Document:

<PAGE>

   AMENDING DEED
   ISDA MASTER AGREEMENT

   DEUTSCHE BANK AG (SYDNEY)
   ABN 13 064 165 162

   PERPETUAL TRUSTEES AUSTRALIA LIMITED
   ABN 86 000 431 827

   and

   ME PORTFOLIO MANAGEMENT LIMITED
   ABN 79 005 964 134

   [FREEHILLS LOGO]

   MLC Centre Martin Place Sydney New South Wales 2000 Australia
   Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
   www.freehills.com.au DX361 Sydney

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

   Liability limited by the Solicitors' Limitation of Liability Scheme, approved
   under the Professional Standards Act 1994 (NSW)

   Reference PJSR:TEL:25E

<PAGE>

                                                     Amending Deed Deutsche Swap

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TABLE OF CONTENTS

Clause                                                                      Page

1        DEFINITIONS AND INTERPRETATION                                        1

2        AMENDMENTS TO THE MASTER AGREEMENT                                    2

         2.1      Amendments in relation to SMHL Global Fund No. 3             2
         2.2      Amendments not to affect validity, rights, obligations       2
         2.3      Acknowledgment                                               2

3        GENERAL                                                               2

         3.1      Governing law and jurisdiction                               2
         3.2      Attorneys                                                    2
         3.3      Counterparts                                                 2

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                                                                          PAGE 1

<PAGE>

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THIS AMENDING DEED

         is made on                [##] 2002 between the following parties:

         1.    DEUTSCHE BANK AG (SYDNEY BRANCH)
               ABN 13 064 165 162
               of Level 18, Grosvenor Place, 225 George Street, Sydney, New
               South Wales
               (PARTY A )

         2.    PERPETUAL TRUSTEES AUSTRALIA LIMITED
               in its capacity as trustee of the Trusts ABN 86 000 431 827 of
               Level 3, 39 Hunter Street, Sydney, New South Wales
               (PARTY B)

         3.    ME PORTFOLIO MANAGEMENT LIMITED
               in its capacity as manager of the Trusts ABN 79 005 964 134 of
               Level 17, 360 Collins Street, Melbourne, Victoria
               (PARTY C)

RECITALS

         A.    Party B is a trustee of trusts known as Superannuation Members
               Home Loans Trusts (the TRUSTS) and Party C is a manager of the
               Trusts.

         B.    The parties are party to an ISDA Master Agreement (including all
               schedules and annexures) dated 10 October 2000 (MASTER
               AGREEMENT).

         C.    Section 9(b) of the Master Agreement permits the parties to amend
               the Master Agreement and the parties have complied with Section
               9(b) of the Master Agreement in respect of the amendments to be
               effected by this deed.

         D.    The parties wish to amend the Master Agreement in the manner set
               out in this deed.

THIS DEED WITNESSES

         that in consideration of, among other things, the mutual promises
         contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1    DEFINITIONS AND INTERPRETATION

         In this deed:

         (a)   EFFECTIVE DATE means in relation to the amendment in clause 2.1,
               the date on which the securitisation fund known as SMHL Global
               Fund No. 3 is established; and

         (b)   a word or phrase (except as otherwise provided) defined in the
               Master Agreement has the same meaning as in the Master Agreement.

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                                                                          PAGE 1
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                                                     Amending Deed Deutsche Swap

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2    AMENDMENTS TO THE MASTER AGREEMENT

     2.1 AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

         (a)   In relation to SMHL Global Fund No 3 only, the Master Agreement
               is amended as provided in Schedule 1.

         (b)   The amendments to the Master Agreement in clause 2.1(a) take
               effect from the Effective Date.

     2.2 AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

         (a)   An amendment to the Master Agreement does not affect the validity
               or enforceability of the Master Agreement.

         (b)   Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Master Agreement
                    before the date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Master Agreement before the
                    date of this deed.

     2.3 ACKNOWLEDGMENT

         Each party acknowledges that this deed is issued in accordance with the
         Master Agreement.

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3    GENERAL

     3.1 GOVERNING LAW AND JURISDICTION

         (a)   This deed is governed by the laws of New South Wales.

         (b)   The parties irrevocably submit to the non-exclusive jurisdiction
               of the courts of New South Wales.

     3.2 ATTORNEYS

         Each of the Attorneys executing this deed states that the attorney has
         no notice of the revocation of the power of attorney appointing that
         attorney.

     3.3 COUNTERPARTS

         (a)   This deed may be executed in any number of counterparts.

         (b)   All counterparts, taken together, constitute one instrument.

         (c)   A party may execute this deed by signing any counterpart.

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                                                                          PAGE 2
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                                                     Amending Deed Deutsche Swap

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EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
DEUTSCHE BANK AG (SYDNEY BRANCH)
by its attorney in the
presence of:

----------------------------------            ----------------------------------
Witness                                       Attorney

----------------------------------            ----------------------------------
Name (please print)                           Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

----------------------------------            ----------------------------------
Witness                                       Attorney

----------------------------------            ----------------------------------
Name (please print)                           Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

----------------------------------            ----------------------------------
Witness                                       Attorney

----------------------------------            ----------------------------------
Name (please print)                           Name (please print)

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                                                                          PAGE 3
<PAGE>

                                                     Amending Deed Deutsche Swap

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SCHEDULE 1 - AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

(Clause 2.1)

     (a) Part 1 of the Schedule to the Master Agreement is amended by:

         (1)   Deleting paragraph (c) in its entirety and replacing it with the
               following:

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

                    (ii) Section 5(b)(ii) will not apply to Party A as the
                    Affected Party (subject to Part 5.2(s) of this Schedule)."

         (2)   Adding new paragraph (d) as follows:

               "(d) The "Bankruptcy" provisions of Section 5(a)(vii) are
               replaced by "Insolvency Event under the Security Trust Deed has
               occurred in respect of Party A or Party B". The occurrence of an
               Insolvency Event in respect of Party B in its personal capacity
               will not constitute an Event of Default provided that within
               thirty Business Days of that occurrence, Party A, Party B and
               Party C are able to procure the novation of this Agreement and
               all Transactions to a third party in respect of which the Rating
               Agencies confirm that the novation will not cause a reduction or
               withdrawal of the rating of the Notes, and Party A and Party B
               agree to execute such a novation agreement in standard ISDA
               form."

         (3)   Renumbering the original paragraph (d) into paragraph (e);

         (4)   Deleting paragraph (h) in its entirety and replacing it with the
               following:

               "(h) "Additional Termination Event" means:

                    (i)  Party B must, at the direction of Party C, terminate
                         this Agreement if it becomes obliged to make a
                         withholding or deduction in respect of any Notes and
                         the Notes are redeemed as a result (and Party B is the
                         Affected Party); and

                    (ii) Party B must, at the direction of Party C, terminate
                         this Agreement if Party A breaches Part 5.2(l) (and
                         Party A is the Affected Party).

         (5)   Adding new paragraph (i) as follows:

               "(i) TRANSFER TO AVOID TERMINATION EVENT. In section 6(b)(ii),
               after the words "another of its Offices or Affiliates" on the
               seventh line add "(in respect of which the Rating Agencies
               confirm that the transfer will not cause a reduction or
               withdrawal of the ratings for the Notes)"."

     (b) Part 5.1 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (g), new section 7(c):

               (A)  replacing the word "and" after the words "Standard & Poor's
                    Rating Group" in the first line with a comma;

               (B)  inserting after the words "Moody's Investors Service Group"
                    in the second line the words "and Fitch Ratings";

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                                                                          PAGE 4
<PAGE>

               (C)  in lines three and four, replacing the word "both" each time
                    it appears with the words "each of".

         (2)   In paragraph (h)(ii), replacing the word "and" after the words
               "Standard & Poor's Rating Group" in the second line with a comma
               and inserting after the words "Moody's Investors Service Group"
               in the second line the words "and Fitch Ratings" and replacing
               the word "both" in the last line with the words "each of".

         (3)   Adding new paragraph (j)(v) as follows:

               "(v) Insert the following new Section 14(b) after Section 14(a):

               "(b) Unless otherwise defined therein, terms defined in the
               Master Trust Deed and the relevant Security Trust Deed have the
               same meaning where used in this Agreement"."

     (c) Part 5.2 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (l)(i):

               (A)  replacing the word "and" after the words "Standard & Poor's"
                    in the second line with a comma;

               (B)  adding after the words "A1 by Moody's" in the second line
                    the words "or a short term rating of F1 by Fitch Ratings" ;

               (C)  In sub-paragraph (1):

                    (i)  in lines five and six, replacing the word "and" after
                         the words "Standard & Poor's" with a comma;

                    (ii) in lines five and six, adding after the word "Moody's"
                         the words "and Fitch Ratings";

               (D)  In sub-paragraph (2):

                    (i)  replacing the word "and" after the words "Standard &
                         Poor's" in the second line with a comma;

                    (ii) adding after the word "Moody's" in the third line, the
                         words "and a short term rating of at least F1 by Fitch
                         Ratings, or a long term rating of at least A by Fitch
                         Ratings";

               (E)  In sub-paragraph (3):

                    (i)  replacing the word "and" after the words "Standard &
                         Poor's" in the second line with a comma;

                    (ii) adding after the word "Moody's " in the third line, the
                         words "and a short term rating of at least F1 by Fitch
                         Ratings, or a long term rating of at least A by Fitch
                         Ratings".

         (2)   Adding new paragraphs (r) and (s) as follows:

               "(r) Section 6(a) is amended by replacing "20 days" in line 3
                    with "5 Local Business Days".

               (s)  Restricted Termination Rights

               Add a new Section 6(aa) as follows:

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                                                                          PAGE 5
<PAGE>

               "(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 Party as to the timing of the Early Termination
                         Date. Subject to its duties under the Master Trust Deed
                         and the Supplementary Bond Terms Notice, Party B may
                         exercise its rights only on the instructions of the
                         Note Trustee and only after consultation between Party
                         A and the Note Trustee. Party B may only designate an
                         Early Termination Date at the direction of Party C.

               (iii)     Party A's limited rights in relation to Tax Event:
                         Notwithstanding Part 1(c)(ii) 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
                         Notes will be redeemed at the full amount of the
                         Invested Amount (or, if the Noteholders by
                         Extraordinary Resolution have so agreed, at a lesser
                         amount) together with accrued interest to (but
                         excluding) the date of redemption.

               (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, Party B will endeavour
                         to procure the transfer as principal obligor under this
                         Agreement in respect of each Affected Transaction of a
                         Party B incorporated in another jurisdiction approved
                         by Party A and the Note Trustee and in respect of which
                         the Rating Agencies confirm that the substitution will
                         not cause a reduction or withdrawal of the rating of
                         Notes"."

         (3)   Adding a new paragraph (t) as follows:

               "(t) APPOINTMENT OF MANAGER. Party A acknowledges that under the
               Master Trust Deed the Manager is appointed manager of the
               Securitisation Fund with the powers set out in and upon and
               subject to the terms of, the Master Trust Deed."

     (d) Part 5.1(l) of the Schedule to the Master Agreement is amended by:

         (1)   In paragraphs 15(c) and (d):

               replacing the words "breach of trust" with the words "wilful
               default".

         (2)   In paragraph 15(e):

               (A)       replacing the word "document" in the first line with
                         the word "Agreement"; and

               (B)       replacing the word "(d)" in the second line with the
                         word "(c)".

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                                                                          PAGE 6
<PAGE>

   AMENDING DEED
   ISDA MASTER AGREEMENT

   CREDIT SUISSE FIRST BOSTON INTERNATIONAL

   PERPETUAL TRUSTEES AUSTRALIA LIMITED
   ABN 86 000 431 827

   and

   ME PORTFOLIO MANAGEMENT LIMITED
   ABN 79 005 964 134

   [FREEHILLS LOGO]

   MLC Centre Martin Place Sydney NSW 2000 Australia
   Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
   www.freehills.com.au DX361 Sydney

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

   Liability limited by the Solicitors' Limitation of Liability Scheme, approved
   under the Professional Standards Act 1994 (NSW)

   Reference PJSR:TEL:25E

<PAGE>

                                                                   Amending deed
--------------------------------------------------------------------------------

TABLE OF CONTENTS

Clause                                                                     Page

1   DEFINITIONS AND INTERPRETATION                                            1

2   AMENDMENTS TO THE MASTER AGREEMENT                                        2

    2.1      Amendments in relation to SMHL Global Fund No. 3                 2
    2.2      Amendments not to affect validity, rights, obligations           2
    2.3      Acknowledgment                                                   2

3   GENERAL                                                                   2

    3.1      Governing law and jurisdiction                                   2
    3.2      Attorneys                                                        2
    3.3      Counterparts                                                     2

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                                                                          PAGE 2

<PAGE>

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THIS AMENDING DEED

         is made on [##] 2002 between the following parties:

         1.    CREDIT SUISSE FIRST BOSTON INTERNATIONAL
               of One Cabot Square, London E14 4QJ, England
               (PARTY A )

         2.    PERPETUAL TRUSTEES AUSTRALIA LIMITED
               in its capacity as trustee of the Trusts ABN 86 000 431 827 of
               Level 3, 39 Hunter Street, Sydney, New South Wales
               (PARTY B)

         3.    ME PORTFOLIO MANAGEMENT LIMITED (FORMERLY KNOWN AS SUPERANNUATION
               MEMBERS' HOME LOANS LIMITED)
               in its capacity as manager of the Trusts ABN 79 005 964 134 of
               Level 17, 360 Collins Street, Melbourne, Victoria
               (PARTY C)

RECITALS

         A.    Party B is a trustee of trusts known as Superannuation Members
               Home Loans Trusts (the TRUSTS) and Party C is a manager of the
               Trusts.

         B.    The parties are party to an ISDA Master Agreement (including all
               schedules and annexures) dated 20 June 2000 (MASTER AGREEMENT).

         C.    Section 9(b) of the Master Agreement permits the parties to amend
               the Master Agreement and the parties have complied with Section
               9(b) of the Master Agreement in respect of the amendments to be
               effected by this deed.

         D.    The parties wish to amend the Master Agreement in the manner set
               out in this deed.

THIS DEED WITNESSES

         that in consideration of, among other things, the mutual promises
         contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1    DEFINITIONS AND INTERPRETATION

         In this deed:

         (a)   EFFECTIVE DATE means in relation to the amendment in clause 2.1,
               the date on which the securitisation fund known as SMHL Global
               Fund No. 3 is established; and

         (b)   a word or phrase (except as otherwise provided) defined in the
               Master Agreement has the same meaning as in the Master Agreement.

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                                                                          PAGE 1
<PAGE>

                                                                   Amending Deed

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2        AMENDMENTS TO THE MASTER AGREEMENT

     2.1 AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

         (a)   In relation to SMHL Global Fund No 3 only, the Master Agreement
               is amended as provided in Schedule 1.

         (b)   The amendments to the Master Agreement in clause 2.1(a) take
               effect from the Effective Date.

     2.2 AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

         (a)   An amendment to the Master Agreement does not affect the validity
               or enforceability of the Master Agreement.

         (b)   Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Master Agreement
                    before the date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Master Agreement before the
                    date of this deed.

     2.3 ACKNOWLEDGMENT

         Each party acknowledges that this deed is issued in accordance with the
         Master Agreement.

--------------------------------------------------------------------------------
3    GENERAL

         3.1   GOVERNING LAW AND JURISDICTION

         (a)   This deed is governed by the laws of New South Wales.

         (b)   The parties irrevocably submit to the non-exclusive jurisdiction
               of the courts of New South Wales.

     3.2 ATTORNEYS

         Each of the Attorneys executing this deed states that the attorney has
         no notice of the revocation of the power of attorney appointing that
         attorney.

     3.3 COUNTERPARTS

         (a)   This deed may be executed in any number of counterparts.

         (b)   All counterparts, taken together, constitute one instrument.

         (c)   A party may execute this deed by signing any counterpart.

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                                                                          PAGE 2
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                                                                   Amending Deed

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EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
CREDIT SUISSE FIRST BOSTON INTERNATIONAL
by its two duly authorised representatives in the
presence of:

------------------------------                    ------------------------------
Witness                                           Authorised Representative

------------------------------                    ------------------------------
Name (please print)                               Name (please print)

                                                  ------------------------------
                                                  Authorised Representative

                                                  ------------------------------
                                                  Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

------------------------------                    ------------------------------
Witness                                           Attorney

------------------------------                    ------------------------------
Name (please print)                               Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

------------------------------                    ------------------------------
Witness                                           Attorney

------------------------------                    ------------------------------
Name (please print)                               Name (please print)

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                                                                          PAGE 3
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                                                                   Amending Deed

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SCHEDULE 1 - AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

(Clause 2.1)

     (a) Part 1 of the Schedule to the Master Agreement is amended by:

         (1)   Inserting in paragraph (c)(i) under the words "Section 5(a)(vi)"
               the words "Section 5(a)(viii)";

         (2)   Replacing in paragraph (c)(ii) the words "Part 5" with the words
               "Part 5.2";

         (3)   Numbering the paragraph beginning with "The "BANKRUPTCY"
               provisions" as paragraph (d);

         (4)   In paragraph (d), replacing the number "1" after the words "SMHL
               Global Fund No." on the last line with the number "3".

     (b) Part 5.1 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (a)(iii) new Section 2(a)(v):

               (A)  inserting after the words "first receives" in the last line,
                    the word "RTGS settlement instructions or"; and

               (B)  deleting the full stop at the end of the section and
                    inserting the words "or confirmation from Party B's bank
                    that it holds irrevocably instructions to effect payment of
                    the Party B payment and that funds are available to make
                    that payment."

         (2)   adding new paragraphs (l) and (m) as follows:

               "(l) SINGLE AGREEMENT: Section 1(c) is replaced with:

               "All Transactions entered into in reliance on the fact that this
               Master Agreement and all Transactions (as evidenced by their
               Confirmations) form a single contract (collectively referred to
               as this "Agreement") and the parties would not otherwise enter
               into any Transactions. The entering into of each Transaction
               takes effect as an amendment to this Agreement (but no such
               amendment is effective to defeat or prejudice the operation of
               Section 15)."

               "(m) MISCELLANEOUS: In Section 9(b):

                    (i)            the first word "No" is replaced with:

                         "Except to the extent that the entering into of each
                         Transaction takes effect as an amendment to this
                         Agreement (in the manner and subject to the
                         qualification referred to in Section 1(c), as varied by
                         part 5.1(l) of the Schedule), no"; and

                    (ii)           add at the end of Section 9(b):

                         "Any amendment made under this Section 9(b) may only be
                         made after Standard & Poor's Ratings Groups, Moody's
                         Investors Service Group and Fitch Ratings have
                         confirmed in writing that such proposed amendment will
                         not result in a reduction or withdrawal of the then
                         rating of the outstanding securities by each of those
                         rating agencies.""

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                                                                          PAGE 4
<PAGE>

                                                                   Amending Deed

     (c) Part 5.2 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (o)(i):

               (A)  replacing the word "AA- " after the words "long term rating
                    of at least" in the third line with the word "A"

               (B)  replacing the words "Fitch IBCA" each time they appear in
                    the fourth line with the words "Fitch Ratings";

               (C)  inserting after the words "Fitch Ratings" on the fourth line
                    with the words "or a short term rating of at least F1 by
                    Fitch Ratings";

               (D)  in sub-paragraph (A):

                    (i)  replacing the words "Fitch IBCA" in fourth line with
                         the words "Fitch Ratings"; and

                    (ii) replacing the word "A-" in the last line with the words
                         "A or short term rating by Fitch Ratings to not lower
                         than F1";

               (E)  inserting the word "or" at the end of sub-paragraph (A);

               (F)  in sub-paragraph (B):

                    (i)  replacing the words "Fitch IBCA" in fourth line with
                         the words "Fitch Ratings"; and

                    (ii) replacing the word "A-" in the last line with the words
                         "A and its short term rating by Fitch Ratings is not
                         lower than F1".

         (2)   In paragraph (o)(ii)(A)(3) adding the word "Ratings" in the first
               and third lines after the word "Fitch".

         (3)   In paragraph (o)(ii)(B):

                    (A)  replacing the word "F1+" in the second line with the
                         word "F1"; and

                    (B)  replacing the words "Fitch IBCA" in the second line
                         with the words "Fitch Ratings".

         (4)   In paragraph (p), new Section 6(aa)(ii) inserting at the end of
               the paragraph the words "Party B may only designate an Early
               Termination Date at the direction of Party C.";

         (5)   In paragraph (p), new Section 6(aa)(iii) inserting after the
               words "full amount" in the fourth line the words "of the Invested
               Amount".

         (6)   Renumbering the second paragraph (p) as paragraph (q).

         (7)   Adding new paragraph (r) as follows:

               "(r) 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

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                                                                          PAGE 5
<PAGE>
                                                                   Amending Deed

               control restrictions or prohibitions ("EXCHANGE CONTROLS"). For
               the avoidance of doubt:

               (A)  exchange controls do not constitute an Illegality or Event
                    of Default or Termination Event 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)  delivery to Party B of Australian dollar amounts required to
                    be paid by it under any relevant Confirmation to the bank
                    account 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."

         (8)   (3)  Adding a new paragraph (s) as follows:

               "(s) APPOINTMENT OF MANAGER.

               Party A acknowledges that under the Master Trust Deed the Manager
               is appointed manager of the Securitisation Fund with the powers
               set out in and upon and subject to the terms of, the Master Trust
               Deed."

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                                                                          PAGE 6
<PAGE>

   AMENDING DEED
   ISDA MASTER AGREEMENT

   NATIONAL AUSTRALIA BANK LIMITED
   ABN 12 004 044 937

   PERPETUAL TRUSTEES AUSTRALIA LIMITED
   ABN 86 000 431 827

   and

   ME PORTFOLIO MANAGEMENT LIMITED
   ABN 79 005 964 134

   [FREEHILLS LOGO]

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

Clause                                                                    Page

1   DEFINITIONS AND INTERPRETATION                                           1

2   AMENDMENTS TO THE MASTER AGREEMENT                                       2

    2.1      Amendments in relation to SMHL Global Fund No. 3                2
    2.2      Amendments not to affect validity, rights, obligations          2
    2.3      Acknowledgment                                                  2

3   GENERAL                                                                  2

    3.1      Governing law and jurisdiction                                  2
    3.2      Attorneys                                                       2
    3.3      Counterparts                                                    2

--------------------------------------------------------------------------------
                                                                          PAGE 2
<PAGE>

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THIS AMENDING DEED

     is made on  [##] 2002 between the following parties:

         1.    NATIONAL AUSTRALIA BANK LIMITED
               ABN 12 004 044 937
               of Level 24, 500 Bourke Street, Melbourne, Victoria (PARTY A )

         2.    PERPETUAL TRUSTEES AUSTRALIA LIMITED
               in its capacity as trustee of the Trusts ABN 86 000 431 827 of
               Level 3, 39 Hunter Street, Sydney, New South Wales (PARTY B)

         3.    ME PORTFOLIO MANAGEMENT LIMITED
               in its capacity as manager of the Trusts ABN 79 005 964 134 of
               Level 17, 360 Collins Street, Melbourne, Victoria (PARTY C)

RECITALS

         A.    Party B is a trustee of trusts known as Superannuation Members
               Home Loans Trusts (the TRUSTS) and Party C is a manager of the
               Trusts.

         B.    The parties are party to an ISDA Master Agreement (including all
               schedules and annexures) dated 21 December 2000 (MASTER
               AGREEMENT).

         C.    Section 9(b) of the Master Agreement permits the parties to amend
               the Master Agreement and the parties have complied with Section
               9(b) of the Master Agreement in respect of the amendments to be
               effected by this deed.

         D.    The parties wish to amend the Master Agreement in the manner set
               out in this deed.

THIS DEED WITNESSES

         that in consideration of, among other things, the mutual promises
         contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1    DEFINITIONS AND INTERPRETATION

         In this deed:

         (a)   EFFECTIVE DATE means in relation to the amendment in clause 2.1,
               the date on which the securitisation fund known as SMHL Global
               Fund No. 3 is established; and

         (b)   a word or phrase (except as otherwise provided) defined in the
               Master Agreement has the same meaning as in the Master Agreement.

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                                                                          PAGE 1
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                                                                   Amending deed

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2    AMENDMENTS TO THE MASTER AGREEMENT

     2.1 AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

         (a)   In relation to SMHL Global Fund No 3 only, the Master Agreement
               is amended as provided in Schedule 1.

         (b)   The amendments to the Master Agreement in clause 2.1(a) take
               effect from the Effective Date.

     2.2 AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

         (a)   An amendment to the Master Agreement does not affect the validity
               or enforceability of the Master Agreement.

         (b)   Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Master Agreement
                    before the date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Master Agreement before the
                    date of this deed.

     2.3 ACKNOWLEDGMENT

         Each party acknowledges that this deed is issued in accordance with the
         Master Agreement.

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3    GENERAL

     3.1 GOVERNING LAW AND JURISDICTION

         (a)   This deed is governed by the laws of New South Wales.

         (b)   The parties irrevocably submit to the non-exclusive jurisdiction
               of the courts of New South Wales.

     3.2 ATTORNEYS

         Each of the Attorneys executing this deed states that the attorney has
         no notice of the revocation of the power of attorney appointing that
         attorney.

     3.3 COUNTERPARTS

         (a)   This deed may be executed in any number of counterparts.

         (b)   All counterparts, taken together, constitute one instrument.

         (c)   A party may execute this deed by signing any counterpart.

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                                                                          PAGE 2

<PAGE>

                                                                   Amending deed

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EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
NATIONAL AUSTRALIA BANK LIMITED
by its attorney in the
presence of:

--------------------------------                --------------------------------
Witness                                         Attorney

--------------------------------                --------------------------------
Name (please print)                             Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

--------------------------------                --------------------------------
Witness                                         Attorney

--------------------------------                --------------------------------
Name (please print)                             Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

--------------------------------                --------------------------------
Witness                                         Attorney

--------------------------------                --------------------------------
Name (please print)                             Name (please print)

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                                                                          PAGE 3
<PAGE>
                                                                   Amending deed

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SCHEDULE 1 - AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

(Clause 2.1)

     (a) Part 1 of the Schedule to the Master Agreement is amended by:

         (1)   Deleting paragraph (c) in its entirety and replacing it with the
               following:

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

                    (ii) Section 5(b)(ii) will not apply to Party A as the
                    Affected Party (subject to Part 5.1(ze) of this Schedule)."

         (2)   Deleting paragraph (g) in its entirety and replacing it with the
               following:

               "(g) "Additional Termination Event" means:

                    (i)  Party B must, at the direction of Party C, terminate
                         this Agreement if it becomes obliged to make a
                         withholding or deduction in respect of any Notes and
                         the Notes are redeemed as a result (and Party B is the
                         Affected Party); and

                    (ii) Party B must, at the direction of Party C, terminate
                         this Agreement if Party A breaches Part 5.1(x) or (y)
                         (and Party A is the Affected Party).

         (3)   Adding new paragraph (h) as follows:

               "(h) The "Bankruptcy" provisions of Section 5(a)(vii) are
               replaced by "Insolvency Event under the Security Trust Deed has
               occurred in respect of Party A or Party B". The occurrence of an
               Insolvency Event in respect of Party B in its personal capacity
               will not constitute an Event of Default provided that within
               thirty Business Days of that occurrence, Party A, Party B and
               Party C are able to procure the novation of this Agreement and
               all Transactions to a third party in respect of which the Rating
               Agencies confirm that the novation will not cause a reduction or
               withdrawal of the rating of the Notes, and Party A and Party B
               agree to execute such a novation agreement in standard ISDA
               form."

         (4)   Adding new paragraph (i) as follows:

               "(i) TRANSFER TO AVOID TERMINATION EVENT. In section 6(b)(ii),
               after the words "another of its Offices or Affiliates" on the
               seventh line add "(in respect of which the Rating Agencies
               confirm that the transfer will not cause a reduction or
               withdrawal of the ratings for the Notes)"."

     (b) Part 5.1 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (i), new section 7(c):

               (A)  replacing the word "and" after the words "Standard & Poor's
                    Rating Group" in the first line with a comma;

               (B)  inserting after the words "Moody's Investors Service" in the
                    second line the words "and Fitch Ratings";

               (C)  in lines three and five, replacing the word "both" each time
                    it appears with the words "each of".

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                                                                          PAGE 4
<PAGE>

                                                                   Amending deed

         (2)   In paragraph (f), replacing the word "fifth" after the words
               "10.00am on the" in the third line with the word "tenth".

         (3)   In paragraph (j)(ii),

               (A)       replacing the word "and" after the words "Standard &
                         Poor's Rating Group" in the second line with a comma;

               (B)       inserting after the words "Moody's Investors Service"
                         in the second line the words "and Fitch Ratings";

               (C)       replacing the word "both" in the last line with the
                         words "each of".

         (4)   In paragraph (k)(iv) inserting the words "and the relevant
               Security Trust Deed" after the words "Master Trust Deed".

         (5)   In paragraph (x):

               (A)       deleting the word "or" after the words "A-1 short term
                         rating," in the second line;

               (B)       adding after the words "Prime-1 short term rating" the
                         words "or a Fitch Ratings rating downgrade of Party A
                         to below an A long term rating or F1 short term
                         rating".

         (6)   In paragraph (y):

               (A)       deleting the word "or" after the words "A-2 short term
                         rating or below" in the second line;

               (B)       adding after the words "P2 short term rating or below"
                         the words "or a Fitch Ratings rating downgrade of Party
                         A to F2 short term rating or below";

               (C)       replacing the word "A-1+" in the fourth line with the
                         word "A-1";

               (D)       replacing the word "and" after the words "Standard and
                         Poor's Ratings Group" in the fourth line with a comma;

               (E)       inserting after the words "Moody's Investors Service"
                         in the fifth line the words "and rated F1 by Fitch
                         Ratings";

               (F)       replacing the word "A+1" in the sixth line with the
                         word "A-1";

               (G)       replacing the word "and" after the words "(Standard &
                         Poor's)" in the seventh line with a comma;

               (H)       inserting after the words "(Moody's)" in the seventh
                         line the words "and F1 (Fitch Ratings)".

         (7)   Adding new paragraphs (zd) and (ze) as follows:

               "(zd)     Section 6 is amended by replacing "20 days" in line 3
                         with "5 Local Business Days".

               (ze)      Restricted Termination Rights

               Add a new Section 6(aa) as follows:

               "(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.

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                                                                          PAGE 5
<PAGE>

                                                                   Amending deed

               (ii)      CONSULTATION: Each Party may only designate an Early
                         Termination Date following prior consultation with the
                         other Party as to the timing of the Early Termination
                         Date. Subject to its duties under the Master Trust Deed
                         and the Supplementary Bond Terms Notice, Party B may
                         exercise its rights only on the instructions of the
                         Note Trustee and only after consultation between Party
                         A and the Note Trustee. Party B may only designate an
                         Early Termination Date at the direction of Party C.

               (iii)     PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:
                         Notwithstanding Part 1(c)(ii) 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
                         Notes will be redeemed at the full amount of the
                         Invested Amount (or, if the Noteholders by
                         Extraordinary Resolution have so agreed, at a lesser
                         amount) together with accrued interest to (but
                         excluding) the date of redemption.

               (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, Party B will endeavour
                         to procure the transfer as principal obligor under
                         Agreement in respect of each affected Transaction of a
                         Party B incorporated in another jurisdiction approved
                         by Party A and the Note Trustee and in respect of which
                         the Rating Agencies confirm that the substitution will
                         not cause a reduction or withdrawal of the rating of
                         Notes"."

         (8)   Adding a new paragraph (zf) as follows:

               "(zf)     Appointment of Manager.

               Party A acknowledges that under the Master Trust Deed the Manager
               is appointed manager of the Securitisation Fund with the powers
               set out in and upon and subject to the terms of, the Master Trust
               Deed."

         (9)   In paragraph (l):

               (B)       In paragraphs 15(c)(iii) and (iv):

               (C)       replacing the words "breach of trust" with the words
                         "wilful default".

               (D)       In paragraph 15(c)(iv), inserting the words "or a
                         breach of representation or warranty" after
                         "obligations" in line 4.

               (E)       Adding new paragraph 15(c)(v) as follows:

                         "15(c)(v)Party B is not obliged to do or refrain from
                         doing anything under this Agreement (including
                         incurring any liability) unless Party B's liability is
                         limited in the same manner as set out in paragraphs (i)
                         to (iii) of this section 15(c)."

               (F)       Re-number paragraph 15(c)(v) as paragraph 15(c)(vi).

               (G)       In paragraph 15(c)(vi), replace "(iv) with "(v)" in the
                         first line.

               (H)       In paragraph 15(c)(vi)(5), replace "(v) with "(vi) in
                         the first line.

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                                                                          PAGE 6
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                                                                   Amending deed

     (c) Annexure 1 is replaced by "Annexure 1" as set out in Schedule 2.

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                                                                          PAFE 7

<PAGE>

                                                                   Amending deed

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SCHEDULE 2 - ANNEXURE 1

                                   ANNEXURE 1

         The Superannuation Members' Home Loans Securitisation Fund No. 1

         The Superannuation Members' Home Loans Securitisation Fund No. 2

         The Superannuation Members' Home Loans Securitisation Fund No. 3

         The Superannuation Members' Home Loans Securitisation Fund No. 4

         The Superannuation Members' Home Loans Securitisation Fund No. 5

         The Superannuation Members' Home Loans Securitisation Fund No. 6

         The Superannuation Members' Home Loans Securitisation Fund No. 7

         The Superannuation Members' Home Loans Securitisation Fund No. 8

         The Superannuation Members' Home Loans Securitisation Fund No. 9

         The Superannuation Members' Home Loans Securitisation Fund No. 10

         The Superannuation Members' Home Loans Securitisation Fund No. PP5

         The Superannuation Members' Home Loans Securitisation Fund No. PP8

         The Superannuation Members' Home Loans Securitisation Fund No. PP9

         The Superannuation Members' Home Loans Securitisation Fund No. PP10

         The Superannuation Members' Home Loans Securitisation Fund No. PP11

         The Superannuation Members' Home Loans Securitisation Fund No. PP12

         The Superannuation Members' Home Loans Global Fund No. 3

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                                                                          PAGE 8

<PAGE>

   AMENDING DEED
   ISDA MASTER AGREEMENT

   UBS AUSTRALIA LIMITED
   ABN 81 003 059 461

   PERPETUAL TRUSTEES AUSTRALIA LIMITED
   ABN 86 000 431 827

   and

   ME PORTFOLIO MANAGEMENT LIMITED
   ABN 79 005 964 134

   [FREEHILLS LOGO]

   MLC Centre Martin Place Sydney NSW 2000 Australia
   Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
   www.freehills.com.au DX361 Sydney

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

   Liability limited by the Solicitors' Limitation of Liability Scheme, approved
   under the Professional Standards Act 1994 (NSW)

   Reference PJSR:TEL:25E

<PAGE>

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TABLE OF CONTENTS

Clause                                                                     Page

1   DEFINITIONS AND INTERPRETATION                                            1

2   AMENDMENTS TO THE MASTER AGREEMENT                                        2

    2.1      Amendments in relation to SMHL Global Fund No. 3                 2
    2.2      Amendments not to affect validity, rights, obligations           2
    2.3      Acknowledgment                                                   2

3   GENERAL                                                                   2

    3.1      Governing law and jurisdiction                                   2
    3.2      Attorneys                                                        2
    3.3      Counterparts                                                     2

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                                                                          PAGE 2
<PAGE>

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THIS AMENDING DEED

         is made on [##] 2002 between the following parties:

         1.    UBS AUSTRALIA LIMITED
               ABN 81 003 059 461
               of Level 24, Governor Phillip Tower, 1 Farrer Place, Sydney, New
               South Wales
               (PARTY A)

         2.    PERPETUAL TRUSTEES AUSTRALIA LIMITED
               in its capacity as trustee of the Trusts ABN 86 000 431 827 of
               Level 3, 39 Hunter Street, Sydney, New South Wales
               (PARTY B)

         3.    ME PORTFOLIO MANAGEMENT LIMITED (FORMERLY KNOWN AS SUPERANNUATION
               MEMBERS' HOME LOANS LIMITED)
               in its capacity as manager of the Trusts ABN 79 005 964 134 of
               Level 17, 360 Collins Street, Melbourne, Victoria
               (PARTY C)

RECITALS

         A.    Party B is a trustee of trusts known as Superannuation Members
               Home Loans Trusts (the TRUSTS) and Party C is a manager of the
               Trusts.

         B.    The parties are party to an ISDA Master Agreement (including all
               schedules and annexures) dated 3 November 1998 (MASTER
               AGREEMENT).

         C.    Section 9(b) of the Master Agreement permits the parties to amend
               the Master Agreement and the parties have complied with Section
               9(b) of the Master Agreement in respect of the amendments to be
               effected by this deed.

         D.    The parties wish to amend the Master Agreement in the manner set
               out in this deed.

THIS DEED WITNESSES

         that in consideration of, among other things, the mutual promises
         contained in this deed, the parties agree:

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1    DEFINITIONS AND INTERPRETATION

         In this deed:

         (a)   EFFECTIVE DATE means in relation to the amendment in clause 2.1,
               the date on which the securitisation fund known as SMHL Global
               Fund No. 3 is established; and

         (b)   a word or phrase (except as otherwise provided) defined in the
               Master Agreement has the same meaning as in the Master Agreement.

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                                                                          PAGE 1
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                                                                   Amending deed

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2    AMENDMENTS TO THE MASTER AGREEMENT

     2.1 AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

         (a)   In relation to SMHL Global Fund No 3 only, the Master Agreement
               is amended as provided in Schedule 1.

         (b)   The amendments to the Master Agreement in clause 2.1(a) take
               effect from the Effective Date.

     2.2 AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

         (a)   An amendment to the Master Agreement does not affect the validity
               or enforceability of the Master Agreement.

         (b)   Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Master Agreement
                    before the date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Master Agreement before the
                    date of this deed.

     2.3 ACKNOWLEDGMENT

         Each party acknowledges that this deed is issued in accordance with the
         Master Agreement.

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3    GENERAL

     3.1 GOVERNING LAW AND JURISDICTION

         (a)   This deed is governed by the laws of New South Wales.

         (b)   The parties irrevocably submit to the non-exclusive jurisdiction
               of the courts of New South Wales.

     3.2 ATTORNEYS

         Each of the Attorneys executing this deed states that the attorney has
         no notice of the revocation of the power of attorney appointing that
         attorney.

     3.3 COUNTERPARTS

         (a)   This deed may be executed in any number of counterparts.

         (b)   All counterparts, taken together, constitute one instrument.

         (c)   A party may execute this deed by signing any counterpart.

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                                                                          PAGE 2

<PAGE>

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EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
UBS AUSTRALIA LIMITED
by its attorney in the
presence of:

---------------------------------              ---------------------------------
Witness                                        Attorney

---------------------------------              ---------------------------------
Name (please print)                            Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

---------------------------------              ---------------------------------
Witness                                        Attorney

---------------------------------              ---------------------------------
Name (please print)                            Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

---------------------------------              ---------------------------------
Witness                                        Attorney

---------------------------------              ---------------------------------
Name (please print)                            Name (please print)

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                                                                          PAGE 3

<PAGE>

SCHEDULE 1 - AMENDMENTS IN RELATION TO SMHL GLOBAL FUND NO. 3

(Clause 2.1)

     (a) Part 1 of the Schedule to the Master Agreement is amended by:

         (1)   Deleting paragraph (c) in its entirety and replacing it with the
               following:

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

                    (ii) Section 5(b)(ii) will not apply to Party A as the
                    Affected Party (subject to Part 5.2(s) of this Schedule)."

         (2)   Adding new paragraph (d) as follows:

               "(d) The "BANKRUPTCY" provisions of Section 5(a)(vii) are
               replaced by "Insolvency Event under the Security Trust Deed has
               occurred in respect of Party A or Party B". The occurrence of an
               Insolvency Event in respect of Party B in its personal capacity
               will not constitute an Event of Default provided that within
               thirty Business Days of that occurrence, Party A, Party B and
               Party C are able to procure the novation of this Agreement and
               all Transactions to a third party in respect of which the Rating
               Agencies confirm that the novation will not cause a reduction or
               withdrawal of the rating of the Notes, and Party A and Party B
               agree to execute such a novation agreement in standard ISDA
               form."

         (3)   Renumbering paragraph (d) into paragraph (e);

         (4)   Deleting paragraph (h) in its entirety and replacing it with the
               following:

               "(h) "ADDITIONAL TERMINATION EVENT" means:

                    (i)  Party B must, at the direction of Party C, terminate
                         this Agreement if it becomes obliged to make a
                         withholding or deduction in respect of any Notes and
                         the Notes are redeemed as a result (and Party B is the
                         Affected Party); and

                    (ii) Party B must, at the direction of Party C, terminate
                         this Agreement if Party A breaches Part 5.2(o) (and
                         Party A is the Affected Party).

         (5)   Adding new paragraph (i) as follows:

               "(i) TRANSFER TO AVOID TERMINATION EVENT. In section 6(b)(ii),
               after the words "another of its Offices or Affiliates" on the
               seventh line add "(in respect of which the Rating Agencies
               confirm that the transfer will not cause a reduction or
               withdrawal of the ratings for the Notes)"."

     (b) Part 5.1 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (g), new section 7(c):

               (A)  replacing the word "and" after the words "Standard & Poor's
                    Rating Group" in the first line with a comma;

               (B)  inserting after the words "Moody's Investors Service Group"
                    in the second line the words "and Fitch Ratings";

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                                                                          PAGE 4

<PAGE>

               (C)  in lines three and four, replacing the word "both" each time
                    it appears with the words "each of".

         (2)   In paragraph (h)(i), replacing "5(f)" in the last line with
               "5.1(a)".

         (3)   In paragraph (h)(ii), replacing the word "and" after the words
               "Standard & Poor's Rating Group" in the second line with a comma
               and inserting after the words "Moody's Investors Service Group"
               in the second line the words "and Fitch Ratings" and replacing
               the word "both" in the last line with the words "each of".

         (4)   In paragraph (j)(iv) inserting the following new definition after
               the definition of "Trust Deed":

               "SECURITY TRUST DEED" means the relevant security trust deed
               created by Party B, in its capacity as trustee of the relevant
               Securitisation Fund, granting security over the assets of that
               fund to secure the obligations of Party B as trustee of the
               relevant Securitisation Fund.

         (5)   In paragraph (j)(v) inserting the words "and the relevant
               Security Trust Deed" after the words "Master Trust Deed".

     (c) Part 5.2 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph (o):

               (A)  adding the words "or F1 by Fitch Ratings" after the words
                    "below Aa3" in the second line;

               (B)  adding in sub-paragraph (i) after the words "Moody's
                    Investors Service Group" the words "or A or F1 by Fitch
                    Ratings";

               (C)  adding in sub-paragraph (ii) after the words "if Party A" in
                    the third line the words "ceases to be rated or";

               (D)  adding in sub-paragraph (ii) after the words "Moody's
                    Investors Service Group" the words "or below F1 by Fitch
                    Ratings".

         (2)   Adding new paragraphs (r) and (s) as follows:

               "(r) Section 6 is amended by replacing "20 days" in line 3 with
                    "5 Local Business Days".

               (s)  Restricted Termination Rights

               Add a new Section 6(aa) as follows:

               "(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
                    Party as to the timing of the Early Termination Date.
                    Subject to its duties under the Master Trust Deed and the
                    Supplementary Bond Terms Notice, Party B may exercise its
                    rights only on the instructions of the Note Trustee and only
                    after consultation between Party A and the Note Trustee.
                    Party B may only designate an Early Termination Date at the
                    direction of Party C.

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                                                                          PAGE 5

<PAGE>

               (iii)     PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:
                         Notwithstanding Part 1(c)(ii) 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
                         Notes will be redeemed at the full amount of the
                         Invested Amount (or, if the Noteholders by
                         Extraordinary Resolution have so agreed, at a lesser
                         amount) together with accrued interest to (but
                         excluding) the date of redemption.

               (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, Party B will endeavour
                         to procure the transfer as principal obligor under this
                         Agreement in respect of each affected Transaction of a
                         Party B incorporated in another jurisdiction approved
                         by Party A and the Note Trustee and in respect of which
                         the Rating Agencies confirm that the substitution will
                         not cause a reduction or withdrawal of the rating of
                         Notes"."

         (3)   Adding a new paragraph (t) as follows:

               "(t) APPOINTMENT OF MANAGER. Party A acknowledges that under the
               Master Trust Deed the Manager is appointed manager of the
               Securitisation Fund with the powers set out in and upon and
               subject to the terms of, the Master Trust Deed."

         (d) Part 5.1 of the Schedule to the Master Agreement is amended by:

         (1)   In paragraph 15(a):

               inserting the words "is limited to and" in the third line after
               the words "in connection with this Agreement".

         (2)   In paragraphs 15(c) and (d):

               replacing the words "breach of trust" with the words "wilful
               default"

         (3)   Adding new paragraph 15(f) as follows:

               "15(f) Party B is not obliged to do or refrain from doing
               anything under this Agreement (including incurring any liability)
               unless Party B's liability is limited in the same manner as set
               out in paragraphs (a) to (c) of this section 15."

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                                                                          PAGE 6

<PAGE>

                                [UBS LETTERHEAD]

Date:          [          ]

To:            SMHL [          ] Fund ("Counterparty")

Attn:          SWAP SETTLEMENTS

Fax No.:       [          ]

From:          UBS Australia Limited ("UBS")

Subject:       Interest Rate Swap Transaction
               UBS Ref: [          ]

Dear Sirs:

The purpose of this communication is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes a "Confirmation" as referred to in the Master Agreement
or Agreement specified below.

The definition contained in the 2000 ISDA Definitions as published by the
International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between any of the
definitions listed above and this Confirmation, this Confirmation will govern.

If you and we are parties to a master agreement that governs transaction of this
type (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
Border) (the "ISDA" Form) or any other form (a "Master Agreement"), then this
Confirmation will supplement, form a part of, and be subject to that Master
Agreement. If you and we are not parties to such a Master Agreement, then you
and we agree to use all reasonable efforts promptly to negotiate, execute and
deliver an agreement in the form of the ISDA Form, with such modifications as
you and we will in good faith agree. Upon the execution by you and us of such an
agreement, this Confirmation will supplement, form a part of and be subject to
and governed by that agreement, except as expressly modified below. Until we
execute and deliver that agreement, this Confirmation, together with all other
documents referring to the ISDA Form (each a "Confirmation") confirming
transactions (each a "Transaction") entered into between us (notwithstanding
anything to the contrary in a confirmation), shall supplement, form a part of,
and be subject to an agreement in the form of the ISDA Form as if we had
executed an agreement in such form (but without any Schedule except for the
election of the laws of New South Wales as the Governing Law and Australian
Dollars as the Termination Currency) on the Trade Date of the first Transaction
between us (hereinafter the "Agreement"). In the event of any inconsistency
between the provisions of any such Agreement and this Confirmation, this
Confirmation will prevail for the purpose of this Transaction.

The terms of the particular Swap Transaction to which this Confirmation relates
are as follows:

GENERAL TERMS
-------------

Trade Date:                                [                     ]

Effective Date:                            [                     ]

Termination Date:                          [                     ]

                                       1
<PAGE>

Notional Amount:                           [                     ]

Calculation Agent:                         [                     ]

Business Days:                             [                     ]

Broker:                                    [                     ]

FIXED AMOUNTS
-------------

Fixed Rate Payer:                          [                     ]

Fixed Rate:                                [                     ]

Fixed Rate Day Count Fraction:             [                     ]

Fixed Rate Payer Payment Dates:            [                     ]

Business Day Convention:                   [                     ]

FLOATING AMOUNTS
----------------

Floating Rate Payer:                       [                     ]

Floating Rate Option:                      [                     ]

Designated Maturity:                       [                     ]

Floating Rate Day Count Fraction:          [                     ]

Spread:                                    [                     ]

Floating Rate Payer Payment Dates:         [                     ]

Reset Dates:                               [                     ]

Business Day Convention:                   [                     ]

Compounding:                               [                     ]

Relationship Between Parties
----------------------------
Each Party will be deemed to represent to the other party on the date on which
it enters into this Transaction that (in the absence of a written Agreement
between on the parties which expressly imposes affirmative obligations to the
contrary for this Transaction):

(a) Non-Reliance. Each party is acting for its own account, and has made its own
independent decisions to enter into this Transaction and this such Transaction
is appropriate or proper for it based upon its own judgement and upon advice
from such advisers as it has deemed necessary. Each party is not relying on any
communication (written or oral) of the other party as investment advice or as a
recommendation to enter into this Transaction; it being understood that
information and explanation relating to the terms and

                                       2
<PAGE>

conditions of this Transaction shall not be considered investment advice or a
recommendation to enter into this 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 this Transaction.

(b) Assessment and Understanding. Each party is capable of assessing the merits
of and understands (on its own behalf or through independent professional
advice), and accepts, the terms, conditions and risks of this Transaction. Each
party is also capable of assuming and assumes, the risks of this Transaction.

(c) Status of the Parties. Neither party is acting as a fiduciary for or as an
adviser to the other in respect of this Transaction.

References in this clause to "a party" shall, in the case of UBS Australia
Limited and where the context so allows, include references to any affiliates of
UBS Australia Limited.

ACCOUNT DETAILS:
----------------

Currency:                              [                       ]

Correspondent Bank:                    [                       ]

Swift Address:                         [                       ]

Favour                                 [                       ]

Swift Address:                         [                       ]

Account No.:                           [                       ]

Further Credit To:

Swift Address:

Account No.:

OFFICES
-------

(a) The office of UBS for the Swap Transaction is Sydney; and

(b) The office of the Counterparty for the Swap

Transaction is Melbourne.

CONTACT NAMES AT UBS
--------------------

Per Value Payments:       [          ]

Post Value Payments:      [          ]

Confirmation Queries:     [          ]

ISDA Documentation:       [          ]

                                       3
<PAGE>

Fax:

Address:   UBS Australia Limited
           Level 23
           Governor Phillip Tower
           1 Farrer Place
           Sydney NSW Australia 2000

Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by executing a copy of this Confirmation and returning it to us
or by sending to us a letter or facsimile substantially similar to this letter,
which letter or facsimile sets forth the material terms of the Transaction to
which this Confirmation relates and indicates your agreement to those terms or
by sending to us a return letter or facsimile in the form attached.

Yours Faithfully
For and on Behalf of
UBS Australia Limited

By:                                       By:

Name:   [             ]                   Name:  [             ]
Title:  [             ]                   Title: [             ]

Acknowledged and agreed by [             ] as of the Trade Date specified above:

By:                                       By:

Name:                                     Name:
Title:                                    Title:

                                       4
<PAGE>

                                [UBS LETTERHEAD]

                 INTEREST RATE SWAP TRANSACTION ACKNOWLEDGEMENT

To:         UBS Australia Limited

From:       [           ]

Fax No.:    (   )

From:       [                ]

Fax No.:    [           ]

Subject:    Interest Rate Swap Transaction
            UBS Ref:   [              ]
            C/P Ref:   [              ]

We acknowledge receipt of your communication dated [              ] with respect
to the above referenced Transaction between UBS Australia Limited and [        ]
with a Trade Date of [             ] and a Termination Date of [            ],
and confirm that such communications correctly sets forth the terms and
conditions of our agreement relating to the Transaction described therein. We
confirm that no further document will be required in respect of this
Transaction.

Our Payment Instructions are as follows:
Currency:            AUD
Correspondent Bank:  As per Standard Settlement Instructions - Otherwise
                     Please Advise

Favour:
Swift Address:
Account No.:
Further Credit To:
Swift Address:
Account No.:
Signed For and On Behalf of [                ]

By:                                      By:
   -----------------------------            ------------------------------------
Name:                                    Name:
Title:  [              ]                 Title:  [              ]
        [              ]                         [              ]

                                       1
<PAGE>

                              [NATIONAL LETTERHEAD]
                              ---------------------

Perpetual Trustees Australia Limited ATF ME Portfolio Management Limited of The
Superannuation Members Home Loans [                 ] Fund
Level 4
333 Collins Street
Melbourne, V1C
Australia, 3000

Attention:  [       ] (Facsimile: +           )      Confirmation

Dear Sirs,

     SWAP Transaction Reference: [                ]

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

The definition and provisions contained in the 1991 ISDA Definitions as
supplemented by the 1998 Supplement (as published by the International Swaps and
Derivatives Association, Inc.) are incorporated into this Confirmation. In the
event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

1. This Confirmation supplements, forms part of, and is subject to, the 1992
ISDA Master Agreement dated as of [ ], as amended and supplemented from time to
time (the "Agreement"), between you and us. All provisions contained in the
Agreement govern this Confirmation except as expressly modified below.

2. The terms of the particular Transaction to which this Confirmation relates
are as follows:

Notional Amount:                                 [                ]

Trade Date:                                      [                ]

Effective Date:                                  [                ]

Termination Date:                                [                ]

FLOATING AMOUNTS:                                [                ]

Floating Rate Payer:                             [                ]

Floating Rate Payer Payment Dates:               [                ]

Reset Dates:                                     [                ]

Floating Rate Option:                            [                ]

Designated Maturity:                             [                ]

                                       1
<PAGE>

Spread:                                          [                ]

Floating Rate Day Count Fraction:                [                ]

Compounding:                                     [                ]

Business Days for Payments:                      [                ]

FIXED AMOUNTS:

Fixed Rate Payer:                                [                ]

Fixed Rate Payer Payment Dates:                  [                ]

Fixed Rate:                                      [                ]

Fixed Rate Day Count Fraction:                   [                ]

Compounding:                                     [                ]

Business Days for Payments:                      [                ]

Calculation Agent:                               [                ]

Business Day Convention:                         [                ]

3. ACCOUNT DETAILS:

Payments to NATIONAL AUSTRALIA BANK LIMITED, MELBOURNE

Account for payments in AUD:          NATIONAL AUSTRALIA BANK LIMITED
                                      Transit #: [                       ]
                                      35TH FLOOR
                                      MELBOURNE, AUSTRALIA
                                      Account #: [                       ]
                                      NATIONAL AUSTRALIA BANK LIMITED

Payments to Perpetual Trustees Australia Limited ATF ME Portfolio Management
Limited of The Superannuation Members Home Loans Securitisation Fund
No. [                   ]

Account for payments in AUD                   Please Advise

4.  OFFICES:

(a) NATIONAL AUSTRALIA BANK LIMITED

                                              MELBOURNE

(b) Perpetual Trustees Australia Limited ATF ME Portfolio Management Limited of
The Superannuation Members Home Loans Securitisation Fund No. [               ]:

                                                     MELBOURNE

                                       2
<PAGE>

5.  BROKER/ARRANGER:                           Direct

This Confirmation has been prepared by our Melbourne Office for and on behalf of
our Office specified above. Should you have any queries in relation to this
Confirmation, please contact our Melbourne Office, contact details of which are
listed above.

Please sign and return (via fax) a copy of this Confirmation Advice within 5
business days to confirm your acceptance.

Yours Faithfully,

For and on behalf of

NATIONAL AUSTRALIA BANK LIMITED

[               ]
[                         ]

Confirmed as of the date first written:
For and On Behalf of
Perpetual Trustees Australia Limited ATF ME Portfolio Management Limited of The
Superannuation Members Home Loans Securitisation Fund No. [                   ]

By:                                      By:
   -----------------------------            ------------------------------------
Name:                                    Name:
Title:  [              ]                 Title:  [              ]
        [              ]                         [              ]

                                       3
<PAGE>

                           [DEUTSCHE BANK LETTERHEAD]

[Date]

ME Portfolio Management Limited as Manager for
Perpetual Trustees Australia Limited as trustee for
[                 ]

ATTENTION: SWAPS SETTLEMENTS -[                       ]

FAX NUMBER: (   )

OUR REFERENCES:   GLOBAL NO. [               ]
RE:               INTEREST RATE SWAP TRANSACTION

Ladies and Gentlemen:

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between Deutsche Bank AG (ABN 13 064 165 162) ("DBAG")
and ME Portfolio Management Limited as Manager for Perpetual Trustees Australia
Limited as trustee for [                    ] ("Counterparty") on the Trade Date
specified below. This letter constitutes a "confirmation" as referred to in the
ISDA Master Agreement ("Agreement") specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

1.   This Confirmation supplements, forms part of, and is subject to the ISDA
     Master Agreement dated as of [                ] as amended and supplemented
     from time to time between you and us (the "Agreement"). All provisions
     contained in the Agreement govern this Confirmation except as expressly
     modified below.

2.   The terms of the particular Transaction to which this Confirmation relates
     are as follows:

          (a)  NOTIONAL AMOUNT          :   AUD [                       ]

               TRADE DATE               :   [                       ]

               EFFECTIVE DATE           :   [                       ]

               TERMINATION DATE         :   [                       ]

                                       1
<PAGE>

Subject to adjustment in accordance with the Modified Following Business Day
Convention

          (b)  FIXED AMOUNTS
               FIXED RATE PAYER         :  [                       ]
               FIXED RATE PAYER         :  [                       ]
               PAYMENT DATES

Subject to adjustment in accordance with the Modified Following Business Day
Convention.

               FIXED RATE               :   [                       ] per annum
               FIXED RATE DAY           :   [                       ]
               COUNT FRACTION
               BUSINESS DAYS            :   [                       ]

          (c)  FLOATING AMOUNTS
               FLOATING RATE PAYER      :   [                       ]
               FLOATING RATE PAYER      :   [                       ]
               PAYMENT DATES

Subject to adjustment in accordance with the Modified Following Business Day
Convention.

               FLOATING RATE OPTION     :   [                       ]
               DESIGNATED MATURITY      :   [                       ]
               SPREAD                   :   [                       ]
               FLOATING RATE DAY COUNT
               FRACTION                 :   [                       ]
               RESET DATES              :   [                       ]
               BUSINESS DAYS            :   [                       ]
               CALCULATION AGENT        :   [                       ]

               (d)  REPRESENTATIONS

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

(i)      NON-RELIANCE. It is acting for its own account, and it has made its own
         independent decisions to enter into this Transaction and as to whether
         this Transaction is appropriate or proper for it based upon its own
         judgment 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 this
         Transaction; it being understood that information and explanations
         related to the terms and conditions of this Transaction shall not be
         considered

                                       2
<PAGE>

         investment advice or a recommendation to enter into this 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 this 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 and
         conditions and risks of this Transaction. It is also capable of
         assuming, and assumes, the risks of this Transaction.

(iii)    STATUS OF PARTIES. The other party is not acting as a fiduciary for, or
         an adviser to its in respect of this Transaction.

               (e)  ACCOUNT DETAILS

                    Payments to DBAG:             [                   ]

                    Payments to Counterparty      [                   ]

               (f)  OFFICES
                    [                       ]
                    [                       ]

               (g)  DOCUMENTATION AND OPERATING CONTACTS:

                                         Deutsche Bank AG, Sidney
                                         Attention: OTC Derivative Documentation
                                         Level 17, 225 George Street
                                         Sydney NSW 2000 AUSTRALIA

               Documentation:   Telephone: [           ]- [           ]
                                Facsimile (   )
               Settlements:     Telephone: (   )          -[           ]
                                Facsimile:  (   )

If you with to exchange hard copy forms of this confirmation please contact us.
It has been a pleasure to work with you on this transaction and we look forward
to working you in the future.

          Yours faithfully,              Confirmed as of the date first written
          DEUTSHCE BANK AG               ME PORTFOLIO MANAGEMENT LIMITED AS
                                         TRUSTEE FOR [                       ]

                                       3
<PAGE>

          By:                            By:
             -----------------------        ---------------------------
             [               ]           Name:  [               ]
             Title:                      Title: [               ]

          By:                            By:
             -----------------------        ---------------------------
             [               ]              Name:  [               ]
          Name:  [               ]          Title: [               ]
          Title: [               ]

                                       4
<PAGE>

[CREDIT SUISSE/FIRST BOSTON LETTERHEAD]

Perpetual Trustees Australia Limited (ABN 86 000 431 827) in its capacity as
trustee of a Securitisation Fund known as [                     ]
Level 17
360 Collins Street
Melbourne
Victoria 3000

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

Dear Sirs:

The purpose of this letter agreement (this "Confirmation") is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the Agreement specified below.

1.       The definitions and provisions contained in the 2000 ISDA Definitions
         (as published by the International Swaps and Derivatives Association,
         Inc.) are incorporated into this Confirmation. In the event of any
         inconsistency between those definitions and provisions and this
         Confirmation, this confirmation will govern. References herein to a
         "Transaction" shall be deemed to be references to a "Swap Transaction"
         for the purposes of the 2000 ISDA Definitions.

         This confirmation supplements, forms part of, and is subject to, the
         1992 ISDA Master Agreement dated as of [                  ] as amended
         and supplemented from time to time (the "Agreement"), between you and
         us. All provisions contained in the Agreement govern this Confirmation
         except as expressly modified below.

         Party B hereby acknowledges that Party A may share information about
         Party B and the transaction to which this document relates with an
         affiliates or representatives of Party A to the extent that all such
         recipients recognize that they are bound by the same confidentiality
         obligations to which Party A is bound.

         Party A and Party B each represents to the other that it has entered
         into this Transaction in reliance upon such tax, accounting,
         regulatory, legal and financial advice as it deems necessary and not
         upon any view expressed by the other.

         IN THIS CONFIRMATION "PARTY A" MEANS CREDIT SUISSE FIRST BOSTON
         INTERNATIONAL (ABN 40 062 787 106) AND "PARTY B" MEANS PERPETUAL
         TRUSTEES AUSTRALIA LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS
         TRUSTEE OF A [                            ].

2.       The terms of the particular Transaction to which this Confirmation
         relates are as follows:

                                       1
<PAGE>

          Notional Amount:                           AUD [               ]

          Trade Date                                 [               ]

          Effective Date                             [               ]

          Termination Dates                          [               ]

     Fixed Amounts:                                  [               ]
          Fixed Rate Payer:                          [               ]

          Fixed Rate Payer Payment Dates:            [               ]

          Fixed Rate:                                [         ]%

          Fixed Rate Day Count                       [               ]
          Fraction:

     Floating Amounts:
          Floating Rate Payer:                       [               ]

          Floating Rate Payer Payment Dates:         [               ]
          Floating Rate Option:

          Designated Maturity:                       [               ]

          Spread:                                    [               ]

          Floating Rate Day Count Fraction:          [               ]

          Reset Dates:                               [               ]

          Compounding:                               [               ]

          Business Days:                             [               ]

          Calculation Agent:                         [               ]

3.   Account Details:

          Payments to Party A:                       [               ]

          Payments to Party B:                       [               ]

Credit Suisse First Boston International is regulated by The Financial Services
Authority and has entered into this transaction as principal. The time at which
the above transaction was executed will be notified to Party B on request.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                       1
<PAGE>

                                        Yours faithfully,

                                        CREDIT SUISSE FIRST BOSTON INTERNATIONAL
                                        (ABN 40 062 787 106)

                                        By:
                                           ----------------------------------
                                           Name:
                                           Title

Confirmed as of the date first written above:

                                       2
<PAGE>

PERPETUAL TRUSTEES AUSTRALIA LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS
TRUSTEE OF A SECURITISATION FUND KNOWN AS [                                ]

By:
   ------------------------------
   Name:
   Title:

By:
   ------------------------------
   Name:
   Title:

                                       3<PAGE>

                            MANAGEMENT SUPPORT DEED

                   SUPERANNUATION MEMBERS'HOME LOANS LIMITED
                                ACN 005 964 134

                           MEMBERS EQUITY PTY LIMITED
                                ACN 006 787 720

                                      and

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                ACN 000 431 827

                                F R E E H I L L
                             H O L L I N G D A L E
                                   & P A G E

          MLC Centre Martin Place Sydney New South Wales 2000 Australia

                 Telephone (02) 9225 5000 Int + (61 2) 9225 5000
                     Facsimile (02) 9322 4000 DX 361 Sydney

                             Reference: PJSR:MR:31F

    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                CORRESPONDENT OFFICES IN JAKARTA AND KUALA LUMPUR

      LIABILITY IS LIMITED BY THE SOLICITORS SCHEME UNDER THE PROFESSIONAL
                            STANDARDS ACT 1994 (NSW)

                                                                          PAGE 1

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>

Clause                                                                                                         Page
<S>                                                                                                           <C>
1        DEFINITIONS AND INTERPRETATIONS                                                                          1

         1.1      Definitions                                                                                     1
         1.2      Interpretation                                                                                  3
         1.3      Incorporation of Master Trust Deed definitions                                                  3
         1.4      Enforcement of this deed                                                                        3

2        PROVISION OF RESOURCES                                                                                   4

         2.1      ME's commitment                                                                                 4
         2.2      Method for provision of Resources                                                               4
         2.3      Directions by SMHL                                                                              4
         2.4      Personnel to be informed of obligations                                                         4

3        REPRESENTATIONS AND WARRANTIES                                                                           4

         3.1      General representations and warranties                                                          4
         3.2      ME                                                                                              5

4        FEES                                                                                                     5

5        REPORTING                                                                                                5

         5.1      Reports by ME to SMHL                                                                           5

6        TERM AND TERMINATION                                                                                     5

         6.1      Term of this deed                                                                               5
         6.2      Termination by ME                                                                               5
         6.3      Termination by SMHL                                                                             6

7        EXCLUSIONS                                                                                               6

         7.1      No guarantee of SMHL's liabilities                                                              6
         7.2      No disposition of intellectual property                                                         6
         7.3      No partnership                                                                                  6

8        MISCELLANEOUS                                                                                            6

         8.1      Notices                                                                                         6
         8.2      No assignment                                                                                   7
         8.3      Governing law                                                                                   8
         8.4      Severability of provisions                                                                      8
         8.5      Waiver                                                                                          8
         8.6      Consents and approvals                                                                          8
         8.7      Entire agreement                                                                                8
         8.8      Counterparts                                                                                    8
         8.9      PTAL's liability                                                                                9

</TABLE>

                                                                          PAGE 2

<PAGE>

--------------------------------------------------------------------------------
THIS DEED

                  is made on           2000 between the following parties:

                  1.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 17, 360 Collins Street, Melbourne
                          (SMHL)

                  2.      MEMBERS EQUITY PTY LIMITED
                          ACN 070 887 679
                          of Level 17, 360 Collins Street, Melbourne
                          (ME)

                  3.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of Level 7, 39 Hunter Street, Sydney
                          (PTAL)

RECITALS

                  A.      PTAL is a trustee of trusts known as Superannuation
                          Members Home Loans Trusts and National Mutual Home
                          Loans Trusts (the TRUSTS) and SMHL is a manager of the
                          Trusts.

                  B.      SMHL must perform the Management Obligations.

                  C.      SMHL is a wholly owned subsidiary of ME.

                  D.      In order to perform the Management Obligations, SMHL
                          has requested ME to provide it with certain Resources.

                  E.      This deed sets out the terms on which ME will provide
                          those Resources to SMHL.

THIS DEED WITNESSES

--------------------------------------------------------------------------------
1        DEFINITIONS AND INTERPRETATIONS

         1.1      DEFINITIONS

                  In this deed:

                  BANKING DAY has the meaning given to it in the relevant Master
                  Trust Deed.

                  COMPUTER SYSTEMS means computer hardware and software of any
                  kind whatever.

                  DAY TO DAY FUNDING REQUIREMENTS means funds to enable SMHL to
                  meet its ordinary costs and expenses of performing the
                  Management Obligations.

                  EXPERTISE means expertise of any kind in relation to the
                  administration and management of mortgage securitisation
                  programmes.

                                                                          PAGE 1

<PAGE>

                  MANAGEMENT OBLIGATIONS means the obligations, responsibilities
                  and functions undertaken by SMHL under each Master Trust Deed
                  and any Transaction Document as varied from time to time.

                  MASTER TRUST DEED means, as the case requires:

                  (a)     the Master Trust Deed dated 4 July 1994 between SMHL
                          and the Trustee, pursuant to which a series of
                          separate trusts called collectively the
                          "Superannuation Members' Home Loans Trusts" are
                          established; and

                  (b)     the Master Trust Deed dated 28 February 1995 between
                          National Mutual Funds Management Limited and the
                          Trustee, pursuant to which a series of separate trusts
                          called collectively the "National Mutual Home Loans
                          Trusts" are established.

                  OFFICE SPACE AND FACILITIES means:

                  (a)     building premises fitted out for use as offices;

                  (b)     office equipment (including, but not limited to,
                          photocopiers, fax machines, telephones, PABX systems,
                          wordprocessing and typewriting equipment and office
                          furniture);

                  (c)     office "consumables" (including, but not limited to,
                          stationery and related office requirements); and

                  (d)     records storage and management facilities.

                  PERSONNEL means employees, agents, contractors, consultants
                  and other personnel of any kind whatever, including but not
                  limited to:

                  (a)     accounting staff;

                  (b)     asset origination and management staff;

                  (c)     liabilities origination and management staff;

                  (d)     secretarial and other support staff.

                  RESOURCES means:

                  (a)     Computer Systems;

                  (b)     Day to Day Funding Requirements;

                  (c)     Expertise;

                  (d)     Office Space and Facilities; and

                  (e)     Personnel.

                  TRANSACTION DOCUMENTS has the same meaning as under the
                  relevant Master Trust Deed.

                  TRUST mean a securitisation fund or an origination fund
                  created under the Master Trust Deed.

                  TRUSTEE means, at any given time, the person acting in the
                  capacity of "Trustee" under the relevant Master Trust Deed at
                  that time, which is at the date of this deed, PTAL.

                                                                          PAGE 2

<PAGE>

         1.2      INTERPRETATION

                  In this deed, headings and boldings are for convenience only
                  and do not affect the interpretation of this deed and, unless
                  the context otherwise requires:

                  (a)     words importing the singular include the plural and
                          vice versa;

                  (b)     words importing a gender include any gender;

                  (c)     other parts of speech and grammatical forms of a word
                          or phrase defined in this deed have a corresponding
                          meaning;

                  (d)     an expression importing a natural person includes any
                          company, partnership, joint venture, association,
                          corporation or other body corporate and any
                          Governmental Agency;

                  (e)     a reference to any thing (including, but not limited
                          to, any right) includes a part of that thing but
                          nothing in this clause 1.2(e) implies that performance
                          of part of an obligation constitutes performance of
                          the obligation;

                  (f)     a reference to a clause, party, annexure, exhibit or
                          schedule is a reference to a clause of, and a party,
                          annexure, exhibit and schedule to, this deed and a
                          reference to this deed includes any annexure, exhibit
                          and schedule;

                  (g)     a reference to a statute, regulation, proclamation,
                          ordinance or by-law includes all statutes,
                          regulations, proclamations, ordinances or by-laws
                          amending, consolidating or replacing it, and a
                          reference to a statute includes all regulations,
                          proclamations, ordinances and by-laws issued under
                          that statute;

                  (h)     a reference to a document includes all amendments or
                          supplements to, or replacements or novations of, that
                          document;

                  (i)     a reference to a party to a document includes that
                          party's successors and permitted assigns;

                  (j)     a covenant or agreement on the part of 2 or more
                          persons binds them jointly and severally;

                  (k)     a reference to an agreement other than this deed
                          includes an undertaking, deed, agreement or legally
                          enforceable arrangement or understanding whether or
                          not in writing;

         1.3      INCORPORATION OF MASTER TRUST DEED DEFINITIONS

                  Subject to clause 1.1, each expression used in this deed that
                  is defined in the relevant Master Trust Deed and is not
                  defined in this deed shall have the same meaning as in the
                  relevant Master Trust Deed.

         1.4      ENFORCEMENT OF THIS DEED

                  To the extent that ME's Personnel are indemnified under this
                  deed, this deed is enforceable by those persons against SMHL
                  notwithstanding that they are not parties to it. However,
                  except for enforcement by those persons, this deed is not
                  enforceable or actionable in any way by any person who is not
                  a party to it.

                                                                          PAGE 3

<PAGE>

--------------------------------------------------------------------------------
2        PROVISION OF RESOURCES

         2.1      ME'S COMMITMENT

                  Subject to the terms and conditions of this deed, ME covenants
                  with each of SMHL and the Trustee to provide SMHL at ME's cost
                  sufficient Resources to enable SMHL to fully and properly
                  perform the Management Obligations.

         2.2      METHOD FOR PROVISION OF RESOURCES

                  ME may comply with its obligations under clause 2.1 by any
                  means or method considered appropriate by ME. For example, ME
                  is not obliged to dedicate any Resource or Resources
                  exclusively to SMHL or to the performance of the Management
                  Obligations and may provide Resources in any office or other
                  location where ME conducts other aspects of its businesses.

         2.3      DIRECTIONS BY SMHL

                  The Personnel provided to SMHL under clause 2.1 are subject to
                  any direction given by SMHL from time to time.

         2.4      PERSONNEL TO BE INFORMED OF OBLIGATIONS

                  SMHL and ME undertake to ensure that the Personnel who are
                  provided under clause 2.1 are fully aware of the obligations
                  to be performed, and the procedures to be carried out, under
                  each Master Trust Deed so as to enable SMHL to properly
                  perform its obligations.

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3        REPRESENTATIONS AND WARRANTIES

         3.1      GENERAL REPRESENTATIONS AND WARRANTIES

                  Each of ME and SMHL represents and warrants in relation to
                  itself, to the Trustee and each other (severally) that:

                  (a)     (DUE INCORPORATION): it is duly incorporated and has
                          the corporate power to own its property and to carry
                          on its business as is now being conducted;

                  (b)     (CONSTITUTION): the execution, delivery and
                          performance of this deed does not violate its
                          constitution;

                  (c)     (CORPORATE POWER): it has the power and has taken all
                          corporate and other action required to enter into this
                          deed and to authorise the execution and delivery of
                          this deed and the performance of its obligations under
                          this deed;

                  (d)     (LEGALLY BINDING OBLIGATION): this deed constitutes
                          its valid and legally binding obligations in
                          accordance with the terms of this deed;

                  (e)     (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                          delivery and performance of this deed by it does not
                          violate any existing law or regulation, or any
                          document or agreement to which it is a party or which
                          is binding on it or any of its assets; and

                                                                          PAGE 4

<PAGE>

                  (f)     (AUTHORISATION): all consents, licences, approvals and
                          authorisations of every government authority required
                          to be obtained by it in connection with the execution,
                          delivery and performance of this deed have been
                          obtained and are valid and subsisting.

3.2      ME

                  ME represents and warrants that it has or is able to provide
                  the necessary Resources and funds to perform its obligation
                  under this deed.

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4        FEES

         SMHL must pay to ME (out of SMHL's own funds) such fees as are agreed
         between them from time to time (not exceeding the residual amount of
         fees received by SMHL as manager under the relevant Master Trust Deed
         after satisfaction of, or provision for, all fees payable by SMHL to
         the Mortgage Managers) and at all times agreed. A default by SMHL in
         the payment of those fees will not entitle ME to terminate this deed or
         refuse to perform its obligations under this deed.

--------------------------------------------------------------------------------
5        REPORTING

         5.1      REPORTS BY ME TO SMHL

                  ME must provide to SMHL:

                  (a)     (PERIODIC REPORTS): each month (or such other period
                          as is from time to time agreed between ME and SMHL), a
                          report on the performance by ME of its functions
                          hereunder and such other information as is from time
                          to time agreed between ME and SMHL; and

                  (b)     (OTHER INFORMATION): such other information reasonably
                          required by SMHL in relation to the performance of
                          ME's functions under this deed.

--------------------------------------------------------------------------------
6        TERM AND TERMINATION

         6.1      TERM OF THIS DEED

                  This deed commences on the date of this deed and continues
                  until terminated under either of clause 6.2 or 6.3.

         6.2      TERMINATION BY ME

                  This deed may be terminated by ME in respect of the Trusts
                  established under a Master Trust Deed:

                  (a)     (BY NOTICE): on 21 days notice to SMHL and the Trustee
                          given after the occurrence of any of the following
                          events:

                          (1)      (REMOVAL OF MANAGER): the removal or
                                   retirement of SMHL as manager under the
                                   relevant Master Trust Deed; or

                                                                          PAGE 5

<PAGE>

                          (2)      (TERMINATION  OF TRUSTS):  the  termination
                                   or winding-up of the trusts then  constituted
                                   under the Master Trust Deed; or

                  (b)     (BY CONSENT): at any time with the consent of the
                          Trustee.

         6.3      TERMINATION BY SMHL

                  This deed may be terminated by SMHL if:

                  (a)     (BREACH): ME is in material breach of its obligations
                          under this deed and that breach is not rectified by ME
                          within 21 days of receiving notice from SMHL to
                          rectify the breach; and

                  (b)     (BY CONSENT): the Trustee consents to termination for
                          that breach.

--------------------------------------------------------------------------------
7        EXCLUSIONS

         7.1      NO GUARANTEE OF SMHL'S LIABILITIES

                  This deed is not a guarantee, indemnity or other form of
                  surety to the Trustee or any other person in relation to any
                  payment obligation of SMHL.

7.2      NO DISPOSITION OF INTELLECTUAL PROPERTY

                  Notwithstanding any other provision of this deed, all computer
                  software, know-how, market information and other intellectual
                  property of any nature whatsoever, the rights to which belong
                  to ME (whether as owner or as licensee) and which form part
                  of, or are used in the provision of, Resources under this
                  deed, remain the property of ME and may not be used by any
                  person other than ME without ME's prior written consent.

         7.3      NO PARTNERSHIP

                  Nothing in this deed constitutes SMHL or ME as partners. ME in
                  performing its obligations under this deed acts as an
                  independent contractor only.

--------------------------------------------------------------------------------
8        MISCELLANEOUS

         8.1      NOTICES

                  (a)     Any notice or other communication including, but not
                          limited to, any request, demand, consent or approval,
                          to or by a party to any Transaction Document:

                          (1)      must be in legible writing and in English
                                   addressed as shown below:

                                   (A)    if to SMHL:

                                          Address:   Level 17, 360 Collins
                                                     Street, Melbourne VIC 3000

                                          Attention: the Chief Executive Officer

                                          Facsimile: 03 9605 6200

                                                                          PAGE 6

<PAGE>

                                   (B)    if to ME:

                                          Address:   Level 17, 360 Collins
                                                     Street, Melbourne VIC 3000

                                          Attention: the Chief Executive Officer

                                          Facsimile: 03 9605 6200,

                                   (C)    if to the Trustee:

                                          Address:   Level 4, 333 Collins
                                                     Street, Melbourne VIC 3000

                                          Attention: the Manager - Mortgage
                                                     Securitisation

                                          Facsimile:     03 9615 9699,

                                   or as specified to the sender by any party by
                                   notice;

                          (2)      where the sender is a company, must be signed
                                   by an officer or under the common seal of the
                                   sender;

                          (3)      is regarded as being given by the sender and
                                   received by the addressee:

                                   (A)    if by delivery in person, when
                                          delivered to the addressee;

                                   (B)    if by post, 3 Banking Days from and
                                          including the date of postage; or

                                   (C)    if by facsimile transmission, whether
                                          or not legibly received, when received
                                          by the addressee,

                                   but if the delivery or receipt is on a day
                                   which is not a Banking Day or is after 4.00
                                   pm (addressee's time) it is regarded as
                                   received at 9.00 am on the following Banking
                                   Day; and

                          (4)      can be relied upon by the addressee and the
                                   addressee is not liable to any other person
                                   for any consequences of that reliance if the
                                   addressee believes it to be genuine, correct
                                   and authorised by the sender.

                  (b)     A facsimile transmission is regarded as legible unless
                          the addressee telephones the sender within 2 hours
                          after transmission is received or regarded as received
                          under clause 8.1(a)(3) and informs the sender that it
                          is not legible.

                  (c)     In this clause 8.1, a reference to an addressee
                          includes a reference to an addressee's officers,
                          agents or employees.

8.2      NO ASSIGNMENT

                  The parties acknowledge and agree that this deed:

                  (a)     would not be entered into but for the relationship
                          between them;

                  (b)     is a personal contract; and

                  (c)     is not capable of assignment (in law or equity), being
                          charged or otherwise disposed of or dealt with in any
                          way by any of them without the prior written consent
                          of the other.

                                                                          PAGE 7

<PAGE>

                  Any purported assignment, charge or other disposition or
                  dealing in contravention of this clause is in effective.

         8.3      GOVERNING LAW

                  (a)     This deed is governed by the laws of New South Wales.

                  (b)     Each party irrevocably submits to the non-exclusive
                          jurisdiction of the courts of New South Wales.

         8.4      SEVERABILITY OF PROVISIONS

                  Any provision of this deed which is illegal, void or
                  unenforceable will be ineffective to the extent of such
                  illegality, voidness or unenforcability without invalidating
                  the remaining provisions hereof.

         8.5      WAIVER

                  (a)     Waiver of any right arising from a breach of this deed
                          or of any power arising upon default under this deed
                          or upon the occurrence of an event of default must be
                          in writing and signed by the party granting the
                          waiver.

                  (b)     A failure or delay in exercise, or partial exercise,
                          of:

                          (1)      a right arising from a breach of this deed or
                                   the occurrence of an event of default; or

                          (2)      a power created or arising upon default under
                                   this deed or upon the occurrence of an event
                                   of default,

                          does not result in a waiver of that right or power.

                  (c)     A party is not entitled to rely on a delay in the
                          exercise or non-exercise of a right or power arising
                          from a breach of this deed or on a default under this
                          deed or on the occurrence of an event of default as
                          constituting a waiver of that right or power.

                  (d)     A party may not rely on any conduct of another party
                          as a defence to exercise of a right or power by that
                          other party.

                  (e)     This clause may not itself be waived except by
                          writing.

         8.6      CONSENTS AND APPROVALS

                  Where any act, matter or thing under this deed depends on the
                  consent or approval of any party, then unless expressly
                  provided otherwise, that consent or approval may be given or
                  withheld in the absolute and unfettered discretion of that
                  party and may be given subject to such conditions as that
                  party thinks fit in its absolute and unfettered discretion.

         8.7      ENTIRE AGREEMENT

                  This deed supersedes all previous agreements in respect of its
                  subject matter and embodies the entire agreement between the
                  parties.

         8.8      COUNTERPARTS

                  (a)     This deed may be executed in any number of
                          counterparts.

                                                                          PAGE 8

<PAGE>

                  (b)     All counterparts, taken together, constitute one
                          instrument.

                  (c)     A party may execute this deed by signing any
                          counterpart.

         8.9      PTAL'S LIABILITY

                  (a)     The PTAL enters into this deed only in its capacity as
                          trustee of the Trusts and in no other capacity. A
                          liability arising under or in connection with this
                          deed is limited to and can be enforced against PTAL
                          only to the extent to which it can be satisfied out of
                          property of the Trusts out of which PTAL is actually
                          indemnified for the liability. This limitation of the
                          PTAL's liability applies despite any other provision
                          of this deed and extends to all liabilities and
                          obligations of PTAL in any way connected with any
                          representation, warranty, conduct, omission, agreement
                          or transaction related to this deed.

                  (b)     The parties other than PTAL may not sue PTAL in any
                          capacity other than as trustee of the Trusts,
                          including seek the appointment of a receiver (except
                          in relation to property of the Trust), a liquidator,
                          an administrator or any similar person to PTAL or
                          prove in any liquidation, administration or
                          arrangement of or affecting PTAL (except in relation
                          to property of the Trust).

                  (c)     The provisions of this clause 8.9 shall not apply to
                          any obligation or liability of PTAL to the extent that
                          it is not satisfied because under the trust deed
                          establishing the Trust or by operation of law there is
                          a reduction in the extent of PTAL's indemnification
                          out of the assets of the Trust, as a result of PTAL's
                          fraud, negligence or wilful default.

                  (d)     For these purposes, it is agreed that PTAL cannot be
                          regarded as being fraudulent, negligent or wilfully
                          defaulting to the extent to which any failure by PTAL
                          to satisfy its obligations or breach of representation
                          or warranty under this deed has been caused or
                          contributed to by a failure by the manager of the
                          Trust or any other person to fulfil its obligations in
                          relation to the Trust or any other act or omission of
                          that manager or any other person.

                  (e)     No attorney, agent, receiver or receiver or manager
                          appointed in accordance with this deed has authority
                          to act on behalf of PTAL in a way which exposes PTAL
                          to any personal liability and no act or omission of
                          any such person will be considered fraud, negligence
                          or wilful default of PTAL for the purpose of paragraph
                          (c) of this clause 8.9.

                  (f)     PTAL is not obliged to do or refrain from doing
                          anything under this deed (including incur any
                          liability) unless PTAL's liability is limited in the
                          same manner as set out in paragraphs (a) to (c) of
                          this clause.

                                                                          PAGE 9

<PAGE>

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for

SUPERANNUATION MEMBERS' HOME LOANS LTD

by its attorney in the

presence of:

/s/ Maria Ratner                            /s/ Peter Rowe
---------------------------------------     ------------------------------------
Witness                                     Attorney

Maria Ratner                                Peter Rowe
---------------------------------------     ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for

MEMBERS EQUITY PTY LTD

by its attorney in the

presence of:

/s/ Maria Ratner                            /s/ Peter Rowe
---------------------------------------     ------------------------------------
Witness                                     Attorney

Maria Ratner                                Peter Rowe
---------------------------------------     ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for

PERPETUAL TRUSTEES AUSTRALIA LTD

by its attorney in the

presence of:

/s/ Maria Ratner                            /s/ Richard Antony Lovell
---------------------------------------     ------------------------------------
Witness                                     Attorney

Maria Ratner                                Richard Antony Lovell
---------------------------------------     ------------------------------------
Name (please print)                         Name (please print)

                                                                         PAGE 10

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