Wholesale credit ratings

 Domestic Debt Issuance Program covering term debt issued

Important information

On 16 December 2022, Standard & Poor’s Ratings Services affirmed their ratings for Teachers Mutual Bank Limited.

Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

Wholesale credit ratings are statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Wholesale credit ratings are subject to change. For the latest wholesale credit ratings information please refer to Standard & Poor's website.

On 13 December 2022, Moody’s Investors Service affirmed their ratings for Teachers Mutual Bank Limited.

Moody’s Investors Service Pty Limited ABN 61 003 399 657 AFSL 336969. This rating is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for “retail clients” to make any investment decision based on MOODY’S credit rating. If in doubt you should contact your financial or other professional adviser. For the latest credit ratings information please refer to Moody's website.

The material on this website in relation to the borrowings of Teachers Mutual Bank Limited (ABN 30 087 650 459) 
(together called the “Teachers Mutual”) is provided for information and as a matter of record only.

Access to the information accessible in this part of the website (the “Information”), is subject to the following terms
 and conditions.

This website is for information purposes only and is not intended to constitute an offer or invitation in relation to 
the issue, sale or purchase of any securities in Australia, the United States or any other jurisdiction.  It is not, nor is it
 intended to be, a prospectus or product disclosure statement (for the purposes of Chapter 6D.2 or Chapter 7 of the
 Corporations Act 2001 of Australia (the “Corporations Act”), financial product or investment advice or a 
recommendation to acquire securities of Teachers Mutual.  The Information is not addressed to any person 
in a jurisdiction where access to it or any use of it would result in a contravention by Teachers Mutual or any other
 person or entity of the laws of that jurisdiction and is intended to be accessed only in such circumstances as
 may be permitted by applicable law.  In particular, the Information:

• is intended only for financial institutions and professional investors in Australia in circumstances where 
disclosure is not required under Chapter 6D.2 or Chapter 7 of the Corporations Act;
• must not be given, and is not intended to be given, to any “retail client” within the meaning of section 761G 
of the Corporations Act; and
• does not constitute an offer of securities for sale in the United States, or to any person that is or is acting 
for the account or benefit of any U.S. person (as understood for the purposes of the U.S. Securities Act of 1933, as
 amended).  The Information should not be accessed by any U.S. person.

The Information has been prepared without taking into account the jurisdiction, objectives, financial situation or 
needs of individuals.  No money, securities or other consideration is being solicited, and, if sent in response to 
the Information, will not be accepted.  Any offering of any security or other financial instrument that may be related
 to the subject matter of this website will be made pursuant to separate and distinct offering documentation and, 
in such case, the information will be superseded in its entirety by any such offering documents in their final form.  
Before making any future investment decision, prospective investors should consider the appropriateness of the information
 having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their
 jurisdiction.  Nothing in or on this website constitutes an invitation to enter into any contract or other arrangement 
(whether legally binding or not). 

Any credit ratings that appear in or on this website have been issued by a credit rating agency which holds an Australian
 Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only.  Credit ratings must not be 
used, and Teachers Mutual does not intend or authorise their use, in the support of or in relation to the marketing of financial
 products to a ‘retail client’ (within the meaning of section 761G of the Corporations Act) in Australia and must not be
 distributed to a retail client.  

No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the
 Information (including any opinions and conclusions) contained in or on this site.  To the maximum extent permitted by law,
 none of Teachers Mutual, or its directors, employees or agents, nor any other person accepts liability for any loss arising from
 the use of the Information or the website  contents or otherwise arising in connection with it, including, without limitation, 
any liability from fault or negligence.

This notice, the Information and all matters relating to any of them are governed by and are to be construed according to the
 laws applicable in the State of New South Wales, Australia and are subject to the non-exclusive jurisdiction of the courts of 
that place.

By accessing and reading the Information you agree to these Conditions.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD
 BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS IN MAKING ANY
 INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

Any publication into Australia on this website of Moody’s credit ratings and Moody’s publications is pursuant to the Australian
 Financial Services License of Moody’s affiliate, Moody’s Investors Service Pty Limited, ABN 61 003 399 657 AFSL 336969 and/or 
Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). Moody’s credit ratings and Moody’s 
publications are intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 
2001. By continuing to access, browse or use this website from within Australia, you represent that you are, or are accessing 
the website as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or
 indirectly disseminate any content from this website to “retail clients” within the meaning of section 761G of the Corporations 
Act 2001.”; and by continuing to access, browse or use this web page from within Australia, you represent to Teachers Mutual
 Bank Limited that you are, or are accessing the wholesale credit rating page and/or Issuer Research as a "wholesale client", or 
representative of one, and that neither you nor the entity you represent will directly or indirectly disseminate the wholesale 
credit rating and/or Issuer Research to "retail clients" within the meaning of section 761G of the Corporations Act 2001.