Document:

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                                                              [CLAYTON UTZ LOGO]
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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. 4

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

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

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TABLE OF CONTENTS

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

     1.1    Definitions........................................................1
     1.2    Interpretation....................................................11
     1.3    Trust Deed definitions............................................11
     1.4    Incorporated definitions and other Transaction Documents
            and provisions....................................................11
     1.5    Issuer Trustee capacity...........................................11

2....UNITS....................................................................11

     2.1    Classes and number of Units.......................................11
     2.2    Initial Unitholders...............................................12
     2.3    Registration of Initial Unitholders...............................12
     2.4    Beneficial Interest represented by the Income Unit................12
     2.5    Beneficial Interest represented by the Capital Units..............12
     2.6    Right of Income Unitholder to payments............................12
     2.7    Rights of Capital Unitholders to payments.........................12
     2.8    Capital and Income Units subject to this Sub-Fund Notice..........13
     2.9    Restrictions on transfer..........................................13

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

     3.1    Classes of Notes..................................................13
     3.2    Issue of Class A Notes and initial A$ Class B Notes...............13
     3.3    Issue of additional A$ Class B Notes..............................13
     3.4    Issue of A$ Redraw Notes..........................................14
     3.5    Pre-conditions to issue of Class A Notes and A$ 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.........................16
     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............................................22
     5.5    A$ principal payments on Class A Notes and A$ Class B Notes.......23
     5.6    US$ payments......................................................24
     5.7    Prepayment Amounts................................................24
     5.8    Pre-Funding Pool distribution.....................................24
     5.9    Subordinated Redraw Facility Interest.............................25

6....NET ACCOUNTING INCOME AND NET TAX INCOME.................................25

     6.1    Allocation of Net Accounting Income/Net Tax Income................25
     6.2    Payment to Income Unitholders.....................................25
     6.3    Excess distributions..............................................26

7....ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES...........................26

     7.1    Establishment of the Pre-Funding Pool.............................26
     7.2    Acquisition of Approved Mortgages during Pre-Funding and

                                                                              i.
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            Substitution Periods..............................................26
     7.3    Maturity Date for Approved Mortgages and Further Advances.........27
     7.4    Sale of Approved Mortgages........................................27
     7.5    No obligation.....................................................28

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

     8.1    Redraws and Senior Further Advances...............................28
     8.2    Subordinate Further Advances......................................28
     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..................29
     9.4    Time of transfer..................................................30
     9.5    Transfer and payment..............................................30

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

     10.1   Amendments to this Sub-Fund Notice................................30
     10.2   Amendments to Transaction Documents...............................30
     10.3   Collections held by Manager.......................................30
     10.4   Currency conversion of Class A Notes - Authorised Investments.....31
     10.5   Notices to Investors..............................................31
     10.6   Record Date.......................................................31
     10.7   Transfer Restrictions.............................................31

                                                                             ii.

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SUB-FUND NOTICE DATED 12 AUGUST 2003

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,
            9 Castlereagh Street, Sydney ("ISSUER TRUSTEE")

RECITALS

A.    This Sub-Fund Notice is issued by the Manager to the Issuer Trustee
      pursuant to clause 6A.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. 4".

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 (after taking into account any reduction in the Principal
              Balances of the Class A Notes on that day);

      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 provided that if the first
            Quarterly Period is less than or greater than 3 months the relevant
            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

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

                                                                              1.
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            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).

      "A$ CLASS B 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(b) as A$ Class
      B Notes.

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

      "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 Currency Swap.

      "A$ NOTES" means the A$ Redraw Notes and the A$ Class B 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$ Class B Note and a Quarterly Period in relation
            to that A$ Class B 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$ Class B Note is
                  less than or greater than 3 months the relevant 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$ Class B 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(c) as A$ Redraw
      Notes.

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

      "AGENCY AGREEMENT" means the Agency Agreement to be entered into on or
      prior to the Closing Date between the Issuer Trustee, the Manager, The
      Bank of New York, New York (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.

                                                                              2.
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      "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.

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

      "CLASS A CAPITAL UNITHOLDER" means the Unitholder of the Class A Capital
      Unit.

      "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.

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

      "CLASS B CAPITAL UNITHOLDER" means the Unitholder of the Class B Capital
      Unit.

      "CLOSING DATE" means 19 August 2003 or such other date as is agreed
      between the Manager and the Issuer Trustee.

      "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 Agreement;

      (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

                                                                              3.
<PAGE>

      (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 during the Substitution
            Period, the funding of Senior Further Advances prior to the seventh
            Business Day prior to the Quarterly Payment Date in July 2005 or the
            funding of 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 10.3) 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 under the 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 Class A Notes (except any Settlement
            Amount, as defined in the ISDA Master Agreement, received by the
            Issuer Trustee to the extent that it is not applied in accordance
            with Part 5(16)(c) of the ISDA Master Agreement).

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

      "CURRENCY SWAP PROVIDER" means initially Deutsche Bank AG, Frankfurt Head
      Office and includes any other person who subsequently enters into a
      Currency Swap with the Manager and the Issuer Trustee.

      "CU SECURITISATION SERVICES" means CU Securitisation Services Pty Limited
      ACN 103 939 500.

      "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.

                                                                              4.
<PAGE>

      "FINAL MATURITY DATE" means the Quarterly Payment Date occurring in
      October 2034.

      "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 (whether made before or after the acquisition of the Approved
      Mortgage by the PUMA Trust), 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).

      "INCOME UNITHOLDER" means the Unitholder of the Income Unit.

      "ISDA MASTER AGREEMENT" means the ISDA Master Agreement and the schedule
      thereto dated 17 January 2003 entered into between the Issuer Trustee, the
      Manager and Deutsche Bank AG, ABN 13 064 165 162 and includes any
      substitute agreement which replaces an existing ISDA Master Agreement.

      "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 Issuer 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, or determined in a manner
      specified by the Manager, in writing to the Issuer Trustee on or prior to
      the Issue Date of that A$ Note and which (without limitation) may be
      different for different periods for which that A$ Note is outstanding.

      "MONTHLY PAYMENT DATE" means 11 October 2003, the 11th 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.

                                                                              5.
<PAGE>

      "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 Class A 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 prior
      to the Closing Date between the Issuer Trustee, the Manager and The Bank
      of New York, New York (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 Class A 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 the issue on the
      Closing Date of both the Class A Notes, after exchange to A$ under the
      Currency Swap, and the A$ Class B Notes issued on that date, to be held by
      the Issuer Trustee pursuant to clause 7.1, as determined by the Manager
      and notified in 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.

                                                                              6.
<PAGE>

      "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 Class A Note, condition 7 of the Note Conditions, and
      in the case of an A$ Note, clauses 5.1, 5.5 or 5.8.

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

      "PRINCIPAL COLLECTIONS" means the amount determined by the Manager as
      being:

      (a)   the aggregate reduction (if any) in the Relevant Period in the
            outstanding amount owing (including interest accrued but not yet
            due) on all Approved Mortgages which are assets of the PUMA Trust,
            whether acquired before or during the Relevant Period, as a result
            of Collections received on the Approved Mortgages (and ignoring, for
            the purposes of such calculation, any increase in the outstanding
            amount of the Approved Mortgages or reduction in Collections as a
            result of the acquisition of additional Approved Mortgages or the
            making of Redraws or Further Advances during the Relevant Period);

      (b)   plus:

            (i)   any amount invested or retained as Principal Collections on
                  the immediately preceding Payment Date pursuant to clause
                  5.1(o);

            (ii)  any amount held to be applied towards the acquisition of
                  Approved Mortgages or the funding of Redraws or Further
                  Advances under paragraph (j) of the definition of
                  "Collections" in this clause 1.1 on the immediately preceding
                  Payment Date and not included in "Collections" on that Payment
                  Date; and

            (iii) only where Principal Collections are being determined in
                  relation to the first Quarterly Payment Date, any amount of
                  the Pre-Funding Pool added to Collections in accordance with
                  clause 5.8 on that Quarterly Payment Date; and

      (c)   less the amount of any Principal Collections applied towards the
            acquisition of Approved Mortgages or the funding of Redraws or
            Further Advances under clauses 7.2 or 8.1 during the Relevant
            Period.

      "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. 4 to
      be constituted by the acceptance of this Sub-Fund Notice pursuant to
      clause 6A.2(a) of the Trust Deed and the settlement on the Issuer Trustee
      of the sum of one hundred dollars pursuant to clause 6A.2(b) of the Trust
      Deed.

      "QUARTERLY PAYMENT DATE" means 11 October 2003, each following 11 January,
      11 April, 11 July, and 11 October 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

                                                                              7.
<PAGE>

      (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$ Class B Note the first Quarterly Period
      will commence on, and include, the Issue Date of that A$ Class B 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 prior to the Closing Date between the Issuer Trustee,
      the Manager and the initial Redraw Facility Provider and includes any
      substitute agreement which replaces an existing Redraw Facility Agreement.

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

      "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.

      "RELEVANT PERIOD" means in relation to Principal Collections and:

      (a)   a Payment Date, the period from the end of the seventh Business Day
            prior to the immediately preceding Payment Date (or, in relation to
            the first Payment Date, from opening of business on the Closing
            Date) to the end of the seventh Business Day prior to that Payment
            Date; or

      (b)   a day other than a Payment Date, the period from the end of the
            seventh Business Day prior to the immediately preceding Payment Date
            (or, if prior to the first Payment Date, from opening of business on
            the Closing Date) to opening of business on that day.

      "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

                                                                              8.
<PAGE>

      required under the terms of the Approved Mortgage.

      "SECURITY TRUST DEED" means the Security Trust Deed to be entered into on
      or prior to the Closing Date 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 FURTHER ADVANCE" means a Further Advance which is not a
      Subordinate Further Advance.

      "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;

      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 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 FURTHER ADVANCE" means, in relation to an Approved Mortgage
      which is an asset of the PUMA Trust, a Further Advance made (whether
      before or after the acquisition of the Approved Mortgage by the PUMA
      Trust) 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 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

                                                                              9.
<PAGE>

      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 Further Advances made before the acquisition of the Approved
      Mortgage by the PUMA Trust or 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 Further Advances
      (but not as a result of capitalised interest in respect of such
      Subordinate Further Advances). Notwithstanding the foregoing, if an
      Approved Mortgage which is an asset of the PUMA Trust is written off by
      the Manager as unrecoverable in a Quarterly Period then:

      (a)   subject to the following, the Subordinate Further Advance Amount in
            relation to that Approved Mortgage will be the Subordinate 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 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 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 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 aggregate Principal Balance of all A$ Class B Notes;

      divided by,

      (b)   the sum of the A$ Equivalent of the aggregate Principal Balance of
            all Class A Notes, the aggregate Principal Balance of all A$ Class B
            Notes and the Redraw Facility Limit,

      (expressed as a percentage).

      "SUBSTITUTION PERIOD" means the period from the Closing Date up to and
      including the seventh Business Day prior to the first Quarterly Payment
      Date.

      "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 30%.

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

                                                                             10.
<PAGE>

      prior to the Closing Date between the Issuer Trustee, the Manager,
      Macquarie Bank Limited, ABN 46 008 583 542, Deutsche Bank Securities Inc.,
      Credit Suisse First Boston LLC and J.P. Morgan Securities Inc..

      "UNPAID A$ CLASS A INTEREST AMOUNT" has the same meaning as in the
      Currency Swap.

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

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

      Subject to clause 1.4, 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. Subject to clause 1.4, 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 3 Units: 1 Class
      A Capital Unit, 1 Class B Capital Unit and 1 Income Unit. The Income Unit,
      the Class A Capital Unit and the Class B Capital Unit enjoy the same
      rights, entitlements, benefits and restrictions, except as expressly
      provided in this Sub-Fund Notice.

                                                                             11.
<PAGE>

2.2   INITIAL UNITHOLDERS

      (a)   (CLASS A CAPITAL UNIT): The initial holder of the Class A Capital
            Unit in the PUMA Trust is CU Securitisation Services.

      (b)   (CLASS B CAPITAL UNIT): The initial holder of the Class B Capital
            Unit in the PUMA Trust is Macquarie Securitisation Limited.

      (c)   (INCOME UNIT): The initial holder of the Income Unit in the PUMA
            Trust is Macquarie Securitisation Limited.

2.3   REGISTRATION OF INITIAL UNITHOLDERS

      The Issuer Trustee must, as soon as practicable following the creation of
      the PUMA Trust, record in the Register in accordance with clause 15 of the
      Trust Deed:

      (a)   (MACQUARIE SECURITISATION LIMITED): Macquarie Securitisation Limited
            as the holder of:

            (i)   the Class B Capital Unit; and

            (ii)  the Income Unit; and

      (b)   (CU SECURITISATION SERVICES): CU Securitisation Services as the
            holder of the Class A Capital Unit.

2.4   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 due but unpaid Income Unit Amount.

2.5   BENEFICIAL INTEREST REPRESENTED BY THE CAPITAL UNITS

      (a)   (CLASS A CAPITAL UNIT): The beneficial interest in the PUMA Trust
            represented by the Class A 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 up to a maximum amount of A$1,000.

      (b)   (CLASS B CAPITAL UNIT): The beneficial interest in the PUMA Trust
            represented by the Class B 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 and the Class A Capital Unit) but not
            in any particular asset of the PUMA Trust.

2.6   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.

2.7   RIGHTS OF CAPITAL UNITHOLDERS TO PAYMENTS

      (a)   (CLASS A CAPITAL UNITHOLDER): The Class A Capital Unitholder has no
            right to receive any payments or distributions in respect of the
            Class A Capital Unit other than to receive any amounts available for
            distribution to the Class A Capital Unitholder pursuant to clause
            5.1(q)(i) up to a maximum amount in aggregate of A$1,000.

                                                                             12.
<PAGE>

      (b)   (CLASS B CAPITAL UNITHOLDER): The Class B Capital Unitholder has no
            right to receive any payments or distributions in respect of the
            Class B Capital Unit other than to receive any amounts available for
            distribution to the Class B Capital Unitholder pursuant to clause
            5.1(q)(ii).

2.8   CAPITAL AND INCOME UNITS SUBJECT TO THIS SUB-FUND NOTICE

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

2.9   RESTRICTIONS ON TRANSFER

      The Class A Capital Unit and the Class B Capital Unit are
      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)   (A$ CLASS B NOTES): one or more classes of A$ Class B Notes which
            will be Registered Notes issued pursuant to clause 7.5 of the Trust
            Deed. All A$ Class B Notes with the same Issue Date will form a
            single class separate from classes of A$ Class B Notes issued on
            other Issue Dates; or

      (c)   (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.

3.2   ISSUE OF CLASS A NOTES AND INITIAL A$ 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:

      (a)   (CLASS A NOTES): issue the Class A Notes on the Closing Date in
            accordance with the Note Trust Deed and the Underwriting Agreement;
            and

      (b)   (INITIAL A$ CLASS B NOTES): issue the initial A$ Class B Notes on
            the Closing Date in a principal amount as specified by the Manager
            to the Issuer Trustee no later than 2 Business Days (or such later
            date as the Issuer Trustee agrees) prior to the Closing Date in
            accordance with clause 7 of the Trust Deed.

      No Class A Notes may be issued after the Closing Date.

3.3   ISSUE OF ADDITIONAL A$ CLASS B 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 a
      proposed Issue Date occurring after the Closing Date, must issue
      additional A$ Class B Notes in a principal amount and on any Issue Date as

                                                                             13.
<PAGE>

      specified by the Manager. The Manager must not direct the Issuer Trustee
      to issue A$ Class B Notes after the Closing Date 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 A$ CLASS B NOTES

      Without limiting clause 3.2, the Issuer Trustee must not issue the Class A
      Notes or the A$ Class B Notes on the Closing Date 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
            Redraw Facility Agreement, the 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 ISDA Master 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 Class A Noteholders are included within
            the, or are the only, 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
                  Class A 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 Class A Noteholders regarding how the Note Trustee is
                  to vote at the meeting;

      (b)   (NOTE TRUSTEE TO ACT): the Relevant Noteholders in relation to Class
            A Notes, for

                                                                             14.
<PAGE>

            the purposes of the First Schedule of the Trust Deed, means the Note
            Trustee alone, acting on behalf of the corresponding Class A
            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 Class A Noteholders;

      (c)   (NOTE TRUSTEE AS REPRESENTATIVE): if the Note Trustee is the only
            Relevant Noteholder in relation to the Class A Notes pursuant to
            clause 3.6(b), it will be regarded as a Representative holding or
            representing all of the corresponding Class A 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)   (CLASS A NOTEHOLDERS): if the Class A Noteholders become entitled to
            attend a meeting of Relevant Noteholders pursuant to clause 3.6(b),
            the evidence of the entitlement of such Class A 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.

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4.    PRINCIPAL AND INTEREST ON THE NOTES

4.1   ORIGINAL PRINCIPAL BALANCE OF THE NOTES

      (a)   (CLASS A NOTES): Each Class A 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)   (CLASS A NOTES): Each Class A Note will accrue interest, and such
            interest will be 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

                                                                             15.
<PAGE>

                  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$ Class B Note for each Quarterly Period in
                  relation to that A$ Class B Note will accrue on a daily basis
                  at the product of the A$ Notes Interest Rate applicable to
                  that A$ Class B Note for that Quarterly Period and the
                  Principal Balance of the A$ Class B 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$ Class B Note will be payable
                  in arrears on each Quarterly Payment Date.

4.3   REDEMPTION OF THE NOTES

      (a)   (CLASS A NOTES): The Class A 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$ Class B 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$ Class B 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 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)   (CLASS A NOTES): If interest is not paid in respect of a Class A
            Note on the date when due and payable in accordance with the Note
            Conditions, the unpaid interest

                                                                             16.
<PAGE>

            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)   (CLASS A NOTES): All payments in respect of the Class A 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

      The Manager will:

      (a)   (UNDERTAKING IN RELATION TO INTEREST): 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; and

      (b)   (UNDERTAKING IN RELATION TO PRINCIPAL): 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,

      however nothing in this clause 4.6 limits the Manager's discretion in
      determining the amount of the Required Income Reserve or requires the
      Manager to set that amount above zero.

--------------------------------------------------------------------------------
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 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;

                                                                             17.
<PAGE>

      (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), (n) and (p) and clause 5.7) and towards an amount to be
            invested in Authorised Investments towards provision for such
            amounts accrued and payable on subsequent Payment Dates;

      (d)   (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 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)   (A$ CLASS B NOTES): fifth, in payment or allocation, to the A$ Class
            B Noteholders, pari passu and rateably, towards interest due on the
            A$ Class B Notes on that Payment Date pursuant to clause 4.2(b) and
            any unpaid interest on the A$ Class B 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;

                                                                             18.
<PAGE>

      (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, prior to the seventh Business Day prior to the
            Quarterly Payment Date in July 2005, towards Senior 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 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 AND A$ CLASS B NOTES): fourteenth, if
            the Payment Date is a Quarterly Payment Date, to be paid to the
            Currency Swap Provider and the A$ Class B Noteholders in accordance
            with clause 5.5 provided that in relation to the first Quarterly
            Payment Date only, no allocation will be made to the Currency Swap
            Provider or the A$ Class B Noteholders towards repayment of the
            principal on the Class A Notes and A$ Class B Notes under this
            clause 5.1(n) unless the amount to be allocated equals or exceeds
            A$1 million;

      (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;

                                                                             19.
<PAGE>

      (p)   (SUBORDINATE 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 UNITHOLDERS): finally, if the Notes have been repaid in
            full, the balance, if any, is to be paid:

            (i)   first, to be Class A Capital Unitholder up to a maximum amount
                  (in total for all such distributions) of A$1,000; and

            (ii)  second, to the Class B 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;

      (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:

                                                                             20.
<PAGE>

            (i)   clauses 5.1(f), (g) or (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$ CLASS B NOTES): any issue proceeds of A$ Class B Notes issued
            after the Closing Date 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

                  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

                                                                             21.
<PAGE>

            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.

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
            Swap in the case of the Class A 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

                                                                             22.
<PAGE>

            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 will 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 AND A$ CLASS B NOTES

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

            (ii)  second, the balance of the Distributable Principal, if any, is
                  to be applied in payment (based upon the aggregate Principal
                  Balance of the A$ Class B Notes prior to any repayments of the
                  principal of the A$ Class B Notes on that Quarterly Payment
                  Date) to the A$ Class B Noteholders, pari passu and rateably
                  between themselves, as a repayment of principal on the A$
                  Class B Notes until the aggregate Principal Balance of the A$
                  Class B Notes has been reduced to zero; and

                                                                             23.
<PAGE>

      (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 and the then aggregate
            Principal Balances of the A$ Class B 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
                  Currency Swap; and

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

            Provided that, notwithstanding the foregoing, if:

            (iii) the PUMA Trust has sustained or incurred (or in the opinion of
                  the Manager based on events or circumstances then subsisting
                  may sustain or incur) a loss or default in relation to the
                  principal amount of any Authorised Investment; and

            (iv)  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 Swap
      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

                                                                             24.
<PAGE>

            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 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.

--------------------------------------------------------------------------------
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 Sub-Fund Notice) 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

                                                                             25.
<PAGE>

      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(a), the amount for that Financial
            Year to which the Income Unitholder is presently entitled. 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 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 both the Class A Notes,
      after exchange to A$ under the Currency Swap, and the A$ Class B Notes
      issued on the Closing Date, 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)   (CLOSING DATE): any proceeds of the issue of Class A Notes, after
            exchange to A$ under the Currency Swap, or A$ Class B Notes on the
            Closing Date;

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

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

      (d)   (PRINCIPAL COLLECTIONS AND PRINCIPAL CASH BALANCE): during the
            Substitution

                                                                             26.
<PAGE>

            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; or

      (e)   (REDRAW FACILITY ADVANCES): at any time, Redraw Facility Advances to
            the extent of any Subordinate Further Advance Amount in respect of
            any such Approved Mortgage.

      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; or

      (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

                                                                             27.
<PAGE>

      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 SENIOR FURTHER ADVANCES

      The Issuer Trustee, upon the direction of the Manager, may at any time
      fund Redraws and, prior to the seventh Business Day prior to the Quarterly
      Payment Date in July 2005, may fund Senior 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) (inclusive);

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

            (iv)  in relation to a Senior Further Advance, immediately after the
                  making of that Senior Further Advance, the current loan to
                  value ratio of that Approved Mortgage will not exceed 80%; and

            (v)   in relation to a Senior Further Advance, the aggregate amount
                  of all Senior Further Advances made since the Closing Date in
                  respect of Approved Mortgages which were then assets of the
                  PUMA Trust plus that Senior Further Advance will not exceed
                  10% of the total of the A$ Equivalent of the aggregate
                  Original Principal Balance of the Class A Notes and the
                  aggregate Original Principal Balance of the A$ Class B Notes
                  issued on the Closing Date; 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 FURTHER ADVANCES

      The Issuer Trustee, upon the direction of the Manager, may at any time:

      (a)   (SUBORDINATE FURTHER ADVANCES): make Subordinate Further Advances in
            respect of Approved Mortgages held by the Issuer Trustee; or

      (b)   (APPROVED MORTGAGES): acquire Approved Mortgages which have a
            Subordinate

                                                                             28.
<PAGE>

            Further Advance Amount at the time of their acquisition by the
            Issuer Trustee,

      provided that Subordinate Further Advances under paragraph (a) must only
      be made or, the acquisition of Approved Mortgages to the extent of the
      Subordinate Further Advance Amount under paragraph (b) must only be
      funded, from the application of Redraw Facility Advances.

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 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, Class A
                  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.

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.

                                                                             29.
<PAGE>

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 TO THIS SUB-FUND NOTICE

      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 Class A Noteholder that is affected by that Payment
      Modification.

10.2  AMENDMENTS TO TRANSACTION DOCUMENTS

      Subject to clause 10.1, the Issuer Trustee and the Manager may agree to
      amend any Transaction Document and may enter into new Transaction
      Documents (without the consent of any Noteholder) provided that each
      Current Rating Authority has advised the Manager that this will not result
      in a reduction, qualification or withdrawal of the rating given to the
      Notes by that Current Rating Authority.

10.3  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>

10.4  CURRENCY CONVERSION OF CLASS A NOTES - AUTHORISED INVESTMENTS

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

10.5  NOTICES TO INVESTORS

      If A$ Notes become the 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.

10.6  RECORD DATE

      For the purposes of clause 15.5(b) of the Trust Deed, the Register for the
      Sub-Fund will be closed by the Issuer Trustee for the purpose of
      calculating the Noteholder Entitlements in respect of the A$ Notes and
      Unitholder Entitlements in respect of the Sub-Fund on a Quarterly Payment
      Date from the close of business on the day which is 3 Banking Days prior
      to that Quarterly Payment Date and will reopen at the commencement of
      business on the Banking Day immediately after that date. Payments in
      respect of any such Noteholder Entitlement or Unitholder Entitlement will
      be made to the Noteholder or Unitholder recorded in the Register as at the
      time that the Register is closed in accordance with this clause.

10.7  TRANSFER RESTRICTIONS

      Notwithstanding any provision to the contrary in the Trust Deed, a
      Noteholder shall not be entitled to transfer any of its Registered Notes
      unless the transfer is not made to a person who is a retail client (as
      defined in section 761G of the Corporations Act 2001).

                                                                             31.
<PAGE>

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:

/s/ Bevan Richardson                         /s/ Frank Ganis
..............................                .............................
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 12 August 2003 by:

/s/ Mark Dickenson
..............................                .............................
Authorised Signatory                         Authorised Signatory

                                                                             32.<PAGE>

                                                                     CLAYTON UTZ
--------------------------------------------------------------------------------

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007
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
Note Trustee

SECURITY TRUST DEED
PUMA GLOBAL TRUST NO. 4

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

              SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

Liability 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         Definitions...............................................................................1
            1.2         Sub-Fund Notice and Trust Deed definitions................................................7
            1.3         Interpretation............................................................................7
            1.4         Incorporation of annexure.................................................................9
            1.5         Issuer Trustee's capacity.................................................................9
            1.6         Determination of outstanding hedge money.................................................10
            1.7         Amounts outstanding......................................................................10
            1.8         Benefit of covenants under this Deed.....................................................10
            1.9         Obligations several......................................................................10
            1.10        Incorporated definitions and other provisions............................................10

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....................................................11
            2.7         Security Trustee bound by terms of option................................................11

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......................................................................12
            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..........................................................13

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.............................................................16

            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............................19

            8.1         Notify Secured Creditors and convene meeting of Voting Secured Creditors.................19
            8.2         Extraordinary Resolutions................................................................20
            8.3         Security Trustee to act in accordance with directions....................................20

<PAGE>

            8.4         Security Trustee must receive indemnity..................................................21
            8.5         Notice to Issuer Trustee and the Manager.................................................21
            8.6         Manager convenes meeting.................................................................21
            8.7         Notice of Event of Default...............................................................21
            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.................................................................22
            9.4         Limitation on rights of Secured Creditors................................................22
            9.5         Immaterial waivers.......................................................................23
            9.6         Acceleration of Secured Moneys following Event of Default................................23

10..........RECEIVERS - APPOINTMENT AND POWERS...................................................................23

            10.1        Appointment of Receiver..................................................................23
            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....................................................................27
            11.4        No liability to account as mortgagee in possession.......................................27
            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.................................................................29

12..........PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER......................................29

            12.1        No enquiry...............................................................................29
            12.2        Receipts.................................................................................30

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

            13.1        Priority of payments.....................................................................30
            13.2        Moneys received..........................................................................32
            13.3        Application of moneys....................................................................32
            13.4        Investment of funds......................................................................32
            13.5        Conversion into A$ of notes denominated in US$...........................................33
            13.6        Application of Currency Swap Termination Proceeds........................................33
            13.7        Satisfaction of debts....................................................................34

14..........SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS.............................................................34

            14.1        Limitations on powers and duties of Security Trustee.....................................34
            14.2        Limitation on Security Trustee's actions.................................................34
            14.3        Additional powers, protections, etc......................................................34
            14.4        Limitation of liability..................................................................39
            14.5        Dealings with trust......................................................................39
            14.6        Discretion of Security Trustee as to exercise of powers..................................39
            14.7        Delegation of duties of Security Trustee.................................................40

<PAGE>

            14.8        Related Body Corporate of the Security Trustee...........................................40

15..........DUTIES OF THE SECURITY TRUSTEE.......................................................................40

            15.1        Duties of the Security Trustee limited to duties in this Deed............................40
            15.2        Security Trustee's further duties........................................................40
            15.3        Security Trustee liable for negligence etc...............................................41
            15.4        No liability for Transaction Documents...................................................41
            15.5        Resolution of conflicts..................................................................41

16..........INDEMNITY BY ISSUER TRUSTEE..........................................................................41

            16.1        Indemnity................................................................................41
            16.2        Extent of Security Trustee's indemnity...................................................42
            16.3        Costs of experts.........................................................................42
            16.4        Non-discharge............................................................................43
            16.5        Retention of lien........................................................................43

17..........MEETINGS OF VOTING SECURED CREDITORS.................................................................43

            17.1        Meetings regulated by the Annexure.......................................................43
            17.2        Limitation on Security Trustee's powers..................................................43

18..........CONTINUING SECURITY AND RELEASES.....................................................................43

            18.1        Liability preserved......................................................................43
            18.2        Issuer Trustee's liability not affected..................................................43
            18.3        Waiver by Issuer Trustee.................................................................44

19..........REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE......................................................44

            19.1        Remuneration.............................................................................44
            19.2        Mandatory retirement of Security Trustee.................................................44
            19.3        Removal by Manager.......................................................................45
            19.4        Security Trustee may retire..............................................................45
            19.5        Appointment of Substitute Security Trustee by Secured Creditors..........................45
            19.6        Release of Security Trustee..............................................................46
            19.7        Vesting of Security Trust Fund in Substitute Security Trustee............................46
            19.8        Substitute Security Trustee to execute deed..............................................46
            19.9        Current Rating Authorities advised.......................................................46
            19.10       Costs of retirement or removal...........................................................47

20..........ASSURANCE............................................................................................47

            20.1        Further assurance........................................................................47
            20.2        Postponement or waiver of Security Interests.............................................47
            20.3        Registration of Charge...................................................................47
            20.4        Caveats..................................................................................48

21..........PAYMENTS.............................................................................................48

            21.1        Moneys repayable as agreed or on demand..................................................48
            21.2        No set-off or deduction..................................................................48

22..........DISCHARGE OF A CHARGE................................................................................48

            22.1        Release..................................................................................48
            22.2        Contingent liabilities...................................................................48
            22.3        Charge reinstated........................................................................49

23..........NOTE TRUSTEE.........................................................................................49

            23.1        Capacity.................................................................................49
            23.2        Exercise of rights.......................................................................49
            23.3        Instructions or directions...............................................................49
            23.4        Payments.................................................................................49

<PAGE>

            23.5        Notices..................................................................................49
            23.6        Limitation of Note Trustee's liability...................................................50

24..........AMENDMENT............................................................................................50

            24.1        Amendment by Security Trustee............................................................50
            24.2        Consent required.........................................................................50
            24.3        Consent to Payment Modification in relation to Notes.....................................50
            24.4        No Current Rating Authority downgrade....................................................51
            24.5        Distribution of amendments...............................................................51

25..........EXPENSES AND STAMP DUTIES............................................................................51

            25.1        Expenses.................................................................................51
            25.2        Stamp duties.............................................................................51

26..........GOVERNING LAW AND JURISDICTION.......................................................................52

            26.1        Governing law............................................................................52
            26.2        Jurisdiction.............................................................................52

27..........NOTICES..............................................................................................52

            27.1        Method of delivery.......................................................................52
            27.2        Deemed receipt...........................................................................53

28..........ISSUER TRUSTEE'S LIMITED LIABILITY...................................................................53

            28.1        Limitation on Issuer Trustee's liability.................................................53
            28.2        Claims against Issuer Trustee............................................................53
            28.3        Breach of Issuer Trustee.................................................................53
            28.4        Acts or omissions........................................................................53
            28.5        No authority.............................................................................54
            28.6        No obligation............................................................................54

29..........MISCELLANEOUS........................................................................................54

            29.1        Assignment by Issuer Trustee.............................................................54
            29.2        Assignment by Manager....................................................................54
            29.3        Assignment by Security Trustee...........................................................54
            29.4        Assignment by Note Trustee...............................................................54
            29.5        Certificate of Security Trustee..........................................................54
            29.6        Continuing obligation....................................................................55
            29.7        Settlement conditional...................................................................55
            29.8        No merger................................................................................55
            29.9        Interest on judgment.....................................................................55
            29.10       No postponement..........................................................................55
            29.11       Severability of provisions...............................................................55
            29.12       Remedies cumulative......................................................................55
            29.13       Waiver...................................................................................56
            29.14       Consents and approvals...................................................................56
            29.15       Written waiver, consent and approval.....................................................56
            29.16       Time of essence..........................................................................56
            29.17       Moratorium legislation...................................................................56
            29.18       Debit accounts...........................................................................56
            29.19       Set-off..................................................................................57
            29.20       Binding on each signatory................................................................57
            29.21       Counterparts.............................................................................57
</TABLE>

<PAGE>

SECURITY TRUST DEED MADE AT SYDNEY ON 12 AUGUST 2003

PARTIES                 PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 a
                        company incorporated in Australia and registered in New
                        South Wales and having an office at Level 7, 9
                        Castlereagh Street, Sydney, New South Wales (hereinafter
                        included in the expression the "SECURITY TRUSTEE")

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

                        PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827
                        a company incorporated in Australia and registered in
                        New South Wales and having an office at Level 7, 9
                        Castlereagh Street, Sydney, New South Wales 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, a New York banking
                        corporation acting through its New York office 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 will be appointed as trustee under the Note Trust Deed to
     act on behalf of the Class A 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$ CLASS B 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, canceling, 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$ Class B Notes;

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

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

                                       1
<PAGE>

          (d)  sanctioning any scheme or proposal for the exchange or sale of
               the A$ Class B Notes for or the conversion of the A$ Class B
               Notes into or the cancellation of the A$ Class B 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.

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

          "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.

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

          "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.

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

          "CURRENCY SWAP TERMINATION PROCEEDS" means the US Dollar proceeds (if
          any) received from a Currency Swap Provider under the 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.

          "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

                                       2
<PAGE>

               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.

          "HEDGE PROVIDER" means an Interest Rate Swap Provider or a Currency
          Swap Provider.

          "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 Act, 2001) 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 Act, 2001, 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 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.

          "INTEREST RATE SWAP PROVIDER" means each person, other than the
          Manager, that enters

                                       3
<PAGE>

          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. 4
          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 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.

                                       4
<PAGE>

            "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, the 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 Trustee Company Limited or, if
            Perpetual 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 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 or of any legislative body of any other country or
            political subdivision 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:

                                       5
<PAGE>

                         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 Consolidated PUMA Trust Deed dated 13 July
            1990 (as amended and supplemented from time to time) between the
            person referred to therein as the Founder and the Issuer Trustee.

            "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 Class A Noteholders on whose
            behalf it is acting.

            "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;

                                       6
<PAGE>

                    or

               (ii) if no Senior Note then remains outstanding, the A$ Class B
                    Noteholders; and

          (b)  otherwise:

               (i)  if any Class A 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); and

               (ii) each other Secured Creditor (other than the Note Trustee and
                    the Class A 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 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

                                       7
<PAGE>

               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 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

                                       8
<PAGE>

                    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 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:

                                       9
<PAGE>

          (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

          If an "Early Termination Date", as defined in a relevant Hedge
          Arrangement, has not been designated in respect of any "Transactions",
          as defined in the Hedge Arrangement, then for the purposes of this
          Deed the amounts owing by the Issuer Trustee to a Hedge Provider under
          the Hedge Arrangement in respect of those Transactions are to be
          determined by the Manager (on behalf of the Issuer Trustee) and the
          Hedge Provider on the relevant date as if an Early Termination Date
          had been designated in respect of those Transactions in accordance
          with the Hedge Arrangement at the time of such determination and as if
          each of the Issuer Trustee and the Hedge Provider were an "Affected
          Party", as defined in the Hedge Arrangement, following a "Termination
          Event", as defined in the Hedge Arrangement, in respect of those
          Transactions.

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
          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.

                                       10
<PAGE>

--------------------------------------------------------------------------------
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.

2.6       NATURE OF RIGHTS OF SECURED CREDITORS

          Prior to any distribution to the Secured Creditors pursuant to clause
          13.1, no Secured Creditor is entitled by virtue of this Deed to any
          equitable or proprietary interest in the Charged Property or the
          Charge, or any rights held by the Security Trustee under clause 1.8,
          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.

                                       11
<PAGE>

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

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<PAGE>

          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.

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 value from time to 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 Act, 2001, the Charge secures a prospective
               liability up to a maximum amount of A$20,000,000,000.

          (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 Act, 2001.

                                       13
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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 other than
               any Australian Securities and Investments Commission form 309 or
               350 in connection with the registration of this Deed;

          (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;

          (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

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<PAGE>

               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 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 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.

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<PAGE>

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
               valid and subsisting.

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6.        ISSUER TRUSTEE'S AND MANAGER'S COVENANTS

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

                                       16
<PAGE>

               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 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

                                       17
<PAGE>

               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 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

                                       18
<PAGE>

                    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 or attempts to create or
               allows to exist a Security Interest over 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), or
               the A$ Class B Notes; and

          (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

                                       19
<PAGE>

               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.

          (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.

                                       20
<PAGE>

          (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
          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

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          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 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:

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<PAGE>

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

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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.

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<PAGE>

          (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:

          (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

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<PAGE>

               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 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

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<PAGE>

               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 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.

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<PAGE>

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 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.

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<PAGE>

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 the name and on behalf 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;

          (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

                                       28
<PAGE>

               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

               (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

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<PAGE>

          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
               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

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<PAGE>

               amount or any part thereof is validly secured by such other prior
               Security Interest);

          (e)  (PAYMENT OF CURRENCY SWAP TERMINATION PROCEEDS TO CLASS A
               NOTEHOLDERS): fifth, in payment rateably to the Class A
               Noteholders of the 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 Currency Swap Provider in respect of the 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 SECURED MONEYS TO A$ CLASS B NOTEHOLDERS): ninth, in
               payment

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               to the A$ Class B Noteholders, of all Secured Moneys owing in
               relation to the A$ Class B Notes, to be applied amongst them:

               (i)  first towards all interest accrued but unpaid on the A$
                    Class B Notes at that time (to be distributed rateably
                    amongst such A$ Class B Notes); and

               (ii) second, in reduction of the Principal Balance in respect of
                    the A$ Class B Notes at that time (to be distributed
                    rateably amongst the A$ Class B Notes);

          (j)  (SUBORDINATED REDRAW FACILITY AMOUNTS): tenth, to the Redraw
               Facility Provider of any remaining Secured Moneys owing to the
               Redraw Facility Provider in respect of the Redraw Facility
               Agreement;

          (k)  (OTHER SECURED MONEYS): eleventh, to pay rateably to each Secured
               Creditor any remaining amounts forming part of the Secured Moneys
               and owing to that Secured Creditor;

          (l)  (SUBSEQUENT SECURITY INTERESTS): twelfth, 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

          (m)  (SURPLUS): thirteenth, 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

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               dispose of such investments; and

          (b)  (MATURITY): the Security Trustee must invest only in Authorised
               Investments 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), 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 the Currency
                    Swap.

          (b)  (PAYMENTS IN US$): All actual payments to the Class A Noteholders
               by the Security Trustee pursuant to this Deed must be made in US
               Dollars. The Security Trustee must convert (and pay to the Class
               A Noteholders) all Australian dollar amounts payable to those
               Noteholders under clauses 13.1(g) and (h) 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), as equals the Secured Moneys
               (denominated in US Dollars) owing in respect of the Class A Notes
               (determined for the purposes of clause 13.1(g)(i) in accordance
               with clause 13.5(a)). If, after the application of this clause
               13.5(b) 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) (in the case of a surplus under clause 13.1(g)(i)
               only) and clauses 13.1(i) to (m) in the order set out in those
               clauses.

          (c)  (VOTING ENTITLEMENTS): In calculating the Secured Moneys in
               respect of the Class A 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 Currency Swap, in the case of the
               Class A Notes has not occurred.

13.6      APPLICATION OF CURRENCY SWAP TERMINATION PROCEEDS

          Any 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, first in accordance with clause 13.1(e). If there are no such
          Secured Moneys owing in respect of the Class A Notes, or only part of
          the Currency Swap Termination Proceeds are sufficient to pay all
          Secured Moneys (denominated in US Dollars) owing in respect of the
          Class A Notes, the balance may be converted to Australian dollars for
          application in accordance with clause 13.1.

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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.

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

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<PAGE>

               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 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

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<PAGE>

               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 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

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<PAGE>

               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 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.

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<PAGE>

          (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 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.

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<PAGE>

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

          (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

                                       39
<PAGE>

          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;

          (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 SECURITY 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

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          (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 A$ Class B 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 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).

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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

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          (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 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.

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<PAGE>

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, 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.

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

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<PAGE>

          (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);

          (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 clause 19.1 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

                                       44
<PAGE>

          (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 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

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<PAGE>

          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:

          (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).

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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 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.

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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.

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.

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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 Class A Noteholders from time to time under the Note Trust
          Deed. Notwithstanding any other provision of this Deed, the Note
          Trustee has no rights, obligations or liabilities under this Deed
          until the Note Trust Deed has been duly executed by all parties to
          that document.

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 Class A 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 Class A
               Noteholders in accordance with the Note Trust Deed; and

          (b)  (LIMITED RIGHT OF ENFORCEMENT BY NOTEHOLDERS): the Class A
               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 Class A
          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 Class A 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.

23.4      PAYMENTS

          Any payment to be made to a Class A Noteholder under this Deed may be
          made to an account in the name of "PUMA Global Trust No. 4" (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 Class A 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

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<PAGE>

          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.

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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 5 Business Days in advance.

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

                                       50
<PAGE>

          effect a Payment Modification (as defined in the Note Trust Deed) it
          will not be effective as against any Class A Noteholder unless
          consented to by that Class A 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

          (c)  (INQUIRIES OF GOVERNMENTAL AGENCY): any inquiry by a Governmental
               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.

                                       51
<PAGE>

          (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:

               (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 Class A 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.

                                       52
<PAGE>

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
          5.00 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.       ISSUER TRUSTEE'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 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,

                                       53
<PAGE>

          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.

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

                                       54
<PAGE>

          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.

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.

                                       55
<PAGE>

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.

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.

                                       56
<PAGE>

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.

                                       57
<PAGE>

EXECUTED as a deed.

SIGNED SEALED AND DELIVERED for and on
behalf of PERPETUAL TRUSTEE COMPANY
LIMITED, ABN 42 000 001 007 by
Mark Dickenson
its Attorney under a Power of Attorney dated
12/8/03 and registered Book
No.             and
the Attorney declares that the Attorney has not
received any notice of the revocation of such
Power of Attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                                <C>
                                                                   /s/ Mark Dickenson
                                                                   -----------------------------------------------

                                                                   Signature
/s/ Toula Preketes
----------------------------------------------------------

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for and on
behalf of MACQUARIE SECURITISATION LIMITED,
ABN 16 003 297 336 by Frank Ganis
and Bevon Richardson (its Attorneys) under
a Power of Attorney dated 1/8/2003
and registered Book            No.      and
each Attorney declares that he or she has not
received any notice of the revocation of such
Power of Attorney in the presence of:
                                                                    /s/ Frank Ganis
                                                                    ----------------------------------------------

                                                                    Signature

                                                                    /s/ Bevon Richardson
                                                                    ----------------------------------------------

                                                                    Signature

/s/ Toula Preketes
----------------------------------------------------------

Signature of Witness

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

Name of Witness in full
</TABLE>

                                       58
<PAGE>

SIGNED SEALED AND DELIVERED for and on
behalf of PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827 by
Mark Dickenson
its Attorney under a Power of Attorney dated
12/8/2003 and registered Book         No.
and the Attorney declares that the Attorney
has not  received any notice of the
revocation of such  Power of Attorney in the
presence of:

<TABLE>
<CAPTION>
<S>                                                                <C>
                                                                   /s/ Mark Dickenson
                                                                   -----------------------------------------------

                                                                   Signature
/s/ Toula Preketes
----------------------------------------------------------

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for THE BANK
OF NEW YORK, NEW YORK by its Authorised
Signatory in the presence of:

/s/ Janie Choi                                                     /s/ Laura Shields
----------------------------------------------------------         -----------------------------------------------

Signature of Witness                                               Authorised Signatory

    Janie Kim Choi                                                 Laura M. Shields
----------------------------------------------------------         -----------------------------------------------

Name of Witness in full                                            Name of Authorised Signatory
</TABLE>

                                       59
<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED BETWEEN PERPETUAL
TRUSTEES AUSTRALIA LIMITED, THE BANK OF NEW YORK, NEW YORK, 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 Class A
                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 Class A 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 together by audio-visual communication
          equipment which, by itself or in conjunction with other arrangements:

                                       60
<PAGE>

          (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.

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;

                                       61
<PAGE>

          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. 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

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          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 Class A 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 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

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     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 section 250D of the Corporations Act, 2001 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 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

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                 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

          (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.

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     (c)  (A$ CLASS B NOTEHOLDERS): No Extraordinary Resolution of a separate
          meeting of the A$ Class B Noteholders (other than one referred to in
          clause 14(a)) 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$
          Class B Basic Term Modification referred to in clause 14(a) of this
          Annexure will not be materially prejudicial to the interests of the A$
          Class B Noteholders and an Extraordinary Resolution of the A$ Class B
          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$ Class B 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$ Class B
          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$ CLASS B BASIC TERM MODIFICATION): an Extraordinary Resolution of
          the Voting Secured Creditors to sanction a A$ Class B Basic Term
          Modification will not be effective for any purpose unless its becoming
          effective has been sanctioned by an Extraordinary Resolution of the A$
          Class B Noteholders or the Security Trustee is of the opinion that its
          becoming effective will not be materially prejudicial to the interests
          of the A$ Class B Noteholders;

     (b)  (EXTRAORDINARY RESOLUTION AFFECTING CLASS A 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 which by its terms, in the opinion of the
          Note Trustee in accordance with, and subject to, the Note Trust Deed,
          affects the Class A Noteholders only, or in a manner different to the
          rights of Secured Creditors generally, or alters the terms of the
          Class A Notes, or is materially prejudicial to the interests of the
          Class A Noteholders will not be effective unless a Special Majority
          (as defined in the Note Trust Deed) of the Class A Noteholders has
          consented, in accordance with the Note Trust Deed, to such
          Extraordinary Resolution of the Voting Secured Creditors or, if the
          Class A Noteholders have become entitled to attend a meeting of Voting
          Secured Creditors, the Class A Noteholders at a separate meeting pass
          an Extraordinary Resolution consenting to such Extraordinary
          Resolution of the Voting Secured Creditors;

     (c)  (PAYMENT MODIFICATION): 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) will not be effective as
          against a Class A Noteholder unless consented to by that Class A
          Noteholder;

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     (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 or 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 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

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     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 Class A 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 Class A 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.

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