INSTRUMENT Treasury Bonds _________________________________________________________________________

CURRENCY Australian dollars _________________________________________________________________________

MATURITY DATE 21 October 2018 _________________________________________________________________________

COUPON 3.25% per annum, paid semi-annually in arrears, on the Face Value of the bonds _________________________________________________________________________

REDEMPTION: Par

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COUPON PAYMENT DATES 21 April and 21 October in each year commencing on 21 April 2014, to and including the Maturity Date _________________________________________________________________________

DENOMINATION $1,000 Face Value _________________________________________________________________________

Assuming investors required rate is constant at 3% through to the maturity date of the bond, recalculate the price of the bond on each coupon payment date remaining, immediately after the coupon interest has been paid to the holder of the bond. Include the maturity date in this price series, where value is calculated immediately after the coupon interest has been paid but prior to the return of par value to investors.