<PAGE>

                                                           Seller Loan Agreement

                                         Perpetual Trustees Consolidated Limited
                                                                       (Trustee)

                                                          St.George Bank Limited
                                                               (Approved Seller)

                                                      Crusade Management Limited
                                                                       (Manager)

                                              Crusade Global Trust No. 1 of 2004

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2004

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Seller Loan Agreement                                     Allens Arthur Robinson
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Table of Contents

1.  Definitions and Interpretation                                             1
    1.1  Definitions                                                           1
    1.2  Master Trust Deed definitions                                         2
    1.3  Interpretation                                                        2
    1.4  Determination, statement and certificate sufficient evidence          3
    1.5  Transaction Document                                                  3
    1.6  Limited to Trust                                                      3
    1.7  Trustee as trustee                                                    3
    1.8  Knowledge of Trustee                                                  3
    1.9  Unsecured loan                                                        3

2.  Purpose                                                                    3

3.  Drawings                                                                   3
    3.1  Advance                                                               3
    3.2  Making of Advance                                                     4

4.  Interest and Fees                                                          4

5.  Repayment                                                                  4

6.  Payments                                                                   4
    6.1  Manner                                                                4
    6.2  Payment to be made on Business Day                                    4

7.  Conditions Precedent                                                       5

8.  Representations and Warranties                                             5
    8.1  Representations and warranties                                        5
    8.2  Reliance on representations and warranties                            6

9.  Undertakings                                                               6
    9.1  General undertakings                                                  6
    9.2  Undertakings relating to Trust                                        7
    9.3  Term of undertakings                                                  7

10. Control Accounts                                                           7

11. Waivers, Remedies Cumulative                                               7

12. Severability of Provisions                                                 7

13. Survival of Representations                                                8

14. Indemnity and Reimbursement Obligation                                     8

15. Moratorium Legislation                                                     8

16. Consents and Opinions                                                      8

17. Assignments                                                                8

18. Notices                                                                    8


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Seller Loan Agreement                                     Allens Arthur Robinson
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19. Authorised Signatories                                                     9

20. Governing Law and Jurisdiction                                             9

21. Counterparts                                                               9

22. Acknowledgement by Trustee                                                 9

23. Limited Recourse                                                          10
    23.1 General                                                              10
    23.2 Liability of Trustee limited to its right to indemnity               10
    23.3 Unrestricted remedies                                                11
    23.4 Restricted remedies                                                  11

24. Approved Seller's Obligations                                             11

25. Successor Trustee                                                         11

Annexure A                                                                    14
       Drawdown Notice                                                        14


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                                                                       Page (ii)
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Seller Loan Agreement                                     Allens Arthur Robinson
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Date                                                    2004
----------

Parties
----------

      1.    Perpetual Trustees Consolidated Limited (ABN 81 004 029 841) of
            Level 7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its
            capacity as trustee of the Crusade Global Trust No. 1 of 2004 (the
            Trustee);

      2.    St.George Bank Limited (ABN 92 055 513 070) incorporated in
            Australia and registered in New South Wales of 4-16 Montgomery
            Street, Kogarah, New South Wales 2217 (the Approved Seller); and

      3.    Crusade Management Limited (ABN 90 072 715 916) incorporated in
            Australia and registered in New South Wales of 4-16 Montgomery
            Street, Kogarah, New South Wales 2217 (the Manager).

Recitals
----------

      A     The Trustee is the trustee of the Crusade Global Trust No. 1 of 2004
            and proposes to issue Notes pursuant to the Master Trust Deed and
            the Supplementary Terms Notice.

      B     The Manager has arranged for the Approved Seller to provide the
            Trustee with a loan of A$[*] for the purchase of Receivables by the
            Trustee.

      C     The Approved Seller has agreed to provide the loan to the Trustee on
            the terms and conditions contained in this agreement.

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IT IS AGREED as follows.

1.    Definitions and Interpretation

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1.1   Definitions

      In this agreement the following definitions apply unless the context
      requires otherwise, or unless otherwise defined.

      Advance means the advance made or to be made under this agreement.

      Drawdown Notice means a notice under clause 3.1.

      Limit means A$[*] or such greater amount as may be agreed by the Trustee,
      Approved Seller and Manager.

      Master Trust Deed means the deed entitled "Master Trust Deed" between,
      among others, the Trustee and the Manager dated 14 March 1998.


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Seller Loan Agreement                                     Allens Arthur Robinson
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      Notice of Creation of Trust means the Notice of Creation of Trust dated 31
      December 2003 issued under the Master Trust Deed in relation to the Trust.

      Principal Outstanding means, at any time, the total principal amount of
      the Advance at that time.

      Secured Moneys has the meaning given in the Security Trust Deed.

      Security Trust Deed means the Security Trust Deed dated 31 December 2003
      between, among others, the Trustee, the Manager and P.T. Limited.

      Supplementary Terms Notice means the Supplementary Terms Notice issued by
      the Manager on or about the date of this agreement under the Master Trust
      Deed.

      Trust means the Crusade Global Trust No. 1 of 2004 constituted under the
      Master Trust Deed and the terms of the Supplementary Terms Notice.

      Trust Document means:

      (a)   this agreement;

      (b)   the Master Trust Deed;

      (c)   the Notice of Creation of Trust;

      (d)   the Supplementary Terms Notice;

      (e)   the Redraw Facility Agreement;

      (f)   the Deed of Indemnity to the extent it relates to the Trust;

      (g)   the Custodian Agreement;

      (h)   the Security Trust Deed to the extent it relates to the Trust;

      (i)   the Servicing Agreement;

      (j)   the Note Trust Deed;

      (k)   the Dealer Agreement;

      (l)   the Agency Agreement;

      (m)   each Note; and

      (n)   the Support Facilities.

      Trustee means the trustee of the Trust at the date of this agreement or
      any person which becomes a successor trustee under clause 20 of the Master
      Trust Deed.

1.2   Master Trust Deed definitions

      Words and expressions which are defined in the Master Trust Deed (as
      amended by the Supplementary Terms Notice) and the Supplementary Terms
      Notice (including in each case by reference to another agreement) have the
      same meanings when used in this agreement, unless the context otherwise
      requires or unless otherwise defined in this agreement.

1.3   Interpretation

      Clause 1.2 of the Master Trust Deed applies to this agreement as if set
      out in full, except that references to this Deed are references to this
      agreement.


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Seller Loan Agreement                                     Allens Arthur Robinson
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1.4   Determination, statement and certificate sufficient evidence

      Except where otherwise provided in this agreement any determination,
      statement or certificate by the Approved Seller or an Authorised Signatory
      of the Approved Seller provided for in this agreement is sufficient
      evidence unless proven wrong.

1.5   Transaction Document

      This agreement is a Transaction Document for the purposes of the Master
      Trust Deed.

1.6   Limited to Trust

      The rights and obligations of the parties under this agreement relate only
      to the Trust, and do not relate to any other Trust (as defined in the
      Master Trust Deed). Without limitation, the Approved Seller has no
      obligation under this agreement to provide financial accommodation to the
      Trustee as trustee of any other such Trust.

1.7   Trustee as trustee

      In this agreement, except where provided to the contrary;

      (a)   a reference to the Trustee is a reference to the Trustee in its
            capacity as trustee of the Trust and in no other capacity; and

      (b)   a reference to the undertaking, property, assets, business or money
            of the Trustee is a reference to the undertaking, property, assets,
            business or money of the Trustee in its capacity referred to in
            paragraph (a).

1.8   Knowledge of Trustee

      In relation to the Trust, the Trustee will only be considered to have
      knowledge or notice of or be aware of any matter or thing if the Trustee
      has knowledge, notice or awareness of that matter or thing by virtue of
      the actual notice or awareness of the officers or employees of the Trustee
      who have day to day responsibility for the administration of the Trust.

1.9   Unsecured loan

      The Approved Seller acknowledges that the Advance is an unsecured loan,
      and does not have the benefit of any Security Interest under the Security
      Trust Deed.

2.    Purpose

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      The Manager directs the Trustee to, and the Trustee shall, apply the
      proceeds of the Advance to purchase Receivables specified in any Sale
      Notice and for no other purpose.

3.    Drawings

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3.1   Advance

      (a)   Subject to this agreement, the Manager may direct the Trustee to
            request the Advance by giving to the Trustee a duly completed but
            unsigned Drawdown Notice by no later than 10.00 am on the Closing
            Date (Sydney time).


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Seller Loan Agreement                                     Allens Arthur Robinson
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      (b)   The Drawdown Notice delivered by the Trustee to the Approved Seller
            must be:

            (i)   in writing;

            (ii)  in or substantially in the form of Annexure A; and

            (iii) signed by the Trustee.

            The Trustee must sign, at the direction of the Manager, and return
            the Drawdown Notice to the Manager by no later than 2.00 pm on the
            Closing Date (Sydney time).

      (c)   The amount requested in a Drawdown Notice must not exceed the Limit.

3.2   Making of Advance

      (a)   Subject to the terms of this agreement, the Advance shall be made
            available by the Approved Seller applying that amount to the
            purchase price for Receivables under a Sale Notice.

4.    Interest and Fees

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      No interest or fees are payable by the Trustee in relation to the Advance
      or this agreement.

5.    Repayment

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      The Trustee shall, at the direction of the Manager, repay the Principal
      Outstanding on the Business Day immediately following the date on which
      the Secured Moneys are fully and finally repaid, but only to the extent
      that amounts are available for that purpose under clause 5.7 of the
      Supplementary Terms Notice. That payment shall be in full and final
      settlement of the obligations of the Trustee under this agreement.

6.    Payments

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6.1   Manner

      The Trustee shall make all payments under this agreement:

      (a)   by cheque, electronic funds transfer or other agreed methods,
            provided to the Approved Seller at its address for service of
            notices or by transfer of immediately available funds to the account
            specified by the Approved Seller;

      (b)   without set-off, counterclaim or other deduction, except any
            compulsory deduction for Tax; and

      (c)   in accordance with, and only at the directions of the Manager, the
            Master Trust Deed, the Security Trust Deed and the Supplementary
            Terms Notice.

6.2   Payment to be made on Business Day

      If any payment is due on a day which is not a Business Day, the due date
      will be the next Business Day.


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Seller Loan Agreement                                     Allens Arthur Robinson
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7.    Conditions Precedent

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      (a)   The right of the Trustee to give the initial Drawdown Notice and the
            obligations of the Approved Seller under this agreement are subject
            to the condition precedent that the Approved Seller receives all of
            the following in form and substance satisfactory to the Approved
            Seller:

            (i)   (Trust Documents) from the Manager a certified copy of each
                  duly executed and (where relevant) stamped Trust Document;

            (ii)  (Master Trust Deed conditions precedent) from the Manager
                  evidence that the conditions precedent referred to in clause 6
                  of the Master Trust Deed have been satisfied; and

            (iii) (Notes) evidence that the Notes have been issued.

      (b)   The obligations of the Approved Seller to make available the Advance
            is subject to the further conditions precedent that:

            (i)   (representations true) the representations and warranties by
                  the Trustee in clause 8 are true as at the date of the
                  Drawdown Notice and the date of the Advance as though they had
                  been made at that date in respect of the facts and
                  circumstances then subsisting; and

            (ii)  (no default) no Event of Default is subsisting at the date of
                  the Drawdown Notice or of the Advance or will result from the
                  provision of the Advance.

8.    Representations and Warranties

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8.1   Representations and warranties

      The Trustee (in its capacity as trustee of the Trust) makes the following
      representations and warranties (so far as they relate to the Trust).

      (a)   (Documents binding) This agreement constitutes (or will, when
            executed and delivered, constitute) its legal, valid and binding
            obligations (subject to laws generally affecting creditors' rights
            and to general principles of equity).

      (b)   (Transactions permitted) The execution of this agreement did not and
            will not contravene any applicable law or authorisation which
            affects the Trustee in its capacity as trustee of the Trust.

      (c)   (Other default) It has no actual knowledge of any default by it or
            the Manager under either:

            (i)   the Master Trust Deed; or

            (ii)  any law, authorisation, agreement or obligation applicable to
                  the Assets of the Trust, which has not been remedied or waived
                  in writing.

      (d)   (Trust) The Trust has been validly created and is in existence at
            the date of this agreement.


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Seller Loan Agreement                                     Allens Arthur Robinson
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      (e)   (Sole Trustee) It is the sole trustee of the Trust at the date of
            this agreement.

      (f)   (Removal) No notice has been given to it and to its knowledge no
            resolution has been passed or direction or notice has been given,
            removing it as trustee of the Trust.

8.2   Reliance on representations and warranties

      The Trustee acknowledges that the Approved Seller has entered into the
      Trust Documents in reliance on the representations and warranties in this
      clause.

9.    Undertakings

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9.1   General undertakings

      Each of the Trustee and the Manager severally undertake to the Approved
      Seller as follows in relation to the Trust, except to the extent that the
      Approved Seller consents.

      (a)   (Authorisations) It will ensure that each Authorisation (which, in
            the case of the Trustee, is limited to any Authorisation relating to
            the Trustee in its capacity as trustee of the Trust and not to the
            Trust generally) required for:

            (i)   the execution, delivery and performance by it of the Trust
                  Documents to which it is expressed to be a party and the
                  transactions contemplated by those documents;

            (ii)  the validity and enforceability of those documents; and


            (iii) the carrying on by it of its business as now conducted or
                  contemplated,

            is obtained and promptly renewed and maintained in full force and
            effect. It will pay all applicable fees for them. It will provide
            copies promptly to the Approved Seller when they are obtained or
            renewed.

      (b)   (Negative pledge) It will not create or allow to exist a Security
            Interest over the Assets of the Trust other than:

            (i)   under the Trust Documents; or

            (ii)  a lien arising by operation of law in the ordinary course of
                  day-to-day trading and not securing indebtedness in respect of
                  financial accommodation where it duly pays the indebtedness
                  secured by that lien other than indebtedness contested in good
                  faith.

      (c)   (Comply with obligations) It will duly and punctually comply with
            its obligations under the Trust Documents.

      (d)   (Notice to Approved Seller) It will notify the Approved Seller as
            soon as it becomes actually aware of any proposal by a Government
            Agency to acquire compulsorily any Assets of the Trust.


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Seller Loan Agreement                                     Allens Arthur Robinson
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9.2   Undertakings relating to Trust

      Each of the Trustee, as trustee of the Trust, and the Manager severally
      undertakes to the Approved Seller as follows, except to the extent that
      the Approved Seller consents.

      (a)   (Amendment to Master Trust Deed) It will not consent to any
            amendment to the Master Trust Deed, the Supplementary Terms Notice
            or any other Trust Document which would change:

            (i)   the basis upon which the amount of the Advance to be made is
                  calculated;

            (ii)  Clause 5.7 of the Supplementary Terms Notice; or

            (iii) the basis of calculation or order of application of any amount
                  to be paid or applied under clause 5 of the Supplementary
                  Terms Notice unless the change would not be adverse to the
                  Approved Seller in respect of the Advance.

      (b)   (Resettlement) It will not take any action that will result in a
            resettlement, setting aside or transfer of any asset of the Trust
            other than a transfer which complies with the Master Trust Deed, the
            Supplementary Terms Notice and the other Trust Documents.

      (c)   (No additional trustee) It will act continuously as trustee or
            manager (as the case may be) of the Trust in accordance with the
            Master Trust Deed until the Trust has been terminated or until it
            has retired or been removed in accordance with the Master Trust
            Deed.

9.3   Term of undertakings

      Each undertaking in this clause continues from the date of this agreement
      until all moneys actually or contingently owing under this agreement are
      fully and finally repaid or cease to be outstanding.

10.   Control Accounts

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      The accounts kept by the Approved Seller constitute sufficient evidence,
      unless proven wrong, of the amount at any time due from the Trustee under
      this agreement.

11.   Waivers, Remedies Cumulative

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      (a)   No failure to exercise and no delay in exercising any right, power
            or remedy under this agreement operates as a waiver. Nor does any
            single or partial exercise of any right, power or remedy preclude
            any other or further exercise of that or any other right, power or
            remedy.

      (b)   The rights, powers and remedies provided to the Approved Seller in
            this agreement are in addition to, and do not exclude or limit, any
            right, power or remedy provided by law.

12.   Severability of Provisions

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      Any provision of this agreement which is prohibited or unenforceable in
      any jurisdiction is ineffective as to that jurisdiction to the extent of
      the prohibition or unenforceability. That does not invalidate the
      remaining provisions of this agreement nor affect the validity or
      enforceability of that provision in any other jurisdiction.


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Seller Loan Agreement                                     Allens Arthur Robinson
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13.   Survival of Representations

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      All representations and warranties in this agreement survive the execution
      and delivery of this agreement and the provision of advances and
      accommodation.

14.   Indemnity and Reimbursement Obligation

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      Unless stated otherwise, each indemnity, reimbursement or similar
      obligation in this agreement:

      (a)   is a continuing obligation;

      (b)   is a separate and independent obligation;

      (c)   is payable on demand; and

      (d)   survives termination or discharge of this agreement. 15. Moratorium
            Legislation

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      To the full extent permitted by law all legislation which at any time
      directly or indirectly:

      (a)   lessens, varies or affects in favour of the Trustee any obligation
            under a Trust Document; or

      (b)   delays, prevents or prejudicially affects the exercise by the
            Approved Seller of any right, power or remedy conferred by this
            agreement, is excluded from this agreement.

16.   Consents and Opinions

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      Except where expressly stated the Approved Seller may give or withhold, or
      give conditionally, approvals and consents, may be satisfied or
      unsatisfied, may form opinions, and may exercise its rights, powers and
      remedies, at its absolute discretion.

17.   Assignments

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      Neither party may assign or transfer any of its rights or obligations
      under this agreement without the prior written consent of the other party
      or if the rating of the Notes would be withdrawn or reduced as a result of
      the assignment, except for the creation of a charge by the Trustee under
      the Security Trust Deed.

18.   Notices

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      All notices, requests, demands, consents, approvals, agreements or other
      communications to or by a party to this agreement:

      (a)   must be in writing;

      (b)   must be signed by an Authorised Signatory of the sender; and

      (c)   will be taken to be duly given or made:


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Seller Loan Agreement                                     Allens Arthur Robinson
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            (i)   (in the case of delivery in person or by post) when delivered,
                  received or left at the address of the recipient shown in this
                  agreement or to any other address which it may have notified
                  the sender;

            (ii)  (in the case of facsimile transmission) on receipt of a
                  transmission report confirming successful transmission; and

            (iii) (in the case of a telex) on receipt by the sender of the
                  answerback code of the recipient at the end of transmission,

            but if delivery or receipt is on a day on which business is not
            generally carried on in the place to which the communication is sent
            or is later than 4.00 pm (local time), it will be taken to have been
            duly given or made at the commencement of business on the next day
            on which business is generally carried on in that place.

19.   Authorised Signatories

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      The Trustee irrevocably authorises the Approved Seller to rely on a
      certificate by persons purporting to be its directors and/or secretaries
      as to the identity and signatures of its Authorised Signatories. The
      Trustee warrants that those persons have been authorised to give notices
      and communications under or in connection with this agreement.

20.   Governing Law and Jurisdiction

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      This agreement is governed by the laws of New South Wales. The Trustee
      submits to the non-exclusive jurisdiction of courts exercising
      jurisdiction there.

21.   Counterparts

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      This agreement may be executed in any number of counterparts. All
      counterparts together will be taken to constitute one instrument.

22.   Acknowledgement by Trustee

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      The Trustee confirms that:

      (a)   it has not entered into this agreement in reliance on, or as a
            result of, any statement or conduct of any kind of or on behalf of
            the Approved Seller (including any advice, warranty, representation
            or undertaking); and

      (b)   the Approved Seller is not obliged to do anything (including
            disclose anything or give advice),

      except as expressly set out in this agreement.


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Seller Loan Agreement                                     Allens Arthur Robinson
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23.   Limited Recourse

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23.1  General

      Clause 30 of the Master Trust Deed applies to the obligations and
      liabilities of the Trustee and the Manager under this agreement.

23.2  Liability of Trustee limited to its right to indemnity

      (a)   The Trustee enters into this agreement only in its capacity as
            trustee of the Trust and in no other capacity (except where the
            Transaction Documents provide otherwise). Subject to paragraph (c)
            below, a liability arising under or in connection with this
            agreement or the Trust can be enforced against the Trustee only to
            the extent to which it can be satisfied out of the assets and
            property of the Trust which are available to satisfy the right of
            the Trustee to be exonerated or indemnified for the liability. This
            limitation of the Trustee's liability applies despite any other
            provision of this agreement and extends to all liabilities and
            obligations of the Trustee in any way connected with any
            representation, warranty, conduct, omission, agreement or
            transaction related to this agreement or the Trust.

      (b)   Subject to paragraph (c) below, no person (including any Relevant
            Party) may take action against the Trustee in any capacity other
            than as trustee of the Trust or seek the appointment of a receiver
            (except under the Security Trust Deed), or a liquidator, an
            administrator or any similar person to the Trustee or prove in any
            liquidation, administration or arrangements of or affecting the
            Trustee.

      (c)   The provisions of this clause 23.2 shall not apply to any obligation
            or liability of the Trustee to the extent that it is not satisfied
            because under a Transaction Document or by operation of law there is
            a reduction in the extent of the Trustee's indemnification or
            exoneration out of the Assets of the Trust as a result of the
            Trustee's fraud, negligence, or Default.

      (d)   It is acknowledged that the Relevant Parties are responsible under
            this agreement or the other Transaction Documents for performing a
            variety of obligations relating to the Trust. No act or omission of
            the Trustee (including any related failure to satisfy its
            obligations under this agreement) will be considered fraud,
            negligence or Default of the Trustee for the purpose of paragraph
            (c) above to the extent to which the act or omission was caused or
            contributed to by any failure by any Relevant Party or any person
            who has been delegated or appointed by the Trustee in accordance
            with the Transaction Documents to fulfil its obligations relating to
            the Trust or by any other act or omission of a Relevant Party or any
            such person.

      (e)   In exercising their powers under the Transaction Documents, each of
            the Trustee, the Security Trustee and the Noteholders must ensure
            that no attorney, agent, delegate, receiver or receiver and manager
            appointed by it in accordance with this agreement or any other
            Transaction Documents has authority to act on behalf of the Trustee
            in a way which exposes the Trustee to any personal liability and no
            act or omission of any such person will be considered fraud,
            negligence, or Default of the Trustee for the purpose of paragraph
            (c) above.


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                                                                         Page 10
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Seller Loan Agreement                                     Allens Arthur Robinson
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      (f)   In this clause, Relevant Parties means each of the Manager, the
            Servicer, the Custodian, the Calculation Agent, each Paying Agent,
            the Note Trustee and any Support Facility Provider (including the
            Approved Seller).

      (g)   Nothing in this clause limits the obligations expressly imposed on
            the Trustee under the Transaction Documents.

23.3  Unrestricted remedies

      Nothing in clause 23.2 limits the Approved Seller in:

      (a)   obtaining an injunction or other order to restrain any breach of
            this agreement by any party;

      (b)   obtaining declaratory relief; or

      (c)   in relation to its rights under the Security Trust Deed.

23.4  Restricted remedies

      Except as provided in clause 23.3, the Approved Seller shall not:

      (a)   (judgment) obtain a judgment for the payment of money or damages by
            the Trustee;

      (b)   (statutory demand) issue any demand under section 459E(1) of the
            Corporations Act 2001 (Cth) (or any analogous provision under any
            other law) against the Trustee;

      (c)   (winding up) apply for the winding up or dissolution of the Trustee;

      (d)   (execution) levy or enforce any distress or other execution to, on,
            or against any assets of the Trustee;

      (e)   (court appointed receiver) apply for the appointment by a court of a
            receiver to any of the assets of the Trustee;

      (f)   (set-off or counterclaim) exercise or seek to exercise any set-off
            or counterclaim against the Trustee; or


      (g)   (administrator) appoint, or agree to the appointment, of any
            administrator to the Trustee,

      or take proceedings for any of the above and the Approved Seller waives
      its rights to make those applications and take those proceedings.

24.   Approved Seller's Obligations

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      The Trustee shall have no recourse to the Approved Seller in relation to
      this agreement beyond its terms, and the Approved Seller's obligations
      under this agreement are separate from, and independent of, any
      obligations the Approved Seller may have to the Trustee for any other
      reason (including under any other Trust Document).

25.   Successor Trustee

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      The Approved Seller shall do all things reasonably necessary to enable any
      successor Trustee appointed under clause 20 of the Master Trust Deed to
      become the Trustee under this agreement.


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                                                                         Page 11
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Seller Loan Agreement                                     Allens Arthur Robinson
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EXECUTED in Sydney.

Each attorney executing this agreement states that he or she has no notice of
revocation or suspension of his or her power of attorney.

TRUSTEE

SIGNED by                                        )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED          )
                                                 )
by its attorney under the Power of Attorney dated)
                                                 )
the presence of:                                 )
                                                     ---------------------------
                                                     Signature

--------------------------------------------------   ---------------------------
Witness                                              Print name

--------------------------------------------------
Print name

APPROVED SELLER

SIGNED on behalf of                              )
ST.GEORGE BANK LIMITED                           )
by its attorney under the Power of               )
Attorney dated                                   )
in the presence of:                              )
                                                     ---------------------------
                                                     Signature

--------------------------------------------------   ---------------------------
Witness                                              Print name

--------------------------------------------------
Print name


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                                                                         Page 12
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Seller Loan Agreement                                     Allens Arthur Robinson
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MANAGER

SIGNED on behalf of                     )
CRUSADE MANAGEMENT LIMITED              )
                                        )
by its attorney under the Power of      )
Attorney dated                          )
in the presence of:                     )
                                            ------------------------------------
                                            Signature

-----------------------------------------   ------------------------------------
Witness                                     Print name

-----------------------------------------
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Seller Loan Agreement                                     Allens Arthur Robinson
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Annexure A

Drawdown Notice

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To:      St.George Bank Limited

                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Seller Loan Agreement dated on or about [*] 2004 (the Facility
Agreement).

Under clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:

(1)   we wish to draw on the Closing Date;

(2)   the principal amount of the Advance is A$[*]; [NOTE: Amount to comply with
      the limits in clause 3.]

(3)   we request that the proceeds be remitted to account number [*] at [*];

(4)   to the best of our knowledge and, relying on the information provided by
      the Manager, the proceeds of the advance will be used for the purposes
      contemplated in the Facility Agreement;

(5)   all representations and warranties under clause 8 of the Facility
      Agreement are true as though they had been made at the date of this
      Drawdown Notice and the Drawdown Date specified above in respect of the
      facts and circumstances then subsisting.

Definitions in the Facility Agreement apply in this Drawdown Notice.

Perpetual Trustees Consolidated Limited

By:               [Authorised Signatory]

DATED

Verified by Crusade Management Limited

By:                        [Authorised Signatory]

Dated


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