Document:

SCHEDULE
                                     TO THE
            MASTER AGREEMENT (1992 ISDA MULTI-CURRENCY CROSS BORDER)

                                 DATED AS OF [o]

                                     BETWEEN

                                   [o] ABN [o]
                                   ("PARTY A")

                                       AND

                      PERPETUAL LIMITED ABN 86 000 431 827
              in its capacity as trustee of the Securitisation Fund
                                   ("PARTY B")

                                       AND

               ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134
              in its capacity as manager of the Securitisation Fund
                                   ("MANAGER")

PART 1. TERMINATION PROVISIONS

(a)   "Specified Entity" means:

      (i)   in relation to Party A for the purposes of:

            Section 5(a)(v):     Nil
            Section 5(a)(vi):    Nil
            Section 5(a)(vii):   Nil
            Section 5(b)(iv):    Nil

                                                                               1

<PAGE>

      and

      (ii)  in relation to Party B for the purposes of:

            Section 5(a)(v):     Nil
            Section 5(a)(vi):    Nil
            Section 5(a)(vii):   Nil
            Section 5(b)(iv):    Nil

(b)   "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

(c)   The following provisions of Section 5 will not apply to Party A or Party
      B:

      (i)   Section 5(a)(ii)
            Section 5(a)(iii)
            Section 5(a)(iv)
            Section 5(a)(v)
            Section 5(a)(vi)
            Section 5(a)(viii)
            Section 5(b)(iii)
            Section 5(b)(iv)

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

(d)   EVENT OF DEFAULT. Delete Section 5(a)(i) and insert instead:

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

(e)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by:

      "An Insolvency Event (as defined in the Security Trust Deed) has occurred
      in respect of Party A (which will be the Defaulting Party) or Party B
      (which will be the Defaulting Party)".

      However the parties agree for the purposes of this Agreement that the
      occurrence of an Insolvency Event (as defined in the Security Trust Deed)
      in respect of Party B will not constitute an Event of Default provided
      that:

      (i)   within 30 days of that occurrence, Party A, Party B and the Manager
            are able to procure the novation of this Agreement and all
            Transactions under this Agreement to a third party;

      (ii)  the Rating Agencies confirm that the novation will not cause a
            reduction or withdrawal of the rating of the Notes; and

      (iii) Party A and Party B agree to execute a novation agreement in a form
            agreed between the parties.

(f)   "AUTOMATIC EARLY TERMINATION". The provisions of Section 6(a) will not
      apply to Party A nor to Party B.

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

      (i)   Market Quotation will apply.

                                                                               2

<PAGE>

      (ii)  The Second Method will apply.

(h)   "TERMINATION CURRENCY" means Australian Dollars.

(i)   ADDITIONAL TERMINATION EVENT will apply. The following shall constitute an
      Additional Termination Event:

      (i)   Party B becomes obliged to make a withholding or deduction in
            respect of any Notes and the Notes are redeemed as a result (in
            which case Party B shall be the Affected Party).

      (ii)  Party A fails to comply with the requirements of Part 5(t) of this
            Schedule (in which case Party A shall be the Affected Party).

      (iii) Party A fails to comply with the requirements of Part 5(x) of this
            Schedule (in which case Party A shall be the Affected Party).

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

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

(l)   EARLY TERMINATION. In Section 6:

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

            "However, if Party B is the Affected Party, then Party B will only
            be obliged to make such efforts to effect a transfer in accordance
            with this Section 6(b)(ii) as it is able to make by application of
            funds available for such application in accordance with the
            provisions of the Master Trust Deed".

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

            "so long as the transfer in respect of that Transaction would not
            lead to a rating downgrade, or rating withdrawal, of any rated debt
            of Party B that is secured under the Security Trust Deed. However,
            if Party A is that other party it must, if so requested by Party B,
            use reasonable efforts to make such a transfer to an Affiliate (as
            that expression is defined in Section 14) at the expense of Party B
            in its capacity as trustee of the Securitisation Fund and such
            expense will be an expense of the Securitisation Fund.";

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

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

(m)   NO SET OFF. Delete the last sentence of the first paragraph in Section
      6(e).

(n)   RESTRICTED TERMINATION RIGHTS. Add a new Section 6(aa) as follows:

      "(AA) RESTRICTED TERMINATION RIGHTS

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

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

                                                                               3

<PAGE>

                  Trustee (if applicable) and only after consultation between
                  Party A and the Note Trustee (if applicable). Party B may only
                  designate an Early Termination Date at the direction of the
                  Manager.

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

                  (a)   Notwithstanding Part 1(c)(ii) of this Schedule, Party A
                        may designate an Early Termination Date if it is an
                        Affected Party following a Tax Event but only if all
                        Notes will be redeemed at the full amount of the
                        Invested Amount (or if the Noteholders by Extraordinary
                        Resolution have so agreed, at a lesser amount) together
                        with accrued interest to (but excluding) the date of
                        redemption.

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

            (iii) TRANSFER WHERE PARTY B DOES NOT GROSS-UP. If any payment by
                  Party B to Party A under this Agreement is, or is likely to
                  be, made subject to any deduction or withholding on account of
                  Tax, Party B will endeavour to procure the transfer of its
                  obligations under this Agreement in respect of each Affected
                  Transaction to a third party, which is incorporated in another
                  jurisdiction, approved by Party A and the Note Trustee (if
                  applicable) and in respect of which the Rating Agencies
                  confirm that such transfer to such party will not cause a
                  reduction or withdrawal of the rating of the Notes".

                                                                               4

<PAGE>

PART 2. TAX REPRESENTATIONS

(a)   PAYER REPRESENTATIONS.

      For the purpose of Section 3(e), Party A and Party B each make the
      representation specified below:

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

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

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

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

      provided that it shall not be a breach of this representation where
      reliance is placed on Part 2(a)(ii) above and the other party does not
      deliver a form or document under Section 4(a)(iii) by reason of material
      prejudice to its legal or commercial position.

(b)   PAYEE TAX REPRESENTATIONS.

         For the purpose of Section 3(f):

         Party A and Party B represents that it is an Australian resident and
         does not derive the payments under this Agreement in part or whole in
         carrying on business in a country outside Australia at or through a
         permanent establishment of itself in that country.

                                                                               5

<PAGE>

PART 3. DOCUMENTS TO BE DELIVERED

For the purposes of Section 4(a)(i) and Section 4(a)(ii), each party agrees to
deliver the following documents, as applicable:

(a)   Tax forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
         PARTY REQUIRED                                                                        DATE BY WHICH DOCUMENT
       TO DELIVER DOCUMENT                   FORM/DOCUMENT/CERTIFICATE                             TO BE DELIVERED
--------------------------------   ---------------------------------------------   ---------------------------------------------
<S>                                <C>                                             <C>
Party A and Party B                Any document or certificate reasonably          As soon as reasonably practicable following a
                                   required or reasonably requested by a party     request by the other party.
                                   in connection with its obligations to make a
                                   payment under this Agreement which would
                                   enable that party to make the payment free
                                   from any deduction or withholding for or on
                                   account of Tax or as would reduce the rate at
                                   which deduction or withholding for or on
                                   account of Tax is applied to that payment.
</TABLE>

(b)   Other documents to be delivered are:

<TABLE>
<CAPTION>
         PARTY REQUIRED                                                                        DATE BY WHICH DOCUMENT
       TO DELIVER DOCUMENT                   FORM/DOCUMENT/CERTIFICATE                             TO BE DELIVERED
--------------------------------   ---------------------------------------------   ---------------------------------------------
<S>                                <C>                                             <C>
Party A, Party B and the Manager   A list of authorised signatories for the        At the execution of this Agreement and
                                   party and evidence satisfactory in form and     thereafter promptly upon any change in
                                   substance to the other party of the authority   authorised persons or upon request.
                                   of the authorised signatories of the party to
                                   execute this Agreement and each Confirmation
                                   on behalf of the party.

Party A                            A copy of the most recent annual report of      Upon reasonable request by Party B or the
                                   the party containing consolidated financial     Manager.
                                   statements, certified by independent public
                                   accountants and prepared in accordance with
                                   accounting principles that are generally
                                   accepted in the country which Party A is
                                   organised, and such other public information
                                   respecting its condition or operations,
                                   financial or otherwise, as the other party
                                   may reasonably request from time to time.
</TABLE>

                                                                               6

<PAGE>

<TABLE>
<CAPTION>
         PARTY REQUIRED                                                                        DATE BY WHICH DOCUMENT
       TO DELIVER DOCUMENT                   FORM/DOCUMENT/CERTIFICATE                             TO BE DELIVERED
--------------------------------   ---------------------------------------------   ---------------------------------------------
<S>                                <C>                                             <C>
Party A                            The financial data relating to Party A          If Party B or the Manager notifies Party A
                                   required to be disclosed by the Manager in      that the significance percentage as computed
                                   the Manager's reasonable judgment pursuant to   by the Manager in accordance with Regulation
                                   Item 1115(b)(1) of Regulation AB.               AB is or becomes 10% or greater, in
                                                                                   accordance with Part 5(x).

Party A                            The financial statements relating to Party A    If Party B or the Manager notifies Party A
                                   required to be disclosed by the Manager in      that the significance percentage as computed
                                   the Manager's reasonable judgment pursuant to   by the Manager in accordance with Regulation
                                   Item 1115(b)(2) of Regulation AB.               AB is or becomes 20% or greater, in
                                                                                   accordance with Part 5(x).

Party A                            A certificate of an authorised person of        At the execution of this Agreement and
                                   Party A certifying that the information         thereafter upon the provision of any
                                   provided by Party A to the Manager for use in   financial data or financial statements as may
                                   a prospectus is true and accurate in all        be required above.
                                   material respects.

The Manager                        Copies of any reports or accounts relating to   Upon reasonable request by Party A subject to
                                   the Securitisation Fund as are produced for     not being obliged to deliver any document if
                                   distribution to Noteholders or presentation     to do so would breach or infringe any law or
                                   to the Board of Directors of the Manager and    legally binding obligation or restraint.
                                   such other information in the Manager's
                                   control regarding the financial condition and
                                   business operations of the Securitisation
                                   Fund as Party A may reasonably require from
                                   time to time

The Manager                        A copy of the Master Trust Deed certified to    The date of this Agreement.
                                   be a true copy by two authorised signatories
                                   of the Manager.

The Manager                        A copy of any document amending or varying      Promptly upon any such document becoming
                                   the terms of the Master Trust Deed certified    effective in accordance with its terms.
                                   to be a true copy by two authorised
                                   signatories of the Manager.
</TABLE>

                                                                               7

<PAGE>

<TABLE>
<CAPTION>
         PARTY REQUIRED                                                                        DATE BY WHICH DOCUMENT
       TO DELIVER DOCUMENT                   FORM/DOCUMENT/CERTIFICATE                             TO BE DELIVERED
--------------------------------   ---------------------------------------------   ---------------------------------------------
<S>                                <C>                                             <C>
The Manager                        A copy of the Security Trust Deed and any       5 Local Business Days prior to the date of
                                   disclosure document relating to Notes in        the first Transaction made under this
                                   connection with the Securitisation Fund         Agreement.
                                   certified to be a true copy by two authorised
                                   signatories of the Manager.
</TABLE>

Each of the documents in Part 3(a) and Part 3(b) of this Schedule are covered by
the representation contained in Section 3(d).

                                                                               8

<PAGE>

PART 4. MISCELLANEOUS

(a)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

      (i)   Address for notices or communications to PARTY A:

            Address:        [o]
            Attention:      [o]
            Telex No:       [o]
            Answerback:     [o]
            Facsimile No:   [o]

(ii) Address for notices or communications to PARTY B:

            Address:        Level 12, 123 Pitt Street
                            Sydney NSW 2000
            Attention:      [o]
            Telephone:      [o]
            Answerback:     [o]
            Facsimile No:   [o]

(iii) Address for notices or communications to the MANAGER:

            Address:        Level 23, 360 Collins Street
                            Melbourne VIC 3000
            Attention:      Settlements Officer
            Telephone:      +61 3 9605 6200
            Facsimile No.   +61 3 9605 6228

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

      Party A:        Not Applicable
      Party B:        Not applicable
      The Manager:    Not applicable

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

(d)   MULTIBRANCH PARTY. For the purposes of Section 10(c):

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

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

(f)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

(i)   In relation to PARTY A: Nil.

(ii)  In relation to PARTY B: Security Trust Deed.

(g)   CREDIT SUPPORT PROVIDER. Credit Support Provider means:

                                                                               9

<PAGE>

      (i)   In relation to PARTY A: Nil.

      (ii)  In relation to PARTY B: Nil.

(h)   GOVERNING LAW. This Agreement will be governed by, and construed in
      accordance with the laws in force in the State of New South Wales and each
      party submits to the non-exclusive jurisdiction of the courts of that
      State without reference to choice of law doctrine. Section 13(b)(i) is
      deleted and replaced with the following:

            "(i)  submits to the non-exclusive jurisdiction of the courts of New
                  South Wales and courts of appeal from them and a reference in
                  Section 13(b)(ii) to "such court" is a reference to those
                  courts".

(i)   NETTING OF PAYMENTS.

      Section 2(c)(ii) will not apply to all Transactions.

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

                                                                              10

<PAGE>

PART  5. OTHER PROVISIONS

(a)   APPLICATION AND ISDA DEFINITIONS.

      (i)   APPLICATION. Every transaction between the parties which is, or is
            described in its confirmation as being, of the type specified in the
            table below is a Transaction governed by the terms of this Agreement
            (and not any other master agreement) and forms part of this
            Agreement unless the parties expressly agree in writing that this
            clause is not to apply. This applies whether or not the parties
            refer to this Agreement or state that the transaction is governed by
            the terms of any other master agreement when entering into the
            transaction.

      (ii)  ISDA DEFINITIONS. The definitions and provisions contained in the
            respective ISDA Definitions specified below are incorporated into
            each Confirmation of a Transaction between the parties which is, or
            is described in its Confirmation as being, of a type specified
            below. If there is an inconsistency between those definitions and
            provisions and any such Confirmation or this Agreement, the
            Confirmation or this Agreement prevails.

               TYPE OF
             TRANSACTION       ISDA DEFINITIONS
            ----------------   -------------------------------------------------
            All Transactions   2000 ISDA  Definitions, to the extent  they are
                               relevant  and not  inconsistent  with the  above
                               (the "2000 DEFINITIONS")

(b)   PAYMENTS. In:

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

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

      (ii)  Section 2(a)(ii) insert immediately after the words "freely
            transferable funds" the following words:

            ", free of any set-off, counterclaim, deduction or withholding
            (except as expressly provided in this Agreement)".

      (iii) Section 2(a) immediately after Section 2(a)(iii) insert new
            paragraphs (iv) and (v) as follows:

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

            (v)   Where:

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

                  (2)   the Security Trust Deed applicable to Party B's
                        obligations and entitlement referred to in Section
                        2(a)(v)(1) has become, and remains at that time,
                        enforceable,

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

                                                                              11

<PAGE>

                  (3)   the Party B Payment; or

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

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

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

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

(d)   ADDITIONAL REPRESENTATIONS. In addition to the representations in Section
      3, the parties make the following representations:

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

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

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

            (C)   STATUS OF PARTIES. The other party is not acting as a
                  fiduciary or an adviser to it in respect of that Transaction.

      (ii)  NON ASSIGNMENT. It has not assigned (whether absolutely, in equity
            or otherwise) or declared any trust over or given any charge over
            any of its rights under this Agreement or any Transaction (other
            than, in respect of Party B, the Securitisation Fund created
            pursuant to the Master Trust Deed and the charge given pursuant to
            the Security Trust Deed).

      (iii) CONTRACTING AS PRINCIPAL. Subject to Section 15, each Transaction
            has been entered into by that party:

            (A)   in the case of Party A, as principal and not otherwise; and

            (B)   in the case of Party B, in its capacity as trustee of the
                  Securitisation Fund and not otherwise.

                                                                              12

<PAGE>

(e)   ADDITIONAL COVENANT. In Section 4 add a new paragraph as follows:

      "(f)  CONTRACTING AS PRINCIPAL. Subject to Section 15, Party A will enter
            into all Transactions as principal and not otherwise and Party B
            will enter into each Transaction in its capacity as trustee of the
            Securitisation Fund constituted under the Master Trust Deed and not
            otherwise."

(f)   TRANSFER. Section 7 is deleted and replaced with the following:

      "TRANSFER

      (a)   Neither the interests nor obligations of either party in or under
            this Agreement (including any Transaction) are capable of being
            assigned or transferred (whether at law, in equity or otherwise and
            whether by way of security or otherwise), charged or the subject of
            any trust or other fiduciary obligation (other than, in respect of
            Party B, the trusts and fiduciary obligations created pursuant to
            the Master Trust Deed and any charge created by the Security Trust
            Deed). Any action by a party which purports to do any of these
            things is void.

      (b)   Nothing in this Section 7:

            (i)   restricts the parties agreeing to a novation of the interests
                  and obligations of a party in or under this Agreement
                  (including any Transaction) including, but not limited to, for
                  the purposes of giving effect to a transfer under Section
                  6(b)(ii);

            (ii)  restricts a transfer by a party or any part of its interest in
                  any amount payable to it from a Defaulting Party under Section
                  6(e);

            (iii) restricts a transfer by a party after the other party has
                  agreed to the variation of this Agreement to the extent
                  necessary to permit such transfer; or

            (iv)  restricts a transfer by a Security Trustee pursuant to the
                  exercise of its powers under a Security Trust Deed.

      (c)   Unless otherwise agreed by the parties, S&P, Moody's and Fitch
            Ratings, any transfer or assignment pursuant to this Section 7 must
            be made to an entity of which each of these rating agencies have
            confirmed will not result in a reduction or withdrawal of the then
            rating for any outstanding Notes by each of those rating agencies.

      (d)   Each party acknowledges that the other party enters into this
            Agreement and each Transaction on the basis that this Section 7 must
            be strictly observed and is fundamental to the terms of this
            Agreement (including each Transaction)."

(g)   AMENDMENT. In Section 9, add at the end of Section 9(b):

      "Any amendment made under this Section 9(b) may only be made after S&P,
      and Moody's and Fitch Ratings have confirmed in writing that such proposed
      amendment will not result in a reduction or withdrawal of the then rating
      of any outstanding Notes by each of those Rating Agencies."

(h)   NOTICES: In Section 12:

      (i)   delete the following words where they appear on lines 2 and 3 of
            Section 12(a):

            "(except that a notice or other communication under Section 5 or
            Section 6 may not be given by facsimile transmission or electronic
            messaging system)"; and

      (ii)  delete Section 12(a)(iii) and insert instead:

            "(iii) if sent by facsimile, on production of a transmission report
                   by the machine from which the facsimile was sent which
                   indicates that the facsimile was sent in its entirety to the
                   facsimile number of the recipient notified for the purpose of
                   this Section unless the

                                                                              13

<PAGE>

                  recipient notifies the sender within one Local Business Day of
                  the facsimile being sent that the facsimile was not received
                  in its entirety in legible form;".

(i)   DEFINITIONS: In Section 14:

      (i)   Section 14 is renumbered as Section 14(a);

      (ii)  delete the definition "Affected Transactions" and insert the
            following:

      ""AFFECTED TRANSACTIONS" means all Transactions.";

      (iii) insert the following new definitions:

      "COMMISSION" means the United States Securities and Exchange Commission.

      "EXCHANGE ACT" means the United States Securities Exchange Act of 1934, as
      amended.

      "INFORMATION MEMORANDUM" means the Information Memorandum prepared by the
      Manager in relation to a Securitisation Fund.

      "MASTER TRUST DEED" means a Master Trust Deed dated 4 July 1994 (as
      amended and restated) made between the Manager (formerly called
      Superannuation Members' Home Loans Limited) as manager and Party B
      (formerly called Perpetual Trustees Australia Limited) as trustee,
      pursuant to which the trust funds, collectively known as the
      "Superannuation Members' Home Loans Trusts", are constituted, including
      the Securitisation Fund.

      "RATING AGENCY CONFIRMATION" means, at any time, a confirmation from each
      Rating Agency that there will not be a downgrade or withdrawal of the
      rating of any of the Notes at that time.

      "REGULATION AB" means Subpart 229.1100 - Asset Backed Securities
      (Regulation AB), 17 C.F.R. Sections. 229.1100-229.1123 as may be amended
      from time to time and subject to such clarification and interpretation as
      have been provided by the Commission in the adopting release (Asset-Backed
      Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
      (Jan. 7, 2005)) or by the staff of the Commission or as may be provided by
      the Commission or its staff from time to time.

      "SECURITISATION FUND" means SMHL Global Fund No. [o].

      "SECURITY TRUST DEED" means the security trust deed dated [o] between
      Party B, the Manager, the Note Trustee and the Security Trustee.

      "SECURITY TRUSTEE" means Perpetual Trustee Company Limited ABN 42 222 221
      007.

      "SIGNIFICANCE PERCENTAGE" has the meaning given to it in Item 1115 of
      Regulation AB.

      "SUPPLEMENTARY BOND TERMS NOTICE" means the document so entitled dated [o]
      between the Manager and Party B.

      "SWAP FINANCIAL DISCLOSURE" means, if the Manager determines reasonably
      and in good faith that the significance percentage of this Agreement is or
      has become:

      (a)   10% or more, the information set forth in Item 1115(b)(1) of
            Regulation AB; or

      (b)   20% or more, the information set forth in Item 1115(b)(2) of
            Regulation AB.

      "SWAP FINANCIAL DISCLOSURE REQUEST" means a request by the Manager or
      Party B for Party A to provide the Swap Financial Disclosure pursuant to
      Part 5(x)(ii) of the Schedule to this Agreement.

      "WILFUL DEFAULT" in relation to Party B means a wilful default of the
      Master Trust Deed or the Security Trust Deed by Party B:

      (a)   other than a default which:

            (i)   arises out of a breach of a Transaction Document by a person
                  other than Party B;

                                                                              14

<PAGE>

            (ii)  arises because some other act or omission is a precondition to
                  the relevant act or omission of Party B, and that other act or
                  omission does not occur;

            (iii) is in accordance with a lawful court order or direction or is
                  required by law; or

            (iv)  is in accordance with an instruction or direction given to it
                  by any person in circumstances where that person is authorised
                  to do so by any Transaction Document; and

            (iv)  in circumstances where had it not committed that default it
                  would have been entitled to recoupment, reimbursement or a
                  right of indemnity for its costs and expenses (if any)
                  incurred in complying with the Master Trust Deed or the
                  Security Trust Deed from the Securitisation Fund.

      (iv)  Insert the following new Sections 14(b) and (c) after Section 14(a);

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

            (c)   A reference to the "fraud", "negligence" or "Wilful Default"
                  of Party B means the fraud, negligence or Wilful Default of
                  Party B and of its officers or employees, but not of its
                  agents or delegates, unless Party B is liable for the acts or
                  omissions of such other person under the terms of the Master
                  Trust Deed or the Security Trust Deed."

      (v)   Each of the following expressions has the meaning given to them in
            the Supplementary Bond Terms Notice:

            "INVESTED AMOUNT"

            "NOTES"

            "NOTEHOLDER"

            "NOTE TRUSTEE"

      (vi)  Where in this Agreement a word or expression is defined by reference
            to 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 will be of no effect for the
            purposes of this Agreement unless and until the amendment is
            consented to by all parties to this Agreement.

(j)   MASTER TRUST DEED AND SECURITY TRUST DEED:

      Party B and the Manager acknowledge and agree that:

      (i)   this Agreement and all Transactions under it constitute Secured
            Documents under the Security Trust Deed;

      (ii)  Party A is a Secured Creditor under the Security Trust Deed;

      (iii) Party B's obligations under this Agreement and each Transaction
            under it constitute Secured Moneys under the Security Trust Deed;
            and

      (iv)  this Agreement is an "Interest Hedge" and a "Transaction Document"
            and Party A is an "Interest Hedge Provider" in respect of the
            Securitisation Fund under the Security Trust Deed.

(k)   Party B also represents to Party A the following representations (which
      representations will be deemed to be repeated by Party B on each date on
      which a Transaction is entered into) that:

      (i)   TRUST VALIDLY CREATED. The Securitisation Fund will be or has been
            validly created and is in existence at the time a Transaction is
            entered into in relation to the Securitisation Fund.

                                                                              15

<PAGE>

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

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

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

(l)   SCOPE OF AGREEMENT. Notwithstanding anything contained in this Agreement
      to the contrary, if the parties enter into, or have entered into, any
      Specified Transaction, such Specified Transaction shall be subject to,
      governed by and construed in accordance with the terms of this Agreement
      unless the Confirmation relating thereto shall specifically state to the
      contrary. Each such specified Transaction shall be a Transaction for the
      purposes of this Agreement.

(m)   PROCEDURES FOR ENTERING INTO TRANSACTIONS.

      CONFIRMATION OF TRANSACTIONS. Transactions shall be created at the moment
      that the parties agree sufficient particulars for completion of a
      Confirmation. With respect to each Transaction entered into pursuant to
      this Agreement between Party A and Party B, Party A shall, on or promptly
      after the relevant Trade Date, send to Party B care of the Manager a
      Confirmation confirming that Transaction and the Manager shall on behalf
      of Party B promptly then confirm the accuracy of or request the correction
      of such Confirmation. The Manager shall send to Party B a copy of such
      Confirmation.

(n)   INCONSISTENCY. In the event of any inconsistency between any of the
      following documents, the relevant document first listed below shall
      govern:

      (i)   a Confirmation;

      (ii)  the Schedule to this Agreement;

      (iii) the other provisions of this Agreement; and

      (iv)  the ISDA Definitions.

(o)   FURTHER ASSURANCES. Each party shall, upon request by the other party (the
      "REQUESTING PARTY") at the expense of the requesting party, perform all
      such acts and execute all such agreements, assurances and other documents
      and instruments as the requesting party reasonably requires to assure and
      confirm the rights and powers afforded, created or intended to be afforded
      or created, under or in relation to this Agreement and each Transaction or
      other dealing which occurs under or is contemplated by it.

(p)   Any reference to a:

      (i)   "Swap Transaction" in the 2000 Definitions is deemed to be a
            reference to a "Transaction" for the purpose of interpreting this
            Agreement or any Confirmation; and

      (ii)  "Transaction" in this Agreement or any Confirmation is deemed to be
            a reference to a "Swap Transaction" 2000 Definitions.

(q)   CONSENT TO RECORDING.

      Each Party (i) consents to the recording of the telephone conversations of
      trading and marketing personnel of the parties and their Affiliates in
      connection with this Agreement or any potential Transaction and (ii)
      agrees to obtain any necessary consent of, and give notice of such
      recording to, such personnel of it and its Affiliates.

(r)   CONSENT TO INFORMATION DISCLOSURE.

                                                                              16

<PAGE>

      Each party hereby consents to the communication and disclosure of all
      information in respect of this Agreement, the Transactions and all matters
      incidental hereto and thereto by the other party to (i) any other branches
      of the other party; and (ii) all government and regulatory authorities as
      and when required by such government and regulatory authorities.

(s)   CONSOLIDATION OF TRANSACTIONS.

      (i)   From time to time the Manager (on behalf of Party B) may, in respect
            of a Securitisation Fund, request more than one Transaction to be
            consolidated into one Transaction by notifying Party A of the
            Transactions to be consolidated and Party A will issue a replacement
            Confirmation for that one consolidated Transaction in substitution
            for the original Confirmation for the Transaction.

      (ii)  Each such consolidation will be on such terms and conditions as
            agreed by Party A, Party B and the Manager.

      (iii) Party B and the Manager agree to provide Party A with such financial
            and other information in relation to the consolidation as Party A
            reasonably requires.

(t)   RATINGS DOWNGRADE.

      (i)   If, as a result of the withdrawal or downgrade of its credit rating
            by a Rating Agency, Party A does not have any of the following:

            (A)   a long term credit rating of at least AA- by S&P;

            (B)   a short term credit rating of at least A-1+ by S&P;

            (C)   a short term credit rating of at least P-1 by Moody's

            (D)   a long term credit rating of at least A2 by Moody's;

            (E)   a short term credit rating of at least F1 by Fitch; or

            (F)   a long term rating of at least A by Fitch Ratings; and

            in the case of a downgrade by Moody's or Fitch Ratings, such a
            downgrade would, except for this clause adversely affect the rating
            of the relevant securities, Party A shall:

                  (1)   within 30 Local Business Days (or within such greater
                        period as is agreed to in writing by the relevant Rating
                        Agency) of a downgrade of its long term credit rating by
                        S&P to not lower than A- together with a downgrade of
                        its short term credit rating by S&P to not lower than
                        A-1, or the downgrade of its long term credit rating by
                        Moody's to not lower than A3 or the downgrade of its
                        long term credit rating by Fitch Ratings to not lower
                        than A together with a downgrade of its short-term
                        credit rating by Fitch Ratings to not lower than F1,
                        comply with Part 5(t)(ii) or Part 5(t)(iii) of this
                        Schedule; or

                  (2)   within 5 Local Business Days (or within such greater
                        period as is agreed to in writing by the relevant Rating
                        Agency) of any other such withdrawal or downgrade of
                        Party A's short term or long term credit rating by the
                        relevant Rating Agency not already covered in Part
                        5(t)(i)(F)(1) of this Schedule, comply with Part
                        5(t)(ii) or Part 5(t)(iii) of this Schedule provided
                        that Part 5(t)(ii)(A) of this Schedule will not apply
                        where the long term credit rating falls to BBB+ (or
                        less) by Fitch Ratings and the short term credit rating
                        falls to F2 (or less) by Fitch Ratings,

      (ii)

                                                                              17

<PAGE>

            (A)   In respect of each Transaction, lodge cash collateral (the
                  "CASH COLLATERAL") with an Approved Bank to the account of
                  Party B (to be used by Party B solely for the purpose of
                  discharging Party A's obligations under the relevant
                  Transaction) in an amount equivalent to the Cash Collateral
                  Amount as defined in Part 5(t)(iv)(A) of this Schedule. If on
                  the last Local Business Day in any subsequent week during the
                  life of the relevant Transaction the aggregate value of the
                  Cash Collateral lodged pursuant to this Part 5(t)(ii)(A) of
                  this Schedule falls below the required Cash Collateral Amount
                  (such shortfall value hereinafter referred to as the
                  "SHORTFALL"), Party A shall (on demand) provide such further
                  Cash Collateral to Party B equal to the Shortfall. Any
                  interest earned on the Cash Collateral shall accrue to Party A
                  and will constitute additional Cash Collateral lodged by Party
                  A (and must be returned to Party A in accordance with Part
                  5(t)(ii)(B) and (C) of this Schedule). Party A will pay any
                  costs associated with lodgment of the Cash Collateral.

            (B)   If on the last Local Business Day in any week during the life
                  of the relevant Transaction the aggregate value of the Cash
                  Collateral lodged by Party A pursuant to Part 5(t)(ii)(A) of
                  this Schedule (including any interest earned on the Cash
                  Collateral) exceeds the required Cash Collateral Amount (as
                  determined pursuant to sub-clause Part 5(t)(iv)(A) of this
                  Schedule) (such excess value hereinafter referred to as the
                  "EXCESS COLLATERAL"), Party A may give notice thereof to Party
                  B requiring the return of the Excess Collateral. Party B must
                  repay such Excess Collateral to Party A within three Local
                  Business Days of receipt of such notice.

            (C)   Upon the occurrence of any of the following:

                  (1)   the subsequent upgrade of

                        (i)   either Party A's long term credit rating by S&P to
                              at least AA- or its short term credit rating by
                              S&P to at least A-1+; and

                        (ii)  the upgrade of its long term credit rating by
                              Moody's to at least A2 and short term credit
                              rating to at least P-1 by Moody's and an upgrade
                              of its long term credit rating by Fitch Ratings to
                              at least A and short-term credit rating to at
                              least F1; or

                  (2)   the termination, cessation or conclusion of the relevant
                        Transaction to which it relates,

                  Party A may give notice thereof to Party B requiring the
                  return of any Cash Collateral lodged by Party A pursuant to
                  Part 5(t)(ii)(A) of this Schedule (including any interest
                  earned on the Cash Collateral) and not previously returned to
                  Party A pursuant to Part 5(t)(ii)(B) of this Schedule. Party B
                  must, with the approval of the Rating Agencies (such approval
                  not to be unreasonably withheld), repay all such Cash
                  Collateral to Party A within three Local Business Days of
                  receipt of such notice from Party A.

      (iii) At the cost of Party A, enter into an agreement novating this
            Agreement and each relevant Transaction to a replacement
            counterparty proposed by any of Party A, Party B or the Manager (if
            any) and which each Rating Agency has confirmed will result in there
            not being a withdrawal or downgrade of any credit rating, assigned
            by it, to the Notes or enter into such other arrangements which each
            Rating Agency has confirmed will result in there not being a
            withdrawal or downgrade of any credit rating assigned by it to the
            Notes. Party B shall return to Party A all Cash Collateral lodged by
            Party A pursuant to sub-clause Part 5(t)(ii)(A) of this Schedule and
            not previously returned to Party A pursuant to Part 5(t)(ii)(B) of
            this Schedule within one Local Business Day of such novation or
            other arrangement.

                                                                              18

<PAGE>

      (iv)  For the purpose of this Part 5(t) of this Schedule:

            (A)   CASH COLLATERAL AMOUNT means an amount equal to the greater of
                  the following:

                  (1)   zero;

                  (2)   CR in the case of single currency interest rate
                        Transactions and CCR in the case of cross currency
                        interest rate Transactions; and

                  (3)   an amount acceptable to Moody's and Fitch and sufficient
                        to maintain the credit rating assigned to the Notes by
                        Moody's and Fitch immediately prior to the review of
                        Party A's credit rating; and

            (B)   APPROVED BANK means, in the case of single currency interest
                  rate transactions a Bank which has a short-term rating of at
                  least A-1+ (S&P), P-1 (Moody's) and F1 (Fitch Ratings) and in
                  the case of cross currency interest rate Transactions, a Bank
                  which is located outside Australia which has a short-term
                  rating of at least A-1+ (S&P), P-1 (Moody's) and F1 (Fitch
                  Ratings). The Approved Bank must be an entity that each Rating
                  Agency confirms will not affect the rating of the Notes.

            (C)   For the purpose of Part 5(t)(iv)(A) of this Schedule,

                  CCR means CR x 1.030;

                  CR means MTM + VB;

                  MTM means the mark-to-market value of the swap. Party A will
                  have to mark the swap to market and post collateral on a
                  weekly basis, with a grace period of 3 Local Business Days.
                  The mark-to-market value should reflect the higher of 2 bids
                  from counterparties that will be eligible and willing to
                  provide the swap in the absence of Party A; and

                  VB means the volatility buffer, being the relevant percentage
                  of the Notional Amount of the relevant Transaction calculated
                  from the following table:

                              VOLATILITY BUFFER (%)

<TABLE>
<CAPTION>
                                         TRANSACTIONS WITH
               TRANSACTIONS WITH         MATURITIES OF MORE       TRANSACTIONS WITH
COUNTERPARTY   MATURITIES OF UP TO 5    THAN 5 YEARS AND UP TO   MATURITIES OF MORE
   RATING              YEARS                 10 YEARS                THAN 10 YEARS
------------   ---------------------   -----------------------   ------------------
<S>                     <C>                     <C>                      <C>
     A+                 1.05                    1.75                     3.0
     A                  1.35                    2.45                     4.5
    A-1                 1.5                     3.15                     6.0
</TABLE>

(u)   TRUSTEE PROVISIONS

      Insert the following new Section 15 after Section 14:

      "15. TRUSTEE PROVISIONS

            (a)   TRUSTEE UNDERTAKINGS. Party B undertakes that it will, subject
                  to its duties and obligations under the Master Trust Deed:

                  (i)   exercise its rights of indemnity out of the assets of
                        the Securitisation Fund;

                  (ii)  observe its obligations under the Master Trust Deed and
                        otherwise as trustee of the Securitisation Fund; and

                                                                              19

<PAGE>

                  (iii) not knowingly do anything which could impair its right
                        of indemnity out of the assets of the Securitisation
                        Fund.

            (b)   TRUSTEE REPRESENTATIONS. In addition to the representations in
                  Section 3, Party B represents to Party A (which
                  representations will be deemed to be repeated at all times
                  until termination of this Agreement) that:

                  (i)   its execution and delivery of this Agreement and of any
                        document required or contemplated by this Agreement, and
                        the performance by it of its obligations under this
                        Agreement are authorised under the Master Trust Deed;

                  (ii)  it is the present and only trustee of the Securitisation
                        Fund;

                  (iii) subject to the Master Trust Deed and the law there is no
                        restriction on its right of recourse or indemnity to or
                        out of the assets for the time being of the
                        Securitisation Fund and to the best of its knowledge and
                        belief nothing has happened which could impair its right
                        of indemnity out of the assets of the Securitisation
                        Fund;

                  (iv)  its entry into this Agreement and each Transaction in
                        relation to the Securitisation Fund is for the benefit
                        of and in the interests of the beneficiaries of the
                        Securitisation Fund; and

                  (v)   it is not in material breach of any provision of the
                        Master Trust Deed nor has it committed any material
                        breach of duty or trust in respect of the Securitisation
                        Fund which has not been waived by Party A.

            (c)   Capacity of Party B.

                  (i)   Party B enters into this Agreement only in its capacity
                        as trustee of the Securitisation Fund under the Master
                        Trust Deed and in no other capacity. A liability
                        incurred by Party B arising under or in connection with
                        this Agreement is limited to and can be enforced against
                        Party B only to the extent to which it can be satisfied
                        out of the assets of the Securitisation Fund which are
                        available to satisfy the right of Party B to be
                        exonerated or indemnified for the liability. This
                        limitation of Party B's liability applies despite any
                        other provision of this Agreement other than Section
                        15(c)(iii) and extends to all liabilities and
                        obligations of Party B in any way connected with any
                        representation, warranty, conduct, omission, agreement
                        or transaction related to this Agreement.

                  (ii)  The parties other than Party B may not sue Party B in
                        any capacity other than as trustee of the Securitisation
                        Fund or seek the appointment of a receiver (except in
                        relation to the assets of the Securitisation Fund), or a
                        liquidator, an administrator or any similar person to
                        Party B or prove in any liquidation, administration or
                        arrangement of or affecting Party B (except in relation
                        to the assets of the Securitisation Fund).

                  (iii) The provisions of this Section 15 shall not apply to any
                        obligation or liability of Party B to the extent that it
                        is not satisfied because under the Master Trust Deed or
                        any other Transaction Document or by operation of law
                        there is a reduction in the extent of Party B's
                        indemnification or exoneration out of the assets of the
                        Securitisation Fund, as a result of Party B's fraud,
                        negligence or Wilful Default.

                                                                              20

<PAGE>

                  (iv)  It is acknowledged that the Manager is responsible under
                        the Master Trust Deed for performing a variety of
                        obligations relating to the Securitisation Fund,
                        including under this Agreement. No act or omission of
                        Party B (including any related failure to satisfy its
                        obligations or breach of a representation or warranty
                        under this Agreement) will be considered fraud,
                        negligence or Wilful Default of Party B for the purpose
                        of Section 15(c)(iii) to the extent to which the act or
                        omission was caused or contributed to by any failure by
                        the Manager or any other person to fulfil its
                        obligations relating to the Securitisation Fund or by
                        any other act or omission of the Manager or any other
                        person.

                  (v)   No attorney, agent, receiver or receiver and manager
                        appointed in accordance with this Agreement has
                        authority to act on behalf of Party B in a way which
                        exposes Party B to any personal liability and no act or
                        omission of any such person will be considered fraud,
                        negligence or Wilful Default of Party B for the purpose
                        of Section 15(c)(iii).

                  (vi)  Party B is not obliged to do or refrain from doing
                        anything under this Agreement (including incur any
                        liability) unless Party B's liability is limited in the
                        same manner as set out in Section 15(c)(iii).

(v)   ROLE OF THE MANAGER

      The Manager:

      (i)   may on behalf of Party B arrange, enter into and monitor
            Transactions and novations of Transactions, execute Confirmations,
            and exercise all other rights and powers of Party B hereunder;

      (ii)  shall, without limiting the generality of the foregoing, issue and
            receive Confirmations, Certificates and other communications to or
            by Party A hereunder;

      (iii) must provide copies of all Confirmations and notices given by Party
            A to Party B promptly upon receipt of such notices from Party A; and

      (iv)  must provide at least 2 Local Business Days prior notice to Party B
            of the details of any proposed Transaction or novation of
            Transactions.

      A failure by the Manager to give notice to Party B under the above
      provisions will not of itself affect the validity of any Transaction or
      novation of Transaction. For the avoidance of doubt, a Transaction or
      novation of Transaction entered into by the Manager on behalf of Party B
      as contemplated under this Agreement is binding on each of Party A, Party
      B and the Manager."

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

(x)   REGULATION AB FINANCIAL DISCLOSURE

      (i)   Party A acknowledges that for so long as there are reporting
            obligations with respect to any Transaction under this Agreement
            under Regulation AB, the Manager is required under Regulation AB to
            disclose certain information set forth in Regulation AB regarding
            Party A or its group of affiliated entities, if applicable,
            depending on the aggregate significance percentage of this Agreement
            and any other derivative contracts between Party A or its group of
            affiliated entities, if applicable, and Party B, as calculated from
            time to time in accordance with Item 1115 of Regulation AB.

                                                                              21

<PAGE>

      (ii)  If the Manager determines, reasonably and in good faith, that the
            significance percentage of this Agreement is or has become:

            (A)   10% or more; or

            (B)   20% or more,

            then on any Local Business Day after the date of such determination,
            Party B or the Manager may request Party A to provide the relevant
            Swap Financial Disclosure.

      (iii) Party A, at its own expense, shall within four Local Business Days
            after receipt of a Swap Financial Disclosure Request provide the
            Manager with the relevant Swap Financial Disclosure.

      (iv)  If Party A is not able to provide the relevant Swap Financial
            Disclosure in accordance with Part 5(x)(iii) of this Schedule, then
            Party A shall:

            (A)   secure another entity to replace Party A as party to this
                  Agreement on terms substantially similar to this Agreement
                  which entity is able to and will provide the Swap Financial
                  Disclosure for such entity within the time period specified in
                  Part 5(x)(iii) of this Schedule (subject to Rating Agency
                  Confirmation having been obtained and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed)); or

            (B)   obtain a guarantee of Party A's obligations under this
                  Agreement from an affiliate of Party A that is able to provide
                  the Swap Financial Disclosure for such affiliate, such that
                  disclosure provided in respect of the affiliate will satisfy
                  any disclosure requirements applicable to Party A, and cause
                  such affiliate to provide Swap Financial Disclosure within the
                  time period specified in Party 5(x)(iii) of this Schedule
                  (subject to Rating Agency Confirmation and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed)).

      (v)   The parties agree that, if permitted by Regulation AB, any required
            Swap Financial Disclosure may be provided by incorporation by
            reference from reports filed pursuant to the Exchange Act.

                                                                              22

<PAGE>

IN WITNESS WHEREOF the parties have executed this Schedule on the respective
dates specified below with effect from the date specified on the first page of
this Agreement.

           PARTY A:                                  PARTY B:
           [o]                                       PERPETUAL LIMITED

-----------------------------------      ---------------------------------------
Name:                                    Name:
Title:                                   Title:
Date:                                    Date:

-----------------------------------      ---------------------------------------
Name:                                    Name:
Title:                                   Title:
Date:                                    Date:

           THE MANAGER:
ME PORTFOLIO MANAGEMENT LIMITED

-----------------------------------
Name:
Title:
Date:

                                                                              23

<PAGE>

-----------------------------------
Name:
Title:
Date:

                                                                              24ISDA

              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE

                                     to the

                                Master Agreement

                           dated as of __________ [o]

                                     between

                                 [o] ("PARTY A")

                                       AND

            PERPETUAL LIMITED (ABN 86 000 431 827) IN ITS CAPACITY AS
                 TRUSTEE OF THE SECURITISATION FUND ("PARTY B")

                                       AND

      ME PORTFOLIO MANAGEMENT LIMITED (ABN 79 005 964 134) IN ITS CAPACITY
                AS MANAGER OF THE SECURITISATION FUND ("MANAGER")

                                     PART 1
                             TERMINATION PROVISIONS

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

(b)   "SPECIFIED TRANSACTION" will not apply.

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

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

            "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when
            due any payment under this Agreement or delivery under Section
            2(a)(i) or 2(e) required to be made by it if such failure is not
            remedied at or before 10:00am on the tenth Local Business Day after
            the due date;"

      (iii) Section 5(b)(ii) will not apply if Party A is the sole Affected
            Party (subject to Section 6(aa)(iii) of the Agreement, inserted by
            Part 1(j) of this Schedule).

                                                                              27
<PAGE>

(c)   The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
      Insolvency Event (as defined in the Security Trust Deed) has occurred in
      respect of Party A (which will be the Defaulting Party) or Party B (which
      will be the Defaulting Party).".

      However, the parties agree for the purposes of this Agreement that the
      occurrence of an Insolvency Event (as defined in the Security Trust Deed)
      in respect of Party B in its personal capacity will not constitute an
      Event of Default provided that:

      (i)   within 30 Local Business Days of that occurrence, Party A, Party B
            and the Manager are able to procure the novation of this Agreement
            and all Transactions to a third party;

      (ii)  the Rating Agencies confirm that the novation will not cause a
            reduction or withdrawal of the rating of the Notes; and

      (iii) Party A, Party B and the Manager agree to execute such a novation
            agreement in a form agreed between the parties.

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

      will not apply to Party A; and

      will not apply to Party B.

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

      (i)   Market Quotation will apply; and

      (ii)  the Second Method will apply.

(f)   "TERMINATION CURRENCY" means United States Dollars in respect of a
      Transaction which relates to United States Dollars and Euros in respect of
      a Transaction which relates to Euros provided that if an amount due in
      respect of an Early Termination Date will be payable by Party B to Party
      A, the Termination Currency for the purpose of calculating and paying that
      amount is Australian Dollars.

(g)   "ADDITIONAL TERMINATION EVENT" will apply. The following shall constitute
      an Additional Termination Event:

      (i)   With respect to Class A1 Notes only, Party B becomes obliged to make
            a withholding or deduction in respect of any Class A1 Notes and the
            Class A1 Notes are redeemed as a result.

            For the purposes of this Additional Termination Event, Party B is
            the Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A1 Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A1 Notes.

      (ii)  With respect to Class A2 Notes only, Party B becomes obliged to make
            a withholding or deduction in respect of any Class A2 Notes and the
            Class A2 Notes are redeemed as a result.

            For the purposes of this Additional Termination Event, Party B is
            the Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions (in each case in
            relation to the Class A2 Notes only) provided that such Early
            Termination Date must not be earlier than the time of redemption of
            the Class A2 Notes.

                                                                              28
<PAGE>

      (iii) An Event of Default (as defined in the Security Trust Deed) occurs
            and the Security Trustee has declared, in accordance with the
            Security Trust Deed, the Class A Notes immediately due and payable.

            For the purposes of this Additional Termination Event, Party B is
            the Affected Party.

      (iv)  Party A fails to comply with its obligations under Part 5(x). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

      (v)   Party A fails to comply with its obligations under Part 5(cc). For
            the purposes of this Additional Termination Event, Party A is the
            Affected Party.

            Notwithstanding Section 6(b)(iv) of the Agreement, if this
            Additional Termination Event occurs, Party B must, at the direction
            of the Manager, give a notice designating an Early Termination Date
            in respect of this Agreement and all Transactions.

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

(i)   RESTRICTED TERMINATION RIGHTS

      Add a new Section 6(aa) as follows:

      "(aa) Restricted Termination Rights

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

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

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

                  (a)   Notwithstanding Part 1(b)(iii) of the Schedule to this
                        Agreement, Party A may designate an Early Termination
                        Date if it is an Affected Party following a Tax Event
                        but only if all Class A Notes will be redeemed at the
                        full amount of the Invested Amount (or, if the Class A
                        Noteholders by Extraordinary Resolution have so agreed,
                        at a lesser amount) together with accrued interest to
                        (but excluding) the date of the redemption.

                  (b)   If a Tax Event occurs where Party A is the Affected
                        Party and Party A is unable to transfer all its rights
                        and obligations under this Agreement and each
                        Transaction to an Affiliate pursuant to Section
                        6(b)(ii), Party A may, at its cost, transfer all its
                        rights, powers and privileges and all its unperformed
                        and future obligations under this Agreement and each
                        Transaction to any person provided that:

                                                                              29
<PAGE>

                        (A)   each Rating Agency has confirmed in writing that
                              the transfer will not result in a reduction,
                              qualification or withdrawal of the credit ratings
                              then assigned by the them to the relevant Class A
                              Notes; and

                        (B)   that person has a long term credit rating assigned
                              by each of the Rating Agencies of at least the
                              long term credit rating assigned by that Rating
                              Agency to Party A as at the date of this
                              Agreement.

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

                                                                              30
<PAGE>

                                     PART 2
                               TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATIONS

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

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

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

      (ii)  the satisfaction of the agreement of the other party contained in
            Section 4(d) of this Agreement; and

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

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

(b)   PAYEE TAX REPRESENTATIONS:

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

      (i)   Party A represents that:

            (A)   It is a "foreign person" within the meaning of the applicable
                  U.S. Treasury Regulations concerning information reporting and
                  backup withholding tax (as in effect on January 1, 2001),
                  unless Party A provides written notice to Party B that it is
                  no longer a foreign person. In respect of each Transaction it
                  enters into through an office or discretionary agent in the
                  United States or which otherwise is allocated for United
                  States federal income tax purposes to such United States trade
                  or business, each payment received or to be received by it
                  under such Transaction will be effectively connected with its
                  conduct of a trade or business in the United States.

            (B)   In respect of all Transactions (other than those described in
                  (a) above), no payment received or to be received by it in
                  connection with this Agreement is attributable to a trade or
                  business carried on by it through a permanent establishment in
                  the United States.

      (ii)  Party B represents that it is an Australian resident and does not
            derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. Party B further
            represents that it is a non-US person acting out of a non-US office
            or branch.

      (iii) The Manager represents that it is an Australian resident and does
            not derive the payments under this Agreement in part or in whole in
            carrying on business in a country outside Australia at or through a
            permanent establishment of itself in that country. The Manager
            further represents that it is a non-US branch of a non-US person for
            United States tax purposes.

                                                                              31
<PAGE>

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

For the purposes of Section 4(a)(i) and (ii) of this Agreement each party
further agrees to deliver the following documents as applicable in accordance
with the following:

<TABLE>
<CAPTION>
------------------------ --------------------------------------- ------------------------------ ---------------------
PARTY REQUIRED TO                                                                               COVERED BY SECTION
DELIVER                  DOCUMENT                                DATE BY WHICH TO BE DELIVERED  3(D) REPRESENTATIONS
------------------------ --------------------------------------- ------------------------------ ---------------------
<S>                      <C>                                     <C>                            <C>
Party A, Party B  and    A list of authorised signatories for                                   Yes
the Manager              the party and evidence satisfactory     On execution and delivery of
                         in form and substance to the other      this Agreement or any
                         parties of the authority of the         relevant Confirmation and at
                         authorised signatories of the party     any time on the request of
                         to execute this Agreement and each      the other party.
                         confirmation on behalf of each
                         relevant party.
------------------------ --------------------------------------- ------------------------------ ---------------------
Party A, Party B and     As reasonably required by any other     Upon reasonable request.       Yes
the Manager              party any document or certificate in
                         connection with its obligations to make
                         a payment under this Agreement which
                         would enable that party to make the
                         payment free from any deduction or
                         withholding for or on account of Tax or
                         that would reduce the rate at which the
                         deduction or withholding for or on
                         account of Tax is applied to that
                         payment (including, without limitation,
                         any United States Form W-8BEN or other
                         relevant United States tax form).
------------------------ --------------------------------------- ------------------------------ ---------------------
Party A                  The financial data relating to Party    If Party B or the Manager      Yes
                         A required to be disclosed by the       notifies Party A that the
                         Manager in the Manager's reasonable     significance percentage as
                         judgment pursuant to Item 1115(b)(1)    computed by the Manager in
                         of Regulation AB.                       accordance with Regulation
                                                                 AB is or becomes 10% or
                                                                 greater, in accordance with
                                                                 Part 5(x).
------------------------ --------------------------------------- ------------------------------ ---------------------
Party A                  The financial statements relating to    If Party B or the Manager      Yes
                         Party A required to be disclosed by     notifies Party A that the
                         the Manager in the Manager's            significance percentage as
                         reasonable judgment pursuant to Item    computed by the Manager in
                         1115(b)(2) of Regulation AB.            accordance with Regulation
                                                                 AB is or becomes 20% or
                                                                 greater, in accordance with
                                                                 Part 5(x).
------------------------ --------------------------------------- ------------------------------ ---------------------
Party A                  A certificate of an authorised person   At the execution of this       Yes
                         of Party A certifying that the          Agreement and thereafter
                         information provided by Party A to      upon the provision of any
                         the Manager for use in a prospectus     financial data or financial
                         is true and accurate in all material    statements as may be
                         respects.                               required above.
------------------------ --------------------------------------- ------------------------------ ---------------------
Party B and the Manager  Copies of any reports or accounts       Upon reasonable request by     Yes
                         relating to the Securitisation Fund     Party A subject to not being
                         that are produced for (a)               obliged to deliver any
                         distribution to the investors in the    document if to do so would
                         Class A Notes, or (b) presentation to   breach or infringe any law
                         the Board of Directors of the Manager   or legally binding
                         and such other information in the       obligation or restraint.
                         Manager's control regarding the
                         financial condition and business
                         operations of the Securitisation Fund
                         as Party A may reasonably require.
</TABLE>

                                                                              32
<PAGE>

<TABLE>
<CAPTION>
------------------------ --------------------------------------- ------------------------------ ---------------------
PARTY REQUIRED TO                                                                               COVERED BY SECTION
DELIVER                  DOCUMENT                                DATE BY WHICH TO BE DELIVERED  3(D) REPRESENTATIONS
------------------------ --------------------------------------- ------------------------------ ---------------------
<S>                      <C>                                     <C>                            <C>
Party B and the Manager  Legal opinions as to the validity and   Promptly after entering into   Yes
                         enforceability of the obligations of    this Agreement, in the form
                         Party B and the Manager under this      previously agreed with the
                         Agreement, the Master Trust Deed, the   other parties.
                         Note Trust Deed, the Security Trust
                         Deed and the Class A Notes in form
                         and substance and issued by legal
                         counsel reasonably acceptable to
                         Party A.
------------------------ --------------------------------------- ------------------------------ ---------------------
Manager                  Copies of the Master Trust Deed, the    On execution and delivery of   Yes
                         Note Trust Deed, the Supplementary      this Agreement.
                         Bond Terms Notice and the Security
                         Trust Deed certified to be true
                         copies by two authorised signatories
                         of the Manager.
------------------------ --------------------------------------- ------------------------------ ---------------------
Manager                  A copy of any document amending or      Promptly upon any such         Yes
                         varying the terms of the Master Trust   document becoming effective
                         Deed, the Security Trust Deed, the      in accordance with its terms.
                         Note Trust Deed or the Supplementary
                         Bond Terms Notice certified to be a
                         true copy by two authorised
                         signatories of the Manager.
------------------------ --------------------------------------- ------------------------------ ---------------------
Party A                  A legal opinion by Party A's internal   Promptly after entering into   Yes
                         counsel as previously provided to the   this Agreement.
                         Rating Agencies.
------------------------ --------------------------------------- ------------------------------ ---------------------
</TABLE>

                                                                              33
<PAGE>

                                     PART 4
                                  MISCELLANEOUS

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

      (i)   All notices to Party A under Sections 5 or 6 of this Agreement
            (other than Section 5(a)(i)) shall be sent to:

            [o]

            Attention: [o]

            Telephone No: [o]

            Facsimile No: [o]

            All other notices to Party A shall be sent directly to the Office
            through which Party A is acting for the relevant Transaction, using
            the address and contact particulars specified in the Confirmation of
            that Transaction or otherwise notified.

      (ii)  ADDRESSES FOR NOTICES TO PARTY B:

            Level 12

            123 Pitt Street

            Sydney NSW 2000

            Australia

            Attention: [o]

            Telephone: [o]

            Facsimile: [o]

            ADDRESS FOR NOTICES TO MANAGER:

            Level 23

            360 Collins Street

            Melbourne VIC 3000

            Australia

            Attention: Settlements Officer

            Telephone: (613) 9605 6000

            Facsimile: (613) 9605 6228

(b)   PROCESS AGENT. For the purposes of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent: Nil.

      Party B appoints as its Process Agent: Nil.

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

(d)   MULTIBRANCH PARTY. For the purposes of Section 10(c) of this Agreement:

      Party A is not a Multibranch Party.

                                                                              34
<PAGE>

      Party B is not a Multibranch Party.

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

(f)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

      (i)   In relation to Party A: Nil

      (ii)  In relation to Party B: Security Trust Deed.

(g)   CREDIT SUPPORT PROVIDER. Credit Support Provider means:

      (i)   In relation to Party A: Nil.

      (ii)  In relation to Party B: Nil

(h)   GOVERNING LAW. This Agreement and each Confirmation will be governed by
      and construed in accordance with New South Wales law and each party hereby
      submits to the non-exclusive jurisdiction of the New South Wales courts
      and courts of appeal from them.

      Section 13(b)(i) is deleted and replaced with the following:

      "(i)  submits to the non-exclusive jurisdiction of the courts of New South
            Wales and courts of appeal from them and a reference in section
            13(b)(ii) to "such court" is a reference to those courts".

(i)   NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this Agreement
      will not apply in respect of all Transactions.

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

                                                                              35
<PAGE>

                                     PART 5
                                OTHER PROVISIONS

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

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

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

(c)   Insert new Sections 2(a)(iv) and (v) as follows:

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

      (v)   Where:

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

            (2)   the Security Trust Deed applicable to Party B's obligations
                  and entitlement referred to in Section 2(a)(v)(1) has become,
                  and remains at that time, enforceable,

            then Party A's obligation to make the Party A Payment to Party B
            shall be subject to the condition precedent (which shall be an
            "applicable condition precedent" for the purpose of Section
            2(a)(iii)(3)) that Party A first receives the Party B Payment or
            confirmation from Party B's bank that it holds irrevocable
            instructions to effect payment of the Party B Payment and that funds
            are available to make that payment."

(d)   Add the following new sentence to the end of Section 2(b):

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

(e)   Delete the word "if" at the beginning of Section 2(d)(i)(4) and insert the
      following words instead:

      "if and only if X is Party A and".

(f)   In Section 2(d)(ii) insert the words "(if and only if Y is Party A)" after
      the word "then" at the beginning of the last paragraph. Party B will have
      no obligation to pay any amount to Party A under Section 2(d)(ii), and may
      make any payment under or in connection with this Agreement net of any
      deduction or withholding referred to in Section 2(d)(i).

(g)   ADDITIONAL REPRESENTATIONS. In Section 3:

      (i)   add the following in section 3(a)(v) after the words "creditors
            rights generally":

            "(including in the case of a party being an ADI (as that term is
            defined in the Reserve Bank Act 1959 (Cth)), sections 11F and 13A(3)
            of the Banking Act 1959 (Cth) or any other analogous provision under
            any law applicable to a party)".

                                                                              36
<PAGE>

     (ii)  add the following immediately after paragraph (f):

            "(g)  NON ASSIGNMENT. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over any of its
                  rights under any Transaction (other than, in respect of Party
                  B, the Securitisation Fund created pursuant to the Master
                  Trust Deed) and has not given any charge, in the case of Party
                  A, over its rights under any Transaction and, in the case of
                  Party B, over assets of the Securitisation Fund (other than as
                  provided in the Security Trust Deed)."

(h)   Party B also represents to Party A (which representations will be deemed
      to be repeated by Party B on each date on which a Transaction is entered
      into) that:

      (i)   SECURITISATION FUND VALIDITY CREATED. The Securitisation Fund has
            been validly created and is in existence at the date of this
            Agreement and each Transaction.

      (ii)  SOLE SECURITISATION FUND. Party B has been validly appointed as
            trustee of the Securitisation Fund and is presently the sole trustee
            of the Securitisation Fund.

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

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

      (v)   GOOD TITLE. Party B is the legal owner of the assets of the
            Securitisation Fund and has the power under the Master Trust Deed to
            mortgage or charge them in the manner provided in the Security Trust
            Deed and those assets are free from all other prior encumbrances
            save for the Prior Interest.

      (vi)  INDEMNITY. Party B has not committed any fraud, negligence or breach
            of trust which would prejudice its right of indemnity out of the
            Securitisation Fund.

(i)   In Section 4 add a new paragraph as follows:

      "(f)  CONTRACTING AS PRINCIPAL. Party A will enter into all Transactions
            as principal and not otherwise and Party B will enter into all
            Transactions in its capacity as trustee of the Securitisation Fund
            and not otherwise."

(j)   In the third line of Section 3(c), insert "materially" before the word
      "affect".

(k)   In Section 6(d)(i), in the last sentence, insert "in the absence of
      manifest error" after the word "evidence".

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

                                                                              37
<PAGE>

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

(n)   Section 12 is amended as follows:

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

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

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

(o)   Definitions and interpretation.

      (i)   Section 14 of the Agreement is modified by inserting the following
            new definitions:

            "COMMISSION" means the United States Securities and Exchange
            Commission.

            "EXCHANGE ACT" means the United States Securities Exchange Act of
            1934, as amended.

            "MASTER TRUST DEED" means the Master Trust Deed dated 4 July 1994
            (as amended and restated) made between the Manager (formerly called
            Superannuation Members' Home Loans Limited) as manager and Party B
            (formerly called Perpetual Trustees Australia Limited) as trustee,
            pursuant to which the trust funds, collectively known as
            "Superannuation Members' Home Loans Trusts" are constituted,
            including the Securitisation Fund.

            "RATING AGENCY CONFIRMATION" means, at any time, a confirmation from
            each Rating Agency that there will not be a downgrade or withdrawal
            of the rating of any of the Notes at that time.

            "REGULATION AB" means Subpart 229.1100 - Asset Backed Securities
            (Regulation AB), 17 C.F.R. sections 229.1100-229.1123 as may be
            amended from time to time and subject to such clarification and
            interpretation as have been provided by the Commission in the
            adopting release (Asset Backed Securities, Securities Act Release
            No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7 2005)) or by the
            staff of the Commission or as may be provided by the Commission or
            its staff from time to time.

            "RELEVANT SWAP TRANSACTION" means in relation to the Class A Notes,
            each Transaction which is a Currency Swap for Class A Notes only.

            "SECURITISATION FUND" means SMHL Global Fund No. [o].

            "SECURITY TRUST DEED" means the Security Trust Deed dated [o]
            between Party B, the Manager, the Security Trustee and the Note
            Trustee.

            "SIGNIFICANCE PERCENTAGE" has the meaning given to it in Item 1115
            of Regulation AB.

            "SWAP FINANCIAL DISCLOSURE" means, if the Manager determines
            reasonably and in good faith that the significance percentage of
            this Agreement is or has become:

            (a)   10% or more, the information set forth in Item 1115(b)(1) of
                  Regulation AB; or

            (b)   20% or more, the information set forth in Item 1115(b)(2) of
                  Regulation AB.

                                                                              38
<PAGE>

            "SWAP FINANCIAL DISCLOSURE REQUEST" means a request by the Manager
            or Party B for Party A to provide the Swap Financial Disclosure
            pursuant to Part 5(cc)(iii) of the Schedule to this Agreement.

            "WILFUL DEFAULT" in relation to Party B means a wilful default of
            the Master Trust Deed or the Security Trust Deed by Party B:

            (a)   other than a default which:

                  (A)   arises out of a breach of a Transaction Document by a
                        person other than Party B;

                  (B)   arises because some other act or omission is a
                        precondition to the relevant act or omission of Party B,
                        and that other act or omission does not occur;

                  (C)   is in accordance with a lawful court order or direction
                        or is required by law; or

                  (D)   is in accordance with an instruction or direction given
                        to it by any person in circumstances where that person
                        is authorised to do so by any Transaction Document; and

            (b)   in circumstances where had it not committed that default it
                  would have been entitled to recoupment, reimbursement or a
                  right of indemnity for its costs and expenses (if any)
                  incurred in complying with the Master Trust Deed or the
                  Security Trust Deed from the Securitisation Fund.

      (ii)  Each of the following expressions has the meanings given to them in
            the Master Trust Deed and the Security Trust Deed (as the case may
            be) provided that in the event of any inconsistency those in the
            Security Trust Deed will prevail:

            "CHARGED PROPERTY"

            "CURRENCY SWAP"

            "EXPENSE"

            "EXTRAORDINARY RESOLUTION"

            "NOTE TRUSTEE"

            "NOTE TRUST DEED"

            "OUTSTANDING PRINCIPAL BALANCE"

            "PAYING AGENT"

            "PRINCIPAL PAYING AGENT"

            "PRIOR INTEREST"

            "RATING AGENCY"

            "SECURED CREDITOR"

            "SECURED DOCUMENT"

            "SECURED MONEYS"

            "SECURITY TRUSTEE"

            "SECURITISATION FUND"

            "SUPPLEMENTARY BOND TERMS NOTICE"

            "TRANSACTION DOCUMENT"

                                                                              39
<PAGE>

      (iii) The expressions "CLASS A NOTES", "CLASS A NOTEHOLDER", "INVESTED
            AMOUNT" and "NOTES" have the meanings given to them in the
            Supplementary Bond Terms Notice.

      (iv)  Where in this Agreement a word or expression is defined by reference
            to 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 will be of no effect for the
            purposes of this Agreement unless and until the amendment is
            consented to by all parties to this Agreement.

(p)   MASTER TRUST DEED AND SECURITY TRUST DEED: The parties acknowledge for the
      purposes of the Master Trust Deed and Security Trust Deed that:

      (i)   this Agreement and all Transactions under this Agreement are Secured
            Documents; and

      (ii)  Party A is a Secured Creditor; and

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

      (iv)  this Agreement is a "Currency Swap" and a "Transaction Document" and
            Party A is a "Currency Swap Provider" in respect of the
            Securitisation Fund.

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

(r)   INCONSISTENCY. In the event of any inconsistency between any two or more
      of the following documents, they shall take precedence over each other in
      the following descending order:

      (i)   any Confirmation;

      (ii)  the Schedule to the Agreement;

      (iii) the other provisions of the Agreement;

      (iv)  the ISDA Definitions.

(s)   Any reference to a:

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

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

(t)   New Sections 15, 16 and 17 are added as follows:

      "15. CAPACITY OF PARTY B AND THE MANAGER

            (a)   Party B enters into this Agreement only in its capacity as
                  trustee of the Securitisation Fund under the Master Trust Deed
                  and in no other capacity. A liability incurred by Party B
                  arising under or in connection with this Agreement is limited
                  to and can be enforced against Party B only to the extent to
                  which it can be satisfied out of the assets of the
                  Securitisation Fund which are available to satisfy the right
                  of Party B to be exonerated or indemnified for the liability.
                  This limitation of Party B's liability applies despite any
                  other provision of this Agreement other than section 15(c) and
                  extends to all liabilities and obligations of Party B in any
                  way connected with any representation, warranty, conduct,
                  omission, agreement or transaction related to this Agreement.

                                                                              40
<PAGE>

            (b)   The parties other than Party B may not sue Party B in any
                  capacity other than as trustee of the Securitisation Fund or
                  seek the appointment of a receiver (except in relation to the
                  assets of the Securitisation Fund), or a liquidator, an
                  administrator or any similar person to Party B or prove in any
                  liquidation, administration or arrangement of or affecting
                  Party B (except in relation to the assets of the
                  Securitisation Fund).

            (c)   The provisions of this Section 15 shall not apply to any
                  obligation or liability of Party B to the extent that it is
                  not satisfied because under the Master Trust Deed or any other
                  Transaction Document or by operation of law there is a
                  reduction in the extent of Party B's indemnification or
                  exoneration out of the assets of the Securitisation Fund, as a
                  result of Party B's fraud, negligence or Wilful Default.

            (d)   It is acknowledged that the Manager is responsible under the
                  Master Trust Deed for performing a variety of obligations
                  relating to the Securitisation Fund, including under this
                  Agreement. No act or omission of Party B (including any
                  related failure to satisfy its obligations or breach of a
                  representation or warranty under this Agreement) will be
                  considered fraud, negligence or Wilful Default of Party B for
                  the purpose of paragraph (c) of this Section 15 to the extent
                  to which the act or omission was caused or contributed to by
                  any failure by the Manager or any other person to fulfil its
                  obligations relating to the Securitisation Fund or by any
                  other act or omission of the Manager or any other person.

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

            (f)   No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this Agreement has authority to act on
                  behalf of Party B in a way which exposes Party B to any
                  personal liability and no act or omission of any such person
                  will be considered fraud, negligence or Wilful Default of
                  Party B for the purpose of paragraph (c) of this Section 15.

            (g)   Subject to the provisions related to deemed receipt of notices
                  and other communications under this Agreement, Party B will
                  only be considered to have knowledge or awareness of, or
                  notice of, any thing, or grounds to believe any thing, by
                  virtue of the officers of Party B having day to day
                  responsibility for the administration or management of Party
                  B's obligations in relation to the Securitisation Fund having
                  actual knowledge, actual awareness or actual notice of that
                  thing, or grounds or reason to believe that thing (and similar
                  references will be interpreted in this way). In addition,
                  notice, knowledge or awareness of an Event of Default or other
                  default (howsoever described) means notice, knowledge or
                  awareness of the occurrence of the events or circumstances
                  constituting that Event of Default or other default (as the
                  case may be).

            (h)   In this Agreement, except where expressly provided to the
                  contrary:

                  (i)   a reference to Party B is a reference to Party B in its
                        capacity as trustee of the Securitisation Fund only, and
                        in no other capacity; and

                                                                              41
<PAGE>

                  (ii)  a reference to the undertaking, assets, business, money
                        or any other thing of or in relation to Party B is a
                        reference to such undertaking, assets, business, money
                        or other thing of or in relation to Party B only in its
                        capacity as trustee of the Securitisation Fund, and in
                        no other capacity.

            (i)   The provision of this Section 15:

                  (i)   are paramount and apply regardless of any other
                        provision of this Agreement or any other instrument,
                        even a provision which seeks to apply regardless of any
                        other provision;

                  (ii)  survive and endure beyond any termination of this
                        Agreement for any reason; and

                  (iii) are not severable from this Agreement.

      16.   Replacement Swap Transaction

            (a)   If any Transaction under this Agreement is terminated, Party B
                  must, subject to paragraph (b), at the direction of the
                  Manager, enter into one or more swaps which replace those
                  Transactions (collectively a "REPLACEMENT SWAP TRANSACTION")
                  but only on the following conditions:

                  (i)   the amount payable under Section 6(e) (if any) by Party
                        B to Party A upon termination of any Transactions will
                        be paid in full when due in accordance with the
                        Supplementary Bond Terms Notice and this Agreement;

                  (ii)  the Rating Agencies confirm that the Replacement Swap
                        Transaction will not cause a reduction or withdrawal of
                        the ratings of the Notes; and

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

            (b)   If the conditions in Section 16(a) are satisfied, Party B
                  must, provided it is satisfied with the terms of the
                  Replacement Swap Transaction, acting reasonably and
                  considering the interests of Class A Noteholders, at the
                  direction of the Manager, enter into the Replacement Swap
                  Transaction and if it does it must direct the Replacement Swap
                  Transaction provider to pay any upfront premium to enter into
                  the Replacement Swap Transaction due to Party B directly to
                  Party A in satisfaction of and to the extent of Party B's
                  obligation to pay an amount to Party A as referred to in
                  Section 16(a)(i) and to the extent that such premium is not
                  greater than or equal to the amount referred to in Section
                  16(a)(i), the balance must be satisfied by Party B as an
                  Expense of the Securitisation Fund.

            (c)   If Party B enters into a Replacement Swap Transaction pursuant
                  to paragraph (a), Party B must direct Party A to pay any
                  amount payable under Section 6(e) by Party A to Party B on
                  termination of this Agreement or any Transaction directly to
                  the Replacement Swap Transaction provider as payment of and to
                  the extent of any premium payable by Party B to enter into the
                  Replacement Swap Transaction, in satisfaction of and to the
                  extent of Party A's obligation to pay that part of the amount
                  payable under Section 6(e) to Party B.

      17.   SEGREGATION

            The liability of Party B under this Agreement is several and is
            separate in respect of each Relevant Swap Transaction. The failure
            of Party B to perform its obligations in respect of any Relevant
            Swap Transaction does not release Party B from its obligations under
            this Agreement or under any other Relevant Swap Transaction in
            respect of any other Class A Notes issued by Party B. Nothing in
            this Agreement affects the respective priority rankings of claims
            against the Charged Property under the Security Trust Deed. Without
            limiting the generality of the foregoing, the provisions of this
            Agreement have effect separately and severally in respect of each
            Relevant Swap Transaction and are enforceable by or against Party B
            as though a separate agreement applied between Party A, Party B and
            the Manager for each Relevant Swap Transaction, so that (among other
            things):

                                                                              42
<PAGE>

            (i)   this Agreement together with each Confirmation relating to a
                  Relevant Swap Transaction will form a single separate
                  agreement between Party A, Party B and the Manager and
                  references to the respective obligations (including references
                  to payment obligations generally and in the context of
                  provisions for the netting of payments and the calculation of
                  amounts due on early termination) of Party A, Party B and the
                  Manager shall be construed accordingly as a several reference
                  to each mutual set of obligations arising under each such
                  separate agreement between Party A, Party B and the Manager;

            (ii)  representations made and agreements entered into by the
                  parties under this Agreement are made and entered separately
                  and severally in respect of each Relevant Swap Transaction and
                  may be enforced separately and severally in respect of each
                  Relevant Swap Transaction;

            (iii) rights of termination, and obligations and entitlements
                  consequent upon termination, only accrue to Party A against
                  Party B separately and severally in respect of each Relevant
                  Swap Transaction, and only accrue to Party B against Party A
                  separately and severally in respect of each Relevant Swap
                  Transaction; and

            (iv)  the occurrence of an Event of Default or Termination Event in
                  respect of a Relevant Swap Transaction does not in itself
                  constitute an Event of Default or Termination Event in respect
                  of any other Relevant Swap Transaction."

(u)   TELEPHONE RECORDING: Each party:

      (i)   consents to the recording of the telephone conversations of trading
            and marketing personnel of that party and its Affiliates in
            connection with this Agreement or any potential transaction; and

      (ii)  agrees to obtain any necessary consent of, and give notice of such
            recording to, such personnel of it and its Affiliates; and

      (iii) will provide transcripts of such recordings (if any) upon reasonable
            request by another party; and

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

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

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

                                                                              43
<PAGE>

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

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

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

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

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

            Subject to Section 15, Party B agrees that it is bound by anything
            the Manager does under this Part 5(w).

(x)   RATINGS DOWNGRADE:

      (i)   In the event that the unsecured and unsubordinated debt obligations
            of Party A (or any applicable assignee or its guarantor) shall have
            (1) a long term credit rating of less than AA- by S&P and a
            short-term credit rating of less than A-1+ by S&P, or (2) a long
            term credit rating of less than A2 by Moody's and a short term
            credit rating of less than P-1 by Moody's, or (3) a long term credit
            rating of less than BBB+ by Fitch Ratings and a short term credit
            rating of less than F2 by Fitch Ratings and Party B does not receive
            written affirmation of the then current rating of the Notes, then
            Party A shall immediately notify the Rating Agencies and Party B and
            within 5 Local Business Days (or 30 Local Business Days if the
            downgrade is to no less than A- (S&P long term) and A-1 (S&P short
            term) and A3 (Moody's long term) and A+ (Fitch long term) and F1
            (Fitch short term)) of such downgrade (unless during this period,
            Party A and Party B receive written confirmation from S&P, Fitch
            Ratings and Moody's that such downgrade would not result in the
            Notes either being downgraded or placed under review for possible
            downgrade) at its cost either:

            (A)   put in place an appropriate mark-to-market collateral
                  agreement (consisting of either cash or securities) which is
                  based either on S&P's New Interest Rate and Currency Swap
                  Criteria published in January 1999 (as may be amended from
                  time to time), Fitch Ratings' Counterparty Risk in Structured
                  Finance Transactions: Swap Criteria published on 13 September
                  2004 (as amended from time to time) or on any other agreement
                  reached between the parties (whichever of these has the
                  highest ratings criteria), in support of its obligations under
                  the Agreement, PROVIDED that Party A and Party B receive prior
                  written confirmation from S&P, Fitch Ratings and Moody's that
                  the rating assigned to the Notes then outstanding by S&P,
                  Fitch Ratings and Moody's is not adversely affected by the
                  downgrade following such collateral arrangements being put in
                  place and PROVIDED FURTHER that this Part 5(x)(i)(A) will not
                  apply where the long term credit rating falls to BBB+ (or
                  less) by Fitch Ratings and the short term credit rating falls
                  to F2 (or less) by Fitch Ratings;

                                                                              44
<PAGE>

            (B)   transfer all its rights and obligations with respect to this
                  Agreement to a replacement third party whose unsecured and
                  unsubordinated debt obligations have (1) a long term credit
                  rating of at least AA- by S&P and a short-term credit rating
                  of at least A-1+ by S&P, or (2) a long term credit rating of
                  at least A2 by Moody's and a short term credit rating of at
                  least P-1 by Moody's, or (3) a long term credit rating of at
                  least A+ by Fitch Ratings and a short term credit rating of at
                  least F1 by Fitch Ratings;

            (C)   procure that its obligations with respect to this Agreement
                  are guaranteed by a third party resident outside Australia
                  whose unsecured and unsubordinated debt obligations have (1) a
                  long term credit rating of at least AA- by S&P and a
                  short-term credit rating of at least A-1+ by S&P, or (2) a
                  long term credit rating of at least A2 by Moody's and a short
                  term credit rating of at least P-1 by Moody's, or (3) a long
                  term credit rating of at least A+ by Fitch Ratings and a short
                  term credit rating of at least F1 by Fitch Ratings; or

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

      (ii)  Where Party A transfers its rights and obligations to a replacement
            counterparty in accordance with Part 5(x)(i)(B), the Trustee, at the
            direction of the Manager, and each other party to this Agreement
            shall do all things reasonably necessary at the cost of Party A to
            novate the relevant rights and obligations to the replacement
            counterparty.

      (iii) If, at any time, Party A's obligations under this Agreement are
            transferred in accordance with Part 5(x)(i)(B), Party A shall be
            immediately entitled to any collateral which it has provided under
            any collateral agreement contemplated by Part 5(x)(i)(A) (less any
            amount withdrawn in accordance with Part 5(x)(iv)).

      (iv)  Party B may only make withdrawals from any account into which
            collateral is provided by Party A (the COLLATERAL ACCOUNT) if
            directed to do so by the Manager and then only for the purpose of:

            (A)   transferring obligations under this Agreement in accordance
                  with Part 5(x)(i)(B) (including the costs of obtaining a
                  replacement counterparty);

            (B)   refunding to Party A any excess in the amount of any
                  collateral deposited to the Collateral Account over the amount
                  Party A is required to maintain under any collateral agreement
                  contemplated by Part 5(x)(i)(A);

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

            (D)   paying bank accounts debit tax or other equivalent Taxes
                  payable in respect of the Collateral Account;

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

            (F)   making interest payments to Party A as contemplated by Part
                  5(x)(v).

                                                                              45
<PAGE>

                  The Manager must direct Party B to, and Party B must, refund
                  or pay to Party A the amount of any payment which may be made
                  to Party A under (B), (C) or (F) above as soon as such refund
                  or payment is possible.

      (v)   All interest on the Collateral Account will accrue and be payable
            monthly to Party A providing the amount deposited to the Collateral
            Account is not less than the amount Party A is required to maintain
            under the collateral agreement contemplated by Part 5(x)(i)(A).

(y)   EXCHANGE CONTROLS

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

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

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

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

(z)   TRANSFER

      A new paragraph (c) is added to Section 7 as follows:

            "a party may make such a transfer in accordance with this Agreement
            or the Security Trust Deed".

      and the full-stop at the end of paragraph (b) is replaced with "; and"

(aa)  PARTY B'S PAYMENT INSTRUCTIONS

      Party B irrevocably authorises and instructs Party A to make payment of:

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

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

(bb)  NO AMENDMENT

      (i)   Each of Party B and the Manager agrees that it will not consent to
            any amendment to any provision in any Transaction Document dealing
            with the ranking, priority or entitlement of Party A in respect of
            any security or moneys without the prior written consent of Party A.

                                                                              46
<PAGE>

      (ii)  No amendment may be made to this agreement unless each of S&P,
            Moody's and Fitch Ratings have confirmed in writing that such
            proposed amendment will not result in a reduction or withdrawal of
            the then rating of any outstanding Notes.

(cc)  REGULATION AB FINANCIAL DISCLOSURE

      (i)   Party A acknowledges that for so long as there are reporting
            obligations with respect to any Transaction under this Agreement
            under Regulation AB, the Manager is required under Regulation AB to
            disclose certain information set forth in Regulation AB regarding
            Party A or its group of affiliated entities, if applicable,
            depending on the aggregate significance percentage of this Agreement
            and any other derivative contracts between Party A or its group of
            affiliated entities, if applicable, and Party B, as calculated from
            time to time in accordance with Item 1115 of Regulation AB.

      (ii)  If the Manger determines, reasonably and in good faith, that the
            significance percentage of this Agreement is or has become:

            (A)   10% or more; or

            (B)   20% or more,

            then on any Local Business Day after the date of such determination,
            Party B or the Manager may request Party A to provide the relevant
            Swap Financial Disclosure.

      (iii) Party A, at its own expense, shall within four Local Business Days
            after receipt of a Swap Financial Disclosure Request provide the
            Manager with the relevant Swap Financial Disclosure.

      (iv)  If Party A is not able to provide the relevant Swap Financial
            Disclosure in accordance with Part 5(cc)(iii) of this Schedule, then
            Party A shall:

            (A)   secure another entity to replace Party A as party to this
                  Agreement on terms substantially similar to this Agreement
                  which entity is able to and will provide the Swap Financial
                  Disclosure for such entity within the time period specified in
                  Part 5(cc)(iii) of this Schedule (subject to Rating Agency
                  Confirmation having been obtained and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed)); or

            (B)   obtain a guarantee of Party A's obligations under this
                  Agreement from an affiliate of Party A that is able to provide
                  the Swap Financial Disclosure for such affiliate, such that
                  disclosure provided in respect of the affiliate will satisfy
                  any disclosure requirements applicable to Party A, and cause
                  such affiliate to provide Swap Financial Disclosure within the
                  time period specified in Party 5(x)(iii) of this Schedule
                  (subject to Rating Agency Confirmation and to approval by the
                  Manager (which approval will not be unreasonably withheld or
                  delayed));

      (v)   The parties agree that, if permitted by Regulation AB, any required
            Swap Financial Disclosure may be provided by incorporation by
            reference from reports filed pursuant to the Exchange Act.

                                                                              47
<PAGE>

IN WITNESS WHEREOF the parties have executed this Schedule on the respective
dates specified below with effect from the date specified on the first page of
this document.

PARTY A                                     PARTY B
                                            PERPETUAL LIMITED

By:________________________                 Attorney:________________________
Name:                                       Name:
Title:                                      Title:
Date:                                       Date:

By:________________________                 Witness:________________________
Name:                                       Name:
Title:                                      Title:
Date:                                       Date:

THE MANAGER
ME PORTFOLIO MANAGEMENT LIMITED

Attorney:________________________
Name:
Title:
Date:

Witness:________________________
Name:
Title:
Date:

                                                                              48

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