Securitisation Fund Bond Issue Direction - SMHL Global Fund No. [ ]

Perpetual Limited
ABN 86 000 431 827

and

ME Portfolio Management Limited
ABN 79 005 964 134










[LOGO]

MLC Centre Martin Place Sydney New South Wales 2000 Australia
Telephone +61 2 9225 5000  Facsimile +61 2 9322 4000
www.freehills.com  DX 361 Sydney

SYDNEY MELBOURNE PERTH BRISBANE SINGAPORE
Correspondent Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR

Reference LGR:OMT:36G
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                                Exhibit Securitisation Fund Bond Issue Direction

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Table of contents

Clause                                                                      Page

1    Proposal to issue Notes                                                   1

2    Portfolio of Mortgages to be held by the Trustee for the Securitisation
       Fund                                                                    2

3    Proceeds of Issue                                                         2

4    Security Trust Deed, Enhancements and Hedges                              3

5    Redraw Funding Facilities                                                 3

6    Top-up Funding Facilities                                                 3

7    Supplementary Bond Terms                                                  3

8    Manager's certifications                                                  3

9    Disposal of Authorised Investments                                        4

10   Interpretation                                                            4

11   Attorney                                                                  4

Annexure A - Portfolio of Mortgages

Annexure B - Supplementary Bond Terms Notice: Class A Notes and Class B Notes

Annexure C - Supplementary Bond Terms Notice: Liquidity Notes


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Freehills Sydney\005068549                                                page 1
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                                Exhibit Securitisation Fund Bond Issue Direction

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Securitisation Fund Bond Issue Direction -
SMHL Global Fund No. [  ]

To:        Perpetual Limited
           ABN 86 000 431 827
           (Trustee)

From:      ME Portfolio Management Limited
           ABN 79 005 964 134
           (Manager)

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1     Proposal to issue Notes

            Pursuant to clause 7.2 of the trust deed dated 4 July 1994 (as
            amended from time to time) establishing the Superannuation Members'
            Home Loans Trusts (Master Trust Deed), the Manager hereby proposes
            and directs in this Securitisation Fund Bond Issue Direction (Bond
            Issue Direction) that the Trustee on [#] (Bond Issue Date) will
            issue as trustee of the Securitisation Fund known as SMHL Global
            Fund No. [ ] (Securitisation Fund) the Notes (being comprised of
            five Classes) specified below (proposed Notes):

            (a)   The name of each Class, total principal amount, denomination,
                  total number and Subscription Amount of the proposed Notes are
                  as follows:

                  (1)     (A)    Name of Class               Class A[ ]
                          (B)    Total principal amount      US$[#]
                          (C)    Denomination                US$[#] per Note
                          (D)    Total number                [#]
                          (E)    Subscription Amount         US$[#]

                  (2)     (A)    Name of Class               Class A[ ]
                          (B)    Total principal amount      (euro)[#]
                          (C)    Denomination                (euro)[#] per Note
                          (D)    Total number                [#]
                          (E)    Subscription Amount         (euro)[#]

                  (3)     (A)    Name of Class               Class A[ ]
                          (B)    Total principal amount      A$[#]
                          (C)    Denomination                A$[#] per Note
                          (D)    Total number                [#]
                          (E)    Subscription Amount         A$[#]


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Freehills Sydney\005068549                                                page 1
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                                Exhibit Securitisation Fund Bond Issue Direction

                  (4)     (A)    Name of Class             Class B
                          (B)    Total principal amount    A$[#]
                          (C)    Denomination              A$[#] per Note
                          (D)    Total number              [#]
                          (E)    Subscription Amount       A$[#]

                  (5)     (A)    Name of Class             SMHL Global No.
                                                           [ ] - Liquidity Notes
                          (B)    Total principal amount    A$[#]
                          (C)    Denomination              A$[#] per Note
                          (D)    Total number              [#]
                          (E)    Subscription Amount       A$[#]

            (b)   The proposed Notes will not constitute a Class separate from
                  any other Notes previously issued by the Trustee as trustee of
                  the Securitisation Fund but each Class will be a separate
                  Class from each other Class.

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2     Portfolio of Mortgages to be held by the Trustee for the Securitisation
      Fund

            The initial Portfolio of Mortgages to be held by the Trustee as
            trustee of the Securitisation Fund pursuant to clause 7.8(f)(2) of
            the Master Trust Deed are specified in Annexure "A" hereto which
            currently forms part of the [Superannuation Members' Home Loans
            Origination Fund No. 3 (SMHL OF3)] [Superannuation Members' Home
            Loans Warehousing Trust 2004-1 (SMHL WT2004-1)].

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3     Proceeds of Issue

            (a)   For the purposes of clause 7.3(a)(6) of the Master Trust Deed
                  and pursuant to clause 7.8(f)(1) of the Master Trust Deed, the
                  Trustee shall (subject to clause 3(b)) hold as trustee of
                  [SMHL OF3] [SMHL WT2004-1] an amount of the issue proceeds of
                  the proposed Notes equal to A$[#] of the aggregate Outstanding
                  Principal Balance of the initial Portfolio of Loans secured by
                  Mortgages comprised in Assets of the Securitisation Fund.

            (b)   Pursuant to clause 7.10 of the Master Trust Deed, we direct
                  you instead of holding A$[#] of the issue proceeds referred to
                  in clause 3(a) as trustee of [SMHL OF3] [SMHL WT2004-1], to
                  issue to P.T. Limited (as nominee for you in your capacity as
                  trustee of [SMHL OF3] [SMHL WT2004-1]) Notes to the amount of
                  A$[#] comprised in the Class referred to in paragraph 1(a)(5)
                  above.


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Freehills Sydney\005068549                                                page 2
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4     Security Trust Deed, Enhancements and Hedges

            For the purposes of clause 7.3(a)(7) of the Master Trust Deed:

            (a)   a Security Trust Deed and a Payment Funding Facility
                  (including the provision and maintenance of a funding portion
                  representing 0.00% of the initial Outstanding Principal
                  Balance of the Loans secured by Mortgages comprised in Assets
                  of the Securitisation Fund) for the Securitisation Fund must
                  be put in place prior to the Bond Issue Date;

            (b)   there are no further Enhancements or Hedges which need to be
                  effected prior to the Bond Issue Date.

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5     Redraw Funding Facilities

            For the purposes of clause 7.3(a)(8) of the Master Trust Deed it is
            the intention of the Manager that the Trustee may enter into one or
            more "redraw funding facilities" before, on or after the issue of
            the Notes. The liabilities of the Trustee under such facilities are
            to be secured under the Security Trust Deed.

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6     Top-up Funding Facilities

            For the purposes of clause 7.3(a)(8) of the Master Trust Deed it is
            the intention of the Manager that the Trustee may enter into one or
            more "top-up funding facilities" before, on or after the issue of
            the Notes. The liabilities of the Trustee under such facilities are
            to be secured under the Security Trust Deed.

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7     Supplementary Bond Terms

            The Supplementary Bond Terms for the proposed Notes are contained in
            the attached duly completed Supplementary Bond Terms Notices in
            Annexures "B" and "C".

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8     Manager's certifications

            For the purposes of clause 7.7(a) of the Master Trust Deed, but
            subject to the Master Trust Deed, the Manager certifies to the
            Trustee that:

            (a)   this Bond Issue Direction, and each accompanying Supplementary
                  Bond Terms Notice, complies with the Master Trust Deed; and

            (b)   to the best of the Manager's knowledge, the details of the
                  initial Portfolio of Mortgages in Annexure "A" conform with
                  the details in the relevant Register in respect of that
                  Portfolio of Mortgages.


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Freehills Sydney\005068549                                                page 3
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9     Disposal of Authorised Investments

            For the purposes of clause 10.6(b) of the Master Trust Deed, the
            Manager confirms that the disposal of the Portfolio of Mortgages by
            the Trustee as trustee of [SMHL OF3] [SMHL WT2004-1] will not lead
            to a loss.

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10    Interpretation

            Each term used in this Bond Issue Direction that is not defined
            herein has the same meaning as in the Master Trust Deed and the
            attached Supplementary Bond Terms Notices.

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11    Attorney

            The attorney executing this notice states that he or she has no
            notice of, alteration to, or revocation or suspension of, the power
            of attorney appointing that attorney.

Dated:            [#]

Signed by
ME Portfolio Management Limited
by its attorney in the
presence of:


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Witness                                       Attorney

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Name (please print)                           Name (please print)


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Freehills Sydney\005068549                                                page 4
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Annexure A - Portfolio of Mortgages

















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Freehills Sydney\005068549                                                page 1
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Annexure B - Supplementary Bond Terms Notice: Class A Notes and Class B Notes














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Freehills Sydney\005068549                                                page 1
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                                Exhibit Securitisation Fund Bond Issue Direction

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Annexure C - Supplementary Bond Terms Notice: Liquidity Notes

















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Freehills Sydney\005068549                                                page 1