<PAGE>



                                    SCHEDULE
                                     to the
                                MASTER AGREEMENT

                         dated as of ____________, _____

                                     between

<TABLE>
<CAPTION>
<S>                                                                             <C>
         National Australia Bank Limited (ABN 12 004 044 937)                   ("Party A")

         and

         Perpetual Trustees Consolidated Limited (ABN 81 004 029 841)
         in its capacity as trustee of the Crusade Global Trust No. 1 of 2004   ("Party B")

         and

         Crusade Management Limited (ABN 90 072 715 916)                        ("Manager")
</TABLE>


                                     PART 1

                TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS


(1)      "SPECIFIED ENTITY" is not applicable in relation to Party A and
          Party B.

(2)      "SPECIFIED TRANSACTION" is not applicable.

(3)      (i)      Sections 5(a)(ii), (iii), (iv), (v), (vi), 5(b)(iii) and (iv)
                  will not apply to Party A or Party B.

         (ii)     Replace Section 5(a)(i) with:

                  "(i)     FAILURE TO PAY OR DELIVER. Failure by the party to
                           make when due any payment under this Agreement or
                           delivery under Section 2(a)(i) or 2(e) required to be
                           made by it if such failure is not remedied at or
                           before 10.00am on the tenth Local Business Day after
                           the due date;"

         (iii)    Section 5(b)(ii) will not apply to Party A as the Affected
                  Party (subject to Section 6(aa)(iii) of this Agreement,
                  inserted by Part 5(13) of this Schedule).

(4)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event under the Security Trust Deed has occurred in respect
         of Party A or Party B (the party the subject of the Insolvency Event
         will be the Defaulting Party); or ". In relation to Party A, the events
         described in the definition of Insolvency Event (under the Security
         Trust Deed) shall apply to it as if Party A was a relevant corporation
         referred to in that definition. The occurrence of an Insolvency Event
         under the Security Trust Deed in respect of Party B in its personal
         capacity will not constitute an Event of Default provided that within
         thirty Local Business Days of that occurrence, Party A, Party B and the
         Manager are able to procure the novation of this Agreement and all
         Transactions to a third party in respect of which the Designated Rating
         Agencies confirm that the novation will not cause a reduction or
         withdrawal of the rating of the Class A-1 Notes, and Party A and Party
         B agree to execute such a novation agreement in standard ISDA form.



                                     Page 1
<PAGE>

(5)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a):

         will not apply to Party A.
         will not apply to Party B.

(6)      PAYMENTS ON EARLY TERMINATION.  For the purpose of Section 6(e) of this
         Agreement:

         (i)      Market Quotation will apply; and

         (ii)     the Second Method will apply.

(7)      "TERMINATION CURRENCY" means United States Dollars provided that if the
         payment is payable by Party B to Party A, the Termination Currency
         shall be in Australian Dollars. The Termination Currency shall be one
         of the currencies in which payments are required to be made in respect
         of Transactions.

(8)      "ADDITIONAL TERMINATION EVENT" means:

         (i)      An Event of Default (as defined in the Security Trust Deed)
                  occurs and the Security Trustee has declared, in accordance
                  with the Security Trust Deed, the Class A-1 Notes immediately
                  due and payable (and Party B is the Affected Party);

         (ii)     Party B becomes obliged to make a withholding or deduction in
                  respect of any Class A-1 Notes and the Class A-1 Notes are
                  redeemed as a result (and Party B is the Affected Party).
                  Notwithstanding Section 6(b)(iv) of the Agreement, as a result
                  thereof, Party B must, at the direction of the Manager, give a
                  notice designating an Early Termination Date in respect of
                  this Agreement and all Transactions.

(9)      "TRANSFER TO AVOID TERMINATION EVENT". In Section 6(b)(ii):

         (i)      after the words "another of its Offices or Affiliates" on the
                  seventh line add "(in respect of which the Designated Rating
                  Agencies have given prior written confirmation to the Manager
                  that such a transfer will not result in a reduction or
                  withdrawal of the rating of the Class A-1 Notes)";

         (ii)     add the following sentence at the end of the last paragraph of
                  Section 6(b)(ii):

                  "However, consent may be withheld if the other party considers
                  (acting reasonably) that its credit exposure to the transferor
                  would be adversely affected by the transfer."



                                     Page 2
<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(1)      PAYER TAX REPRESENTATIONS

         For the purpose of Section 3(e) of the Agreement, Party A will make the
         following representation and Party B will make the following
         representation:

         It is not required by any applicable law, as modified by the practice
         of any relevant governmental revenue authority, of any Relevant
         Jurisdiction to make any deduction or withholding for or on account of
         any Tax from any payment (other than interest under Section 2(e),
         6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party
         under this Agreement. In making this representation, it may rely on:

         (i)      the accuracy of any representations made by the other party
                  pursuant to Section 3(f) of this Agreement;

         (ii)     the satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) or 4(a)(iii); and

         (iii)    the satisfaction of the agreement of the other party contained
                  in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) of the Agreement by reason
         of material prejudice to its legal or commercial position.



(2)      PAYEE TAX REPRESENTATIONS

         For the purpose of Section 3(f) of this Agreement:

         Each of Party A and Party B makes the following representation:

         It is an Australian resident and does not derive payments under this
         Agreement in part or in whole carrying on business in a country outside
         Australia at or through a permanent establishment or itself in that
         country.

         Party B makes the following representations:

         (i)      Crusade Global Trust No. 1 of 2004 is a non-U.S. branch of a
                  foreign person for U.S. federal income tax purposes; and

         (ii)     Crusade Global Trust No. 1 of 2004 is not a bank.





                                     Page 3
<PAGE>


                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following document as applicable:

<TABLE>
<CAPTION>

PARTY REQUIRED TO
DELIVER DOCUMENT                FORM/DOCUMENT/CERTIFICATE              DATE BY WHICH TO BE        COVERED BY SECTION
                                                                            DELIVERED           3(D) REPRESENTATION
<S>                        <C>                                     <C>                                    <C>
Manager                    Legal opinions as to the validity       Upon execution and delivery            No
                           and enforceability of the obligations   of this Agreement
                           of Party B and the Manager under this
                           Agreement, the Trust Deed, the Security
                           Trust Deed and the Class A-1 Notes in
                           form and substance and issued by legal
                           counsel reasonably acceptable to
                           Party A

Party A and Party B        Certified copies of all corporate       Upon execution and delivery            Yes
and the Manager            authorisations (to be certified by      of this  Agreement or any
                           an Authorised Officer of the            relevant Confirmation
                           relevant party) and any other
                           documents with respect to the
                           execution, delivery and performance
                           of this Agreement and each
                           Confirmation

Party A and Party B        Certificate of authority and specimen   Upon execution and delivery            Yes
                           signatures of individuals executing     of this Agreement and
                           this Agreement, Confirmations and each  thereafter upon request of
                           Credit Support Document (as applicable) the other party

Manager                    Copies (certified to be true copies     Upon execution and delivery            Yes
                           by an authorised signatory of the       of this Agreement
                           Manager) of the Trust Deed, the
                           Security Trust Deed, the Note Trust
                           Deed and the Supplementary Terms
                           Notice

Manager                    A copy (certified to be a true copy     Promptly upon any such document        Yes
                           by an authorised signatory of the       becoming effective in accordance
                           Manager) of any document amending or    with its terms
                           varying the terms of the Trust Deed,
                           the Security Trust Deed, the Note
                           Trust Deed or the Supplementary Terms
                           Notice where such amendment affects
                           this Agreement or Party A's rights or
                           obligations under this Agreement

                                     Page 4
<PAGE>

Party A                    A legal opinion as to the validity      Upon execution and delivery            Yes
                           and enforceability if the obligations   of this Agreement
                           of Party A under this Agreement.
</TABLE>















                                     Page 5
<PAGE>


                                     PART 4

                                  MISCELLANEOUS

(1)      ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement:

         (a)      All notices or communications to Party A under this Agreement
                  shall be sent to:

                  National Australia Bank Limited
                  Level 11
                  120 Spencer Street
                  MELBOURNE  VIC  3000

                  Attention:        Manager, Documentation
                  Telephone:        61-3-8614-0810
                  Facsimile:        61-3-8614-0073


         (b)      All notices or communications to Party B under this Agreement
                  shall be sent to:

                  Level 7, 9 Castlereagh Street, Sydney  NSW  2000
                  Attention:        Manager, Securitisation
                  Telephone:        (02) 9229 9000
                  Facsimile:        (02) 9221 7870
                  Telex:            N/A


(c)      All notices or communications to the Manager under this Agreement shall
         be sent to:

                  Level 12, 55 Market Street, Sydney  NSW  2000
                  Attention:        Middle Office Compliance Manager
                  Telephone:        (03) 9320 5526
                  Facsimile:        (03) 9320 5589
                  Telex:            N/A

(2)      PROCESS AGENT. For the purpose of Section 13(c):

         Party A appoints as its Process Agent:  Not applicable
         Party B appoints as its Process Agent:  Not applicable


(3)      OFFICES. The provisions of Section 10(a) will not apply to this
         Agreement.

(4)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

         Party A is not a Multibranch Party.
         Party B is not a Multibranch Party.

(5)      CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

(6)      CREDIT SUPPORT DOCUMENTS. Details of any Credit Support Document:

         (i)      In relation to Party A: Credit Support Annex
         (ii)     In relation to Party B: Security Trust Deed


                                     Page 6
<PAGE>

(7)      CREDIT SUPPORT PROVIDER.

         Credit Support Provider means in relation to Party A: Not applicable
         Credit Support Provider means in relation to Party B: Not applicable

(8)      GOVERNING LAW. This Agreement and each Confirmation will be governed
         by, and construed and enforced in accordance with, the laws in force in
         the state of New South Wales and each party submits to the
         non-exclusive jurisdiction of the courts of the state of New South
         Wales and the courts of appeal from them.

(9)      NETTING OF PAYMENTS. Section 2(c)(ii) of this Agreement will not apply
         to the following Transactions or group of Transactions (in each case
         starting from the date of this Agreement): all Transactions being of
         the same type and which have been entered into through the same Office
         of Party A.

(10)     "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement. For the purposes of Section 3(c), each of Party B and the
         Manager are deemed not to have any Affiliates.

(11)     All payments to be made to Party B under this Agreement by Party A must
         be made to the US$ Account. Any payment so made will, to the extent of
         that payment, satisfy the relevant party's obligation to Party B in
         respect of that payment.




                                     Page 7
<PAGE>


                                     PART 5

                                OTHER PROVISIONS


(1)      In Section 2(a)(i) add the following sentence:

                  "Each payment will be by way of exchange for the corresponding
                  payment or payments payable by the other party."

(2)      In Section 2(a)(ii), after "freely transferable funds" add the words
         and "save as required by law, free of any set-off, counterclaim,
         deduction or withholding (and except as expressly provided in this
         Agreement)."

(3)      Insert new Sections 2(a)(iv) and 2(a)(v) immediately after Section
         2(a)(iii) as follows:

         "(iv)    The condition precedent in Section 2(a)(iii)(1) does not apply
                  to a payment or delivery due to be made to a party if it has
                  satisfied all its payment and delivery obligations under
                  Section 2(a)(i) of this Agreement and has no future payment or
                  delivery obligations, whether absolute or contingent under
                  Section 2(a)(i).

         "(v)     Where:

                  (1)     payments are due pursuant to Section 2(a)(i) by Party
                          A to Party B (the "PARTY A PAYMENT") and by Party B to
                          Party A (the "PARTY B PAYMENT") on the same day; and

                  (2)     the Security Trust Deed has become, and remains at
                          that time, enforceable.

                  then Party A's obligation to make the Party A Payment to Party
                  B shall be subject to the condition precedent (which shall be
                  an "applicable condition precedent" for the purpose of Section
                  2(a)(iii)(3)) that Party A first receives either:

                  (3)      the Party B Payment; or

                  (4)      confirmation from Party B's bank that it holds
                           irrevocable instructions to effect payment of the
                           Party B Payment and that cleared funds are available
                           to make that payment."

(4)      Add the following new sentence to Section 2(b):

                  "Each new account so designated must be in the same tax
                  jurisdiction as the original account."

(5)      Section 2(d)(i) of this Agreement is modified by:

         Replacing "; and" where it appears at the end of Section 2(d)(i)(3)
         with "."; and

         Deleting Section 2(d)(i)(4) in its entirety.

(6)      In Section  2(d)(ii) the words "in respect of which X would not be
         required to pay an additional amount to Y under Section 2(d)(i)(4)" are
         deleted.

(7)      Section 3(a)(v) of this Agreement is modified by adding in the fourth
         line of thereof the words "including without limitation in the case of
         Party A being an authorised deposit taking institution authorised to
         carry on banking business in the Commonwealth of Australia, Subsection
         13A(3) of the Banking Act 1959 (Cth) and Section 86 of the Reserve Bank
         Act 1959 (Cth) or any amending or replacement legislation as may be in
         effect" after the word "generally".

(8)      WAIVER OF JURY TRIAL. Each party waives, to the fullest extent
         permitted by applicable law, any right it may have to a trial by jury
         in respect of any suit, action or proceeding relating to this Agreement
         or any Credit Support Document. Each party (i) certifies that no
         representative, agent



                                     Page 8
<PAGE>

         or attorney of the other party or any Credit Support Provider has
         represented, expressly or otherwise, that such other party would not,
         in the event of such a suit, action or proceeding, seek to enforce the
         foregoing waiver and (ii) acknowledges that it and the other party
         have been induced to enter into this Agreement and provide for any
         Credit Support Document, as applicable, by, among other things, the
         mutual waivers and certifications in this Section.

(9)      TELEPHONIC RECORDING. Each party:

         (i)      consents to the electronic recording of its telephone
                  conversations with the other party (or any of its associated
                  persons) with or without the use of an automated warning
                  device;

         (ii)     will provide transcripts of such recordings (if any) upon
                  reasonable  request by the other party (at the reasonable
                  cost of the party requesting); and

         (iii)    acknowledges that such recordings and transcripts can be used
                  as evidence by another party in any dispute between them.

(10)     FURTHER REPRESENTATIONS. Insert new Sections 3(g), 3(h) and 3(i)
         immediately after Section 3(f) as follows:

         "(g)     NON ASSIGNMENT. Party B represents to Party A (which
                  representations will be deemed to be repeated by Party B on
                  each date on which a Transaction is entered into) that (absent
                  a written agreement between the parties that expressly imposes
                  affirmative obligations to the contrary for that Transaction)
                  it has not assigned (whether absolutely, in equity or
                  otherwise) or declared any trust or given any charge over any
                  of its rights under this Agreement or any Transaction (other
                  than, in respect of Party B, the Trust created pursuant to the
                  Master Trust Deed and the charge given pursuant to the
                  Security Trust Deed).

         (h)      RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to
                  represent to the other party on the date on which it enters
                  into a Transaction that (absent a written agreement between
                  the parties that expressly imposes affirmative obligations to
                  the contrary for that Transaction):

                  (i)      NON-RELIANCE. It is acting for its own account (in
                           the case of Party B as trustee of the Trust), and it
                           has made its own independent decisions to enter into
                           that Transaction and as to whether that Transaction
                           is appropriate or proper for it based upon its own
                           judgment (and in the case of Party B, also on the
                           judgment of the Manager) and upon advice from such
                           advisers as it has deemed necessary. It is not
                           relying on any communication (written or oral) of the
                           other party as investment advice or as a
                           recommendation to enter into that Transaction; it
                           being understood that information and explanations
                           related to the terms and conditions of a Transaction
                           shall not be considered investment advice or a
                           recommendation to enter into that Transaction. No
                           communication (written or oral) received from the
                           other party shall be deemed to be an assurance or
                           guarantee as to the expected results of that
                           Transaction.

                  (ii)     ASSESSMENT AND UNDERSTANDING. It is capable of
                           assessing the merits of and understanding (on its own
                           behalf or through independent professional advice),
                           and understands and accepts, the terms, conditions
                           and risks of that Transaction. It is also capable of
                           assuming, and assumes (in the case of Party B,
                           subject to section (1)), the risks of that
                           Transaction.

                  (iii)    STATUS OF PARTIES. The other party is not acting as a
                           fiduciary for or an adviser to it in respect of that
                           Transaction (other than in the case of Party B, the
                           Manager)."



                                     Page 9
<PAGE>

         (i)      TRUST. Party B represents to Party A, in respect of Party B
                  only (which representations will be deemed to be repeated by
                  Party B on each date on which a Transaction is entered into)
                  that (absent a written agreement between the parties that
                  expressly imposes affirmative obligations to the contrary for
                  that Transaction):

                  (i)      TRUST VALIDLY CREATED. The Trust has been validly
                           created under the laws by which it is stated to be
                           governed and is in existence at the date of this
                           Agreement.

                  (ii)     SOLE TRUSTEE. Party B has been validly appointed as
                           trustee of the Trust and is presently the sole
                           trustee of the Trust.

                  (iii)    NO PROCEEDINGS TO REMOVE. No notice has been given to
                           Party B and to Party B's knowledge no resolution has
                           been passed, or direction or notice has been given,
                           removing Party B as trustee of the Trust.

                  (iv)     POWER. Party B has power under the Trust Deed to
                           enter into this Agreement and the Security Trust Deed
                           in its capacity as trustee of the Trust.

                  (v)      GOOD TITLE. Party B has equitable title to the Assets
                           of the Trust and has power under the Trust Deed to
                           mortgage or charge them in the manner provided in the
                           Security Trust Deed and, subject only to the Trust
                           Deed, the Security Trust Deed and any Security
                           Interest permitted under the Trust Deed, as far as
                           Party B is aware, those Assets are free from all
                           other Security Interests (except for Party B's right
                           of indemnity out of the Assets of the Trust)."

(11)     In Section 4, add the following new paragraph immediately after Section
         4(e):

         "(f)     CONTRACTING AS PRINCIPAL. Party A will enter into each
                  Transaction as principal and not otherwise and, subject to
                  Section 15, Party B will enter into each Transaction in its
                  capacity as trustee of the Trust and not otherwise."

(12)     CONFIRMATIONS. For the purposes of Section 9(e)(ii), Party A will, on
         or promptly after the relevant Trade Date, send the Manager or Party B
         a confirmation confirming that Transaction and the Manager and Party B
         must (either itself or through the Manager) promptly then confirm the
         accuracy of and sign and return, or request the correction of the
         Confirmation. Notwithstanding the provisions of Section 9(e)(ii), each
         Confirmation in respect of a Transaction which is confirmed by
         electronic messaging system, an exchange of telexes or an exchange of
         facsimiles will be further evidenced by an original Confirmation signed
         by the parties, however any failure to sign an original Confirmation
         will not affect the validity or enforcement of any Transaction.

 (13)    Add a new Section 6(aa):

         "(aa)    RESTRICTED TERMINATION RIGHTS

                  (i)      TERMINATION BY PARTY B: Party B must not designate an
                           Early Termination Date without the prior written
                           consent of the Note Trustee.

                  (ii)     CONSULTATION: Each party may only designate an Early
                           Termination Date following prior consultation with
                           the other parties as to the timing of the Early
                           Termination Date. Subject to its duties under the
                           Trust Deed and the Supplementary Terms Notice, Party
                           B may exercise any rights in its capacity as holder
                           of the Purchased Receivables only on the instructions
                           of the Note Trustee and only after consultation
                           between Party A, the Manager and the Note Trustee.

                  (iii)    PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:

                          (a)      Notwithstanding Part 1(3)(iii) of this
                                   Schedule, Party A may designate an Early
                                   Termination Date if it is an Affected Party
                                   following a Tax Event but only if all Class
                                   A-1 Notes will be redeemed at their Invested



                                    Page 10
<PAGE>

                                   Amount (or, if the Class A-1 Noteholders by
                                   Extraordinary Resolution have so agreed, at
                                   their Stated Amount) together with accrued
                                   interest to (but excluding) the date of
                                   redemption.

                          (b)      If a Tax Event occurs where Party A is the
                                   Affected Party and Party A is unable to
                                   transfer all its rights and obligations under
                                   this Agreement and each Transaction to an
                                   Affiliate pursuant to Section 6(b)(ii), Party
                                   A may, at its cost, transfer all its rights,
                                   powers and privileges and all its unperformed
                                   and future obligations under this Agreement
                                   and each Transaction to any person provided
                                   that each Designated Rating Agency has
                                   confirmed in writing that the transfer will
                                   not result in a reduction, qualification or
                                   withdrawal of the credit ratings then
                                   assigned by them to the relevant Class A-1
                                   Notes.

                 (iv)      TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any
                           payment by Party B to Party A under this Agreement
                           is, or is likely to be, made subject to any deduction
                           or withholding on account of Tax, the Manager on
                           behalf of Party B will endeavour to procure the
                           substitution of Party B as principal obligor under
                           this Agreement in respect of each Affected
                           Transaction of a replacement Party B incorporated in
                           another jurisdiction approved by Party A and the Note
                           Trustee and in respect of which the Designated Rating
                           Agencies confirm that the substitution will not cause
                           a reduction or withdrawal of the rating of Class A-1
                           Notes".

(14)     ISDA DEFINITIONS. This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions and the 1998 FX
         and Currency Option Definitions (each as published by the International
         Swaps and Derivatives Association, Inc) (together, the "ISDA
         Definitions"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions, without regard to any amendments to
         the ISDA Definitions made after the date of this Agreement. The ISDA
         Definitions are incorporated by reference in, and shall be deemed to be
         part of, this Agreement and each Confirmation.

(15)     SCOPE OF AGREEMENT.

         Any reference to a:

         (a)      "Swap Transaction" in the ISDA Definitions is deemed to be a
                  reference to a "Transaction" for the purposes of interpreting
                  this Agreement or any Confirmation; and

         (b)      "Transaction" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purpose of
                  interpreting the ISDA Definitions.

(16)     INCONSISTENCY. In the event of any inconsistency between any two or
         more of the following documents in respect of a Transaction, they will
         take precedence over each other in the following descending order in
         respect of that Transaction:

         (i)      any Confirmation;
         (ii)     the Schedule to the Agreement and Credit Support Annex;
         (iii)    the printed form of the ISDA Master Agreement and the ISDA
                  Credit Support Annex;
         (iv)     the 1998 FX and Currency Option Definitions; (v) the 2000 ISDA
                  Definitions.

(17)     DEFINITIONS AND INTERPRETATION

         Section 14 of the Agreement is modified as follows:

         (a)      New definitions are inserted as follows:

                                    Page 11
<PAGE>

                  "RELEVANT SWAP TRANSACTION" means in relation to the Class A-1
                  Notes, each Transaction which is a currency swap for those
                  Class A-1 Notes only.

                  "SECURITY TRUST DEED" means the Security Trust Deed dated 31
                  December 2003 between Party B as issuing trustee, Crusade
                  Management Limited as Manager, P.T. Limited as security
                  trustee and by accession under the Supplementary Terms Notice,
                  Deutsche Bank Trust Company Americas as note trustee.

                  "TRUST DEED" means the Master Trust Deed dated 14 March 1998
                  as amended by the Crusade Global Trust No. 1 of 2004
                  Supplementary Terms Notice dated on or about the date of this
                  Agreement between (amongst others) Party B, St.George Bank
                  Limited and the Manager ("SUPPLEMENTARY TERMS NOTICE") and
                  each of the following expressions has the meanings given to
                  them in the Trust Deed and the Supplementary Terms Notice.

         (b)      Each of the following expressions has the meanings given to
                  them in the Trust Deed and the Security Trust Deed (as the
                  case may be):

                  "AGENCY AGREEMENT"
                  "ASSET"
                  "BANK"
                  "CLASS A-1 NOTES"
                  "CLASS A-1 NOTEHOLDER"
                  "CURRENCY SWAP"
                  "DESIGNATED RATING AGENCY"
                  "EXTRAORDINARY RESOLUTION"
                  "FINAL MATURITY DATE"
                  "HEDGE AGREEMENT"
                  "INSOLVENCY EVENT"
                  "INVESTED AMOUNT"
                  "MORTGAGED PROPERTY"
                  "NOTEHOLDER"
                  "NOTE TRUSTEE"
                  "PRINCIPAL PAYING AGENT"
                  "PURCHASED RECEIVABLES"
                  "SECURITY TRUST DEED"
                  "SECURITY TRUSTEE"
                  "STATED AMOUNT"
                  "SUPPORT FACILITY PROVIDER"
                  "TRUST"
                  "TRUST EXPENSE"

         (c)      TRUST DEED AND SECURITY TRUST DEED: The parties acknowledge
                  and agree and for the purposes of the Trust Deed and
                  Security Trust Deed

                  (i)       all Transactions under this Agreement are "Hedge
                            Agreements";

                  (ii)      Party A is a "Support Facility Provider",

                  (iii)     all obligations of Party B under this Agreement and
                            any/all Transactions under it are Secured Moneys.

         (d)      Unless defined in this Agreement, words and phrases defined in
                  the Trust Deed, the Security Trust Deed and the Supplementary
                  Terms Notice (each in the form as at the date of this
                  Agreement) have the same meaning in this Agreement. Where
                  there is any inconsistency in a definition between this
                  Agreement (on the one hand) and the Trust Deed, Security Trust
                  Deed or the Supplementary Terms Notice (on the other hand),
                  this Agreement prevails. Where words or phrases used but not
                  defined in this Agreement are



                                    Page 12
<PAGE>

                  defined in the Trust Deed in relation to a Trust (as defined
                  in the Trust Deed) such words or phrases are to be construed
                  in this Agreement, where necessary, as being used only in
                  relation to the Trust (as defined in the Supplementary Terms
                  Notice).

         (e)      Where in this Agreement a word or expression is defined by
                  reference to its meaning in another Transaction Document or
                  there is a reference to another Transaction Document or to a
                  provision of another Transaction Document, any amendment to
                  the meaning of that word or expression or to that other
                  Transaction Document or provision (as the case may be) will be
                  of no effect for the purposes of this Agreement unless and
                  until the amendment is consented to by the parties to this
                  Agreement.

(18)     New Sections 15 and 16 are inserted immediately after Section 14 as
         follows:

         "15.     PARTY B PROVISIONS

                  (a)      (A)      General

                           Clause 30 of the Trust Deed applies to the
                           obligations and liabilities of Party B under this
                           agreement. Clause 16 of the Security Trust Deed
                           applies to govern Party A's priority to monies
                           received from the sale of Assets of the Trust or
                           other enforcement of the Charge under the Security
                           Trust Deed (as defined in the Security Trust Deed).

                           (B)      Limitation of Party B's Liability

                           (1)      Party B 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 (3) below, a liability
                                    arising under or in connection with this
                                    Agreement or the Trust can be enforced
                                    against Party B 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 Party B to be
                                    exonerated or indemnified for the liability.
                                    This limitation of Party B's liability
                                    applies despite any other provision of this
                                    Agreement and extends to all liabilities and
                                    obligations of Party B in any way connected
                                    with any representation, warranty, conduct,
                                    omission, Agreement or transaction related
                                    to this agreement or the Trust.

                           (2)      Subject to subparagraph (3) below, no person
                                    (including any Relevant Party) may take
                                    action against Party B in any capacity other
                                    than as trustee of the Trust or seek the
                                    appointment of a receiver (except under this
                                    agreement), or a liquidator, an
                                    administrator or any similar person to Party
                                    B or prove in any liquidation,
                                    administration or arrangements of or
                                    affecting Party B.

                           (3)      The provisions of this Section 15 shall not
                                    apply to any obligation or liability of
                                    Party B 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 Party B's
                                    indemnification or exoneration out of the
                                    Assets of the Trust as a result of the Party
                                    B's fraud, negligence, or Default.

                           (4)      It is acknowledged that the Relevant Parties
                                    are responsible under the Transaction
                                    Documents for performing a variety of
                                    obligations relating to the Trust. No act or
                                    omission of Party B (including any related
                                    failure to satisfy its obligations under
                                    this Agreement) will be considered fraud,
                                    negligence or Default of Party B for the
                                    purpose of subparagraph (3) 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 Party B in
                                    accordance with this Agreement or any other
                                    Transaction Document to fulfil its

                                    Page 13
<PAGE>

                                    obligations relating to the Trust or by any
                                    other act or omission of a Relevant Party or
                                    any such person.

                           (5)      In exercising their powers under the
                                    Transaction Documents, each of Party B, 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 has
                                    authority to act on behalf of Party B in a
                                    way which exposes Party B to any personal
                                    liability and no act or omission of any such
                                    person will be considered fraud, negligence,
                                    or Default of Party B for the purpose of
                                    subparagraph (3) above.

                           (6)      In this clause, RELEVANT PARTIES means each
                                    of the Manager, the Servicer, the
                                    Calculation Agent, the Note Registrar, each
                                    Paying Agent, the Note Trustee, and the
                                    provider of a Support Facility.

                           (7)      Nothing in this clause limits the
                                    obligations expressly imposed on Party B
                                    under the Transaction Documents.

                  (b)      Nothing in paragraph (a) limits Party A in:

                           (i)      obtaining an injunction or other order to
                                    restrain any breach of this Agreement by
                                    Party B;

                           (ii)     obtaining declaratory relief; or

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

                  (c)      Except as provided in paragraphs (a) and (b), Party A
                           shall not

                           (i)      (JUDGMENT) obtain a judgment for the payment
                                    of money or damages by Party B;

                           (ii)     (STATUTORY DEMAND) issue any demand under
                                    s459E(1) of the Corporations Act 2001 (Cth)
                                    (or any analogous provision under any
                                    other law) against Party B;

                           (iii)    (WINDING UP) apply for the winding up or
                                    dissolution of Party B;

                           (iv)     (EXECUTION) levy or enforce any distress or
                                    other execution to, on, or against any
                                    assets of Party B;

                           (v)      (COURT APPOINTED RECEIVER) apply for the
                                    appointment by a court of a receiver to any
                                    of the assets of Party B;

                           (vi)     (SET-OFF OR COUNTERCLAIM) exercise or seek
                                    to exercise any set-off or counterclaim
                                    against Party B; or

                           (vii)    (ADMINISTRATOR) appoint, or agree to the
                                    appointment, of any administrator to Party
                                    B,

                           or take proceedings for any of the above and Party A
                           waives its rights to make those applications and take
                           those proceedings."


                  "16.     REPLACEMENT CURRENCY SWAP

                  (a)      If this Agreement or any Transaction under this
                           Agreement is terminated prior to the day upon which
                           the Class A-1 Notes are repaid in full, Party B must,
                           subject to paragraph (b) and at the direction of the
                           Manager, enter into one or more currency swaps which
                           replace the Transactions under this Agreement
                           (collectively a "REPLACEMENT CURRENCY SWAP") but only
                           on the following conditions:

                                    Page 14
<PAGE>

                          (i)      the Settlement Amount payable (if any) by
                                   Party B to Party A upon termination of this
                                   Agreement or any Transaction will be paid in
                                   full when due in accordance with the
                                   Supplementary Terms Notice and this
                                   Agreement;

                  (ii)     the Designated Ratings Agencies confirm that entry
                           into the Replacement Currency Swap by Party B will
                           not cause a reduction or withdrawal of the ratings of
                           the Class A-1 Notes; and

                  (iii)    the liability of Party B under the Replacement
                           Currency Swap is limited to at least the same extent
                           that its liability is limited under this Agreement or
                           the relevant Transaction under this Agreement.

                  (b)      If Party B enters into the Replacement Currency Swap
                           pursuant to paragraph (a) it must direct the
                           Replacement Currency Swap provider to pay any upfront
                           premium to enter into the Replacement Currency Swap
                           due to Party B directly to Party A in satisfaction of
                           and to the extent of Party B's obligation to pay the
                           Settlement Amount to Party A as referred to in
                           Section 16(a) and to the extent that such premium is
                           not greater than or equal to the Settlement Amount,
                           the balance must be satisfied by Party B as a Trust
                           Expense.

                  (c)      If Party B enters into a Replacement Currency Swap
                           pursuant to paragraph (a) and a Settlement Amount is
                           payable by Party A, Party B (either itself or through
                           the Manager) must direct Party A to pay any
                           Settlement Amount payable by Party A to Party B on
                           termination of this Agreement or any Transaction
                           directly to the Replacement Currency Swap provider as
                           payment and to the extent of any premium payable by
                           Party B to enter into the Replacement Currency Swap,
                           in satisfaction of and to the extent of Party A's
                           obligation to pay that part of the Settlement Amount
                           to Party B."

(19)     APPOINTMENT OF MANAGER: Party A acknowledges that under the Trust Deed
         Party B has appointed the Manager as manager of the Trust with the
         powers set out in and upon and subject to the terms of, the Trust Deed.
         Accordingly, subject to the terms of the Trust Deed, the Manager:

                  (i)     may arrange, enter into, and monitor Transactions,
                          execute Confirmations and exercise all other rights
                          and powers of Party B under this Agreement; and

                  (ii)    without limiting the generality of the foregoing, the
                          Manager shall, issue and receive, on behalf of Party B
                          all notices, Confirmations, certificates and other
                          communications to or by Party A under this Agreement.

(20)     New Sections 18 and 19 are added as follows:

         "18.     RATINGS DOWNGRADE

                  (i)      If, as a result of the withdrawal or downgrade of its
                           credit rating by a Designated Rating Agency, Party A
                           has:-

                          (A)      a long term credit rating of less than AA- by
                                   S&P and a short term credit rating of less
                                   than A-1+ by S&P; or

                          (B)      a long term credit rating of less than A2 by
                                   Moody's or a short term credit rating of less
                                   than P-1 by Moody's; or

                          (C)      30 Business Days of a downgrade of its long
                                   term credit rating by S&P to not lower than
                                   A- together with a downgrade of its short
                                   term credit rating by S&P to not lower than
                                   A-1, or the downgrade of its long term credit
                                   rating by Moody's to not lower than A3; or



                                    Page 15
<PAGE>

                          (D)      5 Business Days of any other such withdrawal
                                   or downgrade and for the avoidance of doubt,
                                   if Party A's long term credit rating by S&P
                                   is not lower than A- and Party A's short term
                                   credit rating by S&P is not lower than A-1,
                                   and Party A's long term credit rating by
                                   Moody's is not lower than A3, then paragraph
                                   (C) above shall apply and not this paragraph
                                   (D),


                           (or, in either case, such greater period as is agreed
                           to in writing by the relevant Designated Rating
                           Agency) at its cost alone and at its election:

                           (E)    (in the case of paragraph (i)(C) only) lodge
                                  collateral pursuant to the terms of the Credit
                                  Support Annex that forms part of this
                                  Agreement:

                                  (i)       where that collateral is cash, to
                                            the Swap Collateral Account; or

                                  (ii)      where that collateral is securities,
                                            to the Trustee.

                                  and provided each Designated Rating Agency
                                  have affirmed the rating on the Class A-1
                                  Notes after reviewing the collateral to be
                                  lodged; or

                           (F)    at the cost of Party A or in return for any
                                  monies payable to Party A in accordance with
                                  Clause 5.21 of the Supplementary Terms Notice
                                  (as the case may be), enter into an agreement
                                  novating this Agreement to a replacement
                                  counterparty proposed by any of Party A, Party
                                  B or the Manager (if any) and in respect of
                                  which each Designated Rating Agency has
                                  confirmed will result in there not being a
                                  withdrawal or downgrade of any credit rating,
                                  assigned by it, to the Class A-1 Notes; or

                           (G)    enter into such other arrangements which each
                                  Designated Rating Agency has confirmed will
                                  result in there not being a withdrawal or
                                  downgrade of any credit rating assigned by it
                                  to the Class A-1 Notes.

                  (ii)    Where Party A procures a replacement counterparty in
                          accordance with Section 18(i)(F) above, each party to
                          this Agreement shall do all things reasonably
                          necessary to novate the relevant rights and
                          obligations to the replacement counterparty.

                  (iii)   For the purposes of this Section 18, SWAP COLLATERAL
                          ACCOUNT means an account established by Party B with
                          an Approved Bank outside Australia

(21)     EXCHANGE CONTROLS

         Section 5(b)(i) (ILLEGALITY) is amended by adding the following
         paragraph at the end:-

         "This sub-paragraph (i) does not apply to the imposition by the
         Australian government or any agency of the Australian government of any
         exchange control restrictions or prohibitions ("EXCHANGE CONTROLS")."
         For the avoidance of doubt:

         (A)  exchange controls do not constitute an Illegality or other
              Termination Event or an Event of Default under this Agreement, and
              do not entitle a party to terminate a Transaction or otherwise
              refuse to make any payments it is obliged to make under a
              Transaction: and

         (B)  if and for so long as exchange controls are imposed, delivery by
              Party B of Australian dollar amounts required to be paid by it
              under any relevant Confirmation to the bank account in Australia
              notified in writing by Party A to Party B from time to time
              specified in that Confirmation will constitute proper payment of
              those amounts by Party B and Party A's obligations under this
              Agreement will be unaffected by any such exchange controls."

                                    Page 16
<PAGE>

(22)     PARTY B'S PAYMENT INSTRUCTIONS. Party B irrevocably authorises and
         instructs Party A to make payment of:

         (i)      the "Initial Exchange Amount" payable by Party A under a
                  currency swap transaction by paying that amount direct to the
                  account notified in writing by Party B to Party A for that
                  purpose; and

         (ii)     any other amount due from Party A to Party B under this
                  Agreement by paying that amount direct to the Principal Paying
                  Agent to the account outside Australia notified in writing by
                  the Principal Paying Agent to Party A for that purpose. Party
                  A is entitled to rely on any such notice.

(23)     NO AMENDMENT. Each of Party B and the Manager agrees that it will not
         consent to any amendment to any provision in any Transaction Document
         dealing with the ranking, priority or entitlement of Party A in respect
         of any security or moneys without the prior written consent of Party A
         (which will not be unreasonably withheld).


(24)     In Section 6(e), delete the sentence "The amount, if any, payable in
         respect of an Early Termination Date and determined pursuant to this
         Section will be subject to any Set-off." At the end of the first
         paragraph.



(25)     Section 12 is amended as follows:

         (i)      In Section 12(a), insert "and settlement instructions
                  requiring payment to an entity other than the original
                  counterparty" after "Section 5 or 6" in line 2.

         (ii)     Section 12(a)(iii) is replaced with:

                  "(iii) if sent by facsimile transmission, on the date a
                  transmission report is produced by the machine from which the
                  facsimile was sent which indicates that the facsimile was sent
                  in its entirety to the facsimile number of the recipient
                  notified for the purpose of this Section, unless the recipient
                  notifies the sender within one Local Business Day of the
                  facsimile being sent that the facsimile was not received in
                  its entirety and in legible form."

         (iii)    Insert a new paragraph (vi) in Section 12(a) immediately after
                  Section 12(a)(v) as follows:

                  "(vi)    if sent by ordinary mail, on the third (seventh, if
                           posted to or from a place outside Australia) day
                           after posting."




                                    Page 17
<PAGE>


Please confirm your agreement to the terms of the foregoing Schedule by signing
below.


NATIONAL AUSTRALIA BANK LIMITED        PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                       as trustee of Crusade Global Trust
                                       No. 1 of 2004

By:                                    By:
       ----------------------------            ---------------------------------

Name:                                  Name:

Title:                                 Title:



CRUSADE MANAGEMENT LIMITED

By:
       ----------------------------

Name:

Title:




                                    Page 18
<PAGE>

                              CREDIT SUPPORT ANNEX

                             to the Schedule to the
                              ISDA Master Agreement

                                   dated as of

                                     between

                  National Australia Bank (ABN 12 004 004 937)

                                   ("PARTY A")

                                       and

Perpetual Trustees Consolidated Limited (ABN 81 004 029 841) in its capacity as
trustee of the Crusade Global Trust No. [1] of 2004
                                  ("PARTY B")

                                       and

                           Crusade Management Limited
                              (ABN 90 072 715 916)
                                   ("Manager")



PARAGRAPH 11 - ELECTIONS AND VARIABLES

(a)    BASE CURRENCY AND ELIGIBLE CURRENCY.

       (i)    "Base Currency" means U.S. Dollars.

       (ii)   "Eligible Currency" means the Base Currency.

(b)    CREDIT SUPPORT OBLIGATIONS.

       (i)    Delivery Amount, Return Amount and Credit Support Amount.

              (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 2(a).

              (B) "RETURN AMOUNT" has the meaning specified in Paragraph 2(b).

              (C) "CREDIT SUPPORT AMOUNT" means for any Valuation Date will be
                  the greatest of the amounts as calculated by Party A to
                  ensure the rating on the Class A-1 Notes is not reduced,
                  downgraded or withdrawn by the relevant Designated Rating
                  Agency.

                  For the purposes of paragraph (C) above, unless otherwise
                  required by the relevant Designated Agency the Credit Support
                  Amount will be calculated as follows:

--------------------------------------------------------------------------------
                                                                       Page (11)

<PAGE>


I.
     The greater amount of:

     (1)  Zero or,

     (2)  CCR.

     For the purposes of (II) above, the formula for calculating CCR is as
follows.

          CCR = CR X 1.030

     where

          CR means Party B's Exposure + VB
          VB means the Volatility Buffer applicable on the relevant Valuation
          Date that is the appropriate factor relevant to the counterparty's
          rating and the maturity of the Class A-1 Notes as set out in the table
          below. For the purposes of interpreting the table, "Counterparty
          rating" is the credit rating assigned to Party A by S&P and
          "Maturities" is the period from and including the date of calculation
          to but excluding the scheduled maturity of the Class A-1 Notes.

          VB. VOLATILITY BUFFER (%) NB THIS IS TO BE CONFIRMED WITH S&P

<TABLE>
<CAPTION>
          <S>                   <C>                  <C>                  <C>
          --------------------- -------------------- -------------------- -------------------
                                MATURITIES UP TO 5   MATURITIES UP TO     MATURITIES MORE
          Counterparty rating*  YRS                  10 YRS               THAN 10 YRS
          --------------------- -------------------- -------------------- -------------------
          A+                    1.05                 1.75                 3.00
          --------------------- -------------------- -------------------- -------------------
          A                     1.35                 2.45                 4.50
          --------------------- -------------------- -------------------- -------------------
          A-1                   1.50                 3.15                 6.00
          --------------------- -------------------- -------------------- -------------------
</TABLE>

          *The 'A-' category is limited to 'A-' rated credits or 'A-/A-1' rated
          credits. If an 'A-' counterparty has an 'A-2' commercial paper rating
          it must find an eligible replacement.


(II) ELIGIBLE CREDIT SUPPORT. The following items will qualify as "ELIGIBLE
     CREDIT SUPPORT":

<TABLE>
<CAPTION>
-------------------------------------------------------------- -------------------------------- --------------------
               TYPE OF ELIGIBLE CREDIT SUPPORT                  TIME REMAINING TO MATURITY      VALUATION PERCENTAGE
-------------------------------------------------------------- -------------------------------- --------------------
<S>                                                            <C>                                    <C>
Cash in an Eligible Currency                                   N/A                                    100%
-------------------------------------------------------------- -------------------------------- --------------------
Negotiable debt obligations issued by the U.S Treasury         Not more than 1 yr                      98%
Department having the maturities in the second column          More than 1 yr (less than) 5 yrs        95%
                                                               More than 5 (less than) 10 yrs          93%
                                                               More than 10 yrs                        90%
-------------------------------------------------------------- -------------------------------- --------------------
Agency Securities having the maturities in the second column   Not more than 1 yr                      97%
                                                               More than 1 yr (less than) 5 yrs        94%
                                                               More than 5 (less than) 10 yrs          92%
                                                               More than 10 yrs                        89%
-------------------------------------------------------------- -------------------------------- --------------------
</TABLE>

          As used herein:

          "Agency Securities" means negotiable debt obligations which are fully
          guaranteed as to both principal and interest by the Federal National
          Mortgage Association, the Government National Mortgage Association or
          the Federal Home Loan Mortgage Corporation, but excluding (I) interest

--------------------------------------------------------------------------------
                                                                       Page (12)

<PAGE>

              only and principal only securities and (ii) collateralised
              mortgage obligations, real estate mortgage investment conduits
              and similar derivative securities.

Notwithstanding the foregoing to the contrary, the Valuation Percentage with
respect to all Eligible Credit Support shall be deemed to be 100% with respect
to a Valuation Date which is an Early Termination Date.

       (iii)  THRESHOLDS.

              (A)    "INDEPENDENT AMOUNT" means with respect to Party A:  zero.

                     "INDEPENDENT AMOUNT" means with respect to Party B: Zero.


              (B) "Threshold" shall not apply with respect to Party B and, with
              respect to Party A, shall mean the amounts determined on the basis
              of the lower of the Credit Ratings set forth in the following
              table.

              CREDIT RATING                                   THRESHOLD

              (S & P / Moody's)                               Party A

              S & P: AA- and A-1+ or above                    Infinity

              and

              Moody's: A2 and P-1 or above                    Infinity

--------------------------------------------------------------------------------

              S & P: Below AA- and A-1+                       Zero

               or

              Moody's: Below A2 or P-1                        Zero


         As used herein:

         "Credit Rating" means, with respect to (a) S & P, the rating assigned
         by S & P to the long-term or short-term senior unsecured debt of Party
         A (b) Moody's, the rating assigned to the short-term senior unsecured
         debt of Party A or the long-term senior unsecured debt of Party A.

         "S & P" means Standard & Poor's (Australia) Pty Limited or its
         equivalent.

         "Moody's" means Moody's Investors Service Inc.

         (C)  "MINIMUM TRANSFER AMOUNT" means, with respect to a party,
              USD250,000 provided, however, that if an Event of Default has
              occurred and is continuing with respect to a party, the Minimum
              Transfer Amount with respect to such party shall be US$0.

         (D)  ROUNDING. The Delivery Amount and the Return Amount will be
              rounded up and down respectively to the nearest integer multiple
              of U.S.$10,000.

(c)    VALUATION AND TIMING.

       (i)  "VALUATION AGENT" means, for purposes of Paragraphs 2 and 4, the
            party making the demand under Paragraph 2, and, for purposes of
            Paragraphs 3(c) and 5(c), the Transferee, as applicable, unless
            there has occurred and is continuing any Event of Default,
            Potential Event of Default or Termination Event with respect to a
            party, in such case the other party shall be the Valuation Agent.

--------------------------------------------------------------------------------
                                                                       Page (13)

<PAGE>

          If a party under this Agreement is acting as a Valuation Agent ("X"),
          the other party ("Y") shall automatically become the Valuation Agent
          (i) if X fails to perform its obligations as Valuation Agent under
          this Agreement in a timely manner, (ii) an Event of Default or
          Potential Event of Default with respect to X is continuing, or (iii)
          an Early Termination Date has been designated in connection with any
          such event with respect to X. In any such event Y may appoint a third
          party selected by it to make the calculations that X is required to
          make and report as Valuation Agent.

     (ii) "VALUATION DATE" means any Local Business Day.

    (iii) "VALUATION TIME" means the close of business in the place of location
          of the Valuation Agent on the Local Business Day preceding the
          Valuation Date or date of calculation, as applicable; provided that
          the calculations of Value and Exposure will, as far as practicable, be
          made as of approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 1:00 p.m., Sydney time, on a Local Business
          Day.

(d)  EXCHANGE DATE. "Exchange Date" has the meaning specified in Paragraph
     3(c)(ii).

(e)  DISPUTE RESOLUTION.

     (i)  "RESOLUTION TIME" means 1:00 p.m., Sydney time, on the Local Business
          Day following the date on which the notice is given that gives rise to
          a dispute under Paragraph 4.

          Notwithstanding the provisions of Paragraph 4(a)(2), no requirement
          under that Paragraph to transfer an undisputed amount of Eligible
          Credit Support or Equivalent Credit Support will arise prior to the
          time that otherwise applied to that transfer under a demand made under
          Paragraph 2.


     (ii) VALUE. Notwithstanding the definition of "Value", the "Value" of any
          security enumerated in clause (b)(ii) above (referred to herein as
          "Government Obligations") shall be the Base Currency Equivalent of the
          sum of (I) (x) the mean of the high bid and low asked prices quoted on
          such date by any principal market maker for such Government
          Obligations chosen by the Disputing Party, or (y) if no quotations are
          available from a principal market maker for such date, the mean of
          such high bid and low asked prices as of the day, next preceding such
          date, on which such quotations were available, plus (II) the accrued
          interest on such Government Obligations (except to the extent
          Transferred to a party pursuant to any applicable provision of this
          Agreement or included in the applicable price referred to in (I) of
          this clause (e)(ii)) as of such date.

     (iii) ALTERNATIVE. The provisions of Paragraph 4 will apply.

(f)  DISTRIBUTIONS AND INTEREST AMOUNT.

     (i)  INTEREST RATE means, for any day, with respect to Eligible Credit
          Support in the form of USD, the rate set forth for that day opposite
          the caption "Federal Funds (Effective)" in the weekly statistical
          release designated "H.15(519)", or any successor publication,
          published by the Board of Governors of the Federal Reserve System.

          Provided, that, if the relevant Interest Rate source is unavailable
          for any reason, then the Interest Rate shall be as published by such
          source on the preceding Local Business Day, unless Party A and Party B
          agree on an alternative source.

     (ii) TRANSFER OF INTEREST AMOUNT. The transfer of the Interest Amount will
          be made on the Distribution Date..

    (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 5(C)(ii)
          will apply.

--------------------------------------------------------------------------------
                                                                       Page (14)

<PAGE>

(g)    Demands and Notices

       All demands, specifications and notices under this Annex will be made
       pursuant to the Notices Section of this Agreement, unless otherwise
       specified here:

       Party A:

       National Australia Bank Limited
       Attention: Assistant Supervisor Collateralissation
       Address:   Level 11, 120 Spencer Street
                  Melbourne
                  VIC  3000
                  AUSTRALIA

       Telephone: 61 3 8624 0724
       Facsimile:  61 3 8614 0986

       Party B:

                  Perpetual Trustees Consolidated Limited
                  Attention:       Manager, Securitisation
                  Address:         Level 7, 9 Castlereagh Street Sydney NSW 2000
                  Telephone:       (02) 9229 9000
                  Facsimile:       (02) 9221 7870

       All notices or communications to Party B to be copied to the Manager at
the address below:

                  Crusade Management Limited
                  Attention:       Middle Office Compliance Manager
                  Address:         Level 22, 55 Market Street, Sydney NSW 2000
                  Telephone:       (02) 9320 5526
                  Facsimile:       (02) 9320 5589



--------------------------------------------------------------------------------
                                                                       Page (15)

<PAGE>



(h)      OTHER PROVISIONS

         (i)      Party A and Party B agree notwithstanding anything to the
                  contrary set out within this Annex, Party B is under no
                  obligation to make any transfer under this Annex in support of
                  any Transaction under the ISDA Master Agreement. Party A will
                  make any and all transfers required under this Annex in
                  support of any Transactions undertaken under the ISDA Master
                  Agreement. All references in this Annex to the "Transferor"
                  will be to Party A and all corresponding references to
                  "Transferee" will be to Party B.

         (ii)     Party B will not at any time be expected to make any transfers
                  to Party A save where Party B is under an obligation to Party
                  A to deliver a Return Amount.

        (iii)     Party B may only deal with the Credit Support Balance if
                  directed to do so by the Manager and then only for the purpose
                  of:

                  (A)     novating obligations under this Agreement in
                          accordance with Section 18(i)(F) of the ISDA Master
                          Agreement as amended by Part 5 of the Schedule or
                          entering into any other arrangement in accordance with
                          Section 18(i)(G)of the ISDA Master Agreement as
                          amended by Part 5 of the Schedule;

                  (B)     refunding to Party A the amount of any reduction in
                          the Credit Support Amount, from time to time and
                          providing the Designated Rating Agencies have
                          confirmed, in writing, that such refund will not
                          result in a withdrawal or downgrade of any credit
                          rating assigned by it to the Notes;

                  (C)     withdrawing any amount which has been incorrectly
                          deposited into the Swap Collateral Account;

                  (D)     paying Taxes payable in respect of the Swap Collateral
                          Account;

                  (E)     funding the amount of any payment due to be made by
                          Party A under this Agreement following the failure by
                          Party A to make that payment; or

                  (F)     meeting its obligations to Party A under this Credit
                          Support Annex.

         (iv)     For the purposes of this Paragraph 11, "Swap Collateral
                  Account" means an account established by Party B with an
                  Approved Bank outside Australia.

         (v)      The definition of "Local Business Day" in paragraph 10 is
                  amended by inserting after the words "unless otherwise
                  specified Paragraph 11(b), means" the words " a day on which
                  commercial banks in Sydney are open for business and".

         (vi)     Party A and Party B agree that each will deliver to the other
                  on or before execution and delivery of this Annex a list of
                  authorised signatories for the party and evidence,
                  satisfactory in form and substance to the other party, of the
                  authority of the authorised signatories of the party to
                  execute this Annex on its behalf.


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<PAGE>


Please confirm your agreement to the terms of the foregoing Paragraph 11 by
signing below.


                                       NATIONAL AUSTRALIA BANK LIMITED
                                       (ABN 12004 044 937)


                                                By:  _________________________
                                                      Name:
                                                      Title:


                                       PERPETUAL TRUSTEES CONSOLIDATED
                                       LIMITED ("Party B") under Power of
                                       Attorney dated        2003.


                                                By:  _________________________
                                                      Name:

                                       In the presence of:


                                                By:  _________________________
                                                      Name:




                                       CRUSADE MANAGEMENT LIMITED
                                       ("Manager") under Power of Attorney dated
                                                          2003


                                                By:  _________________________
                                                      Name:


                                       In the presence of:

                                                By:  _________________________
                                                      Name:





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