Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To:	Company Name/Scheme ABN/ACN/ARSN	Beadell Resources Ltd 50 125 222 291
	1. Details of substantial holder
Name		Macquarie Group Limited ('MQG'); and its controlled bodies corporate listed in Annexure A ('Macquarie Group Entities')
	ABN/ACN/ARSN (if applicable)	122 169 279
	The holder became a substantial holder on:	13 May 2013

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person's votes	Voting power
'FPO'	39,552,582	39,552,582	5.02%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest	Number of securities	Class
MACQUARIE INVESTMENT MANAGEMENT
LTD	Pursuant to section 608 of the Corporations Act	21,279,245	FPO
MACQUARIE BANK LIMITED	Pursuant to section 608 of the Corporations Act	18,201,830	FPO
MACQUARIE LIFE LIMITED	Pursuant to section 608 of the Corporations Act	71,507	FPO

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered	Number of securities	Class
		as holder
MACQUARIE INVESTMENT	Northern Trust Corporation ( Singapore	Northern Trust Corporation (
MANAGEMENT LTD	Branch)	Singapore Branch)	10,582,574	FPO
	BOND STREET CUSTODIANS LIMITED	BOND STREET CUSTODIANS
		LIMITED	5,672,114	FPO
	National Nominees Limited	National Nominees Limited	2,229,938	FPO
	Citibank Melbourne	Citibank Melbourne	1,309,788	FPO
	JP Morgan Securities Australia GTI	JP Morgan Securities Australia GTI	1,297,151	FPO
	HSBC Bank Australia Limited	HSBC Bank Australia Limited	187,680	FPO
MACQUARIE BANK LIMITED	MACQUARIE BANK LIMITED	MACQUARIE BANK LIMITED	18,201,830	FPO
MACQUARIE LIFE LIMITED	BOND STREET CUSTODIANS LIMITED	BOND STREET CUSTODIANS
		LIMITED	71,507	FPO

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration	Number of securities	Class
See Annexure B

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable)	Nature of association
Macquarie Group Limited &	Controlled Bodies Corporate
Macquarie Group Entities

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
MQG	Level 7, No 1 Martin Place, Sydney NSW 2000
MACQUARIE BANK LIMITED	Level 3 25 National Circuit Forrest Australian Capital Territory Australia 2603
MACQUARIE INVESTMENT MANAGEMENT
LTD	C/- Company Secretarial Mezzanine Level No. 1 Martin Place Sydney New South Wales Australia 2000
MACQUARIE LIFE LIMITED	C/- Company Secretarial Mezzanine Level No. 1 Martin Place Sydney New South Wales Australia 2000
Northern Trust Corporation ( Singapore
Branch)	1 George Street #12-06 Singapore 049145
BOND STREET CUSTODIANS LIMITED	C/- Company Secretarial Mezzanine Level No. 1 Martin Place Sydney New South Wales Australia 2000
National Nominees Limited	5th Floor, 271 Collins St., Melbourne VIC 3000
Citibank Melbourne	Mezzanine Level 1 Martin Place Sydney NSW 2000

JP Morgan Securities Australia GTI Level 35, AAP Centre, Sydney NSW 2000
HSBC Bank Australia Limited Level 31 HSBC Centre, 580 George St, Sydney NSW 2000


Print name Paula Walsh	Capacity	Assistant Company Secretary

Sign here	Date	15 May 2013

ANNEXURE 'A'

This is the annexure marked 'A' of 19 pages referred to in the Notice of initial substantial holder.

Paula Walsh Assistant Company Secretary, Macquarie Group Limited 15 May 2013

Controlled Bodies Corporate

ACN / Company No	Entity Name	Incorp Country
unlisted	Taurus Enhanced Gold and Precious Metals Fund	Australia
4649834	1135-1139 WESTMINSTER INC.	United States
1486261	1486261 Ontario Limited	Canada
133419708	160 CENTRAL HOLDING COMPANY PTY LIMITED	Australia
2279716	2279716 Ontario Limited	Canada
124437574	ACCESS GP CO PTY LIMITED	Australia
124437421	ACCESS LP CO PTY LIMITED	Australia
153 275 677	ACN 153 275 677 Pty Ltd	Australia
5170061	Adreca Holdings Corp.	United States
1033353	AIRCRAFT ON GROUND, INC.	United States
75176813	AIRPORT MOTORWAY INFRASTRUCTURE NO.1 PTY LIMITED	Australia
75176859	AIRPORT MOTORWAY INFRASTRUCTURE NO.3 PTY LIMITED	Australia
75176993	AIRPORT MOTORWAY INFRASTRUCTURE NO.4 PTY LIMITED	Australia
81119477	ALLOCA (NO. 4) PTY. LIMITED	Australia
141 710 527	ALMOND HOLDCO PTY LIMITED (IN DEREGISTRATION)	Australia
3936270	Alster & Thames Partners (USA) LLC	United States
WK-145138	Alster & Thames Partners, Ltd.	Cayman Islands
8300092	Amador / Parkway Loan Holder LLC	United States
08.266.585/0001-04	AMAZON PARTICIPACOES DO BRASIL S.A.	Brazil
800004897	AOG EUROPE, LTD.	United States
800037055	AOG TANK TIGERS, INC.	United States
112 951 292	ARES CAPITAL MANAGEMENT INTERNATIONAL PTY LTD	Australia
	ARES CAPITAL MANAGEMENT INTERNATIONAL TRUST	Australia
113 861 046	ARES CAPITAL MANAGEMENT PTY LTD	Australia
	ARES CAPITAL MANAGEMENT TRUST	Australia
128 115 266	ARES INTERNATIONAL RESEARCH PTY LTD	Australia
128 115 248	ARES RESEARCH PTY LTD	Australia
124437609	ASIAN PACIFIC PROPERTY 2007 PTY LIMITED	Australia
136 524 975	AUSTRALIAN SOLAR POWER CONSORTIUM PTY LTD	Australia
3336426	AVENAL POWER CENTER, LLC	United States
600 235 951	AVIATION TECHNICAL SERVICES INC.	United States
3595090	AWHR America's Water Heater Rentals, L.L.C.	United States
4029153	AWHR Five, LLC	United States
4029149	AWHR Four, LLC	United States
4029145	AWHR One, LLC	United States
4029154	AWHR Six, LLC	United States
4029148	AWHR Three, LLC	United States
4029147	AWHR Two, LLC	United States
304030	A.C.N. 000 304 030 PTY LIMITED (IN LIQUIDATION)	Australia
67299923	A.C.N. 067 299 923 PTY LTD	Australia
127162485	A.C.N. 127 162 485 PTY LTD (IN LIQUIDATION)	Australia
127294946	A.C.N. 127 294 946 PTY LTD (IN LIQUIDATION)	Australia
127329337	A.C.N. 127 329 337 PTY LIMITED	Australia
136 024 970	A.C.N. 136 024 970 PTY LTD	Australia
154 402 927	A.C.N. 154 402 927 Pty Ltd	Australia
59814818	BAROSSA GE PTY LIMITED	Australia
HRB 177683	BE Geothermal GmbH	Germany
158 626 549	BECAG PTY LIMITED	Australia
8604966	BELIKE NOMINEES PTY. LIMITED	Australia
HRB 187113	Bernried Erdwärme Kraftwerk GmbH	Germany
128681809	BESPOKE CUSTODIANS PTY LIMITED (IN LIQUIDATION)	Australia
4522327	BIG SANDY CREEK WIND, LLC	United States
200921079K	BIOCARBON GROUP PTE. LIMITED (Former Non-Bank Group)	Singapore
131 532 735	BIOCARBON SERVICES PTY LIMITED	Australia
131 532 735	BIOCARBON SERVICES PTY LIMITED (Former Non-Bank Group)	Australia
	Blue Grass Abstract LLC	United States
	Blueshine, LLC	United States
5182626	Boketo LLC	United States
8607065	BOND STREET CUSTODIANS LIMITED	Australia
8606924	BOND STREET INVESTMENTS PTY. LIMITED	Australia
71247606	BOND STREET LEASE MANAGEMENT PTY LIMITED (IN	Australia
	BOOTH STAFF LOANS TRUST	Australia

4680004	BOSTON AUSTRALIA PTY LIMITED	Australia
5008702	BOSTON LEASING PTY. LIMITED	Australia
C0593320	BREK MANUFACTURING CO.	United States
1218745	BROOK ASSET MANAGEMENT LIMITED	New Zealand
1855508	BROOK ASSET MANAGEMENT PTY LIMITED	New Zealand
B64188642	Bruna Moon S.L.	Spain
	BUCKLING STAFF LOANS TRUST	Australia
88217	Bunhill Investments Unlimited	Jersey
2865830	BUTTONWOOD NOMINEES PTY LIMITED	Australia
79173381	CAMPUS INTERNATIONAL HOLDINGS PTY. LTD	Australia
	CAMPUS INTERNATIONAL HOLDINGS UNIT TRUST	Australia
4644364	CANADIAN BREAKS LLC	United States
Not Registered	CANTERBURY COURT HOLDINGS TRUST	Australia
4800336 4800317	Capital Meters Holdings Limited Capital Meters Limited	United Kingdom United Kingdom
B86295391	Captico Investments, S.L.	Spain
113484165	CENTAURUS INVESTOR PTY LIMITED	Australia
B 142637	Chartreuse et Mont Blanc Global Holdings S.C.A.	Luxembourg
B 142634	Chartreuse et Mont Blanc GP S.a r.l.	Luxembourg
B 142635	Chartreuse et Mont Blanc Holdings S.a r.l.	Luxembourg
508 758 745 RCS Paris	Chartreuse et Mont Blanc SAS	France
46527C1/GBL	CHINA PROPERTY INVESTMENTS LIMITED	Mauritius
WK-133807	Chiswell Investments Limited	Cayman Islands
2228708	CIORL LP Limited	Canada
	Closing Documentation Services, LLC	United States
	CMC Holdco Inc.	United States
	CMC Industries Inc.	United States
	CMC Railroad III-A, Inc.	United States
	CMC Railroad III-B, Inc.	United States
	CMC Railroad III-C, Inc.	United States
	CMC Railroad III-D, Inc.	United States
	CMC Railroad III, Inc. CMC Railroad Inc.	United States United States
3709185	Columbia Service Partners of Kentucky, Inc.	United States
3709185	Columbia Service Partners of Ohio, Inc.	United States
3709187	Columbia Service Partners of Pennsylvania, Inc.	United States
3709182	Columbia Service Partners of West Virginia, Inc.	United States
2603344	Columbia Service Partners, Inc.	United States
	Commerce and Industry Brokerage Inc.	United States
79775134	CONCEPT BLUE PROPERTY PTY LTD	Australia
104379491	CORIOLIS HOLDINGS PTY LIMITED - IN LIQUIDATION	Australia
3241012	Corona Energy Limited	United Kingdom
3241002	Corona Energy Retail 1 Limited	United Kingdom
SC138229	Corona Energy Retail 2 Limited	United Kingdom
2746961 2798334	Corona Energy Retail 3 Limited Corona Energy Retail 4 Limited	United Kingdom United Kingdom
2879748	Corona Gas Management Limited	United Kingdom
	COWLEY MAP STAFF LOANS TRUST	Australia
64075C1/GBL	DALIAN II HOLDING COMPANY LIMITED
		Mauritius

147 091 227	DATAFIRM PTY LIMITED Delaware Alternative Strategies	Australia United States
	Delaware Asset Advisers	United States
	Delaware Capital Management	United States
	Delaware Capital Management Advisers, Inc.	United States
	Delaware Distributors, Inc.	United States
	Delaware Distributors, L.P.	United States
	Delaware Foundation Equity Fund	United States
	Delaware Global Opportunities Partners, Inc.	United States
	Delaware Investment Advisers	United States
	Delaware Investments U.S., Inc. Delaware Lincoln Cash Management	United States United States
	Delaware Management Business Trust	United States
	Delaware Management Company	United States
	Delaware Management Company, Inc.	United States
no	Delaware Management Holdings, Inc.	United States
	Delaware Management Trust Company	United States
	Delaware Service Company, Inc.	United States
	Delaware Structured Assets Parnters, Inc.	United States
	DELTA1 FINANCE TRUST	Australia
5843681	Despen Bayle Limited	United Kingdom
8606871 B86081437	DEXIN NOMINEES PTY. LIMITED Dextertown SL	Australia Spain

101 190 569 101 190 649	DIVCO 116 PTY LIMITED DIVCO 126 PTY LIMITED	Australia Australia
097 289 999 097 290 821	DIVCO 84 PTY LIMITED DIVCO 96 PTY LIMITED	Australia Australia

	DIVERSIFIED CMBS AUSTRALIA HOLDINGS PTY LIMITED (IN
109819418	DEREGISTRATION)	Australia
110311	Divisadero Leasing Ltd. DMH Corp.	Cayman Islands United States
128078615	EAST VICTORIA PARK JOINT VENTURE PTY LIMITED - IN LIQUIDATION	Australia
94631964	EASTERN SEA INVESTMENTS PTY LIMITED	Australia
	Elements Trust	Australia
69344001	ELISE NOMINEES PTY LIMITED	Australia
6435810	EQUITAS NOMINEES PTY. LIMITED	Australia
4605170	ERC Holdco LLC	United States
116532542	ESCALATOR 2005-2 (COMMODITIES INDEX) PTY LIMITED (IN DEREGISTRATION)	Australia
116532533	ESCALATOR 2005-2 (EQUITIES INDEX) PTY LIMITED (IN	Australia
	ESCALATOR 2005 (COMMODITIES INDEX) PTY LIMITED (IN
114174211	DEREGISTRATION)	Australia
114174220	ESCALATOR 2005 (EQUITIES INDEX) PTY LIMITED (IN DEREGISTRATION)	Australia
	ESCALATOR 2006 (AUSTRALIAN PROPERTY) PTY LIMITED (IN
120435841	DEREGISTRATION)	Australia
111360528 111494574	ESCALATOR AUSTRALIAN INVESTMENT COMPANY PTY LIMITED ESCALATOR GP CO PTY LIMITED	Australia Australia
111494663	ESCALATOR INCOME NOTE CO PTY LIMITED	Australia
111494467	ESCALATOR LP CO PTY LIMITED	Australia
79878783	EURO FIN CO PTY LTD	Australia
4721352	FAS 1 LLC	United States
9636131	FELTER PTY LIMITED - IN LIQUIDATION	Australia
137357	FINCH SECURITIES LIMITED	Cayman Islands
779889 779887	FIRST CHINA PROPERTY GROUP LIMITED FIRST CHINA PROPERTY MANAGEMENT LIMITED	Hong Kong Hong Kong
8604466	FOUCAULT PTY LIMITED - IN LIQUIDATION	Australia
3432790	Four Corners Capital Management, LLC	United States
	Fox-Pitt Kelton Cochran Caronia Waller LLC	United States
	Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC	United States
2897779	Fox-Pitt, Kelton Group Limited	United Kingdom
1601171 32157	Fox-Pitt, Kelton Limited Fox-Pitt, Kelton N.V.	United Kingdom Curaçao
692337	FOX-PITT, KELTON (ASIA) LIMITED	Hong Kong
99228	FPK Capital I CIP GP Limited	Jersey
989	FPK Capital I CIP L.P.	Jersey
4222775	Fremantle Energy Holdings, LLC	United States
4222772 3930054	Fremantle Energy, LLC Fremantle Wind Holdings Inc.	United States United States
106204862	FUNDCORP PTY LIMITED	Australia
8542685	GALANTHUS AUSTRALIA PTY LIMITED - IN LIQUIDATION	Australia
1581031	GALANTHUS LEASING PTY LIMITED	Australia
B86230539	Ganeta Investments SL	Spain
68104558	GARACHINE PTY LIMITED (In LIquidation) Garrison Energy Center LLC	Australia United States
54001400	GATESUN PTY. LIMITED	Australia
109964	Geary Leasing Limited	Cayman Islands
1332891	GENERATOR BONDS LIMITED	New Zealand
108026437	GENERATOR CHARITIES AUSTRALIA PTY LIMITED	Australia
103116954	GENERATOR INVESTMENTS AUSTRALIA PTY LIMITED	Australia
9642942 105819181	GILLMAN PTY. LIMITED GLOBAL DEBT INVESTMENTS NO.4 PTY LIMITED (IN LIQUIDATION)	Australia Australia
MC143292	GLOBAL STAR GP LTD	Cayman Islands
8604484	GLORIOLE PTY LIMITED - IN LIQUIDATION	Australia
N/A	Goldman Sachs Commodity Alpha Beta Portfolio class C	Luxembourg
5481707	Goonzaran Bluebell Funding Limited	United Kingdom
5473771 4521455	Goonzaran Bluebell Leasing Limited Groupe Rossignol Canada Inc.	United Kingdom Canada
0100-01-086076	GROUPE ROSSIGNOL KK	Japan
148 217 029	HARRIS DAIRIES LIMITED	Australia
148 217 029	HARRIS DAIRIES LIMITED (Former Bank Group)	Australia
3416168	Harrison Leasing Corporation	United States
415492 125438600	HBEAR CO. NO.1 LIMITED HENDERSON WA PTY LIMITED	Ireland Australia
not registered	HENDERSON WA TRUST	Australia
	Hermes BPK Greater China Fund (a sub-fund of Hermes BPK Funds PLC)	Ireland
4317904	High Lonesome Wind, LLC	United States
758010	HILLSAM NOMINEES PTY. LIMITED (IN LIQUIDATION)	Australia
104173891	HOBSON STAFF LOANS TRUST HUB X PTY LIMITED	Australia Australia
2563271	Huntsmen Corporation	United States
97666	Hydra Investments 2007 Limited	Jersey
2757020	IDAMENEO (NO. 79) NOMINEES PTY. LIMITED	Australia
9642979	INDEMCO PTY LIMITED (IN DEREGISTRATION)	Australia

	Indiana TLP, LLC	United States
HRA43929	Industrial Investments Germany GmbH & Co. KG	Germany
65764	INFRASTRUCTURE INVESTMENT NO. 2 LTD.	Cayman Islands
73710942	INFRASTRUCTURE INVESTMENTS NO 1 PTY LIMITED	Australia
	International Ag Insurance Solutions LLC	United States
	IRVING STAFF LOANS TRUST	Australia
CR-113608	Jackson Leasing Limited	Cayman Islands
72362	Jet Leasing LDC	Cayman Islands
0100-02-036303	JIG HOLDINGS LIMITED	Japan
	JOHNSON MAP STAFF LOANS TRUST	Australia
9641114	JUBILEE PTY. LIMITED	Australia
464138	Juuichi Limited	Ireland
254939	Kandahar Sp. z o.o. (in liquidation)	Poland
CR-113609	Kearny Leasing Limited	Cayman Islands
4721412	Keba Energy LLC	United States
4310212	Knik Arm Crossing, LLC	United States
140 135 379	LAKE GEORGE WIND FARM DEVELOPMENTS PTY LTD	Australia
3250833	LANROD PTY LIMITED - IN LIQUIDATION	Australia
491404	Leannta PPP Investments Limited (in voluntary liquidation)	Ireland
130271108	LEARNSPACE VIC HOLDINGS PTY LIMITED (IN LIQUIDATION)	Australia
130271180	LEARNSPACE VIC PTY LIMITED (IN LIQUIDATION)	Australia
8272295 4708904	Levantera Developments Limited LG BIOMASS MISSOURI LLC	United Kingdom United States
8604920	LIANA PTY. LIMITED	Australia
	Liberty Green Renewables Indiana, LLC	United States
	Lien Data Services, LLC	United States
HRB80214	Lightning Bolt Germany GmbH	Germany
CH -217-3534284-8	LISA Lange International Sarl	Switzerland
131532664	LIVING EDUCATION HOLDINGS PTY LTD	Australia
131532637	LIVING EDUCATION PTY LTD	Australia
397 727 397 RCS NEVERS	Look Fixations S.A.S.	France
118029664	M & I DEBT INVESTMENTS PTY LIMITED (IN DEREGISTRATION)	Australia
118029342	M & I INVESTMENTS HOLDINGS PTY LIMITED (IN DEREGISTRATION)	Australia
	MAC FUND ONE TRUST	Australia
4717557	MACQUARIE 55 NINTH ST INC.	United States
30416	MACQUARIE ABSOLUTE RETURN STRATEGIES GLOBAL LIMITED	Bermuda
8594885	MACQUARIE ACCEPTANCES LIMITED	Australia
95180788	MACQUARIE ADMIN SERVICES PTY LIMITED	Australia
95180788	MACQUARIE ADMIN SERVICES PTY LIMITED (Former Bank Group)	Australia
131476910	MACQUARIE ADVANCED INVESTMENT MANAGEMENT LIMITED	Australia
WK-211745	Macquarie Advanced Investment Partners G.P. Ltd.	Cayman Islands
486592	Macquarie Aerospace AF (Ireland) Limited	Ireland
40096.0 (Decree No. 10356/AVV)	MACQUARIE AEROSPACE ARUBA A.V.V.	Aruba
	Macquarie Aerospace Inc.	United States
484423	Macquarie Aerospace Ireland Limited	Ireland
44138	MACQUARIE AEROSPACE LIMITED	Bermuda
4508116	Macquarie Affiliated Managers Holdings (USA) Inc.	United States
	Macquarie Affiliated Managers (USA) Inc.	United States
2000/001243/07	MACQUARIE AFRICA (PROPRIETARY) LIMITED	South Africa
122169368	MACQUARIE AGRICULTURAL FUNDS MANAGEMENT LTD	Australia
	MACQUARIE AGRICULTURAL FUNDS MANAGEMENT LTD (Former Bank
122169368	Group)	Australia
116381634	MACQUARIE AGRICULTURAL SERVICES PTY LIMITED	Australia
B121660	Macquarie Aircraft Leasing Finance SA	Luxembourg
139 633 015	MACQUARIE AIRCRAFT LEASING HOLDINGS PTY LIMITED	Australia
429567	Macquarie Aircraft Leasing Holdings (2) Limited	Ireland
426824	Macquarie Aircraft Leasing Limited	Ireland
139 654 407 130 643 319	MACQUARIE AIRCRAFT LEASING PTY LIMITED MACQUARIE AIRCRAFT LEASING SERVICES (AUSTRALIA) PTY LTD	Australia Australia
429566	Macquarie Aircraft Leasing Services (Ireland) Limited	Ireland
200917376C	Macquarie Aircraft Leasing Services (Singapore) Pte. Ltd.	Singapore
5988531	Macquarie Aircraft Leasing Services (UK) Limited	United Kingdom
4247748	Macquarie Aircraft Leasing Services (US), Inc.	United States
	MACQUARIE AIRCRAFT LEASING TRUST A	Australia
41370	Macquarie AirFinance Acquisitions Holdings Ltd.	Bermuda
41289	Macquarie AirFinance Acquisitions Limited	Bermuda
464499	Macquarie AirFinance Acquisitions (Ireland) Limited	Ireland
6767724	Macquarie AirFinance Acquisitions (UK) Limited	United Kingdom
41212	Macquarie AirFinance Aruba A.V.V.	Aruba
435319	Macquarie AirFinance Holdings Limited	Ireland
40863	Macquarie AirFinance International Group Limited	Bermuda
40569	Macquarie AirFinance International Limited	Bermuda
38946	MACQUARIE AIRFINANCE LTD	Bermuda
38946	Macquarie AirFinance Ltd.	Bermuda
40673	Macquarie AirFinance Warehouse (No. 1) Limited	Bermuda

3461469	Macquarie Allegiance Capital, LLC	United States
103237181	MACQUARIE ALTERNATIVE ASSETS MANAGEMENT LIMITED	Australia

142 495 958	MACQUARIE ALTERNATIVE PROPERTY HOLDINGS PTY LIMITED	Australia
3379259	MACQUARIE AMERICAS CORP	United States
124071414	MACQUARIE AMERICAS HOLDINGS PTY LTD	Australia
4717558	MACQUARIE ARGENTA INC.	United States
128071545	MACQUARIE ASCARI HOLDINGS PTY LIMITED - IN LIQUIDATION	Australia
71501963	MACQUARIE ASIA HOLDINGS PTY LIMITED	Australia
619928	MACQUARIE ASIA LIMITED	Hong Kong

	Macquarie Asia New Stars Fund	Luxembourg
MC-25427	Macquarie Asia Pacific Private Equity Offshore Fund, L.P.	Cayman Islands
	MACQUARIE ASIA REAL ESTATE MANAGEMENT PTY LIMITED (IN
105453638	DEREGISTRATION)	Australia
1049991	MACQUARIE ASIA STRUCTURED TRANSACTIONS LIMITED	Virgin Islands, British
	MACQUARIE ASIA STRUCTURED TRANSACTIONS LIMITED (SINGAPORE
T07FC7008F	BRANCH)	Singapore
	Macquarie Asian Leaders Segregated Portfolio	Cayman Islands

L0000124F	MACQUARIE ASIAN PACIFIC PROPERTY 2007 LP	Australia
8253772	Macquarie Asset Finance Holdings Limited	United Kingdom
0100-01-107687	MACQUARIE ASSET FINANCE JAPAN LIMITED	Japan
64219601	MACQUARIE ASSET FINANCE LIMITED	Australia
57952C1/GBL	MACQUARIE ASSET FINANCE MAURITIUS LTD	Mauritius
7815862	Macquarie Asset Leasing (UK) Limited	United Kingdom
4578015	MACQUARIE ASSET MANAGEMENT INC.	United States
1263583	MACQUARIE ASSET MANAGEMENT PTY LIMITED	Australia
77193956	MACQUARIE AUSTRALIA FINANCE PTY LIMITED (IN DEREGISTRATION)	Australia

6055796	MACQUARIE AUSTRALIA INTERNATIONAL PTY LIMITED	Australia
736210	MACQUARIE AUSTRALIA PTY LIMITED	Australia
74453286	MACQUARIE AUSTRALIA SECURITIES LIMITED	Australia
8660811	MACQUARIE AUSTRALIA TECHNOLOGY PTY LIMITED - IN LIQUIDATION	Australia
not registered	MACQUARIE AUSTRALIAN DAIRY FUND	Australia
096 257 224	MACQUARIE AUSTRALIAN PURE INDEXED EQUITIES FUND	Australia
4687739	MACQUARIE AUTOPARK INC.	United States
121836191	MACQUARIE AVENIR NO. 1 PTY LIMITED	Australia

121836235	MACQUARIE AVENIR NO. 2 PTY LIMITED	Australia
368579	MACQUARIE AVIATION CAPITAL FINANCE LIMITED	Ireland
368589	MACQUARIE AVIATION CAPITAL GROUP	Ireland
8607047	MACQUARIE AVIATION NO 1 CO PTY LIMITED	Australia
75176733	MACQUARIE AVIATION (NO. 1) PTY LIMITED (IN DEREGISTRATION)	Australia
6309906	Macquarie Bank International Limited	United Kingdom
HRB 189708	Macquarie Bank International Limited, Niederlassung Deutschland	Germany
FN 331748 s	Macquarie Bank International Limited, Vienna Branch	Austria
8583542	MACQUARIE BANK LIMITED	Australia

T11FC0018C	MACQUARIE BANK LIMITED SINGAPORE BRANCH	Singapore
1045	Macquarie Bank Limited (DIFC Recognised Company)	United Arab Emirates
F18649	MACQUARIE BANK LIMITED (HONG KONG BRANCH)	Hong Kong
FC018220	Macquarie Bank Limited (London Branch)	United Kingdom
104-84-07697	MACQUARIE BANK LIMITED (SEOUL BRANCH)	Korea, Republic of
FC018220	Macquarie Bank Limited (US Representative Office)	United States
1531997	MACQUARIE BANK SUPERANNUATION PTY. LIMITED	Australia
5939070	Macquarie Barnett LLC	United States
	Macquarie Basin Leasing LLC	United States

109280819	MACQUARIE BATHURST STREET PTY LIMITED (IN LIQUIDATION)	Australia
R.P.M. 892390892	Macquarie Belgium TCG SPRL	Belgium
42536	Macquarie Bermuda Investments Limited	Bermuda
HRB 232767	Macquarie Beteiligungstreuhand GmbH	Germany
HRB 86921	Macquarie Beteiligungsverwaltungs GmbH (in liquidation)	Germany
657826-8	Macquarie BFS Holdings Ltd.	Canada
4708902	MACQUARIE BIOMASS LLC	United States
CNPJ03.516.449/0001	MACQUARIE BRASIL PARTICIPACOES LTDA	Brazil

124071432	MACQUARIE B.H. PTY LTD	Australia
69344289	MACQUARIE CAF USD LEASING CO NO 1 PTY LIMITED	Australia
69344387	MACQUARIE CAF USD SECURITY CO NO 1 PTY LIMITED	Australia
798792-7	Macquarie Canada Inventory Holdings Limited	Canada
683412-4	Macquarie Canada Services Ltd.	Canada
1846259	Macquarie Canadian Holdings Operations Ltd.	Canada
793548-0	Macquarie Canadian Infrastructure Management Limited	Canada
6489800	Macquarie Canadian Investment Holdings Ltd.	Canada
B112.601	MACQUARIE CANADIAN LUXEMBOURG S.A.R.L.	Luxembourg

2149053	Macquarie Capital Acquisitions (Canada) Ltd.	Canada
716740-7	Macquarie Capital Acquisitions (Canada) No.2 Ltd	Canada
130 342 915	MACQUARIE CAPITAL ADVISERS CRE PTY LTD	Australia
105777704	MACQUARIE CAPITAL ALLIANCE MANAGEMENT PTY LIMITED	Australia
137760822	MACQUARIE CAPITAL ARGENTINA PTY LTD	Australia
1818250	Macquarie Capital Argentina Pty Ltd (Sucursal Argentina)	Argentina
132 864 950	MACQUARIE CAPITAL CIS HOLDINGS PTY LTD	Australia

22407	Macquarie Capital CIS Holdings Pty Ltd (Russia Branch)	Russian Federation
133 664 632	MACQUARIE CAPITAL FINANCE HOLDINGS (AUSTRALIA) PTY LIMITED	Australia
127829458	MACQUARIE CAPITAL FINANCE (AUSTRALIA) PTY LTD	Australia
736	Macquarie Capital Finance (Dubai) Limited	United Arab Emirates
	Macquarie Capital Funding LLC	United States
LP561	MACQUARIE CAPITAL FUNDING L.P.	Jersey
88464	Macquarie Capital Funding (GP) Limited	Jersey
110605724	MACQUARIE CAPITAL FUNDING (LP) PTY LIMITED	Australia
1210279	MACQUARIE CAPITAL FUNDS (ASIA) LIMITED	Hong Kong
96705109	MACQUARIE CAPITAL GROUP LIMITED	Australia
FC027878	MACQUARIE CAPITAL GROUP LIMITED (UK BRANCH)	United Kingdom
2149050	Macquarie Capital Holdings (Canada) Ltd.	Canada
687	Macquarie Capital Holdings (Dubai) Limited	United Arab Emirates
123199253	MACQUARIE CAPITAL INTERNATIONAL HOLDINGS PTY LIMITED	Australia
4607360	MACQUARIE CAPITAL INVESTMENT MANAGEMENT INC.	United States
3752829	Macquarie Capital Investment Management LLC	United States
86159060	MACQUARIE CAPITAL INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED	Australia
77595012	MACQUARIE CAPITAL LOANS MANAGEMENT LIMITED	Australia
	Macquarie Capital Markets Canada Ltd./Marchés Financiers Macquarie Canada
565608	Ltée.	Canada
	Macquarie Capital Markets North America Ltd./Marchés Financiers Macquarie
1079073	Amérique Du Nord Ltée.	Canada
803092-8	Macquarie Capital Principal Holdings Canada Ltd	Canada
128212868	MACQUARIE CAPITAL PRODUCTS LIMITED	Australia
WK-203889	Macquarie Capital Products (CI) Limited	Cayman Islands
2104407	MACQUARIE CAPITAL PRODUCTS (NZ) LIMITED	New Zealand
135973	Macquarie Capital Securities Limited	Hong Kong
110-84-02227	MACQUARIE CAPITAL SECURITIES LIMITED (SEOUL BRANCH)	Korea, Republic of
89407381	MACQUARIE CAPITAL SECURITIES LIMITED (TAIWAN BRANCH)	Taiwan
11-89592	MACQUARIE CAPITAL SECURITIES (INDIA) PRIVATE LIMITED	India
MC-134609	MACQUARIE CAPITAL SECURITIES (JAPAN) LIMITED	Cayman Islands
0100-03-012063	MACQUARIE CAPITAL SECURITIES (JAPAN) LIMITED (TOKYO BRANCH)	Japan
463469-W	MACQUARIE CAPITAL SECURITIES (MALAYSIA) SDN. BHD.	Malaysia
15184/2070C1/GBL	MACQUARIE CAPITAL SECURITIES (MAURITIUS) LIMITED	Mauritius
180496	Macquarie Capital Securities (Philippines) Inc.	Philippines
198702912C	MACQUARIE CAPITAL SECURITIES (SINGAPORE) PTE. LIMITED	Singapore
4733273	Macquarie Capital US Acquisitions LLC	United States
133 001 359	MACQUARIE CAPITAL WIND MANAGEMENT PTY LTD	Australia

123199548	MACQUARIE CAPITAL (AUSTRALIA) LIMITED	Australia
740	Macquarie Capital (Dubai) Limited	United Arab Emirates
3704031	Macquarie Capital (Europe) Limited	United Kingdom
516404-9909	Macquarie Capital (Europe) Limited UK Filial, Sweden	Sweden
34297902	Macquarie Capital (Europe) Limited, Amsterdam Branch	Netherlands
905963	Macquarie Capital (Europe) Limited, Dublin Branch	Ireland
HRB 82506	Macquarie Capital (Europe) Limited, Niederlassung Deutschland	Germany
478 586 167	Macquarie Capital (Europe) Limited, Paris Branch	France
611405	MACQUARIE CAPITAL (HONG KONG) LIMITED	Hong Kong
11-90696	Macquarie Capital (India) Private Limited	India
104-81-64533	MACQUARIE CAPITAL (KOREA) LIMITED	Korea, Republic of
MCM081013SY0	MACQUARIE CAPITAL (MEXICO), S.A. de C.V.	Mexico
1952567 199704430K	MACQUARIE CAPITAL (NEW ZEALAND) LIMITED MACQUARIE CAPITAL (SINGAPORE) PTE. LIMITED	New Zealand Singapore

6388283 2382080	Macquarie Capital (UK) Limited MACQUARIE CAPITAL (USA) INC	United Kingdom United States
4684152	MACQUARIE CAPITOLA VILLAS INC.	United States
169009	MACQUARIE CAYMAN HOLDINGS 2 CO.	Cayman Islands
168347	MACQUARIE CAYMAN HOLDINGS CO	Cayman Islands
42381	MACQUARIE CHINA RETAIL COMPANY 1 LIMITED (Former Bank Group)	Bermuda
	Macquarie Climate Change Investments PNG Limited (In Liquidation) (Former
1-65845	Non-Bank Group)	Papua New Guinea
97868687	MACQUARIE CLO INVESTMENTS NO.1 PTY LIMITED (IN	Australia
65178618	MACQUARIE CLO INVESTMENTS NO.2 PTY LIMITED (IN	Australia
15.246.175/0001-50	Macquarie Commodities Brasil Ltda.	Brazil
6863247	Macquarie Commodities Factoring Holdings (UK) Limited	United Kingdom
4662005	MACQUARIE COMMODITIES FACTORING LLC	United States
5259503	Macquarie Commodities Finance (UK) Limited	United Kingdom
35304	MACQUARIE COMMODITIES FUND LIMITED	Bermuda
4668206	MACQUARIE COMMODITIES FUNDING (USA) LLC	United States
4071304	MACQUARIE COMMODITIES HOLDINGS (USA) LLC	United States
4100974	MACQUARIE COMMODITIES TRADING INC.	United States
201016397N	MACQUARIE COMMODITIES (SINGAPORE) PTE. LIMITED	Singapore
SP.688/AsingP3A	MACQUARIE COMMODITIES (SINGAPORE) PTE. LIMITED, Indonesia Rep.
PDN.2/9/2010	Office	Indonesia
5259474 4383511	Macquarie Commodities (UK) Limited MACQUARIE COMMODITIES (USA) INC	United Kingdom United States

96629471	MACQUARIE CONCEPT BLUE PTY LTD	Australia
12-377-980/0001-25	Macquarie Consultoria Agricola E Representacoes Ltda.	Brazil

12-377-980/0001-25	Macquarie Consultoria Agricola E Representacoes Ltda. (Former Bank Group)	Brazil
4752472	Macquarie Corona Energy Holdings Limited	United Kingdom
4624506	MACQUARIE CORPORATE AND ASSET FINANCE CONSULTING INC.	United States
4618137	MACQUARIE CORPORATE AND ASSET FINANCE HOLDINGS INC.	United States
6198910	MACQUARIE CORPORATE AND ASSET FINANCE LIMITED	Australia
368580	Macquarie Corporate and Asset Finance (Ireland) Limited	Ireland
4624264	MACQUARIE CORPORATE AND ASSET FUNDING INC.	United States
8606862	MACQUARIE CORPORATE FINANCE HOLDINGS PTY LTD	Australia
8595426	MACQUARIE CORPORATE FINANCE LIMITED	Australia
	MACQUARIE CORPORATE FINANCE LIMITED NIEDERLASSUNG
HRB52973	DEUTSCHLAND	Germany
3835213	MACQUARIE COTTON INTERNATIONAL INC	United States
4552354	Macquarie CPS LLC	United States
129962358	Macquarie CPS Trust	Australia
5108711	Macquarie Credit Investment Management Inc.	United States
MC-266242	MACQUARIE CREDIT NEXUS FUND LIMITED	Cayman Islands
MC-267012	Macquarie Credit Nexus Holdings Limited	Cayman Islands
MC-266243	MACQUARIE CREDIT NEXUS MASTER FUND LIMITED	Cayman Islands
4774619	Macquarie Crop Partners GP, LLC	United States
4774619	Macquarie Crop Partners GP, LLC (Former Bank Group)	United States
8295013	Macquarie DD1 (USA) Inc.	United States
75067631	MACQUARIE DEBF PTY LIMITED	Australia
132821580	MACQUARIE DELTA1 FINANCE SERVICES PTY LIMITED	Australia
29318190	Macquarie Denmark Limited A/S	Denmark
102607616	MACQUARIE DEVELOPMENT CAPITAL II PTY LIMITED	Australia
134474712	MACQUARIE DEVELOPMENT CAPITAL MANAGEMENT PTY LIMITED	Australia
82018399	MACQUARIE DEVELOPMENT CAPITAL PTY LIMITED	Australia
126768714	MACQUARIE DEVELOPMENT CAPITAL (AUS) PTY LIMITED	Australia
91936515	MACQUARIE DEVELOPMENT DIRECTION PTY LIMITED	Australia
115402349	MACQUARIE DIGITAL PTY LIMITED	Australia
8607083	MACQUARIE DIRECT INVESTMENT PTY LIMITED	Australia
20.3.0.31.542-6	Macquarie Distribution Finance Ltd.	Switzerland
85795651	MACQUARIE DISTRIBUTION PTY LIMITED	Australia
114099795	MACQUARIE DIVERSIFIED ASSET ADVISORY PTY LIMITED	Australia
98127578	MACQUARIE DIVERSIFIED INVESTMENTS NO 2 PTY LTD (IN	Australia
98127569	MACQUARIE DIVERSIFIED INVESTMENTS NO 3 PTY LTD (IN	Australia
106197488	MACQUARIE DYNAMIC MANAGEMENT PTY LIMITED	Australia
4257710	MACQUARIE DYNAMIC MANAGEMENT (USA) INC	United States
363806	MACQUARIE ELECTRONICS LIMITED	Ireland
363803	MACQUARIE ELECTRONICS REMARKETING LIMITED	Ireland
Delaware #3567972	MACQUARIE ELECTRONICS USA INC	United States
200408424K	MACQUARIE EMERGING MARKETS ARBITRAGE TRADING PTE. LIMITED (wef 20/05/2009) (Former Non-Bank Group)	Singapore
200408424K	MACQUARIE EMERGING MARKETS ASIAN TRADING PTE. LIMITED	Singapore
	MACQUARIE EMERGING MARKETS ASIAN TRADING PTE. LIMITED (Non
F18440	Hong Kong Company)	Hong Kong
143365673	Macquarie Emerging Markets Investments Pty Ltd	Australia
127185719	MACQUARIE EMG HOLDINGS PTY LIMITED	Australia
4708900	MACQUARIE ENERGY ASSETS LLC	United States
6643795	Macquarie Energy Canada Ltd.	Canada
664374-4	Macquarie Energy Holdings Canada Ltd.	Canada
122300592	MACQUARIE ENERGY HOLDINGS PTY LTD	Australia
4554443	Macquarie Energy Investments LLC	United States
2468860	Macquarie Energy LLC	United States
4023666	MACQUARIE ENERGY NORTH AMERICA TRADING INC.	United States
ARSN 085 130 794	Macquarie Enhanced Australian Fixed Interest Fund	Australia
087 433 912	MACQUARIE ENHANCED PROPERTIES SECURITIES FUND	Australia
4457323	Macquarie Equipment Finance Holdings Inc.	United States
262381	MACQUARIE EQUIPMENT FINANCE LIMITED	New Zealand
421234	Macquarie Equipment Finance Limited	Ireland
421234	Macquarie Equipment Finance Limited	Ireland

605377-7	Macquarie Equipment Finance Ltd./Macquarie Financement d'Équipement Ltée.	Canada
124335593	MACQUARIE EQUIPMENT FINANCE PTY LIMITED	Australia
475730	Macquarie Equipment Finance Services Limited	Ireland
8253764	Macquarie Equipment Finance (UK) Limited	United Kingdom
4463641	Macquarie Equipment Finance, Inc.	United States
468487	Macquarie Equipment Funding Limited	Ireland
4463642	Macquarie Equipment Funding, LLC	United States
459515-H	Macquarie Equipment Leasing Fund Two, LLC MACQUARIE EQUIPMENT LEASING SDN. BHD.	United States Malaysia
112079268	MACQUARIE EQUIPMENT RENTALS PTY LIMITED	Australia

	MACQUARIE EQUITIES BRASIL ADMINISTRACAO DE FUNDOS E
04.317.671/0001-31	PARTICIPACAO LTDA	Brazil
WN1114218	MACQUARIE EQUITIES CUSTODIANS LIMITED	New Zealand
2574923 WN/1007806	MACQUARIE EQUITIES LIMITED MACQUARIE EQUITIES NEW ZEALAND LIMITED	Australia New Zealand
485394	MACQUARIE EQUITIES (ASIA) LIMITED	Hong Kong
63906392	MACQUARIE EQUITIES (US) HOLDINGS PTY. LIMITED	Australia
1374572	MACQUARIE EQUITY CAPITAL MARKETS PTY LIMITED	Australia
6294706	Macquarie Equity Products (UK) Limited	United Kingdom
	MACQUARIE ESCALATOR 2005-2 (COMMODITIES INDEX) LP	Australia
	MACQUARIE ESCALATOR 2005-2 (EQUITIES INDEX) LP	Australia
LP00000393	MACQUARIE ESCALATOR 2005 (COMMODITIES INDEX) LP MACQUARIE ESCALATOR 2005 (EQUITIES INDEX) LP	Australia Australia
	MACQUARIE ESCALATOR 2006 (AUSTRALIAN PROPERTY) LP	Australia
LP00000350	MACQUARIE ESCALATOR LP	Australia
4714085	MACQUARIE ESPRIT INC.	United States
7713808	Macquarie Euro Limited	United Kingdom
MC268820	Macquarie European Alpha Master Fund	Cayman Islands
114801464	MACQUARIE EUROPEAN FINANCIAL INVESTMENTS PTY LTD	Australia
78771123	MACQUARIE EUROPEAN HOLDINGS PTY LIMITED MACQUARIE EUROPEAN HOLDINGS PTY LIMITED (NON HONG KONG	Australia
F15820	COMPANY)	Hong Kong
6146573	Macquarie European Investment Holdings Limited	United Kingdom
8253782	Macquarie European Rail Limited	United Kingdom
B172.199	Macquarie European Rail Limited (Luxembourg Branch)	Luxembourg
128078277	MACQUARIE EVP HOLDING COMPANY PTY LIMITED - IN LIQUIDATION	Australia
6863307 6863285	Macquarie Factoring Finance (UK) Limited Macquarie Factoring (UK) Limited	United Kingdom United Kingdom
116582524	MACQUARIE FARM ASSETS AND RESOURCES MANAGEMENT LIMITED	Australia
122169304	Macquarie Farm Services Limited	Australia
122169304	Macquarie Farm Services Limited (Former Bank Group)	Australia
	Macquarie Fastracks Holdings LLC	United States
	Macquarie FG Holdings Inc.	United States
6855383 132 573 436	Macquarie FICC (UK) Limited MACQUARIE FIEX INVESTMENT PTY LIMITED	United Kingdom Australia
118817440	MACQUARIE FINANCE HOLDINGS LIMITED	Australia
106-81-94256	MACQUARIE FINANCE KOREA CO., LTD.	Korea, Republic of
1214964	MACQUARIE FINANCE LIMITED	Australia
U65999MH2009PTC190863	MACQUARIE FINANCE (INDIA) PRIVATE LIMITED	India
U65999MH2009PTC190863 1065067	MACQUARIE FINANCE (INDIA) PRIVATE LIMITED (Former Non-Bank Group) MACQUARIE FINANCE (NZ) LIMITED	India New Zealand
124071398	MACQUARIE FINANCIAL HOLDINGS LIMITED	Australia
F15819	MACQUARIE FINANCIAL HOLDINGS LIMITED (NON HONG KONG	Hong Kong
4551158	Macquarie Financial Holdings (USA) LLC	United States
4228146	Macquarie Financial Ltd./Financiere Macquarie Ltee.	Canada
95135694	MACQUARIE FINANCIAL PRODUCTS MANAGEMENT LIMITED	Australia
128948498 200800950C	MACQUARIE FINANCIAL SERVICES HOLDINGS PTY LIMITED MACQUARIE FINANCIAL SERVICES (ASIA) PTE. LIMITED	Australia Singapore
2007/030612/07	Macquarie Financial Trustees (Proprietary) Limited	South Africa
	MACQUARIE FIXED INCOME CURRENCIES AND COMMODITIES
200813631K	(SINGAPORE) PTE. LIMITED	Singapore
69344154	MACQUARIE FLEET LEASING PTY LIMITED	Australia
ARSN 129 962 189 93752946	MACQUARIE FLEXI 100 TRUST MACQUARIE FORESTRY SERVICES PTY LIMITED	Australia Australia
113113214		Australia

481 104 479 R.C.S. Paris	MACQUARIE FORTRESS INVESTMENTS LIMITED Macquarie France SARL	France
127735960	Macquarie Fund Advisers Pty Limited	Australia
B143751	Macquarie Fund Solutions	Luxembourg
	Macquarie Fund Solutions - Macquarie Emerging Markets Infrastructure
	Securities Fund	Luxembourg
4240236 6581935	MACQUARIE FUNDING HOLDINGS INC Macquarie Funding Inc.	United States Canada
LP00000352	MACQUARIE FUNDING LIMITED PARTNERSHIP	Australia
BC0847563	Macquarie Funding (B.C.) Inc.	Canada
113054569	MACQUARIE FUNDS HEDGING PTY LTD	Australia
93177407	MACQUARIE FUNDS MANAGEMENT HOLDINGS PTY LIMITED	Australia
724745	MACQUARIE FUNDS MANAGEMENT HONG KONG LIMITED	Hong Kong
6880217 177751	MACQUARIE FUNDS MANAGEMENT PTY LIMITED MACQUARIE FUNDS MANAGEMENT SPC	Australia Cayman Islands
	MACQUARIE FUNDS MANAGEMENT (USA) INC.	United States
4088350	Macquarie Futures USA LLC	United States
170076	MACQUARIE FUTURES & OPTIONS (HONG KONG) LIMITED	Hong Kong
111631	MACQUARIE FUTURES (ASIA) LIMITED	Hong Kong
137072112 128219330	MACQUARIE FX INVESTMENTS PTY LTD MACQUARIE GCUH HOLDINGS PTY LIMITED	Australia Australia

	Macquarie Generation Management I, Inc.	United States
HRB 82733	Macquarie Germany Holdings GmbH	Germany
B142903	Macquarie Germany Holdings GmbH & Cies S.E.N.C.	Luxembourg
117033226	MACQUARIE GLASSCOCKS PTY LIMITED	Australia
	MACQUARIE GLOBAL DEBT INVESTMENTS NO.1 PTY LIMITED (IN
84388947	LIQUIDATION)	Australia
	MACQUARIE GLOBAL DEBT INVESTMENTS NO.2 PTY LIMITED (IN
75176779	LIQUIDATION)	Australia
068897C1/GBL	MACQUARIE GLOBAL FINANCE SERVICES (MAURITIUS) LIMITED	Mauritius
4633002	MACQUARIE GLOBAL GROWTH ADVISORS LLC	United States
4633008	MACQUARIE GLOBAL GROWTH MANAGERS LLC	United States
4632997	MACQUARIE GLOBAL INCOME ADVISORS LLC	United States
4633006	MACQUARIE GLOBAL INCOME MANAGERS LLC	United States
ARSN 095 850 472	MACQUARIE GLOBAL INFRASTRUCTURE TRUST	Australia
5259497	Macquarie Global Investments (UK) Limited	United Kingdom
	Macquarie Global Multi Events Segregated Portfolio	Cayman Islands
194165	MACQUARIE GLOBAL OPPORTUNITIES PARTNERS GP LTD	Cayman Islands
131661697	MACQUARIE GLOBAL OPPORTUNITIES PARTNERS INVESTMENT PTY	Australia
4332814	Macquarie Global Opportunities Partners LLC	United States
110930964	MACQUARIE GLOBAL PROPERTY FUNDS PTY LIMITED	Australia
LP461	MACQUARIE GLOBAL RESOURCES MASTER HEDGE FUND LP	Virgin Islands, British
1480825	MACQUARIE GLOBAL RESOURCES OFFSHORE HEDGE FUND LIMITED	Virgin Islands, British
168982	MACQUARIE GLOBAL SERVICES PRIVATE LIMITED	India
134 225 817	MACQUARIE GLOBAL SOVEREIGN BOND FUND	Australia
5488013	Macquarie GP Limited	United Kingdom
5718600	Macquarie GP2 Limited	United Kingdom
1952566	MACQUARIE GROUP HOLDINGS NEW ZEALAND LIMITED	New Zealand
124071478	MACQUARIE GROUP HOLDINGS NO.3 PTY LTD	Australia
200412291W	MACQUARIE GROUP HOLDINGS (SINGAPORE) PTE. LIMITED	Singapore
6357992	Macquarie Group Holdings (UK) No.1 Limited	United Kingdom
6357999	Macquarie Group Holdings (UK) No.2 Limited	United Kingdom
7032532	Macquarie Group Holdings (UK) No.4 Limited	United Kingdom
6373218	Macquarie Group Investments (UK) Limited	United Kingdom
7438584	Macquarie Group Investments (UK) No.2 Limited	United Kingdom
122169279	MACQUARIE GROUP LIMITED	Australia
245979	MACQUARIE GROUP NEW ZEALAND LIMITED	New Zealand
116467031	MACQUARIE GROUP SERVICES AUSTRALIA PTY LTD	Australia
FC027877	MACQUARIE GROUP SERVICES AUSTRALIA PTY LTD (UK BRANCH)	United Kingdom
200703288K	MACQUARIE GROUP SERVICES (SINGAPORE) PTE. LIMITED	Singapore
124071389	MACQUARIE GROUP (US) HOLDINGS NO.1 PTY LTD	Australia
	Macquarie HiTIP Management I, Inc.	United States
not registered	MACQUARIE HOLDINGS TRUST	Australia
728003-3	Macquarie Holdings (Canada) Ltd	Canada
MHM08101318A	MACQUARIE HOLDINGS (MEXICO), S.A. DE C.V.	Mexico
200703280D 6309919	MACQUARIE HOLDINGS (SINGAPORE) PTE. LTD. Macquarie Holdings (UK) No.1 Limited	Singapore United Kingdom
2428034	MACQUARIE HOLDINGS (U.S.A.) INC.	United States
MC-199805	Macquarie Hong Kong Finance Limited	Cayman Islands
133001751	MACQUARIE I A RETURNS PTY LIMITED	Australia
3075842	MACQUARIE INC	United States
116548880	MACQUARIE INCOME INVESTMENTS LIMITED	Australia
ARSN 113 844 410	MACQUARIE INDEX LINKED PROPERTY SECURITIES FUND	Australia
58341C1/GBL	MACQUARIE INDIA HOLDINGS LIMITED	Mauritius
	MACQUARIE INDIA INFRASTRUCTURE MANAGEMENT HOLDINGS PTE.
200823500E	LIMITED	Singapore
130542924	MACQUARIE INDIA PROPERTIES PTY LIMITED	Australia
130542924	MACQUARIE INDIA PROPERTIES PTY LIMITED (Former Bank Group)	Australia
130542924	MACQUARIE INDIA PROPERTIES PTY LIMITED (Former Bank Group)	Australia
58340C2/GBL	MACQUARIE INDIAN AIRPORTS TWO LIMITED	Mauritius
71501918	MACQUARIE INDONESIA HOLDINGS PTY LIMITED	Australia
C41803	MACQUARIE INDUSTRIAL INVESTMENTS MALTA LIMITED	Malta
CS201221372	MACQUARIE INFRASTRUCTURE ADVISORY (PHILIPPINES) INC.	Philippines
418159-0	Macquarie Infrastructure and Real Assets Canada Ltd.	Canada
4346793	Macquarie Infrastructure and Real Assets Inc.	United States
MCF090729QX6	Macquarie Infrastructure and Real Assets México, S.A. de C.V.	Mexico
84828437	Macquarie Infrastructure and Real Assets Pty Limited	Australia
B138295	Macquarie Infrastructure and Real Assets SA	Luxembourg
135007199	MACQUARIE INFRASTRUCTURE AND REAL ASSETS TRUST	Australia
744	Macquarie Infrastructure and Real Assets (Dubai) Limited	United Arab Emirates
3976881	Macquarie Infrastructure and Real Assets (Europe) Limited	United Kingdom
499 798 742	Macquarie Infrastructure and Real Assets (Europe) Limited (Spain) Macquarie Infrastructure and Real Assets (Europe) Limited, Paris Branch	Spain France
623285	Macquarie Infrastructure and Real Assets (Hong Kong) Limited	Hong Kong
784370-4	Macquarie Infrastructure and Real Assets (Sales) Canada Ltd	Canada
	MACQUARIE INFRASTRUCTURE AND REAL ASSETS (SINGAPORE) PTE.
200513362E	LIMITED	Singapore

	MACQUARIE INFRASTRUCTURE AND REAL ASSETS (SINGAPORE) PTE.
F16888	LIMITED (NON HONG KONG COMPANY)	Hong Kong
74311390	MACQUARIE INFRASTRUCTURE FUNDS MANAGEMENT PTY LIMITED	Australia
5755862	Macquarie Infrastructure GP Limited	United Kingdom
CH-170.3.028.960-5/	MACQUARIE INFRASTRUCTURE HOLDINGS AG (in liquidation)	Switzerland
112772871	MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED	Australia
	MACQUARIE INFRASTRUCTURE MANAGEMENT (ASIA) PTY LIMITED -
T06FC6823A	SINGAPORE BRANCH	Singapore
3707788 72677993	MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC MACQUARIE INFRASTRUCTURE NO.2 PTY LIMITED (IN LIQUIDATION)	United States Australia
4339673	Macquarie Infrastructure Partners Canada GP Ltd.	Canada
6372304	Macquarie Infrastructure Partners II GP LLC	United States
4088348	MACQUARIE INFRASTRUCTURE PARTNERS INC	United States
4106439	Macquarie Infrastructure Partners U.S. GP LLC	United States
46726	Macquarie Infrastructure Philippines Limited	Bermuda
29003	MACQUARIE INFRASTRUCTURE PRIVATE TRUSTEE COMPANY LIMITED	Bermuda
72652736	MACQUARIE INFRASTRUCTURE PTY LIMITED (IN LIQUIDATION)	Australia
41533	MACQUARIE INFRASTRUCTURE REINSURANCE COMPANY LIMITED	Bermuda
1460256	Macquarie Insurance Services Ltd./Services D'Assurances Macquarie Ltée	Canada
129 526 272	MACQUARIE INSURANCE SOLUTIONS (BROKER) PTY LTD	Australia
200505701K 117787C	MACQUARIE INSURANCE (SINGAPORE) PTE. LTD. Macquarie International Advisory Limited	Singapore Isle of Man
92985263	MACQUARIE INTERNATIONAL FINANCE LIMITED	Australia
4125302	Macquarie International Holdings Limited	United Kingdom
	MACQUARIE INTERNATIONAL HOUSING AND LAND CONSULTING
310000400294785 (Jing An)	(SHANGHAI) COMPANY LIMITED	China
	MACQUARIE INTERNATIONAL HOUSING AND LAND CONSULTING
310000400294785 (Jing An)	(SHANGHAI) COMPANY LIMITED (Former Bank Group)	China
LP013238	Macquarie International Investment Holdings LP	United Kingdom
108590996	MACQUARIE INTERNATIONAL INVESTMENTS PTY LIMITED	Australia
1802574	Macquarie International Limited	United Kingdom
104-84-05215	MACQUARIE INTERNATIONAL LIMITED SEOUL BRANCH	Korea, Republic of
F11422 169002	MACQUARIE INTERNATIONAL LIMITED (NON HONG KONG COMPANY) MACQUARIE INTERNATIONAL NEW YORK PARKING CO	Hong Kong Cayman Islands
	MACQUARIE INTERNATIONAL PROPERTY SERVICES PTY. LIMITED (IN
78980668	DEREGISTRATION)	Australia
169050	MACQUARIE INTERNATIONAL SC INVESTMENTS CO	Cayman Islands
502151	Macquarie International Services Limited	Hong Kong
	MACQUARIE INTERNATIONAL SMALL CAP ROADS CO. (In Liquidation)	Cayman Islands
4957256	Macquarie Internationale Investments Limited	United Kingdom
1.1E+14	MACQUARIE INVESTMENT ADVISORY (BEIJING) CO LTD	China
122939600	MACQUARIE INVESTMENT HOLDINGS LIMITED	Australia
112017919 FN 171881 t	MACQUARIE INVESTMENT HOLDINGS NO.2 PTY LIMITED Macquarie Investment Management Austria Kapitalanlage AG	Australia Austria
2867003	MACQUARIE INVESTMENT MANAGEMENT LTD	Australia
B108283	MACQUARIE INVESTMENT MANAGEMENT S.à r.l.	Luxembourg
FN 350922 m	Macquarie Investment Management (Austria) GmbH	Austria
41471	MACQUARIE INVESTMENT MANAGEMENT (BERMUDA) LIMITED	Bermuda
WN1114216	MACQUARIE INVESTMENT MANAGEMENT (NZ) LIMITED	New Zealand
71745401	MACQUARIE INVESTMENT SERVICES LIMITED	Australia
not registered	MACQUARIE INVESTMENT TRUST	Australia
36631 5582630	MACQUARIE INVESTMENT (HONG KONG) LIMITED Macquarie Investments 1 Limited	Hong Kong United Kingdom
5708696	Macquarie Investments 2 Limited	United Kingdom
7012592	Macquarie Investments 3 Limited	United Kingdom
69416977	MACQUARIE INVESTMENTS AUSTRALIA PTY LIMITED	Australia
HRB 74953	Macquarie Investments Deutschland GmbH	Germany
4092888	Macquarie Investments LLC	United States
200718499D	MACQUARIE INVESTMENTS SINGAPORE PTE. LIMITED	Singapore
2009/012283/07	Macquarie Investments US Inc. Macquarie Investments (Proprietary) Limited	United States South Africa
WK-133809	MACQUARIE INVESTMENTS (SINGAPORE) LIMITED	Cayman Islands
4104671	Macquarie Investments (UK) Limited	United Kingdom
6373185	Macquarie Investor Products (UK) Limited	United Kingdom
119211433	MACQUARIE INVESTORS PTY LTD	Australia
459515-H	MACQUARIE IT SDN BHD (Former Non-Bank Group)	Malaysia
107147222	MACQUARIE JAPAN INFRASTRUCTURE NO.1 PTY LIMITED	Australia
	MACQUARIE JAPAN INFRASTRUCTURE NO.1 PTY LIMITED (JAPAN
0100-03-012002	BRANCH)	Japan
107147188	MACQUARIE JAPAN INFRASTRUCTURE NO.2 PTY LIMITED	Australia
0100-03-011932	MACQUARIE JAPAN INFRASTRUCTURE NO.2 PTY LIMITED (JAPAN BRANCH)	Japan
117560282	MACQUARIE JAPAN INFRASTRUCTURE NO.3 PTY LIMITED	Australia
117560415	MACQUARIE JAPAN INFRASTRUCTURE NO.4 PTY LIMITED	Australia
	MACQUARIE JAPAN INFRASTRUCTURE NO.4 PTY LIMITED (JAPAN
0100-03-012591	BRANCH)	Japan

110990184	MACQUARIE JIN LIN PTY LIMITED	Australia
122774289	MACQUARIE KEMBLE WATER HOLDINGS PTY LTD (IN DEREGISTRATION)	Australia
128743822	MACQUARIE KEYAKIZAKA HOLDINGS PTY LIMITED (IN	Australia

128743546	MACQUARIE KIOIZAKA HOLDINGS PTY LIMITED - IN LIQUIDATION	Australia
104-81-76330	MACQUARIE KOREA ASSET MANAGEMENT CO., LTD.	Korea, Republic of
104-81-95716	MACQUARIE KOREA OPPORTUNITIES MANAGEMENT, LTD.	Korea, Republic of
110356968	MACQUARIE LAH PTY LIMITED	Australia
5867292	Macquarie Leasing Limited	United Kingdom
2675032	MACQUARIE LEASING NSW PTY. LIMITED	Australia
2674982	MACQUARIE LEASING PTY. LIMITED	Australia
1E+14	MACQUARIE LEASING (CHINA) CO LIMITED	China
2997799	Macquarie Leasing (UK) Limited	United Kingdom
2574914	MACQUARIE LEISURE SERVICES PTY LIMITED	Australia
RCSLUXB112.243	MACQUARIE LEISUREWORLD LUXEMBOURG S.A.R.L	Luxembourg
OC363068	Macquarie Lending & Investment Partners LLP	United Kingdom
4708903	MACQUARIE LG BIOMASS LLC	United States
3963773	MACQUARIE LIFE LIMITED	Australia
114174168	MACQUARIE LP FINANCE COMPANY PTY LIMITED	Australia
130789767	MACQUARIE MACAU HOLDINGS PTY LIMITED	Australia
	MACQUARIE MANAGEMENT COMPANY (ISF) 3 PTY LIMITED (IN

116208354	DEREGISTRATION)	Australia
HRB 74075	Macquarie Management GmbH	Germany
099 813 028	MACQUARIE MASTER GEARED GROWTH FUND	Australia
090 079 413	MACQUARIE MASTER SMALL COMPANIES FUND	Australia
51142C1/GBL	MACQUARIE MAURITIUS INVESTMENTS LIMITED	Mauritius
133000987	MACQUARIE MDW INVESTMENTS PTY LTD	Australia
2264114	Macquarie MEAP Holding Ltd.	Canada
108538218	MACQUARIE MEDIA FUND MANAGEMENT PTY LIMITED	Australia
639997-5	Macquarie Metals and Energy Capital (Canada) Ltd.	Canada
4921203	Macquarie Meters 1 (UK) Limited	United Kingdom
4920378	Macquarie Meters 2 (UK) Limited	United Kingdom
7361419	Macquarie Meters 3 (UK) Limited	United Kingdom
1344888	Macquarie Meters 4 Limited	Hong Kong
Not Applicable	MACQUARIE MEXICO INFRASTRUCTURE MANAGEMENT, S.A. DE C.V.	Mexico
477795	Macquarie Mexico Real Estate Management, S.A. de C.V.	Mexico
4508971	MACQUARIE MICROSTAR HOLDINGS INC	United States
95180564	MACQUARIE MIDDLE EAST HOLDINGS PTY LIMITED	Australia
115524028	MACQUARIE MIDDLE EAST MANAGEMENT LIMITED	Australia
130225222	MACQUARIE MIP II INVESTMENT PTY LIMITED	Australia
	Macquarie MLH, LLC	United States
120070788	MACQUARIE MORTGAGES CANADA HOLDINGS PTY LIMITED	Australia
	MACQUARIE MORTGAGES FUNDING TRUST 2007-1	United States
57760175	MACQUARIE MORTGAGES PTY LIMITED	Australia
010473862-3438695	MACQUARIE MORTGAGES USA INC	United States
4627119	MACQUARIE NB US HOLDINGS INC.	United States
4606760	MACQUARIE NE HOLDINGS INC.	United States
200404077D	MACQUARIE NE HOLDINGS (SINGAPORE) PTE. LIMITED	Singapore
6798497	Macquarie New World Gaming Canada Ltd.	Canada
N/A	Macquarie New World Gaming Partnership	Canada
334868	MACQUARIE NEW ZEALAND LIMITED	New Zealand
	Macquarie NM Management II, Inc.	United States
	Macquarie NM Management I, Inc	United States
6697718	Macquarie Nominees Limited	United Kingdom
123851436	MACQUARIE NOOSA PTY LTD	Australia
3481018	Macquarie North America Ltd.	Canada
107464620	MACQUARIE NOTE INVESTMENTS PTY LIMITED	Australia
8595711	MACQUARIE NZ HOLDINGS PTY LIMITED	Australia

30414 129 590 576	MACQUARIE OFFSHORE MASTER FUND LIMITED MACQUARIE OFFSHORE SERVICES PTY LTD	Bermuda Australia
FS200805155	Macquarie Offshore Services Pty Ltd - Philippine Branch	Philippines

4207954 770975-7	MACQUARIE OIL AND GAS HOLDINGS INC Macquarie Oil Services Canada Ltd	United States Canada
OF2150	MACQUARIE ONE LIMITED	United Arab Emirates

	Macquarie One LLC	United States
2934705	MACQUARIE OPTIONS PTY. LIMITED	Australia
	Macquarie PA TAP Management I, Inc.	United States
	MACQUARIE PARTNERSHIP FINANCE CO PTY LIMITED (IN
111494172	DEREGISTRATION)	Australia
	MACQUARIE PARTNERSHIP INVESTMENT HOLDINGS PTY LIMITED (IN
107464264	LIQUIDATION)	Australia
115251619	MACQUARIE PAYMENTS INFRASTRUCTURE HOLDINGS PTY LIMITED	Australia
130903249	MACQUARIE PDP SPV HOLDCO PTY LIMITED	Australia
6349353	MACQUARIE PETERBOROUGH HOSPITAL INVESTMENTS LIMITED	United Kingdom
	Macquarie Physical Metals (USA) Inc.	United States
93919727	MACQUARIE PIB MANAGEMENT PTY LIMITED (IN DEREGISTRATION)	Australia
115622449	MACQUARIE PIB PROJECT CO A PTY LIMITED	Australia

115622458	MACQUARIE PIB PROJECT CO B PTY LIMITED	Australia
	Macquarie Platinum Katella Inc.	United States
8327852	Macquarie PMI LLC	United States
	Macquarie PMI Manager LLC	United States
4768433	Macquarie Poinsettia Inc.	United States
	MACQUARIE PORTFOLIO INVESTMENTS NO.1 PTY LIMITED (IN
107464586	LIQUIDATION) MACQUARIE PORTFOLIO INVESTMENTS NO.2 PTY LIMITED (IN	Australia
107464540	LIQUIDATION)	Australia
	Macquarie Power LLC	United States
4235312	Macquarie Power Management Ltd.	Canada
133 273 426	MACQUARIE PRECISION MARKETING PTY LTD	Australia
0100-01-119544	MACQUARIE PRECISION MARKETING (JAPAN) LIMITED	Japan
	MACQUARIE PRECISION MARKETING (JAPAN) LIMITED (Former Non-Bank
0199-01-119544	Group)	Japan
1356202 112561501	Macquarie Premium Funding Inc./Financement Primes Macquarie Inc. MACQUARIE PRINCIPAL PTY LIMITED	Canada Australia
200703284G	MACQUARIE PRINCIPAL (SINGAPORE) PTE. LTD.	Singapore
82038328	MACQUARIE PRISM PTY LIMITED	Australia
116782006	MACQUARIE PRIVATE CAPITAL MANAGEMENT LIMITED	Australia
B162599	Macquarie Private Markets Fund GP S.à r.l	Luxembourg
B162637	Macquarie Private Markets Fund S.C.A., SICAV-FIS	Luxembourg
89987388	MACQUARIE PRIVATE PORTFOLIO MANAGEMENT LIMITED	Australia
1405135	Macquarie Private Wealth Corp./Gestion Privee Macquarie Corp.	Canada
1745409 74453393	Macquarie Private Wealth Inc./Gestion Privee Macquarie Inc. MACQUARIE PROJECT FINANCE PTY LIMITED	Canada Australia
8606826	MACQUARIE PROPERTY CHINA PTY LIMITED	Australia
	MACQUARIE PROPERTY DEVELOPMENT FINANCE PTY LIMITED (IN
77727318	DEREGISTRATION)	Australia
AK640307	MACQUARIE PROPERTY FINANCE LIMITED	New Zealand
76560917	MACQUARIE PROPERTY FINANCE MANAGEMENT PTY LIMITED	Australia
65678962	MACQUARIE PROPERTY INTERNATIONAL PTY LIMITED	Australia
105453736	MACQUARIE PROPERTY INVESTMENT MANAGEMENT 2 PTY LIMITED (IN DEREGISTRATION)	Australia
	MACQUARIE PROPERTY INVESTMENT MANAGEMENT 5 PTY LIMITED (IN
120957333	DEREGISTRATION)	Australia
	MACQUARIE PROPERTY INVESTMENT MANAGEMENT 6 PTY LIMITED (IN
120957360	DEREGISTRATION)	Australia
	MACQUARIE PROPERTY INVESTMENT MANAGEMENT HOLDINGS PTY
88772203 64904169	LIMITED MACQUARIE PROPERTY (OBU) PTY LIMITED	Australia Australia
113621024	MACQUARIE QUEEN STREET PTY LIMITED	Australia
142 083 092	MACQUARIE RADAR HOLDINGS PTY LIMITED	Australia
730170-7	Macquarie Rail Canada Limited	Canada
4039167	MACQUARIE RAIL INC.	United States
4484981	MACQUARIE RAIL MANAGEMENT LLC	United States
115220123 4504560	MACQUARIE READING PTY LIMITED MACQUARIE REAL ESTATE ADVISORY SERVICES LLC	Australia United States
	MACQUARIE REAL ESTATE AFRICA INVESTMENTS PTY LIMITED - IN
129 130 963	LIQUIDATION	Australia
623285	MACQUARIE REAL ESTATE ASIA LIMITED (Former Bank Group)	Hong Kong
	MACQUARIE REAL ESTATE ASIA NOMINEES PTY LIMITED (IN
95918068 0199-01-089825	DEREGISTRATION) Macquarie Real Estate Capital KK (Former Bank Group)	Australia Japan
0100-01-089825	MACQUARIE REAL ESTATE CAPITAL KK (In Liquidation)	Japan
130364699	MACQUARIE REAL ESTATE DEVELOPMENT CAPITAL (AUS) PTY LIMITED	Australia
	MACQUARIE REAL ESTATE EQUITY FUND NO. 8 PTY LIMITED (IN
132468690	DEREGISTRATION)	Australia
3455302 2920528	MACQUARIE REAL ESTATE FINANCE INC MACQUARIE REAL ESTATE INC	United States United States
6421191	Macquarie Real Estate Investments Europe Limited	United Kingdom
104-81-74725	MACQUARIE REAL ESTATE KOREA LIMITED (Former Bank Group)	Korea, Republic of
104-81-74725	MACQUARIE REAL ESTATE KOREA LTD.	Korea, Republic of
223524	MACQUARIE REAL ESTATE OPPORTUNITIES MASTER FUND	Cayman Islands
127762010	Macquarie Real Estate Services Pty Limited	Australia
200509669E 4326812	MACQUARIE REAL ESTATE SINGAPORE PTE. LIMITED Macquarie Real Estate Telecom Holdings LLC	Singapore United States
HRB 86922	Macquarie Real Invest GmbH (in liquidation)	Germany
102368052	MACQUARIE REALTY SERVICES AUSTRALIA PTY LIMITED - IN	Australia
4454539	MACQUARIE RENEWABLE ENERGY INC	United States
112147350	MACQUARIE RENEWABLES HOLDINGS PTY LIMITED	Australia
112588664	MACQUARIE RENEWABLES MANAGEMENT PTY LIMITED (IN DEREGISTRATION)	Australia
125098179	MACQUARIE RESIDENTIAL MANAGEMENT PTY LTD	Australia
	MACQUARIE RESIDENTIAL TRUST	Australia
125098339	MACQUARIE RESIDENTIAL (STATE) MANAGEMENT PTY LTD	Australia

672846-4	Macquarie Resource Capital Canada Ltd.	Canada

130 224 949	MACQUARIE RESOURCES INVESTMENT MANAGEMENT PTY LIMITED	Australia
7055620	Macquarie Restorations Limited	United Kingdom
998584	Macquarie Retail Management (Asia) Limited	Hong Kong
1273174	MACQUARIE RETAIL REAL ESTATE MANAGEMENT LIMITED	Hong Kong
	MACQUARIE RETAIL REAL ESTATE MANAGEMENT LIMITED (Former Bank

1273174	Group)	Hong Kong
6219852	MACQUARIE RISK ADVISORY SERVICES PTY LIMITED	Australia
3898413	MACQUARIE RISK MANAGEMENT ADVISORY PTY LIMITED	Australia
63267032	MACQUARIE SCIENCE HOLDINGS PTY LIMITED	Australia
728007-6	Macquarie Securities Financing Ltd (Canada)	Canada

104-81-99444	MACQUARIE SECURITIES KOREA LIMITED	Korea, Republic of
3435443	MACQUARIE SECURITIES MANAGEMENT PTY LIMITED	Australia
2006/023546/07	MACQUARIE SECURITIES SOUTH AFRICA (PROPRIETARY) LIMITED	South Africa
2832126	MACQUARIE SECURITIES (AUSTRALIA) LIMITED	Australia
	MACQUARIE SECURITIES (AUSTRALIA) LIMITED SHANGHAI

3.10001E+14	REPRESENTATIVE OFFICE	China
1748511	MACQUARIE SECURITIES (NZ) LIMITED	New Zealand
1.05539E+11	MACQUARIE SECURITIES (THAILAND) LIMITED	Thailand
7283920	Macquarie Securities (UK) Limited	United Kingdom

3297336	MACQUARIE SECURITISATION LIMITED	Australia
641342	MACQUARIE SECURITISATION (HONG KONG) LIMITED	Hong Kong
75289002	MACQUARIE SECURITISATION (OBU) PTY LIMITED	Australia
010473862-3438695	Macquarie Securitization USA LLC	United States

496224	MACQUARIE SERVICES (HONG KONG) LIMITED	Hong Kong
MSM081013GR9	Macquarie Services (Mexico), S.A. de C.V.	Mexico
	Macquarie Services (USA) Partners	United States
11.988.470/001-21	Macquarie Servicos Agricolas Limitada	Brazil
11.988.470/001-21	Macquarie Servicos Agricolas Limitada (Former Bank Group)	Brazil

126143860	MACQUARIE SGT PTY LIMITED	Australia
125336101	MACQUARIE SHENTON PTY LIMITED	Australia
127761871	MACQUARIE SHEP INVESTMENTS PTY LIMITED	Australia
	Macquarie Sierra Investment Holdings Inc.	United States
96705341	MACQUARIE SOUTH KINGSCLIFF PTY LIMITED (In Liquidation)	Australia

75295608	MACQUARIE SPECIALISED ASSET MANAGEMENT 2 LIMITED	Australia
87382965	MACQUARIE SPECIALISED ASSET MANAGEMENT LIMITED	Australia
EC#39329	MACQUARIE SPECIALISED ASSET MANAGEMENT (BERMUDA) LIMITED	Bermuda
125 574 389	MACQUARIE SPECIALIST INVESTMENTS LENDING LIMITED	Australia


	Macquarie Storage Investments Inc.	United States
	MACQUARIE STRUCTURED AND SPECIALIST INVESTMENTS HOLDINGS
86587635	PTY LIMITED	Australia
583316	MACQUARIE STRUCTURED PRODUCTS ASIA LIMITED	Virgin Islands, British

	MACQUARIE STRUCTURED PRODUCTS ASIA LIMITED (NON HONG KONG
F14239	COMPANY)	Hong Kong
8607074	MACQUARIE STRUCTURED PRODUCTS AUSTRALIA PTY LIMITED	Australia
HRB 87430	Macquarie Structured Products (Europe) GmbH	Germany
65747417	MACQUARIE STRUCTURED PRODUCTS (INTERNATIONAL) LIMITED	Australia
	Macquarie Structured Products (International) Limited (Registered as an
2009/012427/10	external Company in South Africa)	South Africa
489855	Macquarie Structured Securities (Europe) Public Limited Company	Ireland
8607038	MACQUARIE SWAN STREET PTY LIMITED	Australia

92034403	MACQUARIE SYNDICATE MANAGEMENT PTY LTD (Former Bank Group)	Australia
92034403	MACQUARIE SYNDICATE MANAGEMENT PTY LTD (IN DEREGISTRATION)	Australia
62060879	MACQUARIE SYNDICATION (NO. 7) PTY. LIMITED	Australia
65309033	MACQUARIE SYNDICATION (NO.12) PTY LIMITED	Australia
4668277	MACQUARIE TCG (USA) LLC	United States
392769-T	MACQUARIE TECHNOLOGIES (M) SDN BHD	Malaysia
392769-T	MACQUARIE TECHNOLOGIES (M) SDN BHD (Former Non-Bank Group)	Malaysia
C41050	MACQUARIE TECHNOLOGY HOLDINGS (MALTA) LIMITED	Malta

80218846	MACQUARIE TECHNOLOGY INVESTMENTS LIMITED	Australia
680639-2	Macquarie Technology Services (Canada) Ltd.	Canada
680639-2	Macquarie Technology Services (Canada) Ltd. (Former Non-Bank Group)	Canada
80472751	MACQUARIE TECHNOLOGY VENTURES PTY LTD	Australia
8606906	MACQUARIE THIRTY-THIRD AVIATION LEASING PTY. LIMITED	Australia
9642933	MACQUARIE TOURISM & LEISURE PTY LIMITED (IN LIQUIDATION)	Australia
	Macquarie Townsend LLC	United States
4598172	MACQUARIE TRADING HOLDINGS INC.	United States

4240237	MACQUARIE TRADING SERVICES INC	United States
0100-01-119358	MACQUARIE TREASURY AND COMMODITIES (JAPAN) LIMITED	Japan
28999	MACQUARIE TREASURY MANAGEMENT LTD.	Bermuda
HRB 76979	Macquarie Treuvermoegen GmbH	Germany
ARSN 093 394 926	MACQUARIE TRUE INDEX AUSTRALIAN EQUITIES FUND	Australia
ARSN 103 324 821	MACQUARIE TRUE INDEX AUSTRALIAN SHARE FUND	Australia
ARSN 118 888 547	MACQUARIE TRUE INDEX CASH FUND	Australia

ARSN 093 394 793 ARSN 099 117 558	MACQUARIE TRUE INDEX FIXED INTEREST MACQUARIE TRUE INDEX GLOBAL BOND FUND	Australia Australia

134 225 915	MACQUARIE TRUE INDEX GLOBAL INFRASTRUCTURE SECURITIES FUND	Australia
121530041	MACQUARIE TRUE INDEX INTERNATIONAL EQUITIES FUND	Australia
ARSN 093 394 515	MACQUARIE TRUE INDEX LISTED PROPERTY	Australia

ARSN 100 056 595	MACQUARIE TRUE INDEX PLUS AUSTRALIAN EQUITY	Australia
6697750	Macquarie Trustees Limited	United Kingdom
2007/035961/07	Macquarie Trustees South Africa (Proprietary) Limited	South Africa
	MACQUARIE TWELFTH AVIATION LEASING PTY. LIMITED (IN
8607029	DEREGISTRATION)	Australia
8607109	MACQUARIE TWENTIETH AVIATION LEASING PTY. LIMITED	Australia
	MACQUARIE TWENTY-SEVENTH AVIATION LEASING PTY. LIMITED - IN
8606844	LIQUIDATION	Australia
2579363	Macquarie UK Holdings Limited	United Kingdom

8248121	Macquarie UK Power Investments Limited	United Kingdom
115219988	MACQUARIE UK PROPERTY MANAGEMENT PTY LIMITED	Australia
8253776	Macquarie UK Rail Limited	United Kingdom
	Macquarie US Gas Supply LLC	United States
	Macquarie US Trading LLC	United States
261723	MACQUARIE VEHICLES (NZ) LIMITED	New Zealand
4517192	Macquarie Veridian Cove Inc.	United States
HRB 232580	Macquarie Verwaltungs GmbH	Germany
4474070	Macquarie Water Heater Rentals Holdings 2 LLC	United States
4370515	Macquarie Water Heater Rentals Holdings LLC	United States
4370511	Macquarie Water Heater Rentals LLC	United States

4684158	MACQUARIE WATERFRONT PEARL INC.	United States
168966	MACQUARIE WEALTH MANAGEMENT (INDIA) PRIVATE LIMITED	India
213181	Macquarie Zhaopin Holdings Limited	Cayman Islands
116308466	MACQUARIE (171 COLLINS ST) PTY LIMITED	Australia
115007817	MACQUARIE (454 COLLINS STREET) PTY LIMITED - in liquidation	Australia
198500776M	MACQUARIE (ASIA) PTE LTD.	Singapore
27230949	MACQUARIE (ASIA) PTE LTD. TAIWAN BRANCH	Taiwan
119105896	MACQUARIE (COLEMANS) PTY LIMITED (IN DEREGISTRATION)	Australia
6612064	Macquarie (Europe) Nominees Limited	United Kingdom
200228	MACQUARIE (HK) FINANCIAL SERVICES LIMITED	Hong Kong
0100-01-068766	MACQUARIE (JAPAN) LIMITED	Japan
110256418	MACQUARIE (PYRMONT) PTY LIMITED (In Liquidation)	Australia
SC280388	Macquarie (Scotland) GP Limited	United Kingdom

127762038	MACQUARIE (STUD ROAD) PTY LIMITED	Australia
6287793	Macquarie (UK) Group Services Limited	United Kingdom
6010500	MAIL HOLDINGS PTY LIMITED	Australia

66195	MALL Jet Partners LDC	Cayman Islands
86503	MALL Partners II Limited	Cayman Islands

CR-93169	MALL Partners III Limited	Cayman Islands
66690	MALL Partners I, LDC	Cayman Islands
54786	MALL/CL Air Leasing Cooperative Association	(Netherlands Antilles)
	MAP HOLDING TRUST	Australia
MC-257951	MAP II GP Limited	Cayman Islands
122169279	Maquarie Group Employee Retained Equity Plan (MEREP Trust)	Australia
90975456	MARGIN LENDING NOMINEES PTY LIMITED	Australia
500773510 RCS Paris	MASA (France) SARL	France
500773726 RCS Paris	MASB (France) SARL	France

509 298 634 RCS Paris	MASC (France) SARL	France
446197	MASL Ireland (10) Limited	Ireland
446196	MASL Ireland (11) Limited	Ireland
446195	MASL Ireland (12) Limited	Ireland
446206	MASL Ireland (13) Limited	Ireland
446207	MASL Ireland (14) Limited	Ireland
446210	MASL Ireland (17) Limited	Ireland
446187	MASL Ireland (18) Limited	Ireland
446188	MASL Ireland (19) Limited	Ireland
446189	MASL Ireland (20) Limited	Ireland
446190	MASL Ireland (21) Limited	Ireland
446191	MASL Ireland (22) Limited	Ireland

446192	MASL Ireland (23) Limited	Ireland
447475	MASL Ireland (24) Limited	Ireland
447474	MASL Ireland (25) Limited	Ireland
447987	MASL Ireland (26) Limited	Ireland
448204	MASL Ireland (27) Limited	Ireland
447980	MASL Ireland (28) Limited	Ireland
447981	MASL Ireland (29) Limited	Ireland
446205	MASL Ireland (2) Limited	Ireland

447982	MASL Ireland (30) Limited	Ireland
447983	MASL Ireland (31) Limited	Ireland
447984	MASL Ireland (32) Limited	Ireland
447985	MASL Ireland (33) Limited	Ireland
451456 451173	MASL Ireland (34) Limited MASL Ireland (35) Limited	Ireland Ireland

452129	MASL Ireland (36) Limited	Ireland
452130	MASL Ireland (37) Limited	Ireland

453683	MASL Ireland (38) Limited	Ireland
453684	MASL Ireland (39) Limited	Ireland
446204	MASL Ireland (3) Limited	Ireland
446203	MASL Ireland (4) Limited	Ireland
446202	MASL Ireland (5) Limited	Ireland
446201	MASL Ireland (6) Limited	Ireland
446200	MASL Ireland (7) Limited	Ireland
446199	MASL Ireland (8) Limited	Ireland
446198	MASL Ireland (9) Limited	Ireland
102964312	MASL NO. 2 PTY LIMITED (IN DEREGISTRATION)	Australia
556734-5524	MASL Sweden (1) AB	Sweden
556734-6068	MASL Sweden (2) AB	Sweden

556734-9310	MASL Sweden (3) AB	Sweden
556734-9328	MASL Sweden (4) AB	Sweden
556741-2498	MASL Sweden (7) AB	Sweden
556741-2506	MASL Sweden (8) AB	Sweden
6386342	MASL UK (1) Limited	United Kingdom
LL08078	MASL (Labuan) Limited	Malaysia
8607092	MBL REALTY INVESTMENT MANAGEMENT PTY. LIMITED	Australia
1330132	MBL RIVER LINKS PTY LIMITED (IN DEREGISTRATION)	Australia
363941	MC CAPITAL GROUP	Ireland
69343693	MC CAPITAL HOLDINGS NO.1 PTY LIMITED	Australia
69343791	MC CAPITAL HOLDINGS NO.2 PTY LIMITED	Australia
146 752 329	MC EDUCATION HOLDINGS PTY LTD	Australia
MC-207028	MCA ACQUISITION CORP.	Cayman Islands
MC-207027	MCA ACQUISITION HOLDINGS CORP.	Cayman Islands
78223382	MCF LEASING PTY LIMITED	Australia
977935	MCNEE HOLDINGS PTY LIMITED (IN LIQUIDATION)	Australia

4526019	MCP Solar Assets Partners I LLC	United States
452697	MCP Solar Assets Partners II LLC	United States
4625932	MEF US HOLDINGS INC.	United States
4866246	MEIF (UK) Limited	United Kingdom
132 468 734	MELRO HOLDCO PTY LIMITED	Australia
132 468 734	MELRO HOLDCO PTY LIMITED (Former Bank Group)	Australia
2223765	Merino Air Leasing, Inc.	United States
84781555	MERIT MANAGEMENT NO.1 PTY LIMITED - IN LIQUIDATION	Australia
84781493	MERIT NO.1 PTY LIMITED	Australia
0	MERIT TRUST NO. 2	Australia
140390629	MGI PROTECTED ASSET FINANCING NO.1 PTY LTD (In Deregistration)	Australia
200708397H	MGJ HOLDINGS PTE. LIMITED	Singapore
200708397H	MGJ HOLDINGS PTE. LIMITED (Former Bank Group)	Singapore
4346896	MGOP Feeder I GP LLC	United States
44351	MIAC GROUP LTD	Bermuda
4661999	MIAC HOLDINGS (US) INC.	United States

44352	MIAC REINSURANCE LTD	Bermuda
4662005	MIAC SERVICES INC.	United States
4323418	MIF US Investment Holdings LLC	United States
4323415	MIF US INVESTMENT PARTNERSHIP	United States
4261648	MIHI LLC
		United States
0100-02-032951	MJL ACE LTD.	Japan
0100-02-032952	MJL BAY LTD.	Japan
8108745	MMT I LLC	United States
010473862-3438695	MMUSA Warehouse No. 1 LLC	United States
3613926	Mongoose Acquisition LLC	United States
103410297	MONGOOSE PTY LTD	Australia

WK-133920 86587608	Monkwell Investments Limited MONT PARK DEVELOPMENT COMPANY PTY LIMITED	Cayman Islands Australia
	Moonstone Lien Investments, LLC	United States

Not Registered	MOORE STREET TRUST	Australia
8108683	Mornington Funding 2012-1 PLC	United Kingdom
8108607	Mornington Holding Limited	United Kingdom
460268	MPFI Investments 1 Limited (in liquidation)	Ireland
451722	MPFI INVESTMENTS LIMITED	Ireland
MC-162571	MQ ABSOLUTE RETURN STRATEGIES - ASIA	Cayman Islands
	MQ Absolute Return Strategies - Asia LLC	United States
61160558	MQ CAPITAL PTY LIMITED	Australia
	MQ HELIX UK Market Strategy 1 L.P.	Guernsey
92552611	MQ PORTFOLIO MANAGEMENT LIMITED	Australia
86438995	MQ SPECIALIST INVESTMENT MANAGEMENT LIMITED	Australia
U51909MH2012FTC226545	MQG Commodities (India) Private Limited	India
109837783	MREEF SSF MANAGEMENT LIMITED	Australia
129962269	MSI CASH TRUST	Australia

	MUNICIPAL AND INFRASTRUCTURE ASSURANCE CORPORATION (Sold
	15/06/2011)	United States
117100615 FN215363K	MUSASHI INVESTOR PTY LIMITED (IN LIQUIDATION) MXMM GmbH	Australia Austria
3337675	NANWAY NOMINEES PTY LIMITED	Australia
451296	NCH Symphony Limited (in voluntary liquidation)	Ireland
4107909	NDI NO.1 LLC	United States
B132283	New World Gaming International S.a.r.l	Luxembourg
124392829	NORTH-WEST EXPRESSWAY PTY LIMITED	Australia
BC0883591	NWG Canada Investments Ltd.	Canada
157723441	NZ MORTGAGES PTY LTD	Australia
CR-114570	O'Farrell Leasing (Holdings) Ltd.	Cayman Islands
109649292	OLF, LLC OLICC TECHNOLOGIES PTY LTD	United States Australia
79630603	OMNI LEISURE OPERATIONS PTY LIMITED (In Liquidation)	Australia
	One Call Debt Help LLC	United States
131 233 719	OPEN BROADBAND AUSTRALIA PTY LTD	Australia
113519823	OT HOLDINGS PTY LIMITED	Australia
115771992	OUTPLAN PTY LIMITED	Australia
205391	OW Funding Limited	Cayman Islands
71982244	PACIFIC RIM OPERATIONS LIMITED	Australia
4444506	PADUA MG HOLDINGS LLC	United States
not registered 107805452	PARENTS AT WORK INVESTMENT UNIT TRUST PARENTS@WORK PTY LIMITED	Australia Australia
134 011 313	PARETO GLOBAL RISK ADJUSTED ALPHA TRUST	Australia
490262	Pathglade Limited (in voluntary liquidation)	Ireland
	PELICAN WAREHOUSE TRUST NO.1	Australia
	PEREGRINE SELLER TRUST	Australia
	PEREGRINE SERIES TRUST 2009-1	Australia
	Petro Tradelinks Inc.	United States
	Pipeline Rehabilitation No.4 Trust	Australia
C205320	PIRANGUT CYPRUS NO. 1 LIMITED (Former Bank Group)	Cyprus
C205320 C205304	PIRANGUT CYPRUS NO. 1 LIMITED (IN LIQUIDATION) PIRANGUT CYPRUS NO. 2 LIMITED (Former Bank Group)	Cyprus Cyprus
C205304	PIRANGUT CYPRUS NO. 2 LIMITED (IN LIQUIDATION)	Cyprus
117100599	PLEIADES INVESTOR PTY LIMITED	Australia
80106412	Polar Finance Pty Limited	Australia
8288421	Poseidon InvestCo GP Limited	United Kingdom
2382149	Presidio Partners LLC	United States
	Prodigal Asian Long Short Fund	Australia
124071405 09.03.1.67.21972	PROP CO NO. 1 PTY LTD (IN DEREGISTRATION) PT Macquarie Capital Securities Indonesia	Australia Indonesia
09.03.1.05.73897	PT MACQUARIE COMMODITIES INDONESIA	Indonesia
09.03.1.70.68374	PT MPM INDONESIA	Indonesia
09.03.1.46.66473	PT WANA HIJAU NUSANTARA (Former Non-Bank Group)	Indonesia
111086705	PTK INVESTOR PTY LIMITED (IN DEREGISTRATION)	Australia
not registered 64904212	PUMA GLOBAL TRUST NO.5 PUMA MANAGEMENT PTY LIMITED	Australia Australia
not registered	PUMA MASTER FUND P-10	Australia
no registered	PUMA MASTER FUND P-11	Australia
	PUMA MASTER FUND P-8	Australia
	PUMA MASTER FUND P-9	Australia
	PUMA MASTER FUND S-2	Australia
	PUMA MASTERFUND H-1	Australia
	PUMA MASTERFUND P-13 PUMA MASTERFUND P-14	Australia Australia
not registered	PUMA MASTERFUND P-15	Australia
	PUMA MASTERFUND P-16	Australia
	PUMA MASTERFUND P-17	Australia
	PUMA Masterfund P-18	Australia
	PUMA Masterfund P-19 PUMA MASTERFUND P12	Australia Australia
	PUMA Masterfund S-10	Australia
	PUMA MASTERFUND S-11	Australia
	PUMA Masterfund S-12	Australia
	PUMA Masterfund S-13	Australia
	PUMA MASTERFUND S-5 PUMA MASTERFUND S-6	Australia Australia
not registered	PUMA Masterfund S-7	Australia
	PUMA MASTERFUND S-8	Australia
	PUMA Masterfund S-9	Australia
	PUMA MASTERFUND S3	Australia
not registered	PUMA SUB FUND CRS	Australia
Not registered not registered	PUMA SUB FUND GSF PUMA SUB FUND SPAN	Australia Australia
	PUMA SUBFUND B-1	Australia

	PUMA SUBFUND COMMBANK	Australia
511 507 527 RCS Grenoble	Pure Montain Company S.A.S.	France

118472441	RANSHAR PTY LTD - IN LIQUIDATION	Australia
4644365	RED HOLLOW WIND LLC	United States
2.00902E+11	Regal Capital Advisors, LLC	United States
	Regal Capital Group, LLC	United States
not registered	REGIONAL MEDIA TRUST	Australia
	Relational Technology Services, Inc.	United States
150 449 684	RELOAD WIND FARM PTY LTD	Australia
	RELOAD WIND FARM TRUST	Australia
124947388	RESF NO. 1 PTY LTD	Australia
200921086K	RESOURCE MARINE PTE. LIMITED	Singapore

148013316	RESOURCE MARINE PTE. LIMITED (Australian Representative Office)	Australia
200921086K	RESOURCE MARINE PTE. LIMITED (FORMER NON-BANK)	Singapore
FC029978	Resource Marine Pte. Limited (UK Establishment)	United Kingdom
144 871 554	RESOURCES HOLDINGS NO.1 PTY LIMITED (IN DEREGISTRATION)	Australia
	Retirement Financial Services, Inc.	United States
114 594 080	REVERSE MORTGAGE SERVICES PTY LTD	Australia
153718079	RISK ADVICE SPECIALISTS PTY LTD	Australia
114 530 139	RISMARK INTERNATIONAL FUNDS MANAGEMENT LTD	Australia
	Rismark International Funds Management Trust	Australia

5129984	ROSS PLASTICS PTY LTD (IN DEREGISTRATION)	Australia
CH -150.4.000.882-8	Rossignol GmbH	Switzerland
P.I. 00351680079	Rossignol Lange S.R.L.	Italy
FN Innsbruck 30814	Rossignol Osterreich GmbH	Austria
161930029	Rossignol Sci S.R.L.	Italy
	Rossignol Ski Company, Incorporated	United States
HRB 7401	Rossignol Ski Deutschland GmbH	Germany
48603C1/GBL	SAN LING INVESTMENTS LIMITED	Mauritius
58639688	SEDULOUS INVESTMENTS PTY LIMITED	Australia
3477679	Service Line Warranties of America, Inc.	United States
	Service Line Warranties of America, Inc.	United States
3484259	SHALINA PTY LIMITED (IN DEREGISTRATION)	Australia

4721411	SHELBY ENERGY HOLDINGS, LLC	United States
464139	Shichi Limited	Ireland
2008/022345/07	Shieldco Securities S1 (Pty) Limited	South Africa
7163380	SiCURAnt InvestCo GP Limited	United Kingdom
		France
606 320 174 RCS ANNECY	Skis Dynastar S.A.S.
835447	Skis Dynastar, Inc	United States

B 08 - 266140	Skis Rossignol de Espana, S.L.	Spain
056 502 958 RCS
GRENOBLE	Skis Rossignol S.A.S.	France
	SMART ABS Series 2012-2US Trust	Australia
to be incorporated	SMART ABS Series 2012-3EQ Trust	Australia
not registered	SMART ABS Series 2012-4US Trust	Australia
	SMART ANZ WAREHOUSE Trust	Australia
	SMART J WAREHOUSE TRUST	Australia
	SMART MBL WAREHOUSE TRUST	Australia

	SMART RBS WAREHOUSE TRUST	Australia
	SMART RESIDUAL VALUE SERIES TRUST	Australia
	SMART SERIES 2007-3E TRUST	Australia
	SMART SERIES 2008-1E TRUST	Australia
	SMART SERIES 2008-2 TRUST	Australia
	SMART SERIES 2008-3 TRUST	Australia
	SMART Series 2009-1 Trust	Australia
	SMART Series 2010-1US Trust	Australia

unlisted not registered	SMART Series 2010-2 Trust SMART SERIES 2011-1US TRUST	Australia Australia
not registered	SMART Series 2011-2US Trust	Australia

	SMART Series 2011-3 Trust	Australia
	SMART Series 2011-4US Trust	Australia
unlisted	SMART Series 2012-1US Trust	Australia
320 114 937	Societe Civile Immobiliere Promo-Star	France
	Specialty Finance Holdings, Inc.	United States
3421628	Stanyan Leasing Corporation	United States
HRB80040	Structural Support Systems Germany GmbH	Germany
128219330	SUREPARK HOLDINGS PTY LIMITED (Former Bank Group)	Australia
127761960	SurePark PTY LTD	Australia

MC189031	SYNTHETIC ASSET FUNDING ENTITY 1 LIMITED	Cayman Islands
MC189031	SYNTHETIC ASSET FUNDING ENTITY 1 LIMITED (Former Non-Bank Group)	Cayman Islands
MC189033	SYNTHETIC ASSET FUNDING ENTITY 2 LIMITED	Cayman Islands
MC189033	SYNTHETIC ASSET FUNDING ENTITY 2 LIMITED (Non-Bank Group)	Cayman Islands
MC189031	SYNTHETIC ASSET FUNDING ENTITY 3 LIMITED	Cayman Islands
MC189031	SYNTHETIC ASSET FUNDING ENTITY 3 LIMITED (Former Non-Bank Group)	Cayman Islands
	TA Trust	Australia

6740344	Tank Devils Ltd	United Kingdom
4439050	TAURUS AEROSPACE GROUP INC.	United States
4439057	TAURUS AEROSPACE GROUP LLC	United States

5058776	Taurus Aerospace Holdings, LLC	United States
4578519	Taurus Tanks Inc.	United States
	Tax Ease CA, LLC	United States
	Tax Ease Employee Services Company LLC	United States
	Tax Ease Funding GP LLC	United States
	Tax Ease Funding, LP	United States
	Tax Ease Holdings LLC	United States
	Tax Ease Lien Investments 1 LLC	United States
	Tax Ease Lien Servicing LLC	United States
	Tax Ease NY, LLC	United States
	Tax Ease Ohio, LLC	United States
	Tax Ease PA, Inc	United States
	Tax Ease, LP	United States
85356770	TEGENSEE PTY LIMITED (IN DEREGISTRATION)	Australia
113508160	TELBANE 2 PTY LIMITED	Australia
70142951	TELBANE PTY LTD	Australia
79630649	TEN7 PTY LIMITED	Australia
HRB80044	Tension Services Holdings GmbH	Germany

238030	Tex Funding	Cayman Islands
	Texas Rail Terminal LLC	United States
OC315196	The Bluebell Transportation LLP	United Kingdom
Not Registered	The Concept Blue Property Trust	Australia
	THE GLOBAL DEBT LIMITED PARTNERSHIP NO. 2	Australia
OC315171	The Goonzaran LLP	United Kingdom
	THE MACQUARIE TOPI40 INVESTMENT TRUST	South Africa
IT1872/2007	THE MF TRUST	South Africa
Not Registered	THE NSW RESIDENTIAL TRUST	Australia
	THE TRUSTEE FOR MACQUARIE EMERGING MARKETS
	INFRASTRUCTURE SECURITIES FUND	Australia
Not Registered	THE VICTORIA RESIDENTIAL TRUST	Australia
64721080	TOUCHSTONE MACQUARIE PTY LIMITED (Former Bank Group)	Australia
2012853459	Tristone Capital Global Inc.	Canada
208568022	Tristone Capital Inc.	Canada
5366079	Tristone Capital Limited Tristone Capital LLC	United Kingdom United States
6144124	Tristone Capital Nominees Limited (in Strike Off)	United Kingdom
2012712838	Tristone Capital SA Ltd	Canada
	Tristone Capital SA (Argentine Branch)	Argentina
9633603	TRYPTIC PTY LIMITED - IN LIQUIDATION	Australia
81119619	UPL DEVELOPMENTS PTY LIMITED	Australia

114734557	UPL (CATHERINE FIELD) PTY LIMITED (IN LIQUIDATION)	Australia
116908537	UPL (KIRRA) PTY LIMITED	Australia
127048659	UPL (NO 15) PTY LIMITED	Australia
127049110	UPL (NO 19) PTY LIMITED (IN LIQUIDATION)	Australia
127049254	UPL (NO 22) PTY LIMITED	Australia
116908493	UPL (NO 6) PTY LIMITED	Australia
116908582	UPL (NO 7) PTY LIMITED	Australia
116908635	UPL (NO 9) PTY LIMITED	Australia
114734986	UPL (NO. 11) PTY LIMITED (IN DEREGISTRATION)	Australia
115793685	UPL (NSW) PTY LIMITED	Australia
127049227	UPL (PALMVIEW) PTY LIMITED (IN DEREGISTRATION)	Australia
115007933	UPL (PORTARLINGTON) PTY LIMITED (IN LIQUIDATION)	Australia
120934741	UPL (QLD) PTY LIMITED (IN DEREGISTRATION)	Australia
85359833	UPL (SA) PTY LIMITED	Australia
84657616	UPL (UNDERDALE) PTY LIMITED	Australia
115912822	UPL (VIC) PTY LIMITED (IN DEREGISTRATION)	Australia
95793141	UPL (WA) PTY LTD	Australia
115007755	UPL (WHITBY) PTY LIMITED	Australia
55500902	UPMILL NOMINEES PTY LIMITED	Australia
81119495	URBAN PACIFIC PTY LIMITED	Australia
92034458	URBAN PACIFIC SPRINGTHORPE INVESTMENT PTY LIMITED (IN DEREGISTRATION)	Australia
113918166	URBAN PACIFIC (BEROWRA) PTY LIMITED	Australia

115131345	URBAN PACIFIC (FLETCHER) PTY LIMITED (IN LIQUIDATION)	Australia
114197429 3705740	URBAN PACIFIC (SOMERSET) PTY LIMITED (IN LIQUIDATION) Utility Metering Services Limited	Australia United Kingdom

	Utility Service Partners Private Label of Virginia Inc.	United States
3993140 3709191	UTILITY SERVICE PARTNERS PRIVATE LABEL, INC. UTILITY SERVICE PARTNERS, INC.	United States United States
8592916	UTOPIA PTY LIMITED (IN DEREGISTRATION)	Australia
3201303	VALCORA PTY LIMITED - IN LIQUIDATION	Australia
WK-137396	Valley Leasing Limited	Cayman Islands
107-87-51612	VALUE LOAN MORTGAGE LLC	Korea, Republic of

8586927	VARZY PTY LIMITED (IN DEREGISTRATION)	Australia
80218622	VICWIRE PARTNERSHIP PTY LIMITED (IN DEREGISTRATION)	Australia
WK-166995	West Portal Leasing Limited	Cayman Islands
	Winslow Lien Investments, LLC	United States
54813080	WOODROSS NOMINEES PTY. LIMITED	Australia
2736423	WUXTA PTY LIMITED (In Deregistration)	Australia
	YAYASAN HUTAN HIJAU (Former Non-Bank Group)	Indonesia
5532426	YBR Feeder GP Limited	United Kingdom
1449995	Yorkton Capital Partners II Inc.	Canada
1430727	Yorkton Capital Partners Inc.	Canada
BIN 100829696	Yorkton Partners 2000 Fund, LP	Canada
BIN 110589777	Yorkton Partners 2001 Fund, LP	Canada
BIN: 101242931	Yorkton Private Equity Limited Partnership	Canada
BIN: 110078755	Yorkton Private Equity Non-Resident Limited Partnership	Canada
2798503	ZELENKA PTY LIMITED - IN LIQUIDATION	Australia
4721409	ZODIAC ENERGY HOLDINGS, LLC	United States

ANNEXURE 'B'

This is the annexure marked 'B' of 30 page(s) referred to in the Notice of initial substantial holder.

Paula Walsh Assistant Company Secretary, Macquarie Group Limited 15 May 2013

Consideration

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
25-Jan-13	MBL	On market sale	AUD 0.99	-100,700	FPO	100,700
25-Jan-13	MBL	On market sale	AUD 1.00	-90,000	FPO	90,000
25-Jan-13	MBL	On market sale	AUD 0.98	-56,300	FPO	56,300
25-Jan-13	MBL	On market sale	AUD 1.01	-25,000	FPO	25,000
25-Jan-13	MBL	On market sale	AUD 0.99	-25,000	FPO	25,000
25-Jan-13	MBL	On market sale	AUD 0.98	-13,363	FPO	13,363
15-Jan-13	MBL	On market purchase	AUD 1.00	741	FPO	741
15-Jan-13	MBL	On market sale	AUD 0.97	-2,223	FPO	2,223
15-Jan-13	MBL	On market sale	AUD 1.01	-1,482	FPO	1,482
15-Jan-13	MBL	On market sale	AUD 1.02	-135	FPO	135
15-Jan-13	MBL	On market sale	AUD 1.02	-15	FPO	15
15-Jan-13	MBL	On market purchase	AUD 1.02	4	FPO	4
15-Jan-13	MBL	On market sale	AUD 1.02	-46	FPO	46
15-Jan-13	MBL	On market purchase	AUD 1.01	131	FPO	131
15-Jan-13	MBL	On market sale	AUD 1.02	-741	FPO	741
15-Jan-13	MBL	On market sale	AUD 1.02	-131	FPO	131
15-Jan-13	MBL	On market sale	AUD 1.03	-741	FPO	741
15-Jan-13	MBL	On market sale	AUD 1.03	-174	FPO	174
15-Jan-13	MBL	On market sale	AUD 1.03	-1,481	FPO	1,481
15-Jan-13	MBL	On market sale	AUD 1.03	-464	FPO	464
15-Jan-13	MBL	On market sale	AUD 1.03	-18,889	FPO	18,889
15-Jan-13	MBL	On market purchase	AUD 1.03	18,889	FPO	18,889
15-Jan-13	MBL	On market purchase	AUD 1.03	830	FPO	830
15-Jan-13	MBL	On market sale	AUD 1.03	-8,817	FPO	8,817
16-Jan-13	MBL	On market sale	AUD 1.03	-1,852	FPO	1,852
16-Jan-13	MBL	On market purchase	AUD 1.02	741	FPO	741
16-Jan-13	MBL	On market sale	AUD 1.04	-4	FPO	4
16-Jan-13	MBL	On market sale	AUD 1.04	-120	FPO	120
16-Jan-13 16-Jan-13	MBL MBL	On market purchase On market sale	AUD 1.03 AUD 1.03	4 -174	FPO FPO	4 174
16-Jan-13	MBL	On market sale	AUD 1.04	-735	FPO	735
16-Jan-13	MBL	On market sale	AUD 1.04	-142	FPO	142
16-Jan-13	MBL	On market sale	AUD 1.04	-157	FPO	157
16-Jan-13	MBL	On market sale	AUD 1.04	-1,612	FPO	1,612
16-Jan-13	MBL	On market purchase	AUD 1.04	1,481	FPO	1,481
16-Jan-13	MBL	On market sale	AUD 1.04	-23,272	FPO	23,272
16-Jan-13	MBL	On market purchase	AUD 1.04	26,420	FPO	26,420
16-Jan-13	MBL	On market sale	AUD 1.04	-1,584	FPO	1,584
16-Jan-13	MBL	On market sale	AUD 1.04	-8,814	FPO	8,814
16-Jan-13	MBL	On market sale	AUD 1.04	-1,564	FPO	1,564
16-Jan-13	MBL	On market purchase	AUD 1.04	2,940	FPO	2,940
17-Jan-13	MBL	On market sale	AUD 1.04	-46,791	FPO	46,791
17-Jan-13	MBL	On market sale	AUD 1.04	-3,333	FPO	3,333
17-Jan-13	MBL	On market purchase	AUD 1.05	741	FPO	741
17-Jan-13	MBL	On market sale	AUD 1.05	-20,000	FPO	20,000
17-Jan-13	MBL	On market purchase	AUD 1.06	741	FPO	741
17-Jan-13	MBL	On market purchase	AUD 1.06	740	FPO	740
17-Jan-13	MBL	On market sale	AUD 1.04	-46,791	FPO	46,791
17-Jan-13	MBL	On market purchase	AUD 1.04	46,791	FPO	46,791
17-Jan-13	MBL	On market purchase	AUD 1.07	1,481	FPO	1,481
17-Jan-13	MBL	On market purchase	AUD 1.06	741	FPO	741
17-Jan-13	MBL	On market sale	AUD 1.07	-2,222	FPO	2,222
17-Jan-13	MBL	On market sale	AUD 1.07	-2,348	FPO	2,348
17-Jan-13	MBL	On market purchase	AUD 1.07	1,407	FPO	1,407
17-Jan-13 17-Jan-13	MBL MBL	On market purchase On market sale	AUD 1.06 AUD 1.07	4,302 -1,954	FPO	4,302 1,954
18-Jan-13	MBL	On market sale		-741	FPO	741
18-Jan-13	MBL	On market purchase	AUD 1.06	118	FPO	118
			AUD 1.05		FPO
18-Jan-13	MBL	On market purchase	AUD 1.04	252	FPO	252
18-Jan-13	MBL	On market sale	AUD 1.05	-62	FPO	62

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
18-Jan-13	MBL	On market purchase	AUD 1.05	61	FPO	61
18-Jan-13	MBL	On market sale	AUD 1.05	-662	FPO	662
18-Jan-13	MBL	On market sale	AUD 1.06	-62,330	FPO	62,330
18-Jan-13	MBL	On market purchase	AUD 1.05	41,125	FPO	41,125
18-Jan-13	MBL	On market sale	AUD 1.06	-501	FPO	501
18-Jan-13	MBL	On market purchase	AUD 1.05	297	FPO	297
18-Jan-13	MBL	On market purchase	AUD 1.06	497	FPO	497
18-Jan-13	MBL	On market purchase	AUD 1.06	21,205	FPO	21,205
18-Jan-13	MBL	On market sale	AUD 1.06	-4,961	FPO	4,961
21-Jan-13	MBL	On market sale	AUD 1.08	-740	FPO	740
21-Jan-13	MBL	On market sale	AUD 1.07	-1,481	FPO	1,481
21-Jan-13	MBL	On market purchase	AUD 1.07	1,481	FPO	1,481
21-Jan-13	MBL	On market purchase	AUD 1.07	740	FPO	740
21-Jan-13	MBL	On market purchase	AUD 1.06	740	FPO	740
21-Jan-13	MBL	On market sale	AUD 1.05	-90	FPO	90
21-Jan-13	MBL	On market sale	AUD 1.05	-24	FPO	24
21-Jan-13	MBL	On market purchase	AUD 1.05	14,968	FPO	14,968
21-Jan-13	MBL	On market purchase	AUD 1.05	44	FPO	44
21-Jan-13	MBL	On market sale	AUD 1.05	-10,209	FPO	10,209
21-Jan-13	MBL	On market purchase	AUD 1.05	5,012	FPO	5,012
21-Jan-13	MBL	On market sale	AUD 1.05	-46	FPO	46
21-Jan-13	MBL	On market purchase	AUD 1.04	3,925	FPO	3,925
21-Jan-13	MBL	On market sale	AUD 1.04	-9,681	FPO	9,681
21-Jan-13	MBL	On market purchase	AUD 1.04	26	FPO	26
22-Jan-13 22-Jan-13	MBL MBL	On market purchase On market purchase	AUD 1.00 AUD 1.03	740 1,481	FPO	740 1,481
22-Jan-13	MBL	On market purchase	AUD 1.01	741	FPO FPO	741
22-Jan-13	MBL	On market sale	AUD 1.01	-1,406	FPO	1,406
22-Jan-13	MBL	On market sale	AUD 1.01	-30,000	FPO	30,000
22-Jan-13	MBL	On market sale	AUD 1.01	-13,005	FPO	13,005
22-Jan-13	MBL	On market purchase	AUD 1.02	9,300	FPO	9,300
22-Jan-13	MBL	On market purchase	AUD 1.02	4,960	FPO	4,960
22-Jan-13	MBL	On market purchase	AUD 1.01	5,111	FPO	5,111
23-Jan-13	MBL	On market purchase	AUD 1.01	377	FPO	377
23-Jan-13	MBL	On market purchase	AUD 1.03	363	FPO	363
23-Jan-13	MBL	On market sale	AUD 1.04	-2,393	FPO	2,393
23-Jan-13	MBL	On market purchase	AUD 1.04	2,506	FPO	2,506
23-Jan-13	MBL	On market purchase	AUD 1.04	2,647	FPO	2,647
23-Jan-13	MBL	On market sale	AUD 1.04	-2,760	FPO	2,760
23-Jan-13	MBL	On market purchase	AUD 1.04	666	FPO	666
24-Jan-13	MBL	On market sale	AUD 1.02	-2,220	FPO	2,220
24-Jan-13	MBL	On market purchase	AUD 1.04	740	FPO	740
24-Jan-13	MBL	On market purchase	AUD 1.03	740	FPO	740
24-Jan-13	MBL	On market purchase	AUD 1.03	1,480	FPO	1,480
24-Jan-13	MBL	On market purchase	AUD 1.03	2,911	FPO	2,911
24-Jan-13 24-Jan-13	MBL MBL	On market purchase On market sale	AUD 1.03	5,328 -5,328	FPO	5,328 5,328
24-Jan-13	MBL	On market purchase	AUD 1.03 AUD 1.03	4,730	FPO FPO	4,730
24-Jan-13	MBL	On market sale	AUD 1.03	-7,641	FPO	7,641
24-Jan-13	MBL	On market sale	AUD 1.03	-3,034	FPO	3,034
25-Jan-13	MBL	On market sale	AUD 1.00	-2,220	FPO	2,220
25-Jan-13	MBL	On market purchase	AUD 1.01	740	FPO	740
25-Jan-13	MBL	On market sale	AUD 1.00	-740	FPO	740
25-Jan-13	MBL	On market purchase	AUD 0.99	740	FPO	740
25-Jan-13	MBL	On market sale	AUD 0.99	-2,787	FPO	2,787
25-Jan-13	MBL	On market sale	AUD 0.98	-3,404	FPO	3,404
25-Jan-13	MBL	On market purchase	AUD 0.99	10,905	FPO	10,905
25-Jan-13	MBL	On market sale	AUD 0.98	-8,118	FPO	8,118
29-Jan-13	MBL	On market purchase	AUD 0.98	1,480	FPO	1,480
29-Jan-13	MBL	On market purchase	AUD 0.99	2,960	FPO	2,960
29-Jan-13	MBL	On market purchase	AUD 0.97	1,480	FPO	1,480
29-Jan-13	MBL	On market purchase	AUD 0.96	740	FPO	740
29-Jan-13	MBL	On market purchase	AUD 0.94	10,525	FPO	10,525
29-Jan-13	MBL	On market purchase	AUD 0.94	2,886	FPO	2,886
29-Jan-13	MBL	On market sale	AUD 0.94	-10,525	FPO	10,525
30-Jan-13	MBL	On market sale	AUD 0.96	-3,699	FPO	3,699
30-Jan-13	MBL	On market sale	AUD 0.98	-14,854	FPO	14,854
30-Jan-13	MBL	On market purchase	AUD 0.98	14,854	FPO	14,854
30-Jan-13 31-Jan-13	MBL MBL	On market sale On market sale	AUD 0.99	-5,179 -1,480	FPO	5,179 1,480
31-Jan-13	MBL	On market purchase	AUD 0.99 AUD 0.97	1,479	FPO FPO	1,479
31-Jan-13	MBL	On market purchase	AUD 0.97	2,959	FPO	2,959
31-Jan-13	MBL	On market sale	AUD 0.99	-1,109	FPO	1,109
31-Jan-13	MBL	On market purchase	AUD 0.99	1,849	FPO	1,849

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
31-Jan-13	MBL	On market purchase	AUD 0.99	2,528	FPO	2,528
31-Jan-13	MBL	On market sale	AUD 0.99	-2,641	FPO	2,641
31-Jan-13	MBL	On market purchase	AUD 0.99	3,921	FPO	3,921
31-Jan-13	MBL	On market purchase	AUD 0.99	113	FPO	113
01-Feb-13	MBL	On market purchase	AUD 0.99	740	FPO	740
01-Feb-13	MBL	On market purchase	AUD 0.98	739	FPO	739
01-Feb-13	MBL	On market purchase	AUD 0.98	740	FPO	740
01-Feb-13 01-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.98 AUD 0.98	2,071 2,367	FPO FPO	2,071 2,367
01-Feb-13	MBL	On market purchase	AUD 0.97	647	FPO	647
01-Feb-13	MBL	On market purchase	AUD 0.98	2,438	FPO	2,438
01-Feb-13	MBL	On market sale	AUD 0.98	-5,151	FPO	5,151
01-Feb-13	MBL	On market purchase	AUD 0.98	4,011	FPO	4,011
01-Feb-13	MBL	On market purchase	AUD 0.98	2,713	FPO	2,713
04-Feb-13	MBL	On market sale	AUD 0.97	-1,258	FPO	1,258
04-Feb-13	MBL	On market sale	AUD 0.96	-2,440	FPO	2,440
04-Feb-13	MBL	On market sale	AUD 0.97	-1,479	FPO	1,479
04-Feb-13 04-Feb-13	MBL MBL	On market sale On market sale	AUD 0.96 AUD 0.95	-740 -2,218	FPO FPO	740 2,218
04-Feb-13	MBL	On market sale	AUD 0.94	-1,479	FPO	1,479
04-Feb-13	MBL	On market purchase	AUD 0.94	5,418	FPO	5,418
04-Feb-13	MBL	On market purchase	AUD 0.94	5,305	FPO	5,305
04-Feb-13	MBL	On market sale	AUD 0.94	-10,674	FPO	10,674
04-Feb-13	MBL	On market sale	AUD 0.93	-49	FPO	49
04-Feb-13	MBL	On market sale	AUD 0.93	-3,550	FPO	3,550
04-Feb-13	MBL	On market sale	AUD 0.97	-3,697	FPO	3,697
04-Feb-13 05-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.98 AUD 0.93	-739 739	FPO FPO	739 739
05-Feb-13	MBL	On market sale	AUD 0.94	-2,588	FPO	2,588
05-Feb-13	MBL	On market purchase	AUD 0.94	4	FPO	4
05-Feb-13	MBL	On market purchase	AUD 0.94	4	FPO	4
05-Feb-13	MBL	On market sale	AUD 0.94	-8	FPO	8
05-Feb-13	MBL	On market sale	AUD 0.92	-739	FPO	739
05-Feb-13	MBL	On market purchase	AUD 0.93	3,454	FPO	3,454
05-Feb-13	MBL	On market sale	AUD 0.93	-6,944	FPO	6,944
05-Feb-13 05-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.92	3,490 -7,838	FPO	3,490 7,838
06-Feb-13	MBL	On market purchase	AUD 0.92 AUD 0.90	739	FPO FPO	739
06-Feb-13	MBL	On market sale	AUD 0.89	-739	FPO	739
06-Feb-13	MBL	On market purchase	AUD 0.90	1,479	FPO	1,479
06-Feb-13	MBL	On market purchase	AUD 0.90	739	FPO	739
06-Feb-13	MBL	On market purchase	AUD 0.90	2,809	FPO	2,809
06-Feb-13	MBL	On market purchase	AUD 0.91	862	FPO	862
06-Feb-13 06-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.91 AUD 0.90	766 2,958	FPO FPO	766 2,958
06-Feb-13	MBL	On market purchase	AUD 0.89	4,655	FPO	4,655
07-Feb-13	MBL	On market purchase	AUD 0.88	5,000	FPO	5,000
07-Feb-13	MBL	On market sale	AUD 0.88	-3,696	FPO	3,696
07-Feb-13	MBL	On market sale	AUD 0.87	-739	FPO	739
07-Feb-13 07-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.90 AUD 0.90	739 -739	FPO FPO	739 739
07-Feb-13	MBL	On market sale	AUD 0.90	-739	FPO	739
07-Feb-13	MBL	On market purchase	AUD 0.91	5,100	FPO	5,100
08-Feb-13	MBL	On market purchase	AUD 0.92	739	FPO	739
08-Feb-13	MBL	On market sale	AUD 0.92	-739	FPO	739
08-Feb-13 08-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.91	-1,478 1,478	FPO	1,478 1,478
08-Feb-13	MBL	On market purchase	AUD 0.90 AUD 0.90	739	FPO FPO	739
08-Feb-13	MBL	On market purchase	AUD 0.90	1,479	FPO	1,479
08-Feb-13	MBL	On market purchase	AUD 0.90	1,478	FPO	1,478
08-Feb-13	MBL	On market purchase	AUD 0.90	739	FPO	739
08-Feb-13 08-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.90	-10,274 739	FPO	10,274 739
11-Feb-13	MBL	On market sale	AUD 0.90 AUD 0.90	-1,478	FPO FPO	1,478
11-Feb-13	MBL	On market purchase	AUD 0.90	2,217	FPO	2,217
12-Feb-13	MBL	On market purchase	AUD 0.88	2,956	FPO	2,956
12-Feb-13	MBL	On market purchase	AUD 0.90	5,099	FPO	5,099
13-Feb-13	MBL	On market sale	AUD 0.88	-1,108	FPO	1,108
13-Feb-13 14-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.89 AUD 0.90	2,217 1,478	FPO FPO	2,217 1,478
15-Feb-13	MBL	On market sale	AUD 0.92	-369	FPO	369
15-Feb-13	MBL	On market sale	AUD 0.91	-739	FPO	739
15-Feb-13	MBL	On market sale	AUD 0.91	-738	FPO	738
15-Feb-13	MBL	On market purchase	AUD 0.90	13,519	FPO	13,519

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
18-Feb-13	MBL	On market sale	AUD 0.85	-739	FPO	739
18-Feb-13	MBL	On market sale	AUD 0.82	-1,477	FPO	1,477
18-Feb-13	MBL	On market sale	AUD 0.82	-1,478	FPO	1,478
18-Feb-13	MBL	On market purchase	AUD 0.82	6,574	FPO	6,574
18-Feb-13	MBL	On market purchase	AUD 0.89	1,108	FPO	1,108
18-Feb-13	MBL	On market purchase	AUD 0.85	739	FPO	739
19-Feb-13	MBL	On market sale	AUD 0.82	-2,838	FPO	2,838
19-Feb-13	MBL	On market sale	AUD 0.82	-1	FPO	1
19-Feb-13 19-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.83 AUD 0.82	-7,681 2,839	FPO	7,681 2,839
20-Feb-13	MBL	On market sale	AUD 0.83	-1,477	FPO FPO	1,477
20-Feb-13	MBL	On market sale	AUD 0.79	-1,477	FPO	1,477
20-Feb-13	MBL	On market sale	AUD 0.79	-12,000	FPO	12,000
20-Feb-13	MBL	On market sale	AUD 0.81	-72	FPO	72
20-Feb-13	MBL	On market sale	AUD 0.81	-666	FPO	666
20-Feb-13	MBL	On market sale	AUD 0.82	-69	FPO	69
20-Feb-13	MBL	On market sale	AUD 0.82	-70	FPO	70
20-Feb-13	MBL	On market sale	AUD 0.82	-600	FPO	600
20-Feb-13	MBL	On market sale	AUD 0.82	-613	FPO	613
20-Feb-13 20-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.82 AUD 0.82	-8,787 16,699	FPO	8,787 16,699
20-Feb-13	MBL	On market sale	AUD 0.82	-16,699	FPO FPO	16,699
21-Feb-13	MBL	On market sale	AUD 0.78	-1,477	FPO	1,477
21-Feb-13	MBL	On market sale	AUD 0.78	-738	FPO	738
21-Feb-13	MBL	On market sale	AUD 0.78	-739	FPO	739
21-Feb-13	MBL	On market sale	AUD 0.78	-738	FPO	738
21-Feb-13	MBL	On market sale	AUD 0.78	-1,477	FPO	1,477
21-Feb-13	MBL	On market purchase	AUD 0.78	2,486	FPO	2,486
21-Feb-13	MBL	On market sale	AUD 0.78	-2,953	FPO	2,953
21-Feb-13	MBL	On market sale	AUD 0.79	-739	FPO	739
21-Feb-13 21-Feb-13	MBL MBL	On market sale On market sale	AUD 0.79 AUD 0.79	-15,369 -1,476	FPO FPO	15,369 1,476
21-Feb-13	MBL	On market purchase	AUD 0.79	12,883	FPO	12,883
22-Feb-13	MBL	On market purchase	AUD 0.79	738	FPO	738
22-Feb-13	MBL	On market purchase	AUD 0.80	739	FPO	739
22-Feb-13	MBL	On market sale	AUD 0.82	-2,588	FPO	2,588
22-Feb-13	MBL	On market purchase	AUD 0.82	738	FPO	738
22-Feb-13	MBL	On market purchase	AUD 0.82	2,433	FPO	2,433
22-Feb-13	MBL	On market purchase	AUD 0.81	155	FPO	155
22-Feb-13	MBL	On market sale	AUD 0.81	-5,759	FPO	5,759
25-Feb-13 25-Feb-13	MBL MBL	On market sale On market sale	AUD 0.83 AUD 0.82	-738 -2,215	FPO FPO	738 2,215
25-Feb-13	MBL	On market sale	AUD 0.82	-1,477	FPO	1,477
25-Feb-13	MBL	On market purchase	AUD 0.85	1,476	FPO	1,476
25-Feb-13	MBL	On market purchase	AUD 0.85	739	FPO	739
25-Feb-13	MBL	On market sale	AUD 0.85	-5,034	FPO	5,034
25-Feb-13	MBL	On market purchase	AUD 0.84	4,551	FPO	4,551
25-Feb-13	MBL	On market purchase	AUD 0.85	4,845	FPO	4,845
25-Feb-13	MBL	On market sale	AUD 0.85	-4,362	FPO	4,362
25-Feb-13 26-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.85 AUD 0.83	7,973 -1,846	FPO FPO	7,973 1,846
26-Feb-13	MBL	On market sale	AUD 0.84	-1,476	FPO	1,476
26-Feb-13	MBL	On market purchase	AUD 0.84	1,476	FPO	1,476
26-Feb-13	MBL	On market purchase	AUD 0.83	738	FPO	738
26-Feb-13	MBL	On market sale	AUD 0.84	-738	FPO	738
26-Feb-13	MBL	On market purchase	AUD 0.84	738	FPO	738
26-Feb-13	MBL	On market purchase	AUD 0.82	738	FPO	738
26-Feb-13 26-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.82 AUD 0.82	6,314 -6,314	FPO FPO	6,314 6,314
26-Feb-13	MBL	On market purchase	AUD 0.82	2,067	FPO	2,067
27-Feb-13	MBL	On market sale	AUD 0.85	-1,107	FPO	1,107
27-Feb-13	MBL	On market sale	AUD 0.85	-738	FPO	738
27-Feb-13	MBL	On market purchase	AUD 0.84	3,247	FPO	3,247
27-Feb-13	MBL	On market sale	AUD 0.84	-3,247	FPO	3,247
27-Feb-13	MBL	On market sale	AUD 0.84	-327	FPO	327
27-Feb-13 27-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.84 AUD 0.84	4,856 -4,529	FPO FPO	4,856 4,529
27-Feb-13	MBL	On market sale	AUD 0.84	-7,085	FPO	7,085
28-Feb-13	MBL	On market sale	AUD 0.81	-2,583	FPO	2,583
28-Feb-13	MBL	On market purchase	AUD 0.82	738	FPO	738
28-Feb-13	MBL	On market sale	AUD 0.82	-933	FPO	933
28-Feb-13	MBL	On market purchase	AUD 0.82	933	FPO	933
28-Feb-13 28-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.81	738 738	FPO	738 738
			AUD 0.81		FPO

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
28-Feb-13	MBL	On market purchase	AUD 0.81	2,214	FPO	2,214
28-Feb-13	MBL	On market sale	AUD 0.82	-21,437	FPO	21,437
28-Feb-13	MBL	On market sale	AUD 0.82	-131	FPO	131
28-Feb-13 28-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.81	5,069 -5,092	FPO	5,069 5,092
28-Feb-13	MBL	On market purchase	AUD 0.81 AUD 0.81	16,499	FPO FPO	16,499
01-Mar-13	MBL	On market sale	AUD 0.79	-1,476	FPO	1,476
01-Mar-13	MBL	On market purchase	AUD 0.79	738	FPO	738
01-Mar-13	MBL	On market sale	AUD 0.79	-738	FPO	738
01-Mar-13	MBL	On market sale	AUD 0.79	-738	FPO	738
01-Mar-13	MBL	On market purchase	AUD 0.79	2,555	FPO	2,555
01-Mar-13	MBL MBL	On market sale	AUD 0.79	-2,555	FPO	2,555 8,855
01-Mar-13 04-Mar-13	MBL	On market purchase On market purchase	AUD 0.79 AUD 0.79	8,855 2,333	FPO FPO	2,333
04-Mar-13	MBL	On market purchase	AUD 0.78	295	FPO	295
04-Mar-13	MBL	On market sale	AUD 0.78	-2,333	FPO	2,333
05-Mar-13	MBL	On market purchase	AUD 0.78	738	FPO	738
05-Mar-13	MBL	On market sale	AUD 0.79	-219	FPO	219
05-Mar-13	MBL	On market purchase	AUD 0.78	292	FPO	292
05-Mar-13 05-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.78 AUD 0.79	73 -73	FPO FPO	73 73
05-Mar-13	MBL	On market sale	AUD 0.78	-738	FPO	738
05-Mar-13	MBL	On market sale	AUD 0.79	-5,641	FPO	5,641
05-Mar-13	MBL	On market purchase	AUD 0.78	217	FPO	217
05-Mar-13	MBL	On market sale	AUD 0.79	-145	FPO	145
05-Mar-13 05-Mar-13	MBL MBL	On market sale On market sale	AUD 0.78 AUD 0.78	-1,328 -145	FPO FPO	1,328 145
05-Mar-13	MBL	On market purchase	AUD 0.78	5,641	FPO	5,641
06-Mar-13	MBL	On market purchase	AUD 0.78	18	FPO	18
06-Mar-13	MBL	On market sale	AUD 0.79	-18	FPO	18
06-Mar-13	MBL	On market purchase	AUD 0.79	23	FPO	23
06-Mar-13 06-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.78 AUD 0.77	-23 46	FPO FPO	23 46
06-Mar-13	MBL	On market sale	AUD 0.78	-23	FPO	23
06-Mar-13	MBL	On market sale	AUD 0.78	-2,137	FPO	2,137
06-Mar-13	MBL	On market sale	AUD 0.78	-310	FPO	310
06-Mar-13	MBL	On market sale	AUD 0.78	-23	FPO	23
06-Mar-13 06-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.78 AUD 0.78	-4,130 3,903	FPO FPO	4,130 3,903
06-Mar-13	MBL	On market sale	AUD 0.78	-3,264	FPO	3,264
06-Mar-13	MBL	On market purchase	AUD 0.78	1,498	FPO	1,498
07-Mar-13	MBL	On market sale	AUD 0.78	-28	FPO	28
07-Mar-13	MBL	On market purchase	AUD 0.80	139	FPO	139
07-Mar-13 07-Mar-13	MBL MBL	On market sale On market sale	AUD 0.80 AUD 0.82	-139 -55	FPO FPO	139 55
07-Mar-13	MBL	On market purchase	AUD 0.81	165	FPO	165
07-Mar-13	MBL	On market sale	AUD 0.81	-220	FPO	220
07-Mar-13	MBL	On market purchase	AUD 0.81	110	FPO	110
07-Mar-13	MBL	On market purchase	AUD 0.81	55	FPO	55
07-Mar-13 07-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.81 AUD 0.81	-275 440	FPO FPO	275 440
07-Mar-13	MBL	On market sale	AUD 0.80	-110	FPO	110
07-Mar-13	MBL	On market sale	AUD 0.81	-165	FPO	165
07-Mar-13	MBL	On market purchase	AUD 0.81	165	FPO	165
07-Mar-13	MBL	On market purchase	AUD 0.80	110	FPO	110
07-Mar-13	MBL MBL	On market purchase	AUD 0.78	737	FPO	737 1,680
07-Mar-13 07-Mar-13	MBL	On market sale On market sale	AUD 0.78 AUD 0.78	-1,680 -5,601	FPO FPO	5,601
07-Mar-13	MBL	On market sale	AUD 0.78	-3,420	FPO	3,420
07-Mar-13	MBL	On market sale	AUD 0.78	-192	FPO	192
07-Mar-13	MBL	On market purchase	AUD 0.78	5,100	FPO	5,100
08-Mar-13	MBL	On market sale	AUD 0.83	-737	FPO	737
08-Mar-13 08-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.86 AUD 0.86	1,474 -737	FPO FPO	1,474 737
08-Mar-13	MBL	On market purchase	AUD 0.89	150	FPO	150
08-Mar-13	MBL	On market sale	AUD 0.89	-150	FPO	150
08-Mar-13	MBL	On market purchase	AUD 0.88	1,474	FPO	1,474
08-Mar-13	MBL	On market purchase	AUD 0.88	76	FPO	76
08-Mar-13 08-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.89 AUD 0.89	75 -151	FPO FPO	75 151
08-Mar-13	MBL	On market purchase	AUD 0.92	73	FPO	73
08-Mar-13	MBL	On market purchase	AUD 0.92	1,474	FPO	1,474
08-Mar-13	MBL	On market sale	AUD 0.92	-73	FPO	73
08-Mar-13	MBL	On market purchase	AUD 0.92	737	FPO	737

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
08-Mar-13	MBL	On market purchase	AUD 0.92	217	FPO	217
08-Mar-13	MBL	On market sale	AUD 0.92	-217	FPO	217
08-Mar-13	MBL	On market purchase	AUD 0.92	2,211	FPO	2,211
08-Mar-13	MBL	On market purchase	AUD 0.93	73	FPO	73
08-Mar-13	MBL MBL	On market purchase	AUD 0.92	11,742	FPO	11,742 74
08-Mar-13 08-Mar-13	MBL	On market sale On market purchase	AUD 0.91 AUD 0.93	-74 1	FPO FPO	1
08-Mar-13	MBL	On market sale	AUD 0.93	-1,695	FPO	1,695
08-Mar-13	MBL	On market sale	AUD 0.92	-11,742	FPO	11,742
11-Mar-13	MBL	On market purchase	AUD 0.93	57	FPO	57
11-Mar-13	MBL	On market sale	AUD 0.94	-57	FPO	57
11-Mar-13	MBL	On market sale	AUD 0.93	-737	FPO	737
11-Mar-13	MBL	On market purchase	AUD 0.91	2,211	FPO	2,211
11-Mar-13 11-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.91 AUD 0.92	232 -232	FPO FPO	232 232
11-Mar-13	MBL	On market purchase	AUD 0.91	232	FPO	232
11-Mar-13	MBL	On market sale	AUD 0.92	-348	FPO	348
11-Mar-13	MBL	On market sale	AUD 0.92	-230	FPO	230
11-Mar-13	MBL	On market sale	AUD 0.92	-1,474	FPO	1,474
11-Mar-13	MBL	On market purchase	AUD 0.92	346	FPO	346
11-Mar-13 11-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.93 AUD 0.93	115 -458	FPO FPO	115 458
11-Mar-13	MBL	On market purchase	AUD 0.93	457	FPO	457
11-Mar-13	MBL	On market purchase	AUD 0.93	1,474	FPO	1,474
11-Mar-13	MBL	On market purchase	AUD 0.93	114	FPO	114
11-Mar-13	MBL	On market sale	AUD 0.94	-228	FPO	228
11-Mar-13	MBL	On market purchase	AUD 0.94	737	FPO	737
11-Mar-13 11-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.95 AUD 0.94	-113 225	FPO FPO	113 225
11-Mar-13	MBL	On market purchase	AUD 0.94	737	FPO	737
11-Mar-13	MBL	On market purchase	AUD 0.94	113	FPO	113
11-Mar-13	MBL	On market purchase	AUD 0.94	737	FPO	737
11-Mar-13	MBL	On market sale	AUD 0.94	-565	FPO	565
11-Mar-13 11-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.95 AUD 0.94	-113 791	FPO FPO	113 791
11-Mar-13	MBL	On market sale	AUD 0.95	-452	FPO	452
11-Mar-13	MBL	On market purchase	AUD 0.94	339	FPO	339
11-Mar-13	MBL	On market purchase	AUD 0.94	339	FPO	339
11-Mar-13	MBL MBL	On market sale	AUD 0.94	-6,515	FPO	6,515 3,918
11-Mar-13 11-Mar-13	MBL	On market purchase On market sale	AUD 0.94 AUD 0.94	3,918 -9,068	FPO FPO	9,068
11-Mar-13	MBL	On market sale	AUD 0.94	-564	FPO	564
11-Mar-13	MBL	On market purchase	AUD 0.94	6,043	FPO	6,043
11-Mar-13	MBL	On market purchase	AUD 0.94	11,665	FPO	11,665
12-Mar-13	MBL	On market sale	AUD 0.93	-173	FPO	173
12-Mar-13 12-Mar-13	MBL MBL	On market purchase On market purchase	AUD 0.93 AUD 0.93	737 532	FPO FPO	737 532
12-Mar-13	MBL	On market sale	AUD 0.93	-240	FPO	240
12-Mar-13	MBL	On market sale	AUD 0.92	-119	FPO	119
12-Mar-13	MBL	On market purchase	AUD 0.91	737	FPO	737
12-Mar-13	MBL	On market purchase	AUD 0.91	737	FPO	737
12-Mar-13 12-Mar-13	MBL MBL	On market purchase On market purchase	AUD 0.91 AUD 0.89	737 737	FPO FPO	737 737
12-Mar-13	MBL	On market sale	AUD 0.89	-188	FPO	188
12-Mar-13	MBL	On market purchase	AUD 0.88	188	FPO	188
12-Mar-13	MBL	On market purchase	AUD 0.90	737	FPO	737
12-Mar-13	MBL	On market purchase	AUD 0.89	124	FPO	124
12-Mar-13 12-Mar-13	MBL MBL	On market sale On market sale	AUD 0.90 AUD 0.89	-124 -10	FPO FPO	124 10
12-Mar-13	MBL	On market purchase	AUD 0.89	2	FPO	2
12-Mar-13	MBL	On market sale	AUD 0.89	-7,964	FPO	7,964
12-Mar-13	MBL	On market purchase	AUD 0.89	9,742	FPO	9,742
12-Mar-13	MBL	On market purchase	AUD 0.88	6,411	FPO	6,411
12-Mar-13 13-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.88 AUD 0.90	-1,770 2,210	FPO FPO	1,770 2,210
13-Mar-13	MBL	On market sale	AUD 0.90	-1,105	FPO	1,105
13-Mar-13	MBL	On market purchase	AUD 0.89	737	FPO	737
13-Mar-13	MBL	On market purchase	AUD 0.92	737	FPO	737
13-Mar-13	MBL	On market purchase	AUD 0.92	4	FPO	4
13-Mar-13 13-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.93 AUD 0.93	2,467 -6,732	FPO FPO	2,467 6,732
13-Mar-13	MBL	On market purchase	AUD 0.93	4,261	FPO	4,261
13-Mar-13	MBL	On market sale	AUD 0.93	-9,652	FPO	9,652
14-Mar-13	MBL	On market purchase	AUD 0.91	2,210	FPO	2,210

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
14-Mar-13	MBL	On market sale	AUD 0.91	-737	FPO	737
14-Mar-13	MBL	On market purchase	AUD 0.91	1,474	FPO	1,474
14-Mar-13	MBL	On market purchase	AUD 0.90	736	FPO	736
14-Mar-13	MBL	On market purchase	AUD 0.90	50,000	FPO	50,000
14-Mar-13	MBL	On market purchase	AUD 0.90	50,000	FPO	50,000
14-Mar-13 15-Mar-13	MBL MBL	On market sale On market sale	AUD 0.90 AUD 0.92	-10,092 -1,473	FPO FPO	10,092 1,473
15-Mar-13	MBL	On market sale	AUD 0.91	-1,473	FPO	1,473
15-Mar-13	MBL	On market purchase	AUD 0.92	1,473	FPO	1,473
15-Mar-13	MBL	On market purchase	AUD 0.90	1,473	FPO	1,473
15-Mar-13	MBL	On market purchase	AUD 0.93	1,177	FPO	1,177
15-Mar-13	MBL	On market sale	AUD 0.93	-12,468	FPO	12,468
15-Mar-13	MBL	On market sale	AUD 0.93	-55	FPO	55
15-Mar-13	MBL	On market purchase	AUD 0.93	3,238	FPO	3,238
15-Mar-13 18-Mar-13	MBL MBL	On market purchase On market purchase	AUD 0.90 AUD 0.89	55 20,000	FPO FPO	55 20,000
18-Mar-13	MBL	On market sale	AUD 0.89	-736	FPO	736
18-Mar-13	MBL	On market purchase	AUD 0.89	736	FPO	736
18-Mar-13	MBL	On market purchase	AUD 0.89	1,472	FPO	1,472
18-Mar-13	MBL	On market sale	AUD 0.89	-1,472	FPO	1,472
18-Mar-13	MBL	On market sale	AUD 0.89	-20,000	FPO	20,000
18-Mar-13	MBL	On market sale	AUD 0.89	-2,943	FPO	2,943
18-Mar-13 18-Mar-13	MBL MBL	On market sale On market sale	AUD 0.89 AUD 0.89	-3,949 -674	FPO FPO	3,949 674
18-Mar-13	MBL	On market purchase	AUD 0.88	4,623	FPO	4,623
18-Mar-13	MBL	On market sale	AUD 0.91	-736	FPO	736
19-Mar-13	MBL	On market purchase	AUD 0.90	369	FPO	369
19-Mar-13	MBL	On market purchase	AUD 0.88	11	FPO	11
19-Mar-13 19-Mar-13	MBL MBL	On market sale On market sale	AUD 0.88 AUD 0.89	-736 -10,574	FPO FPO	736 10,574
19-Mar-13	MBL	On market purchase	AUD 0.88	15,609	FPO	15,609
19-Mar-13	MBL	On market sale	AUD 0.88	-5,046	FPO	5,046
20-Mar-13	MBL	On market purchase	AUD 0.89	736	FPO	736
20-Mar-13	MBL	On market sale	AUD 0.86	-736	FPO	736
20-Mar-13 20-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.87 AUD 0.87	-735 22,077	FPO FPO	735 22,077
20-Mar-13	MBL	On market purchase	AUD 0.87	1,471	FPO	1,471
20-Mar-13	MBL	On market purchase	AUD 0.87	9,295	FPO	9,295
20-Mar-13	MBL	On market purchase	AUD 0.87	677	FPO	677
20-Mar-13	MBL	On market sale	AUD 0.87	-16,906	FPO	16,906
20-Mar-13 20-Mar-13	MBL MBL	On market purchase On market purchase	AUD 0.87 AUD 0.87	6,934 6,694	FPO FPO	6,934 6,694
20-Mar-13	MBL	On market sale	AUD 0.87	-2,207	FPO	2,207
20-Mar-13	MBL	On market purchase	AUD 0.87	111,452	FPO	111,452
20-Mar-13	MBL	On market purchase	AUD 0.87	2,207	FPO	2,207
20-Mar-13	MBL	On market purchase	AUD 0.89	64,264	FPO	64,264
20-Mar-13 21-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.87 AUD 0.85	-736 3,705	FPO FPO	736 3,705
21-Mar-13	MBL	On market purchase	AUD 0.85	194,473	FPO	194,473
21-Mar-13	MBL	On market sale	AUD 0.84	-10,519	FPO	10,519
21-Mar-13	MBL	On market sale	AUD 0.84	-747	FPO	747
21-Mar-13	MBL	On market purchase	AUD 0.84	10,519	FPO	10,519
21-Mar-13	MBL MBL	On market sale	AUD 0.84	-3,705	FPO	3,705 1,851
22-Mar-13 22-Mar-13	MBL	On market sale On market sale	AUD 0.85 AUD 0.89	-1,851 -90,523	FPO FPO	90,523
22-Mar-13	MBL	On market sale	AUD 0.90	-59,477	FPO	59,477
22-Mar-13	MBL	On market sale	AUD 0.91	-150,000	FPO	150,000
22-Mar-13	MBL	On market sale	AUD 0.91	-59	FPO	59
22-Mar-13	MBL MBL	On market purchase	AUD 0.91	19,531	FPO	19,531 9,901
22-Mar-13 22-Mar-13	MBL	On market sale On market purchase	AUD 0.91 AUD 0.91	-9,901 5,183	FPO FPO	5,183
22-Mar-13	MBL	On market sale	AUD 0.91	-9,571	FPO	9,571
25-Mar-13	MBL	On market sale	AUD 0.91	-1,851	FPO	1,851
25-Mar-13	MBL	On market sale	AUD 0.94	-4,803	FPO	4,803
25-Mar-13	MBL	On market sale	AUD 0.94	-4,699	FPO	4,699
25-Mar-13 25-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.94 AUD 0.95	-489 9,991	FPO FPO	489 9,991
25-Mar-13	MBL	On market purchase	AUD 0.95	5,923	FPO	5,923
25-Mar-13	MBL	On market purchase	AUD 0.91	29,594	FPO	29,594
26-Mar-13	MBL	On market sale	AUD 0.94	-1,480	FPO	1,480
26-Mar-13	MBL	On market sale	AUD 0.95	-91	FPO	91
26-Mar-13 26-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.95 AUD 0.95	-58 2,817	FPO FPO	58 2,817
26-Mar-13	MBL	On market purchase	AUD 0.95	117	FPO	117

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
26-Mar-13	MBL	On market sale	AUD 0.95	-88	FPO	88
26-Mar-13	MBL	On market sale	AUD 0.95	-64	FPO	64
26-Mar-13	MBL	On market purchase	AUD 0.95	87	FPO	87
26-Mar-13	MBL	On market purchase	AUD 0.95	12,150	FPO	12,150
26-Mar-13	MBL	On market sale	AUD 0.95	-5,304	FPO	5,304
26-Mar-13	MBL	On market purchase	AUD 0.96	33	FPO	33
26-Mar-13	MBL	On market sale	AUD 0.96	-9,599	FPO	9,599
26-Mar-13	MBL	On market sale	AUD 0.96	-3,774	FPO	3,774
27-Mar-13 27-Mar-13	MBL MBL	On market sale On market sale	AUD 0.96 AUD 0.95	-740 -1,110	FPO FPO	740 1,110
27-Mar-13	MBL	On market purchase	AUD 0.96	1,480	FPO	1,480
27-Mar-13	MBL	On market sale	AUD 0.95	-740	FPO	740
27-Mar-13	MBL	On market purchase	AUD 0.93	740	FPO	740
27-Mar-13	MBL	On market purchase	AUD 0.93	740	FPO	740
27-Mar-13	MBL	On market purchase	AUD 0.94	740	FPO	740
27-Mar-13	MBL	On market purchase	AUD 0.93	1,192	FPO	1,192
27-Mar-13	MBL	On market purchase	AUD 0.93	1,028	FPO	1,028
27-Mar-13	MBL	On market purchase	AUD 0.93	2,206	FPO	2,206
27-Mar-13 27-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.93 AUD 0.94	3,013 -5,219	FPO FPO	3,013 5,219
27-Mar-13	MBL	On market purchase	AUD 0.94	6,364	FPO	6,364
28-Mar-13	MBL	On market purchase	AUD 0.92	740	FPO	740
28-Mar-13	MBL	On market purchase	AUD 0.91	1,480	FPO	1,480
28-Mar-13	MBL	On market purchase	AUD 0.91	322	FPO	322
28-Mar-13	MBL	On market purchase	AUD 0.91	418	FPO	418
28-Mar-13	MBL	On market purchase	AUD 0.91	122	FPO	122
28-Mar-13	MBL	On market sale	AUD 0.91	-122	FPO	122
28-Mar-13	MBL	On market sale	AUD 0.91	-2,220	FPO	2,220
02-Apr-13 02-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.91 AUD 0.91	-380 377	FPO FPO	380 377
02-Apr-13	MBL	On market purchase	AUD 0.91	3	FPO	3
02-Apr-13	MBL	On market purchase	AUD 0.90	855	FPO	855
02-Apr-13	MBL	On market sale	AUD 0.91	-855	FPO	855
03-Apr-13	MBL	On market purchase	AUD 0.84	6,118	FPO	6,118
03-Apr-13	MBL	On market sale	AUD 0.85	-3,847	FPO	3,847
03-Apr-13	MBL	On market purchase	AUD 0.84	10	FPO	10
03-Apr-13	MBL	On market sale	AUD 0.84	-10	FPO	10
03-Apr-13 03-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.84 AUD 0.84	-2,271 14,184	FPO FPO	2,271 14,184
04-Apr-13	MBL	On market sale	AUD 0.80	-14,184	FPO	14,184
04-Apr-13	MBL	On market purchase	AUD 0.75	133	FPO	133
04-Apr-13	MBL	On market sale	AUD 0.75	-399	FPO	399
04-Apr-13	MBL	On market sale	AUD 0.75	-775	FPO	775
04-Apr-13	MBL	On market purchase	AUD 0.76	266	FPO	266
04-Apr-13	MBL	On market purchase	AUD 0.76	775	FPO	775
05-Apr-13 05-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.81 AUD 0.81	-19,039 4,674	FPO FPO	19,039 4,674
05-Apr-13	MBL	On market purchase	AUD 0.81	14,365	FPO	14,365
08-Apr-13	MBL	On market sale	AUD 0.84	-9,225	FPO	9,225
08-Apr-13	MBL	On market sale	AUD 0.83	-97,671	FPO	97,671
08-Apr-13	MBL	On market purchase	AUD 0.83	155,397	FPO	155,397
08-Apr-13	MBL	On market sale	AUD 0.83	-28,501	FPO	28,501
08-Apr-13	MBL MBL	On market sale	AUD 0.84	-20,000	FPO	20,000 18,398
10-Apr-13 10-Apr-13	MBL	On market purchase On market sale	AUD 0.85 AUD 0.85	18,398 -18,398	FPO FPO	18,398
11-Apr-13	MBL	On market purchase	AUD 0.82	5,101	FPO	5,101
11-Apr-13	MBL	On market sale	AUD 0.82	-5,303	FPO	5,303
11-Apr-13	MBL	On market purchase	AUD 0.81	202	FPO	202
12-Apr-13	MBL	On market purchase	AUD 0.80	5,236	FPO	5,236
12-Apr-13	MBL	On market sale	AUD 0.80	-19,393	FPO	19,393
12-Apr-13 15-Apr-13	MBL MBL	On market purchase On market sale	AUD 0.80 AUD 0.70	14,157 -739	FPO FPO	14,157 739
15-Apr-13	MBL	On market sale	AUD 0.71	-2,217	FPO	2,217
15-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
15-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
15-Apr-13	MBL	On market sale	AUD 0.67	-1,478	FPO	1,478
15-Apr-13	MBL	On market sale	AUD 0.67	-1,478	FPO	1,478
15-Apr-13	MBL	On market sale	AUD 0.68	-740	FPO	740
15-Apr-13 15-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.68 AUD 0.68	140 274	FPO FPO	140 274
15-Apr-13	MBL	On market sale	AUD 0.68	-277	FPO	277
15-Apr-13	MBL	On market sale	AUD 0.69	-1,478	FPO	1,478
15-Apr-13	MBL	On market sale	AUD 0.69	-274	FPO	274
15-Apr-13	MBL	On market sale	AUD 0.69	-205	FPO	205

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
15-Apr-13	MBL	On market sale	AUD 0.69	-739	FPO	739
15-Apr-13	MBL	On market sale	AUD 0.70	-216	FPO	216
15-Apr-13	MBL	On market sale	AUD 0.69	-35,736	FPO	35,736
15-Apr-13	MBL	On market purchase	AUD 0.69	353	FPO	353
15-Apr-13	MBL MBL	On market sale	AUD 0.70	-2,217	FPO	2,217 205
15-Apr-13 15-Apr-13	MBL	On market purchase On market purchase	AUD 0.70 AUD 0.70	205 35,736	FPO FPO	35,736
15-Apr-13	MBL	On market sale	AUD 0.70	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.62	-1,478	FPO	1,478
16-Apr-13	MBL	On market sale	AUD 0.65	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.66	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.66	-739	FPO	739
16-Apr-13 16-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.67 AUD 0.68	-1,478 30,000	FPO FPO	1,478 30,000
16-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
16-Apr-13	MBL	On market sale	AUD 0.67	-22,410	FPO	22,410
16-Apr-13	MBL	On market sale	AUD 0.67	-2,734	FPO	2,734
16-Apr-13	MBL	On market purchase	AUD 0.67	22,410	FPO	22,410
17-Apr-13	MBL	On market purchase	AUD 0.66	739	FPO	739
17-Apr-13 17-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.66 AUD 0.67	1,477 739	FPO FPO	1,477 739
17-Apr-13	MBL	On market purchase	AUD 0.67	1,478	FPO	1,478
17-Apr-13	MBL	On market sale	AUD 0.67	-5,497	FPO	5,497
17-Apr-13	MBL	On market sale	AUD 0.66	-2,748	FPO	2,748
17-Apr-13	MBL	On market purchase	AUD 0.67	1,074	FPO	1,074
17-Apr-13 17-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.67 AUD 0.67	5,456 1,674	FPO FPO	5,456 1,674
17-Apr-13	MBL	On market purchase	AUD 0.67	41	FPO	41
17-Apr-13	MBL	On market sale	AUD 0.67	-1,478	FPO	1,478
18-Apr-13	MBL	On market sale	AUD 0.67	-60,282	FPO	60,282
18-Apr-13	MBL	On market sale	AUD 0.67	-18,468	FPO	18,468
18-Apr-13 18-Apr-13	MBL MBL	On market sale On market sale	AUD 0.66 AUD 0.63	-739 -2,955	FPO FPO	739 2,955
18-Apr-13	MBL	On market sale	AUD 0.64	-1,477	FPO	1,477
18-Apr-13	MBL	On market purchase	AUD 0.63	1,477	FPO	1,477
18-Apr-13	MBL	On market purchase	AUD 0.63	3,584	FPO	3,584
18-Apr-13	MBL	On market sale	AUD 0.63	-5,983	FPO	5,983
18-Apr-13 19-Apr-13	MBL MBL	On market sale On market sale	AUD 0.63 AUD 0.65	-3,584 -1,108	FPO FPO	3,584 1,108
19-Apr-13	MBL	On market purchase	AUD 0.63	29,846	FPO	29,846
19-Apr-13	MBL	On market sale	AUD 0.67	-739	FPO	739
19-Apr-13	MBL	On market sale	AUD 0.67	-224	FPO	224
19-Apr-13	MBL	On market sale	AUD 0.67	-10,258	FPO	10,258
19-Apr-13 19-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.68 AUD 0.69	-385 10,643	FPO FPO	385 10,643
19-Apr-13	MBL	On market sale	AUD 0.69	-1,403	FPO	1,403
19-Apr-13	MBL	On market purchase	AUD 0.69	224	FPO	224
22-Apr-13	MBL	On market purchase	AUD 0.67	738	FPO	738
22-Apr-13	MBL	On market purchase	AUD 0.66	1,477	FPO	1,477
22-Apr-13 22-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.65 AUD 0.69	1,477 14,900	FPO FPO	1,477 14,900
22-Apr-13	MBL	On market purchase	AUD 0.69	14,900	FPO	14,900
22-Apr-13	MBL	On market purchase	AUD 0.66	14,629	FPO	14,629
22-Apr-13	MBL	On market purchase	AUD 0.67	738	FPO	738
22-Apr-13	MBL	On market purchase	AUD 0.67	739	FPO	739
22-Apr-13 22-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.66 AUD 0.66	247 738	FPO FPO	247 738
22-Apr-13	MBL	On market purchase	AUD 0.66	7,174	FPO	7,174
22-Apr-13	MBL	On market purchase	AUD 0.66	1,477	FPO	1,477
22-Apr-13	MBL	On market sale	AUD 0.67	-247	FPO	247
22-Apr-13	MBL	On market sale	AUD 0.67	-21,803	FPO	21,803
22-Apr-13 23-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.67 AUD 0.67	1,551 738	FPO FPO	1,551 738
23-Apr-13	MBL	On market sale	AUD 0.66	-478	FPO	478
23-Apr-13	MBL	On market purchase	AUD 0.66	101,049	FPO	101,049
23-Apr-13	MBL	On market sale	AUD 0.66	-251,846	FPO	251,846
23-Apr-13	MBL	On market purchase	AUD 0.66	1,477	FPO	1,477
23-Apr-13 23-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.66 AUD 0.66	52,561 100,000	FPO FPO	52,561 100,000
23-Apr-13	MBL	On market purchase	AUD 0.66	738	FPO	738
23-Apr-13	MBL	On market sale	AUD 0.66	-1,286	FPO	1,286
23-Apr-13	MBL	On market purchase	AUD 0.66	738	FPO	738

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
23-Apr-13	MBL	On market purchase	AUD 0.65	738	FPO	738
23-Apr-13	MBL	On market purchase	AUD 0.65	10,859	FPO	10,859
23-Apr-13	MBL	On market sale	AUD 0.65	-3,396	FPO	3,396
23-Apr-13	MBL	On market sale	AUD 0.65	-10,859	FPO	10,859
24-Apr-13	MBL	On market purchase	AUD 0.65	1,476	FPO	1,476
24-Apr-13	MBL	On market purchase	AUD 0.65	1,476	FPO	1,476
24-Apr-13	MBL	On market purchase	AUD 0.66	739	FPO	739
24-Apr-13	MBL	On market purchase	AUD 0.66	2,214	FPO	2,214
24-Apr-13	MBL	On market purchase	AUD 0.67	1,477	FPO	1,477
24-Apr-13	MBL	On market purchase	AUD 0.68	738	FPO	738
24-Apr-13	MBL	On market purchase	AUD 0.68	450	FPO	450
24-Apr-13	MBL	On market purchase	AUD 0.68	288	FPO	288
24-Apr-13	MBL	On market purchase	AUD 0.67	738	FPO	738
24-Apr-13	MBL	On market purchase	AUD 0.69	1,476	FPO	1,476
24-Apr-13	MBL	On market sale	AUD 0.69	-10,113	FPO	10,113
24-Apr-13	MBL	On market purchase	AUD 0.68	2,832	FPO	2,832
24-Apr-13	MBL	On market purchase	AUD 0.68	13,363	FPO	13,363
24-Apr-13	MBL	On market purchase	AUD 0.69	3,295	FPO	3,295
24-Apr-13	MBL	On market purchase	AUD 0.69	1,920	FPO	1,920
24-Apr-13	MBL	On market sale	AUD 0.69	-9,377	FPO	9,377
26-Apr-13	MBL MBL	On market sale	AUD 0.73	-738	FPO	738 1,845
26-Apr-13 26-Apr-13	MBL	On market sale On market purchase	AUD 0.72 AUD 0.73	-1,845 1,472	FPO FPO	1,472
26-Apr-13	MBL	On market purchase	AUD 0.73	4	FPO	4
26-Apr-13	MBL	On market sale	AUD 0.73	-30,000	FPO	30,000
26-Apr-13	MBL	On market purchase	AUD 0.71	1,305	FPO	1,305
26-Apr-13	MBL	On market sale	AUD 0.71	-1,305	FPO	1,305
26-Apr-13	MBL	On market purchase	AUD 0.71	2,584	FPO	2,584
29-Apr-13	MBL	On market purchase	AUD 0.70	1,107	FPO	1,107
29-Apr-13	MBL	On market purchase	AUD 0.71	738	FPO	738
29-Apr-13	MBL	On market purchase	AUD 0.69	738	FPO	738
29-Apr-13	MBL	On market purchase	AUD 0.69	738	FPO	738
29-Apr-13	MBL	On market purchase	AUD 0.68	3,543	FPO	3,543
30-Apr-13	MBL	On market sale	AUD 0.74	-1,477	FPO	1,477
30-Apr-13	MBL	On market sale	AUD 0.73	-738	FPO	738
30-Apr-13	MBL	On market sale	AUD 0.72	-738	FPO	738
30-Apr-13	MBL	On market sale	AUD 0.71	-13,289	FPO	13,289
01-May-13	MBL	On market sale	AUD 0.72	-1,107	FPO	1,107
01-May-13	MBL	On market purchase	AUD 0.70	738	FPO	738
02-May-13	MBL	On market purchase	AUD 0.70	738	FPO	738
02-May-13	MBL	On market sale	AUD 0.70	-1,476	FPO	1,476
02-May-13	MBL	On market sale	AUD 0.71	-738	FPO	738
02-May-13	MBL MBL	On market sale	AUD 0.70	-1,476	FPO	1,476 738
02-May-13 02-May-13	MBL	On market sale On market sale	AUD 0.70 AUD 0.71	-738 -738	FPO FPO	738
02-May-13	MBL	On market sale	AUD 0.70	-5,313	FPO	5,313
03-May-13	MBL	On market sale	AUD 0.69	-738	FPO	738
03-May-13	MBL	On market sale	AUD 0.69	-738	FPO	738
03-May-13	MBL	On market sale	AUD 0.69	-738	FPO	738
03-May-13	MBL	On market sale	AUD 0.69	-738	FPO	738
03-May-13	MBL	On market sale	AUD 0.69	-1,838	FPO	1,838
03-May-13	MBL	On market purchase	AUD 0.69	1,838	FPO	1,838
03-May-13	MBL	On market sale	AUD 0.68	-2,213	FPO	2,213
06-May-13	MBL	On market purchase	AUD 0.71	2,213	FPO	2,213
06-May-13	MBL	On market purchase	AUD 0.71	738	FPO	738
06-May-13	MBL	On market purchase	AUD 0.71	17,500	FPO	17,500
06-May-13	MBL	On market sale	AUD 0.71	-1,475	FPO	1,475
06-May-13	MBL	On market sale	AUD 0.71	-1,402	FPO	1,402
07-May-13	MBL	On market sale	AUD 0.70	-1,475	FPO	1,475
07-May-13	MBL	On market sale	AUD 0.70	-1,476	FPO	1,476
07-May-13	MBL	On market sale	AUD 0.71	-738	FPO	738
07-May-13	MBL	On market purchase	AUD 0.71	1,476	FPO	1,476
07-May-13	MBL MBL	On market sale	AUD 0.71	-4,353	FPO	4,353 738
08-May-13 08-May-13	MBL	On market purchase On market purchase	AUD 0.70 AUD 0.70	738 1,475	FPO FPO	1,475
08-May-13	MBL	On market purchase	AUD 0.72	1,475	FPO	1,475
08-May-13	MBL	On market purchase	AUD 0.72	738	FPO	738
08-May-13	MBL	On market sale	AUD 0.72	-924	FPO	924
08-May-13	MBL	On market purchase	AUD 0.72	2,359	FPO	2,359
08-May-13	MBL	On market purchase	AUD 0.72	924	FPO	924
09-May-13	MBL	On market sale	AUD 0.75	-737	FPO	737
09-May-13	MBL	On market purchase	AUD 0.76	1,474	FPO	1,474
09-May-13	MBL	On market purchase	AUD 0.75	738	FPO	738
09-May-13	MBL	On market purchase	AUD 0.76	737	FPO	737

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
09-May-13	MBL	On market sale	AUD 0.77	-2,065	FPO	2,065
09-May-13	MBL	On market purchase	AUD 0.75	168,344	FPO	168,344
09-May-13	MBL	On market sale	AUD 0.75	-8,996	FPO	8,996
09-May-13	MBL	On market purchase	AUD 0.75	168,344	FPO	168,344
09-May-13	MBL	On market sale	AUD 0.75	-168,344	FPO	168,344
10-May-13	MBL	On market purchase	AUD 0.74	738	FPO	738
10-May-13	MBL	On market purchase	AUD 0.74	3,686	FPO	3,686
10-May-13	MBL	On market purchase	AUD 0.73	737	FPO	737
10-May-13	MBL	On market sale	AUD 0.73	-148	FPO	148
10-May-13	MBL	On market sale	AUD 0.73	-2,064	FPO	2,064
10-May-13	MBL	On market purchase	AUD 0.73	738	FPO	738
10-May-13	MBL	On market purchase	AUD 0.73	15,038	FPO	15,038
10-May-13	MBL	On market purchase	AUD 0.73	37,756	FPO	37,756
10-May-13	MBL MBL	On market purchase	AUD 0.73	5,089	FPO	5,089 1,530
10-May-13 10-May-13	MBL	On market sale On market purchase	AUD 0.73 AUD 0.74	-1,530 1,530	FPO FPO	1,530
10-May-13	MBL	On market purchase	AUD 0.73	171,380	FPO	171,380
10-May-13	MBL	On market sale	AUD 0.73	-171,380	FPO	171,380
10-May-13	MBL	On market purchase	AUD 0.73	111,874	FPO	111,874
10-May-13	MBL	On market purchase	AUD 0.74	1,623	FPO	1,623
10-May-13	MBL	On market sale	AUD 0.74	-1,623	FPO	1,623
13-May-13	MBL	On market purchase	AUD 0.68	738	FPO	738
13-May-13	MBL	On market purchase	AUD 0.69	737	FPO	737
13-May-13	MBL	On market sale	AUD 0.73	-2,212	FPO	2,212
13-May-13	MBL	On market purchase	AUD 0.71	1,475	FPO	1,475
13-May-13	MBL	On market purchase	AUD 0.68	738	FPO	738
13-May-13	MBL	On market purchase	AUD 0.68	737	FPO	737
13-May-13	MBL MBL	On market purchase	AUD 0.68	737	FPO	737 738
13-May-13 13-May-13	MBL	On market purchase On market sale	AUD 0.68 AUD 0.68	738 -633	FPO FPO	633
13-May-13	MBL	On market purchase	AUD 0.69	221	FPO	221
13-May-13	MBL	On market purchase	AUD 0.69	633	FPO	633
15-Jan-13	MBL	On market sale	AUD 1.01	-22,300	FPO	22,300
15-Jan-13	MBL	On market sale	AUD 1.03	-1,723	FPO	1,723
15-Jan-13	MBL	On market sale	AUD 1.03	-65	FPO	65
15-Jan-13	MBL	On market sale	AUD 1.03	-340	FPO	340
15-Jan-13	MBL	On market sale	AUD 1.00	-10,176	FPO	10,176
15-Jan-13	MBL	On market sale	AUD 1.02	-42,369	FPO	42,369
15-Jan-13	MBL MBL	On market sale	AUD 1.01	-19,101	FPO	19,101 7,440
15-Jan-13	MBL	On market sale	AUD 1.02	-7,440	FPO	13,215
15-Jan-13 17-Jan-13	MBL	On market sale On market sale	AUD 1.02 AUD 1.05	-13,215 -32,747	FPO FPO	32,747
17-Jan-13	MBL	On market sale	AUD 1.04	-2,300	FPO	2,300
17-Jan-13	MBL	On market sale	AUD 1.07	-18,300	FPO	18,300
17-Jan-13	MBL	On market sale	AUD 1.07	-21,652	FPO	21,652
17-Jan-13	MBL	On market sale	AUD 1.07	-9,659	FPO	9,659
17-Jan-13	MBL	On market sale	AUD 1.06	-12,700	FPO	12,700
17-Jan-13	MBL	On market sale	AUD 1.07	-56	FPO	56
17-Jan-13	MBL	On market sale	AUD 1.07	-3,016	FPO	3,016
17-Jan-13 17-Jan-13	MBL MBL	On market sale On market sale	AUD 1.05 AUD 1.05	-416 -22,658	FPO FPO	416 22,658
17-Jan-13	MBL	On market sale	AUD 1.07	-3	FPO	3
18-Jan-13	MBL	On market sale	AUD 1.04	-12,954	FPO	12,954
18-Jan-13	MBL	On market sale	AUD 1.05	-13,022	FPO	13,022
18-Jan-13	MBL	On market sale	AUD 1.04	-252	FPO	252
18-Jan-13	MBL	On market sale	AUD 1.07	-26,598	FPO	26,598
18-Jan-13	MBL	On market sale	AUD 1.05	-6,000	FPO	6,000
18-Jan-13	MBL	On market sale	AUD 1.04	-8,830	FPO	8,830
18-Jan-13	MBL MBL	On market sale	AUD 1.06	-11,580	FPO	11,580 6
21-Jan-13 21-Jan-13	MBL	On market sale On market sale	AUD 1.08 AUD 1.08	-6 -10,236	FPO FPO	10,236
21-Jan-13	MBL	On market sale	AUD 1.07	-1,666	FPO	1,666
21-Jan-13	MBL	On market sale	AUD 1.06	-1,666	FPO	1,666
21-Jan-13	MBL	On market sale	AUD 1.07	-7	FPO	7
21-Jan-13	MBL	On market sale	AUD 1.07	-236	FPO	236
21-Jan-13	MBL	On market sale	AUD 1.06	-15	FPO	15
21-Jan-13	MBL	On market sale	AUD 1.08	-8,399	FPO	8,399
21-Jan-13	MBL	On market sale	AUD 1.07	-4,801	FPO	4,801
22-Jan-13 22-Jan-13	MBL MBL	On market purchase On market sale	AUD 1.01 AUD 1.01	3,000 -23	FPO FPO	3,000 23
22-Jan-13	MBL	On market purchase	AUD 1.00	607	FPO	607
22-Jan-13	MBL	On market purchase	AUD 1.02	5,208	FPO	5,208
24-Jan-13	MBL	On market sale	AUD 1.05	-261	FPO	261
24-Jan-13	MBL	On market sale	AUD 1.03	-100	FPO	100

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
24-Jan-13	MBL	On market sale	AUD 1.05	-4,343	FPO	4,343
24-Jan-13	MBL	On market sale	AUD 1.05	-252	FPO	252
29-Jan-13	MBL	On market purchase	AUD 0.94	3,959	FPO	3,959
29-Jan-13	MBL	On market sale	AUD 0.94	-1	FPO	1
29-Jan-13	MBL	On market purchase	AUD 0.97	3	FPO	3
29-Jan-13 29-Jan-13	MBL MBL	On market purchase On market sale	AUD 0.96 AUD 0.98	205 -4,309	FPO FPO	205 4,309
30-Jan-13	MBL	On market sale	AUD 1.00	-123	FPO	123
30-Jan-13	MBL	On market purchase	AUD 0.99	183	FPO	183
30-Jan-13	MBL	On market purchase	AUD 1.00	36	FPO	36
30-Jan-13	MBL	On market purchase	AUD 1.00	12	FPO	12
30-Jan-13	MBL	On market purchase	AUD 1.00	5	FPO	5
30-Jan-13	MBL	On market purchase	AUD 1.00	470	FPO	470
30-Jan-13	MBL	On market purchase	AUD 1.00	10,034	FPO	10,034
30-Jan-13 30-Jan-13	MBL MBL	On market purchase On market purchase	AUD 1.00 AUD 1.00	3,000 2	FPO FPO	3,000 2
30-Jan-13	MBL	On market purchase	AUD 1.01	6,000	FPO	6,000
31-Jan-13	MBL	On market sale	AUD 0.96	-100	FPO	100
31-Jan-13	MBL	On market sale	AUD 0.96	-300	FPO	300
31-Jan-13	MBL	On market sale	AUD 0.98	-5,547	FPO	5,547
31-Jan-13	MBL	On market sale	AUD 0.99	-1,486	FPO	1,486
01-Feb-13	MBL	On market sale	AUD 0.98	-2,601	FPO	2,601
01-Feb-13 01-Feb-13	MBL MBL	On market sale On market sale	AUD 0.98 AUD 0.98	-137 -69	FPO FPO	137 69
01-Feb-13	MBL	On market sale	AUD 0.98	-200	FPO	200
01-Feb-13	MBL	On market sale	AUD 0.98	-11	FPO	11
01-Feb-13	MBL	On market sale	AUD 0.98	-100	FPO	100
01-Feb-13	MBL	On market sale	AUD 0.98	-486	FPO	486
04-Feb-13	MBL	On market purchase	AUD 0.96	105	FPO	105
04-Feb-13 05-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.96 AUD 0.93	-7,200 200	FPO FPO	7,200 200
05-Feb-13	MBL	On market sale	AUD 0.93	-100	FPO	100
05-Feb-13	MBL	On market purchase	AUD 0.94	83	FPO	83
05-Feb-13	MBL	On market purchase	AUD 0.95	200	FPO	200
05-Feb-13	MBL	On market purchase	AUD 0.92	4,312	FPO	4,312
05-Feb-13	MBL MBL	On market purchase	AUD 0.93	300	FPO	300 83
05-Feb-13 05-Feb-13	MBL	On market purchase On market purchase	AUD 0.94 AUD 0.92	83 4,598	FPO FPO	4,598
05-Feb-13	MBL	On market purchase	AUD 0.94	2,917	FPO	2,917
05-Feb-13	MBL	On market sale	AUD 0.95	-18	FPO	18
05-Feb-13	MBL	On market purchase	AUD 0.92	15	FPO	15
05-Feb-13	MBL	On market purchase	AUD 0.92	317	FPO	317
05-Feb-13 06-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.92 AUD 0.91	6,028 -600	FPO FPO	6,028 600
06-Feb-13	MBL	On market purchase	AUD 0.88	95	FPO	95
06-Feb-13	MBL	On market sale	AUD 0.90	-100	FPO	100
06-Feb-13	MBL	On market sale	AUD 0.91	-13	FPO	13
06-Feb-13	MBL	On market purchase	AUD 0.89	36,861	FPO	36,861
06-Feb-13 06-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.90 AUD 0.90	300 -600	FPO FPO	300 600
06-Feb-13	MBL	On market sale	AUD 0.90	-200	FPO	200
06-Feb-13	MBL	On market purchase	AUD 0.90	306	FPO	306
06-Feb-13	MBL	On market purchase	AUD 0.89	118	FPO	118
07-Feb-13	MBL	On market purchase	AUD 0.89	15,000	FPO	15,000
07-Feb-13 07-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.90 AUD 0.90	74 26	FPO FPO	74 26
07-Feb-13	MBL	On market purchase	AUD 0.90	282	FPO	282
07-Feb-13	MBL	On market purchase	AUD 0.87	7	FPO	7
07-Feb-13	MBL	On market purchase	AUD 0.87	5,423	FPO	5,423
07-Feb-13	MBL	On market purchase	AUD 0.89	560	FPO	560
07-Feb-13 07-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.89 AUD 0.89	107 10,242	FPO FPO	107 10,242
07-Feb-13	MBL	On market purchase	AUD 0.90	280	FPO	280
07-Feb-13	MBL	On market purchase	AUD 0.87	13,732	FPO	13,732
07-Feb-13	MBL	On market purchase	AUD 0.90	10,903	FPO	10,903
07-Feb-13	MBL	On market purchase	AUD 0.87	576	FPO	576
08-Feb-13 08-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.90 AUD 0.91	6,085 100	FPO FPO	6,085 100
08-Feb-13	MBL	On market purchase	AUD 0.90	5,200	FPO	5,200
08-Feb-13	MBL	On market purchase	AUD 0.90	1,490	FPO	1,490
08-Feb-13	MBL	On market purchase	AUD 0.90	2,463	FPO	2,463
08-Feb-13	MBL	On market purchase	AUD 0.89	50	FPO	50
08-Feb-13 13-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.91 AUD 0.89	1,300 -3,486	FPO FPO	1,300 3,486

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
13-Feb-13	MBL	On market sale	AUD 0.88	-5,000	FPO	5,000
13-Feb-13	MBL	On market sale	AUD 0.89	-76	FPO	76
13-Feb-13	MBL	On market sale	AUD 0.89	-2,059	FPO	2,059
13-Feb-13	MBL	On market sale	AUD 0.89	-10,115	FPO	10,115
13-Feb-13	MBL	On market sale	AUD 0.89	-1,479	FPO	1,479
13-Feb-13	MBL	On market sale	AUD 0.88	-543	FPO	543
14-Feb-13	MBL	On market sale	AUD 0.89	-76,433	FPO	76,433
14-Feb-13	MBL	On market purchase	AUD 0.87	24	FPO	24
15-Feb-13	MBL	On market purchase	AUD 0.90	100	FPO	100
15-Feb-13	MBL	On market purchase	AUD 0.91	43	FPO	43
15-Feb-13	MBL	On market purchase	AUD 0.91	6,071	FPO	6,071
15-Feb-13	MBL	On market purchase	AUD 0.92	1,100	FPO	1,100
18-Feb-13	MBL	On market sale	AUD 0.85	-18	FPO	18
18-Feb-13 18-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.84 AUD 0.87	129,895 459	FPO FPO	129,895 459
19-Feb-13	MBL	On market purchase	AUD 0.83	58	FPO	58
19-Feb-13	MBL	On market purchase	AUD 0.83	846	FPO	846
19-Feb-13	MBL	On market purchase	AUD 0.83	4,186	FPO	4,186
19-Feb-13	MBL	On market purchase	AUD 0.82	16,360	FPO	16,360
19-Feb-13	MBL	On market purchase	AUD 0.82	7,368	FPO	7,368
19-Feb-13	MBL	On market purchase	AUD 0.83	2,272	FPO	2,272
19-Feb-13	MBL	On market sale	AUD 0.83	-42	FPO	42
19-Feb-13	MBL	On market purchase	AUD 0.83	15,772	FPO	15,772
19-Feb-13	MBL	On market sale	AUD 0.82	-18	FPO	18
19-Feb-13	MBL	On market purchase	AUD 0.83	4	FPO	4
19-Feb-13	MBL	On market purchase	AUD 0.83	2,729	FPO	2,729
19-Feb-13 19-Feb-13	MBL MBL	On market purchase On market purchase	AUD 0.82 AUD 0.83	19,200 2,000	FPO FPO	19,200 2,000
19-Feb-13	MBL	On market sale	AUD 0.82	-42,302	FPO	42,302
19-Feb-13	MBL	On market purchase	AUD 0.82	11,861	FPO	11,861
19-Feb-13	MBL	On market purchase	AUD 0.81	50	FPO	50
20-Feb-13	MBL	On market purchase	AUD 0.79	2,779	FPO	2,779
20-Feb-13	MBL	On market purchase	AUD 0.79	6,121	FPO	6,121
20-Feb-13	MBL	On market purchase	AUD 0.81	2,856	FPO	2,856
21-Feb-13	MBL	On market sale	AUD 0.78	-50	FPO	50
21-Feb-13	MBL	On market sale	AUD 0.79	-1,182	FPO	1,182
21-Feb-13	MBL	On market sale	AUD 0.78	-13,769	FPO	13,769
21-Feb-13 21-Feb-13	MBL MBL	On market sale On market sale	AUD 0.78 AUD 0.78	-85 -1,115	FPO FPO	85 1,115
21-Feb-13	MBL	On market sale	AUD 0.78	-6,930	FPO	6,930
21-Feb-13	MBL	On market sale	AUD 0.78	-120	FPO	120
22-Feb-13	MBL	On market sale	AUD 0.80	-15,403	FPO	15,403
22-Feb-13	MBL	On market sale	AUD 0.80	-50	FPO	50
22-Feb-13	MBL	On market sale	AUD 0.80	-6,052	FPO	6,052
22-Feb-13	MBL	On market sale	AUD 0.82	-19	FPO	19
22-Feb-13	MBL	On market sale	AUD 0.80	-32	FPO	32
22-Feb-13	MBL	On market sale	AUD 0.80	-106	FPO	106
22-Feb-13	MBL	On market sale	AUD 0.82	-7,193	FPO	7,193
22-Feb-13	MBL	On market sale	AUD 0.82	-9,002	FPO	9,002
22-Feb-13 22-Feb-13	MBL MBL	On market purchase On market sale	AUD 0.81 AUD 0.82	41,003 -78	FPO FPO	41,003 78
22-Feb-13	MBL	On market sale	AUD 0.82	-8,322	FPO	8,322
22-Feb-13	MBL	On market sale	AUD 0.81	-114	FPO	114
22-Feb-13	MBL	On market sale	AUD 0.79	-241	FPO	241
25-Feb-13	MBL	On market sale	AUD 0.82	-8,272	FPO	8,272
25-Feb-13	MBL	On market sale	AUD 0.82	-4,549	FPO	4,549
25-Feb-13	MBL	On market sale	AUD 0.84	-17,513	FPO	17,513
25-Feb-13	MBL	On market sale	AUD 0.85	-8	FPO	8
25-Feb-13	MBL MBL	On market sale	AUD 0.82	-562	FPO	562 23
25-Feb-13 25-Feb-13	MBL	On market sale On market sale	AUD 0.85 AUD 0.83	-23 -61	FPO FPO	61
25-Feb-13	MBL	On market sale	AUD 0.83	-20	FPO	20
25-Feb-13	MBL	On market sale	AUD 0.85	-15	FPO	15
25-Feb-13	MBL	On market sale	AUD 0.85	-46	FPO	46
25-Feb-13	MBL	On market sale	AUD 0.86	-9,000	FPO	9,000
25-Feb-13	MBL	On market sale	AUD 0.85	-32	FPO	32
25-Feb-13	MBL	On market sale	AUD 0.85	-12	FPO	12
25-Feb-13	MBL	On market sale	AUD 0.85	-682	FPO	682
26-Feb-13 27-Feb-13	MBL MBL	On market sale On market purchase	AUD 0.83 AUD 0.84	-62,000 3,277	FPO FPO	62,000 3,277
27-Feb-13	MBL	On market sale	AUD 0.85	-886	FPO	886
27-Feb-13	MBL	On market purchase	AUD 0.85	26	FPO	26
27-Feb-13	MBL	On market purchase	AUD 0.84	300	FPO	300
28-Feb-13	MBL	On market sale	AUD 0.82	-4,761	FPO	4,761

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
28-Feb-13	MBL	On market purchase	AUD 0.82	300	FPO	300
28-Feb-13	MBL	On market purchase	AUD 0.81	47	FPO	47
28-Feb-13	MBL	On market purchase	AUD 0.81	2,110	FPO	2,110
28-Feb-13	MBL	On market sale	AUD 0.82	-98	FPO	98
28-Feb-13	MBL	On market sale	AUD 0.81	-34	FPO	34
28-Feb-13	MBL	On market purchase	AUD 0.82	4,267	FPO	4,267
28-Feb-13	MBL	On market sale	AUD 0.81	-29	FPO	29
28-Feb-13	MBL	On market sale	AUD 0.82	-200	FPO	200
28-Feb-13	MBL	On market sale	AUD 0.81	-100	FPO	100
28-Feb-13	MBL	On market sale	AUD 0.82	-4,750	FPO	4,750
01-Mar-13	MBL	On market purchase	AUD 0.79	4,015	FPO	4,015
01-Mar-13	MBL MBL	On market purchase	AUD 0.78	1,330,000	FPO	1,330,000 1,330,000
01-Mar-13 01-Mar-13	MBL	On market sale On market sale	AUD 0.00 AUD 0.79	-1,330,000 -6	FPO FPO	6
01-Mar-13	MBL	On market sale	AUD 0.78	-6,000	FPO	6,000
01-Mar-13	MBL	On market purchase	AUD 0.00	1,330,000	FPO	1,330,000
01-Mar-13	MBL	On market sale	AUD 0.78	-5,226	FPO	5,226
04-Mar-13	MBL	On market purchase	AUD 0.78	921	FPO	921
05-Mar-13	MBL	On market sale	AUD 0.79	-212	FPO	212
05-Mar-13	MBL	On market sale	AUD 0.79	-2,284	FPO	2,284
05-Mar-13	MBL	On market sale	AUD 0.78	-12	FPO	12
05-Mar-13	MBL	On market sale	AUD 0.79	-106	FPO	106
05-Mar-13	MBL	On market purchase	AUD 0.78	100	FPO	100
06-Mar-13	MBL MBL	On market purchase	AUD 0.78	2,000	FPO	2,000 8,610
06-Mar-13 06-Mar-13	MBL	On market purchase On market purchase	AUD 0.77 AUD 0.78	8,610 645	FPO FPO	645
06-Mar-13	MBL	On market purchase	AUD 0.78	915	FPO	915
06-Mar-13	MBL	On market purchase	AUD 0.77	1,390	FPO	1,390
06-Mar-13	MBL	On market purchase	AUD 0.77	1,214	FPO	1,214
06-Mar-13	MBL	On market purchase	AUD 0.78	2,137	FPO	2,137
07-Mar-13	MBL	On market sale	AUD 0.79	-1,519	FPO	1,519
07-Mar-13	MBL	On market sale	AUD 0.81	-14	FPO	14
07-Mar-13	MBL	On market sale	AUD 0.79	-565	FPO	565
07-Mar-13	MBL	On market sale	AUD 0.79	-14	FPO	14
07-Mar-13 07-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.78 AUD 0.82	14,456 -10,186	FPO FPO	14,456 10,186
07-Mar-13	MBL	On market sale	AUD 0.78	-6,700	FPO	6,700
07-Mar-13	MBL	On market sale	AUD 0.78	-5,245	FPO	5,245
07-Mar-13	MBL	On market purchase	AUD 0.80	6,694	FPO	6,694
07-Mar-13	MBL	On market sale	AUD 0.78	-15,677	FPO	15,677
07-Mar-13	MBL	On market sale	AUD 0.81	-2,014	FPO	2,014
08-Mar-13	MBL	On market sale	AUD 0.92	-8,893	FPO	8,893
08-Mar-13	MBL	On market sale	AUD 0.92	-120	FPO	120
08-Mar-13	MBL MBL	On market sale	AUD 0.92	-40,061	FPO	40,061 284
08-Mar-13 08-Mar-13	MBL	On market sale On market purchase	AUD 0.90 AUD 0.91	-284 6,999	FPO FPO	6,999
08-Mar-13	MBL	On market purchase	AUD 0.91	1	FPO	1
08-Mar-13	MBL	On market sale	AUD 0.90	-310	FPO	310
08-Mar-13	MBL	On market sale	AUD 0.90	-2,100	FPO	2,100
08-Mar-13	MBL	On market sale	AUD 0.89	-16,537	FPO	16,537
08-Mar-13	MBL	On market sale	AUD 0.92	-5,100	FPO	5,100
08-Mar-13 08-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.93 AUD 0.85	6,914 -11,015	FPO FPO	6,914 11,015
08-Mar-13	MBL	On market purchase	AUD 0.87	210	FPO	210
08-Mar-13	MBL	On market sale	AUD 0.85	-388	FPO	388
08-Mar-13	MBL	On market sale	AUD 0.84	-8,511	FPO	8,511
11-Mar-13	MBL	On market purchase	AUD 0.92	2,555	FPO	2,555
11-Mar-13	MBL	On market sale	AUD 0.91	-21,788	FPO	21,788
11-Mar-13	MBL	On market sale	AUD 0.95	-4,060	FPO	4,060
11-Mar-13	MBL	On market sale	AUD 0.93	-16,368	FPO	16,368
11-Mar-13	MBL	On market sale	AUD 0.94	-13,100	FPO	13,100
11-Mar-13	MBL	On market sale	AUD 0.94	-1,067	FPO	1,067
11-Mar-13 11-Mar-13	MBL MBL	On market sale On market sale	AUD 0.95 AUD 0.91	-5,000 -8,602	FPO FPO	5,000 8,602
11-Mar-13	MBL	On market purchase	AUD 0.93	15,906	FPO	15,906
11-Mar-13	MBL	On market sale	AUD 0.95	-90	FPO	90
11-Mar-13	MBL	On market sale	AUD 0.94	-4,280	FPO	4,280
11-Mar-13	MBL	On market sale	AUD 0.95	-19	FPO	19
11-Mar-13	MBL	On market sale	AUD 0.94	-9,877	FPO	9,877
11-Mar-13	MBL	On market sale	AUD 0.92	-6,683	FPO	6,683
11-Mar-13	MBL	On market purchase	AUD 0.92	73,787	FPO	73,787
11-Mar-13	MBL	On market sale	AUD 0.93	-8,011	FPO	8,011
11-Mar-13	MBL	On market sale	AUD 0.93	-31,009	FPO	31,009
12-Mar-13	MBL	On market sale	AUD 0.89	-620	FPO	620

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change 12-Mar-13	interest changed MBL	On market sale	AUD 0.89	affected -540	FPO	affected 540
12-Mar-13	MBL	On market sale	AUD 0.89	-2,480	FPO	2,480
12-Mar-13	MBL	On market purchase	AUD 0.91	384	FPO	384
12-Mar-13	MBL	On market sale	AUD 0.89	-2	FPO	2
12-Mar-13	MBL	On market purchase	AUD 0.89	18,921	FPO	18,921
12-Mar-13	MBL	On market sale	AUD 0.89	-11,122	FPO	11,122
12-Mar-13	MBL	On market sale	AUD 0.89	-23,953	FPO	23,953
12-Mar-13	MBL	On market purchase	AUD 0.92	8,000	FPO	8,000
12-Mar-13	MBL	On market purchase	AUD 0.92	3,724	FPO	3,724
12-Mar-13	MBL	On market purchase	AUD 0.88	23,891	FPO	23,891
12-Mar-13	MBL	On market purchase	AUD 0.88	1,000	FPO	1,000
12-Mar-13	MBL	On market sale	AUD 0.91	-13,263	FPO	13,263
12-Mar-13	MBL	On market sale	AUD 0.91	-4,437	FPO	4,437
12-Mar-13	MBL MBL	On market sale	AUD 0.89	-1,545	FPO	1,545 21,859
12-Mar-13 12-Mar-13	MBL	On market sale On market purchase	AUD 0.89 AUD 0.88	-21,859 33,814	FPO FPO	33,814
13-Mar-13	MBL	On market purchase	AUD 0.89	68	FPO	68
13-Mar-13	MBL	On market sale	AUD 0.90	-2,414	FPO	2,414
13-Mar-13	MBL	On market sale	AUD 0.90	-3,057	FPO	3,057
13-Mar-13	MBL	On market purchase	AUD 0.92	3	FPO	3
13-Mar-13	MBL	On market sale	AUD 0.90	-12,522	FPO	12,522
13-Mar-13	MBL	On market purchase	AUD 0.92	620	FPO	620
13-Mar-13	MBL	On market purchase	AUD 0.92	23,766	FPO	23,766
13-Mar-13	MBL	On market sale	AUD 0.92	-6,101	FPO	6,101
13-Mar-13 13-Mar-13	MBL MBL	On market sale On market sale	AUD 0.91 AUD 0.93	-8,688 -18,838	FPO FPO	8,688 18,838
13-Mar-13	MBL	On market sale	AUD 0.92	-17,797	FPO	17,797
13-Mar-13	MBL	On market sale	AUD 0.93	-20,182	FPO	20,182
13-Mar-13	MBL	On market sale	AUD 0.93	-2,701	FPO	2,701
14-Mar-13	MBL	On market sale	AUD 0.90	-2,706	FPO	2,706
14-Mar-13	MBL	On market sale	AUD 0.91	-11,943	FPO	11,943
14-Mar-13	MBL	On market sale	AUD 0.90	-10,318	FPO	10,318
14-Mar-13	MBL	On market sale	AUD 0.91	-7,200	FPO	7,200
14-Mar-13	MBL	On market purchase	AUD 0.90	196	FPO	196
14-Mar-13 14-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.90 AUD 0.90	3,462 -1,527	FPO FPO	3,462 1,527
14-Mar-13	MBL	On market sale	AUD 0.90	-15	FPO	15
15-Mar-13	MBL	On market purchase	AUD 0.90	5,350	FPO	5,350
15-Mar-13	MBL	On market purchase	AUD 0.91	4,000	FPO	4,000
15-Mar-13	MBL	On market purchase	AUD 0.91	5,143	FPO	5,143
15-Mar-13	MBL	On market sale	AUD 0.90	-2,200	FPO	2,200
15-Mar-13	MBL	On market sale	AUD 0.92	-149,321	FPO	149,321
15-Mar-13	MBL	On market sale	AUD 0.92	-1,113	FPO	1,113
15-Mar-13	MBL MBL	On market sale	AUD 0.92	-15,961	FPO	15,961 589
15-Mar-13 15-Mar-13	MBL	On market sale On market sale	AUD 0.93 AUD 0.90	-589 -528	FPO FPO	528
15-Mar-13	MBL	On market sale	AUD 0.90	-5,000	FPO	5,000
18-Mar-13	MBL	On market sale	AUD 0.90	-5	FPO	5
18-Mar-13	MBL	On market sale	AUD 0.88	-22,856	FPO	22,856
18-Mar-13	MBL	On market purchase	AUD 0.88	3,324	FPO	3,324
18-Mar-13	MBL	On market purchase	AUD 0.88	1,440	FPO	1,440
18-Mar-13	MBL MBL	On market purchase	AUD 0.90	2,771	FPO	2,771 1,262
18-Mar-13 18-Mar-13	MBL	On market sale On market sale	AUD 0.89 AUD 0.90	-1,262 -1,823	FPO FPO	1,823
18-Mar-13	MBL	On market sale	AUD 0.90	-301	FPO	301
18-Mar-13	MBL	On market sale	AUD 0.89	-1,700	FPO	1,700
18-Mar-13	MBL	On market purchase	AUD 0.88	1,670	FPO	1,670
18-Mar-13	MBL	On market sale	AUD 0.89	-3,154	FPO	3,154
18-Mar-13	MBL	On market purchase	AUD 0.88	1,700	FPO	1,700
18-Mar-13 18-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.88 AUD 0.89	1,739 -10,369	FPO FPO	1,739 10,369
18-Mar-13	MBL	On market sale	AUD 0.89	-27,687	FPO	27,687
18-Mar-13	MBL	On market sale	AUD 0.89	-11,991	FPO	11,991
18-Mar-13	MBL	On market sale	AUD 0.89	-1,966	FPO	1,966
19-Mar-13	MBL	On market sale	AUD 0.91	-12,547	FPO	12,547
19-Mar-13	MBL	On market sale	AUD 0.92	-9,565	FPO	9,565
19-Mar-13	MBL	On market sale	AUD 0.92	-13,874	FPO	13,874
19-Mar-13	MBL	On market sale	AUD 0.92	-2,029	FPO	2,029
19-Mar-13	MBL	On market purchase	AUD 0.88	8,376	FPO	8,376
19-Mar-13 19-Mar-13	MBL MBL	On market purchase On market purchase	AUD 0.91 AUD 0.91	1,700 9,613	FPO FPO	1,700 9,613
19-Mar-13	MBL	On market purchase	AUD 0.92	723	FPO	723
19-Mar-13	MBL	On market purchase	AUD 0.89	20	FPO	20
19-Mar-13	MBL	On market purchase	AUD 0.90	6,911	FPO	6,911

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change 19-Mar-13	interest changed MBL	On market purchase	AUD 0.92	affected 2,438	FPO	affected 2,438
21-Mar-13	MBL	On market purchase	AUD 0.84	5,300	FPO	5,300
21-Mar-13	MBL	On market purchase	AUD 0.84	7,859	FPO	7,859
21-Mar-13	MBL	On market purchase	AUD 0.84	6,782	FPO	6,782
21-Mar-13	MBL	On market purchase	AUD 0.84	3,829	FPO	3,829
22-Mar-13	MBL	On market sale	AUD 0.91	-373	FPO	373
22-Mar-13	MBL	On market sale	AUD 0.88	-2,986	FPO	2,986
22-Mar-13	MBL	On market sale	AUD 0.90	-425	FPO	425
22-Mar-13	MBL	On market sale	AUD 0.90	-4,619	FPO	4,619
22-Mar-13	MBL	On market sale	AUD 0.90	-28,192	FPO	28,192
22-Mar-13	MBL	On market sale	AUD 0.88	-281	FPO	281
22-Mar-13	MBL	On market purchase	AUD 0.90	235	FPO	235
22-Mar-13	MBL	On market sale	AUD 0.91	-59	FPO	59
22-Mar-13	MBL MBL	On market sale	AUD 0.90	-100	FPO	100 1,700
22-Mar-13 22-Mar-13	MBL	On market sale On market sale	AUD 0.89 AUD 0.91	-1,700 -5,018	FPO FPO	5,018
22-Mar-13	MBL	On market sale	AUD 0.87	-4,996	FPO	4,996
22-Mar-13	MBL	On market sale	AUD 0.89	-5,000	FPO	5,000
22-Mar-13	MBL	On market sale	AUD 0.88	-1,500	FPO	1,500
22-Mar-13	MBL	On market sale	AUD 0.91	-7,305	FPO	7,305
25-Mar-13	MBL	On market sale	AUD 0.92	-1,600	FPO	1,600
25-Mar-13	MBL	On market sale	AUD 0.94	-8,864	FPO	8,864
25-Mar-13	MBL	On market purchase	AUD 0.90	3,105	FPO	3,105
25-Mar-13	MBL	On market sale	AUD 0.92	-6,357	FPO	6,357
25-Mar-13	MBL	On market sale	AUD 0.93	-6,771	FPO	6,771
25-Mar-13	MBL	On market sale	AUD 0.93	-2,700	FPO	2,700
25-Mar-13 25-Mar-13	MBL MBL	On market sale On market sale	AUD 0.94 AUD 0.94	-15,620 -12	FPO FPO	15,620 12
25-Mar-13	MBL	On market sale	AUD 0.94	-247	FPO	247
25-Mar-13	MBL	On market sale	AUD 0.92	-1,377	FPO	1,377
25-Mar-13	MBL	On market sale	AUD 0.92	-21,072	FPO	21,072
25-Mar-13	MBL	On market sale	AUD 0.91	-143	FPO	143
25-Mar-13	MBL	On market sale	AUD 0.94	-995	FPO	995
25-Mar-13	MBL	On market purchase	AUD 0.94	533	FPO	533
25-Mar-13	MBL	On market purchase	AUD 0.94	15,501	FPO	15,501
25-Mar-13	MBL	On market sale	AUD 0.92	-13,006	FPO	13,006
25-Mar-13	MBL MBL	On market sale	AUD 0.92	-6,712	FPO	6,712 662
25-Mar-13 25-Mar-13	MBL	On market sale On market purchase	AUD 0.92 AUD 0.90	-662 3,000	FPO FPO	3,000
25-Mar-13	MBL	On market sale	AUD 0.91	-1,075	FPO	1,075
25-Mar-13	MBL	On market purchase	AUD 0.93	1,035	FPO	1,035
26-Mar-13	MBL	On market sale	AUD 0.95	-4,500	FPO	4,500
26-Mar-13	MBL	On market sale	AUD 0.93	-10,100	FPO	10,100
26-Mar-13	MBL	On market sale	AUD 0.94	-15,029	FPO	15,029
26-Mar-13	MBL	On market sale	AUD 0.93	-1,600	FPO	1,600
26-Mar-13	MBL	On market sale	AUD 0.94	-7,032	FPO	7,032
26-Mar-13	MBL	On market sale	AUD 0.95	-2,997	FPO	2,997
26-Mar-13 26-Mar-13	MBL MBL	On market sale On market purchase	AUD 0.95 AUD 0.95	-5,683 5,268	FPO FPO	5,683 5,268
26-Mar-13	MBL	On market sale	AUD 0.95	-10,620	FPO	10,620
26-Mar-13	MBL	On market sale	AUD 0.96	-2,500	FPO	2,500
26-Mar-13	MBL	On market sale	AUD 0.96	-1,700	FPO	1,700
26-Mar-13	MBL	On market sale	AUD 0.95	-1,519	FPO	1,519
27-Mar-13	MBL	On market sale	AUD 0.94	-2,007	FPO	2,007
27-Mar-13	MBL	On market sale	AUD 0.93	-3,119	FPO	3,119
27-Mar-13	MBL	On market sale	AUD 0.94	-3,203	FPO	3,203
27-Mar-13 27-Mar-13	MBL MBL	On market purchase On market sale	AUD 0.94 AUD 0.95	58 -2,492	FPO FPO	58 2,492
27-Mar-13	MBL	On market purchase	AUD 0.93	885	FPO	885
28-Mar-13	MBL	On market purchase	AUD 0.91	500,000	FPO	500,000
28-Mar-13	MBL	On market sale	AUD 0.91	-2,187	FPO	2,187
28-Mar-13	MBL	On market sale	AUD 0.91	-2,171	FPO	2,171
02-Apr-13	MBL	On market sale	AUD 0.91	-2,000	FPO	2,000
02-Apr-13	MBL	On market sale	AUD 0.91	-3,300	FPO	3,300
02-Apr-13	MBL	On market sale	AUD 0.91	-314	FPO	314
02-Apr-13	MBL MBL	On market sale	AUD 0.91	-7,751	FPO	7,751 537
02-Apr-13 02-Apr-13	MBL	On market sale On market sale	AUD 0.89 AUD 0.90	-537 -2,550	FPO FPO	2,550
02-Apr-13	MBL	On market sale	AUD 0.91	-3,000	FPO	3,000
02-Apr-13	MBL	On market sale	AUD 0.91	-10	FPO	10
03-Apr-13	MBL	On market sale	AUD 0.89	-13,967	FPO	13,967
03-Apr-13	MBL	On market purchase	AUD 0.85	19	FPO	19
03-Apr-13	MBL	On market sale	AUD 0.86	-90	FPO	90
03-Apr-13	MBL	On market sale	AUD 0.84	-1,212	FPO	1,212

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected






































































09-Apr-13	MBL	On market purchase	AUD 0.82	14,295	FPO	14,295

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
09-Apr-13	MBL	On market purchase	AUD 0.82	6,611	FPO	6,611
09-Apr-13	MBL	On market sale	AUD 0.83	-901	FPO	901
09-Apr-13	MBL	On market purchase	AUD 0.82	290	FPO	290
09-Apr-13	MBL	On market purchase	AUD 0.82	253	FPO	253
09-Apr-13	MBL	On market purchase	AUD 0.82	454	FPO	454
09-Apr-13	MBL	On market sale	AUD 0.82	-11,000	FPO	11,000
09-Apr-13	MBL	On market sale	AUD 0.82	-2,679	FPO	2,679
09-Apr-13	MBL	On market sale	AUD 0.82	-7,701	FPO	7,701
09-Apr-13	MBL	On market purchase	AUD 0.82	7,563	FPO	7,563
09-Apr-13	MBL	On market sale	AUD 0.82	-942	FPO	942
09-Apr-13	MBL	On market purchase	AUD 0.82	5,376	FPO	5,376
09-Apr-13	MBL	On market purchase	AUD 0.82	202	FPO	202
09-Apr-13	MBL	On market sale	AUD 0.82	-5,807	FPO	5,807
09-Apr-13	MBL	On market sale	AUD 0.82	-758	FPO	758
09-Apr-13	MBL	On market purchase	AUD 0.82	1,672	FPO	1,672
09-Apr-13	MBL	On market purchase	AUD 0.82	10,091	FPO	10,091
09-Apr-13	MBL	On market purchase	AUD 0.81	7,908	FPO	7,908
09-Apr-13	MBL	On market purchase	AUD 0.82	12,198	FPO	12,198
09-Apr-13	MBL	On market purchase	AUD 0.82	2,310	FPO	2,310
09-Apr-13	MBL	On market purchase	AUD 0.82	2,149	FPO	2,149
09-Apr-13	MBL	On market sale	AUD 0.82	-3,886	FPO	3,886
09-Apr-13	MBL	On market purchase	AUD 0.82	39	FPO	39
10-Apr-13	MBL	On market purchase	AUD 0.84	4,200	FPO	4,200
10-Apr-13	MBL	On market purchase	AUD 0.85	1,500	FPO	1,500
10-Apr-13	MBL	On market purchase	AUD 0.85	5,034	FPO	5,034
10-Apr-13	MBL	On market sale	AUD 0.84	-13,246	FPO	13,246
10-Apr-13	MBL	On market purchase	AUD 0.83	5,400	FPO	5,400
10-Apr-13	MBL	On market sale	AUD 0.84	-7,800	FPO	7,800
10-Apr-13	MBL	On market purchase	AUD 0.83	1,637	FPO	1,637
10-Apr-13	MBL	On market purchase	AUD 0.85	9,085	FPO	9,085
10-Apr-13	MBL MBL	On market sale	AUD 0.84	-8,152	FPO	8,152 9,913
10-Apr-13 10-Apr-13	MBL	On market purchase On market sale	AUD 0.83 AUD 0.85	9,913 -3,582	FPO FPO	3,582
10-Apr-13	MBL	On market sale	AUD 0.84	-1,748	FPO	1,748
10-Apr-13	MBL	On market purchase	AUD 0.84	853	FPO	853
10-Apr-13	MBL	On market sale	AUD 0.84	-7,442	FPO	7,442
10-Apr-13	MBL	On market purchase	AUD 0.85	35,079	FPO	35,079
10-Apr-13	MBL	On market purchase	AUD 0.85	7,600	FPO	7,600
10-Apr-13	MBL	On market purchase	AUD 0.85	5,402	FPO	5,402
10-Apr-13	MBL	On market purchase	AUD 0.85	15,594	FPO	15,594
10-Apr-13	MBL	On market purchase	AUD 0.85	1,276	FPO	1,276
10-Apr-13	MBL	On market purchase	AUD 0.84	10,452	FPO	10,452
10-Apr-13	MBL	On market sale	AUD 0.85	-15,937	FPO	15,937
10-Apr-13	MBL	On market sale	AUD 0.85	-32,004	FPO	32,004
10-Apr-13	MBL	On market purchase	AUD 0.85	26,343	FPO	26,343
10-Apr-13	MBL	On market purchase	AUD 0.85	7,077	FPO	7,077
10-Apr-13	MBL	On market sale	AUD 0.84	-3,500	FPO	3,500
10-Apr-13	MBL	On market sale	AUD 0.85	-300	FPO	300
10-Apr-13	MBL	On market sale	AUD 0.84	-8,840	FPO	8,840
10-Apr-13	MBL	On market sale	AUD 0.84	-7,462	FPO	7,462
10-Apr-13	MBL	On market sale	AUD 0.85	-45	FPO	45
10-Apr-13	MBL	On market sale	AUD 0.84	-21,341	FPO	21,341
11-Apr-13	MBL	On market purchase	AUD 0.81	1,928	FPO	1,928
11-Apr-13	MBL	On market sale	AUD 0.81	-4,583	FPO	4,583
11-Apr-13	MBL	On market sale	AUD 0.80	-18,891	FPO	18,891
11-Apr-13	MBL MBL	On market sale	AUD 0.80	-5,335	FPO	5,335 5,455
11-Apr-13 11-Apr-13	MBL	On market sale On market sale	AUD 0.80 AUD 0.81	-5,455 -817	FPO FPO	817
11-Apr-13	MBL	On market purchase	AUD 0.82	375	FPO	375
11-Apr-13	MBL	On market sale	AUD 0.81	-1,500	FPO	1,500
11-Apr-13	MBL	On market sale	AUD 0.81	-5,905	FPO	5,905
11-Apr-13	MBL	On market sale	AUD 0.82	-1,517	FPO	1,517
11-Apr-13	MBL	On market sale	AUD 0.82	-372	FPO	372
11-Apr-13	MBL	On market purchase	AUD 0.81	42,841	FPO	42,841
11-Apr-13	MBL	On market sale	AUD 0.82	-4,935	FPO	4,935
11-Apr-13	MBL	On market purchase	AUD 0.79	18,363	FPO	18,363
11-Apr-13	MBL	On market sale	AUD 0.82	-2,187	FPO	2,187
11-Apr-13	MBL	On market sale	AUD 0.82	-3,539	FPO	3,539
11-Apr-13	MBL	On market purchase	AUD 0.83	9	FPO	9
11-Apr-13	MBL	On market sale	AUD 0.83	-4,069	FPO	4,069
11-Apr-13	MBL	On market sale	AUD 0.82	-2,500	FPO	2,500
11-Apr-13	MBL	On market sale	AUD 0.81	-3,000	FPO	3,000
11-Apr-13	MBL	On market purchase	AUD 0.81	3,987	FPO	3,987
11-Apr-13	MBL	On market sale	AUD 0.82	-11,803	FPO	11,803

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change	interest changed			affected		affected
11-Apr-13	MBL	On market sale	AUD 0.82	-33,080	FPO	33,080
11-Apr-13	MBL	On market sale	AUD 0.80	-4,086	FPO	4,086
12-Apr-13	MBL	On market purchase	AUD 0.80	16,541	FPO	16,541
12-Apr-13	MBL	On market purchase	AUD 0.81	6,949	FPO	6,949
12-Apr-13	MBL	On market purchase	AUD 0.80	8,042	FPO	8,042
12-Apr-13	MBL	On market purchase	AUD 0.80	1,500	FPO	1,500
12-Apr-13	MBL	On market purchase	AUD 0.80	16,140	FPO	16,140
12-Apr-13	MBL	On market sale	AUD 0.80	-1,522	FPO	1,522
12-Apr-13	MBL MBL	On market sale	AUD 0.80	-1,478	FPO	1,478 28,537
12-Apr-13	MBL	On market purchase	AUD 0.80	28,537	FPO	1,976
12-Apr-13 12-Apr-13	MBL	On market purchase On market purchase	AUD 0.80 AUD 0.80	1,976 11,802	FPO FPO	11,802
12-Apr-13	MBL	On market sale	AUD 0.81	-19,700	FPO	19,700
12-Apr-13	MBL	On market sale	AUD 0.80	-1,500	FPO	1,500
12-Apr-13	MBL	On market sale	AUD 0.81	-6,500	FPO	6,500
12-Apr-13	MBL	On market sale	AUD 0.80	-77,765	FPO	77,765
12-Apr-13	MBL	On market purchase	AUD 0.80	3,668	FPO	3,668
12-Apr-13	MBL	On market sale	AUD 0.80	-622	FPO	622
12-Apr-13	MBL	On market sale	AUD 0.80	-715	FPO	715
12-Apr-13	MBL	On market purchase	AUD 0.80	1,513	FPO	1,513
12-Apr-13	MBL	On market purchase	AUD 0.80	6,500	FPO	6,500
12-Apr-13	MBL	On market sale	AUD 0.80	-28,705	FPO	28,705
12-Apr-13	MBL	On market purchase	AUD 0.80	958	FPO	958
12-Apr-13	MBL	On market purchase	AUD 0.80	4,184	FPO	4,184
12-Apr-13	MBL	On market purchase	AUD 0.80	1,500	FPO	1,500
12-Apr-13	MBL	On market purchase	AUD 0.80	6,516	FPO	6,516
15-Apr-13	MBL	On market sale	AUD 0.67	-5,200	FPO	5,200
15-Apr-13	MBL	On market purchase	AUD 0.70	7,798	FPO	7,798
15-Apr-13	MBL	On market purchase	AUD 0.70	13,000	FPO	13,000
15-Apr-13	MBL	On market sale	AUD 0.70	-219	FPO	219
15-Apr-13	MBL	On market purchase	AUD 0.69	3,908	FPO	3,908
15-Apr-13	MBL	On market purchase	AUD 0.69	393	FPO	393
15-Apr-13	MBL	On market purchase	AUD 0.67	1,779	FPO	1,779
15-Apr-13	MBL	On market sale	AUD 0.70	-100	FPO	100
15-Apr-13	MBL	On market purchase	AUD 0.68	5,741	FPO	5,741
15-Apr-13	MBL	On market sale	AUD 0.68	-6,825	FPO	6,825
15-Apr-13	MBL	On market purchase	AUD 0.69	13,000	FPO	13,000
15-Apr-13	MBL	On market purchase	AUD 0.70	16,494	FPO	16,494
15-Apr-13	MBL	On market purchase	AUD 0.70	16,597	FPO	16,597
15-Apr-13	MBL MBL	On market purchase	AUD 0.70	100	FPO	100 1,500
15-Apr-13 15-Apr-13	MBL	On market sale On market purchase	AUD 0.67 AUD 0.69	-1,500 2,104	FPO FPO	2,104
15-Apr-13	MBL	On market sale	AUD 0.70	-9,465	FPO	9,465
15-Apr-13	MBL	On market sale	AUD 0.69	-4,672	FPO	4,672
15-Apr-13	MBL	On market sale	AUD 0.68	-28,792	FPO	28,792
15-Apr-13	MBL	On market sale	AUD 0.69	-100	FPO	100
15-Apr-13	MBL	On market sale	AUD 0.69	-200	FPO	200
15-Apr-13	MBL	On market sale	AUD 0.70	-26,523	FPO	26,523
15-Apr-13	MBL	On market purchase	AUD 0.70	15,356	FPO	15,356
15-Apr-13	MBL	On market purchase	AUD 0.68	3,777	FPO	3,777
15-Apr-13	MBL	On market purchase	AUD 0.68	28,015	FPO	28,015
15-Apr-13	MBL	On market purchase	AUD 0.70	200	FPO	200
15-Apr-13	MBL	On market sale	AUD 0.67	-54,061	FPO	54,061
16-Apr-13	MBL	On market sale	AUD 0.65	-21,708	FPO	21,708
16-Apr-13	MBL	On market sale	AUD 0.66	-7,120	FPO	7,120
16-Apr-13	MBL	On market sale	AUD 0.67	-5,089	FPO	5,089
16-Apr-13	MBL	On market sale	AUD 0.67	-9,252	FPO	9,252
16-Apr-13	MBL	On market sale	AUD 0.67	-5	FPO	5
16-Apr-13	MBL MBL	On market purchase	AUD 0.65	2,260	FPO	2,260 4,000
16-Apr-13 16-Apr-13	MBL	On market purchase On market purchase	AUD 0.63 AUD 0.63	4,000 20,318	FPO FPO	20,318
16-Apr-13	MBL	On market sale	AUD 0.67	-7,936	FPO	7,936
16-Apr-13	MBL	On market sale	AUD 0.64	-5,483	FPO	5,483
16-Apr-13	MBL	On market sale	AUD 0.64	-12,966	FPO	12,966
16-Apr-13	MBL	On market purchase	AUD 0.67	7,821	FPO	7,821
16-Apr-13	MBL	On market purchase	AUD 0.66	4,201	FPO	4,201
16-Apr-13	MBL	On market sale	AUD 0.67	-1,500	FPO	1,500
16-Apr-13	MBL	On market sale	AUD 0.63	-180	FPO	180
16-Apr-13	MBL	On market sale	AUD 0.66	-6,431	FPO	6,431
16-Apr-13	MBL	On market purchase	AUD 0.66	130	FPO	130
16-Apr-13	MBL	On market purchase	AUD 0.67	200	FPO	200
16-Apr-13	MBL	On market purchase	AUD 0.67	35,570	FPO	35,570
16-Apr-13	MBL	On market purchase	AUD 0.67	11,032	FPO	11,032
16-Apr-13	MBL	On market sale	AUD 0.67	-14,083	FPO	14,083

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
16-Apr-13	MBL	On market sale	AUD 0.66	-1,657	FPO	1,657
16-Apr-13	MBL	On market purchase	AUD 0.67	50,574	FPO	50,574
16-Apr-13	MBL	On market sale	AUD 0.67	-12,898	FPO	12,898
16-Apr-13	MBL	On market sale	AUD 0.66	-8,376	FPO	8,376
16-Apr-13	MBL	On market purchase	AUD 0.67	9,945	FPO	9,945
16-Apr-13	MBL	On market sale	AUD 0.67	-7,979	FPO	7,979
16-Apr-13	MBL MBL	On market sale	AUD 0.67	-9,000	FPO	9,000 35,153
16-Apr-13 16-Apr-13	MBL	On market sale On market sale	AUD 0.66 AUD 0.65	-35,153 -34,415	FPO FPO	34,415
16-Apr-13	MBL	On market purchase	AUD 0.67	18,400	FPO	18,400
16-Apr-13	MBL	On market purchase	AUD 0.67	22,809	FPO	22,809
16-Apr-13	MBL	On market purchase	AUD 0.66	5,000	FPO	5,000
16-Apr-13	MBL	On market sale	AUD 0.67	-4,403	FPO	4,403
16-Apr-13	MBL	On market purchase	AUD 0.66	10,300	FPO	10,300
16-Apr-13	MBL	On market purchase	AUD 0.66	148	FPO	148
16-Apr-13	MBL	On market sale	AUD 0.67	-5,673	FPO	5,673
16-Apr-13	MBL	On market sale	AUD 0.66	-7,245	FPO	7,245
16-Apr-13 16-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.66 AUD 0.66	-6,477 35,891	FPO FPO	6,477 35,891
17-Apr-13	MBL	On market sale	AUD 0.67	-1,626	FPO	1,626
17-Apr-13	MBL	On market purchase	AUD 0.66	6,507	FPO	6,507
17-Apr-13	MBL	On market purchase	AUD 0.67	9,928	FPO	9,928
17-Apr-13	MBL	On market sale	AUD 0.67	-2,145	FPO	2,145
17-Apr-13	MBL	On market sale	AUD 0.67	-28,427	FPO	28,427
17-Apr-13	MBL	On market sale	AUD 0.67	-17,394	FPO	17,394
17-Apr-13	MBL MBL	On market purchase	AUD 0.66	2,662	FPO	2,662 1,537
17-Apr-13 17-Apr-13	MBL	On market sale On market sale	AUD 0.67 AUD 0.66	-1,537 -4,161	FPO FPO	4,161
17-Apr-13	MBL	On market purchase	AUD 0.66	14,700	FPO	14,700
17-Apr-13	MBL	On market purchase	AUD 0.68	5,011	FPO	5,011
17-Apr-13	MBL	On market purchase	AUD 0.68	38,230	FPO	38,230
17-Apr-13	MBL	On market sale	AUD 0.67	-14,321	FPO	14,321
17-Apr-13	MBL	On market sale	AUD 0.67	-11,126	FPO	11,126
17-Apr-13 17-Apr-13	MBL MBL	On market sale On market sale	AUD 0.67 AUD 0.67	-21,971 -4,500	FPO FPO	21,971 4,500
17-Apr-13	MBL	On market sale	AUD 0.67	-7,924	FPO	7,924
17-Apr-13	MBL	On market sale	AUD 0.67	-8,462	FPO	8,462
18-Apr-13	MBL	On market purchase	AUD 0.66	2,600	FPO	2,600
18-Apr-13	MBL MBL	On market purchase	AUD 0.63	19,704	FPO	19,704 2,741
18-Apr-13 18-Apr-13	MBL	On market purchase On market sale	AUD 0.64 AUD 0.63	2,741 -9,489	FPO FPO	9,489
18-Apr-13	MBL	On market sale	AUD 0.66	-16,897	FPO	16,897
18-Apr-13	MBL	On market purchase	AUD 0.64	53,849	FPO	53,849
18-Apr-13	MBL	On market purchase	AUD 0.66	1,300	FPO	1,300
18-Apr-13	MBL	On market purchase	AUD 0.66	1,300	FPO	1,300
18-Apr-13 18-Apr-13	MBL MBL	On market sale On market sale	AUD 0.66 AUD 0.66	-986 -5,421	FPO FPO	986 5,421
18-Apr-13	MBL	On market purchase	AUD 0.66	2,600	FPO	2,600
18-Apr-13	MBL	On market purchase	AUD 0.66	12,481	FPO	12,481
18-Apr-13	MBL	On market purchase	AUD 0.66	14,249	FPO	14,249
18-Apr-13	MBL	On market purchase	AUD 0.66	162,629	FPO	162,629
18-Apr-13 18-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.66 AUD 0.66	42,189 9,174	FPO FPO	42,189 9,174
18-Apr-13	MBL	On market sale	AUD 0.66	-13,400	FPO	13,400
18-Apr-13	MBL	On market sale	AUD 0.66	-2,200	FPO	2,200
18-Apr-13	MBL	On market sale	AUD 0.66	-6,000	FPO	6,000
18-Apr-13	MBL	On market sale	AUD 0.66	-1,143	FPO	1,143
18-Apr-13 18-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.64 AUD 0.66	-13,300 700	FPO FPO	13,300 700
18-Apr-13	MBL	On market purchase	AUD 0.66	1,300	FPO	1,300
18-Apr-13	MBL	On market purchase	AUD 0.66	10,500	FPO	10,500
18-Apr-13	MBL	On market purchase	AUD 0.66	19,232	FPO	19,232
18-Apr-13	MBL	On market purchase	AUD 0.66	18,635	FPO	18,635
18-Apr-13 18-Apr-13	MBL MBL	On market purchase On market sale	AUD 0.63 AUD 0.63	10,000 -18,678	FPO FPO	10,000 18,678
18-Apr-13	MBL	On market sale	AUD 0.67	-1,300	FPO	1,300
19-Apr-13	MBL	On market sale	AUD 0.68	-9,100	FPO	9,100
19-Apr-13	MBL	On market purchase	AUD 0.67	42,562	FPO	42,562
19-Apr-13	MBL	On market sale	AUD 0.67	-30,674	FPO	30,674
19-Apr-13 19-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.67 AUD 0.67	10,533 4,723	FPO FPO	10,533 4,723
19-Apr-13	MBL	On market sale	AUD 0.67	-2,513	FPO	2,513
19-Apr-13	MBL	On market purchase	AUD 0.67	31,900	FPO	31,900
19-Apr-13	MBL	On market sale	AUD 0.67	-1,900	FPO	1,900

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
19-Apr-13	MBL	On market purchase	AUD 0.67	400	FPO	400
19-Apr-13	MBL	On market sale	AUD 0.66	-6,500	FPO	6,500
19-Apr-13	MBL	On market sale	AUD 0.66	-78,148	FPO	78,148
19-Apr-13	MBL	On market purchase	AUD 0.67	2,200	FPO	2,200
19-Apr-13	MBL	On market sale	AUD 0.68	-63,463	FPO	63,463
19-Apr-13	MBL	On market sale	AUD 0.67	-46,185	FPO	46,185
19-Apr-13	MBL	On market sale	AUD 0.67	-5,584	FPO	5,584
19-Apr-13	MBL	On market sale	AUD 0.68	-3,270	FPO	3,270
19-Apr-13	MBL	On market purchase	AUD 0.66	17,945	FPO	17,945
19-Apr-13	MBL	On market purchase	AUD 0.66	41,330	FPO	41,330
19-Apr-13	MBL	On market purchase	AUD 0.67	6,740	FPO	6,740
19-Apr-13	MBL	On market sale	AUD 0.67	-42,222	FPO	42,222
19-Apr-13	MBL	On market purchase	AUD 0.67	11,483	FPO	11,483
19-Apr-13	MBL	On market sale	AUD 0.68	-5	FPO	5
19-Apr-13	MBL	On market purchase	AUD 0.67	47,528	FPO	47,528
19-Apr-13	MBL	On market purchase	AUD 0.67	7,435	FPO	7,435
19-Apr-13	MBL	On market sale	AUD 0.68	-200	FPO	200
22-Apr-13	MBL	On market purchase	AUD 0.66	456	FPO	456
22-Apr-13	MBL	On market sale	AUD 0.67	-26,000	FPO	26,000
22-Apr-13	MBL	On market sale	AUD 0.66	-5,339	FPO	5,339
22-Apr-13	MBL MBL	On market purchase	AUD 0.66	24,779	FPO	24,779 12,070
22-Apr-13 22-Apr-13	MBL	On market sale On market sale	AUD 0.66 AUD 0.66	-12,070 -10,300	FPO FPO	10,300
22-Apr-13	MBL	On market purchase	AUD 0.66	11,234	FPO	11,234
22-Apr-13	MBL	On market sale	AUD 0.66	-16,627	FPO	16,627
22-Apr-13	MBL	On market purchase	AUD 0.66	548	FPO	548
22-Apr-13	MBL	On market sale	AUD 0.66	-143	FPO	143
22-Apr-13	MBL	On market sale	AUD 0.66	-4,400	FPO	4,400
22-Apr-13	MBL	On market purchase	AUD 0.66	35,524	FPO	35,524
22-Apr-13	MBL	On market sale	AUD 0.67	-8,699	FPO	8,699
22-Apr-13	MBL	On market sale	AUD 0.67	-32,300	FPO	32,300
22-Apr-13	MBL	On market sale	AUD 0.66	-14,996	FPO	14,996
22-Apr-13	MBL	On market sale	AUD 0.66	-11,137	FPO	11,137
22-Apr-13	MBL	On market sale	AUD 0.67	-2,539	FPO	2,539
22-Apr-13	MBL	On market sale	AUD 0.66	-12,631	FPO	12,631
22-Apr-13	MBL	On market sale	AUD 0.66	-6,783	FPO	6,783
22-Apr-13	MBL	On market sale	AUD 0.65	-10,706	FPO	10,706
22-Apr-13	MBL	On market purchase	AUD 0.66	2,237	FPO	2,237
23-Apr-13	MBL	On market sale	AUD 0.66	-26,049	FPO	26,049
23-Apr-13	MBL	On market sale	AUD 0.66	-1,322	FPO	1,322
23-Apr-13	MBL	On market purchase	AUD 0.66	4,079	FPO	4,079
23-Apr-13	MBL	On market purchase	AUD 0.65	8,847	FPO	8,847
23-Apr-13	MBL MBL	On market purchase	AUD 0.65	13,916	FPO	13,916 1,418
23-Apr-13 23-Apr-13	MBL	On market sale On market sale	AUD 0.66 AUD 0.66	-1,418 -4,458	FPO FPO	4,458
23-Apr-13	MBL	On market purchase	AUD 0.67	29,984	FPO	29,984
23-Apr-13	MBL	On market sale	AUD 0.66	-20,927	FPO	20,927
23-Apr-13	MBL	On market sale	AUD 0.66	-1,600	FPO	1,600
23-Apr-13	MBL	On market sale	AUD 0.65	-16,233	FPO	16,233
23-Apr-13	MBL	On market purchase	AUD 0.66	2,771	FPO	2,771
23-Apr-13	MBL	On market purchase	AUD 0.66	3,102	FPO	3,102
23-Apr-13	MBL	On market sale	AUD 0.65	-200	FPO	200
23-Apr-13	MBL	On market purchase	AUD 0.64	4,933	FPO	4,933
23-Apr-13	MBL	On market purchase	AUD 0.66	14,001	FPO	14,001
23-Apr-13	MBL	On market sale	AUD 0.65	-8,073	FPO	8,073
23-Apr-13	MBL	On market sale	AUD 0.65	-58,419	FPO	58,419
23-Apr-13	MBL	On market sale	AUD 0.66	-34,081	FPO	34,081
23-Apr-13	MBL	On market purchase	AUD 0.66	2,525	FPO	2,525
23-Apr-13	MBL	On market purchase	AUD 0.66	200	FPO	200
23-Apr-13	MBL	On market sale	AUD 0.66	-36,212	FPO	36,212
23-Apr-13	MBL	On market sale	AUD 0.67	-1,750	FPO	1,750
23-Apr-13	MBL	On market sale	AUD 0.66	-21,490	FPO	21,490
23-Apr-13	MBL MBL	On market sale	AUD 0.66	-1,600	FPO	1,600 32,530
23-Apr-13 23-Apr-13	MBL	On market purchase On market sale	AUD 0.65 AUD 0.68	32,530 -3,000	FPO FPO	3,000
23-Apr-13	MBL	On market purchase	AUD 0.66	300	FPO	300
23-Apr-13	MBL	On market sale	AUD 0.66	-1,600	FPO	1,600
23-Apr-13	MBL	On market purchase	AUD 0.66	2,734	FPO	2,734
23-Apr-13	MBL	On market sale	AUD 0.66	-12,108	FPO	12,108
23-Apr-13	MBL	On market sale	AUD 0.66	-6,000	FPO	6,000
23-Apr-13	MBL	On market sale	AUD 0.66	-15,487	FPO	15,487
23-Apr-13	MBL	On market sale	AUD 0.66	-50,398	FPO	50,398
24-Apr-13	MBL	On market purchase	AUD 0.69	27,788	FPO	27,788
24-Apr-13	MBL	On market purchase	AUD 0.66	207	FPO	207

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
24-Apr-13	MBL	On market purchase	AUD 0.68	39,443	FPO	39,443
24-Apr-13	MBL	On market purchase	AUD 0.68	17,600	FPO	17,600
24-Apr-13	MBL	On market purchase	AUD 0.67	9,000	FPO	9,000
24-Apr-13	MBL	On market sale	AUD 0.67	-11,853	FPO	11,853
24-Apr-13	MBL MBL	On market sale	AUD 0.69	-18,916	FPO	18,916 35,486
24-Apr-13 24-Apr-13	MBL	On market purchase On market purchase	AUD 0.68 AUD 0.68	35,486 12,800	FPO FPO	12,800
24-Apr-13	MBL	On market purchase	AUD 0.67	2,198	FPO	2,198
24-Apr-13	MBL	On market sale	AUD 0.67	-7,499	FPO	7,499
24-Apr-13	MBL	On market sale	AUD 0.69	-6,464	FPO	6,464
24-Apr-13	MBL	On market sale	AUD 0.67	-6,607	FPO	6,607
24-Apr-13	MBL	On market sale	AUD 0.67	-8,158	FPO	8,158
24-Apr-13	MBL	On market sale	AUD 0.67	-1,300	FPO	1,300
24-Apr-13 24-Apr-13	MBL MBL	On market sale On market sale	AUD 0.67 AUD 0.68	-1,514 -7,409	FPO FPO	1,514 7,409
24-Apr-13	MBL	On market sale	AUD 0.65	-1,314	FPO	1,314
24-Apr-13	MBL	On market sale	AUD 0.67	-14,702	FPO	14,702
24-Apr-13	MBL	On market purchase	AUD 0.67	6,897	FPO	6,897
26-Apr-13	MBL	On market sale	AUD 0.72	-76,926	FPO	76,926
26-Apr-13	MBL	On market purchase	AUD 0.72	210	FPO	210
26-Apr-13 26-Apr-13	MBL MBL	On market purchase On market purchase	AUD 0.72 AUD 0.72	2,000 10,208	FPO FPO	2,000 10,208
26-Apr-13	MBL	On market purchase	AUD 0.72	4,000	FPO	4,000
26-Apr-13	MBL	On market sale	AUD 0.73	-6,657	FPO	6,657
26-Apr-13	MBL	On market sale	AUD 0.71	-3,000	FPO	3,000
26-Apr-13	MBL	On market purchase	AUD 0.72	17,669	FPO	17,669
26-Apr-13 26-Apr-13	MBL MBL	On market purchase On market sale	AUD 0.72 AUD 0.73	7,906 -26,338	FPO FPO	7,906 26,338
26-Apr-13	MBL	On market sale	AUD 0.73	-4,466	FPO	4,466
26-Apr-13	MBL	On market sale	AUD 0.72	-13,705	FPO	13,705
26-Apr-13	MBL	On market purchase	AUD 0.72	12,216	FPO	12,216
26-Apr-13	MBL	On market sale	AUD 0.73	-5,001	FPO	5,001
26-Apr-13	MBL MBL	On market purchase	AUD 0.72	34,300	FPO	34,300 47,298
26-Apr-13 26-Apr-13	MBL	On market purchase On market sale	AUD 0.73 AUD 0.72	47,298 -2,000	FPO FPO	2,000
26-Apr-13	MBL	On market sale	AUD 0.72	-27,048	FPO	27,048
26-Apr-13	MBL	On market sale	AUD 0.72	-5,547	FPO	5,547
26-Apr-13	MBL	On market purchase	AUD 0.73	8,148	FPO	8,148
26-Apr-13	MBL MBL	On market purchase	AUD 0.72	6,773	FPO	6,773 6,157
26-Apr-13 26-Apr-13	MBL	On market sale On market sale	AUD 0.73 AUD 0.73	-6,157 -18,800	FPO FPO	18,800
30-Apr-13	MBL	On market purchase	AUD 0.71	4,711	FPO	4,711
30-Apr-13	MBL	On market sale	AUD 0.71	-5,000	FPO	5,000
30-Apr-13	MBL	On market sale	AUD 0.71	-4,000	FPO	4,000
30-Apr-13	MBL	On market purchase	AUD 0.71	13,837	FPO	13,837
30-Apr-13 30-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.70 AUD 0.74	-100,000 100,000	FPO FPO	100,000 100,000
30-Apr-13	MBL	On market sale	AUD 0.71	-6,171	FPO	6,171
30-Apr-13	MBL	On market purchase	AUD 0.71	12,959	FPO	12,959
30-Apr-13	MBL	On market sale	AUD 0.72	-13,407	FPO	13,407
30-Apr-13	MBL	On market purchase	AUD 0.73	1,454	FPO	1,454
30-Apr-13 30-Apr-13	MBL MBL	On market purchase On market sale	AUD 0.73 AUD 0.74	44,018 -2,240	FPO FPO	44,018 2,240
30-Apr-13	MBL	On market sale	AUD 0.71	-44,685	FPO	44,685
30-Apr-13	MBL	On market sale	AUD 0.73	-2,100	FPO	2,100
30-Apr-13	MBL	On market purchase	AUD 0.71	8,141	FPO	8,141
30-Apr-13	MBL	On market purchase	AUD 0.71	27,059	FPO	27,059
30-Apr-13 30-Apr-13	MBL MBL	On market sale On market sale	AUD 0.72 AUD 0.71	-9,100 -4,236	FPO FPO	9,100 4,236
30-Apr-13	MBL	On market sale	AUD 0.72	-31,536	FPO	31,536
30-Apr-13	MBL	On market purchase	AUD 0.71	2,187	FPO	2,187
30-Apr-13	MBL	On market purchase	AUD 0.72	100	FPO	100
30-Apr-13	MBL	On market purchase	AUD 0.72	200	FPO	200
30-Apr-13 30-Apr-13	MBL MBL	On market sale On market purchase	AUD 0.73 AUD 0.71	-2,700 735	FPO FPO	2,700 735
30-Apr-13	MBL	On market purchase	AUD 0.73	177	FPO	177
30-Apr-13	MBL	On market purchase	AUD 0.71	25,399	FPO	25,399
30-Apr-13	MBL	On market purchase	AUD 0.71	11,500	FPO	11,500
30-Apr-13	MBL	On market sale	AUD 0.73	-4,200	FPO	4,200
30-Apr-13 01-May-13	MBL MBL	On market sale On market sale	AUD 0.71 AUD 0.70	-4,153 -7,574	FPO FPO	4,153 7,574
01-May-13	MBL	On market sale	AUD 0.70	-1,100	FPO	1,100
01-May-13	MBL	On market purchase	AUD 0.69	12,412	FPO	12,412
01-May-13	MBL	On market purchase	AUD 0.69	6,000	FPO	6,000

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change	interest changed MBL			affected		affected 200
01-May-13 01-May-13	MBL	On market sale On market purchase	AUD 0.70 AUD 0.71	-200 2,100	FPO FPO	2,100
01-May-13	MBL	On market purchase	AUD 0.69	476	FPO	476
01-May-13	MBL	On market sale	AUD 0.70	-13,829	FPO	13,829
01-May-13	MBL	On market purchase	AUD 0.70	1,993	FPO	1,993
01-May-13	MBL	On market purchase	AUD 0.70	200	FPO	200
02-May-13	MBL	On market purchase	AUD 0.70	13,781	FPO	13,781
02-May-13	MBL	On market purchase	AUD 0.69	100	FPO	100
02-May-13	MBL	On market purchase	AUD 0.70	41,516	FPO	41,516
02-May-13	MBL	On market sale	AUD 0.70	-7,507	FPO	7,507
02-May-13 02-May-13	MBL MBL	On market sale On market purchase	AUD 0.70 AUD 0.70	-410 13,781	FPO FPO	410 13,781
02-May-13	MBL	On market sale	AUD 0.70	-10,363	FPO	10,363
02-May-13	MBL	On market sale	AUD 0.72	-4,040	FPO	4,040
02-May-13	MBL	On market sale	AUD 0.71	-12,517	FPO	12,517
02-May-13	MBL	On market sale	AUD 0.69	-100	FPO	100
02-May-13	MBL	On market purchase	AUD 0.70	1,551	FPO	1,551
02-May-13	MBL	On market sale	AUD 0.70	-10,007	FPO	10,007
02-May-13	MBL	On market purchase	AUD 0.70	2,100	FPO	2,100
02-May-13 02-May-13	MBL MBL	On market sale On market sale	AUD 0.70 AUD 0.70	-26,610 -29,274	FPO FPO	26,610 29,274
02-May-13	MBL	On market sale	AUD 0.71	-8,921	FPO	8,921
02-May-13	MBL	On market sale	AUD 0.71	-686	FPO	686
02-May-13	MBL	On market sale	AUD 0.70	-12,468	FPO	12,468
02-May-13	MBL	On market purchase	AUD 0.70	32,835	FPO	32,835
02-May-13	MBL MBL	On market sale	AUD 0.70	-16,198	FPO	16,198 10,961
02-May-13 02-May-13	MBL	On market purchase On market sale	AUD 0.71 AUD 0.70	10,961 -10,828	FPO FPO	10,828
02-May-13	MBL	On market sale	AUD 0.70	-2,100	FPO	2,100
02-May-13	MBL	On market sale	AUD 0.70	-5,906	FPO	5,906
02-May-13	MBL	On market purchase	AUD 0.69	2,100	FPO	2,100
02-May-13	MBL	On market purchase	AUD 0.70	2,105	FPO	2,105
02-May-13 02-May-13	MBL MBL	On market sale On market purchase	AUD 0.70 AUD 0.70	-4,136 27,440	FPO FPO	4,136 27,440
02-May-13	MBL	On market purchase	AUD 0.70	44,817	FPO	44,817
07-May-13	MBL	On market sale	AUD 0.71	-228	FPO	228
07-May-13	MBL	On market sale	AUD 0.71	-2,000	FPO	2,000
07-May-13	MBL	On market purchase	AUD 0.71	13,031	FPO	13,031
07-May-13	MBL	On market purchase	AUD 0.71	1,482	FPO	1,482
07-May-13 07-May-13	MBL MBL	On market purchase On market purchase	AUD 0.71 AUD 0.70	21,697 6,721	FPO FPO	21,697 6,721
07-May-13	MBL	On market purchase	AUD 0.71	2,100	FPO	2,100
07-May-13	MBL	On market sale	AUD 0.70	-9,187	FPO	9,187
07-May-13	MBL	On market purchase	AUD 0.71	6,584	FPO	6,584
07-May-13	MBL	On market sale	AUD 0.70	-2,100	FPO	2,100
08-May-13 08-May-13	MBL MBL	On market purchase On market purchase	AUD 0.72 AUD 0.72	21,000 29,766	FPO FPO	21,000 29,766
08-May-13	MBL	On market sale	AUD 0.70	-95	FPO	95
08-May-13	MBL	On market purchase	AUD 0.71	10,642	FPO	10,642
08-May-13	MBL	On market sale	AUD 0.73	-23,899	FPO	23,899
08-May-13	MBL	On market sale	AUD 0.70	-6,932	FPO	6,932
08-May-13	MBL MBL	On market sale	AUD 0.71	-9,674	FPO	9,674 9,000
08-May-13 08-May-13	MBL	On market purchase On market sale	AUD 0.70 AUD 0.72	9,000 -16,238	FPO FPO	16,238
08-May-13	MBL	On market sale	AUD 0.72	-6,306	FPO	6,306
08-May-13	MBL	On market sale	AUD 0.70	-7,704	FPO	7,704
08-May-13	MBL	On market purchase	AUD 0.76	8,372	FPO	8,372
08-May-13	MBL	On market sale	AUD 0.72	-8,700	FPO	8,700
08-May-13 08-May-13	MBL MBL	On market sale On market sale	AUD 0.70 AUD 0.71	-2,743 -13,474	FPO FPO	2,743 13,474
08-May-13	MBL	On market sale	AUD 0.76	-8,372	FPO	8,372
09-May-13	MBL	On market sale	AUD 0.76	-417	FPO	417
09-May-13	MBL	On market purchase	AUD 0.76	23,941	FPO	23,941
09-May-13	MBL	On market purchase	AUD 0.76	29,403	FPO	29,403
09-May-13 09-May-13	MBL MBL	On market sale On market sale	AUD 0.75 AUD 0.75	-16,661 -23,600	FPO FPO	16,661 23,600
09-May-13	MBL	On market purchase	AUD 0.76	1,008	FPO	1,008
09-May-13	MBL	On market sale	AUD 0.76	-32,938	FPO	32,938
09-May-13	MBL	On market purchase	AUD 0.76	2,744	FPO	2,744
09-May-13	MBL	On market sale	AUD 0.75	-19,000	FPO	19,000
09-May-13 09-May-13	MBL MBL	On market sale On market sale	AUD 0.76 AUD 0.77	-50,000 -17,391	FPO FPO	50,000 17,391
09-May-13	MBL	On market sale	AUD 0.77	-33,831	FPO	33,831
09-May-13	MBL	On market purchase	AUD 0.76	9,000	FPO	9,000

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
09-May-13	MBL	On market purchase	AUD 0.74	50,000	FPO	50,000
09-May-13	MBL	On market purchase	AUD 0.75	10,974	FPO	10,974
09-May-13	MBL	On market purchase	AUD 0.75	2,149	FPO	2,149
09-May-13	MBL	On market purchase	AUD 0.76	8,372	FPO	8,372
09-May-13	MBL	On market purchase	AUD 0.76	2,200	FPO	2,200
09-May-13	MBL	On market sale	AUD 0.76	-5,843	FPO	5,843
09-May-13	MBL	On market sale	AUD 0.76	-2,200	FPO	2,200
09-May-13	MBL	On market purchase	AUD 0.77	34,677	FPO	34,677
09-May-13	MBL	On market purchase	AUD 0.76	690	FPO	690
09-May-13	MBL	On market sale	AUD 0.77	-3,841	FPO	3,841
09-May-13	MBL	On market purchase	AUD 0.76	13,001	FPO	13,001
09-May-13	MBL	On market sale	AUD 0.75	-14,424	FPO	14,424
09-May-13	MBL	On market purchase	AUD 0.75	10,930	FPO	10,930
09-May-13	MBL	On market sale	AUD 0.76	-218	FPO	218
10-May-13	MBL	On market purchase	AUD 0.74	7,868	FPO	7,868
10-May-13	MBL MBL	On market purchase	AUD 0.73	16,043	FPO	16,043 1,700
10-May-13 10-May-13	MBL	On market purchase On market purchase	AUD 0.74 AUD 0.74	1,700 1,900	FPO FPO	1,900
10-May-13	MBL	On market purchase	AUD 0.74	2,800	FPO	2,800
10-May-13	MBL	On market purchase	AUD 0.75	10,700	FPO	10,700
10-May-13	MBL	On market sale	AUD 0.73	-34,687	FPO	34,687
10-May-13	MBL	On market sale	AUD 0.73	-390	FPO	390
10-May-13	MBL	On market sale	AUD 0.73	-7,738	FPO	7,738
10-May-13	MBL	On market sale	AUD 0.73	-12,830	FPO	12,830
10-May-13	MBL	On market purchase	AUD 0.73	2,400	FPO	2,400
10-May-13	MBL	On market purchase	AUD 0.73	30,771	FPO	30,771
10-May-13	MBL	On market purchase	AUD 0.73	5,700	FPO	5,700
10-May-13	MBL	On market purchase	AUD 0.73	9,400	FPO	9,400
10-May-13	MBL	On market purchase	AUD 0.74	2,400	FPO	2,400
10-May-13	MBL	On market purchase	AUD 0.74	500	FPO	500
10-May-13	MBL	On market purchase	AUD 0.74	3,580	FPO	3,580
10-May-13	MBL	On market purchase	AUD 0.74	17,000	FPO	17,000
10-May-13	MBL	On market purchase	AUD 0.74	2,400	FPO	2,400
13-May-13	MBL	On market sale	AUD 0.68	-39,094	FPO	39,094
13-May-13	MBL	On market sale	AUD 0.68	-8,156	FPO	8,156
13-May-13	MBL MBL	On market purchase	AUD 0.69	15,205	FPO	15,205 9,451
13-May-13 13-May-13	MBL	On market purchase On market purchase	AUD 0.68 AUD 0.68	9,451 69,813	FPO FPO	69,813
13-May-13	MBL	On market purchase	AUD 0.68	4,139	FPO	4,139
13-May-13	MBL	On market purchase	AUD 0.68	727	FPO	727
13-May-13	MBL	On market purchase	AUD 0.68	3,792	FPO	3,792
13-May-13	MBL	On market purchase	AUD 0.71	16,693	FPO	16,693
13-May-13	MBL	On market sale	AUD 0.68	-51,194	FPO	51,194
13-May-13	MBL	On market sale	AUD 0.68	-17,300	FPO	17,300
13-May-13	MBL	On market purchase	AUD 0.71	47,105	FPO	47,105
13-May-13	MBL	On market purchase	AUD 0.69	40,763	FPO	40,763
13-May-13	MBL	On market sale	AUD 0.69	-571	FPO	571
13-May-13	MBL	On market sale	AUD 0.68	-12,055	FPO	12,055
13-May-13	MBL	On market purchase	AUD 0.69	14,089	FPO	14,089
13-May-13	MBL	On market sale	AUD 0.69	-10,000	FPO	10,000
13-May-13	MBL	On market sale	AUD 0.69	-2,300	FPO	2,300
13-May-13	MBL	On market purchase	AUD 0.70	3,300	FPO	3,300
13-May-13	MBL MBL	On market sale	AUD 0.68	-1,556	FPO	1,556 15,981
13-May-13 13-May-13	MBL	On market sale On market purchase	AUD 0.68 AUD 0.68	-15,981 11,408	FPO FPO	11,408
13-May-13	MBL	On market sale	AUD 0.71	-8,694	FPO	8,694
13-May-13	MBL	On market purchase	AUD 0.68	12,408	FPO	12,408
13-May-13	MBL	On market purchase	AUD 0.69	12,400	FPO	12,400
13-May-13	MBL	On market sale	AUD 0.68	-100	FPO	100
13-May-13	MBL	On market sale	AUD 0.68	-17,526	FPO	17,526
13-May-13	MBL	On market purchase	AUD 0.68	6,059	FPO	6,059
13-May-13	MBL	On market purchase	AUD 0.68	28,391	FPO	28,391
13-May-13	MBL	On market purchase	AUD 0.68	26,594	FPO	26,594
13-May-13	MBL	On market purchase	AUD 0.68	20,057	FPO	20,057
		Borrow Return under Stock
		lending agreement - Refers to
15-Jan-13	MBL	Annex C	AUD 0.90	-17,000	FPO	17,000
		Borrow Return under Stock
		lending agreement - Refers to
18-Jan-13	MBL	Annex C	AUD 0.99	-458,003	FPO	458,003
		Borrow Return under Stock
		lending agreement - Refers to
21-Jan-13	MBL	Annex C	AUD 1.01	-431,162	FPO	431,162

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
		Borrow Return under Stock
22-Jan-13	MBL	lending agreement - Refers to Annex C	AUD 1.00	-321,505	FPO	321,505
		Borrow Return under Stock
23-Jan-13	MBL	lending agreement - Refers to Annex C	AUD 0.99	-162,010	FPO	162,010
		Borrow Return under Stock
		lending agreement - Refers to
23-Jan-13	MBL	Annex C Borrow Delivery under Stock	AUD 0.99	-2,400,000	FPO	2,400,000
		lending agreement - Refers to
24-Jan-13	MBL	Annex C	AUD 0.98	1,800,000	FPO	1,800,000
		Borrow Return under Stock lending agreement - Refers to
24-Jan-13	MBL	Annex C	AUD 0.96	-225,694	FPO	225,694
		Borrow Return under Stock lending agreement - Refers to
08-Feb-13	MBL	Annex C	AUD 0.85	-189,125	FPO	189,125
		Borrow Return under Stock lending agreement - Refers to
11-Feb-13	MBL	Annex C	AUD 0.86	-213,604	FPO	213,604
		Borrow Return under Stock
12-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.86	-381,641	FPO	381,641
		Borrow Return under Stock
13-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.85	-316,095	FPO	316,095
		Borrow Delivery under Stock
14-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.84	1,433,279	FPO	1,433,279
		Borrow Return under Stock
15-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.84	-1,505,334	FPO	1,505,334
		Borrow Return under Stock
18-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.86	-121,514	FPO	121,514
		Borrow Delivery under Stock
19-Feb-13	MBL	lending agreement - Refers to Annex D	AUD 0.86	435,000	FPO	435,000
		Borrow Return under Stock
19-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.86	-763,002	FPO	763,002
		Borrow Delivery under Stock
20-Feb-13	MBL	lending agreement - Refers to Annex D	AUD 0.87	530,000	FPO	530,000
		Borrow Return under Stock
20-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.78	-252,715	FPO	252,715
		Borrow Return under Stock
	MBL	lending agreement - Refers to Annex C	AUD 0.78			5,000
20-Feb-13		Borrow Return under Stock		-5,000	FPO
21-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.78	-35,510	FPO	35,510
		Borrow Delivery under Stock
22-Feb-13	MBL	lending agreement - Refers to Annex C	AUD 0.75	1,517,114	FPO	1,517,114
		Borrow Return under Stock
		lending agreement - Refers to
22-Feb-13	MBL	Annex C Borrow Delivery under Stock	AUD 0.77	-150,380	FPO	150,380
		lending agreement - Refers to
25-Feb-13	MBL	Annex D Borrow Return under Stock	AUD 0.87	500,000	FPO	500,000
		lending agreement - Refers to
25-Feb-13	MBL	Annex C	AUD 0.75	-318,475	FPO	318,475

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
		Borrow Return under Stock
		lending agreement - Refers to
26-Feb-13	MBL	Annex C	AUD 0.77	-231,792	FPO	231,792
		Borrow Return under Stock lending agreement - Refers to
27-Feb-13	MBL	Annex C	AUD 0.81	-417,707	FPO	417,707
		Borrow Delivery under Stock
28-Feb-13	MBL	lending agreement - Refers to Annex D	AUD 0.88	455,000	FPO	455,000
		Borrow Return under Stock
		lending agreement - Refers to
28-Feb-13	MBL	Annex C	AUD 0.78	-455,617	FPO	455,617
		Borrow Delivery under Stock lending agreement - Refers to
01-Mar-13	MBL	Annex D	AUD 0.85	717,000	FPO	717,000
		Borrow Return under Stock
01-Mar-13	MBL	lending agreement - Refers to Annex C	AUD 0.80	-610,319	FPO	610,319
		Borrow Delivery under Stock
		lending agreement - Refers to
04-Mar-13	MBL	Annex D	AUD 0.82	3,440,000	FPO	3,440,000
		Borrow Return under Stock lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-1,474,306	FPO	1,474,306
		Borrow Return under Stock
04-Mar-13	MBL	lending agreement - Refers to Annex C	AUD 0.77	-19,504	FPO	19,504
		Borrow Return under Stock
04-Mar-13	MBL	lending agreement - Refers to Annex C	AUD 0.77	-142,041	FPO	142,041
		Borrow Return under Stock
		lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-399,676	FPO	399,676
		Borrow Return under Stock lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-81,525	FPO	81,525
		Borrow Return under Stock lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-64,728	FPO	64,728
		Borrow Return under Stock
04-Mar-13	MBL	lending agreement - Refers to Annex C	AUD 0.77	-368,208	FPO	368,208
		Borrow Return under Stock
		lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-22,772	FPO	22,772
		Borrow Return under Stock lending agreement - Refers to
04-Mar-13	MBL	Annex C	AUD 0.77	-822,960	FPO	822,960
		Borrow Return under Stock
04-Mar-13	MBL	lending agreement - Refers to Annex C	AUD 0.77	-38,234	FPO	38,234
		Borrow Delivery under Stock
05-Mar-13	MBL	lending agreement - Refers to Annex F	AUD 0.82	6,000	FPO	6,000
		Borrow Return under Stock
		lending agreement - Refers to
06-Mar-13	MBL	Annex F	AUD 0.82	-6,000	FPO	6,000
		Borrow Return under Stock lending agreement - Refers to
06-Mar-13	MBL	Annex D	AUD 0.82	-435,000	FPO	435,000
		Borrow Return under Stock
06-Mar-13	MBL	lending agreement - Refers to Annex D	AUD 0.82	-500,000	FPO	500,000
		Borrow Return under Stock
	MBL	lending agreement - Refers to Annex D	AUD 0.82			455,000
06-Mar-13				-455,000	FPO

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
		Borrow Delivery under Stock
		lending agreement - Refers to
13-Mar-13	MBL	Annex D	AUD 0.92	1,920,000	FPO	1,920,000
		Borrow Return under Stock lending agreement - Refers to
13-Mar-13	MBL	Annex C	AUD 0.89	-27,963	FPO	27,963
		Borrow Return under Stock lending agreement - Refers to
13-Mar-13	MBL	Annex D	AUD 0.81	-530,000	FPO	530,000
		Borrow Return under Stock
13-Mar-13	MBL	lending agreement - Refers to Annex D	AUD 0.81	-717,000	FPO	717,000
		Borrow Return under Stock
13-Mar-13	MBL	lending agreement - Refers to Annex D	AUD 0.81	-700,000	FPO	700,000
		Borrow Return under Stock
		lending agreement - Refers to
14-Mar-13	MBL	Annex C	AUD 0.84	-628,101	FPO	628,101
		Borrow Return under Stock lending agreement - Refers to
15-Mar-13	MBL	Annex C	AUD 0.88	-466,369	FPO	466,369
		Borrow Return under Stock lending agreement - Refers to
18-Mar-13	MBL	Annex C	AUD 0.85	-318,801	FPO	318,801
		Borrow Return under Stock lending agreement - Refers to
19-Mar-13	MBL	Annex C	AUD 0.88	-37,646	FPO	37,646
		Borrow Return under Stock
20-Mar-13	MBL	lending agreement - Refers to Annex D	AUD 0.93	-920,000	FPO	920,000
		Borrow Delivery under Stock
05-Apr-13	MBL	lending agreement - Refers to Annex D	AUD 0.80	66,000	FPO	66,000
		Borrow Delivery under Stock
		lending agreement - Refers to
08-Apr-13	MBL	Annex D	AUD 0.85	37,000	FPO	37,000
		Borrow Delivery under Stock lending agreement - Refers to
10-Apr-13	MBL	Annex D	AUD 0.86	1,140,000	FPO	1,140,000
		Borrow Delivery under Stock lending agreement - Refers to
11-Apr-13	MBL	Annex D	AUD 0.89	174,000	FPO	174,000
		Borrow Delivery under Stock
15-Apr-13	MBL	lending agreement - Refers to Annex D	AUD 0.84	160,000	FPO	160,000
		Borrow Delivery under Stock
17-Apr-13	MBL	lending agreement - Refers to Annex D	AUD 0.86	380,000	FPO	380,000
		Borrow Delivery under Stock
18-Apr-13	MBL	lending agreement - Refers to Annex D	AUD 0.70	325,000	FPO	325,000
		Borrow Delivery under Stock
19-Apr-13	MBL	lending agreement - Refers to Annex D	AUD 0.74	1,500,000	FPO	1,500,000
		Borrow Delivery under Stock
		lending agreement - Refers to
22-Apr-13	MBL	Annex D Borrow Delivery under Stock	AUD 0.70	1,500,000	FPO	1,500,000
		lending agreement - Refers to
23-Apr-13	MBL	Annex D	AUD 0.70	1,050,000	FPO	1,050,000
		Borrow Delivery under Stock lending agreement - Refers to
26-Apr-13	MBL	Annex E	AUD 0.75	1,000,000	FPO	1,000,000
		Borrow Delivery under Stock
30-Apr-13	MBL	lending agreement - Refers to Annex E	AUD 0.70	425,000	FPO	425,000

Date of change	Person whose relevant interest changed	Nature of change	Consideration	Number of securities affected		Class Person's votes affected
		Borrow Delivery under Stock
		lending agreement - Refers to
02-May-13	MBL	Annex E	AUD 0.75	165,000	FPO	165,000
		Borrow Delivery under Stock
		lending agreement - Refers to
02-May-13	MBL	Annex E	AUD 0.75	400,000	FPO	400,000
		Borrow Delivery under Stock
		lending agreement - Refers to
03-May-13	MBL	Annex E	AUD 0.75	1,200,000	FPO	1,200,000
		Borrow Delivery under Stock lending agreement - Refers to
06-May-13	MBL	Annex E	AUD 0.75	965,000	FPO	965,000
		Borrow Delivery under Stock
		lending agreement - Refers to
07-May-13	MBL	Annex E	AUD 0.75	900,000	FPO	900,000
		Borrow Delivery under Stock
		lending agreement - Refers to
07-May-13	MBL	Annex E	AUD 0.75	941,000	FPO	941,000
		Borrow Delivery under Stock
		lending agreement - Refers to
08-May-13	MBL	Annex F	AUD 0.74	6,000	FPO	6,000
		Borrow Delivery under Stock lending agreement - Refers to
09-May-13	MBL	Annex E	AUD 0.80	325,000	FPO	325,000
		Borrow Delivery under Stock
		lending agreement - Refers to
10-May-13	MBL	Annex E	AUD 0.80	85,000	FPO	85,000
		Borrow Delivery under Stock
		lending agreement - Refers to
13-May-13	MBL	Annex E	AUD 0.75	450,000	FPO	450,000
17-Jan-13 17-Jan-13	MIML MIML	Off Market Crossing Off Market Crossing	AUD 1.07 AUD 1.07	-11,998 11,998	FPO FPO	11,998 11,998
17-Jan-13	MIML	On Market Sale	AUD 1.07	-22,667	FPO	22,667
17-Jan-13	MIML	On Market Sale	AUD 1.07	-5,900	FPO	5,900
17-Jan-13	MIML	Off Market Crossing	AUD 1.07	-46,099	FPO	46,099
17-Jan-13	MIML	Off Market Crossing	AUD 1.07	46,099	FPO	46,099
24-Jan-13 24-Jan-13	MIML	Off Market Crossing	AUD 1.03	-601	FPO FPO	601 601
24-Jan-13	MIML MIML	Off Market Crossing Off Market Crossing	AUD 1.03 AUD 1.03	601 -102	FPO	102
24-Jan-13	MIML	Off Market Crossing	AUD 1.03	102	FPO	102
24-Jan-13	MIML	Off Market Crossing	AUD 1.03	-386	FPO	386
24-Jan-13 24-Jan-13	MIML MIML	Off Market Crossing On Market Purchase	AUD 1.03 AUD 1.03	386 2,677	FPO FPO	386 2,677
25-Jan-13	MIML	On Market Purchase	AUD 0.98	21,240	FPO	21,240
25-Jan-13	MIML	Inspecie transfer to client	AUD 0.98	-217,010	FPO	217,010
14-Feb-13	MIML	Inspecie transfer to client	AUD 0.90	-47,000	FPO	47,000
28-Feb-13 01-Mar-13	MIML MIML	On Market Sale Off Market Crossing	AUD 0.81 AUD 0.78	-8,474 1,650	FPO FPO	8,474 1,650
01-Mar-13	MLL	Off Market Crossing	AUD 0.78	-1,650	FPO	1,650
01-Mar-13	MIML	On Market Purchase	AUD 0.78	29,503	FPO	29,503
01-Mar-13	MIML	On Market Purchase	AUD 0.78	81,584	FPO	81,584
01-Mar-13	MIML	On Market Purchase	AUD 0.78	246,471	FPO	246,471
01-Mar-13 01-Mar-13	MIML MIML	On Market Purchase On Market Purchase	AUD 0.78 AUD 0.78	41,516 1,711,955	FPO FPO	41,516 1,711,955
01-Mar-13	MIML	On Market Purchase	AUD 0.78	3,417	FPO	3,417
01-Mar-13	MIML	On Market Purchase	AUD 0.78	329,655	FPO	329,655
01-Mar-13	MIML	On Market Purchase	AUD 0.78	250,649	FPO	250,649
01-Mar-13 01-Mar-13	MIML MIML	On Market Purchase On Market Purchase	AUD 0.78 AUD 0.78	65,152 809,370	FPO FPO	65,152 809,370
01-Mar-13	MIML	On Market Purchase	AUD 0.78	85,767	FPO	85,767
04-Mar-13	MIML	Off Market Crossing	AUD 0.79	2,000	FPO	2,000
04-Mar-13	MLL	Off Market Crossing	AUD 0.79	-2,000	FPO	2,000
04-Mar-13	MIML	On Market Purchase	AUD 0.78	49,644	FPO	49,644
04-Mar-13 04-Mar-13	MIML MIML	On Market Purchase On Market Purchase	AUD 0.78 AUD 0.78	137,274 414,714	FPO FPO	137,274 414,714
04-Mar-13	MIML	On Market Purchase	AUD 0.78	69,855	FPO	69,855
04-Mar-13	MIML	On Market Purchase	AUD 0.78	2,880,549	FPO	2,880,549
04-Mar-13	MIML	On Market Purchase	AUD 0.78	5,749	FPO	5,749
04-Mar-13	MIML	On Market Purchase	AUD 0.78	554,679	FPO	554,679
04-Mar-13	MIML	On Market Purchase	AUD 0.78	421,744	FPO	421,744

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change 04-Mar-13	interest changed			affected	FPO	affected 109,627
04-Mar-13	MIML MIML	On Market Purchase On Market Purchase	AUD 0.78 AUD 0.78	109,627 1,361,851	FPO	1,361,851
04-Mar-13	MIML	On Market Purchase	AUD 0.78	144,314	FPO	144,314
05-Mar-13	MIML	On Market Purchase	AUD 0.78	7,999	FPO	7,999
05-Mar-13	MIML	On Market Purchase	AUD 0.78	22,119	FPO	22,119
05-Mar-13	MIML	On Market Purchase	AUD 0.78	66,823	FPO	66,823
05-Mar-13	MIML	On Market Purchase	AUD 0.78	11,255	FPO	11,255
05-Mar-13	MIML	On Market Purchase	AUD 0.78	464,140	FPO	464,140
05-Mar-13	MIML	On Market Purchase	AUD 0.78	926	FPO	926
05-Mar-13	MIML	On Market Purchase	AUD 0.78	89,375	FPO	89,375
05-Mar-13	MIML	On Market Purchase	AUD 0.78	67,955	FPO	67,955
05-Mar-13	MIML	On Market Purchase	AUD 0.78	17,664	FPO	17,664
05-Mar-13	MIML	On Market Purchase	AUD 0.78	228,491	FPO	228,491
05-Mar-13	MIML	On Market Purchase	AUD 0.78	23,253	FPO	23,253
05-Mar-13	MIML	On Market Purchase	AUD 0.78	4,101	FPO	4,101
05-Mar-13	MIML	On Market Purchase	AUD 0.78	337	FPO	337
05-Mar-13	MIML	On Market Purchase	AUD 0.78	24,350	FPO	24,350
05-Mar-13	MIML	On Market Purchase	AUD 0.78	8,474	FPO	8,474
05-Mar-13	MIML	On Market Purchase	AUD 0.78	24,763	FPO	24,763
05-Mar-13	MIML	On Market Purchase	AUD 0.78	32,568	FPO	32,568
05-Mar-13	MIML	On Market Purchase	AUD 0.78	169,131	FPO	169,131
05-Mar-13	MIML	On Market Purchase	AUD 0.78	6,436	FPO	6,436
05-Mar-13	MIML	On Market Purchase	AUD 0.78	8,061	FPO	8,061
05-Mar-13	MIML	On Market Purchase	AUD 0.78	83,261	FPO	83,261
05-Mar-13	MIML	On Market Purchase	AUD 0.78	2,914	FPO	2,914
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	1,576	FPO	1,576
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	4,359	FPO	4,359
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	13,168	FPO	13,168
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	2,218	FPO	2,218
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	91,467	FPO	91,467
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	183	FPO	183
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	17,613	FPO	17,613
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	13,392	FPO	13,392
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	3,481	FPO	3,481
05-Mar-13 05-Mar-13	MIML MIML	Off Market Crossing Off Market Crossing	AUD 0.78 AUD 0.78	4,582 -91,467	FPO FPO	4,582 91,467
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-17,613	FPO	17,613
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-13,392	FPO	13,392
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-13,168	FPO	13,168
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-4,582	FPO	4,582
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-4,359	FPO	4,359
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-3,481	FPO	3,481
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-2,218	FPO	2,218
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-1,576	FPO	1,576
05-Mar-13	MIML	Off Market Crossing	AUD 0.78	-183	FPO	183
06-Mar-13	MIML	On Market Purchase	AUD 0.78	119,177	FPO	119,177
06-Mar-13	MIML	On Market Purchase	AUD 0.78	20,365	FPO	20,365
06-Mar-13	MIML	On Market Purchase	AUD 0.78	59,514	FPO	59,514
06-Mar-13	MIML	On Market Purchase	AUD 0.78	78,274	FPO	78,274
06-Mar-13	MIML	On Market Purchase	AUD 0.78	15,470	FPO	15,470
06-Mar-13	MIML	On Market Purchase	AUD 0.78	19,371	FPO	19,371
06-Mar-13	MIML	On Market Purchase	AUD 0.78	7,006	FPO	7,006
07-Mar-13	MIML	On Market Purchase	AUD 0.78	397,415	FPO	397,415
07-Mar-13	MIML	On Market Purchase	AUD 0.78	13,906	FPO	13,906
07-Mar-13	MIML	On Market Purchase	AUD 0.78	40,638	FPO	40,638 53,447
07-Mar-13 07-Mar-13	MIML MIML	On Market Purchase On Market Purchase	AUD 0.78 AUD 0.78	53,447 10,564	FPO FPO	10,564
07-Mar-13	MIML	On Market Purchase	AUD 0.78	13,227	FPO	13,227
07-Mar-13	MIML	On Market Purchase	AUD 0.78	4,783	FPO	4,783
07-Mar-13	MIML	On Market Purchase	AUD 0.78	224,276	FPO	224,276
07-Mar-13	MIML	On Market Purchase	AUD 0.78	10,843	FPO	10,843
07-Mar-13	MIML	On Market Purchase	AUD 0.78	893	FPO	893
07-Mar-13	MIML	On Market Purchase	AUD 0.78	64,374	FPO	64,374
08-Mar-13	MIML	On Market Purchase	AUD 0.88	389,497	FPO	389,497
08-Mar-13	MIML	On Market Purchase	AUD 0.88	19,428	FPO	19,428
08-Mar-13	MIML	On Market Purchase	AUD 0.88	56,778	FPO	56,778
08-Mar-13	MIML	On Market Purchase	AUD 0.88	74,675	FPO	74,675
08-Mar-13	MIML	On Market Purchase	AUD 0.88	14,760	FPO	14,760
08-Mar-13	MIML	On Market Purchase	AUD 0.88	18,481	FPO	18,481
08-Mar-13	MIML	On Market Purchase	AUD 0.88	6,685	FPO	6,685
08-Mar-13	MIML	On Market Purchase	AUD 0.88	313,355	FPO	313,355
08-Mar-13	MIML	On Market Purchase	AUD 0.88	15,152	FPO	15,152
08-Mar-13	MIML	On Market Purchase	AUD 0.88	1,248	FPO	1,248
08-Mar-13	MIML	On Market Purchase	AUD 0.88	89,941	FPO	89,941

Date of	Person whose relevant	Nature of change	Consideration	Number of securities		Class Person's votes
change	interest changed			affected		affected
11-Mar-13	MIML	Off Market Crossing	AUD 0.93	2,434	FPO	2,434
11-Mar-13	MLL	Off Market Crossing	AUD 0.93	-2,434	FPO	2,434
15-Mar-13	MIML	On Market Sale	AUD 0.93	-28,442	FPO	28,442
15-Mar-13	MIML	On Market Purchase	AUD 0.92	624	FPO	624
15-Mar-13	MLL	On Market Sale	AUD 0.93	-1,928	FPO	1,928
18-Mar-13	MIML	On Market Purchase	AUD 0.89	1,491	FPO	1,491
19-Mar-13	MIML	On Market Purchase	AUD 0.88	25,318	FPO	25,318
19-Mar-13	MIML	On Market Purchase	AUD 0.88	18,271	FPO	18,271
19-Mar-13	MIML	On Market Purchase	AUD 0.89	5,944	FPO	5,944
19-Mar-13	MIML	On Market Purchase	AUD 0.91	5,200	FPO	5,200
19-Mar-13	MIML	On Market Purchase	AUD 0.92	5,748	FPO	5,748
26-Mar-13	MIML	On Market Purchase	AUD 0.96	1,188	FPO	1,188
28-Mar-13	MIML	Placement	AUD 0.91	30,981	FPO	30,981
28-Mar-13	MIML	Placement	AUD 0.91	183,726	FPO	183,726
28-Mar-13	MIML	Placement	AUD 0.91	62,598	FPO	62,598
28-Mar-13	MIML	Placement	AUD 0.91	183,233	FPO	183,233
28-Mar-13	MIML	Placement	AUD 0.91	240,503	FPO	240,503
28-Mar-13	MIML	Placement	AUD 0.91	1,627,879	FPO	1,627,879
28-Mar-13	MIML	Off Market Crossing	AUD 0.91	-1,187	FPO	1,187
28-Mar-13	MLL	Off Market Crossing	AUD 0.91	1,187	FPO	1,187
28-Mar-13	MIML	Placement	AUD 0.91	11,351	FPO	11,351
28-Mar-13	MIML	Placement	AUD 0.91	64,784	FPO	64,784
28-Mar-13	MIML	Placement	AUD 0.91	2,487	FPO	2,487
28-Mar-13	MIML	Placement	AUD 0.91	1,000,000	FPO	1,000,000
28-Mar-13	MIML	Placement	AUD 0.91	47,691	FPO	47,691
28-Mar-13	MIML	Placement	AUD 0.91	544,767	FPO	544,767
04-Apr-13	MIML	Off Market Crossing	AUD 0.76	-99,280	FPO	99,280
04-Apr-13	MIML	Off Market Crossing	AUD 0.76	99,280	FPO	99,280
04-Apr-13	MIML	On Market Purchase	AUD 0.76	42,372	FPO	42,372
18-Apr-13	MIML	On Market Sale	AUD 0.64	-300,000	FPO	300,000
23-Apr-13	MIML	On Market Sale	AUD 0.65	-1,548,611	FPO	1,548,611
29-Apr-13	MIML	On Market Sale	AUD 0.69	-225,000	FPO	225,000
29-Apr-13	MIML	On Market Sale	AUD 0.69	-75,000	FPO	75,000
08-May-13	MIML	On Market Sale	AUD 0.70	-47,821	FPO	47,821
13-May-13	MIML	On Market Purchase	AUD 0.68	24,628	FPO	24,628

		Australian Association	Securities Lending Limited
			(ACN 054 944 482) Level 18, 20 Bond Street Sydney NSW 2000 (02)92201413 Tel: (02) 92201379 Fax:
	AUSTRALIAN	MASTER SECURITIES	AGREEMENT· LENDING
dated as of:		"""",3" .A0.j'V).!::	(Version: November 2003) ,;Jp.\,t!""", ,,,,,,,,,,,.,,,.,,,,,, ,,,.,,,,.,,,
Between:	(I)	(Name a/Company)	Australia Securities Limited Morgan Stanley
		or (ACN ARBN(as	applicable)) ACN 078 652 276 _
		a company incorporated	ofNew under the laws South Wales _
	of New	(Business address) Level 39 South Wales, 2000, Australia,	Chifley Tower, 2 Chifley Square, Sydney, _
And:	(2)	(Name a/Company)	Limited Macquarie Bank
		or ARBN(as (ACN	applicable)) ACN 008 583 542
		a company incorporated	of under the laws Australian Capital Territory
		of (Business address)	Level 2, No.1 Martin Place, Sydney, NSW, 2000 Australia

* TIle original (Version: 4 April 1997) version ofthis agreement was adapted/rom the ISLA Overseas Securities Lender's Agreement (Version: December 1995, as amended by 1996 UK Tax Addendum), prepared by Clifford Chance, London, England/or lise by parties required tu meet UK Inland Revenue tax requirements. The 4 April 1997 version has been updated in December 2002 and November 2003 to take accolint of, among other things, intervening Australian tax, stamp duty and regulatory changes, and also to better reflect Australian market practice.
* The original and updated versions (if this agreement are both also subject to the"Wanting and Disclaimer" on the coversheet to the original (Versiun: 4 April 1997) and updated (Version: November 2003) "User's Guide" relating to this agreement.

©m Governor Phillip Tower I FalTer Place Sydney NSW 2000 Telephone (02) 9296 2000 Pax (02) 9296 3999 DX t 13 Sydney Ref: JCK

Contents		Australian Master Securities Lending Agreement

	$\mathbf{1}$	Interpretation
	$\mathbf{2}$	Loans of Securities
	3	Delivery of Securities
	4	Title, Distributions and Voting
	5	Fees
	6	Collateral
	7	Redelivery of Equivalent Securities
	7A	Suspended Securities
	8	Set-off etc.
	9	Stamp duty, taxes etc and loss of tax benefits
	10	Lender's warranties
	11	Borrower's warranties

12	Events of Default	16
13	Outstanding payments	17
14	Transactions entered into as agent	17

Page No

No reliance on tax or accounting representations by other Party 19

	The remained on this or accounting representations by only really to
17	Observance of procedures	19
18	Severance	19
19	Specific performance	19
20	Notices	19
21	Assignment	20
22	Non-Waiver	20
23	Time	20
24	Recording	20
25	Miscellaneous	20

Morgan St:mkl' Auslr.:Jlia Securities Limlicd - AuslrJlian Master Securiti,-'S lJ:nuing AgfL'Cmcnt {AMSLA} drdft M~y 10 [ms~lcgal_sydJ!r<.l.IOOO3()325,llM()rgan Stank'}' Australia Sccuritks Limtil'l,l- Australian M~l~lcr Sl'Cunti", Llllding Agreemcllt (AMSLA) drali M~y 10 [ms~lcgal_sydJ!r<.l.100030325.1 J

Termination of course of dealings by notice

	26 Definitions	21
	Governing Law and Jurisdiction 27	29
	Particulars Schedule 1	30
	Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)	33
	Schedule 3 Supplementary Terms and Conditions (if any)	34
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rmSI:..Jlogal_~)'d prd.IOOO30325.11Morgan Stanley Austr.lIia St.,<:uritics Limti..'d - AUSIr,llian MaskT SL'Curitics l.ending Agreement (AMSI.A) dian May 10 [ms"U..-g.1Uyd pro HXXJ30J25_1 J

AGREEMENT

Recitals:

A The Parties hereto are desirous of agreeing to a procedure whereby either one ofthem (the "Lender") will make available to the other ofthem (the "Borrower") from time to time Securities (as hereinafter defined).
B. All transactions carried out under this Agreement will be effected in accordance with the Rules (as hereinafter defmed), if applicable, together with current market practices, customs and conventions, in so far as they are not inconsistent with the terms ofthis Agreement.

Operative provisions:

1 Interpretation

1.1 [Definitions] The terms defined in clause 26 and in Schedule 1 have the meanings therein specified for the purposes ofthis Agreement.
1.2 [Inconsistency] In the event of any inconsistency between the provisions of Schedule 1 and the other provisions oftbis Agreement, Schedule I will prevail. In the event of any inconsistency between the provisions (if any) of Schedule 3 and the other provisions ofthis Agreement (including Schedule I), Schedule 3 will prevail. In the event of any inconsistency between the provisions of any Confmnation and this Agreement (including Schedules I and 3), such Confinnation will prevail for the purpose ofthe relevant transaction.
1.3 [Single agreement] All transactions are entered into in reliance on the fact that this Agreement and all Confinnations fonn a single agreement between the Parties (collectively referred to as this "Agreement"), and the Parties would not otherwise enter into any transactions.
1.4 [Interpretation] In this Agreement
(a) Unless the context otherwise requires:
- (i) The singular includes the plural and vice versa.
- (ii) A person includes a corporation.
- (iii) A corporation includes any body corporate and any statutory authority.
- (iv) A reference to a statute, ordinance, code or other law or the Rules includes regulations or other instruments under it or them and consolidations, amendments, re-enactments or replacements of any o[them.
(b) Notwithstanding the use of expressions such as "borrow", "lend", "Collateral", "Margin", "redeliver" etc., which arc used to renect

terminology used in the market for transactions ofthe kind provided for in this Agreement, all right, title and interest in and to Securities "borrowed" or "lent" and "Collateral" which one Party Transfers to the other in accordance with this Agreement ("title") shall pass from one Party to the other free and clear of any liens, claims, charges or encumbrances or any other interest of the Transfening Party or of any third party (other than a lien routinely imposed on all securities in a relevant clearance system), the Party obtaining such title being obliged to redeliver Equivalent Securities or Equivalent Collateral, as the case may be. Each Transfer under this Agreement will be made so as to constitute or result in a valid and legally effective transfer of the Transferring Party's legal and beneficial title to the recipient.

2 -
(c) Where, in respect of any transaction, any distribution is made, or Income or fee is paid, other than in cash, the provisions of this agreement (other than clause 4.2(b)) shall apply, with necessary modifications, to the same extent as ifthe distribution, Income or fee had been made or paid in cash, and terms such as "pay" and "amount" shall be construed accordingly.
1.5 [Headings] All headings appear for convenience only and shall not affect the interpretation ofthis Agreement.
1.6 [Currency conversion] For the purposes of clauses 6, 8.3 and 8.4, when a conversion into the Base Currency is required, all prices, sums or values (including any Value, Offer Value and Bid Value) of Securities, Equivalent Securities, Collateral or Equivalent Collateral (including Cash Collateral) stated in currencies other than thc Base Currency shall be converted into the Base Currency at the rate quoted by an Australian bank selected by the Lender (or, if an Event of Default has occurred in relation to the Lender, by the Borrower) at or about II.OOam (Sydney time) on the day of conversion as its spot rate for the sale by the bank ofthe Base Currency in exchange for the relevant other currency.
1.7 [Other agreements] Where at any time there is in existence any other agreement between the Parties the terms of which make provision for the lending ofSecurities (as defmed in this Agreement) as well as other securities, the terms ofthis Agreement shall apply to the lending ofsuch Securities to the exclusion of any other such agreement.
1.8 [Nominees] Ifpayment is made or Securities, Equivalent Securities, Collateral or Equivalent Collateral is Transferred to a Party's nominee or otherwise in accordance with the directions of a Party (whether by the other Party or by a third party), it shall be deemed, for the purposes ofthis agreement, to have been paid or made or Transferred to the first mentioned Party.

2 Loans of Securities

2.1 [Borrowing Request and acceptance thereof] The Lender will lend Securities to the Borrower, and thc Borrower will borrow Securities from the Lender, in accordance with the terms and conditions ofthis Agreement and with the Ruk-s. The terms of each Loan should be agreed prior to the conunenccmcnt orthe rclevant Loan, either orally or in writing (including any agreed form of electronic communication) and confmned in such form and on such basis as is agreed between the Parties. Any confirmation produccd by a Party shall not supersede or prevail over the prior oral, written or electronic communication (as the case may be).

2.2 [Changes to a Borrowing Request] The Borrower has the right to reduce the amount of Securities referred to in, or otherwise vary, a Borrowing Request provided that:
(a) the Borrower has notified the Lender ofsuch reduction or variation no later than midday Australian Eastern standard or summer (as appropriate) time on the day which is two Business Days prior to the Settlement Date, unless otherwise agreed between the Parties, and
(b) the Lender shall have accepted such reduction or variation (by whatever means).

3 Delivery of Securities

(Delivery of Securities] The Lender shall procure the delivery ofSecurities to the Borrower or deliver such Securities in accordance with the relevant agreement together with appropriate instruments oftransfer (where necessary) duly stamped (where necessary) and such other instruments (if any) as may be requisite to vest title thereto in the Borrower. Such Securities shall be deemed to have been delivered by the Lender to the Borrower on delivery to the Borrower or as it shall direct ofthe relevant instruments oftransfer and certificates or other documents oftitle (if any), or in the case of Securities title to which is registered in a computer based system which provides for the recording and transfer oftitle to the same by way of electronic entries (such as CHESS), on the transfer oftitle in accordance with the rules and procedures ofsuch system as in force from time to time, or by such other means as may be agreed.

4 Title, Distributions and Voting

4.1 [Passing of title] The Parties shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
(a) any Securities borrowed pursuant to clause 2;
(b) any Equivalent Securities redelivered pursuant to clause 7;
(c) any Collateral delivered pursuant to clause 6;
(d) any Equivalent Collateral redelivered pursuant to clauses 6 or 7,

shall pass from one Party to the other, free from all liens, charges, equities and encumbrances, on delivery or redelivery ofthe same in accordance with this Agreement. In the case of Securities, Collateral, Equivalent Securities or Equivalent Collateral title to which is registered in a computer based system which provides for the recording and transfer oftitlc to the same by way of electronic entries, delivery and transfer oftide shall take place in accordance with the rules and procedures of such system as in force from time to time.

4.2 [Distributions]

(a) [Distributions] Unless otherwise agreed, where Income is paid by thc issuer in relation to any Securities on or by reference to an Income Payment Date on which such Securities are the subject of a loan under this Agreement, the Borrower shall, on the date of the payment ofsuch Income, or on such other date as the Parties may from time to time agree, (the "Relevant Payment Date") pay to the Lender a sum ofmoney (a

-4- "Substitute payment") equivalent to the amount that the Lender would have been entitled to receive (after any deduction, withholding or payment for or on account of any tax made by the relevant issuer (or on its behalf) in respect ofsuch Income) had such Securities not been loaned to the Borrower and been held by the Lender on the Income Payment Date, irrespective of whether the Borrower received the same.

(b) [Corporate actions] Subject to paragraph (c) (unless otherwise agreed), where, in respect of any borrowed Securities or any Collateral, any rights relating to conversion, subdivision, consolidation, pre-emption, rights arising under a takeover offer or other rights, including those requiring election by the holder for the time being ofsuch Securities or Collateral, become exercisable prior to the redelivery of Equivalent Securities or Equivalent Collateral, then the Lender or Borrower, as the case may be, may, within a reasonable time before the latest time for the exercise ofthe right or option, give written notice to the other Party that, on redelivery of Equivalent Securities or Equivalent Collateral, as the case may be, it wishes to receive Equivalent Securities or Equivalent Collateral in such fonn as will arise ifthe right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice.

(c) 11936 Tax Act sections 26BC(3)(c)(ii) and (v) requirements] Notwithstanding paragraph (b), where, in respect of any borrowed Securities or any Collateral, the relevant issuer company, trustee, government or govcnunent authority issues any right or option in respect ofthe borrowed Securities or Collateral, as the case may be, the Borrower or the Lender, respectively, must deliver or make available, as the case may be, to the other Party on the date ofsuch issue or on such other date as the Parties may from time to time agree:

(i) the right, or option; or
(ii) an identical right or option; or
(iii) a payment equal to the value to the Lender or the Borrower, respectively, ofthe right or option;

together with any such endorsements or assignments as shall be customary and appropriate.

(d) [Manner of payment] Any payment to be made by the Borrower under this clause shall be made in a manner to be agreed between the Parties.

4.3 [Voting] Unless paragraph 4 in Schedule 1 specifies that this clause 4.3 does not apply, each Party undertakes that, where it holds Securities of the same description as any Securities borrowed by it or transferred to it by way ofCollateral at a time when a right to vote arises in respect ofsuch Securities, it will use its best endeavours to arrange for the voting rights attached to such Securities to be exercised in accordance with the instructions ofthe other Party provided always that each Party shall use its best endeavours to notify the other of its instructions in writing no later than seven Business Days prior to the date upon which such votes are exercisable, or as otherwise agreed between the Parties, and that the Party concerned shall not he obliged so to exercise the votes in respect ofthe number of Securities greater than the number so lent or transferred to it. For the avoidance of doubt, the Parties agree that, subject as hereinbefore provided, any voting rights

attaching to the relevant Securities, Equivalent Securities, collateral and/or Equivalent Collateral shall he exercisable by the persons in whose name they are registered, or in the case of Securities, Equivalent Securities, collateral and/or Equivalent Collateral in hearer Conn by the persons by or on behalfof whom they are held, and not necessarily by the Borrower or the Lender (as the case may be).

5 Fees

5.1 [Fees] In respect of each loan of Securities:
(a) for which the Collateral is cash:
- (i) the Lender must pay a fee to the Borrower in respect ofthe amount ofthat Collateral, calculated at the rate agreed between them; and
- (ii) unless the Parties otherwise agree, the Borrower is not obliged to pay a fee to the Lender;
(b) for which there is no Cash Collateral, the Borrower must pay a fee to the Lender, calculated at the rate agreed between them.
5.2 [Where there are different types of Collateral] Where the Collateral comprises only partly cash, clause 5.1 is to be construed as ifthere were separate loans of Securities, one secured solely by Cash Collateral and the other secured solely by non-cash Collateral.
5.3 [Calculation of fees] In respect of each loan ofSecurities, the payments referred to in clause 5.1 ofthis clause shall accrue daily in respect ofthe period commencing on and inclusive ofthe Settlement Date and tenninating on and exclusive ofthe Business Day upon which Equivalent Securities are redelivered or Cash Collateral is repaid. Unless otherwise agreed, the sums so accruing in respect of each calendar month shall be paid in arrears by the Borrower to the Lender or to the Borrower by the Lender (as the case may be) not later than the Business Day which is one week after the last Business Day ofthe calendar month to which such payment relates or such other date as the Parties from time to time agree. Any payment made pursuant to clause 5.1 shall be in Australian currency, unless otherwise agreed, and shall be paid in such manner and at sueh place as shall be agreed between the Parties.

6 Collateral

6.1 [Borrower's obligation to provide Collateral] Unless otherwise agreed, subject to the other provisions ofthis clause 6, the Borrower undertakes to deliver to or deposit with the Lender (or in accordance with the Lender's instructions) Collateral ofthe kind specified in the relevant Borrowing Request or as otherwise agreed betwecn the Parties (together with appropriate instruments oftransfer duly stamped (where necessary) and such other instruments as may be requisite to vest title thereto in the Lender) simultaneously with delivery ofthe borrowed Securities by the Lender.
6.2 [Global margining]
(a) [Adjustments to Collateral) Unless otherwise agreed between the Parties, subject to paragraph (b), clause 6.4 and paragraph 1.5 in Schedule 1;
- (i) The aggregate Value ofthe Collateral delivered to or deposited with the Lender or its nominated bank or depositary (excluding any

-6- Collateral repaid or rcdelivercd under paragraph (ii) below (as the case may be)) in respect of all loans of Securities outstanding under this Agreement ("Posted Collateral") shall from day to day and at any time be at least the aggregate ofthe Required Collateral Values in respect ofsuch loans.

(ii) If at any time the aggregate Value ofthe Posted Collateral in respect of all loans ofSecurities outstanding under this Agreement exceeds the aggregate of the Required Collateral Values in respect ofsuch loans, the Lender shall (on demand) repay such Cash Collateral and/or redeliver to the Borrower such Equivalent Collateral as will eliminate the excess.
(iii) Ifat any time the aggregate Value ofthe Posted Collateral in respect of all loans of Securities outstanding under this Agreement falls below the aggregate ofRequired Collateral Values in respect of all such loans, the Borrower shall (on demand) provide such further Collateral to the Lender as will eliminate the deficiency.
(b) [Netting of Collateral obligations where a Party is both Lender and Borrower) Unless otherwise agreed between the Parties, subject to clause 6.4 and paragraph 1.5 in Schedule I, where paragraph (a) applies, if a Party (the ''first Party") would, but for this paragraph, be required under paragraph (a) to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collatcral in circumstances where the other Party (the "second Party") would, but for this paragraph, also be required to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral under paragraph (a), then the Value ofthe Cash Collateral, Equivalent Collateral or further Collateral deliverable by the first Party ("X") shall be set·off against the Value ofthe Cash Collateral, Equivalent Collateral or further Collateral deliverable by the second Party ("y") and the only obligation ofthe Parties under paragraph (a) shall be, where X exceeds Y, an obligation ofthe first Party, or where Y exceed X, an obligation ofthe second Party, (on demand) to repay Cash Collateral, redeliver Equivalent Collateral or deliver further Collateral having a Value equal to the difference between X and Y.
6.3 [Required Collateral Value] For the purposes of clause 6.2(a), the Value ofthe Posted Collatcral to be delivered or deposited in respect of any loan ofSecurities, while the loan of Securities continues, shall bc equal to the aggregate ofthe Value of the borrowed Securities and the Margin applicable thereto (the "Required Collateral Value").
6.4 [Time for payment/repayment of Collateral] Except as provided in clause 6.1 or clause 6.6 or as otherwise agreed, where any Cash Collateral is to be repaid, Equivalent Collateral is to be redelivered or further Collateral is to be provided under this clause 6, it shall be paid or delivered as stated in paragraph 1.4 in Schedule I.
6.5 [Substitution of Alternative Collateral] The Borrower may from time to time call tor the repayment ofCash Collateral or the redelivery ofEquivalent Collateral prior to the date on which the same would otherwise have been repayable or redcliverable, provided that, at the time ofsuch repayment or redelivery, the Borrower shall have delivered or delivers Alternative Collateral acceptable to thc Lender.
6.6 [Return ofCoUateral/Equivalent Collateral on redelivery of Equivalent Securities]
(a) Cash Collateral shall be repaid and Equivalent Collateral shall he redelivcrcd at the same time as Equivalent Securities in respect afthe Securities borrowed are redelivered.
(b) Where Collateral is provided through a book entry transfer system (such as Austraclear or RITS), the obligation ofthe Lender shall be to redeliver Equivalent Collateral through such book entry transfer system in accordance with this Agreement. Ifthe loan of Securities in respect ofwhich Collateral was provided has not been discharged when the Equivalent Collateral is redelivered, any payment obligation generated within the book entry transfer system on such redelivery shall, until the loan ofSecurities is discharged or further Collateral is provided, be deemed to constitute an obligation to pay Cash Collateral.
6.7 [Receipt by Lender of Income on Collateral] Where Collateral (other than Cash Collateral) is delivered in respect of which any Income may become payable and an Income Payment Date in respect ofthat Collateral occurs prior to the redelivery of Equivalent Collateral, then, unless such Income is paid directly to thc Borrower, the Lender shall, on the date on which such Income is paid or on such other date as the Parties may from time to time agree, pay to the Borrower a sum ofmoney (a "Substitute payment") equivalent to the amount ofsuch Income that (after any deduction, withholding or payment for or on account of any tax made by the relevant issuer (or on its behalf) in respect ofsuch Income) the Lender either actually received, or would have been entitled to receive had such Collateral been held by the Lender on the Income Payment Date, irrespective of whether the Lender received the same. Ifthe Lender is required by law, as modified by the practice of any relevant taxing authority, to make any deduction or withholding from any Substitute payment to be made under the preceding sentence, then the Lender must:
(a) promptly pay to the relevant taxing authority the full amount ofthe deduction or withholding; and
(b) forward to the Borrower on request a copy of any official receipt or other evidence showing that the full amount of any such deduction or witliliolding has been paid over to the relevant taxing authority.
6.8 [Borrower's rights re Collateral are not assignable] The Borrower may not assign, transfer or otherwise dispose of, or mortgage, charge or otherwise encwnber, or otherwise deal with its rights in respect of any Collateral without the prior written consent ofthe Lender.
6.9 [Lender may set off obligation to repay or return Equivalent Collateral] IFthe Borrower fails to comply with its obligation to redeliver Equivalent Securities, the obligation ofthe Lender in respect of any Collateral may be the subject of a set-off in accordance with clause 8.
6.10 [Collateral provided to Lender's Nominee] Without limiting clause 1.8, where Collateral is provided to the Lender's nominee, any obligation under this Agreement to repay or redeliver or otherwise account for Equivalent Collateral shall be an obligation of the Lender, notwithstanding that any such repayment or redelivery may be effected in any particular case by the nominee.
8 6.11 [Letters of Credit] Ifthe Collateral in respect of one or more loans or Securities is or includes a letter of credit, the Lender may only draw down under that letter of credit when an Event of Default occurs in relation to the Borrower and, upon the Lender drawing down, whether or not pennitted under this clause 6.11, the Collateral (or that part ofit represented by the letter ofcredit) becomes Cash Collateral.
6.12 [Non-Cash Collateral] lrthe Collateral in respect of one or more loans of Securities is or includes other Securities and either the Borrower is a taxpayer to whom the Tax Act applies in respect ofthe disposal ofthose other Securities or in any other case the Parties so agree:
(a) The Parties acknowledge that the provision ofthose other Securitics is by way of a loan of Securities under this Agreement, to which section 26BC(3)(a) ofthe 1936 Tax Act may apply (subject to the reacquisition time being less than 12 months after the original disposal rime).
(b) For the purposes ofsection 26BC(3)(d) ofthe 1936 Tax Act, the notifiable consideration in respect ofthe provision ofthose Securities by way ofloan is specified as follows:
- (i) There is no fee.
- (ii) There is no adjustment for variations in the market value ofthe Collateral or Equivalent Collateral.
- (iii) There is other consideration: see the obligations ofthe recipient of the Collateral under clauses 4.2(b), 4.2(c), 4.3 and 6.7.
(c) For the avoidance of doubt, this clause 6.12 is directed solely at clarifying either or both ofthe following issues: that the provision ofthe other Securities as Collateral is eligible for the application of first section 26BC and secondly, where applicable, sections 2l6~ 10 and 216-30 ofthe 1997 Tax Act. Accordingly, clauses 2, 4.2(a), 5, 6.1 to 6.11, 7, 8, 9.1, 9.2 (unless otherwise agreed), 9.4 and 12 do not apply to any loan of Securities under paragraph (a). Instead, those Securities are simply to be regarded as Collateral for the purposes ofthose clauscs.

7 Redelivery of Equivalent Securities

7.1 [Borrower's obligation to redeliver Equivalent Securities] The Borrower undertakes to redeliver Equivalent Securities in accordance with this Agreement and the tcnns ofthc rclcvant Borrowing Request.
7.2 [Lender may call for redelivery of Equivalent Securities] Subject to clause 8 and the tenns ofthe relevant Borrowing Request, the Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the Standard Settlement Time for such Equivalent Securities or the equivalent time on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The Borrower shall as hereinafter provided redeliver such Equivalent Securities not latcr than the cxpiry of such notice in accordance with the Lender's instructions.
7.3 [Lender may terminate loan if Borrower defaUlts] Ifthe Borrower does not redeliver Equivalent Securitics in accordance with such cal1, the Lender may elect to continue the loan of Securities; provided that, irthc Lender does not elect to

continue the loan, the Lender may by written notice to the Borrower elect to tcnninatc the relevant loan. Upon the expiry ofsuch notice the provisions of clauses 8.2 to 8.5 shall apply as if upon the expiry ofsuch notice an Event of Default had occurred in relation to the Borrower (who shall thus be the Defaulting Party for the purposes ofthis Agreement) and as ifthe relevant loan were the only loan outstanding.

7.4 [Consequence of exercise of "buy-in" against Lender, as a result of Borrower default] In the event that, as a result ofthe failure ofthe Borrower to redeliver Equivalent Securities to the Lender in accordance with this Agreement, a "buy-in" is exercised against the Lender, then, provided that reasonable notice has been given to the Borrower ofthe likelihood ofsuch a "buy-in", the Borrower shall account to the Lender for the total costs and expenses reasonably incurred by the Lender as a result ofsuch "buy-in".
7.5 [Right of Borrower to terminate loan early] Subject to the tenns ofthe relevant Borrowing Request, the Borrower shall be entitled at any time to tenninate a particular loan of Securities and to redeliver all and any Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.

7A Suspended Securities

7A.I This clause 7A applies if:
(a) dealings in any borrowed Securities or Collateral Securities are suspended from trading by the stock exchange on which the Securities were listed at the time of delivery under this Agreement, whether by reason ofthe adverse position ofthe issuer or otherwise; or
- (b) for any other reason concerning the issuer ofthose Securities (such as the liquidation, provisional liquidation, administration or receivership ofthe issuer, or the Securities ceasing to be listed for trading on the stock exchange on which they were listed at the time of delivery under this Agreement), or concerning the exchange or clearing house through which they are traded, one Party is unable to transfer title to those Securities or Equivalent Securities to the Other Party.
7A.2 At any time while a situation described in clause 7A.I prevails in relation to particular borrowed or Collateral Securities (the "Suspended Securities"), either the Lender or the Borrower may give notice (a "Suspension Notice") to the other, in which event clauses 7A.3 and 7A.4 shall apply.
7A.3 If a Suspension Notice is given, the Borrower and the Lender shall promptly enter into negotiations in good faith with a view to promptly agreeing the market value of the Suspended Securities for the purposes ofthis clause 7A. Neither the Borrower nor the Lender may unreasonably withhold or delay its agreement to a market value reasonably proposed by the other Party.
7AA Any market value agreed under clause 7A.3 applies to the Suspended Securities notwithstanding thc dcfinition of Value in clause 26.

8 Set·off etc.

8.1 [Requirement for simultaneous delivery] On the datc and time that Equivalent Securities arc rcquired to be redclivcrcd by the Borrower in accordance with the

provisions ofthis Agreement the Lender shall simultaneously redeliver the Equivalent Collateral and repay any Cash Collateral held (in respect of the Equivalent Securities to be redelivered) to the Borrower. Neither Party shall be obliged to make delivery (or make a payment as the case may he) to the other unless it is satisfied that the other Party will make such delivery (or make an appropriate payment as the case may be) to it simultaneously. !fit is not so satisfied (whether because an Event of Default has occulTed in respect ofthe other Party or otherwise), it shall notify the other Party and, unless that other Party has made arrangements which arc sufficient to assure full delivery (or the appropriate payment as the case may be) to the notifying Party. the notifying Party shall (provided it is itself in a position, and willing, to perfonn its own obligations) be entitled to withhold delivery (or payment, as the case may be) to the other Party.

8.2 [Netting following occurrence of Event of Default] If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require perfonnance thereof at the time such Event of Default occurs (the date of which shall be the "Performance Date" for the purposes of this clause), and in such event:
(a) the Relevant Value ofthe Securities to be delivered (or payment to be made, as the case may be) by each Party shall be established in accordance with clause 8.3; and
(b) on the basis ofthe Relevant Values so established, an account shall be taken (as at the Perfonnance Date) of what is due from each Party to the other and (on the basis that each Party's claim against the other in respect of delivery ofEquivalent Securities or Equivalent Collateral or any cash payment equals the Relevant Value thereof) the swns due from one Party shall be set-off against the sums due from the other and only the balance ofthe account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the Perfonnance Date.
8.3 [Relevant Value] For the purposes of clause 8.2 the Relevant Value:
(a) of any cash payment obligation shall equal its par value (disregarding any amount taken into account under (b) or (c) below);
(b) of any Securities to be delivered by the Defaulting Party shall, subject to clause 8.4(b) and (e) below, equal the Offer Value thereof; and
(e) of any Securities to be delivered to the Defaulting Party shall, subject to clause 8.4(b) and (c) below, equallhe Bid Value thereof.

8.4 [Bid Value/Offer Value]

(a) For the purposes of clause 8.3, but subject to (b) and (c) below, the Bid Value and Offer Value of any Securities shall be calculated as at the Close of Business in the most appropriate market for Securities ofthe relevant description (as detennined by the Non-Defaulting Party) on the first Business Day following the Performance Date, or, ifthe relevant Event of Default occurs outside the nonnal business hours ofsuch market, on the second Business Day following the Performance Date (the "Default Valuation Time").

(b) Where the Non-Defaulting Party has, following the occurrence of an Event of Default but prior to the Default Valuation Time, purchased Securities forming part ofthe same issue and being of an identical type and description to those to be delivered by the Defaulting Party and in substantially the same amount as those Securities or sold Securities fonning part ofthe same issue and being of an identical type and description to those to be delivered by the Non-Defaulting Party to the Defaulting Party and in substantially the same amount as those Securities, the cost ofsuch purchase or the proceeds ofsuch sale, as the case may be, (taking into account all reasonable costs, fees and expenses that would be incurred in connection therewith) shall be treated as the Offer Value or Bid Value, as the case may be, ofthe relevant Securities
(c) Where the amount of any Securities sold or purchased as mentioned in (b) above is not in substantially the same amount as those Securities to be valued for the purposes of clause 8.3, the Offer Value or the Bid Value (as the case may be) ofthose Securities shall be ascertained by:

for the purposes ofthis clause 8.

(i) dividing the net proceeds ofsale or cost of purchase by the amount ofthe Securities sold or purchased so as to obtain a net unit price; and
(ii) multiplying that net unit price by the amount ofthe Securities to be valued.
8.5 [Interpretation: "Securities"] Any reference in this clause 8 to Securities shall include any asset other than cash provided by way ofCollateral, and, for the avoidance ofdoubt, shall include Equivalent Securities and Equivalent Collateral.
8.6 [Interpretation: "Event of Default"] Ifthe Borrower or the Lender for any reason fails to comply with its respective obligations under clause 6.6 in respect ofthe redelivery ofEquivalent Collateral or the repayment ofCash Collateral, such failure shall be an Event ofDefault for the purposes ofthis clause 8, and the person failing to comply shall thus be the Defaulting Party.
8.7 [Waiver of right to require simultaneous delivery] Subject to and without prejudice to its rights under clause 8.1, either Party may from time to time in accordance with market practice and in recognition ofthe practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers waive its right under this Agreement in respect ofsimultaneous delivery and/or payment; provided that no such waiver in respect ofone transaction shall bind it in respect of any other transaction.

9 Stamp duty, taxes etc and loss of tax benefits

9.1 [Stamp duty etc] The Borrower hereby undertakes promptly to pay and account for any transfer or similar duties or taxes, and any loan security or other stamp duties, (if any) chargeable in cOlUlection with any transaction effectcd pursuant to or contemplated by this Agreement, and shall indemnify and keep indemnified the Lender against any liability arising in respect thereof as a result ofthe Borrower's failure to do so.
9.2 [Borrower to give Transfer of Distribution Statement to Lender re Franked Distributions] If:

(a) an Income Payment Date occurs during an Income Determination Period in relation to a particular loan ofSecurirics;

12 -
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received a Franked Distribution in respect of those Securities;
(c) the Agreement or the relevant Confinuation states that the Lender is an Australian Taxpayer;
(d) the failure ofthe Lender to receive a Franked Distribution is not due to any unreasonable act or omission by or on behalf ofthe Lender; and
(e) neither paragraph 7 in Schedule 1 nor the relevant Confmnation states that the Lender is not entitled to compensation for the loss of Imputation Benefits;

then:

(f) the Borrower must either:
(i) ifsection 216-10 of the 1997 Tax Act applies, as soon as practicable, and in any event within 10 Business Days after the relevant Income Payment Date, give to the Lender a Transfer of Distribution Statement in respect ofthose Securities (which the Borrower is to be taken as having warranted is correct in all material respects and is effective for the purposes ofsection 216-30 ofthe 1997 Tax Act); or
(ii) otherwise, on the lOth Business Day after the relevant Income Payment Date pay to the Lender an amount equal to the Franking Credit allocated (or, under section 202-65 ofthe 1997 Tax Act, taken to have been allocated) to the Franked Distribution and specified in the Distribution Statement for that Franked Distribution.
9.3 [Deleted.]
9.4 ("Notifiable consideration" for the purposes ofs 26BC(3)(d) of the 1936 Tax Act] For the purposes ofsection 26BC(3)(d) ofthe 1936 Tax Act, the notifiable consideration in respect of any loan of Securities is dissected as follows:
(a) a fcc see clause 5.1 (as applicable); and
(b) other consideration see clauses 4.2, 6 and 9 and the definition of "Equivalent Securities" in clause 26.
9.5 [GST]
(a) All payments (including the provision of any non-monetary consideration) to be made by either Party under or in connection with this Agreement have been calculated without regard to GST.
(b) Ifall or part orany such payment is the consideration tor a Taxable Supply, then, when the payer makes the payment, the payer must, after receipt of a Tax Invoice, pay to the supplier additional consideration equal to the GST Amount. Such additional amount is to be paid on the earlier of:
- (i) the date ofthe tirst payment for the Taxable Supply; and
(ii) the date five Business Days after the date on which the Tax Invoice for the Taxable Supply is received by the payer.
(c) Where under or in connection with this Agreement a Party is required to reimburse or indemnify for an amount, that Party will pay the relevant amount:
(i) including any sum in respect ofGST which has been paid by the payee upon any supply made to the payee in connection with the circumstances giving rise to the operation ofthe indenmity or right of reimbursement;
(ii) less any GST Input Tax Credit that that Party detennines (acting reasonably) that the payee is entitled to claim in respect ofthe circumstances giving rise to the operation ofthe indemnity or right of reimbursement.
(d) If a person is a member ofa GST Group, references to GST for which the person is liable and to Input Tax Credits to which the person is entitled include GST for which the Representative Member ofthe GST Group is liable and Input Tax Credits to which the Representative Member is entitled.
(e) In this clause:

GST means the goods and services tax as imposed by the GST Law together with any related interest, penalties, fines or other charges.

GSTAmount means in relation to a Taxable Supply the amount ofGST for which the supplier is liable in respect ofthe Taxable Supply.

GST Group has the meaning given to this tcrm by the GST Law.

GST Law has the meaning given to that term in A New Tax System (Goods and Services Tax) Act 1999 (or, ifthat Act does not exist for any reason, means any Act imposing or relating to the imposition or administration of a goods and services tax in Australia) and any regulation made under that Act.

Input Tax Credit has the meaning given to that term by the GST Law.

Invoice has the meaning given to that term by the GST Law.

Representative Member has the meaning given to that term by the GST Law.

Taxable Supply has the meaning given to thaL term by the GST Law.

Tax Invoice has the meaning givcn to that term by the GST Law.

9.6 [Non-Australian GST]
(a) All payments (including the provision of any non-monetary consideration) to be made by either Party under or in connection with this Agreement have been calculated without regard to on-Australian GST.
(b) Ifall or part of any such payment is the consideration for a supply ofgoods or scrvices (however dermed) in respect of which Non-Australian GST is payable (whether by a Party or its Related Entities or any person on its behalf or in its place (the "supplier")) to any relevant tax authority or government agency, the other Party mlL,;t pay to the supplier additional

consideration equal to the amount of any such Non-Australian GST. Such additional amount is to be paid on demand by the supplier.

(c) Where under or in connection with this Agreement a Party is required to reimburse or indemnify for an amount, that Party will pay the relevant amount:
(i) including any sum in respect of non-Australian GST which has been paid by the payee upon any supply made to the payee in COIUlcction with the circumstances giving rise to the operation ofthe indemnity or right ofreimbursement;
(ii) less any input tax credit (however defined or described) that that Party detennines (acting reasonably) that the payee is entitled under the law applicable to that Non-Australian GST to claim in respect of the circumstances giving rise to the operation ofthe indemnity or right ofreimbursement.
(d) In this clause, the expression Non-Australian GSTmeans any goods and services tax, value added tax or similar transactional tax, however described, imposed on supplies of goods or services (however defined) under the law of any jurisdiction outside Australia, together with any related interest, penalties, fines or other charges.

9.7 [Grossing up]

(a) All payments under clauses 4.2 (a), 5.1(a), 5.1(b) and 13 ofthis Agreement are to be made free and clear of, and without any deduction or withholding for or on account of, any taxes.
(b) Accordingly, if any deduction or withholding in respect of any such payment is required by law, as modified by the practice of any relevant taxing authority, then the payer must:
(i) pay to the other Party, in addition to the payment to which that other Party is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount (free and clear of any taxes payable by deduction or withholding, whether assessed against one Party or the other) will equal the full amount that that other Party would have received had no such deduction or withholding been required;
(ii) promptly pay to the relevant taxing authority the full amount ofthe deduction or withholding by the payer; and
(iii) forward to the payee on request a copy of any official receipt or other evidence showing that the full amount of any such deduction or withholding has been paid over to the relevant taxing authority.
(c) Otherwise, unless otherwise agreed in respect ora particular loan of Securities or a particular payment, no such gross up is required in respect of any payment under this Agreement.

10 Lender's warranties

[Lender's warranties] Each Party hereby warrants and undertakes to the other on a continuing basis, to the intent that such warranties shall survive the completion of any transaction contemplated by this Agreement, that, where acting as a Lender:

(a) it is duly authorised and empowered to perform its duties and obligations under this Agreement;
(b) it is not restricted under the terms ofits constitution or in any other malUler from lending Securities in accordance with this Agreement or from otherwise performing its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Securities provided by it under this Agreement to the Borrower free from all liens, charges, equities and encumbrances;
(d) where paragraph 3 in Schedule 1 specifies that this clause 10(d) applies, it is not resident in Australia for the purposes ofthe Tax Act and either:
(i) does not have a branch or other pennanent establishment in Australia for the purposes ofthe Tax Act or of any applicable double tax agreement between Australia and its country of tax residence; or
(ii) if it does have such a branch or other pennanent establishment in Australia, that the loan is not entered into in the course of canying on business through such branch or pennanent establishment; and
(e) unless clause 14 applies, it is acting as principal in respect ofthis Agreement.

11 Borrower's warranties

[Borrower's warranties] Each Party hereby warrants and undertakes to the other on a continuing basis, to the intent that such warranties shall survive the completion of any transaction contemplated by this Agreement, that, where acting as a Borrower:

(a) it has all necessary licences and approvals, and is duly authorised and empowered, to perfonn its duties and obligations under this Agreement and will do nothing prejudicial to the continuation ofsuch authorisation, licences or approvals;
(b) it is not restricted under the tenus of its constitution or in any other maMer from borrowing Securities in accordance with this Agreement or from otherwise perfonuing its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Collateral provided by it under this Agreement to the Lender free from all liens, charges, equities and encumbrances;
(d) it is acting as principal in respect of this Agreement; and
(e) unless otherwise agreed, it shall in respect of every loan of Securities return to the Lender Equivalent Securities not later than 360 days from the date of delivery by the Lender ofthe original Securities to the Borrower.

12 Events of Default

12.1 [Events of Default] Each ofthe following events occurring in relation to either Party (the "Defaulting Party", the other Party being the "Non-Defaulting Party") shall be an Event of Default for the purpose ofclause 8:
(a) the Borrower or Lender failing to payor repay Cash Collateral or deliver or redeliver Collateral or Equivalent Collateral upon the due date, and the Non~ Defaulting Party serves written notice on the Defaulting Party;
(b) the Lender or Borrower failing to comply with its obligations under clause 6, and the Non-Defaulting Party serves wrincn notice on the Defaulting Party;
(c) the Borrower failing to comply with clause 4.2 or clause 9.2 and the on-Defaulting Party serves written notice on the Defaulting Party;
(d) an Act of Insolvency occurring with respect to the Lender or the Borrower and (except in the case of an Act of Insolvency which is the presentation of a petition for winding up or any analogous proceeding or the appointment ofa liquidator or analogous officer ofthe Defaulting Party in which case no such notice shall be required) the Non-Defaulting Pany serves written notice on the Defaulting Party;
(e) any representations or warranties made by the Lender or the Borrower being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the Non·Defaulting Party serves written notice on the Defaulting Party;
(f) the Lender or the Borrower admitting to the other that it is unable to, or it intends not to, perfonn any ofits obligations hereunder and/or in respect of any loan hereunder, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(g) the Lender (if appropriate) or the Borrower being declared in default by the appropriate authority under the Rules or being suspended or expelled from membership of or participation in any securities exchange or association or other self-regulatory organisation, or suspended from dealing in securities by any government agency, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(h) any ofthe assets ofthe Lender or the Borrower or the assets ofinvestors held by or to the order ofthe Lender or the Borrower being ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the Non-Defaulting Party serves written notice on the Defaulting Party, or
(i) the Lender or the Borrower failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the Non· Defaulting Pany serves written notice requiring it to remedy such failure, and the on-Defaulting Party serves a funher written notice on the Defaulting Party.
12.2 [Obligation of each Party to notify its Event of Default] Each Party shall notify the other iran event occurs which would constitute an Event of Default in relation to it with the giving of notice.

13 Outstanding payments

[Default interest] In the event of either Party failing to remit sums in accordance with this Agreement, such Party hereby undertakes to pay to the other Party upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period conunencing on and inclusive ofthe original due date for payment to (but excluding) the date of actual payment, in the same currency at a ratc per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it in good faith) if it were to fund or of funding the relevant amount, plus 2% (or other agreed percentage) per annum.

14 Transactions entered into as agent

14.1 [Agency Transactions] Subject to the following provisions ofthis clause, the Lender may enter into loans as agent (in such capacity, the "Agent") for a third person (a "Principal"), whether as custodian or investment manager or otherwise (a loan so entered into being referred to in this clause as an "Agency Transaction").
14.2 [Conditions for Agency Transactions] A Lender may enter into an Agency Transaction if, but only if:
(a) it specifies that loan as an Agency Transaction at or before the time when it enters into it;
(b) it enters into that loan on behalf of a single Principal whose identity is disclosed to the Borrower (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified Principal) at the time when it enters into the loan or as otherwise agreed between the Parties;
(c) it has at the time when the loan is entered into actual authority to enter into the loan and to perfonn on behalf ofthat Principal all ofthat Principal's obligations under the agreement referred to in clause 14.4(b) below; and
(d) the Borrower has agreed that the Lender may act as Agent in respect ofthe relevant loan, including as indicated (if at all) in paragraph 8 in Schedule 1.
14.3 [Undertakings by Lender] The Lender undertakes that, if it enters as agent into an Agency Transaction, forthwith upon becoming aware:
(a) ofany event which constitutes an Act ofInsolvency with respect to the relevant Principal; or
(b) of any breach of any ofthe warranties given in clause 14.5 below or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the current facts,

it will infonn the Borrower ofthat fact and will, ifso required by the Borrower, furnish it with such additional infonnation as it may reasonably request.

14.4 [Consequences of Agency Transaction]

(a) Each Agency Transaction shall be a transaction between the relevant Principal and the Borrower and no person othcr than the relevant Principal and the Borrower shall be a party to or have any rights or obligations under an Agency Transaction. Without limiting the foregoing, the Lender shall not be liable as principal for the perfonnance ofan Agency Transaction or for breach of any warranty contained in clause lO(d) ofthis Agreement, but this is without prejudice to any 1iability afthe Lender under any other provision ofthis clause.

(b) All the provisions ofthe Agreement shall apply separately as between the Borrower and each Principal for whom the Agent has entered into an Agency Transaction or Agency Transactions as if each such Principal were a party to a separate agreement with the Borrower in all respects identical with this Agreement other than this paragraph and as jfthe Principal were Lender in respect afthat agreement; provided that:
(i) jfthere occurs in relation to the Agent an Event of Default or an event which would constitute an Event of Default ifthe Borrower served written notice under any paragraph of clause 12, the Borrower shall be entitled by giving written notice to the Principal (which notice shall be validly given to the Lender in accordance with clause 20) to declare that, by reason of that event, an Event of Default is to be treated as occurring in relation to the Principal. If the Borrower gives such a notice, then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and
(ii) ifthe Principal is neither incorporated nor has established a place of business in Australia, the Principal shall for the purposes ofthe agreement referred to in the preamble in this paragraph (b) be deemed to have appointed as its agent to receive on its behalfservice of process in the courts ofAustralia the Agent, or, if the Agent is neither incorporated nor has established a place ofbusiness in Australia, the person appointed by the Agent for the purposes ofthis Agreement, or such other person as the Principal may from time to time specify in a written notice given to the other party.
(c) The foregoing provisions of this clause do not aflect the operation ofthe Agreement as between the Borrower and the Lender in respect of any transactions into which the Lender may enter on its own account as principal.
14.5 [Warranty by Lender] The Lender warrants to the Borrower that it will, on every occasion on which it enters or PUl1'0rts to enter into a transaction as an Agency Transaction, have been duly authorised to enter into that loan and perform the obligations arising thereunder on behalfofthe person whom it specifies as the Principal in respect of that transaction and to perform on behalf ofthat person all the obligations ofthat person under the agreement referred to in clause 14.4(b).

15 Termination of course of dealings by notice

Each Party shall have the right to bring the course of dealing contemplated under this Agreement to an end by giving not less than 15 Business Days' notice in writing to the other Party (which notice shall specify the date of termination), subject to an obligation to ensure that all loans which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement and with the Rules (if applicable).

16 No reliance on tax or accounting representations by other Party

Each Party acknowledges, represents and warrants (0 the other that, except as expressly stated in this Agreement or any Confirmation:

(a) it has not relied on any advice, statement, representation or conduct of any kind by or on behalf ofthe other Party in relation to any tax (including stamp duty) or accounting issues concerning this Agreement or any transactions effected under it; and

(b) it has made its own detennination as to the tax (including stamp duty) and accounting consequences and treatment of any transaction effected under this Agreement, including (without limitation) ofany moneys paid or received or any property transferred or received in cotUlection with any such transaction.

17 Observance of procedures

Each ofthe Parties hereto agrees that, in laking any action that may be required in accordance with this Agreement, it shall observe strictly the procedures and timetable applied by the Rules (if and to the extent applicable) and, further, shall observe strictly any agreement (oral or otherwise) as to the time for delivery or redelivery of any money, Securities, Equivalent Securities, Collateral or Equivalent Collateral entered into pursuant to this Agreement.

18 Severance

If any provision ofthis Agreement is declared by any judicial or other competent authority to be void or otherwise unenforceable, that provision shall be severed from the Agreement and the remaining provisions ofthis Agreement shall remain in full force and effect. The Agreement shall, however, thereafter be amended by the Parties in such reasonable manner so as to achieve, without illegality, thc intention of the Parties with respect to that severed prOVISIon.

19 Specific performance

Each Party agrees that, in relation to legal proceedings, it will not seek specific perfonnance ofthe other Party's obligation to deliver or redeliver Securities, Equivalcnt Securities, Collateral or Equivalent Collateral, but without prejudice to any other rights it may have.

20 Notices

1. I ("Effectiveness] Any notice or other communication in respect ofthis Agreement may be given in any manner set forth below (except that a notice or other communication under clause 12 or c1ausc 15 may not bc given by facsimi Ie transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see paragraph 6 in Schedule I) and will be deemed effective as indicated:
(a) if in writing and delivered in pcrson or by courier, on the date it is delivered;
(b) ifscnt by telex, on the date the recipient's answerback is received;

(e) ifsent by facsimile transmission, on the date that transmission is received by a responsible employee ofthe recipient in legible fann (it being agreed that the burden of proving receipt will he on the sender and may be met by a transmission report generated by the sender's facsimile machine);

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Cd) ifsent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or
(e) ifsent by electronic messaging system, on the date that electronic message is received,

unless the date ofthat delivery (or attempted delivery) or the receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Business Day, in which case that communication shall be deemed given and effective on the fIrst following day that is a Business Day.

20.2 (Change of Address] Either Party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it.

21 Assignment

Neither Party may assign, transfer or otherwise dispose of all or any of its rights or obligations under this Agreement without the prior written consent ofthe other Party.

22 Non-Waiver

No failure or delay by either Party to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereofor the exercise of any other right, power or privilege as provided in this Agreement.

23 Time

Time shall be ofthe essence ofthe Agreement.

24 Recording

The Parties agree that each may electronically record all telephonic conversations between them.

25 Miscellaneous

25.1 [Entire Agreement] This Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.
25.2 (Amendments] No amendment in respect ofthis Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and cxccuttld

by each ofthe Parties or continued by an exchange ofte1cxes or electronic messages on an electronic messaging system.

25.3 (Survival of Obligations) The obligations ofthe Parties under trus Agreement will survive the termination of any transaction.
25.4 (Remedies Cumulativel Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.
25.5 (Counterpartsl This Agreement (and each amendment in respect ofit) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.
25.6 [Expenses) A Defaulting Party wiU, on demand, indemnify and hold hannless the other Party for and against all reasonable out-of-pocket expenses, including legal fees and stamp duty, incurred by such other Party by reason ofthe enforcement and protection of its rights under this Agreement or by reason ofthe early termination of any transaction, including, but not limited to, costs ofcollection.

26 Definitions

In this Agreement:

Act of Insolvency means in relation to either Party:

(a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
(b) its admitting in writing that it is unable to pay its debts as they become due; or
(c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
(d) the presentation or tiling ofa petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the bankruptcy, winding-up or insolvency ofsuch Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re-adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or
(e) the appointment of a receiver, administrator, liquidator or trustcc or analogous officer ofsuch Party over all or any material part ofsuch Party's property; or
(0 the convening of any meeting of its creditors for the purpose of considering a compromise or arrangement within Pan 5.1 ofthe Corporations Law of Australia (or any analogous proceeding).

in this definition:

(g) "liquidator" shall be deemed to include a "provisional liquidator";

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(h) "receiver" shall be deemed to include a "receiver and manager";
(i) "administrator" shall be deemed to include an "official manager";
U) "arrangement" shall be deemed to include a "scheme of arrangement"; and
(k) "creditors" shall be deemed to include "any class ofcreditors".

Agent has the meaning given in clause 14.

Alternative Collateral means Collateral ora Value equal to the Collateral delivered pursuant to clause 6 and provided by way ofsubstitution for Collateral originally delivered or previously substituted in accordance with the provisions of clause 6.5.

Australian Taxpayer means any person other than:

(a) a Party who is not a resident of Australia for the pUl]Joses ofthe Tax Act (whether that Party is acting as a trustee, nominee or agent or in some other capacity) at the time a Distribution is paid; or
(b) a Party who is acting in the capacity oftrustee, nominee or agent for a person who is not a resident of Australia for the purposes ofthe Tax Act at the time a Distribution is paid.

Bankers Acceptances has the meaning given in paragraph 1.1 (d) in Schedule I.

Base Currency has the meaning given in paragraph 2 in Schedule 1.

Bid Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available bid price thereof on the most appropriate market in a standard size.

Bid Value, subject to clause 8.5, means:

(a) in relation to Equivalent Collateral at a particular time:
(i) in relation to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule I), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule I;
(ii) in relation to all other types ofCollateral (more specifically referred to in paragraph 1.1 in Schedule I), the amount which would be received on a sale ofsuch Collateral at the Bid Price thereof at such time less aU costs, fees and expenses that would be incurred in connection with selling or otherwise realising such Equivalent Collateral, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out such sale or realisation and adding thereto the amounl of any interest, dividends, distributions or other amounts paid to the Lender and in respect ofwhich equivalent amounts have not been paid to the Borrower in accordance with clause 6.7 prior to such time in

respect ofsuch Equivalent Collateral or the original Collateral held gross of all and any tax deducted or paid in respect thereof; and

(b) in relation to Equivalent Securities at a particular time, the amount which would be received on a sale ofsuch Equivalent Securities at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereofis the least that could reasonably be expected to be paid in order to carry out the transaction.

Borrower, in relation to a particular loan ofSecurities, means the Borrower as referred to in Recital A ofthis Agreement.

Borrowing Request means a request which may be oral or in writing in such form as is agreed between the Parties (a written example of which comprises Schcdule 2 to this Agreement) by the Borrower to the Lender pursuant to clause 2.1 specifying, as necessary:

(a) the description, title and amount ofthe Securities required by the Borrower;
(b) the dcscription (if other than Australian currency) and amount of any Collateral to be provided;
(c) the proposed Settlement Date;
(d) the duration ofsuch loan (if other than indefinite);
(e) the mode and place of delivery, which shall, where relevant, include the bank, agent, clearing or settlement system and account to which delivery ofthe Securities and any Collateral is to be made;
(f) the Margin in respect ofthe transaction (if different from that stated in Schedule I or Schedule 3, as appropriate); and
(g) the Fee.

Business Day means a day on which banks and securities markets are open for business generally in each place stated in paragraph 5 in Schedule I and, in relation to the delivery or redelivery ofany ofthe following in relation to any loan, in the place(s) where the relevant Securities, Equivalent Securities, Collateral (including Cash Collateral) or Equivalent Collateral are to be delivered.

Cash Collateral means Collateral that takes the form of a deposit of currency.

Close of Business means:

(a) in rclation to any borrowing ofSecurities or redelivery of Equivalent Securities under this Agreement, the final time on a Business Day at which settlement ofthe transfer ofthose Securities can take place in order to constitute good delivery on that day; and
(b) in relation to the provision ofCollateral or return ofEquivalent Collateral or the making of any other payment under this agreement, the time at which trading banks close for general banking business in

the place in which payment is to be made or Collateral or Equivalent Collateral is to be delivered or rcdelivered.

Collateral means such securities or financial instruments or deposits of currency as are referred to in paragraph 1.1 in Schedule I or any combination thereof which are delivered by the Borrower to the Lender in accordance with this Agreement and includes the certificates or other documents ofritle (if any) and transfer in respect ofthe foregoing (as appropriate), and includes Alternative CollateraL

Confirmation means the Borrowing Request, as it may be amended pursuant to clause 2.2, or other continuing evidence exchanged between the Parties continuing the tenus of a transaction.

Defaulting Party has the meaning given in clause 12.

Distribution has the meaning given to that tenn in section 995-1(1) ofthe 1997 Tax Act.

Distribution Statement means a statement given in accordance with section 202~80 (as it may be finally amended under section 202-85) ofthe 1997 Tax Act.

Equivalent Collateral or Collateral equivalent to, in relation to any Collateral provided under this Agreement, means securities, cash or other property, as the case may be, of an identical type, nominal value, description and amount to particular Collateral so provided and shall include the certificates or other documents oftitle (if any) and transfer in respect ofthe foregoing (as appropriate). If and to the extent that such Collateral consists of securities that are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or event similar to any ofthe foregoing, the expression shall have the following meanmg:

(a) in the case of conversion, subdivision or consolidation the securities into which the relevant Collateral has been converted, subdivided or consolidated provided that, if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case ofredemption, a sum ofmoney equivalent to the proceeds ofthe redemption;
(c) in the case ofa takeover, a sum ofmoney or securities, being the consideration or alternative consideration of which the Borrower has given notice to the Lender in accordance with clause 4.2(b);
(d) in the case ofa call on partly paid securities, the paid-up securities prOVided that the Borrower shall have paid to the Lender an amount ofmoney equal to the sum due in respect ofthe call;
(e) in the case ofa capitalisation issue, the relevant Collateral together with the securities allotted by way of a bonus thereon;
(I) in the case ora rights issue, the relevant Collateral together with the securities allotted thereon, provided that the Borrower has given notice to the Lender in accordance with clause 4.2(b), and has paid to the Lender all and any sums due in respect thereof;
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(g) in the event that a payment or delivery of lncomc is made in respect of the relevant Collateral in the form ofsecurities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form ofsecurities or a certificate which may at a future date be exchanged for securities, and notice has been given to the Lender in accordance with clause 4.2(b), the relevant Collateral together with securities or a certificate equivalent to those alloned;and

(h) in the case ofany event similar to any ofthe foregoing, the relevant Collateral together with or replaced by a sum ofmoney or securities equivalent to that received in respect ofsuch Collateral resulting from such event.

For the avoidance ofdoubt, in the case or Bankers' Acceptances (Collateral type (d», Equivalent Collateral must bear dates, acceptances and endorsements (if any) by the same entities as the bill to which it is intended to be equivalent and. for the purposes ofthis definition. securities are equivalent to other securities where they arc ofan identical type. nominal value, description and amount and such tenn shall include the certificate and other documents of or evidencing title and transfer in respect ofthe foregoing (as appropriate).

Equivalent Securities means securities ofan identical type, nominal value, description and amount to particular Securities borrowed and such tenn shall include the certificate and other documents ofor evidencing title and transfer in respect ofthe foregoing (ifappropriate). If and to the extent that such Securities are partly paid or have been converted, subdivided. consolidated, redeemed, made the subject of a takeover, capitalisation issue. rights issue or event similar to any ofthe foregoing, the expression shall have the following meamng:

(a) in the case of conversion, subdivision or consolidation the securities into which the borrowed Securities have been converted, subdivided or consolidated provided that if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case ofredemption, a sum ofmoney equivalent to the proceeds ofthe redemption;
(c) in the case ofa takeover, a sum ofmoney or securities, being the consideration or alternative consideration of which the Lender has given notice to the Borrower in accordance with clause 4.2(b);
(d) in the case ofa call on partly paid securities, the paid-up securities provided that the Lender shall have paid to the Borrower an amount ofmoney equal to the sum due in respect ofthe cal1;
(e) in the case ofa capitalisation issue, the borrowed Securities together with the securities allotted by way of a bonus thereon;
(f) in the case ofa rights issue. the borrowed Securities together with the securities allotted thereon. provided that the Lender has given notice to the Borrower in accordance with clause 4.2(b), and has paid to the Borrower all and any sums due in respect thereof;
(g) in the event that a payment or delivery of Income is made in respect of the borrowed Securities in the Conn ofsecurities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form ofsecurities or a certificate which may at a future date be exchanged for securities, and notice has been given to the Borrower in accordance with clause 4.2(b), the borrowed Securities together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any ofthe foregoing, the borrowed Securities together with or replaced by a sum ofmoney or securities equivalent to that received in respect ofsuch borrowed Securities resulting from such event.

For the purposes ofthis definition, securities are equivalent to other securities where they are of an identical type. nominal value, description and amount and such term shall include the certificate and other documents ofor evidencing title and transfer in respect ofthe foregoing (as appropriate).

Event of Default has the meaning given in clause 12.

Fee, in respect ofa transaction, means the fee payable by one Party to the other in respect ofthat transaction under clause 5.

Franked Distribution has the meaning given to that term in section 995-1(1) ofthe 1997 Tax Act.

Franking Credit has the meaning given to that tcrm in section 995-1( I) ofthe 1997 Tax Act.

Imputation Benefits has the meaning given to that tenn in section 204-30(6) (other than paragraph (d) thereof) of the 1997 Tax Act.

Imputation System has the meaning given to that tenn in section 995-1(1) of the 1997 Tax Act.

Income means any dividends, interest or other distributions of any kind whatsoever with respect to any Securities or Collateral.

Income Determination Period, in relation to a particular loan ofSecurities, means;

(a) in relation to the Securities, the period commencing when the Securities cease to be registered in the name ofthe Lender (or the relevant transferor) upon or before delivery ofthose Securities under clause 3 and ending when Equivalent Securities arc registered in the name ofthe Lender (or the relevant transferee) upon or following redelivery ofthose Equivalent Securities under clause 7.1; and
(b) in relation to Collateral (other than Cash Collateral), the period commencing when the Collateral ceases to be registered in the namc of the Borrower (or the relevant transferor) upon or before delivery of that Collateral under clause 6.1 and ending when Equivalent Collateral is registered in the name ofthe Borrower (or the relevant transferee) upon or following redelivery ofthat Equivalent Collateral under clause 6.6.
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Income Payment Date, in relation to any Securities or Collateral, means the date on which Income is paid in respect ofsuch Securities or Collateral, or, in the case ofregistered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of Income.

Lender, in relation to a particular loan ofSecurities, means the Lender as referred to in Recital A ofthis Agreement.

Margin has the meaning in paragraph 1.3 in Schedule I.

Nominee means an agent or a nominee appointed by either Party to accept delivery of, hold or deliver Securities, Equivalent Securities, Collateral and/or Equivalent Collateral on its behalf whose appointment has been notified to the other Party.

Non-Defaulting Party has the meaning given in clause 12.

Offer Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available offer price thereof on the most appropriate market in a standard size.

Offer Value, subject to clause 8.5, means:

(a) in relation to Collateral equivalent to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule 1), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1; and
(b) in relation to Equivalent Securities or Collateral equivalent to all other types ofCollateral (marc specifically referred to in paragraph 1.1 in Schedule I), the amount it would cost to buy such Equivalent Securities or Equivalent Collateral at the Offer Price thereof at such time plus all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereofis the least that could reasonably be expected to be paid in order to carry out the transaction.

Paid, in relation to a Distribution, includes credited, distributed or issued and like tenus are to be construed accordingly.

Parties means the Lender and the Borrower and Party shall be construed accordingly.

Performance Date has the meaning given in clause 8.

Posted Collateral has the meaning given in clause 6.2(a)(i).

Principal has the meaning given in clause 14.

Reference Price means:

(a) in relation to the valuation ofSecurities, Equivalent Securities, Collateral and/or Collateral equivalent to type (g) or (i) (more specifically referred to in paragraph 1.1 in Schedule I), such price as is equal to the mid market quotation ofsuch Securities, Equivalent Securities, Collateral and/or Equivalent Collateral as derived from a

reputable pricing infonnation sc:rvil,;c (such as the services provided by SEATS, Bloomberg or Reuters) reasonably chosen in good faith by the Lender or if unavailable the market value thereof as derived from the prices or rates bid by a reputable dealer for the relevant instrument reasonably chosen in good faith by the Lender, in each case a1 Close of Business on the previous Business Day; and

(b) in relation to the valuation ofSecurities, Equivalent Securities, Collateral andlor Collateral equivalent to Collateral types (b)-(f) (more specifically referred to in paragraph 1.1 in Schedule 1), the market value thereof as derived from the prices or rates bid by a market maker or reputable dealer for the relevant instrument reasonably chosen by the Lender in good faith or, in the absence ofsuch a bid, the average of the rates bid by two leading market makers reasonably chosen in good faith by the Lender in each case at Close ofBusiness on the previous Business Day.

Relcvant Payment Datc has the meaning given in clause 4.2(a).

Required Collateral Value has the meaning given in clause 6.3.

Rules means the rules for the time being ofthe Stock Exchange (where either Party is a member ofthe Stock Exchange) and/or any other regulatory authority whose rules and regulations shall from time to time affect the activities ofthe Parties pursuant to this Agreement (provided that in an Event of Default, where either Party is a member ofthe Stock Exchange, the Rules and Regulations ofthe Stock Exchange shall prevail).

Securities means "eligible securities" within the meaning ofsection 26BC(I) ofthe 1936 Tax Act which the Borrower is entitled to borrow from the Lender in accordance with the Rules and which may be or are the subject of a loan or provided as Collateral pursuant to this Agreement and such tenn shall include the certificates or other documents oftitle (if any) in respect ofthe foregoing.

Settlement Date means the date upon which Securities are or are to be transferred to the Borrower in accordance with this Agreement.

Standard Settlement Time in relation to a Security means the 'period oftime within which transactions in such Securities are customarily required to be setded.

Stock Exchange means the Australian Stock Exchange Limited.

Tax Act includes:

(a) the Income Tax Assessment Act 1936 (the "1936 Tax Act");
(b) the Income Tax Assessment Act 1997 (the "1997 Tax Act"); and
(c) Schedule 1 to the Taxation Administration Act 1953.

Transfer means:

(a) in relation to Cash, payment or delivery by wire transfer into one or more bank accounts;

(b) in relation to certificated securities that cannot, or which the Parties have agreed will not, be paid or delivered by book-entry, payment or delivery in appropriate physical fonn to the recipient or its account accompanied by any duly executed instruments oftransfer, assignments in blank, transfcr tax stamps and any other documents necessary to constitute a valid and legally effective transfer to the recipient;
(c) in relation to securities that must, or which the Parties have agreed will, be paid or delivered by book-entry, initiating the Transfer by the giving of written instructions (including instructions given by telephone, facsimile transmission, telex, e-mail or message generated by an electronic messaging system or otherwise) to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a valid and legally effective transfer ofthe relevant interest to the recipient.

Transfer of Distribution Statement, in relation to Distributions, means a properly completed document in the fonn, or substantially in the fonn, of Appendix 6.27 to the Rules or a properly completed statement in another fonn which is acceptable for the purposes ofsection 2l6~30 ofthe 1997 Tax Act.

Transferring Party means the Party making or effecting a Transfer to the other Party.

Value at any particular time means, in relation to Securities and Equivalent Securities, the Reference Price thereof then current and in respect ofCollateral andlor Equivalent Collateral such worth as detennined in accordance with paragraph 1.2 in Schedule 1.

27 Governing Law and Jurisdiction

27.1 [Governing law] This Agreement is governed by, and shall be construed in accordance with, the law in force in New South Wales, Australia.
27.2 [Consent to jurisdiction] Each Party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts ofNew South Wales in respect of any dispute in cOlUlection with this Agreement.

EXECUTED as an agreement

Schedule 1 Particulars

I COLLATERAL (see definition in clause 26, and also clause 6)

1.1 Types (see definition of"Colla/erarin clause 26)

Collateral acceptable under this Agreement may include the following or otherwise. as agreed between the Partics from time to time, whether transferable by hand or within a depositary:

(al Cash;
(b) Australian Government Inscribed Stock;
(e) Australian, State or Territory Government slock, bonds or promissory notes (including those issued by any central borrowing authority such as Treasury Corporation of New South Wales);
(d) Bills of exchange accepted by any bank carrying on business in Australia (<<Bankers Acceptances") with an S&P rating ofAl+ or a Moody's rating of PI;
(e) Promissory notes issued by any such bank;
(t) Negotiable Certificates of Deposit issued by any such bank;
(g) Corporate bonds in registrable fonn;
(h) Irrevocable Standby Letters ofCredit issued orconfinned by any such bank; and
(i) At the discretion ofthe Lender, Equity Securities listed on the Australian Stock Exchange and included in the S&P/ASX 200 Index.

1.2 Valuation of Collateral (see definition o!"Value " in clause 26 and clause 6.2)

Collateral provided in accordance with this Agreement shall be evaluated by reference to the following, or by such means as the Parties may from time to time agree:

(a) in respect ofCollateral type (a), the amount thereof in, or converted into, the Base Currency;
(b) in respect ofCollateral type (b), the value calculated by reference to the middle market price of each stock as determjned daily by the Reserve Bank of Australia, adjusted to include the accwnulated interest thereon;
(c) in respect ofCollateraJ types (c) to (g) and (i), the Reference Price thereof;
(d) in respcct ofCollateral type (h), the value specified therein.

1.3 Margin (see definition in clause 26 and clause 6.3)

The Value of any Collateral delivered, or to be delivered, pursuant to clause 6 by the Borrower to the Lender under the tenns and conditions ofthis Agreement shall on each Business Day represent not less than the Value ofthe borrowed Securities together with the following additional percentages, hereinbefore referred to as (the "Margin"), unless otherwise agreed between the Parties:

(a) in the case ofCoUateral type (a): 5%; or
(b) in the case ofCollateral types (b) to (t) and (h): 5% (~xcept that, for Negotiable Certificates of Deposit, the Margin shall be the accumulated interest thereon); or
(c) in the case ofCollateral type (g): 5%; or
Cd) in the case ofCollateral type (i); such amount as is notified by the Lender to the Borrower and, in the event no amount is notified, then 10%.

Ifthe Value ofthe borrowed Securities includes any margin over the mid market price ofthe borrowed Securities, this shall be taken into account in dctcnnining the Margin applicable.

1.4 Basis of Margin Maintenance (see clause 6.4)

Minimum period after demand for transferring Collateral or Equivalent Collateral other than Letters ofCredit:

(a) if^a request is received prior to llam EST (on ^a Sydney Business Day), then prior to close of business on the day the request is received;
(b) ifthe request is received after II am EST, then prior to 11 am the following Sydney Business Day;
(c) minimum period after demand for transferring Letter ofCredit: within two Business Days."

1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (Hi))

(a) The Lender may not demand that further Collateral be provided by the Borrower if the aggregate deficiency calculated in accordance with clause 6.2 is less than the lesser of:
0) \$5,000; and
(ii) 2% ofthe Value ofthe Required Collateral Value.
(b) The Borrower may not demand the return ofCollatcral provided to the Lender ifthe Borrower has committed an Event of Default in respect of any transaction or ifthe aggregate excess calculated in accordance with clause 6.2 is less than the lesser of:
(i) \$5,000; and
(ii) 2% ofthe Required Collateral Value.

2 BASE CURRENCY (!J'ee definition in clause 26 and clause 1.6)

The Base Currency applicable to this Agreement is Australian Dollars.

3 LENDER'S WARRANTIES (see duuse lOrd))

Not applicable

4 VOTING (see clau!J'e 4.3)

Clause 4.3 deesfdoc~ oot* apply.

5 PLACE OF BUSINESS (vee definition o/"Busines.\' Day" in clause 26)

Sydney.

6 ADDRESS FOR NOTICES AND STATUS OF PARTIES (<ee clause 20.1)

6.1 Address for notices or communications to: Morgan Stanley Australia Securities Limitcd_

Address;	Level 39, Chifley Tower, 2 Chifley Square, Sydney, New South Wales, 2000, Australia
Attention:	Equity Documentation Group, _
Facsimile No:	+61297701101 _
Telephone No:	+6129770 1111 _
Electronic Messaging	System Details:

which is an Australian Taxpayer.

6.2 Address for notices or communications to: Macquarie Bank Limited

Address:	Macquarie Securities Group, Level 2, No.1 Martin Place, Sydney, NSW 2000 Australia
Attention:	Head Legal and Compliance
Facsimile No:	(612) 8232 6882
Telephone No:	(612) 8232 3333
Electronic Messaging System Details: _

which is an Australian Taxpayer.

7 COMPENSATION FOR LOSS OF IMPUTATION BENEFITS (<ee clause 9.2)

Is not required by

and

[INSERT NAME OF RELEVANT AUSTRALIAN TAXPAYER PARTY (if applicable). OTHERWISE, DELETE THE PARAGRAPH OR LEAVE IT BLANK. Note: There is no need to insert the name of any Party who is not an Australian Taxpayer, as such a party is not entitled to compensation in any event.]

8 [Substituted in November 2003]
8 AGENCY (see clause 14.2(d))

Clause 14 may apply to Morgan Stanley Australia Securities Ltd .. : YesINo *.

Clause 14 may apply to Macquarie Bank Limited

... : YesINo *.

* DELETE ONE ALTERNATIVE

Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)

To: [Name and Address of Lender]

This is a Borrowing Request under the Master Securities Lending Agreement between us dated # (the "Agreement")

1 We wish to make the following borrowing ofSecurities:

(a)	Description of Securities:	# [eg "fully paid ordinary shares in # "]
(b)	Amount of Securities:	"I # [eg million"]
(e)	of Proposed Settlement Date Borrowing:	# [eg "today"]
(d)	of and of Time, Mode Place Delivery Securities, including (as appropriate) settlement system and account to which deli very is to be made:	of#, [eg "to the account #, in # HIN CHESS"]
(e)	Duration of Loan:	No longer than eleven months and 20 days after the Borrowed Securities are delivered under this Borrowing Request.
(t)	of Type Collateral:	# [eg "Cash"]
(g)	Time, Mode and of of Place Delivery Collateral:	# [eg "dvp on CHESS"]
(h)	5.1 ofthe Rates (see clause Agreement):	(a)" #{eg per annum on the Cash #% "# Collateral", or (b) % pcr annum on the daily ofthe value Borrowed Securities" as appropriate].

2 Please confmn your acceptance ofthis Borrowing Request by return fax.

Dated: #

For and on behalf of[Name ofBoITower]

Signature of Authorised Representative

Name and title of Authorised Representative

Schedule 3 Supplementary Terms and Conditions (if any)

This Schedule [OnTIS part of and amends the Master Securities Lending Agreement (including Schedule 1) to which it is a Schedule, as follows:

1. Clause 4.3 is amended by replacing the word "collateral" in lines 13 and 15 with the word "Collateral".
1. Clause 5.1(b) shall be amended by deletion ofthe words "at the rate agreed between them" and substitution oflhe following "by applying such ratc as shall be agreed between the Parties from time to time to the daily Value ofthe Securities".
1. Clause 15 is amended by adding the following at the end ofthe existing clause:

"Any tennination pursuant to this clause 15 will be without prejudice to the rights or remedies ofeither party against the other in respect of any breach ofthis Agreement occuning before such tennination."

4. Clause 26 Definitions

The definition ofSecurities is amended by adding the following after "foregoing":

", provided that such eligible securities are listed on the Australian Stock Exchange Limited".

1. Paragraph 1.1 of Schedule 1 is amended by deleting from paragraph (i) the words "At the discretion ofthe Lender,".
1. Paragraph 1.4 of Schedule 1 is deleted and replaced with the following:

"1.4 Basis of Margin Maintenance (see clause 6.4)

Minimum period after demand for transfening Collateral or Equivalent Collateral shall be within one Business Day."

Paragraph 1.5 of Schedule 1 is deleted and replaced with the following:

"1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (iii))

(a) The Lender may not demand that further Collateral be provided by the Borrower if the aggregate deficiency calculated in accordance with clause 6.2 is less than AUD! 00,000.
(b) The Borrower may not demand the return ofCollateral provided to the Lender ifthe Borrower has committed an Event of Default in respect of any transaction or ifthe aggregate excess calculated in accordance with clause 6.2 is less than AUDIOO,OOO."
1. Clause 7 of Schedule 1 is deleted and replaced with the following:

"7. COMPENSAnON FOR LOSS OF IMPUTAnON BENEFITS (.<ee clause 9.2)

Is required unless the Lender notifies the Borrower as at the time ofthe Borrowing Request that compensation is not required."

9.	Clause of 8 Schedule 1 - is deleted and replaced wilh the following:		35- -
	"Clause 14 may apply to Morgan Stanley Australia Securities Ltd:	Yes.
	Clause 14 may apply to Macquarie Bank Limited:	No."

10. Clause 4.2(b)

For the purposes ofthis paragraph (b), a reasonable time is not less than the Standard Settlement Time for such Securities or Collateral.

II. Clause 9.2(g)

The word "and" and the following provision is inserted after clause 9.2(f):

"and

9.2(g) the Borrower is under an obligation to pay any Franked Distributions to the Lender calculated in accordance with clause 4.2(a)."

12. Clause 12.I(a)

Clause 12.I(a) is amended by inserting ", Equivalent Securities" after the words "redeliver Collateral" in line 2.

Clause 12.1(b) is amended by inserting "or clause 7" after "clause 6" in line 1.

13. Clause 26

Clause 26 is amended as follows:

The definition of "Act of Insolvency" is amended by replacing the words "Corporations Law of Australia" in sub clause (f) with the words "Corporations Act 2001 (Cwlth)".

The definition of "Close of Business" is amended by replacing the word "agreement" in sub clause (b) with the word "Agreement".

14. Reverse Stock Loan Transactions

With respect to stock loan transactions agreed by the Parties to be 'reverse stock loan' transactions:

(a) Paragraph 1.1 ofSchedule 1 shall be amended to delete Collateral types (b) to (i) inclusive so that only Collateral type (a) Cash shall be acceptable;
(b) Paragraph 1.3(a) ofSchedule I shall be deleted and replaced with the following
"(a) in the case ofCollateral type (a): -5% (negative five per cent); and
(b) in the case ofCollateral types (b) to (i): not applicable."

Execution page

SIGNED for and on hehalfofMORGAN ) STANLEY AUSTRALIA ) SECURITIES LIMITED in the preseoce ) ~0i .................................. .........•......•..•.•••.•••• ) Name ofwitness (bI leners) )

Signature of .«) .

MACQUARIE BANK LIMlTED

Name: Title: Date:

Michael Pickering Division Director 3/~/,()

Name: Title: Date:

Leslie Petro Executive Director

't/ pi .1.010

Australian Securities Lending Association Limited

(ACN 054 944 482) Level 18, 20 Bond Sireel Sydney NSW 2000 Tel: (02) 9220 1413 Fax: (02) 92201379

Coversheet to

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT*

(Version: November 2003)

dated as of:

Between:

MORGAN STANLEY AUSTRALIA SECURITIES LIMITED (ACN 078 652 276)

........................, , ,

And:

MACQUARIE BANK LIMITED (ACN 008 583 542)

* The original (Version: 4 April 1997) version ofthis agreement was adaptedfrom the iSLA Overseas Securities Lender's Agreement (Version: December 1995, as amended by 1996 UK Tax Addendum), prepared by Clifford Chance. London, England/or use by parties reqUired to meet UK Inland Revenue tax reqUirements. The 4 April 1997 version has been updated in December 2002 and November 2003 to take account of, among other things, intervening Australian tax, stamp dllty and regulatory changes, and also to better reflect Australian market practice.
* The original and updated versions ofthis agreement are both also subject to the "Warning and Disclaimer" on the coversheet to the original (Version: 4 April 1997) and updated (Version: November 2003) "U"er's Guide" relating to this agreement.

©m Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Telephone (02) 9296 2000 Fax (02) 9296 3999 OX 113 Sydney Ref: JCK

-- ..-,",-* -,wL- --%mp--e:=L*-**"*--:.rT-re-A-.- ~-z*.;rlE-m~-i~--2-L-~*x-.-.--- - * - "'I . 3C@670 ^I@ iF'

Australian Securities Lending ⁱ Association Limited

(ACN 054 944 482) Level 18,20 Bond Street Sydney NSW 2000 Tel: (61 2) 9259 5898 Fax: (61 2) 9259 5432

I Coversheet 1 to 1

1 AUSTRALIAN MASTER SECUR S LENDING AGREEMENT* 1 4 2 SEP (Version: 4 April 1997) 8-

1 dated as of: 1........................1...............................................~...........~~....

1 i I

Between: Macquarie Bank Limited I

I ,\

I PS , :P* ^Ie.4 ,

And: National Australia Bank Limited

I * This agreement is adapted_fi.om the lSLA Overseas Securities Lender's Agreement I firsion: December 1995, as amended by 1996 UK Tax Addendum), prepared by Clrflord 1 Chance, London, England for use by parties required to meet UK Inland Revenue tax ⁱrequirements.
* This agreement is also subject to the "Warning and Disclaimer" on the coversheet to the \ User's Guide relating to this agreement.

i Fl Mallesons Stephen Jaques ^I

. "_- SOLICITORS Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Telephone (61 2) 9296 2000 Fax (6 1 2) 9296 3999 DX 1 13 Sydney Ref: JCK

	25 Miscellaneous
	24 Recording
	23 Time
	22 Non-Waiver
	21 Assignment
	20 Notices
	19 Specific performance
	18 Severance
	17 Observance of procedures
	16 No reliance or tax or accounting representations by other Party
	15 Termination of course of dealings by notice
	14 Transactions entered into as agent
	13 Outstanding payments
	12 Events of Default
	11 Borrower's warranties
	10 Lender's warranties
	9 Stamp duty, taxes etc and loss of tax benefits
R I	8 Set-off etc.	9
	7 Redelivery of Equivalent Securities
	6 Collateral
	5 Fees
	4 Title, Distributions and Voting
	3 Delivery of Securities	4
	2 Loans of Securities
	1 Interpretation

26 ~efinitions	19
27 Governing Law and Jurisdiction	26
Schedule 1 - Particulars	28
Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)	31
Schedule 3 Supplementary Terms and Conditions (if any)	33

Australian Securities Lending Association Limited

(ACN 054 944 482) Level 18,20 Bond Street Sydney NSW 2000 Tel: (61 2) 9259 5898 , Fax: (61 2) 9259 5432

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT *

(Version: 4 April 1997)

dated as of
Between:	(1)	(Name ofcompany) Macquarie Bank Limited
		(ACN or ARBN (as applicable)) 008 583 542
		a company incorporated under the laws of Australian Capital Territory
		No 1 Martin Place, Sydney NSW 2000 of (Business address)
And:	(2)	(Name of Company) National Australia Bank Limited
		(ACN or ARBN (as applicable)) 004 044 937
		a company incorporated under the laws of Victoria

of (Business address) 500 Bourke Street Melbourne, Vict~ria 3000

* This agreement is adaptedfrom the ISLA overseas securities Lenders Agreement (Version: December 1995, as amended by 1996 UK Tax Addendum), prepared by Clzyord Chance, London, England for use by parties required to meet UK Inland Revenue tax requirements.
* This agreement is also subject to the "Warning and Disclaimer" on the coversheet to the "User's Guide" relating to this agreement.

a ~allesons Stephen Jaques

SOLICITORS Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Telephone (61 2) 9296 2000 Fax (61 2) 9296 3999

AGREEMENT

Recitals:

A. The Parties hereto are desirous of agreeing to a procedure whereby either one of them (the "Lender") will make available to the other of them (the "Borrower") from time to time Securities (as hereinafter defined).
B. All transactions carried out under this Agreement will be effected in accordance with the Rules (as hereinafter defined), if applicable, together with current market practices, customs and conventions, in so far as they are not inconsistent with the terms of this Agreement.

Operative provisions:

'l interpretation

1.1 pefinitions] The terms defined in clause 26 and in Schedule 1 have the meanings therein specified for the purposes of this Agreement.
1.2 Dnconsistencyj In the event of any inconsistency between the provisions of Schedule 1 and the other provisions of this Agreement, Schedule 1 will prevail. In the event of any inconsistency between the provisions (if any) of Schedule 3-and the other provisions of this Agreement (including Schedule I), Schedule 3 will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Agreement (including Schedules 1 and 3), such Confirmation will prevail for the purpose of the relevant transaction.
1.3 [Single agreement) All transactions are entered into in reliance on the fact that this Agreement and all Confirmations form a single agreement between the Parties (collectively referred to as this "Agreement"), and the Parties would not otherwise enter into any transactions.
1.4 [Interpretation] In this Agreement:
(a) Unless the context otherwise requires:
- (i) The singular includes the plural and vice versa.
- (ii) A person includes a corporation.
- (iii) A corporation includes any body corporate and any statutory authority.
- (iv) A reference to a statute, ordinance, code or other law or the Rules includes reguIations or other instruments under it or them and consolidations, amendments, re-enactments or replacements of any of them.
(b) Notwithstanding the use of expressions such as "borrow", "lend", "Collateral", "Margin", "redeliver" etc., which are used to reflect terminology used in the market for transactions of the kind provided for in this Agreement, title to Securities "borrowed" or "lent" and "Collateral" provided in accordance with

-3 this Agreement shall pass fGm one Party to another as provided for in this Agreement, the Party obtaining such title being obliged to redeliver Equivalent * 5 Securities or Equivalent Collateral, as the case may be.

1.5 [Headings] All headings appear for convenience only and shall not affect the interpretation of this Agreement.
1.6 [Currency conversion] For the purposes of clauses 6,8.3 and 8.4, when a conversion into the Base Currency is required, all prices, sums or values (including any Value, Offer Value and Bid Value) of Securities, Equivalent Securities, Collateral or Equivalent Collateral (including Cash Collateral) stated in currencies other than the Base Currency shall be converted into the Base Currency at the rate quoted by an Australian bank selected by the Lender (or, if an Event of Default has occurred in relation to the Lender, by the Borrower) at or about 1 1.00am (Sydney time) on the day of conversion as its spot rate for the sale by the bank of the Base Currency in exchange for the relevant other currency.
1.7 [Other agreements] Where at any time there is in existence any other agreement between the Parties the terms of which make provision for the lending of Securities (as defined in this Agreement) as well as other securities, the terms of this Agreement shall apply to the lending of such Securities to the exclusion of any other such agreement.
1.8 mominees] If payment is to be made to a Party's nominee or otherwise in accordance with the directions of a Party (whether by the other Party or by a third party), it shall be deemed, for the purposes of this agreement, to have been paid or made to the first mentioned Party.

2 Loans of Securities

2.1 [Borrowing Request and acceptance thereof'J The Lender will lend Securities to the Borrower, and the Borrower will borrow Securities from the Lender, in accordance with the terms and conditions of this Agreement and with the Rules provided always that the Lender shall have received from the Borrower and accepted (by whatever means) a Borrowing Request.
2.2 [Changes to a Borrowing Request] The Borrower has the right to reduce the amount of Securities referred to in, or otherwise vary, a Borrowing Request pro-vided that:
(a) the Borrower has notified the Lender of such reduction or variation no later than midday Australian Eastern standard or summer (as appropriate) time on the day which is two Business Days prior to the Settlement Date, unless otherwise agreed between the Parties, and
(b) the Lender shall have accepted such reduction or variation (by whatever means).

Delivery of Securities -

delivery to the Borrower or as it shall direct of the relevant instruments of transfer and certificates or other documents of title (if any), or in the case of Securities title to which is registered in a computer based system which provides for the recording and transfer of title to the same by way of electronic entries (such as CHESS), on the transfer of title in accordance with the rules and procedures of such system as in force from time to time, or by such other means as may be agreed.

* aL!

Title, Distributions and Voting

4.1 [Passing if title] The Parties shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
(a) any Securities borrowed pursuant to clause 2;
(b) any Equivalent Securities redelivered pursuant to clause 7;
(c) any Collateral delivered pursuant to clause 6;
(d) any Equivalent Collateral redelivered pursuant to clauses 6 or 7,

shall pass from one Party to the other, on delivery or redelivery of the same in accordance with this Agreement, free from all liens, charges, equities and encumbrances. In the case of Securities, Collateral, Equivalent Securities or Equivalent Collateral title to which is registered in a computer based system which provides for the recording and transfer of title to the same by way of electronic entries, delivery and transfer of title shall take place in accordance with the rules and procedures of such system as in force from time to time,

4.2 [Distributions]

(a) [Cash distributions] Unless otherwise agreed, where Income is paid in relation to any Securities on or by reference to an Income Payment Date on which such Securities are the subject of a loan under this Agreement, the Borrower shall, on the date of the payment of such Income, or on such other date as the Parties may from time to time agree, (the "Relevant Payment Date") pay and deliver a sum of money equivalent to the same to the Lender, irrespective of whether the Borrower received the same.
(b) [Non-cash distributions] Subject to paragraph (c) (unless otherwise agreed), where, in respect of any borrowed Securities or any Collateral, any rights relating to conversion, sub-division, consolidation, pre-emption, rights arising under a takeover offer or other rights, including those requiring election by the holder for the time being of such Securities or Collateral, become exercisable prior to the redelivery of Equivalent Securities or Equivalent Collateral, then the Lender or Borrower, as the case may be, may, within a reasonable time before the latest time for the exercise of the right or option, give written notice to the other Party that, on redelivery of Equivalent Securities or Equivalent Collateral, as the case may be, it wishes to receive Equivalent Securities or Equivalent Collateral in such form as will arise if the right is exercised or, in the case of a right which may be exercised ip more than one manner, is exercised as is specified in such written notice.
(c) [Tax Act ss 26BC(3)(c)(ii) and (v) requirements] Notwithstanding paragraph (b), where, in respect of any Borrowed Securities or any Collateral, the relevant issuer company, trustee, government or government authority issues any right or option in respect of the Borrowed Securities or Collateral,

as the case may be, the Borrower or the Lender, respectively, must deliver or make, as the case may be, to the other Party on the date of such issue or on such other date as the Parties may from time to time agree:

(i) the right, or option; or
(ii) an identical right or option; or
(iii) a payment equal to the value to the Lender or the Borrower, respectively, of the right or option;

together with any such endorsements or assignments as shall be customary and appropriate.

(d) [Manner of payment] Any payment to be made by the Borrower under this clause shall be made in a manner to be agreed between the Parties.

4.3 [Voting] Unless paragraph 4 in Schedule 1 specifies that this clause 4.3 does not apply, each Party undertakes that, where it holds Securities of the same description as any Securities borrowed by it or transferred to it by way of Collateral at a time when a right to vote arises in respect of such Securities, it will use its best endeavours to arrange for the voting rights attached to such Securities to be exercised in accordance with the instructions of the Lender or Borrower (as the case may be) provided always that each Party shall use its best endeavours to noti6 the other of its instructions in writing no later than seven Business Days prior to the date upon which such votes are exercisable, or as otherwise agreed between the Parties, and that the Party concerned shall not be obliged so to exercise the votes in respect of the number of Securities greater than the number so lent or transferred to it. For the avoidance of doubt, the Parties agree that, subject as hereinbefore provided, any voting rights attaching to the relevant Securities, Equivalent Securities, Collateral and/or Equivalent Collateral shall be exercisable by the persons in whose name they are registered, or in the case of Securities, Equivalent Securities, collateral andfor Equivalent Collateral in bearer form by the persons by or on behalf of whom they are held, and not necessarily by the Borrower or the Lender (as the case may be).

5 Fees

5.1 [Fees] In respect of each loan of Securities:

(a) for which the Collateral is cash:
(i) the Lender must pay a fee to the Borrower in respect of the amount of that Collateral, calculated at the rate agreed between them; and
(ii) unless the Parties otherwise agree, the Borrower is not obliged to pay a fee to the Lender;
(b) for which there is no Cash Collateral, the Borrower must pay a fee to the Lender, calculated at the rate agreed between them.
5.2 [Where there are different types of Collateral] Where the Collateral comprises only partly cash, clause 5.1 is to be construed as if there were separate loans of Securities, one secured solely by Cash Collateral and the other secured solely by non-cash Collateral.

5.3 [Calculation of fees] In respect of each loan of Securities, the payments referred to in clause 5.1 of this clause shall accrue daily in respect of the period commencing on and inclusive of the Settlement Day and terminating on and exclusive of the Business Day upon which Equivalent Securities are redelivered or Cash Collateral is repaid. Unless otherwise agreed, the sums so accruing in respect of each calendar month shall be paid in arrears by the Borrower to the Lender or to the Borrower by the Lender (as the case may be) not later than the Business Day which is one week after the last Business Day of the calendar month to which such payment relate or such other date as the Parties from time to time agree. Any payment made pursuant to clause 5.1 shall be in Australian currency, unless otherwise agreed, and shall be paid in such manner and at such place as shall be agreed between the Parties.

6 Collateral

[Borrower's obligation to provide Collateral] Unless otherwise agreed, subject to the other provisions of this clause 6, the Borrower undertakes to deliver to or deposit with the Lender (or in accordance with the Lender's instructions) Collateral of the kind specified in the relevant Borrowing Request or as otherwise agreed between the Parties (together with appropriate instruments of transfer duly stamped (where necessary) and such other instruments as may be requisite to vest title thereto in the Lender) simultaneously with delivery of the Borrowed Securities by the Lender.

[Global margining]

(a) [Adjustments to Collateral] Unless otherwise agreed between the Parties, subject to paragraph (b), clause 6.4 and paragraph 1.5 in Schedule 1:
(i) The aggregate Value of the Collateral delivered to or deposited with the Lender or its nominated bank or depositary (excluding any Collateral repaid or redelivered under paragraph (ii) below (as the case may be)) in respect of all loans of Securities outstanding under this Agreement ("Posted Collateral") shall from day to day and at any time be at least the aggregate of the Required Collateral Values in respect of such loans.
(ii) If at any time the aggregate Value of the Posted Collateral in respect of all loans of Securities outstanding under this Agreement exceeds the aggregate of the Required Collateral Values in respect of such loans, the Lender shall (on demand) repay such Cash Collateral and/or redeliver to the Borrower such Equivalent Collateral as will eliminate the excess.
(iii) If at any time the aggregate Value of the Posted Collateral in respect of all loans of Securities outstanding under this Agreement falls below the aggregate of Required Collateral Values in respect of all such loans, the Borrower shall (on demand) provide such further Collateral to the Lender as will eliminate the deficiency.
(b) [Netting of Collateral obligations where a Party is both Lender and Borrower] Unless otherwise agreed between the Parties, subject to clause 6.4 and paragraph 1.5 in Schedule 1, where paragraph (a) applies, if a Party (the "first Party") would, but for this paragraph, be required under paragraph (a) to repay Cash Collaterall, redeliver Equivalent Collateral or provide further Collateral in circumstances where the other Party (the "second Party") would, but for this paragraph, also be required to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral under paragraph (a), then the Value of the Cash Collateral, Equivalent Collateral or further Collateral

deliverable by the first Party ("X") shall be set-off against the Value of the Cash Collateral, Equivalent Collateral or further Collateral deliverable by the second Party ("r')' and the only obligation of the Parties under paragraph (a) shall be, where X exceeds Y, an obligation of the first Party, or where Y exceed X, an obligation of the second Party, (on demand) to repay Cash Collateral, redeliver Equivalent Collateral or deliver further Collateral having a Value equal to the difference between X and Y.

6.3 [Required Collateral Value] For the purposes of clause 6.2(a), the Value of the Posted Collateral to be delivered or deposited in respect of any loan of Securities, while the loan of Securities continues, shall be equal to the aggregate of the Value of the borrowed Securities and the Margin applicable thereto (the "Required Collateral Value").
6.4 [Time for paymentlrepayment of Collateral] Except as provided in clause 6.1 or clause 6.6, where any Cash Collateral is to be repaid, Equivalent Collateral is to be redelivered or further Collateral is to be provided under this clause 6, it shall be paid or delivered as stated in paragraph 1.4 in Schedule 1.
6.5 [Substitution of Alternative Collateral] The Borrower may from time to time call for the repayment of Cash Collateral or the redelivery of Equivalent Collateral prior to the date on which the same would otherwise have been repayable or redeliverable, provided that, at the time of such repayment or redelivery, the Borrower shall have delivered or delivers Alternative Collateral acceptable to the Lender.

6.6 [Return of CollateraVEquivalent Collateral on redelivery of Equivalent Securities]

(a) Cash Collateral shall be repaid and Equivalent Collateral shall be redelivered at the same time as Equivalent Securities in respect of the Securities borrowed are redelivered.
(b) Where Collateral is provided through a book entry transfer system (such as Austraclear or RITS), the obligation of the Lender shall be to redeliver Equivalent Collateral through such book entry transfer system in accordance with this Agreement. If the loan of Securities in respect of which Collateral was provided has not been discharged when the Equivalent Collateral is redelivered, any payment obligation generated within the book entry transfer system on such redelivery shall, until the loan of Securities is discharged or further Collateral is provided, be deemed to constitute an obligation to pay Cash Collateral.

6.7 [Receipt by Lender of Income on Collateral] Where Collateral (other than Cash Collateral) is delivered in respect of which any Income may become payable and an Income Payment Date in respect of that Collateral occurs prior to the redelivery of Equivalent Collateral, then, unless such Income is paid directly to the Borrower, the Lender shall, on the date on which such Income is paid or on such other date as the Parties may from time to time agree, pay and deliver a sum of money or property equivalent to such Income (with any such endorsements or assignments as shall be customary and appropriate to effect the delivery) to the Borrower.

6.8 [Borrower's rights re Collateral are not assignable] The Borrower may not assign, transfer or otherwise dispose of, or mortgage, charge or otherwise encumber, or otherwise deal with its rights in respect of any Collateral without the prior written consent of the Lender.

^h% >,, 4- . -* , 6.9 [Lender may set off obligation to repay or return Equivalent Collateral] If the Borrower fails to comply with its obligation to redeliver Equivalent Securities, the obligation of the Lender in respect of any Collateral may be the subject of a set-off in accordance with clause 8.
6.10 [Collateral provided to Lender's Nominee] Without limiting clause 1.8, where Collateral is provided to the Lender's nominee, any obligation under this Agreement to repay or redeliver or otherwise account for Equivalent Collateral shall be an obligation of the Lender, notwithstanding that any such repayment or redelivery may be effected in any particular case by the nominee.

Redelivery of Equivalent Securities

7.1 [Borrower's obligation to redeliver Equivalent Securities] The Borrower undertakes to redeliver Equivalent Securities in accordance with this Agreement and the terms of the relevant Borrowing Request.
7.2 [Lender may call for early redelivery of Equivalent Securities] Subject to clause 8 and the terms of the relevant Borrowing Request, the Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the Standard Settlement Time for such Equivalent Securities or the equivalent time on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The Borrower shall as hereinafter provided redeliver such Equivalent Securities not later than the expiry of such notice in accordance with the Lender's instructions.
7.3 [Lender may terminate loan if Borrower defaults] If the Borrower does not redeliver EquivaIent Securities in accordance with such call, the Lender may elect. ta continue the loan of Securities ; provided that, if the Lender does not elect to continue the loan, the Lender may by written notice to the Borrower elect to terminate the relevant loan. Upon the expiry of such notice the provisions of clauses 8.2 to 8.5 shall apply as if upon the expiry of such notice an Event of Default had occurred in relation to the Borrower (who shall thus be the Defaulting Party for the purposes of this Agreement) and as if the relevant loan were the only loan outstanding.
7.4 [Consequence of exercise of "buy-in" against Lender, as a result of Borrower default] In the event that, as a result of the failure of the Borrower to redeliver Equivalbnt Securities to the Lender in accordance with this Agreement, a cbbuy-in" is exercised against the Lender, then, provided that reasonable notice has been given to the Borrower of the likelihood of such a "buy-in", the Borrawer shall account to the Lender for the total costs and expenses reasonably incurred by the Lender as a result of such "buy-in". '
7.5 [Right of Borrower to terminate loan early] Subject to the terms of the relevant Borrowing Request, the Borrower shall be entitled at any time to terminate a particular loan of Securities and to redeliver all and any Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.

Set-off etc.

8.1 [Requirement for simultaneous delivery] On the date and time that Equivalent Securities are required to be redelivered by the Borrower in accordance with the provisions of this Agreement the Lender shall simultaneously redeliver the Equivalent Collateral and repay any Cash CollateraI held (in respect of the

Equivalent Securities to be redelivered) to the Borrower. Neither Party shall be obliged to make delivery (or make a payment as the case may be) to the other unless it is satisfied that the other Party will make such delivery (or make an appropriate payment as the case may be) to it simultaneously. If it is not so satisfied (whether because an Event of Default has occurred in respect of the other Party or otherwise), it shall notify the other Party and, unless that other Party has made arrangements which are sufficient to assure fkll delivery (or the appropriate payment as the case may be) to the notifying Party, the notifying Party shall (provided it is itself in a position, and willing, to perform its own obligations) be entitled to withhold delivery (or payment, as the case may be) to the other Party.

-. L% ^d-- z-,--.<

[Netting following occurrence of Event of Default] If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require performance thereof at the time such Event of Default occurs (the date of which shall be the "Performance Date" for the purposes of this clause), and in such event:
(a) the Relevant Value of the Securities to be delivered (or payment to be made, as the case may be) by each Party shall be established in accordance with clause 8.3; and
(b) on the basis of the Relevant Values so established, an account shall be taken (as at the Performance Date) of what is due from each Party to the other and (on the basis that each Party's claim against the other in respect of delivery of Equivalent Securities or Equivalent Collateral or any cash payment equals the Relevant Value thereof) the sums due from one Party shall be set-off against the sums due from the other and only the balance of the account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the Performance Date.
8.3 [Relevant Value] For the purposes of clause 8.2 the Relevant Value:
(a) of any cash payment obligation shall equal its par value (disregarding any amount taken into account under (b) or (c) below);
(b) of any Securities to be delivered by the Defaulting Party shall, subject to clause 8.4(b) and (c) below, equal the Offer Value thereof; and
(c) of any Securities to be delivered to the Defaulting Party shall, subject to clause 8.4(b) and (c) below, equal the Bid Value thereof.

8.4 [Bid ValueJOffer Value]

(a) For the purposes of clause 8.3, but subject to (b) and (c) below, the Bid Value and Offer Value of any Securities shall be calculated as at the Close of Business in the most appropriate market for Securities of the relevant description (as determined by the Non-Defaulting Party) on the first Business Day following the Performance Date, or, if the relevant Event of Default occurs outside the normal business hours of such market, on the second Business Day following the Performance Date (the "Default Valuation Time").

(b) Where the Non-Defaulting Party has, following the occurrence of an Event of Default but prior to the Default Valuation Time, purchased Securities forming part of the same issue and being of an identical type and description to those to be delivered by the Defaulting Party and in substantially the same amount as those Securities or sold Sec~rities forming part of the same issue and being of

an identical type and descriptio6 to those to be delivered by him to the Defaulting Party and in substantially the same amount as those Securities, the ^wcost of such purchase or the proceeds of such sale, as the case may be, (taking into account all reasonable costs, fees and expenses that would be incurred in connection therewith) shall be treated as the Offer Value or Bid Value, as the case may be, of the relevant Securities for the purposes of this clause 8.

(c) Where the amount of any Securities sold or purchased as mentioned in (b) above is not in substantially the same amount as those Securities to be valued for the purposes of clause 8.3, the Offer Value or the Bid Value (as the case may be) of those Securities shall be ascertained by:
(i) dividing the net proceeds of sale or cost of purchase by the amount of the Securities sold or purchased sa as to obtain a net unit price; and
(ii) multiplying that net unit price by the amount of the Securities to be valued.
8.5 [Interpretation: "Securities"] Any reference in this clause 8 to Securities shall include any asset other than cash provided by way of Collateral.
8.6 [Interpretation: "Event of Default"] If the Borrower or the Lender for any reason fails to comply with its respective obligations under clause 6.6 in respect of the redelivery of Equivalent Collateral or the repayment of Cash Collateral, such failure shall be an Event of Default for the purposes of this clause 8, and the person fairing to comply shall thus be the Defaulting Party.
8.7 waiver of right to require simultaneous delivery] Subject to and without prejudice to its rights under clause 8.1, either Party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers waive its right under this Agreement in respect of simultaneous delivery andlor payment; provided that no such waiver in respect of one transaction shall bind it in respect of any other transaction.

f ^t

-- i

9 Stamp duty, taxes etc and loss of tax benefits

9.1 [Stamp duty etc] The Borrower hereby undertakes promptly to pay and account for any transfer or similar duties or taxes, and any loan security or other stamp duties, (if any) chargeable in connection with any transaction effected pursuant to or contemplated by this Agreement, and shall indemnifl and keep indemnified the Lender against any liability arising in respect thereof as a result of the Borrower's failure to do so.
9.2 [Borrower to give Transfer of Dividend Statement to Lender re franked dividends] If:
(a) an Income Payment Date occurs during an Income Determination Period in relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received a Franked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confirmation states that the Lender is an Australian Taxpayer;
(d) the failure of the Lender to receive a Franked Dividend is not due to any unreasonable act or omission by or on behalf of the Lender; and
(e) neither item 7 in Schedule 1 nor the relevant Confirmation states that the Lender is not entitled to compensation for the loss of franking creditslrebates;

then:

(f) the Borrower must either:
(i) as soon as practicable, and in any event within [lo Business Days] after the relevant Income Payment Date, give to the Lender a Transfer of Dividend Statement in respect of those Securities (which the Borrower is to be taken as having warranted is correct in all material respects and is effective for the purposes of Division 6A of Part IIM of the Tax Act); or
(ii) on the El 0th Business Day] after the relevant Income Payment Date pay to the Lender an amount equal to the franking credit referable to the Franked Dividend.

9.3 [Borrower to compensate corporate Lender for loss of intercorporate dividend rebate re unfranked dividends] If:

(a) an Income Payment Date occurs during an Income Determination Period in relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received an Unfranked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confirmation states the Lender is entitled to compensation for the loss of the intercorporate dividend rebate under the Tax Act;
(d) the failure of the Lender to qualifl for that rebate is not due to any unreasonable act or omission by or on behalf of the Lender; and
(e) neither item 8 of the Agreement nor the relevant Confirmation states that the Lender is not entitled to compensation for the loss of that rebate;

then the Borrower must pay to the Lender an amount calculated as follows:

$$
P = \frac{DT}{1.7}
$$

Where:

P = the amount payable;

D = the amount of the Unfranked Dividend; and
T =
the rate of income tax, expressed as a decimal, determined under the Tax Act at the relevant Income Payment Date as that payable in respect of the taxable

income of a company (other than a private company, a company in the capacity of a trustee or a non-profit company that is a friendly society dispensary).

9.4 ["Notifiable consideration" for the purposes of s26BC(3)(d) of the Tax Act] For the purposes of section 26BC(3)(d) of the Tax Act, the notifiable consideration in respect of any loan of Securities is dissected as follows:
(a) a fee see clause 5.1 (as applicable); and
(b) other consideration see clauses 4.2,6 and 9 and the definition of "Equivalent Securities7' in clause 26.

10 Lender's warranties

I "

[Lender's warranties] Each Party hereby warrants and undertakes to the other on a continuing basis, to the intent that such warranties shall survive the completion of any transaction contemplated by this Agreement, that, where acting as a Lender:

(a) it is duly authorised and empowered to perform its duties and obligations under this Agreement;
(b) it is not restricted under the terms of its constitution or in any other manner from lending Securities in accordance with this Agreement or from otherwise performing its obligations under this Agreement;
(c) it is absolutely entitled to pass fill legal and beneficial ownership of all Securities provided by it under this Agreement to the Borrower free from all liens, charges, equities and encumbrances; and
(d) where paragraph 3 in Schedule 1 specifies that this clause 10(d) applies, it is not resident in Australia for the purposes of the Tax Act and either:
(i) does not have a branch or other permanent establishment in Australia for the purposes of the Tax Act or of any applicable double tax agreement between Australia and its country of tax residence; or
(ii) if it does have such a branch or other permanent establishment in Australia, that the loan is not entered into in the course of carrying on business through such branch or permanent establishment.

11 Borrower's warranties

[Borrower's warranties] Each Party hereby warrants and undertakes to the other on a continuing basis, to the intent that such warranties shall survive the completion of any transaction contemplated by this Agreement, that, where acting as a Borrower:

(a) it has all necessaiy licences and approvals, and is duly authorised and empowered, to perform its duties and obligations under this Agreement and will do nothing prejudicial to the continuation of such authorisation, licences or approvals;

(b) it is not restricted under the terms of its constitution or in any other manner from borrowing Securities in accordance with this Agreement or from otherwise performing its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Collateral provided by it under this Agreement to the Lender free from all liens, charges, equities and encumbrances; and
(d) it is acting as principal in respect of this Agreement.

Events of Default

4
12.1 [Events of Default] Each of the following events occurring in relation to either , Party (the "Defaulting Party", the other Party being the "Non-Defaulting Party") ! shall be an Event of Default for the purpose of clause 8:
(a) the Borrower or Lender failing to pay or repay Cash Collateral or deliver or redeliver Collateral or Equivalent Collateral upon the due date, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(b) the Lender or Borrower failing to comply with its obligations under clause 6, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(c) the Borrower failing to comply with clause 4.2, clause 9.2 or clause 9.3 and the Non-Defaulting Party serves written notice on the Defaulting Party;
(d) an Act of Insolvency occurring with respect to the Lender or the Borrower and (except in the case of an Act of Insolvency which is the presentation of a petition for winding up or any analogous proceeding or the appointment of a liquidator or analogous officer of the Defaulting Party in which case no such notice shall be required) the Non-Defaulting Party serves written notice on the Defaulting Party;
(e) any representations or warranties made by the Lender or the Borrower being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(f) the Lender or the Borrower admitting to the other that it is unable to, or it intends not to, perform any of its obligations hereunder and/or in respect of any loan hereunder, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(g) the Lender (if appropriate) or the Borrower being declared in default by the appropriate authority under the Rules or being suspended or expelled fiom membership of or participation in any securities exchange or association or other self-regulatory organisation, or suspended fiom dealing in securities by any government agency, and the Non-Defaulting Party serves written notice on' the Defaulting Party;
(h) any of the assets of the Lender or the Borrower or the assets of investors held by or to the order of the Lender or the Borrower being ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the Non-Defaulting Party serves written notice on the Defaulting Party, or
(i) the Lender or the Borrower failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the Non-Defaulting Party serves written notice requiring it to remedy such failure, and the Non-Defaulting Party serves a further written notice on the Defaulting Party.
12.2 [Obligation of each Party to notify its Event of Default] Each Party shall notify the other if an Event of Default occurs in relation to it.

13 Outstanding payments

[Default interest] In the event of either Party failing to remit sums in accordance with this Agreement, such Party hereby undertakes to pay to the other Party upon demand interest Refore as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency at a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it in good faith) if it were to fund or of funding the relevant amount, plus 2% (or other agreed percentage) per annum.

14 Transactions entered into as agent

14.1 [Agency Transactions] Subject to the following provisions of this clause, the Lender may enter into loans as agent (in such capacity, the "Agent") for a third person (a "Principal"), whether as custodian or investment manager or otherwise (a loan so entered into being referred to in this clause as an "Agency Transaction").
14.2 [Conditions for Agency Transactions] A Lender may enter into an Agency Transaction if, but only if:
(a) it specifies that loan as an Agency Transaction at the time when it enters into it;
(b) it enters into that loan on behalf of a single Principal whose identity is disclosed to the Borrower (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified Principal) at the time when it enters into the loan; and
(c) it has at the time when the loan is entered into actual authority to enter into the loan and to perform on behalf of that Principal all of that Principal's obligations under the agreement referred to in clause 14.4(b) below,
14.3 [Undertakings by Lender] The Lender undertakes that, if it enters as agent into an Agency Transaction, forthwith upon becoming aware:
(a) of any event which constitutes an Act of Insolvency with respect to the relevant Principal; or
(b) of any breach of any of the warranties given in clause 14.5 below or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the current facts,

it will inform the Borrower of that fact and will, if so required by the Borrower, furnish it with such additional information as it may reasonably request.

14.4 [Consequences of Agency Transaction J

(a) Each Agency Transaction shall be a transaction between the relevant Principal and the Borrower and no person other than the relevant Principal and the Borrower shall be a party to or have any rights or obligations under an Agency Transaction. Without limiting the foregoing, the Lender shall not be liable as principal for the performance of an Agency Transaction or for breach of any warranty contained in clause 10(d) of this Agreement, but this is without prejudice to any liability of the Lender under any other provision of this clause.
(b) All the provisions of the Agreement shall apply separately as between the Borrower and each Principal for whom the Agent has entered into an Agency Transaction or Agency Transactions as if each such Principal were a party to a separate agreement with the Borrower in all respects identical with this Agreement other than this paragraph and as if the Principal were Lender in respect of that agreement; provided that:
(i) if there occurs in relation to the Agent an Event or Default or an event which would constitute an Event of Default if the Borrower served written notice under any paragraph of clause 12, the Borrower shall be entitled by giving written notice to the Principal (which notice shall be validly given to the Lender in accordance with clause 20) to declare that, by reason of that event, an Event of Default is to be treated as occurring in relation to the Principal. If the Borrower gives such a notice, then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and
(ii) if the Principal is neither incorporated nor has established a place of business in Australia, the Principal shall for the purposes of the . agreement referred to in the preamble in this paragraph (b) be deemed to have appointed as its agent to receive on its behalf service of process in the courts of Australia the Agent, or, if the Agent is neither incorporated nor has established a place of business in Australia, the person appointed by the Agent for the purposes of this Agreement, or such other person as the Principal may from time to time specify in a written notice given to the other party.
(c) The foregoing provisions of this clause do not affect the operation of the Agreement as between the Borrower and the Lender in respect of any transactions into which the Lender may enter on its own account as principal.
14.5 [Warranty by Lender] The Lender warrants to the Borrower that it will, on every occasion on which it enters or purposes to enter into a transaction as an Agency Transaction, have been duly authorised to enter into that loan and perform the obligations arising thereunder on behalf of the person whom it specifies as the Principal in respect of that transaction and to perform on behalf of that person all the obligations of that person under the agreement referred to in clause 14.4(b).

15 Termination of course of dealings by notice

Each Party shall have the right to bring the course of dealing contemplated under this Agreement to an end by giving not less than 15 Business Days' notice in writing to the other Party (which notice shall specify the date of termination), subject to an obligation to ensure that all loans and which have been entered into but not discharged at the time such notice is

given are duly discharged in accordalice with this Agreement and with the Rules (if applicable). ^L

16 No reliance or tax or accounting representations by other Party

Each Party acknowledges, represents and warrants to the other that, except as expressly stated in this Agreement or any Confirmation:

(a) it has not relied on any advice, statement, representation or conduct of any kind by or on behalf of the other Party in relation to any tax (including stamp duty) or accounting issues concerning this Agreement or any transactions effected under it; and-
(b) it has made its own determination as to the tax (including stamp duty) and accounting consequences and treatment of any transaction effected under this Agreement, including (without limitation) of any moneys paid or received or any property transferred or received in connection with any such transaction.

17 Observance of procedures

Each of the Parties hereto agrees that, in taking any action that may be required in accordance with this Agreement, it shall observe strictly the procedures and timetable applied by the Rules (if and to the extent applicable) and, further, shall observe strictly any agreement (oral or otherwise) as to the time for delivery or redelivery of any money, Securities, Equivalent Securities, Collateral or Equivalent Collateral entered into pursuant; to this Agreement.

18 Severance

r' %

If any provision of this Agreement is declared by any judicial or other competent authority to be void or otherwise unenforceable, that provision shall be severed from the Agreement and the remaining provisions of this Agreement shall remain in full force and effect. The Agreement shall, however, thereafter be amended by the Parties in such reasonable manner so as to achieve, without illegality, the intention of the Parties with respect to that severed provision.

19 Specific performance --

Each Party agrees that, in relation to legal proceedings, it will not seek specific performance of the other Party's obligation to deliver or redeliver Securities, Equivalent Securities, Collateral or Equivalent CollateraI, but without prejudice to any other rights it may have.

20 Notices

20.1 [Effectiveness] Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under clause 12 or clause 15 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see paragraph 6 in Schedule 1) and will be deemed effective as indicated:

(a) if in writing and delivered in person or by courier, on the date it is delivered;

(b) if sent by telex, on the date the recipient's answerback is received;
(c) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);
(d) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or
(e) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or the receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicabIe, after the close of business on a Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Business Day.

20.2 [Change of Address] Either party may by notice to the other change the address, telex or facsimile number or electronic massaging system details at which notices or other communications are to be given to it.

rL f

Neither Party may assign, transfer or othemise dispose of all or any of its rights or obligations under this Agreement without the prior written consent of the other Party.

22 Non-Waiver

No failure or delay by either Party to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege as provided in this Agreement.

23 Time

Time shall be of the essence of the Agreement.

24 Recording

The Parties agree that each may electronically record all telephonic conversations between them.

25 Miscellaneous

25.1 [Entire Agreement] This Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.
25.2 [Amendments] No amendment in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and

executed by each of the Parties or confirmed by an exchange of telexes or eIectronic messages on an electronic messaging system.

25.3 [Survival of Obligations] The obligations of the Parties under this Agreement will survive the termination of any transaction.

;.-

25.4 [Remedies Cumulative] Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive or any rights, powers, remedies and privileges provided by law.
25.5 [Counterparts] This Agreement (and each amendment in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.
25.6 [Expenses] A defaulting Party will, on demand, indemnify and hold harmless the other Party for and against all reasonable out-of-pocket expenses, including legal fees and stamp duty, incurred by such other Party by reason of the enforcement and protection of its rights under this Agreement or by reason of the early termination of any transaction, including, but not limited to, costs of collection.

I 26 Definitions - --

T~ i

In this Agreement:

Act of Insolvency means in relation to either Party:

(a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
(b) its admitting in writing that it is unable to pay its debts as they become due; or
(c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
(d) the presentation or filing of a petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the bankruptcy, winding-up or insolvency of such Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re-adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or
(e) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such Party over all or any material part of such Party's property; or
(f) the convening of any meeting of its creditors for the purpose of considering a compromise or arrangement within Part 5.1 of the Corporations Law of Australia (or any analogous proceeding).

In this definition:

(g) "liquidator" shall be deemed to include a "provisional liquidator";
(h) "receiver" shall be deemed to include a "receiver and manager";
(9 "administrator" shall be deemed to include an "official manager";
(j) "arrangement" shall be deemed to include a "scheme of arrangement"; and
(k) "creditors" shall be deemed to include "any class of creditors".

Agent has the meaning given in clause 14.

Alternative Collateral means Collateral of a Value equal to the Collateral delivered pursuant to clause 6 and provided by way of substitution for Collateral originally delivered or previously substituted in accordance with the provisions of clause 6.5.

Australian Taxpayer means any person other than:

(a) a Party who is not a resident of Australia for the purposes of the Tax Act (whether that Party is acting as a trustee, nominee or agent or in some other capacity) at the time a Franked Dividend is paid; or
(b) a Party who is acting in the capacity of trustee, nominee or agent for a person who is not a resident of Australia for the purposes of the Tax Act at the time a Franked Dividend is paid.

Bankers Acceptances has the meaning given in paragraph l.l(d) in Schedule 1.

Base Currency has the meaning given in paragraph 2 in Schedule 1.

Bid Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available bid price thereof on the most appropriate market in a standard size.

Bid Value, subject to clause 8.5, means:

(a) in relation to Equivalent Collateral at a particular time:
(i) in relation to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule l), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1;
(ii) in relation to all other types of Collateral (more specifically referred to in paragraph 1.1 in Schedule l), the amount which would be received on a sale of such Collateral at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection with selling or otherwise realising such Equivalent Collateral, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out such sale or realisation and adding thereto the amount of any interest, dividends, distributions or other amounts paid to the Lender and in respect

of which equivalent amounts have not been paid to the Borrower in accordance with clause 6.7 prior to such time in a9 respect of such Equivalent Collateral or the original Collateral held gross of all and any tax deducted or paid in respect thereof; and

(b) in relation to Equivalent Securities at a particular time, the amount which would be received on a sale of such Equivalent Securities at the Bid Price thereof at such time less a11 costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction.

Borrower, in relation to a particular loan of Securities, means the Borrower as referred to in Recital A of this Agreement.

Borrowing Request means a request made in writing (an example of which comprises Schedule 2 to this Agreement) by the Borrower to the Lender pursuant to clause 2.1 specifling, as necessary:

(a) the description, title and amount of the Securities required by the Borrower;
(b) the description (if other than Australian currency) and amount of any Collateral to be provided;
(c) the proposed Settlement Date;
(d) the duration of such loan (if other than indefinite);
(e) the mode and pIace of delivery, which shall, where relevant, include the bank, agent, clearing or settlement system and account to which delivery of the Securities and any Collateral is to be made;
(f) the Margin in respect of the transaction (if different fkom that stated in Schedule 1 or Schedule 3, as appropriate); and
(g) the Fee.

^ri

Business Day means a day on which banks and securities markets are open for business generally in each place stated in paragraph 5 in Schedule 1 and, in relation to the delivery or redelivery of any of the following in relation to any loan, in the place(s) where the relevant Securities, Equivalent Securities, Collateral (including Cash Collateral) or Equivalent Collateral are to be delivered.

Cash Collateral means Collateral that takes the form of a deposit of currency.

Close of Business means:

(a) in relation to any borrowing of Securities or redelivery of Equivalent Securities under this agreement, the final time on a Business Day at which settlement of the transfer of those Securities can take place in the Stock Exchange in order to constitute good delivery on that day; and

. <

(b) in relation to the provision of Collateral or return of Equivalent Collateral or the making of any other payment under this agreement, the time at which trading banks close for general banking business in the place in which payment is to be made or Collateral or Equivalent Collateral is to be delivered or redelivered.

Collateral means such securities or financial instruments or deposits of currency as are referred to in paragraph 1.1 in Schedule 1 or any combination thereof which are delivered by the Borrower to the Lender in accordance with this Agreement and includes the certificates or other documents of title (if any) and transfer in respect of the foregoing (as appropriate), and includes Alternative Collateral.

Confirmation means the Borrowing Request, as it may be amended pursuant to clause 2.2., or other confirming evidence exchanged between the Parties confirming the terms of a transaction.

Defaulting Party has the meaning given in clause 12.

Dividend means a dividend within the meaning of the definition of that term in section 6(1) (as affected by sections 6(4) and 6(5)) of the Tax Act.

Equivalent Collateral or Collateral equivalent to, in relation to any Collateral provided under this Agreement, means securities, cash or other property, as the case may be, of an identical type, nominal value, description and amount to particular Collateral so provided and shall include the certificates or other documents of title (if any) and transfer in respect of the foregoing (as appropriate). If and to the extent that such Collateral consists of securities that are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or event similar to any of the foregoing, the expression shall have the following meaning:

(a) in the case of conversion, subdivision or consolidation the securities into which the relevant Collateral has been converted, subdivided or consolidated provided that, if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption;
(c) in the case of a takeover, a sum of money or securities, being the consideration or alternative consideration of which the Borrower has given notice to the Lender in accordance with clause 4.2(b);

(d) in the case of a call on partly paid securities, the paid-up securities provided that the Borrower shall have paid to the Lender an amount of money equal to the sum due in respect of the call;

(e) in the case of a capitalisation issue, the relevant Collateral together with the securities allotted by way of a bonus thereon;
(f) in the case of a rights issue, the relevant Collateral together with the securities allotted thereon, provided that the Borrower has given notice to the Lender in accordance with clause 4.2(b), and has paid to the Lender all and any sums due in respect thereof;
(g) in the event that a payment or delivery of Income is made of the relevant Collateral in the form of securities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form of securities or a certificate which may at a future date be exchanged for securities, notice has been given to the Lender in accordance with clause 4.2(b) the relevant Collateral together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any of the foregoing, the relevant Collateral together with or replaced by a sum of money or securities equivalent to that received in respect of such Collateral resulting from such event.

For the avoidance of doubt, in the case of Bankers' Acceptances (Collateral type (d)), Equivalent Collateral must bear dates, acceptances and endorsements (if any) by the same entitles as the bill to which it is intended to be equivalent and, for the purposes of this definition, securities are equivalent to other securities where they are of an identical type, nominal value, description and amount and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (as appropriate).

Equivalent Securities means securities of an identical type, nominal value, description and amount to particular Securities borrowed and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (if appropriate). If and to the extent that such Securities are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or event similar to any of the foregoing, the expression shall have the following meaning:

(a) in the case of conversion, subdivision or consolidation the securities into which the borrowed Securities have been converted, subdivided or consolidated provided that if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption;
(c) in the case of a takeover, a sum of money or securities, being the consideration or alternative consideration of which the Lender has given notice to the Borrower in accordance with clause 4.2(b);
(d) in the case of a call on partly paid securities, the paid-up securities provided that the Lender shall have paid to the Borrower an amount of money equal to the sum due in respect of the call;
(e) in the case of a capitalisation issue, the borrowed Securities together with the securities allotted by way of a bonus thereon;

^C1 %

(f) in the case of a rights issue, the borrowed Securities together with the securities allotted thereon, provided that the Lender has given notice to the Borrower in accordance with clause 4.2(b), and has paid to the Borrower all and any sums due in respect thereof;
(g) in the event that a payment or delivery of Income is made in respect of the borrowed Securities in the form of securities or a certificate which may at a fbture date be exchanged for securities or in the event of an option to take Income in the form of securities or a certificate which may at a future date be exchanged for securities, notice has been given to the Borrower in accordance with clause 4.2(b) the borrowed Securities together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any of the foregoing, the borrowed Securities together with or replaced by a sum of money or securities equivalent to that received in respect of such borrowed Securities resulting from such event.

For the purposes of this definition, securities are equivalent to other securities where they are of an identical type, nominal value, description and amount and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (as appropriate).

Event of Default has the meaning given in clause 12.

Fee, in respect of a transaction, means the fee payable by one Party to the other in respect of that transaction under clause 5,

Franked Dividend means a Dividend the whole or part of which is taken to have been franked in accordance with section 160AQF of the Tax Act.

Income means any dividends, interest or other distributions of any kind whatsoever with respect to any Securities or Collateral.

Income Determination Period, in relation to a particular loan of Securities, means:

(a) in relation to the Securities, the p'eriod commencing when the Securities cease to be registered in the name of the Lender (or the relevant transferor) upon or before delivery of those Securities under clause 3 and ending when Equivalent Securities are registered in the name of the Lender (or the relevant transferee) upon or following redelivery of those Equivalent Securities under clause 7.1; and

(b) in relation to Collateral (other than Cash Collateral), the period commencing when the Collateral ceases to be registered in the name of the Borrower (or the relevant transferor) upon or before delivery of that Collateral under clause 6.1 and ending when Equivalent Collateral is registered in the name of the Borrower (or the relevant transferee) upon or following redelivery of that Equivalent Collateral under clause 6.6.

Income Payment Date, in relation to any Securities or Collateral, means the date on which Income is paid in respect of such Securities or Collateral, or, in the case of registered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of Income.

Lender, in relation to a particular loan of Securities, means the Lender as referred to in Recital A of this Agreement.

I Z

Margin has the meaning in paragraph 1.3 in Schedule 1.

Nominee means an agent or a nominee appointed by either Party to accept delivery of, hold or deliver Securities, Equivalent Securities, Collateral andlor Equivalent Collateral on its behalf whose appointment has been notified to the other Party.

Non-Defaulting Party has the meaning given in clause 12.

Offer Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available offer price thereof on the most appropriate market in a standard size.

Offer Value, subject to clause 8.5, means:

(a) in relation to Collateral equivalent to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule l), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1 ; and
(b) in relation to Equivalent Securities or Collateral equivalent to all other types of Collateral (more specifically referred to in paragraph 1.1 in Schedule I), the amount it would cost to buy such Equivalent Securities or Equivalent Collateral at the Offer Price thereof at such time plus all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the Ieast that could reasonably be expected to be paid in order to carry out the transaction.

paid, in relation to a Dividend, includes credited, distributed or issued and like terms are to be construed accordingly.

Parties means the Lender and the Borrower and Party shall be construed accordingly.

Performance Date has the meaning given in clause 8.

Posted Collateral has the meaning given in clause 6.2(a)(i).

Principal has the meaning given in clause 14.

Reference Price means:

(a) in relation to the valuation of Securities, Equivalent Securities, Collateral andlor Collateral equivalent to type (g) (more specifically referred to in paragraph 1.1 in Schedule 1), such price as is equal to the mid market quotation of such Securities, Equivalent Securities, Collateral andlor Equivalent Collateral as derived from a reputable pricing information service (such as the services provided by SEATS or Reuters) reasonably chosen in good faith by the Lender or if unavailable the market value thereof as derived from the prices or rates bid by a reputable dealer for the relevant instrument reasonably chosen

in good faith by the'lender, in each case at Close of Business on the previous Business Day; and

in relation to the valuation of Securities, Equivalent Securities, Collateral and/or Collateral equivalent to Collateral types (b)-(f) (more specifically referred to in paragraph 1 .I in Schedule I), the market value thereof as derived from the prices or rates bid by a market maker or reputable dealer for the relevant instrument reasonably chosen by the Lender in good faith or, in the absence of such a bid, the average of the rates bid by two leading market makers reasonably chosen in good faith by the Lender in each case at Close of Business on the previous Business Day.

Relevant Payment Date has the meaning given in clause 4.2(a).

r 3,.

Required Collateral Value has the meaning given in clause 6.3.

Rules means the rules for the time being of the Stock Exchange (where either Party is a member of the Stock Exchange) and/or any other regulatory authority whose rules and regulations shall from time to time affect the activities of the Parties pursuant to this Agreement (provided that in an Event of Default, where either Party is a member of the Stock Exchange, the Rules and Regulations of the Stock Exchange shall prevail).

Securities means "eligible securities" within the meaning of section 26BC(1) of the Tax Act which the Borrower is entitled to borrow from the Lender in accordance with the Rules and which are the subject of a loan pursuant to this Agreement and such term shall include the certificates or other documents of title (if any) in respect of the foregoing.

Settlement Date means the date upon which Securities are or are to be transferred to the Borrower in accordance with this Agreement.

Standard Settlement Time, in relation to Australian Securities, means T + 5 Australian business days on which the Australian Stock Exchange Limited is open for trading, or such lesser time in which transactions in Australia in listed securities are customarily required to be settled.

Stock Exchange means the Australian Stock Exchange Limited.

Tax Act means the Income Tax Assessment Act 1936 (CommonweaIth of Australia).

Transfer of Dividend Statement, in relation to Dividends, means a properly completed document in the form, or substantially in the form, of Appendix 6.26 to the Rules or a properly completed statement in another approved form within the meaning of the definition of that term in section 16OAPA of the Tax Act.

Unfranked Dividend means a Dividend no part of which has been franked in accordance with the Tax Act.

Value at any particular time means, in relation to Securities and Equivalent Securities, the Reference Price thereof then current and in respect of Collateral and/or Equivalent Collateral such worth as determined in accordance with paragraph 1.2 in Schedule 1.

27 Governing Law and Jurisdiction
	27.1	[Governing law] This Agreement is governed by, and shall be construed in accordance with, the law in force in New South Wales, Australia.
	27.2	[Consent to jurisdiction] Each Party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New South Wales in respect of any dispute in connection with this Agreement.

EXECUTED as an agreement

Schedule ¹- Particulars - --- -

1 COLLATERAL (see definition in clause 26, and also clause 6).

1.1 Types (see defmition of "Collateral" in clause 26)

Collateral acceptable under this agreement may include cash and the following marketable securities as indicated by the Bank in its absolute discretion from time to time, as being acceptable:

(a) Cash;
(b) Australian Government Inscribed Stock;
(c) Australia, State or Territory Government stock, bonds or promissory notes (including those issued by any statutory corporation such as Treasury Corporation of New South Wales);
(d) Bills of exchange accepted by any bank carrying on business in Australia ("Bankers Acceptances");
(e) Promissory notes issued by any such bank;
(0 Certificates of Deposit issued by any such bank,
(g) Corporate bonds in registrable or bearer form;
(h) Irrevocable Stand-by Letters of Credit issued or confirmed by any such bank and bank guarantees issued by any such bank and of a form acceptable to the Bank, and
(i) any other shares, stock, scrip, bills, notes, deposits, bonds, units, debentures, or commercial paper of any of them or any other person.

1.2 Valuation of Collateral (see definition of bbValue" in clause 26 and clause 6.2)

Collateral provided in accordance with this Agreement shall be evaluated by reference to the following, or by such means as the Parties may from time to time agree:

(a) in respect of cash, the amount thereof in, or converted into, the Base Currency; and
(b) in respect of marketable securities outlined in 1.1 of this schedule, the Reference Price;
(c) deleted;
(d) in respect of collateral type (h) or any other commercial papers, the value specified therein.

^C1.3 Margin (see definition in clause 26 and clause 6.3)

The value of any Collateral delivered, or to be delivered, pursuant to clause 6 by the Borrower to the Lender under the terms and conditions of this Agreement shall on each Business Day represent not less than the Value of the borrowed Securities together with the following additional percentages, hereinbefore referred to as ("the Margin"), unless otherwise agreed between the Parties:

(a) in the case of a sum of money in clear hds equal to the Value of the borrowed securities: 5%;
(b) in the case of an irrevocable standby letter of credit from an issuer and of a form acceptable to the Lender for an amount equal to the Value of the borrowed securities: 10%;
(c) in the case of a guarantee issued by a Bank and of a form acceptable to the Lender for an amount equal to the Value of the borrowed Securities: 10%;
(d) in the case of certificates of title for marketable securities acceptable to the Lender with a total market value equal to the Value of the borrowed Securities: 10%;
(e) in the case of debt securities equal to the Value of the borrowed securities: 5%.

1.4 Basis of Margin Maintenance (see clause 6.4)

Minimum period after demand for transferring Collateral or Equivalent Collateral:

(a) Cash Collateral: within one Business Day;
(b) Equivalent Collateral: not less than the Standard Settlement Time for such Collateral or the equivalent time on the exchange or clearing organisation through which the relevant Collateral is to be, or was originally, delivered;
(c) Other Collateral (ie a Letter of Credit): within two Business days.
1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (iii))
(a) The Lender may not demand that further Collateral be provided by the Borrower if the aggregate deficiency calculated in accordance with clause 6.2 is less than the greater of:
- (i) \$5,000; and
- (ii) 5% of the Collateral.
(b) The Borrower may not demand the return of Collateral provided to the Lender if the Borrower has committed an Event of Default in

^brespect of any transaction or if the aggregate excess calculated in accordance with clause 6.2 is less than the greater of

(iii) \$5,000; and
(iv) 5% of the Collateral.

2 BASE CURRENCY (see definition in clause 26 and clause 1.6)

The Base Currency applicable to this Agreement is Australian Dollars.

3 LENDER'S WARRANTIES (see clause lo(?))

Clause 10(d) shall apply to [# name of any Party which is not a resident of Australia and where any transaction is not entered into through any branch of that non-resident in Australia].

4 VOTING (see clause 4.3)

Clause 4.3 doesldoes not* apply.

5 PLACE OF BUSINESS (see definition of "Business Day" in clause 26)

Melbourne.

6 ADDRESS FOR NOTICES AND STATUS OF PARTIES (see clause 20.1)

6.1 Address for notices or communications to MACQUARIE BANK LMKED:

- I , I / r	Address:	No 1 Martin Place Sydney, NSW 2000
	Attention: /	Treasury & Commodities
	Facsimile No:	0282324414
	Telephone No:	02 8232 3815

Electronic Messaging System Details:

which is an Australian Taxpayer.

6.2 Address for notices or communications to NATIONAL AUSTRALIA BANK LIMITED:

Address:	5th Floor South
	271 Collins Street
	Melbourne 3000
Attention:	Mr. Rob Richards

Facsimile No: (613) 9659 7922

Telephone No: (613) 9659 6289

Electronic Messaging System Details: [email protected]

which is an Australian Taxpayer.

COMPENSATION FOR LOSS OF FRANKING CREDITSJREBATES (see clause 9.2)

Is required by both parties, unless otherwise stated in a confirmation.

COMPENSATION FOR LOSS OF INTERCORPORATE DIVIDEND REBATE (see clause 9.3)

Is required by both parties, unless otherwise stated in a Confirmation.

Schedule ²Specimen Form of Borrowing Request (see clause 2.1 a and definition of "Borrowing Request" in clause 26)

To: [Name and Address of Lender]

This is a Borrowing Request under the Master Securities Lending Agreement between us dated # (the "Agreement")

1 We wish to make the following borrowing of Securities: (a) Description of Securities: # [eg "fully paid ordinary shares in # '\$1 (b) Amount of Securities: # [eg "1 million"] (c) Proposed Settlement Date of # keg "today"] Borrowing: (d) Time, Mode and Place of Delivery of Securities, including (as appropriate) settlement system and account to which delivery is to be made: # [eg "to the account of #, HIN #, in CHESS"] (e) Duration of Loan: (0 Type of Collateral: No longer than eleven months and 20 days after the Borrowed Securities are delivered under this Borrowing Request. # [eg "Cash"] (g) Time, Mode and Place of Delivery of # [eg "dvp on CHESS"] Collateral: (h) Rates (see clause 5.1 of the #Leg (a) " #% per annum on the Cash Agreement): Collateral", or (b) "# % per annum on the daily value of the Borrowed Securities" as appropriate]. 2 Please confirm your acceptance of this Borrowing Request by return fax. Dated: # For and on behalf of [Name of Borrower]

a Signature of Authorised

Representative

Name and title of Authorised Representative

&I Schedule 3 - Supplementary Terms and Conditions

This schedule forms part of and amends the Master Securities Lending Agreement (including schedule 1) to which it is a Schedule, as follows:

¹Where the Lender enters into an Agency Transaction as defined in clause 14 of the Agreement for a Principal (as defined in clause 14).

(a) a new clause 2.3 is added as follows:

"no Borrowing Request shall specify a loan period in excess of 12 months. All loans are recallable on demand and must be repaid within the standard settlement period for the market on demand.";

(b) clause 5.1 (b) is deleted and the following substituted:

"(b) for which there is no Cash Collateral, the Borrower must pay a fee to the Lender, calculated at the rate agreed between them, which fee the Lender shall credit to the account of the Principal, after deducting &om that fee such amount as may be agreed between the Lender and the Principal;" and
(c) a new clause 14.6 is added:

"To the maximum extent permitted by applicable law, and except as expressly provided in clause 14.5, the Lender makes no representation and gives no warranty in relation to the Principal or as to the validity or enforceability of the Agreement or any Agency Transaction against the Principal.

The words "Borrowed Securities" are deleted where they appear in the second and fourth limes of clause 42(c) and replaced with the words "borrowed Securities".
The word "collateral" is deleted where it appears in the third last line of clause 4.3 and replaced with the word "Collateral".
A new clause 4.4 is added as follows:

"Where Securities are subject to a loan under this Agreement and those Securities are or become the subject of a dividend reinvestment plan, the Borrower will, if instructed by the Lender with at least one Business Day's notice, take all necessary action to reinvest any dividend in accordance with that plan so that the Securities so acquired are added to the Securities the subject of the loan under this Agreement;

Where the above requirements may not otherwise be met, without limiting the Lender's rights under this Agreement, the Lender may recall the loan in sufficient time for the requirements to be able to be met.";

A new clause 4.5 is added as follows:

"Subject to. the Lender providing at least one Business Day's notice, the Borrower must take reasonable action to protect Corporate Action entitlements of the Lender (or where the Lender enters into an Agency Transaction, the Principal) in accordance with the instructions of the Lender?;

6 The word "relate" is deleted where it appears in the eighth line of clause 5.3 and is replaced by the word "relates".

7 A new clause 6.1 1 is added as follows:

"[Letters of Credit] If the Collateral in respect of any loan of Securities is or includes a letter of credit the Lender may only draw down under that letter of credit where the Borrower commits an Event of Default and upon the Lender drawing down, whether or not permitted under this clause 6.1 1, the Collateral (or that part of it represented by the letter of credit) becomes cash Collateral."

8 Clause 9.2 is deleted and the following clause substituted:

"Unless the parties otherwise agree in writing, if the Borrower does not give the Lender (or where the Lender enters into an Agency Transaction, the Principal) a - valid and effective transfer of dividend statement contemplated by section 160AQUA of the Income Tax Assessment Act 1936 at or about the time that an amount equal to a dividend, or a trust distribution attributable to a dividend, is paid in respect of lent securities, so that the Lender (or the Principal, as the case may be) is unable to claim a franking credit or rebate that it would have been able to claim had it held the Securities delivered pursuant to a loan during the period of that loan, then the Borrower must pay to the Lender (or the Principal, as the case may be) in cash, without any withholding or deduction for or on account of Taxes, an amount calculated as follows:

where:

F = franked amount of dividend, or trust distribution attributable to a dividend.

T = the corporate tax rate expressed as a decimal (eg 0.36).

For example, if the corporate tax rate is 36% and the cash amount of a fully franked dividend was \$64:

9 The words "of the Agreement" in line 1 of clause 9.3(e) are deleted and replaced with the words "of Schedule I".

10 The word "and" is deleted in clause 9.4(a).

¹¹A new clause 9.5 is added as follows:

"Unless the parties otherwise agree in writing where any withholding or deduction for or on account of any Tax is or would be deducted from Incomg

earned on the Securities delivered pursuant to a loan during the period of the loan, the Borrower must pay the Lender in respect of that Income an amount of money equal to the gross amount of the relevant Income payable to the Borrower as if no such withholding or deduction for or on account of Taxes were made or required to be made."

A new clause is added after clause 9.4 as follows:

"Notwithstanding any other provision of this agreement, if a goods and services tax or any similar tax ("GSTyy) is imposed in Australia:

(a) in the event that GST has application to any supply made under this agreement the Lender may, in addition to any amount or consideration payable or to be provided pursuant to this agreement, recover from the Borrower an amount on account of GST, such amount to be calculated by multiplying the relevant amount or consideration payable to the Borrower for the relevant supply by the prevailing GST rate; and
(b) without limiting the generality of the foregoing, in the event that the Lender is not entitled to an input tax credit in respect of the amount of any GST charged to or recovered from the Lender by any person, or payable by the Lender, or in respect of any amount which is recovered from the Lender by way or reimbursement of GST referable (directly or indirectly) to any supply made under or in connection with this agreement, the Lender shall be entitled to decrease the amount or consideration payable to the Client in accordance with this agreement in reimbursement of any such input tax.

Any additional amount on account of GST, or on account of an amount for which the Lender is not entitled to an input tax credit, recoverable from the Borrower pursuant to sub-paragraph (a) or sub-paragraph (b) of this clause shall be calculated without any deduction or set-off of any other amount and is payable by the Borrower upon demand by the Lender whether such demand is by means of an invoice or otherwise."

In clause 12.l(a), the words ",Equivalent Securities" are added after "redeliver Collaterai".
In clause 12.l(b), the words "or clause 7" are added after "clause 6".
In clause 12.2, the words "an Event of Default occurs" are deleted where appearing after the word "if' and replaced with the words "an event occurs which would constitute an Event of Default with the giving of notice".
In clause 14.4(b)(i), the word "or" where it appears in line 1 is deleted and replaced with the word "of '.

In clause 15, the word "and" where it appears in the fourth line is deleted.

In clause 16, the word "or" where it appears in the heading is deleted and replaced with the word "on".

19 In clause 25.4@)(i), the word "or" where it appears in the third line is deleted and replaced with the word "of '.
20 In clause 25.6, the word "defaulting" where it appears in the firs line is deleted and replaced with the word "Defaulting".
21 In clause 26, the following definitions are amended as follows:
(a) The definition of "Equivalent Collateral or Collateral equivalent toy' is amended by:
- (0 the words "in respect" are inserted after the word "made" in the first line of sub-clause (g);
- (ii) the word "and" is inserted after the word "sec~rities'~ in the fifth line of sub-clause (g);
- (iii) the word "entitles" is replaced with the word "entities" in the third line of the last paragraph.
(b> The definition of "Close of Business" is amended by deleting the word "agreement" where it appears in paragraphs (a) and (b) and replacing with the word
(c) The definition of "Stock Exchange7' is amended by deleting the word ''the" where it appears in the definition.

22 In clause 26 the following additional definitions are inserted:

"Agreement".

""Corporate Action" means the making, declaration, payment, issue, offering or announcement of any dividend, interest or other income as well as any bonus securities, rights to acquire further securities, options or other entitlements whatsoever and also any meeting of any sort and any conversions, subdivisions, consolidations, redemptions, maturities, takeovers, pre-emptions, options or otlier rights in respect of Securities and/or Equivalent Securities by their issuer.

"Taxes" means taxes, levies, impost, declaration, charges, withholdings and duties (including, without limitation any goods and services tax or any similar tax ("GST") or any amount recovered fiom the Lender by way of reimbursement of such goods and services tax to the extent to which the Lender is not entitled to an input tax credit under an applicable GST law in respect of such amount) imposed by any authority (including without limitation, stamp and taxation duties) (together with any related interest, penalties, fines and expenses in connection with them).";

23 In clause 26, the definition of "Reference Price" is deleted and replaced with the following:

"Reference Price means the price of such security as quoted by a recognised and generally well-respected pricing information service fiom time to time, together with any accrued but unpaid interest or other income, if any, to the extent not included in the price quote so obtained."

⁴Execution page C

SIGNED by
as attorney for MCQUAWPE - BANK LTD	1
in the presence of:
	P

Signature sf witness

................................................................... Name of witness (block letters) )

) By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney.

EXECUTED on behalf of the NATIONAL AUSTRALIA BANK LIMITED, A.C.N. 004 004 937 By its attorney JOHN JOSEPH TREEOBW under Power of Attorney dated 1 28th February, 1991 (who states that they hold the office in indicated under their signature) in the presence of:

)

Signature of witness

Name of witness (block letters)

) Global Securities Services

By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney.

Australian Securities Lending Association Limited

(ACN 054 944 482) Level 18, 20 Bond Street Sydney NSW 2000 Tel: (02) 9220 1413 Fax: (02) 9220 1379

(Version: 4 April 1997)

¹ ⁷ q'5() ~-

Coversheet

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT'

dated as of: 25 MAY ²⁰⁰⁰

Between: TilE CHA-sE-MA-NHATIAN -BANKiSV.aNEY BRANCH)

JD rAof(, AI-J CrIAS~ fSAN'L

And: MACQUARIE BANK LIMITED

* This agreement is adapted/rom the ISLA Overseas Securities Lender's Agreement (Version: December 1995. as amended by 1996 UK Tax Addendum), prepared by Clifford Chance, London, England/or use by parties required to meet UK Inland Revenue tax requirements.

* This agreement is also subject to the "Warning and Disclaimer" on the coversheet to the User's Guide relating to this agreement.

© Mallesons Stephen Jaques

SOLICITORS Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Telephone (02) 9296 2000 Fax (02) 9296 3999 DX 113 Sydney Ref: JCK

L6350 25/05/00

Contents	Agreement
	1 Interpretation

1 Interpretation	2
2 Loans of Securities	3
of 3 Delivery Securities	4
and 4 Title, Distributions Voting	4
5 Fees	6
6 Collateral	6
of 7 Redeljvery Equivalent Securities	8
8 Set-off etc.	9
and of 9 Stamp duty, taxes etc loss tax benefits	11
Lender's 10 warranties	13
11 Borrower's warranties	13
of 12 Events Default	14
13 Outstanding payments	15
14 Transactions entered into as agent	15
of of 15 Termination course dealings by notice	17
or or tax 16 No reliance accounting representations other Party by	17
of 17 Observance procedures	17
18 Severance	17
Specific performance 19	17
20 Notices	18
21 Assignment	18
Non-Waiver 22	18
Time 23	18
24 Recording	19
25 Miscellaneous	19

Page No

Contents	Agreement	Page No
	26 Definitions	19
	Governing Law and Jurisdiction 27	27
	Particulars Schedule 1 -	28
	of Schedule 2 Specimen Form Borrowing Request (see clause and definition of "Borrowing Request" in clause 26)	2.1 33
	(if Terms and Schedule 3 Supplementary Conditions any)	35

Australian Securities Lending Association Limited

(ACN 054 944 482) Level 18, 20 Bond Sireel Sydney NSW 2000 Tel: (02) 9220 1413 Fax: (02) 9220 1379

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT *

(Version: 4 April 1997)

dated as of:		25 2000 May
Between:	(1)	Chase Manhattan Bank (Sydney Branch)
		ARBN 074 11201 I
		OfLevel35, AAP Centre, 259 George Street, Sydney NSW 2000
And:	(2)	Macquarie Bank Limited
		ACN 008 583 542
		ofLevel IS, Nol Manin Place, Sydney NSW 2000

* This agreement is adaptedfrom the ISLA Overseas Securities Lender's Agreement (Version: December 1995, as amended by I996 UK Tax Addendum), prepared by Clifford Chance, London, EngLandfor use by parties required to meet UK InLand Revenue tax requirements.

* This agreement is aLso subject to the "Warning and Disclaimer" on the coversheet to the "User's Guide" reLating to this agreement.

© Mallesons Stephen Jaques

SOLICITORS Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Telephone (02) 9296 2000 Fax (02) 9296 3999 DX 113 Sydney Ref: JCK

AGREEMENT

Recitals:

A. The Parties hereto are desirous of agreeing to a procedure whereby either one of them (the "Lender") will make available to the other of them (the "Borrower") from time to time Securities (as hereinafter defined).
B. All transactions carried out under this Agreement will be effected in accordance with the Rules (as hereinafter defined), if applicable, together with current market practices, customs and conventions, in so far as they are not inconsistent with the terms ofthis Agreement.

Operative provisions:

1 Interpretation

1.1 [Definitions] The tenns defined in clause 26 and in Schedule 1 have the meanings therein specified for the purposes ofthis Agreement.
1.2 [Inconsistency] In the event of any inconsistency between the provISIons of Schedule I and the other provisions of this Agreement, Schedule 1 will prevail. In the event of any inconsistency between the provisions (if any) of Schedule 3 and the other provisions of this Agreement (including Schedule 1), Schedule 3 will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Agreement (including Schedules I and 3), such Confirmation will prevail for the purpose ofthe relevant transaction.
1.3 [Single agreement] All transactions are entered into in reliance on the fact that this Agreement and all Confirmations form a single agreement between the Parties (collectively referred to as this "Agreement"), and the Parties would not otherwise enter into any transactions.
1.4 [Interpretation] In this Agreement:
(a) Unless the context otherwise requires:
- (i) The singular includes the plural and vice versa.
- (ii) A person includes a corporation.
- (iii) A corporation includes any body corporate and any statutory authority.
- (iv) A reference to a statute, ordinance, code or other law or the Rules includes regulations or other instruments under it or them and consolidations, amendments, re-enactments or replacements of any ofthem.
(b) Notwithstanding the use of expressions such as "borrow", "lend", "Collateral", "Margin'" "redeliver" etc., which are used to reflect terminology used in the market for transactions of the kind provided for in this Agreement, title to Securities "borrowed" or "lent" and "Collateral" provided in accordance with this Agreement shall pass from one Party to another as provided for in this Agreement, the Party obtaining such title being obliged to redeliver Equivalent Securities or Equivalent Collateral, as the case may be.
1.5 [Headings] All headings appear for convenience only and shall not affect the interpretation ofthis Agreement.
1.6 [Currency conversion] For the purposes of clauses 6, 8.3 and 8.4, when a conversion into the Base Currency is required, all prices, sums or values (including any Value, Offer Value and Bid Value) of Securities, Equivalent Securities, Collateral or Equivalent Collateral (including Cash Collateral) stated in currencies other than the Base Currency shall be converted into the Base Currency at the rate quoted by an Australian bank selected by the Lender (or, if an Event of Default has occurred in relation to the Lender, by the Borrower) at or about II.DDam (Sydney time) on the day of conversion as its spot rate for the sale by the bank of the Base Currency in exchange for the relevant other currency.
1.7 [Other agreements] Where at any time there is in existence any other agreement between the Parties the terms of which make provision for the lending of Securities (as defined in this Agreement) as well as other securities, the terms of this Agreement shall apply to the lending ofsuch Securities to the exclusion of any other such agreement.
1.8 [Nominees] If payment is to be made to a Party's nominee or otherwise in accordance with the directions of a Party (whether by the other Party or by a third party), it shaH be deemed, for the purposes of this agreement, to have been paid or made to the first mentioned Party.

2 Loans of Securities

2.1 [Borrowing Request and acceptance thereat] The Lender will lend Securities to the Borrower, and the Borrower will borrow Securities from the Lender, in accordance with the terms and conditions of this Agreement and with the Rules provided always that the Lender shall have received from the Borrower and accepted (by whatever means) a Borrowing Request.
2.2 [Changes to a Borrowing Request] The Borrower has the right to reduce the amount of Securities referred to 10, or otherwise vary, a Borrowing Request provided that:
(a) the Borrower has notified the Lender of such reduction or variation no later than midday Australian Eastern standard or summer (as appropriate) time on the day which is two Business Days prior to the Settlement Date, unless otherwise agreed between the Parties, and

(b) the Lender shall have accepted such reduction or variation (by whatever means).

3 Delivery of Securities

[Delivery of Securities] The Lender shaH procure the delivery of Securities to the Borrower or deliver such Securities in accordance with the relevant Borrowing Request together with appropriate instruments of transfer (where necessary) duly stamped (where necessary) and such other instruments (if any) as may be requisite to vest title thereto in the Borrower. Such Securities shall be deemed to have been delivered by the Lender to the Borrower on delivery to the Borrower or as it shall direct of the relevant instruments of transfer and certificates or other documents of title (if any), or in the case of Securities title to which is registered in a computer based system which provides for the recording and transfer of title to the same by way of electronic entries (such as CHESS), on the transfer of title in accordance with the rules and procedures of such system as in force from time to time, or by such other means as may be agreed.

4 Title, Distributions and Voting

4.1 [Passing of title] The Parties shaH execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
(a) any Securities borrowed pursuant to clause 2;
(b) any Equivalent Securities redeJivered pursuant to clause 7;
(c) any Collateral delivered pursuant to clause 6;
(d) any Equivalent Collateral redelivered pursuant to clauses 6 or 7,

4.2 [Distributions]

(a) [Cash distributions] Unless otherwise agreed, where Income is paid in relation to any Securities on or by reference to an Income Payment Date on which such Securities are the subject of a loan under this Agreement, the Borrower shall, on the date ofthe payment ofsuch Income, or on such other date as the Parties may from time to time agree, (the "Relevant Payment Date") pay and deliver a sum of money equivalent to the same to the Lender, irrespective of whether the Borrower received the same.
(b) [Non-cash distributions] Subject to paragraph (c) (unless otherwise agreed), where, in respect of any borrowed Securities or any Collateral, any rights relating to conversion, sub-division, consolidation, pre-emption, rights arising under a takeover offer or other rights, including those requiring election by the holder for the time being of such Securities or Collateral,

become exercisable prior to the redelivery of Equivalent Securities or Equivalent Collateral, then the Lender or Borrower, as the case may be, may, within a reasonable time before the latest time for the exercise of the right or option, give written notice to the other Party that, on redelivery of Equivalent Securities or Equivalent Collateral, as the case may be, it wishes to receive Equivalent Securities or Equivalent Collateral in such fonn as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice.

(c) [Tax Act ss 26BC(3)(c)(ii) and (v) requirements] Notwithstanding paragraph (b), where, in respect of any Borrowed Securities or any Collateral, the relevant issuer company, trustee, government or government authority issues any right or option in respect of the Borrowed Securities or Collateral, as the case may be, the Borrower or the Lender, respectively, must deliver or make, as the case may be, to the other Party on the date of such issue or on such other date as the Parties may from time to time agree:
(i) the right, or option; or
(ii) an identical right or option; or
(iii) a payment equal to the value to the Lender or the Borrower, respectively, ofthe right or option;

together with any such endorsements or assignments as shall be customary and appropriate.

(d) [Manner of payment] Any payment to be made by the Borrower under this clause shall be made in a manner to be agreed between the Parties.
4.3 [Voting] Unless paragraph 4 in Schedule 1 specifies that this clause 4.3 does not apply, each Party undertakes that, where it holds Securities of the same description as any Securities borrowed by it or transferred to it by way of Collateral at a time when a right to vote arises in respect of such Securities, it will use its best endeavours to arrange for the voting rights attached to such Securities to be exercised in accordance with the instructions ofthe Lender or Borrower (as the case may be) provided always that each Party shall use its best endeavours to notify the other of its instructions in writing no later than seven Business Days prior to the date upon which such votes are exercisable, or as otherwise agreed between the Parties, and that the Party concerned shall not be obliged so to exercise the votes in respect of the number of Securities greater than the number so lent or transferred to it. For the avoidance of doubt, the Parties agree that, subject as hereinbefore provided, any voting rights attaching to the relevant Securities, Equivalent Securities, Collateral and/or Equivalent Collateral shall be exercisable by the persons in whose name they are registered, or in the case of Securities, Equivalent Securities, collateral and/or Equivalent Collateral in bearer fonn by the persons by or on behalf of whom they are held, and not necessarily by the Borrower or the Lender (as the case may be).

5 Fees

5.1 [Fees] In respect of each loan ofSecurities:

(a) for which the Collateral is cash:
(i) the Lender must pay a fee to the Borrower in respect of the amount of that Collateral, calculated at the rate agreed between them; and
(ii) unless the Panies otherwise agree, the Borrower is not obliged to pay a fee to the Lender;
(b) for which there is no Cash Collateral, the Borrower must pay a fee to the Lender, calculated at the rate agreed between them.
5.2 [Where there are different types of Collateral] Where the Collateral comprises only partly cash, clause 5.1 is to be construed as if there were separate loans of Securities, one secured solely by Cash Collateral and the other secured solely by non-cash Collateral.
5.3 [Calculation of fees] In respect of each loan of Securities, the payments referred to in clause 5.1 of this clause shall accrue daily in respect of the period commencing on and inclusive of the Settlement Day and terminating on and exclusive of the Business Day upon which Equivalent Securities are redelivered or Cash Collateral is repaid. Unless otherwise agreed, the sums so accruing in respect of each calendar month shall be paid in arrears by the Borrower to the Lender or to the Borrower by the Lender (as the case may be) not later than the Business Day which is one week after the last Business Day of the calendar month to which such payment relate or such other date as the Parties from time to time agree. Any payment made pursuant to clause 5.1 shall be in Australian currency, unless otherwise agreed, and shall be paid in such manner and at such place as shall be agreed between the Parties.

6 Collateral

6.1 [Borrower's obligation to provide Collateral] Unless otherwise agreed, subject to the other provisions ofthis clause 6, the Borrower undertakes to deliver to or deposit with the Lender (or in accordance with the Lender's instructions) Collateral of the kind specified in the relevant Borrowing Request or as otherwise agreed between the Parties (together with appropriate instruments of transfer duly stamped (where necessary) and such other instruments as may be requisite to vest title thereto in the Lender) simultaneously with delivery ofthe Borrowed Securities by the Lender.
6.2 [Global margining]
(a) [Adjustments to Collateral] Unless otherwise agreed between the Parties, subject to paragraph (b), clause 6.4 and paragraph 1.5 in Schedule 1:
- (i) The aggregate Value of the Collateral delivered to or deposited with the Lender or its nominated bank or depositary (excluding any Collateral repaid or redelivered under paragraph (ii) below (as the case may be» in respect of all loans of Securities outstanding under this Agreement ("Posted Collateral") shall from day to day and at

any time be at least the aggregate of the Required Collateral Values in respect ofsuch loans.

(ii) Ifat any time the aggregate Value ofthe Posted Collateral in respect of all loans of Securities outstanding under this Agreement exceeds the aggregate ofthe Required Collateral Values in respect ofsuch loans, the Lender shall (on demand) repay such Cash Collateral and/or redeliver to the Borrower such Equivalent Collateral as will eliminate the excess.
(iii) Ifat any time the aggregate Value ofthe Posted Collateral in respect of all loans of Securities outstanding under this Agreement falls below the aggregate of Required Collateral Values in respect of all such loans. the Borrower shall (on demand) provide such further Collateral to the Lender as will eliminate the deficiency.
(b) [Netting of Collateral obligations where a Party is both Lender and Borrower) Unless otherwise agreed between the Parties, subject to clause 6.4 and paragraph 1.5 in Schedule I, where paragraph (a) applies, if a Party (the "first Party") would, but for this paragraph, be required under paragraph (a) to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral in circumstances where the other Party (the "second Party") would, but for this paragraph, also be required to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral under paragraph (a), then the Value of the Cash Collateral, Equivalent Collateral or further Collateral deliverable by the first Party ("X") shall be set-off against the Value of the Cash Collateral, Equivalent Collateral or further Collateral deliverable by the second Party ("Y") and the only obligation of the Parties under paragraph (a) shall be, where X exceeds Y, an obligation of the first Party, or where Y exceed X, an obligation of the second Party. (on demand) to repay Cash Collateral, redeliver Equivalent Collateral or deliver further Collateral having a Value equal to the difference between X and Y.
6.3 [Required Collateral Value] For the purposes of clause 6.2(a), the Value of the Posted Collateral to be delivered or deposited in respect of any loan of Securities, while the loan ofSecurities continues, shall be equal to the aggregate ofthe Value of the borrowed Securities and the Margin applicable thereto (the "Required Collateral Value").
6.4 [Time for payment/repayment of Collateral] Except as provided in clause 6.1 or clause 6.6, where any Cash Collateral is to be repaid, Equivalent Collateral is to be redelivered or further Collateral is to be provided under this clause 6, it shall be paid or delivered as stated in paragraph 1.4 in Schedule I.
6.5 [Substitution of Alternative Collateral] The Borrower may from time to time call for the repayment of Cash Collateral or the redelivery of Equivalent Collateral prior to the date on which the same would otherwise have been repayable or redeliverable, provided that, at the time of such repayment or redelivery, the Borrower shall have delivered or delivers Alternative Collateral acceptable to the Lender.

6.6 [Return of CollaterallEquivalent Collateral on redelivery of Equivalent Securities]

(a) Cash Collateral shall be repaid and Equivalent Collateral shall be redelivered at the same time as Equivalent Securities in respect of the Securities borrowed are redelivered.
(b) Where Collateral is provided through a book entry transfer system (such as Austraclear or RITS), the obligation of the Lender shall be to redeliver Equivalent Collateral through such book entry transfer system in accordance with this Agreement. If the loan of Securities in respect of which Collateral was provided has not been discharged when the Equivalent Collateral is redelivered, any payment obligation generated within the book entry transfer system on such redelivery shall, until the loan of Securities is discharged or further Col1ateral is provided, be deemed to constitute an obligation to pay Cash Collateral.
6.7 [Receipt by Lender of Income on Collateral] Where Collateral (other than Cash Collateral) is delivered in respect of which any Income may become payable and an Income Payment Date in respect of that Collateral occurs prior to the redelivery of Equivalent Collateral, then, unless such Income is paid directly to the Borrower, the Lender shall, on the date on which such Income is paid or on such other date as the Parties may from time to time agree, pay and deliver a sum of money or property equivalent to such Income (with any such endorsements or assignments as shall be customary and appropriate to effect the delivery) to the Borrower.
6.8 [Borrower's rights re Collateral are not assignable] The Borrower may not assign, transfer or otherwise dispose of, or mortgage, charge or otherwise encumber, or otherwise deal with its rights in respect of any Collateral without the prior written consent ofthe Lender.
6.9 [Lender may set off obligation to repay or return Equivalent Collateral] If the Borrower fails to comply with its obligation to redeliver Equivalent Securities, the obligation of the Lender in respect of any Collateral may be the subject of a set-off in accordance with clause 8.
6.10 [Collateral provided to Lender's Nominee] Without limiting clause 1.8, where Collateral is provided to the Lender's nominee, any obligation under this Agreement to repay or redeliver or otherwise account for Equivalent Collateral shall be an obligation ofthe Lender, notwithstanding that any such repayment or redelivery may be effected in any particular case by the nominee.

7 Redelivery of Equivalent Securities

7.1 [Borrower's obligation to redeliver Equivalent Securities} The Borrower undertakes to redeliver Equivalent Securities in accordance with this Agreement and the terms ofthe relevant Borrowing Request.
7.2 [Lender may call for early redelivery of Equivalent Securities} Subject to clause 8 and the terms of the relevant Borrowing Request, the Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the Standard Settlement Time for such Equivalent

Securities or the equivalent time on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The Borrower shall as hereinafter provided redeliver such Equivalent Securities not later than the expiry ofsuch notice in accordance with the Lender's instructions.

7.3 [Lender may terminate loan if Borrower defaults] If the Borrower does not redeliver Equivalent Securities in accordance with such call, the Lender may elect to continue the loan of Securities ; provided that, if the Lender does not elect to continue the loan, the Lender may by written notice to the Borrower elect to terminate the relevant loan. Upon the expiry ofsuch notice the provisions of clauses 8.2 to 8.5 shall apply as if upon the expiry of such notice an Event of Default had occurred in relation to the Borrower (who shall thus be the Defaulting Party for the purposes of this Agreement) and as if the relevant loan were the only loan outstanding.
7.4 [Consequence of exercise of "buy-in" against Lender, as a result of Borrower default] In the event that, as a result of the failure of the Borrower to redeliver Equivalent Securities to the Lender in accordance with this Agreement, a "buy-in" is exercised against the Lender, then, provided that reasonable notice has been given to the Borrower of the likelihood ofsuch a "buy-in", the Borrower shall account to the Lender for the total costs and expenses reasonably incurred by the Lender as a result ofsuch "buy-in".
7.5 [Right of Borrower to terminate loan early] Subject to the tenus of the relevant Borrowing Request, the Borrower shall be entitled at any time to tenninate a particular loan of Securities and to redeliver all and any Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.

8 Set·off etc.

8.1 [Requirement for simultaneous delivery] On the date and time that Equivalent Securities are required to be redelivered by the Borrower in accordance with the provisions of this Agreement the Lender shall simultaneously redeliver the Equivalent ColJateral and repay any Cash Collateral held (in respect of the Equivalent Securities to be redelivered) to the Borrower. Neither Party shall be obliged to make delivery (or make a payment as the case may be) to the other unless it is satisfied that the other Party will make such delivery (or make an appropriate payment as the case may be) to it simultaneously. If it is not so satisfied (whether because an Event of Default has occurred in respect ofthe other Party or otherwise), it shall notifY the other Party and, unless that other Party has made arrangements which are sufficient to assure full delivery (or the appropriate payment as the case may be) to the notifying Party, the notifying Party shall (provided it is itself in a position, and willing, to perfonn its own obligations) be entitled to withhold delivery (or payment, as the case may be) to the other Party.
8.2 [Netting following occurrence of Event of Default] If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require perfonnance thereof at the time such Event of Default occurs (the date of which shall be the "Performance Date" for the purposes ofthis clause), and in such event:
(a) the Relevant Value ofthe Securities to be delivered (or payment to be made, as the case may be) by each Party shall be established in accordance with clause 8.3; and
(b) on the basis of the Relevant Values so established. an account shall be taken (as at the Perfonnance Date) of what is due from each Party to the other and (on the basis that each Party's claim against the other in respect of delivery of Equivalent Securities or Equivalent Collateral or any cash payment equals the Relevant Value thereof) the sums due from one Party shall be setoff against the sums due from the other and only the balance of the account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the Perfonnance Date.
8.3 [Relevant Value] Forthe purposes of clause 8.2 the Relevant Value:
(a) of any cash payment obligation shall equal its par value (disregarding any amount taken into account under (b) or (c) below);
(b) of any Securities to be delivered by the Defaulting Party shall. subject to clause 8A(b) and (c) below, equal the Offer Value thereof; and
(c) of any Securities to be delivered to the Defaulting Party shall. subject to clause 8.4(b) and (e) below, equal the Bid Value thereof.

8.4 [Bid Value/Offer Value]

(a) For the purposes of clause 8.3. but subject to (b) and (c) below, the Bid Value and Offer Value of any Securities shall be calculated as at the Close of Business in the most appropriate market for Securities of the relevant description (as detennined by the Non·Defaulting Party) on the first Business Day following the Perfonnance Date, or, if the relevant Event of Default occurs outside the nonnal business hours of such market, on the second Business Day following the Perfonnance Date (the "Default Valuation Time").
(b) Where the Non-Defaulting Party has, following the occurrence of an Event of Default but prior to the Default Valuation Time, purchased Securities fonning part ofthe same issue and being of an identical type and description to those to be delivered by the Defaulting Party and in substantially the same amount as those Securities or sold Securities forming part of the same issue and being of an identical type and description to those to be delivered by him to the Defaulting Party and in substantially the same amount as those Securities. the cost ofsuch purchase or the proceeds ofsuch sale, as the case may be, (taking into account all reasonable costs, fees and expenses that would be incurred in connection therewith) shall be treated as the Offer Value or Bid Value, as the case may be, of the relevant Securities for the purposes ofthis clause 8.
(c) Where the amount of any Securities sold or purchased as mentioned in (b) above is not in substantially the same amount as those Securities to be valued for the purposes of clause 8.3, the Offer Value or the Bid Value (as the case may be) ofthose Securities shall be ascertained by:
(i) dividing the net proceeds of sale or cost of purchase by the amount of the Securities sold or purchased so as to obtain a net unit price; and
(ii) multiplying that net unit price by the amount of the Securities to be valued.
8.5 [Interpretation: "Securities"] Any reference in this clause 8 to Securities shall include any asset other than cash provided by way ofCollateral.
8.6 [Interpretation: "Event of Default"] Ifthe Borrower or the Lender for any reason fails to comply with its respective obligations under clause 6.6 in respect of the redelivery of Equivalent Collateral or the repayment of Cash Collateral, such failure shall be an Event of Default for the purposes of this clause 8, and the person failing to comply shall thus be the Defaulting Party.
8.7 [Waiver of right to require simultaneous delivery] Subject to and without prejudice to its rights under clause 8.1, either Party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers waive its right under this Agreement in respect of simultaneous delivery and/or payment; provided that no such waiver in respect of one transaction shall bind it in respect of any other transaction.

9 Stamp duty, taxes etc and loss of tax benefits

9.1 [Stamp duty etc] The Borrower hereby undertakes promptly to pay and account for any transfer or similar duties or taxes, and any loan security or other stamp duties, (if any) chargeable in connection with any transaction effected pursuant to or contemplated by this Agreement, and shall indemnify and keep indemnified the Lender against any liability arising in respect thereof as a result of the Borrower's failure to do so.
9.2 [Borrower to give Transfer of Dividend Statement to Lender re franked dividends] If:
(a) an Income Payment Date occurs during an Income Detennination Period In relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received a Franked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confinnation states that the Lender IS an Australian Taxpayer;
(d) the failure of the Lender to receive a Franked Dividend is not due to any unreasonable act or omission by or on behalf ofthe Lender; and
(e) neither item 7 in Schedule I nor the relevant Confinnation states that the Lender is not entitled to compensation for the loss of franking credits/rebates;

then:

(f) the Borrower must either:
(i) as soon as practicable. and in any event within [10 Business Days] after the relevant Income Payment Date. give to the Lender a Transfer of Dividend Statement in respect ofthose Securities (which the Borrower is to be taken as having warranted is correct in all material respects and is effective for the purposes of Division 6A of Part IIlAA ofthe Tax Act); or
(ii) on the [10th Business Day] after the relevant Income Payment Date pay to the Lender an amount equal to the franking credit referable to the Franked Dividend.
9.3 [Borrower to compensate corporate Lender for loss of intercorporate dividend rebate re unfranked dividends] If:
(a) an Income Payment Date occurs during an Income Determination Period In relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date. it would have received an Unfranked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confirmation states the Lender is entitled to compensation for the loss of the intercorporate dividend rebate under the Tax Act;
(d) the failure of the Lender to qualify for that rebate is not due to any unreasonable act or omission by or on behalf ofthe Lender; and
(e) neither item 8 of the Agreement nor the relevant Confirmation states that the Lender is not entitled to compensation for the loss ofthat rebate;

then the Borrower must pay to the Lender an amount calculated as follows:

$$
\mathbf{P} = \frac{\mathbf{DT}}{1-\mathbf{T}}
$$

Where:

P = the amount payable;

D = the amount ofthe Unfranked Dividend; and
T = the rate of income tax, expressed as a decimal. determined under the Tax Act at the relevant Income Payment Date as that payable in respect of the taxable income of a company (other than a private company. a company in the capacity of a trustee or a non-profit company that is a friendly society dispensary).
9.4 ,"Notifiable consideration" (or the purposes ofs26BC(3)(d) of the Tax Act] For the purposes of section 26BC(3Xd) of the Tax Act, the notifiable consideration in respect of any loan of Securities is dissected as follows:
(a) a fee see clause 5.1(as applicable); and
(b) other consideration see clauses 4.2, 6 and 9 and the definition of "Equivalent Securities" in clause 26.

10 Lender's warranties

(a) it is duly authorised and empowered to perfonn its duties and obligations under this Agreement;
(b) it is not restricted under the tenns of its constitution or in any other manner from lending Securities in accordance with this Agreement or from otherwise perfonning its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Securities provided by it under this Agreement to the Borrower free from all liens, charges, equities and encumbrances; and
(d) where paragraph 3 in Schedule I specifies that this clause 10(d) applies, it is not resident in Australia for the purposes ofthe Tax Act and either:
(i) does not have a branch or other pennanent establishment in Australia for the purposes of the Tax Act or of any applicable double tax agreement between Australia and its country oftax residence; or
(ii) if it does have such a branch or other pennanent establishment in Australia, that the loan is not entered into in the course of carrying on business through such branch or pennanent establishment.

11 Borrower's warranties

(a) it has all necessary licences and approvals, and is duly authorised and empowered, to perfonn its duties and obligations under this Agreement and will do nothing prejudicial to the continuation of such authorisation, licences or approvals;
(b) it is not restricted under the tenns of its constitution or in any other manner from borrowing Securities in accordance with this Agreement or from otherwise perfonning its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Collateral provided by it under this Agreement to the Lender free from all liens, charges, equities and encumbrances; and

(d) it is acting as principal in respect ofthis Agreement.

12 Events of Default

12.1 [Events of Default] Each of the following events occurring in relation to either Party (the "Defaulting Party", the other Party being the "Non-Defaulting Party") shall be an Event of Default for the purpose of clause 8:
(a) the Borrower or Lender failing to payor repay Cash Collateral or deliver or redeliver Collateral or Equivalent Collateral upon the due date, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(b) the Lender or Borrower failing to comply with its obligations under clause 6, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(c) the Borrower failing to comply with clause 4.2, clause 9.2 or clause 9.3 and the Non-Defaulting Party serves written notice on the Defaulting Party;
(d) an Act of Insolvency occurring with respect to the Lender or the Borrower and (except in the case of an Act of Insolvency which is the presentation of a petition for winding up or any analogous proceeding or the appointment of a liquidator or analogous officer of the Defaulting Party in which case no such notice shall be required) the Non-Defaulting Party serves written notice on the Defaulting Party;
(e) any representations or warranties made by the Lender or the Borrower being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(t) the Lender or the Borrower admitting to the other that it is unable to, or it intends not to, perform any of its obligations hereunder and/or in respect of any loan hereunder, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(g) the Lender (if appropriate) or the Borrower being declared in default by the appropriate authority under the Rules or being suspended or expelled from membership of or participation in any securities exchange or association or other self-regulatory organisation, or suspended from dealing in securities by any government agency, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(h) any of the assets of the Lender or the Borrower or the assets of investors held by or to the order of the Lender or the Borrower being ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the Non-Defaulting Party serves written notice on the Defaulting Party, or
(i) the Lender or the Borrower failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the Non-Defaulting Party serves written notice requiring it to remedy such failure, and the Non-Defaulting Party serves a further written notice on the Defaulting Party.

12.2 [Obligation of each Party to notify its Event of Default] Each Party shall notify the other ifan Event ofDefault occurs in relation to it.

13 Outstanding payments

[Default interest] In the event of either Party failing to remit sums in accordance with this Agreement, such Party hereby undertakes to pay to the other Party upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency at a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it in good faith) if it were to fund or of funding the relevant amount, plus 2% (or other agreed percentage) per annum.

14 Transactions entered into as agent

14.1 [Agency Transactions] Subject to the following prOVISIons of this clause, the Lender may enter into loans as agent (in such capacity, the "Agent") for a third person (a "Principal"), whether as custodian or investment manager or otherwise (a loan so entered into being referred to in this clause as an "Agency Transaction").
14.2 [Conditions for Agency Transactions] A Lender may enter into an Agency Transaction if, but only if:
(a) it specifies that loan as an Agency Transaction at the time when it enters into it;
(b) it enters into that loan on behalf of a single Principal whose identity is disclosed to the Borrower (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified Principal) at the time when it enters into the loan; and
(c) it has at the time when the loan is entered into actual authority to enter into the loan and to perfonn on behalf of that Principal all of that Principal's obligations under the agreement referred to in clause l4.4(b) below.
14.3 [Undertakings by Lender] The Lender undertakes that, ifit enters as agent into an Agency Transaction, forthwith upon becoming aware:
(a) of any event which constitutes an Act of Insolvency with respect to the relevant Principal; or
(b) of any breach of any of the warranties given in clause 14.5 below or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the current facts,

it will infonn the Borrower of that fact and will, if so required by the Borrower, furnish it with such additional infonnation as it may reasonably request.

14.4 (Consequences of Agency Transaction]

(a) Each Agency Transaction shall be a transaction between the relevant Principal and the Borrower and no person other than the relevant Principal and the Borrower shall be a party to or have any rights or obligations under an Agency Transaction. Without limiting the foregoing, the Lender shall not be liable as principal for the perfonnance of an Agency Transaction or for breach of any warranty contained in clause 10(d) ofthis Agreement, but this is without prejudice to any liability of the Lender under any other provision ofthis clause.
(b) All the provisions of the Agreement shall apply separately as between the Borrower and each Principal for whom the Agent has entered into an Agency Transaction or Agency Transactions as if each such Principal were a party to a separate agreement with the Borrower in all respects identical with this Agreement other than this paragraph and as if the Principal were Lender in respect ofthat agreement; provided that:
(i) if there occurs in relation to the Agent an Event or Default or an event which would constitute an Event of Default if the Borrower served wrinen notice under any paragraph of clause 12, the Borrower shall be entitled by giving wrinen notice to the Principal (which notice shall be validly given to the Lender in accordance with clause 20) to declare that, by reason of that event, an Event of Default is to be treated as occurring in relation to the Principal. If the Borrower gives such a notice, then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and
(ii) if the Principal is neither incorporated nor has established a place of business in Australia, the Principal shall for the purposes of the agreement referred to in the preamble in this paragraph (b) be deemed to have appointed as its agent to receive on its behalf service of process in the courts of Australia the Agent. or, if the Agent is neither incorporated nor has established a place of business in Australia, the person appointed by the Agent for the purposes of this Agreement, or such other person as the Principal may from time to time specify in a written notice given to the other party.
(c) The foregoing provisions of this clause do not affect the operation of the Agreement as between the Borrower and the Lender in respect of any transactions into which the Lender may enter on its own account as principal.
14.5 (Warranty by Lender] The Lender warrants to the Borrower that it will, on every occasion on which it enters or purposes to enter into a transaction as an Agency Transaction, have been duly authorised to enter into that loan and perfonn the obligations arising thereunder on behalf of the person whom it specifies as the Principal in respect ofthat transaction and to perfonn on behalf ofthat person all the obligations ofthat person under the agreement referred to in clause 14.4(b).

15 Termination of course of dealings by notice

Each Party shall have the right to bring the course of dealing contemplated under this Agreement to an end by giving not less than 15 Business Days' notice in writing to the other Party (which notice shall specify the date of termination), subject to an obligation to ensure that all loans and which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement and with the Rules (if applicable).

16 No reliance or tax or accounting representations by other Party

Each Party acknowledges, represents and warrants to the other that, except as expressly stated in this Agreement or any Confinnation:

(a) it has not relied on any advice, statement, representation or conduct of any kind by or on behalf of the other Party in relation to any tax (including stamp duty) or accounting issues concerning this Agreement or any transactions effected under it; and
(b) it has made its own determination as to the tax (including stamp duty) and accounting consequences and treatment of any transaction effected under this Agreement, including (without limitation) of any moneys paid or received or any property transferred or received in connection with any such transaction.

17 Observance of procedures

18 Severance

If any provision of this Agreement is declared by any judicial or other competent authority to be void or otherwise unenforceable, that provision shall be severed from the Agreement and the remaining provisions of this Agreement shall remain in full force and effect. The Agreement shall, however, thereafter be amended by the Parties in such reasonable manner so as to achieve, without illegality, the intention of the Parties with respect to that severed provision.

19 Specific performance

Each Party agrees that, in relation to legal proceedings, it will not seek specific performance of the other Party's obligation to deliver or redeliver Securities, Equivalent Securities, Collateral or Equivalent Collateral, but without prejudice to any other rights it may have.

20 Notices

20.1 [Effectiveness) Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under clause 12 or clause 15 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see paragraph 6 in Schedule I) and will be deemed effective as indicated:
(a) if in writing and delivered in person or by courier, on the date it is delivered;
(b) ifsent by telex, on the date the recipient's answerback is received;
(c) ifsent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible fonn (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);
(d) if sent by certified or registered mail (ainnail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or
(e) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or the receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Business Day.

20.2 (Change of Address] Either party may by notice to the other change the address, telex or facsimile number or electronic massaging system details at which notices or other communications are to be given to it.

21 Assignment

Neither Party may assign, transfer or otherwise dispose of all or any of its rights or obligations under this Agreement without the prior written consent ofthe other Party.

22 Non-Waiver

No failure or delay by either Party to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege as provided in this Agreement.

23 Time

Time shall be ofthe essence ofthe Agreement.

24 Recording

The Parties agree that each may electronically record all telephonic conversations between them.

25 Miscellaneous

25.1 [Entire Agreement] This Agreement constitutes the entire agreement and understanding ofthe Parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.
25.2 [Amendments) No amendment in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each ofthe Parties or confirmed by an exchange oftelexes or electronic messages on an electronic messaging system.
25.3 [Survival of Obligationsl The obligations ofthe Parties under this Agreement will survive the termination of any transaction.
25.4 (Remedies Cumulative] Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive or any rights, powers, remedies and privileges provided by law.
25.5 (Counterparts) This Agreement (and each amendment in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.
25.6 [Expenses] A defaulting Party will, on demand, indemnify and hold harmless the other Party for and against aU reasonable out-of-pocket expenses, including legal fees and stamp duty, incurred by such other Party by reason of the enforcement and protection of its rights under this Agreement or by reason of the early termination of any transaction, including, but not limited to, costs of collection.

26 Definitions

In this Agreement:

Act of InSOlvency means in relation to either Party:

(a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
(b) its admitting in writing that it is unable to pay its debts as they become due; or
(c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
(d) the presentation or filing of a petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the

bankruptcy, winding-up or insolvency of such Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re-adjustment, administration, liquidation, dissolution or similar relief under any present or future statute. law or regulation, such petition (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or

(e) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such Party over all or any material part of such Party's property; or
(f) the convening of any meeting of its creditors for the purpose of considering a compromise or arrangement within Part 5.1 of the Corporations Law of Australia (or any analogous proceeding).

In this definition:

(g) "liquidator" shall be deemed to include a "provisional liquidator";
(h) "receiver" shall be deemed to include a "receiver and manager";
(i) "administrator" shall be deemed to include an "official manager";
G) "arrangement" shall be deemed to include a "scheme of arrangement"; and
(k) "creditors" shall be deemed to include "any class of creditors".

Agent has the meaning given in clause 14.

Alternative Collateral means Collateral of a Value equal to the Collateral delivered pursuant to clause 6 and provided by way of substitution for Collateral originally delivered or previously substituted in accordance with the provisions of clause 6.5.

Australian Taxpayer means any person other than:

(a) a Party who is not a resident of Australia for the purposes of the Tax Act (whether that Party is acting as a trustee, nominee or agent or in some other capacity) at the time a Franked Dividend is paid; or
(b) a Party who is acting in the capacity of trustee. nominee or agent for a person who is not a resident of Australia for the purposes of the Tax Act at the time a Franked Dividend is paid.

Bankers Acceptances has the meaning given in paragraph I.I(d) in Schedule 1.

Base Currency has the meaning given in paragraph 2 in Schedule 1.

Bid Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available bid price thereof on the most appropriate market in a standard size.

Bid Value, subject to clause 8.5, means:

(a) in relation to Equivalent Collateral at a particular time:
(i) in relation to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule I), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1;
(ii) in relation to all other types of Collateral (more specificalJy referred to in paragraph 1.1 in Schedule 1), the amount which would be received on a sale ofsuch Collateral at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection with selling or otherwise realising such Equivalent Collateral, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out such sale or realisation and adding thereto the amount of any interest, dividends, distributions or other amounts paid to the Lender and in respect of which equivalent amounts have not been paid to the Borrower in accordance with clause 6.7 prior to such time in respect of such Equivalent Collateral or the original Collateral held gross of all and any tax deducted or paid in respect thereof; and
(b) in relation to Equivalent Securities at a particular time, the amount which would be received on a sale of such Equivalent Securities at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction.

Borrower, in relation to a particular loan of Securities, means the Borrower as referred to in Recital A ofthis Agreement.

Borrowing Request means a request made in writing (an example of which comprises Schedule 2 to this Agreement) by the Borrower to the Lender pursuant to clause 2.1 specifying, as necessary:

(a) the description, title and amount of the Securities required by the Borrower;
(b) the description (if other than Australian currency) and amount of any Collateral to be provided;
(c) the proposed Settlement Date;
(d) the duration ofsuch loan (if other than indefinite);
(e) the mode and place of delivery, which shaH, where relevant, include the bank, agent, clearing or settlement system and account to which delivery ofthe Securities and any Collateral is to be made;
(f) the Margin in respect of the transaction (if different from that stated in Schedule I or Schedule 3, as appropriate); and

(g) the Fee.

Business Day means a day on which banks and securities markets are open for business generally in each place stated in paragraph 5 in Schedule I and, in relation to the delivery or redelivery of any of the following in relation to any loan, in the place(s) where the relevant Securities, Equivalent Securities, Collateral (including Cash Collateral) or Equivalent Collateral are to be delivered.

Cash Collateral means Collateral that takes the fonn of a deposit of currency.

Close of Business means:

(a) in relation to any borrowing of Securities or redelivery of Equivalent Securities under this agreement, the final time on a Business Day at which settlement of the transfer of those Securities can take place in the Stock Exchange in order to constitute good delivery on that day; and
(b) in relation to the prOVISIon of Collateral or return of Equivalent Collateral or the making of any other payment under this agreement, the time at which trading banks close for general banking business in the place in which payment is to be made or Collateral or Equivalent Collateral is to be delivered or redelivered.

Collateral means such securities or financial instruments or deposits of currency as are referred to in paragraph 1. I in Schedule I or any combination thereof which are delivered by the Borrower to the Lender in accordance with this Agreement and includes the certificates or other documents of title (if any) and transfer in respect of the foregoing (as appropriate), and includes Alternative Collateral.

Confirmation means the Borrowing Request, as it may be amended pursuant to clause 2.2., or other confinning evidence exchanged between the Parties continning the tenns of a transaction.

Defaulting Party has the meaning given in clause 12.

Dividend means a dividend within the meaning of the definition of that tenn in section 6(1) (as affected by sections 6(4) and 6(5)) ofthe Tax Act.

Equivalent Collateral or Collateral equivalent to, in relation to any Collateral provided under this Agreement, means securities, cash or other property, as the case may be, of an identical type, nominal value, description and amount to particular Collateral so provided and shall include the certificates or other documents of title (if any) and transfer in respect of the foregoing (as appropriate). If and to the extent that such Collateral consists of securities that are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or event similar to any of the foregoing, the expression shall have the following meaning:

(a) in the case of conversion, subdivision or consolidation the securities into which the relevant Collateral has been converted. subdivided or consolidated provided that, if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds ofthe redemption;
(c) in the case of a takeover, a sum of money or securities. being the consideration or alternative consideration of which the Borrower has given notice to the Lender in accordance with clause 4.2(b);
(d) in the case of a call on partly paid securities, the paid-up securities provided that the Borrower shall have paid to the Lender an amount ofmoney equal to the sum due in respect ofthe call;
(e) in the case of a capitalisation issue, the relevant Collateral together with the securities alloned by way of a bonus thereon;
(f) in the case of a rights issue. the relevant Collateral together with the securities alloned thereon, provided that the Borrower has given notice to the Lender in accordance with clause 4.2(b), and has paid to the Lender all and any sums due in respect thereof;
(g) in the event that a payment or delivery of Income is made of the relevant Collateral in the form ofsecurities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form ofsecurities or a certificate which may at a future date be exchanged for securities, notice has been given to the Lender in accordance with clause 4.2(b) the relevant Collateral together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any of the foregoing, the relevant Collateral together with or replaced by a sum of money or securities equivalent to that received in respect of such Collateral resulting from such event.

For the avoidance of doubt, in the case of Bankers' Acceptances (Collateral type Cd)), Equivalent Collateral must bear dates, acceptances and endorsements (if any) by the same entitles as the bill to which it is intended to be equivalent and, for the purposes of this definition, securities are equivalent to other securities where they are of an identical type, nominal value, description and amount and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (as appropriate).

Equivalent Securities means securities of an identical type, nominal value, description and amount to particular Securities borrowed and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (if appropriate). If and to the extent that such Securities are partly paid or have been converted, subdivided, consolidated, redeemed. made the subject of a takeover, capitalisation issue,

rights issue or event similar to any of the foregoing, the expression shall have the following meaning:

(a) in the case of conversion, subdivision or consolidation the securities into which the borrowed Securities have been converted, subdivided or consolidated provided that if appropriate, notice has been given In accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds ofthe redemption;
(c) in the case of a takeover, a sum of money or securities, being the consideration or altemative consideration of which the Lender has given notice to the Borrower in accordance with clause 4.2(b);
(d) in the case of a call on partly paid securities, the paid-up securities provided that the Lender shall have paid to the Borrower an amount ofmoney equal to the sum due in respect ofthe call;
(e) in the case of a capitalisation issue, the borrowed Securities together with the securities allotted by way of a bonus thereon;
(f) in the case of a rights issue, the borrowed Securities together with the securities allotted thereon, provided that the Lender has given notice to the Borrower in accordance with clause 4.2(b), and has paid to the Borrower all and any sums due in respect thereof;
(g) in the event that a payment or delivery of Income is made in respect of the borrowed Securities in the fonn ofsecurities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the fonn of securities or a certificate which may at a future date be exchanged for securities, notice has been given to the Borrower in accordance with clause 4.2(b) the borrowed Securities together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any of the foregoing, the borrowed Securities together with or replaced by a sum of money or securities equivalent to that received in respect of such borrowed Securities resulting from such event.

For the purposes of this definition, securities are equivalent to other securities where they are of an identical type, nominal value, description and amount and such tenn shall include the certificate and other documents of or evidencing title and transfer in respect ofthe foregoing (as appropriate).

Event of Default has the meaning given in clause 12.

Fee, in respect of a transaction, means the fee payable by one Party to the other in respect ofthat transaction under clause 5.

Franked Dividend means a Dividend the whole or part of which is taken to have been franked in accordance with section l60AQF ofthe Tax Act.

Income means any dividends, interest or other distributions of any kind whatsoever with respect to any Securities or Collateral.

Income Determination Period, in relation to a particular loan of Securities, means:

(a) in relation to the Securities, the period commencing when the Securities cease to be registered in the name of the Lender (or the relevant transferor) upon or before delivery of those Securities under clause 3 and ending when Equivalent Securities are registered in the name of the Lender (or the relevant transferee) upon or following redelivery ofthose Equivalent Securities under clause 7.1; and
(b) in relation to Collateral (other than Cash Collateral), the period commencing when the Collateral ceases to be registered in the name of the Borrower (or the relevant transferor) upon or before delivery of that Collateral under clause 6.1 and ending when Equivalent Collateral is registered in the name of the Borrower (or the relevant transferee) upon or following redelivery ofthat Equivalent Collateral under clause 6.6.

Income Payment Date, in relation to any Securities or Collateral, means the date on which Income is paid in respect of such Securities or Collateral, or, in the case of registered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of Income.

Lender, in relation to a particular loan of Securities, means the Lender as referred to in Recital A ofthis Agreement.

Margin has the meaning in paragraph 1.3 in Schedule 1.

Non-Defaulting Party has the meaning given in clause 12.

Offer Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available otTer price thereof on the most appropriate market in a standard size.

Offer Value, subject to clause 8.5, means:

(a) in relation to Collateral equivalent to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule I). the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1; and
(b) in relation to Equivalent Securities or Collateral equivalent to all other types of Collateral (more specifically referred to in paragraph 1.1 in Schedule 1). the amount it would cost to buy such Equivalent

Securities or Equivalent Collateral at the OtTer Price thereof at such time plus all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction.

paid, in relation to a Dividend, includes credited, distributed or issued and like terms are to be construed accordingly.

Parties means the Lender and the Borrower and Party shall be construed accordingly.

Performance Date has the meaning given in clause 8.

Posted Collateral has the meaning given in clause 6.2(a)(i).

Principal has the meaning given in clause 14.

Reference Price means:

(a) in relation to the valuation of Securities, Equivalent Securities, Collateral and/or Collateral equivalent to type (g) (more specifically referred to in paragraph 1.1 in Schedule 1), such price as is equal to the mid market quotation of such Securities, Equivalent Securities, Collateral and/or Equivalent Collateral as derived from a reputable pricing information service (such as the services provided by SEATS or Reuters) reasonably chosen in good faith by the Lender or if unavailable the market value thereof as derived from the prices or rates bid by a reputable dealer for the relevant instrument reasonably chosen in good faith by the Lender, in each case at Close of Business on the previous Business Day; and
(b) in relation to the valuation of Securities, Equivalent Securities, Collateral and/or Collateral equivalent to Collateral types (b)-(f) (more specifically referred to in paragraph 1.1 in Schedule 1), the market value thereof as derived from the prices or rates bid by a market maker or reputable dealer for the relevant instrument reasonably chosen by the Lender in good faith or, in the absence ofsuch a bid, the average of the rates bid by two leading market makers reasonably chosen in good faith by the Lender in each case at Close of Business on the previous Business Day.

Relevant Payment Date has the meaning given in clause 4.2(a).

Required Collateral Value has the meaning given in clause 6.3.

Rules means the rules for the time being of the Stock Exchange (where either Party is a member of the Stock Exchange) and/or any other regulatory authority whose rules and regulations shall from time to time affect the activities of the Parties pursuant to this Agreement (provided that in an Event of Default, where either Party is a member of the Stock Exchange, the Rules and Regulations ofthe Stock Exchange shall prevail).

Securities means "eligible securities" within the meaning of section 26BC(I) of the Tax Act which the Borrower is entitled to borrow from the Lender in accordance with the Rules and which are the subject of a loan pursuant to this Agreement and such term shall include the certificates or other documents oftitle (ifany) in respect ofthe foregoing.

Settlement Date means the date upon which Securities are or are to be transferred to the Borrower in accordance with this Agreement.

Stock Exchange means the Australian Stock Exchange Limited.

Tax Act means the Income Tax Assessment Act 1936 (Commonwealth of Australia).

Unfranked Dividend means a Dividend no part of which has been franked in accordance with the Tax Act.

27 Governing Law and Jurisdiction

27.1 [Governing law] This Agreement is governed by, and shall be construed in accordance with, the law in force in New South Wales, Australia.
27.2 [Consent to juriSdiction] Each Party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New South Wales in respect of any dispute in connection with this Agreement.

EXECUTED as an agreement

Schedule 1 •Particulars

1 COLLATERAL (see definition in clause 26, and also clause 6)

1.1 Types (see definition of"Collateral" in clause 26)

Collateral acceptable under this Agreement may include the following or otherwise, as agreed between the Parties from time to time, whether transferable by hand or within a depositary:

<a) Cash;
(b) Australian Government Inscribed Stock;
(c) Australian, State or Territory Government stock, bonds or promissory notes (including those issued by any statutory corporation such as Treasury Corporation of New South Wales);
(d) Bills of exchange accepted by any bank carrying on business in Australia ("Bankers Acceptances");
(e) Promissory notes issued by any such bank;
(I) Certificates of Deposit issued by any such bank;
(g) Corporate bonds in registrable or bearer fonn;
(h) Irrevocable Standby Letters of Credit issued or confinned by any such bank.

1.2 Valuation of Collateral (see definition of "Value" in clause 26 and clause 6.2)

Collateral provided in accordance with this Agreement shall be evaluated by reference to the following, or by such means as the Parties may from time to time agree:

(a) in respect of Collateral type (a), the amount thereof in, or converted into, the Base Currency;
(b) in respect of Collateral type (b), the value calculated by reference to the middle market price of each stock as detennined daily by the Reserve Bank of Australia, adjusted to include the accumulated interest thereon;
(c) in respect ofCollateral types (c) to (g), the Reference Price thereof;
(d) in respect ofCollateral type (h), the value specified therein.

1.3 Margin (see definition in clause 26 and clause 6.3)

The Value of any Collateral delivered, or to be delivered, pursuant to clause 6 by the Borrower to the Lender under the tenns and conditions of this Agreement shall on each Business Day represent not less than the Value of the borrowed Securities together with the following additional percentages, hereinbefore referred to as ("the Margin"), unless otherwise agreed between the Parties:

(a) in the case ofCollateral type (a): 5%; or
(b) in the case of Collateral types (b) to (f) and (h): 5% (except that, for Certificates of Deposit, the Margin shall be the accumulated interest thereon); or
(c) in the case of Collateral type (g): 5%.

Ifthe Value ofthe borrowed Securities includes any margin over the mid market price of the borrowed Securities, this shall be taken into account in determining the Margin applicable.

1.4 Basis of Margin Maintenance (see clause 6.4)

Minimum period after demand for transferring Collateral or Equivalent Collateral:

(a) Cash Collateral: within one Business Day;
(b) Equivalent Collateral: not less than the Standard Settlement Time for such Collateral or the equivalent time on the exchange or clearing organisation through which the relevant Collateral is to be, or was originally, delivered;
(c) Other Collateral (ie a Letter ofCredit): within two Business Days.

1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (iii))

(a) The Lender may not demand that further Collateral be provided by the Borrower if the aggregate deficiency calculated in accordance with clause 6.2 is less than the greater of:
(i) \$5,000; and
(ii) 2% ofthe Value ofthe Required Collateral Value.
(b) The Borrower may not demand the return of Collateral provided to the Lender if the Borrower has committed an Event of Default in respect of any transaction or if the aggregate excess calculated in accordance with clause 6.2 is less than the greater of:
(i) \$5,000; and
(ii) 2% ofthe Required Collateral Value.

2 BASE CURRENCY (see definition in clause 26 and clause 1.6)

The Base Currency applicable to this Agreement is Australian Dollars.

3 LENDER'S WARRANTIES (see clause lOrd))

clause IO(d) shall apply to [# name of any Party which is not a resident of Australia and where any transaction is not entered into through any branch of that non-resident in Australia].

4 VOTING (see clause 4.3)

Clause 4.3 does/does not* apply.

5 PLACE OF BUSINESS (see definition of'tBusiness Day" in clause 26)

Sydney.

6 ADDRESS FOR NOTICES AND STATUS OF PARTIES (see clause 20.1)

6.1 Address for notices or communications to _

	Address:
	Attention:
	Facsimile No:
	Telephone No:
	Electronic Messaging	System Details:

which is/is not	>Ie an Australian	Taxpayer.
Address for	notices or communications	to
	Address:
	Attention:
	Facsimile No:

which is/is not >Ie an Australian Taxpayer.

7 COMPENSATION FOR LOSS OF FRANKING CREDITS/REBATES (see clause 9.2)

Is not required by

and

8 COMPENSATION FOR LOSS OF INTERCORPORATE DIVIDE. D REBATE (see clause 9.3)

Is not required by

and

[INSERT NAME OF RELEVANT PARTY (if applicable). OTHERWISE, DELETE THE PARAGRAPH OR LEAVE IT BLANK. Note: Only the name of a resident company (which is not a private company for the purposes of the Tax Act) or a trust estate that is treated as a resident company for the purposes of the Tax Act should be inserted in this item.]

* DELETE ONE ALTERNATIVE

Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)

To: [Name and Address of Lender]

This is a Borrowing Request under the Master Securities Lending Agreement between us dated # (the "Agreement")

We wish to make the following borrowing of Securities:

(a)	of Description Securities:	"] # reg "fully paid ordinary shares in #
(b)	of Amount Securities:	") # leg million"]
(c)	of Proposed Settlement Date Borrowing:	# [eg "today"]
(d)	and of of Time, Mode Place Delivery Securities, including (as appropriate) settlement system and account to which delivery is to be made:	of#, # leg "to the account HlN #, in CHESS"]
(e)	of Duration Loan:	No longer than eleven months and 20 days after the Borrowed Securities are delivered under this Borrowing Request.
(f)	of Type Collateral:	# leg "Cash"]
(g)	of and of Time, Mode Place Deliver')' Collateral:	# leg "dvp on CHESS"]
(h)	5.1 ofthe Rates (see clause Agreement):	(a)" #[eg #% per annum on the Cash or "# Collateral", (b) % per annum on the daily ofthe value Borrowed Securities" as appropriate].

2 Please confirm your acceptance ofthis Borrowing Request by return fax.

Dated: # _

For and on behalfof[Name ofBorrower]

Signature of Authorised Representative

Name and title of Authorised Representative

Schedule 3 Supplementary Terms and Conditions (if any)

This Schedule fonns part of and amends the Master Securities Lending Agreement (including Schedule I) to which it is a Schedule, as follows:

Execution page

Occupation of witness HV~fv.~.~ . .............:D..I.i\:<!~ ... ..?.,,~.. ... Name of witness (block letters) ..~:?::1 ...~.:>.t. ... ';;."J.~ Address of witness SIGNED by .J),~,- [SS~ ) for and on behal f of: ) THE CHASE MANHATTAN BANK ) (Sydney Branch) ) .... ~.: ... ... l Signature of witness ) ) ) ) ) ) ) ) ) ) Address of witness Signature of witness Occupation of witness ) ) ) ) ................................................................... ) ) ) ) ) ) ) ) ) ) ) ) Name of witness (block letters) SIGNED by for and on behalfof: MACQUARIE BANK LIMITED

....f\J01oJ..tQ~"CJi.t~'lt . Signature of IJA,ALil f1{oMSE7f Vw- p~ "ctuJ

c-~ C . ^H o~ i::A'" S<1'>-> ~"Sl~

Signature of LR...-.. ~~ f},>~

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT

APPENDIX

The tcnns ofthis Appendix amend various ofthe provisions ofthe Australian Master Securities Lending Agreement entered into between the Parties (the "Agreement").

This Appendix supplements and fanns part of the Agreement and accordingly the Appendix and Agreement shall be treated as one single agreement between the Parties.

Capitalised words in this Appendix bear the same meaning (save as otherwise amended herein) as in the Agreement.

J. The following shall be inserted as Recital C:-

"The Lender shall enter into loans o/Securities as agent on behalfof third party beneficial owners and Clause 14 shall take effect in accordance therewith. "

The definition of "Collateral" shall be replaced with the following:-

""Collateral" shall mean, collectively, all cash, Approved Securities and Lellers ofCredit from lime to time paid or delivered by the Borrower to the Lender pursuant to Clause 6 and shall include the certificates and other documents ofor evidencing title and tramjer with respect to the foregoing (as appropriate) and shall include Alternative Collateral. For the purposes ofthis definition a Letter afCredit shall mean an irrevocable letter ofcredit issued by a bank acceptable to the Lenderfor the account ofthe Borrower or any other person acceptable 10 the Lender and which contains such terms and provisions as are required by or acceptable to the Lender in its discretion. Approved Securities shall mean securities ofsuch class or classesfalling within Section (i) ofthe list oftypes ofcollateral in the Schedule hereto but only in so far as any such class has been designated by notice in writing given by the Lender to the Borrowerfrom time to time hereafter as capable ofbeing Approved Securitiesfor the purposes ofthis Agreement and which are acceptable 10 the Lenderfor the purposes hereofin its sale discretion and such term shall include the certificates and other documents ofor evidencing title and transfer with respect to such securities. "

The following definitions shall be added to Clause 1 ofthe Agreement:~

., "Relevant Bank" shall mean, with respect to any loan, a bank which has issued a Leiter of Credit which, or a portion ofwhich, isfor the time being allocated as Collateralfor such Loan;

L6349 25.'l15iOO

"Relevant Organisation" shall mean any governmenial agency. bureau, commission or department and any selj-regulalOry or other organisation concerned wilh dealings, and any association ofdealers, in securilies ofany description;"

Clause 4.2(b) shall apply and shall not be subject to Clause 4.2(c), and in such case the following provisions shall be added to Clause 4.2(e):
"(i) except where otherwise required by Australian tax requirements, any distribulion of securities made in exchange for loaned Securilies shall be considered as substiluted for such loaned Securilies and need not be delivered to the Lender until the relevani loan ofSecurilies is terminated hereunder;
(ii) any distribulion solely in the form ofsecurilies wilh respect to any loaned Securities shall be added to such loaned Securities (and shall constitute loaned Securities, and be part ofthe relevant loan ofSecurilies, for all purposes hereof) and need not be delivered to the Lender until the relevant loan ofSecurities is terminated hereunder, ifat or before the making ofsuch distribution the Borrower shall have delivered such additional Collateral for the relevaniloan to the Lenderfor the accouni ofthe relevant Principal as shall be necessary to make the aggregate value ofthe Collateralfor such loan, determined on the date ofsuch distribution, at least equal to the value ofthe loaned Securities plus the Margin with respect to such loan (after giving effect to the addilion ofthe securities being distributed) determined on such date;
(iii) any distributions ofwarrants or rights to purchase shares made with respect to any loaned Securities shall be deemed to be, and shall be, a new loan ofSecurities made to the Borrower by the Principal which loaned to the Borrower the loaned Securities with respect 10 which such distribution is made (and shall be treated as loaned Securities, and as a separate loan, for all purposes hereof) and need not be delivered to the Lender uniil such new loan is terminated in accordance herewith. ifat or before the making ofsuch distribution the Borrower and the Lender shall have agreed upon the Marginfor such new loan and the Borrower shall have delivered to the Lender Collateral for such new loan having a value acceptable ¹⁰ the Lender ".
1. The following shall be substituted for clause 6.1:-
"6.1 {Borrower sobligation to prOVide Collateral] Unless the Parties agree otherwise the Borrower agrees that, as a condition precedenito the making ofany loan, il shall deliver Collateral to the Lender (or in accordance with the Lender's instructions) TOGETHER WITH appropriate instruments oftransfer duly stamped where necessary and such other instrumenis as may be requisite to vest title thereto in the Lender. "
1. The following shall be substituted for Clause 6.7:-
"6.7 Where collateral (other than Cash Collateral) is delivered in re~pect ofwhich any income may become payable. the Borrower shall callfor the redelivery ofCollateral eqUivalent to such Collateral in good time to ensure that such Equivaleni Collateral may be delivered prior to any such income becoming payable to the Lender. "
1. The following shall be inserted as clause 6.11:-
"6.11 The delivery ofa Letter ofCredit shall be effectedfor the purposes ofthis Agreement by physical delivery ofthe original executed Letter ofCredit by the issuing. confirming or advising bank to the Lender at its addressfor delivery ofnotices or as the Lender may otherwise agree, provided, however, that no such delivery shall be effective until one Business Day after the receipt ofa Letter ofCredit by the Lender (or. ifthe relevant Letter ofCredit is received by the Lender prior to 3 p.m. (Sydney time) on a Business Day, until 5.30 p.m. (5iydney time) on such Business Day), during which period the Lender may reject such Letter ofCredit. by oral notice to the Borrower. ifsuch Letter ofCredit is not in the form required by or acceptable to the Lender. "
1. Clause 7.2 shall be amended as follows:
(i) by the insertion ofthe following words at the end ofthe first sentence:.

"(and where there is a difference between the settlement time for sales andpurchases on the relevant exchange or clearing organisation, the standard settlement time shall be the shorter ofthe two times). "

(ii) by the insertion ofthe following sentence after the end ofthe second sentence:-

"simultaneously with the redelivery ofthe Equivalent Securities in accordance with such call, or at such other time as may be agreed by the parties. the Lender shall repay any Cash Collateral Qnd redeliver to the Borrower Collateral equivalent to the Collateral delivered pusuant to Clause 6 in respect ofthe borrowed Securities."

1. The following shall be inserted as clause] I(e):-
"(e) The Borrower has heretofore delivered to the Lender a copy ofthe annual [consolidatedJ financial statements ofthe Borrower [and its consolidated subsidiaries]for its [/iscallfinancialj year ended { J, 19{] duly audited by independent [certified public accountants/internationally recognised auditors], including a balance sheet as at the end ofsuch [/iscal/financial] year [and the related statement ofincome and changes in financial position for such fiscal year], and a copy ofthe unaudited [consolidated]financial statements ofthe Borrower {and its consolidated subsidiaries]for the [ ] month period ended {

]. 19{] including a balance sheet as at the end ofsuch period [and the related statement ofincome and changes in financial position for such period], and each ofthe said statements and related notes thereto are complete and correct and fairly present the [consolidated]financial condition and results ofoperation ofthe Borrower [and its consolidated subsidiaries] as at the said dates andfor such periods, all in conformity with generally accepted accounting principles consistently applied; "

]0. Clause ]2 shall be amended as follows:-
(i) by the deletion of "or" at the end ofSub-c1ause (h);
(ii) in Sub-clause (i) by the deletion of all the words after "hereunder" and the substitution therefor of "and the Non-Defaulting Party serves written notice on the Defaulting Party";

Macquarle Bank Llmlled

(iii) by the addition ofthe following Sub-clauses:-
"OJ a violation by the Borrower in connection with any Securities the subject ofa loan hereunder or the holding or disposition thereofby the Borrower, ofany applicable law, regulation or rule ofanyjurisdiction, or ofany Relevant Organisation to the requirements ofwhich the Borrower may be subject and such violation would be likely to have a material adverse affect on the ability ofthe Borrower to perform its obligations under any loan hereunder;
(k) the occurrence ofany other event which the Borrower is required to notify to the Lender pursuant to Clause 28./ hereof; or
(1) an Act ofInsolvency occurring with respect to any Relevant Bank and (except in the case ofan Act ofInsolvency which is the presentation ofa petition for winding up or any analogous proceeding in relation to ofthe Relevant Bank in which case no such notice shall be required) the Lender serves written notice on the Borrower. "
1. The following shall take effect as clause 28 ofthe Agreement:-

"Covenants of the Borrower:

The Borrower hereby covenants and agrees with the Lender as follows:

28.1 The Borrower willfurnish to the Lender (i) as soon as available and in any event within [ J days after the end ofeach ofits [fiscal/financial] years, a copy ofthe annual [consolidated} financial statements ofthe Borrower [and its consolidated subsidiaries} duly audited by independent [certified public accountants/internationally recognised auditors}, including a balance sheet as at the end ofsuch [fiscal/financial} year [and the related statement ofincome and changes infinancial position for such fiscal year}, prepared in accordance with generally accepted accounting principles consistently applied, (ii) as soon as available and in any event within { ] days after the end ofeach ofthe first three quarters ofeach of its [fiscal/financial] years, a copy ofthe [consolidated} financial statements ofthe Borrower [and its consolidated subsidiaries} for the period then ended, including a balance sheet as at the end ofsuch period [and the related statement ofincome and changes infinancial position for such period}, prepared in accordance with generally accepted accounting principles on a basis consistent with that used in the preparation ofthe financial statements referred to in sub-paragraph (i) above and certified by an appropriate officer ofthe Borrower, (iii) promptly after the occurrence ofany default under this Agreement, a written notice setting forth the nature ofsuch default and the steps being taken by the Borrower to remedy such default, and (iv) from time to time such further information (whether or not ofthe kind mentioned above) regarding the business, affairs andfinancial condition ofthe Borrower as the Lender may reasonably request.
28.2 The Borrower will give the Lender immediate notice ifat any time any order, decree, determination or instruction is issued on the authority ofany rule, regulation or proceeding of any Relevant Organisation in relation to the Borrower, or any litigation, arbitration or similar proceeding against or affecting the Borrower is commenced, which in any such case could have a material adverse effect on the

ability ofthe Borrower to perform its obligations under this Agreement or to carryon its business as conducted as at the date ofthis Agreement or which might adversely affect the borrowing ofsecurities by the Borrower. Any such notice shall setforth in reasonable detail a description ofthe event which ha~' occurred and ofthe action, if any which the Borrower proposes to take with respect thereto. "

Schedule I shall be deleted and replaced by the following:

"Types (Clause 26)

Thefollowing types ofcollateral shall unless othenvise agreed constitute Collateral acceptable under this Agreement:

(i) Australian Government Inscribed Stock; Australian State or Territory Government stock, bonds or promissior notes (including those issued by a statutory corporation such as Treasury Corporation ofNew South Wales):
(ii) Irrevocable Standby Letters ofCredit issued by any bank carrying on business in Australia;
(iii) Cash Collateral.

Valuation ofCollateral (Clause 26 and Clause 6.2)

Collateral provided in accordance with this Agreement shall be evaluated by reference to the following, or by such means as the Parties may from time to time agree:-

(a) in respect ofCollateral type (i) above, the Reference Price thereof;

(b) in respect ofCollateral type (ii) above, the value specified therein.

Margin (Clause 26 and Clause 6.3)

"The Value ofthe Collateral delivered pursuant tot Clause 6 by the Borrower to the Lender under the terms and conditions ofthis Agreement shall on each Business Day represent not less than 100% ofthe Value ofthe borrowed Securities, and otherwise as agreed between the Parties with respect to each loan".

Basis ofMargin Maintenance (Clause 6.2 and Clause 6.4)

The following wording (transaction by transaction margining) shall apply in lieu ofthe wording currently set out in Clau\'e 6.2(a); however. the Lender shall have the right at its sale election, at any time from time to time, to allocate and/or reallocate any Collateral held by it hereunder to or among any outstanding loans.

6.2 (Transaction by transaction marginingl
{QljAdjustments to Collateral] Unless otherwise agreed between the Parties, the Value ofthe Collateral delivered to or deposited with the Lender or its nominated bank or depository (excluding any Collateral repaid or redelivered under sub-Clauses 6.2(a)(ii) below ("Posted Collateral',)) in respect ofany loan ofSecurities shall bearfrom day to day and

at any time the same proportion to the Value ofthe Securities borrowed under such loan as the Posted Collateral bore at the commencement ofsuch loan. Accordingly:

(i) the Value ofthe Posted Collateral to be delivered or deposited while the loan of Securities continues shall be equal to the Value ofthe borrowed Securities and the Margin applicable thereto (the "Required Collateral Value");
(ii) ifon any Business Day the Value ofthe Posted Collateral in respect ofany loan of Securities exceeds the Required Collateral Value in respect ofsuch loan, the Lender shall (on demand) repay such Cash Collateral and/or redeliver to the Borrower such Equivalent Collateral as will eliminate the excess; and
(iii) ifon any Business Day the value ofthe Posted Collateralfalls below the Required Collateral Value, the Borrower shall (on demand) provide such further Collateral to the Lender as will eliminate the deficiency.

Clause 6.2(b) (netting ofCollateral obligations where a Party is both Lender and Borrower) shall apply notwithstanding that Clause 6.2(a) has been amended as set out above.

The minimum period after demandfor transferring Cash Collateral or Equivalent Collateral shall be the same Business Day ifdemand is made before 11. 00 m, (Sydney time) and otherwise as agreed between the parties.

Base Currency (Clause 26 and Clause 1.6)

The Base Currency applicable to this Agreement is Australian Dollars.

Lenders' Warranties (Clause JO(d))

Clause lOrd) shall not apply where both Borrower and underlying Principal are resident in Australia.

Voting (Clause 4.3)

Clause 4.3 shall apply.

Place ofBusiness (Clause 26)

Sydney.

Address for Notices and Status o(Parties (Clause 20.1)

Addressfor notices or communications to: The Chase Manhattan Bank (London Branch) (in its capacity as agentfor the underlying principal which is an Australian Taxpayer)

Address:	125 London Wall EC2Y London 5AJ
Attention:	Ann Hunt
Fax No:	DOli 442077771473
Telephone No:	DOli 442077771470

Addressfor notices or communications to: Macquarie Bank Limited which is an Australian Taxpayer.

Address: Allention: Fax No: Le-ve.R. ;< No. I. MM-H" /'I(ifU', ~'1' ti"T:<.r Nrw:2otnJ l:~ Ma--kd, DiViS/f», (He..-" Lee) ~;;> 1?232 6'"'!?"2

Telephone No: 612 232 3/26

Compensation for Loss ofFranking CreditslRebate.f (Clause 9.2)

Is required by Borrower if Borrower is an Australian Taxpayer and by Lender.

Compensation (or Loss ofIntercorporate Dividend Rebate (Clause 9.3)

Is required by Borrower ifBorrower is an Australian Taxpayer and by Lender. "

gc ~4862 ¹

I9343 Australian Securities Lending Association Limited

(ACN 054 944 482) Level 18, 20 Bond Street Sydney NSW 2000 Tel: (02) 9220 1413 Fax: (02) 9220 1379

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT *

(Version: 4 April 1997)

dated as of: (/ kdy , 19 ⁹⁷

Between:

And:

Bankers Trust Australia Limited ACN 003 01 7 221 of Level 15, The Chifley Tower, 2 Chifley Square, Sydney, NSW 2000

AMP Securities Pty Limited ACN 063 403 681 of Level 16, 33 Alfred Street, Sydney, NSW 2000

* This agreement is adaptedfiom the ISLA Overseas Securities Lender's Agreement (Version: December 1995, as amended by 1996 UK Tax Addendum), prepared by CltfSord Chance, London, England for use by parties required to meet UK Inland Revenue tax requirements.
* This agreement is also subject to the "Warning and Disclaimer" on the coversheet to the "User's Guide " relating to this agreement.

AGREEMENT

Recitals:

A. The Parties hereto are desirous of agreeing to a procedure whereby either one of them (the "Lenderyy) will make available to the other of them (the "Borrower") from time to time Securities (as hereinafter defined).
B. All transactions carried out under this Agreement will be effected in accordance with the Rules (as hereinafter defined), if applicable, together with current market practices, customs and conventions, in so far as they are not inconsistent with the terms of this Agreement.

Operative provisions:

1 Interpretation

1.1 [Definitions] The terms defined in clause 26 and in Schedule 1 have the meanings therein specified for the purposes of this Agreement.
1.2 [Inconsistency] In the event of any inconsistency between the provisions of Schedule 1 and the other provisions of this Agreement, Schedule 1 will prevail. In the event of any inconsistency between the provisions (if any) of Schedule 3 and the other provisions of this Agreement (including Schedule l), Schedule 3 will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Agreement (including Schedules 1 and 3), such Confirmation will prevail for the purpose of the relevant transaction.
1.3 [Single agreement] All transactions are entered into in reliance on the fact that this Agreement and all Confirmations form a single agreement between the Parties (collectively referred to as this "Agreement"), and the Parties would not otherwise enter into any transactions.
1.4 [Interpretation] In this Agreement:
(a) Unless the context otherwise requires:
- (i) The singular includes the plural and vice versa.
- (ii) A person includes a corporation.
- (iii) A corporation includes any body corporate and any statutory authority.
- (iv) A reference to a statute, ordinance, code or other law or the Rules includes regulations or other instruments under it or them and consolidations, amendments, re-enactments or replacements of any of them.
(b) Notwithstanding the use of expressions such as "borrow", "lend", "Collateral", "Margin", "redeliver" etc., which are used to reflect terminology used in the market for transactions of the kind provided for in this Agreement, title to Securities "borrowed" or "lent" and "Collateral" provided in accordance with this Agreement shall pass from one Party to another as provided for in this Agreement, the Party obtaining such title being obliged to redeliver Equivalent Securities or Equivalent Collateral, as the case may be.
1.5 [Headings] All headings appear for convenience only and shall not affect the interpretation of this Agreement.
1.6 [Currency conversion] For the purposes of clauses 6, 8.3 and 8.4, when a conversion into the Base Currency is required, all prices, sums or values (including any Value, Offer Value and Bid Value) of Securities, Equivalent Securities, Collateral or Equivalent Collateral (including Cash Collateral) stated in currencies other than the Base Currency shall be converted into the Base Currency at the rate quoted by an Australian bank selected by the Lender (or, if an Event of Default has occurred in relation to the Lender, by the Borrower) at or about 1 1.00am (Sydney time) on the day of conversion as its spot rate for the sale by the bank of the Base Currency in exchange for the relevant other currency.
1.7 [Other agreements] Where at any time there is in existence any other agreement between the Parties the terms of which make provision for the lending of Securities (as defined in this Agreement) as well as other securities, the terms of this Agreement shall apply to the lending of such Securities to the exclusion of any other such agreement.
1.8 [Nominees] If payment is to be made to a Party's nominee or otherwise in accordance with the directions of a Party (whether by the other Party or by a third party), it shall be deemed, for the purposes of this agreement, to have been paid or made to the first mentioned Party.

Loans of Securities

2.1 [Borrowing Request and acceptance thereof] The Lender will lend Securities to the Borrower, and the Borrower will borrow Securities from the Lender, in accordance with the terms and conditions of this Agreement and with the Rules provided always that the Lender shall have received from the Borrower and accepted (by whatever means) a Borrowing Request.
2.2 [Changes to a Borrowing Request] The Borrower has the right to reduce the amount of Securities referred to in, or otherwise vary, a Borrowing Request provided that:
(a) the Borrower has notified the Lender of such reduction or variation no later than midday Australian Eastern standard or summer (as appropriate) time on the day which is two Business Days prior to the Settlement Date, unless otherwise agreed between the Parties, and
(b) the Lender shall have accepted such reduction or variation (by whatever means).

3 Delivery of Securities

[Delivery of Securities] The Lender shall procure the delivery of Securities to the Borrower or deliver such Securities in accordance with the relevant Borrowing Request together with appropriate instruments of transfer (where necessary) duly stamped (where necessary) and such other instruments (if any) as may be requisite to vest title thereto in the Borrower. Such Securities shall be deemed to have been delivered by the Lender to the Borrower on delivery to the Borrower or as it shall direct of the relevant instruments of transfer and certificates or other documents of title (if any), or in the case of Securities title to which is registered in a computer based system which provides for the recording and transfer of title to the same by way of electronic entries (such as CHESS), on the transfer of title in accordance with the rules and procedures of such system as in force from time to time, or by such other means as may be agreed.

4 Title, Distributions and Voting

4.1 [Passing of title] The Parties shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in:
(a) any Securities borrowed pursuant to clause 2;
(b) any Equivalent Securities redelivered pursuant to clause 7;
(c) any Collateral delivered pursuant to clause 6;
(d) any Equivalent Collateral redelivered pursuant to clauses 6 or 7,

4.2 [Distributions]

(a) [Cash distributions] Unless otherwise agreed, where Income is paid in relation to any Securities on or by reference to an Income Payment Date on which such Securities are the subject of a loan under this Agreement, the Borrower shall, on the date of the payment of such Income, or on such other date as the Parties may from time to time agree, (the "Relevant Payment Date") pay and deliver a sum of money equivalent to the same to the Lender, irrespective of whether the Borrower received the same.
(b) [Non-cash distributions] Subject to paragraph (c) (unless otherwise agreed), where, in respect of any borrowed Securities or any Collateral, any rights relating to conversion, sub-division, consolidation, pre-emption, rights arising under a takeover offer or other rights, including those requiring election by the holder for the time being of such Securities or Collateral, become exercisable prior to the redelivery of Equivalent Securities or Equivalent Collateral, then the Lender or Borrower, as the case may be, may, within a reasonable time before the latest time for the exercise of the right or option, give written notice to the other Party that, on redelivery of

Equivalent Securities or Equivalent Collateral, as the case may be, it wishes to receive Equivalent Securities or Equivalent Collateral in such form as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice.

(c) [Tax Act ss 26BC(3)(c)(ii) and (v) requirements] Notwithstanding paragraph (b), where, in respect of any Borrowed Securities or any Collateral, the relevant issuer company, trustee, government or government authority issues any right or option in respect of the Borrowed Securities or Collateral, as the case may be, the Borrower or the Lender, respectively, must deliver or make, as the case may be, to the other Party on the date of such issue or on such other date as the Parties may from time to time agree:
(i) the right, or option; or
(ii) an identical right or option; or
(iii) a payment equal to the value to the Lender or the Borrower, respectively, of the right or option;

together with any such endorsements or assignments as shall be customary and appropriate.

(d) [Manner of payment] Any payment to be made by the Borrower under this clause shall be made in a manner to be agreed between the Parties.
4.3 [Voting] Unless paragraph 4 in Schedule 1 specifies that this clause 4.3 does not apply, each Party undertakes that, where it holds Securities of the same description as any Securities borrowed by it or transferred to it by way of Collateral at a time when a right to vote arises in respect of such Securities, it will use its best endeavours to arrange for the voting rights attached to such Securities to be exercised in accordance with the instructions of the Lender or Borrower (as the case may be) provided always that each Party shall use its best endeavours to notify the other of its instructions in writing no later than seven Business Days prior to the date upon which such votes are exercisable, or as otherwise agreed between the Parties, and that the Party concerned shall not be obliged so to exercise the votes in respect of the number of Securities greater than the number so lent or transferred to it. For the avoidance of doubt, the Parties agree that, subject as hereinbefore provided, any voting rights attaching to the relevant Securities, Equivalent Securities, Collateral and/or Equivalent Collateral shall be exercisable by the persons in whose name they are registered, or in the case of Securities, Equivalent Securities, collateral and/or Equivalent Collateral in bearer form by the persons by or on behalf of whom they are held, and not necessarily by the Borrower or the Lender (as the case may be).

5 Fees

5.1 [Fees] In respect of each loan of Securities:

(a) for which the Collateral is cash:
(i) the Lender must pay a fee to the Borrower in respect of the amount of that Collateral, calculated at the rate agreed between them; and
(ii) unless the Parties otherwise agree, the Borrower is not obliged to pay a fee to the Lender;
(b) for which there is no Cash Collateral, the Borrower must pay a fee to the Lender, calculated at the rate agreed between them.
5.2 [Where there are different types of Collateral] Where the Collateral comprises only partly cash, clause 5.1 is to be construed as if there were separate loans of Securities, one secured solely by Cash Collateral and the other secured solely by non-cash Collateral.
5.3 [Calculation of fees] In respect of each loan of Securities, the payments referred to in clause 5.1 of this clause shall accrue daily in respect of the period commencing on and inclusive of the Settlement Day and terminating on and exclusive of the Business Day upon which Equivalent Securities are redelivered or Cash Collateral is repaid. Unless otherwise agreed, the sums so accruing in respect of each calendar month shall be paid in arrears by the Borrower to the Lender or to the Borrower by the Lender (as the case may be) not later than the Business Day which is one week after the last Business Day of the calendar month to which such payment relate or such other date as the Parties from time to time agree. Any payment made pursuant to clause 5.1 shall be in Australian currency, unless otherwise agreed, and shall be paid in such manner and at such place as shall be agreed between the Parties.

Collateral

6.1 [Borrower's obligation to provide Collateral] Unless otherwise agreed, subject to the other provisions of this clause 6, the Borrower undertakes to deliver to or deposit with the Lender (or in accordance with the Lender's instructions) Collateral of the kind specified in the relevant Borrowing Request or as otherwise agreed between the Parties (together with appropriate instruments of transfer duly stamped (where necessary) and such other instruments as may be requisite to vest title thereto in the Lender) simultaneously with delivery of the Borrowed Securities by the Lender.

6.2 [Global margining]

(a) [Adjustments to Collateral] Unless otherwise agreed between the Parties, subject to paragraph (b), clause 6.4 and paragraph 1.5 in Schedule 1 :
(i) The aggregate Value of the Collateral delivered to or deposited with the Lender or its nominated bank or depositary (excluding any Collateral repaid or redelivered under paragraph (ii) below (as the case may be)) in respect of all loans of Securities outstanding under this Agreement ("Posted Collateral") shall from day to day and at any time be at least the aggregate of the Required Collateral Values in respect of such loans.
(ii) If at any time the aggregate Value of the Posted Collateral in respect of all loans of Securities outstanding under this Agreement exceeds the aggregate of the Required Collateral Values in respect of such loans, the Lender shall (on demand) repay such Cash Collateral and/or redeliver to the Borrower such Equivalent Collateral as will eliminate the excess.
(iii) If at any time the aggregate Value of the Posted Collateral in respect of all loans of Securities outstanding under this Agreement falls below the aggregate of Required Collateral Values in respect of all such loans, the Borrower shall (on demand) provide such further Collateral to the Lender as will eliminate the deficiency.
(b) [Netting of Collateral obligations where a Party is both Lender and Borrower] Unless otherwise agreed between the Parties, subject to clause 6.4 and paragraph 1.5 in Schedule 1, where paragraph (a) applies, if a Party (the "first Party") would, but for this paragraph, be required under paragraph (a) to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral in circumstances where the other Party (the "second Party") would, but for this paragraph, also be required to repay Cash Collateral, redeliver Equivalent Collateral or provide further Collateral under paragraph (a), then the Value of the Cash Collateral, Equivalent Collateral or further Collateral deliverable by the first Party ("X) shall be set-off against the Value of the Cash Collateral, Equivalent Collateral or further Collateral deliverable by the second Party ("Y) and the only obligation of the Parties under paragraph (a) shall be, where X exceeds Y, an obligation of the first Party, or where Y exceed X, an obligation of the second Party, (on demand) to repay Cash Collateral, redeliver Equivalent Collateral or deliver further Collateral having a Value equal to the difference between X and Y.
6.3 [Required Collateral Value] For the purposes of clause 6.2(a), the Value of the Posted Collateral to be delivered or deposited in respect of any loan of Securities, while the loan of Securities continues, shall be equal to the aggregate of the Value of the borrowed Securities and the Margin applicable thereto (the "Required Collateral Value").
6.4 [Time for paymentlrepayment of Collateral] Except as provided in clause 6.1 or clause 6.6, where any Cash Collateral is to be repaid, Equivalent Collateral is to be redelivered or further Collateral is to be provided under this clause 6, it shall be paid or delivered as stated in paragraph 1.4 in Schedule 1.
6.5 [Substitution of Alternative Collateral] The Borrower may from time to time call for the repayment of Cash Collateral or the redelivery of Equivalent Collateral prior to the date on which the same would otherwise have been repayable or redeliverable, provided that, at the time of such repayment or redelivery, the Borrower shall have delivered or delivers Alternative Collateral acceptable to the Lender.

6.6 [Return of CollateraVEquivalent Collateral on redelivery of Equivalent Securities]

(a) Cash Collateral shall be repaid and Equivalent Collateral shall be redelivered at the same time as Equivalent Securities in respect of the Securities borrowed are redelivered.
(b) Where Collateral is provided through a book entry transfer system (such as Austraclear or RITS), the obligation of the Lender shall be to redeliver Equivalent Collateral through such book entry transfer system in accordance with this Agreement. If the loan of Securities in respect of which Collateral

was provided has not been discharged when the Equivalent Collateral is redelivered, any payment obligation generated within the book entry transfer system on such redelivery shall, until the loan of Securities is discharged or further Collateral is provided, be deemed to constitute an obligation to pay Cash Collateral.

6.7 [Receipt by Lender of Income on Collateral] Where Collateral (other than Cash Collateral) is delivered in respect of which any Income may become payable and an Income Payment Date in respect of that Collateral occurs prior to the redelivery of Equivalent Collateral, then, unless such Income is paid directly to the Borrower, the Lender shall, on the date on which such Income is paid or on such other date as the Parties may from time to time agree, pay and deliver a sum of money or property equivalent to such Income (with any such endorsements or assignments as shall be customary and appropriate to effect the delivery) to the Borrower.
6.8 [Borrower's rights re Collateral are not assignable] The Borrower may not assign, transfer or otherwise dispose of, or mortgage, charge or otherwise encumber, or otherwise deal with its rights in respect of any Collateral without the prior written consent of the Lender.
6.9 [Lender may set off obligation to repay or return Equivalent Collateral] If the Borrower fails to comply with its obligation to redeliver Equivalent Securities, the obligation of the Lender in respect of any Collateral may be the subject of a set-off in accordance with clause 8.
6.10 [Collateral provided to Lender's Nominee] Without limiting clause 1.8, where Collateral is provided to the Lender's nominee, any obligation under this Agreement to repay or redeliver or otherwise account for Equivalent Collateral shall be an obligation of the Lender, notwithstanding that any such repayment or redelivery may be effected in any particular case by the nominee.

Redelivery of Equivalent Securities

7.1 [Borrower's obligation to redeliver Equivalent Securities] The Borrower undertakes to redeliver Equivalent Securities in accordance with this Agreement and the terms of the relevant Borrowing Request.
7.2 [Lender may call for early redelivery of Equivalent Securities] Subject to clause 8 and the terms of the relevant Borrowing Request, the Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business Day of not less than the Standard Settlement Time for such Equivalent Securities or the equivalent time on the exchange or in the clearing organisation through which the relevant borrowed Securities were originally delivered. The Borrower shall as hereinafter provided redeliver such Equivalent Securities not later than the expiry of such notice in accordance with the Lender's instructions.
7.3 [Lender may terminate loan if Borrower defaults] If the Borrower does not redeliver Equivalent Securities in accordance with such call, the Lender may elect to continue the loan of Securities ; provided that, if the Lender does not elect to continue the loan, the Lender may by written notice to the Borrower elect to terminate the relevant loan. Upon the expiry of such notice the provisions of clauses 8.2 to 8.5 shall apply as if upon the expiry of such notice an Event of Default had occurred in relation to the Borrower (who shall thus be the Defaulting

Party for the purposes of this Agreement) and as if the relevant loan were the only loan outstanding.

7.4 [Consequence of exercise of "buy-in" against Lender, as a result of Borrower default] In the event that, as a result of the failure of the Borrower to redeliver Equivalent Securities to the Lender in accordance with this Agreement, a "buy-in" is exercised against the Lender, then, provided that reasonable notice has been given to the Borrower of the likelihood of such a "buy-in", the Borrower shall account to the Lender for the total costs and expenses reasonably incurred by the Lender as a result of such "buy-in".
7.5 [Right of Borrower to terminate loan early] Subject to the terms of the relevant Borrowing Request, the Borrower shall be entitled at any time to terminate a particular loan of Securities and to redeliver all and any Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.

Set-off etc.

8.1 [Requirement for simultaneous delivery] On the date and time that Equivalent Securities are required to be redelivered by the Borrower in accordance with the provisions of this Agreement the Lender shall simultaneously redeliver the Equivalent Collateral and repay any Cash Collateral held (in respect of the Equivalent Securities to be redelivered) to the Borrower. Neither Party shall be obliged to make delivery (or make a payment as the case may be) to the other unless it is satisfied that the other Party will make such delivery (or make an appropriate payment as the case may be) to it simultaneously. If it is not so satisfied (whether because an Event of Default has occurred in respect of the other Party or otherwise), it shall notify the other Party and, unless that other Party has made arrangements which are sufficient to assure full delivery (or the appropriate payment as the case may be) to the notifying Party, the notifying Party shall (provided it is itself in a position, and willing, to perform its own obligations) be entitled to withhold delivery (or payment, as the case may be) to the other Party.
8.2 [Netting following occurrence of Event of Default] If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require performance thereof at the time such Event of Default occurs (the date of which shall be the "Performance Date" for the purposes of this clause), and in such event:
(a) the Relevant Value of the Securities to be delivered (or payment to be made, as the case may be) by each Party shall be established in accordance with clause 8.3; and
(b) on the basis of the Relevant Values so established, an account shall be taken (as at the Performance Date) of what is due from each Party to the other and (on the basis that each Party's claim against the other in respect of delivery of Equivalent Securities or Equivalent Collateral or any cash payment equals the Relevant Value thereof) the sums due from one Party shall be setoff against the sums due from the other and only the balance of the account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the Performance Date.
8.3 [Relevant Value] For the purposes of clause 8.2 the Relevant Value:
(a) of any cash payment obligation shall equal its par value (disregarding any amount taken into account under (b) or (c) below);
(b) of any Securities to be delivered by the Defaulting Party shall, subject to clause 8.4(b) and (c) below, equal the Offer Value thereof; and
(c) of any Securities to be delivered to the Defaulting Party shall, subject to clause 8.4(b) and (c) below, equal the Bid Value thereof.

8.4 [Bid ValueIOffer Value]

(a) For the purposes of clause 8.3, but subject to (b) and (c) below, the Bid Value and Offer Value of any Securities shall be calculated as at the Close of Business in the most appropriate market for Securities of the relevant description (as determined by the Non-Defaulting Party) on the first Business Day following the Performance Date, or, if the relevant Event of Default occurs outside the normal business hours of such market, on the second Business Day following the Performance Date (the "Default Valuation Time").
(b) Where the Non-Defaulting Party has, following the occurrence of an Event of Default but prior to the Default Valuation Time, purchased Securities forming part of the same issue and being of an identical type and description to those to be delivered by the Defaulting Party and in substantially the same amount as those Securities or sold Securities forming part of the same issue and being of an identical type and description to those to be delivered by him to the Defaulting Party and in substantially the same amount as those Securities, the cost of such purchase or the proceeds of such sale, as the case may be, (taking into account all reasonable costs, fees and expenses that would be incurred in connection therewith) shall be treated as the Offer Value or Bid Value, as the case may be, of the relevant Securities for the purposes of this clause 8.
(c) Where the amount of any Securities sold or purchased as mentioned in (b) above is not in substantially the same amount as those Securities to be valued for the purposes of clause 8.3, the Offer Value or the Bid Value (as the case may be) of those Securities shall be ascertained by:
(i) dividing the net proceeds of sale or cost of purchase by the amount of the Securities sold or purchased so as to obtain a net unit price; and
(ii) multiplying that net unit price by the amount of the Securities to be valued.
8.5 [Interpretation: "Securities"] Any reference in this clause 8 to Securities shall include any asset other than cash provided by way of Collateral.
8.6 [Interpretation: "Event of Default"] If the Borrower or the Lender for any reason fails to comply with its respective obligations under clause 6.6 in respect of the redelivery of Equivalent Collateral or the repayment of Cash Collateral, such failure shall be an Event of Default for the purposes of this clause 8, and the person failing to comply shall thus be the Defaulting Party.

8.7 [Waiver of right to require simultaneous delivery] Subject to and without prejudice to its rights under clause 8.1, either Party may from time to time in accordance with market practice and in recognition of the practical difficulties in arranging simultaneous delivery of Securities, Collateral and cash transfers waive its right under this Agreement in respect of simultaneous delivery and/or payment; provided that no such waiver in respect of one transaction shall bind it in respect of any other transaction.

9 Stamp duty, taxes etc and loss of tax benefits

9.1 [Stamp duty etc] The Borrower hereby undertakes promptly to pay and account for any transfer or similar duties or taxes, and any loan security or other stamp duties, (if any) chargeable in connection with any transaction effected pursuant to or contemplated by this Agreement, and shall indemnify and keep indemnified the Lender against any liability arising in respect thereof as a result of the Borrower's failure to do so.

9.2 [Borrower to give Transfer of Dividend Statement to Lender re franked dividends] If:

(a) an Income Payment Date occurs during an Income Determination Period in relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received a Franked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confirmation states that the Lender is an Australian Taxpayer;
(d) the failure of the Lender to receive a Franked Dividend is not due to any unreasonable act or omission by or on behalf of the Lender; and
(e) neither item 7 in Schedule 1 nor the relevant Confirmation states that the Lender is not entitled to compensation for the loss of franking creditslrebates;

then:

(f) the Borrower must either:
(i) as soon as practicable, and in any event within 10 Business Days after the relevant Income Payment Date, give to the Lender a Transfer of Dividend Statement in respect of those Securities (which the Borrower is to be taken as having warranted is correct in all material respects and is effective for the purposes of Division 6A of Part IIIAA of the Tax Act); or
(ii) on the 10th Business Day after the relevant Income Payment Date pay to the Lender an amount equal to the franking credit referable to the Franked Dividend.
9.3 [Borrower to compensate corporate Lender for loss of intercorporate dividend rebate re unfranked dividends] If:
(a) an Income Payment Date occurs during an Income Determination Period in relation to a particular loan of Securities;
(b) had the Lender been the holder of those Securities on the relevant Income Payment Date, it would have received an Unfranked Dividend in respect of those Securities;
(c) the Agreement or the relevant Confirmation states the Lender is entitled to compensation for the loss of the intercorporate dividend rebate under the Tax Act;
(d) the failure of the Lender to qualify for that rebate is not due to any unreasonable act or omission by or on behalf of the Lender; and
(e) neither item 8 of the Agreement nor the relevant Confirmation states that the Lender is not entitled to compensation for the loss of that rebate;

then the Borrower must pay to the Lender an amount calculated as follows:

$$
P = \frac{DT}{1-T}
$$

Where :

P = the amount payable;
D = the amount of the Unfranked Dividend; and
T = the rate of income tax, expressed as a decimal, determined under the Tax Act at the relevant Income Payment Date as that payable in respect of the taxable income of a company (other than a private company, a company in the capacity of a trustee or a non-profit company that is a friendly society dispensary).
9.4 ["Notifiable consideration" for the purposes of s26BC(3)(d) of the Tax Act] For the purposes of section 26BC(3)(d) of the Tax Act, the notifiable consideration in respect of any loan of Securities is dissected as follows:
(a) a fee see clause 5.1 (as applicable); and
(b) other consideration see clauses 4.2,6 and 9 and the definition of "Equivalent Securities" in clause 26.

Lender's warranties

[Lender's warranties] Each Party hereby warrants and undertakes to the other on a continuing basis, to the intent that such warranties shall survive the completion of any transaction contemplated by this Agreement, that, where acting as a Lender:

(a) it is duly authorised and empowered to perform its duties and obligations under this Agreement;

(b) it is not restricted under the terms of its constitution or in any other manner from lending Securities in accordance with this Agreement or from otherwise performing its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Securities provided by it under this Agreement to the Borrower free from all liens, charges, equities and encumbrances; and
(d) where paragraph 3 in Schedule 1 specifies that this clause 10(d) applies, it is not resident in Australia for the purposes of the Tax Act and either:
(i) does not have a branch or other permanent establishment in Australia for the purposes of the Tax Act or of any applicable double tax agreement between Australia and its country of tax residence; or
(ii) if it does have such a branch or other permanent establishment in Australia, that the loan is not entered into in the course of carrying on business through such branch or permanent establishment.

Borrower's warranties

(a) it has all necessary licences and approvals, and is duly authorised and empowered, to perform its duties and obligations under this Agreement and will do nothing prejudicial to the continuation of such authorisation, licences or approvals;
(b) it is not restricted under the terms of its constitution or in any other manner from borrowing Securities in accordance with this Agreement or from otherwise performing its obligations under this Agreement;
(c) it is absolutely entitled to pass full legal and beneficial ownership of all Collateral provided by it under this Agreement to the Lender free from all liens, charges, equities and encumbrances; and
(d) it is acting as principal in respect of this Agreement.

Events of Default

12.1 [Events of Default] Each of the following events occurring in relation to either Party (the "Defaulting Party", the other Party being the "Non-Defaulting Party") shall be an Event of Default for the purpose of clause 8:
(a) the Borrower or Lender failing to pay or repay Cash Collateral or deliver or redeliver Collateral or Equivalent Collateral upon the due date, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(b) the Lender or Borrower failing to comply with its obligations under clause 6, and the Non-Defaulting Party serves written notice on the Defaulting Party;
-- (c) the Borrower failing to comply with clause 4.2, clause 9.2 or clause 9.3 and the Non-Defaulting Party serves written notice on the Defaulting Party;
(d) an Act of Insolvency occurring with respect to the Lender or the Borrower and (except in the case of an Act of Insolvency which is the presentation of a petition for winding up or any analogous proceeding or the appointment of a liquidator or analogous officer of the Defaulting Party in which case no such notice shall be required) the Non-Defaulting Party serves written notice on the Defaulting Party;
(e) any representations or warranties made by the Lender or the Borrower being incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(f) the Lender or the Borrower admitting to the other that it is unable to, or it intends not to, perform any of its obligations hereunder and/or in respect of any loan hereunder, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(g) the Lender (if appropriate) or the Borrower being declared in default by the appropriate authority under the Rules or being suspended or expelled from membership of or participation in any securities exchange or association or other self-regulatory organisation, or suspended from dealing in securities by any government agency, and the Non-Defaulting Party serves written notice on the Defaulting Party;
(h) any of the assets of the Lender or the Borrower or the assets of investors held by or to the order of the Lender or the Borrower being ordered to be transferred to a trustee by a regulatory authority pursuant to any securities regulating legislation and the Non-Defaulting Party serves written notice on the Defaulting Party, or
(i) the Lender or the Borrower failing to perform any other of its obligations hereunder and not remedying such failure within 30 days after the Non-Defaulting Party serves written notice requiring it to remedy such failure, and the Non-Defaulting Party serves a further written notice on the Defaulting Party.
12.2 [Obligation of each Party to notify its Event of Default] Each Party shall notify the other if an Event of Default occurs in relation to it.

Outstanding payments

[Default interest] In the event of either Party failing to remit sums in accordance with this Agreement, such Party hereby undertakes to pay to the other Party upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency at a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it in good faith) if it were to fund or of funding the relevant amount, plus 2% (or other agreed percentage) per annum.

14 Transactions entered into as agent

14.1 [Agency Transactions] Subject to the following provisions of this clause, the Lender may enter into loans as agent (in such capacity, the "Agent") for a third person (a "Principal"), whether as custodian or investment manager or otherwise (a loan so entered into being referred to in this clause as an "Agency Transaction").
14.2 [Conditions for Agency Transactions] A Lender may enter into an Agency Transaction if, but only if:
(a) it specifies that loan as an Agency Transaction at the time when it enters into it;
(b) it enters into that loan on behalf of a single Principal whose identity is disclosed to the Borrower (whether by name or by reference to a code or identifier which the Parties have agreed will be used to refer to a specified Principal) at the time when it enters into the loan; and
(c) it has at the time when the loan is entered into actual authority to enter into the loan and to perform on behalf of that Principal all of that Principal's obligations under the agreement referred to in clause 14.4(b) below.
14.3 [Undertakings by Lender] The Lender undertakes that, if it enters as agent into an Agency Transaction, forthwith upon becoming aware:
(a) of any event which constitutes an Act of Insolvency with respect to the relevant Principal; or
(b) of any breach of any of the warranties given in clause 14.5 below or of any event or circumstance which has the result that any such warranty would be untrue if repeated by reference to the current facts,

it will inform the Borrower of that fact and will, if so required by the Borrower, furnish it with such additional information as it may reasonably request.

14.4 [Consequences of Agency Transaction]

(a) Each Agency Transaction shall be a transaction between the relevant Principal and the Borrower and no person other than the relevant Principal and the Borrower shall be a party to or have any rights or obligations under an Agency Transaction. Without limiting the foregoing, the Lender shall not be liable as principal for the performance of an Agency Transaction or for breach of any warranty contained in clause 10(d) of this Agreement, but this is without prejudice to any liability of the Lender under any other provision of this clause.
(b) All the provisions of the Agreement shall apply separately as between the Borrower and each Principal for whom the Agent has entered into an Agency Transaction or Agency Transactions as if each such Principal were a party to a separate agreement with the Borrower in all respects identical with this Agreement other than this paragraph and as if the Principal were Lender in respect of that agreement; provided that:
(i) if there occurs in relation to the Agent an Event or Default or an event which would constitute an Event of Default if the Borrower served written notice under any paragraph of clause 12, the Borrower shall be entitled by giving written notice to the Principal (which notice shall be validly given to the Lender in accordance with clause 20) to declare that, by reason of that event, an Event of Default is to be treated as occurring in relation to the Principal. If the Borrower gives such a notice, then an Event of Default shall be treated as occurring in relation to the Principal at the time when the notice is deemed to be given; and
(ii) if the Principal is neither incorporated nor has established a place of business in Australia, the Principal shall for the purposes of the agreement referred to in the preamble in this paragraph (b) be deemed to have appointed as its agent to receive on its behalf service of process in the courts of Australia the Agent, or, if the Agent is neither incorporated nor has established a place of business in Australia, the person appointed by the Agent for the purposes of this Agreement, or such other person as the Principal may from time to time specify in a written notice given to the other party.
(c) The foregoing provisions of this clause do not affect the operation of the Agreement as between the Borrower and the Lender in respect of any transactions into which the Lender may enter on its own account as principal.
14.5 [Warranty by Lender] The Lender warrants to the Borrower that it will, on every occasion on which it enters or purposes to enter into a transaction as an Agency Transaction, have been duly authorised to enter into that loan and perform the obligations arising thereunder on behalf of the person whom it specifies as the Principal in respect of that transaction and to perform on behalf of that person all the obligations of that person under the agreement referred to in clause 14.4(b).

15 Termination of course of dealings by notice

Each Party shall have the right to bring the course of dealing contemplated under this Agreement to an end by giving not less than 15 Business Days' notice in writing to the other Party (which notice shall specify the date of termination), subject to an obligation to ensure that all loans and which have been entered into but not discharged at the time such notice is given are duly discharged in accordance with this Agreement and with the Rules (if applicable).

16 No reliance or tax or accounting representations by other Party

Each Party acknowledges, represents and warrants to the other that, except as expressly stated in this Agreement or any Confirmation:

(a) it has not relied on any advice, statement, representation or conduct of any kind by or on behalf of the other Party in relation to any tax (including stamp duty) or accounting issues concerning this Agreement or any transactions effected under it; and

(b) it has made its own determination as to the tax (including stamp duty) and accounting consequences and treatment of any transaction effected under this Agreement, including (without limitation) of any moneys paid or received or any property transferred or received in connection with any such transaction.

17 Observance of procedures

18 Severance

If any provision of this Agreement is declared by any judicial or other competent authority to be void or otherwise unenforceable, that provision shall be severed from the Agreement and the remaining provisions of this Agreement shall remain in full force and effect. The Agreement shall, however, thereafter be amended by the Parties in such reasonable manner so as to achieve, without illegality, the intention of the Parties with respect to that severed provision.

19 Specific performance

Each Party agrees that, in relation to legal proceedings, it will not seek specific performance of the other Party's obligation to deliver or redeliver Securities, Equivalent Securities, Collateral or Equivalent Collateral, but without prejudice to any other rights it may have.

20 Notices

20.1 [Effectiveness] Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under clause 12 or clause 15 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see paragraph 6 in Schedule 1) and will be deemed effective as indicated:
(a) if in writing and delivered in person or by courier, on the date it is delivered;
(b) if sent by telex, on the date the recipient's answerback is received;
(c) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);
(d) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or

(e) if sent by electronic messaging system, on the date that electronic message is received,

unless the date of that delivery (or attempted delivery) or the receipt, as applicable, is not a Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Business Day.

Assignment

Neither Party may assign, transfer or otherwise dispose of all or any of its rights or obligations under this Agreement without the prior written consent of the other Party

22 Non-Waiver

No failure or delay by either Party to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege as provided in this Agreement.

23 Time

Time shall be of the essence of the Agreement.

24 Recording

The Parties agree that each may electronically record all telephonic conversations between them.

25 Miscellaneous

25.1 [Entire Agreement] This Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.
25.2 [Amendments] No amendment in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the Parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.
25.3 [Survival of Obligations] The obligations of the Parties under this Agreement will survive the termination of any transaction.
25.4 [Remedies Cumulative] Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive or any rights, powers, remedies and privileges provided by law.
25.5 [Counterparts] This Agreement (and each amendment in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.
25.6 [Expenses] A defaulting Party will, on demand, indemnify and hold harmless the other Party for and against all reasonable out-of-pocket expenses, including legal fees and stamp duty, incurred by such other Party by reason of the enforcement and protection of its rights under this Agreement or by reason of the early termination of any transaction, including, but not limited to, costs of collection.

26 Definitions

In this Agreement:

Act of Insolvency means in relation to either Party:

(a) its making a general assignment for the benefit of, or entering into a reorganisation, arrangement, or composition with creditors; or
(b) its admitting in writing that it is unable to pay its debts as they become due; or
(c) its seeking, consenting to or acquiescing in the appointment of any trustee, administrator, receiver or liquidator or analogous officer of it or any material part of its property; or
(d) the presentation or filing of a petition in respect of it (other than by the other Party to this Agreement in respect of any obligation under this Agreement) in any court or before any agency alleging or for the bankruptcy, winding-up or insolvency of such Party (or any analogous proceeding) or seeking any reorganisation, arrangement, composition, re-adjustment, administration, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such petition (except in the case of a petition for winding-up or any analogous proceeding in respect of which no such 30 day period shall apply) not having been stayed or dismissed within 30 days of its filing; or
(e) the appointment of a receiver, administrator, liquidator or trustee or analogous officer of such Party over all or any material part of such Party's property; or
(f) the convening of any meeting of its creditors for the purpose of considering a compromise or arrangement within Part 5.1 of the Corporations Law of Australia (or any analogous proceeding).

In this definition:

(g) "liquidator" shall be deemed to include a "provisional liquidator";
(h) "receiver" shall be deemed to include a "receiver and manager";
(i) "administrator" shall be deemed to include an "official manager";
(i) "arrangement" shall be deemed to include a "scheme of arrangement"; and
(k) "creditors" shall be deemed to include "any class of creditors".

Agent has the meaning given in clause 14.

Australian Taxpayer means any person other than:

(a) a Party who is not a resident of Australia for the purposes of the Tax Act (whether that Party is acting as a trustee, nominee or agent or in some other capacity) at the time a Franked Dividend is paid; or
(b) a Party who is acting in the capacity of trustee, nominee or agent for a person who is not a resident of Australia for the purposes of the Tax Act at the time a Franked Dividend is paid.

Bankers Acceptances has the meaning given in paragraph 1.1 (d) in Schedule 1.

Base Currency has the meaning given in paragraph 2 in Schedule 1.

Bid Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available bid price thereof on the most appropriate market in a standard size.

Bid Value, subject to clause 8.5, means:

(a) in relation to Equivalent Collateral at a particular time:
(i) in relation to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule l), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1;
(ii) in relation to all other types of Collateral (more specifically referred to in paragraph 1 .I in Schedule I), the amount which would be received on a sale of such Collateral at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection with selling or otherwise realising such Equivalent Collateral, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out such sale or realisation and adding thereto the amount of any interest, dividends, distributions or other amounts paid to the Lender and in respect of which equivalent amounts have not been paid to the Borrower in accordance with clause 6.7 prior to such time in respect of such Equivalent Collateral or the original Collateral held gross of all and any tax deducted or paid in respect thereof; and

(b) in relation to Equivalent Securities at a particular time, the amount which would be received on a sale of such Equivalent Securities at the Bid Price thereof at such time less all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction.

Borrower, in relation to a particular loan of Securities, means the Borrower as referred to in Recital A of this Agreement.

Borrowing Request means a request made in writing (an example of which comprises Schedule 2 to this Agreement) by the Borrower to the Lender pursuant to clause 2.1 specifying, as necessary:

(a) the description, title and amount of the Securities required by the Borrower;
(b) the description (if other than Australian currency) and amount of any Collateral to be provided;
(c) the proposed Settlement Date;
(d) the duration of such loan (if other than indefinite);
(e) the mode and place of delivery, which shall, where relevant, include the bank, agent, clearing or settlement system and account to which delivery of the Securities and any Collateral is to be made;
(f) the Margin in respect of the transaction (if different from that stated in Schedule 1 or Schedule 3, as appropriate); and
(g) the Fee.

Business Day means a day on which banks and securities markets are open for business generally in each place stated in paragraph 5 in Schedule 1 and, in relation to the delivery or redelivery of any of the following in relation to any loan, in the place(s) where the relevant Securities, Equivalent Securities, Collateral (including Cash Collateral) or Equivalent Collateral are to be delivered.

Cash Collateral means Collateral that takes the form of a deposit of currency.

Close of Business means:

(a) in relation to any borrowing of Securities or redelivery of Equivalent Securities under this agreement, the final time on a Business Day at which settlement of the transfer of those Securities can take place in the Stock Exchange in order to constitute good delivery on that day; and
(b) in relation to the provision of Collateral or return of Equivalent Collateral or the making of any other payment under this agreement, the time at which trading banks close for general banking business in

the place in which payment is to be made or Collateral or Equivalent Collateral is to be delivered or redelivered.

Confirmation means the Borrowing Request, as it may be amended pursuant to clause 2.2., or other confirming evidence exchanged between the Parties confirming the terms of a transaction.

Defaulting Party has the meaning given in clause 12.

Dividend means a dividend within the meaning of the definition of that term in section 6(1) (as affected by sections 6(4) and 6(5)) of the Tax Act.

Equivalent Collateral or Collateral equivalent to, in relation to any Collateral provided under this Agreement, means securities, cash or other property, as the case may be, of an identical type, nominal value, description and amount to particular Collateral so provided and shall include the certificates or other documents of title (if any) and transfer in respect of the foregoing (as appropriate). If and to the extent that such Collateral consists of securities that are partly paid or have been converted, subdivided, consolidated, redeemed, made the subject of a takeover, capitalisation issue, rights issue or event similar to any of the foregoing, the expression shall have the following meaning:

(a) in the case of conversion, subdivision or consolidation the securities into which the relevant Collateral has been converted, subdivided or consolidated provided that, if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption;
(c) in the case of a takeover, a sum of money or securities, being the consideration or alternative consideration of which the Borrower has given notice to the Lender in accordance with clause 4.2(b);
(d) in the case of a call on partly paid securities, the paid-up securities provided that the Borrower shall have paid to the Lender an amount of money equal to the sum due in respect of the call;
(e) in the case of a capitalisation issue, the relevant Collateral together with the securities allotted by way of a bonus thereon;
(f) in the case of a rights issue, the relevant Collateral together with the securities allotted thereon, provided that the Borrower has given notice to the Lender in accordance with clause 4.2(b), and has paid to the Lender all and any sums due in respect thereof;

(g) in the event that a payment or delivery of Income is made of the relevant Collateral in the form of securities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form of securities or a certificate which may at a future date be exchanged for securities, notice has been given to the Lender in accordance with clause 4.2(b) the relevant Collateral together with securities or a certificate equivalent to those allotted; and

(h) in the case of any event similar to any of the foregoing, the relevant Collateral together with or replaced by a sum of money or securities equivalent to that received in respect of such Collateral resulting from such event.

For the avoidance of doubt, in the case of Bankers7 Acceptances (Collateral type (d)), Equivalent Collateral must bear dates, acceptances and endorsements (if any) by the same entitles as the bill to which it is intended to be equivalent and, for the purposes of this definition, securities are equivalent to other securities where they are of an identical type, nominal value, description and amount and such term shall include the certificate and other documents of or evidencing title and transfer in respect of the foregoing (as appropriate).

(a) in the case of conversion, subdivision or consolidation the securities into which the borrowed Securities have been converted, subdivided or consolidated provided that if appropriate, notice has been given in accordance with clause 4.2(b);
(b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption;
(c) in the case of a takeover, a sum of money or securities, being the consideration or alternative consideration of which the Lender has given notice to the Borrower in accordance with clause 4.2(b);
(d) in the case of a call on partly paid securities, the paid-up securities provided that the Lender shall have paid to the Borrower an amount of money equal to the sum due in respect of the call;
(e) in the case of a capitalisation issue, the borrowed Securities together with the securities allotted by way of a bonus thereon;
(f) in the case of a rights issue, the borrowed Securities together with the securities allotted thereon, provided that the Lender has given notice

to the Borrower in accordance with clause 4.2(b), and has paid to the Borrower all and any sums due in respect thereof;

(g) in the event that a payment or delivery of Income is made in respect of the borrowed Securities in the form of securities or a certificate which may at a future date be exchanged for securities or in the event of an option to take Income in the form of securities or a certificate which may at a future date be exchanged for securities, notice has been given to the Borrower in accordance with clause 4.2(b) the borrowed Securities together with securities or a certificate equivalent to those allotted; and
(h) in the case of any event similar to any of the foregoing, the borrowed Securities together with or replaced by a sum of money or securities equivalent to that received in respect of such borrowed Securities resulting from such event.

Event of Default has the meaning given in clause 12.

Fee, in respect of a transaction, means the fee payable by one Party to the other in respect of that transaction under clause 5.

Franked Dividend means a Dividend the whole or part of which is taken to have been franked in accordance with section 160AQF of the Tax Act.

Income means any dividends, interest or other distributions of any kind whatsoever with respect to any Securities or Collateral.

Income Determination Period, in relation to a particular loan of Securities, means:

(a) in relation to the Securities, the period commencing when the Securities cease to be registered in the name of the Lender (or the relevant transferor) upon or before delivery of those Securities under clause 3 and ending when Equivalent Securities are registered in the name of the Lender (or the relevant transferee) upon or following redelivery of those Equivalent Securities under clause 7.1 ; and
(b) in relation to Collateral (other than Cash Collateral), the period commencing when the Collateral ceases to be registered in the name of the Borrower (or the relevant transferor) upon or before delivery of that Collateral under clause 6.1 and ending when Equivalent Collateral is registered in the name of the Borrower (or the relevant transferee) upon or following redelivery of that Equivalent Collateral under clause 6.6.

Income Payment Date, in relation to any Securities or Collateral, means the date on which Income is paid in respect of such Securities or

Collateral, or, in the case of registered Securities or Collateral, the date by reference to which particular registered holders are identified as being entitled to payment of Income.

Lender, in relation to a particular loan of Securities, means the Lender as referred to in Recital A of this Agreement.

Margin has the meaning in paragraph 1.3 in Schedule 1.

Non-Defaulting Party has the meaning given in clause 12.

Offer Price, in relation to Equivalent Securities or Equivalent Collateral, means the best available offer price thereof on the most appropriate market in a standard size.

Offer Value, subject to clause 8.5, means:

(a) in relation to Collateral equivalent to Collateral type (h) (more specifically referred to in paragraph 1.1 in Schedule I), the Value thereof as calculated in accordance with paragraph 1.2(d) in Schedule 1 ; and
(b) in relation to Equivalent Securities or Collateral equivalent to all other types of Collateral (more specifically referred to in paragraph 1.1 in Schedule I), the amount it would cost to buy such Equivalent Securities or Equivalent Collateral at the Offer Price thereof at such time plus all costs, fees and expenses that would be incurred in connection therewith, calculated on the assumption that the aggregate thereof is the least that could reasonably be expected to be paid in order to carry out the transaction.

paid, in relation to a Dividend, includes credited, distributed or issued and like terms are to be construed accordingly.

Parties means the Lender and the Borrower and Party shall be construed accordingly.

Performance Date has the meaning given in clause 8.

Posted Collateral has the meaning given in clause 6.2(a)(i).

Principal has the meaning given in clause 14.

Reference Price means:

(a) in relation to the valuation of Securities, Equivalent Securities, Collateral and/or Collateral equivalent to type (g) (more specifically referred to in paragraph 1.1 in Schedule I), such price as is equal to the mid market quotation of such Securities, Equivalent Securities,

Collateral and/or Equivalent Collateral as derived from a reputable pricing information service (such as the services provided by SEATS or Reuters) reasonably chosen in good faith by the Lender or if unavailable the market value thereof as derived from the prices or rates bid by a reputable dealer for the relevant instrument reasonably chosen in good faith by the Lender, in each case at Close of Business on the previous Business Day; and

(b) in relation to the valuation of Securities, Equivalent Securities, Collateral and/or Collateral equivalent to Collateral types (b)-(f) (more specifically referred to in paragraph 1.1 in Schedule l), the market value thereof as derived from the prices or rates bid by a market maker or reputable dealer for the relevant instrument reasonably chosen by the Lender in good faith or, in the absence of such a bid, the average of the rates bid by two leading market makers reasonably chosen in good faith by the Lender in each case at Close of Business on the previous Business Day.

Relevant Payment Date has the meaning given in clause 4.2(a).

Required Collateral Value has the meaning given in clause 6.3.

Rules means the rules for the time being of the Stock Exchange (where either Party is a member of the Stock Exchange) and/or any other regulatory authority whose rules and regulations shall from time to time affect the activities of the Parties pursuant to this Agreement (provided that in an Event of Default, where either Party is a member of the Stock Exchange, the Rules and Regulations of the Stock Exchange shall prevail).

Securities means "eligible securities" within the meaning of section 26BC(l) of the Tax Act which the Borrower is entitled to borrow from the Lender in accordance with the Rules and which are the subject of a loan pursuant to this Agreement and such term shall include the certificates or other documents of title (if any) in respect of the foregoing.

Settlement Date means the date upon which Securities are or are to be transferred to the Borrower in accordance with this Agreement.

Standard Settlement Time, in relation to Australian Securities, means T + 5 Australian business days on which the Australian Stock Exchange Limited is open for trading, or such lesser time in which transactions in Australia in listed securities are customarily required to be settled.

Stock Exchange means the Australian Stock Exchange Limited.

Tax Act means the Income Tax Assessment Act 1936 (Commonwealth of Australia).

Transfer of Dividend Statement, in relation to Dividends, means a properly completed document in the form, or substantially in the form, of Appendix 6.26 to the Rules or a properly completed statement in another approved form within the meaning of the definition of that term in section 160APA of the Tax Act.

Unfranked Dividend means a Dividend no part of which has been franked in accordance with the Tax Act.

Value at any particular time means, in relation to Securities and Equivalent Securities, the Reference Price thereof then current and in respect of Collateral and/or Equivalent Collateral such worth as determined in accordance with paragraph 1.2 in Schedule 1.

27 Governing Law and Jurisdiction

27.1 [Governing law] This Agreement is governed by, and shall be construed in accordance with, the law in force in New South Wales, Australia.
27.2 [Consent to jurisdiction] Each Party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New South Wales in respect of any dispute in connection with this Agreement.

EXECUTED as an agreement

Schedule 1 - Particulars

1 COLLATERAL (see definition in clause 26, and also clause 6)
1.1 Types (see defirzition of "Collateral" in clause 26)

Collateral acceptable under this Agreement may include the following or otherwise, as agreed between the Parties from time to time, whether transferable by hand or within a depositary:

(a) Cash;
(b) Australian Government Inscribed Stock;
(c) Australian, State or Territory Government stock, bonds or promissory notes (including those issued by any statutory corporation such as Treasury Corporation of New South Wales);
(d) Bills of exchange accepted by any bank carrying on business in Australia ("Bankers Acceptances");
(e) Promissory notes issued by any such bank;
(f) Certificates of Deposit issued by any such bank;
(g) Corporate bonds in registrable or bearer form;
(h) Irrevocable Standby Letters of Credit issued or confirmed by any such bank.

1.2 Valuation of Collateral (see definition of "Value" in clause 26 and clause 6.2)

Collateral provided in accordance with this Agreement shall be evaluated by reference to the following, or by such means as the Parties may from time to time agree:

(a) in respect of Collateral type (a), the amount thereof in, or converted into, the Base Currency;
(b) in respect of Collateral type (b), the value calculated by reference to the middle market price of each stock as determined daily by the Reserve Bank of Australia, adjusted to include the accumulated interest thereon;
(c) in respect of Collateral types (c) to (g), the Reference Price thereof;
(d) in respect of Collateral type (h), the value specified therein.

1.3 Margin (see definition in clause 26 and clause 6.3)

The Value of any Collateral delivered, or to be delivered, pursuant to clause 6 by the Borrower to the Lender under the terms and conditions of this Agreement shall on each Business Day represent not less than the Value of the borrowed Securities together with the following additional percentages, hereinbefore referred to as ("the Margin"), unless otherwise agreed between the Parties:

(a) in the case of Collateral type (a): 5%; or

(b) in the case of Collateral types (b) to (f) and (h): 5% (except that, for Certificates of Deposit, the Margin shall be the accumulated interest thereon); or
(c) in the case of Collateral type (g): 5%.

If the Value of the borrowed Securities includes any margin over the mid market price of the borrowed Securities, this shall be taken into account in determining the Margin applicable.

1.4 Basis of Margin Maintenance (see clause 6.4)

Minimum period after demand for transferring Collateral or Equivalent Collateral:

(a) Cash Collateral: within one Business Day;
(b) Equivalent Collateral: not less than the Standard Settlement Time for such Collateral or the equivalent time on the exchange or clearing organisation through which the relevant Collateral is to be, or was originally, delivered;
(c) Other Collateral (ie a Letter of Credit): within two Business Days.

1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (iii))

(a) The Lender may not demand that further Collateral be provided by the Borrower if the aggregate deficiency calculated in accordance with clause 6.2 is less than the greater of:
(i) \$5,000; and
(ii) 2% of the Value of the Required Collateral Value.
(b) The Borrower may not demand the return of Collateral provided to the Lender if the Borrower has committed an Event of Default in respect of any transaction or if the aggregate excess calculated in accordance with clause 6.2 is less than the greater of:
(i) \$5,000; and
(ii) 2% of the Required Collateral Value.

2 BASE CURRENCY (see definition in clause 26 and clause 1.6)

The Base Currency applicable to this Agreement is Australian Dollars.

3 LENDER'S WARRANTIES (see clause 1 O(d))

clause 10(d) shall not apply.

4 VOTING (see clause 4.3)

Clause 4.3 does not apply.

5 PLACE OF BUSINESS (see definition of "Business Day" in clause 26)

Sydney.

6 ADDRESS FOR NOTICES AND STATUS OF PARTIES (see clause 20.1)

6.1 Address for notices or communications to Bankers Trust Australia Limited

Address:	Level 15, The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
Attention:	Sasha Conoplia
	Facsimile No: 612 9259 9466
	Telephone No: 612 9259 3057

which is an Australian Taxpayer.

6.2 Address for notices or communications to AMP Securities Pty Limited

Address: Level 16,33 Alfred Street, Sydney, NSW 2000

Attention: AMP Securities Pty Limited - Securities Lending Division

Facsimile No: 612 9257 5996

Telephone No: 612 9257 5238

Email:

which is an Australian Taxpayer.

7 COMPENSATION FOR LOSS OF FRANKING CREDITSIREBATES (see clause 9.2)

Is required by both parties unless expressly stated in a confirmation.

8 COMPENSATION FOR LOSS OF INTERCORPORATE DIVIDEND REBATE (see clause 9.3)

Is required by both parties unless expressly stated in a confirmation.

Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)

To: [Name and Address of Lender]

This is a Borrowing Request under the Master Securities Lending Agreement between us dated # (the "Agreement")

1 We wish to make the following borrowing of Securities: (a) Description of Securities: # [eg "fully paid ordinary shares in # "1 (b) Amount of Securities: # [eg "1 million"] (c) Proposed Settlement Date of # [eg "today"] Borrowing: (d) Time, Mode and Place of Delivery of Securities, including (as appropriate) settlement system and account to which delivery is to be made: # [eg "to the account of #, HIN #, in CHESS"] (e) Duration of Loan: No longer than eleven months and 20 days after the Borrowed Securities are delivered under this Borrowing Request. (f) Type of Collateral: # [eg "Cash"] (g) Time, Mode and Place of Delivery of # [eg "dvp on CHESS"] Collateral: (h) Rates (see clause 5.1 of the #[eg (a) " #% per annum on the Cash Agreement): Collateral", or (b) "# % per annum on the daily value of the Borrowed Securities" as appropriate]. 2 Please confirm your acceptance of this Borrowing Request by return fax.

Dated : #

For and on behalf of [Name of Borrower]

Signature of Authorised Representative

Name and title of Authorised Representative

Schedule 3 Supplementarv Terms and Conditions (if anv)

This Schedule forms part of and amends the Master Securities Lending Agreement (including Schedule 1) to which it is a Schedule, as follows:

The following words should be added to the end of the existing clause 2.1 :

"The Borrowing Request may be made orally by the Borrower. Following receipt of the Borrowing Request the Lender, in its absolute discretion, may accept the Borrowing Request by serving on the Borrower a Confirmation."

2. The following new clauses shall be added:
"2.3 [Securities Lending Agreement] The Borrower shall at all times not do any act or thing which may cause this Agreement to not qualify as a written agreement of the kind known as a securities lending agreement for the purposes of Section 26BC(3) of the Income Tax Assessment Act."
"4.4 [Other Corporate Actions] Each Party hereby undertakes to procure that all reasonable instructions received from the other Party in respect of conversions, subdivisions consolidations, redemption's, takeovers, and pre-emptions, are complied with in respect of such Securities, Equivalent Securities, Collateral and/ or Equivalent Collateral PROVIDED THAT each Party shall notify the other of its instructions in writing no later than five (5)Business Days prior to the date upon which such action is to be taken, unless otherwise agreed between the Parties."
"14.6 [Warranty as to Beneficial Ownership] When AMP lends or borrows as Agent, AMP hereby warrants to BTAL that, at the time of entering into and, at all times during, an Agency Transaction, the Principal on who's behalf the Agency Transaction has been entered into is authorised and entitled to, in the case of lending Securities, lend Securities and to deliver beneficial ownership of the Securities free from all liens, charges and encumbrances and, in the case of borrowing Securities, borrow Securities and deal with them as contemplated by this Agreement."
"14.7 [Warranty as to Authority of Principal] AMP, as Agent, warrants that each Principal on whose behalf AMP enters into Agency Transactions is authorised to and, has the power to, enter into the lending or borrowing of Securities as contemplated by this Agreement.
"14.8 [BTAL not act as Agent] If BTAL lends securities to AMP under this Agreement, it will at all times do so as principal, not as agent."
"14.9 [Restriction on Agency Transactions] When AMP acts as Lender or Borrower, it may only enter into Agency Transactions, as Agent for and on behalf of a Principal, with BTAL if the Principal is:
- (a) AMP Life Limited Statutory Funds No. 1,2 or 3; or
- (b) such other person as is agreed in writing between AMP and BTAL, which written agreement shall form part of this Agreement, whether or not such written agreement is physically attached to this Agreement"

"14.10 [Netting and set-off] Any netting or set-off rights operate separately in relation to Agency Transactions entered into in connection with each separate Principal."

3. Clause 14.1 is amended by deleting the words "for a third person (a "Principal")" in the second and third lines and replacing them with "for a Principal".
1. The definition of "Principal" in Clause 26 should be deleted and replaced with "means the persons referred to in clause 14.9(a) and (b)".
1. New definitions should be added to Clause 26 of the Agreement as follows:

"BTAL means Bankers Trust Australia Limited ACN 003 01 7 22 1 of Level 15, The Chifley Tower, 2 Chifley Square, Sydney NSW 2000."

"AMP means AMP Securities Pty Limited ACN 063 403 681 of Level 16,33 Alfred Street, Sydney NSW 2000 as agent for the Principals as provided for in clause 14.9."

An additional Event of Default is to be added to clause 12.1 as follows:

"12.l(j) If the making of any law or treaty or, a change in the interpretation or application by any governmental agency of any law or treaty, makes it unlawful or grossly impracticable for a Lender (whether as Agent or otherwise, including a Principal which is subject to the law or treaty) to lend Securities."

Execution page

Executed as an agreement

SIGNED by Robert Woods 1 as attorney for Bankers Trust Australia ) Limited in the presence of: j

Name of witness 1

Signature of witness
SASHA CONOPLIA

SIGNED by
as attorney for AMP Securities Pty
Limited in the presence of:

Signature of witness
Name of witness

Signature

...................................

Son

AI assistant

Macquarie Group Limited — Major Shareholding Notification 2013

10518_rns_2013-05-14_1fa83b4d-79f3-401c-986d-7ef6eb231fcb.pdf

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

2. Details of voting power

3. Details of relevant interests

4. Details of present registered holders

5. Consideration

6. Associates

7. Addresses

ANNEXURE 'A'

Paula Walsh Assistant Company Secretary, Macquarie Group Limited 15 May 2013

Controlled Bodies Corporate

ANNEXURE 'B'

Paula Walsh Assistant Company Secretary, Macquarie Group Limited 15 May 2013

Consideration

AGREEMENT

Recitals:

Operative provisions:

1 Interpretation

2 Loans of Securities

3 Delivery of Securities

4 Title, Distributions and Voting

4.2 [Distributions]

5 Fees

6 Collateral

7 Redelivery of Equivalent Securities

7A Suspended Securities

8 Set·off etc.

8.4 [Bid Value/Offer Value]

9 Stamp duty, taxes etc and loss of tax benefits

then:

9.7 [Grossing up]

10 Lender's warranties

11 Borrower's warranties

12 Events of Default

13 Outstanding payments

14 Transactions entered into as agent

14.4 [Consequences of Agency Transaction]

15 Termination of course of dealings by notice

16 No reliance on tax or accounting representations by other Party

17 Observance of procedures

18 Severance

19 Specific performance

20 Notices

21 Assignment

22 Non-Waiver

23 Time

24 Recording

25 Miscellaneous

26 Definitions

Transfer means:

27 Governing Law and Jurisdiction

Schedule 1 Particulars

I COLLATERAL (see definition in clause 26, and also clause 6)

1.1 Types (see definition of"Colla/erarin clause 26)

1.2 Valuation of Collateral (see definition o!"Value " in clause 26 and clause 6.2)

1.3 Margin (see definition in clause 26 and clause 6.3)

1.4 Basis of Margin Maintenance (see clause 6.4)

1.5 Minimum adjustments (see clauses 6.2(a)(ii) and (Hi))

2 BASE CURRENCY (!J'ee definition in clause 26 and clause 1.6)

3 LENDER'S WARRANTIES (see duuse lOrd))

6 ADDRESS FOR NOTICES AND STATUS OF PARTIES (<ee clause 20.1)

7 COMPENSATION FOR LOSS OF IMPUTATION BENEFITS (<ee clause 9.2)

Schedule 2 Specimen Form of Borrowing Request (see clause 2.1 and definition of "Borrowing Request" in clause 26)

Schedule 3 Supplementary Terms and Conditions (if any)

4. Clause 26 Definitions

10. Clause 4.2(b)

II. Clause 9.2(g)

12. Clause 12.I(a)

13. Clause 26

14. Reverse Stock Loan Transactions

Execution page

MACQUARIE BANK LIMlTED

Australian Securities Lending Association Limited

Coversheet to

AUSTRALIAN MASTER SECURITIES LENDING AGREEMENT*

MORGAN STANLEY AUSTRALIA SECURITIES LIMITED (ACN 078 652 276)

Macquarie Group Limited Major Shareholding Notification 2013

Australian Securities Lending ⁱ Association Limited

i Fl Mallesons Stephen Jaques ^I

Schedule ¹- Particulars - --- -

^C1.3 Margin (see definition in clause 26 and clause 6.3)

Schedule ²Specimen Form of Borrowing Request (see clause 2.1 a and definition of "Borrowing Request" in clause 26)

⁴Execution page C