Document:

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MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

SUB-FUND NOTICE
PUMA GLOBAL TRUST NO. 1

                                   CLAYTON UTZ
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 174/3323/1537356 CONTACT - TESSA HOSER

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

             Liability is limited by the Solicitors Scheme under the
                      Professional Standards Act 1994 NSW

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TABLE OF CONTENTS

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

            1.1         Definitions...............................................................................1
            1.2         Interpretation...........................................................................12
            1.3         Trust Deed Definitions...................................................................12
            1.4         Incorporated Definitions and other Transaction Documents and provisions..................12
            1.5         Issuer Trustee Capacity..................................................................12

2.          UNITS................................................................................................12

            2.1         Classes and Number of Units..............................................................12
            2.2         Initial Unitholder.......................................................................12
            2.3         Beneficial Interest Represented by the Income Unit.......................................12
            2.4         Beneficial Interest Represented by the Capital Unit......................................13
            2.5         Right of Income Unitholder to Payments...................................................13
            2.6         Rights of Capital Unitholder to Payments.................................................13
            2.7         Capital and Income Unit Subject to this Sub-Fund Notice..................................13
            2.8         Restrictions on Transfer.................................................................13

3.          ISSUE OF NOTES.......................................................................................13

            3.1         Classes of Notes.........................................................................13
            3.2         Issue of Class A Notes and Class B Notes.................................................14
            3.3         Issue of A$ Subordinated Notes...........................................................14
            3.4         Issue of A$ Redraw Notes.................................................................14
            3.5         Pre-Conditions to Issue of Class A Notes and Class B Notes...............................14
            3.6         Voting at Meetings Under the Trust Deed..................................................14

4.          PRINCIPAL AND INTEREST ON THE NOTES..................................................................15

            4.1         Original Principal Balance of the Notes..................................................15
            4.2         Payment of Interest on the Notes.........................................................15
            4.3         Redemption of the Notes..................................................................16
            4.4         Interest on Overdue Interest on the Notes................................................17
            4.5         Rounding of Payments on the Notes........................................................17
            4.6         Manager Undertakings.....................................................................17

5.          CASHFLOWS............................................................................................17

            5.1         Order of Payments on Each Payment Date...................................................17
            5.2         Order of Application of Amounts Representing Collections.................................20
            5.3         Subordination of Manager's Fees..........................................................21
            5.4         Principal Cash Balance...................................................................23
            5.5         A$ Principal Payments on Class A Notes, Class B Notes and A$ Subordinated
                        Notes....................................................................................23
            5.6         US$ Payments.............................................................................25
            5.7         Prepayment Amounts.......................................................................25
            5.8         Pre-Funding Pool Distribution............................................................25
            5.9         Subordinated Redraw Facility Interest....................................................25

6.          NET ACCOUNTING INCOME AND NET TAX INCOME.............................................................26

            6.1         Allocation of Net Accounting Income/Net Tax Income.......................................26
            6.2         Payment to Income Unitholders............................................................26
            6.3         Excess Distributions.....................................................................26
</TABLE>
                                                                               i

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<TABLE>
<CAPTION>
<S>                                                                                                            <C>
7.          ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES.......................................................27

            7.1         Establishment of the Pre-Funding Pool....................................................27
            7.2         Acquisition of Approved Mortgages during Pre-Funding and Substitution
                        Periods..................................................................................27
            7.3         Maturity Date for Approved Mortgages and Further Advances................................27
            7.4         Sale of Approved Mortgages...............................................................28
            7.5         No Obligation............................................................................28

8.          REDRAWS AND FURTHER ADVANCES.........................................................................28

            8.1         Redraws and Non-Subordinate Funded Further Advances......................................28
            8.2         Subordinate Funded Further Advances......................................................29
            8.3         No Obligation............................................................................29

9.          TRANSFER POWER OVER APPROVED MORTGAGES...............................................................29

            9.1         Nature of Transfer Power.................................................................29
            9.2         Transfer Power...........................................................................29
            9.3         Benefit of Transfer Power for more than one Fund.........................................30
            9.4         Time of Transfer.........................................................................30
            9.5         Transfer and Payment.....................................................................30

10.         MISCELLANEOUS........................................................................................30

            10.1        Amendments...............................................................................30
            10.2        Collections Held by Manager..............................................................30
            10.3        Currency Conversion of US$ Notes - Authorised Investments................................31
            10.4        Notices to Investors.....................................................................31
</TABLE>

                                                                              ii

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SUB-FUND NOTICE DATED     [                        ] 2001

FROM            MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 of Level 23,
                20 Bond Street Sydney ("MANAGER")

TO              PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827 of Level
                7, 1 Castlereagh Street, Sydney ("ISSUER TRUSTEE'")

RECITALS

A.          This Sub-Fund Notice is issued by the Manager to the Issuer Trustee
            pursuant to clause 6.1 of the Trust Deed.

B.          This Sub-Fund Notice is issued in respect of the Sub-Fund to be
            known as "PUMA Global Trust No. 1".

C.          If accepted by the Issuer Trustee, this Sub-Fund Notice is to be
            entered into the Register by the Issuer Trustee in accordance with
            clause 15.1(a) of the Trust Deed.

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1.          DEFINITIONS AND INTERPRETATION

1.1         DEFINITIONS

            In this Sub-Fund Notice, unless the context otherwise requires:

            "A$ CLASS A INTEREST AMOUNT" in relation to a Quarterly Payment Date
            and the Quarterly Period ending on that Quarterly Payment Date means
            an amount calculated as follows:

                                                    N
                           ACAIA = ACAPB X ACAIR X ---
                                                   365

            where:

            ACAIA =   the A$ Class A Interest Amount for the Quarterly Period;

            ACAPB =   the A$ Equivalent of the aggregate Principal Balances of
                      the Class A Notes at the close of business on the first
                      day of the Quarterly Period;

            ACAIR =   the A$ Class A Interest Rate for the Quarterly Period; and

            N     =   the number of days in the Quarterly Period.

            "A$ CLASS A INTEREST RATE" in relation to a Quarterly Period means
            the aggregate of:

            (a)         the three month Bank Bill Rate determined by the Manager
                        on the first day of that Quarterly Period; and

            (b)         the applicable "Spread" for that Quarterly Period
                        specified in paragraph 5.2 of the confirmation for the
                        Class A Currency Swap (as if reference to a "Floating
                        Rate Payer Payment Date" were reference to the Quarterly
                        Payment Date at the end of that Quarterly Period).

            "A$ CLASS A PRINCIPAL AMOUNT" means, in relation to a Quarterly
            Payment Date, the amount of the Distributable Principal (if any) to
            be applied towards the A$ Class A Principal Amount on that Quarterly
            Payment Date pursuant to clause 5.5(a)(i) or clause 5.5(b)(i) (as
            applicable).

                                                                               1

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            "A$ CLASS B INTEREST AMOUNT" in relation to a Quarterly Payment Date
            and the Quarterly Period ending on that Quarterly Payment Date means
            an amount calculated as follows:

                                                    N
                           ACBIA = ACBPB X ACBIR X ---
                                                   365

            where:

            ACBIA =   the A$ Class B Interest Amount for the Quarterly Period;

            ACBPB =   the A$ Equivalent of the aggregate Principal Balances of
                      the Class B Notes at the close of business on the first
                      day of the Quarterly Period;

            ACBIR =   the A$ Class B Interest Rate for the Quarterly Period; and

            N     =   the number of days in the Quarterly Period.

            "A$ CLASS B INTEREST RATE" in relation to a Quarterly Period means
the aggregate of:

            (a)         the three month Bank Bill Rate determined by the Manager
                        on the first day of that Quarterly Period; and

            (b)         the applicable "Spread" for that Quarterly Period
                        specified in paragraph 5.2 of the confirmation for the
                        Class B Currency Swap (as if reference to a "Floating
                        Rate Payer Payment Date" were reference to the Quarterly
                        Payment Date at the end of that Quarterly Period).

            "A$ CLASS B PRINCIPAL AMOUNT" means, in relation to a Quarterly
            Payment Date, the amount of the Distributable Principal (if any) to
            be applied towards the A$ Class B Principal Amount on that Quarterly
            Payment Date pursuant to clause 5.5(a)(ii)A or clause 5.5(b)(ii)
            (as applicable).

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

            "A$ EXCHANGE RATE" means the "A$ Exchange Rate" specified in
            paragraph 7 of the confirmation for the Class A Currency Swap.

            "A$ NOTES" means the A$ Redraw Notes and the A$ Subordinated Notes.

            "A$ NOTES INTEREST RATE" means:

            (a)         in relation to an A$ Redraw Note and a Monthly Period in
                        relation to that A$ Redraw Note, the sum of:

                        (i)   the one month Bank Bill Rate determined by the
                              Manager on the first day of that Monthly Period;
                              and

                        (ii)  the Margin for that A$ Redraw Note; and

            (b)         in relation to an A$ Subordinated Note and a Quarterly
                        Period in relation to that A$ Subordinated Note, the sum
                        of:

                        (i)   the three month Bank Bill Rate determined by the
                              Manager on the first day of that Quarterly Period
                              provided that if the first Quarterly Period in
                              relation to an A$ Subordinated Note is less than 3
                              months the relevant

                                                                               2

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                              rate for that Quarterly Period will be determined
                              by the Manager by straight-line interpolation by
                              reference to two available rates one of which is
                              the Bank Bill Rate on that date for the period
                              next shorter than the length of that Quarterly
                              Period and the other of which is the Bank Bill
                              Rate on that date for the period next longer than
                              the length of that Quarterly Period; and

                        (ii)  the Margin for that A$ Subordinated Note.

            "A$ REDRAW NOTE" means a Registered Note issued by the Issuer
            Trustee as trustee of the PUMA Trust pursuant to clause 7.5 of the
            Trust Deed and forming part of a class of Notes described in clause
            3.1(d) as A$ Redraw Notes.

            "A$ REDRAW NOTEHOLDER" means a Noteholder in respect of an A$ Redraw
            Note.

            "A$ SUBORDINATED NOTE" means a Registered Note issued by the Issuer
            Trustee as trustee of the PUMA Trust pursuant to clause 7.5 of the
            Trust Deed and forming part of the class of Notes described in
            clause 3.1(c) as A$ Subordinated Notes.

            "A$ SUBORDINATED NOTEHOLDER" means a Noteholder in respect of an A$
            Subordinated Note.

            "AGENCY AGREEMENT" means the Agency Agreement to be entered into on
            or around [ ] 2001 between the Issuer Trustee, the Manager, The Bank
            of New York, New York Branch (as the initial Note Trustee, Principal
            Paying Agent, Agent Bank and Note Registrar) and The Bank of New
            York, London Branch (as an initial Paying Agent).

            "AGENT BANK" has the same meaning as in the Agency Agreement.

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

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

            "CAPITAL UNIT" means the Capital Unit in the PUMA Trust referred to
            in clause 2.1.

            "CLASS A CURRENCY SWAP" means the swap transaction in relation to
            the Class A Notes entered into or to be entered into between the
            Trustee, the Manager and the initial Currency Swap Provider on or
            prior to the Closing Date pursuant to the Currency Swap Agreement
            and includes any substitute swap transaction which replaces an
            existing Class A Currency Swap.

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

            "CLASS A NOTEHOLDER" has the same meaning as in the Note Trust Deed.

                                                                               3

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            "CLASS B CURRENCY SWAP" means the swap transaction in relation to
            the Class B Notes entered into or to be entered into between the
            Trustee, the Manager and the initial Currency Swap Provider on or
            prior to the Closing Date pursuant to the Currency Swap Agreement
            and includes any substitute swap transaction which replaces an
            existing Class B Currency Swap.

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

            "CLASS B NOTEHOLDER" has the same meaning as in the Note Trust Deed.

            "CLOSING DATE" means [ ] 2001.

            "COLLECTIONS" at any time means all receipts of the Issuer Trustee
            then held by it as trustee of the PUMA Trust of any nature whatever,
            including, but not limited to, receipts:

            (a)   of principal, interest and other amounts in relation to
                  Approved Mortgages (including, without limitation, receipts in
                  relation to a disposal of an Approved Mortgage pursuant to
                  clauses 7.4 or 9);

            (b)   of payments under Security Enhancements in respect of Approved
                  Mortgages;

            (c)   from Originators under Mortgage Origination Deeds (as defined
                  in the Management Deed);

            (d)   of other payments under the Support Facilities or the Redraw
                  Facility;

            (e)   of income from other Authorised Investments;

            (f)   of proceeds of issue of Notes and Units;

            (g)   remaining in the Pre-Funding Pool at the end of the
                  Pre-Funding Period where the amount remaining in the
                  Pre-Funding Pool is less than A$1 million;

            (h)   held as Principal Cash Balance or Income Reserve; and

            (i)   held following a Payment Date as Collections under clause 5.1;

            but does not include:

            (j)   amounts applied, or to be applied on a subsequent date,
                  towards the acquisition of additional Approved Mortgages or
                  the funding of Further Advances or Redraws;

            (k)   any amount that is held in the Pre-Funding Pool during the
                  Pre-Funding Period and the entire amount remaining in the
                  Pre-Funding Pool at the end of the Pre-Funding Period, if such
                  amount is equal to or exceeds A$1 million;

            (l)   in relation to a Payment Date, amounts referred to in
                  paragraphs (a), (b) and (c) above received by the Issuer
                  Trustee (or by the Manager or a Related Body Corporate of the
                  Manager pursuant to clause 10.2) after 5pm, Sydney time, on
                  the seventh Business Day prior to that Payment Date;

            (m)   any instalment under an Approved Mortgage paid by a borrower
                  in advance but not yet due for payment where the Manager has
                  directed the Issuer Trustee to retain that instalment until
                  its scheduled payment date;

            (n)   any Prepayment Amount or interest or other income earned on a
                  Prepayment Amount (unless otherwise provided in the relevant
                  Transaction Document); nor

            (o)   any US$ amount received by the Issuer Trustee from the
                  Currency Swap Provider

                                                                               4

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                  under the Class A Currency Swap or Class B Currency Swap where
                  such amount has been or is to be paid directly by the relevant
                  Currency Swap Provider to the Principal Paying Agent for the
                  US$ Notes (except any Settlement Amount, as defined in the
                  Currency Swap Agreement, received by the Issuer Trustee to the
                  extent that it is not applied in accordance with Part 5(17)(c)
                  of the Currency Swap Agreement).

            "CURRENCY SWAP" means each of the Class A Currency Swap and the
            Class B Currency Swap.

            "CURRENCY SWAP AGREEMENT" means the ISDA Master Agreement and the
            schedule thereto to be entered into on or around [ ] 2001 between
            the Issuer Trustee, the Manager and the initial Currency Swap
            Provider (and any swap confirmations relating to such ISDA Master
            Agreement entered into by the Trustee in its capacity as trustee of
            the PUMA Trust) and includes any substitute agreement which replaces
            an existing Currency Swap Agreement.

            "CURRENCY SWAP PROVIDER" means initially [ ] and includes any other
            person who subsequently enters into a Currency Swap Agreement with
            the Manager and the Issuer Trustee.

            "DISTRIBUTABLE PRINCIPAL" in relation to a Quarterly Payment Date
            means the sum of:

            (a)   the amount available on that Quarterly Payment Date to be
                  applied pursuant to clause 5.1(n); and

            (b)   in relation to the first Quarterly Payment Date only, the
                  amount (if any) of the Pre-Funding Pool to be applied as
                  Distributable Principal pursuant to clause 5.8(c).

            "FEES AND EXPENSES" has the meaning ascribed to that term in
            relation to the PUMA Trust in the Trust Deed provided that "Fees and
            Expenses" do not include any of the liabilities of the Issuer
            Trustee referred to in clauses 5.1(b) to 5.1(q) (inclusive),
            clauses 5.5, 5.6, or 5.8 or in relation to a Prepayment Amount.

            "FINAL MATURITY DATE" means the Quarterly Payment Date occurring in
            [ ].

            "FURTHER ADVANCE" means, in relation to an Approved Mortgage which
            is an asset of the PUMA Trust, a further advance, or that part of a
            further advance, by the Issuer Trustee under the terms of the
            Approved Mortgage which causes the Scheduled Balance of that
            Approved Mortgage (determined prior to any variation to the terms of
            the Approved Mortgage which increases the Scheduled Balance) to be
            exceeded.

            "INCOME RESERVE" has the meaning given in clause 5.3(b).

            "INCOME UNIT" means the Income Unit in the PUMA Trust referred to in
            clause 2.1.

            "INCOME UNIT AMOUNT" means each amount available for payment to or
            application on behalf of the Income Unitholder pursuant to clause
            5.1(h).

            "ISSUER TRUSTEE" means initially Perpetual Trustees Australia
            Limited, ABN 86 000 431 827 or, if Perpetual Trustees Australia
            Limited retires or is removed as trustee of the PUMA Trust under the
            Trust Deed, the then substitute Trustee.

            "MANAGER'S FEES" means the fees payable to the Manager under the
            Management Deed (and in accordance with the Trust Deed) in relation
            to the PUMA Trust.

            "MARGIN" means, in relation to an A$ Note, the margin expressed as a
            percentage per annum specified by the Manager in writing to the
            Issuer Trustee on or prior to the Issue Date of that A$ Note.

                                                                               5

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            "MONTHLY PAYMENT DATE" means [ ] 2001, the [ ] day of each following
            calendar month until the Final Maturity Date and the Final Maturity
            Date provided that where any of these dates is not a Business Day
            the Monthly Payment Date will be the next following Business Day.

            "MONTHLY PERIOD" means:

            (a)   the period from and including the Closing Date to but
                  excluding the first Monthly Payment Date; and

            (b)   each period thereafter from and including a Monthly Payment
                  Date to but excluding the next Monthly Payment Date,

            provided that in relation to an A$ Redraw Note the first Monthly
            Period will commence on, and include, the Issue Date of that A$
            Redraw Note and will end on, but exclude, the next Monthly Payment
            Date.

            "NET INCOME AMOUNT" means, in relation to a Quarterly Payment Date,
            the aggregate of the Distributable Minimum Amount (as that
            expression is defined in the Management Deed) and the residual
            amount, if any, of Interim Calculable Net Income (as that expression
            is defined in the Management Deed) after application thereof to the
            Manager's Fees in accordance with clause 6.3(c)(ii) of the
            Management Deed for the immediately preceding Quarterly Period.

            "NET LOSS" means, in relation to a Quarterly Period, the absolute
            value of any negative Net Income (as defined in the Management Deed)
            in relation to that Quarterly Period.

            "NOTE" means a US$ Note or an A$ Note.

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

            "NOTE REGISTRAR" has the same meaning as in the Agency Agreement.

            "NOTE TRUST DEED" means the Note Trust Deed to be entered into on or
            around [ ]2001 between the Issuer Trustee, the Manager and The Bank
            of New York, New York Branch (as the initial Note Trustee).

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

            "ORIGINAL PRINCIPAL BALANCE" means:

            (a)   in relation to a US$ Note, the amount stated on its face; and

            (b)   in relation to an A$ Note, A$100,000.

            "PAYING AGENT" has the same meaning as in the Agency Agreement.

            "PAYMENT DATE" means each Monthly Payment Date and each Quarterly
            Payment Date other than any Monthly Payment Date which is not a
            Quarterly Payment Date and upon which no amounts are payable by the
            Issuer Trustee in respect of any A$ Redraw Note or the Redraw
            Facility Agreement.

            "PRE-FUNDING PERIOD" means the period commencing on the Closing Date
            and ending at 5pm (Sydney time) on the seventh Business Day prior to
            the first occurring Quarterly Payment Date.

            "PRE-FUNDING POOL" means the amount of the proceeds of issue of the
            US$ Notes, after exchange to A$ under the Class A Currency Swap and
            the Class B Currency Swap, to be held by the Issuer Trustee pursuant
            to clause 7.1, as determined by the Manager and notified in

                                                                               6

<PAGE>

            writing to the Issuer Trustee on or before the Closing Date, less
            the aggregate amount that has been applied from those proceeds of
            issue (as so determined) towards the acquisition of Approved
            Mortgages, together with all Loans, Collateral Securities and other
            rights and entitlements relating thereto, pursuant to clause 7.2.
            The Pre-Funding Pool will be reduced to zero following its
            application on the first Quarterly Payment Date pursuant to clause
            5.8.

            "PREPAYMENT AMOUNT" means any amount paid, or assets lodged by, the
            Manager or any other party to a Transaction Document to or with the
            Issuer Trustee as trustee of the PUMA Trust as:

            (a)   a prepayment of any obligation by that person to the Issuer
                  Trustee as trustee of the PUMA Trust under a Transaction
                  Document to the extent that such amount has not (except as a
                  prepayment) become payable to the Issuer Trustee in accordance
                  with that Transaction Document; or

            (b)   collateral for any obligation by that person to the Issuer
                  Trustee as trustee of the PUMA Trust under a Transaction
                  Document to the extent that such amount has not been utilised
                  by the Issuer Trustee in accordance with that Transaction
                  Document,

            and includes any amount or any assets specified in a Transaction
            Document to be a Prepayment Amount for the purposes of this Sub-Fund
            Notice and the Security Trust Deed.

            "PRINCIPAL BALANCE" means, at any time in relation to a Note, the
            Original Principal Balance of that Note less the aggregate of all
            amounts previously paid in relation to that Note on account of
            principal pursuant to, in the case of a US$ Note, condition 7.2 of
            the Note Conditions, and in the case of an A$ Note, clause 5.1 or
            5.5.

            "PRINCIPAL CASH BALANCE" has the meaning given in clause 5.4(d).

            "PRINCIPAL COLLECTIONS" means, in relation to any day, the amount
            determined by the following calculation:

            PC  =  POA   -   COA   +   PRP   -   FRP  +   PFP

            where:

            PC    =        the Principal Collections;

            POA   =        the aggregate amount outstanding, plus all accrued
                           but unpaid interest, at the end of the seventh
                           Business Day prior to the immediately preceding
                           Payment Date in respect of Approved Mortgages which
                           were then assets of the PUMA Trust;

            COA   =        the aggregate amount outstanding, plus all accrued
                           but unpaid interest, at the beginning of that day in
                           respect of Approved Mortgages which are then assets
                           of the PUMA Trust;

            PRP   =        the aggregate of the amounts referred to in paragraph
                           (j) of the definition of "Collections" in this clause
                           1.1 in respect of the immediately preceding Payment
                           Date which were to be applied towards the acquisition
                           of Approved Mortgages or the funding of Further
                           Advances or Redraws but which have not yet been so
                           applied and the amount invested or retained as
                           Principal Collections on the immediately preceding
                           Payment Date pursuant to clause 5.1(o);

            FRP   =        if the Principal Collections are being determined in
                           relation to a Payment Date, the amounts referred to
                           in paragraph (j) of the definition of

                                                                               7

<PAGE>

                           "Collections" in this clause 1.1 in respect of that
                           Payment Date which are to be applied towards the
                           acquisition of Approved Mortgages or the funding of
                           Further Advances or Redraws or, if the Principal
                           Collections are not being determined in relation to a
                           Payment Date, zero; and

            PFP   =        if the Principal Collections are being determined in
                           relation to the first Quarterly Payment Date and the
                           balance held in the Pre-Funding Pool at the end of
                           the Pre-Funding Period is less than A$ 1 million, the
                           amount of the Pre-Funding Pool (if any) applied
                           towards Collections in accordance with clause 5.8, or
                           if the Principal Collections are not being determined
                           in relation to the first Quarterly Payment Date,
                           zero,

            provided that if the result of the above calculation is less than
            zero, the Principal Collections at that time will be zero. The
            "PRINCIPAL COLLECTIONS" in relation to a Payment Date is the amount
            determined in accordance with the foregoing definition as at the end
            of the seventh Business Day prior to that Payment Date. The
            Principal Collections in relation to any Payment Date is a notional
            amount of the Collections on that Payment Date.

            "PRINCIPAL PAYING AGENT" has the same meaning as in the Agency
            Agreement.

            "PRINCIPAL SHORTFALL" has the meaning given in clause 5.3(a).

            "PUMA TRUST" means the Sub-Fund to be known as PUMA Global Trust No.
            1 to be constituted by the acceptance of this Sub-Fund Notice
            pursuant to clause 6.2(a) of the Trust Deed and the settlement on
            the Issuer Trustee of the sum of one hundred dollars pursuant to
            clause 6.2(b) of the Trust Deed.

            "QUARTERLY PAYMENT DATE" means [ ], each following [ ], [ ], [ ] and
            [ ] of each year until the Final Maturity Date (and includes the
            Final Maturity Date) provided that where any of these dates is not a
            Business Day the Quarterly Payment Date will be the next following
            Business Day.

            "QUARTERLY PERIOD" means:

            (a)   the period from and including the Closing Date to but
                  excluding the first Quarterly Payment Date; and

            (b)   each period thereafter from and including a Quarterly Payment
                  Date to but excluding the next Quarterly Payment Date,

            provided that in relation to an A$ Subordinated Note the first
            Quarterly Period will commence on, and include, the Issue Date of
            that A$ Subordinated Note and will end on, but exclude, the next
            Quarterly Payment Date.

            "REDRAW" means, in relation to an Approved Mortgage which is an
            asset of the PUMA Trust, a further advance, or that part of a
            further advance, by the Issuer Trustee under the terms of the
            Approved Mortgage which does not cause the Scheduled Balance
            (determined prior to any variation to the terms of the Approved
            Mortgage which increases the Scheduled Balance) of that Approved
            Mortgage to be exceeded.

            "REDRAW FACILITY ADVANCE" means "Advance" as that term is defined in
            the Redraw Facility Agreement.

            "REDRAW FACILITY AGREEMENT" means the Redraw Facility Agreement to
            be entered into on or around [ ] 2001 between the Issuer Trustee,
            the Manager and the initial Redraw Facility Provider and includes
            any substitute agreement which replaces an existing Redraw Facility
            Agreement.

                                                                               8

<PAGE>

            "REDRAW FACILITY INTEREST" in relation to a Payment Date or a date
            upon which a distribution is made to the Redraw Facility Provider
            pursuant to clause 13.1(g)(ii) of the Security Trust Deed, means
            the fees and interest due on that Payment Date or date, as the case
            may be, and any fees and interest unpaid from prior Payment Dates,
            and interest on them, outstanding pursuant to the terms of the
            Redraw Facility Agreement.

            "REDRAW FACILITY LIMIT" at any time has the same meaning as the term
            "Facility Limit" in the Redraw Facility Agreement at that time.

            "REDRAW FACILITY PROVIDER" means initially Macquarie Bank Limited,
            ABN 46 008 583 542, and includes any other person who subsequently
            enters into a Redraw Facility Agreement with the Manager and the
            Issuer Trustee.

            "REDRAW FACILITY PRINCIPAL" has the same meaning as in the Redraw
            Facility Agreement.

            "REQUIRED INCOME RESERVE" means, in relation to a Payment Date, the
            amount determined pursuant to clause 5.3(b).

            "REQUIRED PRINCIPAL CASH BALANCE" means, in relation to a Payment
            Date, the amount determined pursuant to clause 5.4(b).

            "SCHEDULED BALANCE" in relation to an Approved Mortgage means the
            amount that would be owing on the Approved Mortgage at the date of
            determination if the Borrower had drawn down the Approved Mortgage
            in full and had made, prior to that date, the minimum payments
            required under the terms of the Approved Mortgage.

            "SECURITY TRUST DEED" means the Security Trust Deed to be entered
            into on or around [ ] 2001 between the Issuer Trustee, the Manager,
            Perpetual Trustee Company Limited, ABN 42 000 001 007 and the Note
            Trustee.

            "SENIOR FEE AMOUNT" means, in relation to a Payment Date, the amount
            determined by the following calculation:

                                                           n
            SFA   =        TPB     x     [0.25]%     x    ---
                                                          365

            where:

            SFA   =     the Senior Fee Amount;

            TPB   =     the Total Principal Balance on that Payment Date (before
                        any repayments of principal of the Notes on that date);
                        and

            n     =     the number of days in the period from (and including)
                        the immediately preceding Quarterly Payment Date to (but
                        excluding) that Payment Date.

            "SENIOR REDRAW FACILITY INTEREST AMOUNT" in relation to a Payment
            Date or a date upon which a distribution is made pursuant to clause
            13.1(g)(ii) of the Security Trust Deed means an amount determined
            by the following calculation:

            SRFIA =    SRP     x    RFI
                       ---
                        RP

            where:

            SRFIA =   the Senior Redraw Facility Interest Amount;

            SRP   =   the Senior Redraw Facility Principal on that Payment Date
                      or date;

                                                                               9

<PAGE>

            RP    =   the Redraw Facility Principal on that Payment Date or
                      date; and

            RFI   =   the Redraw Facility Interest on that Payment Date or date.

            "SENIOR REDRAW FACILITY PRINCIPAL" in relation to a Payment Date or
            a date upon which a distribution is made pursuant to clause
            13.1(g)(ii) of the Security Trust Deed means the amount, if any, by
            which the Redraw Facility Principal in relation to that Payment Date
            or date exceeds the aggregate Subordinate Funded Further Advance
            Amounts in respect of the Approved Mortgages, which are, or were,
            assets of the PUMA Trust, in relation to that Payment Date or date.

            "SUBORDINATE FUNDED FURTHER ADVANCE" means, in relation to an
            Approved Mortgage which is an asset of the PUMA Trust, a Further
            Advance made or to be made, as the context requires, by the Issuer
            Trustee at any time to the extent to which it is made without the
            benefit of insurance under a Mortgage Insurance Policy.

            "SUBORDINATE FUNDED FURTHER ADVANCE AMOUNT" in relation to a Payment
            Date or a date upon which a distribution is made pursuant to clause
            13.1(g)(ii) of the Security Trust Deed and an Approved Mortgage,
            means the amount, if any, by which at the end of the seventh
            Business Day preceding that Payment Date, or the earlier of the date
            of that distribution or date of sale of the relevant Approved
            Mortgage, as the case may be, the principal balance outstanding of
            that Approved Mortgage exceeds the Scheduled Balance of that
            Approved Mortgage as a result of Subordinate Funded Further Advances
            made by the Issuer Trustee pursuant to clause 8 on the basis that
            repayments of principal on that Approved Mortgage by a Mortgagor are
            applied first towards any scheduled principal payments on that
            Approved Mortgage and then towards such Subordinate Funded Further
            Advances (but not as a result of capitalised interest in respect of
            such Subordinate Funded Further Advances). Notwithstanding the
            foregoing, if an Approved Mortgage is written off by the Manager as
            unrecoverable in a Quarterly Period then:

            (a)   subject to the following, the Subordinate Funded Further
                  Advance Amount in relation to that Approved Mortgage will be
                  the Subordinate Funded Further Advance Amount, as determined
                  in accordance with the above paragraph, immediately before the
                  Approved Mortgage was written off as unrecoverable;

            (b)   if there is no Net Loss in relation to that Quarterly Period,
                  the Subordinate Funded Further Advance Amount in relation to
                  that Approved Mortgage will be reduced to zero on the
                  Quarterly Payment Date at the end of that Quarterly Period;
                  and

            (c)   if there is a Net Loss in relation to that Quarterly Period,
                  the Subordinate Funded Further Advance Amount in relation to
                  that Approved Mortgage on and from the Quarterly Payment Date
                  at the end of that Quarterly Period will, subject to the
                  following, be the lesser of the amount referred to in
                  paragraph (a) above and that Net Loss. The Subordinate Funded
                  Further Advance Amount in relation to that Approved Mortgage
                  will be reduced to zero at the end of the next Payment Date on
                  or after that Quarterly Payment Date upon which the Principal
                  Shortfall is reduced to zero.

            "SUBORDINATION LEVEL" means at any time:

            (a)   the sum of the A$ Equivalent of the aggregate Principal
                  Balance of all Class B Notes and the aggregate Principal
                  Balance of all A$ Subordinated Notes;

            divided by,

            (b)   the sum of the Total Principal Balance and the Redraw Facility
                  Limit,

                                                                              10

<PAGE>

            (expressed as a percentage).

            "SUBSTITUTION PERIOD" means the period from the date of the Closing
            Date up to and including the seventh Business Day prior to the
            Quarterly Payment Date in [ ].

            "SUPPORT FACILITY" means each interest rate swap agreement,
            guaranteed investment contract (if any), mortgage insurance policy,
            title insurance policy and stand-by arrangement entered into by or
            transferred to the Issuer Trustee, or which the Issuer Trustee has
            the benefit of, as trustee of the PUMA Trust and includes any other
            agreement or instrument which is specified by the Issuer Trustee and
            the manager to be a Support Facility in relation to the PUMA Trust.

            "SUPPORT FACILITY PROVIDER" means each party to a Support Facility
            other than the Issuer Trustee and the Manager.

            "TOTAL PRINCIPAL BALANCE" means, at any time, the A$ Equivalent of
            the aggregate of the Principal Balance at that time of all Notes.

            "TRIGGER LEVEL" means [35]%.

            "TRUST DEED" means the Consolidated PUMA Trust Deed dated 13 July
            1990 (as amended and supplemented from time to time, including,
            without limitation, as amended by a 12th Deed of Variation dated [ ]
            2001) between the person referred to therein as the Founder and the
            Issuer Trustee under which the Trusts collectively known as the PUMA
            Fund are constituted.

            "UNDERWRITING AGREEMENT" means the Underwriting Agreement to be
            entered into on or about [ ] 2001 between the Issuer Trustee, the
            Manager, Macquarie Bank Limited, ABN 46 008 583 542, [ ], [ ] and
            [ ].

            "UNPAID A$ CLASS A INTEREST AMOUNT" in relation to a Quarterly
            Payment Date means the aggregate of:

            (a)   any A$ Class A Interest Amounts and amounts referred to in
                  paragraph (b) below remaining unpaid pursuant to clause
                  5.1(d)(i) from prior Quarterly Payment Dates; and

            (b)   interest on the amounts referred to in paragraph (a) at the A$
                  Class A Interest Rate applicable from time to time from the
                  date that such amounts first became payable under clause
                  5.1(d)(i) until (but not including) the date actually paid
                  under clause 5.1(d)(i).

            "UNPAID A$ CLASS B INTEREST AMOUNT" in relation to a Quarterly
            Payment Date means the aggregate of:

            (a)   any A$ Class B Interest Amounts and amounts referred to in
                  paragraph (b) below remaining unpaid pursuant to clause
                  5.1(e)(i) from prior Quarterly Payment Dates; and

            (b)   interest on the amounts referred to in paragraph (a) at the A$
                  Class B Interest Rate applicable from time to time from the
                  date that such amounts first became payable under clause
                  5.1(e)(i) until (but not including) the date actually paid
                  under clause 5.1(e)(i).

            "US DOLLARS" or "US$" means the lawful currency for the time being
            of the United States of America.

            "US$ NOTES" means the Class A Notes and the Class B Notes.

            "US$ NOTEHOLDERS" means the Class A Noteholders and the Class B
            Noteholders.

                                                                              11

<PAGE>

1.2         INTERPRETATION

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

1.3         TRUST DEED DEFINITIONS

            Unless otherwise defined in this Sub-Fund Notice, each term or
            expression defined in the Trust Deed has the same meaning where used
            in this Sub-Fund Notice. Where there is any inconsistency in a
            definition between this Sub-Fund Notice and the Trust Deed, this
            Sub-Fund Notice prevails in respect of the PUMA Trust. Terms or
            expressions defined in the Trust Deed in relation to a Fund are,
            when used in this Sub-Fund Notice, and unless the context otherwise
            requires, used in relation to the PUMA Trust.

1.4         INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND
            PROVISIONS

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

1.5         ISSUER TRUSTEE CAPACITY

            In this Sub-Fund Notice, except where provided to the contrary:

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

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

--------------------------------------------------------------------------------
2.          UNITS

2.1         CLASSES AND NUMBER OF UNITS

            The beneficial interest in the PUMA Trust is divided into 2 Units: 1
            Capital Unit and 1 Income Unit. The Income Unit and the Capital Unit
            enjoy the same rights, entitlements, benefits and restrictions,
            except as expressly provided in this Sub-Fund Notice.

2.2         INITIAL UNITHOLDER

            Macquarie Securitisation Limited is to be the initial Unitholder of
            the Capital Unit and the Income Unit. The Issuer Trustee must, as
            soon as practicable following the creation of the PUMA Trust, record
            Macquarie Securitisation Limited in the Register as the holder of
            the Income Unit and Capital Unit in accordance with clause 15 of
            the Trust Deed.

2.3         BENEFICIAL INTEREST REPRESENTED BY THE INCOME UNIT

            The beneficial interest in the PUMA Trust represented by the Income
            Unit is limited to the amount (if any) standing from time to time to
            the credit of the Account representing any then

                                                                              12

<PAGE>

            due but unpaid Income Unit Amount.

2.4         BENEFICIAL INTEREST REPRESENTED BY THE CAPITAL UNIT

            The beneficial interest in the PUMA Trust represented by the Capital
            Unit is in the assets of the PUMA Trust as a whole (other than the
            beneficial interest in the assets represented by the Income Unit)
            but not in any particular asset of the PUMA Trust.

2.5         RIGHT OF INCOME UNITHOLDER TO PAYMENTS

            The Income Unitholder has only the right to receive payments of the
            Income Unit Amount in accordance with this Sub-Fund Notice and only
            to the extent that funds are available for this purpose in
            accordance with this Sub-Fund Notice.

2.6         RIGHTS OF CAPITAL UNITHOLDER TO PAYMENTS

            The Capital Unitholder has no right to receive any payments or
            distributions in respect of the Capital Unit other than to receive
            any amounts available for distribution to the Capital Unit holder
            pursuant to clause 5.1(q).

2.7         CAPITAL AND INCOME UNIT SUBJECT TO THIS SUB-FUND NOTICE

            The rights, benefits and entitlements in respect of the Capital Unit
            and the Income Unit are subject to the terms of this Sub-Fund
            Notice.

2.8         RESTRICTIONS ON TRANSFER

            The Capital Unit is non-transferable. The Income Unit may be
            transferred at any time subject to the prior written consent of the
            Issuer Trustee and the Manager (which, in each case, must not be
            unreasonably withheld) and notification to each Current Rating
            Authority by the Manager.

--------------------------------------------------------------------------------
3.          ISSUE OF NOTES

3.1         CLASSES OF NOTES

            Notes issued by the Issuer Trustee must be issued in one or more of
            the following classes:

            (a)   (CLASS A NOTES): Class A Notes denominated in US Dollars and
                  issued subject to and in accordance with the Note Trust Deed
                  and which in turn may be divided into sub-classes if so
                  specified in the Note Conditions;

            (b)   (CLASS B NOTES): Class B Notes denominated in US Dollars and
                  issued subject to and in accordance with the Note Trust Deed;

            (c)   (A$ SUBORDINATED NOTES): one or more classes of A$
                  Subordinated Notes which will be Registered Notes issued
                  pursuant to clause 7.5 of the Trust Deed. All A$ Subordinated
                  Notes with the same Issue Date will form a single class
                  separate from classes of A$ Subordinated Notes issued on other
                  Issue Dates; or

            (d)   (A$ REDRAW NOTES): one or more classes of A$ Redraw Notes
                  which will be Registered Notes issued pursuant to clause 7.5
                  of the Trust Deed. All A$ Redraw Notes with the same Issue
                  Date will form a single class separate from classes of A$
                  Redraw Notes issued on other Issue Dates.

                                                                              13

<PAGE>

3.2         ISSUE OF CLASS A NOTES AND CLASS B NOTES

            Subject to the satisfaction of all relevant conditions precedent in
            the Transaction Documents, the Issuer Trustee must, upon the
            direction of the Manager, issue the Class A Notes and the Class B
            Notes on the Closing Date in accordance with the Note Trust Deed and
            the Underwriting Agreement. No Class A Notes or Class B Notes may be
            issued after the Closing Date.

3.3         ISSUE OF A$ SUBORDINATED NOTES

            The Issuer Trustee, if so directed by the Manager no less than 5
            Business Days (or such lesser period as the Issuer Trustee agrees)
            prior to the proposed Issue Date, must issue A$ Subordinated Notes
            in a principal amount and on any Issue Date as specified by the
            Manager. The Manager must not direct the Issuer Trustee to issue A$
            Subordinated Notes unless the Manager has received written
            confirmation from each Current Rating Authority that this will not
            result in a downgrading, withdrawal or qualification of any rating
            assigned by them to the Notes.

3.4         ISSUE OF A$ REDRAW NOTES

            The Issuer Trustee, if so directed by the Manager no less than 5
            Business Days (or such lesser period as the Issuer Trustee agrees)
            prior to the proposed Issue Date, must issue A$ Redraw Notes in a
            principal amount and on any Issue Date as specified by the Manager.
            The Manager must not direct the Issuer Trustee to issue A$ Redraw
            Notes unless the Manager has received written confirmation from each
            Current Rating Authority that this will not result in a downgrading,
            withdrawal or qualification of any rating assigned by them to the
            Notes.

3.5         PRE-CONDITIONS TO ISSUE OF CLASS A NOTES AND CLASS B NOTES

            Without limiting clause 3.2, the Issuer Trustee must not issue the
            Class A Notes or the Class B Notes until it has received:

            (a)   (TRANSACTION DOCUMENTS): executed original counterparts (or
                  satisfactory evidence of the due execution by each party) of
                  the Note Trust Deed, the Agency Agreement, the Security Trust
                  Deed, the Currency Swap Agreement, the Redraw Facility
                  Agreement, the Class A Currency Swap, the Class B Currency
                  Swap and the Underwriting Agreement;

            (b)   (CURRENCY SWAP CONFIRMATION): written confirmation from the
                  Currency Swap Provider that all conditions precedent to the
                  Currency Swap Provider's obligations under the Currency Swap
                  Agreement, which can be satisfied on or prior to the Closing
                  Date, have been satisfied;

            (c)   (REDRAW FACILITY CONFIRMATION): written confirmation from the
                  Redraw Facility Provider that all conditions precedent to the
                  Redraw Facility Provider's obligations under the Redraw
                  Facility Agreement, which can be satisfied on or prior to the
                  Closing Date, have been satisfied; and

            (d)   (TRANSFER PROPOSAL): a Transfer Proposal from the Manager
                  relating to the transfer of Approved Mortgages to the PUMA
                  Trust on the Closing Date.

3.6         VOTING AT MEETINGS UNDER THE TRUST DEED

            The procedures for convening a meeting of Relevant Noteholders for
            the purposes of the First Schedule of the Trust Deed are varied as
            follows:

            (a)   (NOTICES AND TIMING): if US$ Noteholders are included within
                  the, or are the only,

                                                                              14

<PAGE>

                  Relevant Noteholders for the purposes of a meeting under the
                  First Schedule of the Trust Deed:

                  (i)   any notice of a meeting given or required to be given to
                        the US$ Noteholders must also be given to the Note
                        Trustee;

                  (ii)  a meeting under the First Schedule of the Trust Deed at
                        which the Note Trustee is the only Relevant Noteholder
                        pursuant to clause 3.6(b) must not, unless otherwise
                        agreed by the Note Trustee, be held until the Note
                        Trustee has had the opportunity of seeking and obtaining
                        directions from the relevant US$ Noteholders regarding
                        how the Note Trustee is to vote at the meeting;

            (b)   (NOTE TRUSTEE TO ACT): the Relevant Noteholders in relation to
                  US$ Notes, for the purposes of the First Schedule of the Trust
                  Deed, means the Note Trustee alone, acting on behalf of the
                  corresponding US$ Noteholders under the Note Trust Deed or, if
                  the Note Trustee has become bound to take steps and/or to
                  proceed under the Note Trust Deed and fails to do so within a
                  reasonable time and such failure is continuing, those US$
                  Noteholders;

            (c)   (NOTE TRUSTEE AS REPRESENTATIVE): if the Note Trustee is the
                  only Relevant Noteholder in relation to the US$ Notes pursuant
                  to clause 3.6(b), it will be regarded as a Representative
                  holding or representing all of the corresponding US$ Notes for
                  the purposes of determining whether a quorum is present at
                  such meeting, for determining the votes to which the Note
                  Trustee is entitled to cast at such meeting and any other
                  relevant matter relating to such meeting;

            (d)   (DIRECTIONS IN LIEU OF MEETING): if clause 3.6(c) applies,
                  then notwithstanding any other provision of the Trust Deed,
                  the requirement to convene such a meeting and put such issue
                  to such meeting will be satisfied if directions are sought
                  from the Note Trustee on the particular issue that would
                  otherwise be put to such meeting. Upon such a direction being
                  given by the Note Trustee, a meeting of the Relevant
                  Noteholders will be regarded as having been duly called,
                  convened and held and the direction will be regarded as
                  properly passed as an Extraordinary Resolution of such
                  meeting; and

            (e)   (US$ NOTEHOLDERS): if the US$ Noteholders become entitled to
                  attend a meeting of Relevant Noteholders pursuant to clause
                  3.6(b), the evidence of the entitlement of such US$
                  Noteholders to attend such meeting and to vote thereat, and
                  any other relevant matters, will be determined in accordance
                  with the provisions of the Note Trust Deed and the Agency
                  Agreement, with such amendments as determined by the Issuer
                  Trustee to be necessary.

--------------------------------------------------------------------------------
4.          PRINCIPAL AND INTEREST ON THE NOTES

4.1         ORIGINAL PRINCIPAL BALANCE OF THE NOTES

            (a)   (US$ NOTES): Each US$ Note will have an Original Principal
                  Balance as set out on its face and will be issued at par
                  value.

            (b)   (A$ NOTES): Each A$ Note will have an Original Principal
                  Balance of A$100,000 and will be issued at par value.

4.2         PAYMENT OF INTEREST ON THE NOTES

            (a)   (US$ NOTES): Each US$ Note will accrue interest, and such
                  interest will be

                                                                              15

<PAGE>

                  payable, in accordance with the Note Conditions.

            (b)   (A$ NOTES):

                  (i)   Each A$ Note will accrue interest from (and including)
                        its Issue Date and will cease to accrue interest from
                        (and including) the earlier of:

                        A.    the date on which the Principal Balance of the A$
                              Note is reduced to zero and all accrued interest
                              in respect of the A$ Note is paid in full; and

                        B.    the date on which the A$ Note is deemed to be
                              repaid in accordance with clause 4.3(b)(iv).

                  (ii)  Interest on each A$ Redraw Note for each Monthly Period
                        in relation to that A$ Redraw Note will accrue on a
                        daily basis at the product of the A$ Notes Interest Rate
                        applicable to that A$ Redraw Note for that Monthly
                        Period and the Principal Balance of the A$ Redraw Note
                        at the close of business on the first day of that
                        Monthly Period and will be calculated on a daily basis
                        and based on a 365 day year.

                  (iii) Interest so calculated on an A$ Redraw Note will be
                        payable in arrears on each Monthly Payment Date.

                  (iv)  Interest on each A$ Subordinated Note for each Quarterly
                        Period in relation to that A$ Subordinated Note will
                        accrue on a daily basis at the product of the A$ Notes
                        Interest Rate applicable to that A$ Subordinated Note
                        for that Quarterly Period and the Principal Balance of
                        the A$ Subordinated Note at the close of business on the
                        first day of that Quarterly Period and will be
                        calculated on a daily basis and based on a 365 day year.

                  (v)   Interest so calculated on an A$ Subordinated Note will
                        be payable in arrears on each Quarterly Payment Date.

4.3         REDEMPTION OF THE NOTES

            (a)   (US$ NOTES): The US$ Notes will be redeemed or deemed to be
                  redeemed in accordance with the Note Conditions.

            (b)   (A$ NOTES):

                  (i)   Unless previously redeemed in full, the Issuer Trustee
                        will, subject to this Sub-Fund Notice, redeem each A$
                        Note at its then Principal Balance, together with all
                        accrued but unpaid interest, on the Final Maturity Date.

                  (ii)  Subject to clauses 4.3(b)(iii) and (iv), the Issuer
                        Trustee will redeem each A$ Redraw Note on a Monthly
                        Payment Date and will redeem each A$ Subordinated Note
                        on a Quarterly Payment Date (either in whole or in part
                        as the context requires) to the extent of any moneys to
                        be applied by the Issuer Trustee pursuant to clause 5.1
                        or 5.5 (as applicable) to that A$ Redraw Note or A$
                        Subordinated Note (as the case may be).

                  (iii) Unless previously redeemed in full, the Issuer Trustee
                        must redeem all, but not some only, of the A$ Notes,
                        when required to do so in accordance with, and for the
                        amount required under, conditions 7.3 and

                                                                              16

<PAGE>

                        7.4 of the Note Conditions.

                  (iv)  Upon a final distribution being made in respect of an A$
                        Note under clause 5.1 or 5.5 of this Sub-Fund Notice or
                        clause 13.1 of the Security Trust Deed, that A$ Note
                        will thereupon be deemed to be redeemed and discharged
                        in full and any obligation to pay any accrued but unpaid
                        interest and any then unpaid Principal Balance or any
                        other amounts in relation to that A$ Note will be
                        extinguished in full.

                  (v)   No amount of principal will be repaid in respect of an
                        A$ Note in excess of the Principal Balance of that A$
                        Note.

4.4         INTEREST ON OVERDUE INTEREST ON THE NOTES

            (a)   (US$ NOTES): If interest is not paid in respect of a US$ Note
                  on the date when due and payable in accordance with the Note
                  Conditions, the unpaid interest will in turn bear interest in
                  accordance with the Note Conditions.

            (b)   (A$ NOTES): If interest is not paid in respect of an A$ Note
                  on the date when due and payable in accordance with this
                  Sub-Fund Notice (but without regard to any limitation
                  contained in this Sub-Fund Notice) that unpaid interest will
                  in turn bear interest at the A$ Notes Interest Rate from time
                  to time applicable on that A$ Note until (but excluding) the
                  date on which the unpaid interest, and interest on it, is paid
                  in accordance with clause 5.1.

4.5         ROUNDING OF PAYMENTS ON THE NOTES

            (a)   (US$ NOTES): All payments in respect of the Class A Notes and
                  Class B Notes will be rounded in accordance with the Note
                  Conditions.

            (b)   (A$ NOTES): All payments in respect of:

                  (i)   interest on the A$ Notes will be rounded to the nearest
                        cent; and

                  (ii)  the Principal Balance of each A$ Note will be rounded
                        downwards to the nearest integral multiple of $1 for
                        each $10,000 of Original Principal Balance.

4.6         MANAGER UNDERTAKINGS

            (a)   (UNDERTAKING IN RELATION TO INTEREST): The Manager will
                  endeavour to ensure (using the measures available to it in its
                  capacity as manager of the PUMA Trust) that on each Payment
                  Date there are sufficient Collections (other than Principal
                  Collections and the Principal Cash Balance) to pay all
                  interest payable on that Payment Date in relation to the
                  Notes.

            (b)   (UNDERTAKING IN RELATION TO PRINCIPAL): The Manager will
                  endeavour to ensure (using the measures available to it in its
                  capacity as manager of the PUMA Trust) that the Issuer Trustee
                  is able to repay the Principal Balance on each Note in full by
                  the Final Maturity Date.

--------------------------------------------------------------------------------
5.          CASHFLOWS

5.1         ORDER OF PAYMENTS ON EACH PAYMENT DATE

            At least five Business Days prior to each Payment Date the Manager
            must determine the payments or allocations to be made by the Issuer
            Trustee on that Payment Date from

                                                                              17

<PAGE>

            Collections in relation to that Payment Date and must direct the
            Issuer Trustee to apply, in accordance with clause 5.2 and subject
            to clause 5.4(e) (in relation to Collections comprising the
            Principal Cash Balance), and the Issuer Trustee must apply, those
            Collections in making the following payments and allocations on that
            Payment Date in the following order of priority:

            (a)   (FEES AND EXPENSES): first, in payment or allocation, pari
                  passu and rateably, towards any outstanding Fees and Expenses
                  and towards an amount to be invested in Authorised Investments
                  towards provision for Fees and Expenses accrued and payable on
                  subsequent Payment Dates or for which the Manager otherwise
                  determines to make provision;

            (b)   (MANAGER'S FEES): second, in payment to the Manager towards
                  the Manager's Fees outstanding on that Payment Date or (if the
                  Payment Date is not a Quarterly Payment Date) towards an
                  amount to be invested in Authorised Investments towards
                  provision for the Manager's Fees to the extent that they have
                  accrued and are payable on the next Quarterly Payment Date,
                  provided that the aggregate amount paid or for which provision
                  is made pursuant to this clause 5.1(b) must not exceed the
                  Senior Fee Amount for that Payment Date;

            (c)   (SUPPORT FACILITIES): third, in payment or allocation, pari
                  passu and rateably, towards any amounts payable by the Issuer
                  Trustee to Support Facility Providers under Support Facilities
                  on that Payment Date (other than any amounts referred to in
                  clauses 5.1(d), (e), (f), (j) and (p)) and towards an amount
                  to be invested in Authorised Investments towards provision for
                  such amounts accrued and payable on subsequent Payment Dates;

            (d)   (CLASS A CURRENCY SWAP, A$ REDRAW NOTES AND REDRAW FACILITY
                  INTEREST): fourth, in payment or allocation, pari passu and
                  rateably:

                  (i)   to the Currency Swap Provider towards the A$ Class A
                        Interest Amount and any Unpaid A$ Class A Interest
                        Amount in relation to that Payment Date payable under
                        the Class A Currency Swap or (if the Payment Date is not
                        a Quarterly Payment Date) towards an amount to be
                        invested in Authorised Investments as provision for the
                        A$ Class A Interest Amount and any Unpaid A$ Class A
                        Interest Amount accrued and payable on a subsequent
                        Payment Date;

                  (ii)  to the A$ Redraw Noteholders, pari passu and rateably,
                        towards interest due on the A$ Redraw Notes on that
                        Payment Date pursuant to clause 4.2(b) and any unpaid
                        interest on the A$ Redraw Notes from prior Payment Dates
                        and interest on that unpaid interest payable pursuant to
                        clause 4.4(b); and

                  (iii) to the Redraw Facility Provider towards an amount not
                        exceeding the Senior Redraw Facility Interest Amount in
                        relation to that Payment Date to be applied to the
                        Redraw Facility Interest in relation to that Payment
                        Date;

            (e)   (CLASS B CURRENCY SWAP AND A$ SUBORDINATED NOTES): fifth, in
                  payment or allocation, pari passu and rateably:

                  (i)   to the Currency Swap Provider towards the A$ Class B
                        Interest Amount on that Quarterly Payment Date and any
                        Unpaid A$ Class B Interest Amount in relation to that
                        Payment Date payable under the Class B Currency Swap or
                        (if the Payment Date is not a Quarterly Payment Date)
                        towards an amount to be invested in Authorised
                        Investments as provision

                                                                              18

<PAGE>

                        for the A$ Class B Interest Amount and any Unpaid A$
                        Class B Interest Amount accrued and payable on a
                        subsequent Payment Date; and

                  (ii)  to the A$ Subordinated Noteholders, pari passu and
                        rateably, towards interest due on the A$ Subordinated
                        Notes on that Payment Date pursuant to clause 4.2(b) and
                        any unpaid interest on the A$ Subordinated Notes from
                        prior Payment Dates and interest on that unpaid interest
                        payable pursuant to clause 4.4(b) or (if the Payment
                        Date is not a Quarterly Payment Date) towards an amount
                        to be invested in Authorised Investments as provision
                        for such interest accrued and payable on a subsequent
                        Payment Date;

            (f)   (SUBORDINATED REDRAW FACILITY INTEREST): sixth, to the Redraw
                  Facility Provider towards the balance of any Redraw Facility
                  Interest on that Payment Date to be applied in accordance with
                  clause 5.9;

            (g)   (MANAGER'S FEES): seventh, towards an amount equal to the
                  balance (if any) of the Manager's Fees due and outstanding, to
                  be applied in accordance with clause 5.3;

            (h)   (NET INCOME AMOUNT): eighth, towards the Net Income Amount in
                  relation to that Payment Date and any Net Income Amount from
                  prior Payment Dates which has not previously been paid or
                  applied pursuant to this clause 5.1(h), to be paid or applied
                  to the Income Unitholder to be dealt with, and held by, the
                  Income Unitholder in accordance with clause 6;

            (i)   (PRINCIPAL CASH BALANCE): ninth, towards the amount (if any)
                  by which the Required Principal Cash Balance in relation to
                  that Payment Date exceeds the then Principal Cash Balance
                  (after the payments and allocations referred to above
                  including any addition to the Principal Cash Balance pursuant
                  to clauses 5.3(c)(i) and 5.9(a)) to be invested or retained in
                  Authorised Investments in respect of the Principal Cash
                  Balance;

            (j)   (SENIOR REDRAW FACILITY PRINCIPAL): tenth, to the Redraw
                  Facility Provider towards an amount not exceeding the Senior
                  Redraw Facility Principal in relation to that Payment Date
                  (less, in relation to the first Quarterly Payment Date, any
                  amount of the Pre-Funding Pool applied towards repayment of
                  the Redraw Facility Principal pursuant to clause 5.8(a)) to be
                  applied towards repayment of the Redraw Facility Principal
                  outstanding on the Business Day immediately prior to that
                  Payment Date;

            (k)   (REDRAWS AND FURTHER ADVANCES): eleventh, at any time towards
                  any Redraws and, only during the Substitution Period, Further
                  Advances (other than Subordinate Funded Further Advances) to
                  be made on that Payment Date pursuant to clause 8;

            (l)   (PRINCIPAL ON A$ REDRAW NOTES): twelfth, to the A$ Redraw
                  Noteholders as a repayment of principal on the A$ Redraw Notes
                  in the following order, until the Principal Balances of the A$
                  Redraw Notes have been reduced to zero:

                  (i)   first, rateably amongst those A$ Redraw Notes with the
                        earliest Issue Date until the Principal Balance of those
                        A$ Redraw Notes is reduced to zero;

                  (ii)  secondly, rateably amongst those A$ Redraw Notes with
                        the next earliest Issue Date until the Principal Balance
                        of those A$ Redraw Notes is reduced to zero; and

                  (iii) subsequently, rateably amongst each subsequent group of
                        A$ Redraw

                                                                              19

<PAGE>

                        Notes (if any) with the same Issue Date until the
                        Principal Balance of those A$ Redraw Notes is reduced to
                        zero on the basis that an A$ Redraw Note will not be
                        entitled to any payment in respect of principal until
                        the Principal Balances of all A$ Redraw Notes with an
                        earlier Issue Date than that A$ Redraw Note has been
                        reduced to zero;

            (m)   (APPROVED MORTGAGES): thirteenth, towards the acquisition on
                  that Payment Date, during the Substitution Period only, of any
                  Approved Mortgages, together with Loans, Collateral Securities
                  and other rights and entitlements relating thereto, pursuant
                  to clause 7;

            (n)   (PRINCIPAL ON CLASS A NOTES, CLASS B NOTES AND A$ SUBORDINATED
                  NOTES): fourteenth, if the Payment Date is a Quarterly Payment
                  Date, to be paid to the Currency Swap Provider and (if
                  applicable) the A$ Subordinated Noteholders in accordance with
                  clause 5.5;

            (o)   (RETENTION): fifteenth, if the Payment Date is not a Quarterly
                  Payment Date and the Principal Balance of the Notes has not
                  been repaid or deemed to be repaid in full, the balance is to
                  be invested or retained in Authorised Investments as Principal
                  Collections;

            (p)   (SUBORDINATE FUNDED FURTHER ADVANCE AMOUNTS): sixteenth, if
                  the Notes have been repaid in full, to the Redraw Facility
                  Provider towards repayment of the balance of the Redraw
                  Facility Principal outstanding on the Business Day immediately
                  prior to that Payment Date; and

            (q)   (CAPITAL UNITHOLDER): finally, if the Notes have been repaid
                  in full, the balance, if any, is to be paid to the Capital
                  Unitholder.

            The obligations of the Issuer Trustee to make any payment or
            allocation under each of the above paragraphs is limited in each
            case to the balance of the Collections (which may be applied in
            accordance with clause 5.2) after payment in accordance with the
            preceding paragraph or paragraphs (if any). Any Collections not paid
            towards a liability of the PUMA Trust on a Payment Date, or
            otherwise allocated to the Income Reserve or the Principal Cash
            Balance, are to be held by the Issuer Trustee as Collections and
            invested in Authorised Investments in accordance with clause
            10.4(a) of the Trust Deed. The determination by the Manager of the
            payments and allocations to be made by the Issuer Trustee pursuant
            to this clause 5.1 are to be made based upon the Manager's
            reasonable expectation of amounts to be received by the Issuer
            Trustee after the date of determination and which will be included
            in Collections on the relevant Payment Date. The Manager may by
            notice to the Issuer Trustee revise any direction given pursuant to
            this clause 5.1 in relation to a Payment Date at any time before a
            payment is made by the Issuer Trustee pursuant to that direction. If
            the Manager revises any direction pursuant to this clause 5.1 in
            relation to a Quarterly Payment Date then it must notify all parties
            to whom it is due to give or has given the Quarterly Servicing
            Report (as defined in the Note Conditions) in relation to that
            Quarterly Payment Date, pursuant to Condition 11.3 of the Note
            Conditions, of that revision prior to payment by the Issuer Trustee
            in accordance with that revised direction.

5.2         ORDER OF APPLICATION OF AMOUNTS REPRESENTING COLLECTIONS

            In making the payments and allocations set out in clause 5.1 on a
            Payment Date, the Manager must direct the Issuer Trustee to apply,
            and the Issuer Trustee must apply, the Collections in relation to
            that Payment Date in the following order:

            (a)   (OTHER COLLECTIONS): first, the Issuer Trustee must apply any
                  Collections which are not Income Reserve, Principal
                  Collections, or Principal Cash Balance;

                                                                              20

<PAGE>

            (b)   (INCOME RESERVE): second, if the Collections referred to above
                  have all been applied in accordance with clause 5.1 on that
                  Payment Date, the Issuer Trustee must apply the Income
                  Reserve;

            (c)   (PRINCIPAL COLLECTIONS): third, if the Collections referred to
                  above have all been applied in accordance with clause 5.1 on
                  that Payment Date, the Issuer Trustee must apply Principal
                  Collections; and

            (d)   (PRINCIPAL CASH BALANCE): finally, if the Collections referred
                  to above have all been applied in accordance with clause 5.1
                  on that Payment Date, the Issuer Trustee must apply the
                  Principal Cash Balance,

            provided that, notwithstanding the foregoing, the Manager must not
            direct the Issuer Trustee to apply on a Payment Date, and the Issuer
            Trustee must not apply:

            (e)   (INCOME RESERVE): Income Reserve to amounts payable under:

                  (i)   clauses 5.1, (f), (g) and (h) except to the extent that
                        the then Income Reserve (after prior applications on
                        that Payment Date) exceeds the Required Income Reserve
                        on that Payment Date; or

                  (ii)  clauses 5.1(i) to (q) (inclusive);

            (f)   (PRINCIPAL COLLECTIONS): Principal Collections to amounts
                  payable under clauses 5.1(f), (g) or (h);

            (g)   (PRINCIPAL CASH BALANCE): Principal Cash Balance to amounts
                  payable under:

                  (i)   clauses 5.1(f), (g), (h), (i) or (o); or

                  (ii)  clauses 5.1(j) to (n) (inclusive) except to the extent
                        that the then Principal Cash Balance (after prior
                        applications on that Payment Date) exceeds the Required
                        Principal Cash Balance on that Payment Date;

            (h)   (REDRAW FACILITY ADVANCE): any Redraw Facility Advance on that
                  Payment Date except under clauses 5.1(j), (k) or (p) or in
                  accordance with clause 8.2;

            (i)   (A$ REDRAW NOTES): any issue proceeds of A$ Redraw Notes
                  except under clauses 5.1(i), (j), (k) or (l);

            (j)   (A$ SUBORDINATED NOTES): any issue proceeds of A$ Subordinated
                  Notes except under clauses 5.1(i), (j), (k), (l) or (n); or

            (k)   (SUPPORT FACILITY AMOUNTS): otherwise, any amounts received
                  under a Support Facility except in accordance with the terms
                  of that Support Facility.

5.3         SUBORDINATION OF MANAGER'S FEES

            (a)   (PRINCIPAL SHORTFALL): The Principal Shortfall in relation to
                  a Payment Date is:

                  (i)   the aggregate, as determined by the Manager, of:

                        A.    all amounts of Principal Collections and Principal
                              Cash Balance previously paid or applied toward
                              liabilities of the PUMA Trust (including amounts
                              applied by way of provision for future liabilities
                              but without double counting where those amounts
                              are subsequently applied to those liabilities)
                              under clauses 5.1(a) to (e) (inclusive); and

                                                                              21

<PAGE>

                        B.    the aggregate of any Net Losses in respect of
                              preceding Quarterly Periods,

                        but without double counting where an amount of Principal
                        Cash Balance has been paid or applied as referred to in
                        clause 5.3(a)(i)(A) because of a Net Loss referred to in
                        clause 5.3(a)(i)(B);

                  (ii)  less the aggregate of all amounts previously allocated
                        to the Principal Cash Balance pursuant to clauses
                        5.3(c)(i) and 5.9(a).

            (b)   (INCOME RESERVE): The Manager must, no later than the day 5
                  Business Days prior to each Payment Date, determine the amount
                  of the Required Income Reserve in relation to that Payment
                  Date and notify the Issuer Trustee in writing of such amount
                  (unless there has been no change in the Required Income
                  Reserve since it was last determined by the Manager). The
                  Required Income Reserve may be determined by the Manager in
                  its absolute discretion and may be zero. The Income Reserve at
                  any time is:

                  (i)   the aggregate of all amounts previously allocated to the
                        Income Reserve pursuant to clause 5.3(c)(ii);

                  (ii)  less the aggregate of all amounts of the Income Reserve
                        previously paid or applied toward liabilities of the
                        PUMA Trust (including amounts applied by way of
                        provision for future liabilities but without double
                        counting where those amounts are subsequently applied to
                        those liabilities) in accordance with clause 5.1.

                  The Issuer Trustee must keep a record of the amount of the
                  Income Reserve but may mix the Income Reserve with other
                  assets of the PUMA Trust.

            (c)   (SUBORDINATION OF MANAGER'S FEES): The amount available to be
                  applied on each Payment Date in accordance with clause 5.1(g)
                  (if any) must be applied in the following order of priority:

                  (i)   first, towards an amount equal to the Principal
                        Shortfall on that Payment Date to be allocated to
                        Principal Cash Balance and invested in Authorised
                        Investments in respect thereof;

                  (ii)  secondly, towards the amount (if any) by which the
                        Required Income Reserve in relation to that Payment Date
                        exceeds the then Income Reserve (after the payments and
                        allocations referred to clauses 5.1(a) to (e)
                        (inclusive)) to be allocated to Income Reserve and
                        invested or retained in Authorised Investments in
                        respect thereof; and

                  (iii) finally, the balance is to be paid to the Manager
                        towards the balance of outstanding Manager's Fees (not
                        paid or provided for pursuant to clause 5.1(b)) on that
                        Payment Date or (if the Payment Date is not a Quarterly
                        Payment Date) towards an amount to be invested in
                        Authorised Investments towards provision for the balance
                        of the Manager's Fees to the extent that they have
                        accrued and are payable on a subsequent Payment Date.

                  To the extent that any Manager's Fees are not paid on a
                  Quarterly Payment Date pursuant to this clause 5.3(c), the due
                  date for payment of such Manager's Fees will be deferred until
                  the next Quarterly Payment Date.

                                                                              22

<PAGE>

5.4         PRINCIPAL CASH BALANCE

            (a)   (ALLOCATION FROM ISSUE PROCEEDS): The Manager must, prior to
                  each Issue Date in respect of any Notes, determine in
                  accordance with clause 5.4(c) and notify in writing to the
                  Issuer Trustee the amount (if any) of the issue proceeds of
                  those Notes to be applied on the relevant Issue Date (after
                  being exchanged for A$ under the Currency Swaps in the case of
                  the US$ Notes) towards the Principal Cash Balance.

            (b)   (REQUIRED PRINCIPAL CASH BALANCE): The Manager must, no later
                  than the day 5 Business Days prior to each Payment Date,
                  determine in accordance with clause 5.4(c) the amount of the
                  Required Principal Cash Balance in relation to that Payment
                  Date and notify the Issuer Trustee in writing of such amount
                  (unless there has been no change in the Required Principal
                  Cash Balance since it was last determined by the Manager).

            (c)   (LIMITS ON PRINCIPAL CASH BALANCE): The amounts determined by
                  the Manager pursuant to clauses 5.4(a) and (b) must be such
                  that immediately following the relevant Issue Date or Payment
                  Date (as the case may be):

                  (i)   the Principal Cash Balance does not exceed 2% (or such
                        other percentage as is determined by the Manager and
                        notified in writing to the Issuer Trustee provided that
                        no change to the percentage will be effective until each
                        Current Rating Authority has confirmed that this will
                        not result in a downgrading, withdrawal or qualification
                        of any rating then assigned by it to the Notes) of the
                        then Total Principal Balance; and

                  (ii)  the Principal Cash Balance is not be less than 0.25% of
                        the then Total Principal Balance (unless, in the case of
                        clause 5.4(b), there are insufficient funds available to
                        be applied to the Principal Cash Balance pursuant to
                        clause 5.1(i)).

            (d)   (DETERMINING PRINCIPAL CASH BALANCE): The Principal Cash
                  Balance at any time is:

                  (i)   the aggregate of all amounts previously allocated to the
                        Principal Cash Balance from the proceeds of the issue of
                        Notes in accordance with clause 5.4(a) and all amounts
                        allocated to the Principal Cash Balance from Collections
                        pursuant to clauses 5.1(i), 5.3(c)(i) and 5.9(a); and

                  (ii)  less the aggregate of all amounts of the Principal Cash
                        Balance previously paid or applied toward liabilities of
                        the PUMA Trust (including amounts applied by way of
                        provision for future liabilities but without double
                        counting where those amounts are subsequently applied to
                        those liabilities) in accordance with clause 5.1 or in
                        accordance with clauses 7 or 8.

                  The Issuer Trustee must keep a record of the amount of the
                  Principal Cash Balance but may mix the Principal Cash Balance
                  with other assets of the PUMA Trust.

            (e)   (APPLICATION OF PRINCIPAL CASH BALANCE): Principal Cash
                  Balance may only be applied in accordance with clauses 5.1,
                  5.2, 7.2 and 8.1.

5.5         A$ PRINCIPAL PAYMENTS ON CLASS A NOTES, CLASS B NOTES AND A$
            SUBORDINATED NOTES

            The Distributable Principal, if any, in relation to each Quarterly
            Payment Date must be applied

                                                                              23

<PAGE>

            by the Issuer Trustee on that Quarterly Payment Date, upon the
            direction of the Manager:

      (a)   (LESS THAN TRIGGER LEVEL): if the Subordination Level on the
            Quarterly Payment Date is less than the Trigger Level, in the
            following order of priority:

            (i)   first, in payment to the Currency Swap Provider of the whole
                  of Distributable Principal up to an amount not exceeding the
                  A$ Equivalent of the aggregate of the Principal Balances of
                  the Class A Notes to be applied as the A$ Class A Principal
                  Amount for that Quarterly Payment Date and paid in accordance
                  with the Class A Currency Swap;

            (ii)  second the balance of the Distributable Principal, if any, is
                  to be applied in payment rateably (based upon, respectively,
                  the A$ Equivalent of the aggregate Principal Balances of the
                  Class B Notes and the aggregate Principal Balances of the A$
                  Subordinated Notes prior to any repayments of the principal of
                  the Notes on that Quarterly Payment Date) to:

                  A.    the Currency Swap Provider of an amount not exceeding
                        the A$ Equivalent of the aggregate Principal Balances of
                        the Class B Notes to be applied as the A$ Class B
                        Principal Amount for that Quarterly Payment Date and
                        paid in accordance with the Class B Currency Swap; and

                  B.    the A$ Subordinated Noteholders, pari passu and rateably
                        between themselves, as a repayment of principal on the
                        A$ Subordinated Notes until the aggregate Principal
                        Balance of the A$ Subordinated Notes has been reduced to
                        zero.

      (b)   (EQUAL TO OR GREATER THAN TRIGGER LEVEL): if the Subordination Level
            on any Quarterly Payment Date is equal to or greater than the
            Trigger Level (but subject to the following), in payment rateably
            (based upon, respectively, the then A$ Equivalent of the aggregate
            Principal Balances of the Class A Notes, the then A$ Equivalent of
            the aggregate Principal Balances of the Class B Notes and the then
            aggregate Principal Balances of the A$ Subordinated Notes prior to
            any repayments of the principal of the Notes on that Quarterly
            Payment Date) to:

            (i)   the Currency Swap Provider of an amount not exceeding the A$
                  Equivalent of the aggregate Principal Balances of the Class A
                  Notes to be applied as the A$ Class A Principal Amount for
                  that Quarterly Payment Date and paid in accordance with the
                  Class A Currency Swap;

            (ii)  the Currency Swap Provider of an amount not exceeding the A$
                  Equivalent of the aggregate Principal Balances of the Class B
                  Notes to be applied as the A$ Class B Principal Amount for
                  that Quarterly Payment Date and paid in accordance with the
                  Class B Currency Swap; and

            (iii) the A$ Subordinated Noteholders, pari passu and rateably
                  between themselves, as a repayment of principal on the A$
                  Subordinated Notes until the aggregate Principal Balance of
                  the A$ Subordinated Notes has been reduced to zero.

            Provided that, notwithstanding the foregoing, if:

            (iv)  the PUMA Trust has sustained or incurred (or in the opinion of
                  the Manager based on events or circumstances then subsisting
                  may sustain

                                                                              24

<PAGE>

                  or incur) a loss or default in relation to the principal
                  amount of any Authorised Investment; and

            (v)   in the opinion of the Manager that loss or default will not be
                  or is unlikely to be fully mitigated in a timely manner by the
                  proceeds of any Security Enhancement or by virtue of the
                  allocation of amounts to Principal Cash Balance pursuant to
                  clause 5.3(c)(i) or clause 5.9(a),

            then the Manager must so notify the Issuer Trustee and the whole of
            the Distributable Principal on that Quarterly Payment Date must be
            applied in accordance with clause 5.5(a).

5.6         US$ PAYMENTS

            On each Quarterly Payment Date the Issuer Trustee must apply the US$
            amounts received from the Currency Swap Provider under the Currency
            Swaps in accordance with conditions 6.9 and 7.2 of the Note
            Conditions.

5.7         PREPAYMENT AMOUNTS

            The Issuer Trustee must deal with any Prepayment Amounts, and any
            interest and other income earned by the Issuer Trustee on any
            Prepayment Amounts, in accordance with the Transaction Document
            pursuant to which that Prepayment Amount was paid to, or lodged
            with, the Issuer Trustee.

5.8         PRE-FUNDING POOL DISTRIBUTION

            If at the end of the Pre-Funding Period, the balance held in the
            Pre-Funding Pool is equal to or exceeds A$1 million, the Issuer
            Trustee must, at the direction of the Manager, on the next occurring
            Quarterly Payment Date make distributions using the Pre-Funding Pool
            in the following order (determined, in the case of clauses 5.8(a)
            and (b), on the basis that the Pre-Funding Pool is applied prior to
            the application of Collections on that Quarterly Payment Date):

            (a)   (SENIOR REDRAW FACILITY PRINCIPAL): first, to the Redraw
                  Facility Provider towards an amount not exceeding the Senior
                  Redraw Facility Principal in relation to that Quarterly
                  Payment Date to be applied towards repayment of the Redraw
                  Facility Principal outstanding on the Business Day immediately
                  prior to that Quarterly Payment Date;

            (b)   (A$ REDRAW NOTES): secondly, to the A$ Redraw Noteholders, in
                  the order set out in clause 5.1(l), in repayment of the
                  Principal Balance of any A$ Redraw Notes until the Principal
                  Balances of the A$ Redraw Notes are reduced to zero; and

            (c)   (CLASS A NOTES): thirdly, the balance, if any, is to be
                  applied as Distributable Principal in accordance with clause
                  5.5..

            If at the end of the Pre-Funding Period the balance held in the
            Pre-Funding Pool is less than A$1 million, the Pre-Funding Pool will
            form part of Collections on the first Quarterly Payment Date to be
            applied in accordance with clauses 5.1 and 5.2.

5.9         SUBORDINATED REDRAW FACILITY INTEREST

            The amount available to be applied on a Payment Date in accordance
            with clause 5.1(f) (if any) must be applied in the following order
            of priority:

            (a)   (PRINCIPAL SHORTFALL): first, towards an amount equal to the
                  Principal Shortfall

                                                                              25

<PAGE>

                  remaining on that Payment Date (after taking into account any
                  amount of Manager's Fees to be applied on that Payment Date
                  towards the Principal Shortfall pursuant to clause 5.3(c)(i))
                  to be allocated to Principal Cash Balance and invested in
                  Authorised Investments in respect thereof; and

            (b)   (REDRAW FACILITY PROVIDER): secondly, the balance is to be
                  paid to the Redraw Facility Provider towards payment of the
                  balance of any Redraw Facility Interest due on that Payment
                  Date.

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6.          NET ACCOUNTING INCOME AND NET TAX INCOME

6.1         ALLOCATION OF NET ACCOUNTING INCOME/NET TAX INCOME

            (a)   (UNITHOLDERS PRESENTLY ENTITLED TO INCOME): The Income
                  Unitholder is presently entitled to whichever is the greater
                  of the Net Tax Income and the Net Accounting Income of the
                  PUMA Trust for each Financial Year in accordance with this
                  clause 6 and clause 14.9 of the Trust Deed is varied
                  accordingly.

            (b)   (MANAGER TO ACT OR DIRECT THE ISSUER TRUSTEE): The Manager
                  must act or direct that the Issuer Trustee takes such action
                  as is necessary in each case to ensure (to the extent possible
                  in accordance with this Deed) that any tax liability in
                  respect of the PUMA Trust in respect of a Financial Year under
                  Division 6 of Part III of the Income Tax Assessment Act 1936
                  is borne by the Income Unitholder and not by the Issuer
                  Trustee.

6.2         PAYMENT TO INCOME UNITHOLDERS

            To the extent that an amount which the Income Unitholder has a
            present entitlement to under clause 6.1 has not actually been paid
            or applied to the benefit of the Income Unitholder pursuant to
            clause 5.1(h) during that Financial Year or reinvested in the PUMA
            Trust pursuant to clause 14.10 of the Trust Deed during that
            Financial Year, it will constitute an amount payable by the Issuer
            Trustee to the Income Unitholder to be satisfied only from amounts
            otherwise to be paid or applied to the benefit of the Income
            Unitholder in accordance with clause 5.1(h) on the Payment Dates
            following the close of the Financial Year. If in the last Financial
            Year of the PUMA Trust, such amount (if any) in respect of the
            previous Financial Year has not been satisfied from the amount
            otherwise to be paid or applied to the benefit of the Income
            Unitholder in accordance with clause 5.1(h) on prior Payment Dates
            in the last Financial Year, the shortfall, plus any such amount for
            the last Financial Year, will be satisfied in full from, and only
            by, the payment of the funds (if any) by the Issuer Trustee to the
            Income Unitholder pursuant to clause 5.1(h) on the final Payment
            Date in that Financial Year.

6.3         EXCESS DISTRIBUTIONS

            (a)   (DEPOSIT WITH THE INCOME UNITHOLDER): A payment to or
                  application to the benefit of the Income Unitholder pursuant
                  to clause 5.1(h) will be held by the Income Unitholder as a
                  deposit by the Issuer Trustee with the Income Unitholder and
                  will be dealt with in accordance with this clause 6.3.

            (b)   (APPLICATION TOWARDS NET TAX INCOME): At the end of each
                  Financial Year, the Income Unitholder will, and will be
                  entitled to, deduct from so much of the deposit standing to
                  the credit of the Issuer Trustee pursuant to clause 6.3, the
                  amount for that Financial Year to which the Income Unitholder
                  is presently entitled pursuant to clause 6.3. To the extent
                  that there is any surplus in the amount standing to the credit
                  of the deposit over the amount to which the Income Unitholder
                  is presently entitled for a Financial Year, the surplus will
                  be dealt with in accordance with this

                                                                              26

<PAGE>

                 clause 6.3(b) in the succeeding Financial Year.

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7.          ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES

7.1         ESTABLISHMENT OF THE PRE-FUNDING POOL

            The Issuer Trustee, upon the direction of the Manager, must on the
            Closing Date hold a portion of the proceeds of issue of the US$
            Notes, after exchange to A$ under the Class A Currency Swap and the
            Class B Currency Swap, as a pre-funding pool and must initially
            invest such amount in Authorised Investments other than Approved
            Mortgages. The Pre-Funding Pool may only be utilised to acquire
            Approved Mortgages, together with all Loans, Collateral Securities
            and other rights and entitlements relating thereto, during the
            Pre-Funding Period in accordance with clause 7.2 and, following the
            Pre-Funding Period, must be applied in the manner set out in clause
            5.8. The Issuer Trustee must keep a record of the amount of the
            Pre-Funding Pool but may mix the Pre-Funding Pool with other assets
            of the PUMA Trust.

7.2         ACQUISITION OF APPROVED MORTGAGES DURING PRE-FUNDING AND
            SUBSTITUTION PERIODS

            The Issuer Trustee, upon the direction of the Manager and subject to
            clause 7.3, may at any time during the Pre-Funding Period or the
            Substitution Period (as the case may be) acquire from another Fund,
            pursuant to clause 6B of the Trust Deed, Approved Mortgages,
            together with all Loans, Collateral Securities and other rights and
            entitlements relating thereto by applying:

            (a)   (PRE-FUNDING POOL): at any time during the Pre-Funding Period,
                  amounts held in the Pre-Funding Pool;

            (b)   (PAYMENT DATE): on a Payment Date during the Substitution
                  Period, the funds available for this purpose in accordance
                  with clause 5.1(m); or

            (c)   (PRINCIPAL COLLECTIONS AND PRINCIPAL CASH BALANCE): during the
                  Substitution Period, on a day other than a Payment Date,
                  Collections on that day provided that:

                  (i)   the aggregate amount of Collections, other than
                        Principal Cash Balance, so applied on that day must not
                        exceed the then Principal Collections;

                  (ii)  the Manager is of the opinion that the funds applied
                        will not be required, in accordance with clauses 5.1 and
                        5.2, to be applied on the following Payment Date to the
                        liabilities referred to in clauses 5.1(a) to (e)
                        (inclusive); and

                  (iii) following such application the Principal Cash Balance
                        will not be less than 0.25% of the then Total Principal
                        Balance.

            After the end of the Pre-Funding Period, the Pre-Funding Pool will
            be distributed in accordance with clause 5.8 and after the end of
            the Substitution Period the Issuer Trustee may no longer acquire
            Approved Mortgages (except in accordance with clause 7.4).

7.3         MATURITY DATE FOR APPROVED MORTGAGES AND FURTHER ADVANCES

            The Manager must not direct the Issuer Trustee:

            (a)   (APPROVED MORTGAGES): to acquire, and the Issuer Trustee must
                  not acquire, an Approved Mortgage pursuant to clause 7.2
                  unless the maturity date in respect of the Approved Mortgage
                  is no later than 1 year prior to the Final Maturity Date.

                                                                              27

<PAGE>

            (b)   (FURTHER ADVANCE): to make, and the Issuer Trustee must not
                  make, a Further Advance pursuant to clause 8.1 unless
                  following the Further Advance the maturity date in respect of
                  the Approved Mortgage will be no later than 1 year prior to
                  the Final Maturity Date.

7.4         SALE OF APPROVED MORTGAGES

            The Issuer Trustee, upon the direction of the Manager, may sell to
            another Fund, pursuant to clause 6B of the Trust Deed, Approved
            Mortgages, together with all Loans, Collateral Securities and other
            rights and entitlements relating thereto:

            (a)   (CONVERSION TO FIXED RATE): if a borrower in respect of the
                  Approved Mortgage wishes to convert a floating rate of
                  interest applying to the Approved Mortgage to a fixed rate of
                  interest and the Manager is unable to arrange an appropriate
                  Hedge Arrangement in relation to that Approved Mortgage upon
                  terms acceptable to the Manager; or

            (b)   (OTHER REQUESTS): if a borrower in respect of an Approved
                  Mortgage requests a variation to the terms of the Approved
                  Mortgage which the Issuer Trustee cannot agree to, in
                  accordance with the Transaction Documents, while the Approved
                  Mortgage is held by the PUMA Trust but which the Issuer
                  Trustee could agree to if the Approved Mortgage was held by
                  another Fund.

            Where an Approved Mortgage (the "SOLD APPROVED MORTGAGE") is
            transferred to another Fund pursuant to clause 7.4(a) the Issuer
            Trustee may, upon the direction of the Manager, acquire a
            replacement Approved Mortgage or Approved Mortgages (which are
            charged interest at a floating rate or which have the benefit of a
            related Hedge Arrangement) from another Fund or Funds, pursuant to
            clause 6B of the Trust Deed, by applying the whole or part of the
            funds received by the Issuer Trustee in relation to the sale of the
            Sold Approved Mortgage.

7.5         NO OBLIGATION

            Nothing in this clause 7 is to be construed as requiring the
            Manager to direct the Issuer Trustee to acquire or sell Approved
            Mortgages and the Manager may elect to so direct or not direct the
            Issuer Trustee in its absolute discretion.

--------------------------------------------------------------------------------
8.          REDRAWS AND FURTHER ADVANCES

8.1         REDRAWS AND NON-SUBORDINATE FUNDED FURTHER ADVANCES

            The Issuer Trustee, upon the direction of the Manager, may at any
            time fund Redraws and, during the Substitution Period only, fund
            Further Advances, (other than Subordinate Funded Further Advances),
            in respect of the Approved Mortgages held by the Issuer Trustee, by
            applying:

            (a)   (PAYMENT DATE): on a Payment Date, the funds available for
                  this purpose in accordance with clause 5.1(k);

            (b)   (PRINCIPAL COLLECTIONS AND PRINCIPAL CASH BALANCE): on a day
                  other than a Payment Date, Collections on that day provided
                  that:

                  (i)   the aggregate amount of Collections, other than
                        Principal Cash Balance, so applied on that day must not
                        exceed the then Principal Collections;

                  (ii)  the Manager is of the opinion that the funds applied
                        will not be required, in accordance with clauses 5.1 and
                        5.2, to be applied on the following Payment Date to the
                        liabilities referred to in clauses 5.1(a) to (e)

                                                                              28

<PAGE>

                        (inclusive); and

                  (iii) following such application the Principal Cash Balance
                        will not be less than 0.25% of the then Total Principal
                        Balance; or

            (c)   (REDRAW FACILITY AND A$ REDRAW NOTES): in relation to Redraws
                  only, on any day, Redraw Facility Advances or the issue
                  proceeds of A$ Redraw Notes.

8.2         SUBORDINATE FUNDED FURTHER ADVANCES

            The Issuer Trustee, upon the direction of the Manager, may at any
            time fund Subordinate Funded Further Advances in respect of Approved
            Mortgages held by the Issuer Trustee but may only do so by applying
            Redraw Facility Advances for this purpose.

8.3         NO OBLIGATION

            Nothing in this clause 8 is to be construed as requiring the
            Manager to direct the Issuer Trustee to make Redraws or Further
            Advances, including Subordinate Funded Further Advances, and the
            Manager may elect to so direct or not direct the Issuer Trustee in
            its absolute discretion.

--------------------------------------------------------------------------------
9.          TRANSFER POWER OVER APPROVED MORTGAGES

9.1         NATURE OF TRANSFER POWER

            Pursuant to clause 6B.4 of the Trust Deed, the Issuer Trustee has
            the power (a "TRANSFER POWER") to transfer all, but not some only,
            of the Approved Mortgages held by it as trustee of the PUMA Trust,
            together with all Loans, Collateral Securities and other rights and
            entitlements relating thereto (the "MORTGAGE LOAN RIGHTS"), to one
            or more other Funds (whether presently existing or constituted in
            the future) upon the terms set out under this clause 9.

9.2         TRANSFER POWER

            The Issuer Trustee must exercise the Transfer Power if the Manager
            directs the Issuer Trustee to do so in a written notice received by
            the Issuer Trustee:

            (a)   (ENFORCEMENT OF SECURITY TRUST DEED): within 30 days of the
                  Security Trustee appointing (or the Voting Secured Creditors
                  as contemplated by clause 8.4 of the Security Trust Deed
                  appointing) a Receiver over any Charged Property, or taking
                  possession of any Charged Property, pursuant to the Security
                  Trust Deed (expressions used in this clause have the same
                  meanings as in the Security Trust Deed); or

            (b)   (OPTIONAL REDEMPTION OF NOTES): following a direction by the
                  Manager to the Issuer Trustee to redeem the Notes given in
                  accordance with Condition 7.3 or 7.4 of the Note Conditions if
                  and only if:

                  (i)   following the exercise of the Transfer Power the Issuer
                        Trustee will have sufficient funds to redeem the Notes
                        in accordance with Condition 7.3 or 7.4, as applicable;
                        and

                  (ii)  in the case of a direction pursuant to Condition 7.4,
                        US$ Noteholders do not have the right to elect that the
                        Notes are not to be redeemed or, if they do have that
                        right, they have not exercised it within the required
                        period.

                                                                              29

<PAGE>

9.3         BENEFIT OF TRANSFER POWER FOR MORE THAN ONE FUND

            The Manager may, in the notice referred to in clause 9.2, specify
            one or more Funds to which the Mortgage Loan Rights are to be
            transferred (each such Fund being a "PURCHASING FUND") provided that
            if there is more than one Purchasing Fund it must also specify the
            particular Mortgage Loan Rights to be transferred to each such
            Purchasing Fund.

9.4         TIME OF TRANSFER

            The notice referred to in clause 9.2 must specify a date for the
            transfer of the Mortgage Loan Rights (referred to in this clause as
            the "TRANSFER DATE") which:

            (a)   (ENFORCEMENT OF SECURITY TRUST DEED): in the case of clause
                  9.2(a), must be no later than 75 days after the occurrence of
                  the event referred to in clause 9.2(a); and

            (b)   (OPTIONAL REDEMPTION OF NOTES): in the case of clause 9.2(b),
                  must be no later than the Quarterly Payment Date upon which
                  the Notes are to be redeemed.

9.5         TRANSFER AND PAYMENT

            If the Issuer Trustee receives a notice from the Manager in
            accordance, and complying, with this clause, then the Issuer Trustee
            must on the applicable Transfer Date complete the transfer of the
            Mortgage Loan Rights from the PUMA Trust to the relevant Purchasing
            Fund or Purchasing Funds, as the case may be, in accordance with the
            procedures and on the terms set out in clause 6B of the Trust Deed.
            For the purposes of clause 6B of the Trust Deed, the PUMA Trust
            will be the Selling Fund and each Purchasing Fund will be an
            Acquiring Fund.

--------------------------------------------------------------------------------
10.         MISCELLANEOUS

10.1        AMENDMENTS

            This Sub-Fund Notice may only be amended in accordance with clause
            22 of the Trust Deed. In addition, any amendment to this Sub-Fund
            Notice or the Trust Deed, to the extent that it applies to the PUMA
            Trust, which has the effect of making a Payment Modification (as
            that term is defined in the Note Trust Deed), may be made if, and
            only if, the consent has first been obtained of each US$ Noteholder
            that is affected by that Payment Modification.

10.2        COLLECTIONS HELD BY MANAGER

            Notwithstanding any provision to the contrary in the Trust Deed, the
            Issuer Trustee and the Manager may from time to time agree that some
            or all of the amounts payable to the Issuer Trustee as trustee of
            the PUMA Trust will be paid to the Manager or a Related Body
            Corporate of the Manager, in lieu of the Issuer Trustee, provided
            that the Manager must ensure that such amounts are paid into an
            Account or the Combined Account, or are otherwise applied, with the
            agreement of the Issuer Trustee, towards payments in respect of the
            PUMA Trust referred to in clauses 12.4(a) to (c) (inclusive) of the
            Trust Deed, within:

            (a)   (2 BUSINESS DAYS): 2 Business Days of their receipt by the
                  Manager or its Related Body Corporate; or

            (b)   (OTHER PERIOD): such other period as is agreed between the
                  Issuer Trustee and the Manager provided that each Current
                  Rating Authority has confirmed that this will not result in a
                  downgrading, withdrawal or qualification of any rating then
                  assigned by it to the Notes.

                                                                              30

<PAGE>

10.3        CURRENCY CONVERSION OF US$ NOTES - AUTHORISED INVESTMENTS

            For the purposes of paragraph 1(b) of the Second Schedule to the
            Trust Deed, the outstanding principal balance of any US$ Notes will
            be converted to A$ at the A$ Exchange Rate.

10.4        NOTICES TO INVESTORS

            If A$ Notes become subject of a dedicated page of the Reuters System
            (or other electronic market information system generally used in
            Australian financial markets), all notifications to holders of A$
            Notes under the Trust Deed and this Sub-Fund Notice will be made on
            that dedicated page (instead of any other method of notice). In the
            absence of such an arrangement, notification to the holders of A$
            Notes under this Sub-Fund Notice may be made in any manner permitted
            under the Trust Deed.

EXECUTION

This Sub-Fund Notice is issued on behalf of MACQUARIE SECURITISATION LIMITED ABN
16 003 297 336 as MANAGER on the date set out above by:

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

This Sub-Fund Notice is accepted on behalf of PERPETUAL TRUSTEES AUSTRALIA
LIMITED ABN 86 000 431 827 as ISSUER TRUSTEE on             by:

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

                                                                              31<PAGE>

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

PERPETUAL TRUSTEE COMPANY LIMITED
(ABN 42 001 001 007)
Security Trustee

MACQUARIE SECURITISATION LIMITED
(ABN 16 003 297 336)
Manager

PERPETUAL TRUSTEES AUSTRALIA LIMITED
(ABN 86 000 431 827)
Issuer Trustee

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Trustee

SECURITY TRUST DEED
PUMA GLOBAL TRUST NO. 1

                                   CLAYTON UTZ
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 174/3323/1537356 CONTACT - TESSA HOSER

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

             Liability is limited by the Solicitors Scheme under the
                      Professional Standards Act 1994 NSW

<PAGE>

TABLE OF CONTENTS

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

            1.1         Definitions...............................................................................1
            1.2         Sub-Fund Notice and Trust Deed Definitions................................................7
            1.3         Interpretation............................................................................7
            1.4         Incorporation of Annexure................................................................10
            1.5         Issuer Trustee's capacity................................................................10
            1.6         Determination of Outstanding Hedge Money.................................................10
            1.7         Amounts Outstanding......................................................................10
            1.8         Benefit of Covenants under this Deed.....................................................11
            1.9         Obligations Several......................................................................11
            1.10        Incorporated Definitions and other Provisions............................................11

2.          THE SECURITY TRUST...................................................................................11

            2.1         Appointment of Security Trustee..........................................................11
            2.2         Declaration of Security Trust............................................................11
            2.3         Duration of Security Trust...............................................................11
            2.4         Benefit of Security Trust................................................................11
            2.5         Interested Persons Bound.................................................................11
            2.6         Nature of Rights of Secured Creditors....................................................12
            2.7         Security Trustee bound by terms of Option................................................12

3.          PAYMENT OF SECURED MONEYS............................................................................12

            3.1         Covenant in Favour of Security Trustee...................................................12
            3.2         Payments to Secured Creditors............................................................12

4.          CHARGE...............................................................................................12

            4.1         The Charge...............................................................................12
            4.2         Floating Charge..........................................................................12
            4.3         Ranking of Charge........................................................................12
            4.4         Crystallisation of Floating Charge.......................................................12
            4.5         Consent to Dealings......................................................................13
            4.6         Re-Conversion from Fixed into Floating Charge............................................13
            4.7         Replacement of fixed charge over Charged Property........................................13
            4.8         Subsequent dealing.......................................................................13
            4.9         Limit and Prospective Liability..........................................................14

5.          REPRESENTATIONS AND WARRANTIES.......................................................................14

            5.1         By the Issuer Trustee....................................................................14
            5.2         By the Manager...........................................................................15
            5.3         By the Security Trustee..................................................................16

6.          ISSUER TRUSTEE'S AND MANAGER'S COVENANTS.............................................................17

            6.1         Covenants in respect of Charged Property.................................................17
            6.2         General Covenants........................................................................17
            6.3         Dealing in Accordance with Transaction Documents.........................................18
            6.4         Manager Undertaking......................................................................18

7.          EVENTS OF DEFAULT....................................................................................18

8.          RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF DEFAULT............................20

            8.1         Notify Secured Creditors and Convene Meeting of Voting Secured Creditors.................20
</TABLE>

                                                                              i.
<PAGE>

<TABLE>
<CAPTION>
<S>        <C>                                                                                                   <C>
            8.2         Extraordinary Resolutions................................................................20
            8.3         Security Trustee to Act in Accordance with Directions....................................20
            8.4         Security Trustee Must Receive Indemnity..................................................21
            8.5         Notice to Issuer Trustee and the Manager.................................................21
            8.6         Manager convenes meeting.................................................................22
            8.7         Notice of Event of Default...............................................................22
            8.8         Notice of action to remedy Event of Default..............................................22

9.          ENFORCEMENT..........................................................................................22

            9.1         Power to Deal with and Protection of the Charged Property................................22
            9.2         Restrictions on Power to Enforce.........................................................22
            9.3         No Obligation to Enforce.................................................................23
            9.4         Limitation on Rights of Secured Creditors................................................23
            9.5         Immaterial Waivers.......................................................................23
            9.6         Acceleration of Secured Moneys following Event of Default................................23

10.         RECEIVERS - APPOINTMENT AND POWERS...................................................................24

            10.1        Appointment of Receiver..................................................................24
            10.2        Joint Receivers..........................................................................24
            10.3        Remuneration of Receiver.................................................................24
            10.4        Indemnification of Receiver..............................................................24
            10.5        Appointment over part....................................................................24
            10.6        Powers of Receiver.......................................................................24
            10.7        Indemnity................................................................................27

11.         POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER OF ATTORNEY.......................27

            11.1        Security Trustee has Powers of Receiver..................................................27
            11.2        Act Jointly..............................................................................27
            11.3        No Liability for Loss....................................................................28
            11.4        No Liability to Account as Mortgagee in Possession.......................................28
            11.5        No Conflict..............................................................................28
            11.6        Contract Involving Conflict of Duty......................................................28
            11.7        Power of Attorney........................................................................28
            11.8        Security Trustee May Make Good Default...................................................29
            11.9        Notice for Exercise of Powers............................................................29
            11.10       Benefit for Receiver etc.................................................................30

12.         PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER......................................30

            12.1        No Enquiry...............................................................................30
            12.2        Receipts.................................................................................30

13.         APPLICATION OF MONEYS................................................................................30

            13.1        Priority of Payments.....................................................................30
            13.2        Moneys Received..........................................................................33
            13.3        Application of Moneys....................................................................33
            13.4        Investment of Funds......................................................................33
            13.5        Conversion into A$ of Notes denominated in US$...........................................34
            13.6        Application of Currency Swap Termination Proceeds........................................35
            13.7        Satisfaction of Debts....................................................................35

14.         SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS.............................................................35

            14.1        Limitations on Powers and Duties of Security Trustee.....................................35
            14.2        Limitation on Security Trustee's Actions.................................................35
            14.3        Additional Powers, Protections, etc......................................................35
            14.4        Limitation of Liability..................................................................40
</TABLE>

                                                                             ii.
<PAGE>

<TABLE>
<CAPTION>
<S>        <C>                                                                                                   <C>
            14.5        Dealings with Trust......................................................................40
            14.6        Discretion of Security Trustee as to Exercise of Powers..................................41
            14.7        Delegation of Duties of Security Trustee.................................................41
            14.8        Related Body Corporate of the Security Trustee...........................................41

15.         DUTIES OF THE SECURITY TRUSTEE.......................................................................41

            15.1        Duties of the Security Trustee limited to duties in this Deed............................41
            15.2        Security Trustee's Further Duties........................................................41
            15.3        Issuer Trustee Liable for Negligence etc.................................................42
            15.4        No Liability for Transaction Documents...................................................42
            15.5        Resolution of Conflicts..................................................................42

16.         INDEMNITY BY ISSUER TRUSTEE..........................................................................43

            16.1        Indemnity................................................................................43
            16.2        Extent of Security Trustee's Indemnity...................................................43
            16.3        Costs of experts.........................................................................44
            16.4        Non-Discharge............................................................................44
            16.5        Retention of Lien........................................................................44

17.         MEETINGS OF VOTING SECURED CREDITORS.................................................................44

            17.1        Meetings Regulated by the Annexure.......................................................44
            17.2        Limitation on Security Trustee's Powers..................................................44

18.         CONTINUING SECURITY AND RELEASES.....................................................................44

            18.1        Liability Preserved......................................................................44
            18.2        Issuer Trustee's Liability Not Affected..................................................45
            18.3        Waiver by Issuer Trustee.................................................................45

19.         REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE......................................................45

            19.1        Remuneration.............................................................................45
            19.2        Mandatory Retirement of Security Trustee.................................................45
            19.3        Removal by Manager.......................................................................46
            19.4        Security Trustee May Retire..............................................................46
            19.5        Appointment of Substitute Security Trustee by Secured Creditors..........................47
            19.6        Release of Security Trustee..............................................................47
            19.7        Vesting of Security Trust Fund in Substitute Security Trustee............................47
            19.8        Substitute Security Trustee to Execute Deed..............................................47
            19.9        Current Rating Authorities Advised.......................................................47
            19.10       Costs of Retirement or Removal...........................................................48

20.         ASSURANCE............................................................................................48

            20.1        Further Assurance........................................................................48
            20.2        Postponement or Waiver of Security Interests.............................................48
            20.3        Registration of Charge...................................................................49
            20.4        Caveats..................................................................................49

21.         PAYMENTS.............................................................................................49

            21.1        Moneys Repayable as Agreed or on Demand..................................................49
            21.2        No Set-Off or Deduction..................................................................49

22.         DISCHARGE OF A CHARGE................................................................................49

            22.1        Release..................................................................................49
            22.2        Contingent Liabilities...................................................................50
            22.3        Charge Reinstated........................................................................50
</TABLE>

                                                                            iii.
<PAGE>

<TABLE>
<CAPTION>
<S>        <C>                                                                                                   <C>
23.         NOTE TRUSTEE.........................................................................................50

            23.1        Capacity.................................................................................50
            23.2        Exercise of rights.......................................................................50
            23.3        Instructions or directions...............................................................50
            23.4        Payments.................................................................................51
            23.5        Notices..................................................................................51
            23.6        Limitation of Note Trustee's Liability...................................................51

24.         AMENDMENT............................................................................................51

            24.1        Amendment by Security Trustee............................................................51
            24.2        Consent required.........................................................................52
            24.3        Consent to Payment Modification in relation to Notes.....................................52
            24.4        No Current Rating Authority Downgrade....................................................52
            24.5        Distribution of Amendments...............................................................52

25.         EXPENSES AND STAMP DUTIES............................................................................52

            25.1        Expenses.................................................................................52
            25.2        Stamp Duties.............................................................................53

26.         GOVERNING LAW AND JURISDICTION.......................................................................53

            26.1        Governing Law............................................................................53
            26.2        Jurisdiction.............................................................................53

27.         NOTICES..............................................................................................53

            27.1        Method of Delivery.......................................................................53
            27.2        Deemed Receipt...........................................................................54

28.         CHARGOR'S LIMITED LIABILITY..........................................................................54

            28.1        Limitation on Issuer Trustee's Liability.................................................54
            28.2        Claims against Issuer Trustee............................................................54
            28.3        Breach of Issuer Trustee.................................................................54
            28.4        Acts or omissions........................................................................55
            28.5        No Authority.............................................................................55
            28.6        No Obligation............................................................................55

29.         MISCELLANEOUS........................................................................................55

            29.1        Assignment by Issuer Trustee.............................................................55
            29.2        Assignment by Manager....................................................................55
            29.3        Assignment by Security Trustee...........................................................55
            29.4        Assignment by Note Trustee...............................................................56
            29.5        Certificate of Security Trustee..........................................................56
            29.6        Continuing Obligation....................................................................56
            29.7        Settlement Conditional...................................................................56
            29.8        No Merger................................................................................56
            29.9        Interest on Judgment.....................................................................56
            29.10       No Postponement..........................................................................56
            29.11       Severability of Provisions...............................................................57
            29.12       Remedies Cumulative......................................................................57
            29.13       Waiver...................................................................................57
            29.14       Consents and Approvals...................................................................57
            29.15       Written Waiver, Consent and Approval.....................................................57
            29.16       Time of Essence..........................................................................57
            29.17       Moratorium Legislation...................................................................57
            29.18       Debit Accounts...........................................................................58
            29.19       Set-Off..................................................................................58
</TABLE>

                                                                             iv.
<PAGE>

<TABLE>
<CAPTION>
<S>        <C>                                                                                                   <C>
            29.20       Binding on Each Signatory................................................................58
            29.21       Counterparts.............................................................................58
</TABLE>

                                                                              v.
<PAGE>
SECURITY TRUST DEED MADE AT SYDNEY ON                                      2001.

PARTIES           PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 001 001 007 a company
                  incorporated in the Australian Capital Territory and having an
                  office at Level 7, 39 Hunter Street, Sydney, New South Wales
                  (hereinafter included in the expression the "SECURITY
                  TRUSTEE")

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

                  PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827a
                  company incorporated in Victoria and having an office at Level
                  7, 39 Hunter Street, Sydney, New South Wales in its capacity
                  as trustee of the PUMA Trust (as hereinafter defined) from
                  time to time (hereinafter included in the expression the
                  "ISSUER TRUSTEE")

                  THE BANK OF NEW YORK, NEW YORK BRANCH, a New York banking
                  corporation acting through its New York branch at 101 Barclay
                  Street, 21W, New York, New York 10286 (hereinafter included in
                  the expression "NOTE TRUSTEE")

RECITALS

A.          The Issuer Trustee is the trustee, and the Manager is the manager,
            of the PUMA Trust.

B.          The Issuer Trustee is authorised to enter into this Deed to charge
            the assets of the PUMA Trust to secure the payment in full of the
            Secured Moneys to the Secured Creditors of the PUMA Trust.

C.          The Note Trustee has been appointed as trustee under the Note Trust
            Deed to act on behalf of the US$ Noteholders.

D.          The Security Trustee has agreed to act as trustee for the benefit of
            the Secured Creditors of the PUMA Trust on, and subject to, the
            terms and conditions in this Deed.

THIS DEED PROVIDES

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

1.1         DEFINITIONS

            In this Deed, unless the context indicates a contrary intention:

            "A$ NOTEHOLDER" means a Noteholder in respect of an A$ Note.

            "A$ SUBORDINATED BASIC TERM MODIFICATION" means an alteration,
            addition or amendment to this Deed or to the terms and conditions of
            the Notes which has the effect of:

            (a)         reducing, cancelling, postponing the date of payment,
                        modifying the method for the calculation or altering the
                        order of priority under this Deed, of any amount payable
                        in respect of any principal or interest in respect of
                        the A$ Subordinated Notes;

                                                                              1.
<PAGE>

            (b)         altering the currency in which payments under the A$
                        Subordinated Notes are to be made;

            (c)         altering the majority required to pass an Extraordinary
                        Resolution under this Deed; or

            (d)         sanctioning any scheme or proposal for the exchange or
                        sale of the A$ Subordinated Notes for or the conversion
                        of the A$ Subordinated Notes into or the cancellation of
                        the A$ Subordinated Notes in consideration of shares,
                        stock, notes, bonds, debentures, debenture stock and/or
                        other obligations and/or securities of the Issuer
                        Trustee or any other company formed or to be formed, or
                        for or into or in consideration of cash, or partly for
                        or into or in consideration of such shares, stock,
                        notes, bonds, debentures, debenture stock and/or other
                        obligations and/or securities as aforesaid and partly
                        for or in consideration of cash.

            "AGENT" has the same meaning as in the Agency Agreement.

            "AUTHORISED OFFICER" means:

            (a)         in relation to the Security Trustee, a director,
                        secretary or any person whose title contains the word or
                        words "manager", "counsel" or "chief executive officer"
                        or a person performing the functions of any of them;

            (b)         in relation to the Issuer Trustee, an Authorised
                        Signatory of the Issuer Trustee for the purposes of the
                        Trust Deed;

            (c)         in relation to the Manager, an Authorised Signatory of
                        the Manager for the purposes of the Trust Deed; and

            (d)         in relation to the Note Trustee, an Authorised Officer
                        of the Note Trustee for the purposes of the Note Trust
                        Deed.

            "CHARGE" means the charge created by this Deed.

            "CHARGED PROPERTY" means all the assets of the PUMA Trust held by
            the Issuer Trustee from time to time as trustee of the PUMA Trust
            and the benefit of all covenants, agreements, undertakings,
            representations, warranties and other choses in action in favour of
            the Issuer Trustee under the Transaction Documents, but does not, at
            the time of the execution and delivery of this Deed, include any of
            the foregoing situated outside the State of New South Wales at that
            time.

            "CHARGE RELEASE DATE" means, subject to clause 22.3, the date the
            Security Trustee releases the Charged Property from the Charge.

            "CLASS A CURRENCY SWAP TERMINATION PROCEEDS" means the US dollar
            proceeds (if any) received from a Currency Swap Provider under the
            Class A Currency Swap as a result of the occurrence (if any) of an
            "Early Termination Date" thereunder, and includes any interest
            earned and credited thereon whilst such proceeds are invested in the
            US dollar interest bearing account referred to in clause 13.6.

            "CLASS A NOTEHOLDER" has the same meaning as in the Note Trust Deed.

            "CLASS B CURRENCY SWAP TERMINATION PROCEEDS" means the US dollar
            proceeds (if any) received from a Currency Swap Provider under the
            Class B Currency Swap as a result of the occurrence (if any) of an
            "Early Termination Date" thereunder, and includes any

                                                                              2.
<PAGE>

            interest earned and credited thereon whilst such proceeds are
            invested in the US dollar interest bearing account referred to in
            clause 13.6.

            "CLASS B NOTEHOLDER" has the same meaning as in the Note Trust Deed.

            "EVENT OF DEFAULT" has the meaning given to it in clause 7.

            "EXTRAORDINARY RESOLUTION" of the Voting Secured Creditors or a
            class of Voting Secured Creditors, means:

            (a)         a resolution which is passed at a meeting of the then
                        Voting Secured Creditors or, where applicable, a class
                        of Voting Secured Creditors duly convened and held in
                        accordance with the provisions of this Deed (including
                        the Annexure) by a majority consisting of not less than
                        75% of the votes (determined in accordance with clause
                        8(d)(i) of the Annexure) of the persons present and
                        voting at the meeting who are then Voting Secured
                        Creditors or Voting Secured Creditors of that class, or
                        representing then Voting Secured Creditors or, if a poll
                        is demanded, by such Voting Secured Creditors, or Voting
                        Secured Creditors of that class, holding or representing
                        between them Voting Entitlements comprising in aggregate
                        a number of votes which is not less than 75% of the
                        aggregate number of votes comprised in the Voting
                        Entitlements held or represented by all the persons
                        present at the meeting voting on such poll; or

            (b)         a resolution in writing in relation to all Voting
                        Secured Creditors or class of Voting Secured Creditors
                        pursuant to clause 16 of the Annexure.

            "FOREIGN CURRENCY" means a currency other than Australian dollars.

            "INSOLVENCY EVENT" in relation to a body corporate means any of the
            following events:

            (a)         an order is made that the body corporate be wound up;

            (b)         a liquidator, provisional liquidator, controller (as
                        defined in the Corporations Law) or administrator is
                        appointed in respect of the body corporate or a
                        substantial portion of its assets whether or not under
                        an order;

            (c)         except to reconstruct or amalgamate on terms reasonably
                        approved by the Security Trustee (or in the case of a
                        reconstruction or amalgamation of the Security Trustee,
                        on terms reasonably approved by the Manager), the body
                        corporate enters into, or resolves to enter into, a
                        scheme of arrangement, deed of company arrangement or
                        composition with, or assignment for the benefit of, all
                        or any class of its creditors;

            (d)         the body corporate resolves to wind itself up, or
                        otherwise dissolve itself, or gives notice of its
                        intention to do so, except to reconstruct or amalgamate
                        on terms reasonably approved by the Security Trustee (or
                        in the case of a reconstruction or amalgamation of the
                        Security Trustee, except on terms reasonably approved by
                        the Manager) or is otherwise wound up or dissolved;

            (e)         the body corporate is or states that it is insolvent;

            (f)         as a result of the operation of section 459F(1) of the
                        Corporations Law, the body corporate is taken to have
                        failed to comply with a statutory demand;

            (g)         the body corporate takes any step to obtain protection
                        or is granted protection

                                                                              3.
<PAGE>

                        from its creditors, under any applicable legislation;

            (h)         any writ of execution, attachment, distress or similar
                        process is made, levied or issued against or in relation
                        to a substantial portion of the body corporate's assets
                        and is not satisfied or withdrawn or contested in good
                        faith by the body corporate within 21 days; or

            (i)         anything analogous or having a substantially similar
                        effect to any of the events specified above happens
                        under the law of any applicable jurisdiction.

            "INTEREST RATE SWAP" means any Hedge Arrangement other than a
            Currency Swap Agreement or a Currency Swap.

            "INTEREST RATE SWAP PROVIDER" means each person, other than the
            Manager, that enters into an Interest Rate Swap with the Issuer
            Trustee in its capacity as trustee of the PUMA Trust.

            "INTERESTED PERSONS" means a collective reference to the Issuer
            Trustee, the Secured Creditors, the Manager and all persons claiming
            through them and "INTERESTED PERSON" means a several reference to
            all Interested Persons.

            "MANAGER" means Macquarie Securitisation Limited or, if Macquarie
            Securitisation Limited retires or is removed as manager of the
            Funds, any substitute person appointed in its place by the Issuer
            Trustee pursuant to the Management Deed.

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

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

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

            "PRE-DEFAULT ACTION" means:

            (a)         an action which the Security Trustee is required or
                        empowered to take prior to an Event of Default under:

                        (i)         paragraphs (c) and (d) of the definition of
                                    "Insolvency Event" in this clause 1.1; and

                        (ii)        clauses 6.1, 6.2(c), 8.3, 8.7, 9.5, 11.5,
                                    11.8, 14, 15.2, 16.1, 17.2, 19, 20.1, 20.2,
                                    22, 24 and 29; and

            (b)         such action as the Security Trustee considers necessary
                        to cause the Issuer Trustee to comply with its
                        obligations under clause 19.1.

            "PRIOR INTEREST" means the lien over, and right of indemnification
            from, the Charged Property held by the Issuer Trustee under, and
            calculated in accordance with, the Trust Deed for Trustee Indemnity
            Costs (other than the Secured Moneys and the Subordinated Fee
            Amount) in relation to the PUMA Trust which are unpaid, or paid by
            the Issuer Trustee but not reimbursed to the Issuer Trustee from the
            assets of the PUMA Trust.

            "PUMA TRUST" means the trust known as the PUMA Global Trust No. 1
            established pursuant to the Trust Deed and the Sub-Fund Notice.

            "RECEIVER" means a receiver appointed by the Security Trustee under
            this Deed and includes a receiver and manager and where more than
            one person has been appointed as

                                                                              4.
<PAGE>

            receiver or receiver and manager each such person and also any
            servant agent or delegate of any such receiver or receiver and
            manager.

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

            "REPRESENTATIVE" means:

            (a)         in relation to a Voting Secured Creditor, a person
                        appointed as a proxy for that Voting Secured Creditor
                        pursuant to clause 10 of the Annexure; and

            (b)         without limiting the generality of paragraph (a), in
                        relation to a Voting Secured Creditor that is a body
                        corporate, a person appointed pursuant to clause 11 of
                        the Annexure by that Voting Secured Creditor.

            "SECURED CREDITORS" means the Note Trustee (in its personal capacity
            and as trustee of the Note Trust), each Agent, each Noteholder, each
            Interest Rate Swap Provider, each Currency Swap Provider, the Redraw
            Facility Provider and any other Stand-by Arrangement Provider and
            "SECURED CREDITOR" means each of the Secured Creditors.

            "SECURED MONEYS" means, without double counting, the aggregate of
             all moneys owing to the Security Trustee or to a Secured Creditor
             under any of the Transaction Documents provided that the Secured
             Moneys do not include any fees or value added tax payable to the
             Note Trustee referred to in clause 12.7 of the Note Trust Deed or
             to an Agent referred to in 12.6 of the Agency Agreement.

            "SECURITY INTEREST" means any encumbrance, bill of sale, mortgage,
             charge, lien, hypothecation, assignment in the nature of security,
             security interest, title retention, preferential right, trust
             arrangement, flawed-asset arrangement, contractual right of set-off
             or any other security agreement or arrangement.

            "SECURITY TRUST" means the trust established under clause 2.2 of
            this Deed.

            "SECURITY TRUST FUND" means any property and benefits which the
            Security Trustee holds on trust for the Secured Creditors under this
            Deed including, without limitation, all the right, title and
            interest of the Security Trustee in connection with the Charge and
            any property which represents the proceeds of sale of any such
            property or proceeds of enforcement of the Charge.

            "SECURITY TRUSTEE" means Perpetual Issuer Trustee Company Limited
            or, if Perpetual Issuer Trustee Company Limited retires or is
            removed as Security Trustee, any Substitute Security Trustee.

            "SENIOR FEE AMOUNT" means in relation to a date upon which a
            distribution is made pursuant to clause 13.1, an amount of the
            Manager's Fees outstanding on that date equal to the aggregate of
            the Senior Fee Amount (as that term is defined in the Sub-Fund
            Notice) of Manager's Fees remaining unpaid from each preceding
            Quarterly Payment Date under clause 5.1(b) of the Sub-Fund Notice
            as a result of a lack of funds to be applied by the Issuer Trustee
            under clause 5.1(b) of the Sub-Fund Notice or the enforcement of
            the Charge.

            "SENIOR NOTE" means a Class A Note or an A$ Redraw Note.

            "SENIOR NOTEHOLDER" means a Class A Noteholder or an A$ Redraw
            Noteholder.

            "STAND-BY ARRANGEMENT PROVIDER" means each person, other than the
            Manager, that enters into a Stand-by Arrangement with the Issuer
            Trustee in its capacity as trustee of the

                                                                              5.
<PAGE>

            PUMA Trust.

            "STATUTE" means any legislation now or hereafter in force of the
            Parliament of the Commonwealth of Australia or of any State or
            Territory thereof and any rule regulation ordinance by-law statutory
            instrument order or notice now or hereafter made under such
            legislation.

            "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or about the
            date of this Deed from the Manager to the Issuer Trustee.

            "SUBORDINATED FEE AMOUNT" means in relation to the date upon which a
            distribution is made pursuant to clause 13.1, an amount of the
            Manager's Fees outstanding on that date determined in accordance
            with the following calculation:

                         SFA       =       AMF    -    Senior FA

            where:

            SFA        =  the Subordinated Fee Amount

            AMF        =  the amount of the Manager's Fee outstanding on that
                          date; and

            Senior FA  =  an amount equal to the Senior Fee Amount on that date,

            provided that if the result of the above calculation on any date is
            an amount less than zero then the Subordinated Fee Amount on that
            date is zero.

            "SUBSTITUTE SECURITY TRUSTEE" at any given time means the entity
            then appointed as Security Trustee under clause 19.

            "TAX" includes any income tax, withholding tax, stamp, financial
            institutions, registration and other duties, bank accounts debits
            tax, goods and services tax, value added tax, retail turnover tax or
            similar tax on the provision of supplies and other taxes, levies,
            imposts, deductions and charges whatsoever (including, in respect of
            any duty imposed on receipts or liabilities of financial
            institutions, any amounts paid in respect of them to another
            financial institution) together with interest on them and penalties
            with respect to them (if any) and charges, fees or other amounts
            made on or in respect of them.

            "TRUST DEED" means the Trust Deed dated 13 July 1990 and made
            between the person referred to therein as the Founder and the Issuer
            Trustee, as amended from time to time.

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

            "TRUSTEE INDEMNITY COSTS" means the fees, costs, charges and
            expenses incurred by or payable to the Issuer Trustee (in its
            capacity as trustee of the PUMA Trust) in accordance with the Trust
            Deed (including clauses 17.1 and 17.2 of the Trust Deed) and the
            Sub-Fund Notice, including, but not limited to, the Senior Fee
            Amount.

            "VOTING ENTITLEMENT" means, on a particular date the number of votes
            which a Voting Secured Creditor would be entitled to exercise if a
            meeting of Voting Secured Creditors were held on that date, being in
            respect of a given Voting Secured Creditor and subject to clause
            13.5(c), the number calculated by dividing the Secured Moneys owing
            to that Voting Secured Creditor by 10 and rounding the resultant
            figure down to the nearest whole number provided that if the Note
            Trustee is a then Voting Secured Creditor it will have a Voting
            Entitlement equal to the aggregate Voting Entitlement (determined in
            accordance with the foregoing) for all US$ Noteholders on whose
            behalf it is acting.

                                                                              6.
<PAGE>

            "VOTING SECURED CREDITOR" means:

            (a)         for so long as the Secured Moneys of the Noteholders are
                        75% or more of the then total Secured Moneys:

                        (i)         if any Class A Note then remains
                                    outstanding, the Note Trustee acting on
                                    behalf of the Class A Noteholders (or, if
                                    the Note Trustee has become bound to notify,
                                    or seek directions from, the Class A
                                    Noteholders or to take steps and/or to
                                    proceed under the Note Trust Deed and fails
                                    to do so as and when required by the Note
                                    Trust Deed and such failure is continuing,
                                    the Class A Noteholders) and, if any A$
                                    Redraw Notes remain outstanding, the A$
                                    Redraw Noteholders; or

                        (ii)        if no Senior Note then remains outstanding,
                                    the Note Trustee acting on behalf of the
                                    Class B Noteholders (or if the Note Trustee
                                    has become bound to notify, or seek
                                    directions from, the Class B Noteholders or
                                    to take steps and/or to proceed under the
                                    Note Trust Deed and fails to do so as and
                                    when required by the Note Trust Deed and
                                    such failure is continuing, the Class B
                                    Noteholders) and the A$ Subordinated
                                    Noteholders; and

            (b)         otherwise:

                        (i)         if any US$ Notes remain outstanding, the
                                    Note Trustee acting on behalf of such
                                    Noteholders (or, if the Note Trustee has
                                    become bound to take steps and/or to proceed
                                    under the Note Trust Deed and fails to do so
                                    as and when required by the Note Trust Deed
                                    and such failure is continuing, the Class A
                                    Noteholders (if any) and the Class B
                                    Noteholders); and

                        (ii)        each other Secured Creditor (other than the
                                    Note Trustee and the US$ Noteholders).

1.2         SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

            Subject to clause 1.10, unless defined in this Deed, words and
            phrases defined in either or both of the Trust Deed and the Sub-Fund
            Notice have the same meaning in this Deed. Where there is any
            inconsistency in a definition between this Deed (on the one hand)
            and the Trust Deed or the Sub-Fund Notice (on the other hand), this
            Deed prevails. Where there is any inconsistency in a definition
            between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
            prevails over the Trust Deed in respect of this Deed. Subject to
            clause 1.10, where words or phrases used but not defined in this
            Deed are defined in the Trust Deed in relation to a Sub-Fund (as
            defined in the Trust Deed) such words or phrases are to be construed
            in this Deed, where necessary, as being used only in relation to the
            PUMA Trust (as defined in this Deed).

1.3         INTERPRETATION

            In this Deed unless the contrary intention appears:

            (a)         the expression "PERSON" includes an individual, a
                        corporation and a Governmental Agency;

            (b)         the expression "OWING" includes amounts that are owing
                        whether such amounts are liquidated or not or are
                        contingent or presently accrued due and includes all

                                                                              7.
<PAGE>

                        rights sounding in damages only;

            (c)         the expression "POWER" in relation to a person includes
                        all powers, authorities, rights, remedies, privileges
                        and discretions conferred upon that person by the
                        Transaction Documents, by any other deed, agreement,
                        document, or instrument, by any Statute or otherwise by
                        law;

            (d)         a reference to any person includes that person's
                        executors, administrators, successors, substitutes and
                        assigns, including any person taking by way of novation;

            (e)         subject to clause 1.10, a reference to this Deed, the
                        Trust Deed or to any other deed, agreement, document or
                        instrument includes, respectively, this Deed, the Trust
                        Deed or such other deed, agreement, document or
                        instrument as amended, novated, supplemented, varied or
                        replaced from time to time;

            (f)         a reference to any Statute or to any section or
                        provision of any Statute includes any statutory
                        modification or re-enactment or any statutory provision
                        substituted therefor and all ordinances, by-laws,
                        regulations and other statutory instruments issued
                        thereunder;

            (g)         a reference to a Related Body Corporate includes a
                        corporation which is or becomes a Related Body Corporate
                        during the currency of this Deed;

            (h)         words importing the singular include the plural (and
                        vice versa) and words denoting a given gender include
                        all other genders;

            (i)         headings are for convenience only and do not affect the
                        interpretation of this Deed;

            (j)         a reference to a clause is a reference to a clause of
                        this Deed;

            (k)         a reference to an Annexure is a reference to the
                        Annexure to this Deed;

            (l)         where any word or phrase is given a defined meaning any
                        other part of speech or other grammatical form in
                        respect of such word or phrase has a corresponding
                        meaning;

            (m)         all accounting terms used in this Deed have the same
                        meaning ascribed to those terms under accounting
                        principles and practices generally accepted in Australia
                        from time to time;

            (n)         a reference to a party is a reference to a party to this
                        Deed;

            (o)         a reference to time is a reference to Sydney time;

            (p)         a reference to any thing (including, without limitation,
                        the Secured Money, any other amount and the Charged
                        Property) is a reference to the whole and each part of
                        it and a reference to a group of persons is a reference
                        to all of them collectively, to any two or more of them
                        collectively and to each of them individually;

            (q)         if an act prescribed under this Deed to be done by a
                        party on or by a given day is done after 5.30pm on that
                        day, it is to be taken to be done on the following day;

            (r)         where any day on which a payment is due to be made or a
                        thing is due to be done under this Deed is not a
                        Business Day, that payment must be made or that

                                                                              8.
<PAGE>

                        thing must be done on the immediately succeeding
                        Business Day;

            (s)         a reference to "WILFUL DEFAULT" in relation to the
                        Issuer Trustee, the Security Trustee or the Manager
                        means, subject to clause 1.3(t), any wilful failure to
                        comply with, or wilful breach by, the Issuer Trustee,
                        the Security Trustee or the Manager (as the case may be)
                        of any of its obligations under any Transaction
                        Document, other than a failure or breach which:

                        (i)    A.   arises as a result of a breach of a
                                    Transaction Document by a person other than:

                                    1)          the Issuer Trustee, the Security
                                                Trustee or the Manager (as the
                                                case may be); or

                                    2)          any other person referred to in
                                                clause 1.3(t) in relation to
                                                the Issuer Trustee, the Security
                                                Trustee or the Manager (as the
                                                case may be); and

                               B.   the performance of the action (the
                                    non-performance of which gave rise to such
                                    breach) is a precondition to the Issuer
                                    Trustee, the Security Trustee or the Manager
                                    (as the case may be) performing the said
                                    obligation;

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

                        (iii)  is:

                               A.   in accordance with any proper instruction or
                                    direction of the Voting Secured Creditors
                                    given at a meeting of Voting Secured
                                    Creditors convened pursuant to this Deed; or

                               B.   in accordance with any proper instruction or
                                    direction of the Noteholders given at a
                                    meeting convened under the Trust Deed (as
                                    amended by the Sub-Fund Notice);

            (t)         a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL
                        DEFAULT" of the Issuer Trustee, the Security Trustee or
                        the Manager means the fraud, negligence or wilful
                        default of the Issuer Trustee, the Security Trustee or
                        the Manager (as the case may be) and of its officers,
                        employees, agents and any other person where the Issuer
                        Trustee, the Security Trustee or the Manager (as the
                        case may be) is liable for the acts or omissions of such
                        other person under the terms of any Transaction
                        Document;

            (u)         subject to clause 27.2, each party will only be
                        considered to have knowledge or awareness of, or notice
                        of, a thing or grounds to believe anything by virtue of
                        the officers of that party (or any Related Body
                        Corporate of that party) which have the day to day
                        responsibility for the administration or management of
                        that party's (or a Related Body Corporate of that
                        party's) obligations in relation to the PUMA Trust or
                        this Deed, 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 means notice,
                        knowledge or awareness of the occurrence of the events
                        or circumstances constituting an Event of Default. The
                        Security Trustee will be regarded as being actually
                        aware of an Event of Default

                                                                              9.
<PAGE>

                        if it receives a written notice from the Issuer Trustee,
                        the Manager or the Note Trustee that the Issuer Trustee,
                        the Manager or the Note Trustee (as the case may be)
                        believes, on reasonable grounds, that the Event of
                        Default has occurred;

            (v)         a reference to the enforcement of the Charge means that
                        the Security Trustee appoints (or the Voting Secured
                        Creditors as contemplated by clause 8.4 appoint) a
                        Receiver over any Charged Property, or takes possession
                        of any Charged Property, pursuant to this Deed; and

            (w)         a reference to prospective liabilities includes, without
                        limitation, the liabilities of the Issuer Trustee under
                        the Transaction Documents.

1.4         INCORPORATION OF ANNEXURE

            This Deed incorporates the Annexure which forms part of, and is
            subject to, this Deed.

1.5         ISSUER TRUSTEE'S CAPACITY

            In this Deed, unless expressly specified otherwise:

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

            (b)         (REFERENCES TO ASSETS OF ISSUER TRUSTEE): a reference to
                        the undertaking, assets, business or money of the Issuer
                        Trustee is a reference to the undertaking, assets,
                        business or money of the Issuer Trustee in its capacity
                        referred to in paragraph (a); and

            (c)         (INSOLVENCY EVENT): a reference to an Insolvency Event
                        in relation to the Issuer Trustee is to the Issuer
                        Trustee only in its capacity as trustee of the PUMA
                        Trust and does not include the Issuer Trustee
                        personally, as trustee of any other trust fund or in any
                        other capacity whatsoever.

1.6         DETERMINATION OF OUTSTANDING HEDGE MONEY

            The amounts owing by the Issuer Trustee under a Hedge Arrangement
            are to be determined by the Manager on the relevant date as if an
            "Early Termination Date" (as defined in the relevant Hedge
            Arrangement) has been designated in respect of all "Transactions"
            (as defined in the relevant Hedge Arrangement) in accordance with
            the relevant Hedge Arrangement at the time of such determination and
            without limiting the generality of the foregoing, by giving effect
            to:

            (a)         any terms under a Hedge Arrangement to the effect that
                        all "Transactions" thereunder constitute only a single
                        agreement between the parties; and

            (b)         any terms relating to the termination of a Hedge
                        Arrangement which relate to the valuation of that Hedge
                        Arrangement (and any Transactions thereunder) and the
                        netting of those valuations.

1.7         AMOUNTS OUTSTANDING

            For the purposes of determining whether any amount constitutes
            Secured Moneys, for the purposes of clause 7(g) and for the
            purposes of clause 13.1 (and for these purposes only) the
            calculation of any amounts owing or due by the Issuer Trustee will
            be made without regard to any limitation on the Issuer Trustee's
            liability that may be construed as

                                                                             10.
<PAGE>
            meaning that such amounts are not owing or are not due and payable.

1.8         BENEFIT OF COVENANTS UNDER THIS DEED

            Unless the context indicates a contrary intention, the Security
            Trustee holds the covenants, undertaking and other obligations and
            liabilities of the Issuer Trustee and the Manager under this Deed on
            trust for the benefit of the Secured Creditors on the terms and
            conditions of this Deed.

1.9         OBLIGATIONS SEVERAL

            The obligations of the parties under this Deed are several.

1.10        INCORPORATED DEFINITIONS AND OTHER PROVISIONS

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

--------------------------------------------------------------------------------
2.           THE SECURITY TRUST

2.1         APPOINTMENT OF SECURITY TRUSTEE

            The Security Trustee is hereby appointed and agrees to act as
            trustee of the Security Trust (with effect from the constitution of
            the Security Trust) on the terms and conditions in this Deed.

2.2         DECLARATION OF SECURITY TRUST

            The Security Trustee declares that it holds the Security Trust Fund
            on trust for those persons who are Secured Creditors at the time of
            distribution of any money by the Security Trustee pursuant to clause
            13.1.

2.3         DURATION OF SECURITY TRUST

            The Security Trust commences on the date of this Deed and terminates
            on the first to occur of:

            (a)         (CHARGE RELEASE DATE): the Charge Release Date; and

            (b)         (RULE AGAINST PERPETUITIES): the 80th anniversary of the
                        creation of the Security Trust.

2.4         BENEFIT OF SECURITY TRUST

            Each Secured Creditor is entitled to the benefit of the Security
            Trust on, and subject to, the terms and conditions of this Deed.

2.5         INTERESTED PERSONS BOUND

            The provisions of this Deed, the Trust Deed and the Sub-Fund Notice
            are binding upon every Interested Person and the Security Trustee.

                                                                             11.
<PAGE>

2.6         NATURE OF RIGHTS OF SECURED CREDITORS

            Prior to any distribution to the Secured Creditors pursuant to
            clause 13.1(e), no Secured Creditor is entitled by virtue of this
            Deed to any equitable or proprietary interest in the Charged
            Property, or any rights held by the Security Trustee under
            clause1.8, and only has a mere right of action against the Security
            Trustee to properly perform its covenants under this Deed and to
            account to the Secured Creditors in accordance with this Deed.

2.7         SECURITY TRUSTEE BOUND BY TERMS OF OPTION

            The Security Trustee is bound by the terms of clause 9 of the
            Sub-Fund Notice in the exercise of its powers under this Deed. If
            the Manager issues a notice pursuant to clause 9 of the Sub-Fund
            Notice it must provide a copy to the Security Trustee. The Security
            Trustee must take such action as is reasonably required by the
            Manager to give effect to clause 9 of the Sub-Fund Notice.

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3.          PAYMENT OF SECURED MONEYS

3.1         COVENANT IN FAVOUR OF SECURITY TRUSTEE

            The Issuer Trustee covenants in favour of the Security Trustee that
            it will duly and punctually pay the Secured Moneys to, or to the
            order of, the Security Trustee as and when the same fall due for
            payment.

3.2         PAYMENTS TO SECURED CREDITORS

            Notwithstanding clause 3.1, every payment by the Issuer Trustee, or
            the Security Trustee in accordance with this Deed, to the Secured
            Creditors on account of the Secured Moneys will operate as payment
            by the Issuer Trustee to the Security Trustee in satisfaction of the
            Issuer Trustee's obligations in respect of those Secured Moneys.

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4.          CHARGE

4.1         THE CHARGE

            The Issuer Trustee charges all its present and future, right, title
            and interest in the Charged Property, subject only to the Prior
            Interest, to the Security Trustee for the payment in full of all the
            Secured Moneys.

4.2         FLOATING CHARGE

            Subject to this Deed, the Charge is a floating charge over the
            Charged Property.

4.3         RANKING OF CHARGE

            Subject only to the Prior Interest, the Charge is a first ranking
            charge having priority over all other Security Interests of the
            Issuer Trustee over the Charged Property.

4.4         CRYSTALLISATION OF FLOATING CHARGE

            If the Charge has not otherwise taken effect as a fixed charge, it
            takes effect automatically and immediately as a fixed charge over
            all the Charged Property if an Event of Default occurs, other than
            if an Event of Default described in clauses 7(c) or (e) occurs, in
            which event it takes effect as a fixed charge automatically and
            immediately over the affected Charged Property. Upon the Charge
            becoming a fixed charge pursuant to the foregoing

                                                                             12.
<PAGE>

            provisions of this clause, the Security Trustee is deemed to have
            intervened at that point in time and to have exercised all its
            rights of intervention in respect of the relevant Charged Property.

4.5         CONSENT TO DEALINGS

            The Issuer Trustee must not (and the Manager will not give any
            direction to the Issuer Trustee to) dispose of or deal with the
            Charged Property, whether the Charge is fixed or floating, unless
            such disposition or such other dealing is permitted by or required
            by and will be effected in accordance with the terms of the Trust
            Deed, the Sub-Fund Notice or any other Transaction Document. Without
            limiting the generality of the foregoing, the Issuer Trustee or any
            of its delegates may (notwithstanding that the Charge has taken
            effect as a fixed charge) discharge in accordance with the terms of
            the Transaction Documents, any Approved Mortgage, Loan or Collateral
            Security. Any Approved Mortgage, Loan or Collateral Security
            discharged pursuant to this clause will automatically, and without
            the need for any act on the part of the Security Trustee, be free
            from and released from this Charge.

4.6         RE-CONVERSION FROM FIXED INTO FLOATING CHARGE

            Subject to clause 4.7, at any time after the Charge has taken effect
            as a fixed charge over the Charged Property, the Security Trustee
            may (and will, if directed by an Extraordinary Resolution of the
            then Voting Secured Creditors) by notice in writing to the Issuer
            Trustee convert the Charge from a fixed charge into a floating
            charge as regards any asset or assets specified in such notice. Upon
            such notice being received by the Issuer Trustee, the Charge as
            regards such specified asset or assets will immediately become and
            operate as a floating charge subject to the provisions of this Deed
            and will cease to be a fixed charge over such specified asset or
            assets.

4.7         REPLACEMENT OF FIXED CHARGE OVER CHARGED PROPERTY

            If the Charge has taken effect as a fixed charge as a result of the
            occurrence of the Event of Default described in clause 7(a)(i) the
            Security Trustee must, upon notification from the Manager that
            another person has been appointed as trustee of the PUMA Trust in
            accordance with the Trust Deed, by notice in writing to the Issuer
            Trustee convert the charge from a fixed charge into a floating
            charge as regards the Charged Property.

4.8         SUBSEQUENT DEALING

            From the effective date specified in a notice given under clause 4.6
            or 4.7:

            (a)         (ISSUER TRUSTEE MAY DEAL AS IF FLOATING CHARGE): the
                        Issuer Trustee may deal with the Charged Property the
                        subject of the notice, if it was acquired by the Issuer
                        Trustee before the effective date of the notice, as if
                        it had always been charged by way of floating charge
                        under this Deed;

            (b)         (TREAT THE FIXING AS NOT HAVING OCCURRED): the floating
                        charge given by this Deed in respect of Charged Property
                        the subject of the notice acquired by the Issuer Trustee
                        on or after the effective date of the notice continues
                        to operate as a floating charge as if it had never been
                        a fixed charge; and

            (c)         (THIRD PERSON MAY RELY ON NOTICE THAT CHARGE IS
                        FLOATING): a person dealing with the Issuer Trustee in
                        relation to the Charged Property the subject of the
                        notice may rely on a notice from the Security Trustee as
                        conclusive evidence that, as at the time the notice is
                        issued, such Charged Property is charged by way of
                        floating charge.

                                                                             13.
<PAGE>

4.9         LIMIT AND PROSPECTIVE LIABILITY

            (a)         (AMOUNT RECOVERABLE): The Charge is security for the
                        whole of the Secured Moneys but the aggregate amount
                        recoverable under the Charge may not exceed the
                        Australian Dollar value, at any time, of the Charged
                        Property.

            (b)         (FIXED PRIORITIES): For the purposes of fixing
                        priorities between the Charge and any subsequent charge
                        registered under the Corporations Law, the Charge
                        secures a prospective liability up to a maximum amount
                        equal to the Australian Dollar value, at any time, of
                        the Charged Property.

            (c)         (NO OBLIGATION): Nothing in this clause 4.9 creates any
                        obligation upon the Security Trustee to enter into any
                        arrangement or to advance any moneys or do any act or
                        thing as a result whereof if so created, entered into,
                        advanced or done there would be Secured Moneys, or
                        limits or affects the provisions of section 279(2)
                        of the Corporations Law.

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5.          REPRESENTATIONS AND WARRANTIES

5.1         BY THE ISSUER TRUSTEE

            The Issuer Trustee represents and warrants to the Security Trustee
            that:

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

            (b)         (CONSTITUTION): the execution, delivery and performance
                        of each Transaction Document to which it is expressed to
                        be a party does not violate its constitution;

            (c)         (CORPORATE POWER): it has the power and has taken all
                        corporate and other action required to enter into each
                        Transaction Document to which it is expressed to be a
                        party and to authorise the execution and delivery of
                        each Transaction Document to which it is expressed to be
                        party and the performance of its obligations under each
                        Transaction Document to which it is expressed to be a
                        party;

            (d)         (FILINGS): all corporate notices, filings, and
                        registrations with the Australian Securities and
                        Investments Commission or similar office in its
                        jurisdiction of incorporation and in any other
                        jurisdiction required to be filed or effected, as
                        applicable, by it in connection with the execution,
                        delivery and performance of each Transaction Document to
                        which it is expressed to be a party have been filed or
                        effected, as applicable, and all such filings and
                        registrations are current, complete and accurate;

            (e)         (LEGALLY BINDING OBLIGATION): its obligations under each
                        Transaction Document to which it is expressed to be a
                        party are valid, legally binding and enforceable
                        obligations in accordance with the terms of each
                        Transaction Document to which it is expressed to be a
                        party subject to stamping and any necessary registration
                        and except as such enforceability may be limited by any
                        applicable bankruptcy, insolvency, reorganisation,
                        moratorium or trust or general principles of equity or
                        other similar laws affecting creditors' rights
                        generally;

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

                                                                             14.
<PAGE>

            (g)         (AUTHORISATIONS): all consents, licences, approvals and
                        authorisations of every Governmental Agency required to
                        be obtained by it in connection with the execution,
                        delivery and performance of each Transaction Document to
                        which it is expressed to be a party in its personal
                        capacity have been obtained and are valid and
                        subsisting;

            (h)         (GOOD TITLE): it is the lawful owner of, and has good
                        right to charge in the manner provided in this Deed, the
                        Charged Property and, subject only to the Trust Deed,
                        the Sub-Fund Notice, this Deed and the Prior Interest,
                        the Charged Property is free of all other Security
                        Interests;

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

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

            (k)         (TRUST DEED AND THE SUB-FUND NOTICE): the PUMA Trust is
                        solely constituted by the Trust Deed and the Sub-Fund
                        Notice;

            (l)         (NO PROCEEDINGS TO REMOVE): it has received no notice
                        and to its knowledge no resolution has been passed or
                        direction or notice has been given, removing it as
                        trustee of the PUMA Trust;

            (m)         (TRUSTEE'S POWER): it has power under the Trust Deed and
                        the Sub-Fund Notice, to charge the Charged Property as
                        provided in this Deed; and

            (n)         (NO BREACH): it is not in breach of any material
                        provision of the Trust Deed or the Sub-Fund Notice.

5.2         BY THE MANAGER

            The Manager represents and warrants to the Security Trustee that:

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

            (b)         (CONSTITUTION): its execution, delivery and performance
                        of each Transaction Document to which it is expressed to
                        be a party does not violate its constitution;

            (c)         (CORPORATE POWER): it has the power and has taken all
                        corporate and other action required to enter into each
                        Transaction Document to which it is expressed to be a
                        party and to authorise the execution and delivery of
                        each Transaction Document to which it is expressed to be
                        a party and the performance of its obligations under
                        each Transaction Document to which it is expressed to be
                        party;

            (d)         (FILINGS): it has filed all corporate notices and
                        effected all registrations with the Australian
                        Securities and Investments Commission or similar office
                        in its jurisdiction of incorporation and in any other
                        jurisdiction as required by law and all such filings and
                        registrations are current, complete and accurate;

            (e)         (LEGALLY BINDING OBLIGATION): its obligations under each
                        Transaction Document to which it is expressed to be a
                        party are valid, legally binding and enforceable
                        obligations in accordance with the terms of each
                        Transaction Document to which it s expressed to be a
                        party except as such enforceability

                                                                             15.
<PAGE>

                        may be limited by any applicable bankruptcy, insolvency,
                        re-organisation, moratorium or trust or general
                        principles of equity or other similar laws affecting
                        creditors' rights generally;

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

            (g)         (AUTHORISATION): all consents, licences, approvals and
                        authorisations of every Governmental Agency required to
                        be obtained by the Manager in connection with the
                        execution, delivery and performance of each Transaction
                        Document to which it is expressed to be a party have
                        been obtained and are valid and subsisting.

5.3         BY THE SECURITY TRUSTEE

            The Security Trustee represents and warrants to the Manager and the
            Issuer Trustee that:

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

            (b)         (CONSTITUTION): its execution, delivery and performance
                        of each Transaction Document to which it is expressed to
                        be a party does not violate its constitution;

            (c)         (CORPORATE POWER): it has the power and has taken all
                        corporate and other action required to enter into each
                        Transaction Document to which it is expressed to be a
                        party and to authorise the execution and delivery of
                        each Transaction Document to which it is expressed to be
                        a party and the performance of its obligations under
                        each Transaction Document to which it is expressed to be
                        a party;

            (d)         (FILINGS): it has filed all corporate notices and
                        effected all registrations with the Australian
                        Securities and Investments Commission or similar office
                        in its jurisdiction of incorporation and in any other
                        jurisdiction as required by law and all such filings and
                        registrations are current, complete and accurate;

            (e)         (LEGALLY BINDING OBLIGATION): its obligations under each
                        Transaction Document to which it is expressed to be a
                        party are valid, legally binding and enforceable
                        obligations in accordance with the terms of each
                        Transaction Document to which it is expressed to be a
                        party, except as such enforceability may be limited by
                        any applicable bankruptcy, insolvency, re-organisation,
                        moratorium or trust or general principles of equity or
                        other similar laws affecting creditors' rights
                        generally;

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

            (g)         (AUTHORISATION): all consents, licences, approvals and
                        authorisations of every Governmental Agency required to
                        be obtained by the Security Trustee in connection with
                        the execution, delivery and performance of each
                        Transaction Document to which it is expressed to be a
                        party have been obtained and are

                                                                             16.
<PAGE>

                        valid and subsisting.

6.          ISSUER TRUSTEE'S AND MANAGER'S COVENANTS

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6.1         COVENANTS IN RESPECT OF CHARGED PROPERTY

            The Issuer Trustee undertakes that it will not without the prior
            written consent of the Security Trustee or as otherwise permitted by
            this Deed, the Trust Deed or the other Transaction Documents:

            (a)         (NO SECURITY INTERESTS): subject only to the Prior
                        Interest, attempt to create or permit to exist any
                        Security Interest howsoever ranking over any part of the
                        Charged Property; and

            (b)         (NO SALE, LEASE ETC.): subject to clause 6.3, convey,
                        assign, transfer, lease or otherwise dispose or part
                        with possession of, make any bailment over, or create or
                        permit to exist any other interest in any part of the
                        Charged Property at any time that such part of the
                        Charged Property is subject to the Charge.

6.2         GENERAL COVENANTS

            The Issuer Trustee agrees to:

            (a)         (COMPLY WITH TRANSACTION DOCUMENTS): comply with its
                        obligations and duties under the Trust Deed (in so far
                        as it applies to the PUMA Trust), the Sub-Fund Notice
                        and the other Transaction Documents;

            (b)         (COPY OF NOTEHOLDER DETAILS): at the same time or as
                        soon as practical after a notice referred to in clause
                        6.2(e) is given to the Security Trustee by the Issuer
                        Trustee or after the Issuer Trustee receives a notice
                        pursuant to clause 6.4(b), provide to the Security
                        Trustee and the Note Trustee a current copy of the
                        Register maintained by the Issuer Trustee under clause
                        15 of the Trust Deed and details (to the extent known by
                        it) of the identity, and notice details, of each Secured
                        Creditor and the Secured Moneys owing to each Secured
                        Creditor;

            (c)         (ASSISTANCE TO SECURITY TRUSTEE): provide to the
                        Security Trustee, as the Security Trustee may reasonably
                        require to enable the Security Trustee to perform its
                        duties and functions under this Deed (and which the
                        Security Trustee has been unable to obtain from any
                        other party to the Transaction Documents), such
                        information, copies of any accounting records and other
                        documents, statements and reports required to be
                        maintained by, or that are otherwise in the possession
                        of, the Issuer Trustee, or which the Issuer Trustee is
                        entitled to obtain from any person;

            (d)         (DOCUMENTS OF TITLE): if the Charge has taken effect as
                        a fixed charge, deposit with the Security Trustee
                        immediately or as soon as the Issuer Trustee receives
                        them:

                        (i)         anything evidencing a Security Interest and
                                    any document of title given to the Issuer
                                    Trustee to secure the payment of a monetary
                                    obligation to the Issuer Trustee; and

                        (ii)        any documents of title relating to property
                                    over which the Charge operates as a fixed
                                    charge,

                        where, in such case, such evidence or documents (as the
                        case may be) are then

                                                                             17.
<PAGE>

                        in the Issuer Trustee's possession or control;

            (e)         (NOTIFY EVENTS OF DEFAULT, ETC): notify the Security
                        Trustee and the Current Rating Authorities if it becomes
                        actually aware of the occurrence of an Event of Default,
                        Trustee Default, Manager Default or Potential Event of
                        Default, and provide the Security Trustee and the
                        Current Rating Authorities with details of such
                        occurrence;

            (f)         (NOT INCUR UNAUTHORISED INDEBTEDNESS): except in
                        accordance with an Extraordinary Resolution of the
                        Voting Secured Creditors, not give any guarantees or
                        incur any borrowings (which does not include debts
                        incurred to trade creditors in the ordinary course of
                        the Issuer Trustee's business as trustee of the PUMA
                        Trust) other than as permitted or contemplated by the
                        Transaction Documents;

            (g)         (NOT RELEASE OBLIGATIONS): except in accordance with an
                        Extraordinary Resolution of the Voting Secured
                        Creditors, not discharge or release any person from any
                        of their obligations under the Transaction Documents to
                        which the Issuer Trustee is a party save where such
                        discharge or release is in accordance with the
                        Transaction Documents; and

            (h)         (NOT ENGAGE IN OTHER ACTIVITIES): not engage (in its
                        capacity as trustee of the PUMA Trust) in any business
                        or other activities except as permitted or contemplated
                        by the Transaction Documents.

6.3         DEALING IN ACCORDANCE WITH TRANSACTION DOCUMENTS

            The Issuer Trustee may deal with and pay or apply the Charged
            Property in accordance with the provisions of the Trust Deed, the
            Sub-Fund Notice and any other Transaction Document at any time that
            the Charged Property is subject to the floating charge.

6.4         MANAGER UNDERTAKING

            The Manager undertakes to the Issuer Trustee and the Security
            Trustee that:

            (a)         (NO DIRECTION IN BREACH OF CLAUSE 6.1): it will not give
                        any direction to the Issuer Trustee under the Trust Deed
                        or the Sub-Fund Notice which would, if complied with,
                        result in the Issuer Trustee breaching the terms of this
                        clause 6; and

            (b)         (NOTIFICATION OF EVENTS OF DEFAULT, ETC): it will
                        promptly notify the Issuer Trustee, the Security Trustee
                        and the Current Rating Authorities if it becomes aware
                        of the occurrence of an Event of Default, Potential
                        Event of Default, a Trustee Default or a Manager Default
                        and provide the Issuer Trustee, the Security Trustee and
                        the Current Rating Authorities with details of such
                        occurrence.

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7.          EVENTS OF DEFAULT

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

            (a)         (i)         (ISSUER TRUSTEE RETIRES AND REPLACEMENT NOT
                                    FOUND): the Issuer Trustee gives notice of
                                    its retirement or is removed as trustee of
                                    the PUMA Trust in accordance with clause 19
                                    of the Trust Deed and another person is not
                                    appointed as trustee of the PUMA Trust in

                                                                             18.

<PAGE>

                                    accordance with the Trust Deed within 60
                                    days thereafter;

                        (ii)        (LOSS OF INDEMNITY): the Security Trustee
                                    becomes aware or is notified by the Manager
                                    or the Issuer Trustee that the Issuer
                                    Trustee is (for any reason) not entitled
                                    fully to exercise its right of indemnity
                                    against the assets of the PUMA Trust to
                                    satisfy any liability to a Secured Creditor
                                    and the circumstances are not rectified to
                                    the reasonable satisfaction of the Security
                                    Trustee within 14 days of the Security
                                    Trustee requiring the Issuer Trustee in
                                    writing to rectify them; or

                        (iii)       (PUMA TRUST IMPERFECTLY CONSTITUTED): the
                                    PUMA Trust is not properly constituted or is
                                    imperfectly constituted in a manner or to an
                                    extent that it is regarded by the Security
                                    Trustee (acting reasonably) to be materially
                                    prejudicial to the interests of any class of
                                    Secured Creditor and is incapable of being
                                    remedied or if it is capable of being
                                    remedied this has not occurred to the
                                    reasonable satisfaction of the Security
                                    Trustee within 30 days of the discovery
                                    thereof;

            (b)         (INSOLVENCY EVENT): an Insolvency Event occurs in
                        relation to the Issuer Trustee;

            (c)         (ENFORCEMENT OF SECURITY INTERESTS ETC.): distress or
                        execution is levied or a judgment, order or a Security
                        Interest is enforced, or becomes enforceable over any of
                        the Charged Property or any asset of the PUMA Trust for
                        an amount exceeding (either individually or in
                        aggregate) A$1,000,000, or can be rendered enforceable
                        by the giving of notice, lapse of time or fulfilment of
                        any condition;

            (d)         (VOID OR LOSS OF PRIORITY): the Charge:

                        (i)         is or becomes wholly or partly void,
                                    voidable or unenforceable; or

                        (ii)        at or after the date of this Deed loses the
                                    priority which it is expressed to have in
                                    clause 4.3 (other than as mandatorily
                                    preferred by law or by an act or omission of
                                    the Security Trustee);

            (e)         (CREATES SECURITY INTEREST/TRANSFERS ASSETS): the Issuer
                        Trustee breaches the undertakings in clause 6.1,
                        attempts to create or allows to exist a Security
                        Interest over the Charged Property or attempts to
                        transfer or create an interest in the Charged Property,
                        otherwise than in accordance with the Trust Deed, the
                        Sub-Fund Notice or this Deed;

            (f)         (TAX COMMISSIONER'S DETERMINATION): the Commissioner of
                        Taxation, or its delegate, determines to issue a notice
                        under any legislation that imposes a Tax requiring any
                        person obliged or authorised to pay money to the Issuer
                        Trustee to instead pay such money to the Commissioner in
                        respect of any tax or any fines and costs imposed on the
                        Issuer Trustee;

            (g)         (FAILURE TO PAY SECURED MONEYS): any Secured Moneys are
                        not paid within 10 days of when due, other than, for so
                        long as any Senior Notes are outstanding, any Secured
                        Moneys in respect of any Redraw Facility Principal or
                        any Redraw Facility Interest (other than the Senior
                        Redraw Facility Principal or amounts in respect of the
                        Senior Redraw Facility Interest Amount, respectively),
                        the Class B Notes, the Class B Currency Swap or the A$
                        Subordinated Notes; and

                                                                             19.

<PAGE>

            (h)         (OTHER EVENT OF DEFAULT): any other event occurs which
                        is described in a Transaction Document as an Event of
                        Default for the purposes of this Deed.

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8.          RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF
            DEFAULT

8.1         NOTIFY SECURED CREDITORS AND CONVENE MEETING OF VOTING SECURED
            CREDITORS

            Without prejudice to the operation of clause 9.2(b), upon becoming
            actually aware of the occurrence of an Event of Default, the
            Security Trustee must promptly (and, in any event within 2 Business
            Days):

            (a)         (NOTIFY SECURED CREDITORS AND THE CURRENT RATING
                        AUTHORITIES): notify all then Secured Creditors, and the
                        Current Rating Authorities of the Event of Default and
                        provide to such Secured Creditors and Current Rating
                        Authorities full details of the Event of Default known
                        to the Security Trustee and the actions and procedures,
                        of which the Security Trustee is aware, which are being
                        taken or will be taken by the Issuer Trustee and the
                        Manager to remedy the relevant Event of Default; and

            (b)         (CONVENE MEETING OF VOTING SECURED CREDITORS): promptly
                        convene a meeting of the then Voting Secured Creditors
                        and propose the necessary Extraordinary Resolutions (in
                        both cases in accordance with the provisions of the
                        Annexure) to seek directions by way of an Extraordinary
                        Resolution of the then Voting Secured Creditors
                        regarding the action the Security Trustee should take as
                        a result of such Event of Default pursuant to clause
                        8.2.

8.2          EXTRAORDINARY RESOLUTIONS

            At a meeting of the then Voting Secured Creditors referred to in
            clause 8.1(b), or by a resolution in writing signed by all Voting
            Secured Creditors, the Voting Secured Creditors may direct the
            Security Trustee by Extraordinary Resolution to:

            (a)         (ACCELERATE SECURED MONEYS): declare the Secured Moneys
                        immediately due and payable under clause 9.6;

            (b)         (APPOINT RECEIVER): appoint a Receiver in accordance
                        with clause 10 and, if a Receiver is to be appointed,
                        the Voting Secured Creditors must by a further
                        Extraordinary Resolution determine the amount of the
                        Receiver's remuneration;

            (c)         (EXERCISE POWER OF SALE): instruct the Security Trustee
                        by notice in writing to sell and realise the Charged
                        Property and otherwise enforce the Charge; and/or

            (d)         (OTHER ACTION): take such other action that the Security
                        Trustee is permitted to take under this Deed as the
                        Voting Secured Creditors may specify in the terms of
                        such Extraordinary Resolution.

8.3         SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

            (a)         (MUST IMPLEMENT EXTRAORDINARY RESOLUTION): Subject to
                        clause 8.3(b), the Security Trustee must take all action
                        necessary to give effect to any Extraordinary Resolution
                        of the Voting Secured Creditors and must comply with all
                        directions contained in or given pursuant to any
                        Extraordinary Resolution of the Voting Secured
                        Creditors.

                                                                             20.
<PAGE>

            (b)         (EXCEPTIONS): The obligation of the Security Trustee
                        pursuant to clause 8.3(a) is subject to:

                        (i)         this Deed; and

                        (ii)        if required by the Security Trustee (in its
                                    absolute discretion), the Security Trustee
                                    being adequately indemnified to its
                                    reasonable satisfaction from the Charged
                                    Property or, if requested at any time before
                                    or during the relevant meeting, the Security
                                    Trustee receiving from the Voting Secured
                                    Creditors an indemnity in a form reasonably
                                    satisfactory to the Security Trustee (which
                                    may be by way of an Extraordinary Resolution
                                    of the Voting Secured Creditors) against all
                                    actions, proceedings, claims and demands to
                                    which it may render itself liable, and all
                                    costs, charges, damages and expenses which
                                    it may incur, in giving effect to an
                                    Extraordinary Resolution of the Voting
                                    Secured Creditors.

            (c)         (RANKING OF INDEMNITIES): The Security Trustee must
                        first claim on its indemnity from the Charged Property
                        and if it does not receive such indemnity from the
                        Charged Property within 2 Business Days of the first
                        claim then it may claim on any indemnity from the Voting
                        Secured Creditors, including any indemnity provided
                        under clause 8.4.

8.4         SECURITY TRUSTEE MUST RECEIVE INDEMNITY

            If:

            (a)         (SECURITY TRUSTEE REQUIRES INDEMNITY): the Security
                        Trustee convenes a meeting of the Voting Secured
                        Creditors, or is required by an Extraordinary Resolution
                        of the Voting Secured Creditors, to take any action to
                        enforce this Deed and advises the Voting Secured
                        Creditors at any time before or during the meeting that
                        the Security Trustee will not take that action in
                        relation to the enforcement of this Deed unless it is
                        personally indemnified by the Voting Secured Creditors
                        to its reasonable satisfaction against all actions,
                        proceedings, claims and demands to which it may render
                        itself liable, and all costs, charges, damages and
                        expenses which it may incur, in relation to the
                        enforcement of this Deed and given funds to the extent
                        to which it may become liable (including costs and
                        expenses); and

            (b)         (VOTING SECURED CREDITORS REFUSE TO GRANT INDEMNITY):
                        the Voting Secured Creditors refuse to grant the
                        requested indemnity and give it funds,

            the Security Trustee will not be obliged to act in relation to the
            enforcement of this Deed. In these circumstances, the Voting Secured
            Creditors may then exercise such powers, and enjoy such protections
            and indemnities, of the Security Trustee under this Deed, any
            Security Interest or any other document or agreement at any time
            created or entered into in favour of the Security Trustee as
            security for the Secured Moneys or by law as they determine by
            Extraordinary Resolution. The Security Trustee will not be liable in
            any manner whatsoever if the Voting Secured Creditors exercise, or
            do not exercise, the rights given to them in the preceding sentence.

8.5          NOTICE TO ISSUER TRUSTEE AND THE MANAGER

            If the Voting Secured Creditors pass an Extraordinary Resolution
            referred to in clause 8.2 at a meeting convened following an Event
            of Default, the Security Trustee must notify the Issuer Trustee and
            the Manager in writing within 1 Business Day after such
            Extraordinary

                                                                             21.
<PAGE>

            Resolution is so passed.

8.6         MANAGER CONVENES MEETING

            If the Security Trustee fails to convene a meeting, or to propose
            the necessary Extraordinary Resolutions, in accordance with clause
            8.1(b), the Manager must convene a meeting of Voting Secured
            Creditors or propose the necessary Extraordinary Resolutions (as the
            case may be), in accordance with this clause 8, which meeting is to
            have only the same powers as if convened by the Security Trustee and
            is to be conducted in accordance with the provisions of the
            Annexure, in which event all references in this Deed and the
            Annexure to the Security Trustee in relation to the requirements of
            meetings of Voting Secured Creditors will be read and construed,
            mutatis mutandis, as references to the Manager.

8.7         NOTICE OF EVENT OF DEFAULT

            If the Security Trustee becomes aware of the occurrence of an Event
            of Default, and the Issuer Trustee has not given the Security
            Trustee notice in accordance with clause 6.2(e), the Security
            Trustee must promptly give the Issuer Trustee notice of the
            occurrence of the Event of Default.

8.8         NOTICE OF ACTION TO REMEDY EVENT OF DEFAULT

            If the Issuer Trustee and the Manager take any action or procedures
            to remedy an Event of Default, both the Issuer Trustee and the
            Manager must keep the Security Trustee informed of those actions and
            procedures.

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9.          ENFORCEMENT

9.1         POWER TO DEAL WITH AND PROTECTION OF THE CHARGED PROPERTY

            If the Charge crystallises and becomes fixed pursuant to the
            provisions of this Deed:

            (a)         (POWER TO DEAL WITH THE CHARGED PROPERTY CEASES): the
                        Issuer Trustee's power to deal with the Charged Property
                        will, subject to clauses 2.7, 4.5 and 4.6, immediately
                        cease; and

            (b)         (PROTECTION OF CHARGED PROPERTY): the Security Trustee
                        will have the right either in its own name or in the
                        name of the Issuer Trustee to immediately seek and
                        obtain appropriate relief in relation to that part of
                        the Charged Property affected or threatened by the
                        relevant Event of Default.

9.2         RESTRICTIONS ON POWER TO ENFORCE

            If an Event of Default occurs, the Security Trustee must not declare
            the Secured Moneys immediately due and payable under clause 9.6,
            appoint a Receiver under clause 10 or, subject to the operation of
            clauses 4.4 to 4.7 (inclusive), otherwise enforce the Charge
            unless:

            (a)         (SECURED CREDITORS AUTHORISE ACTION): the Voting Secured
                        Creditors have passed an Extraordinary Resolution
                        referred to in clause 8.2 or at a meeting convened
                        pursuant to clause 8.6 or pursuant to clause 2 of the
                        Annexure; or

            (b)         (DELAY WOULD BE PREJUDICIAL): in the opinion of the
                        Security Trustee, the delay required to obtain the
                        directions of the Voting Secured Creditors in accordance
                        with clause 8.2 would be prejudicial to the interests of
                        the Secured Creditors

                                                                             22.
<PAGE>

                        as a class (in which case the Security Trustee must take
                        those actions).

9.3         NO OBLIGATION TO ENFORCE

            Upon the occurrence of an Event of Default, subject to clauses 8.1,
            9.2 and 15.3, pending the receipt of directions from the Voting
            Secured Creditors as contemplated by clauses 8.2, 8.3 and 8.4, the
            Security Trustee is not bound to take any action under this Deed or
            give any consent or waiver or make any determination under this Deed
            (including, without limiting the generality of the foregoing, to
            appoint any Receiver, to declare the Charge enforceable or the
            Secured Moneys immediately due and payable or to take any other
            proceedings). Nothing in this clause affects the operation of clause
            4.4 upon the occurrence of an Event of Default or the Charge
            becoming enforceable prior to the Security Trustee receiving
            directions from the Voting Secured Creditors.

9.4         LIMITATION ON RIGHTS OF SECURED CREDITORS

            Subject to clause 8.4:

            (a)         (POWERS EXERCISABLE BY SECURITY TRUSTEE ONLY): the
                        powers, rights and remedies conferred on the Security
                        Trustee by this Deed are exercisable by the Security
                        Trustee only, and no Secured Creditor is entitled to
                        exercise the same or any of them; and

            (b)         (SECURED CREDITORS CANNOT ENFORCE): without limiting the
                        generality of the foregoing, no Secured Creditor is
                        entitled to enforce the Charge or the provisions of this
                        Deed exercisable by the Security Trustee or to appoint a
                        Receiver to any of the Charged Property or otherwise to
                        exercise any power conferred by the terms of any
                        applicable law on chargees.

9.5         IMMATERIAL WAIVERS

            The Security Trustee may, on such terms and conditions as it may
            deem expedient, without the consent of the Secured Creditors, and
            without prejudice to its rights in respect of any subsequent breach:

            (a)         (WAIVER OF BREACHES): agree to any waiver or
                        authorisation of any breach or proposed breach of any of
                        the terms and conditions of the Transaction Documents;
                        and

            (b)         (WAIVER OF EVENTS OF DEFAULT): determine that any event
                        that would otherwise be an Event of Default will not be
                        treated as an Event of Default for the purpose of this
                        Deed,

            which is not, in the opinion of the Security Trustee, materially
            prejudicial to the interests of the Secured Creditors as a class. No
            such waiver, authorisation or determination may be made in
            contravention of any prior directions contained in an Extraordinary
            Resolution of the Voting Secured Creditors. Any such waiver,
            authorisation or determination will, if the Security Trustee so
            requires, be notified to the Secured Creditors by the Manager as
            soon as practicable after it is made in accordance with this Deed.

9.6        ACCELERATION OF SECURED MONEYS FOLLOWING EVENT OF DEFAULT

            If any Event of Default occurs, at any time thereafter if the Event
            of Default is continuing, the Security Trustee may, by written
            notice to the Issuer Trustee and the Manager, declare in accordance
            with this Deed the Secured Moneys to be immediately due and payable,
            whereupon the Secured Moneys will immediately become due and payable
            (subject to the

                                                                             23.
<PAGE>

            limitation contained in clause 20.13 of the Trust Deed or any
            equivalent limitation in relation to the relevant Secured Moneys).

--------------------------------------------------------------------------------
10.          RECEIVERS - APPOINTMENT AND POWERS

10.1         APPOINTMENT OF RECEIVER

            (a)         (CONDITIONS OF APPOINTMENT): Following the occurrence of
                        an Event of Default, if the Voting Secured Creditors
                        pass the Extraordinary Resolutions under or referred to
                        in clause 8.2(b) the Security Trustee must appoint in
                        writing a person or persons to be a receiver or receiver
                        and manager of the Charged Property to deal with the
                        Charged Property in accordance with any instructions
                        given by the Voting Secured Creditors by Extraordinary
                        Resolution and may withdraw the appointment of any such
                        Receiver as to the Charged Property and in case of the
                        removal retirement or death of any such Receiver may
                        appoint another person or persons in its place on
                        substantially the same terms as the previous Receiver.

            (b)         (NO LIABILITY FOR RECEIVER): Neither the Issuer Trustee
                        nor the Security Trustee will be responsible for
                        anything done or not done by a Receiver. However, the
                        Security Trustee must to the extent of a prudent
                        security trustee monitor the performance by any person
                        or persons appointed by it under clause 10.1(a) of that
                        person's or those persons' duties as Receiver of the
                        Charged Property.

10.2        JOINT RECEIVERS

            If more than one person is appointed as a Receiver of the Charged
            Property, the Security Trustee may specify whether such appointment
            and the powers of each such person will at its option be joint or
            joint and several and, failing such specification such appointment
            and the powers of each such person will be deemed to be joint and
            several.

10.3        REMUNERATION OF RECEIVER

            The Security Trustee must fix the remuneration of a Receiver in
            accordance with the terms of the Extraordinary Resolution passed
            under clause 8.2(b).

10.4        INDEMNIFICATION OF RECEIVER

            Without limiting the generality of clause 10.7, each Receiver must
            be granted an indemnity for its remuneration, costs, liabilities and
            expenses by the Security Trustee. However, the Security Trustee will
            not be required to grant such indemnity to a Receiver unless it is
            reasonably satisfied that its liability under that indemnity is
            limited so as not to exceed the Security Trustee's right of
            indemnity out of the Security Trust Fund. Any moneys payable by the
            Security Trustee under such an indemnity must be paid out of the
            Charged Property in accordance with this Deed and will form part of
            the Secured Moneys.

10.5        APPOINTMENT OVER PART

            The power to appoint a Receiver over all of the Charged Property may
            be exercised whether or not a Receiver has already been appointed
            over part of it.

10.6        POWERS OF RECEIVER

            A Receiver, without the need for any consent from the Issuer
            Trustee, has all of the following powers in addition to any of the
            other powers conferred by this Deed:

                                                                             24.
<PAGE>

            (a)         (TO TAKE POSSESSION): to enter, take possession of, have
                        access to, make use of and collect and manage the
                        Charged Property;

            (b)         (TO COLLECT MONEYS): to convert, liquidate and reduce
                        the Charged Property into money and, except as provided
                        in clause 13.6, to convert any of the Charged Property
                        denominated in a Foreign Currency into Australian
                        dollars;

            (c)         (TO CARRY ON BUSINESS): to carry on or concur in
                        carrying on any business then conducted by the Issuer
                        Trustee and to effect all insurances and do all acts
                        which the Issuer Trustee might do in the ordinary course
                        of such business for the protection or improvement of
                        the Charged Property;

            (d)         (TO BORROW OR RAISE MONEY): to borrow or raise in any
                        way from the Security Trustee or any other person any
                        moneys which may be required for the purposes referred
                        to in this Deed and in the name of the Issuer Trustee or
                        otherwise to secure any moneys so borrowed or raised by
                        the grant of any Security Interest over the Charged
                        Property or any part thereof so that such Security
                        Interest ranks in priority to, equally with or after the
                        Charge, provided that the Security Trustee will not be
                        bound to enquire as to the necessity or propriety of any
                        such borrowing or raising nor be responsible for the
                        misapplication or non-application of any moneys so
                        borrowed or raised;

            (e)         (TO EMPLOY): to employ managers, solicitors,
                        auctioneers, brokers, consultants, professional
                        advisers, workmen, officers, agents, employees and
                        servants, including any person associated with a firm or
                        company in which the Receiver is a member or in which he
                        is interested and such person may charge for his
                        services as if he had been independently retained for
                        all or any of the purposes in this Deed referred to at
                        such salaries or remuneration as the Receiver thinks fit
                        and without the need for further enquiry and, without
                        thereby incurring any liability to the Issuer Trustee,
                        may act upon such person's advice as to the timing of or
                        any incident or term of any sale including whether or
                        not the Charged Property should be offered for sale by
                        auction and as to the need for and amount of any reserve
                        price and as to the adequacy of any rent or of any price
                        obtainable on sale by private treaty;

            (f)         (TO SELL PROPERTY): to sell or concur in selling whether
                        or not the Receiver has taken possession of the Charged
                        Property, by public auction, private treaty or tender,
                        for cash or on credit, in one lot or in parcels with or
                        without special conditions or stipulations as to title,
                        the time and the mode of payment of purchase moneys and
                        otherwise, as the Receiver thinks fit with power to
                        allow the purchase moneys to remain on mortgage over the
                        property sold or on any other security or without any
                        security and upon such other terms and conditions as the
                        Receiver considers expedient with full power to buy in
                        and to rescind or vary any contract for sale and to
                        resell without being responsible for loss and to
                        exercise all or any rights, powers and remedies of the
                        Issuer Trustee thereunder and to execute such contracts,
                        deeds, agreements, transfers, assignments and assurances
                        of all or any part of the Charged Property in the name
                        and on behalf of the Issuer Trustee or otherwise and to
                        do all other acts and things for implementing and
                        completing any such sale that the Receiver deems
                        necessary;

            (g)         (TO GIVE UP POSSESSION): to give up possession of the
                        Charged Property at any time;

            (h)         (TO INVEST PROCEEDS AGAINST CONTINGENCIES): if any of
                        the Secured Moneys are contingent, to invest deposit or
                        hold any part of the Charged Property in such form or in
                        such mode of investment for the time being as the
                        Receiver in its

                                                                             25.
<PAGE>

                        absolute discretion thinks fit, with like power to vary,
                        transpose or re-invest such investments or deposits from
                        time to time until such part of the Secured Moneys cease
                        to be contingent;

            (i)         (TO ENTER INTO CONTRACTS): to enter into, vary or
                        terminate any contract, undertaking, covenant,
                        instrument, obligation or arrangement with any person
                        for any purpose connected with this Deed or the Charged
                        Property or in furtherance of any power in this Deed
                        upon such terms and conditions as the Receiver in its
                        absolute discretion thinks fit including, without
                        limitation, granting or conferring options to in favour
                        of or exercisable by any person for the purpose of or in
                        connection with the sale, purchase, leasing or hiring of
                        the Charged Property;

            (j)         (TO PERFORM CONTRACTS): to perform, observe and carry
                        out and enforce specific performance of, to exercise or
                        refrain from exercising, the Issuer Trustee's rights and
                        powers under, to obtain the benefit of and to vary or
                        rescind, all contracts and rights forming part of the
                        Charged Property and all instruments and arrangements
                        entered into or held by the Issuer Trustee;

            (k)         (TO TAKE PROCEEDINGS): to institute, conduct or defend
                        any proceedings in law, equity or bankruptcy and to
                        submit to arbitration in the name of the Issuer Trustee
                        or otherwise and on any terms any proceeding, claim,
                        question or dispute in connection with the Charged
                        Property or otherwise;

            (l)         (TO COMPROMISE): to make any settlement, arrangement or
                        compromise regarding any action or dispute arising in
                        connection with the Charged Property, to grant to any
                        person involved therein time or other indulgence and to
                        execute such releases or discharges in connection
                        therewith as the Receiver thinks expedient in the
                        interests of the Security Trustee;

            (m)         (TO APPEAL): to appeal against or to enforce any
                        judgment or order;

            (n)         (TO BANKRUPT DEBTORS AND WIND-UP COMPANIES): to make
                        debtors bankrupt and to wind-up companies and to do all
                        things in connection with any bankruptcy or winding up
                        which the Receiver thinks necessary for the recovery or
                        protection of the Charged Property or any part thereof
                        or for the security or other benefit of the Security
                        Trustee or the Secured Creditors;

            (o)         (TO DELEGATE): with the consent in writing of the
                        Security Trustee, to delegate to any person for such
                        time or times as the Security Trustee approves, any of
                        the powers in this Deed conferred upon the Receiver
                        including this power of delegation;

            (p)         (TO FILE): to file all certificates, registrations and
                        other documents and to take any and all action on behalf
                        of the Issuer Trustee which the Security Trustee or
                        Receiver believes necessary to protect, preserve or
                        improve any or all of the Charged Property and the
                        rights of the Issuer Trustee and the Security Trustee in
                        respect of any agreement for sale and to obtain for the
                        Security Trustee all of the benefits of this Deed and in
                        particular the placing of the Issuer Trustee into
                        liquidation or the appointment of a Receiver is deemed
                        to be an event against which the Security Trustee may
                        protect its rights;

            (q)         (TO OPERATE BANK ACCOUNTS): to operate to the exclusion
                        of the Issuer Trustee any bank account in the name of
                        the Issuer Trustee whether alone or jointly and to
                        withdraw any moneys to the credit of such account and to
                        sign and endorse or to authorise others to sign and
                        endorse in the name of the Issuer Trustee

                                                                             26.
<PAGE>

                        cheques, promissory notes, bills of exchange and other
                        negotiable instruments;

            (r)         (TO EXERCISE ISSUER TRUSTEE'S POWERS): to exercise all
                        the powers, rights and entitlements conferred upon the
                        Issuer Trustee under the terms of, or pursuant to the
                        general law or Statute in respect of, any Charged
                        Property;

            (s)         (TO DO ALL OTHER THINGS NECESSARY): to do all things
                        necessary to perform observe and fulfil any of the
                        covenants on the part of the Issuer Trustee under this
                        Deed; and

            (t)         (TO DO SUCH THINGS AS ARE EXPEDIENT): to do all such
                        other acts and things without limitation as it thinks
                        expedient for the interests of the Security Trustee or
                        the Secured Creditors,

            and will have such further powers and discretions as the Security
            Trustee by notice in writing to the Receiver confers upon the
            Receiver for the purposes referred to in this clause 10.6.

10.7        INDEMNITY

            The Security Trustee may give such indemnities to the Receiver in
            respect of the performance by the Receiver of his duties as are
            permitted by law and if the Security Trustee is obliged to pay any
            moneys pursuant to any such indemnity the same will become part of
            the Secured Moneys.

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11.         POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER
            OF ATTORNEY

11.1        SECURITY TRUSTEE HAS POWERS OF RECEIVER

            At any time after an Event of Default occurs, the Security Trustee,
            in addition to the powers conferred on it by any other provision of
            this Deed or by law, may, without giving any notice, exercise all or
            any of the powers conferred on a Receiver, or which would be
            conferred on a Receiver if appointed by this Deed, as if the same
            had been expressly conferred on the Security Trustee and the
            Security Trustee may itself exercise such powers, authorities and
            discretions and/or may appoint an agent or joint and/or several
            agents for that purpose. When any such agent(s) are appointed the
            Security Trustee may:

            (a)         (REMUNERATION OF AGENT): fix the remuneration of such
                        agent(s) upon the same basis that such agent(s) would
                        have been entitled to remuneration if appointed as
                        Receiver(s) pursuant to the provisions of clause 10.3 or
                        otherwise pay the reasonable charges of such agent(s);

            (b)         (WITHDRAW APPOINTMENT OF AGENT): withdraw the
                        appointments of any such agent(s); and

            (c)         (APPOINT ANOTHER AGENT): in the case of the removal
                        retirement or death of any such agent(s) may appoint
                        another person or persons in its place.

11.2        ACT JOINTLY

            The Security Trustee or Receiver may exercise any of the powers
            conferred upon the Security Trustee or the Receiver in conjunction
            with the exercise of similar powers by the holder of any other
            Security Interests over the Charged Property or part thereof or by
            any receiver appointed by such holder and may enter into and give
            effect to such agreements

                                                                             27.
<PAGE>

            and arrangements with such other holder or receiver as the Security
            Trustee or Receiver thinks fit.

11.3        NO LIABILITY FOR LOSS

            The Security Trustee is not nor is any Receiver liable or otherwise
            accountable for any omission, delay or mistake or any loss or
            irregularity in or about the exercise, attempted exercise,
            non-exercise or purported exercise of any of the powers of the
            Security Trustee or of the Receiver except for fraud, negligence or
            wilful default.

11.4        NO LIABILITY TO ACCOUNT AS MORTGAGEE IN POSSESSION

            Neither the Security Trustee nor any Receiver will by reason of the
            Security Trustee or the Receiver entering into possession of the
            Charged Property or any part thereof be liable to account as
            mortgagee or chargee in possession or for anything except actual
            receipts or be liable for any loss upon realisation or for any
            default, omission, delay or mistake for which a mortgagee or chargee
            in possession might be liable.

11.5        NO CONFLICT

            The Security Trustee and any Receiver may exercise any power under
            this Deed notwithstanding that the exercise of that power involves a
            conflict between any duty owed to the Issuer Trustee by the Security
            Trustee or such Receiver and:

            (a)         (DUTY OWED TO OTHERS): any duty owed by the Security
                        Trustee or Receiver to any other person; or

            (b)         (INTEREST OF OTHERS): the interests of the Security
                        Trustee or Receiver.

11.6        CONTRACT INVOLVING CONFLICT OF DUTY

            Any contract which involves any such conflict of duty or interest
            will not be void or voidable by virtue of any such conflict of duty
            or interest nor will the Security Trustee or a Receiver be liable to
            account to the Issuer Trustee or any other person for any moneys
            because of any such conflict of interest or duty.

11.7        POWER OF ATTORNEY

            The Issuer Trustee irrevocably appoints the Security Trustee, each
            Authorised Officer of the Security Trustee, any Receiver and such
            other person or persons as any of such Authorised Officers or
            Receiver (with, in the case of the Receiver, the prior consent of
            the Security Trustee) may for that purpose from time to time
            appoint, severally, the attorney and attorneys of the Issuer Trustee
            to, upon the occurrence of an Event of Default:

            (a)         (ACTS): do all acts and things that under this Deed or
                        implied in this Deed ought to be done by the Issuer
                        Trustee;

            (b)         (REGISTRATION): take all such steps and proceedings and
                        to do and execute all such acts, deeds and things for
                        securing, perfecting and registering this Deed;

            (c)         (FURTHER ASSURANCE): execute in favour of the Issuer
                        Trustee all such legal mortgages, fixed charges,
                        transfers, assignments and other assurances of all or
                        any part of the Charged Property and to do at any time
                        all things necessary to ensure the expeditious stamping
                        and registration of such mortgages, charges, transfers,
                        assignments and other assurances;

                                                                             28.
<PAGE>

            (d)         (COMMENCE PROCEEDINGS): in the name and on behalf of the
                        Issuer Trustee or in the name of the Security Trustee or
                        the said attorney to ask demand sue for recover and
                        receive of and from all and every person whomsoever and
                        to give effectual receipts for all or any part of the
                        Charged Property;

            (e)         (DELEGATE): delegate such of its powers (including, and
                        where applicable, this power of delegation) as the
                        Security Trustee would be entitled to delegate under
                        clause 14.3(k) if it held those powers in its own right
                        rather than as attorney of the Issuer Trustee to any
                        person for any period and may revoke a delegation;

            (f)         (CONFLICTS): exercise or concur in exercising its powers
                        even if the attorney has a conflict of duty in
                        exercising its powers or has a direct or personal
                        interest in the means or result of that exercise of
                        powers; and

            (g)         (FURTHER ACTS): perform and execute all such further and
                        other acts deeds matters and things which will become
                        necessary or be regarded by the Security Trustee or the
                        said attorney as necessary for more satisfactorily
                        securing the payment of the Secured Moneys or as
                        expedient in relation to the Charged Property,

            as effectually as the Issuer Trustee could or might do and for all
            or any of the purposes described in paragraphs (a) to (g) above
            appoint any substitute or substitutes for any such attorney and to
            remove at pleasure any attorney or substitute. The Issuer Trustee
            ratifies and confirms and agrees to allow, ratify and confirm all
            and whatsoever its attorney lawfully does or causes to be done under
            and by virtue of this power of attorney and declares that this power
            of attorney is to continue to be of full force and effect until all
            such acts, deeds, payments, matters and things as the Security
            Trustee thinks proper to execute, perform, make, institute or carry
            through have been done, made and completed notwithstanding the
            determination of this Deed or of the agreements and arrangements
            referred to in this Deed. The Issuer Trustee declares that this
            power of attorney is irrevocable and is given as security.

11.8        SECURITY TRUSTEE MAY MAKE GOOD DEFAULT

            If the Issuer Trustee defaults in duly performing, observing and
            fulfilling any covenant on the part of the Issuer Trustee in this
            Deed contained or implied, it will be lawful for, but not obligatory
            upon the Security Trustee, without prejudice to any other power of
            the Security Trustee, to do all things and pay all moneys necessary
            or expedient in the opinion of the Security Trustee to make good or
            to attempt to make good such default to the satisfaction of the
            Security Trustee and all such moneys will form part of the Secured
            Moneys.

11.9        NOTICE FOR EXERCISE OF POWERS

            (a)         (NO NOTICE REQUIRED): The powers conferred on the
                        Security Trustee or the Receiver by this Deed, by any
                        Statute or by the general law may be exercised by the
                        Security Trustee, the Receiver or any attorney of the
                        Issuer Trustee under this Deed, immediately upon or at
                        any time after the Charge becomes enforceable without
                        any notice or expiration of time being necessary.

            (b)         (WHERE NOTICE IS MANDATORY): 1 day is fixed as the
                        period:

                        (i)         for which an Event of Default must continue
                                    before the Security Trustee may serve any
                                    notice in writing as may be specified in any
                                    Statute affecting the Security Trustee's
                                    powers; and

                                                                             29.
<PAGE>

                        (ii)        for which an Event of Default must continue
                                    after the service of notice before any power
                                    of sale given by any such Statute may be
                                    exercised.

11.10       BENEFIT FOR RECEIVER ETC.

            The Security Trustee will be deemed to have accepted the benefit of
            this clause 11 as agent for the Receiver and any attorney, agent or
            other person appointed under this Deed or by the Security Trustee
            who are not parties to this Deed and the Security Trustee will hold
            the benefit of such provisions on trust for the benefit of those
            grantees.

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12.         PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

12.1        NO ENQUIRY

            No purchaser or other person dealing with the Security Trustee, the
            Receiver or any attorney appointed under this Deed or to whom is
            tendered for registration an instrument executed by the Security
            Trustee, the Receiver or any attorney appointed under this Deed,
            will be bound to inquire as to whether any Event of Default has
            occurred or whether the Charge has become enforceable or whether any
            Secured Moneys are owing or payable or whether the Receiver or
            attorney has been properly appointed or the propriety or regularity
            of the exercise or purported exercise of any power by the Security
            Trustee, the Receiver or such attorney or any other matter or thing
            or be affected by actual or constructive notice that any lease,
            sale, dealing or instrument is unnecessary or improper and
            notwithstanding any irregularity or impropriety in any lease, sale,
            dealing or instrument the same will as regards the protection and
            title of the lessee, purchaser or such other person be deemed to be
            authorised by the aforesaid powers and will be valid and effectual
            accordingly.

12.2        RECEIPTS

            The receipt of the Security Trustee, the Receiver or any attorney
            appointed under this Deed of any moneys or assets which come into
            the hands of the Security Trustee, the Receiver or such attorney by
            virtue of the powers of the Security Trustee, the Receiver or the
            attorney will as to the moneys or assets paid or handed over
            effectually discharge the person, other than the Issuer Trustee,
            paying or handing over the money or assets from being concerned to
            see to the application or being answerable or accountable for any
            loss or misapplication thereof and from any liability to inquire
            whether the Charge has become enforceable or whether the Secured
            Moneys have become payable pursuant to the provisions of this Deed
            or otherwise as to the propriety or regularity of the appointment of
            such Receiver or attorney or the propriety or regularity of the
            exercise of such powers by the Security Trustee, the Receiver or the
            attorney (as the case may be).

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13.         APPLICATION OF MONEYS

13.1        PRIORITY OF PAYMENTS

            Subject to clause 13.6, all moneys received in connection with this
            Deed by the Security Trustee, or by a Receiver in relation to the
            Charged Property pursuant to the provisions of this Deed are to be
            applied as follows:

            (a)         (SECURITY TRUSTEE'S INDEMNITY AND THE PRIOR INTEREST):
                        first, rateably towards satisfaction of amounts which
                        become owing or payable under clauses 16.1, 16.2 or 16.3
                        (except the Receiver's remuneration and the amounts
                        referred to in the proviso to the definition of Secured
                        Moneys), and in payment of the Prior

                                                                             30.
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                        Interest;

            (b)         (FEES): second, in payment rateably, of any fees and any
                        liabilities, losses, costs, claims, actions, damages,
                        expenses, demands, charges, stamp duties and other Taxes
                        due to the Security Trustee, the Note Trustee or any
                        Agent and the Receiver's remuneration;

            (c)         (OUTGOINGS): third, in payment rateably of such other
                        outgoings and/or liabilities that the Receiver, the
                        Security Trustee or the Note Trustee has incurred in
                        performing their obligations, or exercising their
                        powers, under this Deed and, in the case of the Note
                        Trustee, under the Note Trust Deed;

            (d)         (PAYMENT OF PRIOR SECURITY INTEREST): fourth, in payment
                        of other Security Interests (if any) over the Charged
                        Property of which the Security Trustee is aware having
                        priority to the Charge (other than the Prior Interest),
                        in the order of their priority (and the Security Trustee
                        and the Receiver are entitled to rely upon a certificate
                        from the holder of the prior Security Interest as to the
                        amount so secured and will not be bound to enquire
                        further as to the accuracy of that amount or as to
                        whether that amount or any part thereof is validly
                        secured by such other prior Security Interest);

            (e)         (PAYMENT OF CLASS A CURRENCY SWAP TERMINATION PROCEEDS
                        TO CLASS A NOTEHOLDERS): fifth, in payment rateably to
                        the Class A Noteholders of the Class A Currency Swap
                        Termination Proceeds (if any) towards satisfaction of
                        any Secured Moneys owing in relation to the Class A
                        Notes (such Secured Moneys for this purpose will be
                        denominated in US dollars);

            (f)         (PAYMENT OF PREPAYMENT AMOUNTS): sixth, in payment
                        rateably to each Secured Creditor of any Prepayment
                        Amounts owing to that Secured Creditor;

            (g)         (PAYMENT OF SECURED MONEYS TO SENIOR NOTEHOLDERS, THE
                        CURRENCY SWAP PROVIDER, THE INTEREST RATE SWAP PROVIDER
                        AND THE REDRAW FACILITY PROVIDER): seventh, in payment
                        rateably to:

                        (i)         subject to clause 13.5(b) in the case of the
                                    Class A Noteholders, to the Senior
                                    Noteholders of all other Secured Moneys
                                    owing in relation to the Senior Notes (such
                                    Secured Moneys in respect of the Class A
                                    Notes will be converted from US dollars to
                                    Australian dollars in accordance with clause
                                    13.5(a)), to be applied amongst them:

                                    A.          first, towards all interest
                                                accrued but unpaid on the Senior
                                                Notes at that time (to be
                                                distributed rateably amongst the
                                                Senior Notes); and

                                    B.          second, in reduction of the
                                                Principal Balance in respect of
                                                the Senior Notes at that time
                                                (to be distributed rateably
                                                amongst the Senior Notes);

                        (ii)        to the Redraw Facility Provider of the then
                                    Senior Redraw Facility Principal and the
                                    Senior Redraw Facility Interest Amount;

                        (iii)       to each Interest Rate Swap Provider of any
                                    other Secured Moneys owing to that Interest
                                    Rate Swap Provider in respect of an Interest
                                    Rate Swap;

                        (iv)        to the Currency Swap Provider of any Secured
                                    Moneys owing to the

                                                                             31.
<PAGE>

                                    Currency Swap Provider in respect of the
                                    Class A Currency Swap; and

                        (v)         to any other Stand-by Arrangement Provider
                                    of any Secured Moneys owing to that Stand-by
                                    Arrangement Provider in respect of the
                                    corresponding Stand-by Arrangement;

            (h)         (PAYMENT OF EXCHANGE RATE DIFFERENTIAL TO CLASS A
                        NOTEHOLDERS): if after the application of clause 13.5(b)
                        in respect of any Australian dollar payments under
                        clause 13.1(g), and after the application of clause
                        13.1(e), there are still Secured Moneys owing in respect
                        of the Class A Notes (denominated in US dollars), eighth
                        in payment, subject to clause 13.5(b), amongst the Class
                        A Notes of such remaining Secured Moneys owing in
                        relation to the Class A Notes until, after the further
                        application of clause 13.5(b), all Secured Moneys owing
                        in respect of the Class A Notes (denominated in US
                        dollars) are paid to the Class A Noteholders;

            (i)         (PAYMENT OF CLASS B CURRENCY SWAP TERMINATION PROCEEDS
                        TO CLASS B NOTEHOLDERS): ninth, in payment rateably to
                        the Class B Noteholders of the Class B Currency Swap
                        Termination Proceeds (if any) towards satisfaction of
                        any Secured Moneys owing in relation to the Class B
                        Notes (such Secured Moneys for this purpose will be
                        denominated in US dollars);

            (j)         (PAYMENT OF SECURED MONEYS TO CLASS B NOTEHOLDERS,
                        CURRENCY SWAP PROVIDER AND A$ SUBORDINATED NOTEHOLDERS):
                        tenth, in payment rateably:

                        (i)         subject to clause 13.5(b), to the Class B
                                    Noteholders of all other Secured Moneys
                                    owing in relation to the Class B Notes
                                    converted from US dollars to Australian
                                    dollars in accordance with clause 13.5(a),
                                    to be applied amongst them:

                                    A.          first, towards all interest
                                                accrued but unpaid on the Class
                                                B Notes at that time (to be
                                                distributed rateably amongst
                                                such Class B Notes); and

                                    B.          second, in reduction of the
                                                Principal Balance in respect of
                                                the Class B Notes at that time
                                                (to be distributed rateably
                                                amongst the Class B Notes);

                        (ii)        to the Currency Swap Provider of any Secured
                                    Moneys owing to the Currency Swap Provider
                                    in respect of the Class B Currency Swap; and

                        (iii)       to the A$ Subordinated Noteholders, of all
                                    Secured Moneys owing in relation to the A$
                                    Subordinated Notes, to be applied amongst
                                    them:

                                    A.          first towards all interest
                                                accrued but unpaid on the A$
                                                Subordinated Notes at that time
                                                (to be distributed rateably
                                                amongst such A$ Subordinated
                                                Notes); and

                                    B.          second, in reduction of the
                                                Principal Balance in respect of
                                                the A$ Subordinated Notes at
                                                that time (to be distributed
                                                rateably amongst the A$
                                                Subordinated Notes);

            (k)         (PAYMENT OF EXCHANGE RATE DIFFERENTIAL TO CLASS B
                        NOTEHOLDERS): if after the application of clause 13.5(b)
                        in respect of any Australian dollar payments

                                                                             32.
<PAGE>

                        under clause 13.1(j), and after the application of
                        clause 13.1(i), there are still Secured Moneys owing in
                        respect of the Class B Notes (denominated in US
                        dollars), eleventh in payment, subject to clause
                        13.5(b), amongst the Class B Notes of such remaining
                        Secured Moneys owing in relation to the Class B Notes
                        until, after the further application of clause 13.5(b),
                        all Secured Moneys owing in respect of the Class B Notes
                        (denominated in US dollars) are paid to the Class B
                        Noteholders;

            (l)         (SUBORDINATED REDRAW FACILITY AMOUNTS): twelfth, to the
                        Redraw Facility Provider of any remaining Secured Moneys
                        owing to the Redraw Facility Provider in respect of the
                        Redraw Facility Agreement;

            (m)         (OTHER SECURED MONEYS): thirteenth, to pay rateably to
                        each Secured Creditor any remaining amounts forming part
                        of the Secured Moneys and owing to that Secured
                        Creditor;

            (n)         (SUBSEQUENT SECURITY INTERESTS): fourteenth, in payment
                        of subsequent Security Interests over the Charged
                        Property of which the Security Trustee is aware, in the
                        order of their priority and the Security Trustee and the
                        Receiver will be entitled to rely upon a certificate
                        from the holder of any subsequent Security Interests as
                        to the amount so secured and will not be bound to
                        enquire further as to the accuracy of that amount or as
                        to whether that amount or any part thereof is validly
                        secured by the subsequent Security Interests; and

            (o)         (SURPLUS): fifteenth, to pay the surplus (if any) to the
                        Issuer Trustee to be distributed by the Issuer Trustee
                        in accordance with the terms of the Trust Deed and the
                        Sub-Fund Notice but will not carry interest as against
                        the Security Trustee.

13.2        MONEYS RECEIVED

            In applying any moneys towards satisfaction of the Secured Moneys
            the Issuer Trustee will be credited only with so much of the moneys
            available for that purpose as the Security Trustee or the Receiver
            has actually received and not required for whatever reason to be
            disgorged, such credit to date from the time of such receipt.

13.3        APPLICATION OF MONEYS

            Notwithstanding any principle or presumption of law to the contrary
            or any direction given at the time of it being received by the
            Security Trustee or the Receiver, the Security Trustee and the
            Receiver each has, subject to this Deed, an absolute discretion
            without the need to communicate its election to any person to apply
            any payment or credit received by it under this Deed in reduction of
            any part or parts of the Secured Moneys, whenever and on whatever
            account the same became secured.

13.4        INVESTMENT OF FUNDS

            Unless expressly provided in this Deed, all moneys received by the
            Security Trustee following the Charge becoming enforceable and not
            required to be immediately applied under this Deed will be invested
            by the Security Trustee as it thinks appropriate in Authorised
            Investments on the following terms and conditions:

            (a)         (MAY VARY): the Security Trustee may from time to time
                        vary and deal with or dispose of such investments; and

            (b)         (MATURITY): the Security Trustee must invest only in
                        Authorised Investments

                                                                             33.
<PAGE>

                        that mature such that the Security Trustee is able to
                        distribute the proceeds of those investments in or
                        towards discharge of the Secured Moneys as they become
                        due and payable.

13.5        CONVERSION INTO A$ OF NOTES DENOMINATED IN US$

            (a)         (CONVERSION FOR THE PURPOSES OF CLASS A NOTES): In
                        calculating the amount of any Secured Moneys to be
                        distributed to the Class A Noteholders in accordance
                        with clause 13.1(g)(i) and the Class B Noteholders in
                        accordance with clause 13.1(j)(i), the Security Trustee
                        will convert the amount of such Secured Moneys from US
                        dollars to Australian dollars at the exchange rate below
                        which produces the lowest amount in Australian dollars:

                        (i)         the A$ Exchange Rate; or

                        (ii)        the spot exchange rate as advised to the
                                    Security Trustee by the Manager between US
                                    dollars and Australian dollars used for the
                                    calculation of any amounts payable on the
                                    occurrence of an "Early Termination Date"
                                    (if any) under:

                                    A.          the Class A Currency Swap for
                                                the Class A Notes; and

                                    B.          the Class B Currency Swap for
                                                the Class B Notes.

            (b)         (PAYMENTS IN US$): All actual payments to the US$
                        Noteholders by the Security Trustee pursuant to this
                        Deed must be made in US dollars. The Security Trustee
                        must convert (and pay to the US$ Noteholders) all
                        Australian dollar amounts payable to those Noteholders
                        under clauses 13.1(g), (h), (j) and (k) at the rate that
                        it is able to acquire US dollars in the Australian spot
                        foreign exchange market. It need only apply so many
                        Australian dollars for this purpose as is sufficient to
                        acquire the necessary US dollars when combined with the
                        US dollars (if any) from the application of clause
                        13.1(e) and clause 13.1(i), as equals the Secured Moneys
                        (denominated in US dollars) owing in respect of the
                        Class A Notes and the Class B Notes (determined for the
                        purposes of clauses 13.1(g)(i) and 13.1(j)(i) in
                        accordance with clause 13.5(a)) as applicable. If, after
                        the application of this clause 13.5(b):

                        (i)         in respect of the Class A Notes, there is
                                    any surplus of Australian dollars these are
                                    to be applied in accordance with clause
                                    13.1(h) (and, if necessary, clauses 13.1(i)
                                    to (n)) to the other Secured Creditors
                                    referred to therein (if necessary); and

                        (ii)        in respect of the Class B Notes, there is
                                    any surplus of Australian dollars these are
                                    to be applied in accordance with clause
                                    13.1(k) (and, if necessary, clauses 13.1(l)
                                    to (n)) to the other Secured Creditors
                                    referred to therein (if necessary).

            (c)         (VOTING ENTITLEMENTS): In calculating the Secured Moneys
                        in respect of the US$ Notes for the purposes of the
                        definitions of "Voting Entitlements" and "Voting Secured
                        Creditors" and the Secured Moneys for the Annexure, such
                        Secured Moneys will be converted to Australian dollars
                        from US dollars in accordance with clause 13.5(a)
                        provided that the relevant rate for exchange will be
                        that referred to in clause 13.5(a)(i) where an "Early
                        Termination Date" under the Class A Currency Swap, in
                        the case of the Class A Notes, or under the Class B
                        Currency Swap, in the case of the Class B Notes, has not
                        occurred.

                                                                             34.
<PAGE>

13.6        APPLICATION OF CURRENCY SWAP TERMINATION PROCEEDS

            Any Class A Currency Swap Termination Proceeds or Class B Currency
            Swap Termination Proceeds received by the Security Trustee must be
            retained by the Security Trustee in US dollars and must be invested
            by it in a US dollar interest bearing account with a bank or other
            financial institution selected by it and must be applied, if there
            are any Secured Moneys owing in respect of the Class A Notes or the
            Class B Notes, first in accordance with clause 13.1(e) or 13.1(i),
            as applicable. If there are no such Secured Moneys owing in respect
            of the Class A Notes or the Class B Notes, or only part of the Class
            A Currency Swap Termination Proceeds and Class B Currency Swap
            Termination Proceeds are sufficient to pay all Secured Moneys
            (denominated in US dollars) owing in respect of the Class A Notes or
            the Class B Notes, the balance may be converted to Australian
            dollars for application in accordance with clause 13.1.

13.7        SATISFACTION OF DEBTS

            Each Secured Creditor will accept the distribution of money to it
            under clause 13.1 in full and final satisfaction of all Secured
            Moneys owing to it and any debt represented by any shortfall after
            any final distribution under clause 13.1 will thereupon be
            extinguished.

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14.         SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

14.1        LIMITATIONS ON POWERS AND DUTIES OF SECURITY TRUSTEE

            Notwithstanding any other provision of this Deed, unless and until
            there is an Event of Default, the Security Trustee has no powers,
            rights, duties or responsibilities other than:

            (a)         (TO HOLD ON TRUST): the duty to hold the Security Trust
                        Fund on trust;

            (b)         (TO TAKE THE BENEFIT OF THE CHARGE): the power to take
                        the benefit of the Charge (but not to take any action to
                        enforce the Charge); and

            (c)         (PRE-DEFAULT ACTION): the power to perform a Pre-Default
                        Action.

            Prior to the Security Trustee becoming aware of the occurrence of an
            Event of Default, the Security Trustee is not required to take and
            may not take any action under this Deed other than Pre-Default
            Actions.

14.2        LIMITATION ON SECURITY TRUSTEE'S ACTIONS

            Notwithstanding knowledge by or notice to the Security Trustee of
            any breach anticipatory or actual, of, or default under, any
            covenant, obligation, condition or provision by the Issuer Trustee
            or the Manager contained in or imposed by any Transaction Document,
            the Security Trustee is only required to take all such steps and do
            all such things as it is empowered to do having regard to the
            powers, authorities and discretions vested in it pursuant to this
            Deed and the obligations imposed on the Security Trustee by this
            Deed.

14.3        ADDITIONAL POWERS, PROTECTIONS, ETC.

            By way of supplement to any Statute regulating the Security Trust
            and in addition to the powers, rights and protections which may from
            time to time be vested in or available to the Security Trustee by
            the general law, it is expressly declared, notwithstanding anything
            to the contrary in this Deed (and subject only to clause 15.3) as
            follows:

            (a)         (LIABILITY TO ACCOUNT): The Security Trustee is under no
                        obligation to account to any Interested Person for any
                        moneys received pursuant to this Deed other

                                                                             35.
<PAGE>

                        than those received by the Security Trustee from the
                        Issuer Trustee or received or recovered by the Security
                        Trustee or the Receiver under this Deed, subject always
                        to such deductions and withholdings by the Security
                        Trustee or the Receiver as are authorised by this Deed.
                        Subject to clauses 14.4 and 15.3, the liabilities of the
                        Security Trustee to any Interested Person or any other
                        person under or in connection with this Deed can only be
                        enforced against the Security Trustee to the extent to
                        which they can be satisfied out of such moneys in
                        accordance with this Deed.

            (b)         (ACT ON PROFESSIONAL ADVICE): The Security Trustee may
                        act on the opinion or advice of, or information obtained
                        from, any lawyer, valuer, banker, broker, accountant or
                        other expert appointed by the Security Trustee or by a
                        person other than Security Trustee where that opinion,
                        advice or information is addressed to the Security
                        Trustee or by its terms is expressed to be capable of
                        being relied upon by the Security Trustee. The Security
                        Trustee will not be responsible to any Interested Person
                        for any loss occasioned by so acting. Any such opinion,
                        advice or information may be sent or obtained by letter,
                        telex or facsimile transmission and the Security Trustee
                        will not be liable to any Interested Person for acting
                        in good faith on any opinion, advice or information
                        purporting to be conveyed by such means even though it
                        contains some error which is not a manifest error or is
                        not authentic.

            (c)         (NO ENQUIRY): The Security Trustee is not bound to give
                        notice to any person of the execution of this Deed to
                        take any steps to ascertain whether there has occurred
                        any Event of Default or event which, with the giving of
                        notice or the lapse of time would constitute an Event of
                        Default or to keep itself informed about the
                        circumstances of the Issuer Trustee or the Manager and,
                        until it has knowledge or express notice to the
                        contrary, the Security Trustee may assume that no Event
                        of Default has occurred and that the Issuer Trustee and
                        the Manager and any other party to the Transaction
                        Documents (other than the Security Trustee) are
                        observing and performing all the obligations on their
                        part contained in the Transaction Documents and need not
                        inquire whether that is, in fact, the case.

            (d)         (NOTICE OF EVENT OF DEFAULT): The Security Trustee is
                        not obliged to notify the Secured Creditors of the
                        happening of any Event of Default except in the
                        circumstances set out in clause 8.1.

            (e)         (ACTS PURSUANT TO RESOLUTIONS): The Security Trustee
                        will not be responsible for having acted in good faith
                        upon any resolution purporting to have been passed at
                        any meeting of the Voting Secured Creditors in respect
                        of which minutes have been made and signed even though
                        it may subsequently be found that there was some defect
                        in the constitution of such meeting or the passing of
                        such resolution or that for any reason such resolution
                        was not valid or binding upon the Secured Creditors or
                        upon the Security Trustee.

            (f)         (RELIANCE): The Security Trustee is, for any purpose and
                        at any time, entitled to rely on, act upon, accept and
                        regard as conclusive and sufficient (without being in
                        any way bound to call for further evidence or
                        information or being responsible for any loss that may
                        be occasioned by such reliance, acceptance or regard)
                        any of the following:

                        (i)         any information, report, balance sheet,
                                    profit and loss account, certificate or
                                    statement supplied by the Issuer Trustee or
                                    the Manager or by any officer, auditor or
                                    solicitor of the Issuer Trustee or the

                                                                             36.
<PAGE>

                                    Manager;

                        (ii)        all statements (including statements made or
                                    given to the best of the maker's knowledge
                                    and belief or similarly qualified) contained
                                    in any information, report, balance sheet,
                                    profit and loss account, certificate or
                                    statement given pursuant to or in relation
                                    to this Deed, the Trust Deed or the Sub-Fund
                                    Notice;

                        (iii)       all accounts supplied to the Security
                                    Trustee pursuant to this Deed and all
                                    reports of the Auditor supplied to the
                                    Security Trustee; and

                        (iv)        notices and other information supplied to
                                    the Security Trustee under this Deed,

                        save, in each case, when it is aware that the
                        information supplied pursuant to subclauses (i) to (iv)
                        is incorrect or incomplete.

            (g)         (DIRECTOR'S CERTIFICATES): The Security Trustee may call
                        for and may accept as sufficient evidence of any fact or
                        matter or of the expediency of any dealing, transaction,
                        step or thing a certificate signed by any two directors
                        or duly authorised officers of the Issuer Trustee or the
                        Manager as to any fact or matter upon which the Security
                        Trustee may, in the exercise of any of its duties,
                        powers, authorities and discretions under this Deed,
                        require to be satisfied or to have information to the
                        effect that in the opinion of the person or persons so
                        certifying any particular dealing, transaction, step or
                        thing is expedient and the Security Trustee will not be
                        bound to call for further evidence and will not be
                        responsible for any loss that may be occasioned by
                        acting on any such certificate.

            (h)         (CUSTODY OF DOCUMENTS): The Security Trustee may hold or
                        deposit this Deed and any deed or documents relating to
                        this Deed or to the Transaction Documents with any
                        banker or banking company or entity whose business
                        includes undertaking the safe custody of deeds or
                        documents or with any lawyer or firm of lawyers believed
                        by it to be of good repute and the Security Trustee will
                        not be responsible for any loss incurred in connection
                        with any such holding or deposit and may pay all sums to
                        be paid on account of or in respect of any such deposit.

            (i)         (DISCRETION): The Security Trustee, as regards all the
                        powers, trusts, authorities and discretions vested in
                        it, has, subject to any express provision to the
                        contrary contained in this Deed, absolute and
                        uncontrolled discretion as to the exercise of such
                        powers, authorities, trusts and discretions and, in the
                        absence of fraud, negligence or wilful default on its
                        part, will be in no way responsible to any Interested
                        Person or any other person for any loss, costs, damages,
                        expenses or inconvenience which may result from the
                        exercise or non-exercise of such powers, authorities,
                        trusts and discretions.

            (j)         (EMPLOY AGENTS): Wherever it considers it expedient in
                        the interests of the Secured Creditors, the Security
                        Trustee may, instead of acting personally, employ and
                        pay an agent selected by it, whether or not a lawyer or
                        other professional person, to transact or conduct, or
                        concur in transacting or conducting any business and to
                        do or concur in doing all acts required to be done by
                        the Security Trustee (including the receipt and payment
                        of money under this Deed). The Security Trustee will not
                        be responsible to any Interested Person for any
                        misconduct, or default on the part of any such person
                        appointed by it under this Deed or be bound to supervise
                        the proceedings or acts of any

                                                                             37.
<PAGE>

                        such person, provided that any such person will be a
                        person who is in the opinion of the Security Trustee
                        appropriately qualified to do any such things and is
                        otherwise selected with reasonable care and in good
                        faith. Any such agent being a lawyer, banker, broker or
                        other person engaged in any profession or business will
                        be entitled to charge and be paid all usual professional
                        and other charges for business transacted and acts done
                        by him or her or any partner of his or her or by his or
                        her firm in connection with this Deed and also his or
                        her reasonable charges in addition to disbursements for
                        all other work and business done and all time spent by
                        him or her or his or her partners or firm on matters
                        arising in connection with this Deed including matters
                        which might or should have been attended to in person by
                        a trustee not being a lawyer, banker, broker or other
                        professional person.

            (k)         (DELEGATION): Subject to clause 14.7, the Security
                        Trustee may whenever it thinks it expedient in the
                        interests of Secured Creditors delegate to any person or
                        fluctuating body of persons selected by it all or any of
                        the duties, powers, authorities, trusts and discretions
                        vested in the Security Trustee by this Deed provided
                        that, except as provided in any Transaction Documents,
                        the Security Trustee may not delegate to such third
                        parties any material part of its powers, duties or
                        obligations as Security Trustee. Any such delegation may
                        be by power of attorney or in such other manner as the
                        Security Trustee may think fit and may be made upon such
                        terms and conditions (including power to sub-delegate)
                        and subject to such regulations as the Security Trustee
                        may think fit. Provided that the Security Trustee has
                        exercised reasonable care and good faith in the
                        selection of such delegate, it will not be under any
                        obligation to any Interested Person to supervise the
                        proceedings or be in any way responsible for any loss
                        incurred by reason of any misconduct or default on the
                        part of any such delegate or sub-delegate.

            (l)         (APPLY TO COURT): The Security Trustee may, whenever it
                        thinks it expedient in the interests of the Secured
                        Creditors, apply to any court for directions in relation
                        to any question of law or fact arising either before or
                        after an Event of Default and assent to, or approve, any
                        applications of any Secured Creditor the Issuer Trustee
                        or the Manager.

            (m)         (DISCLOSURE): Subject to this Deed, any applicable laws
                        and any duty of confidentiality owed by any Interested
                        Person to any other person, the Security Trustee may,
                        for the purpose of meeting its obligations under this
                        Deed, disclose to any Secured Creditor any confidential,
                        financial or other information made available to the
                        Security Trustee by the Issuer Trustee, the Manager, any
                        other Interested Person or any other person in
                        connection with this Deed.

            (n)         (DETERMINATION): The Security Trustee, as between itself
                        and the Secured Creditors, has full power to determine
                        (acting reasonably and in good faith) all questions and
                        doubts arising in relation to any of the provisions of
                        this Deed and every such determination, whether made
                        upon such a question actually raised or implied in the
                        acts or proceedings of the Security Trustee, will be
                        conclusive and will bind the Security Trustee and the
                        Secured Creditors.

            (o)         (DEFECT IN TITLE): The Security Trustee is not bound or
                        concerned to examine or enquire into nor be liable for
                        any defect or failure in the title of the Issuer Trustee
                        to the Charged Property and is entitled to accept any
                        such title without requisition or objection.

            (p)         (NOTICE OF CHARGE OR ENFORCEMENT): The Security Trustee
                        is under no

                                                                             38.
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                        obligation to give any notice of the Charge to any
                        debtors of the Issuer Trustee or to any purchaser or any
                        other person whomsoever or, subject to this Deed, to
                        enforce payment of any moneys payable to the Issuer
                        Trustee or to realise any of the Charged Property or to
                        take any steps or proceedings for that purpose unless
                        the Security Trustee thinks fit to do so.

            (q)         (GIVE UP POSSESSION OF CHARGED PROPERTY): The Security
                        Trustee, acting in accordance with this Deed or the
                        terms of any Extraordinary Resolution passed by the
                        Voting Secured Creditors in accordance with this Deed,
                        may give up possession of the Charged Property at any
                        time.

            (r)         (NO DUTY AS CHARGEE): Nothing in this Deed imposes a
                        duty upon the Security Trustee to exercise its powers as
                        chargee under this Deed or at law in circumstances where
                        at a meeting of Voting Secured Creditors a motion is put
                        that a receiver be appointed and is not passed.

            (s)         (OTHER SECURITY INTERESTS): If the Security Trustee sees
                        fit to redeem or take any transfer of any Security
                        Interest ranking in priority to or pari passu with the
                        Charge, including the Prior Interest (the "OTHER
                        SECURITY INTEREST") wholly or in part then,
                        notwithstanding any provision as to interest contained
                        in the Other Security Interest or any presumption of law
                        to the contrary all moneys expended by the Security
                        Trustee in so doing including the consideration paid to
                        the holder of the Other Security Interest, stamp duty
                        and legal costs and disbursements will be deemed to be
                        principal moneys secured by the Other Security Interest,
                        and also part of the Secured Moneys, and moneys the
                        payment of which forms part of the obligations of the
                        Issuer Trustee under this Deed, and the provisions of
                        this Deed will be deemed incorporated in the Other
                        Security Interest and will prevail over the terms and
                        conditions of the Other Security Interest in the case of
                        any inconsistency.

            (t)         (LIABILITY LIMITED): Except for the obligations imposed
                        on it under this Deed, the Security Trustee is not
                        obliged to do or omit to do any thing including enter
                        into any transaction or incur any liability unless the
                        Security Trustee's liability is limited in a manner
                        satisfactory to the Security Trustee in its absolute
                        discretion.

            (u)         (NO DUTY TO PROVIDE INFORMATION): Subject to the express
                        requirements of this Deed, and any requirement of
                        applicable law, the Security Trustee has no duty (either
                        initially, or on a continuing basis) to consider or
                        provide any Secured Creditors with any information with
                        respect to the Issuer Trustee or the Manager (whenever
                        coming into its possession).

            (v)         (EXERCISE OF RIGHTS SUBJECT TO EXTRAORDINARY
                        RESOLUTION): Without limiting its rights, powers and
                        discretions, but subject to its express duties or
                        obligations under this Deed (including, without limiting
                        the generality of the foregoing, clause 8) the Security
                        Trustee will not be required to exercise any right,
                        power or discretion (including to require anything to be
                        done, form any opinion or give any notice, consent or
                        approval) without the specific instructions of the
                        Voting Secured Creditors given by Extraordinary
                        Resolution.

            (w)         (NO LIABILITY FOR ACTING IN ACCORDANCE WITH DIRECTIONS):
                        The Security Trustee is not to be under any liability
                        whatsoever for acting in accordance with any direction
                        obtained from Voting Secured Creditors at a meeting
                        convened under clause 8.

            (x)         (NO LIABILITY FOR BREACH): The Security Trustee is not
                        to be under any liability

                                                                             39.
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                        whatsoever for a failure to take any action in respect
                        of any breach by the Issuer Trustee of its duties as
                        trustee of the PUMA Trust of which the Security Trustee
                        is not aware or in respect of any Event of Default of
                        which the Security Trustee is not aware.

            (y)         (DISPUTE OR AMBIGUITY): In the event of any dispute or
                        ambiguity as to the construction or enforceability of
                        this Deed or any other Transaction Document or the
                        Security Trustee's powers or obligations under or in
                        connection with this Deed or the determination or
                        calculation of any amount or thing for the purpose of
                        this Deed or the construction or validity of any
                        direction from Voting Secured Creditors, provided the
                        Security Trustee is using reasonable endeavours to
                        resolve such ambiguity or dispute, the Security Trustee,
                        in its absolute discretion, may (but will have no
                        obligation to) refuse to act or refrain from acting in
                        relation to matters affected by such dispute or
                        ambiguity.

14.4        LIMITATION OF LIABILITY

            Notwithstanding any other provision of this Deed, the Security
            Trustee will have no liability under or in connection with this Deed
            or any other Transaction Document (whether to the Secured Creditors,
            the Issuer Trustee, the Manager or any other person) other than to
            the extent to which the liability is able to be satisfied out of the
            property of the Security Trust Fund from which the Security Trustee
            is actually indemnified for the liability. This limitation will not
            apply to a liability of the Security Trustee to the extent that it
            is not satisfied because, under this Deed by operation by law, there
            is a reduction in the extent of the Security Trustee's
            indemnification as a result of the Security Trustee's fraud,
            negligence or wilful default. Nothing in this clause 14.4 or any
            similar provision in any other Transaction Document limits or
            adversely affects the powers of the Security Trustee, any receiver
            or attorney in respect of the Charge or the Charged Property.

14.5        DEALINGS WITH TRUST

            None of the:

            (a)         (SECURITY TRUSTEE): Security Trustee in any capacity;

            (b)         (RELATED BODIES CORPORATE): Related Bodies Corporate of
                        the Security Trustee;

            (c)         (DIRECTORS ETC.): directors or officers of the Security
                        Trustee or its Related Bodies Corporate; or

            (d)         (SHAREHOLDERS): shareholders of the Security Trustee or
                        its Related Bodies Corporate,

            is prohibited from:

            (e)         (SUBSCRIBING FOR): subscribing for, purchasing, holding,
                        dealing in or disposing of Notes;

            (f)         (CONTRACTING WITH): at any time:

                        (i)         contracting with;

                        (ii)        acting in any capacity as representative or
                                    agent for; or

                        (iii)       entering into any financial, banking, agency
                                    or other transaction with,

                        any other of them or any Secured Creditor; or

                                                                             40.
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            (g)         (BEING INTERESTED IN): being interested in any contract
                        or transaction referred to in paragraphs (e) or (f).

            None of the persons mentioned is liable to account to the Secured
            Creditors for any profits or benefits (including, without
            limitation, bank charges, commission, exchange brokerage and fees)
            derived in connection with any contract or transaction referred to
            in paragraphs (e) or (f). The preceding provisions of this clause
            14.5 only apply if the relevant person, in connection with the
            action, contract or transaction, acts in good faith to all Secured
            Creditors.

14.6        DISCRETION OF SECURITY TRUSTEE AS TO EXERCISE OF POWERS

            Subject to any express provision to the contrary contained in this
            Deed, the Security Trustee will, as regards all the powers,
            authorities and discretions vested in it by this Deed have absolute
            discretion as to the exercise of them in all respects and, in the
            absence of fraud, negligence or wilful default on its part, the
            Security Trustee will not be in any way responsible for any loss,
            costs, damages, claims or obligations that may result from the
            exercise or non-exercise of them.

14.7        DELEGATION OF DUTIES OF SECURITY TRUSTEE

            The Security Trustee must not delegate to any person any of its
            trusts, duties, powers, authorities or discretions under this Deed
            except:

            (a)         (TO MANAGER OR ISSUER TRUSTEE): to the Manager or the
                        Issuer Trustee in accordance with the provisions of this
                        Deed or any other Transaction Document;

            (b)         (RELATED BODY CORPORATE): subject to clause 14.8, to a
                        Related Body Corporate of the Security Trustee; or

            (c)         (AS OTHERWISE PERMITTED): in accordance with the
                        provisions of this Deed.

14.8        RELATED BODY CORPORATE OF THE SECURITY TRUSTEE

            Where the Security Trustee delegates any of its trusts, duties,
            powers, authorities and discretions to any person who is a Related
            Body Corporate of the Security Trustee, the Security Trustee at all
            times remains liable for the acts or omissions of such Related Body
            Corporate and for the payment of fees of that Related Body Corporate
            when acting as delegate.

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15.         DUTIES OF THE SECURITY TRUSTEE

15.1        DUTIES OF THE SECURITY TRUSTEE LIMITED TO DUTIES IN THIS DEED

            The Security Trustee has no duties or responsibilities in its
            capacity as trustee other than those expressly set out in this Deed.

15.2        SECURITY TRUSTEE'S FURTHER DUTIES

            Subject to clause 14.1, the Security Trustee must comply with the
            duties and responsibilities imposed on it by this Deed and must:

            (a)         (ACT CONTINUOUSLY): act continuously as trustee of the
                        Security Trust until the Security Trust is terminated in
                        accordance with this Deed or until it has retired or
                        been removed in accordance with this Deed;

                                                                             41.
<PAGE>

            (b)         (EXERCISE DILIGENCE ETC.): exercise all due diligence
                        and vigilance in carrying out its functions and duties
                        and in protecting the rights and interests of the
                        Secured Creditors;

            (c)         (HAVE REGARD TO THE INTERESTS OF SECURED CREDITORS): in
                        the exercise of all discretions vested in it by this
                        Deed and all other Transaction Documents except where
                        expressly provided otherwise, have regard to the
                        interest of the Secured Creditors as a class;

            (d)         (RETAIN THE TRUST FUND): subject to this Deed, retain
                        the Security Trust Fund in safe custody and hold it on
                        trust for the Secured Creditors upon the terms of this
                        Deed; and

            (e)         (NOT SELL ETC.): not sell, mortgage, charge or part with
                        the possession of any part or the whole of the Security
                        Trust Fund (or permit any of its officers, agents and
                        employees to do so) except as permitted or contemplated
                        by this Deed.

15.3        SECURITY TRUSTEE LIABLE FOR NEGLIGENCE ETC.

            Nothing in this Deed will in any case in which the Security Trustee
            has failed to show the degree of care and diligence required of it
            as Security Trustee (having regard to the provisions of this Deed
            conferring on the Security Trustee any duties, powers, trusts,
            authorities or discretions, including any provisions relieving the
            Security Trustee of specified responsibilities) relieve or indemnify
            it from or against any liability for fraud, negligence or wilful
            default.

15.4        NO LIABILITY FOR TRANSACTION DOCUMENTS

            The Security Trustee has no responsibility for the form or content
            of this Deed or any other Transaction Document and will have no
            liability arising in connection with any inadequacy, invalidity or
            unenforceability (other than as a result of a breach of this Deed by
            the Security Trustee) of any provision of this Deed or any
            Transaction Document.

15.5        RESOLUTION OF CONFLICTS

            (a)         (RESOLVE CONFLICTS IN FAVOUR OF THE NOTEHOLDERS):
                        Subject to the provisions of this Deed, if there is at
                        any time in the Security Trustee's opinion, with respect
                        to enforcement or the exercise of any of the Security
                        Trustee's duties, powers or discretions, a conflict
                        between the interests of any Secured Creditor or class
                        of Secured Creditor (on the one hand) and the interests
                        of the Noteholders as a whole (on the other hand), the
                        Security Trustee must give priority to the interests of
                        the Noteholders as a whole.

            (b)         (RESOLVE CONFLICTS IN FAVOUR OF THE SENIOR NOTEHOLDERS):
                        Subject to the provisions of this Deed (other than
                        clause 15.5(a)), the Security Trustee must give priority
                        to the interests only of the Senior Noteholders if, in
                        the Security Trustee's opinion, there is a conflict
                        between the interests of the Senior Noteholders (on the
                        one hand) and the Class B Noteholders, the A$
                        Subordinated Noteholders or the other persons entitled
                        to the benefit of the Charge (on the other hand) (in
                        relation to which in determining the interests of the
                        Class A Noteholders and the Class B Noteholders the
                        Security Trustee may rely on a determination of the Note
                        Trustee).

            (c)         (NO LIABILITY): Provided that the Security Trustee acts
                        in good faith, it will not incur any liability to any
                        Secured Creditor for giving effect to paragraph (a) or
                        (b).

                                                                             42.
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16.          INDEMNITY BY ISSUER TRUSTEE

16.1         INDEMNITY

            Subject to this Deed and without prejudice to any right of indemnity
            given by law, the Security Trustee, the Manager, the Note Trustee,
            the Receiver or attorney or other person appointed under this Deed
            (including, without limitation, any person appointed by the Security
            Trustee, the Manager, the Note Trustee or the Receiver or any person
            to whom any duties, powers, trusts, authorities or discretions may
            be delegated by the Security Trustee, the Manager, the Note Trustee,
            or the Receiver) ("APPOINTEE") will be indemnified by the Issuer
            Trustee against all loss, liabilities and expenses properly incurred
            by the Security Trustee, the Manager, the Note Trustee, the
            Receiver, attorney or appointee (as the case may be) in the
            execution or purported execution of any duties, powers, trusts,
            authorities or discretions vested in such persons pursuant to this
            Deed including, without limitation, all liabilities and expenses
            consequent upon any mistake or oversight, error of judgment or want
            of prudence on the part of such persons and against all actions,
            proceedings, costs, claims and demands in respect of any matter or
            thing properly done or omitted in any way relating to this Deed,
            unless any of the foregoing is due to actual fraud, negligence or
            wilful default on the part of the Security Trustee, the Manager, the
            Note Trustee, the Receiver, attorney or appointee (as the case may
            be). The Security Trustee may in priority to any payment to the
            Secured Creditors retain and pay out of any moneys in its hands upon
            the trusts of this Deed all sums necessary to effect such indemnity
            including, without limitation, the amount of any such liabilities
            and expenses, and also any remuneration outstanding to the Security
            Trustee under clause 19.1.

16.2         EXTENT OF SECURITY TRUSTEE'S INDEMNITY

            The Security Trustee is entitled to be indemnified by the Issuer
            Trustee for:

            (a)         (REGISTRATION ETC. COSTS): the costs, charges and
                        expenses (including legal costs and expenses at the
                        usual commercial rates of the relevant legal services
                        provider) of the Security Trustee in connection with the
                        negotiation, preparation, execution, stamping,
                        registration and completion of this Deed, any deed
                        amending this Deed and the Charge;

            (b)         (COSTS OF WAIVER ETC.): the costs, charges and expenses
                        (including legal costs and expenses at the usual
                        commercial rates of the relevant legal services
                        provider) of the Security Trustee in connection with any
                        consent, exercise or non-exercise of rights or powers or
                        performance of obligations (including without
                        limitation, in connection with the contemplated or
                        actual enforcement or preservation of any rights or
                        powers or performance of obligations under this Deed),
                        production of title documents, waiver, variation,
                        release or discharge in connection with the Charge or
                        the Charged Property;

            (c)         (TAXES): Taxes and fees (including, without limitation,
                        registration fees) and fines and penalties in respect of
                        fees, which may be payable or determined to be payable
                        in connection with this Deed or a payment or receipt or
                        any other transaction contemplated by this Deed; and

            (d)         (LEGAL COSTS): without limiting the generality of clause
                        16.2(b), all legal costs and disbursements (at the usual
                        commercial rates of the relevant legal services
                        provider) and all other costs, disbursements, outgoings
                        and expenses of the Security Trustee in connection with
                        the initiation, carriage and settlement of any court
                        proceedings (including, without limitation, proceedings
                        against the Issuer Trustee arising from any neglect,
                        breach or default by the Issuer Trustee under

                                                                             43.
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                        this Deed) in respect of this Deed.

16.3        COSTS OF EXPERTS

            The liabilities and expenses referred to in clause 16.2 include,
            without limitation, those payable to any independent consultant or
            other person appointed to evaluate any matter of concern (including,
            without limitation, any person consulted by the Security Trustee
            pursuant to clause 14.3(b)), any agent of the Security Trustee, any
            Receiver or any attorney appointed under this Deed, and, in the case
            of the Security Trustee, its administration costs in connection with
            any event referred to in clause 16.2.

16.4        NON-DISCHARGE

            Unless otherwise specifically stated in any discharge of the
            Security Trust, the provisions of this clause 16 will continue in
            full force and effect despite such discharge.

16.5        RETENTION OF LIEN

            Notwithstanding any release of the outgoing Security Trustee under
            this clause, the outgoing Security Trustee will remain entitled to
            the benefit of the indemnities granted by this Deed to the outgoing
            Security Trustee in respect of any liability, cost or other
            obligation incurred by it while acting as Security Trustee, as if it
            were still the Security Trustee under this Deed.

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17.         MEETINGS OF VOTING SECURED CREDITORS

17.1        MEETINGS REGULATED BY THE ANNEXURE

            The provisions of the Annexure will apply to all meetings of Voting
            Secured Creditors and to the passing of resolutions at those
            meetings.

17.2        LIMITATION ON SECURITY TRUSTEE'S POWERS

            Save as provided for in this Deed, the Security Trustee will not
            assent or give effect to any matter which a meeting of Voting
            Secured Creditors is empowered by Extraordinary Resolution to do,
            unless the Security Trustee has previously been authorised to do so
            by an Extraordinary Resolution of Voting Secured Creditors. Nothing
            in this Deed prevents the Security Trustee taking such action as it
            considers appropriate to enforce any rights of indemnity or
            reimbursement.

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18.         CONTINUING SECURITY AND RELEASES

18.1        LIABILITY PRESERVED

            Notwithstanding any payout figure quoted or other form of account
            stated by the Security Trustee and notwithstanding the rule in
            Groongal Pastoral Company Limited (In Liquidation) v. Falkiner (35
            CLR 157), no grant of full or partial satisfaction of or discharge
            from this Deed by the Security Trustee will release the Issuer
            Trustee under this Deed until all the Secured Moneys have in fact
            been received by the Security Trustee and are not liable for
            whatever reason to be disgorged notwithstanding that such quotation
            or statement of account may have arisen from the mistake negligence,
            error of law or error of fact of the Security Trustee its servants
            or agents.

                                                                             44.
<PAGE>

18.2        ISSUER TRUSTEE'S LIABILITY NOT AFFECTED

            This Deed and the liability of the Issuer Trustee under this Deed
            will not be affected or discharged by any of the following:

            (a)         (INDULGENCE): the granting to the Issuer Trustee or to
                        any other person of any time or other indulgence or
                        consideration;

            (b)         (DELAY IN RECOVERY): the Security Trustee failing or
                        neglecting to recover by the realisation of any other
                        security or otherwise any of the Secured Moneys;

            (c)         (LACHES): any other laches, acquiescence, delay, act,
                        omission or mistake on the part of the Security Trustee
                        or any other person; or

            (d)         (RELEASE): the release, discharge, abandonment or
                        transfer whether wholly or partially and with or without
                        consideration of any other security judgment or
                        negotiable instrument held from time to time or
                        recovered by the Security Trustee from or against the
                        Issuer Trustee or any other person.

18.3        WAIVER BY ISSUER TRUSTEE

            The Issuer Trustee waives in favour of the Security Trustee:

            (a)         (ALL RIGHTS NECESSARY TO GIVE EFFECT TO DEED): all
                        rights whatsoever against the Security Trustee and any
                        other person estate or assets to the extent necessary to
                        give effect to anything in this Deed;

            (b)         (PROMPTNESS AND DILIGENCE): promptness and diligence on
                        the part of the Security Trustee and any other
                        requirement that the Security Trustee take any action or
                        exhaust any right against any other person before
                        enforcing this Deed; and

            (c)         (ALL RIGHTS INCONSISTENT WITH DEED): all rights
                        inconsistent with the provisions of this Deed including
                        any rights as to contribution or subrogation which the
                        Issuer Trustee might otherwise be entitled to claim or
                        enforce.

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19.         REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE

19.1        REMUNERATION

            Subject to clause 28 the Security Trustee is to be remunerated by
            the Issuer Trustee for acting as trustee under this Deed whether
            before or after the occurrence of an Event of Default, at the rate
            agreed from time to time between the Manager, the Security Trustee
            and the Issuer Trustee. Any variation to the rate of the Security
            Trustee's remuneration under this clause 19.1 will only be
            effective if each Current Rating Authority has been notified and
            confirms that such a variation in the rate will not result in a
            reduction, withdrawal or qualification of any ratings then assigned
            by it to the Notes.

19.2        MANDATORY RETIREMENT OF SECURITY TRUSTEE

            The Security Trustee covenants that it will retire as Security
            Trustee if:

            (a)         (INSOLVENCY): an Insolvency Event occurs in relation to
                        the Security Trustee in its personal capacity or in
                        respect of its personal assets (and not in its capacity
                        as trustee of any trust or in respect of any assets it
                        hold as trustee);

                                                                             45.
<PAGE>

            (b)         (CEASES TO CARRY ON BUSINESS): it ceases to carry on
                        business;

            (c)         (RELATED ISSUER TRUSTEE RETIRES): a Related Body
                        Corporate of it retires as trustee of the Funds under
                        clause19.1 of the Trust Deed or is replaced as trustee
                        of the Funds under clause 19.2 of the Trust Deed and the
                        Manager requires the Security Trustee by notice in
                        writing to retire;

            (d)         (VOTING SECURED CREDITORS REQUIRE RETIREMENT): an
                        Extraordinary Resolution requiring its retirement is
                        passed at a meeting of Voting Secured Creditors;

            (e)         (BREACH OF DUTY): when required to do so by the Manager
                        or the Issuer Trustee by notice in writing, it fails or
                        neglects within 14 days after receipt of such notice to
                        carry out or satisfy any material duty imposed on it by
                        this Deed in respect of the Security Trust; or

            (f)         (CHANGE IN OWNERSHIP): there is a change in ownership of
                        50% or more of the issued equity share capital of the
                        Security Trustee from the position as at the date of
                        this Deed or effective control of the Security Trustee
                        alters from the position as at the date of this Deed
                        unless in either case approved by the Manager (whose
                        approval must not be unreasonably withheld).

19.3        REMOVAL BY MANAGER

            If, an event referred to in clause 19.2 occurs and the Security
            Trustee does not retire immediately after that event, the Manager is
            entitled, and must forthwith, give written notice to the Security
            Trustee of its removal from office. Such removal is to take effect
            on the date of such notice, or if no substitute Security Trustee has
            been appointed at such time, such removal shall take effect on the
            date of appointment of a Substitute Security Trustee under this
            clause 19.3 On the mandatory retirement or removal of the Security
            Trustee under the respective provisions of clause 19.2 or this
            clause 19.3:

            (a)         (NOTIFY CURRENT RATING AUTHORITIES): the Manager must
                        promptly notify the Current Rating Authorities and the
                        Note Trustee of such retirement or removal; and

            (b)         (APPOINT SUBSTITUTE SECURITY TRUSTEE): subject to any
                        approval required by law, the Issuer Trustee is entitled
                        to and must use its best endeavours to appoint in
                        writing some other suitably qualified person which is
                        approved by the Current Rating Authorities to be the
                        Substitute Security Trustee (such appointment is to take
                        effect on the date of removal of the then Security
                        Trustee under clause 19.3). If the Issuer Trustee does
                        not appoint a Substitute Security Trustee as soon as
                        reasonably practicable upon notice being given under
                        clause 19.3, the Manager may appoint a Substitute
                        Security Trustee approved by the Current Rating
                        Authorities (such appointment is to take effect on the
                        date of removal of the then Security Trustee under
                        clause 19.3).

19.4        SECURITY TRUSTEE MAY RETIRE

            The Security Trustee may retire as trustee under this Deed upon
            giving 3 months notice in writing to the Issuer Trustee, the
            Manager, the Note Trustee and the Current Rating Authorities or such
            lesser time as the Manager, the Issuer Trustee, the Security Trustee
            and the Note Trustee agree. Upon such retirement, the Security
            Trustee, subject to any approval required by law, may appoint in
            writing any other suitably qualified person who is approved by the
            Current Rating Authorities and the Manager, which approval must not
            be unreasonably withheld by the Manager, as Security Trustee in its
            stead. If the Security Trustee does not propose a replacement by the
            date which is 1 month prior to the date of its

                                                                             46.
<PAGE>

            proposed retirement, the Manager is entitled to appoint a Substitute
            Security Trustee, which must be a suitably qualified person who is
            approved by the Current Rating Authorities, as of the date of the
            proposed retirement. The retirement of the retiring Security Trustee
            will take effect upon the earlier to occur of:

            (a)         (EXPIRY OF 3 MONTH PERIOD): the expiry of a 3 month
                        period commencing on the date of notification of
                        retirement of the trustee of the Funds under the Trust
                        Deed; and

            (b)         (APPOINTMENT OF A SUBSTITUTE SECURITY TRUSTEE): the
                        appointment of a Substitute Security Trustee.

19.5        APPOINTMENT OF SUBSTITUTE SECURITY TRUSTEE BY SECURED CREDITORS

            If a Substitute Security Trustee has not been appointed under
            clauses 19.3 or 19.4 at a time when the position of Security
            Trustee becomes vacant in accordance with those clauses, the Manager
            must act as Security Trustee in accordance with the terms of this
            Deed and must promptly convene a meeting of all Voting Secured
            Creditors at which Voting Secured Creditors, holding or representing
            between them Voting Entitlements comprising in aggregate a number of
            votes which is not less than 75% of the aggregate number of votes
            comprised in the total Voting Entitlements at the time, appoint any
            person nominated by any of them to act as Security Trustee. The
            Manager is entitled to receive the fee payable in accordance with
            clause 19.1 for the period during which the Manager acts as
            Security Trustee pursuant to this clause 19.

19.6        RELEASE OF SECURITY TRUSTEE

            Upon retirement or removal of the Security Trustee as trustee of the
            Security Trust, the Security Trustee is released from all
            obligations under this Deed arising after the date of the retirement
            or removal except for its obligation to vest the Security Trust Fund
            in the Substitute Security Trustee and to deliver all books and
            records relating to the Security Trust to the Substitute Security
            Trustee (at the cost of the Security Trust Fund). The Manager and
            the Issuer Trustee may settle with the Security Trustee the amount
            of any sums payable by the Security Trustee to the Manager or the
            Issuer Trustee or by the Manager or the Issuer Trustee to the
            Security Trustee and may give to or accept from the Security Trustee
            a discharge in respect of those sums which will be conclusive and
            binding as between the Manager, the Issuer Trustee and the outgoing
            Security Trustee but not as between the outgoing Security Trustee
            and the Secured Creditors.

19.7        VESTING OF SECURITY TRUST FUND IN SUBSTITUTE SECURITY TRUSTEE

            The Security Trustee, on its retirement or removal, must vest the
            Security Trust Fund or cause them to be vested in the Substitute
            Security Trustee and must deliver and assign to the Substitute
            Security Trustee as appropriate all books, documents, records and
            other property whatsoever relating to the Security Trust Fund.

19.8        SUBSTITUTE SECURITY TRUSTEE TO EXECUTE DEED

            Each Substitute Security Trustee must upon its appointment execute a
            deed in such form as the Manager may require whereby such Substitute
            Security Trustee must undertake to the Secured Creditors jointly and
            severally to be bound by all the covenants on the part of the
            Security Trustee under this Deed from the date of such appointment.

19.9        CURRENT RATING AUTHORITIES ADVISED

            The Manager must promptly:

                                                                             47.
<PAGE>

            (a)         (RETIREMENT): approach and liaise with the Current
                        Rating Authorities in respect of any consents required
                        from the Current Rating Authorities to the replacement
                        of the Security Trustee pursuant to this clause 19;

            (b)         (CHANGE OF OWNERSHIP): notify the Current Rating
                        Authorities of it becoming aware of a change in
                        ownership of 50% or more of the issued equity share
                        capital of the Security Trustee from the position as at
                        the date of this Deed or effective control of the
                        Security Trustee altering from the date of this Deed;
                        and

            (c)         (APPROVAL FOR CHANGE IN OWNERSHIP): notify the Current
                        Rating Authorities and the Note Trustee of any approvals
                        given by the Manager pursuant to clause 19.2(f).

19.10       COSTS OF RETIREMENT OR REMOVAL

            The Security Trustee will pay its own costs and expenses in relation
            to its retirement pursuant to clause 19.2 or its removal pursuant
            to clause 19.3.

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20.         ASSURANCE

20.1        FURTHER ASSURANCE

            The Issuer Trustee will and will procure that all persons having or
            claiming any estate or interest in the Charged Property will at any
            time now or in the future upon the request of the Security Trustee
            and at the cost of the Issuer Trustee, make, do and execute or cause
            to be made, done and executed all such actions, documents and
            assurances which are necessary or appropriate:

            (a)         (TO SECURE THE SECURED MONEYS): to more satisfactorily
                        secure to the Security Trustee the payment of the
                        Secured Moneys;

            (b)         (TO ASSURE THE CHARGED PROPERTY): to assure or more
                        satisfactorily assure the Charged Property to the
                        Security Trustee;

            (c)         (AS DIRECTED): as the Security Trustee may direct; or

            (d)         (APPOINTMENT OF SUBSTITUTE SECURITY TRUSTEE): for a
                        Substitute Security Trustee appointed under clause 19 to
                        obtain the benefit of this Deed,

            and in particular will, whenever requested by the Security Trustee,
            execute in favour of the Security Trustee such legal mortgages,
            transfers, assignments or other assurances of all or any part of the
            Charged Property in such form and containing such powers and
            provisions as the Security Trustee requires.

20.2        POSTPONEMENT OR WAIVER OF SECURITY INTERESTS

            The Issuer Trustee will (and the Manager will give all necessary
            directions to enable the Issuer Trustee to) if required by the
            Security Trustee immediately cause:

            (a)         (POSTPONE OTHER SECURITY INTERESTS): any Security
                        Interest (other than a Prior Interest) which has arisen
                        or which arises from time to time by operation of law
                        over the Charged Property in favour of any person
                        including the Issuer Trustee to be at the Security
                        Trustee's option postponed in all respects after and
                        subject to this Deed or to be otherwise discharged,
                        released or terminated; and

            (b)         (DISCHARGE OF SECURED MONEYS): any Borrowing or other
                        obligation secured by

                                                                             48.
<PAGE>
                        any such Security Interest at the Security Trustee's
                        option to be waived, released, paid or performed.

20.3        REGISTRATION OF CHARGE

            The Manager will at its own expense ensure that this Deed is
            promptly registered as a charge on any appropriate register to the
            extent and within such time limits as may be prescribed by law so as
            to ensure the full efficacy of this Deed as a security to the
            Security Trustee in all jurisdictions in which any part of the
            Charged Property may now or at any time during the continuance of
            this Deed be located, in which the Issuer Trustee may carry on any
            business or in which the Issuer Trustee is or may become resident or
            registered.

20.4        CAVEATS

            The Issuer Trustee is not obliged to do anything under this clause
            20 to enable the Security Trustee to, and the Security Trustee must
            not, lodge a caveat to record its interest in the Charged Property
            at the land titles office in any State or Territory, unless the
            Charge has taken effect as a fixed charge.

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21.         PAYMENTS

21.1        MONEYS REPAYABLE AS AGREED OR ON DEMAND

            Unless otherwise agreed, pursuant to the terms of any Secured
            Moneys, the Secured Moneys are payable by the Issuer Trustee to the
            Security Trustee in Australian dollars immediately upon demand by
            the Security Trustee.

21.2        NO SET-OFF OR DEDUCTION

            All payments by the Issuer Trustee of any moneys forming part of the
            Secured Moneys are to be free of any set-off or counterclaim and
            without deduction or withholding for any present or future Taxes
            unless the Issuer Trustee is compelled by law to deduct or withhold
            the same, in which event the Issuer Trustee will, pay to the
            Security Trustee such additional amounts necessary to enable the
            Security Trustee to receive after all deductions and withholdings
            for such Taxes a net amount equal to the full amount which would
            otherwise have been payable under this Deed had no such deduction or
            withholding been required to be made.

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22.         DISCHARGE OF A CHARGE

22.1        RELEASE

            Upon proof being given to the reasonable satisfaction of the
            Security Trustee that all Secured Moneys have been paid in full,
            including that all costs, charges, moneys and expenses incurred by
            or payable to or at the direction of the Security Trustee, the
            Receiver or any attorney appointed under this Deed have been paid
            and upon adequate provision having been made to the reasonable
            satisfaction of the Security Trustee of all costs, charges, moneys
            and expenses reasonably likely thereafter to be incurred by or
            payable to or at the direction of the Security Trustee, the Receiver
            or any attorney appointed under this Deed, then the Security Trustee
            will at the request of the Manager or the Issuer Trustee, and at the
            cost of the Issuer Trustee, release the Charged Property from the
            Charge and this Deed.

                                                                             49.
<PAGE>

22.2        CONTINGENT LIABILITIES

            The Security Trustee is under no obligation to grant a release of
            the Charge or this Deed unless at the time such release is sought:

            (a)         (NO SECURED MONEYS OWING): none of the Secured Moneys
                        are contingently or prospectively owing except where
                        there is no reasonable likelihood of the contingent or
                        prospective event occurring; and

            (b)         (NO LIABILITIES): the Security Trustee has no contingent
                        or prospective liabilities whether or not there is any
                        reasonable likelihood of such liabilities becoming
                        actual liabilities in respect of any bills, notes,
                        drafts, cheques, guarantees, letters of credit or other
                        instruments or documents issued, drawn, endorsed or
                        accepted by the Security Trustee for the account or at
                        the request of the Issuer Trustee.

22.3        CHARGE REINSTATED

            If any claim is made by any person that any moneys applied in
            payment or satisfaction of the Secured Moneys must be repaid or
            refunded under any law (including, without limit, any law relating
            to preferences, bankruptcy, insolvency or the winding up of bodies
            corporate) and the Charge has already been discharged, the Issuer
            Trustee will, at the Issuer Trustee's expense, promptly do, execute
            and deliver, and cause any relevant person to do, execute and
            deliver, all such acts and instruments as the Security Trustee may
            require to reinstate this Charge. This clause will survive the
            discharge of the Charge unless the Security Trustee agrees otherwise
            in writing.

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23.         NOTE TRUSTEE

23.1        CAPACITY

            The Note Trustee is a party to this Deed in its capacity as trustee
            for the US$ Noteholders from time to time under the Note Trust Deed.

23.2        EXERCISE OF RIGHTS

            Except as otherwise provided in this Deed and in the Note Trust
            Deed:

            (a)         (ONLY BY NOTE TRUSTEE): the rights, remedies and
                        discretions of the US$ Noteholders under this Deed
                        including all rights to vote or give instructions or
                        consent to the Security Trustee and to enforce any
                        undertakings or warranties under this Deed, may only be
                        exercised by the Note Trustee on behalf of the US$
                        Noteholders in accordance with the Note Trust Deed; and

            (b)         (LIMITED RIGHT OF ENFORCEMENT BY NOTEHOLDERS): the US$
                        Noteholders may only exercise enforcement rights in
                        respect of the Charged Property through the Note Trustee
                        and only in accordance with this Deed.

23.3        INSTRUCTIONS OR DIRECTIONS

            The Security Trustee may rely on any instructions or directions
            given to it by the Note Trustee as being given on behalf of all the
            US$ Noteholders from time to time and need not inquire whether any
            such instructions or directions are in accordance with the Note
            Trust Deed, whether the Note Trustee or the US$ Noteholders from
            time to time have complied with any requirements under the Note
            Trust Deed or as to the reasonableness or otherwise of the Note
            Trustee.

                                                                             50.
<PAGE>

23.4        PAYMENTS

            Any payment to be made to a US$ Noteholder under this Deed may be
            made to an account in the name of "PUMA Global Trust No. 1" (or such
            other account as may be determined by the Manager and notified to
            the Note Trustee, Issuer and each Paying Agent (as defined in the
            Agency Agreement), from time to time) with the Note Trustee or a
            Paying Agent on behalf of that US$ Noteholder.

23.5        NOTICES

            Any notice to be given to a Noteholder under this Deed may be given
            to the Note Trustee on behalf of that Noteholder. Any costs to the
            Note Trustee of publishing such notice to the Noteholders will,
            subject to clause 28, be reimbursed by the Issuer Trustee to the
            Note Trustee.

23.6        LIMITATION OF NOTE TRUSTEE'S LIABILITY

            The liability of the Note Trustee under this Deed is limited in the
            manner and to the same extent as under the Note Trust Deed.

--------------------------------------------------------------------------------
24.         AMENDMENT

24.1        AMENDMENT BY SECURITY TRUSTEE

            Subject to this clause 24 and to any approval or consent required
            by law (including, without limitation, the United States Trust
            Indenture Act of 1939) and under clause 24.2, the Security Trustee,
            the Manager, the Note Trustee and the Issuer Trustee may together
            agree by way of supplemental deed to alter, add to or revoke any
            provision of this Deed (including this clause 24), so long as such
            alteration, addition or revocation:

            (a)         (NECESSARY OR EXPEDIENT): in the opinion of the Security
                        Trustee or of a barrister or solicitor instructed by the
                        Security Trustee, is necessary or expedient to comply
                        with the provisions of any Statute or regulation or with
                        the requirements of any Governmental Agency;

            (b)         (MANIFEST ERROR): in the opinion of the Security Trustee
                        is made to correct a manifest error or ambiguity or is
                        of a formal, technical or administrative nature only;

            (c)         (AMENDMENT TO LAW): in the opinion of the Security
                        Trustee is appropriate or expedient as a consequence of
                        an amendment to any Statute or regulation or altered
                        requirements of any Governmental Agency or any decision
                        of any court (including, without limitation, an
                        alteration, addition or modification which is in the
                        opinion of the Security Trustee appropriate or expedient
                        as a consequence of the enactment of a Statute or
                        regulation or an amendment to any Statute or regulation
                        or ruling by the Commissioner or Deputy Commissioner of
                        Taxation or any governmental announcement or statement
                        or any decision of any court, in any case which has or
                        may have the effect of altering the manner or basis of
                        taxation of trusts generally or of trusts similar to the
                        Security Trust); or

            (d)         (OTHERWISE DESIRABLE): in the opinion of the Security
                        Trustee and the Issuer Trustee is otherwise desirable
                        for any reason,

            provided that the Security Trustee, the Manager, the Note Trustee
            and the Issuer Trustee may not alter, add to or revoke any provision
            of this Deed unless the Manager has notified the Current Rating
            Authorities and the Note Trustee 5 Business Days in advance.

                                                                             51.
<PAGE>

24.2        CONSENT REQUIRED

            If any alteration, addition or revocation referred to in clause
            24.1(d) would, if it were an Extraordinary Resolution of the Voting
            Secured Creditors, require any consent to be effective under clause
            14 of the Annexure, the alteration, addition or revocation may be
            effected only if the relevant consent is obtained in accordance with
            such clause. Nothing in this clause limits the operation of the
            proviso in clause 24.1.

24.3        CONSENT TO PAYMENT MODIFICATION IN RELATION TO NOTES

            If any alteration, addition or revocation referred to in clause
            24.1 effects or purports to effect a Payment Modification (as
            defined in the Note Trust Deed) in relation to a class of $US Notes
            it will not be effective as against a US$ Noteholder of that class
            unless consented to by that US$ Noteholder.

24.4        NO CURRENT RATING AUTHORITY DOWNGRADE

            The Security Trustee will be entitled to assume that any proposed
            alteration, addition or revocation referred to in clause 24.1
            (other than a Payment Modification), if effected, will not be
            materially prejudicial to the interests of a class of Noteholders or
            all Noteholders if each Current Rating Authority confirms in writing
            that if the alteration, addition or revocation is effected it will
            not lead to a reduction, qualification or withdrawal of the then
            rating assigned to the class of Notes by the Current Rating
            Authority. The Note Trustee will be entitled to assume that any
            proposed alteration, addition or revocation (other than a Payment
            Modification), if effected, will not be materially prejudicial to
            the interests of Noteholders if each Current Rating Authority
            confirms in writing that if the alteration, addition or revocation
            is effected this will not lead to a reduction, qualification or
            withdrawal of the then rating given, respectively, to the Notes by
            the Current Rating Authority.

24.5        DISTRIBUTION OF AMENDMENTS

            The Manager must distribute to all Secured Creditors a copy of any
            amendment made pursuant to clause 24.1 as soon as reasonably
            practicable after the amendment has been made.

--------------------------------------------------------------------------------
25.         EXPENSES AND STAMP DUTIES

25.1        EXPENSES

            Subject to clause 28 the Issuer Trustee will on demand reimburse
            the Security Trustee and the Note Trustee for and keep the Security
            Trustee and the Note Trustee indemnified against all expenses
            including legal costs and disbursements (at the usual commercial
            rates of the relevant legal services provider) incurred by the
            Security Trustee and the Note Trustee (as the case may be) in
            connection with:

            (a)         (PREPARATION): the preparation and execution of this
                        Deed and any subsequent consent, agreement, approval or
                        waiver under this Deed, or amendment to this Deed or
                        amendment to this Deed;

            (b)         (ENFORCEMENT): the exercise, enforcement, preservation
                        or attempted exercise enforcement or preservation of any
                        rights under this Deed including without limitation, any
                        expenses incurred in the evaluation of any matter of
                        material concern to the Security Trustee or the Note
                        Trustee; and

                                                                             52.
<PAGE>

            (c)         (INQUIRIES OF GOVERNMENT AGENCY): any inquiry by a
                        Government Agency concerning the Issuer Trustee or the
                        Charged Property or a transaction or activity the
                        subject of the Transaction Documents.

25.2        STAMP DUTIES

            (a)         (ISSUER TRUSTEE MUST PAY): The Issuer Trustee will pay
                        all stamp, loan, transaction, registration and similar
                        Taxes including fines and penalties, financial
                        institutions duty and federal debits tax which may be
                        payable to or required to be paid by any appropriate
                        authority or determined to be payable in connection with
                        the execution, delivery, performance or enforcement of
                        this Deed or any payment, receipt or other transaction
                        contemplated in this Deed.

            (b)         (ISSUER TRUSTEE MUST INDEMNIFY): The Issuer Trustee will
                        indemnify and keep indemnified each of the Security
                        Trustee and the Note Trustee against any loss or
                        liability incurred or suffered by it as a result of the
                        delay or failure by the Issuer Trustee to pay such
                        Taxes.

--------------------------------------------------------------------------------
26.         GOVERNING LAW AND JURISDICTION

26.1        GOVERNING LAW

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

26.2        JURISDICTION

            (a)         (SUBMISSION TO JURISDICTION): The Issuer Trustee, the
                        Security Trustee, the Manager and each of the Secured
                        Creditors each irrevocably submits to and accepts
                        generally and unconditionally the non-exclusive
                        jurisdiction of the Courts and appellate Courts of the
                        State of New South Wales with respect to any legal
                        action or proceedings which may be brought at any time
                        relating in any way to this Deed.

            (b)         (WAIVER OF INCONVENIENT FORUM): The Issuer Trustee, the
                        Security Trustee, the Manager and each of the Secured
                        Creditors each irrevocably waives any objection it may
                        now or in the future have to the venue of any such
                        action or proceedings brought in such courts and any
                        claim it may now or in the future have that any such
                        action or proceedings have been brought in an
                        inconvenient forum.

--------------------------------------------------------------------------------
27.         NOTICES

27.1        METHOD OF DELIVERY

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

            (a)         (AUTHORISED OFFICER): be signed by an Authorised Officer
                        of the party giving the same;

            (b)         (IN WRITING): be in writing; and

            (c)         (DELIVERY): be in the case of a party to this Deed or
                        any Secured Creditor other than a Noteholder:

                                                                             53.
<PAGE>

                        (i)         left at the address of the addressee;

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

                        (iii)       sent by facsimile to the facsimile number of
                                    the addressee,

            Any notice, request, certificate, approval, demand, consent or other
            communication to be given under this Deed to a US$ Noteholder will
            be effectively given if it is given to the Note Trustee in
            accordance with this clause and to an A$ Noteholder will be
            effectively given if sent to the address thereof then appearing in
            the Register.

27.2        DEEMED RECEIPT

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

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

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

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

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

--------------------------------------------------------------------------------
28.         CHARGOR'S LIMITED LIABILITY

28.1        LIMITATION ON ISSUER TRUSTEE'S LIABILITY

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

28.2        CLAIMS AGAINST ISSUER TRUSTEE

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

28.3        BREACH OF ISSUER TRUSTEE

            The provisions of this clause 28 will not apply to any obligation
            or liability of the Issuer

                                                                             54.
<PAGE>

            Trustee to the extent that it is not satisfied because under the
            Trust Deed, Sub-Fund Notice or any other Transaction Document or by
            operation of law there is a reduction in the extent of the Issuer
            Trustee's indemnification out of the assets of the PUMA Trust as a
            result of the Issuer Trustee's fraud, negligence or wilful default.

28.4        ACTS OR OMISSIONS

            It is acknowledged that the Relevant Parties are responsible under
            the Transaction Documents for performing a variety of obligations
            relating to the PUMA Trust. No act or omission of the Issuer Trustee
            (including any related failure to satisfy its obligations or any
            breach of representation or warranty under this Deed) will be
            considered fraudulent, negligent or a wilful default for the purpose
            of clause 28.3 to the extent to which the act or omission was
            caused or contributed to by any failure by a Relevant Party or any
            other person appointed by the Issuer Trustee under any Transaction
            Document (other than a person whose acts or omissions the Issuer
            Trustee is liable for in accordance with any Transaction Document)
            to fulfil its obligations relating to the PUMA Trust or by any other
            act or omission of any other such person.

28.5        NO AUTHORITY

            No attorney, agent, receiver or receiver and manager appointed in
            accordance with this Deed has authority to act on behalf of the
            Issuer Trustee in a way which exposes the Issuer Trustee to any
            personal liability and no act or omission of any such person will be
            considered fraud, negligence or wilful default of the Issuer Trustee
            for the purposes of clause 28.3.

28.6        NO OBLIGATION

            The Issuer Trustee is not obliged to enter into any commitment or
            obligation under this Deed, or any Transaction Document (including
            incur any further liability) unless the Issuer Trustee's liability
            is limited in a manner which is consistent with this clause 28 or
            otherwise in a manner satisfactory to the Issuer Trustee in its
            absolute discretion.

--------------------------------------------------------------------------------
29.         MISCELLANEOUS

29.1        ASSIGNMENT BY ISSUER TRUSTEE

            The Issuer Trustee will not assign or otherwise transfer the benefit
            of this Deed or any of its rights, duties or obligations under this
            Deed except to a new Issuer Trustee which is appointed as a
            successor trustee of the Funds under and in accordance with the
            Trust Deed.

29.2        ASSIGNMENT BY MANAGER

            The Manager will not assign or otherwise transfer the benefit of
            this Deed or any of its rights, duties or obligations under this
            Deed except to a new Manager which is appointed as a successor
            manager of the Funds under and in accordance with the Management
            Deed.

29.3        ASSIGNMENT BY SECURITY TRUSTEE

            The Security Trustee will not assign or otherwise transfer all or
            any part of the benefit of this Deed or any of its rights, duties
            and obligations under this Deed except to a Substitute Security
            Trustee which is appointed as a successor security trustee under and
            in accordance with this Deed.

                                                                             55.
<PAGE>

29.4        ASSIGNMENT BY NOTE TRUSTEE

            The Note Trustee will not assign or otherwise transfer all or any
            part of the benefit of this Deed or any of its rights, duties and
            obligations under this Deed except to a successor trustee appointed
            under and in accordance with the Note Trust Deed.

29.5        CERTIFICATE OF SECURITY TRUSTEE

            A certificate in writing signed by an Authorised Officer of the
            Security Trustee certifying the amount payable by the Issuer Trustee
            to the Security Trustee or to the Secured Creditors or certifying
            that a person identified therein is a Secured Creditor or certifying
            any other act, matter, thing or opinion relating to this Deed is
            conclusive and binding on all Interested Persons in the absence of
            manifest error on the face of the certificate or evidence to the
            contrary.

29.6        CONTINUING OBLIGATION

            This Deed is a continuing obligation notwithstanding any settlement
            of account intervening payment express or implied revocation or any
            other matter or thing whatsoever until a final discharge of this
            Deed has been given to the Issuer Trustee.

29.7        SETTLEMENT CONDITIONAL

            Any settlement or discharge between the Issuer Trustee and the
            Security Trustee is conditional upon any security or payment given
            or made to the Security Trustee by the Issuer Trustee or any other
            person in relation to the Secured Moneys not being avoided repaid or
            reduced by virtue of any provision or enactment relating to
            bankruptcy insolvency or liquidation for the time being in force
            and, in the event of any such security or payment being so avoided
            repaid or reduced the Security Trustee is entitled to recover the
            value or amount of such security or payment avoided, repaid or
            reduced from the Issuer Trustee subsequently as if such settlement
            or discharge had not occurred.

29.8        NO MERGER

            Neither this Deed, nor any of the Security Trustee's or the
            Receiver's powers will merge or prejudicially affect nor be merged
            in or prejudicially affected by and the Issuer Trustee's obligations
            under this Deed will not in any way be abrogated or released by any
            other security any judgment or order any contract any cause of
            action or remedy or any other matter or thing existing now or in the
            future in respect of the Secured Moneys.

29.9        INTEREST ON JUDGMENT

            If a liability under this Deed (other than a liability for
            negligence, fraud or wilful default of the Issuer Trustee under the
            Transaction Documents) becomes merged in a judgment or order then
            the Issuer Trustee as an independent obligation will pay interest to
            the Security Trustee on the amount of that liability at a rate being
            the higher of the rate payable pursuant to the judgment or order and
            the highest rate payable on the Secured Moneys from the date it
            becomes payable until it is paid.

29.10       NO POSTPONEMENT

            The Security Trustee's rights under this Deed will not be
            discharged, postponed or in any way prejudiced by any subsequent
            Security Interest nor by the operation of the rules known as the
            rule in Hopkinson v. Rolt or the rule in Claytons Case.

                                                                             56.
<PAGE>
29.11       SEVERABILITY OF PROVISIONS

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

29.12       REMEDIES CUMULATIVE

            The rights and remedies conferred by this Deed upon the Security
            Trustee and the Receiver are cumulative and in addition to all other
            rights or remedies available to the Security Trustee or the Receiver
            by Statute or by general law.

29.13       WAIVER

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

29.14       CONSENTS AND APPROVALS

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

29.15       WRITTEN WAIVER, CONSENT AND APPROVAL

            Any waiver, consent or approval given by the Security Trustee under
            this Deed will only be effective and will only be binding on the
            Security Trustee if it is given in writing or given verbally and
            subsequently confirmed in writing and executed by the Security
            Trustee or on its behalf by an Authorised Officer for the time being
            of the Security Trustee.

29.16       TIME OF ESSENCE

            Time is of the essence in respect of the Issuer Trustee's
            obligations under this Deed.

29.17       MORATORIUM LEGISLATION

            To the fullest extent permitted by law, the provisions of all
            Statutes operating directly or indirectly:

            (a)         (LESSEN OBLIGATIONS): to lessen or otherwise to vary or
                        affect in favour of the Issuer Trustee any obligation
                        under this Deed; or

            (b)         (DELAY EXERCISE OF POWERS): to delay or otherwise
                        prevent or prejudicially affect the exercise of any
                        powers conferred on the Security Trustee or the Receiver
                        under this Deed,

            are expressly waived negatived and excluded.

                                                                             57.
<PAGE>

29.18       DEBIT ACCOUNTS

            The Issuer Trustee authorises the Security Trustee at any time after
            the Charge becomes enforceable pursuant to the provisions of this
            Deed, to apply without prior notice any credit balance whether or
            not then due to which the Issuer Trustee is at any time entitled on
            any account at any office of the Security Trustee in or towards
            satisfaction of any sum then due and unpaid from the Issuer Trustee
            to the Security Trustee under this Deed or on any other account
            whatsoever and the Issuer Trustee further authorises the Security
            Trustee without prior notice to set-off any amount owing whether
            present or future actual contingent or prospective and on any
            account whatsoever by the Security Trustee to the Issuer Trustee
            against any of the Secured Moneys. The Security Trustee is not
            obliged to exercise any of its rights under this clause, which are
            without prejudice and in addition to any right of set-off,
            combination of accounts, lien or other right to which it is at any
            time otherwise entitled whether by operation of law contract or
            otherwise.

29.19       SET-OFF

            No Secured Creditor may set-off or apply any sum or debt in any
            currency (whether or not matured) in any account comprised in the
            Charged Property towards satisfaction of any amount that would
            otherwise form part of the Secured Moneys.

29.20       BINDING ON EACH SIGNATORY

            This Deed binds each of the signatories to this Deed notwithstanding
            that any one or more of the named parties to this Deed does not
            execute this Deed, that there is any invalidity forgery or
            irregularity touching any execution of this Deed or that this Deed
            is or becomes unenforceable void or voidable against any such named
            party.

29.21       COUNTERPARTS

            This Deed may be executed in a number of counterparts and all such
            counterparts taken together is deemed to constitute one and the same
            instrument.

                                                                             58.
<PAGE>

EXECUTED as a deed.

SIGNED SEALED AND DELIVERED for and on
behalf of PERPETUAL TRUSTEE COMPANY
LIMITED, ABN 42 001 001 007 by
                         its Attorney
under a Power of Attorney dated                  -------------------------------
and registered Book       No.
and the Attorney declares that the               Signature
Attorney has not received any notice
of the revocation of such Power of
Attorney in the presence of:

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

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for and on
behalf of MACQUARIE SECURITISATION LIMITED,
ABN 16 003 297 336 by
                                       its
Attorneys under a Power of Attorney dated        -------------------------------
and registered Book        No.        and the
Attorneys each declare that he or she has not    Signature
received any notice of the revocation of such
Power of Attorney in the presence of:            -------------------------------

                                                 Signature

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

Signature of Witness

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

Name of Witness in full

                                                                             59.
<PAGE>

SIGNED SEALED AND DELIVERED for and on
behalf of PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827 by
                              its Attorney
under a Power of Attorney dated         and      -------------------------------
registered Book        No.        and the
Attorney declares that the Attorney has not      Signature
received any notice of the revocation of
such Power of Attorney in the presence of:

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

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for THE BANK
OF NEW YORK by its Authorised Signatory in
the presence of:

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

Signature of Witness                            Authorised Signatory

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

Name of Witness in full                        Name of Authorised Signatory

                                                                             60.
<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED BETWEEN PERPETUAL
TRUSTEES AUSTRALIA LIMITED, THE BANK OF NEW YORK, NEW YORK BRANCH, MACQUARIE
SECURITISATION LIMITED AND PERPETUAL TRUSTEE COMPANY LIMITED

--------------------------------------------------------------------------------
               PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

1.          Definitions and incorporation of terms

            In this Annexure, unless specified otherwise or the context
            indicates a contrary intention:

            (a)         words and expressions which are defined in or by virtue
                        of clause 1 of the abovementioned Security Trust Deed
                        (the "SECURITY TRUST DEED") have the same meanings in
                        this Annexure;

            (b)         a "HOLDER" in relation to Secured Moneys will be
                        construed as including a Noteholder in relation to any
                        outstanding Notes; and

            (c)         references to clauses are references to clauses in this
                        Annexure.

2.          CONVENING OF MEETINGS

            (a)         (MEETING AT ANY TIME): The Security Trustee, the Issuer
                        Trustee or the Manager at any time may convene a meeting
                        of the Voting Secured Creditors.

            (b)         (MEETING ON REQUEST): Subject to the Security Trustee
                        being indemnified to its reasonable satisfaction against
                        all costs and expenses occasioned thereby, the Security
                        Trustee will convene a meeting of the Voting Secured
                        Creditors if requested to do so by Voting Secured
                        Creditors who hold between them Voting Entitlements
                        comprising an aggregate number of votes which is no less
                        than 10% of the aggregate number of votes comprising the
                        Voting Entitlements of all Voting Secured Creditors at
                        that time.

            (c)         (TIME AND PLACE APPROVED BY SECURITY TRUSTEE):

                        (i)         Every meeting of Voting Secured Creditors
                                    will be held at such time and place as the
                                    Security Trustee approves (or, failing such
                                    approval by the Security Trustee within a
                                    reasonable period, as approved by the
                                    Manager), provided that, subject to
                                    paragraphs (ii) and (iii) and clause 4, any
                                    such meeting shall not be held until the
                                    Note Trustee has had, in its opinion,
                                    sufficient time to either seek directions
                                    from the Noteholders or a class of
                                    Noteholders or to determine that it need not
                                    seek those directions, in each case in
                                    accordance with clause 7 of the Note Trust
                                    Deed.

                        (ii)        Upon receiving notice of a meeting of the
                                    Voting Secured Creditors, the Note Trustee
                                    (if applicable) will as soon as practicable
                                    comply with clause 7 of the Note Trust Deed.

                        (iii)       The proviso in sub-paragraph (i) does not
                                    apply if:

                                    A.          the Note Trustee, in its
                                                absolute discretion, so decides;
                                                or

                                    B.          there are then no Notes
                                                outstanding.

            (d)         (MEETINGS IN MORE THAN ONE PLACE): A meeting of Voting
                        Secured Creditors may, if the Security Trustee so
                        determines, be held at two or more meeting venues linked

                                                                             61.
<PAGE>

                        together by audio-visual communication equipment which,
                        by itself or in conjunction with other arrangements:

                        (i)         gives the Voting Secured Creditors in the
                                    separate venues a reasonable opportunity to
                                    participate in the proceedings;

                        (ii)        enables the chairman to be aware of
                                    proceedings in each such venue; and

                        (iii)       enables the Voting Secured Creditors in each
                                    such venue to vote on a show of hands and on
                                    a poll.

                        A Voting Secured Creditor at one of the separate meeting
                        venues is taken to be present at the meeting of the
                        Voting Secured Creditors and is entitled to exercise all
                        rights which a Voting Secured Creditor has under the
                        Security Trust Deed and this Annexure in relation to a
                        meeting of Voting Secured Creditors. Where a meeting of
                        Voting Secured Creditors is held at two or more meeting
                        venues pursuant to this clause 2(d), that meeting will
                        be regarded as having been held at the venue determined
                        by the chairman of the meeting.

            (e)         (MEETINGS ONLY IN ACCORDANCE WITH THE SECURITY TRUST
                        DEED): A meeting of Voting Secured Creditors may only be
                        convened in accordance with the Security Trust Deed and
                        this Annexure.

3.          NOTICE OF MEETINGS

            (a)         (NOTICE): Subject to clauses 2(c)(i) and 4, at least 14
                        days' notice (inclusive of the day on which the notice
                        is given and of the day on which the meeting is held) of
                        a meeting of the Voting Secured Creditors must be given
                        to the Voting Secured Creditors.

            (b)         (ACCIDENTAL OMISSION DOES NOT INVALIDATE): The
                        accidental omission to give notice to or the non-receipt
                        of notice by any Voting Secured Creditor does not
                        invalidate the proceedings at any meeting.

            (c)         (COPIES OF NOTICES): A copy of a notice convening a
                        meeting must be given by the Security Trustee to the
                        Manager and the Issuer Trustee.

            (d)         (MANNER OF NOTICE): Notice of a meeting must be given in
                        the manner provided in the Security Trust Deed.

            (e)         (DETAILS TO BE INCLUDED IN NOTICE): A notice of a
                        meeting of the Voting Secured Creditors must specify:

                        (i)         the day, time and place of the proposed
                                    meeting;

                        (ii)        the reason for the meeting being convened;

                        (iii)       the agenda of the business to be transacted
                                    at the meeting;

                        (iv)        the terms of any proposed resolution;

                        (v)         that appointments of proxies must be lodged
                                    no later than 24 hours prior to the time
                                    fixed for the meeting; and

                        (vi)        such additional information as the person
                                    giving the notice thinks fit.

                                                                             62.
<PAGE>

4.          SHORTER NOTICE OF MEETING

            A meeting of the Voting Secured Creditors may be held on shorter
            notice than provided by clause 3 if so agreed by a resolution of
            Voting Secured Creditors at the meeting who:

            (a)         (MAJORITY IN NUMBER): are a majority in number of Voting
                        Secured Creditors (present in person or by proxy) having
                        the right to attend and vote at the meeting; and

            (b)         (95% VOTING ENTITLEMENTS): hold or represent between
                        them Voting Entitlements comprising in aggregate a
                        number of votes which is not less than 95% of the
                        aggregate number of votes comprised in all Voting
                        Entitlements at the time.

5.          CHAIRMAN

            At a meeting of Voting Secured Creditors, some person (whether or
            not a Secured Creditor or a representative of the Security Trustee)
            nominated in writing by the Security Trustee must preside as
            chairman. If no such nomination is made or no such nominated person
            is present within 15 minutes after the time appointed for the
            holding of the meeting, the Voting Secured Creditors present must
            choose one of their number to be chairman.

6.          QUORUM

            At any such meeting, any 2 or more persons present in person
            holding, or being Representatives holding or representing between
            them, in the aggregate 67% or more of the aggregate number of votes
            comprised in all Voting Entitlements at that time will form a quorum
            for the transaction of business and no business (other than the
            choosing of a chairman) is to be transacted at any meeting unless
            the requisite quorum is present at the commencement of business.

7.          ADJOURNMENT

            (a)         (ADJOURNMENT): If within 15 minutes from the time
                        appointed for any such meeting a quorum is not present,
                        the meeting must, if convened upon the requisition of
                        Voting Secured Creditors, be dissolved. In any other
                        case it must stand adjourned (unless the Security
                        Trustee agrees that it be dissolved) for such period,
                        not being less than 7 days nor more than 42 days, as may
                        be appointed by the chairman. At such adjourned meeting,
                        two or more persons present in person holding, or being
                        Representatives holding or representing between them,
                        Voting Entitlements comprising in aggregate a number of
                        votes which is not less than 50% of the aggregate number
                        of votes comprised in all Voting Entitlements at the
                        time must (except for the purpose of passing an
                        Extraordinary Resolution) form a quorum and will have
                        the power to pass any resolution and to decide upon all
                        matters which could properly have been dealt with at the
                        meetings from which the adjournment took place had a
                        quorum been present at such meeting. The quorum at any
                        such adjourned meeting for passing an Extraordinary
                        Resolution will be as specified in clause 6.

            (b)         (PLACE AND TIME OF ADJOURNED MEETING): The chairman may
                        with the consent of (and must if directed by) any
                        meeting adjourn the same from time to time and from
                        place to place but no business may be transacted at any
                        adjourned meeting except business which might lawfully
                        have been transacted at the meeting from which the
                        adjournment took place.

            (c)         (NOTICE OF ADJOURNED MEETING): At least 5 days' notice
                        of any meeting adjourned through want of a quorum is to
                        be given in the same manner as of an original meeting
                        and such notice must state the quorum required at such
                        adjourned meeting.

                                                                             63.
<PAGE>

                        It will not, however, otherwise be necessary to give any
                        notice of an adjourned meeting.

8.          VOTING PROCEDURE

            (a)         (CASTING VOTES): Every question submitted to a meeting
                        must be decided in the first instance by a show of hands
                        and in case of equality of votes the chairman must, both
                        on a show of hands and on a poll, have a casting vote in
                        addition to the vote or votes (if any) to which he or
                        she may be entitled as a Voting Secured Creditor or as a
                        Representative.

            (b)         (EVIDENCE OF VOTES): At any meeting, unless a poll is
                        (before or on the declaration of the result of the show
                        of hands) demanded by the chairman, the Issuer Trustee,
                        the Manager, the Note Trustee or the Security Trustee or
                        by one or more persons holding, or being Representatives
                        holding or representing between them, in aggregate a
                        number of votes which is not less than 2% of the
                        aggregate number of votes comprised in all Voting
                        Entitlements at the time, a declaration by the chairman
                        that a resolution has been carried by a particular
                        majority or lost or not carried by any particular
                        majority will be conclusive evidence of the fact without
                        proof of the number or proportion of the votes recorded
                        in favour of or against such resolution.

            (c)         (POLLS): If at any meeting a poll is so demanded, it
                        must be taken in such manner and (subject to the
                        provisions of this Annexure) either at once or after
                        such an adjournment as the chairman directs and the
                        result of such poll will be deemed to be the resolution
                        of the meeting at which the poll was demanded as at the
                        date of the taking of the poll. The demand for a poll
                        must not prevent the continuance of the meeting for the
                        transaction of any business other than the question on
                        which the poll has been demanded. Any poll demanded at
                        any meeting on the election of a chairman or on any
                        question of adjournment must be taken at the meeting
                        without adjournment.

            (d)         (VOTING BY VOTING SECURED CREDITORS):

                        (i)         On a show of hands every Voting Secured
                                    Creditor who is present in person or by
                                    proxy and has the right to vote at the
                                    relevant meeting on that resolution has one
                                    vote except that the Note Trustee has one
                                    vote for each then Noteholder on whose
                                    behalf the Note Trustee attends the meeting.

                        (ii)        On a poll every Voting Secured Creditor who
                                    is present in person or by proxy and has the
                                    right to vote has the number of votes
                                    comprised in their Voting Entitlement.

            (e)         (PERSON MAY CAST VOTES DIFFERENTLY): Any person entitled
                        to more than one vote need not use or cast all of the
                        votes to which he or she is entitled in the same way.

            (f)         (VOTING BY CORPORATION): A corporation being a Voting
                        Secured Creditor may vote by any officer or
                        representative duly authorised in writing who is
                        entitled to speak, demand a poll, vote, act as a proxy
                        and in all other respects exercise the rights of a
                        Voting Secured Creditor and must be reckoned as a Voting
                        Secured Creditor for all purposes.

            (g)         (VOTING BY PERSON OF UNSOUND MIND): A Voting Secured
                        Creditor of unsound mind or in respect of whom an order
                        has been made by any court having jurisdiction in
                        respect of mental health may vote whether on a show of
                        hands or on

                                                                             64.
<PAGE>

                        a poll by his committee curator bonis or other person in
                        the nature of a committee curator bonis appointed by
                        such court.

            (h)         (OBJECTION TO VOTER'S QUALIFICATION): No objection is to
                        be raised as to the qualification of any voter except at
                        the meeting or adjourned meeting at which the vote
                        objected to is given or tendered and every vote not
                        disallowed at such meeting will be valid for all
                        purposes. Any such objection made in due time will be
                        referred to the chairman of the meeting and his decision
                        will be final and conclusive.

9.          RIGHT TO ATTEND AND SPEAK

            The Issuer Trustee, the Manager and the Security Trustee (through
            their respective representatives) and their respective financial and
            legal advisers will be entitled to attend and speak at any meeting
            of Voting Secured Creditors. No person will otherwise be entitled to
            attend or vote at any meeting of the Voting Secured Creditors or to
            join with others in requesting the convening of such a meeting
            unless he or she is a Voting Secured Creditor or is a
            Representative.

10.         APPOINTMENT OF PROXIES

            (a)         (PROXY): Each appointment of a proxy must be in writing
                        and, together (if required by the Security Trustee) with
                        proof satisfactory to the Security Trustee of its due
                        execution, must be deposited at the registered office of
                        the Security Trustee or at such other place designated
                        by the Security Trustee not less than 24 hours before
                        the time appointed for holding the meeting or adjourned
                        meeting at which the named proxy proposes to vote and in
                        default, the appointment of proxy will not be treated as
                        valid unless the chairman of the meeting decides
                        otherwise before such meeting or adjourned meeting
                        proceeds to business. A notarially certified copy of
                        proof (if applicable) of due execution must if required
                        by the Security Trustee be produced by the proxy at the
                        meeting or adjourned meeting. The Security Trustee will
                        be under no obligation to investigate or be concerned
                        with the validity of, or the authority of, the proxy
                        named in any such appointment. The proxy named in any
                        appointment of proxy need not be a Voting Secured
                        Creditor.

            (b)         (PROXY VALID): Any vote given in accordance with the
                        terms of an appointment of proxy conforming with clause
                        10(a) will be valid notwithstanding the previous
                        revocation or amendment of the appointment of proxy or
                        of any of the Voting Secured Creditor's instructions
                        pursuant to which it was executed, provided that no
                        intimation in writing of such revocation or amendment
                        has been received by the Security Trustee at its
                        registered office or by the chairman of the meeting in
                        each case not less than 24 hours before the commencement
                        of the meeting or adjourned meeting at which the
                        appointment of proxy is used.

11.         CORPORATE REPRESENTATIVES

            A person authorised under sections 250D of the Corporations Law by a
            Voting Secured Creditor being a body corporate to act for it at any
            meeting will, in accordance with his or her authority until his or
            her authority is revoked by the body corporate concerned, be
            entitled to exercise the same powers on behalf of that body
            corporate as that body corporate could exercise if it were an
            individual Voting Secured Creditor and will be entitled to produce
            evidence of his or her authority to act at any time before the time
            appointed for the holding of or at the meeting or adjourned meeting
            or for the taking of a poll at which he or she proposes to vote.

12.         RIGHTS OF REPRESENTATIVES

            A Representative has the right to demand or join in demanding a poll
            and (except and to the

                                                                             65.
<PAGE>

            extent to which the Representative is specially directed to vote for
            or against any proposal) has power generally to act at a meeting for
            the Voting Secured Creditor concerned. The Security Trustee and any
            officer of the Security Trustee may be appointed a Representative.

13.         POWERS OF A MEETING OF VOTING SECURED CREDITORS

            (a)         (POWERS): subject to clauses 13(b) and 14 and, to the
                        extent applicable, the mandatory provisions of the
                        United States Trust Indenture Act of 1939, a meeting of
                        Voting Secured Creditors has, without prejudice to any
                        rights or powers conferred on other persons by the
                        Security Trust Deed, power exercisable by Extraordinary
                        Resolution:

                        (i)         to direct the Security Trustee in the action
                                    that should be taken by it following the
                                    occurrence of an Event of Default;

                        (ii)        to sanction any action that the Security
                                    Trustee or a Receiver proposes to take to
                                    enforce the provisions of the Security Trust
                                    Deed;

                        (iii)       to sanction any proposal by the Manager, the
                                    Issuer Trustee or the Security Trustee for
                                    any modification, abrogation, variation or
                                    compromise of, or arrangement in respect of,
                                    the rights of the Secured Creditors against
                                    the Issuer Trustee or the Manager whether
                                    such rights arise under the Security Trust
                                    Deed, the other Transaction Documents or
                                    otherwise;

                        (iv)        to postpone the day when the Secured Moneys
                                    become payable and to suspend or postpone
                                    for a time the payment of the Secured
                                    Moneys;

                        (v)         to sanction the exchange or substitution of
                                    the Secured Moneys for, or the conversion of
                                    the Secured Moneys into, notes or other
                                    obligations or securities of the Issuer
                                    Trustee or any other body corporate formed
                                    or to be formed;

                        (vi)        to assent to any modification of the
                                    provisions contained in the Security Trust
                                    Deed or the Notes which will be proposed by
                                    the Issuer Trustee, the Manager or the
                                    Security Trustee;

                        (vii)       to give any authority, direction, guidance
                                    or sanction sought by the Security Trustee
                                    from the Voting Secured Creditors;

                        (viii)      to appoint any persons (whether Voting
                                    Secured Creditors or not) as a committee or
                                    committees to represent the interests of the
                                    Secured Creditors and to confer upon such
                                    committee or committees any powers or
                                    discretions which the Voting Secured
                                    Creditors could themselves exercise by
                                    Extraordinary Resolution;

                        (ix)        to approve a person proposed to be appointed
                                    as a Substitute Security Trustee under the
                                    Security Trust Deed and power to remove any
                                    Security Trustee for the time being thereof;

                        (x)         to discharge or exonerate the Security
                                    Trustee from any liability in respect of any
                                    act or omission for which it may become
                                    responsible under the Security Trust Deed;

                        (xi)        to do any other thing which under the
                                    Security Trust Deed is required to be given
                                    by an Extraordinary Resolution of the Voting
                                    Secured Creditors; and

                                                                             66.
<PAGE>

                        (xii)       to authorise the Security Trustee or any
                                    other person to concur in and execute and do
                                    all such documents, acts and things as may
                                    be necessary to carry out and give effect to
                                    any Extraordinary Resolution.

            (b)         (LIMITATIONS): A meeting of Voting Secured Creditors
                        does not have power to, nor will any resolution
                        submitted to the meeting propose or have the effect of:

                        (i)         removing the Security Trustee or the Manager
                                    from office;

                        (ii)        interfering with the management of the PUMA
                                    Trust;

                        (iii)       winding up or terminating the PUMA Trust; or

                        (iv)        disposing of, or otherwise dealing with, the
                                    assets of the PUMA Trust.

            (c)         (CLASS B NOTEHOLDERS AND A$ SUBORDINATED NOTEHOLDERS):
                        No Extraordinary Resolution of a separate meeting of the
                        Class B Noteholders and/or A$ Subordinated Noteholders
                        (other than one referred to in clause 14(b)) shall be
                        effective for any purpose unless:

                        (i)         there are then no Senior Notes outstanding;

                        (ii)        it has been sanctioned by an Extraordinary
                                    Resolution of the Voting Secured Creditors
                                    representing or being the Senior
                                    Noteholders; or

                        (iii)       the Security Trustee is of the opinion that
                                    its becoming effective will not be
                                    materially prejudicial to the interests of
                                    the Senior Noteholders or any class of
                                    Senior Noteholders.

            (d)         (ASSUMPTIONS): The Security Trustee is entitled to
                        assume that an A$ Subordinated Basic Term Modification
                        referred to in clause 14(a) of this Annexure will not be
                        materially prejudicial to the interests of the A$
                        Subordinated Noteholders and an Extraordinary Resolution
                        of the Class B Noteholders and/or A$ Subordinated
                        Noteholders in clause 13(c) will not be materially
                        prejudicial to the interests of the Senior Noteholders,
                        if each of the Current Rating Authorities confirm in
                        writing that the A$ Subordinated Basic Term Modification
                        or Extraordinary Resolution (respectively) upon coming
                        into effect will not lead to a reduction, qualification
                        or withdrawal of the then rating by that Current Rating
                        Authority of the A$ Subordinated Notes or any of the
                        Senior Notes (respectively).

14.         EXTRAORDINARY RESOLUTION BINDING ON SECURED CREDITORS

            Subject to clause 13(b), an Extraordinary Resolution of the Voting
            Secured Creditors is binding upon all Secured Creditors and each of
            the Secured Creditors, the Issuer Trustee, the Manager and the
            Security Trustee is bound to give effect to the Extraordinary
            Resolution, provided that:

            (a)         (A$ SUBORDINATED BASIC TERM MODIFICATION): an
                        Extraordinary Resolution of the Voting Secured Creditors
                        to sanction a A$ Subordinated Basic Term Modification
                        will not be effective for any purpose unless its
                        becoming effective has been sanctioned by an
                        Extraordinary Resolution of the A$ Subordinated
                        Noteholders or the Security Trustee is of the opinion
                        that its becoming effective will not be materially
                        prejudicial to the interests of the A$ Subordinated
                        Noteholders;

            (b)         (EXTRAORDINARY RESOLUTION AFFECTING NOTEHOLDERS):
                        subject to clause 14(c) in the case of an Extraordinary
                        Resolution purporting to effect a Payment Modification
                        (as defined in the Note Trust Deed), an Extraordinary
                        Resolution

                                                                             67.
<PAGE>

                        which by its terms, in the opinion of the Note Trustee
                        in accordance with, and subject to, the Note Trust Deed,
                        affects the US$ Noteholders or a class of US$
                        Noteholders only, or in a manner different to the rights
                        of Secured Creditors generally, or alters the terms of
                        the corresponding class of US$ Notes, or is materially
                        prejudicial to the interests of those US$ Noteholders
                        will not be effective unless a Special Majority (as
                        defined in the Note Trust Deed) of those US$ Noteholders
                        has consented, in accordance with the Note Trust Deed,
                        to such Extraordinary Resolution of the Voting Secured
                        Creditors or, if those US$ Noteholders have become
                        entitled to attend a meeting of Voting Secured
                        Creditors, those US$ Noteholders at a separate meeting
                        pass an Extraordinary Resolution consenting to such
                        Extraordinary Resolution of the Voting Secured
                        Creditors;

            (c)         (PAYMENT MODIFICATION IN RELATION TO NOTES): an
                        Extraordinary Resolution which by its terms effects or
                        purports to effect a Payment Modification (as that
                        expression is defined in the Note Trust Deed) in respect
                        of a class of US$ Notes will not be effective as against
                        a US$ Noteholder of that class unless consented to by
                        that US$ Noteholder;

            (d)         (EXTRAORDINARY RESOLUTION AFFECTING A$ REDRAW
                        NOTEHOLDERS): such an Extraordinary Resolution, which by
                        its terms, in the opinion of the Security Trustee,
                        affects the A$ Redraw Noteholders only, or in a manner
                        different to the rights of the Secured Creditors
                        generally, or alters the terms of the A$ Redraw Notes,
                        or is materially prejudicial to the interests of the A$
                        Redraw Noteholders will not be effective unless the A$
                        Redraw Noteholders at a separate meeting pass an
                        Extraordinary Resolution consenting to such
                        Extraordinary Resolution of the Voting Secured
                        Creditors.

            (e)         (EXTRAORDINARY RESOLUTION AFFECTING OTHER SECURED
                        CREDITORS): such an Extraordinary Resolution which by
                        its terms, in the opinion of the Security Trustee,
                        affects the Redraw Facility Provider, or any other
                        Stand-by Arrangement Provider, a Currency Swap Provider
                        and an Interest Rate Swap Provider (each in its capacity
                        as a Secured Creditor) (a "RELEVANT SECURED CREDITOR")
                        only, or in a manner different to the rights of Secured
                        Creditors generally, or is materially prejudicial to the
                        interests of a Relevant Secured Creditor will not be
                        effective unless the Relevant Secured Creditor consents
                        in writing to the Extraordinary Resolution.

15.         MINUTES AND RECORDS

            Minutes of all resolutions and proceedings at every meeting must be
            made and duly entered in the books to be provided for that purpose
            by the Security Trustee. Any such minutes if purporting to be signed
            by the chairman of the meeting at which such resolutions were passed
            or proceedings transacted or by the chairman of the next succeeding
            meeting (if any) of Voting Secured Creditors, are conclusive
            evidence of the matters stated in them. Until the contrary is
            provided, every such meeting in respect of the proceedings of which
            minutes have been made and signed are deemed to have been duly
            convened and held and all resolutions passed and proceedings
            conducted at such meetings are deemed to have been duly passed and
            conducted.

16.         WRITTEN RESOLUTIONS

            Notwithstanding the preceding provisions of this Annexure, a
            resolution of all the Voting Secured Creditors or a class of Voting
            Secured Creditors (including an Extraordinary Resolution of the
            Voting Secured Creditors or a class of Voting Secured Creditors) may
            be passed, without any meeting or previous notice being required, by
            an instrument or notes in writing which have:

            (a)         in the case of a resolution (including an Extraordinary
                        Resolution) of all the Voting

                                                                             68.
<PAGE>

                        Secured Creditors, been signed by all the Voting Secured
                        Creditors and, in the case of a resolution (including an
                        Extraordinary Resolution) of a class of Voting Secured
                        Creditors, been signed by all the Voting Secured
                        Creditors in the class; and

            (b)         any such instrument shall be effective upon presentation
                        to the Security Trustee for entry in the records
                        referred to in clause 15.

17.         INVALID RESOLUTIONS

            Any resolution of the Voting Secured Creditors which purports to
            direct the Security Trustee or a Receiver to take any action which
            would hinder the performance of any party under the Trust Deed or a
            Transaction Document (except to the extent that enforcement action
            is taken against the Issuer Trustee or in respect of the Charged
            Property) is invalid.

18.         FURTHER PROCEDURES FOR MEETINGS

            Subject to all other provisions of the Security Trust Deed, the
            Security Trustee may without the consent of the Voting Secured
            Creditors prescribe such further regulations regarding the holding
            of meetings of the Voting Secured Creditors and attendance and
            voting at such meetings as the Security Trustee may in its sole
            discretion determine including particularly (but without prejudice
            to the generality of the foregoing) such regulations and
            requirements as the Security Trustee thinks reasonable:

            (a)         (REGARDING ENTITLEMENT TO VOTE): so as to satisfy itself
                        that persons who purport to attend or vote at any
                        meeting of Voting Secured Creditors are entitled to do
                        so in accordance with this Annexure and the other
                        provisions of the Security Trust Deed; and

            (b)         (REGARDING REPRESENTATIVES): as to the form of
                        appointment of a Representative.

19.         CLASS OF SECURED CREDITORS

            The provisions of this Annexure apply, mutatis mutandis, to a
            meeting of any class of Voting Secured Creditors or of any class of
            Secured Creditors under this Annexure or the Security Trust Deed. If
            the Noteholders become entitled to attend a meeting of Voting
            Secured Creditors or Secured Creditors or to have their own separate
            meeting, the evidence of the entitlement of such Noteholders to
            attend such meeting and to vote thereat, and any other relevant
            matters, will be determined in accordance with the Note Trust Deed
            and the Agency Agreement, with such amendments as determined by the
            Security Trustee.

                                                                             69.

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