DRIVER AUSTRALIA MASTER TRUST — Capital/Financing Update 2019

Nov 24, 2019

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An investment in the Notes that are the subject of these Final Terms is only suitable for financially sophisticated investors who are capable of evaluating the merits and risks of such investment and who have sufficient resources to be able to bear any losses (including the total loss of the invested amount) which may result from such investment.

Final Terms

25 November 2019

PERPETUAL CORPORATE TRUST LIMITED in its capacity as trustee of the Driver Australia Master Trust

( incorporated with limited liability in Australia with ACN 000 341 533 )

as Issuer

for the issuance of the

A$5,400,000 Series 2016-2 Class A Notes

issued in registered form pursuant to the

A$3,000,000,000 Programme for the Issuance of Notes

These Final Terms are issued to supplement the information in relation to the issue of Class A Notes by Perpetual Corporate Trust Limited in its capacity as trustee of the Driver Australia Master Trust under the A$3,000,000,000 Programme for the issuance of Notes (the " Programme ").

Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Offering Circular. Capitalised terms not otherwise defined herein shall have the meaning specified in the Conditions of the Class A Notes. All references in these Final Terms to numbered Conditions are to be read as reference to the respective Conditions of the Class A Notes.

Solely for the purpose of each manufacturer’s product approval process, the target market assessment in respect of the Class A Notes has led to the conclusion that: (i) the target market for the Class A Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, " MiFID II "); and (ii) all channels for distribution of the Class A Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Class A Notes (a " distributor ") should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Class A Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

1	Issue Price:	A$5,400,000
2	Initial Series 2016-2 Class A Note Issue Date:	25 November 2016
3	Further Issue Date:	25 November 2019
4	First occurring Payment Date with respect to theFurther Notes of Series 2016-2 Class A Notes subjectto these Final Terms:	27 December 2019
5	Class A Series Number:	2016-2
6	Tranche Number:	32

Final Terms – Series 2016-2 Class A Notes

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7	Aggregate Nominal Amount of Further Notes ofsubject of these Final Terms:	AUD 5,400,000
8	Aggregate Nominal Amount of Series 2016-2 Class ANotes (including the Notes subject of these FinalTerms):	AUD 41,800,000
9	Maximum Issuance Amount of Series 2016-2 Class ANotes:	AUD 100,000,000
10	Series 2016-2 Class A Notes Interest Rate:	1 month BBSW plus the Margin as set out inCondition 8.3
11	Series 2016-2 Class A Notes Factor(Condition 7.1(c))	The calculation of the Notes Factor isdescribed in the relevant definition.
12	Amount on which interest is to be paid on thePayment Date the date of these Final Terms(Condition 9.1):	AUD 36,400,000
13	Margin (Condition 8.3):	1.00 per cent.per annum(as amended inaccordance withCondition 9.5).
14	Series 2016-2 Class A Revolving Period ExpirationDate:	Payment Date falling in June 2020 (andincluding) (or as extended in accordance withCondition 9.5).
15	Series 2016-2 Class A Scheduled Repayment Date(Condition 9.4):	Payment Date falling in February 2024 (or asextended in accordance withCondition 9.5asa consequence of the extension of the Series2016-2 Class A Revolving Period ExpirationDate)
16	Series 2016-2 Class A Final Maturity Date(Condition 9.4):	Payment Date falling in August 2028 (or asextended in accordance withCondition 9.5asa consequence of the extension of the Series2016-2 Class A Revolving Period ExpirationDate)
17	Settlement information:	Delivery against payment.
18	ISIN Code	AU3FN0036612
19	Admission to trading and total expenses:	Application has been made for the Series2016-2 Class A Notes subject of these FinalTerms to be admitted to trading on theregulated market of the Australian SecuritiesExchange with effect from after the Initial IssueDate. The total expenses related to theadmission to trading will amount to Nil.

Final Terms – Series 2016-2 Class A Notes

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