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EXHIBIT 99.3
 INDEPENDENT AUDITORS ANNUAL SERVICER COMPLIANCE CERTIFICATE
TO THE DIRECTORS OF MACQUARIE SECURITISATION LIMITED
 Scope
       11




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Statement
  
    
    nothing has come to our attention to indicate that there has
been significant deficiencies in the Servicers compliance with
the servicing standards and procedures contained in the
Documents attached hereto as Appendix 1, in respect of the PUMA
Global Trust No. 2 (the Trust) for the year ended September
30, 2005;
 
    
    the servicing standards and procedures contained in the
Documents are similar to the minimum servicing standards
contained in the Uniform Single Attestation Program for
Mortgage Bankers (USAP).
 /s/ PricewaterhouseCoopersPricewaterhouseCoopers/s/ AJ LoveridgeAJ LoveridgePartnerPlace: Sydney, AustraliaDate: 16 December 2004
 12




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Appendix 1
 MACQUARIE SECURITISATION LIMITED (THE MANAGER)
 SERVICING STANDARDS
  CUSTODIAL BANK ACCOUNTS
   MORTGAGE PAYMENTS
        13




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DISBURSEMENTS
  2.
    
    The Manager shall direct the Trustee to apply collections in accordance with the
requirements of the Sub-Fund Notice.3.
    
    If the Trustee fails to make any payment to a Noteholder, the Manager shall ensure such
payment occurs to the extent of available funds.
 INVESTOR ACCOUNTING AND REPORTING
       MORTGAGOR LOAN ACCOUNTING
   14




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DELINQUENCIES AND DEFAULTS
  INSURANCE POLICIES AND SECURITY ENHANCEMENTS
        GENERAL UNDERTAKINGS
     
 15




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Appendix 2
 The Uniform Single Attestation Program
 i




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Table of Contents
 PageACKNOWLEDGEMENTS
    
    
    iiPREFACE
    
    
    iiiINTRODUCTION
    
    
    1MINIMUM SERVICING STANDARDS
    
    
    4I.
    
    Custodial Bank Accounts
    
    
    4II.
    
    Mortgage Payments
    
    
    4III.
    
    Disbursements
    
    
    4IV.
    
    Investor Accounting and Reporting
    
    
    5V.
    
    Mortgagor Loan Accounting
    
    
    5VI.
    
    Delinquencies
    
    
    5VII.
    
    Insurance Policies
    
    
    6EXHIBIT I
    
    EXAMPLE MANAGEMENT ASSERTIONEXHIBIT II
    
    EXAMPLE MANAGEMENT REPRESENTATION LETTEREXHIBIT III
    
    EXAMPLE CPA REPORTAPPENDIX A
    
    GLOSSARY
 i




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ACKNOWLEDGEMENTS
    Dean F. Fox, Chairman, Audit & Internal
Controls Subcommittee (1992  1994) and
USAP Working Group (1992-1995),
Financial Management Committee,
Mortgage Bankers Association of America




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PREFACE
 Compliance Attestation Professional Standards,
 servicing entitys 1 material compliance
 USAP Report
  
 1
    
    Terms defined in the glossary (Appendix A) are in boldface type the first time they appear in the Program.




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Reports on the Processing of Transactions by Service Organizations Professional
Standards




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INTRODUCTION
 1. Concept of a Uniform Single Attestation Program
  2. Managements Representations
  3. Qualifications of Independent Certified Public Accountant
  4. Standards for Acceptability
  5. Report to Users
   1




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6. Reporting Exceptions
  7. Sampling
 Professional Standards Audit Sampling Professional Standards
 8. Timing
  9. Role of Internal Auditors Work
 The Auditors
Consideration of the Internal Audit Function in an Audit of Financial Statements Professional Standards
 10. Planning Considerations
 Professional Standards
 
    
    Certain populations of transactions may be subject to more than
one minimum servicing standard. Accordingly, it may be more
efficient to apply related procedures to the attributes of a
common sample of transactions. for example, selecting a sample of
mortgage payments subject to the deposit, posting, allocation, and
investor remittance process might be more efficient than selecting
separate samples for each attribute.
    
    Efficiency might be gained by performing some portion of the work
at an interim date. For example, tests might be applied to
applicable populations of transactions as of
 2




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an interim test date with additional testing through the end of the period covered by
managements assertion.
 11. Effective Date
  3




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MINIMUM SERVICING STANDARDS
 I. CUSTODIAL BANK ACCOUNTS
 1.
    
    Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and
related bank clearing accounts. These reconciliations shall:
    
    Be mathematically accurate;
    
    Be prepared within forty-five (45) calendar days after the cutoff date;
    
    Be reviewed and approved by someone other than the person who prepared the reconciliation; and
    
    Document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar
days of their original identification.2.
    
    Funds of the servicing entity shall be advanced in cases where there is an overdraft in an
investors or a mortgagors account.3.
    
    Each custodial account shall be maintained at a federally insured depository institution in
trust for the applicable investor.4.
    
    Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty
(30) calendar days of payoff of the mortgage loan.
 II. MORTGAGE PAYMENTS
 1.
    
    Mortgage payments shall be deposited into the custodial bank accounts and related bank
clearing accounts within two business days of receipt.
 2.
    
    Mortgage payments made in accordance with the mortgagors loan documents shall be posted to
the applicable mortgagor records within two business days of receipt.
 3.
    
    Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow
items in accordance with the mortgagors loan documents.
 4.
    
    Mortgage payments identified as loan payoffs shall be allocated in accordance with the
mortgagors loan documents.
 III. DISBURSEMENTS
 1.
    
    Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made
only by authorized personnel.
 4




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2.
    
    Disbursements made on behalf of a mortgagor or investor shall be posted within two business
days to the mortgagors or investors records maintained by the servicing entity.
 3.
    
    Tax and insurance payments shall be made on or before the penalty or insurance policy
expiration dates, as indicated on tax bills and insurance premium notices, respectively,
provided that such support has been received by the servicing entity at least thirty (30)
calendar days prior to these dates.
 4.
    
    Any late payment penalties paid in conjunction with the payment of any tax bill or insurance
premium notice shall be paid from the servicing entitys funds and not charged to the
mortgagor, unless the late payment was due to the mortgagors error or omission.
 5.
    
    Amounts remitted to investors per the servicers investor reports shall agree with cancelled
checks, or other form of payment, or custodial bank statements.
 6.
 IV. INVESTOR ACCOUNTING AND REPORTING
 1.
    
    The servicing entitys investor reports shall agree with, or reconcile to, investors
records on a monthly basis as to the total unpaid principal balance and number of loans
serviced by the servicing entity.
 V. MORTGAGOR LOAN ACCOUNTING
 1.
    
    The servicing entitys mortgage loan records shall agree with, or reconcile to, the records
of mortgagors with respect to the unpaid principal balance on a monthly basis.
 2.
    
    Adjustments on ARM loans shall be computed based on the related mortgage note and any ARM
rider.
 3.
    
    Escrow accounts shall be analyzed, in accordance with the mortgagors loan documents, on at
least an annual basis.
 4.
    
    Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the
applicable state laws. (A compilation of state laws relating to the payment of interest on
escrow accounts may be obtained through the MBAs FAX ON DEMAND service. For more
information, contact MBA.)
 VI. DELINQUENCIES
 1.
    
    Records documenting collection efforts shall be maintained during the period a loan is in
default and shall be updated at least monthly. Such records shall describe the entitys
activities in monitoring delinquent loans including, for example, phone calls, letters and
mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (e.g.,
illness or unemployment).
 5




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VII. INSURANCE POLICIES
 1.
    
    A fidelity-bond and errors and omissions policy shall be in effect on the servicing entity
throughout the reporting period in the amount of coverage represented to investors in
managements assertion.
 6




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Exhibit I
 Example Management Assertion 2
 [Letterhead of XYZ Mortgage Company]
 3 Uniform Single Attestation Program for Mortgage Bankers
 4
  
 2
    
    As specified in ¶ 11a of SSAE No. 3, if
the CPAs report is intended for general use (including all
investors in loans being serviced by a servicing entity),
managements assertion should be both in a representation letter to the
CPA (Exhibit II) and in a separate report (i.e., managements assertion,
Exhibit I) that will accompany the CPAs report. Managements
assertion can set forth the specific minimum servicing standards or make
reference to the document containing the minimum servicing standards (that is,
the MBAs USAP).3
    
    Management should appropriately modify its
assertion for matters of material non-compliance and include a description of
such non-compliance.4
    
    The assertion should be signed by members of
management who are responsible for and knowledgeable, directly or through
others in the organization, about the matters covered by the assertion.
Normally, the chief executive officer, the chief financial officer, and/or the
chief servicing officer should sign the assertion.




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Exhibit II
 Example Management Representation Letter
 [Letterhead of XYZ Mortgage Company]
 [Addressed to CPA]
 Uniform Single
Attestation Program for Mortgage Bankers
 1.
    
    We are responsible for complying with the minimum servicing standards in the USAP.2.
    
    We are responsible for establishing and maintaining an effect internal control structure over
compliance with the minimum servicing standards.3.
    
    We have performed an evaluation of XYZ Mortgage Companys compliance with the minimum
servicing standards.4.
    
    As of and for the [period]ended [date], XYZ Mortgage Company has complied with the minimum
servicing standards. [This assertion should be modified as necessary to identify any
noncompliance.]55.
    
    We have disclosed to you all known noncompliance with the minimum servicing standards.6.
    
    We have made available to you all documentation related to compliance with the minimum
servicing standards.7.
    
    We have made the following interpretation of the minimum servicing standard related to... [This
assertion should state managements interpretation of any compliance requirements that have
varying interpretations.]8.
    
    We have disclosed any communications from regulator agencies, internal auditors, and other
practitioners concerning possible noncompliance with the minimum servicing standards,
including communications received between [specify the end of the period addressed in
managements assertion and the date of the CPAs report].
 
 5
    
    Any instances of material noncompliance
should be explained here or in a separate addendum to this letter.




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9.
    
    We have disclosed to you any known noncompliance occurring subsequent to [specify period
covered by managements assertion].
 2
  
 2
    
    As specified in ¶ 9 of SAS No. 19,
Client Representations(AICPA, Professional Standards, vol. 1, AU sec. 333),
the representation letter should be signed by members of management whom the
CPA believes are responsible for and knowledgeable, directly or through others
in the organization, about the matters covered by the representations.
Normally, the chief executive officer, the chief financial officer, and/or the
chief servicing officer should sign the representation letter.




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EXHIBIT III
 Example CPA Report 1
  To XYZ Mortgage Company:
 Uniform Single
Attestation Program for Mortgage Bankers
   
 1
    
    ¶¶ 61 et seq. of SSAE No. 3
address circumstances in which the CPA should modify the standard report.




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Appendix A
 Glossary
 Cutoff Date
  Material Compliance
  Servicing Entity
  USAP Report