTS  TO PROMOTE THE INTERESTS OF THE COMPANY AND TO DEVOTE HIS FULL BUSINESS
TIME  AND  ENERGIES TO THE BUSINESS AND AFFAIRS OF THE COMPANY, UNLESS OTHERWISE
AUTHORIZED  BY  THE BOARD OF DIRECTORS OF RESMED INC., THE PARENT CORPORATION OF
THE  COMPANY  ("RESMED").

2.     TERM  OF  EMPLOYMENT.
2.1
     YOU AGREE TO REMAIN EMPLOYED BY THE COMPANY FOR A PERIOD OF THREE (3) YEARS
AFTER  THE  DATE  OF THIS AGREEMENT.  NEVERTHELESS AND SUBJECT TO THE PROVISIONS
BELOW,  THE  COMPANY  MAY  TERMINATE YOUR EMPLOYMENT AT ANY TIME FOR ANY REASON,
WITH  OR  WITHOUT  CAUSE,  BY  GIVING  YOU  WRITTEN  NOTICE OF SUCH TERMINATION.

3.     COMPENSATION.
3.1     CASH  COMPENSATION
        ------------------
..  AS  COMPENSATION FOR SERVICES PROVIDED TO THE COMPANY, EMPLOYEE SHALL RECEIVE
A SALARY AT THE ANNUAL RATE OF $250,000, TO BE PAID BI-WEEKLY, LESS SUCH PAYROLL
AND  WITHHOLDING  TAXES  AS  REQUIRED  BY  LAW  TO  BE  DEDUCTED  AND SUCH OTHER
DEDUCTIONS  AS  EMPLOYEE  SHALL  AUTHORIZE IN WRITING (THE "BASE COMPENSATION").
THE SALARY SHALL BE PRO-RATED FOR ANY PARTIAL WEEK AT EITHER THE COMMENCEMENT OR
TERMINATION  OF THE EMPLOYMENT, OR AS OTHERWISE PERMITTED BY APPLICABLE LAW WITH
RESPECT  TO  EXEMPT  EMPLOYEES.
3.2     BONUS  COMPENSATION
        -------------------
..  EMPLOYEE WILL QUALIFY FOR A BONUS BASED ON 50% OF HIS BASE COMPENSATION UNDER
THE  RESMED  SENIOR  EXECUTIVE  BONUS  PROGRAM.
3.3     COMPANY  CAR
        ------------
..  DURING THE TERM OF THIS AGREEMENT, THE COMPANY WILL PROVIDE EMPLOYEE WITH THE
USE  OF  A  CAR  SUBSTANTIALLY  SIMILAR  TO  THE  CAR  CURRENTLY  LEASED  AND ON
SUBSTANTIALLY  SIMILAR TERMS TO THOSE SET FORTH IN THE MASTER LEASE AGREEMENT BY
AND  BETWEEN  WELLS  FARGO  BANK,  N.A.  AND SERVO MAGNETICS INCORPORATED, DATED
NOVEMBER  15,  2000, AS SUPPLEMENTED BY THAT CERTAIN SUPPLEMENT TO MASTER LEASE,
DATED  NOVEMBER  15,  2000.

4.     PARTICIPATION  IN  BENEFIT  PLANS,  REIMBURSEMENT  OF  BUSINESS EXPENSES.
4.1     BENEFIT  PLANS
        --------------
..  DURING  THE  TERM OF THIS AGREEMENT, EMPLOYEE SHALL BE PROVIDED WITH VACATION
BENEFITS,  SICK  LEAVE BENEFITS, HOLIDAYS, AND OTHER BENEFITS WHICH ARE NOT LESS
THAN,  AND  ON  TERMS  NO  LESS  FAVORABLE THAN, THOSE THAT THE COMPANY PROVIDES
GENERALLY  TO  ITS  OTHER  EXECUTIVE  EMPLOYEES,  IF  ANY.  EMPLOYEE  (AND  ANY
DEPENDENTS)  MUST  MEET  THE  ELIGIBILITY  REQUIREMENTS  OF  ANY SUCH PLANS AS A
CONDITION  TO HIS (AND THEIR) PARTICIPATION.  IN ADDITION, THE COMPANY AGREES TO
PROVIDE  CONTINUED COVERAGE FOR THE EMPLOYEE AND HIS SPOUSE UNDER THEIR EXISTING
HEALTH  INSURANCE  POLICY  WITH  BLUE  CROSS  OF  CALIFORNIA.
4.2     REIMBURSEMENT  OF  BUSINESS  EXPENSES
        -------------------------------------
..  DURING  THE  TERM  OF  THIS  AGREEMENT,  THE COMPANY SHALL REIMBURSE EMPLOYEE
PROMPTLY  FOR  ALL  REASONABLE  EXPENSES  INCURRED  BY EMPLOYEE IN THE COURSE OF
PERFORMING  SERVICES  FOR  THE  COMPANY, WHICH EXPENSES MAY INCLUDE, BUT ARE NOT
LIMITED  TO,  TRAVEL, ENTERTAINMENT/MEETINGS, PARKING, PUBLICATIONS, ASSOCIATION
DUES,  AND  CONFERENCES, PROVIDED THAT EMPLOYEE PROVIDES PROPER EVIDENCE OF SUCH
EXPENSES  AND  SUBMITS HIS REQUESTS FOR REIMBURSEMENT IN ACCORDANCE THE POLICIES
AND  PROCEDURES  OF  THE  COMPANY  THEN  IN  EFFECT.

5.     TERMINATION  OF  EMPLOYMENT.
5.1     AUTOMATIC  TERMINATION
        ----------------------
..  THIS  AGREEMENT WILL AUTOMATICALLY TERMINATE IN THE EVENT OF EMPLOYEE'S DEATH
OR  DISABILITY  WHICH PREVENTS EMPLOYEE FROM PERFORMING THE SUBSTANTIAL MAJORITY
OF  HIS  DUTIES AND RESPONSIBILITIES FOR A PERIOD OF 90 DAYS IN ANY TWELVE-MONTH
PERIOD,  UNLESS  SUCH  TERMINATION IS PROHIBITED BY APPLICABLE LAW.  THE COMPANY
SHALL  HAVE NO FURTHER OBLIGATIONS TO EMPLOYEE OR HIS ESTATE UPON SUCH AUTOMATIC
TERMINATION,  OTHER THAN TO DISTRIBUTE TO EMPLOYEE, HIS ESTATE OR HIS SURVIVORS,
AS  THE  CASE  MAY  BE,  ANY  UNPAID  SALARY,  ACCRUED  BUT  UNPAID  BENEFITS OR
UNREIMBURSED  EXPENSES  OWED  THE  EMPLOYEE  AT  THE  DATE  OF  THE TERMINATION.
5.2     BY  THE  COMPANY  WITHOUT  CAUSE
        --------------------------------
..  THE  COMPANY  MAY  TERMINATE  THIS  AGREEMENT WITHOUT "CAUSE" (AS HEREINAFTER
DEFINED)  AT  ANY  TIME  FOLLOWING  THE  EFFECTIVE  DATE, UPON THIRTY (30) DAYS'
WRITTEN  NOTICE  TO  EMPLOYEE,  SUBJECT  TO  COMPLIANCE  BY THE COMPANY WITH THE
PROVISIONS OF SECTION 5.6 HEREOF.  UPON DELIVERY OF SUCH NOTICE THE COMPANY MAY,
IN ITS SOLE DISCRETION, GIVE THE TERMINATION IMMEDIATE OR SUCH EARLIER EFFECT AS
IT  SPECIFIES  BY  PAYING  TO  EMPLOYEE  IN  A LUMP SUM ANY SALARY THAT WOULD BE
PAYABLE  BETWEEN SUCH DATE AND THE DATE OF TERMINATION STATED IN THE NOTICE, BUT
IN  NO  EVENT  MORE  THAN  ONE MONTH'S SALARY, PLUS OUTSTANDING EXPENSES AND ANY
ACCRUED  BUT  UNUSED VACATION, LESS ANY DEDUCTIONS REQUIRED BY LAW OR AUTHORIZED
BY  EMPLOYEE.
5.3     BY  EMPLOYEE  WITHOUT  GOOD  REASON
        -----------------------------------
..  EMPLOYEE  MAY  TERMINATE THIS AGREEMENT WITHOUT "GOOD REASON" (AS HEREINAFTER
DEFINED)  AT  ANY  TIME  FOLLOWING  THE  EFFECTIVE  DATE, UPON THIRTY (30) DAYS'
WRITTEN  NOTICE TO THE COMPANY.  UPON RECEIPT OF SUCH NOTICE THE COMPANY MAY, IN
ITS SOLE DISCRETION, GIVE THE TERMINATION IMMEDIATE OR SUCH EARLIER EFFECT AS IT
SPECIFIES  BY  PAYING TO EMPLOYEE IN A LUMP SUM ANY SALARY THAT WOULD BE PAYABLE
BETWEEN  SUCH  DATE  AND THE DATE OF TERMINATION STATED IN THE NOTICE, BUT IN NO
EVENT  MORE  THAN  ONE MONTH'S SALARY, PLUS OUTSTANDING EXPENSES AND ANY ACCRUED
BUT  UNUSED  VACATION,  LESS  ANY  DEDUCTIONS  REQUIRED  BY LAW OR AUTHORIZED BY
EMPLOYEE.
5.4     BY  THE  COMPANY  FOR  CAUSE
        ----------------------------
..  THE COMPANY MAY TERMINATE EMPLOYEE'S EMPLOYMENT FOR "CAUSE" AT ANY TIME, UPON
WRITTEN NOTICE TO EMPLOYEE.  FOR PURPOSES OF THIS AGREEMENT, "CAUSE" SHALL MEAN:
(A)     EMPLOYEE'S CONVICTION OF, OR PLEA OF NOLO CONTENDERE TO, A FELONY OR ANY
CRIME  INVOLVING  MORAL  TURPITUDE  OR  INVOLVING  THE  COMPANY;
(B)     EMPLOYEE'S  COMMISSION  OF  ANY  ACT  OF  THEFT,  EMBEZZLEMENT  OR
MISAPPROPRIATION AGAINST THE COMPANY OR AN ASSIGNEE OF THIS AGREEMENT, OR ANY OF
THEIR  RESPECTIVE  PARENTS,  AFFILIATES,  SUBSIDIARIES  OR  SUCCESSORS;
(C)     THE  GROSS  NEGLECT,  MALFEASANCE  OR  NONFEASANCE  OF  EMPLOYEE  IN THE
PERFORMANCE  OF  THE  SERVICES  CONTEMPLATED  HEREUNDER;
(D)     A  MATERIAL  BREACH OF THIS AGREEMENT BY EMPLOYEE, WHICH IF CURABLE, HAS
NOT  BEEN  CURED  WITHIN  TEN  (10)  DAYS AFTER WRITTEN NOTICE OF SUCH BREACH TO
EMPLOYEE;
(E)     ANY  WILLFUL  MISCONDUCT  OR UNETHICAL BEHAVIOR OF OR INSUBORDINATION BY
EMPLOYEE;
(F)     THE  SEXUAL OR OTHER HARASSMENT BY EMPLOYEE OF ANY EMPLOYEE, INDEPENDENT
CONTRACTOR  OR  CUSTOMER OF THE COMPANY OR AN ASSIGNEE OF THIS AGREEMENT, OR ANY
OF  THEIR  RESPECTIVE  PARENTS,  AFFILIATES,  SUBSIDIARIES  OR  SUCCESSORS;
(G)     EMPLOYEE'S  USE  OF  ILLEGAL  DRUGS  OR  ABUSE  OF  ALCOHOL  OR  LEGALLY
PRESCRIBED  DRUGS;  AND
(H)     EMPLOYEE'S  FAILURE  TO CONSISTENTLY DISCHARGE HIS DUTIES TO THE COMPANY
OR  AN  ASSIGNEE  OF  THIS  AGREEMENT,  OR  ANY  OF  THEIR  RESPECTIVE  PARENTS,
AFFILIATES,  SUBSIDIARIES  OR  SUCCESSORS  UNDER  THIS  AGREEMENT  OR OTHERWISE.
5.5     BY  EMPLOYEE  FOR  GOOD  REASON
        -------------------------------
..  EMPLOYEE  MAY  TERMINATE  HIS  EMPLOYMENT FOR "GOOD REASON" AT ANY TIME, UPON
WRITTEN  NOTICE  TO  THE COMPANY.  FOR PURPOSES OF THIS AGREEMENT, "GOOD REASON"
SHALL  MEAN:
(A)     THE  COMPANY'S  FAILURE  TO TIMELY MAKE ANY PAYMENTS REQUIRED UNDER THIS
AGREEMENT  AFTER  TEN  (10)  DAYS  WRITTEN  NOTICE  AND  OPPORTUNITY  TO  CURE;
(B)     THE  COMPANY'S MATERIAL BREACH OF THIS AGREEMENT, WHICH, IF CURABLE, HAS
NOT  BEEN  CURED WITHIN TEN (10) DAYS AFTER WRITTEN NOTICE OF SUCH BREACH TO THE
COMPANY;
(C)     THE  COMPANY'S  REDUCTION  OF  EMPLOYEE'S ANNUAL BASE COMPENSATION BELOW
$250,000  OR  THE  COMPANY'S REDUCTION OF THE PERCENTAGE OF BASE COMPENSATION ON
WHICH  EMPLOYEE'S  BONUS  IS  BASED  BELOW  50%,  EXCEPT  FOR  ACROSS-THE-BOARD
COMPENSATION  REDUCTIONS SIMILARLY AFFECTING ALL MANAGEMENT PERSONNEL OF RESMED.
5.6     TERMINATION  PAYMENT
        --------------------
..  IN  THE  EVENT  THAT EMPLOYEE'S EMPLOYMENT IS TERMINATED PURSUANT TO SECTIONS
5.1  THROUGH  5.5,  EMPLOYEE  SHALL  CONTINUE  TO RENDER SERVICES TO THE COMPANY
PURSUANT  TO THE TERMS OF THIS AGREEMENT UNTIL THE DATE OF TERMINATION AND HE OR
HIS  ESTATE (AS APPLICABLE) SHALL BE PAID ANY AMOUNTS EARNED THROUGH THE DATE OF
TERMINATION.  IN  THE  EVENT  THAT  THIS  AGREEMENT  IS  TERMINATED  PURSUANT TO
SECTIONS  5.2 OR 5.5, EMPLOYEE SHALL RECEIVE SEVERANCE IN AN AMOUNT EQUAL TO THE
EMPLOYEE'S BASE COMPENSATION FOR A PERIOD EQUAL TO THE LESSER OF (I) TWELVE (12)
MONTHS  OR (II) THE REMAINING TERM OF THIS AGREEMENT UNDER SECTION 2 ABOVE, LESS
APPLICABLE  WITHHOLDING,  (THE "SEVERANCE PAYMENT") IN A SINGLE LUMP SUM PAYABLE
ON  THE TENTH (10TH) DAY AFTER EXECUTION OF THE RELEASE DESCRIBED BELOW.  EXCEPT
AS  PROVIDED  IN  THIS  SECTION 5.6, EMPLOYEE SHALL NOT BE ENTITLED TO ANY OTHER
PAYMENTS  OR  BENEFITS  IN CONNECTION WITH HIS EMPLOYMENT AND/OR THE TERMINATION
THEREOF,  AND  SHALL  HAVE NO FURTHER RIGHT TO RECEIVE COMPENSATION, BENEFITS OR
OTHER  CONSIDERATION  FROM  THE  COMPANY,  OR  HAVE  ANY OTHER REMEDY WHATSOEVER
AGAINST  THE  COMPANY,  AS  A RESULT OF THE TERMINATION OF THIS AGREEMENT OR THE
TERMINATION  OF  EMPLOYEE.
     TO  BE  ELIGIBLE  TO  RECEIVE THE SEVERANCE PAYMENT UNDER THIS SECTION 5.6,
EMPLOYEE  MUST  EXECUTE  AND  DELIVER (AND NOT REVOKE, IF A REVOCATION PERIOD IS
REQUIRED  BY  LAW)  THE WAIVER AND RELEASE THAT IS ATTACHED TO THIS AGREEMENT AS
APPENDIX  A.

6.     NONCOMPETITION,  CONFIDENTIALITY  AND  CONFLICTS  OF  INTEREST.
6.1     NONCOMPETITION
        --------------
..  EMPLOYEE  AGREES AND UNDERSTANDS THAT, DUE TO THE NATURE OF HIS POSITION WITH
THE  COMPANY,  HE  WILL  GAIN  POSSESSION  OF CONFIDENTIAL INFORMATION ABOUT THE
COMPANY AND THE WAY IT CONDUCTS ITS BUSINESS.  IN CONJUNCTION WITH THE EXECUTION
OF,  AND  AS  PART OF THE CONSIDERATION GIVEN FOR, THIS AGREEMENT, EMPLOYEE WILL
NOT DIVULGE ANY CONFIDENTIAL INFORMATION ABOUT THE COMPANY WITH REGARD TO SALES,
ENGINEERING,  OPERATIONS,  OR SERVICE TO ANY OUTSIDE INTERESTS FROM THE COMPANY.
THIS  CONFIDENTIALITY  SHALL  SURVIVE  TERMINATION  OF  HIS  EMPLOYMENT WITH THE
COMPANY.  EMPLOYEE  ACKNOWLEDGES  THAT  A  REMEDY  AT  LAW  FOR  ANY  BREACH  OR
THREATENED  BREACH BY HIM WOULD BE INADEQUATE TO PROTECT THE COMPANY AGAINST THE
CONSEQUENCES  OF  SUCH BREACH, AND HE THEREFORE AGREES THAT THE COMPANY SHALL BE
ENTITLED  TO  INJUNCTIVE RELIEF IN CASE OF ANY SUCH BREACH OR THREATENED BREACH.
THE  COMPANY  WILL NOT PREVENT EMPLOYEE FROM CONTINUING TO USE THE KNOWLEDGE AND
INFORMATION  THAT  HE POSSESSED PRIOR TO COMMENCING EMPLOYMENT HEREUNDER, OR ANY
NON-CONFIDENTIAL  INFORMATION  HE  ACQUIRED DURING HIS EMPLOYMENT, IN ANY LAWFUL
MANNER  FOLLOWING  TERMINATION  OF  HIS  EMPLOYMENT  HEREUNDER.
6.2     RESTRICTIVE  COVENANT
        ---------------------
..  DURING  THE  TWELVE  (12)  MONTH  PERIOD  FOLLOWING  THE  TERMINATION DATE OF
EMPLOYEE'S  EMPLOYMENT  UNDER  THIS AGREEMENT, EMPLOYEE SHALL NOT, WITHOUT FIRST
OBTAINING  THE  PRIOR  WRITTEN  APPROVAL  OF THE COMPANY, DIRECTLY OR INDIRECTLY
ENGAGE  IN  ANY ACTIVITIES IN COMPETITION WITH THE COMPANY, OR ACCEPT EMPLOYMENT
OR ESTABLISH A BUSINESS RELATIONSHIP WITH A BUSINESS ENGAGED IN COMPETITION WITH
THE  COMPANY  AND  SUCH  OTHER  BUSINESSES  AS  THE COMPANY COMES TO BE ACTIVELY
ENGAGED  IN DURING THE TERM OF THIS AGREEMENT, IN ANY GEOGRAPHICAL AREA IN WHICH
THE COMPANY, AS OF THE TERMINATION DATE, EITHER IS CONDUCTING  OR HAS MADE KNOWN
TO EMPLOYEE  PRIOR TO HIS TERMINATION BONA FIDE PLANS TO CONDUCT BUSINESS.  THIS
PROVISION  SHALL  SURVIVE  THE  TERMINATION  OF  THIS  AGREEMENT.
6.3     CONFLICTS  OF  INTEREST
        -----------------------
..  DURING  HIS EMPLOYMENT, EMPLOYEE AGREES NOT TO ACQUIRE, ASSUME OR PARTICIPATE
IN, DIRECTLY OR INDIRECTLY, ANY POSITION, INVESTMENT OR INTEREST KNOWN BY HIM TO
BE  ADVERSE OR ANTAGONISTIC TO THE COMPANY, ITS BUSINESS OR PROSPECTS, FINANCIAL
OR  OTHERWISE.  HOWEVER,  EMPLOYEE MAY OWN, SOLELY AS A PASSIVE INVESTOR, UNLESS
OTHERWISE  AGREED  TO  BY THE COMPANY IN WRITING, SECURITIES OF OTHER COMPANIES,
PROVIDED  HIS BENEFICIAL OWNERSHIP OF THE STOCK OF ANY ONE SUCH CORPORATION DOES
NOT  EXCEED  1%  OF  SUCH  CORPORATION'S  VOTING  STOCK.
6.4     NON-INTERFERENCE
        ----------------
..  WHILE  EMPLOYED  BY THE COMPANY, AND FOR A PERIOD OF ONE (1) YEAR IMMEDIATELY
FOLLOWING  THE  TERMINATION  OF HIS EMPLOYMENT, EMPLOYEE WILL NOT INTERFERE WITH
THE  BUSINESS  OF  THE  COMPANY  BY:
(A)     SOLICITING,  ATTEMPTING  TO  SOLICIT,  INDUCING OR OTHERWISE CAUSING ANY
EMPLOYEE OF THE COMPANY TO TERMINATE HIS OR HER EMPLOYMENT IN ORDER TO BECOME AN
OWNER,  PARTNER,  SOLE  PROPRIETOR  IN  OR  A  COMPETITOR  OF  OR  AN  EMPLOYEE,
CONSULTANT,  LENDER  OR  CONTRACTOR  TO OR FOR ANY COMPETITOR OF THE COMPANY; OR
(B)     DIRECTLY  OR  INDIRECTLY  SOLICITING THE BUSINESS OF ANY CUSTOMER OF THE
COMPANY WHICH AT THE TIME OF TERMINATION OR ONE YEAR PRIOR THERETO WAS LISTED ON
THE  COMPANY'S CUSTOMER LIST, WHICH SOLICITATION, IF SUCCESSFUL, WOULD RESULT IN
THE  LOSS  OF  BUSINESS  OR  POTENTIAL  BUSINESS  FOR THE COMPANY SO LONG AS THE
POTENTIAL  BUSINESS  IS  WITHIN  THE  COMPANY'S  CORE  BUSINESS  OR IS A LOGICAL
EXTENSION  OF  SUCH  BUSINESS  AS  IT  EXISTS  AT  THE  TIME  OF  THE EMPLOYEE'S
TERMINATION.
THE  PROVISIONS  OF  THIS  SECTION  6.4  SHALL  SURVIVE  THE TERMINATION OF THIS
AGREEMENT.

7.     NOTICES.
     ALL  NOTICES, REQUESTS, DEMANDS, CLAIMS, AND OTHER COMMUNICATIONS HEREUNDER
WILL  BE  IN WRITING. ANY NOTICE, REQUEST, DEMAND, CLAIM, OR OTHER COMMUNICATION
HEREUNDER SHALL BE DEEMED DULY GIVEN IF (AND THEN TWO BUSINESS DAYS AFTER) IT IS
SENT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID,
AND  ADDRESSED  TO  THE  INTENDED  RECIPIENT  AS  SET  FORTH  BELOW:
     IF  TO  EMPLOYEE:          LESLIE  HOFFMAN
6660  VARIEL  AVENUE
CANOGA  PARK,  CA  91203
TELECOPY:  (818)  346-6294

WITH  A  COPY  TO:
-----------------

FULBRIGHT  &  JAWORSKI  L.L.P.
865.  S.  FIGUEROA  STREET,  29TH  FLOOR
LOS  ANGELES,  CALIFORNIA  90017
ATTN:  DAVID  A.  EBERSHOFF,  ESQ.
TELECOPY:  (213)  680-4518

IF  TO  THE  COMPANY:          SERVO  MAGNETICS  ACQUISITION,  INC.
RESMED  INC.
14040  DANIELSON  STREET
POWAY,  CALIFORNIA  92064
ATTN:  LEGAL  DEPARTMENT
TELECOPY:  (858)  746-2830

WITH  A  COPY  TO:
------------------

LATHAM  &  WATKINS
650  TOWN  CENTER  DRIVE
20TH  FLOOR
COSTA  MESA,  CALIFORNIA  92626
ATTN:  PATRICK  T.  SEAVER,  ESQ.
TELECOPY:  (714)  755-8290

ANY  PARTY  MAY  SEND ANY NOTICE, REQUEST, DEMAND, CLAIM, OR OTHER COMMUNICATION
HEREUNDER  TO  THE  INTENDED  RECIPIENT AT THE ADDRESS SET FORTH ABOVE USING ANY
OTHER  MEANS (INCLUDING PERSONAL DELIVERY, EXPEDITED COURIER, MESSENGER SERVICE,
TELECOPY,  TELEX,  ORDINARY  MAIL,  OR  ELECTRONIC  MAIL),  BUT  NO SUCH NOTICE,
REQUEST, DEMAND, CLAIM, OR OTHER COMMUNICATION SHALL BE DEEMED TO HAVE BEEN DULY
GIVEN  UNLESS  AND  UNTIL IT ACTUALLY IS RECEIVED BY THE INTENDED RECIPIENT. ANY
PARTY  MAY  CHANGE  THE ADDRESS TO WHICH NOTICES, REQUESTS, DEMANDS, CLAIMS, AND
OTHER  COMMUNICATIONS  HEREUNDER ARE TO BE DELIVERED BY GIVING THE OTHER PARTIES
NOTICE  IN  THE  MANNER  HEREIN  SET  FORTH.

8.     MODIFICATIONS;  WAIVERS;  APPLICABLE  LAW.
     NO PROVISION IN THIS AGREEMENT MAY BE MODIFIED, WAIVED OR DISCHARGED UNLESS
SUCH  WAIVER,  MODIFICATION  OR  DISCHARGE  IS  AGREED  TO IN WRITING, SIGNED BY
EMPLOYEE  AND  BY  THE  CHIEF  EXECUTIVE  OFFICER  OF  THE  COMPANY.

9.     SEVERABILITY.
     IF ANY PROVISION OF THIS AGREEMENT IS DETERMINED TO BE INVALID OR IS IN ANY
WAY  MODIFIED  BY  ANY  GOVERNMENTAL  AGENCY,  TRIBUNAL  OR  COURT  OF COMPETENT
JURISDICTION,  SUCH  DETERMINATION  SHALL  BE  CONSIDERED  AS RELATING ONLY TO A
SEPARATE,  DISTINCT, AND INDEPENDENT PART OF THIS AGREEMENT AND SHALL NOT AFFECT
THE  VALIDITY  OR  ENFORCEABILITY  OF  ANY  OF  THE REMAINING PROVISIONS OF THIS
AGREEMENT.

10.     SUCCESSOR  RIGHTS  AND  ASSIGNMENT.
     THIS  AGREEMENT  SHALL  BIND, INURE TO THE BENEFIT OF AND BE ENFORCEABLE BY
EMPLOYEE'S  PERSONAL  OR  LEGAL  REPRESENTATIVES,  EXECUTORS,  ADMINISTRATORS,
SUCCESSORS,  HEIRS,  DISTRIBUTEES,  AND LEGATEES.  THE RIGHTS AND OBLIGATIONS OF
THE  COMPANY UNDER THIS AGREEMENT MAY BE ASSIGNED BY THE COMPANY, IN WHICH EVENT
IT  SHALL  BE  BINDING  UPON,  AND  INURE  TO  THE  BENEFIT OF, THE PERSON(S) OR
ENTITY(IES)  TO  WHOM  IT  IS  ASSIGNED.  EMPLOYEE  MAY  NOT  ASSIGN  HIS DUTIES
HEREUNDER  AND HE MAY NOT ASSIGN ANY OF HIS RIGHTS HEREUNDER WITHOUT THE WRITTEN
CONSENT  OF  THE  COMPANY.

11.     REPRESENTATIONS  OF  EMPLOYEE.
        -----------------------------
     EMPLOYEE REPRESENTS AND WARRANTS THAT HIS ENTRY INTO AND THE PERFORMANCE OF
THE  DUTIES AND OBLIGATIONS CALLED FOR HEREIN DO NOT BREACH OR OTHERWISE VIOLATE
ANY  LEGAL  OBLIGATION  OF  EMPLOYEE,  COMMON  LAW,  STATUTORY  OR  CONTRACTUAL.

12.     ENTIRE  AGREEMENT.
        -----------------
     THIS  AGREEMENT CONTAINS ALL OF THE TERMS AND CONDITIONS AGREED UPON BY THE
PARTIES.  ANY  PRIOR  DRAFTS, DISCUSSIONS OR NEGOTIATIONS ARE SUPERCEDED BY THIS
AGREEMENT.

IN WITNESS WHEREOF, EMPLOYEE AND THE COMPANY HEREBY EXECUTE THIS AGREEMENT AS OF
THE  DATE  FIRST  ABOVE  WRITTEN.
THE  COMPANY

SERVO  MAGNETICS  ACQUISITION,  INC.,
A  DELAWARE  CORPORATION
BY:     /S/  W  FLICKER
        ---------------
NAME:  W  FLICKER
     ------------
TITLE:     SECRETARY
           ---------
EMPLOYEE
LESLIE  HOFFMAN,
AN  INDIVIDUAL

/S/  LESLIE  HOFFMAN
--------------------

                                   APPENDIX  A
WAIVER  AND  RELEASE  OF  CLAIMS

     IN  EXCHANGE  FOR  PAYMENT  TO  ME OF AMOUNTS PURSUANT TO SECTION 5.6 OF MY
EMPLOYMENT  AGREEMENT  (THE  "AGREEMENT") WITH SERVO MAGNETICS ACQUISITION, INC.
(THE  "COMPANY")  AND  FOR  THE  OTHER BENEFITS PROVIDED TO ME THEREIN, TO WHICH
AGREEMENT  THIS  FORM  IS  ATTACHED,  I  HEREBY  FURNISH  THE  COMPANY  WITH THE
FOLLOWING  RELEASE  AND  WAIVER.

     I  HEREBY  RELEASE  AND  FOREVER  DISCHARGE  THE  COMPANY,  ITS  OFFICERS,
DIRECTORS,  AGENTS, EMPLOYEES, STOCKHOLDERS, SUCCESSORS, ASSIGNS AND AFFILIATES,
OF  AND  FROM ANY AND ALL CLAIMS, LIABILITIES, DEMANDS, CAUSES OF ACTION, COSTS,
EXPENSES,  ATTORNEYS'  FEES,  DAMAGES, INDEMNITIES AND OBLIGATIONS OF EVERY KIND
AND  NATURE,  IN  LAW,  EQUITY,  OR  OTHERWISE, KNOWN AND UNKNOWN, SUSPECTED AND
UNSUSPECTED,  DISCLOSED  AND  UNDISCLOSED,  ARISING  AT  ANY  TIME  PRIOR TO AND
INCLUDING  MY EMPLOYMENT TERMINATION DATE WITH RESPECT TO ANY CLAIMS RELATING TO
MY  EMPLOYMENT  AND  THE TERMINATION OF MY EMPLOYMENT, INCLUDING BUT NOT LIMITED
TO,  CLAIMS  PURSUANT  TO ANY FEDERAL, STATE OR LOCAL LAW RELATING TO EMPLOYMENT
INCLUDING,  BUT  NOT  LIMITED  TO, DISCRIMINATION CLAIMS, TITLE VII OF THE CIVIL
RIGHTS  ACT OF 1964, AS AMENDED, THE AMERICAN WITH DISABILITIES ACT, AS AMENDED,
CLAIMS UNDER THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AS AMENDED, AND THE
FEDERAL  AGE  DISCRIMINATION  IN EMPLOYMENT ACT OF 1967, AS AMENDED ("ADEA"), OR
CLAIMS  FOR WRONGFUL TERMINATION, BREACH OF THE COVENANT OF GOOD FAITH, CONTRACT
CLAIMS,  TORT  CLAIMS, AND WAGE OR BENEFIT CLAIMS, INCLUDING BUT NOT LIMITED TO,
CLAIMS  FOR  SALARY,  BONUSES,  COMMISSIONS, STOCK, STOCK OPTIONS, VACATION PAY,
FRINGE  BENEFITS,  SEVERANCE  PAY OR ANY FORM OF COMPENSATION; PROVIDED HOWEVER,
THAT  NOTHING  IN THIS RELEASE SHALL AFFECT ANY RIGHTS I MAY HAVE (I) UNDER THAT
CERTAIN AGREEMENT AND PLAN OF MERGER, DATED AS OF MAY 14, 2002, BY AND AMONG ME,
SERVO  MAGNETICS INCORPORATED, A CALIFORNIA CORPORATION, THE COMPANY, AND RESMED
INC.,  A DELAWARE CORPORATION, RELATING TO MATTERS OTHER THAN MY EMPLOYMENT WITH
THE COMPANY, OR (II) TO INDEMNIFICATION BY THE COMPANY FOR ANY ACTIONS OR CLAIMS
BROUGHT  AGAINST ME IN MY CAPACITY AS OFFICER, DIRECTOR OR AGENT OF THE COMPANY,
WHETHER  SUCH  INDEMNIFICATION  RIGHTS  ARE  PURSUANT  TO  THE  BYLAWS  OR  THE
CERTIFICATE  OF INCORPORATION OF THE COMPANY OR PURSUANT TO ANY INSURANCE POLICY
MAINTAINED  BY  THE  COMPANY.

     I  ALSO  ACKNOWLEDGE  THAT  I  HAVE READ AND UNDERSTAND SECTION 1542 OF THE
CALIFORNIA  CIVIL  CODE  WHICH  READS  AS  FOLLOWS:  "A GENERAL RELEASE DOES NOT
EXTEND  TO  CLAIMS  WHICH  THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS
FAVOR  AT  THE  TIME  OF  EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
MATERIALLY  AFFECTED  HIS SETTLEMENT WITH THE DEBTOR."  I HEREBY EXPRESSLY WAIVE
AND  RELINQUISH  ALL  RIGHTS  AND BENEFITS UNDER THAT SECTION AND ANY LAW OF ANY
JURISDICTION OF SIMILAR EFFECT WITH RESPECT TO ANY CLAIMS I MAY HAVE AGAINST THE
COMPANY.

     I  ACKNOWLEDGE  THAT,  AMONG  OTHER  RIGHTS, I AM WAIVING AND RELEASING ANY
RIGHTS  I  MAY  HAVE  UNDER  ADEA,  THAT  THIS WAIVER AND RELEASE IS KNOWING AND
VOLUNTARY,  AND  THAT  THE CONSIDERATION GIVEN FOR THIS WAIVER AND RELEASE IS IN
ADDITION  TO ANYTHING OF VALUE TO WHICH I WAS ALREADY ENTITLED AS AN EMPLOYEE OF
THE COMPANY.  I FURTHER ACKNOWLEDGE THAT IF I AM OVER 40 I HAVE BEEN ADVISED, AS
REQUIRED  BY THE OLDER WORKERS BENEFIT PROTECTION ACT, THAT:  (A) THE WAIVER AND
RELEASE  GRANTED  HEREIN  DOES  NOT  RELATE TO CLAIMS WHICH MAY ARISE AFTER THIS
RELEASE  IS  EXECUTED;  (B)  I  HAVE BEEN ADVISED OF MY RIGHT TO CONSULT WITH AN
ATTORNEY  PRIOR  TO  EXECUTING THIS AGREEMENT (ALTHOUGH I MAY CHOOSE VOLUNTARILY
NOT  TO  DO  SO);  (C)  I HAVE TWENTY-ONE (21) DAYS FROM THE DATE I RECEIVE THIS
AGREEMENT,  IN  WHICH  TO  CONSIDER  THIS  AGREEMENT  (ALTHOUGH  I  MAY  CHOOSE
VOLUNTARILY TO EXECUTE THIS AGREEMENT EARLIER AND THEREBY WAIVE ALL OR A PORTION
OF THE 21-DAY PERIOD); (D) I HAVE SEVEN (7) DAYS FOLLOWING THE EXECUTION OF THIS
AGREEMENT  TO  REVOKE  MY CONSENT TO THE AGREEMENT; AND (E) THIS AGREEMENT SHALL
NOT  BE  EFFECTIVE  UNTIL  THE  SEVEN  (7)  DAY  REVOCATION  PERIOD HAS EXPIRED.

DATE:  MAY  14,  2002               BY:    /S/  LESLIE  HOFFMAN
       --------------                      --------------------
                                           LESLIE  HOFFMAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]