*Interest Rates

*Interest rates and terms effective from:

19th DECEMBER 2011

Term (months)	Interest Paid	Interest Rate % P.A.
		North State Finance Notes	North State Finance Unsecured Deposit Notes
3	On Maturity		5.40%
6	On Maturity		5.60%
12	On Maturity	5.30%	5.80%
24	Annually	5.80%	6.30%
36	Annually	5.95%	6.45%
48	Annually	6.20%	6.70%
60	Annually	6.30%	6.80%
12	Quarterly	5.20%	5.70%
24	Quarterly	5.70%	6.20%
36	Quarterly	5.80%	6.30%
48	Quarterly	6.10%	6.60%

Applications can only be made on the Form accompanying the Prospectus lodged with the Australian Securities & Investment Commission (ASIC).

The Prospectus and Investment Application Form is available by:

i) direct from our offices

North State Finance Notes and North State Finance Unsecured Deposit Notes. Investments are not a bank deposit. Investors risk losing some or all of their principal investment. No credit rating has been obtained to independently access the risk of your investment. Further general information regarding investing in Unlisted Notes can be found at the ASIC website: http://fido.gov.au or follow the link bottom of page.

For full details of our investment offerings, please see our Prospectus & Investment Application Form by the following web link:

Prospectus

Investor Guide