DRIVER AUSTRALIA MASTER TRUST — Capital/Financing Update 2019

Nov 24, 2019

==> picture [398 x 79] intentionally omitted <==

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$10,900,000 Series 2019-1 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$10,900,000
2	Initial Issue Date:	25 June 2019
3	Further Issue Date	25 November 2019
4	First occurring Payment Date with respect to the	27 December 2019
	Further Notes of Series 2019-1 Class A Notes
	the subject to these Final Terms:

Final Terms – Series 2019-1 Class A Notes

1

 King & Wood Mallesons 44391434_2

5	Class A Series Number:	2019-1
6	Tranche Number:	5
7	Aggregate Nominal Amount of Further Notes thesubject of these Final Terms:	AUD10,900,000
8	Aggregate Nominal Amount of Series 2019-1Class A Notes (including the Notes subject ofthese Final Terms):	A$83,600,000
9	Maximum Issuance Amount of Series 2019-1Class A Notes:	A$200,000,000
10	Series 2019-1 Class A Notes Interest Rate:	1 month BBSW plus the Margin as set out inCondition 8.3
11	Series 2019-1 Class A Notes Factor(Condition 7.1(c))	The calculation of the Notes Factor is described inthe relevant definition.
12	Amount on which interest is to be paid on thefirst New Issue Date (Condition 9.1):	A$72,700,000
13	Margin (Condition 8.3):	1.00 per cent.per annum(as amended inaccordance withCondition 9.5).
14	Series 2019-1 Class A Revolving PeriodExpiration Date:	Payment Date falling in June 2020 (and including)(or as extended in accordance withCondition 9.5).
15	Series 2019-1 Class A Scheduled RepaymentDate (Condition 9.4):	Payment Date falling in February 2024 (or asextended in accordance withCondition 9.5as aconsequence of the extension of the Series 2019-1Class A Revolving Period Expiration Date)
16	Series 2019-1 Class A Final Maturity Date(Condition 9.4):	Payment Date falling in August 2028 (or asextended in accordance withCondition 9.5as aconsequence of the extension of the Series 2019-1Class A Revolving Period Expiration Date)
17	Settlement information:	Delivery free of payment
18	ISIN Code	AU3FN0048765
19	Admission to trading and total expenses:	Application has been made for the Series 2019-1Class A Notes subject of these Final Terms to beadmitted to trading on the regulated market of theAustralian Securities Exchange with effect fromafter the Initial Issue Date. The total expensesrelated to the admission to trading will amount toAUD Nil.

 King & Wood Mallesons Final Terms – Series 2019-1 Class A Notes 44391434_2

2