EXHIBIT 99.4










                        CRUSADE GLOBAL TRUST NO.1 OF 1999
                                FINANCIAL REPORT
                      FOR THE YEAR ENDED 30 SEPTEMBER 2001




<PAGE>


CRUSADE GLOBAL TRUST NO. 1 OF 1999
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 SEPTEMBER 2001


                                                     --------------------------
                                                         2001          2000
                                              Note         $             $
                                                     -----------   ------------

Revenue from ordinary activities
    Interest income                            2      81,749,716    103,221,542
    Fees                                       2       1,438,961      1,407,916
    Other                                      2         447,259        292,789
                                                     ------------  ------------
                                                      83,635,936    104,922,247
Expenses from ordinary activities
    Interest expense                           2      73,703,328     84,799,552
    Custodian fees                             10        152,835        212,877
    Servicing fees                             10      4,075,590      5,676,730
    Manager fees                               10        917,008      1,277,265
    Trustee fees                               10        322,254        427,710
    Other expenses                                       169,707        128,750
                                                     ------------  ------------
                                                      79,340,222     92,522,884
                                                     ------------  ------------
RESULT FROM ORDINARY ACTIVITIES                        4,295,214     12,399,363
                                                     ============  ============




The Statement of Financial  Performance  should be read in conjunction  with the
accompanying notes to the financial statements on pages 5 to 11.


                                                                              1
<PAGE>


CRUSADE GLOBAL TRUST NO. 1 OF 1999
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2001


                                              ---------------------------------
                                                   2001              2000
                                      Note           $                 $
                                              --------------    ---------------
ASSETS
    Cash and liquid assets             3          62,685,371        77,143,299
    Receivables                        4         268,372,957       227,840,767
    Investments                        5         801,770,692     1,098,767,869
                                              ---------------   ---------------
TOTAL ASSETS                                   1,132,829,020     1,403,751,935
                                              ---------------   ---------------

LIABILITIES
    Accounts payable                   6          13,099,343        21,550,966
    Mortgage-backed bonds                      1,119,729,667     1,382,200,959
                                              ---------------   ---------------

TOTAL LIABILITIES                              1,132,829,010     1,403,751,925
                                              ---------------   ---------------

NET ASSETS                                                10                10
                                              ===============   ===============

UNITHOLDER'S FUNDS
    Unit on issue                      7                  10                10

                                              ---------------   ---------------
TOTAL UNITHOLDER'S FUNDS                                  10                10
                                              ==============    ===============



The Statement of Financial Position should be read in conjunction with the
accompanying notes to the financial statements on pages 5 to 11.



                                                                              2
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2001

<TABLE>
<CAPTION>

                                                                                ------------------------------
                                                                                     2001           2000
                                                                  Note                $               $
                                                                                --------------  --------------
<S>                                                              <C>             <C>             <C>

Cash flows from operating activities
    Interest received                                                              86,232,652     100,539,384
    Fees received                                                                   1,438,961       1,407,916
    Interest paid                                                                 (82,439,506)    (76,079,340)
    Expenses paid                                                                  (6,005,824)     (6,865,361)
      Distributions paid                                                           (3,736,542)     (6,872,196)
                                                                                --------------  --------------

Net cash (used in) provided by operating activities               (b)              (4,510,259)     12,130,403
                                                                                --------------  --------------

Cash flows from investing activities
    Proceeds from loan repayments                                                 297,444,436     417,982,825
                                                                                --------------  --------------
Net cash provided by investing activities                                         297,444,436     417,982,825
                                                                                --------------  --------------

Cash flows from financing activities
    Repayment of mortgage backed bonds                                           (307,392,105)   (382,407,035)

                                                                                --------------  --------------
Net cash used in financing activities                                            (307,392,105)   (382,407,035)
                                                                                --------------  --------------

Net increase/(decrease) in cash held                                              (14,457,928)     47,706,193
                                                                                --------------  --------------

Cash at the beginning of the year                                                  77,143,299      29,437,106
                                                                                --------------  --------------

Cash at the end of the year                                       (a)              62,685,371      77,143,299
                                                                                ==============  ==============
</TABLE>





The Statement of Cash Flows should be read in conjunction  with the accompanying
notes to the  Statement  of Cash Flows on page 4 and the notes to the  financial
statements on pages 5 to 11.


                                                                              3
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2001

<TABLE>
<CAPTION>

                                                                                     --------------------------------
                                                                                           2001            2000
                                                                                            $                $
                                                                                     ----------------  --------------
<S>                                                                                       <C>            <C>

(a)   Reconciliation of cash

      Cash as at the end of the year as shown in the  Statement of Cash Flows is
      reconciled to the related items in the Statement of Financial  Position as
      follows:

      Cash and liquid assets                                                              62,685,371      77,143,299

                                                                                     ----------------  --------------
      Total Cash                                                                          62,685,371      77,143,299
                                                                                     ================  ==============

(b)   Reconciliation of Undistributed income to net cash provided by operating
      activities


      Undistributed income                                                                         -               -

      Increase/(decrease) in:
        Accounts payable                                                                 (8,451,623)      15,105,350
      (Increase)/decrease in:
        Receivables                                                                        4,388,623      (2,682,158)
         Profit on discharges                                                              (447,259)        (292,789)

                                                                                     ----------------  --------------
      Net cash (used in)/provided by operating activities                                 (4,510,259)     12,130,403
                                                                                     ================  ==============
</TABLE>




                                                                               4
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001


1.    STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in the preparation of this financial
report are:

a)    Basis of Preparation

The  financial  report is a general  financial  report that has been prepared in
accordance with Accounting Standards, Urgent Issues Group Consensus Views, other
authoritative pronouncements of the Australian Accounting Standards Board so far
as they relate to the Crusade  Global  Trust No.1 of 1999 ("the  Trust") and the
provisions of the Trust Deed.

b)    Reclassification of financial information

Some line items and sub-totals reported in the previous financial year have been
reclassified  and  repositioned  in the financial  statements as a result of the
first time application of the revised standards AASB 1018 Statement of Financial
Performance, AASB 1034 Financial Report Presentation and Disclosures and the new
AASB 1040 Statement of Financial Position.

c)    Taxation

The Beneficiary holds the sole beneficial interest in the Trust and is presently
entitled to the distributable income of the Trust which is taxable in its hands.

Accordingly,  no provision for income tax has been made in the Trust's financial
statements.

d)    Revenue Recognition

Interest and fee income is recognised as it accrues.

Premiums and  discounts on Loans  Secured by Mortgage are taken to the Statement
of  Financial  Performance  in the  period  in  which  the loan  discharges  and
recognised as profit or loss on discharges.

Unrealised  profits and losses arising on the foreign  currency  revaluations of
the  Mortgage  Backed  Bonds  are  recognised  in  the  Statement  of  Financial
Performance. These profits or losses are offset by the revalued foreign currency
hedges in place and therefore have no net effect on the result.

e)    Receivables

Receivables  are carried at nominal  amounts  less any  provision  for  doubtful
debts. Interest due on loans and deposits at bank are settled within 30 days.

f)    Investments

Investments  are  purchased  with the  intention of being held to maturity.  The
investments are recorded at the recoverable amount represented by the gross loan
balance  adjusted by any specific  provision for doubtful debts.  The difference
between the cost and the market value of the  investments on the day of purchase
is accounted for as a premium.

g)    Mortgage Backed Bonds

Mortgage  Backed  Bonds held in foreign  currencies  are shown in the  financial
statements  at the  exchange  rate  prevailing  at balance  date.  The Bonds are
recorded net of  repayments.  Interest  payments due in foreign  currencies  are
hedged by a Currency Swap.  Therefore  these payments do not expose the Trust to
any foreign currency fluctuation risk. These Bonds mature in February 2030.



                                                                               5
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001


1.    STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

h)    Historical Cost

The financial  report has been prepared on the basis of historical cost and does
not take into account changing money values or current valuations of non current
assets, except where stated.

i)    Cash Flows

For the purpose of the preparation of the Statement of Cash Flows, cash includes
cash on hand and at bank, bank deposits at call,  current  accounts with related
entities and is presented net of outstanding bank overdrafts.

                                              ---------------- ---------------
                                                     2001             2000
                                                       $               $
                                               ----------------  --------------

2.    RESULT FROM ORDINARY ACTIVITIES BEFORE INCOME TAX

Result from ordinary activities before income tax includes the following items:

REVENUE
Interest income
   - related party                                  1,284,471       7,254,530
   - other party                                   80,465,245      95,967,012
Fee income                                          1,438,961       1,407,916
Profit on Discharges                                  447,259         292,789
                                              ================  ==============

EXPENSE
Interest expense
   - other party                                   73,703,328      84,799,552
Auditors remuneration                                  10,450           7,500
                                              ================  ==============

3.    CASH AND LIQUID ASSETS

Cash at bank - St.George Bank                       2,197,430       3,236,599
Liquidity deposit - ANZ                             2,150,032       2,797,810
Deposits at call - ANZ                             58,337,909      71,108,890
                                              ----------------  --------------
                                                   62,685,371      77,143,299
                                              ================  ==============

MATURITY ANALYSIS
At Call                                            62,685,371      77,143,299
                                              ---------------   --------------
                                                   62,685,371      77,143,299
                                              ================  ==============

4.    RECEIVABLES

Accrued Interest:
   - Bank deposits                                    187,931         291,359
   - Swap                                                   -       3,154,700
   - Loans secured by mortgage                      2,012,523       3,237,331
Currency Swap receivable                          266,078,190     221,157,377
Sundry Debtors                                         94,313               -
                                               ---------------  --------------
                                                  268,372,957     227,840,767
                                               ===============  ==============


                                                                               6

<PAGE>



CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001


                                              ---------------- ---------------
                                                     2001             2000
                                                       $               $
                                              ----------------  --------------
5.    INVESTMENTS

Loans secured by mortgage                         803,953,762   1,101,402,740
Discount on Loans Secured by Mortgage              (2,183,070)     (2,634,871)
                                              ----------------  --------------
                                                  801,770,692   1,098,767,869
                                              ================  ==============

Maturity analysis
within 1 year                                      36,262,544     102,335,365
between 1 and 5 years                             135,993,559     179,781,045
greater than 5 years                              629,514,590     816,651,459

                                               --------------- ---------------
                                                  801,770,692   1,098,767,869
                                               =============== ===============

6.    ACCOUNTS PAYABLE

Accrued expenses                                      763,792       1,037,909
Distributions payable                               6,357,977       5,799,305
Interest payable - Mortgage Backed Bonds            5,752,858      12,668,268
                - St.George Bank                            -       2,045,484
                          - Swaps                     224,716               -

                                               ---------------  --------------
                                                   13,099,343      21,550,966
                                               ===============  ==============


7.    TRUST UNITS

In accordance with clauses 3.1(b) and
3.2(a)(ii) of the Trust Deed, one
unit was issued by the Trustee to the
Manager in exchange for $10 to create
the Trust.                                                 10              10
                                               ===============  ==============


8.    UNDISTRIBUTED INCOME

Undistributed income at the beginning of
the financial year                                          -               -

Plus: Result from ordinary activities
        (excess income)                             4,295,214       12,399,363

Less: Distributions paid during the year           (3,736,542)      (6,872,196)
      Movement in Distributions payable              (558,672)      (5,527,167)
                                              ----------------  --------------

Undistributed income at the end of the
financial year                                              -                -
                                              ================  ==============




                                                                              7


<PAGE>



CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001


9.    SUPPORT FACILITIES

In  accordance  with the  Information  Memorandum,  the Trust had the  following
support facilities during the year.

a)    Mortgage Insurance Policy

The  Trustee  has been  insured  against  losses  in  respect  of the  Purchased
Mortgages with Housing Loans Insurance Corporation Pty Limited.

b)    Liquidity Reserve

The Trustee maintains a liquidity account with St.George Bank Limited,  which is
reduced each quarter to equal 0.25% of the aggregate  principal  outstanding  of
the Loans Secured by Mortgages.

c)    Redraw Facility

The Trustee maintains a Redraw Facility with St.George Bank Limited.  The Redraw
Limit is equal to 2% of the  aggregate  amount of Mortgage  Backed  Bonds and is
adjusted on each anniversary of the redraw facility.

d)    Basis Swap and Standby Basis Swap

The Trustee  maintains a Basis Swap with St.George Bank Limited for the purposes
of  hedging  the basis  risk  between  variable  rates on the Loans  Secured  by
Mortgages and the floating rate  obligations of the Mortgage  Backed Bonds.  The
Basis Swap will also cover the  Purchased  Mortgages  which convert from a fixed
rate of interest to a variable  interest  rate.  The  Trustee  also  maintains a
Standby  Basis Swap with the Sydney Branch of Deutsche Bank AG. The terms of the
Basis Swap allow for netting of swap payments.

e)    Foreign Currency Swap

The  Trustee  entered  into a Currency  Swap with the  Currency  Swap  Provider,
Bankers Trust Corporation New York, to hedge its foreign currency exposure.






                                                                               8
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001



10.   RELATED PARTY INFORMATION

a)    Related Entities

The Manager is Crusade Management Limited, a company incorporated in Australia.
The Trustee is Perpetual Trustees Consolidated Limited.
The Custodian is St.George Custodial Services Pty Limited.

b)    Transactions with related entities

The following  tables  outline  related party  transactions  during the relevant
period.

<TABLE>
<CAPTION>

                                  St.George Bank            Crusade           Perpetual Trustees    St.George Custodial
                                     Limited             Management Ltd        Consolidated Ltd          Pty Limited
Crusade Trust
No.1 of 1999                ------------------------ ---------------------- ---------------------- -----------------------
                              2001         2000         2001       2000        2001        2000       2001        2000
                                $            $           $           $           $          $           $           $
-------------------------- ----------- ------------- ---------- ----------- ----------- ---------- ----------- -----------
<S>                        <C>         <C>          <C>        <C>         <C>         <C>        <C>          <C>

 Manager fee(1)                     -             -    917,008   1,277,265           -          -           -           -
 Trustee fee(2)                     -             -          -           -     322,254    427,710           -           -
 Servicing fee(3)           4,075,590     5,676,730          -           -           -          -           -           -
 Custodian fee(4)                   -             -          -           -           -          -     152,835     212,877
 Basis Swap interest(5)    (1,165,879)  (7,254,530)          -           -           -          -           -           -
 Redraw facility fee(6)        19,340        24,324          -           -           -          -           -           -
 Interest on cash
 deposits                    (118,592)            -          -           -           -          -           -           -
</TABLE>

(1)      Calculated on the aggregate outstanding principal of the Loans Secured
         by Mortgages on the first day of each quarterly collection period at
         the rate of 0.09%pa payable quarterly in arrears.

(2)      Calculated on the aggregate outstanding principal of the Loans Secured
         by Mortgages on the first day of each quarterly collection period at
         the rate of 0.03%pa payable quarterly in arrears.

(3)      Calculated on the aggregate outstanding principal of the Loans Secured
         by Mortgages on the first day of each quarterly collection period at
         the rate of 0.40%pa payable quarterly in arrears.

(4)      Calculated on the aggregate outstanding principal of the Loans Secured
         by Mortgages on the first day of each quarterly collection period at
         the rate of 0.015%pa payable quarterly in arrears.

(5)      In accordance with the Trust Deed, the Trust has entered into a basis
         swap support facility with St.George Bank Limited.  The amount
         represents the net amount paid/payable or (received/receivable).

(6)      The Trust has maintained a Redraw Facility with St.George Bank Limited
         (refer Note 9).


                                                                               9
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001



11.   ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE

(a)    Interest rate risk

The Trust's  exposure to interest rate risk and the effective  interest rates of
the financial assets and financial liabilities, both recognised and unrecognised
at the balance date, are as follows:

<TABLE>
<CAPTION>

AS AT 30 SEPTEMBER 2001
                               Floating                                                     Non                   Weighted
                               Interest                                                Interest                    Average
                                   Rate        Fixed Interest Rate Maturing in:         Bearing          Total        Rate
                                           ------------ ------------- ------------
                                              1-3 mths     3-12 mths      1-5 yrs
                                      $              $             $            $             $              $           %
                           ------------  ------------- ------------- ------------ ------------- -------------- -----------
<S>                        <C>            <C>          <C>         <C>           <C>            <C>               <C>

FINANCIAL ASSETS
   Cash & liquid assets      60,487,942              -             -            -     2,197,429     62,685,371        4.50
   Receivables                        -              -             -            -   268,372,957    268,372,957           -
   Investments              639,686,552      7,268,399    23,012,218  133,988,593             -    803,953,762        6.40
   Discount                           -              -             -            -    (2,183,070)    (2,183,070)          -
------------------------   ------------   ------------ ------------- ------------ ------------- -------------- -----------
Total                       700,174,494      7,268,399    23,010,218  133,988,594   268,387,316  1,132,829,020
                           ------------   ------------ ------------- ------------ ------------- -------------- -----------

FINANCIAL LIABILITIES
   Accounts payable                   -              -             -            -    13,099,343     13,099,343           -
   Mortgage Backed bonds
                                      -  1,119,729,667             -            -             -  1,119,729,667        3.90
------------------------  ------------- -------------- ------------- ------------ ------------- -------------- -----------
Total                                 -  1,119,729,667             -            -    13,099,343  1,132,829,010
                          ------------- -------------- ------------- ------------ ------------- -------------- -----------
INTEREST RATE SWAP         (841,968,048)   841,968,048
                          ============= ============== ============= ============ ============= ============== ===========
</TABLE>


<TABLE>
<CAPTION>

AS AT 30 SEPTEMBER 2000
                               Floating                                                         Non                     Weighted
                               Interest                                                    Interest                      Average
                                   Rate           Fixed Interest Rate Maturing in:          Bearing           Total         Rate
                                           ------------   ------------  ------------
                                               1-3 mths      3-12 mths       1-5 yrs
                                      $               $              $             $              $               $            %
                         --------------    -------------  ------------  ------------  -------------  --------------  -----------
<S>                      <C>              <C>               <C>         <C>            <C>            <C>                <C>
FINANCIAL ASSETS
   Cash & liquid assets      73,906,700               -              -             -      3,236,599      77,143,299         6.10
   Receivables                        -               -              -             -    227,840,767     227,840,767            -
   Investments              825,872,782      13,478,900     83,808,642   178,242,416              -   1,101,402,740         7.62
   Discount                           -               -              -             -     (2,634,871)     (2,634,871)           -

-----------------------  -------------    -------------   ------------  ------------  -------------  --------------  -----------
Total                       899,779,482      13,478,900     83,808,642   178,242,416    228,442,495   1,403,751,935
-----------------------  -------------    -------------   ------------  ------------  -------------  --------------  -----------

FINANCIAL LIABILITIES
   Accounts payable                   -               -              -             -     21,550,966      21,550,966            -
   Mortgage Backed bonds
                                      -   1,382,200,959              -             -              -   1,382,200,959         5.76

-----------------------  --------------   -------------   ------------  ------------  -------------  --------------  -----------
Total                                 -   1,382,200,959              -             -     21,550,966   1,403,751,925
-----------------------  --------------   -------------   ------------  ------------  -------------  --------------  -----------

Interest Rate Swap       (1,146,263,736)  1,146,263,736
======================   ==============   =============   ============  ============  =============  ==============  ===========
</TABLE>


                                                                             10
<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2001


11.   ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE (CONTINUED)

(b)   Net fair values

All  financial  assets  and  liabilities  are  carried  at net fair value in the
Statement  of Financial  Position  with the  exception  of the Loans  Secured by
Mortgage with are recorded at the recoverable amount as stated in the accounting
policies  in Note 1. The  fair  value of  these  loans  is  $805,307,502  (2000:
$1,099,142,476).

The net fair value of fixed rate loans that reprice within six months of balance
date is the carrying value at 30 September.  For other fixed rate loans, the net
fair value was calculated by discounting  the estimated  future cash flows using
current market rates.

(c)   Credit risk exposures

The Trust's maximum  exposure to credit risk at balance date in relation to each
class of recognised  financial  asset is the carrying  amount of those assets as
indicated in the  Statement of  Financial  Position.  The servicer of the Trust,
St.George  Bank  Limited,  manages  the credit  risk on loans  through  embedded
controls within its lending division.

A  potential  loss to the Trust may  occur as a result of non  performance  by a
counter party. The Trust's  exposure to counter party risk is therefore  limited
to the  positive  value  attached  to the  derivative  arising  from  favourable
movements in the underlying reference rates.

As the Trust's  primary  reason for holding  derivatives  is for  interest  rate
hedging purposes, the derivatives have been dealt with financial institutions of
investment  grade quality.  The Trust's credit policy and procedures  constantly
monitor exposures to counter party risks.

(d)   Derivative financial instruments

A  derivative  is a  financial  instrument  which  provides  the holder with the
ability to  participate  in some or all of the price  changes  of an  underlying
financial asset, reference rate or index. The Trust uses a derivative instrument
termed a `Swap'.  These are held to hedge  future  interest  expense  due on the
Mortgage  backed  Bonds and to protect  the Trust from  fluctuation  in exchange
rates.

An interest rate swap is an agreement  between two parties to exchange  interest
obligations  periodically  based on an underlying  notional  principal.  A cross
currency  swap  involves a  principal  exchange of amounts in one  currency  for
another  currency and a re-exchange of the same  principal  amounts at maturity.
Interest  payments  and receipts on the  principal  are  exchanges  periodically
throughout the term of the swap.


12.   SEGMENT REPORTING

The Trust  operates  within the  treasury  and  capital  markets  segment of the
Financial  Services  Industry.  The Trust's operations and customers are located
primarily within Australia. The Trust operates in accordance with the Trust Deed
for the  purposes of deriving a margin on  interest  income on loans  secured by
mortgage and interest expense on Mortgage Backed Bonds.


                                                                              11

<PAGE>


CRUSADE GLOBAL TRUST NO.1 OF 1999
MANAGER'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2001


The Manager has prepared the  Financial  Report at the  direction of the Trustee
who is responsible for the Financial Report.

PRINCIPAL ACTIVITIES

The Trust is a special  purpose  vehicle that holds a portfolio of loans secured
by mortgage and has issued  Mortgage  Backed  Bonds.  The Trust has also entered
into interest  rate swap  agreements to manage its exposure to interest rate and
foreign exchange risk.

REVIEW OF OPERATIONS

The distributions paid/payable to the beneficiary of the Trust for the financial
year ended 30 September 2001 were $4,295,214 (2000: $12,399,363).

STATE OF AFFAIRS

In the opinion of the Manager there were no significant  changes on the state of
affairs of the Trust during the financial year.


FOR AND BEHALF OF THE MANAGER


/s/ G. M.Bartlett

Director

Crusade Management Limited

Sydney



                                                                              12
<PAGE>


INDEPENDENT AUDIT REPORT
TO THE MEMBERS OF CRUSADE GLOBAL TRUST NO.1 OF 1999


SCOPE

We have audited the financial  statements  of Crusade  Global Trust No.1 of 1999
for  the  year  ended  30  September  2001,   consisting  of  the  statement  of
performance,  the  statement  of  financial  position,  statement of cash flows,
manager's  statement  and the  accompanying  notes set out on pages 2 to 13. The
manager has prepared the  financial  statements  at the direction of the trustee
who  is  responsible  for  the  financial  statements.   We  have  conducted  an
independent  audit of these financial  statements in order to express an opinion
on them to the unitholders.

Our audit has been conducted in accordance with Australian Auditing Standards to
provide  reasonable  assurance  whether  the  financial  statements  are free of
material misstatement.  Our procedures included examination, on a test basis, of
evidence   supporting  the  amounts  and  other  disclosures  in  the  financial
statements, and the evaluation of accounting policies and significant accounting
estimates.  These procedures have been undertaken to form an opinion whether, in
all  material  respects,  the  financial  statements  are  presented  fairly  in
accordance with Accounting Standards and other mandatory  professional reporting
requirements,  statutory  requirements and requirements of the Trust Deed, so as
to present a view which is  consistent  with our  understanding  of the  Trust's
financial position,  results of its Crusade Global Trust No.1 of 1999 operations
and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.


AUDIT OPINION In our opinion,  the financial  statements of Crusade Global Trust
No.1 of 1999 for the year ended 30 September 2001 are properly drawn up:

(a)    so as to give a true and fair view of the Trust's state of
       affairs at 30 September 2001 and its results and cash flows
       for the period ended on that date;

(b)    in accordance with applicable Accounting Standards and
       other mandatory professional reporting requirements; and

(c)    in accordance with the provisions of the Trust Deed.



KPMG


/S/ A. Yates


Andrew Yates
Partner
45 Clarence Street, Sydney
New South Wales, 2000
24 December 2001


                                                                              13