Document:

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                                                                     CLAYTON UTZ
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MACQUARIE BANK LIMITED
ABN 46 008 583 542
Redraw Facility Provider

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Borrower

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

REDRAW FACILITY AGREEMENT
PUMA GLOBAL TRUST NO. 4

                            [CLAYTON UTZ LOGO] Levels
              23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                         OUR REF - 801/11069/21726648 CONTACT - NINIAN LEWIS

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>         <C>                                                                                            <C>
1.   INTERPRETATION .......................................................................................1

     1.1         Definitions...............................................................................1
     1.2         Sub-Fund Notice and Trust Deed definitions................................................4
     1.3         Interpretation............................................................................4
     1.4         Borrower capacity.........................................................................4
     1.5         Trust Deed and Sub-Fund Notice............................................................5
     1.6         Incorporated definitions and other Transaction Documents and provisions...................5

2.   THE FACILITY..........................................................................................5

     2.1         Redraw Facility...........................................................................5
     2.2         Method of making Advances.................................................................5
     2.3         Purpose...................................................................................5
     2.4         Extension of Scheduled Redraw Termination Date............................................5
     2.5         Termination of the facility...............................................................5

3.   CONDITIONS PRECEDENT..................................................................................6

     3.1         Conditions precedent to First Advance.....................................................6
     3.2         Conditions Precedent to all Advances......................................................6

4.   DRAWDOWN..............................................................................................7

     4.1         Preparation of Drawdown Notices...........................................................7
     4.2         Requirements of Drawdown Notices..........................................................7
     4.3         Availability of facility..................................................................7
     4.4         Making of Advances........................................................................7
     4.5         Maximum Advances..........................................................................8

5.   INTEREST..............................................................................................8

     5.1         Interest Period...........................................................................8
     5.2         Rate of interest..........................................................................8
     5.3         Calculation of interest...................................................................8
     5.4         Payment of interest.......................................................................8
     5.5         Carry forward of unpaid interest..........................................................8

6.   REPAYMENT OF REDRAW PRINCIPAL.........................................................................9

     6.1         Repayment of the Redraw Principal during the Availability Period..........................9
     6.2         Redrawing.................................................................................9
     6.3         Repayment on termination..................................................................9

7.   PAYMENTS..............................................................................................9

8.   ILLEGALITY AND INCREASED COST.........................................................................9

     8.1         Illegality................................................................................9
     8.2         Increased cost............................................................................9

9.   FEES.................................................................................................10

     9.1         Payment of fees..........................................................................10

10.  REDUCTION OF THE REDRAW FACILITY.....................................................................11

     10.1        Reduction of Facility Limit by Manager or Borrower.......................................11
     10.2        No reduction in Facility Limit below Advances outstanding................................11

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11.  REPRESENTATIONS AND WARRANTIES.......................................................................11

     11.1        General representations and warranties...................................................11
     11.2        PUMA Trust representations and warranties................................................12
     11.3        Representations and warranties repeated..................................................12

12.  UNDERTAKINGS.........................................................................................12

     12.1        General..................................................................................12
     12.2        Manager's undertakings after Manager Event...............................................13

13.  EVENTS OF DEFAULT....................................................................................13

     13.1        Events of Default........................................................................13
     13.2        Consequences of Event of Default.........................................................14

14.  TRUSTEE PROVISIONS...................................................................................14

     14.1        Limitation on Borrower's liability.......................................................14
     14.2        Claims against Borrower..................................................................14
     14.3        Breach of Trust..........................................................................14
     14.4        Acts or omissions........................................................................14
     14.5        No obligation............................................................................15

15.  ASSIGNMENT...........................................................................................15

     15.1        Assignment by Borrower...................................................................15
     15.2        Assignment by Manager....................................................................15
     15.3        Assignment by Redraw Facility Provider...................................................15

16.  NOTICES..............................................................................................15

     16.1        Method of Delivery.......................................................................15
     16.2        Address for notices......................................................................16
     16.3        Deemed receipt...........................................................................16
     16.4        Email....................................................................................16

17.  INDEMNITY............................................................................................16

     17.1        Indemnity on demand......................................................................16
     17.2        Redraw Facility Provider obligations.....................................................16
     17.3        Losses on liquidation or re-employment of deposits.......................................17
     17.4        Payment on Payment Date..................................................................17

18.  MISCELLANEOUS........................................................................................17

     18.1        Stamp Duties.............................................................................17
     18.2        Waiver...................................................................................17
     18.3        Written waiver, consent and approval.....................................................17
     18.4        Severability.............................................................................18
     18.5        Survival of indemnities..................................................................18
     18.6        Successors and assigns...................................................................18
     18.7        Moratorium legislation...................................................................18
     18.8        Amendments...............................................................................18
     18.9        Governing law............................................................................18
     18.10       Jurisdiction.............................................................................18
     18.11       Counterparts.............................................................................19

SCHEDULE 1................................................................................................20

FORM OF DRAWDOWN NOTICE...................................................................................20

                                                                                                          ii.
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REDRAW FACILITY AGREEMENT MADE AT SYDNEY ON 12 AUGUST 2003

PARTIES     MACQUARIE BANK LIMITED ABN 46 008 583 542 a company incorporated in
            Australia and registered in the Australian Capital Territory and
            having an office at Level 15, 1 Martin Place, Sydney, New South
            Wales ("REDRAW FACILITY PROVIDER")

            PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827 a company
            incorporated in Australia and registered in New South Wales and
            having an office at Level 7, 9 Castlereagh Street, Sydney, New South
            Wales ("BORROWER")

            MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 a company
            incorporated in Australia and registered in New South Wales and
            having an office at Level 23, 20 Bond Street, Sydney, New South
            Wales ("MANAGER")

RECITALS

A.   The Borrower and the Manager are respectively the trustee and the manager
     of the PUMA Trust.

B.   It is proposed that Notes will be issued by the Borrower as trustee of the
     PUMA Trust pursuant to the Trust Deed, the Note Trust Deed and the Sub-Fund
     Notice.

C.   The Manager has requested the Redraw Facility Provider to provide the
     Borrower with the Redraw Facility to assist the Borrower to fund Redraws or
     Subordinate Further Advances to be made or which have been made by the
     Borrower to Mortgagors under Approved Mortgages which are included in the
     PUMA Trust in accordance with the Sub-Fund Notice.

D.   The Redraw Facility Provider has agreed to provide the Redraw Facility to
     the Borrower on the terms and conditions contained in this Agreement.

THE PARTIES AGREE

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1.       INTERPRETATION

1.1      DEFINITIONS

         In this Agreement, unless the contrary intention appears:

         "ADVANCE" means the principal amount of each advance to the Borrower by
         the Redraw Facility Provider in accordance with this Agreement.

         "APPROVED PURPOSE" means the use of an Advance:

         (a)  to fund Redraws in accordance with the Sub-Fund Notice where there
              are insufficient Collections that may be applied for this purpose
              in accordance with the Sub-Fund Notice;

         (b)  to fund Subordinate Further Advances;

         (c)  to fund the acquisition of Approved Mortgages which have
              Subordinate Further Advance Amounts, to the extent of that
              Subordinate Further Advance Amount; and

         (d)  to repay any outstanding Advances.

         "AUTHORISED SIGNATORY" in relation to the Redraw Facility Provider
         means any person from time to time appointed by the Redraw Facility
         Provider to act as its Authorised Signatory for

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         the purposes of this Agreement and notified to the Borrower.

         "AVAILABILITY PERIOD" means the period commencing on the date of this
         Agreement and ending on the Redraw Facility Termination Date.

         "BBSW" in relation to an Interest Period means the rate expressed as a
         percentage per annum appearing at approximately 10.10 am on the first
         occurring Payment Date during that Interest Period on the Reuters
         Screen page "BBSW" as being the average of the mean buying and selling
         rates appearing on that page for a bill of exchange having a tenor of
         one month and rounded to 4 decimal places. If on that Payment Date
         fewer than 4 banks are quoted on the Reuters Screen page "BBSW" the
         rate for that Payment Date will be calculated as above by taking the
         rates otherwise quoted by 4 Banks on application by the Redraw Facility
         Provider for such a bill of the same tenor eliminating the highest and
         lowest mean rates and taking the average of the remaining rates rounded
         to 4 decimal places. If a rate cannot be determined in accordance with
         the foregoing procedures, then "BBSW" for that Interest Period means
         such rate as is specified in good faith by the Redraw Facility Provider
         having regard to comparable indices then available as to the rates
         otherwise bid and offered for such bills of one month tenor around that
         time.

         "BORROWER" means Perpetual Trustees Australia Limited or if Perpetual
         Trustees Australia Limited retires or is removed as trustee of the PUMA
         Trust under the Trust Deed, the then substitute Trustee.

         "DRAWDOWN DATE" means any date on which an Advance is, or is to be,
         made.

         "DRAWDOWN NOTICE" means a notice substantially in the form set out in
         Schedule 1 (or in such other form as may be agreed between the Redraw
         Facility Provider, the Manager and the Borrower).

         "EFFECTIVE CONTROL" means:

         (a)  control of the composition of the board of directors of the
              Manager;

         (b)  control of more than half of the voting power of the Manager; or

         (c)  control of more than half of the issued share capital of the
              Manager excluding any part of such issued share capital which
              carries no right to participate beyond a specified amount in the
              distribution of either profit or capital.

         "EVENT OF DEFAULT" means any of the events set out or referred to in
         clause 13.1 of this Agreement as an Event of Default.

         "FACILITY LIMIT" at any time means the lesser of:

         (a)  A$10 million; and

         (b)  the amount, if any, to which the Facility Limit has been reduced
              at that time by the Manager or the Borrower in accordance with
              clause 10,

         or such greater or lesser amount from time to time agreed in writing
         between the Manager and the Redraw Facility Provider (and notified in
         writing to the Borrower), provided that in the case of an increase in
         the Facility Limit, each Current Rating Authority is notified and
         confirms that such an increase in the Facility Limit will not result in
         a downgrade, withdrawal or qualification of any ratings then assigned
         by it to the Notes.

         "INTEREST PERIOD" means each period determined in accordance with
         clause 5.1.

         "MANAGER" means Macquarie Securitisation Limited or if Macquarie
         Securitisation Limited

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         retires or is removed as manager of the PUMA Trust, any substitute
         manager appointed in its place by the Borrower pursuant to the
         Management Deed.

         "MANAGER DEFAULT" has the same meaning as in the Note Trust Deed.

         "MANAGER EVENT" means the Manager is not or ceases to be a body over
         which the Redraw Facility Provider has Effective Control.

         "NOTE CONDITIONS" has the same meaning as in the Note Trust Deed.

         "OBLIGATIONS" means all of the liabilities of the Borrower to the
         Redraw Facility Provider under this Agreement and, without limiting the
         generality of the foregoing, includes any liabilities which:

         (a)  are liquidated;

         (b)  are present, prospective or contingent;

         (c)  relate to the payment of money or the performance or omission of
              any act;

         (d)  sound in damages only; or

         (e)  accrue as a result of any Event of Default.

         "POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of
         notice or the lapse of time or both, would constitute an Event of
         Default under the Security Trust Deed.

         "PRESCRIBED RATE" in relation to an Interest Period means:

         (a)  the sum of BBSW for that Interest Period and 0.35% per annum; or

         (b)  such greater or lesser amount from time to time agreed in writing
              between the Redraw Facility Provider and the Manager, and notified
              to the Borrower, provided that, in the case of an increase in the
              Prescribed Rate, each Current Rating Authority is notified and
              confirms that such an increase in the Prescribed Rate will not
              result in a reduction, withdrawal or qualification of any ratings
              then assigned by it to the Notes.

         "RECEIVER" means a person appointed under or by virtue of the Security
         Trust Deed as a receiver or receiver and manager.

         "REDRAW FACILITY" means the facility provided by the Redraw Facility
         Provider to the Borrower pursuant to the terms of this Agreement.

         "REDRAW FACILITY PRINCIPAL" means the aggregate of the Advances which
         have not been repaid to the Redraw Facility Provider in accordance with
         this Agreement.

         "REDRAW FACILITY TERMINATION DATE" means the earliest of:

         (a)  the Scheduled Redraw Termination Date;

         (b)  the date which the Redraw Facility Provider appoints as the Redraw
              Facility Termination Date in accordance with clause 8.1;

         (c)  the date upon which the Facility Limit is reduced to zero in
              accordance with clause 10; and

         (d)  the date on which the Redraw Facility Provider declares the Redraw
              Facility

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              terminated in accordance with clause 13.2(b).

         "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

         "SCHEDULED REDRAW TERMINATION DATE" means the date which is 364 days
         after the date of this Agreement or such later date specified by the
         Redraw Facility Provider pursuant to clause 2.4.

         "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or prior to the
         date of this Agreement issued by the Manager to the Borrower which
         provides for the establishment of PUMA Global Trust No. 4.

         "TAX" has the same meaning as in the Security Trust Deed.

         "TRUST DEED" means the Consolidated PUMA Trust Deed dated 13 July 1990
         (as amended and supplemented from time to time) between the person
         referred to therein as the Founder and the Borrower.

         "TRUSTEE DEFAULT" has the same meaning as in the Note Trust Deed.

         "UNUTILISED FACILITY AMOUNT" means on any day the amount calculated as
         follows:

                                  UFA = FL - A

            where:

            UFA   =     the Unutilised Facility Amount on that day;

            FL    =     the Facility Limit on that day; and

            A     =     the aggregate of the Advances outstanding on that day.

1.2      SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

            Subject to clause 1.6, unless defined in this Agreement, words and
            phrases defined in either or both of the Trust Deed and the Sub-Fund
            Notice have the same meaning in this Agreement. Where there is any
            inconsistency in a definition between this Agreement (on the one
            hand) and the Trust Deed or the Sub-Fund Notice (on the other hand),
            this Agreement prevails. Where there is any inconsistency in a
            definition between the Trust Deed and the Sub-Fund Notice, the
            Sub-Fund Notice prevails over the Trust Deed in respect of this
            Agreement. Subject to clause 1.6, where words or phrases used but
            not defined in this Agreement are defined in the Trust Deed in
            relation to a Fund such words or phrases are to be construed in this
            Agreement, where necessary, as being used only in relation to the
            PUMA Trust.

1.3      INTERPRETATION

            The provisions of clause 1.2 of the Trust Deed are incorporated into
            this Agreement as if set out in full in this Agreement and as if
            references to "this Deed" were to "this Agreement" and references to
            a "Banking Day" were to a "Business Day".

1.4      BORROWER CAPACITY

         In this Agreement, except where provided to the contrary:

         (a)  (REFERENCES TO BORROWER): a reference to the Borrower is a
              reference to the Borrower in its capacity as trustee of the PUMA
              Trust only, and in no other capacity; and

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         (b)  (REFERENCES TO ASSETS OF THE BORROWER): a reference to the
              undertaking, assets, business or money of the Borrower is a
              reference to the undertaking, assets, business or money of the
              Borrower in the capacity referred to in paragraph (a).

1.5      TRUST DEED AND SUB-FUND NOTICE

         For the purposes of the Trust Deed and the Sub-Fund Notice this
         Agreement is a Transaction Document and a Stand-by Arrangement.

1.6      INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

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2.       THE FACILITY

2.1      REDRAW FACILITY

         Subject to this Agreement, the Redraw Facility Provider agrees to make
         Advances to the Borrower during the Availability Period up to an
         aggregate principal amount equal to the Facility Limit.

2.2      METHOD OF MAKING ADVANCES

         Advances under the Redraw Facility will be made in accordance with
         clause 4.4.

2.3      PURPOSE

         The Manager will direct the Borrower to use, and the Borrower will use,
         the proceeds of each Advance (if any) under the Redraw Facility
         exclusively for the Approved Purpose.

2.4      EXTENSION OF SCHEDULED REDRAW TERMINATION DATE

         (a)  (MANAGER TO REQUEST EXTENSION): Not less than 120 days before the
              then Scheduled Redraw Termination Date (or such other period as
              agreed between the Manager and the Redraw Facility Provider), the
              Manager may deliver a notice in writing to the Redraw Facility
              Provider (with a copy to the Borrower) requesting the Redraw
              Facility Provider to extend the Scheduled Redraw Termination Date.

         (b)  (REDRAW FACILITY PROVIDER MAY EXTEND): Following receipt by the
              Redraw Facility Provider of the notice referred to in paragraph
              (a), by no later than 60 days prior to the Scheduled Redraw
              Termination Date (or such other period as agreed between the
              Redraw Facility Provider and the Borrower) the Redraw Facility
              Provider may, in its absolute discretion, send the Borrower a
              notice in writing (copied to the Manager) extending the then
              Scheduled Redraw Termination Date to the new Scheduled Redraw
              Termination Date specified in the notice (which must be a date no
              more than 364 days after the date of the notice).

2.5      TERMINATION OF THE FACILITY

         The Redraw Facility will terminate, and the Redraw Facility Provider's
         obligation to make any

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         Advances will cease, on the Redraw Facility Termination Date.

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3.       CONDITIONS PRECEDENT

3.1      CONDITIONS PRECEDENT TO FIRST ADVANCE

         The Redraw Facility Provider is not obliged to make the first Advance
         under this Agreement to the Borrower unless the Redraw Facility
         Provider has received each of the following, in form and substance
         acceptable to the Redraw Facility Provider:

         (a)  (THIS AGREEMENT): this Agreement duly executed and delivered by
              the Borrower and the Manager;

         (b)  (POWER OF ATTORNEY): a copy of each power of attorney under which
              this Agreement has been or will be executed by the Borrower and
              the Manager certified as a true copy by the Borrower and the
              Manager respectively;

         (c)  (AUTHORISED SIGNATORIES): a list of the Authorised Signatories of
              the Manager;

         (d)  (SECURITY TRUST DEED): a copy of the Security Trust Deed executed
              by each of the parties to the Security Trust Deed and certified as
              a true copy by the Manager;

         (e)  (SUB-FUND NOTICE): a copy of the Sub-Fund Notice executed by each
              of the parties to the Sub-Fund Notice and certified as a true copy
              by the Manager;

         (f)  (SECURITY TRUST DEED REGISTERED): evidence of the due registration
              or the lodgement for due registration of the Security Trust Deed
              with the Australian Securities and Investments Commission; and

         (g)  (LEGAL OPINION): a legal opinion addressed to the Redraw Facility
              Provider from the Borrower's solicitors in form and substance
              satisfactory to the Redraw Facility Provider.

         The Redraw Facility Provider must confirm in writing to the Manager
         (copied to the Borrower) as soon as reasonably practicable upon being
         satisfied all these conditions precedent have been met.

3.2      CONDITIONS PRECEDENT TO ALL ADVANCES

            The obligation of the Redraw Facility Provider to make and continue
            to make each Advance under this Agreement is subject to the further
            conditions precedent that:

         (a)  (REPRESENTATIONS AND WARRANTIES BY BORROWER OR MANAGER TRUE): the
              representations and warranties made or deemed to be made by the
              Borrower or the Manager in all Transaction Documents are true and
              correct as of the date of the relevant Drawdown Notice and the
              relevant Drawdown Date as though made on those dates;

         (b)  (MORTGAGE INSURANCE): each Approved Mortgage which is an asset of
              the PUMA Trust has in relation to it as at the Drawdown Date in
              relation to the Advance a Mortgage Insurance Policy from a solvent
              insurer which provides 100% cover for principal and interest
              losses (other than principal and interest in respect of
              Subordinate Further Advances);

         (c)  (NO EVENT OF DEFAULT): no Event of Default or Potential Event of
              Default is subsisting at the date of the corresponding Drawdown
              Notice and the Drawdown Date or will result from the provision or
              continuation of the Advance;

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         (d)  (NO NOTICE OF SECURITY INTERESTS): other than in respect of
              priorities granted by statute, the Redraw Facility Provider has
              not received notice from any person that it claims to have a
              Security Interest ranking in priority to or equal with the
              Security Interest held by the Redraw Facility Provider under the
              Security Trust Deed (other than as provided in the Security Trust
              Deed); and

         (e)  (NOTES IN EXISTENCE): the Class A Notes and the A$ Class B Notes
              to be issued on the Closing Date have been issued and the A$ Class
              B Notes issued on the Closing Date have not been redeemed or
              repaid in full.

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4.       DRAWDOWN

4.1      PREPARATION OF DRAWDOWN NOTICES

         If on any date the Manager determines that an Advance under this
         Agreement is to be applied in accordance with the Sub-Fund Notice, the
         Manager may:

         (a)  (PREPARE DRAWDOWN NOTICE): prepare a Drawdown Notice (containing
              the details referred to in clause 4.2) requesting an Advance on
              that date of an amount determined by the Manager; and

         (b)  (DELIVER DRAWDOWN NOTICE): deliver the Drawdown Notice to the
              Redraw Facility Provider, with a copy to the Borrower, no later
              than the close of business on that day (or such later time as the
              Redraw Facility Provider and the Borrower may agree).

4.2      REQUIREMENTS OF DRAWDOWN NOTICES

         A Drawdown Notice given under clause 4.1(b) must:

         (a)  (AUTHORISED SIGNATORY): be signed by an Authorised Signatory of
              the Manager;

         (b)  (IRREVOCABLE): be expressed to be irrevocable; and

         (c)  (SPECIFY): specify:

              (i)    the Drawdown Date for the requested Advance; and

              (ii)   the amount of the requested Advance.

4.3      AVAILABILITY OF FACILITY

         Subject to clause 4.5, during the Availability Period the Redraw
         Facility Provider must make an Advance on the Drawdown Date of the
         requested Advance provided that:

         (a)  (RECEIPT OF DRAWDOWN NOTICE): the Redraw Facility Provider has
              received a duly signed and completed Drawdown Notice by the time
              specified in clause 4.1(b); and

         (b)  (CONDITIONS PRECEDENT): the requirements of clause 3 have been
              satisfied or waived in writing by the Redraw Facility Provider
              before the Drawdown Notice is given.

4.4      MAKING OF ADVANCES

         Subject to clause 4.3, after receipt of a Drawdown Notice the amount of
         the Advance requested in a Drawdown Notice must, unless otherwise
         directed by the Manager, be deposited by the Redraw Facility Provider
         in an Account or a Combined Account in immediately available

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         funds no later than 11.00 am on the Drawdown Date.

4.5      MAXIMUM ADVANCES

         The maximum aggregate amount of Advances that the Redraw Facility
         Provider may be obliged to make under the Redraw Facility is, when
         aggregated with all Advances then outstanding, an amount equal to the
         Facility Limit.

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5.       INTEREST

5.1      INTEREST PERIOD

         (a)  (DURATION): The duration of the Redraw Facility is divided into
              successive Interest Periods.

         (b)  (FIRST INTEREST PERIOD): The first Interest Period commences on
              (and includes) the Drawdown Date for the first Advance and ends on
              (but excludes) the next following Monthly Payment Date.

         (c)  (SUCCEEDING INTEREST PERIODS): Each succeeding Interest Period
              commences on (and includes) a Monthly Payment Date and ends on
              (but excludes) the next following Monthly Payment Date.

         (d)  (LAST INTEREST PERIOD): The last Interest Period ends on but
              excludes the Monthly Payment Date that all moneys the payment or
              repayment of which form part of the Obligations are paid or repaid
              in full to the Redraw Facility Provider.

5.2      RATE OF INTEREST

         The rate of interest applicable to the Redraw Facility Principal for an
         Interest Period is the Prescribed Rate for that Interest Period.

5.3      CALCULATION OF INTEREST

         Interest on the Redraw Facility Principal accrues from day to day in
         respect of each Interest Period at the Prescribed Rate for that
         Interest Period on the amount of the Redraw Facility Principal on that
         day and will be calculated on the basis of the actual number of days
         elapsed in a 365 day year.

5.4      PAYMENT OF INTEREST

         The Borrower at the direction of the Manager will on the Monthly
         Payment Date at the end of each Interest Period in respect of the
         Redraw Facility Principal pay to the Redraw Facility Provider so much
         of the then accrued interest on the Redraw Facility Principal as there
         are funds available for this purpose in accordance with the Sub-Fund
         Notice.

5.5      CARRY FORWARD OF UNPAID INTEREST

         If any payment by the Borrower on a Monthly Payment Date pursuant to
         clause 5.4 is insufficient to pay the full amount of accrued interest
         on the Redraw Facility Principal up to the close of the Interest Period
         then just ended, such unpaid accrued interest will in turn accrue
         interest (as a separate and independent obligation) until paid at the
         Prescribed Rate for each succeeding Interest Period and, if not paid on
         the Monthly Payment Date at the end of each such succeeding Interest
         Period, such interest on unpaid interest will itself bear interest in
         accordance with this clause 5.5.

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6.       REPAYMENT OF REDRAW PRINCIPAL

6.1      REPAYMENT OF THE REDRAW PRINCIPAL DURING THE AVAILABILITY PERIOD

         Subject to clause 6.3, the Borrower must on each Payment Date pay to
         the Redraw Facility Provider the Redraw Facility Principal as at the
         close of business on the Business Day immediately preceding that
         Payment Date to the extent of the funds available for this purpose in
         accordance with the Sub-Fund Notice.

6.2      REDRAWING

         Amounts repaid pursuant to clause 6.1 may be redrawn by the Borrower in
         accordance with the terms of this Agreement.

6.3      REPAYMENT ON TERMINATION

         Notwithstanding clause 6.1 and subject to the terms of the Security
         Trust Deed, on the Monthly Payment Date immediately following the
         Redraw Facility Termination Date, the Borrower must pay or repay so
         much of the Redraw Facility Principal together with interest accrued on
         the Redraw Facility Principal and all other money, the payment or
         repayment of which forms part of the Obligations, as is available for
         this purpose in accordance with the Sub-Fund Notice. If all amounts due
         in accordance with this clause 6.3 are not paid or repaid in full on
         the Monthly Payment Date immediately following the Redraw Facility
         Termination Date, on each succeeding Monthly Payment Date the Borrower
         must pay or repay so much of such amounts as there are funds available
         for this purpose in accordance with the Sub-Fund Notice until such
         amounts are paid or repaid in full.

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7.       PAYMENTS

         All payments to be made by the Borrower under this Agreement must be
         made:

         (a)  (DUE DATE): not later than close of business on the due date for
              payment;

         (b)  (AS DIRECTED): in the manner and to such account as the Redraw
              Facility Provider directs in writing; and

         (c)  (SET-OFF): without set-off or counterclaim and free and clear of
              and without deduction for or on account of present or future
              Taxes, levies, imposts, duties, charges, fees, deductions,
              withholdings, restrictions or conditions of any nature.

--------------------------------------------------------------------------------
8.       ILLEGALITY AND INCREASED COST

8.1      ILLEGALITY

         If any change in applicable law, regulation, treaty or official
         directive or in the interpretation or administration thereof by any
         Governmental Agency charged with the administration thereof makes it
         unlawful or impossible for the Redraw Facility Provider to maintain or
         give effect to its obligations under this Agreement, the Redraw
         Facility Provider may by written notice to the Borrower (with a copy to
         the Manager) appoint a date as the Redraw Facility Termination Date
         which date must not be prior to 30 days (or such shorter period
         required by law) after the date of receipt by the Borrower of written
         notice from the Redraw Facility Provider appointing the Redraw Facility
         Termination Date.

8.2      INCREASED COST

         (a)  (CHANGE IN LAW): If by reason of any change in law or in its
              interpretation or

                                                                               9
<PAGE>

              administration or of compliance with any request from or
              requirement of any fiscal, monetary or other authority:

              (i)    the Redraw Facility Provider incurs a cost as a result of
                     its having entered into or performing its obligations under
                     this Agreement or as a result of any Advance being
                     outstanding hereunder;

              (ii)   there is any increase in the cost to the Redraw Facility
                     Provider of funding or maintaining any Advance;

              (iii)  the amount of principal, interest or other amount payable
                     to the Redraw Facility Provider or the effective return to
                     the Redraw Facility Provider under this Agreement is
                     reduced; or

              (iv)   the Redraw Facility Provider becomes liable to make any
                     payment (not being a payment of Tax on its overall net
                     income) on or calculated by reference to the amount of
                     Advances made under this Agreement,

              then from time to time on notification by the Redraw Facility
              Provider (copied to the Manager) the Borrower will on the Monthly
              Payment Date following such notification, and on each succeeding
              Monthly Payment Date until the Redraw Facility Provider is paid in
              full, pay to the Redraw Facility Provider so much of the amounts
              sufficient to indemnify the Redraw Facility Provider against such
              cost, increased cost, reduction or liability as there are funds
              available for this purpose in accordance with the Sub-Fund Notice.

         (b)  (NO DEFENCE): If the Redraw Facility Provider has acted in good
              faith it will not be a defence to the Borrower, in the event of
              any failure by the Borrower to comply with its payment obligations
              under clause 8.2(a), that any such cost, increased cost, reduction
              or liability could have been avoided. However, the Redraw Facility
              Provider will negotiate in good faith with the Borrower and the
              Manager with a view to finding a means by which such cost,
              increased cost, reduction or liability may be minimised.

         (c)  (CERTIFICATE CONCLUSIVE): The Redraw Facility Provider's
              certificate as to the amount of, and basis for arriving at, any
              such cost, increased cost, reduction or liability is conclusive
              and binding on the Borrower in the absence of manifest error on
              the face of the certificate.

--------------------------------------------------------------------------------
9.       FEES

9.1      PAYMENT OF FEES

         The Borrower must pay to the Redraw Facility Provider a fee of 0.10%
         per annum of the Unutilised Facility Amount. The fee will be calculated
         and accrue daily from the Closing Date on the basis of a 365 day year
         and must be paid quarterly in arrears on each Quarterly Payment Date
         from the funds available for this purpose in accordance with the
         Sub-Fund Notice and to the extent that such funds are not sufficient to
         pay the fee in full, the fee must be paid from the funds available on
         each succeeding Payment Date until paid in full. The fee may be varied
         from time to time as agreed in writing between the Redraw Facility
         Provider and the Manager and notified to the Borrower, provided that in
         the case of an increase in the fee, each Current Rating Authority is
         notified and confirms that such increase in the fee will not result in
         a downgrade, withdrawal or qualification of any ratings then assigned
         by it to the Notes.

                                                                              10
<PAGE>

--------------------------------------------------------------------------------
10.      REDUCTION OF THE REDRAW FACILITY

10.1     REDUCTION OF FACILITY LIMIT BY MANAGER OR BORROWER

         Subject to clause 10.2, the Manager or the Borrower may on any Business
         Day reduce the Facility Limit in whole or in part if on that Business
         Day:

         (a)  (NO CREDIT RATING DOWNGRADE): if any Notes are outstanding, each
              Current Rating Authority has previously confirmed in writing that
              the reduction in the Facility Limit on that Business Day will not
              result in a downgrade, qualification or withdrawal of the credit
              ratings then assigned by it to the Notes; and

         (b)  (NOTICE): the Redraw Facility Provider has received not less than
              5 Business Days prior to the reduction (or such other period as
              agreed between the Manager and the Redraw Facility Provider),
              written notice from the Manager (with a copy to the Borrower) or
              the Borrower (with a copy to the Manager) specifying that Business
              Day as the date the reduction is to take effect and the amount to
              which the Facility Limit is to be reduced.

10.2     NO REDUCTION IN FACILITY LIMIT BELOW ADVANCES OUTSTANDING

         Neither the Borrower nor the Manager may reduce the Facility Limit on
         any Business Day below the aggregate of the Advances then outstanding
         on that Business Day.

--------------------------------------------------------------------------------
11.      REPRESENTATIONS AND WARRANTIES

11.1     GENERAL REPRESENTATIONS AND WARRANTIES

         The Borrower in its capacity as trustee of the PUMA Trust represents
         and warrants to the Redraw Facility Provider that:

         (a)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery and
              performance of this Agreement and each other Transaction Document
              to which it is a party does not violate any existing law or
              regulation or any document or agreement to which it is a party or
              which is binding upon it or any of its assets;

         (b)  (CORPORATE POWER AND AUTHORISATION): the Borrower has the power to
              enter into, and to perform its obligations, and has taken all
              corporate and other action necessary to authorise the entry into
              of, and performance of its obligations under, this Agreement and
              each other Transaction Document to which it is a party;

         (c)  (LEGALLY BINDING OBLIGATION): this Agreement and each of the other
              Transaction Documents to which it is a party constitute its valid
              and legally binding obligations subject to stamping and any
              necessary registration except as such enforceability may be
              limited by any applicable bankruptcy, insolvency, reorganisation,
              moratorium, or trust or general principles of equity or other
              similar laws affecting creditors' rights generally;

         (d)  (NO EVENT OF DEFAULT): to the best of the Borrower's knowledge, no
              Event of Default or event which with the giving of notice, lapse
              of time or other applicable condition would become an Event of
              Default has occurred which has not been waived or remedied in
              accordance with this Agreement;

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

                                                                              11
<PAGE>

         (f)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery and
              performance of this Agreement and each other Transaction Document
              to which it is a party does not violate its constitution.

11.2     PUMA TRUST REPRESENTATIONS AND WARRANTIES

         The Borrower in its capacity as trustee of the PUMA Trust represents
         and warrants to the Redraw Facility Provider in relation to the PUMA
         Trust as follows:

         (a)  (PUMA TRUST VALIDLY CREATED): the PUMA Trust has been validly
              created and is in existence at the date of this Agreement;

         (b)  (SOLE TRUSTEE): the Borrower has been validly appointed as trustee
              of the PUMA Trust and is presently the sole trustee of the PUMA
              Trust;

         (c)  (NO PROCEEDINGS TO REMOVE): no notice has been given to the
              Borrower and to the Borrower's knowledge no resolution has been
              passed or direction or notice has been given, removing the
              Borrower as trustee of the PUMA Trust;

         (d)  (BORROWER'S POWER): the Borrower has power under the Trust Deed to
              enter into the Transaction Documents to which it is a party in its
              capacity as trustee of the PUMA Trust; and

         (e)  (GOOD TITLE): the Borrower is the legal owner of the assets of the
              PUMA Trust and has power under the Trust Deed to mortgage or
              charge them in the manner provided in the Security Trust Deed.

11.3     REPRESENTATIONS AND WARRANTIES REPEATED

         Each representation and warranty contained in clauses 11.1 and 11.2
         will be deemed to be repeated on each Drawdown Date with reference to
         the facts and circumstances then subsisting, as if made on each such
         day.

--------------------------------------------------------------------------------
12.      UNDERTAKINGS

12.1     GENERAL

         The Borrower undertakes to the Redraw Facility Provider that it will:

         (a)  (ACT CONTINUOUSLY): act continuously as trustee of the PUMA Trust
              in accordance with the Trust Deed and the Sub-Fund Notice until
              the PUMA Trust is terminated or until it has retired or been
              removed in accordance with the Trust Deed;

         (b)  (DO ALL THINGS NECESSARY): do everything and take all such actions
              which are necessary (including, without limitation, obtaining all
              such authorisations and approvals as are appropriate) to ensure
              that it is able to exercise all its powers and remedies and
              perform all its obligations under this Agreement, other
              arrangements entered into by the Borrower pursuant to this
              Agreement and each Transaction Document to which it is a party;

         (c)  (MAINTAIN AUTHORISATIONS): ensure that each authorisation required
              for it to maintain its status as trustee of the PUMA Trust is
              obtained and promptly renewed and maintained in full force and
              effect; and

         (d)  (NOT AMEND OR REVOKE): not consent to amend or revoke the
              provisions of any Transaction Document without the prior written
              consent of the Redraw Facility Provider.

                                                                              12
<PAGE>

12.2     MANAGER'S UNDERTAKINGS AFTER MANAGER EVENT

         At any time after a Manager Event occurs the Manager will:

         (a)  (NOTIFY REDRAW FACILITY PROVIDER): immediately notify the Redraw
              Facility Provider as soon as it becomes actually aware of the
              occurrence of:

              (i)    any Event of Default, Potential Event of Default, Manager
                     Default or Trustee Default and the steps taken to remedy
                     that event; or

              (ii)   any litigation, arbitration, criminal or administrative
                     proceedings relating to any of the Borrower's property,
                     assets or revenues that involves a claim against it in
                     excess of A$1,000,000 or that, if decided adversely to it,
                     could have a material adverse effect on its ability to
                     perform the Obligations,

                        and in each case advise the Redraw Facility Provider of
                        what steps it has taken and what steps it proposes to
                        take in relation to such occurrences; and

         (b)  (DELIVER ACCOUNTS): deliver to the Redraw Facility Provider:

              (i)    as soon as practicable and in any event not later than 120
                     days after the close of each of the PUMA Trust's financial
                     years, a copy of the audited annual accounts of the PUMA
                     Trust;

              (ii)   as soon as practicable and in any event not later than 90
                     days after each of the PUMA Trust's financial years, a copy
                     of the report prepared by the Auditor in accordance with
                     clause 13.5 of the Trust Deed (if any);

              (iii)  as and when required by the Redraw Facility Provider, a
                     certificate executed by 2 Authorised Signatories on behalf
                     of the Manager stating to the best of the knowledge of the
                     Manager whether or not an Event of Default, Potential Event
                     of Default, Manager Default or Trustee Default has occurred
                     and if the same has occurred, setting out the details
                     thereof and the steps (if any) taken by the Manager to
                     remedy or cure the same; and

              (iv)   promptly, such further information regarding the PUMA
                     Trust's financial condition and business operations within
                     the knowledge of the Manager as the Redraw Facility
                     Provider from time to time reasonably requires.

--------------------------------------------------------------------------------
13.      EVENTS OF DEFAULT

13.1     EVENTS OF DEFAULT

         Each of the following events is an Event of Default whether or not
         caused by any reason whatsoever outside the control of the Borrower or
         any other person:

         (a)  (FAILURE TO REPAY OR PAY): the Borrower fails to repay, in
              accordance with this Agreement, any Advance or fails to pay any
              interest, fees, costs, charges, expenses or other moneys payable
              under this Agreement in each case within 10 days of the due date
              for payment of such amount;

         (b)  (BREACH OF UNDERTAKING): at any time after a Manager Event occurs,
              the Borrower breaches its undertaking in clause 12.1(d); and

         (c)  (EVENT OF DEFAULT UNDER SECURITY TRUST DEED): an Event of Default
              (as defined in

                                                                              13
<PAGE>

              the Security Trust Deed) occurs.

13.2     CONSEQUENCES OF EVENT OF DEFAULT

         At any time after the occurrence of an Event of Default the Redraw
         Facility Provider may, without being obliged to do so and
         notwithstanding any waiver of any previous default, by written notice
         to the Borrower:

         (a)  (DECLARE ADVANCES DUE): declare the Redraw Facility Principal,
              accrued interest and all other sums which have accrued due under
              this Agreement (whether or not presently payable) to be due,
              whereupon they will become, immediately due and payable; and/or

         (b)  (DECLARE REDRAW FACILITY TERMINATED): declare the Redraw Facility
              terminated in which case the obligations of the Redraw Facility
              Provider under this Agreement will immediately terminate from the
              date of receipt by the Borrower of such written notice.

--------------------------------------------------------------------------------
14.      TRUSTEE PROVISIONS

14.1     LIMITATION ON BORROWER'S LIABILITY

         The Borrower enters into this Agreement only in its capacity as trustee
         of the PUMA Trust and in no other capacity. A liability incurred by the
         Borrower acting in its capacity as trustee of the PUMA Trust arising
         under or in connection with this Agreement is limited to and can be
         enforced against the Borrower only to the extent to which it can be
         satisfied out of the assets of the PUMA Trust out of which the Borrower
         is actually indemnified for the liability. This limitation of the
         Borrower's liability applies despite any other provision of this
         Agreement (other than clause 14.3) and extends to all liabilities and
         obligations of the Borrower in any way connected with any
         representation, warranty, conduct, omission, agreement or transaction
         related to this Agreement.

14.2     CLAIMS AGAINST BORROWER

         The parties other than the Borrower may not sue the Borrower in respect
         of liabilities incurred by the Borrower acting in its capacity as
         trustee of the PUMA Trust in any capacity other than as trustee of the
         PUMA Trust, including seeking the appointment of a receiver (except in
         relation to the assets of the PUMA Trust), a liquidator, an
         administrator or any similar person to the Borrower or prove in any
         liquidation, administration or arrangements of or affecting the
         Borrower (except in relation to the assets of the PUMA Trust).

14.3     BREACH OF TRUST

         The provisions of this clause 14 will not apply to any obligation or
         liability of the Borrower to the extent that it is not satisfied
         because under the Trust Deed, the Sub-Fund Notice, any other
         Transaction Document or by operation of law there is a reduction in the
         extent of the Borrower's indemnification out of the assets of the PUMA
         Trust as a result of the Borrower's fraud, negligence or wilful
         default.

14.4     ACTS OR OMISSIONS

         It is acknowledged that the Relevant Parties are responsible under the
         Transaction Documents for performing a variety of obligations relating
         to the PUMA Trust. No act or omission of the Borrower (including any
         related failure to satisfy its obligations or any breach or
         representation or warranty under this Agreement) will be considered
         fraudulent, negligent or a wilful default for the purpose of clause
         14.3 to the extent to which the act or omission was

                                                                              14
<PAGE>

         caused or contributed to by any failure by any Relevant Party or any
         other person appointed by the Borrower under any Transaction Document
         (other than a person whose acts or omissions the Borrower is liable for
         in accordance with any Transaction Document) to fulfil its obligations
         in relation to the PUMA Trust or by any other act or omission of a
         Relevant Party or any other such person.

14.5     NO OBLIGATION

         The Borrower is not obliged to enter into any commitment or obligation
         under this Agreement or any Transaction Document (including incur any
         further liability) unless the Borrower's liability is limited in a
         manner which is consistent with this clause 14 or otherwise in a manner
         satisfactory to the Borrower in its absolute discretion.

--------------------------------------------------------------------------------
15.      ASSIGNMENT

15.1     ASSIGNMENT BY BORROWER

         The Borrower will not assign or otherwise transfer the benefit of this
         Agreement or any of its rights, duties or obligations under this
         Agreement except to a substitute Trustee which is appointed as a
         successor trustee of the PUMA Trust under and in accordance with the
         Trust Deed and which is acceptable to the Redraw Facility Provider and
         the Manager (each of whose consent is not to be unreasonably withheld).

15.2     ASSIGNMENT BY MANAGER

         The Manager will not assign or otherwise transfer the benefit of this
         Agreement or any of its rights, duties or obligations under this
         Agreement except to a substitute Manager which is appointed as a
         successor manager of the PUMA Trust under and in accordance with the
         Management Deed and which is acceptable to the Redraw Facility Provider
         (whose consent is not to be unreasonably withheld).

15.3     ASSIGNMENT BY REDRAW FACILITY PROVIDER

         The Redraw Facility Provider, with the consent of the Manager, may at
         any time assign or otherwise transfer all or any part of the benefit of
         this Agreement or any of its rights, duties and obligations under this
         Agreement to another Bank or financial institution and may disclose to
         a proposed assignee or transferee information in the possession of the
         Redraw Facility Provider relating to the Borrower and the Manager.

--------------------------------------------------------------------------------
16.      NOTICES

16.1     METHOD OF DELIVERY

         Subject to clause 16.4, any notice, request, certificate, approval,
         demand, consent or other communication to be given under this Agreement
         must:

         (a)  (AUTHORISED SIGNATORY): except in the case of communications by
              email, be in writing and signed by an Authorised Signatory of the
              party giving the same; and

         (b)  (DELIVERY): be:

              (i)    left at the address of the addressee;

              (ii)   sent by prepaid ordinary post to the address of the
                     addressee;

              (iii)  sent by facsimile to the facsimile number of the addressee;
                     or

                                                                              15
<PAGE>

              (iv)   sent by email by an Authorised Signatory of the party
                     giving the same to the addressee's specified email address.

16.2     ADDRESS FOR NOTICES

         The address, facsimile number and specified email address of a party
         shall be the address, facsimile number and specified email address
         notified by that party to the other parties from time to time.

16.3     DEEMED RECEIPT

         A notice, request, certificate, demand, consent or other communication
         under this Agreement is deemed to have been received:

         (a)  (DELIVERY): where delivered in person, upon receipt;

         (b)  (POST): where sent by post, on the 3rd (7th if outside Australia)
              day after posting;

         (c)  (FAX): where sent by facsimile, on production by the dispatching
              facsimile machine of a transmission report which indicates that
              the facsimile was sent in its entirety to the facsimile
                        number of the recipient; and

         (d)  (EMAIL): where sent by email, on the date that the email is
              received.

         However, if the time of deemed receipt of any notice is not before 5.00
         pm (Sydney time) on a Business Day at the address of the recipient it
         is deemed to have been received at the commencement of business on the
         next Business Day.

16.4     EMAIL

         A notice, request, certificate, approval, demand, consent or other
         communication to be given under this Agreement may only be given by
         email where the recipient has agreed that that communication, or
         communications of that type, may be given by email and subject to such
         conditions as may be required by the recipient.

--------------------------------------------------------------------------------
17.      INDEMNITY

17.1     INDEMNITY ON DEMAND

         Subject to clause 14, the Borrower will on demand indemnify the Redraw
         Facility Provider against any loss, cost or expenses which the Redraw
         Facility Provider may sustain or incur as a consequence of any act or
         omission of the Borrower which gives rise to any of the following:

              (a)    (OVERDUE SUMS): any sum payable by the Borrower under this
                     Agreement not being paid when due;

              (b)    (EVENT OF DEFAULT): the occurrence of any Event of Default;
                     or

              (c)    (PAYMENT OF PRINCIPAL): the Redraw Facility Provider
                     receiving payments of principal other than on the last day
                     of the relevant Interest Period for any reason.

17.2     REDRAW FACILITY PROVIDER OBLIGATIONS

         (a)  (REDRAW FACILITY PROVIDER OBLIGATIONS): If the Redraw Facility
              Provider receives written notice of any act, matter or thing
              which, in the Redraw Facility Provider's reasonable opinion, may
              give rise to a loss, cost, charge, liability or expense in
              relation to which the Borrower would be required to indemnify or
              reimburse it

                                                                              16
<PAGE>

              under clause 17.1, then the Redraw Facility Provider must notify
              the Borrower of that act, matter or thing, giving such details as
              it is practicable to give as soon as reasonably practicable and in
              any event within 5 Business Days of it coming to its attention
              provided that failure to do so will not result in any loss or
              reduction in the indemnity contained in clause 17.1.

         (b)  (REDRAW FACILITY PROVIDER TO CONSULT): The Redraw Facility
              Provider must consult with the Borrower in good faith in relation
              to the conduct of any proceedings that may give rise to a claim
              under the indemnity in clause 17.1.

17.3     LOSSES ON LIQUIDATION OR RE-EMPLOYMENT OF DEPOSITS

         Any loss, cost or expense referred to in clause 17.1 will include the
         amount determined in good faith by the Redraw Facility Provider as
         being any loss (other than an amount for loss of profit other than loss
         of margin) including loss of margin, cost or expense incurred by reason
         of the liquidation or re-employment of deposits or other funds acquired
         or contracted for the Redraw Facility Provider to fund or maintain any
         overdue amounts referred to in clause 17.1(a) or payments of principal
         referred to in clause 17.1(c).

17.4     PAYMENT ON PAYMENT DATE

         Any payments to be made by the Borrower pursuant to this clause 17 will
         only be made on the Payment Date following demand by the Redraw
         Facility Provider and on each succeeding Payment Date until the Redraw
         Facility Provider is paid in full by payment of so much of the amount
         sufficient to indemnify the Redraw Facility Provider as is available
         for this purpose in accordance with the Sub-Fund Notice.

--------------------------------------------------------------------------------
18.      MISCELLANEOUS

18.1     STAMP DUTIES

         (a)  (BORROWER MUST PAY): The Borrower will pay all stamp, loan
              transaction and similar Taxes and all registration fees including
              fines and penalties (except such fines and penalties incurred
              through the act, neglect or omission of the Redraw Facility
              Provider after the Redraw Facility Provider has requested and been
              put in funds to pay such Taxes or fees), financial institutions
              duty and debits tax which may be payable or required to be paid by
              any appropriate authority or determined to be payable in
              connection with the execution, delivery, performance or
              enforcement of this Agreement.

         (b)  (BORROWER MUST INDEMNIFY): Subject to clause 14, the Borrower will
              indemnify and keep indemnified the Redraw Facility Provider
              against any loss or liability incurred or suffered by it as a
              result of the delay or failure by the Borrower to pay such Taxes
              or fees.

18.2     WAIVER

         A failure to exercise or enforce or a delay in exercising or enforcing
         or the partial exercise or enforcement of any right, remedy, power or
         privilege under this Agreement by the Redraw Facility Provider will not
         in any way preclude or operate as a waiver of any further exercise or
         enforcement of such right, remedy, power or privilege or the exercise
         or enforcement of any other right, remedy, power or privilege under
         this Agreement or provided by law.

18.3     WRITTEN WAIVER, CONSENT AND APPROVAL

         Any waiver, consent or approval given by the Redraw Facility Provider
         under this Agreement

                                                                              17
<PAGE>

         will only be effective and will only bind the Redraw Facility Provider
         if it is given in writing, or given verbally and subsequently confirmed
         in writing, and executed by the Redraw Facility Provider or on its
         behalf by 2 Authorised Signatories of the Redraw Facility Provider.

18.4     SEVERABILITY

         Any provision of this Agreement which is illegal, void or unenforceable
         in any jurisdiction is ineffective in such jurisdiction to the extent
         only of such illegality, voidness or unenforceability without
         invalidating the remaining provisions of this Agreement or affecting
         the validity or enforceability of such provision in any other
         jurisdiction.

18.5     SURVIVAL OF INDEMNITIES

         The indemnities contained in this Agreement are continuing obligations
         of the Borrower, separate and independent from the other obligations of
         the Borrower and will survive the termination of this Agreement.

18.6     SUCCESSORS AND ASSIGNS

         This Agreement is binding upon and enures to the benefit of the parties
         to this Agreement and their respective successors and permitted
         assigns.

18.7     MORATORIUM LEGISLATION

         To the fullest extent permitted by law, the provisions of all statutes
         whether existing now or in the future operating directly or indirectly:

         (a)  (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect
              in favour of the Borrower any obligation under this Agreement; or

         (b)  (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
              affect the exercise of any rights or remedies conferred on the
              Redraw Facility Provider under this Agreement,

            are hereby expressly waived, negatived and excluded.

18.8     AMENDMENTS

         No amendment to this Agreement will be effective unless in writing and
         executed by each of the parties to this Agreement. The Manager must
         provide a copy of each proposed amendment to each Current Rating
         Authority before the amendment becomes effective.

18.9     GOVERNING LAW

         This Agreement is governed by and construed in accordance with the laws
         of the State of New South Wales.

18.10    JURISDICTION

         The Borrower irrevocably and unconditionally:

         (a)  (SUBMISSION TO JURISDICTION): submits to the non-exclusive
              jurisdiction of the courts of the State of New South Wales;

         (b)  (WAIVER OF INCONVENIENT FORUM): waives any objection it may now or
              in the future have to the bringing of proceedings in those courts
              and any claim that any proceedings have been brought in an
              inconvenient forum; and

                                                                              18
<PAGE>

         (c)  (SERVICE OF NOTICE): agrees, without preventing any other mode of
              service permitted by law, that any document required to be served
              in any proceedings may be served in the manner in which notices
              and other written communications may be given under clause 16.

18.11    COUNTERPARTS

         This Agreement may be executed in a number of counterparts and all such
         counterparts taken together will constitute one and the same
         instrument.

                                                                              19
<PAGE>

SCHEDULE 1

FORM OF DRAWDOWN NOTICE

TO:                             Macquarie Bank Limited, ABN 46 008 583 542 (the
                                "REDRAW FACILITY PROVIDER")

ADDRESS:                        Level 15, 1 Martin Place Sydney NSW 2000

ATTENTION:                      [                          ]

FROM:                           Macquarie Securitisation Limited, ABN 16 003 297
                                336 (the "Manager")

DATE:                           [                         ]

The Manager hereby irrevocably requests you to make an Advance on the Drawdown
Date specified below for an amount equal to the amount specified below in
accordance with clause 4 of the Redraw Facility Agreement dated [ ] August 2003
between Perpetual Trustees Australia Limited, ABN 86 000 431 827, the Redraw
Facility Provider and the Manager of PUMA Global Trust No. 4, as novated or
supplemented from time to time (the "REDRAW FACILITY AGREEMENT"):

(a)      Drawdown Date:                                                 [      ]

(b)      Amount of requested Advance:                                 A$[      ]

Words used and not otherwise defined in this letter have the same meaning as in
the Redraw Facility Agreement.

SIGNED for and on behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336,

------------------------------------------------------------
Authorised Signatory

------------------------------------------------------------
Name

------------------------------------------------------------
Title:

                                                                              20
<PAGE>

SIGNED as an agreement.

<TABLE>
<CAPTION>
<S>                                                                  <C>
SIGNED for and on behalf of MACQUARIE BANK LIMITED, ABN 46
008 583 542 by its Attorneys Frank Ganis and Bevan Richardson
under a Power of Attorney dated 1/8/2003 and each Attorney
declares that he or she has not received any notice of the
revocation of such Power of Attorney, in the presence of:
                                                                      /s/ Frank Ganis
                                                                      ------------------------------------------------
                                                                      Signature of Attorney

/s/ Toula Preketes                                                    /s/ Bevan Richardson
------------------------------------------------------------          ------------------------------------------------
Signature of Witness                                                  Signature of Attorney

    Toula Preketes
------------------------------------------------------------

Name of Witness in full

SIGNED for and on behalf of PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827 by its Attorney Mark Dickenson
under a Power of Attorney dated 12/8/2003 and the Attorney
declares that he or she has not received any notice of the
revocation of such Power of Attorney, in the presence of:

                                                                      /s/ Mark Dickenson
                                                                      ------------------------------------------------
                                                                      Signature of Attorney

/s/ Toula Preketes
------------------------------------------------------------          ------------------------------------------------
Signature of Witness

    Toula Preketes
------------------------------------------------------------
Name of Witness in full

                                                                                                                    21

<PAGE>

SIGNED for and on behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336 by its Attorneys Frank Ganis and
Bevan Richardson under a Power of Attorney dated 1/8/2003 and
each Attorney declares that he or she has not received any
notice of the revocation of such Power of Attorney,
in the presence of:

                                                                      /s/ Frank Ganis
                                                                      ------------------------------------------------
                                                                      Signature of Attorney

/s/ Toula Preketes                                                    /s/ Bevan Richardson
------------------------------------------------------------          ------------------------------------------------
Signature of Witness                                                  Signature of Attorney

    Toula Preketes
------------------------------------------------------------
Name of Witness in full

                                                                                                                    22
</TABLE><PAGE>

                                         DEUTSCHE BANK AG, FRANKFURT HEAD OFFICE
                                                                 TAUNUSANLAGE 12
                                                        60262 FRANKFURT, GERMANY

15 August 2003
<TABLE>
<S>                                              <C>
TO: Perpetual Trustees Australia Limited          Macquarie Securitisation Limited
    (as trustee of the PUMA Global Trust No. 4)   Level 23
    Level 7                                       20 Bond Street
    9 Castlereagh Street                          Sydney  NSW  2000
    Sydney  NSW  2000                             AUSTRALIA
    AUSTRALIA

    ATTENTION: Manager, Securitisation Services   ATTENTION: The Manager: PUMA Programme
</TABLE>

CONFIRMATION - PUMA GLOBAL TRUST NO. 4 - US$ CLASS A NOTES

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

This Confirmation is entered into by Perpetual Trustees Australia Limited, ABN
86 000 431 827 as trustee of the PUMA Global Trust No. 4 (the "PUMA TRUST").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of 17 January 2003, as amended, novated or
supplemented from time to time (the "AGREEMENT"), between Deutsche Bank AG, ABN
13 064 164 162 ("PARTY A"), Perpetual Trustees Australia Limited as trustee of,
inter alia, the PUMA Trust ("PARTY B") and Macquarie Securitisation Limited, ABN
16 003 297 336 (the "MANAGER"). All provisions contained in the Agreement govern
this Confirmation except as expressly modified below.

This Confirmation incorporates the attached Definitions Schedule which forms
part of, and is subject to, this Confirmation.

The Transaction is a Currency Swap for the purposes of the Agreement.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

<TABLE>
<S>   <C>                                                 <C>
1.     OUR REFERENCE:                                     S117834L

2.     TRADE DATE:                                        14 August 2003

3.     EFFECTIVE DATE:                                    Closing Date (being 19 August 2003)

4.     TERMINATION DATE:                                  The earlier of:

                                                          (a)  the date that the Relevant Notes have been
                                                               redeemed in full in accordance with the Note
                                                               Conditions; and

                                                          (b)  the Final Maturity Date (being the Quarterly
                                                               Payment Date falling in October 2034).

                                       1
<PAGE>

5.     FLOATING AMOUNTS

5.1    FLOATING AMOUNTS PAYABLE BY PARTY A:

(A)    Floating Rate Payer:                               Party A

       Calculation Amount:                                For each Floating Rate Payer Payment Date, the aggregate Principal
                                                          Balance of the Relevant Notes as at the end of the first day of the
                                                          Calculation Period ending on but excluding that Floating Rate Payer
                                                          Payment Date (after taking into account any reductions in the
                                                          Principal Balance of the Relevant Notes on the first day of that
                                                          Calculation Period)

       Floating Rate Payer Payment Dates:                 Each Quarterly Payment Date during the period commencing on and
                                                          including 11 October 2003 and ending on and including the
                                                          Termination Date, subject to adjustment in accordance with the
                                                          Following Business Day Convention

       Floating Rate Option:                              USD-LIBOR-BBA

       Designated Maturity:                               Three months provided that in relation to the first Calculation
                                                          Period Linear Interpolation will apply

       Spread:                                            In respect of:

                                                          (a)  Floating Rate Payer Payment Dates on or prior to 11 July 2009
                                                               (or if that day is not a Business Day, the next following
                                                               Business Day), 0.19%; and

                                                          (b)  Floating Rate Payer Payment Dates after 11 July 2009 (or if
                                                               that day is not a Business Day, the next following Business
                                                               Day), 0.38%.

       Floating Rate Day Count Fraction:                  Actual/360

       Reset Dates:                                       The first day of each Calculation Period

       Compounding:                                       Inapplicable

(B)    Floating Rate Payer:                               Party A

       Calculation Amount:                                The Outstanding Class A Interest Amount in relation to that
                                                          Floating Rate Payer Payment Date

       Floating Rate Payer Payment Dates:                 Each Quarterly Payment Date during the period commencing on and
                                                          including 11 October 2003 and ending on and including the
                                                          Termination Date, subject to adjustment in accordance with the
                                                          Following Business Day Convention

       Floating Rate Option:                              USD-LIBOR-BBA

       Designated Maturity:                               Three months

       Spread:                                            In respect of:

                                                          (a)  Floating Rate Payer Payment Dates on or

                                       2
<PAGE>

                                                               prior to 11 July 2009 (or if that day is not a Business Day,
                                                               the next following Business Day), 0.19%; and

                                                          (b)  Floating Rate Payer Payment Dates after 11 July 2009 (or if
                                                               that day is not a Business Day, the next following Business
                                                               Day), 0.38%.

       Floating Rate Day Count Fraction:                  Actual/360

       Reset Dates:                                       The first day of each Calculation Period

       Compounding:                                       Inapplicable

(C)    Outstanding Class A Interest Amount:               On each Floating Rate Payer Payment Date, Party A must pay to Party
                                                          B the Outstanding Class A Interest Amount in relation to that
                                                          Floating Rate Payer Payment Date

5.2    FLOATING AMOUNTS PAYABLE BY PARTY B:

(A)    Floating Rate Payer:                               Party B

       Calculation Amount:                                For each Floating Rate Payer Payment Date, the A$ Equivalent of the
                                                          aggregate Principal Balances of the Relevant Notes as at the end of
                                                          the first day of the Calculation Period ending on but excluding
                                                          that Floating Rate Payer Payment Date (after taking into account
                                                          any reductions in the Principal Balance of the Relevant Notes on
                                                          the first day of that Calculation Period)

       Floating Rate Payer Payment Dates:                 Each Quarterly Payment Date during the period commencing on and
                                                          including 11 October 2003 and ending on and including the
                                                          Termination Date, subject to adjustment in accordance with the
                                                          Following Business Day Convention

       Floating Rate Option:                              AUD-BBR-BBSW

       Designated Maturity:                               Three months provided that in relation to the first Calculation
                                                          Period Linear Interpolation will apply

       Spread:                                            In respect of:

                                                          (a)  Floating Rate Payer Payment Dates on or prior to 11 July 2009
                                                               (or if that day is not a Business Day, the next following
                                                               Business Day), 0.3492 %; and

                                                          (b)  Floating Rate Payer Payment Dates after 11 July 2009 (or if
                                                               that day is not a Business Day, the next following Business
                                                               Day), 0.5522 %.

       Floating Rate Day Count Fraction:                  Actual/365 (Fixed)

       Reset Dates:                                       The first day of each Calculation Period

                                       3
<PAGE>

       Compounding:                                       Inapplicable

(B)    Floating Rate Payer:                               Party B

       Calculation Amount:                                The Outstanding A$ Class A Interest Amount in relation to that
                                                          Floating Rate Payer Payment Date

       Floating Rate Payer Payment Dates:                 Each Quarterly Payment Date during the period commencing on and
                                                          including 11 October 2003 and ending on and including the
                                                          Termination Date, subject to adjustment in accordance with the
                                                          Following Business Day Convention

       Floating Rate Option:                              AUD-BBR-BBSW

       Designated Maturity:                               Three months

       Spread:                                            In respect of:

                                                          (a)  Floating Rate Payer Payment Dates on or prior to 11 July 2009
                                                               (or if that day is not a Business Day, the next following
                                                               Business Day), 0.3492 %; and

                                                          (b)  Floating Rate Payer Payment Dates after 11 July 2009 (or if
                                                               that day is not a Business Day, the next following Business
                                                               Day), 0.5522%.

       Floating Rate Day Count Fraction:                  Actual/365 (Fixed)

       Reset Dates:                                       The first day of each Calculation Period

       Compounding:                                       Inapplicable

(C)    Outstanding A$ Class A Interest Amount:            On each Floating Rate Payer Payment Date, Party B will pay to Party
                                                          A the Outstanding A$ Class A Interest Amount in relation to that
                                                          Floating Rate Payer Payment Date

5.3    PROPORTIONATE ADJUSTMENT OF FLOATING AMOUNTS       If the A$ Class A Interest Payment in relation to a Quarterly
                                                          Payment Date will be less than the aggregate of the Floating
                                                          Amounts payable by Party B to Party A on that Quarterly Payment
                                                          Date (as notified by the Manager to Party A pursuant to paragraph 9
                                                          and including any Unpaid A$ Class A Interest Amount), Party A may,
                                                          in its discretion, elect, by notice in writing to Party B and the
                                                          Manager (such notice to be received by both such parties prior to
                                                          that Quarterly Payment Date), to pay to Party B on that Quarterly
                                                          Payment Date (in return for payment by Party B of the A$ Class A
                                                          Interest Payment and in lieu of the Floating Amounts that would
                                                          otherwise be payable by Party A to Party B on that Quarterly
                                                          Payment Date) a proportion of the Floating Amounts that would
                                                          otherwise be payable by Party A to Party B on that Quarterly
                                                          Payment Date (including any Unpaid Class A Interest Amounts) being
                                                          the same proportion as the A$ Class A Interest Payment bears to the
                                                          Floating Amounts payable by Party B to Party

                                       4
<PAGE>

                                                          A on that Quarterly Payment Date.

                                                          Notwithstanding any election by Party A pursuant to this paragraph
                                                          5.3, a failure by Party B to pay to Party A the full amount of the
                                                          Floating Amounts payable by Party B on a Quarterly Payment Date
                                                          constitutes a failure to pay for the purposes of Section 5(a)(i) of
                                                          the Agreement.

6.     EXCHANGES

6.1    INITIAL EXCHANGE:

       Initial Exchange Date:                             Effective Date

       Party A Initial Exchange Amount:                   The A$ Equivalent of the Party B Initial Exchange Amount, being
                                                          A$1,846,153,846.00.

       Party B Initial Exchange Amount:                   The aggregate Original Principal Balances of the Relevant Notes on
                                                          the Closing Date, being US$1,200,000,000.

6.2    INSTALMENT EXCHANGE:

       Instalment Exchange Date:                          Each Quarterly Payment Date (other than the Final Exchange Date)

       Party A Instalment Exchange Amount:                In respect of an Instalment Exchange Date means the US$ Equivalent
                                                          of the A$ Class A Principal Amount in relation to the Quarterly
                                                          Payment Date occurring on that Instalment Exchange Date

       Party B Instalment Exchange Amount:                In respect of an Instalment Exchange Date means the A$ Class A
                                                          Principal Amount in relation to the Quarterly Payment Date
                                                          occurring on that Instalment Exchange Date

6.3    FINAL EXCHANGE:

       Final Exchange Date:                               Termination Date

       Party A Final Exchange Amount:                     The US$ Equivalent of the A$ Class A Principal Amount in relation
                                                          to the Quarterly Payment Date which is the Final Exchange Date

       Party B Final Exchange Amount:                     The A$ Class A Principal Amount in relation to the Quarterly
                                                          Payment Date which is the Final Exchange Date

7.     EXCHANGE RATES:

       For the purpose of the definitions of
       "A$ EQUIVALENT" and "US$ EQUIVALENT":

       US$ Exchange Rate:                                 0.65

       A$ Exchange Rate:                                    1
                                                          ----
                                                          0.65

                                       5
<PAGE>

8.     ACCOUNT DETAILS:

8.1    PAYMENTS TO PARTY A

       Account for payments in US$:                       The account notified in writing by Party A to Party B from time to
                                                          time

       Account for payments in A$:                        The account in Australia notified in writing by Party A to Party B
                                                          from time to time

8.2    PAYMENTS TO PARTY B

       Account for payments in US$:                       Directly to the Relevant Principal Paying Agent to the account
                                                          outside of Australia notified in writing by the Relevant Principal
                                                          Paying Agent to Party A for that purpose. On payment of any such
                                                          amount by Party A to the Relevant Principal Paying Agent, Party A's
                                                          obligations will be fully discharged in respect of that payment.
                                                          Party A is entitled to rely on any such notice and is not obliged
                                                          to enquire into the authority of the Relevant Principal Paying
                                                          Agent to give such notice.

       Account for payments in A$:                        The account notified in writing by Party B to Party A for that
                                                          purpose

9.     NOTIFICATIONS TO PARTY A                           On or before the Determination Time in respect of each Quarterly
                                                          Payment Date the Manager must notify Party A in writing of:

                                                          (a)  the A$ Class A Principal Amount in relation to that Quarterly
                                                               Payment Date;

                                                          (b)  the A$ Class A Interest Amount in relation to that Quarterly
                                                               Payment Date;

                                                          (c)  the Unpaid A$ Class A Interest Amount (if any) in relation to
                                                               that Quarterly Payment Date;

                                                          (d)  the A$ Class A Interest Payment in relation to that Quarterly
                                                               Payment Date.

10.    OFFICES:                                           The Office of Party A for this Transaction is Frankfurt Head
                                                          Office.

                                                          The Office of Party B for this Transaction is not applicable.

11.    PAYMENTS                                           Except as provided below (and without limiting Section 2(a)(ii) of
                                                          the Agreement), payments under this Agreement by:

                                                          (i)  Party A, will be made by 10.00am (New York time); and

                                                          (ii) Party B, will be made by 4.00pm (Sydney time),

                                                          on the due date for value on that date in the place of the account
                                                          specified in accordance with paragraph 8

                                       6
<PAGE>

                                                          above.

                                                          Notwithstanding the foregoing, Party A must pay the Party A Initial
                                                          Exchange Amount to Party B by 2.00pm (Sydney time) on the Initial
                                                          Exchange Date and Party B must pay Party A the Party B Initial
                                                          Exchange Amount by 12.00 noon (New York time) on the Initial
                                                          Exchange Date.
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of this Transaction to which this Confirmation relates by signing and
returning this Confirmation to us by facsimile today.

Yours sincerely

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of
DEUTSCHE BANK AG

By: /s/ Rachel Palmer
    -----------------------------------------
               (Authorised Officer )

Name:   Rachel Palmer

Title:  Documentations Officer
        OTC Derivatives

                                       7
<PAGE>

<TABLE>
<S>                                                    <C>
CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:          CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of                            SIGNED for and on behalf of
PERPETUAL TRUSTEES AUSTRALIA                           MACQUARIE SECURITISATION LIMITED,
LIMITED, ABN 86 000 431 827                            ABN 16 003 297 336
as trustee of the PUMA Global Trust No. 4

By: /s/ Mark Dickenson                                 By:  /s/ Bevan Richardson
   -------------------------------------------             --------------------------------------
             (Authorised Officer)                                   (Authorised Officer)

                                                       Name:    Bevan Richardson
                                                            -------------------------------------

Name:   Mark Dickenson
      -----------------------------------------

                                                       Title:   Attorney
                                                             ------------------------------------

Title:  Program Analytics                              By:  /s/ Matthew O'Hare
      ----------------------------------------             --------------------------------------
                                                                   (Authorised Officer)

                                                       Name:    Matthew O'Hare
                                                             ------------------------------------

                                                       Title:   Attorney
                                                             ------------------------------------

</TABLE>

                                                  8
<PAGE>

                                                     DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement to the extent that it relates to the
PUMA Global Trust No. 4, unless the context otherwise requires:

"A$ CLASS A INTEREST PAYMENT" in relation to a Quarterly Payment Date means the
amount paid or available to be paid (as the case may be) on that Quarterly
Payment Date under clause 5.1(d)(i) of the Sub-Fund Notice in respect of the A$
Class A Interest Amount and Unpaid A$ Class A Interest Amount on that Quarterly
Payment Date.

"A$ CLASS A PRINCIPAL AMOUNT" has the same meaning as in the Sub-Fund Notice.

"A$ EQUIVALENT" has the same meaning as in the Sub-Fund Notice.

"AGENCY AGREEMENT" means the Agency Agreement dated on or about the date of this
Confirmation between Party B, the Manager, The Bank of New York, New York and
The Bank of New York, London Branch.

"AUD-BBR-BBSW" means that the rate for a Reset Date will be the rate expressed
as a percentage per annum appearing on the Reuters Screen Page "BBSW" at
approximately 10.10am Sydney time on that Reset Date for a bill of exchange
having a tenor equal to the Designated Maturity, as being the average of the
mean buying and selling rates appearing on that page for such a bill of exchange
rounded to four decimal places. If fewer than four banks quote on the Reuters
Screen page "BBSW", the rate for that date and specified term will be calculated
as above by taking the rates otherwise quoted by 4 banks on application by the
Calculation Agent for such a bill of the same tenor, eliminating the highest and
lowest mean rates and taking the average of the remaining mean rates rounded to
four decimal places. If a rate cannot be determined in accordance with the
foregoing procedures, then AUD-BBR-BBSW means such rate as is specified in good
faith by the Calculation Agent at or around that time on that date, having
regard, to the extent possible, to comparable indices then available as to the
rates otherwise bid and offered for such bills of that tenor around that time.

"BUSINESS DAY" means any day on which banks are open for business in Sydney, New
York City and London other than a Saturday, a Sunday or a public holiday in
Sydney, New York City or London.

"CLASS A INTEREST PAYMENT" means, on any Quarterly Payment Date, the Floating
Amounts payable by Party A under paragraph 5.1 of this Confirmation, as adjusted
(if appropriate) in accordance with paragraph 5.3 of this Confirmation.

"DETERMINATION TIME" in relation to a Quarterly Payment Date means on or about
11.00am Sydney time 5 Business Days prior to that Quarterly Payment Date.

"NOTE CONDITIONS" means the terms and conditions of the Relevant Notes annexed
to the Relevant Notes.

"NOTE TRUST DEED" means the Note Trust Deed dated on or about the date of this
Confirmation between Party B, the Manager and the Relevant Note Trustee.

"OUTSTANDING A$ CLASS A INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate amount of the Floating Amounts referred to in
paragraph 5.2 with respect to the immediately preceding Floating Rate Payer
Payment Date which were not paid by Party B on that Floating Rate Payer Payment
Date as a result of the operation of paragraph 5.3.

"OUTSTANDING CLASS A INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate amount of the Floating Amounts referred to in
paragraph 5.1 with respect to the immediately preceding Floating Rate Payer
Payment Date which were not paid by Party A on that Floating Rate Payer Payment
Date as a result of the operation of paragraph 5.3.

                                       9
<PAGE>

"RATE PAGE" means Telerate Page 3750 or, if Telerate Page 3750 ceases to quote
the relevant rate, such other page, section or part of Telerate as quotes the
relevant rate and is selected by the Calculation Agent or, if there is no such
page, section or part of such other page, section or part of a different screen
information service as quotes the relevant rate selected by the Calculation
Agent and approved by the Relevant Note Trustee.

"RELEVANT AGENT BANK" means The Bank of New York, New York or, if The Bank of
New York is removed or retires as Agent Bank under the Agency Agreement, any
person appointed from time to time in its place in accordance with the Agency
Agreement.

"RELEVANT NOTEHOLDERS" means the Class A Noteholders as that term is defined in
the Note Trust Deed.

"RELEVANT NOTES" means the Class A Notes issued by Party B under the Note Trust
Deed.

"RELEVANT NOTE TRUSTEE" means The Bank of New York, New York or, if The Bank of
New York is removed or retires as the trustee for the Relevant Noteholders, any
person appointed from time to time in its place in accordance with the Note
Trust Deed.

"RELEVANT PRINCIPAL PAYING AGENT" means The Bank of New York, New York or, if
The Bank of New York is removed or retires as Principal Paying Agent under the
Agency Agreement, any person appointed from time to time in its place in
accordance with the Agency Agreement.

"SECURITY TRUST DEED" means the Security Trust Deed dated 12 August 2003 between
Party B, the Manager, the Relevant Note Trustee and Perpetual Trustee Company
Limited, ABN 42 000 001 007.

"SUB-FUND NOTICE" means the Sub-Fund Notice dated 12 August 2003 between Party B
and the Manager.

"UNPAID A$ CLASS A INTEREST AMOUNT" in relation to a Floating Rate Payer Payment
Date means the aggregate of the Floating Amounts referred to in paragraphs
5.2(B) and (C) with respect to that Floating Rate Payer Payment Date.

"UNPAID CLASS A INTEREST AMOUNT" in relation to a Floating Rate Payer Payment
Date means the aggregate of the Floating Amounts referred to in paragraphs
5.1(B) and (C) with respect to that Floating Rate Payer Payment Date.

"US$ EQUIVALENT" in relation to an amount which is calculated, determined or
expressed in A$, or which includes a component determined or expressed in A$,
means that A$ amount or A$ component (as the case may be) multiplied by the US$
Exchange Rate.

"USD-LIBOR-BBA" has the meaning ascribed to that term in the 2000 ISDA
Definitions except that:

(a)  reference to "London Banking Days" in section 7.1(w)(xvii) of the Annex to
     the 2000 ISDA Definitions is replaced with reference to "London/New York
     Business Days" as that expression is defined in the Note Conditions;

(b)  reference to "Telerate Page 3750" in section 7.1(w)(xvii) of the Annex to
     the 2000 ISDA Definitions is replaced with reference to "Rate Page" (as
     defined above); and

(c)  the interest rate so determined will be rounded to four decimal places,

and that if USD-LIBOR-BBA cannot be determined in accordance with the 2000 ISDA
Definitions as varied above (including endeavouring to determine a rate under
the definition of "USD-LIBOR-Reference banks" in section 7.1(w)(xx)), it will
remain as the most recently determined rate obtained from a Rate Page for a
preceding Calculation Period.

                                       10
<PAGE>

Terms defined in the Note Conditions (including by incorporation by reference)
have the same meaning in this Confirmation unless otherwise defined in this
Confirmation.

                                       11

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