DATED MAY 2014 DEED OF SETTLEMENT CONTENTS 1. DEFINITIONS AND INTERPRETATION .............................................................................. 5 2. CONDITIONS PRECEDENT ................................................................................................. 11 3. SCHEME OF ARRANGEMENT ............................................................................................ 11 4. SETTLEMENT OF CLAIMS INVOLVING BEN PARTIES AND JAVELIN ..................... 12 5. VARIATION OF JAVELIN BORROWERS' LOAN TERMS ............................................... 15 6. SETTLEMENT OF CLAIMS INVOLVING GREAT SOUTHERN COMPANIES AND DIRECTORS ........................................................................................................................... 19 7. COURT APPROVAL .............................................................................................................. 21 8. DISPOSAL OF PROCEEDINGS ............................................................................................ 22 9. FORD RECOVERY DEED AND SCOTT WYND RECOVERY DEED .............................. 22 10. LIQUIDATORS’ CLAIMS AND EMPLOYEE ENTITLEMENTS ...................................... 22 11. LIQUIDATORS' LIABILITY ................................................................................................. 23 12. NO ADMISSION OF LIABILITY .......................................................................................... 23 13. COVENANT BY M+K ........................................................................................................... 23 14. NON- DISPARAGEMENT ..................................................................................................... 24 15. COSTS ..................................................................................................................................... 24 16. WAIVER ................................................................................................................................. 24 17. ACKNOWLEDGEMENT AND REPRESENTATION .......................................................... 25 18. ENTIRE DEED ........................................................................................................................ 25 19. EXECUTION OF SEPARATE DOCUMENTS...................................................................... 25 20. GOVERNING LAW AND JURISDICTION .......................................................................... 25 21. GST AND CAPITAL GAINS TAX ........................................................................................ 26 SCHEDULE 1: M+K COUNTERCLAIM PROCEEDINGS ............................................................... 27 SCHEDULE 2: BENDIGO AND ADELAIDE BANK LIMITED ENTITIES .................................... 28 SCHEDULE 3: GREAT SOUTHERN COMPANIES ......................................................................... 29 SCHEDULE 4: M+K CLIENTS .......................................................................................................... 30 SCHEDULE 5: UPLIFTED PROCEEDINGS ..................................................................................... 81 THIS DEED OF SETTLEMENT is made on May 2014. BETWEEN: GREAT SOUTHERN MANAGERS AUSTRALIA LIMITED (IN LIQUIDATION) ACN 083 825 405 of care of Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth WA 6000 ("GSMAL") GREAT SOUTHERN FINANCE PTY LTD (IN LIQUIDATION) ACN 009 235 143 of care of Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth WA 6000 ("GSF") JOHN CARLTON YOUNG of 18 Windarra Drive, City Beach in the State of Western Australia ("Young") CAMERON ARTHUR RHODES of 3 Mullewa Crescent, Coolbinia in the State of Western Australia ("Rhodes") PHILLIP CHARLES BUTLIN of 25 Beach Street, Cottesloe in the State of Western Australia ("Butlin") JEFFREY ARTHUR SYDNEY MEWS of 10/99 Alexander Drive, Dianella in the State of Western Australia ("Mews") PETER JOHN PATRIKEOS of 45B Stewart Street, Scarborough in the State of Western Australia ("Patrikeos") BENDIGO AND ADELAIDE BANK LIMITED ACN 068 049 178 of The Bendigo Centre, Bendigo VIC 3550 AND THE OTHER COMPANIES LISTED IN SCHEDULE 2 ("BEN Parties") JAVELIN ASSET MANAGEMENT PTY LTD ACN 136 367 194 of 73 Palmerston Street, Mosman Park in the State of Western Australia ("Javelin") PETER CLARKE IN HIS CAPACITY AS TRUSTEE FOR THE CLARKE FAMILY TRUST of 7 Horrocks Street, Walkerville in the State of South Australia ("Clarke") SAMANTHA BARBARA MURRAY of 5 Moonlight Place, Tarneit in the State of Victoria ("Murray") RAYMOND CARL DRUMMOND of 7/30 Thornber Street, Adelaide in the State of South Australia ("Drummond') LAURENCE DAVID HOGAN of 649 Ryan Road, Albury in the State of New South Wales ("Hogan") ADRIAN TRENT WILLIAMS of 31 Drury Street, Dalby in the State of Queensland ("Williams") MOHETISHWAR VIJENDRA PRASAD of 2 Canterbury Close, Rowville in the State of Victoria ("Prasad") JANET MICALLEF of 46 Melview Drive, Ringwood in the State of Victoria ("Micallef") JACLYNE EDWINA FISHER of 8 Orara Lane, Mortons Creek in the State of New South Wales ("Fisher") 2 GLENN FORD of 18 Oswold Street, Victoria Park in the State of Western Australia ("Ford") PAUL ANTHONY LATHOURAS of 116 Marine Parade, Miami Beach in the State of Queensland (“P. Lathouras”) NICOLE CATHERINE LATHOURAS of 27 Tamborine Street, Mermaid Beach in the State of Queensland (“N. Lathouras”) MARK WILLIAM WILSON of 185 Kelvin Grove Road, Kelvin Grove in the State of Queensland (“Wilson”) MARCELLA WELLS of 28 Wilson Street, Princes Hill in the State of Victoria (“Wells”) JAYARAJESH SUGUMARAN of 27 Neptune Drive, Point Cook in the State of Victoria (“Sugumaran”) SUGANTHI PADMANAB of 27 Neptune Drive, Point Cook in the State of Victoria (“Padmanab”) MICHAEL LIDDLE of 18 Delia Close, Bracken Ridge in the State of Queensland (“Liddle”) SIVAKUMAR RAJALINGAPANDIAN of 6 Teeside Court, Point Cook in the State of Victoria (“Rajalingapandian”) STEPHEN GEORGE ADAMS of 43 Wavell Street, Bentleigh in the State of Victoria (“Adams”) NOEL SEYMOUR of 3 Adair Court, Wantirna in the State of Victoria (“Seymour”) HUGH BATHURST of 62 Clyde Street, St Kilda in the State of Victoria (“Bathurst”) FRANS VAN SCHILT of 80 Windsor Crescent, Surrey Hills in the State of Victoria (“F. Van Schilt”) DIANA VAN SCHILT of 80 Windsor Crescent, Surrey Hills in the State of Victoria (“D. Van Schilt”) THIRTY-THIRD J.A.F. PTY LTD ACN 005 825 776 IN ITS CAPACITY AS TRUSTEE OF THE N AND W WHITE FAMILY TRUST C/- Michael Gallagher, Level 1, 5 Everage Street, Moonee Ponds in the State of Victoria (“Thirty-Third J.A.F.”) CAREY JAMES NICHOL of Room 3116, Aickin Chambers, 200 Queen Street, Melbourne in the State of Victoria (“Nichol”) IAN JAMES COOK of 2126 Midland Highway, Creswick in the State of Victoria (“I. Cook”) ANN DOROTHY COOK of 2126 Midland Highway, Creswick in the State of Victoria (“A. Cook”) MICHAEL JONATHAN KENNY of 10 Devon Street, Caulfield North in the State of Victoria (“Kenny”) ROBERT GRAHAM VICKERY of 116 Old Mornington Road, Mount Eliza in the State of Victoria (“Vickery”) IAN JOHN WEIGHTMAN of 36 Elgin Street, Berwick in the State of Victoria (“I. Weightman”) 3 MARIE KATHLEEN WEIGHTMAN of 36 Elgin Street, Berwick in the State of Victoria (“M. Weightman”) ANTHONY EDWARD GORDON of 8 Hilary Street, West Pymble in the State of New South Wales (“Gordon”) RUDOLPH LOPES of 47 Medina Road, Glen Waverley in the State of Victoria (“Lopes”) TWENTY SIXTH TALJAN PTY LTD ACN 007 113 895 of Level 1, 255 Blackburn Road, Mount Waverly in the State of Victoria (“Twenty Sixth Taljan”) DIMITAR SAJKOV of 25 Eliza Place, Panorama in the State of South Australia (“Sajkov”) SCOTT WYND ENTERPRISES PTY LTD ACN 066 308 325 in its capacity as trustee of the S & J Wynd Family Trust of Level 1, 36-38 Errol Street, North Melbourne in the State of Victoria (“Wynd”) KIM DAVID CANNON of 105/55 Darragh Street, Kangaroo Point in the State of Queensland (“Cannon”) PROWEIR PTY LTD of 36 Elgin Street, Berwick in the State of Victoria (“Proweir”) ANDREW JOHN SAKER, DARREN GORDON WEAVER, MARTIN BRUCE JONES AND JAMES HENRY STEWART of Ferrier Hodgson, Level 28, 108 St Georges Terrace, Perth WA 6000 MACPHERSON & KELLEY LAWYERS PTY LIMITED of 40-42 Scott Street, Dandenong VIC 3175 ("M+K") BACKGROUND: A GSMAL and GSF are wholly owned subsidiaries of GSL. B GSMAL carried on business as the responsible entity of a number of agricultural and forestry managed investments schemes. C GSF carried on the business of providing loans to Scheme Members. D Rhodes, Butlin, Young, Mews and Patrikeos were directors of GSMAL and other Great Southern Companies. E The BEN Parties purchased certain loans from GSF and provided certain loans directly to Scheme Members. Javelin purchased certain other loans from GSF. F On 16 May 2009, GSMAL and its Related Bodies Corporate were placed into administration under Part 5.3A of the Act. G On 19 November 2009, creditors resolved to appoint the Liquidators as joint and several liquidators of GSMAL and its Related Bodies Corporate pursuant to section 439C of the Act. H In debt recovery proceedings commenced by the BEN Parties or Javelin against certain Scheme Members, the M+K Counterclaim Claimants and the plaintiffs by counterclaim in the 4 Uplifted Proceedings brought counterclaims against some or all of GSMAL, GSF, Rhodes, Butlin, Young, the BEN Parties and Javelin. I The Lead Plaintiffs have commenced the Group Proceedings against some or all of GSMAL, GSF, Rhodes, Butlin, Young, the BEN Parties and Javelin. J The Group Proceedings are representative