Document:

Exhibit 4.2B

 

 

AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED

(A.B.N.
11 005 357 522),

 

As Issuer,

 

TO

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

(as successor trustee to The
Bank of New York)

 

As Trustee,

 

 

Second Supplemental Indenture

 

Dated as of [            
] —, [     ]

 

To

 

Indenture

 

Dated as of January 15, 1994

 

 

 

 

SECOND SUPPLEMENTAL INDENTURE, dated as of [          ]
[  ], [     ], between AUSTRALIA AND NEW
ZEALAND BANKING GROUP LIMITED (A.B.N. 11 005 357 522), a corporation duly incorporated
and existing under the laws of the Commonwealth of Australia, as Issuer (herein
called the “Company”), having its principal office at 100 Queen Street,
Melbourne, Victoria 3000, Australia, and DEUTSCHE BANK TRUST COMPANY AMERICAS
(as successor trustee to The Bank of New York), a banking corporation duly
organized and existing under the laws of the State of New York, United States
of America as Trustee (herein called the “Trustee”).

 

RECITALS
OF THE COMPANY

 

The Company and The Bank of New York entered into an Indenture dated as
of January 15, 1994 (herein called the “Indenture”), as amended and
supplemented by the First Supplemental Indenture, dated as of May 29, 1998, between
the Company and The Bank of New York, providing for the issuance from time to time
of its unsecured subordinated debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more
series as provided in the Indenture.

 

The Company, The Bank of New York and the Trustee entered into an instrument
of resignation, appointment and acceptance, dated as of February 16, 2005,
whereby The Bank of New York resigned, and the Trustee succeeded The Bank of
New York, as the trustee under the Indenture.

 

Section 901(5) of the Indenture provides that, without the consent of
the Holders of Securities or coupons, the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental thereto, in form satisfactory to the Trustee,
to add to, change or eliminate any of the provisions of this Indenture in
respect of one or more series of Securities, provided that any such
addition, change or elimination (A) shall neither (i) apply to any Security of
any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (ii) modify the rights of the
Holder of any such Security with respect to such provision or (B) shall become
effective only when there is no such Security Outstanding.

 

As of the date of this Second Supplemental Indenture, the Company has
created a series of Securities, called “Subordinated Medium Term Notes, Series
A” pursuant to Section 301 of the Indenture pursuant to an Officers’
Certificate, dated January 15, 1994, as amended pursuant to an Officers’
Certificate, dated May 29, 1998.

 

Pursuant to the foregoing authority granted under Section 901(5) of the
Indenture, the Company intends to amend the Indenture by this Second
Supplemental Indenture in certain respects with respect to the Securities of
all series of Securities not heretofore Outstanding.

 

The entry into this Second Supplemental Indenture by the Company and
the Trustee is in all respects authorized by the provisions of the Indenture.

 

2

 

All things necessary to make this Second Supplemental Indenture a valid
agreement of the Company and the Trustee and a valid amendment of and
supplement to the Indenture have been done.

 

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH, the
Company and the Trustee each hereby agree as follows:

 

1.             The
following definitions are hereby added to Section 101:

 

“Australian Corporations Act” means the
Corporations Act 2001 (Cth) of Australia.

 

“Offshore Associate” has the meaning
specified in Section 1007.

 

2.             All
references to the term “Australian Corporations Law” are hereby replaced
throughout the Indenture with the term “Australian Corporations Act.”

 

3.             The
following definitions in Section 101 of the Indenture are hereby amended as
follows:

 

“Place of Payment”, when used with respect to
the Securities of any series, means the place or places where the principal of
and any premium and interest on the Securities of that series are payable as
specified as contemplated by Section 301.

 

“Subsidiary” of any Person has the meaning
ascribed to the term “subsidiary” in relation to a body corporate by Section 9
of the Australian Corporations Act.

 

4.             The
second and third paragraphs following the legend set forth in the form of Security
set forth in Section 202 are hereby amended as follows:

 

SECTION 202.                Form of Face of
Security.

 

[   ]

 

Upon the occurrence of an Event of Default,
subject to the subordination provisions hereinafter referred to, there shall
become due and payable with respect to this Security, and the Company shall pay
to the Person in whose name this Security is registered on the date fixed for
payment, the principal amount hereof and all accrued and unpaid interest hereon
to such date for payment. An “Event of Default” is defined solely as the making
of an order by a court of the State of Victoria, Commonwealth of Australia or a
court with appellate jurisdiction from such court which is not successfully
appealed or permanently stayed within 60 days of the entry of

 

3

 

such order, or the valid adoption by the
shareholders of the Company of an effective resolution, in either case for the
winding-up of the Company (other than under or in connection with a scheme of
amalgamation or reconstruction not involving a bankruptcy or insolvency) [if applicable, insert additional Events of Default
provided pursuant to Section 501(ii) of the Indenture].

 

Payment of the principal of (and premium, if
any) and [if applicable, insert — any such]
interest on this Security will be made at the office or agency of the Company
maintained for that purpose in             ,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts [if applicable, insert — ; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register].

 

[   ]

 

5.             The
first, eighth and tenth paragraphs of Section 203 of the Indenture are hereby
amended as follows:

 

SECTION 203.                Form of Reverse of
Security.

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”),  issued and to be issued in one or more series
under an Indenture, dated as of January 15, 1994 (herein called the
“Indenture”), as amended and supplemented by the First Supplemental Indenture,
dated as of May 29, 1998, and the Second Supplemental Indenture, dated as of            ,
between the Company and Deutsche Bank Trust Company Americas (as successor
trustee to The Bank of New York), as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee, the Other Creditors and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof [if applicable,
insert — , limited in aggregate principal amount to $...........].  [if applicable, insert —; provided, however,
that the Company may from time to time or at any time, without the consent of
the Holders of the Securities, create and issue additional Securities with
terms and conditions identical to those of the Securities, which additional
Securities shall increase the aggregate principal amount of, and shall be
consolidated and form a single series with, the Securities].

 

4

 

[   ]

 

[If
applicable, insert – Under the existing requirements of the
Australian Prudential Regulatory Authority (“APRA”), no redemption, purchase or
repurchase of any Securities prior to their Stated Maturity may be made by the
Company or any of its Subsidiaries without the prior consent of APRA, unless
otherwise specified or determined by APRA.]

 

[   ]

 

If the Company fails to pay (i) any interest
on the relevant Payment Date, and such failure is continued for 30 days, or
(ii) the principal amount of, and any premium, on the Securities when due, then
in each of such cases such failure shall constitute a “Default”.  If any Default shall occur and be continuing,
the Trustee may pursue actions for specific performance,  commence a judicial proceeding for the
collection or recovery of the sums so due and unpaid or for the enforcement of
any such payment due or institute a proceeding in the State of Victoria,
Commonwealth of Australia (but not elsewhere) for the winding-up of the
Company; provided, however, that the Trustee may not declare the principal
amount of the Securities to be due and payable.

 

[   ]

 

6.             Subparagraph
(6) of the second paragraph of Section 301 of the Indenture is hereby amended
as follows:

 

SECTION 301.                Amount Unlimited;
Issuable in Series.

 

[   ]

 

(6) the place or places where the principal
of and any premium and interest on any Securities of the series shall be
payable, any Securities of the series may be surrendered for registration of
transfer, Securities of the series may be surrendered for exchange and notices
and demands to or upon the Company in respect of the Securities of the series
and this Indenture may be served

 

7.             The
second paragraph of Section 301 of the Indenture is hereby further amended by
the removal of the word “and” in numbered paragraph (18) and the insertion of
the following paragraph after numbered paragraph (18):

 

SECTION 301.                Amount Unlimited;
Issuable in Series.

 

[   ]

 

5

 

(18.1)      if
the Company may from time to time without the consent of the Holders create and
issue further securities having the same terms and conditions as the Securities
in all respects (or in all respects except for the issue date, the first
payment of interest thereon and/or issue price), so that such further issue
shall be consolidated and form a single series with the outstanding Securities
of any series or upon such terms as the Company may determine at the time of
their issue; and

 

[   ]

 

8.             The
first paragraph of Section 305 of the Indenture is hereby amended as follows:

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in
such office and in any other office or agency of the Company in a Place of
Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities.  The Trustee is
hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.

 

9.             Section
501 of the Indenture is hereby amended as follows:

 

SECTION 501.                Event of Default

 

“Event of Default”, wherever used herein with
respect to Securities of any series, means (i) the making of an order by a
court of the State of Victoria, Commonwealth of Australia or a court with
appellate jurisdiction from such court which is not successfully appealed or
permanently stayed within 60 days of the entry of such order, or the valid
adoption by the shareholders of the Company of an effective resolution, in each
case for the winding-up of the Company (other than under or in connection with
a scheme of amalgamation or reconstruction not involving bankruptcy or
insolvency) or (ii) any other Event of Default specified with respect to
Securities of such series as contemplated by Section 301.

 

10.           The first paragraph of Section 502 of the Indenture is
hereby amended as follows:

 

If an Event of Default (other than an Event
of Default specified in clause (i) of Section 501) with respect to Securities
of any series at the time Outstanding occurs and is continuing, then in every
such case the Trustee

 

6

 

or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the
principal amount of all the Securities of that series (or, if any Securities of
that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified by the terms thereof)
to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and payable.  The provisions of Section 1301(b) shall apply
to an Event of Default specified in clause (i) of Section 501.

 

11.           Section 503 of the Indenture is hereby amended as follows:

 

SECTION 503.                Collection of
Indebtedness and Suits for Enforcement by Trustee.

 

“Default”, wherever used herein with respect
to Securities of any series, means any one of the following events (whatever
the reason for such Default and whether it shall be voluntary or involuntary or
be effected by operation of law pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

 

(1)                                  default is made in
the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or

 

(2)                                  default is made in
the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof.

 

If a Default shall occur and be continuing,
the Trustee may pursue actions for specific performance, commence a judicial
proceeding for the collection or recovery of the sums so due and unpaid or for
the enforcement of any such payments due or institute a proceeding for the
winding-up in the State of Victoria, Commonwealth of Australia (but not
elsewhere) of the Company; provided, however, that the Trustee may not, upon
the occurrence of a Default, declare the principal amount of any of the
Outstanding Securities to be due and payable. 
Holders of Securities by their acceptance thereof will be deemed to have
waived any right of set-off or counterclaim that they might otherwise have
against the Company in any such winding-up.

 

No recourse for the payment of the principal
of, or any premium or interest on, any Security, or for any claim based thereon
or otherwise in respect thereof and no recourse under or upon any obligation,
covenant or

 

7

 

agreement of the Company in this Indenture,
or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, shareholder, officer or
director, past, present or future, of the Company or of any successor
corporation of the Company, either directly or through the Company or any
successor corporation of the Company, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that to the extent lawful all such
liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the
Securities.

 

12.           Numbered paragraph (2) of Section 801 is hereby renumbered
as paragraph (3) and the following new paragraph (2) is hereby added as an
amendment to Section 801 as follows:

 

(2)           immediately
after giving effect to such consolidation, merger, amalgamation, transfer or
lease and treating any indebtedness which becomes an obligation of the Company
or any Subsidiary as a result of such consolidation, merger, amalgamation,
transfer or lease as having been incurred by the Company or such Subsidiary at
the time of such consolidation, merger, amalgamation, transfer or lease, no
Event of Default, and no event which, after notice or lapse of time or both,
would become an Event of Default, shall have happened and be continuing; and

 

13.           The first paragraph of Section 1003 of the Indenture is
hereby amended as follows:

 

SECTION 1003.         Money for Securities
Payments to be Held in Trust

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or
before each due date of the principal of or any premium or interest on any of
the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal and any
premium and interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of its action or failure so to act.

 

14.           Section 1007 of the Indenture is deleted in its entirety
and replaced by the following:

 

8

 

SECTION 1007.         Additional Amounts

 

All payments of, or in respect of, principal
of, and any premium and interest on, the Securities shall be made without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature imposed or
levied by or on behalf of Australia or any political subdivision or taxing
authority thereof or therein, unless such taxes, duties, assessments or
governmental charges are required by Australia or any political subdivision or
taxing authority thereof or therein to be withheld or deducted.  In that event, the Company will pay such
additional amounts of, or in respect of, the principal of, and any premium and
interest on, the Securities (“Additional Amounts”) as will result (after
deduction of such taxes, duties, assessments or governmental charges and any
additional taxes, duties, assessments or governmental charges payable in respect
of such) in the payment to the Holder of each Security of the amounts which
would have been payable in respect of such Security had no such withholding or
deduction been required, except that no Additional Amounts shall be so payable
for or on account of:

 

(1)                              any withholding,
deduction, tax, duty, assessment or other governmental charge which would not
have been imposed but for the fact that such Holder:  (A) was a resident, domiciliary or national
of, or engaged in business or maintained a permanent establishment or was
physically present in, Australia or otherwise had some connection with
Australia other than the mere ownership of, or receipt of payment under, such
Security; or (B) presented such Security more than thirty (30) days after the
date on which the payment in respect of such Security first became due and
payable or provided for, whichever is later, except to the extent that the
Holder would have been entitled to such Additional Amounts if it had presented
such Security for payment on any day within such period of thirty (30) days;

 

(2)                              any estate, inheritance,
gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge or any withholding or deduction on account of such taxes;

 

(3)                              any tax, assessment or
other governmental charge which is payable otherwise than by withholding or
deduction from payments of (or in respect of) principal of, or any premium or
interest on, the Securities;

 

(4)                              any withholding,
deduction, tax, assessment or other governmental

 

9

 

charge that is
imposed or withheld by reason of the failure by the Holder of such Security or,
in the case of a Global Security, the beneficial owner of such Security to
comply with a request of the Company addressed to such Holder or beneficial
owner, as the case may be, (A) to provide information concerning the
nationality, residence or identity of such Holder or such beneficial owner, as
the case may be, (B) to make any declaration or other similar claim or satisfy
any information or reporting requirement or (C) to provide an Australian tax
file number, Australian Business Number or proof of an appropriate exemption,
which, in the case of (A), (B) or (C) is required or imposed by a statute,
treaty, regulation or administrative practice of Australia or any political
subdivision or taxing authority thereof or therein as a precondition to
exemption from all or part of such withholding, deduction, tax, assessment or
other governmental charge;

 

(5)            any combination of items (1), (2), (3) and (4);

 

nor shall Additional Amounts be paid with
respect to any payment of, or in respect of, the principal of, or any premium
or interest on, any such Security to any such Holder who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the
extent such payment would, under the laws of Australia or any political
subdivision or taxing authority thereof or therein, be treated as being derived
or received for tax purposes by a beneficiary or settlor with respect to such
fiduciary or a member of such partnership or a beneficial owner who would not
have been entitled to such Additional Amounts had it been the Holder of the
Security.

 

The Company will not be liable
to pay Additional Amounts to any Holder for any deduction or withholding on
account of any duties or taxes where those duties or taxes are imposed or
levied by or on behalf of the Commonwealth of Australia by virtue of the Holder
being an “Offshore Associate” (to whom the payment is made other than in the
capacity of a clearing house, paying agent, custodian, funds manager or
responsible entity of a registered scheme within the meaning of the Australian
Corporations Act 2001) or as a result of the Holder being a party to or
participant in a scheme to avoid such duties or taxes.  “Offshore Associate” means an “associate”
(which is defined in s128F(9) of the Income Tax Assessment Act 1936 of
Australia) of the Company that is either a non-resident of the Commonwealth of
Australia which does not acquire or receive payments in respect of the Security
in carrying on a business at or through a permanent establishment in Australia
or,

 

10

 

alternatively, a resident of Australia that
acquires or receives payment in respect of the Security in carrying on business
at or through a permanent establishment outside of Australia.

 

Whenever in this Indenture
there is mentioned, in any context, any payment of, or in respect of, the
principal of, or any premium or interest on, any Security of any series, such
mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof pursuant to the
provisions of this Section, and any express mention of the payment of
Additional Amounts in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not
made.

 

15.           Section 1108 of the Indenture is hereby amended as
follows:

 

SECTION 1108.Optional
Redemption Due to Changes in Tax Treatment.

 

Unless otherwise specified as
contemplated by Section 301 with respect to any series of Securities, if at any
time as the result of any change in or amendment to the laws or regulations of
Australia or any political subdivision or taxing authority thereof or therein
affecting taxation, or a change in any application or interpretation of such
laws or regulations (including the decision of any court or tribunal) either
generally or in relation to any particular Securities, which change, amendment,
application or interpretation becomes effective on or after the original issue
date of such Securities, in making any payment of, or in respect of , the
principal amount of, or any premium or interest on, the Securities of any
series, the Company would be required to pay any Additional Amounts with
respect thereto, and the obligation to pay Additional Amounts cannot be avoided
by the use of reasonable measures available to the Company, then the Securities
of such series will be redeemable as a whole (but not in part) at the option of
the Company upon not less than 30 nor more than 90 days’ notice given as
provided in Section 1104 at their principal amount together with any accrued
but unpaid interest to the Redemption Date (except that any such Securities
that are Original Discount Securities may be redeemed at the Redemption Price
specified in the terms thereof).  Prior
to any redemption of Securities pursuant to this Section, the Company shall
provide the Trustee with an Opinion of Counsel (which may be by counsel to the
Company) that the conditions precedent to the right of the Company to redeem
such Securities pursuant to this Section have occurred.

 

11

 

16.           The first paragraph of Section 1301(a) and Section 1301(b)
of the Indenture are hereby amended as follows:

 

SECTION 1301.         Securities Subordinated
to Claims of Other Creditors.

 

(a)           The
rights of the Holders of Securities are, in the event of a winding-up of the
Company, subordinated to the claims of Other Creditors and accordingly the
obligation of the Company to make, and the entitlement of the Holders of
Securities to receive and retain, any payment of the principal of, or any
premium or interest on, the Securities of any series (including any Additional
Amounts) is expressly conditioned, from and after the commencement of a
winding-up of the Company, on the satisfaction in full of the claims of the
Other Creditors, and in such event no payment in respect of the principal of,
or any premium or interest on, any Securities of any series which under any
provision of such Securities or this Indenture would otherwise fall due and
payable shall be so due and payable while the claims of the Other Creditors
remain unsatisfied in whole or in part.

 

[   ]

 

(b)           If
an Event of Default specified in clause (i) of Section 501 occurs and is
continuing, then the principal amount of, and all accrued and unpaid interest
on, the Securities shall automatically and without any further action of any
Person become due and payable, subject to the provisions of paragraph (a)
above.

 

17.           No
Application to Securities of all Series Outstanding

 

The provisions of the Indenture effected through this Second
Supplemental Indenture shall not have retroactive effect and shall neither (i)
apply to any Security of any series Outstanding when such Second Supplemental
Indenture is executed and entitled to the benefit of such provisions nor (ii)
modify the rights of any Holder of any such Security with respect to such
provision.

 

18.           Governing Law.

 

This Second Supplemental Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York; provided, however, that (a) the
authorization and execution of this Second Supplemental Indenture by and on
behalf of the Company, (b) the occurrence of an Event of Default under Clause
(i) of Section 501 of the Indenture, as amended hereby and (c) Article Thirteen
of the Indenture, as amended hereby, shall be governed by, and construed in
accordance with, the laws of the State of Victoria, Commonwealth of Australia.

 

12

 

19.           Recitals.

 

The Trustee has no responsibility for the correctness of the statements
of facts contained herein under “Recitals of the Company”.

 

13

 

IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed all as of the day and year first
above written.

 

 

	
   

  	
  AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee (as successor
  trustee to The Bank of New York)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

14Exhibit
4.3

 

[SENIOR FIXED RATE
NOTE]

 

[Face of Note]

 

IF THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF THEN THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND IN THE
INDENTURE, AND NO SUCH TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS
SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN
AND IN THE INDENTURE.  EVERY SECURITY AUTHENTICATED AND DELIVERED UPON
REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY
SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

 

IF THIS SECURITY IS A
GLOBAL SECURITY REGISTERED IN THE NAME OF CEDE & CO. AS NOMINEE OF THE
DEPOSITORY TRUST COMPANY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
OFFICER OF THE DEPOSITORY TRUST COMPANY, THEN UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER PERSON, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

ANY UNITED STATES PERSON
WHO HOLDS THIS NOTE WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND
1287(a) OF THE INTERNAL REVENUE CODE.

 

NO OFFSHORE ASSOCIATE MAY
DIRECTLY OR INDIRECTLY ACQUIRE THIS SECURITY OR ANY INTEREST IN OR RIGHT IN
RESPECT OF THIS SECURITY (OTHER THAN AN OFFSHORE ASSOCIATE WHO ACQUIRES THIS
SECURITY OR SUCH INTEREST OR RIGHT IN THE CAPACITY OF A DEALER, MANAGER OR
UNDERWRITER IN RELATION TO THE PLACEMENT OF THE SECURITY, INTEREST OR RIGHT, OR
A CLEARING HOUSE, CUSTODIAN, FUNDS MANAGER OR RESPONSIBLE ENTITY OF A
REGISTERED SCHEME WITHIN THE MEANING OF THE CORPORATIONS ACT 2001 OF
AUSTRALIA).  (“OFFSHORE ASSOCIATE” MEANS AN ASSOCIATE (AS DEFINED IN
SECTION 128F OF THE INCOME TAX ASSESSMENT ACT 1936 (CTH) OF AUSTRALIA (“TAX ACT”))
OF THE COMPANY THAT IS EITHER A NON RESIDENT OF AUSTRALIA WHICH DOES NOT
ACQUIRE THE SECURITIES IN CARRYING ON A BUSINESS AT OR THROUGH A PERMANENT
ESTABLISHMENT IN AUSTRALIA OR, ALTERNATIVELY, A RESIDENT OF AUSTRALIA THAT
ACQUIRES THE SECURITIES IN CARRYING ON BUSINESS AT OR THROUGH A PERMANENT
ESTABLISHMENT OUTSIDE OF AUSTRALIA.)

 

EACH PERSON WHO DIRECTLY
OR INDIRECTLY ACQUIRES THIS SECURITY OR SUCH INTEREST OR RIGHT IS, BY ACQUIRING
THIS SECURITY OR AN INTEREST OR RIGHT IN RESPECT OF THIS SECURITY, TAKEN TO
HAVE WARRANTED IN FAVOUR OF THE COMPANY THAT THE PERSON IS NOT AN OFFSHORE
ASSOCIATE TO WHOM THIS RESTRICTION APPLIES.

 

ANY OFFSHORE ASSOCIATE TO
WHOM THIS RESTRICTION APPLIES WHO DIRECTLY OR INDIRECTLY ACQUIRES THIS SECURITY
OR ANY INTEREST IN OR RIGHT IN RESPECT OF THIS SECURITY MAY BE SUBJECT TO
AUSTRALIAN TAX AND, IF SO, WILL NOT BE ENTITLED TO RECEIVE ANY PAYMENT OF
ADDITIONAL AMOUNTS FROM THE COMPANY IN RESPECT OF ANY AMOUNT DEDUCTED BY THE COMPANY
ON ACCOUNT OF SUCH TAX FROM AMOUNTS PAYABLE UNDER THIS SECURITY.

 

THIS
SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY OF THE UNITED STATES OF AMERICA OR OF AUSTRALIA.

 

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  

AUSTRALIA AND NEW
ZEALAND BANKING GROUP LIMITED

A.C.N. 005 357 522

 

	
  No.
  SNR/FLR-     

  	
  U.S. MEDIUM-TERM
  NOTE, SERIES A

  	
  CUSIP NO.

  
	
   

  	
  (Fixed Rate)

  	
   

  

 

 

	
  PRINCIPAL AMOUNT AND
  CURRENCY OR CURRENCY UNIT: US$

  
	
   

  
	
  GLOBAL SECURITY: 
  Yes

  
	
   

  
	
  DENOMINATIONS (if
  necessary): N/A

  
	
   

  
	
  OPTION TO RECEIVE
  PAYMENT IN SPECIFIED CURRENCY: N/A

  
	
   

  
	
  ORIGINAL ISSUE DATE:

  
	
   

  
	
  STATED MATURITY:

  
	
   

  
	
  FINAL MATURITY DATE:
  N/A

  
	
  (For Renewable and
  Extendible Notes only)

  
	
   

  
	
  COMPUTATION PERIOD: N/A

  
	
   

  
	
  INTEREST RATE: N/A

  
	
   

  
	
  INTEREST PAYMENT
  DATE(S): Maturity

  
	
   

  
	
  REGULAR RECORD DATE(S):

  
	
   

  
	
  REDEMPTION DATE(S): N/A

  
	
   

  
	
  REDEMPTION
  PERCENTAGE(S)/PRICE(S): N/A

  
	
   

  
	
  REPAYMENT DATE(S)

  
	
  (OPTION OF HOLDER): N/A

  
	
   

  
	
  RENEWABLE NOTE: N/A

  
	
   

  
	
  REPAYMENT
  PERCENTAGE(S)/PRICE(S)

  
	
  (OPTION OF HOLDER): N/A

  
	
   

  
	
  NOTICE PERIOD: N/A

  
	
   

  
	
  EXCHANGE RATE AGENT:
  N/A

  
	
   

  
	
  ORIGINAL ISSUE DISCOUNT
  SECURITY: N/A

  
	
   

  
	
  TOTAL AMOUNT OF OID:
  N/A

  
	
   

  
	
  OID AS A PERCENTAGE OF
  PRINCIPAL AMOUNT: N/A

  
	
   

  
	
  YIELD TO MATURITY: N/A

  
	
   

  
	
  SHORT ACCRUAL PERIOD
  OID: N/A

  
	
   

  
	
  EXTENDIBLE NOTE: N/A

  
	
   

  
	
  EXTENSION PERIOD: N/A

  
	
   

  
	
  Insert any other
  provisions or legends:

  

 

2

 

AUSTRALIA AND NEW ZEALAND
BANKING GROUP LIMITED (A.B.N. 11 005 357 522), a corporation duly incorporated
under the laws of the Commonwealth of Australia (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to, CEDE & CO. or
registered assigns, the principal amount specified above in the currency or
currency unit so specified (any currency or currency unit other than U.S.
dollars being hereinafter referred to as a “Specified Currency”) on the Stated
Maturity specified above, and to pay interest thereon, from and including the
Original Issue Date of this Security specified above (the “Original Issue Date”)
or from and including the most recent Interest Payment Date (as hereinafter
defined) to which interest on this Security (or any Predecessor Security) has
been paid or duly provided for, on the Interest Payment Date(s) specified above
in each year (each an “Interest Payment Date”) and at Maturity (as defined on
the reverse hereof), commencing on the first Interest Payment Date next
succeeding the Original Issue Date, at the rate per annum equal to the Interest
Rate specified above, until the principal hereof is paid or duly made available
for payment; provided, however, that, unless the Holder hereof is
entitled to make, and has made, a Specified Currency Payment Election (as
hereinafter defined) with respect to one or more such payments, the Company
will make such payments in respect of this Security in U.S. dollars in amounts
determined as set forth on the reverse hereof.  The interest so payable,
and punctually paid or duly provided for, on any such Interest Payment Date
will be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the fifteenth
day (whether or not a Market Day) next preceding such Interest Payment Date or
such other Regular Record Date specified above (the “Regular Record Date”); provided,
however, that interest payable at Maturity will be payable to the Person
to whom principal shall be payable; and, provided, further, that
if the Original Issue Date is after a Regular Record Date and before the next
succeeding Interest Payment Date the first payment of interest shall be payable
on the second Interest Payment Date following the Original Issue Date to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date immediately
preceding such second Interest Payment Date.  Any such interest which is
payable, but not so punctually paid or duly provided for, on any Interest
Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the
Holder on such Regular Record Date and such Defaulted Interest may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which this Security may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture.  The
interest payable hereon on any Interest Payment Date will be the interest
accrued from and including the Original Issue Date or from and including the
most recent Interest Payment Date to which interest has been paid or duly
provided for, as the case may be, to but excluding such Interest Payment
Date.  Notwithstanding the foregoing, the interest payable at Maturity
will include interest accrued to but excluding the date of Maturity.

 

Payment of the principal
of and any premium and interest on this Security will be made upon presentation
or, at Maturity, surrender of this Security at the corporate trust office of
the Trustee in the Borough of Manhattan, The City of New York, or such other
office or agency of the Company maintained by it for that purpose in the
Borough of Manhattan, The City of New York in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that payment of
the principal of and any premium and interest on this Security due at Maturity
will be made in immediately available funds at such corporate trust office or
such other offices or agencies if this Security is presented to the Paying
Agent in time for the Paying Agent or such other paying agent to make such
payments in accordance with its normal procedures; and provided, further,
that, at the option of the Company, payment of interest (other than interest
payable at Maturity) may be made by check mailed to the address of the person
entitled thereto as such address shall appear in the Security Register; and, provided,
further, that notwithstanding the foregoing a Holder of US$10,000,000 or
more in aggregate principal amount of Securities of this series and tenor shall
be entitled to receive payments of interest, other than interest due at
Maturity, by wire transfer of immediately available funds to an account if
appropriate wire transfer instructions have been received by the Paying Agent
or such other paying agent in writing not less than 15 calendar days prior to
the applicable Interest Payment Date; and, provided, further,
that notwithstanding the foregoing if (i) this Security is denominated in a
Specified Currency, (ii) the Holder hereof is entitled to make, and has made, a
Specified Currency Payment Election with respect to such payment, (iii) the
Exchange Rate Agent is able to convert such payments as provided below and (iv)
the Specified Currency is not unavailable due to the imposition of exchange
controls or other circumstances beyond the control of the Company, then (a) the
payment of principal of and any

 

3

 

premium or interest on this Security other than at
Maturity will be made in the Specified Currency (or, if such Specified Currency
is not at the time of such payment legal tender for the payment of public and
private debts, in such other coin or currency of the country which issued such
Specified Currency as at the time of such payment is legal tender for the
payment of such debts) by check drawn upon a bank office located outside the
United States, and (b) any such payments due at Maturity will be made in such
Specified Currency (or, if applicable, such other coin or currency) by wire
transfer of immediately available funds to an account maintained by the Holder
hereof with a bank office located in the country which issued the Specified
Currency (unless the Specified Currency is Australian dollars in which case
such payment will be made to a bank office located outside the United States)
upon presentation of this Security to the Paying Agent or any other paying
agent in time for such wire transfer to be made by the Paying Agent in
accordance with its normal procedures.  Unless otherwise specified above,
if this Security is denominated in a Specified Currency, the Holder hereof may
elect to receive payments of the principal of and any premium or interest on
this Security in such Specified Currency (a “Specified Currency Payment
Election”) by delivery of a written request (including, in the case of an
election with respect to payments at Maturity, appropriate wire transfer
instructions) to the Trustee at its corporate trust office referred to above on
or prior to the relevant Regular Record Date or the sixteenth day prior to
Maturity, as the case may be.  Such request may be in writing (mailed or
hand delivered) or by facsimile transmission.  A Holder may elect to
receive payment in the Specified Currency for all principal and any premium and
interest payments and need not file a separate election for each payment. Such
election will remain in effect until revoked by written notice to the Trustee,
but written notice of any such revocation must be received by the Trustee on or
prior to the relevant Regular Record Date or the sixteenth day prior to
Maturity, as the case may be.

 

Unless otherwise
specified on the face hereof, if the date for the payment of the principal of
or any premium or interest on this Security or the date fixed for redemption or
repayment of this Security is not a Market Day (as defined below), then such
payment of principal, premium or interest need not be made on such date but may
be made on the next succeeding Market Day, with the same force and effect as if
made on the date for the payment of the principal, premium or interest or the
date fixed for redemption or repayment, as the case may be, and no interest
shall accrue for the period after any such date.

 

All payments of, or in
respect of, principal of and any premium and interest on this Security will be
made without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or governmental charges of whatever nature imposed
or levied by or on behalf of the Commonwealth of Australia (“Australia”) or any
political subdivision thereof or any taxing authority therein, unless such
taxes, duties, assessments or governmental charges are required by Australia or
any such subdivision or authority to be withheld or deducted.  In that
event, the Company will pay such Additional Amounts as will result (after
deduction of such taxes, duties, assessments or governmental charges and any
additional taxes, duties, assessments or governmental charges payable in
respect of such) in the payment to the Holder of this Security of the amounts
which would otherwise have been payable in respect of this Security had no such
withholding or deduction been required, subject to certain exceptions as set
forth in Article Ten of the Indenture.  Any references herein to
principal, premium or interest in respect hereof shall be deemed to also refer
to any Additional Amounts payable in respect thereof.

 

Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set
forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

4

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by manual or facsimile signature
of the undersigned, thereunto duly authorized.

 

Dated:

 

 

	
   

  	
  AUSTRALIA AND NEW
  ZEALAND BANKING

  
	
   

  	
  GROUP LIMITED

  
	
   

  	
  A.B.N. 11 005 357 522

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein

referred to in the within-mentioned Indenture.

 

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION

(as successor trustee to Bank One, N.A.,

formerly known as The First National Bank of Chicago), as Trustee

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  

 

5

 

[Reverse of Note]

 

This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”),  issued and to
be issued in one or more series under an Indenture, dated as of February 28,
1996 (herein called the “Indenture”), as amended and supplemented by the First
Supplemental Indenture, dated as of May 28, 1998, and the Second Supplemental
Indenture, dated as of             ,
between the Company and J.P. Morgan Trust Company, National Association (as
successor trustee to Bank One, N.A., formerly known as The First National Bank
of Chicago), as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof [if applicable, insert — , limited in
aggregate principal amount to $...........]. [if applicable, insert —;
provided, however, that the Company may from time to time or at any time,
without the consent of the Holders of the Securities, create and issue
additional Securities with terms and conditions identical to those of the
Securities, which additional Securities shall increase the aggregate principal
amount of, and shall be consolidated and form a single series with, the
Securities].

 

The Securities of this
series are direct, unsecured and unsubordinated obligations of the Company and
will rank pari  passu among themselves and at least pari  passu
with all other outstanding unsecured and unsubordinated obligations of the Company,
present or future, other than obligations that are preferred by statute or by
operation of law.

 

This Security is one of
the series designated as “U.S. Medium Term Notes, Series A”, limited in
aggregate principal amount (or, in the case of Original Issue Discount
Securities or Securities with the amount payable in respect of principal or any
premium or interest to be determined by reference to the value, rate or price
of one or more specified indices (“Indexed Securities”), an aggregate initial
offering price) not to exceed US$1,500,000,000 (or, if Securities of this
series denominated in one or more Specified Currencies are issued by the Company,
the equivalent thereof in such Specified Currencies based upon the Market
Exchange Rate (as defined below) on the date the Company agreed to issue such
Securities).  Unless a greater minimum denomination is specified on the
face hereof, the Securities of this series are issuable only as registered
Securities, without coupons, in minimum denominations of US$100,000 (or, in the
case of Securities denominated in a Specified Currency, the equivalent thereof
in such Specified Currency on the basis of the noon buying rate for cable
transfers in The City of New York as certified for customs purposes by (or, if
not so certified, as otherwise determined by) the Federal Reserve Bank of New
York (the “Market Exchange Rate”) for such Specified Currency on the date the Company
agrees to issue such Security, rounded down to the nearest 1,000 units of such
Specified Currency) and in integral multiples of US$1,000 in excess thereof
(or, in the case of Securities denominated in a Specified Currency, 1,000 units
of such Specified Currency).  The Securities of this series may be issued
from time to time in various principal amounts and currencies or currency
units, may bear different Stated Maturities, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, and
may otherwise vary.

 

The Company shall have
the right to require the Holder of this Security, as a condition of payment of
the principal of or any premium or interest on this Security (or any Additional
Amounts payable in respect thereof), to present at the office of the Trustee or
any paying agent a certificate in such form as the Company may from time to
time prescribe to enable the Company to determine its duties and liabilities
with respect to (i) any taxes, assessments or governmental charges which the Company,
the Trustee, any paying agent or withholding agent may be required to deduct or
withhold from payments in respect of such Security under any present or future
law of Australia or any other jurisdiction or any regulation of any taxing
corporation thereof or therein and (ii) any reporting or other requirements
under such laws or regulations.  To the extent not otherwise prohibited by
applicable laws and regulations, the Company shall be entitled to determine its
duties and liabilities with respect to such deduction, withholding, reporting
or other requirements on the basis of information contained in such certificate
or, if no certificate shall be presented, on the basis of any presumption created
by any such law or regulation and shall be entitled to act in accordance with
such determination.

 

If this Security is
designated on the face hereof as an Original Issue Discount Security (an “Original
Discount Security”), then, notwithstanding anything to the contrary contained
in this Security, upon the redemption or acceleration of the Stated Maturity of
this Security there shall be payable, in lieu of the

 

6

 

principal amount due at the Stated Maturity
hereof, an amount equal to the Amortized Face Amount of this Security. 
The “Amortized Face Amount” of an Original Issue Discount Security shall be the
amount equal to the sum of (a) the issue price of this Security (as defined
below), plus (b) that portion of the difference between the issue price and the
principal amount of this Security that has been amortized at the Stated Yield
(as defined below) of this Security (computed in accordance with generally
accepted United States bond yield computation principles) at the date as of
which the Amortized Face Amount is calculated, but in no event shall the
Amortized Face Amount exceed the principal amount of this Security due at the
Stated Maturity hereof.  As used in the previous sentence “issue price”
means the principal amount due at the Stated Maturity hereof less the Total
Amount of OID of this Security specified on the face hereof, and the “Stated
Yield” of this Security means the Yield to Maturity specified on the face
hereof or if not so specified, the yield to maturity compounded semi-annually
and computed in accordance with generally accepted United States bond yield
computation principles for the period from the Original Issue Date hereof to
the Stated Maturity hereof on the basis of its issue price and such principal
amount.

 

If it is indicated on the
face hereof that this is a “Renewable Note”, the Stated Maturity with respect
to this Security will be the Interest Payment Date specified on the face hereof
(the “Initial Maturity Date”), unless the Stated Maturity of all or any portion
of the principal amount of this Security is extended in accordance with the
procedures described below, unless modified as set forth on the face
hereof.  On the Interest Payment Dates in January and July in each year,
unless different Interest Payment Dates are specified on the face hereof (each
such Interest Payment Date, an “Election Date”), the Stated Maturity hereof
will be extended to the Interest Payment Date occurring twelve months after
such Election Date, unless the Holder hereof elects to terminate the automatic
extension of the Stated Maturity hereof or of any portion hereof having a
principal amount of US$1,000 or any multiple of US$1,000 in excess thereof by
delivering a notice of such effect to the Paying Agent not less than nor more
than a number of days specified on the face hereof prior to such Election
Date.  Such option may be exercised with respect to less than the entire
principal amount hereof; provided  that the principal amount for
which such option is not exercised is at least US$1,000 or any larger amount
that is an integral multiple of US$1,000.  Notwithstanding the foregoing,
the Stated Maturity hereof may not be extended beyond the Final Maturity Date,
as specified on the face hereof (the “Final Maturity Date”).  If the
Holder elects to terminate the automatic extension or the Stated Maturity of
any portion of the principal amount hereof and such election is not revoked as
described below, such portion will become due and payable on the Interest
Payment Date falling six months (unless another period is specified on the face
hereof) after the Election Date prior to which the Holder made such election.

 

An election to terminate
the automatic extension of the Stated Maturity may be revoked as to any portion
hereof having a principal amount of US$1,000 or any multiple of US$1,000 in
excess thereof by delivering a notice to such effect to the Paying Agent on any
day following the effective date of the election to terminate the automatic
extension of the Stated Maturity and prior to the date 15 days before the date
on which such portion would otherwise mature.  Such a revocation may be
made for less than the entire principal amount hereof for which the automatic
extension of the Stated Maturity has been terminated; provided  that
the principal amount hereof for which the automatic extension of the Stated
Maturity has been terminated and for which such a revocation has not been made
is at least US$1,000 or any larger amount that is an integral multiple of
US$1,000.  Notwithstanding the foregoing, a revocation may not be made
during the period from and including a Record Date to but excluding the
immediately succeeding Interest Payment Date.

 

An election to terminate
the automatic extension of the Stated Maturity hereof, if not revoked as
described above by the Holder making the election or any subsequent Holder,
will be binding upon such subsequent Holder.

 

A Renewable Note may be
redeemed in whole or in part at the option of the Company on the Interest
Payment Dates in each year specified on the face hereof, commencing with the
Interest Payment Date specified on the face hereof, at the Redemption Price or
Prices as stated on the face hereof, together with accrued and unpaid interest
to the Redemption Date. Notice of redemption will be provided by mailing a notice
of such redemption to each Holder by first class mail, postage prepaid, at
least 180 days prior to the Redemption Date.

 

It shall be indicated on
the face hereof whether the Company has the option to extend the Stated
Maturity hereof for one or more periods of one or more whole years (each an “Extension
Period”) up to

 

7

 

but not beyond the date (the “Final Maturity
Date”) set forth on the face hereof.  If the Company has
such option with respect to any Security (an “Extendible Note”), the following
procedures will apply, unless modified as set forth on the face hereof.

 

The Company may exercise
such option with respect to an Extendible Note by notifying the Paying Agent of
such exercise at least 45 but not more than 60 days prior to the Stated Maturity
originally in effect with respect to such Note (the “Original Maturity Date”)
or, if the Stated Maturity of such Note has already been extended, prior to the
Stated Maturity then in effect (an “Extended Maturity Date”).  No later
than 38 days prior to the Original Maturity Date or an Extended Maturity Date,
as the case may be (each a “Maturity Date”), the Paying Agent will mail to the
Holder of such Note a notice (the “Extension Notice”), relating to such
Extension Period, by first class mail, postage prepaid, setting forth (a) the
election of the Company to extend the Stated Maturity of such Note; (b) the new
Extended Maturity Date; (c) the interest rate applicable to the Extension
Period (which, in the case of a Floating Rate Note, will be calculated with
reference to an interest formula and the Spread or Spread Multiplier, if any);
and (d) the provisions, if any, for redemption during the Extension Period,
including the date or dates on which the period or periods during which and the
price or prices at which such redemption may occur during the Extension
Period.  Upon the mailing by the Paying Agent of an Extension Notice to
the Holder of an Extendible Note, the Stated Maturity of such Note shall be
extended automatically and, except as modified by the Extension Notice and as
described in the next paragraph, such Note will have the same terms it had
prior to the mailing of such Extension Notice.

 

Notwithstanding the
foregoing, not later than 10:00 A.M., New York City time, on the twentieth
calendar day prior to the Maturity Date then in effect for an Extendible Note
(or, if such day is not a Business Day, not later than 10:00 A.M., New York
City time, on the immediately succeeding Business Day), the Company may, at its
option, revoke the interest rate provided for in the Extension Notice and
establish a higher interest rate (or, in the case of a Floating Rate Note, a
higher Spread or Spread Multiplier, if any) for the Extension Period by causing
the Paying Agent to send notice of such higher interest rate (or, in the case
of a Floating Rate Note, a higher Spread or Spread Multiplier, if any) to the
Holder of such Note by first class mail, postage prepaid, or by such other
means as shall be agreed between the Company and the Paying Agent.  Such
notice shall be irrevocable.  All Extendible Notes with respect to which
the Maturity Date is extended in accordance with an Extension Notice will bear
such higher interest rate (or, in the case of a Floating Rate Note, a higher
Spread or Spread Multiplier, if any) for the Extension Period, whether or not
tendered for redemption.

 

If the Company elects to
extend the Stated Maturity of an Extendible Note, the Holder of such Note will
have the option to require the Company to redeem such Note on the Maturity Date
then in effect at a price equal to the principal amount thereof plus any
accrued and unpaid interest to such date.  In order for an Extendible Note
to be redeemed on such Maturity Date, the Holder must follow the procedures for
optional redemption specified in the applicable Prospectus Supplement, except
that the period for delivery of such Note or notification to the Paying Agent
shall be at least 25 but not more than 35 days prior to the Maturity Date then
in effect and except that a Holder who has tendered an Extendible Note for
redemption pursuant to an Extension Notice may, by written notice to the Paying
Agent, revoke any such tender for redemption until 3:00 P.M., New York City
time, on the twentieth calendar day prior to the Maturity Date then in effect (or,
if such day is not a Business Day, until 3:00 P.M., New York City time, on the
immediately succeeding Business Day).

 

If this Security is
denominated in a Specified Currency, unless the Holder hereof is entitled to
make, and has made, a Specified Currency Payment Election with respect to such
payments as provided on the face hereof, the Holder of this Security shall
receive payments of principal and any premium and interest in U.S. dollars at
an exchange rate based on the highest bid quotation in The City of New York
received by the Exchange Rate Agent (who, unless otherwise specified on the
face hereof, shall be the Trustee) at approximately 11:00 A.M., New York City
time, on the second Market Day with respect to this Security preceding the
applicable payment date from three recognized foreign exchange dealers (one of
which may be the Exchange Rate Agent) selected by the Exchange Rate Agent and
approved by the Company for the purchase by the quoting dealer of the Specified
Currency for U.S. dollars for settlement on such payment date of the aggregate
amount of such Specified Currency payable to all Holders of Securities of this
series denominated in such Specified Currency and scheduled to receive U.S.
dollar payment on such payment date and at which the applicable dealer commits
to execute a contract.  All currency exchange costs incurred by the Company
in converting a Specified Currency into U.S. dollars in order to make payments
hereon will be borne by the Holder of this Security by deductions from such
payments.  If such bid quotations are not available, or if a Specified

 

8

 

Currency Payment Election has been made with respect
to such payments, payments will be made in the Specified Currency (or, if such
Specified Currency is not at the time of such payment legal tender for the
payment of public and private debts, such other coin or currency of the country
which issued such Specified Currency as at the time of such payment is legal
tender for the payment of such debts); provided, however, that if
such Specified Currency (or, if applicable, such other coin or currency) is
unavailable due to the imposition of exchange controls or other circumstances
beyond the Company’s control, the Company will be entitled to make payments in
U.S. dollars on the basis of the Market Exchange Rate for such Specified
Currency (or, if applicable, such other coin or currency) on the second Market
Day with respect to this Security prior to such payment date or, if such Market
Exchange Rate is not then available, on the basis of the most recently
available Market Exchange Rate or as otherwise indicated hereon.

 

“Market Day” means (a)
with respect to any Note other than a Foreign Currency Note or a Currency
Indexed Note, any day that is a Business Day in The City of New York, (b) with
respect to Foreign Currency Notes only (other than Foreign Currency Notes that
are Currency Indexed Notes or denominated in Euro), any Business Day in The
City of New York that is also a Business Day in the principal financial center
of the country of the Specified Currency or, with respect to Foreign Currency
Notes denominated in Australian dollars, Melbourne, or (c) with respect to
Foreign Currency Notes denominated in euro only, any Business Day in The City
of New York that is also designated as a euro settlement day by the Euro
Banking Association in Paris or otherwise generally regarded in the euro
interbank market as a day on which payments in euro are made, or with respect
to Foreign Currency Notes denominated in Australian dollars, Melbourne. 
Capitalized terms used in this paragraph but not defined herein shall have the
meanings attributed to them in the applicable Prospectus Supplement.

 

“Business Day”, when used
with respect to any place of payment or any other particular location, means
any day which is not a Saturday or Sunday and which is not a day on which
banking institutions in that Place of Payment or other location are authorized
or obligated by law, regulation or executive order to close.

 

If one or more Redemption
Dates (or ranges of Redemption Dates) are specified on the face hereof, this
Security is subject to redemption upon not less than 30 days’ notice by mail,
on any such date (or during any such range), as a whole, or from time to time
in part, at the election of the Company, at a Redemption Price determined as
provided in the next succeeding sentence, together with accrued interest to the
Redemption Date; provided that, interest installments whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holder
hereof (or one or more Predecessor Securities) of record at the close of
business on the Regular Record Dates referred to on the face hereof. 
Unless otherwise specified on the face hereof, the “Redemption Price” for any
such redemption shall be the amount determined by multiplying the Redemption
Percentage specified on the face hereof with respect to the relevant Redemption
Date (or range of such dates), by the portion of the principal amount hereof
(or if this Security is an Original Issue Discount Security, the portion of the
Amortized Face Amount hereof) to be redeemed; provided, however,
that in no event shall the Redemption Price be less than 100% of the portion of
the principal amount hereof (or, if this Security is an Original Issue Discount
Security, the portion of the Amortized Face Amount hereof) to be redeemed.

 

In addition to its
ability to redeem this Security pursuant to the foregoing, this Security may be
redeemed at the option of the Company on the terms set forth, and as more fully
described, in the Indenture, in certain circumstances if the Company would be
required to pay Additional Amounts in respect hereof as a result of any change
or amendment of any law, regulation or published tax ruling of Australia, or
any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in the official administration, interpretation or
application of such laws, regulations or published tax rulings, in each case
occurring after the Issue Date hereof.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of
the Holder hereof upon the cancellation hereof.

 

9

 

The Indenture contains
provisions for defeasance at any time of (i) the entire indebtedness of this
security or (ii) certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions
set forth in the Indenture.

 

If one or more Repayment
Dates (Option of Holder) (or ranges of such dates) is specified on the face
hereof, this Security is subject to repayment on any such date (or during any
such range) or, if such date is not a Market Day, on the first Market Day
following such date, as a whole or from time to time in part, at the election
of the Holder hereof, at a Repayment Price determined as provided in the fifth
succeeding sentence together with accrued interest thereon to the Repayment
Date, but interest installments whose Stated Maturity is on or prior to the
Repayment Date will be payable to the Holder hereof at the close of business on
the Regular Record Date referred to on the face hereof, all as provided in the
Indenture.  Such election shall be effected by the Holder hereof
delivering to the Company at the principal corporate trust office of the
Trustee in the Borough of Manhattan, The City of New York not less than 30 nor
more than 60 days prior to the date on which this Security is to be repaid, or
during such other Notice Period specified on the face hereof, a notice
requesting such repayment in the form described below and specifying the date
upon which this Security is to be repaid.  Any notice given by a Holder
pursuant to this paragraph shall consist of either (i) this Security with the
form entitled “Option to Elect Repayment” set forth at the end of this Security
duly completed or (ii) a telegram, facsimile transmission or a letter from a
member of a national securities exchange, or the National Association of
Securities Dealers, Inc. or a commercial bank or trust company in the United
States setting forth the name of the Holder hereof, the principal amount of
this Security, the principal amount of this Security to be repaid, the
certificate number or a description of the terms of this Security, a statement
that the option to elect repayment is being exercised thereby and a guarantee
that this Security, together with the duly completed form entitled “Option to
Elect Repayment” below, will be received by the Trustee not later than the
fifth Business Day after the date of such telegram, facsimile transmission or
letter; provided, however, that such telegram, facsimile
transmission or letter shall only be effective if this Security and form duly
completed are received by the Trustee by such fifth Business Day. 
Exercise of the repayment option by the Holder hereof will be
irrevocable.  If applicable, the “Repayment Price” for any such repayment
shall be determined by multiplying the Repayment Percentage (Option of Holder)
specified on the face hereof with respect to the relevant Repayment Date
(Option of Holder) (or range of such dates) by the portion of the principal
amount hereof (or, if this Security is an Original Issue Discount Security, the
portion of the Amortized Face Amount hereof) to be repaid, together with
interest accrued thereon to the Repayment Date; provided, however,
that in no event shall the Repayment Price be less than 100% of the portion of
the principal amount hereof (or, if this Security is an Original Issue Discount
Security, the portion of the Amortized Face Amount hereof) to be repaid.

 

If an Event of Default
with respect to the Securities of this series shall occur and be continuing,
the principal of the Securities of this series (or, in the case of Original
Issue Discount Securities, the Amortized Face Amount thereof) may be declared
due and payable in the manner and with the effect provided in the
Indenture.  Upon payment (i) of the amount of principal so declared
due and payable and (ii) of interest on any overdue principal and overdue
interest (in each case to the extent that the payment of such interest shall be
legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of the interest, if any, on the Securities of this
series shall terminate.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Securities of each series to be affected under the Indenture at
any time by the Company and the Trustee with the consent of the Holders of 662/3%
in principal amount of the Securities at the time Outstanding of each series to
be affected.  The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences.  Any
such consent or waiver by the Holder of this Security or variation of the
Negative Pledge shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall
not have the right to institute any proceeding with respect to the Indenture or
for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee

 

10

 

written notice of a continuing Event of Default with
respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default as Trustee and shall have offered the Trustee reasonable
indemnity, and the Trustee, during the 60 day period after receipt of such
notice, request and offer of indemnity, shall have failed to institute any such
proceeding and shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request.  The foregoing shall not apply
to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

 

No reference herein to
the Indenture and no provision of this Security or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in
any place where the principal of and any premium and interest on this Security
are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the Securities
of this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.  Following the exercise
of any redemption option by the Holder hereof, the Trustee shall not be
required to issue, register the transfer of or exchange that portion of this
Security with respect to which such option has been exercised.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not
this Security is overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture.

 

The Securities of this
series may be issued in the form of one or more Global Securities to The
Depository Trust Company, as depositary for the Global Securities of this
series (the “Depositary”), or its nominee and registered in the name of the
Depositary or such nominee.  If this Security is designated on the face
hereof as a Global Security, the transfer and exchange hereof is subject to the
limitations set forth in the Indenture and in the legends on the face
hereof.  Notwithstanding any other provision in the Indenture or of this
Global Security, this Global Security may be exchanged in whole or in part for
Securities registered, and no transfer of this Global Security in whole or in
part may be registered, in the name of any Person other than the Depositary for
this Global Security or a nominee thereof unless (A) such Depositary
(i) has notified the Company that it is unwilling or unable to continue as
Depositary for this Global Security or (ii) has ceased to be a clearing
agency registered under the Exchange Act, (B) there shall have occurred and be
continuing an Event of Default with respect to this Global Security, (C) the Company
in its sole discretion shall have notified the Depositary that the Global
Securities shall be exchanged for such Securities or (D) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been
specified for this purpose as contemplated by Section 301 of the
Indenture.  Notwithstanding any other provision in the Indenture or of this
Global Security, if the restriction set forth in the preceding sentence shall
have ceased to apply to this Global

 

11

 

 Security it may be transferred only to, and may
be registered and exchanged for Securities registered only in the name or names
of, such Person or Persons as the Depositary for this Global Security shall
have directed and no transfer thereof other than such a transfer may be
registered.

 

In the Indenture, the Company
has appointed its Managing Director, Americas, acting through its office in the
Borough of Manhattan, The City of New York located at 1177 Avenue of the
Americas, New York, New York, and his successors, as its authorized agent (“Authorized
Agent”) upon which process may be served in any legal action or proceeding
against it with respect to its obligations under the Securities or the
Indenture, as the case may be, instituted in any State or Federal court in the
Borough of Manhattan, The City of New York by the Holder of any Security and
has irrevocably submitted to the non-exclusive jurisdiction of any such court
in respect of such legal action.  Such appointment shall be irrevocable
until all amounts in respect of the principal of and any premium and interest
due and to become due on or in respect of all the Securities have been paid by
the Company to the Trustee pursuant to the terms of the Indenture and the
Securities and paid or returned to the Trustee as provided in Section 309 of
the Indenture.  Notwithstanding the foregoing, the Company has reserved
the right to appoint another person located or with an office in the Borough of
Manhattan, The City of New York, selected in its discretion, as a successor
Authorized Agent, and upon acceptance of such appointment by such a successor
the appointment of the prior Authorized Agent shall terminate.  If for any
reason the Company’s General Manager, Americas, ceases to be able to act as the
Authorized Agent or to have an address in the Borough of Manhattan, The City of
New York, the Company will appoint a successor Authorized Agent in accordance
with the preceding sentence.  The Company will take any and all action,
including the filing of any and all documents and instruments,
that may be necessary to continue such appointment or appointments in
full force and effect as aforesaid.  Service of process upon the
Authorized Agent addressed to it at the address set forth above, as such
address may be changed within the Borough of Manhattan, The City of New York by
notice given by the Authorized Agent to the Trustee, together with written notice
of such service mailed or delivered to the Company at 100 Queen Street,
Melbourne, Victoria, 3000 Australia, attention: Company Secretary, shall be
deemed, in every respect, effective service of process on the Company. 
Notwithstanding the foregoing, any action based on the Securities may be
instituted by a Holder of a Security in any competent court in the State of
Victoria or any court in Australia competent to hear appeals therefrom. 
To the fullest extent permitted by law, the Company has waived irrevocably any
immunity from jurisdiction to which it might otherwise be entitled in any
action based on the Securities or the Indenture which may be instituted by the
Holder of any Security in any State or Federal court in the Borough of
Manhattan, The City of New York or in any competent court in the State of
Victoria or in Australia competent to hear appeals therefrom.

 

This Security and the
Indenture shall be governed by and construed in accordance with the laws of the
State of New York, but without regard to the conflict of laws principles
thereof; provided, however, that (i) the authorization and
execution of the Indenture and this Security, as applicable, and (ii) the
occurrence of an Event of Default under Sections 501(6) or (7) of the Indenture
shall be governed by the laws of the State of Victoria, Commonwealth of
Australia.

 

12

 

ABBREVIATIONS

 

The following
abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to
applicable laws or regulations.

 

	
  TEN COM

  	
  -

  	
  as tenants in common

  
	
   

  	
   

  	
   

  
	
  TEN ENT

  	
  -

  	
  as tenants by the
  entireties

  
	
   

  	
   

  	
   

  
	
  JT TEN

  	
  -

  	
  as joint tenants with
  right of survivorship and not as tenants in common

  

 

	
  UNIF GIFT MIN ACT

  	
   

  	
                                                         Custodian                                   

  
	
   

  	
   

  	
  (Custodian)

  	
  (Minor)

  

 

Under Uniform Gifts to
Minors Act
(                                     )

(State)

 

Additional abbreviations may also be used though not
in the above list.

 

13

 

OPTION TO ELECT
REDEMPTION

 

The undersigned hereby
irrevocably requests and instructs Australia and New Zealand Banking Group
Limited (A.B.N. 11 005 357 522) to repay the within Security (or portion
thereof specified below) pursuant to its terms at the Repayment Price, to the
undersigned at

 

	
   

  
	
  PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF THE UNDERSIGNED

  
	
   

  
	
   

  
	
   

  

 

If less than the entire
principal amount of the within Security is to be repaid, specify the portion
thereof which the Holder elects to have repaid:

 

                                                                                             ;
and specify the denomination of denominations (which
shall not be less than the minimum authorized denomination) of the Securities
to be issued to the Holder for the portion of the within Security not being
repaid (in the absence of any such specification, one such Security will be
issued for the portion not being repaid):

	
   

  

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
  NOTICE: This signature
  on this Option to Elect Repayment must correspond with the name as written
  upon the face of the within instrument in every particular without alteration
  or enlargement or any change whatever.

  
	
   

  	
   

  	
   

  	
   

  

 

14

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

 

	
   

  
	
  PLEASE INSERT
  SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  
	
   

  
	
  PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

  
	
   

  
	
   

  
	
   

  

 

the within Security and all rights thereunder, hereby
irrevocably constituting and appointing
                                                  attorney
to transfer said Security on the books of the Company, with full power of
substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
  NOTICE: The signature
  to this assignment must correspond with the name as written upon the face of
  the within instrument in every particular without alteration or enlargement
  or any change whatever.

  
	
   

  	
   

  	
   

  	
   

  

 

	
  Signature guaranteed: 

  	
   

  	
   

  
	
   

  	
   

  
	
  NOTICE:

  	
  The signature on this
  Transfer Notice must be guaranteed by a member firm of the Securities
  Transfer Agent Medallion Program.

  
	
   

  	
   

  	
   

  	
   

  

 

15

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