Redemption for Change of Control Put Event

(a) If:

(i) a Change of Control Trigger Event is specified in the applicable Pricing Supplement; and

(ii) a Change of Control Trigger Event occurs; and

(iii) the Issuer has not exercised its right to redeem the Notes as described in this Condition 7.5,

each Noteholder will have the right to require the Issuer to redeem all or a portion of that Noteholder’s Notes at an amount (the Change of Control Redemption Amount) specified in the applicable Pricing Supplement together with accrued and unpaid interest, if any, to the date of redemption, subject to the rights of Noteholders on the relevant Record Date to receive interest due on the relevant Interest Payment Date (the Change of Control Redemption Right).

A Change of Control Trigger Event occurs if, on the first date of the period (the Trigger Period) commencing upon, the earlier of:

(i) the occurrence of a Change of Control; and

(ii) the date of the first public announcement of any Change of Control (or pending Change of Control),

and ending 90 days following the occurrence of that Change of Control (as such Trigger Period may be extended, as provided for below):

(A) the Notes carry an Investment Grade Rating from any Rating Agency and each such rating is, within the Trigger Period, either downgraded to below an Investment Grade Rating or withdrawn and is not, within the Trigger Period, subsequently (in the case of a downgrade) upgraded to an Investment Grade Rating by such Rating Agency or replaced by an Investment Grade Rating of another Rating Agency; and

(B) in making any decision to withdraw or downgrade such rating pursuant to paragraph (A) above, each relevant Rating Agency has expressly stated that such decision was as a result of the occurrence of that Change of Control (or pending Change of Control).

Where any Rating Agency has publicly announced that it is considering a possible ratings change in respect of the Notes within the period ending 90 days following the occurrence of a Change of Control, the Trigger Period will be extended for a period of not more than 60 days after the date of such public announcement.

Notwithstanding the foregoing, no Change of Control Trigger Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually occurred.

Change of Control means the Commonwealth of Australia ceases to “control” (as defined for the purposes of section 50AA of the Corporations Act) the Issuer.