Document:

EX-10.25

 Exhibit 10.25 

 
 

 
 Guarantee Deed Poll 

The Allens contact for this document is Alan Maxton 
 Deutsche
Bank Place 
 Corner Hunter and Phillip Streets 
 Sydney NSW
2000 Australia 
 T +61 2 9230 4000 
 F +61 2 9230 5333 

www.allens.com.au 

© Allens Australia 2018 

Allens is an independent partnership operating in alliance with Linklaters LLP. 

					
	Guarantee Deed Poll	  		  	

  

							
	Contents	  	
			
	1	    	Definitions and Interpretation	  	1
		    	1.1	  	Definitions	  	1
		    	1.2	  	Interpretation	  	2
		    	1.3	  	Inclusive expressions	  	4
		    	1.4	  	Accounting Standards	  	4
		    	1.5	  	Incorporated definitions	  	4
		    	1.6	  	Acknowledgments	  	4
			
	2	    	Deed Poll	  	4
				
		    	2.1	  	Finance Parties and Finance Documents	  	4
		    	2.2	  	Removal of benefit for particular Finance Party	  	4
		    	2.3	  	Power of attorney	  	5
		    	2.4	  	Syndicated Facility Agreements	  	5
		    	2.5	  	Several application of Deed Poll	  	5
			
	3	    	Payments	  	6
			
	4	    	Representations and Warranties	  	6
				
		    	4.1	  	Representations and Warranties	  	6
		    	4.2	  	Repetition of representations and warranties	  	7
			
	5	    	Guarantee	  	7
		    	5.1	  	Guarantee	  	7
		    	5.2	  	Payment	  	7
		    	5.3	  	Securities for other money	  	7
		    	5.4	  	Amount of Guaranteed Moneys	  	8
		    	5.5	  	Proof by Finance Parties	  	8
		    	5.6	  	Avoidance of payments	  	8
		    	5.7	  	Indemnity for avoidance of Guaranteed Moneys	  	8
		    	5.8	  	No obligation to marshal	  	9
		    	5.9	  	Non exercise of Guarantors’ rights	  	9
		    	5.10	  	Principal and independent obligation	  	9
		    	5.11	  	Suspense account	  	10
		    	5.12	  	Unconditional nature of obligations	  	10
		    	5.13	  	No competition	  	11
		    	5.14	  	Continuing guarantee	  	12
		    	5.15	  	Variation	  	12
		    	5.16	  	Judgments	  	12
		    	5.17	  	Release of Guarantors	  	12
			
	6	    	Interest on Overdue Amounts	  	13
		    	6.1	  	Accrual	  	13
		    	6.2	  	Payment	  	13
		    	6.3	  	Rate	  	13
				
	7	    	GST	  		  	13
			
	8	    	Saving provisions	  	13
			
	9	    	Survival of Obligations	  	13
			
	10	    	Assignments	  	14
			
	11	    	Notices	  	14
			
	12	    	Governing Law and Jurisdiction	  	14

  
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	Guarantee Deed Poll	  		  	

  

							
		    	13	  	General	  	14
				
		    	14	  	Counterparts	  	14
			
		    	Schedule	  	15
				
		    		  	Notice Details	  	15

  

  
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	Guarantee Deed Poll	  		  	

  

 This Deed Poll is made on 3 April 2018 

BY: 
 Each Person specified in the Schedule (each, a
Guarantor). 
 Recital 

This Deed Poll is made in favour of each Finance Party from time to time as defined in this Deed Poll. The Guarantors enter into this Deed
Poll for valuable consideration including the Finance Parties continuing to extend financial accommodation to or at the request of the Borrowers. 
 It
is agreed as follows. 
  

	1	 Definitions and Interpretation 

 

	1.1	 Definitions 

The following definitions apply unless the context requires otherwise. 

Common Terms Deed Poll means the common terms deed poll dated 10 April 2012 given by Foxtel
Management Pty Limited, the parties listed in Schedule 1 to that document and others in favour of the Finance Parties. 

Finance Document has the meaning given to that term in the Common Terms Deed Poll. 

Finance Party means each Finance Party under the Common Terms Deed Poll to whom, or to whose Financier Representative (as
defined in the Common Terms Deed Poll), a Finance Party Nomination Letter is addressed in respect of this Deed Poll. 
 Finance Party
Nomination Letter has the meaning given to that term in the Common Terms Deed Poll. 
 Financier means
each Financier under the Common Terms Deed Poll to whom, or to whose Financier Representative (as defined in the Common Terms Deed Poll), a Finance Party Nomination Letter is addressed in respect of this Deed Poll. 

Financier Representative means a Financier Representative under the Common Terms Deed Poll to whom a Finance Party
Nomination Letter is addressed in respect of this Deed Poll. 
 Guaranteed Moneys means all debts and monetary
liabilities of each Transaction Party to the Finance Parties under or in relation to any Finance Document and in any capacity, irrespective of whether the debts or liabilities: 

 

	 	(a)	 are present or future; 

 

	 	(b)	 are actual, prospective, contingent or otherwise; 

 

	 	(c)	 are at any time ascertained or unascertained; 

 

	 	(d)	 are owed or incurred by or on account of any Transaction Party alone, or severally or jointly with any other
person; 

  

	 	(e)	 are owed to or incurred for the account of any Finance Party alone, or severally or jointly with any other
person; 

  

	 	(f)	 are owed to any other person as agent (whether disclosed or not) for or on behalf of any Finance Party;

  

	 	(g)	 are owed or incurred as principal, interest, fees, charges, taxes, duties or other imposts, damages (whether
for breach of contract or tort or incurred on any other ground), losses, costs or expenses, or on any other account; 

  
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	Guarantee Deed Poll	  		  	

  

	 	(h)	 are owed to or incurred for the account of any Finance Party directly or as a result of: 

 

	 	(i)	 the assignment or transfer to any Finance Party of any debt or liability of any Transaction Party (whether by
way of assignment, transfer or otherwise); or 

  

	 	(ii)	 any other dealing with any such debt or liability; 

 

	 	(i)	 are owed to or incurred for the account of a Finance Party before the date of this Deed Poll, or before the
date of any assignment of any Finance Document to any Finance Party by any other person or otherwise; or 

  

	 	(j)	 comprise any combination of the above. 

Insolvency Event has the meaning given to that term in the Common Terms Deed Poll as if references in the clauses referred
to in that definition to a Transaction Party were references to a Guarantor. 
 Material Adverse Effect has the meaning
given to that term in the Common Terms Deed Poll as if references in that definition to a Transaction Party were references to a Guarantor. 

Officer means: 
  

	 	(a)	 in respect of each Guarantor, any director or secretary, or a person notified to be an authorised officer by
the relevant Guarantor; and 

  

	 	(b)	 in relation to a Finance Party, any person whose title includes the word ‘Director’, ‘Managing
Director’, ‘Head’, ‘Executive’, ‘Manager’ or ‘Vice President’, and any other person appointed by the Finance Party to act as its authorised officer for the purposes of the Finance Documents.

 Power means any right, power, authority, discretion or remedy conferred on any Finance Party by
this Deed Poll or any applicable law. 
 Transaction Party has the meaning given to that term in the Common Terms Deed
Poll. 
  

	1.2	 Interpretation 

In this Deed Poll, headings and bold type are for convenience only and do not affect the interpretation of this Deed Poll and, unless the
context otherwise requires: 
  

	 	(a)	 words importing the singular include the plural and vice versa; 

 

	 	(b)	 words importing a gender include any gender; 

 

	 	(c)	 other parts of speech and grammatical forms of a word or phrase defined in this Deed Poll have a corresponding
meaning; 

  

	 	(d)	 an expression importing a natural person includes any company, partnership, joint venture, association,
corporation or other body corporate and any Government Agency; 

  

	 	(e)	 a reference to any thing (including any right) includes a part of that thing but nothing in this clause 1.2(e)
implies that performance of part of an obligation constitutes performance of the obligation; 

  

	 	(f)	 a reference to a clause, party, annexure, exhibit or schedule is a reference to a clause of, and a party,
annexure, exhibit and schedule to, a Finance Document and a reference to a Finance Document includes any annexure, exhibit and schedule to that Finance Document; 

 

	 	(g)	 a reference to a statute, regulation, proclamation, ordinance or by law includes all statutes, regulations,
proclamations, ordinances or by laws amending, consolidating or replacing it, whether passed by the same or another Government Agency with legal power to do so, and a reference to a statute includes all regulations, proclamations, ordinances and by
laws issued under that statute; 

  
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	Guarantee Deed Poll	  		  	

  

	 	(h)	 a reference to a document includes all amendments or supplements to, or replacements or novations of, that
document; 

  

	 	(i)	 a reference to a party to a document includes that party’s successors and permitted assigns;

  

	 	(j)	 a reference to an agreement other than a Finance Document or this Deed Poll includes an undertaking, deed,
agreement or legally enforceable arrangement or understanding whether or not in writing; 

  

	 	(k)	 a reference to an asset includes all property of any nature, including a business, and all rights, revenues and
benefits; 

  

	 	(I)	 a reference to liquidation includes official management, appointment of an administrator, compromise,
arrangement, merger, amalgamation, reconstruction, winding up, dissolution, assignment for the benefit of creditors, scheme, composition or arrangement with creditors, insolvency, bankruptcy, or any similar procedure or, where applicable, changes in
the constitution of any partnership or person, or death; 

  

	 	(m)	 a reference to a document includes any agreement in writing, or any certificate, notice, instrument or other
document of any kind; 

  

	 	(n)	 no provision of this Deed Poll will be construed adversely to a party solely on the ground that the party was
responsible for the preparation of this Deed Poll or that provision; 

  

	 	(o)	 a covenant or agreement on the part of two or more Guarantors binds them jointly and severally;

  

	 	(p)	 references to time are to Sydney time; 

 

	 	(q)	 unless the contrary intention appears, any provision of this Deed Poll which specifies a particular day on
which a calculation is to be made or an obligation performed, will be construed as requiring that calculation to be made or that obligation to be performed at or before 5.00pm on that day; 

 

	 	(r)	 a reference in this Deed Poll to: 

 

	 	(i)	 amendment includes a supplement, novation, restatement or modification and ‘amended’ is
to be construed accordingly; 

  

	 	(ii)	 continuing, in relation to a Default, indicates a Default that has not been remedied to the
satisfaction of the relevant Financier Representative (acting in good faith) or waived in writing in accordance with the terms of the relevant Finance Document; and 

 

	 	(iii)	 undertaking, assets and rights includes a reference to all real and personal property, choses in
action, goodwill and uncalled and called, but unpaid capital; 

  

	 	(s)	 where an act is required to be performed promptly, it shall be performed within as short a period
as reasonably possible from the moment when the act could reasonably be performed, taking into account all of the circumstances; 

  

	 	(t)	 for the purposes of: 

 

	 	(i)	 making a representation or warranty; 

 

	 	(ii)	 complying with any notification requirement or other undertaking; or 

 

	 	(iii)	 determining whether a Default has occurred, 

  
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	Guarantee Deed Poll	  		  	

  

 the value of any relevant transaction, event or other thing which is not denominated in
Dollars, shall be taken into account as if the value of that transaction, event or other thing were converted into Dollars on the relevant date; and 
  

	 	(u)	 a reference to remedying an Event of Default includes overcoming its consequences.

  

	1.3	 Inclusive expressions 

Specifying anything in this Deed Poll after the words ‘includes’ or ‘for example’ or similar expressions does not limit
what else is included unless there is express wording to the contrary. 
  

	1.4	 Accounting Standards 

Any accounting practice or concept relevant to the Finance Documents is to be construed or determined in accordance with the Accounting
Standards. 
  

	1.5	 Incorporated definitions 

Unless the contrary intention appears, capitalised terms defined in the Common Terms Deed Poll have the same meaning in this Deed Poll. 

 

	1.6	 Acknowledgments 

Each Guarantor: 
  

	 	(a)	 acknowledges having received a copy of and approved the Common Terms Deed Poll together with all other Finance
Documents and other documents and information it requires in connection with the Common Terms Deed Poll before signing this Deed Poll; and 

  

	 	(b)	 acknowledges receiving valuable consideration for signing this Deed Poll. 

 

	2	 Deed Poll 

  

	2.1	 Finance Parties and Finance Documents 

 

	 	(a)	 This Deed Poll is given by the Guarantors in favour of the Finance Parties from time to time. Each Finance
Party has the benefit of and may enforce this Deed Poll even though it is not a party to, or is not in existence at the time of execution and delivery of this Deed Poll, in relation to the Finance Debt to which that Finance Party is entitled and
each Finance Document under which that Finance Party has rights, benefits or obligations. 

  

	 	(b)	 Each undertaking in this Deed Poll is made in favour of the Finance Parties. 

 

	 	(c)	 Each Guarantor irrevocably acknowledges that FOXTEL may sign and deliver a Finance Party Nomination Letter
nominating this Deed Poll as a Finance Document whereupon this Deed Poll shall be a Finance Document for the purposes of the Common Terms Deed Poll. 

 

	2.2	 Removal of benefit for particular Finance Party 

Subject to clause 13.7 of the Common Terms Deed Poll, this Deed Poll ceases to be for the benefit of and enforceable by a Finance Party if at
any time: 
  

	 	(a)	 that Finance Party has been Finally Paid; 

 

	 	(b)	 that Finance Party is not committed to providing further financial or other accommodation to any Transaction
Party pursuant to any Finance Document; and 

  

	 	(c)	 if requested by FOXTEL and agreed in writing by the relevant Finance Party. 

  
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	Guarantee Deed Poll	  		  	

  

 If FOXTEL makes a request to a Finance Party under paragraph (c) above subject to the
circumstances in paragraphs (a) and (b) above existing, that Finance Party will promptly confirm in writing that it agrees that this Deed Poll has ceased to be for the benefit of and enforceable by that Finance Party. 

 

	2.3	 Power of attorney 

 

	 	(a)	 Each Guarantor (other than NXE Australia Pty Limited) irrevocably appoints NXE Australia Pty Limited as its
attorney (Attorney) to do anything which the Guarantor may do (including to execute any document on its behalf) under or in relation to any Finance Document including to execute and deliver any document amending or supplementing this
Deed Poll. 

  

	 	(b)	 Without limitation, the Attorney may at any time delegate the Attorney’s powers (including delegation).

  

	2.4	 Syndicated Facility Agreements 

In relation to a Finance Document which is a Syndicated Facility Agreement: 

 

	 	(a)	 any notice, consent, direction, opinion, approval, waiver, variation, agreement or communication which may be
given, or which is required to be given either by or to a Financier under this Deed Poll may be given by, and shall be given to, the relevant Financier Representative (on behalf of each Financier under that Syndicated Facility Agreement) and if so
given, shall, for the purposes of this Deed Poll, be regarded as having been given to or by each such Financier; 

  

	 	(b)	 the parties acknowledge and agree that the relevant Financier Representative under that Syndicated Facility
Agreement in giving any such notice, consent, direction, approval, waiver, variation, agreement or other communication or forming any opinion, will be acting on the instructions of the Financiers under and in accordance with that Syndicated Facility
Agreement, and references to “acting reasonably”, “in the opinion of, “being satisfied” or similar expressions shall be construed accordingly and where used in connection with the relevant Financier Representative shall be
construed as referring to each of the Financiers from whom the relevant Financier Representative is required to obtain instructions in so acting. Each Guarantor shall be entitled to assume in its dealings with the relevant Financier Representative
that it has the necessary authority to so act and to bind each Financier under the relevant Syndicated Facility Agreement, until such time as NXE Australia Pty Limited is notified in writing to the contrary; and 

 

	 	(c)	 references in this Deed Poll to “a Financier” or “the Financier” shall be construed
accordingly. 

  

	2.5	 Several application of Deed Poll 

In relation to each Finance Document, each Finance Party under that Finance Document and the Transactions (jointly a Relevant
Transaction), the provisions of this Deed Poll shall be construed (unless a contrary intention is expressly indicated): 
  

	 	(a)	 to apply to each such Relevant Transaction separately; 

 

	 	(b)	 such that the representations, warranties, undertakings, events of default and other provisions apply to that
Relevant Transaction separately and gives each Finance Party to that Relevant Transaction rights in relation to that Relevant Transaction separately; and 

  

	 	(c)	 such that each reference to “each Financier Representative” or “the Financier
Representatives” means the relevant Financier Representative in respect of the Relevant Transaction. 

  
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	Guarantee Deed Poll	  		  	

  

	3	 Payments 

Clause 3 (Payments) of the Common Terms Deed Poll applies to this Deed Poll as if references in that clause to a Transaction
Party were references to a Guarantor. 
  

	4	 Representations and Warranties 

 

	4.1	 Representations and Warranties 

Each Guarantor makes the following representations and warranties for the benefit of each Finance Party. 

 

	 	(a)	 (status): it is a corporation registered (or taken to be registered) and validly existing under the laws
of the jurisdiction of its incorporation; 

  

	 	(b)	 (power and authorisation): it has the power and authority to enter into and perform its obligations
under and carry out the transactions contemplated by this Deed Poll and to own its assets and to carry on its business as now conducted. It has taken all necessary action to authorise the entry into, delivery and performance of this Deed Poll and to
carry out the transactions contemplated by this Deed Poll; 

  

	 	(c)	 (document binding): this Deed Poll constitutes its legal, valid, binding and enforceable obligation
enforceable in accordance with its terms subject to laws generally affecting creditors’ rights and principles of equity; 

  

	 	(d)	 (transactions permitted): the execution, delivery and performance by it of this Deed Poll and each
transaction contemplated under this Deed Poll did not and will not breach or result in a contravention of: 

  

	 	(i)	 any law, treaty, judgement, ruling, order, regulation or decree of a Government Agency binding on it or
Authorisation; 

  

	 	(ii)	 its constitution or other constituent documents; or 

 

	 	(iii)	 any Encumbrance or material agreement which is binding on it or its assets, and did not and will not:

  

	 	(iv)	 create or impose any Encumbrance on any of its assets; or 

 

	 	(v)	 allow a person to accelerate or cancel an obligation with respect to Finance Debt or constitute an event of
default, cancellation event, prepayment event or similar event (whatever called) under an agreement relating to Finance Debt, whether immediately or after notice or lapse of time or both; 

 

	 	(e)	 (no litigation): except as disclosed in full to each Financier Representative in writing before the date
of this Deed Poll, there is no litigation, arbitration, Tax claim, dispute or administrative or other proceeding current or, to the best of its knowledge and belief, threatened, to which it is or may become a party, which: 

 

	 	(i)	 in any way questions its power or authority to enter into or perform its obligations under this Deed Poll; or

  

	 	(ii)	 would be reasonably likely to result in the occurrence of an Insolvency Event in relation to it or to have a
Material Adverse Effect; 

  

	 	(f)	 (Authorisations): each Authorisation: 

 

	 	(i)	 which is required in relation to the execution, delivery and performance by it of this Deed Poll and the
transactions contemplated by this Deed Poll; or 

  

	 	(ii)	 which is required in relation to the validity and enforceability of this Deed Poll, has been obtained or
effected, complied with and maintained; 

  
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	Guarantee Deed Poll	  		  	

  

	 	(g)	 (copies of documents): all copies of documents given by it or on its behalf to any Financier
Representative are true copies which are accurate and complete in all material respects; 

  

	 	(h)	 (not a trustee): it does not enter into this Deed Poll as trustee of any trust or hold any assets as the
trustee of any trust; 

  

	 	(i)	 (immunity from suit): it does not, and its assets do not, have immunity from the jurisdiction of a court
or from legal process; 

  

	 	(j)	 (solvency): 

  

	 	(i)	 it is able to pay its debts as they fall due and has not suspended making payment of its debts generally; and

  

	 	(ii)	 no Insolvency Event has occurred and is continuing in relation to it or will occur as a result of it entering
into this Deed Poll; 

  

	 	(k)	 (ranking of obligations): its obligations under this Deed Poll (in all respects and at all times) rank
at least equally in right and priority of payment with all its other unsecured and unsubordinated obligations (actual or contingent, present or future) except for obligations mandatorily preferred by law; 

 

	 	(I)	 (commercial benefit): the entering into and performance by it of its obligations under this Deed Poll is
for its commercial benefit and is in its commercial interests; and 

  

	 	(m)	 (own enquiries): it has relied on its own investigations and enquiries regarding the transactions
contemplated by the Finance Documents and has not relied on any information, advice or opinion given or offered by or on the Financier’s behalf even if in answer to any enquiry by or for it. 

 

	4.2	 Repetition of representations and warranties 

The representations and warranties given under this Deed Poll are repeated in favour of each Financier with reference to the facts and
circumstances then subsisting on each date on which any financial accommodation is made available or rolled over by that Financier under that Financier’s Finance Documents. 

 

	5	 Guarantee 

  

	5.1	 Guarantee 

The Guarantors jointly and severally, unconditionally and irrevocably guarantee to each Finance Party the payment of the Guaranteed Moneys due
to each Finance Party. 
  

	5.2	 Payment 

  

	 	(a)	 If the Guaranteed Moneys are not paid when due, each Guarantor must immediately on demand from the relevant
Financier Representative pay to that Financier Representative for the account of its Financiers the Guaranteed Moneys in the same manner and currency as the Guaranteed Moneys are required to be paid. 

 

	 	(b)	 A demand under clause 5.2(a) may be made at any time and from time to time. 

 

	5.3	 Securities for other money 

Each Finance Party may apply any amounts received by it or recovered under any document or agreement which is a security for any of the
Guaranteed Moneys and any other money in the manner it determines in its absolute discretion. 

  
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	5.4	 Amount of Guaranteed Moneys 

 

	 	(a)	 This clause 5 applies to any amount which forms part of the Guaranteed Moneys from time to time.

  

	 	(b)	 The obligations of each Guarantor under this clause 5 extend to any increase in the Guaranteed Moneys as a
result of: 

  

	 	(i)	 any amendment, supplement, renewal or replacement of any Finance Document to which any Finance Party and
Transaction Party or Guarantor is a party; or 

  

	 	(ii)	 the occurrence of any other thing. 

 

	 	(c)	 Clause 5.4(b): 

  

	 	(i)	 applies regardless of whether any Guarantor is aware of or consented to or is given notice of any amendment,
supplement, renewal or replacement of any agreement to which any Finance Party and Transaction Party or Guarantor is a party or the occurrence of any other thing; and 

 

	 	(ii)	 does not limit the obligations of any Guarantor under this clause 5. 

 

	5.5	 Proof by Finance Parties 

In the event of the liquidation of a Transaction Party or Guarantor, each Guarantor irrevocably authorises each Finance Party to prove for all
money which any Guarantor has paid or is or may be obliged to pay under any Finance Document, any other document or agreement or otherwise in respect of the Guaranteed Moneys. 
  

	5.6	 Avoidance of payments 

 

	 	(a)	 If any payment, conveyance, transfer or other transaction relating to or affecting the Guaranteed Moneys is:

  

	 	(i)	 void, voidable or unenforceable in whole or in part; or 

 

	 	(ii)	 claimed to be void, voidable or unenforceable and that claim is upheld, conceded or compromised in whole or in
part, 

  

	 	the	
liability of each Guarantor under this clause 5 and any Power is the 
same as if: 

  

	 	(iii)	 that payment, conveyance, transfer or transaction (or the void, voidable or unenforceable part of it); and

  

	 	(iv)	 any release, settlement or discharge made in reliance on any thing referred to in clause 5.6(a)(iii),

 had not been made and each Guarantor must immediately take all action and sign all documents necessary or required by a
Financier Representative to restore to each Finance Party the benefit of this clause 5. 
  

	 	(b)	 Clause 5.6(a) applies whether or not any Finance Party knew, or ought to have known, of anything referred to in
clause 5.6(a). 

  

	5.7	 Indemnity for avoidance of Guaranteed Moneys 

 

	 	(a)	 If any of the Guaranteed Moneys (or money which would have been Guaranteed Moneys if it had not been
irrecoverable) are irrecoverable by any Finance Party from: 

  

	 	(i)	 any Transaction Party or Guarantor; or 

 

	 	(ii)	 a Guarantor on the footing of a guarantee, 

  
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	Guarantee Deed Poll	  		  	

  

 the Guarantors jointly and severally, unconditionally and irrevocably, and as
a separate and principal obligation: 
  

	 	(iii)	 indemnify each Finance Party against any Loss suffered, paid or incurred by that Finance Party in relation to
the non payment of that money; and 

  

	 	(iv)	 must pay to the relevant Financier Representative for the account of that Finance Party an amount equal to that
Loss. 

  

	 	(b)	 Clause 5.7(a) applies to the Guaranteed Moneys (or money which would have been Guaranteed Moneys if it had not
been irrecoverable) which are or may be irrecoverable irrespective of whether: 

  

	 	(i)	 they are or may be irrecoverable because of any event described in clause 5.12; 

 

	 	(ii)	 they are or may be irrecoverable because of any other fact or circumstance; 

 

	 	(iii)	 the obligations or liabilities or any of them relating to that money are void or illegal or avoided or
otherwise unenforceable; and 

  

	 	(iv)	 any matters relating to the Guaranteed Moneys are or should have been within the knowledge of any Finance
Party. 

  

	5.8	 No obligation to marshal 

A Finance Party is not required to marshal or to enforce or apply under or appropriate, recover or exercise: 

 

	 	(a)	 any Encumbrance, Guarantee or other document or agreement held, at any time, by or on behalf of that or any
other Finance Party; or 

  

	 	(b)	 any money or asset which that Finance Party, at any time, holds or is entitled to receive.

  

	5.9	 Non exercise of Guarantors’ rights 

A Guarantor must not exercise any rights it may have inconsistent with this clause 5. 

 

	5.10	 Principal and independent obligation 

 

	 	(a)	 This clause 5 is: 

  

	 	(i)	 a principal obligation and is not to be treated as ancillary or collateral to any other right or obligation;
and 

  

	 	(ii)	 independent of and not in substitution for or affected by any other guarantee or security which any Finance
Party may hold in respect of the Guaranteed Moneys or any obligations of any Transaction Party, Guarantor or any other person. 

  

	 	(b)	 This clause 5 is enforceable against a Guarantor: 

 

	 	(i)	 whether or not any Finance Party has: 

 

	 	(A)	 made demand on any Transaction Party or Guarantor (other than any demand specifically required to be given, or
notice required to be issued, to a Guarantor under clause 5.2 or any other provision of a Finance Document); 

  

	 	(B)	 given notice to any Transaction Party, Guarantor or any other person in respect of any thing; or

  

	 	(C)	 taken any other steps against any Transaction Party, Guarantor or any other person; 

 

	 	(ii)	 whether or not any Guaranteed Moneys are then due and payable; and 

 

	 	(iii)	 despite the occurrence of any event described in clause 5.12. 

  
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	5.11	 Suspense account 

Each Finance Party may: 
  

	 	(a)	 appropriate at its discretion any money received or recovered in respect of the Guaranteed Moneys under this
Deed Poll or otherwise, including money received or recovered by way of set-off or as a dividend in liquidation; and 

  

	 	(b)	 refrain from applying the money in reduction of the Guaranteed Moneys, and claim against any person (including
by proving in any liquidation) in respect of the full amount of the Guaranteed Moneys disregarding the money received or recovered. 

  

	5.12	 Unconditional nature of obligations 

 

	 	(a)	 This clause 5 and the obligations of each Guarantor under the Finance Documents are not released or discharged
or otherwise affected by anything which but for this provision might have that effect, including: 

  

	 	(i)	 the grant to any Transaction Party, Guarantor or any other person of any time, waiver, covenant not to sue or
other indulgence; 

  

	 	(ii)	 the release (including a release as part of any novation) or discharge of any Transaction Party, Guarantor or
any other person; 

  

	 	(iii)	 the cessation of the obligations, in whole or in part, of any Transaction Party, Guarantor or any other person
under any Finance Document or any other document or agreement; 

  

	 	(iv)	 the liquidation of any Transaction Party, Guarantor or any other person; 

 

	 	(v)	 any arrangement, composition or compromise entered into by any Finance Party, any Transaction Party, Guarantor
or any other person; 

  

	 	(vi)	 any Finance Document or any other document or agreement being in whole or in part illegal, void, voidable,
avoided, unenforceable or otherwise of limited force or effect; 

  

	 	(vii)	 any extinguishment, failure, loss, release, discharge, abandonment, impairment, compounding, composition or
compromise, in whole or in part, of any Finance Document or any other document or agreement; 

  

	 	(viii)	 any alteration, amendment, variation, supplement, renewal or replacement of any Finance Document or any other
document or agreement; 

  

	 	(ix)	 any moratorium or other suspension of any Power; 

 

	 	(x)	 any Finance Party exercising or enforcing, delaying or refraining from exercising or enforcing, or being not
entitled or unable to exercise or enforce any Power; 

  

	 	(xi)	 any Finance Party obtaining a judgment against any Transaction Party, Guarantor or any other person for the
payment of any of the Guaranteed Moneys; 

  

	 	(xii)	 any transaction, agreement or arrangement that may take place with any Finance Party, any Transaction Party,
Guarantor or any other person; 

  

	 	(xiii)	 any payment to any Finance Party including any payment which at the payment date or at any time after the
payment date is in whole or in part illegal, void, voidable, avoided or unenforceable; 

  
 page 10 

					
	Guarantee Deed Poll	  		  	

  

	 	(xiv)	 any failure to give effective notice to any Transaction Party, Guarantor or any other person of any default
under any Finance Document or any other document or agreement; 

  

	 	(xv)	 any legal limitation, disability or incapacity of any Transaction Party, Guarantor or of any other person;

  

	 	(xvi)	 any breach of any Finance Document or any other document or agreement; 

 

	 	(xvii)	 the acceptance of the repudiation of, or termination of, any Finance Document or any other document or
agreement; 

  

	 	(xviii)	 any Guaranteed Moneys being irrecoverable for any reason; 

 

	 	(xix)	 any disclaimer by any Transaction Party, Guarantor or any other person of any Finance Document or any other
document or agreement; 

  

	 	(xx)	 any assignment, novation, assumption or transfer of, or other dealing with, any Powers or any other rights or
obligations under any Finance Document or any other document or agreement; 

  

	 	(xxi)	 the opening of a new account of any Transaction Party or Guarantor with any Finance Party or any transaction on
or relating to the new account; 

  

	 	(xxii)	 any prejudice (including material prejudice) to any person as a result of: 

 

	 	(A)	 any thing done or omitted by any Finance Party, any Transaction Party, any Guarantor or any other person;

  

	 	(B)	 any failure or neglect by any Finance Party or any other person to recover the Guaranteed Moneys from any
Transaction Party or Guarantor; or 

  

	 	(C)	 any other thing; 

  

	 	(xxiii)	 the receipt by any Finance Party of any dividend, distribution or other payment in respect of any liquidation;

  

	 	(xxiv)	 the failure of any Transaction Party or other Guarantor or any other person who is intended to become a co-surety or co-indemnifier of that Guarantor to execute this agreement or any other document; or 

 

	 	(xxv)	 any other act, omission, matter or thing whether negligent or not. 

 

	 	(b)	 Clause 5.12(a) applies irrespective of: 

 

	 	(i)	 the consent or knowledge or lack of consent or knowledge, of any Finance Party, any Transaction Party,
Guarantor or any other person of any event described in clause 5.12(a); or 

  

	 	(ii)	 any rule of law or equity to the contrary. 

 

	5.13	 No competition 

 

	 	(a)	 Until the Guaranteed Moneys have been fully paid and this clause 5 has been finally discharged, a Guarantor is
not entitled to: 

  

	 	(i)	 be subrogated to any Finance Party; 

 

	 	(ii)	 claim or receive the benefit of: 

 

	 	(A)	 any Encumbrance, Guarantee or other document or agreement of which any Finance Party has the benefit;

  

	 	(B)	 any moneys held by any Finance Party; or 

 

	 	(C)	 any Power; 

  
 page 11 

					
	Guarantee Deed Poll	  		  	

  

	 	(iii)	 either directly or indirectly prove in, claim or receive the benefit of any distribution, dividend or payment
arising out of or relating to the liquidation of any Transaction Party or Guarantor liable to pay the Guaranteed Moneys, except in accordance with clause 5.13(b); 

 

	 	(iv)	 make a claim or exercise or enforce any right, power or remedy by way of contribution against any Transaction
Party or Guarantor liable to pay the Guaranteed Moneys; or 

  

	 	(v)	 raise any defence or counterclaim in reduction or discharge of its obligations under this clause 5.

  

	 	(b)	 If required by any Finance Party, a Guarantor must prove in any liquidation of any Transaction Party or
Guarantor liable to pay the Guaranteed Moneys for all money owed to the Guarantor in accordance with the Finance Party’s instructions. 

  

	 	(c)	 All money recovered by a Guarantor in breach of this clause 5.13 from any liquidation or from any Transaction
Party or Guarantor liable to pay the Guaranteed Moneys must be promptly paid to the Financier Representatives for the account of their Financiers and only if it does not create or take effect as a security interest for the purposes of the PPSA,
until so paid must be received and held in trust by the Guarantor for the Finance Parties to the extent of the unsatisfied liability of the Guarantor under this clause 5. 

 

	 	(d)	 A Guarantor must not do or seek, attempt or purport to do anything referred to in clause 5.13(a).

  

	5.14	 Continuing guarantee 

This clause 5 is a continuing obligation of each Guarantor, despite: 
  

	 	(a)	 any settlement of account; or 

 

	 	(b)	 the occurrence of any other thing, 

and remains in full force and effect until all the Guaranteed Moneys have been Finally Paid. 

 

	5.15	 Variation 

This clause 5 extends to cover the Finance Documents as amended, varied or replaced, whether with or without the consent of any one or more of
the Guarantors, including any increase in the limit or maximum principal amount available under a Finance Document. 
  

	5.16	 Judgments 

A final judgment obtained against a relevant Transaction Party or Guarantor is conclusive as against each Guarantor. 

 

	5.17	 Release of Guarantors 

Upon each Guarantor becoming a Guarantor (as defined in the Common Terms Deed Poll) under the Common Terms Deed Poll, each Guarantor will cease
to be a Guarantor under this Deed Poll and the Finance Parties will automatically release each Guarantor from all its obligations under this Deed Poll. 

  
 page 12 

					
	Guarantee Deed Poll	  		  	

  

	6	 Interest on Overdue Amounts 

 

	6.1	 Accrual 

Except where the relevant Finance Document provides otherwise, interest accrues on each unpaid amount which is due and payable by a Guarantor
under or in respect of this Deed Poll (including interest under this clause): 
  

	 	(a)	 on a daily basis up to the date of actual payment from (and including) the due date or, in the case of an
amount payable by way of reimbursement or indemnity, the date of disbursement or loss, if earlier; 

  

	 	(b)	 both before and after judgment (as a separate and independent obligation); and 

 

	 	(c)	 at the rate provided in clause 6.3. 

 

	6.2	 Payment 

Each Guarantor shall pay interest accrued under this clause on demand by the relevant Financier Representative and on the last Business Day of
each calendar quarter. That interest is payable in the currency of the unpaid amount on which it accrues. 
  

	6.3	 Rate 

The rate applicable under this clause is the sum of 2% per annum plus the higher of: 

 

	 	(a)	 the rate (if any) applicable to the amount immediately before the due date; and 

 

	 	(b)	 the rate agreed in respect of overdue amounts in accordance with the terms of the relevant Finance Document.

 Interest is calculated on the basis of a year of 365 days or, where the drawing is in another currency for which such
calculation basis is market convention, 360 days. 
  

	7	 GST 

Clause 12.3 (GST) of the Common Terms Deed Poll applies to this Deed Poll. 

 

	8	 Saving provisions 

Clause 13 (Savings provisions) of the Common Terms Deed Poll applies to this Deed Poll as if
references in that clause to a Transaction Party were references to a Guarantor. 
  

	9	 Survival of Obligations 

 

	 	(a)	 (Representations and warranties) Each representation or warranty in this Deed Poll survives the
execution and delivery of this Deed Poll and the provision of financial accommodation. 

  

	 	(b)	 (Indemnity) Each indemnity, reimbursement or similar obligation in this Deed Poll:

  

	 	(i)	 is a continuing, separate and independent obligation, despite any settlement of account or the occurrence of
any other thing and remains in full force and effect until the Guaranteed Moneys are fully and finally repaid; 

  

	 	(ii)	 is payable on demand; and 

 

	 	(iii)	 survives termination or discharge of the relevant Finance Document and repayment of financial accommodation.
Where a party is obliged to indemnify another party against any loss, cost, charge, liability, expense, deficiency or other amount, it shall pay on demand from time to time the amount stated by the other party to be the amount indemnified against.

  
 page 13 

					
	Guarantee Deed Poll	  		  	

  

	10	 Assignments 

  

	 	(a)	 A Guarantor may only assign or transfer any of its rights or obligations under this Deed Poll with the prior
written consent of each Financier Representative. 

  

	 	(b)	 A Finance Party may assign or transfer all or any of its rights under this Deed Poll in accordance with the
provisions set out in a Finance Document as part of a corresponding dealing with its rights under the relevant Finance Document. 

  

	11	 Notices 

  

	 	(a)	 All notices, requests, demands, consents, approvals, agreements or other communications to or by a party to
this Deed Poll must be in writing signed by an Officer of the sender (or in the case of an email message, sent from the email address of an Officer of the sender) and be delivered, received or left at the address, email address or fax number of the
recipient shown in the Schedule or to any other address, or fax number or email address which it may have notified the sender. 

  

	 	(b)	 Clauses 15.1(b) to (d) (Notices) of the Common Terms Deed Poll apply to this Deed Poll (together
with necessary changes for context). 

  

	12	 Governing Law and Jurisdiction 

 

	 	(a)	 This Deed Poll is governed by the laws of New South Wales. To the extent permitted by law, so are all related
matters, including any non contractual matters. Each Guarantor irrevocably accepts the non exclusive jurisdiction of courts with jurisdiction there. 

  

	 	(b)	 Clauses 15.2(c) to (e) (Governing law and jurisdiction) of the
Common Terms Deed Poll apply to this Deed Poll as if references in those clauses to a Transaction Party were references to a Guarantor. 

  

	13	 General 

Clauses 15.3 (Prohibition and enforceability) to 15.6 (Cumulative rights)
(inclusive) and 16 (Confidentiality) of the Common Terms Deed Poll apply to this Deed Poll. 
  

	14	 Counterparts 

This Deed Poll may be executed in any number of counterparts, each executed by one or more parties. A party may do this by executing and
electronically transmitting a copy to one or more others or their representative. All counterparts, taken together, constitute one instrument. 

  
 page 14 

					
	Guarantee Deed Poll	  		  	

  

 Schedule 

Notice Details 
 Guarantors 

 

					
	1 Name of Guarantor	  	2 Place of incorporation	  	3 Address
	 NXE Australia Pty Limited
 ACN 625 190
990
	  	Incorporated in Australia	  	 Address: 5 Thomas Holt Drive,
 North Ryde NSW
2113
 Attention: Chief General Counsel
 Email:

general.counsel@Foxtel.com.au

			
	 Fox Sports Australia Pty Limited
 ACN 065 445
418
	  	Incorporated in Australia	  	 Address: Level 5, 2 Holt Street,
 Surry
Hills NSW 2010
 Attention: Company Secretary
 Facsimile: (02)
9288 3275

			
	 Binni Pty Limited
 ACN 004 092 648
	  	Incorporated in Australia	  	 Address: Level 5, 2 Holt Street,
 Surry
Hills NSW 2010
 Attention: Company Secretary
 Facsimile: (02)
9288 3275

			
	 Fox Sports Venues Pty Limited
 ACN 110 803
944
	  	Incorporated in Australia	  	 Address: Level 5, 2 Holt Street,
 Surry
Hills NSW 2010
 Attention: Company Secretary
 Facsimile: (02)
9288 3275

			
	 Sport by Numbers Pty Limited
 ACN 065 420
046
	  	Incorporated in Australia	  	 Address: Level 5, 2 Holt Street,
 Surry
Hills NSW 2010
 Attention: Company Secretary
 Facsimile: (02)
9288 3275

			
	 Fox Sports Streamco Pty Limited
 ACN 616 999
243
	  	Incorporated in Australia	  	 Address: Level 5, 2 Holt Street,
 Surry
Hills NSW 2010
 Attention: Company Secretary
 Facsimile: (02)
9288 3275

  
 page 15 

					
	Guarantee Deed Poll	  		  	

  

 Each attorney executing this Deed Poll states that he or she has no notice of the revocation or suspension of
his or her power of attorney. 
 Executed and delivered as a Deed Poll 

Executed as a deed in accordance with 
 section 127 of the
Corporations Act 2001 by 
 NXE Australia Pty Limited: 
  

					
	 /s/ Stacey Lee Brown
	  		  	 /s/ Lynette Ireland

	Director Signature	  		  	Director/Secretary Signature
			
	 STACEY LEE BROWN
	  		  	 LYNETTE IRELAND

	Print Name	  		  	Print Name
			
	 Executed as a deed in accordance with

section 127 of the Corporations Act 2001 by
 Fox Sports
Australia Pty Limited:
  
	  		  	
	 /s/ Ian Philip
	  		  	 /s/ Christina Allen

	Director Signature	  		  	Director/Secretary Signature
			
	 lan Philip
	  		  	 Christina Allen

	Print Name	  		  	Print Name
			
	 Executed as a deed in accordance with

section 127 of the Corporations Act 2001 by 

Binni Pty Limited:
	  		  	
			
	 /s/ Peter Campbell
	  		  	 /s/ Christina Allen

	Director Signature	  		  	Director/Secretary Signature
			
	 Peter Campbell
	  		  	 Christina Allen

	Print Name	  		  	Print Name

  
 page 16 

					
	Guarantee Deed Poll	  		  	

  

 Executed as a deed in accordance with 

section 127 of the Corporations Act 2001 by  

Fox Sports Venues Pty Limited: 
  

					
	 /s/ Ian Philip
	  		  	 /s/ Christina Allen

	Director Signature	  		  	Director/Secretary Signature
			
	 lan Philip
	  		  	 Christina Allen

	Print Name 	  		  	Print Name
			
	 Executed as a deed in accordance with

section 127 of the Corporations Act 2001 by
 Sport by
Numbers Pty Limited:
	  		  	
			
	 /s/ Ian Philip
	  		  	 /s/ Christina Allen

	  
 Director Signature
	  		  	Director/Secretary Signature
			
	 lan Philip
	  		  	 Christina Allen

	Print Name	  		  	Print Name
			
	 Executed as a deed in accordance with

section 127 of the Corporations Act 2001 by
 Fox Sports
Streamco Pty Limited:
	  		  	
			
	 /s/ Peter Campbell
	  		  	 /s/ Christina Allen

	Director Signature	  		  	Director/Secretary Signature
			
	 Peter Campbell
	  		  	 Christina Allen

	Print Name	  		  	Print Name

  
 page 17EX-10.26

 Exhibit 10.26 

EXECUTION COPY 
  

 
  

FOXTEL MANAGEMENT PTY LIMITED 

(ABN 65 068 671 938) 
 in its own
capacity 
 as guaranteed by: 

SKY CABLE PTY LIMITED 
 (ABN
14 069 799 640) 
 TELSTRA MEDIA PTY LIMITED 

(ABN 72 069 279 027) 
 FOXTEL
MANAGEMENT PTY LIMITED 
 (ABN 65 068 671 938) 

in its capacity as agent for the Partners as a partnership 

carrying on the business of the FOXTEL Partnership 

and as agent for the FOXTEL Television Partnership 

and 
 the FOXTEL GROUP MEMBER
GUARANTORS 
 U.S.$180,000,000 

5.04% Series A Guaranteed Senior Secured Notes due 2014 

5.83% Series B Guaranteed Senior Secured Notes due 2016 

6.20% Series C Guaranteed Senior Secured Notes due 2019 
  

 
 NOTE AND
GUARANTEE AGREEMENT 
  
  

Dated as of September 24, 2009 
  

 
  

 Table of Contents 

 

									
	 Section
	  	Page	 
			
	 1.
	  	AUTHORIZATION OF NOTES	  	 	2	 
			
	 2.
	  	SALE AND PURCHASE OF NOTES	  	 	2	 
			
	 3.
	  	CLOSING	  	 	2	 
			
	 4.
	  	CONDITIONS TO CLOSING	  	 	3	 
				
		  	4.1.	  	Representations and Warranties	  	 	3	 
		  	4.2.	  	Performance; No Default	  	 	3	 
		  	4.3.	  	Compliance Certificates	  	 	3	 
		  	4.4.	  	Opinions of Counsel	  	 	4	 
		  	4.5.	  	Purchase Permitted By Applicable Law, Etc.	  	 	4	 
		  	4.6.	  	Sale of Other Notes	  	 	4	 
		  	4.7.	  	Payment of Special Counsel Fees	  	 	4	 
		  	4.8.	  	Private Placement Number	  	 	4	 
		  	4.9.	  	Changes in Corporate Structure	  	 	5	 
		  	4.10.	  	Acceptance of Appointment to Receive Service of Process	  	 	5	 
		  	4.11.	  	Funding Instructions	  	 	5	 
		  	4.12.	  	Member Guarantors; Member Guarantees	  	 	5	 
		  	4.13.	  	Documents required under the Security Trust Deed	  	 	5	 
		  	4.14.	  	New Charges	  	 	6	 
		  	4.15.	  	Proceedings and Documents	  	 	6	 
			
	 5.
	  	REPRESENTATIONS AND WARRANTIES OF THE OBLIGOR AND THE PARTNERS 	  	 	6	 
				
		  	5.1.	  	 Organization; Power and Authority
	  	 	6	 
		  	5.2.	  	 Authorization, Etc.
	  	 	7	 
		  	5.3.	  	 Disclosure
	  	 	7	 
		  	5.4.	  	 Organization and Ownership
	  	 	7	 
		  	5.5.	  	 Financial Statements; Material Liabilities
	  	 	8	 
		  	5.6.	  	 Compliance with Laws, Other Instruments, Etc.
	  	 	8	 
		  	5.7.	  	 Governmental Authorizations, Etc.
	  	 	9	 
		  	5.8.	  	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	9	 
		  	5.9.	  	 Taxes
	  	 	9	 
		  	5.10.	  	 Title to Property; Leases
	  	 	10	 
		  	5.11.	  	 Licenses, Permits, Etc.
	  	 	10	 
		  	5.12.	  	 Compliance with ERISA; Non-U.S. Plans
	  	 	11	 
		  	5.13.	  	 Private Offering by the Obligor and the Partners
	  	 	11	 
		  	5.14.	  	 Use of Proceeds; Margin Regulations
	  	 	11	 

									
		  	5.15.	  	Existing Indebtedness	  	 	12	 
		  	5.16.	  	Foreign Assets Control Regulations, Etc.	  	 	12	 
		  	5.17.	  	Status under Certain United States Statutes	  	 	13	 
		  	5.18.	  	Environmental Matters	  	 	13	 
		  	5.19.	  	Ranking of Obligations	  	 	13	 
		  	5.20.	  	Representations of Member Guarantors	  	 	13	 
		  	5.21.	  	Not a Trustee	  	 	14	 
		  	5.22.	  	Immunity	  	 	14	 
		  	5.23.	  	Secured Property	  	 	14	 
		  	5.24.	  	Status under the Security Trust Deed	  	 	14	 
			
	 6.
	  	REPRESENTATIONS OF THE PURCHASERS	  	 	15	 
				
		  	6.1.	  	Purchase for Investment	  	 	15	 
		  	6.2.	  	Investment Company Act	  	 	15	 
		  	6.3.	  	Australian Matters, etc.	  	 	15	 
			
	 7.
	  	INFORMATION AS TO THE FOXTEL GROUP	  	 	16	 
				
		  	7.1.	  	Financial and Business Information	  	 	16	 
		  	7.2.	  	Officer’s Certificate	  	 	17	 
		  	7.3.	  	Visitation	  	 	18	 
		  	7.4.	  	Limitation on Disclosure Obligation	  	 	19	 
			
	 8.
	  	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	19	 
				
		  	8.1.	  	Maturity	  	 	19	 
		  	8.2.	  	Optional Prepayment with Make-Whole Amount	  	 	20	 
		  	8.3.	  	Prepayment for Tax Reasons	  	 	20	 
		  	8.4.	  	Prepayments in Connection with a Change of Control	  	 	22	 
		  	8.5.	  	Prepayments in Connection with Asset Dispositions	  	 	22	 
		  	8.6.	  	Allocation of Partial Prepayments and Offers of Partial	  			
		  		  	Prepayments	  	 	23	 
		  	8.7.	  	Maturity; Surrender, Etc. 	  	 	23	 
		  	8.8.	  	Purchase of Notes	  	 	23	 
		  	8.9.	  	Make-Whole Amount and Modified Make-Whole Amount	  	 	23	 
			
	 9.
	  	AFFIRMATIVE COVENANTS	  	 	25	 
				
		  	9.1.	  	Compliance with Law	  	 	25	 
		  	9.2.	  	Insurance	  	 	25	 
		  	9.3.	  	Maintenance of Secured Property; Further Assurances; Actions	  			
		  		  	with respect to Secured Property	  	 	25	 
		  	9.4.	  	Payment of Taxes	  	 	27	 
		  	9.5.	  	Corporate Existence, Etc.	  	 	27	 
		  	9.6.	  	Books and Records	  	 	28	 
		  	9.7.	  	Priority of Obligations	  	 	28	 
		  	9.8.	  	Member Guarantees; Release	  	 	28	 
		  	9.9.	  	Intellectual Property	  	 	29	 

  
 ii 

											
		  	 	9.10.	 	  	Rating	  	 	29	 
			
	 10.
	  	 	NEGATIVE COVENANTS	  	 	29	 
				
		  	 	10.1.	 	  	Transactions with Affiliates	  	 	29	 
		  	 	10.2.	 	  	Merger, Consolidation, Etc.	  	 	30	 
		  	 	10.3.	 	  	Line of Business	  	 	30	 
		  	 	10.4.	 	  	Terrorism Sanctions Regulations	  	 	30	 
		  	 	10.5.	 	  	Sale of Assets	  	 	30	 
		  	 	10.6.	 	  	Liens	  	 	31	 
		  	 	10.7.	 	  	Interest Cover Ratio	  	 	32	 
		  	 	10.8.	 	  	Total Debt to EBITDA Ratio	  	 	32	 
		  	 	10.9.	 	  	Distributions	  	 	32	 
			
	 11.
	  	 	EVENTS OF DEFAULT	  	 	33	 
			
	 12.
	  	 	REMEDIES ON DEFAULT, ETC.	  	 	35	 
				
		  	 	12.1.	 	  	Acceleration	  	 	35	 
		  	 	12.2.	 	  	Other Remedies	  	 	36	 
		  	 	12.3.	 	  	Enforcement of Security	  	 	36	 
		  	 	12.4.	 	  	Rescission	  	 	36	 
		  	 	12.5.	 	  	No Waivers or Election of Remedies, Expenses, Etc. 	  	 	37	 
			
	 13.
	  	 	TAX INDEMNIFICATION	  	 	37	 
			
	 14.
	  	 	GUARANTOR AND PARTNER GUARANTEE, LIMITED RECOURSE, CONSENTS, ETC.	  	 	40	 
				
		  	 	14.1.	 	  	Guarantee	  	 	40	 
		  	 	14.2.	 	  	Obligations Unconditional	  	 	41	 
		  	 	14.3.	 	  	Limited Recourse to the Partners	  	 	43	 
		  	 	14.4.	 	  	Consent of Partners	  	 	45	 
			
	 15.
	  	 
	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES; NOTICE UPON TRANSFER UNDER SECURITY
TRUST DEED	  	 	46	 
				
		  	 	15.1.	 	  	Registration of Notes	  	 	46	 
		  	 	15.2.	 	  	Transfer and Exchange of Notes	  	 	46	 
		  	 	15.3.	 	  	Replacement of Notes	  	 	47	 
		  	 	15.4.	 	  	Notice upon Transfer under Security Trust Deed	  	 	47	 
			
	 16.
	  	 	PAYMENTS ON NOTES	  	 	47	 
				
		  	 	16.1.	 	  	Place of Payment	  	 	47	 
		  	 	16.2.	 	  	Home Office Payment	  	 	47	 
			
	 17.
	  	 	EXPENSES, ETC.	  	 	48	 
				
		  	 	17.1.	 	  	Transaction Expenses	  	 	48	 

  
 iii 

											
		  	 	17.2.	 	  	Certain Taxes	  	 	48	 
		  	 	17.3.	 	  	Survival	  	 	49	 
			
	 18.
	  	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	49	 
			
	 19.
	  	 	AMENDMENT AND WAIVER	  	 	49	 
				
		  	 	19.1.	 	  	Requirements.	  	 	49	 
		  	 	19.2.	 	  	Solicitation of Holders of Notes	  	 	50	 
		  	 	19.3.	 	  	Binding Effect, Etc.	  	 	50	 
		  	 	19.4.	 	  	Notes Held by any Transaction Party or Member, Etc. 	  	 	50	 
			
	 20.
	  	 	NOTICES; ENGLISH LANGUAGE	  	 	50	 
			
	 21.
	  	 	REPRODUCTION OF DOCUMENTS	  	 	52	 
			
	 22.
	  	 	CONFIDENTIAL INFORMATION	  	 	52	 
			
	 23.
	  	 	SUBSTITUTION OF PURCHASER	  	 	53	 
			
	 24.
	  	 	RELEASE OF SECURITY	  	 	53	 
			
	 25.
	  	 	MISCELLANEOUS	  	 	54	 
				
		  	 	25.1.	 	  	Successors and Assigns	  	 	54	 
		  	 	25.2.	 	  	Payments Due on Non-Business Days	  	 	54	 
		  	 	25.3.	 	  	Accounting Terms	  	 	55	 
		  	 	25.4.	 	  	Consent to Successor Security Trustee	  	 	55	 
		  	 	25.5.	 	  	Change in Relevant GAAP	  	 	55	 
		  	 	25.6.	 	  	Severability	  	 	56	 
		  	 	25.7.	 	  	Construction, Etc.	  	 	56	 
		  	 	25.8.	 	  	Ratification	  	 	56	 
		  	 	25.9.	 	  	Counterparts	  	 	56	 
		  	 	25.10.	 	  	Governing Law	  	 	56	 
		  	 	25.11.	 	  	Jurisdiction and Process; Waiver of Jury Trial	  	 	57	 
		  	 	25.12.	 	  	Obligation to Make Payment in Dollars	  	 	58	 
		  	 	25.13.	 	  	Binding Transaction Documents	  	 	58	 

  
 iv 

					
	 SCHEDULE A
	  	—	 	 INFORMATION RELATING TO
PURCHASERS

			
	 SCHEDULE B
	  	—	 	 DEFINED TERMS

			
	 SCHEDULE 5.3
	  	—	 	 Disclosure Materials

			
	 SCHEDULE 5.4
	  	—	 	 Member Guarantors, Affiliates and Ownership of Member Stock

			
	 SCHEDULE 5.5
	  	—	 	 Financial Statements

			
	 SCHEDULE 5.15
	  	—	 	 Existing Indebtedness

			
	 EXHIBIT 15.2
	  	—	 	 Form of QP Transfer Certificate

			
	 EXHIBIT 1-A
	  	—	 	 Form of 5.04% Series A Guaranteed Senior Secured Note due 2014

			
	 EXHIBIT 1-B
	  	—	 	 Form of 5.83% Series B Guaranteed Senior Secured Note due 2016

			
	 EXHIBIT 1-C
	  	—	 	 Form of 6.20% Series C Guaranteed Senior Secured Note due 2019

			
	 EXHIBIT 4.4(a)(i)
	  	—	 	 Form of Opinion of U.S. Special Counsel for the Transaction Parties

			
	 EXHIBIT 4.4(a)(ii)
	  	—	 	 Form of Opinion of Australian Special Counsel for the Transaction Parties

			
	 EXHIBIT 4.4(b)
	  	—	 	 Form of Opinion of U.S. Counsel for the Purchasers

			
	 EXHIBIT 4.9
	  	—	 	 Group Structure Diagram

			
	 EXHIBIT 4.13
	  	—	 	 Form of STD Accession Deed

			
	 EXHIBIT 9.8
	  	—	 	 Form of Member Guarantee

			
	 EXHIBIT 24
	  	—	 	 Substitute Post-Security Release Date Provisions

  
 v 

 FOXTEL MANAGEMENT PTY LIMITED 

5 Thomas Holt Drive 
 Sydney NSW
2113 
 Australia 

SKY CABLE PTY LIMITED 

Level 5, 2 Holt Street 

Surry Hills NSW 2010 

Australia 
 TELSTRA MEDIA
PTY LIMITED 
 Level 9, 400 George Street 

Sydney NSW 2113 

Australia 
 FOXTEL
MANAGEMENT PTY LIMITED 
 in its capacity as agent for the Partners as a partnership 

carrying on the business of the FOXTEL Partnership 

and as agent for the FOXTEL Television Partnership 

5 Thomas Holt Drive 

Sydney NSW 2113 

Australia 
 5.04% Series A
Guaranteed Senior Secured Notes due 2014 
 5.83% Series B Guaranteed Senior Secured Notes due 2016 

6.20% Series C Guaranteed Senior Secured Notes due 2019 

As of September 24, 2009 
 To Each of the
Purchasers Listed in 
 Schedule A Hereto: 
 Ladies and
Gentlemen: 
 FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws of Australia (“FOXTEL
Management”), in its own capacity (in such capacity, the “Company”), Sky Cable Pty Limited (ABN 14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 279 027) (“Telstra
Media” and, together with Sky Cable, each a “Partner” and collectively the “Partners”) and FOXTEL Management, in its capacity as agent for the Partners as a partnership carrying on the business of the
FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor” and, the Guarantor, together with the Company, collectively, the “Obligor”), agree with each of the
purchasers whose names appear at the end hereof (each a “Purchaser” and collectively the “Purchasers”) as follows: 

 1. AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale in three series of U.S.$180,000,000 aggregate principal amount of its Guaranteed Senior Secured
Notes, of which U.S.$31,000,000 aggregate principal amount shall be its 5.04% Series A Guaranteed Senior Secured Notes due 2014 (the “Series A Notes”), U.S.$74,000,000 aggregate principal amount shall be its 5.83% Series B
Guaranteed Senior Secured Notes due 2016 (the “Series B Notes”) and U.S.$75,000,000 aggregate principal amount shall be its 6.20% Series C Guaranteed Senior Secured Notes due 2019 (the “Series C Notes” and, together
with the Series A Notes and the Series B Notes, the “Notes”, such term to include any such notes issued in substitution therefor pursuant to Section 15). The Notes shall be substantially in the respective form set out in
Exhibit 1-A, 1-B and 1-C. Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to
a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

Payment of the principal of, Make-Whole Amount (if any), Modified Make-Whole Amount (if any) and interest on the Notes and all other amounts
owing hereunder shall be unconditionally guaranteed by (i) the Guarantor and the Partners as provided in Section 14 and (ii) the Member Guarantors as provided in their respective Member Guarantees. 

2. SALE AND PURCHASE OF NOTES. 
 Subject
to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the respective series and in the principal
amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any
liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

3. CLOSING. 
 The sale and purchase of the
Notes to be purchased by each Purchaser shall occur at the offices of Milbank, Tweed, Hadley & McCloy LLP, 1 Chase Manhattan Plaza, New York, New York 10005, at approximately 10:00 A.M., New York time, at a closing (the
“Closing”) on September 24, 2009. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note for each series to be so purchased (or such greater number of
Notes in denominations of at least U.S.$100,000 as such Purchaser may request dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order
of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds to The Bank of New York, New York, 1 Wall Street, New York, NY 10286, ABA No. 021000018, Swift Code: IRVTUS3N, For
further credit to: Commonwealth Bank of 

  
 2 

 Australia, Swift Code: CTBAAU2S, Banking Operations, Sydney, For the credit of: FOXTEL Management Pty
Limited, Account No.: 100611560USD115601. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to
such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 

4. CONDITIONS TO CLOSING. 
 Each
Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 

4.1. Representations and Warranties. 
 The
representations and warranties of the Obligor and the Partners in this Agreement and of the Member Guarantors in their respective Member Guarantees shall be correct when made and at the time of the Closing. 

4.2. Performance; No Default. 
 The
Obligor and the Partners shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the
Notes (and the application of the proceeds of the Notes as contemplated by Section 5.14) no Default or Event of Default shall have occurred and be continuing. No Member (in the case of Section 10.1 or 10.5) or Partner (in the case of
Section 10.5) shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Section 10.1 or 10.5 had such Sections applied since such date. 

4.3. Compliance Certificates. 
 (a)
Officer’s Certificate. The Obligor and each Partner shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 with respect
to the Obligor and the Partners have been fulfilled. 
 (b) Secretary’s or Director’s Certificate. Each Transaction Party
shall have delivered to such Purchaser a certificate of its Secretary or an Assistant Secretary or a Director or other appropriate person, dated the date of the Closing, certifying as to the resolutions attached thereto and other corporate,
partnership or other organizational proceedings relating to the authorization, execution and delivery of (i) this Agreement and the Notes (in the case of the Company), (ii) this Agreement (in the case of the Guarantor and the Partners) and
(iii) the respective Member Guarantees (in the case of each Member Guarantor). 

  
 3 

 4.4. Opinions of Counsel. 

Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from
(i) Sidley Austin, U.S. counsel for the Transaction Parties, and (ii) Allens Arthur Robinson, Australian counsel for the Transaction Parties, substantially in the respective forms set forth in Exhibits 4.4(a)(i) and 4.4(a)(ii) and covering such
other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Obligor and the Partners hereby instruct their counsel to deliver such opinions to the Purchasers) and (b) from
Milbank, Tweed, Hadley & McCloy LLP, the Purchasers’ U.S. counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such
Purchaser may reasonably request. 
 4.5. Purchase Permitted By Applicable Law, Etc. 

On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction
to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment,
(b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate from the Company certifying as to such matters of
fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 4.6. Sale of Other Notes.

 Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to
be purchased by it at the Closing as specified in Schedule A. 
 4.7. Payment of Special Counsel Fees. 

Without limiting the provisions of Section 17.1, the Obligor shall have paid on or before the Closing the reasonable fees, charges and
disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company at least three Business Days prior to the Closing. 

4.8. Private Placement Number. 
 A Private
Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of Notes. 

  
 4 

 4.9. Changes in Corporate Structure. 

(a) No Reporting Member shall have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or
consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. 

(b) The Group Structure Diagram shall be true and correct in all respects and shall not omit any material information or details. 

4.10. Acceptance of Appointment to Receive Service of Process. 

Such Purchaser shall have received evidence of the acceptance by National Registered Agents, Inc. of the appointment and designation provided
for by Section 25.10(e) hereof and Section 5.03(e) of each Member Guarantee, in each case for the period from the date of this Agreement through September 24, 2020. 

4.11. Funding Instructions. 
 At least
three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (a) the
name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the purchase price for the Notes is to be deposited. 

4.12. Member Guarantors; Member Guarantees. 

With respect to the Member Guarantors, such Purchaser shall have received: 

(a) a true and complete copy of a Member Guarantee duly executed and delivered by each Member Guarantor identified in Schedule
5.4, and each such Member Guarantee shall be in full force and effect; and 
 (b) a certificate signed by a director or an
appropriate officer of each Member Guarantor dated the date of Closing confirming that (i) such Member Guarantor is, and after giving its Member Guarantee will be, solvent and able to pay all of its debts as and when they become due and payable
and (ii) such Member Guarantor is entering into its Member Guarantee for the commercial benefit of such Member Guarantor. 
 4.13. Documents
required under the Security Trust Deed. 
 (a) Such Purchaser shall have executed and delivered to the Security Trustee
an STD Accession Deed and shall have received evidence reasonably satisfactory to it confirming that the Security Trustee shall have received such STD Accession Deed. 

  
 5 

 (b) The Company shall have delivered written notice to the Security Trustee
that (i) the borrowings by the Company under this Agreement and the Notes and all transactions related thereto (including without limitation the Member Guarantees) constitute a “Participating Finance Arrangement” under, and as defined
in, the Security Trust Deed, (ii) this Agreement, the Notes and the Member Guarantees each constitutes a “Participating Finance Arrangement Document” under, and as defined in, the Security Trust Deed, and (iii) the Company is a
“Borrower” under, and as defined in, the Security Trust Deed, and such Purchaser shall have received evidence reasonably satisfactory to it confirming that the Security Trustee shall have received such notice. 

(c) Such Purchaser shall have received a copy of the duly and fully executed Security Trust Deed. 

4.14. New Charges. 
 Such Purchaser shall
have received copies of the duly and fully executed FOXTEL New Charge, FOXTEL Partnership New Charge and FOXTEL Television Partnership New Charge. 

4.15. Proceedings and Documents. 
 All
corporate and other organizational proceedings in connection with the transactions contemplated by the Finance Documents and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel,
and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

5. REPRESENTATIONS AND WARRANTIES OF THE OBLIGOR AND THE PARTNERS. 

The Obligor represents and warrants to each Purchaser as set forth below, and each Partner represents and warrants in respect of itself to each
Purchaser as set forth in Sections 5.1, 5.2, 5.6, 5.10, 5.16(b), 5.21(i), 5.22 and 5.25 below, as of the date of the Closing that: 
 5.1. Organization;
Power and Authority. 
 The Obligor and each Partner is a corporation or partnership, as the case may be, duly organized, validly
existing and, where legally applicable, in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation or partnership and, where legally applicable, is in good standing in each jurisdiction in
which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
Obligor and each Partner has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement
(in the case of the Obligor and the Partners) and the Notes (in the case of the Company) and to perform the provisions of the Finance Documents to which it is a party. 

  
 6 

 5.2. Authorization, Etc. 

The Finance Documents to which the Obligor and each Partner each is a party have been duly authorized by all necessary corporate or partnership
action on the part of the Obligor or such Partner, as the case may be, and such Finance Documents (other than the Notes) constitute, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the
Obligor or such Partner, as the case may be, enforceable against the Obligor or such Partner in accordance with its terms, except, in each case, as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

5.3. Disclosure. 
 The Obligor, through
its agents, Commonwealth Australia Securities LLC and RBS Greenwich Capital, have delivered to each Purchaser a copy of a Private Placement Memorandum, dated August 2009 (the “Memorandum”), relating to the transactions contemplated
hereby. The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the FOXTEL Group. This Agreement, the Memorandum and the documents, certificates or other writings delivered to the
Purchasers by or on behalf of the Obligor in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, the Memorandum and such documents, certificates or
other writings and financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Notwithstanding the foregoing, the Obligor does not make any representations or warranties with respect to any
projections or forward looking statements contained in any of the Disclosure Documents, other than such projections and forward looking statements are based on information that the Obligor believes to be accurate and such projections and forward
looking statements were calculated or arrived at in a manner that the Obligor believes to be reasonable. Except as disclosed in the Disclosure Documents, since June 30, 2009 there has been no change in the financial condition, operations,
business, properties or prospects of the FOXTEL Group except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Obligor that could reasonably be expected to
have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 
 5.4. Organization and Ownership. 

(a) The Shareholders legally and beneficially own and control (directly or indirectly) 100% of the FOXTEL Group. All of the outstanding shares
of capital stock or similar equity interests of each Member shown in Schedule 5.4 as being owned by the Partners and the Members have been validly issued, are fully paid and nonassessable and are owned by the Partners or a Member free and clear of
any Lien (except as otherwise disclosed in Schedule 5.4). 

  
 7 

 (b) All Members and Subsidiaries of Members are listed on the Group Structure Diagram. The
Group Structure Diagram is true and correct in all material respects and does not omit any material information or details. 
 (c) Schedule
5.4 contains (except as noted therein) complete and correct lists of (i) each Member’s Affiliates, other than Subsidiaries, (ii) each Transaction Party’s directors and senior officers and (iii) the Member Guarantors. 

(d) Each Member is a corporation, partnership or other legal entity duly organized, validly existing and, where legally applicable, in good
standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, partnership or other legal entity and, where legally applicable, is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Member has the corporate,
partnership or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact. 

(e) No Member is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than this Agreement, the
agreements listed on Schedule 5.4 and customary limitations imposed by corporate or partnership law or similar statutes) restricting the ability of such Member to pay dividends out of profits or make any other similar distributions of profits to any
Member that owns outstanding shares of capital stock or similar equity interests of such Member. 
 5.5. Financial Statements; Material Liabilities.

 The Obligor has delivered to each Purchaser copies of the financial statements listed on Schedule 5.5. All of said financial
statements (including in each case the related schedules and notes) have been prepared in accordance with Relevant GAAP, where applicable for special purpose accounts, and give a true and fair view of the combined financial position of the FOXTEL
Group as of the respective dates and for the respective periods specified in such Schedule (subject, in the case of any interim financial statements, to normal year-end adjustments). There are no Material
liabilities of the FOXTEL Group or any Member that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents. 

5.6. Compliance with Laws, Other Instruments, Etc. 

The execution, delivery and performance by the Obligor and each Partner of each Finance Document to which it is a party will not
(a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of any Transaction Party under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter, partnership agreement, memorandum and articles of association, regulations or by-laws or other organizational document, or any other agreement or instrument to which any Transaction
Party or any other Member is bound or by which any Transaction Party or any other Member or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of

  
 8 

 
any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to any Transaction Party or any other Member or (c) violate any provision of any statute
or other rule or regulation of any Governmental Authority applicable to any Transaction Party or any other Member. 
 5.7. Governmental Authorizations,
Etc. 
 No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in
connection with the execution, delivery or performance by the Obligor or either Partner of any Finance Document to which it is a party, including, without limitation, any thereof required in connection with the obtaining of Dollars to make payments
under any Finance Document and the payment of such Dollars to Persons resident in the United States of America. It is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in Australia of any Finance Document
that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar transaction tax, except for (i) stamping of each
Security and registration of each Security, all of which stamping and registrations have been paid and made as of or prior to the date of this Agreement, and (ii) the notification to ASIC of the notice referred to in Section 4.13(b) on
ASIC Form 311B within forty-five days after the date of Closing (as contemplated by Section 9.3). 
 5.8. Litigation; Observance of Agreements,
Statutes and Orders. 
 (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Obligor,
threatened against or affecting any Member or any property of any Member in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 
 (b) No Member is in default under any term of any agreement or instrument to which it is a party or by which it
is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, but only to the extent applicable thereto,
Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

5.9. Taxes. 
 Each Member has filed all
tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the
extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (or filings related thereto) (i) the amount of which is not individually or in the aggregate Material or
(ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the relevant Member has established adequate reserves in accordance with Relevant GAAP. The
Obligor knows of no basis for any other tax or assessment that could reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the FOXTEL Group and each Member in respect of Federal, state or other
taxes for all fiscal periods are adequate. 

  
 9 

 No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by
or for the account of any Governmental Authority of Australia or any political subdivision thereof will be incurred by the Obligor, either Partner or any holder of a Note as a result of the execution or delivery of this Agreement and the Notes and
no deduction or withholding in respect of Taxes imposed by or for the account of Australia or, to the knowledge of the Obligor and each Partner, any other Taxing Jurisdiction, is required to be made from any payment by the Obligor or either Partner
under the Finance Documents to which it is a party, except for any such liability, withholding or deduction imposed, assessed, levied or collected by or for the account of any such Governmental Authority of Australia or any political subdivision
thereof arising out of circumstances described in clauses (a) through (e), inclusive, of Section 13. 
 5.10. Title to Property; Leases.

 Each Transaction Party and each other Member has good and sufficient title to its respective properties that individually or in the
aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by any Transaction Party or any Member after said date (except as sold or
otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in
all material respects. 
 5.11. Licenses, Permits, Etc. 

(a) Each Member owns or possesses all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks,
trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others which could reasonably be expected to have a Material Adverse Effect. 

(b) To the best knowledge of the Obligor, no product of any Member infringes in any material respect any license, permit, franchise,
authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person. 
 (c)
To the best knowledge of the Obligor, there is no violation by any Person of any right of any Member with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by any Member which
could reasonably be expected to have a Material Adverse Effect. 

  
 10 

 5.12. Compliance with ERISA; Non-U.S. Plans. 

(a) Neither the Obligor nor any ERISA Affiliate maintains, contributes to or is obligated to maintain or contribute to, or has, at any time
within the past six years, maintained, contributed to or been obligated to maintain or contribute to, any employee benefit plan which is subject to Title I or Title IV of ERISA or section 4975 of the Code. Neither the Obligor nor any ERISA Affiliate
is, or has ever been at any time within the past six years, a “party in interest” (as defined in section 3(14) of ERISA) or a “disqualified person” (as defined in section 4975 of the Code) with respect to any such plan. 

(b) The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S.
Plan that is funded, determined as of the end of the relevant Member’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such
Non-U.S. Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present
value” have the meaning specified in section 3 of ERISA. 
 (c) No Member has incurred any Material obligation in connection with the
termination of or withdrawal from any Non-U.S. Plan. 
 (d) All
Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably
expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by any Member have been
paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse Effect. 
 5.13.
Private Offering by the Obligor and the Partners. 
 Neither the Obligor nor anyone acting on its behalf has offered the Notes or any
similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and approximately 65 other Institutional Investors, each of which
has been offered the Notes at a private sale for investment. Neither the Obligor nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of
Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
 5.14. Use
of Proceeds; Margin Regulations. 
 The Company will apply the proceeds of the sale of the Notes to repay existing Indebtedness and for
other general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors
of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Obligor in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker
or dealer in a violation of Regulation T of said Board (12 CFR 220). No Member owns any margin stock and no Member has any present intention to acquire any margin stock. As used in this Section, the terms “margin stock” and “purpose
of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

  
 11 

 5.15. Existing Indebtedness. 

(a) Except as described therein, Schedule 5.15 sets forth a complete and correct summary list of outstanding Indebtedness of the FOXTEL Group
as of August 31, 2009 (including a description of the obligors and obligees, principal amount outstanding, collateral therefor, if any, Guaranty thereof, if any, and whether such Indebtedness is Subordinated Debt), since which date there has
been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the FOXTEL Group. No Member is in default and no waiver of default is currently in effect, in the payment of any
principal or interest on any Indebtedness of such Member and no event or condition exists with respect to any Indebtedness of any Member that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause
such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 
 (b) Except as
disclosed in Schedule 5.15, no Partner or Member has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not
permitted by Section 10.6. 
 (c) The Obligor is not a party to, or otherwise subject to any provision contained in, any instrument
evidencing Indebtedness of the Obligor, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the
incurring of, Indebtedness of the Obligor, except as specifically indicated in Schedule 5.15. 
 5.16. Foreign Assets Control Regulations, Etc. 

(a) Neither the sale of the Notes by the Company hereunder nor the Company’s use of the proceeds thereof will violate the Trading with the
Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 

(b) No Transaction Party or any other Member (i) is a Person described or designated in the Specially Designated Nationals and Blocked
Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) knowingly engages in any dealings or transactions with any such Person. To the extent applicable thereto, each Member is in
compliance, in all material respects, with the USA PATRIOT Act. 
 (c) No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company. 

  
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 5.17. Status under Certain United States Statutes. 

(a) Neither the Company, the FOXTEL Partnership, the FOXTEL Television Partnership nor any Member Guarantor is required to register as an
“investment company” under the Investment Company Act, either before or after giving effect to the offer and sale of the Notes with the benefit of the Member Guarantees and the application of the proceeds thereof and (b) no Member is
subject to regulation under the United States Federal Power Act, as amended. 
 5.18. Environmental Matters. 

(a) No Member has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim
against such Member or any of its real properties now or formerly owned, leased or operated by such Member or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not
reasonably be expected to result in a Material Adverse Effect. 
 (b) No Member has knowledge of any facts which would give rise to any
claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use,
except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 
 (c) No Member has stored any
Hazardous Materials on real properties now or formerly owned, leased or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be
expected to result in a Material Adverse Effect; and 
 (d) All buildings on all real properties now owned, leased or operated by any Member
are in compliance with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 

5.19. Ranking of Obligations. 
 All
liabilities of the Obligor and each Partner under the Finance Documents to which it is a party will, upon issuance of the Notes, rank (i) pari passu in right of payment and are secured equally and ratably with Indebtedness of the Obligor
or such Partner, as the case may be, that has the benefit of Security over the Secured Property of the Obligor or such Partner, as the case may be, as set forth in the Security Trust Deed, and (ii) pari passu in right of payment with all
other Indebtedness of the Obligor or such Partner, as the case may be, and senior to such Indebtedness to the extent of the Security over the Secured Property of the Obligor or such Partner, as the case may be. 

5.20. Representations of Member Guarantors. 

The representations and warranties of each Member Guarantor contained in its Member Guarantee are true and correct as of the date they are made
and as of the date of Closing. 

  
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 5.21. Not a Trustee. 

No Transaction Party (i) enters into any Finance Document as the trustee of any trust or (ii) holds any assets as the trustee of any
trust. 
 5.22. Immunity. 
 No
Transaction Party nor any property of any Transaction Party has immunity from the jurisdiction of a court or from legal process. 
 5.23. Secured
Property. 
 (a) The Secured Property includes all, or substantially all, of the assets of each Member. 

(b) The Security granted by each Transaction Party is in full force and effect and is effective security over the Secured Property of such
Transaction Party subject to such Security. 
 5.24. Status under the Security Trust Deed. 

Under and pursuant to the Security Trust Deed: 

(a) each of this Agreement, the Notes and the Member Guarantees constitutes a “Binding Transaction Document” and a
“Participating Finance Arrangement Document”; 
 (b) each holder of a Note from time to time constitutes a
“New Financier” and a “New Beneficiary”; 
 (c) the Company constitutes a “Borrower”; and 

(d) the Obligor, each Partner and each Member Guarantor constitutes a “Transaction Party”. 

5.25. Solvency, Etc. 
 The Obligor and
each Partner is, and after giving effect to this Agreement will be, solvent and able to pay all of its debts as and when they become due and payable (which, for the avoidance of doubt, includes all contingent liabilities) and, in the case of
contingent liabilities, after taking into account contributions from others. Entering into this Agreement is in the Obligor’s and each Partner’s best interests and for its commercial benefit. 

  
 14 

 6. REPRESENTATIONS OF THE PURCHASERS. 

6.1. Purchase for Investment. 
 Each
Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution
thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and
may be resold only subject to the requirements of Section 15.2 and, in any case, if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that neither the Obligor nor the Partners are required to register the Notes. 
 6.2.
Investment Company Act. 
 (a) Each Purchaser that is a U.S. Person severally represents that it is a Qualified Purchaser. 

(b) Each Purchaser represents to and agrees with the Obligor and the Partners that it will not offer, sell, pledge or otherwise transfer any
Note to any Person unless such Person delivers a QP Transfer Certificate to the Obligor, as set forth in Section 15.2. 
 6.3. Australian Matters,
etc. 
 (a) Each Purchaser represents that it is not an Associate. 

(b) Each Purchaser acknowledges that it has been advised by the Obligor that no prospectus or other disclosure document in relation to the
Notes has been or will be lodged with ASIC or ASX Limited by or on behalf of the Obligor or the FOXTEL Group. Each Purchaser represents and agrees that it: 

(1) has not offered or invited applications, and will not offer or invite applications, for the issue, sale or purchase of the
Notes in Australia (including an offer or invitation which is received by a person in Australia); and 
 (2) has not
distributed or published, and will not distribute or publish, the Memorandum or any other offering material or advertisement relating to the Notes in Australia, 

unless (i) the minimum aggregate consideration payable by each offeree is at least A$500,000 (disregarding moneys lent by the offeror or
its associates) or the offer or invitation otherwise does not require disclosure to investors in accordance with Part 6D.2 of the Corporations Act, and (ii) such action complies with all applicable laws and regulations. 

(c) Each Purchaser agrees that, in connection with the primary distribution of the Notes to occur at the Closing, it will not sell Notes (or an
interest or right in respect of any Note) to (A) any Person who has been identified to such Purchaser in writing by the Obligor to be an Associate other than as permitted under section 128F(5) of the Australian Tax Act, or (B) any other
Person if, at the time of such sale, the employees of the Purchaser aware of, or involved in, the sale knew or had reasonable grounds to suspect that, as a result of such sale, any Notes or an interest in any Notes were being, or would later be,
acquired (directly or indirectly) by such an Associate other than as permitted under section 128F(5) of the Australian Tax Act. 

  
 15 

 (d) Each Purchaser represents that it is purchasing the Notes in connection with the
carrying on of a business of providing finance, or investing or dealing in securities, in the course of operating in financial markets. 
 7. INFORMATION
AS TO THE FOXTEL GROUP. 
 7.1. Financial and Business Information. 

The Obligor shall deliver to each holder of Notes that is an Institutional Investor: 

(a) Interim Statements — promptly after the same are available and in any event within 30 Business Days after the
end of each semiannual fiscal period in each fiscal year of the FOXTEL Group, copies of the unaudited management accounts of the FOXTEL Group (on an aggregated basis) for such semiannual fiscal period, setting forth in each case in comparative form
the figures for the corresponding period in the previous fiscal year, all in reasonable detail, and certified by a Senior Financial Officer as giving a true and fair view of the financial position of the FOXTEL Group as at the end of such semiannual
fiscal period and of the FOXTEL Group’s financial performance for such period; 
 (b) Annual Statements —
promptly after the same are available and in any event within 90 days after the end of each fiscal year of the FOXTEL Group, copies of an audited Financial Report of the FOXTEL Group (on an aggregated basis) for such year, setting forth in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with Relevant GAAP, where applicable for special purpose accounts, and accompanied by an opinion thereon of independent public accountants of
recognized international standing, which opinion shall state that such Financial Report gives a true and fair view of the financial position of the FOXTEL Group as at the end of such fiscal year and of the FOXTEL Group’s financial performance
for such fiscal year, and that the audit related to such Financial Report has been made in accordance with Australian Auditing Standards (as such term is used and defined in such accountants’ opinion, and as the wording of such
accountants’ opinion may be updated or amended from time to time in accordance with industry practice and standards), where applicable for special purpose accounts; 

(c) ASX, ASIC, SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial
statement, report, circular, notice or proxy statement or similar document sent by the Obligor, either Partner or any Member to the FOXTEL Group’s principal lending banks as a whole (excluding information sent to such banks in the ordinary
course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to any Member’s public securities holders generally and (ii) each regular or periodic report, each registration statement
(without exhibits except as expressly requested by such holder), each prospectus and all amendments thereto related to the FOXTEL Group or any Member and filed by the 

  
 16 

 Obligor, either Partner or any Member with the ASX Limited, ASIC, the New York Stock
Exchange, the United States Securities Exchange Commission or any similar Governmental Authority, stock exchange or securities exchange and all press releases and other statements made available generally by the Obligor, either Partner or any Member
to the public, in each case concerning developments that are Material; 
 (d) Notice of Default or Event of Default
— promptly and in any event within five Business Days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default
hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Obligor
and the Partners are taking or propose to take with respect thereto; 
 (e) Employee Benefit Matters — promptly
and in any event within 30 days after receipt thereof, copies of any notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with
respect to one or more Non-U.S. Plans, together with a description of the action, if any, that the Obligor proposes to take with respect thereto; 

(f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of
any notice to any Member from any Governmental Authority (or any such notice to any Partner that has been provided to any Member) relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material
Adverse Effect; 
 (g) Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of any Member or relating to the ability of the Obligor or the Partners to perform its respective obligations under the Finance Documents to which it is a
party, as from time to time may be reasonably requested by any such holder of Notes, including information readily available to the Obligor or either Partner explaining the financial statements of the FOXTEL Group or any Reporting Member if such
information has been requested by the SVO in order to assign or maintain a designation of the Notes; and 
 (h) Group
Structure Diagram – an updated Group Structure Diagram at any time that the then current Group Structure Diagram becomes incorrect or misleading. 

7.2. Officer’s Certificate. 
 Each
set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of the Obligor setting forth: 

(a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether
the Obligor and the Partners, as the case may be, were in compliance with the requirements of Sections 10.5, 10.7 and 10.8 during the 

  
 17 

 
interim or annual period covered by the statements then being furnished (including with respect to each such Section the calculations of the maximum or minimum amount, ratio or percentage, as the
case may be, permissible under the terms of such Sections and the calculation of the amount, ratio or percentage then in existence); provided that, if none of the Obligor, the Partners or any Member, as the context requires, has been party to a
Disposition during the relevant period covered by such certificate, then such certificate shall state such fact and information and calculations with respect to Section 10.5 shall not be included in such certificate; and 

(b) Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and
has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the FOXTEL Group from the beginning of the interim or annual period covered by the statements then being furnished to the date of the
certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without
limitation, any such event or condition resulting from the failure of the Obligor or any Member to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Obligor shall have taken or proposes to
take with respect thereto. 
 As provided in Section 24(c), on and from the Security Release Date, Subsection (a) above shall be deemed to be
deleted and replaced in its entirety by the applicable provision set forth in Part (A) of Exhibit 24. 
 7.3. Visitation. 

The Obligor and the Partners shall permit the representatives of each holder of Notes that is an Institutional Investor: 

(a) No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable
prior notice to the Obligor and/or the Partners (as applicable), to visit the principal executive office of the Obligor and each Partner, to discuss the affairs, finances and accounts of the Obligor, the Members and the Partners with the
Obligor’s and the Partners’ officers and (with the consent of the Obligor, which consent will not be unreasonably withheld) the Obligor’s independent public accountants, and (with the consent of the Obligor and the Partners, which
consent will not be unreasonably withheld) to visit the other offices and properties of the Obligor, each Partner and each Member and to inspect any Secured Property, all at such reasonable times and as often as may be reasonably requested in
writing; and 
 (b) Default — if a Default or Event of Default then exists, at the expense of the Obligor to
visit and inspect any of the offices or properties of the Obligor, the Partners or any Member (including any Secured Property), to examine all their respective books of account, records, reports and other papers, to make copies and extracts
therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Obligor and the Partners authorize said accountants to discuss the affairs,
finances and accounts of the Obligor, the Partners and the Members), all at such times and as often as may be requested. 

  
 18 

 7.4. Limitation on Disclosure Obligation. 

Neither the Obligor nor any Partner shall be required to disclose the following information pursuant to Section 7.1(c), 7.1(f), 7.1(g) or
7.3: 
 (a) information that the Obligor or either Partner determines after consultation with counsel qualified to advise on
such matters (which may be in-house counsel) that, notwithstanding the confidentiality requirements of Section 22, the Obligor or such Partner, as applicable, would be prohibited from disclosing by
applicable law or regulations without making public disclosure thereof; 
 (b) information that the Obligor or either Partner
determines after consultation with counsel qualified to advise on such matters (which may be in-house counsel) is legally privileged and the disclosure of which would waive such privilege to the detriment of
the Obligor or either Partner; and 
 (b) information that, notwithstanding the confidentiality requirements of
Section 22, the Obligor or either Partner is prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Obligor or such
Partner, as applicable, and not entered into in contemplation of this clause (b), provided that the Obligor and the Partners shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality
was made to permit the disclosure of the relevant information and provided further that the Obligor or the applicable Partner, as the case may be, have received a written opinion of counsel (which may be
in-house counsel) confirming that disclosure of such information without consent from such other contractual party would constitute a breach or would result in a substantial risk of breach of such agreement.

 Promptly after a request therefor from any holder of Notes that is an Institutional Investor, the Obligor or the applicable Partner will provide such
holder with a written opinion of counsel (which may be in-house counsel and which may be addressed to the Obligor or such Partner, as applicable) relied upon as to any requested information that the Obligor or the applicable Partner, as the case may
be, is prohibited from disclosing to such holder under circumstances described in this Section 7.4. 
 8. PAYMENT AND PREPAYMENT OF THE NOTES.

 8.1. Maturity. 
 As provided
therein, the entire unpaid principal balance of the Series A Notes, the Series B Notes, and the Series C Notes shall be due and payable on September 24, 2014, September 24, 2016, and September 24, 2019, respectively. 

  
 19 

 8.2. Optional Prepayment with Make-Whole Amount. 

The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an
amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to
such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.6),
and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such
prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a
Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 
 8.3. Prepayment for Tax Reasons.

 If at any time as a result of a Change in Tax Law (as defined below) the Company, the Guarantor or either Partner (assuming, in the
case of the Guarantor or such Partner, that the Guarantor or such Partner, as applicable, is required to make a payment pursuant to Section 14) is or becomes obligated to make any Additional Payments (as defined below) in respect of any payment
of interest on account of any of the Notes, the Company may give the holders of all affected Notes irrevocable written notice (each, a “Tax Prepayment Notice”) of the prepayment of such affected Notes on a specified prepayment date
(which shall be a Business Day not less than 30 days nor more than 60 days after the date of such notice) and the circumstances giving rise to the obligation of the Company, the Guarantor or either Partner to make any Additional Payments and the
amount thereof and stating that all of the affected Notes shall be prepaid on the date of such prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment plus an amount equal to the
Modified Make-Whole Amount for each such Note, except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company no more than 20 days after receipt of the Tax Prepayment Notice, reject such prepayment of
such Note (each, a “Rejection Notice”). Such Tax Prepayment Notice shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Modified Make-Whole Amount due in connection with such
prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to each
Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of such holder’s right to receive the Additional Payments arising as a result of the circumstances described in the Tax
Prepayment Notice in respect of all future payments of interest on such Note (but not of such holder’s right to receive any Additional Payments that arise out of circumstances not described in the Tax Prepayment Notice or which exceed the
amount of the 

  
 20 

 Additional Payment described in the Tax Prepayment Notice), which waiver shall be binding upon all
subsequent transferees of such Note. The Tax Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together with interest accrued thereon to the date of such prepayment plus the
Modified Make-Whole Amount shall become due and payable on such prepayment date, except in the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid. Two Business Days prior to such prepayment, the Company shall
deliver to each holder of a Note being so prepaid a certificate of a Senior Financial Officer specifying the calculation of such Modified Make-Whole Amount as of such prepayment date. 

No prepayment of the Notes pursuant to this Section 8.3 shall affect the obligation of the Obligor and the Partners to pay Additional
Payments in respect of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any holder of more than one affected Note may act separately with respect to each affected Note so held (with the effect that
a holder of more than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to one or more other affected Notes so held). 

The Company may not offer to prepay or prepay Notes pursuant to this Section 8.3 (a) if a Default or Event of Default then exists,
(b) until the Obligor or the Partners, as the case may be, shall have taken commercially reasonable steps to mitigate the requirement to make the related Additional Payments or (c) if the obligation to make such Additional Payments
directly results or resulted from actions taken by any Transaction Party or any other Member (other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this Section 8.3 shall certify to the
foregoing and describe such mitigation steps, if any. 
 For purposes of this Section 8.3: “Additional Payments ”
means additional amounts required to be paid to a holder of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a “Change in Tax Law” means (individually or collectively with one or more prior
changes) (i) an amendment to, or change in, any law, treaty, rule or regulation of Australia or any political subdivision thereof after the date of the Closing, or an amendment to, or change in, an official interpretation or application of such
law, treaty, rule or regulation after the date of the Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements described below or (ii) in the case of any other jurisdiction that becomes
a Taxing Jurisdiction after the date of the Closing, an amendment to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or
regulation, in any case after such jurisdiction shall have become a Taxing Jurisdiction, which amendment or change is in force and continuing and meets such opinion and certification requirements. No such amendment or change shall constitute a
Change in Tax Law unless the same would in the opinion of the Obligor or either Partner, as the case may be (which shall be evidenced by an Officer’s Certificate of the Obligor or such Partner and supported by a written opinion of counsel
having recognized expertise in the field of taxation in the Taxing Jurisdiction (which may be in-house counsel), both of which shall be delivered to all holders of the Notes prior to or concurrently with the
Tax Prepayment Notice in respect of such Change in Tax Law), affect the deduction or require the withholding of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes. 

  
 21 

 8.4. Prepayments in Connection with a Change of Control. 

If a Change of Control shall occur, the Company shall within five days thereafter give written notice thereof (a “Change of Control
Prepayment Notice”) to each holder of Notes, which notice shall (i) refer specifically to this Section 8.4 and describe in reasonable detail such Change of Control and (ii) offer to prepay on a Business Day not less
than 30 days and not more than 60 days after the date of such Change of Control Prepayment Notice (the “Change of Control Prepayment Date”) the Notes of such holder, at 100% of the principal amount thereof, together with interest
accrued thereon to the Change of Control Prepayment Date, and specify the Change of Control Response Date (as defined below). Each holder of a Note shall notify the Company of such holder’s acceptance or rejection of such offer by giving
written notice of such acceptance or rejection to the Company on a date at least ten days prior to the Change of Control Prepayment Date (such date ten days prior to the Change of Control Prepayment Date being the “Change of Control Response
Date”). The Company shall prepay on the Change of Control Prepayment Date all of the Notes held by each holder that has accepted such offer in accordance with this Section 8.4 at a price in respect of each such Note held by such holder
equal to 100% of the principal amount thereof, together with interest accrued thereon to the Change of Control Prepayment Date. The failure by a holder of any Note to respond to such offer in writing on or before the Change of Control Response Date
shall be deemed to be a rejection of such offer. 
 8.5. Prepayments in Connection with Asset Dispositions. 

If the Company is required to offer to prepay Notes in accordance with (and in the aggregate amount calculated pursuant to)
Section 10.5(f), the Company will give prompt written notice thereof to the holders of all Notes then outstanding, which notice shall (i) refer specifically to this Section 8.5 and describe in reasonable detail the Disposition giving
rise to such offer to prepay Notes, (ii) specify the principal amount of each Note held by such holder offered to be prepaid (if the Notes are offered to be prepaid in part, determined in accordance with Section 8.6, the “Ratable
Amount”), (iii) specify a Business Day for such prepayment not less than 30 days and not more than 60 days after the date of such notice (the “Disposition Prepayment Date”) and specify the Disposition Response Date (as
defined below) and (iv) offer to prepay on the Disposition Prepayment Date the outstanding principal amount of each Note (or, if the Notes are offered to be prepaid in part, the Ratable Amount of each Note), together with interest accrued
thereon to the Disposition Prepayment Date (the “Prepayment Amount”). Each holder of a Note shall notify the Company of such holder’s acceptance or rejection of such offer by giving written notice of such acceptance or
rejection to the Company on a date at least ten days prior to the Disposition Prepayment Date (such date ten days prior to the Disposition Prepayment Date being the “Disposition Response Date”). The Company shall prepay on the
Disposition Prepayment Date the Prepayment Amount with respect to each Note held by the holders who have accepted such offer in accordance with this Section 8.5. The failure by a holder of any Note to respond to such offer in writing on or
before the Disposition Response Date shall be deemed to be a rejection of such offer. If any holder of a Note rejects or is deemed to have rejected any 

  
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offer of prepayment with respect to such Note in accordance with this Section 8.5, then, for purposes of determining compliance with Section 10.5(f), the Company nevertheless shall be
deemed to have made a prepayment of Indebtedness in an amount equal to the Ratable Amount with respect to such Note. 
 8.6. Allocation of Partial
Prepayments and Offers of Partial Prepayments. 
 In the case of each partial prepayment of the Notes pursuant to Section 8.2 and in
the case of each offer of partial prepayment of the Notes pursuant to Section 8.5, the Company shall prepay or offer to prepay, as the case may be, the same percentage of the unpaid principal amount of the Notes of each series, and the
principal amount of the Notes of each series so to be prepaid or offered to be prepaid, as the case may be, shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as practicable, to the respective
unpaid principal amounts thereof not theretofore called for prepayment. 
 8.7. Maturity; Surrender, Etc. 

In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and
become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date, and the applicable Make- Whole Amount or Modified Make-Whole Amount, if any. From and
after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount or Modified Make- Whole Amount, if any, as aforesaid, interest on such principal amount shall cease
to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

8.8. Purchase of Notes. 
 The Obligor will
not, and the Obligor will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms of this
Agreement and the Notes. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for
any such Notes. 
 8.9. Make-Whole Amount and Modified Make-Whole Amount. 

The terms “Make-Whole Amount” and “Modified Make-Whole Amount” mean, with respect to any Note, an amount
equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that neither the Make-Whole Amount nor the Modified
Make-Whole Amount may in any event be less than zero. For the purposes of determining the Make-Whole Amount and the Modified Make-Whole Amount, the following terms have the following meanings: 

  
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 “Applicable Percentage” in the case of a computation of the
Modified Make-Whole Amount for purposes of Section 8.3 means 1.00% (100 basis points), and in the case of a computation of the Make-Whole Amount for any other purpose means 0.50% (50 basis points). 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid
pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) the
Applicable Percentage plus (y) the yield to maturity implied by (i) the yields reported as of 10:00 A.M. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display
designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued, actively traded, on the run U.S. Treasury securities having a maturity equal to the remaining term of
such Note as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields
reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor
publication) for U.S. Treasury securities having a constant maturity equal to the remaining term of such Note as of such Settlement Date. In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding
sentence, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the
actively traded U.S. Treasury security with the maturity closest to and greater than the remaining term of such Note and (2) the actively traded U.S. Treasury security with the maturity closest to and less than the remaining term of such Note. The
Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of
such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement
Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required
to be paid on such Settlement Date pursuant to Section 8.2, 8.3 or 12.1. 

  
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 “Settlement Date” means, with respect to the Called
Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

9. AFFIRMATIVE COVENANTS. 
 The Obligor
covenants as set forth below and each Partner covenants in respect of itself as set forth in Sections 9.2 and 9.3 below, that so long as any of the Notes are outstanding: 

9.1. Compliance with Law. 
 Without
limiting Section 10.4, the Obligor will, and will cause each Member to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including without limitation (but only to the extent applicable
thereto), ERISA, the USA PATRIOT Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to
the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain
in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

9.2. Insurance. 
 The Obligor and each
Partner will, and the Obligor will cause each Member to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such
terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations
engaged in the same or a similar business and similarly situated. 
 9.3. Maintenance of Secured Property; Further Assurances; Actions with respect to
Secured Property. 
 The Obligor and each Partner will, and the Obligor will cause each Member Guarantor to, do everything reasonably
necessary to: 
 (a) preserve and protect the value of its Secured Property; 

(b) keep its Secured Property in a good state of repair and in good working order and condition and allowing for wear and tear;

  
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 (c) protect and enforce (i) its title to any part of its Secured
Property and (ii) the title of the Security Trustee as mortgagee of the Secured Property; 
 (d) without limiting the
generality of clauses (a) through (c) above, (i) ensure that it is recorded in all applicable registers with any Governmental Authority as the owner or proprietor of the Intellectual Property, interests in real property, domain names and
other assets owned by it in respect of which registration of an interest is necessary and (ii) comply with all Liens affecting its Secured Property and the obligations secured by those Liens; 

(e) remedy every defect in its title to any part of its Secured Property; 

(f) take or defend all legal proceedings to protect or recover its Secured Property; 

(g) keep its Secured Property valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss; 

(h) do anything that the Facility Agent or the Required Holders reasonably requests that (i) more satisfactorily charges
or secures the priority of its Security, or secures to the Security Trustee its Secured Property in a manner consistent with any provision of any Finance Document or (ii) aids in the exercise of the proper enforcement of any security, in each
of the foregoing cases including the execution of any document, the delivery of Title Documents or the execution and delivery of blank transfers; 

(i) at the request of the Facility Agent or the Required Holders, (i) execute a legal or statutory mortgage in favor of
the Security Trustee over any real property or leasehold interest acquired by it on or after the date of this Agreement in form and substance required by the Facility Agent or the Required Holders, provided that neither the Facility Agent nor the
Required Holders can require an obligation which is more onerous than any obligation contained in any Finance Document and (ii) use its best endeavors to register any mortgage executed under the foregoing clause (i); 

(j) deposit with the Security Trustee all Title Documents in respect of any of its Secured Property which is subject to a fixed
charge created under its Security immediately on (i) its execution of its Security, (ii) acquisition of any asset which forms part of its Secured Property and is subject to the fixed charge created by its Security and 

(iii) the floating charge which is created by its Security crystallising and fixing; 

(k) ensure that its Security is registered and filed in all registers in all jurisdictions in which it must be registered and
filed to ensure the enforceability, validity and priority of the Security against all persons and to be effective as a security; 

(l) cause any caveat which is lodged in respect of its Secured Property, other than a caveat lodged by the Finance Parties (as
defined in the Security Trust Deed), to be removed as soon as reasonably practicable but in any event within 20 Business Days after the date that it becomes aware of its existence; and 

  
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 (m) other than the Partners in their personal capacity, ensure that if it
enters into any Material New Agreement it will: 
 (i) ensure that the terms of such Material New Agreement are such that its
interest in it can be assigned or charged by it in favor of the Security Trustee without the necessity for any consent; and 

(ii) at the same time (A) grant security in favor of the “Finance Parties” (as defined in the Security Trust
Deed) in respect of its rights under such Material New Agreement and (B) issue a notice of charge to each counterparty to such Material New Agreement. 

Without limiting the generality of the foregoing, the Obligor will provide notice to ASIC of the notice referred to in Section 4.13(b) on
ASIC Form 311B within forty- five days after the date of Closing and will promptly inform each holder of Notes that such notice has been provided. 

9.4. Payment of Taxes. 
 The Obligor will,
and will cause each Member to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies imposed on
them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on
properties or assets of the Obligor or any Member, provided that neither the Obligor nor any Member need file any such return nor pay any such tax, assessment, charge or levy if (i) the amount, applicability or validity thereof is contested by
the Obligor or such Member on a timely basis in good faith and in appropriate proceedings, and the Obligor or such Member has established adequate reserves therefor in accordance with Relevant GAAP on the books of the Obligor or such Member or
(ii) the failure to file all such returns or the nonpayment of all such taxes, assessments, charges and levies in the aggregate could not reasonably be expected to have a Material Adverse Effect. 

9.5. Corporate Existence, Etc. 
 (a) The
Obligor will, and will cause each Member Guarantor to, at all times preserve and keep in full force and effect its respective corporate or other organizational existence. 

(b) Neither the Obligor nor any Member Guarantor shall (i) transfer its jurisdiction of incorporation or (ii) enter into any scheme
under which it ceases to exist or under which its assets or liabilities are vested in or assumed by another Person. 
 Notwithstanding the foregoing,
nothing herein shall prohibit a restructuring, merger and/or consolidation of the FOXTEL Group, provided that the Company remains the obligor under the Notes and the assets and property transferred pursuant to such restructuring, merger and/or 

consolidation are transferred only between or among the Obligor and/or the Member Guarantors (any such restructuring, merger and/or consolidation, a
“Permitted Restructuring”). 

  
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 9.6. Books and Records. 

The Obligor will, and will cause each Reporting Member to, maintain proper books of record and account in conformity with Relevant GAAP and all
applicable material requirements of any Governmental Authority having legal or regulatory jurisdiction over the Obligor or such Reporting Member, as the case may be. 

9.7. Priority of Obligations. 
 The
Obligor and each Partner will ensure that its payment obligations under the Finance Documents to which it is a party will at all times rank (i) pari passu in right of payment and are secured equally and ratably with Indebtedness of the
Obligor or such Partner, as the case may be, that has the benefit of Security over the Secured Property of the Obligor or such Partner, as the case may be, as set forth in the Security Trust Deed and (ii) pari passu in right of payment
with all other Indebtedness of the Obligor or such Partner, as the case may be, and senior to such Indebtedness to the extent of the Security over its respective Secured Property. 

9.8. Member Guarantees; Release. 
 (a) The
Obligor will ensure that each Member that (i) has outstanding a Guaranty with respect to any Facility Agreement (or is otherwise a co-obligor or jointly liable with respect to any Indebtedness outstanding
under any Facility Agreement) or (ii) after the date of this Agreement becomes a Wholly-Owned Subsidiary of any one or more Members, will, within 30 days thereafter, become a Member Guarantor. 

(b) The Obligor will cause each Member required to become a Member Guarantor after the date of the Closing to execute and deliver a Member
Guarantee to each holder of Notes and provide the following to each holder of Notes: 
 (i) a certificate signed by a
director or an appropriate officer of such Member confirming that such Member is, and after giving the Member Guarantee will be, solvent and able to pay all of its debts as and when they become due and payable; and 

(ii) an opinion in form and substance reasonably satisfactory to the Required Holders from legal counsel to such Member in the
appropriate jurisdiction(s) confirming that (A) such Member Guarantee shall have been duly authorized and executed and (B) such Member Guarantee is enforceable in accordance with its terms (subject to any usual and customary exceptions)
and covering such other matters incidental thereto as may be reasonably requested by the Required Holders. 
 (c) The Obligor will cause each
Member required to become a Member Guarantor after the date of the Closing to execute and deliver to the Security Trustee a Security in form and substance satisfactory to the Security Trustee (acting reasonably) to secure the Secured Moneys. 

  
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 (d) The Obligor will cause each Member required to become a Member Guarantor after the date
of the Closing to duly stamp each relevant document referred to in this Section 9.8. 
 (e) The Obligor will cause each Member required
to become a Member Guarantor after the date of the Closing to provide to the Security Trustee all duly completed forms, notices and other documents required to register or file with the appropriate Governmental Authority each relevant document
referred to in this Section 9.8. 
 (f) Except pursuant to a Permitted Restructuring whereby a Member Guarantor ceases to exist, no
Member Guarantor may be released from its obligations under its Member Guarantee without the prior written consent of the Required Holders. Upon the effectiveness of any such consent to the release of any Member Guarantor, upon notice thereof by the
Obligor to each holder of a Note, such Member Guarantor shall cease to be a Member Guarantor and shall be automatically released from its obligations under its Member Guarantee as of the date of such notice without the need for the consent,
execution or delivery of any other document or the taking of any other action by any holder of a Note or any other Person. Upon the release of any Member as a Member Guarantor, the holders of Notes shall take those actions reasonably requested by
any Transaction Party or the Security Trustee necessary to release such Member from its obligations under each Security Document to which it is a party. 

9.9. Intellectual Property. 
 The Obligor
will, and will cause each Member Guarantor to, (i) own or have the right and license to use the Intellectual Property and (ii) maintain, preserve and protect the Intellectual Property. 

9.10. Rating. 
 The Obligor will maintain
at all times an issuer or long term senior (secured or unsecured) debt credit rating from Fitch, Moody’s or S&P. 
 10. NEGATIVE COVENANTS.

 The Obligor covenants as set forth below and each Partner covenants in respect of itself as set forth in Sections 10.4, 10.5 and 10.6
below, that so long as any of the Notes are outstanding: 
 10.1. Transactions with Affiliates. 

The Obligor will not, and will not permit any Member Guarantor to, enter into directly or indirectly any Material transaction or Material group
of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Obligor or any Member Guarantor), except pursuant to the
reasonable requirements of the Obligor’s or the applicable Member Guarantor’s business, as the case may be, and upon fair and reasonable terms no less favorable to the Obligor or such Member Guarantor than would be obtainable in a
comparable arm’s-length transaction with a Person not an Affiliate. 

  
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 10.2. Merger, Consolidation, Etc. 

The Obligor will not, and will not permit any Member Guarantor to, enter into any scheme of arrangement, merger or consolidation.
Notwithstanding the foregoing, nothing herein shall prohibit a Permitted Restructuring. 
 10.3. Line of Business. 

The Obligor will not, and will not permit any Member Guarantor to, engage in any business if, as a result, the general nature of the business
in which the FOXTEL Group, taken as a whole, would then be engaged would be substantially changed from the general nature of the Business. 
 10.4.
Terrorism Sanctions Regulations. 
 The Obligor and the Partners will not, and the Obligor will not permit any Member to, (a) become
a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions
with any such Person. 
 10.5. Sale of Assets. 

Subject to Section 24, the Obligor and the Partners will not, and the Obligor will not permit any Member to, sell, transfer, or otherwise
dispose of any Secured Property (collectively, a “Disposition”), except: 
 (a) Dispositions constituting
the creation of a Lien not prohibited under Section 10.6; 
 (b) Dispositions to the Obligor or any Member Guarantor;
provided, that, the relevant property or asset will at all times remain subject to a Security; 
 (c) Dispositions of
property or assets in exchange for other properties or assets of comparable value and utility; 
 (d) Dispositions of worn
out, obsolete or redundant property or assets; 
 (e) Dispositions on arms length terms of property or assets not required
for the efficient operation of the Business; and 

  
 30 

 (f) other Dispositions, provided that any such Disposition is for fair
market value and (i) the aggregate book value of the Secured Property subject to all such Dispositions pursuant to this clause (f) during any fiscal year of the FOXTEL Group does not exceed 10% of Total Assets as at the end of the
immediately preceding fiscal year of the FOXTEL Group (the “Disposition Cap”) or (ii) within 365 days after any such Disposition or portion thereof that would cause the Disposition Cap to be exceeded, the net after-tax proceeds of such Disposition (or relevant portion thereof, as the case may be) are used to (x) purchase productive assets for use by the Obligor or any Member Guarantor in the Business or
(y) repay or prepay any Indebtedness of the Obligor or any Member Guarantor that is secured pursuant to the Security Documents; provided that, the Company has, on or prior to the application of any net
after-tax proceeds to the repayment or prepayment of any Indebtedness pursuant to the foregoing clause (y), (1) offered to prepay the Notes with such net after- tax proceeds (in whole or, if the aggregate
outstanding principal amount of the Notes at such time exceeds such net-after tax proceeds, in part) in accordance with Section 8.5 or (2) offered to prepay the Notes pro rata with all such
Indebtedness in accordance with Section 8.5, whereby the aggregate principal amount of the Notes subject to such offer of prepayment shall be equal to the product of (A) the net after-tax
proceeds being so applied and (B) a fraction, the numerator of which is the aggregate outstanding principal amount of the Notes at such time and the denominator of which is the aggregate outstanding principal amount of Indebtedness (including
the Notes) receiving any repayment or prepayment (or offer thereof) pursuant to the foregoing clause (y); and provided further, that for purposes of this Section 10.5, “net after-tax
proceeds” shall mean the gross proceeds from such Disposition net of any taxes, costs and expenses associated therewith. 
 Any
Disposition of shares of stock of any Member shall, for purposes of this Section 10.5, be valued at an amount that bears the same proportion to the total assets of such Member as the number of such shares bears to the total number of shares of
stock of such Member. 
 Upon the Disposition of Secured Property in accordance with this Section 10.5, subject to any requirements of
this Section 10.5 that such Secured Property continue to be subject to a Security and further subject to there not existing at such time any Default or Event of Default, the holders of Notes consent to such Secured Property being released from
each Security to which it is subject and shall take those actions (at no cost or expense to such holders) reasonably requested by any Transaction Party or the Security Trustee necessary to release such Secured Property from such Security. 

As provided in Section 24(c), on and from the Security Release Date, this Section shall be deemed to be deleted and replaced in its entirety by the
provision set forth in Part (B) of Exhibit 24. 
 10.6. Liens. 

Subject to Section 24, the Obligor and the Partners will not, and the Obligor will not permit any Member Guarantor to, create, permit or
suffer to exist any Lien over all or any property or assets (excluding, in the case of any Partner, any such property or assets that do not constitute Secured Property), whether now owned or hereafter acquired, of the Obligor, either Partner or any
Member Guarantor, except for: 
 (a) a Security; 

  
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 (b) Liens in relation to Capital Leases over STUs and other similar
technical equipment; provided, that the aggregate book value of the STUs and other similar technical equipment subject to such Capital Leases at any time does not exceed A$175,000,000; 

(c) Liens arising by operation of law in the ordinary course of its ordinary business securing (i) an obligation that is
not yet due or (ii) if due but unpaid, Indebtedness which is being contested in good faith; 
 (d) Liens only securing
Indebtedness where, before any such Lien is created, the Security Trustee receives (i) the benefit of a deed of priority granting first ranking priority to each Security and (ii) documents, evidence and opinions in connection with the Lien
requested by it, each in a form and of substance satisfactory to the Security Trustee; 
 (e) Liens in relation to retention
of title arrangements entered into in the ordinary course of its business for a period of not more than 120 days; and 
 (f)
Liens securing Indebtedness which in aggregate does not exceed A$25,000,000. 
 As provided in Section 24(c), on and from the Security Release Date,
this Section shall be deemed to be deleted and replaced in its entirety by the provision set forth in Part (C) of Exhibit 24. 
 10.7. Interest
Cover Ratio. 
 The Obligor will not permit as of the last day of any fiscal quarter of the FOXTEL Group the ratio of (a) EBITDA to
(b) Interest Service, in each case for the twelve month period ending on such day, to be less than 3.50:1. 
 10.8. Total Debt to EBITDA Ratio.

 The Obligor will not permit as of the last day of any fiscal quarter of the FOXTEL Group the ratio of (a) Total Debt on such day
to (b) EBITDA for the twelve month period ending on such day, to be greater than 3.75:1. 
 10.9. Distributions. 

The Obligor and the Partners (other than a Partner in its personal capacity) will not, and the Obligor will not permit any Member Guarantor to,
make any Distribution at any time if a Default or an Event of Default is continuing at such time or would result from such Distribution. 

  
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 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) default shall be made in the payment of any principal or Make-Whole Amount or Modified Make-Whole Amount, if any, on any
Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b) default shall be made in the payment of any interest on any Note or any amount payable pursuant to Section 13 for more
than five Business Days after the same becomes due and payable; or 
 (c) default shall be made by the Obligor or either
Partner in the performance of or compliance with any term contained in Section 7.1(d) or Sections 10.5 through 10.9, inclusive; or 

(d) default shall be made by the Obligor or either Partner in the performance of or compliance with any term contained herein
(other than those referred to in Sections 11(a), (b) and (c)) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Obligor or either Partner
receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) any representation or warranty made in writing by or on behalf of any Transaction Party or by any officer of Transaction
Party in any Finance Document or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date as of which made; or 

(f) (i) any Transaction Party or any Member is in default (as principal or as guarantor or other surety) in the payment of
any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least A$25,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace
provided with respect thereto, or (ii) any Transaction Party or any Member is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least A$25,000,000
(or its equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been
declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any
event or condition (other than (A) the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests or (B) as a result of a Change of Control or any Disposition requiring any purchase or
repayment of Indebtedness (or offer therefor) pursuant to Section 8.4 or 8.5, provided that the Obligor is in compliance with the provisions of Section 8.4 or 8.5, as the case may be), (x) any Transaction Party or any Member has become
obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least A$25,000,000 (or its equivalent in the relevant currency of payment),
or (y) one or more Persons have the right to require any Transaction Party or any Member so to purchase or repay such Indebtedness; or 

  
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 (g) any Transaction Party (i) is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, other than for the purpose of a reconstruction, amalgamation, merger or consolidation while solvent, (iii) makes an
assignment for the benefit of its creditors as a whole in connection with any bankruptcy, insolvency or reorganization, (iv) consents to the appointment of a custodian, receiver, controller, trustee or other officer with similar powers with
respect to it or with respect to any substantial part of its property, other than for the purpose of a reconstruction, amalgamation, merger or consolidation while solvent, (v) is adjudicated as insolvent or to be liquidated or (vi) takes
corporate or other organizational action for the purpose of any of the foregoing; or 
 (h) a court or Governmental Authority
of competent jurisdiction enters an order appointing, without consent by any Transaction Party, a custodian, receiver, controller, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its
property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the
dissolution, winding-up or liquidation of any Transaction Party, other than for the purpose of a reconstruction, amalgamation, merger or consolidation while solvent, or any such petition shall be filed against
any Transaction Party and such petition shall not be dismissed within 60 days; or 
 (i) any event occurs with respect to any
Transaction Party which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or (h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant
proceeding which most closely corresponds to the proceeding described in Section 11(g) or (h); or 
 (j) a final
judgment or judgments for the payment of money aggregating in excess of A$25,000,000 (or its equivalent in the relevant currency of payment) are rendered against one or more of any Transaction Parties and which judgments are not, within 60 days
after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

(k) the Obligor or any Member (i) establishes or amends any employee welfare benefit plan that provides post-employment
welfare benefits in a manner that would increase the liability of the Obligor or such Member thereunder, (ii) fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and
all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up or (iii) becomes subject to the imposition of a 

  
 34 

 financial penalty (which for this purpose shall mean any tax, penalty or other liability,
whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (iii) above, either individually or together with any
other such event or events, could reasonably be expected to have a Material Adverse Effect; or 
 (l) the Security Trust Deed
or any Security shall cease to be in full force and effect or any Person acting on behalf of any Transaction Party or any Member shall contest in any manner the validity, binding nature, enforceability or priority of the Security Trust Deed or any
Security, except in any event in the case of any Security, as otherwise permitted pursuant to this Agreement and the other Finance Documents; or 

(m) a Lien is enforced over any Secured Property for an amount exceeding A$25,000,000; or 

(n) (i) all or any material part of the Secured Property is compulsorily acquired by, or by order of, a Governmental
Authority or under law, (ii) a Governmental Authority orders the sale, vesting or divesting of all or any material part of the Secured Property or (iii) a Governmental Authority takes a step for the purpose of any of the foregoing, in each
case where the value of the Secured Property concerned exceeds A$25,000,000; or 
 (o) any Member Guarantee shall cease to be
in full force and effect or any Member Guarantor or any Person acting on behalf of any Member Guarantor shall contest in any manner the validity, binding nature or enforceability of any Member Guarantee. 

As used in Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings
assigned to such terms in section 3 of ERISA. 
 12. REMEDIES ON DEFAULT, ETC. 

12.1. Acceleration. 
 (a) If an Event of
Default with respect to any Transaction Party described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact
that such clause encompasses clause 
 (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and
payable. 
 (b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice
or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (c) If any Event of Default described
in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the
Notes held by it or them to be immediately due and payable. 

  
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 Upon any Notes becoming due and payable under this Section 12.1, whether automatically
or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, without limitation, interest accrued thereon at the Default Rate) and
(y) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law) shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice,
all of which are hereby waived. The Obligor and each Partner acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make -Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. 
 12.2. Other Remedies. 

If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared
immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder (including any rights that such holder may have under the Security Trust Deed, as set
forth in Section 12.3) by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any other Finance Document, or for an injunction against a violation of any
of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 12.3. Enforcement of
Security. 
 Any holder of Notes shall have the rights to enforce any Security only as set forth in the Security Trust Deed and not
otherwise. 
 12.4. Rescission. 
 At any
time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c) (but prior to enforcement being undertaken under any Finance Document), the Required Holders, by written notice to the Company, may rescind and annul any
such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount or Modified Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than
by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount or Modified Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate,
(b) no Transaction Party nor any other Person shall have paid any amounts that have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of
amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 19, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the
Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

  
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 12.5. No Waivers or Election of Remedies, Expenses, Etc. 

No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver
thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof or by any other Finance Document shall be exclusive of any other right, power
or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Obligor under Section 17, the Obligor will pay to the holder of each Note on demand such
further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

 13. TAX INDEMNIFICATION. 
 All
payments whatsoever under the Finance Documents to which the Obligor or either Partner is a party will be made by the Obligor or such Partner, as the case may be, in lawful currency of the United States of America free and clear of, and without
liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any jurisdiction other than the United States (or any political subdivision or taxing authority of or in
such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law. 

If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid by the
Obligor or either Partner under any Finance Document to which it is a party, the Obligor or such Partner, as the case may be, will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before
penalties attach thereto or interest accrues thereon and pay to each holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of the relevant Finance Document after such
deduction, withholding or payment (including, without limitation, any required deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of
the relevant Finance Document before the assessment of such Tax, provided that no payment of any additional amounts shall be required to be made for or on account of: 

(a) any Excluded Tax; 

(b) with respect to a holder of any Note, any Tax that would not have been imposed but for any breach by such holder of any
representation made or deemed to have been made by such holder pursuant to Section 6.3(a), 6.3(c) or 6.3(d); 
 (c) any
Tax that would not have been imposed but for the existence of any present or former connection between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an
estate, trust, partnership or corporation or any Person other than the holder to whom the Notes or any amount payable thereon is attributable for the purposes of such Tax) and the 

  
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 Taxing Jurisdiction, other than the mere holding of the relevant Note (with the benefit of
the guarantees of the Guarantor and the Partners hereunder) or the receipt of payments thereunder or in respect thereof, including, without limitation, such holder (or such other Person described in the above parenthetical) being or having been a
citizen or resident thereof, or being or having been present or engaged in trade or business therein or having or having had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax
that would not have been imposed but for the Obligor or either Partner, after the date of the Closing, opening an office in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of
any Finance Documents are made to, the Taxing Jurisdiction imposing the relevant Tax; 
 (d) any Tax that would not have been
imposed but for the delay or failure by such holder (following a written request by the Obligor or either Partner) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid
or reduce such Taxes (including for such purpose any refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable
judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or
failure could have been lawfully avoided by such holder, and provided further that such holder shall be deemed to have satisfied the requirements of this clause (d) upon the good faith completion and submission of such Forms (including
refilings or renewals of filings) as may be specified in a written request of the Obligor or either Partner no later than 45 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if
any); or 
 (e) any combination of clauses (a), (b), (c) and (d) above; 

and provided further that in no event shall the Obligor or either Partner be obligated to pay such additional amounts to any holder of a Note (i) not
resident in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in excess of the amounts that the Obligor or such Partner would be obligated to pay if such
holder had been a resident of the United States of America or such other jurisdiction, as applicable (and, to the extent applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between
the United States of America or such other jurisdiction and the relevant Taxing Jurisdiction to the extent that such eligibility would reduce such additional amounts), or (ii) registered in the name of a nominee if under the law of the relevant
Taxing Jurisdiction (or the current regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and the Obligor or such Partner shall have given timely notice of such law or
interpretation to such holder. 
 By acceptance of any Note, the holder of such Note agrees, subject to the limitations of clause
(d) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by the Obligor or either Partner all such forms, 

  
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 certificates, documents and returns provided to such holder by the Obligor or such Partner (collectively,
together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute, regulation or
administrative practice of the relevant Taxing Jurisdiction or of an applicable tax treaty and (y) provide the Obligor or either Partner with such information with respect to such holder as the Obligor or such Partner may reasonably request in
order to complete any such Forms, provided that nothing in this Section 13 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form or disclosure of information would
involve the disclosure of tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder shall be deemed to have complied with its obligation under this paragraph with respect to any
Form if such Form shall have been duly completed and delivered by such holder to the Obligor or the relevant Partner or mailed to the appropriate taxing authority, whichever is applicable, within 45 days following a written request of the Obligor or
either Partner (which request shall be accompanied by copies of such Form) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

In connection with the transfer of any Note, the Obligor will furnish the transferee of such Note with copies of any Form then required
pursuant to the preceding paragraph of this Section 13. 
 If any payment is made by the Obligor or either Partner to or for the
account of the holder of any Note after deduction for or on account of any Taxes, and increased payments are made by the Obligor or such Partner pursuant to this Section 13, then, if such holder has received or been granted a refund of such
Taxes, such holder shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, reimburse to the Obligor or such Partner such amount as such holder shall, in its sole discretion, determine to be
attributable to the relevant Taxes or deduction or withholding. Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note
shall be under any obligation to claim relief from its corporate profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in clause
(d) above) oblige any holder of any Note to disclose any information relating to its tax affairs or any computations in respect thereof. 

The Obligor or the relevant Partner will furnish the holders of Notes, promptly and in any event within 60 days after the date of any payment
by the Obligor or such Partner of any Tax in respect of any amounts paid under any Finance Document the original tax receipt issued by the relevant taxation or other authorities involved for all amounts paid as aforesaid (or if such original tax
receipt is not available or must legally be kept in the possession of the Obligor or such Partner, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with such other documentary
evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note. 

  
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 If the Obligor or either Partner is required by any applicable law, as modified by the
practice of the taxation or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Obligor or such Partner would be required to pay any additional amount under this
Section 13, but for any reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then the Obligor or
such Partner will promptly reimburse such holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by the Obligor or such Partner) upon demand by such holder
accompanied by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction. 

If the Obligor or either Partner makes payment to or for the account of any holder of a Note and such holder is entitled to a refund of the
Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after receiving written request from the Obligor or such Partner (which shall specify in
reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Obligor or such Partner, subject, however, to the same limitations with respect to Forms as are set
forth above. 
 The obligations of the Obligor and the Partners under this Section 13 shall survive the payment or transfer of any Note
and the provisions of this Section 13 shall also apply to successive transferees of the Notes. 
 14. GUARANTOR AND PARTNER GUARANTEE, LIMITED
RECOURSE, CONSENTS, ETC. 
 14.1. Guarantee. 

The Guarantor and each Partner hereby guarantees to each holder of any Note or Notes at any time outstanding (a) the prompt payment in
full, in Dollars, when due (whether at stated maturity, by acceleration, by mandatory or optional prepayment or otherwise) of the principal of, Make-Whole Amount and Modified Make-Whole Amount, if any, and interest on the Notes (including, without
limitation, any interest on any overdue principal, Make-Whole Amount and Modified Make-Whole Amount, if any, and, to the extent permitted by applicable law, on any overdue interest and on payment of additional amounts described in Section 13)
and all other amounts from time to time owing by the Company under this Agreement and the Notes (including, without limitation, costs, expenses and taxes in accordance with the terms hereof), and (b) the prompt performance and observance by the
Company of all covenants, agreements and conditions on its part to be performed and observed hereunder, in each case strictly in accordance with the terms thereof (such payments and other obligations being herein collectively called the
“Guaranteed Obligations”). The Guarantor and each Partner hereby further agrees that if the Company shall default in the payment or performance of any of the Guaranteed Obligations, the Guarantor and such Partner will
(x) promptly pay or perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at
extended maturity, by acceleration, by mandatory or optional prepayment or otherwise) in accordance with the terms of such extension or renewal and (y) pay to the holder of any Note such amounts, to the extent lawful, as shall be sufficient to
pay the costs and expenses of collection or of otherwise enforcing any of such holder’s rights under this Agreement, including, without limitation, reasonable counsel fees. 

  
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 All obligations of the Guarantor and the Partners under Sections 14.1 and 14.2 shall survive
the transfer of any Note, and any obligations of the Guarantor and the Partners under Sections 14.1 and 14.2 with respect to which the underlying obligation of the Company is expressly stated to survive the payment of any Note shall also survive
payment of such Note. 
 14.2. Obligations Unconditional. 

(a) The obligations of the Guarantor and each Partner under Section 14.1 constitute a present and continuing guaranty of payment and not
collectibility and are absolute, unconditional and irrevocable, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Company under this Agreement, the Notes or any other agreement or instrument
referred to herein or therein, or any substitution, release or exchange of any Guaranty of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever
which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 14.2 that the obligations of the Guarantor and each Partner hereunder shall be absolute, unconditional and
irrevocable under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantor and each Partner hereunder
which shall remain absolute, unconditional and irrevocable as described above: 
 (1) any amendment or modification of any
provision of this Agreement (other than Section 14.1 or 14.2), any Member Guarantee or any of the Notes or any assignment or transfer thereof, including without limitation the renewal or extension of the time of payment of any of the Notes or
the granting of time in respect of such payment thereof, or of any furnishing or acceptance of security or any additional guarantee or any release of any security or guarantee so furnished or accepted for any of the Notes; 

(2) any waiver, consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect
of this Agreement, the Notes or any Member Guarantee, or any exercise or non-exercise of any right, remedy or power in respect hereof or thereof; 

(3) any bankruptcy, receivership, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar
proceedings with respect to the Company or any other Person or the properties or creditors of any of them; 
 (4) the
occurrence of any Default or Event of Default under, or any invalidity or any unenforceability of, or any misrepresentation, irregularity or other defect in, this Agreement, the Notes or any other agreement; 

  
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 (5) any transfer of any assets to or from the Company, including without
limitation any transfer or purported transfer to the Company from any Person, any invalidity, illegality of, or inability to enforce, any such transfer or purported transfer, any consolidation or merger of the Company with or into any Person, any
change in the ownership of any shares of capital stock of the Company, or any change whatsoever in the objects, capital structure, constitution or business of the Company; 

(6) any default, failure or delay, willful or otherwise, on the part of the Company or any other Person to perform or comply
with, or the impossibility or illegality of performance by the Company or any other Person of, any term of this Agreement, the Notes or any other agreement; 

(7) any suit or other action brought by, or any judgment in favor of, any beneficiaries or creditors of, the Company or any
other Person for any reason whatsoever, including without limitation any suit or action in any way attacking or involving any issue, matter or thing in respect of this Agreement, the Notes or any other agreement; 

(8) any lack or limitation of status or of power, incapacity or disability of the Company or any trustee or agent thereof, and
other person providing a Guaranty of, or security for, any of the Guaranteed Obligations; or 
 (9) any other thing, event,
happening, matter, circumstance or condition whatsoever, not in any way limited to the foregoing (other than the indefeasible payment in full of the Guaranteed Obligations). 

(b) The Guarantor and each Partner hereby unconditionally waives diligence, presentment, demand of payment, protest and all notices whatsoever
and any requirement that any holder of a Note exhaust any right, power or remedy against the Company under this Agreement or the Notes or any other agreement or instrument referred to herein or therein, or against any other Person under any other
Guaranty of, or security for, any of the Guaranteed Obligations. 
 (c) In the event that the Guarantor or either Partner shall at any time
pay any amount on account of the Guaranteed Obligations or take any other action in performance of its obligations hereunder, the Guarantor or such Partner, as applicable, shall not exercise any subrogation or other rights hereunder or under the
Notes and the Guarantor or such Partner, as applicable, hereby waives all rights it may have to exercise any such subrogation or other rights, and all other remedies that it may have against the Company, in respect of any payment made hereunder
unless and until the Guaranteed Obligations shall have been indefeasibly paid in full. Prior to the payment in full of the Guaranteed Obligations, if any amount shall be paid to the Guarantor or either Partner, as applicable, on account of any such
subrogation rights or other remedy, notwithstanding the waiver thereof, such amount shall be received in trust for the benefit of the holders of the Notes and shall forthwith be paid to such holders to be credited and applied upon the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms hereof. The Guarantor and each Partner agrees that its obligations under this Section 14 shall be automatically reinstated if and to the extent that for any reason any
payment (including payment in full) by or on behalf of the Company is rescinded or must be otherwise restored by any holder of a Note, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, all as though such amount had
not been paid. 

  
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 (d) If an event permitting the acceleration of the maturity of the principal amount of the
Notes shall at any time have occurred and be continuing and such acceleration (and the effect thereof on the Guaranteed Obligations) shall at such time be prevented by reason of the pendency against the Company or any other Person (other than the
Guarantor or either Partner as to itself) of a case or proceeding under a bankruptcy or insolvency law, the Guarantor and each Partner agrees that, for purposes of the guarantee in this Section 14 and the Guarantor’s and each
Partner’s obligations under this Agreement, the maturity of the principal amount of the Notes shall be deemed to have been accelerated (with a corresponding effect on the Guaranteed Obligations) with the same effect as if the holders of the
Notes had accelerated the same in accordance with the terms of this Agreement, and the Guarantor and each Partner shall forthwith pay such principal amount, any interest thereon, any Make-Whole Amounts and any other amounts guaranteed hereunder
without further notice or demand. 
 (e) The guarantee in Sections 14.1 and 14.2 is a continuing guarantee and shall apply to the Guaranteed
Obligations whenever arising. Each default in the payment or performance of any of the Guaranteed Obligations shall give rise to a separate claim and cause of action hereunder, and separate claims or suits may be made and brought, as the case may
be, hereunder as each such default occurs. 
 14.3. Limited Recourse to the Partners. 

(a) Notwithstanding Sections 14.1 and 14.2 above and any other provisions of the Finance Documents (other than Section 14.3(d) below) the
obligation of each Partner to pay any amount under any Finance Document (whether present, future or prospective) is limited to the extent that the amount can be satisfied out of its Secured Property. 

(b) Each party irrevocably and unconditionally releases all claims it may have against either Partner under or in connection with the Finance
Documents except to the extent that such Partner is liable under Section 14.3(a). 
 (c) No party shall have any claim against or
recourse to the directors, officers or employees of either Partner, by operation of law or otherwise. Such recourse is irrevocably waived. 

(d) Nothing in Section 14.3(a) or 14.3(c) limits the liability of either Partner in respect of any loss, cost or expense suffered or
incurred by any holder of a Note as a result of: 
 (i) the fraud or willful default of such Partner or any of its directors,
officers or employees under or in connection with the Finance Documents; provided, that, the failure of any Partner to comply with an obligation to pay the Secured Moneys under the Finance Documents will not in itself constitute fraud or willful
default of such Partner; 
 (ii) any breach of an undertaking given by such Partner in: 

(A) Sections 9.3(h), 9.3(k), 10.4, 10.5, 10.6 of this Agreement; 

  
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 (B) any Security to which such Partner is expressed to be a party (other
than the undertaking contained in clause 4.2, clause 4.4 or clause 5.1(a)(2) of a Security where the underlying obligation is not referred to in paragraph (A) above); 

(C) any Tripartite Agreement to which such Partner is individually expressed to be a party; or 

(D) any Subordination Deed to which such Partner is individually expressed to be a party; or 

(iii) the incorrectness or untruthfulness of any warranty or representation given by such Partner in: 

(A) Sections 5.1, 5.2, 5.6, 5.10, 5.22, 5.25 or clause (i) of Section 5.21; 

(B) any Security to which such Partner is expressed to be a party (other than the representation and warranty contained in
clause 4.1 of any Security where the underlying representation and warranty is not referred to in paragraph (A) above); 

(C) any Tripartite Agreement to which such Partner is individually expressed to be a party; or 

(D) any Subordination Deed to which such Partner is individually expressed to be a party. 

(e) Except to the extent that either Partner is liable under Section 14.3(d), a party may enforce its rights against such Partner arising
from non payment of the Secured Moneys only to the extent that such rights can be enforced against the Secured Property of such Partner and no party may, in connection with the Secured Moneys: 

(i) take any action against such Partner, its directors, officers or employees personally to recover any part of the Secured
Moneys which cannot be satisfied out of the Secured Property of such Partner or obtain a judgment for the payment of money or damages by such Partner, its directors, officers or employees; 

(ii) issue any demand under section 459E(1) of the Corporations Act (or any analogous provision under any other law) against
such Partner; 
 (iii) apply for or prove in (except to the extent that such Partner is liable under Section 14.3(a))
the winding up of such Partner; 
 (iv) levy execution or take any action against any asset of such Partner (other than the
Secured Property of the Partner) to recover any of the Secured Moneys; or 

  
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 (v) apply for the appointment of a receiver to any of the assets of such
Partner (other than the Secured Property of such Partner); or 
 (vi) take any proceedings for any of the above and each
party waives its rights in respect of those actions, applications and proceedings. 
 (f) Despite anything in, or in connection with, the
Finance Documents, each party hereto agrees that (i) claims under or in connection with the Finance Documents are not claims to which the Telstra Deed of Cross Guarantee applies in any way, and (ii) it may not claim or attempt to claim to
have any rights under, or make any claim or seek to enforce any rights, in connection with the Telstra Deed of Cross Guarantee. 
 (g) For
the avoidance of doubt, nothing in this Section 14.3 prevents or limits any party from obtaining a declaration concerning any of the Finance Documents, an injunction or other order restraining any breach of a Finance Document or otherwise in
relation to the Secured Property of a Partner. This clause operates as a release and a covenant not to sue and may be pleaded in bar to any action brought in breach of it. 

(h) No party in the exercise of any right, power, authority, discretion or remedy conferred on it by any Finance Document or any applicable
law, including any voting rights under the Finance Documents, nor any receiver, receiver and manager, attorney, controller (as the term “controller” is defined in the Corporations Act, but as if the term “charge” used therein
included any Security) or other Person appointed by any party under the Finance Documents (each of the foregoing, an “Administrator”) has the power or authority to incur obligations binding on a Partner other than obligations the
extent and enforcement of which are limited in the same manner as the extent and enforcement of a Partner’s obligations under the Finance Documents are limited by this Section 14.3. 

(i) No party may appoint any Administrator with the power or authority to incur obligations binding on a Partner unless (i) the authority
of such Administrator is limited in accordance with this Section 14.3, and (ii) such Administrator executes an agreement acknowledging the limitation. 

(j) This Section 14.3 shall apply despite any other provision in any document or any other thing and, in the event of any inconsistency
between this Section 14.3 and another provision of a Finance Document, this Section 14.3 shall prevail. 
 14.4. Consent of Partners. 

(a) Each Partner consents to the grant by the other Partner of the Security over all of the present and future right, title and interest of
that Partner in the FOXTEL Partnership and the FOXTEL Television Partnership and the undertaking, assets and rights of the FOXTEL Partnership and the FOXTEL Television Partnership, including the right to receive any share of profits of the FOXTEL
Partnership and the FOXTEL Television Partnership. 
 (b) The parties hereto acknowledge and agree that the other parties hereto are entitled
to treat any discharge, receipt, waiver, consent, communication, agreement, act or other thing given or effected by the Obligor as having been given or effected for or on behalf of, and with the authority and consent of, the Partners. 

  
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 15. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES; NOTICE UPON TRANSFER UNDER SECURITY TRUST DEED.

 15.1. Registration of Notes. 
 The
Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and
addresses of all registered holders of Notes. 
 15.2. Transfer and Exchange of Notes. 

Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 20)
for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by (i) a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly
authorized in writing and accompanied by the relevant beneficial name, any nominee name, address and other details for notices of each transferee of such Note or part thereof and (ii) a QP Transfer Certificate duly executed by each transferee
of such Note) within ten Business Days thereafter the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor, in
an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1-A, 1- B or 1-C, as applicable. Each such new Note shall be dated and bear interest from the date to which interest shall have been
paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such
transfer of Notes. Notes shall not be transferred in denominations of less than U.S.$100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of a series of the Notes, one Note of such series may
be in a denomination of less than U.S.$100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have agreed to be bound by the provisions contained herein expressed to be, or that
otherwise are, applicable to holders of Notes and to have made the representations set forth in Section 6, except with respect to Sections 6.3(a) and 6.3(d). 

  
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 15.3. Replacement of Notes. 

Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 20) of evidence
reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss,
theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory
to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least U.S.$100,000,000, such Person’s own unsecured agreement of indemnity shall be deemed
to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 

within ten Business Days thereafter the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and
bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

15.4. Notice upon Transfer under Security Trust Deed. 

Upon any transfer, exchange or substitution of a Note or Notes as set forth in this Section 15, the transferor of such Note or Notes
agrees promptly to notify the Security Trustee of such transfer, exchange or substitution pursuant to Section 8.5 of the Security Trust Deed, including the relevant beneficial name, any nominee name, address and other details for notices of
each transferee of such Note or Notes. 
 16. PAYMENTS ON NOTES. 

16.1. Place of Payment. 
 Subject to
Section 16.2, payments of principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of JPMorgan Chase Bank, N.A. in such
jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office
of a bank or trust company in such jurisdiction. 
 16.2. Home Office Payment. 

So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 16.1 or in such
Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such
Purchaser’s name in Schedule A, or by such other method or at such other 

  
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 address as such Purchaser shall have from time to time specified to the Company in writing for such purpose,
without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Obligor and the Partners made concurrently with or reasonably promptly after payment or prepayment in full of any Note,
such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its address as set forth in Section 20. Prior to any sale or other disposition of any Note held by a Purchaser or its
nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant
to Section 15.2. The Company will afford the benefits of this Section 16.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same
agreement relating to such Note as the Purchasers have made in this Section 16.2. 
 17. EXPENSES, ETC. 

17.1. Transaction Expenses. 
 Whether or
not the transactions contemplated hereby are consummated, the Obligor will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel)
incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of any Finance Document (whether or not such amendment, waiver or consent
becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under any Finance Document or in responding to any subpoena or
other legal process or informal investigative demand issued in connection with any Finance Document, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with
the insolvency or bankruptcy of the Obligor, either Partner or any Member or in connection with any work-out or restructuring of the transactions contemplated hereby, by the Notes or by any other Finance
Document and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO, provided that such costs and expenses under this clause (c) shall
not exceed U.S.$3,300. The Obligor will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a
Purchaser or other holder in connection with its purchase of the Notes). 
 17.2. Certain Taxes. 

The Obligor agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the
enforcement of any Finance Document or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States, Australia or any other applicable jurisdiction or of any amendment of, or waiver or consent under
or with respect to, any Finance Document, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Obligor pursuant to this Section 17, and will save each holder of a Note to the extent permitted
by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Obligor or any Partner hereunder or by any Member Guarantor under any Member Guarantee. 

  
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 17.3. Survival. 

The obligations of the Obligor under this Section 17 will survive the payment or transfer of any Note, the enforcement, amendment or
waiver of any provision of any Finance Document, and the termination of this Agreement. 
 18. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE
AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the
Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on
behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Obligor or either Partner pursuant to this Agreement shall be deemed representations and
warranties of the Obligor or such Partner, as the case may be, under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and the other Finance Documents embody the entire agreement and understanding between each Purchaser,
the Obligor and each Partner, and supersede all prior agreements and understandings relating to the subject matter hereof. 
 19. AMENDMENT AND WAIVER.

 19.1. Requirements. 

This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or
prospectively), with (and only with) the written consent of the Obligor, the Partners and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 23, or any defined term (as it
is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby,
(i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of
interest or of the Make-Whole Amount or Modified Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver, or (iii) amend
Section 8, 11(a), 11(b), 12, 13, 14, 19, 22 or 25.12. 

  
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 19.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Obligor will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with
sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions
hereof or of the Notes. The Obligor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 19 to each holder of outstanding Notes promptly following the date on
which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment.
No Transaction Party or any Member will directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of
Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof or of any other Finance Document unless such remuneration is concurrently paid, or
security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 

19.3. Binding Effect, Etc. 
 Any amendment
or waiver consented to as provided in this Section 19 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Obligor and the Partners without regard to whether such Note has been
marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of
dealing between the Obligor and the holder of any Note or between either Partner and the holder of any Note nor any delay in exercising any rights hereunder or under any Note or under any Member Guarantee shall operate as a waiver of any rights of
any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 

19.4. Notes Held by any Transaction Party or Member, Etc. 

Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then
outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a
specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Transaction Party or any Member or any Affiliate of any Transaction Party or any Member shall be deemed not to be
outstanding. 
 20. NOTICES; ENGLISH LANGUAGE. 

All notices and communications provided for hereunder shall, to the extent that the recipient has supplied an email address for receipt of such
notices and communications, be by way of electronic mail. If any recipient has not supplied an email address for receipt of notices and communications provided for hereunder, notices and communications shall be provided by physical delivery, sent
(a) by telecopy if the sender on the same day sends a confirming copy of such notice by an air express delivery service (charges prepaid), or (b) by an air express delivery service (with charges prepaid). 

  
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 All notices and communications provided for hereunder shall be sent: 

(i) if to a Purchaser or its nominee, to such Purchaser or nominee at the address (whether email or physical) specified for
such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address (whether email or physical) as such other holder shall
have specified to the Company in writing, 
 (iii) if to the Company, to the Company at its address (whether email or
physical) set forth at the beginning hereof (in the case of physical delivery, to the attention of the Chief Financial Officer), or at such other address as the Company shall have specified to the holder of each Note in writing, 

(iv) if to the Guarantor, to the Guarantor at its address (whether email or physical) set forth at the beginning hereof (in the
case of physical delivery, to the attention of the Chief Financial Officer), or at such other address as the Guarantor shall have specified to the holder of each Note in writing 

(v) if to Sky Cable, to Sky Cable at its address (whether email or physical) set forth at the beginning hereof (in the case of
physical delivery, to the attention of the Company Secretary), or at such other address as Sky Cable shall have specified to the holder of each Note in writing, 

(vi) if to Telstra Media, to Telstra Media at its address (whether email or physical) set forth at the beginning hereof (in the
case of physical delivery, to the attention of the Head of Media), or at such other address as Telstra Media shall have specified to the holder of each Note in writing; and 

(vii) if to the Security Trustee, to the Security Trustee at its address (whether email or physical) set forth in the Security
Trust Deed (in the case of physical delivery, to the attention of the Person specified in the Security Trust Deed), or at such other address as the Security Trustee shall have specified to the holder of each Note in writing. 

Notices under this Section 20 will be deemed given only when actually received. All notices related to any Default, Event of Default,
acceleration or prepayment shall, in addition to delivery by email (if applicable), be sent by physical delivery as set forth above. 
 Each
document, instrument, financial statement, report, notice or other communication delivered in connection with this Agreement or any Member Guarantee shall be in English or accompanied by an English translation thereof. 

  
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 21. REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such
Purchaser by any photographic, photostatic, electronic, digital or other similar process and such Purchaser may destroy any original document so reproduced. The Obligor and the Partners agree and stipulate that, to the extent permitted by applicable
law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the
regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 21 shall not prohibit the Obligor, either Partner or any other holder of Notes from
contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

22. CONFIDENTIAL INFORMATION. 
 For the
purposes of this Section 22, “Confidential Information” means information delivered to any Purchaser by or on behalf of any Transaction Party or any Member in connection with the transactions contemplated by or otherwise pursuant to
this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of such Transaction Party or such Member, provided that such
term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person
acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by any Transaction Party or any Member or (d) constitutes financial statements delivered to such Purchaser under
Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of
third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms
of this Section 22, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 22), (v) any Person from which it offers to purchase any security of the Obligor or either Partner (if such Person has agreed in writing prior to its receipt
of such Confidential Information to be bound by the provisions of this Section 22), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar
organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such 

  
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 delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule,
regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is
continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes and this Agreement.
Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 22 as though it were a party to this Agreement. On reasonable request by the Obligor or either
Partner in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Obligor and the Partners embodying the provisions of this Section 22. 
 23. SUBSTITUTION OF PURCHASER.

 Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to
purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such
Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 23), shall be deemed to refer to such
Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt
by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 23), shall no longer be deemed to refer to such Affiliate, but shall refer to such original
Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 24. RELEASE OF
SECURITY. 
 (a) The Obligor shall provide each holder of Notes written notice of any release of the Secured Property from the Security
in accordance with the Security Trust Deed which results in the book value of the assets and property of the FOXTEL Group not subject to any Security being greater than 50% of Total Assets at such time (the “Security Release”) not
less than five Business Days prior to the effective date of such release (the “Security Release Date”). Such notice shall specify the anticipated Security Release Date and shall describe any Release Consideration paid
or payable in connection with the Security Release. 
 (b) If the Obligor or any Member shall pay any financial consideration (whether by way
of fee, premium, rate increase, prepayment or otherwise) to or for the account of any “Beneficiary” under and as defined in the Security Trust Deed as inducement for the consent of such “Beneficiary” to the Security Release
(“Release Consideration”), then the Obligor shall concurrently pay the holders of Notes equivalent Release Consideration. 

  
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 (c) From and after the later of the Security Release Date and the date on which the Obligor
has paid all of the holders of Notes any consideration required to be paid pursuant to Section 24(b), Sections 7.2(a), 10.5 and 10.6 hereof shall be deemed to be deleted and of no force and effect and shall be replaced in their entirety by the
provisions labeled (A), (B) and (C), respectively, in Exhibit 24. All other provisions of this Agreement shall remain unchanged and in full force and effect after such date. For purposes of Sections 10.5 and 10.6 (as so replaced), any Indebtedness
or Liens of the Obligor or the Members outstanding on the Security Release Date shall be deemed to have been incurred thereby on such date (other than Indebtedness that would otherwise be permitted under the new Section 10.6(a)(iv)). 

(d) At any time that all of the Secured Property is released from the Security in accordance with the Security Trust Deed and this
Section 24, the holders of Notes shall take those actions reasonably requested by any Transaction Party or the Security Trustee necessary to release such Secured Property from such Security and to release each Transaction Party from the
Security Documents to which it is a party. Thereafter, upon the request of any holder of a Note, the Obligor or either Partner, the Obligor, the Partners and the holders of Notes shall enter into any additional agreement or amendment to this
Agreement reasonably requested by such holder or Obligor to (i) evidence or otherwise memorialize any of the actions contemplated pursuant to this Section 24 and (ii) amend this Agreement to make necessary consequential changes and to
remove all references to the Security, the Secured Documents and all related terms and provisions. 
 (e) From and after the Security Release
Date (unless the context clearly indicates otherwise), all references in this Agreement to Sections 7.2(a), 10.5 and 10.6 shall be deemed to refer to such Sections as replaced pursuant to this Section 24. 

25. MISCELLANEOUS. 
 25.1. Successors and Assigns.

 All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the
benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 
 25.2.
Payments Due on Non-Business Days. 
 Anything in this Agreement or the Notes to the contrary
notwithstanding (but without limiting the requirement in Section 8 that notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or Modified Make-Whole
Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding
Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the
computation of interest payable on such next succeeding Business Day. 

  
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 25.3. Accounting Terms. 

(a) All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in
accordance with Relevant GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with Relevant GAAP, and all financial statements shall be prepared in accordance with
Relevant GAAP, where applicable for special purpose accounts. 
 (b) For purposes of determining compliance with the financial covenants
contained in this Agreement, any election by an Obligor or a Partner to measure an item of Indebtedness using fair value (as permitted by International Accounting Standard 39 or any similar accounting standard) shall be disregarded and such
determination shall be made as if such election had not been made. 
 25.4. Consent to Successor Security Trustee. 

In the event the Security Trustee is terminated, by replacement, resignation, removal or otherwise, the holders of Notes irrevocably consent to
the appointment of any of the following Persons as the successor Security Trustee under the Security Documents (each, a “Pre-Approved Security Trustee”): (i) Commonwealth Bank of Australia,
(ii) Australia and New Zealand Banking Group Limited, (iii) National Australia Bank Limited, (iv) Westpac Banking Corporation or (v) any affiliate of any of the foregoing Persons. In furtherance of the foregoing, each
holder of Notes, for consideration received, appoints the Company and each officer or director of the Company severally as its attorney, in its name and on its behalf, to do all things and execute, sign, seal and deliver (conditionally or
unconditionally in the attorney’s discretion) all documents, deeds and instruments necessary or desirable for the appointment of any Pre-Approved Security Trustee as the successor Security Trustee under
the Security Documents and to vest in such Pre-Approved Security Trustee all of the Trust Fund (as defined in the Security Trust Deed). The foregoing power may be delegated or a sub-power may be given, and any
delegate or sub-attorney may be removed by the attorney appointing it. The holders of Notes authorize the Security Trustee and any other relevant Person to rely on this Section 25.4 as evidence of the
foregoing consent. Without limiting the foregoing, the holders of Notes shall take those actions reasonably requested by any Transaction Party to further evidence the foregoing consent. 

25.5. Change in Relevant GAAP. 
 If the
Obligor notifies the holders of Notes that, in the Obligor’s reasonable opinion, or if the Required Holders notify the Obligor that, in the Required Holders’ reasonable opinion, as a result of changes in Relevant GAAP after the date of
this Agreement (“Subsequent Changes”), any of the covenants contained in Sections 10.5, 10.6, 10.7 and 10.8, or any of the defined terms used therein no longer apply as intended such that such covenants are materially
more or less restrictive to the Obligor than as at the date of this Agreement, the Obligor and the holders of Notes shall negotiate in good faith to reset or amend such covenants or defined terms so as to negate such Subsequent Changes, or to
establish alternative covenants or defined terms. Until the Obligor and the Required Holders so agree to reset, amend or establish alternative covenants or defined terms, the covenants contained in Sections 10.5, 10.6, 10.7 and 10.8, 

  
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 together with the relevant defined terms, shall continue to apply and compliance therewith shall be
determined assuming that the Subsequent Changes shall not have occurred (“Static GAAP”). During any period that compliance with any covenants shall be determined pursuant to Static GAAP, the Obligor shall include relevant
reconciliations in reasonable detail between Relevant GAAP and Static GAAP with respect to the applicable covenant compliance calculations contained in each certificate of a Senior Financial Officer delivered pursuant to Section 7.2(a) during
such period. 
 25.6. Severability. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable
such provision in any other jurisdiction. 
 25.7. Construction, Etc. 

Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant
contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 

25.8. Ratification. 
 As a shareholder of
any Member Guarantor, the Obligor and each Partner hereby ratifies and confirms the execution, delivery and performance by such Member Guarantor of its Member Guarantee and all documents, certificates and other agreements related thereto or
contemplated thereby. 
 25.9. Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

25.10. Governing Law. 
 This Agreement
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law
principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

  
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 25.11. Jurisdiction and Process; Waiver of Jury Trial. 

(a) Each of the Obligor and each Partner irrevocably submits to the non-exclusive jurisdiction of any
New York State or federal court sitting in the Borough of Manhattan, the City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each of the
Obligor and each Partner irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each of the Obligor and each Partner agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action
or proceeding of the nature referred to in Section 25.11(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or
the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(c) Each of the Obligor and each Partner consents to process being served by or on behalf of any holder of a Note in any suit, action or
proceeding of the nature referred to in Section 25.11(a) by mailing a copy thereof by registered or certified or priority mail, postage prepaid, return receipt requested, or delivering a copy thereof in the manner for delivery of notices
specified in Section 20, to National Registered Agents, Inc., at 875 Avenue of the Americas, Suite 501, New York, New York, 10001, as its agent for the purpose of accepting service of any process in the United States. Each of the Obligor and
each Partner agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken
and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery
service. 
 (d) Nothing in this Section 25.11 shall affect the right of any holder of a Note to serve process in any manner permitted by
law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Obligor or either Partner in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction
in any other jurisdiction. 
 (e) Each of the Obligor and each Partner hereby irrevocably appoints National Registered Agents, Inc. to
receive for it, and on its behalf, service of process in the United States. 
 (f) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY
ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

  
 57 

 25.12. Obligation to Make Payment in Dollars. 

Any payment on account of an amount that is payable hereunder or under the Notes in Dollars which is made to or for the account of any holder
of Notes in any other currency, whether as a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation of the Obligor or either Partner, shall constitute a discharge of the obligation of the
Obligor or such Partner under this Agreement or the Notes, as the case may be, only to the extent of the amount of Dollars which such holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency in
accordance with normal banking procedures at the rate of exchange prevailing on the London Banking Day following receipt of the payment first referred to above. If the amount of Dollars that could be so purchased is less than the amount of Dollars
originally due to such holder, the Obligor and the Partners agree to the fullest extent permitted by law, to indemnify and save harmless such holder from and against all loss or damage arising out of or as a result of such deficiency. This indemnity
shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the other obligations contained in this Agreement and the Notes, shall give rise to a separate and independent cause of action, shall apply
irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under the Notes or under any
judgment or order. As used herein the term “London Banking Day” shall mean any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized by law to be closed in London, England.

 25.13. Binding Transaction Documents. 

The parties hereto agree that this Agreement, the Notes and the Member Guarantees are “Binding Transaction Documents” under, and as
defined in, the Security Trust Deed and such parties further agree and acknowledge that each holder of Notes from time to time (including without limitation each such holder that becomes a holder by way of transfer, assignment, novation or other
substitution) will automatically become bound as a Beneficiary and receive the benefits of a Beneficiary under, and as defined in, the Security Trust Deed on the same basis as if such holder were a party to the Security Trust Deed. 

*     *     *     *     * 

  
 58 

 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of
this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you, the Company, the Guarantor and the Partners. 

Very truly yours, 
  

					
	 Executed in accordance with section 127

of the Corporations Act 2001 by
 FOXTEL MANAGEMENT
PTY
 LIMITED, in its own capacity:
  
	 		 	
			
	 Director Signature

/s/ Kim Williams
	 		 	 Signature

/s/ Lynette Ireland

			
	  
 Print
Name
	 		 	  
 Print
Name SIGNED BY-
 LYNETTE IRELAND

  

					
	 Executed in accordance with section 127 of the Corporations Act 2001 by FOXTEL MANAGEMENT PTY LIMITED, in its capacity
as agent for the Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL, Television Partnership:
  
	 		 	
			
	 Director Signature

/s/ Kim Williams
	 		 	 Signature

/s/ Lynette Ireland

			
	  
 Print
Name
	 		 	  
 Print
Name SIGNED BY-
 LYNETTE IRELAND

  
 Signature Page to 

FOXTEL Note and Guarantee Agreement 

					
	 Executed in accordance with section 127

of the Corporations Act 2001 by SKY
 CABLE PTY
LIMITED:
	 		 	
			
	 Director Signature

/s/ Ian Philip
	 		 	 /s/ Peter Macourt

Director/Secretary Signature

			
	IAN PHILIP	 		 	PETER MACOURT
	  
 Print Name
	 		 	  
 Print Name

  
 Signature Page to 

FOXTEL Note and Guarantee Agreement 

					
	 Signed Sealed and Delivered for 

TELSTRA MEDIA PTY LIMITED by
 its attorney in the presence
of:
	 		 	
			
	 /s/ Peter de Jong
	 		 	 /s/ Ian Davis

	  
 Witness Signature
	 		 	  
 Attorney Signature

			
	  
 Print Name Peter de Jong
	 		 	  
 Print Name Ian Davis

  
 Signature Page to 

FOXTEL Note and Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

By: Delaware Investment Advisers,
 a series of Delaware Management
Business Trust, Attorney in Fact

			
		
	By:	 	 /s/ Frank G. LaTorraca

	Name: Frank G. LaTorraca
	Title: Vice President

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 ING LIFE INSURANCE AND ANNUITY COMPANY

By: ING Investment Management LLC, as Agent

			
		
	By:	 	 /s/ Christopher P. Lyons

	Name: Christopher P. Lyons
	Title: Senior Vice President

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 AMERICAN INVESTORS LIFE INSURANCE COMPANY

AVIVA LIFE AND ANNUITY COMPANY
  

By: Aviva Investors North America, Inc., Its authorized
attorney-in-fact

			
		
	By:	 	 /s/ Steven J. Sweeney

	Name: Steven J. Sweeney
	Title: VP, Sr. PM-Private Fixed Income

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

  

			
	
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

  

			
		
	By:	 	 /s/ David A. Barras

	Name: David A. Barras
	Title: Its Authorized Representative

  

			
	
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE

COMPANY FOR ITS GROUP ANNUITY
 SEPARATE
ACCOUNT

  

			
		
	By:	 	 /s/ David A. Barras

	Name: David A. Barras
	Title: Its Authorized Representative

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

  

			
	
	 C.M. LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Adviser

  

			
		
	By:	 	 /s/ Emeka Onukwugha

	Name: Emeka Onukwugha
	Title: Managing Director

  

			
	
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Adviser

  

			
		
	By:	 	 /s/ Emeka Onukwugha

	Name: Emeka Onukwugha
	Title: Managing Director

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

  

			
	
	 PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY

By: Provident Investment Management, LLC
 Its: Agent

  

			
		
	By:	 	 /s/ Ben Vance

	Name: Ben Vance
	Title: Managing Director
	
	 UNUM LIFE INSURANCE COMPANY OF AMERICA

By: Provident Investment Management, LLC
 Its: Agent

		
	By:	 	 /s/ Ben Vance

	Name: Ben Vance
	Title: Managing Director

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

  

			
		
	By:	 	 /s/ Gwendolyn Foster

	Name: GWENDOLYN FOSTER
	Title: SENIOR DIRECTOR

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 JACKSON NATIONAL LIFE INSURANCE COMPANY

	By:	  	 PPM America, Inc., as attorney in fact,
 on
behalf of Jackson National Life Insurance Company

			
		
	By:	 	 /s/ Brian Mariczak

	 Name: Brian Mariczak,

	Title: Vice President

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 CONNECTICUT GENERAL LIFE INSURANCE COMPANY

By: CIGNA Investments, Inc. (authorized agent)

  

			
		
	By:	 	 /s/ David M. Cass

	Name: David M. Cass
	Title: Managing Director

  

			
	
	 LIFE INSURANCE COMPANY OF NORTH AMERICA

By: CIGNA Investments, Inc. (authorized agent)

  

			
		
	By:	 	 /s/ David M. Cass

	Name: David M. Cass
	Title: Managing Director

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Trinh Nguyen

	Name: TRINH NGUYEN
	Title: CORPORTE VICE PRESIDENT

  

			
	
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

By: New York Life Investment Management LLC, Its Investment Manager

  

			
		
	By:	 	 /s/ Trinh Nguyen

	Name: TRINH NGUYEN
	Title: DIRECTOR

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 MINNESOTA LIFE INSURANCE COMPANY

UNITED INSURANCE COMPANY OF AMERICA
 THE LAFAYETTE LIFE
INSURANCE COMPANY

			
		
	By:	 	Advantus Capital Management, Inc.
		
	By:	 	 /s/ Kathleen H. Parker

	 Name: Kathleen H. Parker

	Title: Vice President

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	PACIFIC LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Cathy Schwartz

	Name: Cathy Schwartz
	Title: Assistant Vice President
		
	By:	 	 /s/ Diane W. Dales

	Name: Diane W. Dales
	Title: Assistant Secretary

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	CUNA MUTUAL INSURANCE SOCIETY
	
	By: MEMBERS Capital Advisors, Inc. acting as Investment Advisor
		
	By:	 	 /s/ Allen R. Cantrell

	Name: Allen R. Cantrell
	Title: Director, Private Placements

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY

  

			
		
	By:	 	 /s/ David Divine

	Name: David Divine
	Title: Portfolio Manager

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	THE OHIO NATIONAL LIFE INSURANCE COMPANY

  

			
		
	By:	 	 /s/ Jed R. Martin

	Name: Jed R. Martin
	Title: Vice President, Private Placements

  

			
	
	OHIO NATIONAL LIFE ASSURANCE CORPORATION

  

			
		
	By:	 	 /s/ Jed R. Martin

	Name: Jed R. Martin
	Title: Vice President, Private Placements

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	 PROASSURANCE CASUALTY COMPANY

PROASSURANCE INDEMNITY COMPANY, INC.

			
	
	By: Prime Advisors, Inc., Attorney-in-Fact
		
	By:	 	 /s/ Scott Sell

	Name: Scott Sell
	Title: Vice President

  
 FOXTEL – Note and
Guarantee Agreement 

			
	 This Agreement is hereby accepted

and agreed to as of the date thereof.

	
	PRIMERICA LIFE INSURANCE COMPANY
		
	 By: 
	 	 Conning Asset Management Company
 as Investment
Manager

		
	By:	 	 /s/ John H. DeMallie

	Name: John H. DeMallie
	Title: Director

  

			
	
	SENIOR HEALTH INSURANCE COMPANY OF PENNSYLVANIA

  

			
		
	 By: 
	 	 Conning Asset Management Company,
 as Investment
Manager

		
	By:	 	 /s/ John H. DeMallie

	Name: John H. DeMallie
	Title: Director

  
 FOXTEL – Note and
Guarantee Agreement 

 SCHEDULE A 

INFORMATION RELATING TO PURCHASERS 

Attached. 

 INFORMATION RELATING TO PURCHASERS 

 

											
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 	  	Custody
Acct #	 
	 THE LINCOLN NATIONAL LIFE
	  	B-1	  	U.S.$	6,000,000	 	  	 	215736	 
	 INSURANCE COMPANY
	  	C-1	  	U.S.$	6,000,000	 	  	 	215733	 
		  	C-2	  	U.S.$	7,000,000	 	  	 	215715	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York Mellon 
 One
Wall Street, New York, NY 10286 
 ABA #: 021000018 

BNF Account #: IOC566 
 Attention:
Private Placement P & I Dept 
 Further Credit: The Lincoln National Life Insurance Company 

FFC Account #: (insert The Bank of NewYork Mellon acct # listed above) 

REF: PPN/CUSIP # / SECURITY DESC / PAYT REASON 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Lincoln Financial Group 
 1300
South Clinton Street, 2H-17 
 Fort Wayne, IN 46802 

Attn: K. Estep – Investment Accounting 

Investment Accounting Fax: 260-455-2622 

with a copy to: 
 The Bank of New
York Mellon 
 P.O. Box 19266 

Newark, New Jersey 07195 
 Attn:
Private Placement P & I Dept 
 Reference: Acct Name/ PPN/Cusip # 

 

	(3)	 Address for all communications: 

Delaware Investment Advisers 

2005 Market Street, Mail Stop 41-104 

Philadelphia, PA 19103 
 Attn:
Fixed Income Private Placements 
 Private Placement Fax:
215-255-1654 

	(4)	 Physical Delivery of Notes: 

The Bank of New York Mellon 

Attn: Free Receive Department 

Contact Person: Arnold Musella (Telephone 212-635-1917) 

One Wall Street, 3rd Floor 
 New
York, NY 10286 
 (in cover letter reference note amt, acct name, and bank acct #) 

 

	(5)	 Tax Identification No.: 35-0472300 

  
 A-2 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 ING LIFE INSURANCE AND ANNUITY COMPANY
	  	A-1	  	U.S.$	10,000,000	 
		  	B-2	  	U.S.$	9,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York Mellon 

ABA#: 021000018 
 Account:
      IOC 566/INST’L CUSTODY (for scheduled 
 principal and interest payments), or 

IOC 565/INST’L CUSTODY (for all payments 

other than scheduled principal and interest) 

For further credit to: ILIAC/Acct. 216101 

Reference: [insert CUSIP] 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

ING Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Operations/Settlements 
 Fax: (770) 690-4886 

 

	(3)	 Address for all other communications: 

ING Investment Management LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-5057 

 

	(4)	 Physical Delivery of Notes: 

The Bank of New York Mellon 
 One
Wall Street 
 Window A - 3rd Floor 

New York, NY 10286 
 [The cover
letter accompanying the Notes should set forth the name of the issuer, a description of the Notes (including the interest rate, maturity date and private placement number), and the name of each purchaser and its account number at The Bank of New
York Mellon ILIAC/Acct. 216101.] 
 with a copy to: 

Lindy Freitag 
 Email:
Linda.Freitag@inginvestment.com 
  

	(5)	 Tax Identification No.: 71-0294708 

  
 A-3 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 AVIVA LIFE AND ANNUITY COMPANY
	  	 	B-3	 	  	U.S.$	5,000,000	 
	 (Notes to be registered in the name of “MAC & CO.”)
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Federal Reserve Bank of Boston 

ABA# 011001234 
 DDA# 125261 

CC: 1253 
 Custody Account Name:
General Account Deferred IYM 
 Custody Account Number: AVAF3010572 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

PREFERRED REMITTANCE: cash@avivainvestors.com 

Aviva Life and Annuity Company 

c/o Aviva Investors North America, Inc. 

Attn.: Cash Management 
 699
Walnut Street, Suite 1700 
 Des Moines, IA 50309 
  

	(3)	 Address for all other communications: 

PREFERRED REMITTANCE: privateplacements@avivainvestors.com 

Aviva Life and Annuity Company 

c/o Aviva Investors North America, Inc. 

Attn.: Private Placements 
 699
Walnut Street, Suite 1800 
 Des Moines, IA 50309 

Fax: (515) 283-3439 
  

	(4)	 Physical Delivery of Notes: 

Mellon Securities Trust Company 

One Wall Street 
 3rd Floor –
Receive Window C 
 New York, NY 10286 

For Credit to: General Account Deferred IYM, 

A/C # AVAF3010572 
 with a copy
to: 
 Melissa Linhart, Closing Specialist 

Email: melissa.linhart@avivainvestors.com 
  

	(5)	 Tax Identification No.: 42-0175020 (Aviva Life and Annuity Company)

  25-1536944 (Mac & Co.) 

  
 A-4 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 AVIVA LIFE AND ANNUITY COMPANY
	  	 	C-3	 	  	U.S.$	2,000,000	 
	 (Notes to be registered in the name of “HARE & CO.”)
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York 
 New York,
NY 
 ABA #021000018 
 Credit
A/C# GLA111566 
 A/C Name: Institutional Custody Insurance Division 

Custody Account Name: ALA Custody 

Custody Account Number: 010040 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

PREFERRED REMITTANCE: cash@avivainvestors.com 

Aviva Life and Annuity Company 

c/o Aviva Investors North America, Inc. 

Attn.: Cash Management 
 699
Walnut Street, Suite 1700 
 Des Moines, IA 50309 
  

	(3)	 Address for all other communications: 

PREFERRED REMITTANCE: privateplacements@avivainvestors.com 

Aviva Life and Annuity Company 

c/o Aviva Investors North America, Inc. 

Attn.: Private Placements 
 699
Walnut Street, Suite 1800 
 Des Moines, IA 50309 

Fax: (515) 283-3439 
  

	(4)	 Physical Delivery of Notes: 

The Bank of New York 
 One Wall
Street, 3rd Floor 
 Window A 

New York, NY 10286 
 FAO: ALA
Custody, A/C #010040 
 with a copy to: 

Melissa Linhart, Closing Specialist 

Email: melissa.linhart@avivainvestors.com 
  

	(5)	 Tax Identification No.: 42-0175020 (Aviva Life and Annuity Company)

  13-6062916 (Hare & Co.) 

  
 A-5 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 AMERICAN INVESTORS LIFE INSURANCE COMPANY
	  	 	C-4	 	  	U.S.$	10,000,000	 
	 (Notes to be registered in the name of “HARE & CO.”)
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York 
 New York,
NY 
 ABA #021000018 
 Credit
A/C# GLA111566 
 A/C Name: Institutional Custody Insurance Division 

Custody Account Name: American Investors Life Insurance Co Annuity 

Custody Account Number: 010048 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

PREFERRED REMITTANCE: cash@avivainvestors.com 

American Investors Life Insurance Company 

c/o Aviva Capital Management, Inc. 

Attn: Cash Management 
 699 Walnut
Street, Suite 1700 
 Des Moines, IA 50309 
  

	(3)	 Address for all other communications: 

PREFERRED REMITTANCE: privateplacements@avivainvestors.com 

American Investors Life Insurance Company 

c/o Aviva Capital Management, Inc. 

Attn: Private Placements 
 699
Walnut Street, Suite 1800 
 Des Moines, IA 50309 

Fax: (515) 283-3439 
  

	(4)	 Physical Delivery of Notes: 

The Bank of New York 
 One Wall
Street, 3rd Floor 
 Window A 

New York, NY 10286 
 FAO: American
Investors Life Insurance Company, A/C #010048 

  
 A-6 

 with a copy to: 

Melissa Linhart, Closing Specialist 

Email: melissa.linhart@avivainvestors.com 
  

	(5)	 Tax Identification No.: 48-0696320 (American Investors Life Insurance
Company) 

  13-6062916 (Hare & Co.) 

  
 A-7 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 THE NORTHWESTERN MUTUAL LIFE
	  	 	B-4	 	  	U.S.$	16,000,000	 
	 INSURANCE COMPANY
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

US Bank 
 777 E. Wisconsin Avenue

 Milwaukee, WI 53202 
 ABA #
075000022 
 For the account of: 

Northwestern Mutual Life 
 Account
No. 182380324521 
 with sufficient information to identify the source and application of such funds, including the issuer name, the PPN
of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

The Northwestern Mutual Life Insurance Company 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Treasury & Investment Operations Department 
 Facsimile: (414) 625-6998 

 

	(3)	 Address for all other communications: 

The Northwestern Mutual Life Insurance Company 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Securities Department 
 Facsimile: (414) 665-7124 

 

	(4)	 Physical Delivery of Notes: 

The Northwestern Mutual Life Insurance Company 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Matthew E. Gabrys 
  

	(5)	 Tax Identification No.: 39-0509570 

  
 A-8 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	B-5	  	U.S.$	2,650,000	 
	 INSURANCE COMPANY
	  	C-5	  	U.S.$	3,400,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual Unified Traditional 
 Acct. Name: MassMutual BA 0033 TRAD Private ELBX 

Account No. 30566056 
 Re:
Description of security, cusip, principal and interest split 
 With telephone advice of payment to the Securities Custody and Collection
Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-9 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	B-6	  	U.S.$	250,000	 
	 INSURANCE COMPANY
	  	C-6	  	U.S.$	750,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual DI 
 Acct. Name: MassMutual BA 0038 DI Private ELBX 

Account No. 30566064 
 Re:
Description of security, cusip, principal and interest split 
 With telephone advice of payment to the Securities Custody and Collection
Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-10 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	B-7	  	U.S.$	1,850,000	 
	 INSURANCE COMPANY
	  	C-7	  	U.S.$	2,450,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual IFM Non-Traditional 
 Account No. 30510589 

Re: Description of security, cusip, principal and interest split 

With telephone advice of payment to the Securities Custody and Collection Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 
 with sufficient information to
identify the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-11 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	B-8	  	U.S.$	700,000	 
	 INSURANCE COMPANY
	  	C-8	  	U.S.$	1,500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual Pension Management 
 Account No. 30510538 

Re: Description of security, cusip, principal and interest split 

With telephone advice of payment to the Securities Custody and Collection Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 
 with sufficient information to
identify the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-12 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	 	C-9	 	  	U.S.$	850,000	 
	 INSURANCE COMPANY
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual Structured Settlement Fund 
 Account No. 30510634 

Re: Description of security, cusip, principal and interest split 

With telephone advice of payment to the Securities Custody and Collection Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 
 with sufficient information to
identify the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-13 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 MASSACHUSETTS MUTUAL LIFE
	  	 	B-9	 	  	U.S.$	250,000	 
	 INSURANCE COMPANY
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For
MassMutual Long Term Care 
 Account No. 30510626 

Re: Description of security, cusip, principal and interest split 

With telephone advice of payment to the Securities Custody and Collection Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 
 with sufficient information to
identify the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for Notices Related to Payments: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street, Suite 200 
 PO
Box 15189 
 Springfield, MA 01115-5189 

Attention: Securities Custody and Collection Department 
  

	(3)	 Address for all other communications: 

Massachusetts Mutual Life Insurance Company 

c/o Babson Capital Management LLC 

1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 04-1590850 

  
 A-14 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 C.M. LIFE INSURANCE COMPANY
	  	B-10	  	U.S.$	800,000	 
		  	C-10	  	U.S.$	1,050,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Citibank, N.A. 
 New York, NY 

ABA No. 021000089 
 For CM
Life Segment 43 - Universal Life 
 Account No. 30510546 

Re: Description of security, cusip, principal and interest split 

With telephone advice of payment to the Securities Custody and Collection Department of Babson Capital Management LLC at (413) 226-1754 or (413) 226-1803 
 with sufficient information to
identify the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for Notices Related to Payments: 

C.M. Life Insurance Company 
 c/o
Babson Capital Management LLC 
 1500 Main Street, Suite 200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attention: Securities Custody and Collection Department 

 

	(3)	 Address for all other communications: 

C.M. Life Insurance Company 
 c/o
Babson Capital Management LLC 
 1500 Main Street – Suite 2200 

PO Box 15189 
 Springfield, MA
01115-5189 
 Attn: Securities Investment Division 
  

	(4)	 Physical Delivery of Notes: 

Andrew M.A. Gould 
 Counsel 

Babson Capital Management LLC 

1500 Main Street, Suite 2800 

Springfield, MA 01115 
  

	(5)	 Tax Identification No.: 06-1041383 

  
 A-15 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY
	  	 	B-11	 	  	U.S.$	8,000,000	 
	(Notes to be registered in the name of “CUDD & CO.”)	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

CUDD & CO. 
 c/o JPMorgan
Chase Bank 
 New York, NY 
 ABA
No. 021 000 021 
 SSG Private Income Processing 

A/C #900-9-000200 

Custodial Account No. G06704 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

Provident Investment Management, LLC 

Private Placements 
 One Fountain
Square 
 Chattanooga, Tennessee 37402 

Tel: (423) 294-1172 

Fax: (423) 294-3351 
  

	(3)	 Physical Delivery of Notes: 

JP Morgan Chase Bank 
 4 New York
Plaza 
 11th Floor – Transfer Dept. 

New York, New York 10004 
 Account
No.: G06704 (Provident Life and Accident Insurance Company) 
 Attention: John Bouquet / G06704 

Telephone: (212) 623-2840 
  

	(4)	 Tax Identification No.: 13-6022143 (Cudd & Co.)

  
 A-16 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 UNUM LIFE INSURANCE COMPANY OF AMERICA
	  	 	B-12	 	  	U.S.$	8,500,000	 
	(Notes to be registered in the name of “CUDD & CO.”)	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

CUDD & CO. 
 c/o JPMorgan
Chase Bank 
 New York, NY 
 ABA
No. 021 000 021 
 SSG Private Income Processing 

A/C #900-9-000200 

Custodial Account No. G08287 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

Provident Investment Management, LLC 

Private Placements 
 One Fountain
Square 
 Chattanooga, Tennessee 37402 

Tel: (423) 294-1172 

Fax: (423) 294-3351 
  

	(3)	 Physical Delivery of Notes: 

JP Morgan Chase Bank 
 4 New York
Plaza 
 11th Floor – Transfer Dept. 

New York, New York 10004 
 Account
No.: G08287 (Unum Life Insurance Company of America) 
 Attention: John Bouquet / G08287 

Telephone: (212) 623-2840 
  

	(4)	 Tax Identification No.: 13-6022143 (Cudd & Co.)

  
 A-17 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
	  	C-11	  	U.S.$	14,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

JP Morgan Chase 
 FED ABA
#021000021 
 Chase/NYC/CTR/BNF 

A/C 900-9-000200 

Reference A/C #G05978, Guardian Life, CUSIP # ________, [issuer name] 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Gwen Foster 

Investment Department 20-D 

FAX # (212) 919-2658/2656 

Email: gwen.foster@glic.com 
  

	(3)	 Physical Delivery of Notes: 

JP Morgan Chase 
 4 New York Plaza
– Ground Floor Receive Window 
 New York, NY 10004 

Reference A/C #G05978, Guardian Life 
  

	(4)	 Tax Identification No.: 13-5123390 

  
 A-18 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 JACKSON NATIONAL LIFE INSURANCE COMPANY
	  	C-12	  	U.S.$	6,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York 
 ABA # 021-000-018 
 BNF Account #: IOC566 

FBO: JNL A/C # 187242 
 Ref: CUSIP
/ PPN, Description, and Breakdown (P&I) 
 with sufficient information to identify the source and application of such funds, including
the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Jackson National Life Insurance Company 

C/O The Bank of New York 
 Attn:
P&I Department 
 P. O. Box 19266 

Newark, New Jersey 07195 
 Phone:
(718) 315-3035, Fax: (718) 315-3076 
  

	(3)	 Financial Information should be sent to: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Private Placements – Brian Manczak 

Tel: (312) 634-7885 

Fax: (312) 634-0054 

with a copy to: 
 Jackson National
Life Insurance Company 
 One Corporate Way 

Lansing, MI 48951 
 Attn:
Investment Accounting – Mark Stewart 
 Tel: (517) 367-3190 

Fax: (517) 706-5503 
  

	(4)	 Address for all other communications: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Private Placements – Brian Manczak 

Tel: (312) 634-7885 

Fax: (312) 634-0054 

  
 A-19 

 with a copy to: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Craig Close 
 Tel: (312) 634-2502 
 Fax: (312) 634-0906 

 

	(5)	 Physical Delivery of Notes: 

The Bank of New York 
 Special
Processing – Window A 
 One Wall Street, 3rd Floor 

New York, NY 10286 
 Ref: JNL
– JNL ELI, A/C # 187242 (be sure to include this reference) 
 with copies to: 

Brian Manczak 
 Fax: (312) 634-0054 
 Craig Close 

Fax: (312) 634-0906 
  

	(6)	 Tax Identification No.: 38-1659835 

  
 A-20 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 JACKSON NATIONAL LIFE INSURANCE COMPANY
	  	C-13	  	U.S.$	6,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York 
 ABA # 021-000-018 
 BNF Account #: IOC566 

FBO: JNL A/C # 187243 
 Ref: CUSIP
/ PPN, Description, and Breakdown (P&I) 
 with sufficient information to identify the source and application of such funds, including
the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Jackson National Life Insurance Company 

C/O The Bank of New York 
 Attn:
P&I Department 
 P. O. Box 19266 

Newark, New Jersey 07195 
 Phone:
(718) 315-3035, Fax: (718) 315-3076 
  

	(3)	 Financial Information should be sent to: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Private Placements – Brian Manczak 

Tel: (312) 634-7885 

Fax: (312) 634-0054 

with a copy to: 
 Jackson National
Life Insurance Company 
 One Corporate Way 

Lansing, MI 48951 
 Attn:
Investment Accounting – Mark Stewart 
 Tel: (517) 367-3190 

Fax: (517) 706-5503 
  

	(4)	 Address for all other communications: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Private Placements – Brian Manczak 

Tel: (312) 634-7885 

Fax: (312) 634-0054 

  
 A-21 

 with a copy to: 

PPM America, Inc. 
 225 West
Wacker Drive, Suite 1200 
 Chicago, IL 60606-1228 

Attn: Craig Close 
 Tel: (312) 634-2502 
 Fax: (312) 634-0906 

 

	(5)	 Physical Delivery of Notes: 

The Bank of New York 
 Special
Processing – Window A 
 One Wall Street, 3rd Floor 

New York, NY 10286 
 Ref: JNL
– JNL GIC, A/C # 187243 (be sure to include this reference) 
 with copies to: 

Brian Manczak 
 Fax: (312) 634-0054 
 Craig Close 

Fax: (312) 634-0906 
  

	(6)	 Tax Identification No.: 38-1659835 

  
 A-22 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 CONNECTICUT GENERAL LIFE INSURANCE COMPANY
	  	B-13	  	U.S.$	1,000,000	 
	 (Notes to be registered in the name of “CIG & Co.”)
	  	B-14	  	U.S.$	1,000,000	 
		  	B-15	  	U.S.$	500,000	 
		  	B-16	  	U.S.$	1,000,000	 
		  	B-17	  	U.S.$	500,000	 
		  	C-14	  	U.S.$	2,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

J.P. Morgan Chase Bank 
 BNF=CIGNA
Private Placements/AC=9009001802 
 ABA#021000021 

OBI=name of company; description of security; interest rate, maturity date; PPN/CUSIP 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

CIG & Co. 
 c/o CIGNA
Investments, Inc. 
 Attention: Fixed Income Securities 

Wilde Building, A5PRI 
 900
Cottage Grove Rd. 
 Bloomfield, Connecticut 06002 

Fax: 860-226-8400 

with a copy to: 
 J.P. Morgan
Chase Bank 
 14201 Dallas Parkway, 13th Floor 

Dallas, TX 75254 
 Attention:
Jamshid Irshad, Mail Code TX1-J249 
 Phone: 469-477-2036 
 Fax:
469-477-1904 
  

	(3)	 Address for all other communications: 

CIG & Co. 
 c/o CIGNA
Investments, Inc. 
 Attention: Fixed Income Securities 

Wilde Building, A5PRI 
 900
Cottage Grove Rd. 
 Bloomfield, Connecticut 06002 

Fax: 860-226-8400 

 

	(4)	 Physical Delivery of Notes: 

J.P. Morgan Chase 
 4 New York
Plaza 
 New York, NY 10004 

Attn: Brian Cavanaugh 

  
 A-23 

 with a copy to: 

Kari Comfry 
 Email:
Kari.Comfry@CIGNA.COM 
  

	(5)	 Tax Identification No.: 13-3574027 (for CIG & Co.)

  
 A-24 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 LIFE INSURANCE COMPANY OF NORTH AMERICA
	  	B-18	  	U.S.$	1,000,000	 
	 (Notes to be registered in the name of “CIG & Co.”)
	  	C-15	  	U.S.$	3,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

J.P. Morgan Chase Bank 
 BNF=CIGNA
Private Placements/AC=9009001802 
 ABA# 021000021 

OBI=name of company; description of security; interest rate, maturity date; PPN/CUSIP 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

CIG & Co. 
 c/o CIGNA
Investments, Inc. 
 Attention: Fixed Income Securities 

Wilde Building, A5PRI 
 900
Cottage Grove Rd. 
 Bloomfield, Connecticut 06002 

Fax: 860-226-8400 

with a copy to: 
 J.P. Morgan
Chase Bank 
 14201 Dallas Parkway, 13th Floor 

Dallas, TX 75254 
 Attention:
Jamshid Irshad, Mail Code TX1-J249 
 Phone: 469-477-2036 
 Fax:
469-477-1904 
  

	(3)	 Address for all other communications: 

CIG & Co. 
 c/o CIGNA
Investments, Inc. 
 Attention: Fixed Income Securities 

Wilde Building, A5PRI 
 900
Cottage Grove Rd. 
 Bloomfield, Connecticut 06002 

Fax: 860-226-8400 

 

	(4)	 Physical Delivery of Notes: 

J.P. Morgan Chase Bank 
 4 New
York Plaza 
 New York, NY 10004 

Attn: Brian Cavanaugh 
 with a
copy to: 
 Kari Comfry 
 Email:
Kari.Comfry@CIGNA.COM 
  

	(5)	 Tax Identification No.: 13-3574027 (for CIG & Co.)

  
 A-25 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 NEW YORK LIFE INSURANCE COMPANY
	  	A-2	  	U.S.$	500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

JPMorgan Chase Bank 
 New York,
New York 10019 
 ABA No. 021-000-021 

Credit: New York Life Insurance Company 

General Account No. 008-9-00687 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments, written confirmation of such wire transfers and any audit
confirmation: 

 New York Life Insurance Company 

c/o New York Life Investment Management LLC 

51 Madison Avenue 
 New York, New
York 10010-1603 
 Attention: Financial Management, Securities Operations (2nd Floor) 

Fax #: (212) 447-4132 

with a copy sent electronically to: 

FIIGLibrary@nylim.com 
  

	(3)	 Address for all other communications: 

New York Life Insurance Company 

c/o New York Life Investment Management LLC 

51 Madison Avenue 
 New York, New
York 10010 
 Attention: Fixed Income Investors Group, Private Finance (2nd Floor) 

Fax #: (212) 447-4122 

with a copy sent electronically to: 

FIIGLibrary@nylim.com 
 and with a
copy of any notices regarding defaults or Events of Default to: 
 Office of General Counsel 

Investment Section, Room 1016 

Fax #: (212) 576-8340 
  

	(4)	 Physical Delivery of Notes: 

Barbara Friedman 
 Office of the
General Counsel 
 New York Life Investments 

51 Madison Avenue 
 New York, NY
10010 
  

	(5)	 Tax Identification No.: 13-5582869 

  
 A-26 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
	  	A-3	  	U.S.$	9,500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

JPMorgan Chase Bank 
 New York,
New York 10019 
 ABA No. 021-000-021 

Credit: New York Life Insurance and Annuity Corporation 

General Account No. 323-8-47382 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments, written confirmation of such wire transfers and any audit
confirmation: 

 New York Life Insurance and Annuity Corporation 

c/o New York Life Investment Management LLC 

51 Madison Avenue 
 New York, New
York 10010-1603 
 Attention: Financial Management, Securities Operations (2nd Floor) 

Fax #: (212) 447-4132 

with a copy sent electronically to: 

FIIGLibrary@nylim.com 
  

	(3)	 Address for all other communications: 

New York Life Insurance and Annuity Corporation 

c/o New York Life Investment Management LLC 

51 Madison Avenue 
 New York, New
York 10010-1603 
 Attention: Fixed Income Investors Group, Private Finance (2nd Floor) 

Fax #: (212) 447-4122 

with a copy sent electronically to: 

FIIGLibrary@nylim.com 
 and with a
copy of any notices regarding defaults or Events of Default to: 
 Office of General Counsel 

Investment Section, Room 1016 

Fax #: (212) 576-8340 
  

	(4)	 Physical Delivery of Notes: 

Barbara Friedman 
 Office of the
General Counsel 
 New York Life Investments 

51 Madison Avenue 
 New York, NY
10010 
  

	(5)	 Tax Identification No.: 13-3044743 

  
 A-27 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 MINNESOTA LIFE INSURANCE COMPANY
	  	A-4	  	U.S.$	2,000,000	 
		  	B-19	  	U.S.$	2,000,000	 
		  	C-16	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Mellon Bank, Pittsburgh, PA 

ABA#: 011001234 
 DDA#: 048771

 Account Name: Minnesota Life Insurance Company 

Account #: ADFF0106002 
 Cost
Code: 1167 
 Ref: Issuer, Rate, Maturity, CUSIP/PPN, P&I Breakdown 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

Minnesota Life Insurance Company 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attention: Advantus Capital Management, Inc. 

Fax No. (651) 223-5029 
  

	(3)	 Physical Delivery of Notes: 

Minnesota Life Insurance Company 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
 Attention: Advantus Capital Management, Inc. 

 

	(4)	 Tax Identification No.: 41-0417830 

  
 A-28 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 UNITED INSURANCE COMPANY OF AMERICA
	  	B-20	  	U.S.$	2,500,000	 
	 (Notes to be registered in the name of “Hare & Co.”)
	  	C-17	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

The Bank of New York 
 ABA # 021
000 018 
 Credit A/C#: GLA111565 

A/C Name: Institutional Custody Insurance Division 

FFC: Custody Account # 367937 

Custody Name: United Insurance Company of America 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

United Insurance Company of America 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 Physical Delivery of Notes: 

The Bank of New York 
 One Wall
Street, 3rd Floor, Window “A” 
 New York, NY 10286 

Account Name: United Insurance Company of America (Advantus Capital Management) 

Account Number: 367937 
  

	(4)	 Tax Identification No.: 36-1896670 

  
 A-29 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 THE LAFAYETTE LIFE INSURANCE COMPANY
	  	B-21	  	U.S.$	500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Bank One, Indiana 
 SWIFT CODE:
BONE US44 
 ABA 074000010 

Account 631557105 
 Beneficiary:
Lafayette Life Insurance Company 
 Ref: Issuer, Rate, Maturity, CUSIP/PPN, P&I Breakdown 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

The Lafayette Life Insurance Company 

c/o Advantus Capital Management, Inc. 

400 Robert Street North 
 St.
Paul, MN 55101 
 Attn: Client Administrator 
  

	(3)	 Physical Delivery of Notes: 

The Lafayette Life Insurance Company 

Attn: Investment Department 
 1905
Teal Road, PO Box 7007 
 Lafayette, Indiana 47905 

Contact Name: Douglas E. Kelsey 

Phone Number: (765) 477-3356 
  

	(4)	 Tax Identification No.: 35-0457540 

  
 A-30 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 PACIFIC LIFE INSURANCE COMPANY
	  	A-5	  	U.S.$	5,000,000	 
		  	A-6	  	U.S.$	2,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Mellon Trust of New England 
 ABA#
0110-0123-4 
 DDA 125261 

Attn: MBS Income CC: 1253 
 A/C
Name: Pacific Life Insurance Co - General Account/PLCF1810132 
 Regarding: Security Description & PPN 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Mellon Trust 
 Attn: Pacific Life
Accounting Team 
 One Mellon Bank Center 

Room 0930 
 Pittsburgh, PA 15259

 with a copy to: 
 Pacific
Life Insurance Company 
 Attn: IMD – Cash Team 

700 Newport Center Drive 
 Newport
Beach, CA 92660-6397 
 Fax# 949-718-5845 

 

	(3)	 Address for all other communications: 

Pacific Life Insurance Company 

Attn: IMD – Portfolio Management 

700 Newport Center Drive 
 Newport
Beach, CA 92660-6397 
 Fax# 949-720-1963 

 

	(4)	 Physical Delivery of Notes: 

Mellon Securities Trust Company 

One Wall Street 
 3rd Floor-Receive Window C 
 New York, NY 10286 

Attn:  Robert Ferraro 

Tel:    (212) 635-1299 

A/C Name:     Pacific Life Insurance Co - General Acct 

A/C#:              PLCF1810132 

 

	(5)	 Tax Identification No.: 95-1079000 

  
 A-31 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 CUNA MUTUAL INSURANCE SOCIETY
	  	 	C-18	 	  	U.S.$	3,500,000	 
	 (Notes to be registered in the name of “TURNKEYS & CO”)
	  				  			

  

	(1)	 All payments by wire transfer of immediately available funds to: 

ABA: 011000028 
 Bank: State
Street Bank 
 Account Name: Cuna Mutual Insurance Society 

DDA #: 1044-851-2 

Reference Fund: ZT1E (Must be first 4 digits of reference section/Can include Nominee name here) 

Nominee Name: Turnkeys & Co 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Members Capital Advisors, Inc. 

Attn: Private Placements 
 5910
Mineral Point Road 
 Madison Wi 53705-4456 

Email: ds-privateplacements@cunamutual.com 

 

	(3)	 Address for all communications (including with respect to payments and prepayments): 

Members Capital Advisors, Inc. 

5910 Mineral Point Road 
 Madison
Wi 53705-4456 
 Attn: Stuart Rossmiller, Director, Research, Fixed Income 

Phone: 608/231-8292 

Fax: 608/236-7601 

Emails: Stuart.Rossmiller@cunamutual.com, John.Britt@cunamutual.com and 

Al.Cantrell@cunamutual.com 
  

	(4)	 Physical Delivery of Notes: 

State Street Bank 
 Dtc/New York
Window 
 Attn: Robert Mendez 

55 Water Street 
 Plaza Level -
3rd Floor 
 New York, Ny 10041 
  

	(5)	 Tax Identification No.: 39-0230590 

  
 A-32 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
	  	B-22	  	U.S.$	2,000,000	 
		  	C-19	  	U.S.$	1,500,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

State Street Bank and Trust Company 

Boston, MA 02101 
 ABA #011000028

 For further credit to:    Southern Farm Bureau Life Insurance Company, 

               DDA #59848127 

               Account #EQ83 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

Southern Farm Bureau Life Insurance Company 

1401 Livingston Lane 
 Jackson, MS
39213 
 Attn: Investment Department / David Divine 
  

	(3)	 Address for all other communications: 

Investment Department 
 Southern
Farm Bureau Life Insurance Company 
 P. O. Box 78 

Jackson, MS 39205 
 Attn:
Investment Department / David Divine 
 Tel: (601) 981-5332 extension 1010 

Fax: (601)-981-3605 

E-mail: ddivine@sfbli.com 

or by overnight delivery to: 
  

1401 Livingston Lane 
 Jackson, MS
39213 
  

	(4)	 Physical Delivery of Notes: 

Southern Farm Bureau Life Insurance Company 

Attn: David Divine 
 1401
Livingston Lane 
 Jackson, MS 39213 
  

	(5)	 Tax Identification No.: 64-0283583 

  
 A-33 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 THE OHIO NATIONAL LIFE INSURANCE COMPANY
	  	B-23	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

U.S. Bank N.A. (ABA #042-000013) 

5th & Walnut Streets 

Cincinnati, OH 45202 
 For credit
to The Ohio National Life 
 Insurance Company’s Account
No. 910-275-7 
 with sufficient information to identify
the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for All Communications (including payments): 

The Ohio National Life Insurance Company 

Post Office Box 237 
 Cincinnati,
OH 45201 
 Attention: Investment Department 

Fax number: 513-794-4506 

Street address: 
 The Ohio
National Life Insurance Company 
 One Financial Way 

Cincinnati, OH 45242 
 Attention:
Investment Department 
  

	(3)	 Physical Delivery of Notes: 

Jed R. Martin 
 Vice President,
Private Placements 
 Ohio National Financial Services 

One Financial Way 
 Cincinnati, OH
45242 
  

	(4)	 Tax Identification No.: 31-0397080 

  
 A-34 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 OHIO NATIONAL LIFE ASSURANCE CORPORATION
	  	C-20	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

U.S. Bank N.A. (ABA #042-000013) 

5th & Walnut Streets 

Cincinnati, OH 45202 
 For credit
to Ohio National Life 
 Assurance Corporation’s Account
No. 865-215-8 
 with sufficient information to identify
the source and application of such funds, including the issuer name, the PPN of the issue, interest rate, payment due date, maturity date, interest amount, principal amount and premium amount. 

 

	(2)	 Address for All Communications (including payments): 

Ohio National Life Assurance Corporation 

Post Office Box 237 
 Cincinnati,
OH 45201 
 Attention: Investment Department 

Fax number: 513-794-4506 

Street address: 
 Ohio
National Life Assurance Corporation 
 One Financial Way 

Cincinnati, OH 45242 
 Attention:
Investment Department 
  

	(3)	 Physical Delivery of Notes: 

Jed R. Martin 
 Vice President,
Private Placements 
 Ohio National Financial Services 

One Financial Way 
 Cincinnati, OH
45242 
  

	(4)	 Tax Identification No.: 31-0962495 

  
 A-35 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 PROASSURANCE INDEMNITY COMPANY, INC.
	  	A-7	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

US Bank, N.A. 
 ABA #091000022

 Acct# 173103781832 
 ITC
South & East Depository Account 
 60 Livingston Ave. 

St. Paul, MN 55107-2292 

ffc(obi): 1192102653/PRA Indemnity 

any additional pertinent information (cusip #, note name, P&I amts, etc.) 

Attn: Ann Smith, ann.smith2@usbank.com 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

US Bank Institutional Trust and Custody 

EX-AL-WWPH 

2204 Lakeshore Drive, Suite 302 

Birmingham, AL 35209 
 Attention:
Ann D. Smith, AVP/Account Manager 
 Email: ann.smith2@usbank.com 

with a copy to: 
 ProAssurance
Corporation 
 100 Brookwood Place, Suite 500 

Birmingham, Alabama 35209 

Attention: Larry Cochran, Director of Corporate Investments 

with an additional copy to: 

Prime Advisors, Inc. 
 100
Northfield Drive, 4th Floor 
 Windsor, CT 06095 

Attention: Lewis Leon, SVP/Investment Accounting 
  

	(3)	 Address for all other communications: 

Prime Advisors, Inc. 
 Redmond
Ridge Corporate Center 
 22635 NE Marketplace Drive, Suite 160 

Redmond, WA 98053 
 Attention:
Scott Sell, Vice President 
  

	(4)	 Physical Delivery of Notes: 

US Bank Institutional Trust and Custody 

EX-AL-WWPH 

2204 Lakeshore Drive, Suite 302 

Birmingham, AL 35209 
 Attention:
Ann D. Smith, AVP/Account Manager 
  

	(5)	 Tax Identification No.: 63-0720042 

  
 A-36 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 PROASSURANCE CASUALTY COMPANY
	  	 	A-8	 	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

US Bank, N.A. 
 ABA #091000022

 Acct# 173103781832 
 ITC
South & East Depository Account 
 60 Livingston Ave. 

St. Paul, MN 55107-2292 

ffc(obi): 1192102911/PRA Casualty 

any additional pertinent information (cusip #, note name, P&I amts, etc.) 

Attn: Ann Smith, ann.smith2@usbank.com 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for Notices Related to Payments: 

US Bank Institutional Trust and Custody 

EX-AL-WWPH 

2204 Lakeshore Drive, Suite 302 

Birmingham, AL 35209 
 Attention:
Ann D. Smith, AVP/Account Manager 
 Email: ann.smith2@usbank.com 

with a copy to: 
 ProAssurance
Corporation 
 100 Brookwood Place, Suite 500 

Birmingham, Alabama 35209 

Attention: Larry Cochran, Director of Corporate Investments 

with an additional copy to: 

Prime Advisors, Inc. 
 100
Northfield Drive, 4th Floor 
 Windsor, CT 06095 

Attention: Lewis Leon, SVP/Investment Accounting 
  

	(3)	 Address for all other communications: 

Prime Advisors, Inc. 
 Redmond
Ridge Corporate Center 
 22635 NE Marketplace Drive, Suite 160 

Redmond, WA 98053 
 Attention:
Scott Sell, Vice President 

  
 A-37 

	(4)	 Physical Delivery of Notes: 

US Bank Institutional Trust and Custody 

EX-AL-WWPH 

2204 Lakeshore Drive, Suite 302 

Birmingham, AL 35209 
 Attention:
Ann D. Smith, AVP/Account Manager 
  

	(5)	 Tax Identification No.: 38-2317569 

  
 A-38 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 PRIMERICA LIFE INSURANCE COMPANY
	  	B-24	  	U.S.$	1,000,000	 

  

	(1)	 All payments by wire transfer of immediately available funds to: 

Primerica Life Insurance Company 

Account No. 900 9000 168 

Account Name: Trust Other Demand IT SSG Custody 

FFC Acct Name: Primerica Life Insurance Company 

FFC Acct# G07131 
 JPMorgan Chase
Bank 
 One Chase Manhattan Plaza 

New York, New York 10081 
 ABA
No. 021000021 
 Reference: CUSIP & DESCRIPTION, And Breakdown (principal/income)__________ 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	(2)	 Address for All Communications (including payments): 

Primerica Life Insurance Company 

C\O Conning Asset Management Company 

55 East 52nd Street 

New York, NY 10055 
 Attention:
John H. DeMallie 
 Phone: 212-317-5528 

Facsimile: 212-317-5179 

Email: John_DeMallie@Conning.com 

with a copy to: 
 Primerica Life
Insurance Company 
 C\O Conning Asset Management Company 

One Financial Plaza 13th Floor 

Hartford, CT 06103-2627 

Attention: Private Placement Unit 

Phone: 860-299-2173 

Facsimile: 860-299-2442 

Email: Conning_Documents@Conning.com 
  

	(3)	 All legal notices and documentation should be directed to: 

Primerica Life Insurance Company 

C\O Conning Asset Management Company 

One Financial Plaza 13th Floor 

Hartford, CT 06103-2627 

Attention: Vi R. Smalley 
 Phone: 860-299-2054 
 Facsimile: 860-299-0054 
 Email: Vi_Smalley@Conning.com 

  
 A-39 

	(4)	 Physical Delivery of Notes: 

Vi R. Smalley 
 Conning Asset
Management Company 
 One Financial Plaza 

Hartford, CT 06103 
 with a copy
to: 
 Vi_Smalley@conning.com 
  

	(5)	 Tax Identification No.: 04-1590590 

  
 A-40 

									
	 Name of Purchaser
	  	Series-No.	 	  	Principal Amount	 
	 SENIOR HEALTH INSURANCE COMPANY OF PENNSYLVANIA
	  	 	C-21	 	  	U.S.$	1,000,000	 
	 (Notes to be registered in the name of “HARE & Co.”)
	  				  			

  

	 	(1)	 All payments by wire transfer of immediately available funds to: 

Senior Health Insurance Company of Pennsylvania 

The Bank of New York 
 ABA
#021000018 
 For credit to: Account No. GLA111565 

Acct Name: BNY Income Collection 

FFC Acct# 005068 
 FFC Acct Name:
Senior Health Insurance Company of Pennsylvania 
 Reference: CUSIP & DESCRIPTION, And Breakdown (principal/income)__________ 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	 	(2)	 Address for All Communications (including payments): 

Senior Health Insurance Company of Pennsylvania 

C\O Conning Asset Management Company 

55 East 52nd Street 

New York, NY 10055 
 Attention:
John H. DeMallie 
 Phone: 212-317-5528 

Facsimile: 212-317-5179 

Email: John_DeMallie@Conning.com 

with a copy to: 
 Senior Health
Insurance Company of Pennsylvania 
 C\O Conning Asset Management Company 

One Financial Plaza 13th Floor 

Hartford, CT 06103-2627 

Attention: Private Placement Unit 

Phone: 860-299-2173 

Facsimile: 860-299-2442 

Email: Conning_Documents@Conning.com 
  

	 	(3)	 All legal notices and documentation should be directed to: 

Senior Health Insurance Company of Pennsylvania 

C\O Conning Asset Management Company 

One Financial Plaza 13th Floor 

Hartford, CT 06103-2627 

Attention: Vi R. Smalley 
 Phone: 860-299-2054 
 Facsimile: 860-299-0054 
 Email: Vi_Smalley@Conning.com 

  
 A-41 

	 	(4)	 Physical Delivery of Notes: 

Vi R. Smalley 
 Conning Asset
Management Company 
 One Financial Plaza 

Hartford, CT 06103 
 with a copy
to: 
 Vi_Smalley@conning.com 
  

	 	(5)	 Tax Identification No.: 23-0704970 

  
 A-42 

							
	 Name of Purchaser
	  	Series-No.	  	Principal Amount	 
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY FOR ITS GROUP ANNUITY SEPARATE
ACCOUNT
	  	B-25	  	U.S.$	1,000,000	 

  

	 	(1)	 All payments by wire transfer of immediately available funds to: 

US Bank 
 777 E. Wisconsin Avenue

 Milwaukee, WI 53202 
 ABA #
075000022 
 For the account of: 

Northwestern Mutual Life-GASA 

Account No. 182380324018 

with sufficient information to identify the source and application of such funds, including the issuer name, the PPN of the issue, interest
rate, payment due date, maturity date, interest amount, principal amount and premium amount. 
  

	 	(2)	 Address for Notices Related to Payments: 

The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Investment Operations 
 Facsimile: (414) 625-6998 

 

	 	(3)	 Address for all other communications: 

The Northwestern Mutual Life Insurance Company 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Securities Department 
 Facsimile: (414) 665-7124 

 

	 	(4)	 Physical Delivery of Notes: 

The Northwestern Mutual Life Insurance Company 

720 East Wisconsin Avenue 

Milwaukee, WI 53202 
 Attention:
Matthew E. Gabrys 
  

	 	(5)	 Tax Identification No.: 39-0509570 

  
 A-43 

 SCHEDULE B 

DEFINED TERMS 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and, with respect to the FOXTEL Group, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more
of any class of voting or equity interests of any Member or any corporation or partnership of which any Member beneficially owns or holds, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. As used in
this definition, “Control ” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“ Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended. 

“Artist Services” means Artist Services Cable Management Pty Limited (ABN 97 072 725 289). 

“Artist Services Charge (2)” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted by
Artist Services in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“ASIC” means the Australian Securities and Investment Commission. 

“Associate” means an associate of the Obligor or either Partner within the meaning of Section 128F(9) of the Australian
Tax Act. 
 “Australia” means the Commonwealth of Australia. 

“Australian Dollars” and “A$” means lawful money of Australia. 

“Australian Tax Act” means the Australian Income Tax Assessment Act 1936 and the Australia Income Tax Assessment Act 1997, as
the context requires, as amended, and a reference to any section of the Australian Income Tax Assessment Act 1936 includes a reference to that section as rewritten in the Australian Income Tax Assessment Act 1997 and any other Act setting the rate
of income tax payable and any regulation promulgated thereunder. 

 “Business” means the business, conducted from time to time by the FOXTEL
Group, of video entertainment and related services for delivery on any form of technology for which subscribers must pay a fee (other than in respect of the retransmitted open broadcast services), including the right to bundle such services with
third party telecommunications services, provide access to FOXTEL STUs to access seekers and make the services available on a wholesale basis including to infrastructure operators. 

“Business Day” means (a) for the purposes of Section 8.9 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New
York, or Sydney, New South Wales Australia are required or authorized to be closed. 
 “Capital Lease” means, at any time,
(a) a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with Relevant GAAP and (b) any “finance lease” (as defined in the
“accounting standards” specified in the Corporations Act). 
 “Change of Control” means, and shall be deemed to
have occurred at any time that, the Shareholders (or any of them) cease to legally and beneficially own and control (directly or indirectly) at least 60% of the FOXTEL Group. 

“Closing” is defined in Section 3. 

“CMH” means Consolidated Media Holdings Limited (ABN 52 009 071 167), a company registered under the laws of Australia. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Collateral Security” means any present or future Lien, Guaranty or other document or
agreement created or entered into by a Transaction Party or any other person as security for, or to credit enhance, the payment of any of the Secured Money. 

“Company” is defined in the first paragraph of this Agreement. 

“Confidential Information” is defined in Section 22. 

“Corporations Act” means the Australian Corporations Act 2001 (Cwlth), as 

amended. 
 “CTA” means the
Common Terms Agreement (A$740,000,000 FOXTEL Financing) dated as of July 28, 2006, among the Company, the lead arrangers listed in Schedule 1 thereto, the financiers listed in Schedule 2 thereto, the Facility Agent, the Security Trustee and the
guarantors listed in Schedule 3 thereto, as amended, varied or restated from time to time, together with any agreement renewing, refinancing, refunding or replacing the foregoing. 

“Customer Services” means Customer Services Pty Limited (ACN 069 272 117). 

  
 B-2 

 “Customer Services Charge (2)” means the fixed and floating charge so
entitled dated on or about 9 January 2004 granted by Customer Services in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“Customer Services Mortgage of Leases” means the mortgage so entitled dated on or about 9 January 2004 granted by
Customer Services in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 
 “
Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

“Default Rate” means, with respect to any Note, that rate of interest that is the greater of (i) 2.00% per annum above the
rate of interest stated in clause (a) of the first paragraph of such Note and (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York as its “base” or “prime” rate. 

“Disposition” is defined in Section 10.5. 

“Distribution” means, with respect to any Person, any payment or distribution (in cash or in kind), including by interest,
dividend, return of capital, repayment or redemption, to or for the benefit of any Shareholder, Partner or “associate” (as defined in section 318 of the Australian Tax Act) of such Person (other than the Obligor or any Member Guarantor),
but excluding any payment made in respect of the supply of goods or services by any Shareholder, Partner or “associate” (as defined above) which is not made in excess of a payment on arms length commercial terms. 

“Dollars” or “U.S.$” means lawful money of the United States of America. 

“EBITDA” means, with respect to any period, the total amount of consolidated earnings of the FOXTEL Group and net cashflow
from joint ventures of the FOXTEL Group, in each case before: (a) interest, (b) (i) tax, including GST, levy, charge, impost, duty, fee, deduction, compulsory loan or withholding and (ii) income, stamp or transaction duty, tax or
charge, in either case which is assessed, levied, imposed or collected by any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity, including any
interest, fine, penalty, charge, fee or other amount imposed on or in respect of any of the above, (c) depreciation and amortisation, (d) any amounts relating to the impairment of assets, (e) items of income or expense which are
considered to be outside the ordinary course of business and are regarded as “exceptional items” or “significant items” (or another term in place of that term) in the accounts, and (f) fair value adjustments of financial
derivatives that are not effective hedging instruments under Relevant GAAP. 
 “Environmental Laws” means any and all
Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of
the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials. 

  
 B-3 

 “ERISA” means the United States Employee Retirement Income Security Act of
1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Obligor under section 414 of the Code. 

“Excluded Tax” means, with respect to any holder of a Note, any Tax imposed by any jurisdiction on the net income of such
holder as a consequence of such holder being a resident of or organized or doing business in such jurisdiction (but not any Tax which is imposed as a result of such holder being considered a resident of or organized or doing business in such
jurisdiction solely as a result of such holder holding a Note with the benefit of the guarantee of the Guarantor and the Partners under this Agreement or being a party to this Agreement or any transaction contemplated by this Agreement or enforcing
its rights hereunder or under any Note). 
 “Event of Default” is defined in Section 11. 

“Facility Agent” means RBS Group (Australia) Pty Ltd or any successor “Facility Agent” under the CTA. 

“Facility Agreement” means (i) the CTA, (ii) any facility agreement or other similar agreement issued pursuant to,
and with the benefit of, the terms of the CTA and providing for financing in a principal or notional amount of at least A$50,000,000 (or its equivalent in the relevant currency of payment) and (iii) at any time that the CTA is not outstanding,
the principal bank facility of the FOXTEL Group. 
 “Finance Document” means: 

(a) this Agreement; 

(b) the Notes; 

(c) each Member Guarantee; 

(d) each Security Document; and 

(e) any document or agreement entered into or given under or in connection with, or for the purpose of amending or novating,
any document referred to in a clause above. 
 “Financial Report” means, with respect to any Person, the following
financial statements and information with respect to such Person: (a) a statement of financial performance, (b) a statement of financial position and (c) a statement of cashflows. 

“Fitch” means Fitch, Inc., together with any relevant local affiliates thereof and any successor to any of the foregoing.

  
 B-4 

 “FOXTEL Cable” means FOXTEL Cable Television Pty Limited (ACN 069 008 797).

 “FOXTEL Cable Charge (2)” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted
by FOXTEL Cable in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Cable Charge (3)” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted by
FOXTEL Cable in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Cable Charge (4)” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted by
FOXTEL Cable in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Cable Charge (Security by deposit)” means the fixed and floating charge so entitled dated on or about 9 January
2004 granted by Customer Services in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Charge (2)” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted by the
Company in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 
 “FOXTEL
Group” means: 
  

	 	(a)	 the FOXTEL Partnership; 

 

	 	(b)	 the FOXTEL Television Partnership; 

 

	 	(c)	 the Obligor; 

  

	 	(d)	 FOXTEL Cable; 

  

	 	(e)	 Customer Services; 

  

	 	(f)	 Artist Services; 

  

	 	(g)	 Racing Channel; and 

  

	 	(h)	 each Wholly-Owned Subsidiary of each of the entities described at paragraphs (a) to (g) above.

 “FOXTEL Management Mortgage of Queensland Lease” means the mortgage dated on or about 9 January
2004 granted by the Company in favor of the Security Trustee in respect of its leasehold interest in Lot 14 Registered Plan 9985 and Lot 15 Registered Plan 9985, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Management Mortgage of Victorian Leases” means each mortgage dated on or about 9 January 2004 granted by the
Company in favor of the Security Trustee in respect of certain leases of real property located in Victoria, Australia, as amended, restated, supplemented or otherwise modified from time to time. 

  
 B-5 

 “FOXTEL New Charge” means the fixed and floating charge so entitled dated
on or about 16 September 2009 granted by the Company, FOXTEL Cable, Customer Services, Artist Services and Racing Channel in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Partnership” means the partnership constituted by the FOXTEL Partnership Agreement. 

“FOXTEL Partnership Agreement” means the partnership agreement dated 14 April 1997 as amended and restated on
3 December 1998 between each Partner and the Company as amended by the deed dated 21 November 2002 between the Company, Customer Services, FOXTEL Cable, News Pay TV Pty Limited, PBL Pay TV Pty Limited, PBL, each Partner, Telstra, Telstra
Multimedia and News, and as further amended, restated, supplemented or otherwise modified from time to time. 
 “FOXTEL Partnership
Charge (3) ” means the fixed and floating charge so entitled dated on or about 9 January 2004 granted by Sky Cable, Telstra Media and the Company in favor of the Security Trustee, as amended, restated, supplemented or otherwise
modified from time to time. 
 “FOXTEL Partnership Charge (Security by deposit)” means the fixed and floating charge so
entitled dated on or about 9 January 2004 granted by the Company in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Partnership New Charge ” means the fixed and floating charge so entitled dated on or about 16 September 2009
granted by the Company, FOXTEL Management, in its capacity as agent for the Partners as a partnership carrying on the business of the FOXTEL Partnership, Sky Cable and Telstra Media in favor of the Security Trustee, as amended, restated,
supplemented or otherwise modified from time to time. 
 “FOXTEL Television Partnership” means the partnership constituted
by the FOXTEL Television Partnership Agreement. 
 “FOXTEL Television Partnership Agreement” means the partnership
agreement dated 14 April 1997 as amended and restated on 3 December 1998 between each Partner and FOXTEL Cable as amended by the deed dated 21 November 2002 between the Company, Customer Services, FOXTEL Cable, News Pay TV Pty
Limited, PBL Pay TV Pty Limited, PBL, each Partner, Telstra, Telstra Multimedia and News, and as further amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Television Partnership Charge (2)” means the fixed and floating charge so entitled dated on or about 9 January
2004 granted by Sky Cable and Telstra Media in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“FOXTEL Television Partnership New Charge” means the fixed and floating charge so entitled dated on or about
16 September 2009 granted by Sky Cable and Telstra Media in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

  
 B-6 

 “Governmental Authority” means 

(a) the government of 

(i) the United States of America or Australia or any State or other political subdivision of either thereof, or 

(ii) any other jurisdiction in which the Obligor or any Partner conducts all or any part of its business, or which asserts
jurisdiction over any properties of any Transaction Party or any Member, or 
 (b) any entity exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Group Structure
Diagram” means the group structure diagram set forth in Schedule 4.9, as amended or updated by the delivery of a new diagram pursuant to Section 7.1(h). 

“GST” means the goods and services tax levied under the New Tax System (Goods and Services Tax) Act 1999 (Cwth), as amended.

 “Guaranteed Obligations” is defined in Section 14.1. 

“Guarantor” is defined in the first paragraph of this Agreement. 

“Guaranty” means any guaranty, suretyship, letter of credit, letter of comfort or any other obligation (a) to provide
funds (whether by the advance or payment of money, the purchase of or subscription for shares or other securities, the purchase of assets or services, or otherwise) for the payment or discharge of, (b) to indemnify any Person against the
consequences of default in the payment of or (c) to be responsible for, any debt or monetary liability of another person or the assumption of any responsibility or obligation in respect of the insolvency or the financial condition of any other
Person. 
 “Hazardous Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose
a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or
filtration of which is or shall be restricted, prohibited or penalized by any applicable law, including, without limitation, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,
radon gas or similar restricted, prohibited or penalized substances. 
 “ holder” means, with respect to any Note the
Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 15.1. 

  
 B-7 

 “Indebtedness” means any debt or other monetary liability in respect of
moneys borrowed or raised or any financial accommodation including under or in respect of any: 
 (a) bill of exchange, bond,
debenture, note or similar instrument; 
 (b) acceptance, endorsement or discounting arrangement; 

(c) Guaranty; 

(d) finance or capital lease; 

(e) agreement for the deferral (of at least 120 days) of a purchase price or other payment in relation to the acquisition of
any asset or service; 
 (f) obligation to deliver goods or provide services paid for in advance by any financier; or 

(g) agreement for the payment of capital or premium on the redemption of any preference shares; 

and irrespective of whether the debt or liability (i) is present or future, (ii) is actual, prospective, contingent or otherwise, (iii) is at
any time ascertained or unascertained, (iv) is owed or incurred alone or severally or jointly or both with any other person or (v) comprises any combination of the above. 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding and (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form. 

“Intellectual Property” means (a) all trade secrets, confidential information,
know-how, patents, trade marks, designs, service marks, business names, copyright and computer programs which are material to the Business, and (b) any interest (including by way of license) in any of the
foregoing, in each case whether registered or not and including all applications for same. 
 “ Interest Expenses” means
interest and amounts in the nature of, or having a similar purpose or effect to, interest and includes (a) discount on a bill of exchange (as defined in the Bills of Exchange Act 1909 (Cwth)) or other instrument, (b) fees and amounts
incurred on a regular or recurring basis, such as line fees, and (c) capitalized amounts of the same or similar name to the foregoing. 

“Interest Service” means, with respect to any period, without double counting, an amount equal to (a) the aggregate
amount of all Interest Expenses, rentals, any other recurrent payments of a similar nature (including gross-ups and increased cost payments) and any other recurring fees, costs and expenses paid during such period, in each case under or in relation
to 

  
 B-8 

 
any Indebtedness of any Member, but which shall not include any such payments in respect of transactions between or among the Company and/or any Member Guarantor, plus or minus
(b) the net amount of any difference between payments by or to the Company under any swap or hedge transactions relating to interest rates during such period. 

“Investment Company Act” means the United States Investment Company Act of 1940, as amended. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in
the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 
 “Make-Whole Amount” is
defined in Section 8.9. 
 “Material” means material in relation to the business, operations, affairs, financial
condition, assets or properties of the FOXTEL Group. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business, operations, affairs, financial condition, assets or properties of the FOXTEL Group; or (b) the ability of any Transaction Party to perform its obligations under the Finance Documents to which it is a party; or
(c) the validity or enforceability of any Finance Document; or (d) the value of the Secured Property; or (e) the rights and remedies of any holder of a Note or the Security Trustee under any Finance Document. 

“Material New Agreement” is defined in the Security Trust Deed. 

“Member” means any Person listed in any of clauses (a) through (h) of the defined term “FOXTEL Group”. 

“Member Guarantee” means a guarantee of a Member Guarantor of the obligations of the Company under this Agreement and the
Notes, substantially in the form of Exhibit 9.8. 
 “Member Guarantor” means, as of the date of Closing, each Member
identified as a “Member Guarantor” on Schedule 5.4 and, thereafter, each other Member that has executed and delivered a Member Guarantee pursuant to Section 9.8, in each case that has not been released from its Member Guarantee
pursuant to Section 9.8(f). 
 “Memorandum” is defined in Section 5.3. 

“Modified Make-Whole Amount” is defined in Section 8.9. 

“Moody’s” means Moody’s Investors Service, a subsidiary of Moody’s Corporation, together with any relevant
local affiliates thereof and any successor to any of the foregoing. 

  
 B-9 

 “Moonee Ponds Mortgage” means the mortgage of lease dated 8 March 2005
granted by the Company in favor of the Security Trustee in respect of its leasehold interest in land situated at Dean Street, Moonee Ponds, Victoria, Australia (being the land comprised in certificate of title Volume 10856 Folio 822), as amended,
restated, supplemented or otherwise modified from time to time. 
 “NAIC” means the National Association of Insurance
Commissioners or any successor thereto. 
 “News” means News Holdings Limited (ABN 40 007 910 330). 

“Non-U.S. Plan” means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by any Member primarily for the benefit of employees of one or more Members residing outside the United States of America, which plan, fund or other similar program provides, or results
in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

“Notes” is defined in Section 1. 

“Obligor” is defined in the first paragraph of this Agreement. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of either Partner or
the Obligor, as the context requires, whose responsibilities extend to the subject matter of such certificate. 
 “Partner”
is defined in the first paragraph of this Agreement. 
 “PBL” means Publishing and Broadcasting Limited (ABN 52 009 071
167). 
 “Permitted Restructuring” is defined in Section 9.5. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “property” or “properties” means, unless
otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“Purchaser” is defined in the first paragraph of this Agreement. 

“QP Transfer Certificate” means a Qualified Purchaser Transfer Certificate in the form of Exhibit 15.2. 

“Qualified Purchaser” means any person who is a “qualified purchaser” as defined in Section 2(a)(51) of the
Investment Company Act and the rules and regulations thereunder. 

  
 B-10 

 “Racing Channel” means The Racing Channel
Cable-TV Pty Limited (ABN 91 069 619 307). 
 “Racing Channel Charge (2)” means the
fixed and floating charge so entitled dated on or about 9 January 2004 granted by Racing Channel in favor of the Security Trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“Release Consideration” is defined in Section 24(b). 

“Relevant GAAP” means, with respect to (i) the FOXTEL Group and each Reporting Member, generally accepted accounting
principles, standards and practices as in effect from time to time in Australia, and (ii) with respect to any Person other than the FOXTEL Group and the Reporting Members, generally accepted accounting principles (including any applicable
application of International Financial Reporting Standards) as in effect from time to time in the jurisdiction under which such Person prepares its books of account and financial records and statements. 

“ Reporting Member” means each Member (other than Artist Services and Racing Channel for so long as such Person remains
dormant). 
 “Required Holders” means, at any time, the holders of more than 50% in principal amount of the Notes at the
time outstanding (exclusive of Notes then owned by any Member, a Partner or any of their respective Affiliates). 
 “Responsible
Officer” means any Senior Financial Officer and any other officer of either Partner or the Obligor, as the context requires, with responsibility for the administration of the relevant portion of this Agreement. 

“S&P” means Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., together with
any relevant local affiliates thereof and any successor to any of the foregoing. 
 “Secured Moneys” means all debts and
monetary liabilities of each Transaction Party to the holders of Notes under or in relation to any Finance Document and in any capacity, irrespective of whether the debts or liabilities: 

 

	 	(a)	 are present or future; 

 

	 	(b)	 are actual, prospective, contingent or otherwise; 

 

	 	(c)	 are at any time ascertained or unascertained; 

 

	 	(d)	 are owed or incurred by or on account of any Transaction Party alone, or severally or jointly with any other
person; 

  

	 	(e)	 are owed or incurred as principal, interest, fees, premiums, make-whole amounts, charges, taxes, duties or
other imposts, damages (whether for breach of contract or tort or incurred on any other ground), losses, costs or expenses, or on any other account; or 

  

	 	(f)	 comprise any combination of the above; 

  
 B-11 

 “Secured Property” means any property or assets subject to a Security. 

“Securities Act” means the United States Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “Security” means: 

 

	 	(a)	 the FOXTEL Partnership Charge (3); 

 

	 	(b)	 the FOXTEL Partnership Charge (Security by deposit); 

 

	 	(c)	 the FOXTEL Television Partnership Charge (2); 

 

	 	(d)	 the FOXTEL Charge (2); 

 

	 	(e)	 the FOXTEL Cable Charge (2); 

 

	 	(f)	 the FOXTEL Cable Charge (3); 

 

	 	(g)	 the FOXTEL Cable Charge (4); 

 

	 	(h)	 the FOXTEL Cable Charge (Security by deposit); 

 

	 	(i)	 the Customer Services Charge (2); 

 

	 	(j)	 the Artist Services Charge (2); 

 

	 	(k)	 the Racing Channel Charge (2); 

 

	 	(l)	 the Customer Services Mortgage of Leases; 

 

	 	(m)	 any FOXTEL Management Mortgage of Victorian Leases; 

 

	 	(n)	 the FOXTEL Management Mortgage of Queensland Lease; 

 

	 	(o)	 the Moonee Ponds Mortgage; 

 

	 	(p)	 the FOXTEL New Charge; 

 

	 	(q)	 the FOXTEL Partnership New Charge; 

 

	 	(r)	 the FOXTEL Television Partnership New Charge; or 

 

	 	(s)	 any Collateral Security. 

  
 B-12 

 “Security Documents” means: 

(a) the Security Trust Deed; 

(b) each Security; and 

(c) any document or agreement entered into or given under or in connection with, or for the purpose of amending or novating,
any document referred to in a clause above. 
 “Security Release” is defined in Section 24(a). 

“Security Release Date” is defined in Section 24(a). 

“Security Trust Deed” means the Security Trust Deed dated on or about 9 January 2004, between the Security Trustee, the
Transaction Parties and each party listed in schedule 1 thereto, as amended and restated on 11 September 2009, and as further amended, restated, supplemented or otherwise modified from time to time. 

“Security Trustee” means RBS Group (Australia) Pty Ltd or any successor “Security Trustee” under the Security Trust
Deed. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
controller of the Obligor or either Partner, as the context requires. 
 “Series A Notes” is defined in Section 1.

 “Series B Notes” is defined in Section 1. 

“Series C Notes” is defined in Section 1. 

“Shareholder” means: 
  

	 	(a)	 Telstra; 

  

	 	(b)	 News; and 

  

	 	(c)	 CMH. 

“Sky Cable” is defined in the first paragraph of this Agreement. 

“STD Accession Deed” means the Accession Deed substantially in the form of Exhibit 4.13, pursuant to which a Purchaser shall
become a Beneficiary under, and as defined in, the Security Trust Deed. 
 “STU” means set top unit (including a
refurbished or re-birthed set top unit). 
 “Subordinated Debt” means
(i) Indebtedness identified as Subordinated Debt on Schedule 5.15 and (ii) all other Indebtedness of any Member which is the subject of a Subordination Deed. 

  
 B-13 

 “Subordination Deed” means a subordination deed in a form approved by the
Required Holders (acting reasonably) between the Security Trustee, the Person who has incurred or will incur Indebtedness and the entity to whom the Indebtedness is or will be owed, in relation to the provision of Subordinated Debt to any Member.

 “Subsidiary” means a subsidiary as defined in Section 46 of the Corporations Act. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Tax” means any tax (whether income, documentary, sales, stamp, registration, issue, capital, property, excise or otherwise),
duty, assessment, levy, impost, fee, compulsory loan, charge or withholding. 
 “Taxing Jurisdiction” is defined in
Section 13. 
 “Telstra” means Telstra Corporation Limited (ABN 33 051 775 556). 

“Telstra Deed of Cross Guarantee” means the ASIC Class Order deed of cross guarantee entered into by Telstra and certain
of its subsidiaries on 4 June 1996. 
 “Telstra Media” is defined in the first paragraph of this Agreement. 

“Title Document” means any original, duplicate or counterpart certificate or document of title to any real property or share.

 “Total Assets” means, at any time, the aggregate amount of all assets of the FOXTEL Group at such time. 

“Total Debt” means, at any time, the aggregate amount of all Indebtedness of each Member, excluding transactions between or
among the Company and/or any Member Guarantor and excluding Subordinated Debt. 
 “Transaction Party” means the Obligor,
each Partner and each Member Guarantor. 
 “Tripartite Agreement” means any tripartite agreement, consent deed or similar
document entered into between, among others, the Security Trustee and a Member in relation to a contract to which such Member is a party. 

“U.S. Person” means any Person who is a “U.S. person” as defined in Rule 902(k) under the Securities Act. 

“USA PATRIOT Act” means United States Public Law 107-56, Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

  
 B-14 

 “Wholly-Owned Subsidiary” means, at any time, any Subsidiary all of the
equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Members and the Members’ other Wholly-Owned Subsidiaries at such time. 

  
 B-15 

 SCHEDULE 5.3 

DISCLOSURE MATERIALS 
 Media Release of
September 15, 2009 entitled “Historic Reforms to Telecommunications Regulation”, issued by Senator the Hon. Stephen Conroy, Minister for Broadband, Communications and the Digital Economy. 

 SCHEDULE 5.4 

MEMBER GUARANTORS, AFFILIATES 

AND OWNERSHIP OF MEMBER STOCK 

Members, Member Guarantors, Ownership of Capital Stock, Affiliates and Restrictions on Distributions 

 

									
	 Member
	  	 Member

Guarantor?
	  	 Owner of Capital

Stock/Similar
 Equity
Interests*
	  	 Affiliates (other than
Subsidiaries)
	  	 Restrictions on

Distributions

	 FOXTEL
 Partnership
	  	No	  	 50%-Sky Cable

Pty Limited
 50%-Telstra

Media Pty
 Limited
	  	 Sky Cable Pty
 Limited and Telstra

Media Pty Limited
	  	Restriction under clause 9.5(d) of the Lease Agreement (NSW, ACT, Victoria) dated 19 October 2006. Member may not reduce its capital without the consent of the ABN AMRO Australia Pty Limited.
					
	 FOXTEL
 Television

Partnership
	  	No	  	 50%-Sky Cable

Pty Limited
 50%-Telstra

Media Pty
 Limited
	  	 Sky Cable Pty
 Limited and

Telstra Media
 Pty Limited
	  	Restriction under clause 9.5(d) of the Lease Agreement (NSW, ACT, Victoria) dated 19 October 2006. Member may not reduce its capital without the consent of the ABN AMRO Australia Pty Limited.
					
	 FOXTEL
 Management Pty

Limited
	  	No	  	 50%-Sky Cable

Pty Limited
 50%-Telstra

Media Pty
 Limited
	  	 Sky Cable Pty
 Limited and

Telstra Media
 Pty Limited
	  	Restriction under clause 9.5(d) of the Lease Agreement (NSW, ACT, Victoria) dated 19 October 2006, the Lease Agreement (WA) dated 19 October 2006, the Lease Offer (SA)

									
		  		  		  		  	dated 18 October 2006 and the Lease Offer (Qld) dated 18 October 2006. Member may not reduce its capital without the consent of the ABN AMRO Australia Pty Limited.
					
	FOXTEL Cable	  	Yes	  	20%*-Sky Cable	  	Sky Cable Pty	  	Restriction under
	Television Pty	  		  	Pty Limited	  	Limited and	  	clause 9.5(d) of the
	Limited	  		  	80%*-Telstra	  	Telstra Media	  	Lease Agreement
		  		  	Media Pty	  	Pty Limited	  	(NSW, ACT,
		  		  	Limited	  		  	Victoria) dated 19
		  		  		  		  	October 2006.
		  		  	*Economic	  		  	Member may not
		  		  	interest held by	  		  	reduce its capital
		  		  	above parties	  		  	without the consent of
		  		  	50/50	  		  	the ABN AMRO
		  		  		  		  	Australia Pty Limited.
					
	Customer	  	Yes	  	50%-Sky Cable	  	Sky Cable Pty	  	Restriction under
	Services Pty	  		  	Pty Limited	  	Limited and	  	clause 9.5(d) of the
	Limited	  		  	50%-Telstra	  	Telstra Media	  	Lease Agreement
		  		  	Media Pty	  	Pty Limited	  	(NSW, ACT,
		  		  	Limited	  		  	Victoria) dated 19
		  		  		  		  	October 2006.
		  		  		  		  	Member may not
		  		  		  		  	reduce its capital
		  		  		  		  	without the consent of
		  		  		  		  	the ABN AMRO
		  		  		  		  	Australia Pty Limited.
					
	Artist Services	  	Yes	  	FOXTEL	  	FOXTEL	  	Restriction under
	Cable	  		  	Management Pty	  	Management	  	clause 9.5(d) of the
	Management Pty	  		  	Limited	  	Pty Limited,	  	Lease Agreement
	Limited	  		  		  	The Racing	  	(NSW, ACT,
		  		  		  	Channel Cable-	  	Victoria) dated 19
		  		  		  	TV Pty Limited	  	October 2006.
		  		  		  		  	Member may not
		  		  		  		  	reduce its capital
		  		  		  		  	without the consent of
		  		  		  		  	the ABN AMRO
		  		  		  		  	Australia Pty Limited.
					
	The Racing	  	Yes	  	FOXTEL	  	FOXTEL	  	Restriction under
	Channel Cable-	  		  	Management Pty	  	Management	  	clause 9.5(d) of the
	TV Pty Limited	  		  	Limited	  	Pty Limited,	  	Lease Agreement
		  		  		  	Artist Services	  	(NSW, ACT,
		  		  		  	Cable	  	Victoria) dated 19
		  		  		  	Management	  	October 2006.
		  		  		  	Pty Limited	  	Member may not
		  		  		  		  	reduce its capital
		  		  		  		  	without the consent of
		  		  		  		  	the ABN AMRO
		  		  		  		  	Australia Pty Limited.
		  		  		  		  	

  

	*	 All capital stock/equity interests described are subject to the Liens existing under the Security.

					
	 Transaction

Party
	  	 Senior Officers
	  	 Directors

	FOXTEL	  	Kimberley Williams (CEO)	  	Gerald Sutton
	Management Pty	  	Peter Tonagh (CFO)	  	Bruce Akhurst
	Limited	  	Patrick Delany (Executive	  	John Alexander
		  	Director - Sales and	  	David Moffat
		  	Product Development)	  	Kimberley
		  	Brian Walsh (Executive	  	Williams
		  	Director – Television and	  	Peter Macourt
		  	Marketing)	  	Richard
		  	Shona Bishop – Customer	  	Freudenstein
		  	Service and Installations)	  	Guy Jalland
		  	Peter Smart (Chief	  	
		  	Technology Officer)	  	
		  	Lynette Ireland (Director of	  	
		  	Legal and Business	  	
		  	Affairs, Company	  	
		  	Secretary)	  	
		  	Adam Suckling (Director of	  	
		  	Policy and Wholesale)	  	
		  	Peter Campbell (Director –	  	
		  	Sports and Olympics)	  	
			
	Sky Cable Pty	  	None.	  	Ian Philip
	Limited	  		  	James Packer
		  		  	Stephen Rue
		  		  	 John Alexander

		  		  	Peter Macourt
		  		  	Steven Cooper
			
	Telstra Media Pty	  	None.	  	Mark Hall
	Limited	  		  	Gerald Sutton
		  		  	Claire Elliott
			
	FOXTEL Cable	  	None.	  	Bruce Akhurst
	Television Pty	  		  	Gerald Sutton
	Limited	  		  	John Alexander    

					
		  		  	David Moffat
		  		  	Kimberley
		  		  	Williams
		  		  	Peter Macourt
		  		  	Richard
		  		  	Freudenstein
		  		  	Guy Jalland
			
	Customer	  	None.	  	Bruce Akhurst
	Services Pty	  		  	Gerald Sutton
	Limited	  		  	John Alexander
		  		  	David Moffat
		  		  	Kimberley
		  		  	Williams
		  		  	Peter Macourt
		  		  	Richard
		  		  	Freudenstein
		  		  	Guy Jalland
			
	Artist Services	  	None.	  	Peter Tonagh
	Cable	  		  	
	Management Pty	  		  	
	Limited	  		  	
			
	The Racing	  	None.	  	Peter Tonagh
	Channel Cable-	  		  	Kimberley
	TV Pty Limited	  		  	Williams

 SCHEDULE 5.5 

FINANCIAL STATEMENTS 
 FOXTEL Group
Special Purpose Financial Report for the year ended 30 June 2009 FOXTEL Group Special Purpose Financial Report for the years ended 30 June 2006, 30 June 2007 and 30 June 2008 

Reconciliation of management accounts to aggregated financial information for 2006 to 2009 

Aggregated Financial Information of FOXTEL Group for the year ended 30 June 2008 

Aggregated Financial Information of FOXTEL Group for the year ended 30 June 2007 

Aggregated Financial Information of FOXTEL Group for the year ended 30 June 2006 

 SCHEDULE 5.15 

EXISTING INDEBTEDNESS/FUTURE LIENS 

In accordance with Section 5.15, existing Indebtedness as of August 31, 2009 is as follows: 

 

							
	 Nature of Debt
	  	 Obligor(s)
	  	 Facility Amount

(AUD000’s)
	  	 Amount

Outstanding

(AUD000’s)

	Loan Facility Agreement	  	FOXTEL Management Pty Limited	  	740,000	  	735,000
	dated 28 July 2006 (as	  	  
 Guarantors:
	  		  	
	amended)*	  		  		  	
				
	(ANZ, CBA, NAB,	  	Artist Services Cable Management Pty	  		  	
	Suncorp Metway,	  	Limited	  		  	
	 Toronto- Dominion,
 Sumitomo, Citibank,

Westpac, RBS)
	  	  
 Customer Services Pty Limited
	  		  	
		  	  
 FOXTEL Cable Television Pty
	  		  	
		  	Limited	  		  	
				
		  	FOXTEL Management Pty Limited	  		  	
		  	(in its own capacity)	  		  	
				
		  	Sky Cable Pty Limited	  		  	
				
		  	Telstra Media Pty Limited	  		  	
				
		  	The Racing Channel Cable-TV Pty	  		  	
		  	Limited	  		  	
				
	CBA Multi Option	  	FOXTEL Management Pty Limited	  	10,000	  	6,176
	 Facility Agreement dated
 24 September 2004
(as amended)*
	  	  
 Customer Services Pty Limited
	  		  	
		  		  		  	
				
	ANZ Finance Lease	  	FOXTEL Management Pty Ltd	  	10,000	  	4,208
	Letter of Offer (accepted	  		  		  	
	June 2005)	  		  		  	

							
	CBA Facility Agreement	  	FOXTEL Management Pty Limited	  	75,000	  	34,150
	dated 30 June 2009*	  	  
 Guarantors:
	  		  	
				
		  	Artist Services Cable Management Pty	  		  	
		  	Limited	  		  	
				
		  	Customer Services Pty Limited	  		  	
				
		  	FOXTEL Cable Television Pty	  		  	
		  	Limited	  		  	
				
		  	FOXTEL Management Pty Limited	  		  	
		  	(in its own capacity)	  		  	
				
		  	Sky Cable Pty Limited	  		  	
				
		  	Telstra Media Pty Limited	  		  	
				
		  	The Racing Channel Cable-TV Pty	  		  	
		  	Limited	  		  	
				
	RBS Operating Leases	  	FOXTEL Management Pty Ltd	  	23,045	  	23,045
	(originally entered into	  		  		  	
	with ABN Amro	  		  		  	
	Australia Pty Limited)	  		  		  	
				
	 •  Lease Offer (Qld) dated
18 October 2006
	  		  		  	
				
	 •  Lease Offer (SA) dated
18 October 2006
	  		  		  	
				
	 •  Lease Agreement (WA)
dated 19 October 2006
	  		  		  	
				
	 •  Lease Agreement
(NSW, ACT, Victoria)
dated 19 October 2009
	  		  		  	

  

	*	 Secured by the Security. 

In accordance with Section 5.15(c) of this Agreement, the following instruments, documents or agreements limit the amount of, or otherwise impose
restrictions on the incurring of Indebtedness of FOXTEL Management Pty Limited. 

			
	 Document
	  	 Restriction

	CTA	  	 •  FOXTEL Management Pty Limited is not

	(including as incorporated into	  	 permitted to provide guarantees in respect of

	the Loan Facility Agreement	  	 indebtedness not permitted under the CTA.

	and the CBA Multi Option	  	  
 •  Interest
Cover Ratio.

	Facility Agreement)	  	  
 •  Total Debt
to EBITDA ratio.

		
	CBA Facility Agreement	  	 •  FOXTEL Management Pty Limited is not

	dated 30 June 2009	  	 permitted to provide guarantees in respect of

		  	 indebtedness not permitted under the CBA Facility Agreement.

		
		  	 •  Interest Cover Ratio.

		
		  	 •  Total Debt to EBITDA ratio.

		
	Side Letter to RBS Group	  	 •  Any additional funding obtained by FOXTEL

	(Australia) Pty Limited dated	  	 Management Pty Limited and secured by the

	17 July 2009	  	 Securities shall have a maturity date which is after

		  	 September 2012 except for existing or new short

		  	 term facilities established with any one or more of

		  	 the Financiers.

		
	Side Letter to RBS Group	  	 •  FOXTEL Management Pty Limited will not

	(Australia) Pty Limited dated	  	 without the prior written consent of RBS Group

	17 July 2009	  	 (Australia) Pty Limited enter into a financing

		  	 arrangement which would result in a particular

		  	 class of Beneficiaries other than the Financiers

		  	 having more than 66.7% of the Total Exposure (as

		  	 defined in the Security Trust Deed).

 EXHIBIT 1-A 

[FORM OF SERIES A NOTE] 

INTERESTS IN THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT “U.S. PERSONS” AS
DEFINED IN RULE 902(K) UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“U.S. PERSONS”), OR, IF TO U.S. PERSONS, TO U.S. PERSONS WHO ARE “QUALIFIED PURCHASERS” AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED. 
 FOXTEL MANAGEMENT PTY LIMITED 

(ABN 65 068 671 938) 
 5.04%
Series A Guaranteed Senior Secured Note Due 2014 
 No. A-[    ] 

U.S.$[                ] 

[Date] 
 PPN: Q3946* AA1 

FOR VALUE RECEIVED, the undersigned, FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws of
Australia (“FOXTEL Management”), in its individual capacity (in such capacity, herein called the “Company”), hereby promises to pay to
[                ], or registered assigns, the principal sum of
[                        ] UNITED STATES DOLLARS (or so much thereof as shall not have been prepaid) on September 24, 2014
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 5.04% per annum from the date
hereof, payable semiannually, on the 24th day of March and September in each year, commencing with the March 24 or September 24 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 7.04% and (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New
York, New York as its “base” or “prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or
Modified Make- Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York, or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note and Guarantee Agreement referred to below. 

 This Note is one of a series of Guaranteed Senior Secured Notes (herein called the
“Notes”) issued pursuant to the Note and Guarantee Agreement, dated as of September 24, 2009 (as from time to time amended, the “Note and Guarantee Agreement”), between the Company, Sky Cable Pty Limited (ABN
14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its capacity as agent for the
Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor”), and the respective Purchasers named therein and is entitled
to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to be bound by the provisions of the Note and Guarantee Agreement expressed to be, or that otherwise are, applicable to holders of Notes,
and (ii) made the representations set forth in Section 6 of the Note and Guarantee Agreement, except with respect to Sections 6.3(a) and 6.3(d). Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note and Guarantee Agreement. 
 Payment of the principal of, and Make-Whole Amount or Modified
Make-Whole Amount, if any, and interest on this Note has been guaranteed by (i) the Guarantor and the Partners in accordance with the terms of the Note and Guarantee Agreement and (ii) each Member Guarantor in accordance with the terms of
its Member Guarantee. 
 This Note is a registered Note and, as provided in the Note and Guarantee Agreement, upon surrender of this Note
for registration of transfer, accompanied by (i) a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing and (ii) in the case any transfer of this Note to a
transferee that is a U.S. Person, a QP Transfer Certificate duly executed by such transferee, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note and Guarantee
Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note and Guarantee Agreement. 

 This Note shall be construed and enforced in accordance with, and the rights of the Company
and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Executed in accordance with section 127 

of the Corporations Act 2001 by 
 FOXTEL MANAGEMENT PTY

 LIMITED, in its own capacity: 
  

					
	  
	 		  	  

	Director Signature	 		  	Director/Secretary Signature
			
	  
	 		  	  

	Print Name	 		  	Print Name

 EXHIBIT 1-B 

[FORM OF SERIES B NOTE] 

INTERESTS IN THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT “U.S. PERSONS” AS
DEFINED IN RULE 902(K) UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“U.S. PERSONS”), OR, IF TO U.S. PERSONS, TO U.S. PERSONS WHO ARE “QUALIFIED PURCHASERS” AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED. 
 FOXTEL MANAGEMENT PTY LIMITED 

(ABN 65 068 671 938) 
 5.83%
Series B Guaranteed Senior Secured Note Due 2016 
 No. B-[        ]

 U.S.$[                ] 

[Date] 
 PPN: Q3946* AB9 

FOR VALUE RECEIVED, the undersigned, FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws of
Australia (“FOXTEL Management”), in its individual capacity (in such capacity, herein called the “Company”), hereby promises to pay to
[                ], or registered assigns, the principal sum of
[                        ] UNITED STATES DOLLARS (or so much thereof as shall not have been prepaid) on September 24, 2016
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 5.83% per annum from the date
hereof, payable semiannually, on the 24th day of March and September in each year, commencing with the March 24 or September 24 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 7.83% and (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New
York, New York as its “base” or “prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or
Modified Make- Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York, or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note and Guarantee Agreement referred to below. 

 This Note is one of a series of Guaranteed Senior Secured Notes (herein called the
“Notes”) issued pursuant to the Note and Guarantee Agreement, dated as of September 24, 2009 (as from time to time amended, the “Note and Guarantee Agreement”), between the Company, Sky Cable Pty Limited (ABN
14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its capacity as agent for the
Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor”), and the respective Purchasers named therein and is entitled
to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to be bound by the provisions of the Note and Guarantee Agreement expressed to be, or that otherwise are, applicable to holders of Notes,
and (ii) made the representations set forth in Section 6 of the Note and Guarantee Agreement, except with respect to Sections 6.3(a) and 6.3(d). Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note and Guarantee Agreement. 
 Payment of the principal of, and Make-Whole Amount or Modified
Make-Whole Amount, if any, and interest on this Note has been guaranteed by (i) the Guarantor and the Partners in accordance with the terms of the Note and Guarantee Agreement and (ii) each Member Guarantor in accordance with the terms of
its Member Guarantee. 
 This Note is a registered Note and, as provided in the Note and Guarantee Agreement, upon surrender of this Note
for registration of transfer, accompanied by (i) a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing and (ii) in the case any transfer of this Note to a
transferee that is a U.S. Person, a QP Transfer Certificate duly executed by such transferee, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note and Guarantee
Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note and Guarantee Agreement. 

 This Note shall be construed and enforced in accordance with, and the rights of the Company
and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Executed in accordance with section 127 

of the Corporations Act 2001 by 
 FOXTEL MANAGEMENT PTY

 LIMITED, in its own capacity: 
  

					
	  
	 		  	  

	Director Signature	 		  	Director/Secretary Signature
			
	  
	 		  	  

	Print Name	 		  	Print Name

 EXHIBIT 1-C 

[FORM OF SERIES C NOTE] 

INTERESTS IN THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT “U.S. PERSONS” AS
DEFINED IN RULE 902(K) UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“U.S. PERSONS”), OR, IF TO U.S. PERSONS, TO U.S. PERSONS WHO ARE “QUALIFIED PURCHASERS” AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED. 
 FOXTEL MANAGEMENT PTY LIMITED 

(ABN 65 068 671 938) 
 6.20%
Series C Guaranteed Senior Secured Note Due 2019 
 No. C-[        ]

 U.S.$[                ] 

[Date] 
 PPN: Q3946* AC7 

FOR VALUE RECEIVED, the undersigned, FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws of
Australia (“FOXTEL Management”), in its individual capacity (in such capacity, herein called the “Company”), hereby promises to pay to
[                ], or registered assigns, the principal sum of
[                        ] UNITED STATES DOLLARS (or so much thereof as shall not have been prepaid) on September 24, 2019
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 6.20% per annum from the date
hereof, payable semiannually, on the 24th day of March and September in each year, commencing with the March 24 or September 24 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 8.20% and (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New
York, New York as its “base” or “prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or
Modified Make- Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York, or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note and Guarantee Agreement referred to below. 

 This Note is one of a series of Guaranteed Senior Secured Notes (herein called the
“Notes”) issued pursuant to the Note and Guarantee Agreement, dated as of September 24, 2009 (as from time to time amended, the “Note and Guarantee Agreement”), between the Company, Sky Cable Pty Limited (ABN
14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its capacity as agent for the
Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor”), and the respective Purchasers named therein and is entitled
to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to be bound by the provisions of the Note and Guarantee Agreement expressed to be, or that otherwise are, applicable to holders of Notes,
and (ii) made the representations set forth in Section 6 of the Note and Guarantee Agreement, except with respect to Sections 6.3(a) and 6.3(d). Unless otherwise indicated, capitalized terms used in this Note shall have the respective
meanings ascribed to such terms in the Note and Guarantee Agreement. 
 Payment of the principal of, and Make-Whole Amount or Modified
Make-Whole Amount, if any, and interest on this Note has been guaranteed by (i) the Guarantor and the Partners in accordance with the terms of the Note and Guarantee Agreement and (ii) each Member Guarantor in accordance with the terms of
its Member Guarantee. 
 This Note is a registered Note and, as provided in the Note and Guarantee Agreement, upon surrender of this Note
for registration of transfer, accompanied by (i) a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing and (ii) in the case any transfer of this Note to a
transferee that is a U.S. Person, a QP Transfer Certificate duly executed by such transferee, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note and Guarantee
Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise
become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note and Guarantee Agreement. 

  
 2 

 This Note shall be construed and enforced in accordance with, and the rights of the Company
and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Executed in accordance with section 127 

of the Corporations Act 2001 by 
 FOXTEL MANAGEMENT PTY

 LIMITED, in its own capacity: 
  

					
	  
	 		  	  

	Director Signature	 		  	Director/Secretary Signature
			
	  
	 		  	  

	Print Name	 		  	Print Name

  
 3 

 EXHIBIT 4.9 

GROUP STRUCTURE DIAGRAM 
  

 

 EXHIBIT 4.13 

[FORM OF STD ACCESSION DEED] 
  

 
 Accession Deed (New Beneficiaries) 

This deed poll 
 is made
on                September 2009 by each entity listed in the ‘Name’ column of the table in the Schedule (each, a New
Beneficiary) 
 It is declared as follows. 
  

 
  

	1	 Interpretation 

1.1 Incorporated definitions 
 A word or
phrase (other than one defined in clause 1.2) defined in the Security Trust Deed has the same meaning in this deed. 
 1.2 Definitions

 In this deed: 
 Effective Date means the date on which
this deed is executed; and  
 Security Trust Deed means the deed dated 9 January 2004 (as amended on 11 September 2009) between each
party listed in schedule 1 of that deed (as Initial Beneficiaries), the Security Trustee and each party listed in schedule 2 of that deed (as Initial Security Providers) constituting the FOXTEL Security Trust. 

1.3 Interpretation 
 Clauses 1.2, 1.3 and
1.4 of the Security Trust Deed apply to this deed as if set out in full of this deed. 
 1.4 Deed poll 

This is a deed poll. It may be relied on and enforced by the Security Trustee. 
  

 

	2	 New Beneficiaries become parties 

2.1 New Beneficiaries become parties 
 With
effect on and from the Effective Date: 
  

	 	(a)	 each New Beneficiary is taken to be a party to the Security Trust Deed; 

 

	 	(b)	 each New Beneficiary becomes bound by the Security Trust Deed and receives the benefits of a Beneficiary under
the Security Trust Deed in accordance with clause 8.3(b) of the Security Trust Deed; and 

  

	 	(c)	 each reference in the Finance Documents to “Beneficiary” includes a reference to each New
Beneficiary. 

  
  

 

	3	 Acknowledgments 

3.1 Copies of documents 
 Each New
Beneficiary acknowledges that it has received a copy of the Security Trust Deed together with the other information which it has required in connection with this deed. 

3.2 Acknowledgment to Security Trustee 

Without limiting the general application of clause 2, each New Beneficiary acknowledges and agrees as specified in clause 6 of the Security Trust Deed. 

3.3 Appointment of attorney 
 Without
limiting the general application of clause 2, each New Beneficiary, for consideration received, irrevocably appoints as its attorney each person who under the terms of the Security Trust Deed is appointed an attorney of a Beneficiary on the same
terms and for the same purposes as contained in the Security Trust Deed. 
  

 
  

	4	 Notices 

The details of each New Beneficiary for the purpose of clause 12.4 of the Security Trust Deed are listed in the ‘Notice Details’ column of the table
in the Schedule. 
  
  

 

	5	 Governing law 

 

	 	(a)	 This deed is governed by the laws of New South Wales. 

 

	 	(b)	 Each New Beneficiary irrevocably submits to the non-exclusive
jurisdiction of the courts of New South Wales. 

  
  

 

	6	 Attorneys 

Each of the attorneys executing this deed states that the attorney has no notice of revocation of the attorney’s power of attorney. 

 
  

  
 2 

 Executed as a deed: 

The foregoing is hereby agreed to 
 as of the date thereof. 

[PURCHASER] 

  
 3 

 Schedule of New Beneficiaries 

 

					
	  
	 	 Name
	  	 Notice Details

		 		  	
		 		  	
		 		  	
		 		  	

  
 4 

 EXHIBIT 9.8 

[FORM OF MEMBER GUARANTEE] 

DEED OF GUARANTEE 
 DEED POLL
DATED: 
  

	BY:	 The Companies listed in Annex I hereto, whose place of incorporation and address are specified therein (each a
“Member Guarantor” and collectively, the “Member Guarantors”). 

 In favour of each
person who is from time to time a Holder of one or more of any of the (i) U.S.$31,000,000 5.04% Series A Guaranteed Senior Secured Notes due 2014, (ii) U.S.$74,000,000 5.83% Series B Guaranteed Senior Secured Notes due 2016 and
(iii) U.S.$75,000,000 6.20% Series C Guaranteed Senior Secured Notes due 2019 (collectively, together with all notes delivered in substitution or exchange for any of said notes pursuant to the Note and Guarantee Agreement referred to below, the
“Notes”), in each case issued by FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws of Australia (“FOXTEL Management”), in its own capacity (in such capacity, the
“Company”), pursuant to the Note and Guarantee Agreement dated as of September 24, 2009 (as amended, modified or supplemented from time to time, the “Note and Guarantee Agreement”), among the Company, Sky Cable
Pty Limited (ABN 14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its capacity as
agent for the Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor”), and each of the purchasers listed in Schedule A
attached thereto. 
 Section 1. Definitions. Terms defined in the Note and Guarantee Agreement are used herein as defined
therein. 
 Section 2. The Guarantee. 

2.01 The Guarantee. It is acknowledged that the Company shall use the proceeds from the sale of the Notes to repay existing Indebtedness
and for other general corporate purposes to the benefit of the FOXTEL Group, of which the Company and the Member Guarantors are a part. For such valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Member
Guarantor hereby unconditionally, absolutely and irrevocably guarantees, on a joint and several basis, to each holder of a Note (each, a “Holder”) (a) the prompt payment in full, in Dollars, when due (whether at stated
maturity, by acceleration, by optional prepayment or otherwise) of the principal of and Make-Whole Amount or Modified Make-Whole Amount, if any, and interest on the Notes (including, without limitation, any interest on any overdue principal,
Make-Whole Amount or Modified Make-Whole Amount, if any, and, to the extent permitted by 

 
applicable law, on any overdue interest and on amounts described in Section 13 of the Note and Guarantee Agreement) and all other amounts from time to time owing by the Company under the
Note and Guarantee Agreement and under the Notes (including, without limitation, costs, expenses and taxes), and (b) the prompt performance and observance by the Company of all covenants, agreements and conditions on its part to be
performed and observed under the Note and Guarantee Agreement, in each case strictly in accordance with the terms thereof (such payments and other obligations being herein collectively called the “Guaranteed Obligations”). Each
Member Guarantor hereby further agrees that if the Company shall default in the payment or performance of any of the Guaranteed Obligations, each Member Guarantor will (x) promptly pay or perform the same, without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration, by optional prepayment or
otherwise) in accordance with the terms of such extension or renewal and (y) pay to any Holder such amounts, to the extent lawful, as shall be sufficient to pay the reasonable costs and expenses of collection or of otherwise enforcing
any of such Holder’s rights under the Note and Guarantee Agreement, including, without limitation, reasonable counsel fees. 
 All
obligations of the Member Guarantors under this Section 2.01 shall survive the transfer of any Note, and any obligations of the Member Guarantors under this Section 2.01 with respect to which the related underlying obligation of the
Company is expressly stated to survive the payment of any Note shall also survive the payment of such Note. 
 2.02 Obligations
Unconditional. (a) The obligations of the Member Guarantors under Section 2.01 are joint and several and constitute a present and continuing guaranty of payment and not collectibility and are absolute, irrevocable and unconditional,
irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Company under the Note and Guarantee Agreement, the Notes or any other agreement or instrument referred to herein or therein, or any
substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute
a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 2.02 that the obligations of the Member Guarantors hereunder shall be absolute, irrevocable and unconditional, under any and all
circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of any Member Guarantor hereunder which shall remain absolute, irrevocable
and unconditional as described above: 
 (1) any amendment or modification of any provision of the Note and Guarantee
Agreement or any of the Notes or any assignment or transfer thereof, including without limitation the renewal or extension of the time of payment of any of the Notes or the granting of time in respect of such payment thereof, or of any furnishing or
acceptance of security (including any Security) or any additional guarantee or any release of any security or guarantee (including the release of any other Member Guarantor as contemplated by Section 5.07) so furnished or accepted for any of
the Notes; 

  
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 (2) any waiver, consent, extension, granting of time, forbearance,
indulgence or other action or inaction under or in respect of the Note and Guarantee Agreement or the Notes, or any exercise or non-exercise of any right, remedy or power in respect hereof or thereof; 

(3) any bankruptcy, receivership, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar
proceedings with respect to the Company, the Guarantor or any other Person or the properties or creditors of any of them; 

(4) the occurrence of any Default or Event of Default under, or any invalidity or any unenforceability of, or any
misrepresentation, irregularity or other defect in, the Note and Guarantee Agreement, the Notes or any other agreement; 

(5) any transfer or purported transfer of any assets to or from the Company or the Guarantor, including without limitation, any
invalidity, illegality of, or inability to enforce, any such transfer or purported transfer, any consolidation or merger of the Company or the Guarantor with or into any Person, any change in the ownership of any shares of capital stock or other
equity interests of the Company or the Guarantor, or any change whatsoever in the objects, capital structure, constitution or business of the Company or the Guarantor; 

(6) any default, failure or delay, willful or otherwise, on the part of the Company or the Guarantor or any other Person to
perform or comply with, or the impossibility or illegality of performance by the Company or the Guarantor or any other Person of, any term of the Note and Guarantee Agreement, the Notes or any other agreement; 

(7) any suit or other action brought by, or any judgment in favour of, any beneficiaries or creditors of, the Company or the
Guarantor or any other Person for any reason whatsoever, including without limitation any suit or action in any way attacking or involving any issue, matter or thing in respect of the Note and Guarantee Agreement, the Notes, any other Member
Guarantee given by another Member Guarantor or any other agreement; 
 (8) any lack or limitation of status or of power,
incapacity or disability of the Company or the Guarantor or any trustee or agent thereof; or 
 (9) any other thing, event,
happening, matter, circumstance or condition whatsoever, not in any way limited to the foregoing (other than the indefeasible payment in full of the Guaranteed Obligations). 

(b) The guarantee under this Section 2 is a guarantee of payment and not collectibility and each Member Guarantor hereby unconditionally
waives diligence, presentment, demand of payment, protest and all notices whatsoever and any requirement that any Holder exhaust any right, power or remedy against the Company or the Guarantor under the Note and Guarantee Agreement or the Notes or
any other agreement or instrument referred to herein or therein, or against any other Member Guarantor, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 

  
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 (c) In the event that any Member Guarantor shall at any time pay any amount on account of
the Guaranteed Obligations or take any other action in performance of its obligations hereunder, such Member Guarantor shall not exercise any subrogation or other rights hereunder or under the Notes and such Member Guarantor hereby waives all rights
it may have to exercise any such subrogation or other rights, and all other remedies that it may have against the Company, the Guarantor or any other Member Guarantor, in respect of any payment made hereunder unless and until the Guaranteed
Obligations shall have been indefeasibly paid in full. If any amount shall be paid to any Member Guarantor on account of any such subrogation rights or other remedy, notwithstanding the waiver thereof, such amount shall be received in trust for the
benefit of the Holders and shall forthwith be paid to the Holders to be credited and applied upon the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof. Each Member Guarantor agrees that its obligations under
this Deed of Guarantee shall be automatically reinstated if and to the extent that for any reason any payment (including payment in full) by or on behalf of the Company is rescinded or must be otherwise restored by any Holder, whether as a result of
any proceedings in bankruptcy or reorganization or otherwise, all as though such amount had not been paid. 
 The guarantee in this
Section 2 is a continuing guarantee and indemnity and shall apply to the Guaranteed Obligations whenever arising. Each default in the payment or performance of any of the Guaranteed Obligations shall give rise to a separate claim and cause of
action hereunder, and separate claims or suits may be made and brought, as the case may be, hereunder as each such default occurs. This Section 2 is a principal and independent obligation and, except for stamp duty purposes, is not ancillary or
collateral to another document, agreement, right or obligation. 
 If an event permitting or causing the acceleration of the maturity of the
principal amount of the Notes shall at any time have occurred and be continuing and such acceleration (and the effect thereof on the Guaranteed Obligations) shall at such time be prevented by reason of the pendency against the Company or any other
Person of a case or proceeding under a bankruptcy or insolvency law, each Member Guarantor agrees that, for purposes of this Deed of Guarantee and its obligations hereunder, the maturity of the principal amount of the Notes shall be deemed to have
been accelerated (with a corresponding effect on the Guaranteed Obligations) with the same effect as if the Holders had accelerated the same in accordance with the terms of the Note and Guarantee Agreement, and each Member Guarantor shall forthwith
pay such principal amount, any interest thereon, any Make-Whole Amount and any other amounts guaranteed hereunder without further notice or demand. 

2.03 Exclusion of Subrogation and Other Rights. Until each Holder has received payment of all the Guaranteed Obligations owed to it and
each Holder is satisfied that it will not have to repay any money received by it in connection with the Guaranteed Obligations, each Member Guarantor must not (either directly or indirectly): 

(a) claim, exercise or attempt to exercise a right of set-off or any other right which might reduce or
discharge such Member Guarantor’s liability under this Deed of Guarantee; 

  
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 (b) claim or exercise a right of subrogation or a right of contribution or otherwise claim
the benefit of any guarantee, security interest or negotiable instrument held or given, whether before or after this Deed of Guarantee is executed, as security for or otherwise in connection with the Guaranteed Obligations; or 

(c) unless each Holder has given a written direction to do so, (i) prove, claim or exercise voting rights in the winding up of the
Company, the Guarantor or another Member Guarantor in competition with such Holder, (ii) if a demand has been made by a Holder hereunder, claim or receive the benefit of a distribution, dividend or payment arising out of the winding up of the
Company, the Guarantor or another Member Guarantor or (iii) if a demand has been made by a Holder hereunder, demand, or accept payment of, any money owed to such Member Guarantor by the Company, the Guarantor or any other Member Guarantor. 

2.04 No Claim in Winding Up; Limitation on Set Off. Despite any liability of the Company, the Guarantor or any Member Guarantor to any
Member Guarantor, no Member Guarantor has a debt provable in the winding up of the Company, the Guarantor or any Member Guarantor unless: 

(a) each Holder has received all of the Guaranteed Obligations owed to it and has notified the Member Guarantors in writing that it is
satisfied that it will not have to repay any money received by it in reduction of the Guaranteed Obligations; or 
 (b) each Holder has given
a written direction to the Member Guarantors to prove such debt in the winding up of the Company, the Guarantor or any Member Guarantor, as the case may be. 

Each Member Guarantor agrees that if the Company, the Guarantor or any Member Guarantor is wound up no
set-off between mutual debts of any Member Guarantor and the Company, the Guarantor or any Member Guarantor will occur until any such Member Guarantor has a provable debt. 

2.05 No Marshalling. No Holder need resort to any other Member Guarantee, any other guarantee or security interest before exercising a
power under this Deed of Guarantee. 
 2.06 Exercise of Holders’ Rights. (a) Each Holder may in its absolute discretion (i)
demand payment of the Guaranteed Obligations from all or any of the Member Guarantors and (ii) proceed against all or any of them; and 
 (b)
No Holder is obligated to exercise any of such Holder’s rights under this Deed of Guarantee against (i) all of the Member Guarantors or (ii) any of the Member Guarantors (even if the Holder has exercised rights against another Member
Guarantor) or (iii) two or more of the Member Guarantors at the same time. 

  
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 2.07 Rescission of Payment. Whenever any of the following occurs for any reason
(including under any law relating to bankruptcy, insolvency, liquidation, fiduciary obligations or the protection of creditors generally): 
  

	 	(a)	 all or part of any transaction of any nature (including any payment or transfer) made during the term of this
Deed of Guarantee which affects or relates in any way to the Guaranteed Obligations is void, set aside or voidable; 

  

	 	(b)	 any claim that anything contemplated by paragraph (a) is so upheld, conceded or compromised; or

  

	 	(c)	 any Holder is required to return or repay any money or asset received by it under any such transaction or the
equivalent in value of that money or asset, 

 the relevant Holder will immediately become entitled against each Member
Guarantor to all rights in respect of the Guaranteed Obligations which it would have had if all or the relevant part of the transaction or receipt had not taken place. Each Member Guarantor shall indemnify each Holder against any resulting loss,
cost or expense. This clause shall continue after this Deed of Guarantee is discharged. 
 2.08 Limitation. Anything herein to the
contrary notwithstanding, the liability of any Member Guarantor under this Deed Guarantee shall in no event exceed an amount equal to the maximum amount which can be guaranteed by such Member Guarantor under applicable laws relating to the
insolvency of debtors and fraudulent conveyance. 
 2.09 Indemnity. (a) If any Guaranteed Obligations (or moneys which would have
been Guaranteed Obligations if it had not been irrecoverable) are irrecoverable by any Holder from (x) any Transaction Party; or (y) any Member Guarantor on the footing of a guarantee, the Member Guarantors jointly and severally,
unconditionally and irrevocably, and as a separate and principal obligation shall: 
 (1) indemnify each Holder against any
loss suffered, paid or incurred by that Holder in relation to the non-payment of such money; and 

(2) pay such Holder an amount equal to such money. 

(b) Section 2.09(a) applies to the Guaranteed Obligations (or money which would have been Guaranteed Obligations if it had not been
irrecoverable) which are or may be irrecoverable irrespective of whether: 
 (1) they are or may be irrecoverable because of
any event described in Section 2.02(a); 
 (2) the transactions or any of them relating to that money are void or
illegal or avoided or otherwise unenforceable; 

  
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 (3) any matters relating to the Guaranteed Obligations are or should have been
within the knowledge of any Holder; and 
 (4) they are or may be irrecoverable because of any other fact or circumstance
(other than the indefeasible payment in full of the Guaranteed Obligations). 
 Section 3. Representations and Warranties. Each
Member Guarantor represents and warrants to the Holders that: 
 3.01 Organization; Power and Authority. Such Member Guarantor is a
corporation or other legal entity duly organized, validly existing and, where legally applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign entity and, where legally applicable, is in
good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. Such Member Guarantor has the corporate or other organizational power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes
to transact, to execute and deliver this Deed of Guarantee and to perform the provisions hereof. 
 3.02 Authorization, etc. This Deed
of Guarantee has been duly authorized by all necessary corporate or other organizational action on the part of such Member Guarantor, and this Deed of Guarantee constitutes a legal, valid and binding obligation of such Member Guarantor enforceable
against such Member Guarantor in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

3.03 Compliance with Laws, Other Instruments, etc. The execution, delivery and performance by such Member Guarantor of this Deed of
Guarantee will not (l) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Member Guarantor under, any indenture, mortgage, deed of trust, loan, purchase
or credit agreement, lease, corporate charter, memorandum or articles of association, partnership agreement, regulations or by-laws or other organizational document, or any other agreement or instrument to
which such Member Guarantor is bound or by which such Member Guarantor or any of its properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment,
decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Member Guarantor or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Member
Guarantor. 
 3.04 Governmental Authorizations, etc. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution, delivery or performance by such Member Guarantor of this Deed of Guarantee including, without limitation, any thereof required in connection with the obtaining of Dollars
to make payments under this Deed of Guarantee or the payment of such Dollars to Persons resident in 

  
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 the United States of America, except for any consents, approvals, authorizations, registrations, filings or
declarations which have been made or obtained and are in full force and effect. It is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in the jurisdiction of organization of such Member Guarantor of this
Deed of Guarantee, that this Deed of Guarantee or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar transaction tax, except
for any filings, recordations, enrollments or stamps which have been made or obtained and are in full force and effect. 
 3.05 Taxes.
No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by or for the account of any Governmental Authority of or in the jurisdiction of organization of such Member Guarantor or any political subdivision thereof or
therein will be incurred by such Member Guarantor or any Holder of a Note as a result of the execution or delivery of this Deed of Guarantee, except for any Taxes which have been paid. 

3.06 Solvency. Such Member Guarantor is solvent and able to pay all its debts as and when they fall due and such Member Guarantor will
not be rendered insolvent as a result of entering into the transactions contemplated by this Deed of Guarantee (after taking into consideration contingencies and contribution from others). 

3.07 Ranking. Such Member Guarantor’s payment obligations under this Deed of Guarantee constitute direct and general obligations of
such Member Guarantor and rank (i) pari passu in right of payment and are secured equally and ratably with Indebtedness of such Member Guarantor that has the benefit of Security over the Secured Property of such Member Guarantor, as set
forth in the Security Trust Deed, and (ii) pari passu in right of payment with all other Indebtedness of such Member Guarantor and senior to such Indebtedness to the extent of the Security over the Secured Property of such Member
Guarantor. 
 Section 4. Tax Indemnity. All payments whatsoever under this Deed of Guarantee will be made by the relevant Member
Guarantor in lawful currency of the United States of America free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any
jurisdiction other than the United States (or any political subdivision or taxing authority of or in such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law. 

If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid by any
Member Guarantor under this Deed of Guarantee, such Member Guarantor will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties attach thereto or interest accrues thereon and pay
to each Holder such additional amounts as may be necessary in order that the net amounts paid to such Holder pursuant to the terms of this Deed of Guarantee, after such deduction, withholding or payment (including, without limitation, any required
deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such Holder under the terms of this Deed of Guarantee before the assessment of such Tax, provided that no
payment of any additional amounts shall be required to be made for or on account of: 

  
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 (a) any Excluded Tax; 

(b) with respect to a Holder, provided that such Member Guarantor is registered under the laws of Australia, any Tax that would
not have been imposed but for any breach by such Holder of any representation made or deemed to have been made by such Holder pursuant to Section 6.3(a), 6.3(c) or 6.3(d) of the Note and Guarantee Agreement; 

(c) any Tax that would not have been imposed but for the existence of any present or former connection between such Holder (or
a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation or any Person other than the Holder to whom the Notes or any amount payable
thereon is attributable for the purposes of such Tax) and Australia or any other Taxing Jurisdiction in which such Member Guarantor is organized, other than the mere holding of the relevant Note with the benefit of this Deed of Guarantee or the
receipt of payments thereunder or hereunder, including, without limitation, such Holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in
trade or business therein or having or having had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for such Member Guarantor, after the
date that such Member Guarantor so became a Member Guarantor, changing its jurisdiction of organization to the Taxing Jurisdiction imposing the relevant Tax; 

(d) any Tax that would not have been imposed but for the delay or failure by such Holder (following a written request by any
Member Guarantor) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such Holder to avoid or reduce such Taxes (including for such purpose any refilings or renewals of filings that may
from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such Holder’s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such Holder or
result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such Holder, and provided further that such Holder
shall be deemed to have satisfied the requirements of this clause (d) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be specified in a written request of any Member Guarantor no
later than 45 days after receipt by such Holder of such written request (accompanied by copies of such Forms and related instructions, if any); or 

(e) any combination of clauses (a), (b), (c) and (d) above; 

  
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 and provided further that in no event shall any Member Guarantor be obligated to pay such additional amounts
to any Holder (i) not resident in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in excess of the amounts that such Member Guarantor would be
obligated to pay if such holder had been a resident of the United States of America or such other jurisdiction, as applicable (and, to the extent applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to
time in effect between the United States of America or such other jurisdiction and the relevant Taxing Jurisdiction to the extent that such eligibility would reduce such additional amounts), or (ii) registered in the name of a nominee if under
the law of the relevant Taxing Jurisdiction (or the current regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and such Member Guarantor shall have given timely
notice of such law or interpretation to such Holder. 
 By acceptance of any Note with the benefit of this Deed of Guarantee, the relevant
Holder agrees, subject to the limitations of clause (d) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by any Member Guarantor all such forms, certificates,
documents and returns provided to such Holder by such Member Guarantor (collectively, together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such Holder in order to avoid or reduce any
such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the relevant Taxing Jurisdiction or of an applicable tax treaty and (y) provide any Member Guarantor with such information with respect to
such Holder as such Member Guarantor may reasonably request in order to complete any such Forms, provided that nothing in this Section 4 shall require any Holder to provide information with respect to any such Form or otherwise if in the
opinion of such Holder such Form or disclosure of information would involve the disclosure of tax return or other information that is confidential or proprietary to such Holder, and provided further that each such Holder shall be deemed to have
complied with its obligation under this paragraph with respect to any Form if such Form shall have been duly completed and delivered by such Holder to the relevant Member Guarantor or mailed to the appropriate taxing authority, whichever is
applicable, within 45 days following a written request of any Member Guarantor (which request shall be accompanied by copies of such Form) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

In connection with the transfer of any Note, the relevant Member Guarantors will furnish the transferee of such Note with copies of any Form
then required pursuant to the preceding paragraph of this Section 4. 
 If any payment is made by any Member Guarantor to or for the
account of any Holder after deduction for or on account of any Taxes, and increased payments are made by such Member Guarantor pursuant to this Section 4, then, if such Holder has received or been granted a refund of such Taxes, such Holder
shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, reimburse to such Member Guarantor such amount as such Holder shall, in its sole discretion, determine to be attributable to the relevant Taxes
or deduction or withholding. Nothing herein contained shall interfere with the right of any Holder to arrange its tax affairs in whatever manner it thinks fit and, in particular, no Holder shall be under any obligation to claim relief from its
corporate profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in clause (d) above) oblige any Holder to disclose any information
relating to its tax affairs or any computations in respect thereof. 

  
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 The relevant Member Guarantor will furnish the Holders, promptly and in any event within 60 days
after the date of any payment by such Member Guarantor of any Tax in respect of any amounts paid under this Deed of Guarantee the original tax receipt issued by the relevant taxation or other authorities involved for all amounts paid as aforesaid
(or if such original tax receipt is not available or must legally be kept in the possession of such Member Guarantor, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with such
other documentary evidence with respect to such payments as may be reasonably requested from time to time by any Holder. 
 If any Member
Guarantor is required by any applicable law, as modified by the practice of the taxation or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which such Member Guarantor would be
required to pay any additional amount under this Section 4, but for any reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against any Holder, and such Holder pays
such liability, then such Member Guarantor will promptly reimburse such Holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by such Member Guarantor)
upon demand by such Holder accompanied by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction. 

If any Member Guarantor makes payment to or for the account of any Holder and such Holder is entitled to a refund of the Tax to which such
payment is attributable upon the making of a filing (other than a Form described above), then such Holder shall, as soon as practicable after receiving written request from such Member Guarantor (which shall specify in reasonable detail and supply
the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by such Member Guarantor, subject, however, to the same limitations with respect to Forms as are set forth above. 

The obligations of the Member Guarantors under this Section 4 shall survive the payment or transfer of any Note and the provisions of
this Section 4 shall also apply to successive transferees of the Notes. 
 Section 5. Miscellaneous. 

5.01 Amendments, Etc. This Deed of Guarantee may be amended, and the observance of any term hereof may be waived (either retroactively
or prospectively), with (and only with) the written consent of each Member Guarantor and the Required Holders, except that no such amendment or waiver may, without the written consent of each Holder affected thereby, amend any of Section 2.01,
2.02, 4, this Section 5.01 or Section 5.04. 
 5.02 Notices. All notices and communications provided for hereunder shall be
in writing and sent as provided in 
 Section 20 of the Note and Guarantee Agreement (i) if to any Holder, to the address (whether electronic or
physical) specified for such Holder in the Note and Guarantee Agreement and (ii) if to any Member Guarantor, to the address for such Member Guarantor set forth in Annex I hereto. 

  
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 5.03 Jurisdiction and Process; Waiver of Jury Trial. 

(a) Each Member Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State
or federal court sitting in the Borough of Manhattan, the City of New York, over any suit, action or proceeding arising out of or relating to this Deed of Guarantee or any other document executed in connection herewith. To the fullest extent
permitted by applicable law, each Member Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each Member Guarantor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of
the nature referred to in Section 5.03(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New
York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 
 (c)
Each Member Guarantor consents to process being served by or on behalf of any Holder in any suit, action or proceeding of the nature referred to in Section 5.03(a) by mailing a copy thereof by registered or certified or priority mail, postage
prepaid, return receipt requested, or delivering a copy thereof in the manner for delivery of notices specified in Section 5.02, to National Registered Agents, Inc., at 875 Avenue of the Americas, Suite 501, New York, New York, 10001, as its
agent for the purpose of accepting service of any process in the United States. Each Member Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or
proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery
receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (d) Nothing in this Section 5.03
shall affect the right of any Holder to serve process in any manner permitted by law, or limit any right that the Holders may have to bring proceedings against any Member Guarantor in the courts of any appropriate jurisdiction or to enforce in any
lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 
 (e) Each Member Guarantor hereby irrevocably appoints
National Registered Agents, Inc. to receive for it, and on its behalf, service of process in the United States. 
 (f) EACH MEMBER GUARANTOR
HEREBY WAIVES TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS DEED OF GUARANTEE OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

  
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 5.04 Obligation to Make Payment in Dollars. Any payment on account of an amount that
is payable by any Member Guarantor under this Deed of Guarantee in Dollars which is made to or for the account of any Holder in any other currency shall constitute a discharge of the obligation of such Member Guarantor under this Deed of Guarantee
only to the extent of the amount of Dollars which such Holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing
on the London Banking Day following receipt of the payment first referred to above. If the amount of Dollars that could be so purchased is less than the amount of Dollars originally due to such Holder from any Member Guarantor, such Member Guarantor
agrees to the fullest extent permitted by law, to indemnify and save harmless such Holder from and against all loss or damage arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent permitted by law, constitute
an obligation separate and independent from the other obligations contained in this Deed of Guarantee, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such Holder from time to time
and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order. As used herein the term “London Banking Day” shall mean any
day other than a Saturday or Sunday or a day on which commercial banks are required or authorized by law to be closed in London, England. 

5.05 Successors and Assigns. All covenants and other agreements of each of the Member Guarantors in this Deed of Guarantee shall bind
its respective successors and assigns and shall inure to the benefit of the Holders and their respective successors and assigns. 
 5.06
Severability. Any provision of this Deed of Guarantee that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

5.07 Termination. Notwithstanding anything to the contrary contained herein, upon any notice by the Company with respect to any Member
Guarantor as provided in, and satisfying the requirements of, Section 9.8(f) of the Note and Guarantee Agreement, such Member Guarantor shall be automatically released from this Deed of Guarantee and this Deed of Guarantee shall be of no
further force and effect with respect to such Member Guarantor as at the date of such notice without the need for the consent, execution or delivery of any other document or the taking of any other action by any Holder or any other Person. 

5.08 Additional Member Guarantors. One or more additional Members may become party to this Deed of Guarantee by executing and delivering
to each holder an Accession Deed in the form of Annex II hereto, in which case each such Member shall, from and after the date of the execution and delivery of such Accession Deed, be for all purposes a “Member Guarantor” hereunder, and
each such Member Guarantor shall be deemed to have made the representations and warranties in Section 3 hereof to each holder as of such date. 

  
 13 

 5.09 Shareholder Ratification. Each Member Guarantor that is a shareholder of another
Member Guarantor hereby ratifies and confirms the entry by such other Member Guarantor into, and the performance by such other Member Guarantor of all of its obligations under, this Deed of Guarantee. 

5.10 Deed Poll. This Deed of Guarantee shall take effect as a Deed Poll for the benefit of the Holders from time to time and for the
time being. 
 5.11 Taxes. The Member Guarantors will pay all stamp, documentary or similar taxes or fees which may be payable in
respect of the execution and delivery or the enforcement of this Deed of Guarantee in the United States, Australia or any other applicable jurisdiction or of any amendment of, or waiver or consent under or with respect to, this Deed of Guarantee,
and will save each Holder to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Member Guarantors hereunder. 

5.12 Governing Law. This Deed of Guarantee shall be governed by and construed in accordance with the laws of the State of New South
Wales in the Commonwealth of Australia. 
 5.13 Counterparts. This Deed of Guarantee may be executed in any number of counterparts,
each of which shall be an original but all of which shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

  
 14 

 EXECUTED AS A DEED by the Member Guarantors as of the day and year first above written. 

  
 15 

 ANNEX I to 

Member Guarantee 
 Member
Guarantors 
  

					
	 Name
	  	 Place of Incorporation
	  	 Address

 

 ANNEX II to 

Member Guarantee 
 [Form of
Accession Deed] 
 ACCESSION DEED 

THIS DEED POLL is made on [insert date] by [insert name of Member Guarantor]
(ABN                         ) (incorporated in [insert name of jurisdiction]) of [insert address of Member Guarantor]
(“Member Guarantor”). 
 RECITALS: 
  

	A.	 Under a Deed of Guarantee (“Deed of Guarantee”) dated September 24, 2009 executed by each
Initial Member Guarantor in favour of each person who is from time to time a holder (“Holder”) of one or more of any of the (i) U.S.$31,000,000 5.04% Series A Guaranteed Senior Secured Notes due 2014, (ii) U.S.$74,000,000 5.83%
Series B Guaranteed Senior Secured Notes due 2016 and (iii) U.S.$75,000,000 6.20% Series C Guaranteed Senior Secured Notes due 2019, in each case issued by FOXTEL MANAGEMENT PTY LIMITED (ABN 65 068 671 938), a company registered under the laws
of Australia (“FOXTEL Management”), in its own capacity (in such capacity, the “Company”), pursuant to the Note and Guarantee Agreement dated as of September 24, 2009, among the Company, Sky Cable Pty Limited
(ABN 14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its capacity as agent for the
Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership, and each of the purchasers listed in Schedule A attached thereto, a person may become a Member Guarantor by execution of
this deed poll. 

  

	B.	 The Member Guarantor wishes to guarantee to each Holder the Guaranteed Obligations and to become a Member
Guarantor. 

 THIS DEED POLL WITNESSES as follows: 
  

	1.	 Definitions and interpretation 

 

	(a)	 In this deed poll words and phrases defined in the Deed of Guarantee have the same meaning.

	(b)	 In this deed poll: 

“Additional Member Guarantor” means any person that has become a Member Guarantor (since the date of execution of the Deed of
Guarantee) by execution of an Accession Deed; 
 “Existing Member Guarantor” means an Initial Member Guarantor or an
Additional Member Guarantor and which, in either case, has not been released from the Deed of Guarantee; 
 “Guaranteed
Obligations” has the same meaning as in the Deed of Guarantee; 
 “Holder” has the meaning given in Recital A
above; and 
 “Initial Member Guarantor” means each Person that shall have initially executed and delivered the Deed of
Guarantee. 
  

	(c)	 In this deed poll: 

(1) A reference to the Deed of Guarantee includes all amendments or supplements to, or replacements or novations of, either of them; and 

(2) a reference to a Holder includes its successors and permitted assigns. 

2. Guarantee 
 For valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Member Guarantor hereby jointly and severally with each Existing Member Guarantor absolutely, irrevocably and unconditionally guarantees to each Holder the due and punctual payment and performance of
the Guaranteed Obligations. 
 3. Representations and Warranties 

The Member Guarantor represents and warrants as set out in Section 3 of the Deed of Guarantee. 

4. Status of Guarantor 
 The Member Guarantor agrees that
it hereby becomes a “Member Guarantor” as defined in, and for all purposes under, the Deed of Guarantee as if named in and as a party to the Deed of Guarantee, and accordingly is bound by the Deed of Guarantee as a Member Guarantor. 

5. Benefit of deed poll 
 This deed poll is given in favour
of and for the benefit of: 
  

	(a)	 each Holder; and 

  

	(b)	 each Existing Member Guarantor; 

 and their respective successors and permitted assigns. 

6. Address for notices 
 The details for the Member
Guarantor for service of notices are: 
 Email: 
 Address:

 Attention: 
 Facsimile: 

7. Jurisdiction and process 
 The provisions of
Section 5.03 of the Deed of Guarantee shall apply, mutatis mutandis, to this deed poll as if set out in full. 
 8. Governing law and
jurisdiction 
 This deed poll shall be governed by and construed in accordance with the laws of the State of New South Wales in the Commonwealth of
Australia. 
 EXECUTED as a deed poll: 
 SIGNED and
DELIVERED 
 for [INSERT NAME OF MEMBER GUARANTOR] 

by its attorney: 
  

	
	  
 Attorney

	
	  
 Name (please print)

 EXHIBIT 15.2 

[FORM OF QP TRANSFER CERTIFICATE] 

QP TRANSFER CERTIFICATE 

Reference is made to the Note and Guarantee Agreement dated as of September 24, 2009 (as from time to time amended, the “Note and
Guarantee Agreement”), between FOXTEL Management Pty Limited (ABN 65 068 671 938), a company registered under the laws of Australia(“FOXTEL Management”), in its own capacity (in such capacity, the “Company”),
Sky Cable Pty Limited (ABN 14 069 799 640) (“Sky Cable”), Telstra Media Pty Limited (ABN 72 069 799 640) (“Telstra Media” and, together with Sky Cable, the “Partners”), FOXTEL Management, in its
capacity as agent for the Partners as a partnership carrying on the business of the FOXTEL Partnership and as agent for the FOXTEL Television Partnership (in all such capacities, the “Guarantor” and, the Guarantor, together with the
Company, collectively, the “Obligor”), and the purchasers listed in Schedule A thereto. 
 Capitalized terms used in this
QP Transfer Certificate but not defined herein are used as defined in the Note and Guarantee Agreement. 
 The undersigned transferee of
Notes hereby represents and warrants to the Obligor as follows: 
 (1) The undersigned [circle either clause
(a) or clause (b) below]: 
 (a) is not a “U.S. person”, as defined in
Rule 902(k) under the United States Securities Act of 1933, as amended; or 
 (b) is a “qualified
purchaser”, as defined in Section 2(a)(51) of the United States Investment Company Act of 1940, as amended, and the rules and regulations thereunder; and 

(2) The undersigned will not offer, sell, pledge or otherwise transfer any Note unless the transferee thereof delivers a QP Transfer
Certificate to the Obligor, as set forth in Section 15.2 of the Note and Guarantee Agreement. 
  

			
	[INSERT NAME OF TRANSFEREE]
		
	By:	 	  

		 	Name:
		 	Title:
	Dated:	 	  

 EXHIBIT 24 

SUBSTITUTE POST-SECURITY RELEASE DATE PROVISIONS 

(A) Section 7.2(a): 
 (a)
Covenant Compliance — the information (including detailed calculations) required in order to establish whether the Obligor and the Partners, as the case may be, were in compliance with the requirements of Sections 10.5 through 10.8
hereof, inclusive, during the interim or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case
may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); provided that, (i) if neither the Obligor nor any Member, as the context requires, has been party to a
Disposition during the relevant period covered by such certificate, then such certificate shall state such fact and information and calculations with respect to Section 10.5 shall not be included in such certificate, (ii) if all
outstanding Indebtedness of each Member (other than the Obligor and any Member Guarantor) as of the last day of the relevant period covered by such certificate is permitted under clauses (i) through (v) of Section 10.6(a), then such
certificate shall state such fact and information and calculations with respect to Section 10.6(a)(vi) need not be included in such certificate, and (iii) if all Liens on property and assets of the Obligor and any Member as of the last day
of the relevant period covered by such certificate are permitted under clauses (i) through (vii) of Section 10.6(b), then such certificate shall state such fact and information and calculations with respect to Section 10.6(b)(viii)
need not be included in such certificate; and 
 (B) Section 10.5: 

10.5. Sale of Assets. 
 The Obligor will
not, and the Obligor will not permit any Member to, sell, transfer, or otherwise dispose (collectively, a “Disposition”) of any of their properties or assets, except: 

(a) Dispositions constituting the creation of a Lien not prohibited under Section 10.6(b); 

(b) Dispositions to the Obligor or any Member Guarantor; provided, that, if the properties or assets subject to any such
Disposition were subject to a Security prior to such Disposition, such properties or assets remain subject to a Security; 

(c) Dispositions of property or assets in exchange for other properties or assets of comparable value and utility; 

(d) Dispositions of worn out, obsolete or redundant property or assets; 

 (e) Dispositions on arms length terms of property or assets not required for
the efficient operation of the Business; and 
 (f) other Dispositions, provided that any such Disposition is for fair market
value and (i) the aggregate book value of the properties and assets subject to all such Dispositions pursuant to this clause (f) during any fiscal year of the FOXTEL Group does not exceed 10% of Total Assets as at the end of the
immediately preceding fiscal year of the FOXTEL Group (the “Disposition Cap”) or (ii) within 365 days after any such Disposition or portion thereof that would cause the Disposition Cap to be exceeded, the net after-tax proceeds of such Disposition (or relevant portion thereof, as the case may be) are used to (x) purchase productive assets for use by the Obligor or any Member Guarantor in the Business or
(y) repay or prepay any unsubordinated Indebtedness of the Obligor or any Member Guarantor or any Indebtedness of any Member that is not a Member Guarantor (other than Indebtedness owing to the Obligor, a Member or a Partner); provided that,
the Obligor has, on or prior to the application of any net after-tax proceeds to the repayment or prepayment of any Indebtedness pursuant to the foregoing clause (y), (1) offered to prepay the Notes with such
net after- tax proceeds (in whole or, if the aggregate outstanding principal amount of the Notes at such time exceeds such net- after tax proceeds, in part) in accordance with Section 8.5 or
(2) offered to prepay the Notes pro rata with all such Indebtedness in accordance with Section 8.5, whereby the aggregate principal amount of the Notes subject to such offer of prepayment shall be equal to the product of
(A) the net after-tax proceeds being so applied and (B) a fraction, the numerator of which is the aggregate outstanding principal amount of the Notes at such time and the denominator of which is the
aggregate outstanding principal amount of Indebtedness (including the Notes) receiving any repayment or prepayment (or offer thereof) pursuant to the foregoing clause (y); and provided further, that for purposes of this Section 10.5,
“net after-tax proceeds” shall mean the gross proceeds from such Disposition net of any taxes, costs and expenses associated therewith. 

Any Disposition of shares of stock of any Member shall, for purposes of this Section 10.5, be valued at an amount that bears the same
proportion to the total assets of such Member as the number of such shares bears to the total number of shares of stock of such Member. 

Upon the Disposition in accordance with this Section 10.5 of any properties or assets constituting Secured Property, subject to any
requirements of this Section 10.5 that such Secured Property continue to be subject to a Security and further subject to there not existing at such time any Default or Event of Default, the holders of Notes consent to such Secured Property
being released from each Security to which it is subject and shall take those actions (at no cost or expense to such holders) reasonably requested by any Transaction Party or the Security Trustee necessary to release such Secured Property from such
Security. 

  
 2 

 (C) Section 10.6: 

10.6. Member Indebtedness; Liens. 
 (a) The
Obligor will not permit any Member (other than the Obligor) to create, assume, incur or guaranty or otherwise be or become liable in respect of any Indebtedness, other than: 

(i) Indebtedness secured by Liens of any Member permitted pursuant to Section 10.6(b)(vi) or, to the extent applicable to
a Lien incurred pursuant to Section 10.6(b)(vi), Section 10.6(b)(vii)); 
 (ii) Indebtedness of any Member
Guarantor; 
 (iii) Indebtedness owing to the Obligor or to any other Member; 

(iv) Indebtedness of each Person that becomes a Member or that merges into or consolidates with the Obligor or any Member, and
which Indebtedness (x) was outstanding on the date that such Person so becomes a Member or merges into or consolidates with either Obligor or any Member and (y) was not incurred in contemplation of such Person becoming a Member or merging
into or consolidating with the Obligor or any Member; 
 (v) any extension, renewal or refunding of any Indebtedness
permitted pursuant to clause (a)(i) or (iv) above, provided that the principal amount of such Indebtedness is not increased; and 

(vi) Indebtedness incurred by any Member in addition to Indebtedness described in clauses (a)(i) through (v) above,
provided that immediately after giving effect thereto the sum (without duplication) of (i) the aggregate outstanding principal amount of all Indebtedness of all Members (other than Indebtedness excluded pursuant to any of clauses (a)(i) through
(v) above) plus (ii) the aggregate outstanding principal amount of all Indebtedness of the Obligor and Members secured by Liens pursuant to Section 10.6(b)(viii), shall not exceed 10% of Total Assets at such time. 

(b) The Obligor will not, and will not permit any Member to, create, permit or suffer to exist any Lien over all or any property or assets,
whether now owned or hereafter acquired, of the Obligor or any Member Guarantor, except for: 
 (i) a Security; 

(ii) Liens of any Member (other than the Obligor or any Member Guarantor) in favor of the Obligor or any other Member and Liens
of the Obligor or any Member Guarantor in favor of the Obligor or any Member Guarantor; 
 (iii) Liens in relation to Capital
Leases over STUs and other similar technical equipment; provided, that the aggregate book value of the STUs and other similar technical equipment subject to such Capital Leases at any time does not exceed A$ 175,000,000; 

  
 3 

 (iv) Liens arising by operation of law in the ordinary course of its ordinary business securing
(A) an obligation that is not yet due or (B) if due but unpaid, Indebtedness which is being contested in good faith; 
 (v) Liens
in relation to retention of title arrangements entered into in the ordinary course of its business for a period of not more than 120 days; 

(vi) Liens (A) on property or assets acquired, constructed or improved by the Obligor or any Member after the date of Closing, or in
rights relating to such property or assets, which Liens are created at the time of acquisition or completion of construction or improvement of such property or assets within 365 days thereafter, to secure Indebtedness assumed or incurred to finance
all or any part of the purchase price of the acquisition or cost of construction or improvement of such property or assets, (B) on property or assets at the time of the acquisition thereof by the Obligor or any Member (and not incurred in
anticipation thereof), and (C) on property or assets of a Person at the time that such Person becomes a Member, or the Obligor or any Member acquires or leases the properties or assets of such Person as an entirety or substantially as an
entirety, or such Person merges into or consolidates with the Obligor or any Member (and in each case not incurred in anticipation thereof), provided that (x) in the case of the foregoing clause (A), the aggregate principal amount of
Indebtedness secured by any such Lien in respect of any such property or assets shall not exceed the lower of the cost and the fair market value of such property (or rights relating thereto) and (y) in the case of the foregoing clauses (A), (B)
and (C) , no such Lien shall extend to or cover any other property or assets of the Obligor or any Member; 
 (vii) Liens incurred in
connection with any extension, renewal, refinancing, replacement or refunding of any Liens (or related Indebtedness) permitted pursuant to clause (vi) above, provided that (A) the principal amount of Indebtedness secured thereby
immediately before giving effect to such extension, renewal, refinancing, replacement or refunding is not increased and (B) such Lien is not extended to any other property of the Obligor or any Member; and 

(viii) Liens securing Indebtedness of the Obligor or any Member in addition to those described in clauses (b)(i) through (vii) above,
provided that immediately after giving effect thereto the sum (without duplication) of (i) the aggregate outstanding principal amount of all Indebtedness of the Obligor and Members secured by Liens pursuant to this clause (b)(viii) plus
(ii) the aggregate outstanding principal amount of all Indebtedness of all Members (other than Indebtedness excluded pursuant to any of clauses (i) through (v) of Section 10.6(a)), shall not exceed 10% of Total Assets at such time.

  
 4

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