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. 2

                                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 - 801/706/21719553 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

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

3.   ISSUE OF NOTES.......................................................................................12
     3.1         Classes of Notes.........................................................................12
     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.................................................................13
     3.5         Pre-Conditions to Issue of Class A Notes and A$ Class B Notes............................13
     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..................................................................15
     4.4         Interest on Overdue Interest on the Notes................................................16
     4.5         Rounding of Payments on the Notes........................................................16
     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.................................19
     5.3         Subordination of Manager's Fees..........................................................20
     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....................................................24

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.....................................................................25

7.   ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES.......................................................25
     7.1         Establishment of the Pre-Funding Pool....................................................25
     7.2         Acquisition of Approved Mortgages during Pre-Funding and Substitution Periods............26
</TABLE>

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<TABLE>
<CAPTION>
<S>  <C>                                                                                                <C>
     7.3         Maturity Date for Approved Mortgages and Further Advances................................26
     7.4         Sale of Approved Mortgages...............................................................27
     7.5         No Obligation............................................................................27
     7.6         [Tasmanian Approved Mortgages and Related Rights.........................................27

8.   REDRAWS AND FURTHER ADVANCES.........................................................................28
     8.1         Redraws and Non-Subordinate Funded Further Advances......................................28
     8.2         Subordinate Funded Further Advances......................................................28
     8.3         No Obligation............................................................................28

9.   TRANSFER POWER OVER APPROVED MORTGAGES...............................................................28
     9.1         Nature of Transfer Power.................................................................28
     9.2         Transfer Power...........................................................................29
     9.3         Benefit of Transfer Power for more than one Fund.........................................29
     9.4         Time of Transfer.........................................................................29
     9.5         Transfer and Payment.....................................................................29

10.  MISCELLANEOUS........................................................................................30
     10.1        Amendments...............................................................................30
     10.2        Collections Held by Manager..............................................................30
     10.3        Currency Conversion of Class A Notes - Authorised Investments............................30
     10.4        Notices to Investors.....................................................................30
</TABLE>

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SUB-FUND NOTICE DATED | 2002

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. 2".

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

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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 Branch (as the initial Note Trustee, Principal Paying
     Agent, Agent Bank and Note Registrar) and The Bank of New York, London
     Branch (as an initial Paying Agent).

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

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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.

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

     "CAPITAL UNITHOLDER" means the Unitholder of the 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.

     "CLOSING DATE" means | 2002 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

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

     but does not include:

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

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

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

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

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

     (o)    any US$ amount received by the Issuer Trustee from the Currency Swap
            Provider 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 Currency Swap Agreement, received by the
            Issuer Trustee to the extent that it is not applied in accordance
            with Part 5(17)(c) of the Currency Swap Agreement).

     "CURRENCY SWAP" means the 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 Currency Swap Agreement and includes any substitute swap
     transaction which replaces an existing Currency Swap.

     "CURRENCY SWAP AGREEMENT" means the ISDA Master Agreement and the schedule
     thereto dated 25 September 2001 entered into between the Issuer Trustee,
     the Manager and the initial Currency Swap Provider (and any swap
     confirmations relating to such ISDA Master Agreement entered into by the
     Issuer Trustee in its capacity as trustee of the PUMA Trust) and includes
     any substitute agreement which replaces an existing Currency Swap
     Agreement.

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

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

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

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

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

     "FINAL MATURITY DATE" means the Quarterly Payment Date occurring in [| June
     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

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     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.

     "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 [25 July] 2002, the 25th day of each following
     calendar month until the Final Maturity Date and the Final Maturity Date
     provided that where any of these dates is not a Business Day the Monthly
     Payment Date will be the next following Business Day.

     "MONTHLY PERIOD" means:

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

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

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

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

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

     "NOTE" means a 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 Branch

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     (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.

     "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, clause 5.1 or 5.5.

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

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

     PC  =  A  -  B  +  C  +  D  +  E  -  F  +  G

                                                                               6
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     where:

     PC    =    the Principal Collections;

     A     =    the aggregate amount outstanding, plus all accrued but unpaid
                interest, at the end of the seventh Business Day prior to the
                immediately preceding Payment Date, or at the opening of
                business on the Closing Date in respect of a day during the
                period on or prior to the first Payment Date, in respect of
                Approved Mortgages which were then assets of the PUMA Trust;

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

     C     =    if that day is on or prior to the first Quarterly Payment Date,
                the aggregate amount of the Pre-Funding Pool which has been
                applied towards the acquisition of Approved Mortgages since the
                seventh Business Day prior to the immediately preceding Payment
                Date or since the opening of business on the Closing Date in
                respect of a day during the period on or prior to the first
                Payment Date, or, if that day is not on or prior to the first
                Quarterly Payment Date, zero;

     D     =    the aggregate amount of Redraw Facility Advances and the
                proceeds of the issue of any A$ Redraw Notes or A$ Class B Notes
                after the Closing Date which have been applied towards the
                acquisition of Approved Mortgages or the making of Redraws or
                Subordinate Funded Further Advances since the seventh Business
                Day prior to the immediately preceding Payment Date or since the
                opening of business on the Closing Date in respect of a day
                during the period on or prior to the first Payment Date;

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

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

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

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

                                                                               7
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     Business Day prior to that Payment Date. The Principal Collections in
     relation to any Payment Date is a notional amount of the Collections on
     that Payment Date.

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

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

     "PUMA TRUST" means the Sub-Fund to be known as PUMA Global Trust No. 2 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 [25 September] 2002, each following 25
     December, 25 March, 25 June and 25 September of each year until the Final
     Maturity Date (and includes the Final Maturity Date) provided that where
     any of these dates is not a Business Day the Quarterly Payment Date will be
     the next following Business Day.

     "QUARTERLY PERIOD" means:

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

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

     provided that in relation to an A$ 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 PROVIDER" means initially Macquarie Bank Limited, ABN 46
     008 583 542, and includes any other person who subsequently enters into a
     Redraw Facility Agreement with the Manager and the Issuer Trustee.

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

                                                                               8
<PAGE>

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

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

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

     "SECURITY TRUST DEED" means the Security Trust Deed to be entered into on
     or 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 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:

                 SRP
     SRFIA =     ----  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 Funded Further Advance Amounts in respect of the Approved
     Mortgages, which are, or were, assets of the PUMA Trust, in relation to
     that Payment Date or date.

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

                                                                               9
<PAGE>

     requires, by the Issuer Trustee at any time to the extent to which it is
     made without the benefit of insurance under a Mortgage Insurance Policy.

     "SUBORDINATE FUNDED FURTHER ADVANCE AMOUNT" in relation to a Payment Date
     or a date upon which a distribution is made pursuant to clause 13.1(g)(ii)
     of the Security Trust Deed and an Approved Mortgage, means the amount, if
     any, by which at the end of the seventh Business Day preceding that Payment
     Date, or the earlier of the date of that distribution or date of sale of
     the relevant Approved Mortgage, as the case may be, the principal balance
     outstanding of that Approved Mortgage exceeds the Scheduled Balance of that
     Approved Mortgage as a result of Subordinate Funded Further Advances made
     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 Funded Further Advances (but not as a result of
     capitalised interest in respect of such Subordinate Funded Further
     Advances). Notwithstanding the foregoing, if an Approved Mortgage 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 Funded Further Advance
            Amount in relation to that Approved Mortgage will be the Subordinate
            Funded Further Advance Amount, as determined in accordance with the
            above paragraph, immediately before the Approved Mortgage was
            written off as unrecoverable;

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

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

     "SUBORDINATION LEVEL" means at any time:

     (a)    the 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 date of the Closing Date up
     to and including the seventh Business Day prior to the second 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.

                                                                              10
<PAGE>

     "TRIGGER LEVEL" means 35%.

     "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 prior to the Closing Date between the Issuer Trustee, the
     Manager, Macquarie Bank Limited, ABN 46 008 583 542, Deutsche Bank
     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

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

1.4  INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

1.5  ISSUER TRUSTEE CAPACITY

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

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

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

                                                                              11
<PAGE>
--------------------------------------------------------------------------------
2.   UNITS

2.1  CLASSES AND NUMBER OF UNITS

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

2.2  INITIAL UNITHOLDER

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

2.3  BENEFICIAL INTEREST REPRESENTED BY THE INCOME UNIT

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

2.4  BENEFICIAL INTEREST REPRESENTED BY THE CAPITAL UNIT

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

2.5  RIGHT OF INCOME UNITHOLDER TO PAYMENTS

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

2.6  RIGHTS OF CAPITAL UNITHOLDER TO PAYMENTS

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

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

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

2.8  RESTRICTIONS ON TRANSFER

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

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

3.1  CLASSES OF NOTES

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

                                                                              12
<PAGE>

     (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 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
            Currency Swap Agreement, the Redraw Facility Agreement, the Currency
            Swap and the Underwriting Agreement;

                                                                              13
<PAGE>

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

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

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

3.6  VOTING AT MEETINGS UNDER THE TRUST DEED

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

     (a)    (NOTICES AND TIMING): if 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 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

                                                                              14
<PAGE>

     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.

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

                                                                              15
<PAGE>

     (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 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.

                                                                              16
<PAGE>

4.6  MANAGER UNDERTAKINGS

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

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

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

5.1  ORDER OF PAYMENTS ON EACH PAYMENT DATE

     At least five Business Days prior to each Payment Date the Manager must
     determine the payments or allocations to be made by the Issuer Trustee on
     that Payment Date from Collections in relation to that Payment Date and
     must direct the Issuer Trustee to apply, in accordance with clause 5.2 and
     subject to clause 5.4(e) (in relation to Collections comprising the
     Principal Cash Balance), and the Issuer Trustee must apply, those
     Collections in making the following payments and allocations on that
     Payment Date in the following order of priority:

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

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

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

     (d)    (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;

                                                                              17
<PAGE>

            (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;

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

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

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

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

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

                                                                              18
<PAGE>

                  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;

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

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

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

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

5.2  ORDER OF APPLICATION OF AMOUNTS REPRESENTING COLLECTIONS

     In making the payments and allocations set out in clause 5.1 on a Payment
     Date, the Manager

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<PAGE>

     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:

            (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:

                                                                              20
<PAGE>

                  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 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

                                                                              21
<PAGE>

                  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 pursuant to clauses 5.4(a) and (b) must be such that
            immediately following the relevant Issue Date or Payment Date (as
            the case may be):

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

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

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

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

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

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

     (e)    (APPLICATION OF PRINCIPAL CASH BALANCE): Principal Cash Balance may
            only be

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<PAGE>

            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;

            (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.

     (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).

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<PAGE>

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 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.

                                                                              24
<PAGE>

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

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

                                                                              25
<PAGE>

     Pre-Funding Pool may only be utilised to acquire Approved Mortgages,
     together with all Loans, Collateral Securities and other rights and
     entitlements relating thereto, during the Pre-Funding Period in accordance
     with clause 7.2 and, following the Pre-Funding Period, must be applied in
     the manner set out in clause 5.8. The Issuer Trustee must keep a record of
     the amount of the Pre-Funding Pool but may mix the Pre-Funding Pool with
     other assets of the PUMA Trust.

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

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

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

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

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

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

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

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

     (d)    (REDRAW FACILITY ADVANCES): at any time, Redraw Facility Advances to
            the extent of any Subordinate Funded 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.

     (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.

                                                                              26
<PAGE>

7.4  SALE OF APPROVED MORTGAGES

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

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

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

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

7.5  NO OBLIGATION

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

7.6  [TASMANIAN APPROVED MORTGAGES AND RELATED RIGHTS

     The Manager must not direct the Issuer Trustee to acquire, and the Issuer
     Trustee must not acquire, any Approved Mortgages, or any Loans, Collateral
     Securities or other rights and entitlements relating to an Approved
     Mortgage, as an asset of the PUMA Trust:

     (a)    (LAND): which are a security over land which is located in the State
            of Tasmania; or

     (b)    (OBLIGOR): in respect of which the relevant mortgagor, borrower,
            guarantor or other obligor under such Approved Mortgage, Loan,
            Collateral Security or other rights and entitlements, is resident or
            has its principal place of business in the State of Tasmania,

     unless the Manager has provided to the Issuer Trustee a prior written
     opinion from the Manager's legal advisers, in a form satisfactory to the
     Issuer Trustee, confirming (subject to such assumptions and qualifications
     as are acceptable to the Issuer Trustee) that such acquisition will not
     result in the Issuer Trustee becoming liable to pay ad valorem stamp duty
     under the Tasmanian Duties Act 2001 in respect of the Security Trust Deed
     or any other Transaction Document. The Manager will indemnify and hold the
     Issuer Trustee harmless from and against any liability incurred directly or
     indirectly by the Issuer Trustee for the payment of stamp duty under the
     Tasmanian Duties Act 2001 as a result of the Manager directing the Issuer
     Trustee to acquire any Approved Mortgages, or any Loans, Collateral
     Securities or other rights and entitlements relating to an Approved
     Mortgage, as an asset of the PUMA Trust in breach of this clause 7.6.]

                                                                              27
<PAGE>

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

8.1  REDRAWS AND NON-SUBORDINATE FUNDED FURTHER ADVANCES

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

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

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

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

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

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

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

8.2  SUBORDINATE FUNDED FURTHER ADVANCES

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

     (a)    make Subordinate Funded Further Advances in respect of Approved
            Mortgages held by the Issuer Trustee; or

     (b)    acquire Approved Mortgages which have a Subordinate Funded Further
            Advance Amount at the time of their acquisition by the Issuer
            Trustee,

     provided that Subordinate Funded Further Advances under paragraph (a) must
     only be made or, the acquisition of Approved Mortgages to the extent of the
     Subordinate Funded 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 Funded Further Advances, and the Manager may elect to so direct
     or not direct the Issuer Trustee in its absolute discretion.

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

9.1  NATURE OF TRANSFER POWER

     Pursuant to clause 6B.4 of the Trust Deed, the Issuer Trustee has the power
     (a "TRANSFER POWER") to transfer all, but not some only, of the Approved
     Mortgages held by it as trustee of

                                                                              28
<PAGE>

     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.

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.

                                                                              29
<PAGE>
--------------------------------------------------------------------------------
10.  MISCELLANEOUS

10.1 AMENDMENTS

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

10.2 COLLECTIONS HELD BY MANAGER

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

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

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

10.3 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.

10.4 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.

EXECUTION

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

.............................              ..............................
Authorised Signatory                      Authorised Signatory

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

.............................              ..............................
Authorised Signatory                      Authorised Signatory

                                                                              30<PAGE>

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

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 001 001 007
Security Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Trustee

SECURITY TRUST DEED
PUMA GLOBAL TRUST NO. 2

                                   CLAYTON UTZ
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 801/706/21719553 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

            1.1         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................................................................10
            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

            6.1         Covenants in respect of Charged Property.................................................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
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>                                                                                                 <C>
            8.2         Extraordinary Resolutions................................................................20
            8.3         Security Trustee to Act in Accordance with Directions....................................20
            8.4         Security Trustee Must Receive Indemnity..................................................21
            8.5         Notice to Issuer Trustee and the Manager.................................................21
            8.6         Manager convenes meeting.................................................................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
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>                                                                                                 <C>
            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
            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
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>                                                                                                 <C>
23.         NOTE TRUSTEE.........................................................................................49

            23.1        Capacity.................................................................................49
            23.2        Exercise of rights.......................................................................49
            23.3        Instructions or directions...............................................................49
            23.4        Payments.................................................................................49
            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...........................................................................52

28.         CHARGOR'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...................................................................................55
            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..................................................................................56
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>                                                                                                 <C>
            29.20       Binding on Each Signatory................................................................57
            29.21       Counterparts.............................................................................57
</TABLE>

<PAGE>

SECURITY TRUST DEED MADE AT SYDNEY ON | 2002.

PARTIES                 PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 001 001 007 a
                        company incorporated in Australia and registered in the
                        Australian Capital Territory 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
                        Victoria 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 BRANCH, a New York
                        banking corporation acting through its New York branch
                        at 101 Barclay Street, 21W, New York, New York 10286
                        (hereinafter included in the expression "NOTE TRUSTEE")

RECITALS

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

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

C.       The Note Trustee has been appointed as trustee under the Note Trust
         Deed to act on behalf of the 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, cancelling, postponing the date of payment,
                  modifying the method for the calculation or altering the order
                  of priority under this Deed, of any amount payable in respect
                  of any principal or interest in respect of the A$ Class B
                  Notes;

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

                                                                               1
<PAGE>

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

            (d)   sanctioning any scheme or proposal for the exchange or sale of
                  the A$ 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.

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

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

            "CLASS A 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

                                                                               2
<PAGE>
                  or, where applicable, a class of Voting Secured Creditors duly
                  convened and held in accordance with the provisions of this
                  Deed (including the Annexure) by a majority consisting of not
                  less than 75% of the votes (determined in accordance with
                  clause 8(d)(i) of the Annexure) of the persons present and
                  voting at the meeting who are then Voting Secured Creditors or
                  Voting Secured Creditors of that class, or representing then
                  Voting Secured Creditors or, if a poll is demanded, by such
                  Voting Secured Creditors, or Voting Secured Creditors of that
                  class, holding or representing between them Voting
                  Entitlements comprising in aggregate a number of votes which
                  is not less than 75% of the aggregate number of votes
                  comprised in the Voting Entitlements held or represented by
                  all the persons present at the meeting voting on such poll; or

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

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

            "HEDGE PROVIDER" means an Interest 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.

                                                                               3
<PAGE>

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

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

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

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

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

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

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

            "PRE-DEFAULT ACTION" means:

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

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

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

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

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

            "PUMA TRUST" means the trust known as the PUMA Global Trust No. 2
            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

                                                                               4
<PAGE>

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

            "SECURED CREDITORS" means the Note Trustee (in its personal capacity
            and as trustee of the Note Trust), each Agent, each Noteholder, each
            Interest Rate Swap Provider, 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.

                                                                               5
<PAGE>

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

                         SFA        =       AMF    -     Senior FA

            where:

            SFA        =     the Subordinated Fee Amount

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

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

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

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

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

            "TRUST DEED" means the 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

                                                                               6
<PAGE>

                        Deed and fails to do so as and when required by the Note
                        Trust Deed and such failure is continuing, the Class A
                        Noteholders) and, if any A$ Redraw Notes remain
                        outstanding, the A$ Redraw Noteholders; or

                  (ii)  if no Senior Note then remains outstanding, the 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;

                                                                               7
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                                                               8
<PAGE>

                                       Trustee or the Manager (as
                                       the case may be); and

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

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

            (iii) is:

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

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

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

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

                                                                               9
<PAGE>

1.5         ISSUER TRUSTEE'S CAPACITY

            In this Deed, unless expressly specified otherwise:

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

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

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

1.6         DETERMINATION OF OUTSTANDING HEDGE MONEY

            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, 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 the relevant date as if an Early Termination Date has
            been designated in respect of those Transactions in accordance with
            the Hedge Arrangement at the time of such determination and as if
            the Manager were a "Non-defaulting Party", as defined in the Hedge
            Arrangement, following an "Event of Default", 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

                                                                              10
<PAGE>

            to by all parties to this Deed.

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

2.1         APPOINTMENT OF SECURITY TRUSTEE

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

2.2         DECLARATION OF SECURITY TRUST

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

2.3         DURATION OF SECURITY TRUST

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

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

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

2.4         BENEFIT OF SECURITY TRUST

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

2.5         INTERESTED PERSONS BOUND

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

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.

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

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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

                                                                              14
<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.

                                                                              15
<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.

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

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<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

                                                                              21
<PAGE>

            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.

                                                                              23
<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

                                                                              25
<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.

                                                                              27
<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

                                                                              29
<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

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<PAGE>

                  amount or as to whether that 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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<PAGE>

                  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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<PAGE>

                  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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<PAGE>

13.7        SATISFACTION OF DEBTS

            Each Secured Creditor will accept the distribution of money to it
            under clause 13.1 in full and final satisfaction of all Secured
            Moneys owing to it and any debt represented by any shortfall after
            any final distribution under clause 13.1 will thereupon be
            extinguished.

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14.         SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

14.1        LIMITATIONS ON POWERS AND DUTIES OF SECURITY TRUSTEE

            Notwithstanding any other provision of this Deed, unless and until
            there is an Event of Default, the Security Trustee has no powers,
            rights, duties or responsibilities other than:

            (a)   (TO HOLD ON TRUST): the duty to hold the Security Trust Fund
                  on trust;

            (b)   (TO TAKE THE BENEFIT OF THE CHARGE): the power to take the
                  benefit of the Charge (but not to take any action to enforce
                  the Charge); and

            (c)   (PRE-DEFAULT ACTION): the power to perform a Pre-Default
                  Action.

            Prior to the Security Trustee becoming aware of the occurrence of an
            Event of Default, the Security Trustee is not required to take and
            may not take any action under this Deed other than Pre-Default
            Actions.

14.2        LIMITATION ON SECURITY TRUSTEE'S ACTIONS

            Notwithstanding knowledge by or notice to the Security Trustee of
            any breach anticipatory or actual, of, or default under, any
            covenant, obligation, condition or provision by the Issuer Trustee
            or the Manager contained in or imposed by any Transaction Document,
            the Security Trustee is only required to take all such steps and do
            all such things as it is empowered to do having regard to the
            powers, authorities and discretions vested in it pursuant to this
            Deed and the obligations imposed on the Security Trustee by this
            Deed.

14.3        ADDITIONAL POWERS, PROTECTIONS, ETC.

            By way of supplement to any Statute regulating the Security Trust
            and in addition to the powers, rights and protections which may from
            time to time be vested in or available to the Security Trustee by
            the general law, it is expressly declared, notwithstanding anything
            to the contrary in this Deed (and subject only to clause 15.3) as
            follows:

            (a)   (LIABILITY TO ACCOUNT): The Security Trustee is under no
                  obligation to account to any Interested Person for any moneys
                  received pursuant to this Deed other 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

                                                                              34
<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

                                                                              35
<PAGE>

            subclauses (i) to (iv) is incorrect or incomplete.

            (g)   (DIRECT OR'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

                                                                              36
<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.

                                                                              37
<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.

                                                                              38
<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 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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<PAGE>

            (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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<PAGE>

            (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 and notwithstanding the rule in
            Groongal Pastoral Company Limited (In Liquidation) v. Falkiner
            (1924) 35 CLR 157, no grant of full or partial satisfaction of or
            discharge from this Deed by the Security Trustee will release the
            Issuer Trustee under this Deed until all the Secured Moneys have in
            fact been received by the Security Trustee and are not liable for
            whatever reason to be disgorged notwithstanding that such quotation
            or statement of account may have arisen from the mistake negligence,
            error of law or error of fact of the Security Trustee its servants
            or agents.

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

                                                                              43
<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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<PAGE>

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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<PAGE>

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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<PAGE>

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.

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. 2" (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 the Noteholders will,
            subject to clause 28, be reimbursed by the Issuer Trustee to the
            Note Trustee.

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<PAGE>

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 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.

                                                                              50
<PAGE>

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.

            (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

                                                                              51
<PAGE>

                  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.

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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.

27.2        DEEMED RECEIPT

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

                                                                              52
<PAGE>

            (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.         CHARGOR'S LIMITED LIABILITY

28.1        LIMITATION ON ISSUER TRUSTEE'S LIABILITY

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

28.2        CLAIMS AGAINST ISSUER TRUSTEE

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

28.3         BREACH OF ISSUER TRUSTEE

            The provisions of this clause 28 will not apply to any obligation or
            liability of the Issuer Trustee to the extent that it is not
            satisfied because under the Trust Deed, Sub-Fund Notice or any other
            Transaction Document or by operation of law there is a reduction in
            the extent of the Issuer Trustee's indemnification out of the assets
            of the PUMA Trust as a result of the Issuer Trustee's fraud,
            negligence or wilful default.

28.4         ACTS OR OMISSIONS

            It is acknowledged that the Relevant Parties are responsible under
            the Transaction Documents for performing a variety of obligations
            relating to the PUMA Trust. No act or omission of the Issuer Trustee
            (including any related failure to satisfy its obligations or any
            breach of representation or warranty under this Deed) will be
            considered fraudulent, negligent or a wilful default for the purpose
            of clause 28.3 to the extent to which the act or omission was caused
            or contributed to by any failure by a Relevant Party or any other
            person appointed by the Issuer Trustee under any Transaction
            Document (other than a person whose acts or omissions the Issuer
            Trustee is liable for in accordance with any

                                                                              53
<PAGE>

            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 to the
            contrary.

                                                                              54
<PAGE>

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.

29.13       WAIVER

            A failure to exercise or enforce or a delay in exercising or
            enforcing or the partial exercise

                                                                              55
<PAGE>

            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.

29.19       SET-OFF

            No Secured Creditor may set-off or apply any sum or debt in any
            currency (whether or not

                                                                              56
<PAGE>

            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 42 001 001 007 by
               its Attorney under a Power of Attorney
dated             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:

                                            ------------------------------------
                                            Signature

------------------------------------
Signature of Witness

------------------------------------
Name of Witness in full

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

                                            ------------------------------------
                                            Signature

                                            ------------------------------------
                                            Signature

------------------------------------
Signature of Witness

------------------------------------
Name of Witness in full

                                                                              58
<PAGE>

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

                                            ------------------------------------
                                            Signature

------------------------------------
Signature of Witness

------------------------------------
Name of Witness in full

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

------------------------------------        ------------------------------------
Signature of Witness                        Authorised Signatory

------------------------------------        ------------------------------------
Name of Witness in full                     Name of Authorised Signatory

                                                                              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 BRANCH, MACQUARIE
SECURITISATION LIMITED AND PERPETUAL TRUSTEE COMPANY LIMITED

--------------------------------------------------------------------------------
               PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

1.          Definitions and incorporation of terms

            In this Annexure, unless specified otherwise or the context
            indicates a contrary intention:

            (a)   words and expressions which are defined in or by virtue of
                  clause 1 of the abovementioned Security Trust Deed (the
                  "SECURITY TRUST DEED") have the same meanings in this
                  Annexure;

            (b)   a "HOLDER" in relation to Secured Moneys will be construed as
                  including a Noteholder in relation to any outstanding Notes;
                  and

            (c)   references to clauses are references to clauses in this
                  Annexure.

2.          CONVENING OF MEETINGS

            (a)   (MEETING AT ANY TIME): The Security Trustee, the Issuer
                  Trustee or the Manager at any time may convene a meeting of
                  the Voting Secured Creditors.

            (b)   (MEETING ON REQUEST): Subject to the Security Trustee being
                  indemnified to its reasonable satisfaction against all costs
                  and expenses occasioned thereby, the Security Trustee will
                  convene a meeting of the Voting Secured Creditors if requested
                  to do so by Voting Secured Creditors who hold between them
                  Voting Entitlements comprising an aggregate number of votes
                  which is no less than 10% of the aggregate number of votes
                  comprising the Voting Entitlements of all Voting Secured
                  Creditors at that time.

            (c)   (TIME AND PLACE APPROVED BY SECURITY TRUSTEE):

                  (i)    Every meeting of Voting Secured Creditors will be held
                         at such time and place as the Security Trustee approves
                         (or, failing such approval by the Security Trustee
                         within a reasonable period, as approved by the
                         Manager), provided that, subject to paragraphs (ii) and
                         (iii) and clause 4, any such meeting shall not be held
                         until the Note Trustee has had, in its opinion,
                         sufficient time to either seek directions from the
                         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.

                                                                              61
<PAGE>

4.          SHORTER NOTICE OF MEETING

            A meeting of the Voting Secured Creditors may be held on shorter
            notice than provided by clause 3 if so agreed by a resolution of
            Voting Secured Creditors at the meeting who:

            (a)   (MAJORITY IN NUMBER): are a majority in number of Voting
                  Secured Creditors (present in person or by proxy) having the
                  right to attend and vote at the meeting; and

            (b)   (95% VOTING ENTITLEMENTS): hold or represent between them
                  Voting Entitlements comprising in aggregate a number of votes
                  which is not less than 95% of the aggregate number of votes
                  comprised in all Voting Entitlements at the time.

5.          CHAIRMAN

            At a meeting of Voting Secured Creditors, some person (whether or
            not a Secured Creditor or a representative of the Security Trustee)
            nominated in writing by the Security Trustee must preside as
            chairman. If no such nomination is made or no such nominated person
            is present within 15 minutes after the time appointed for the
            holding of the meeting, the Voting Secured Creditors present must
            choose one of their number to be chairman.

6.          QUORUM

            At any such meeting, any 2 or more persons present in person
            holding, or being Representatives holding or representing between
            them, in the aggregate 67% or more of the aggregate number of votes
            comprised in all Voting Entitlements at that time will form a quorum
            for the transaction of business and no business (other than the
            choosing of a chairman) is to be transacted at any meeting unless
            the requisite quorum is present at the commencement of business.

7.          ADJOURNMENT

            (a)   (ADJOURNMENT): If within 15 minutes from the time appointed
                  for any such meeting a quorum is not present, the meeting
                  must, if convened upon the requisition of Voting Secured
                  Creditors, be dissolved. In any other case it must stand
                  adjourned (unless the Security Trustee agrees that it be
                  dissolved) for such period, not being less than 7 days nor
                  more than 42 days, as may be appointed by the chairman. At
                  such adjourned meeting, two or more persons present in person
                  holding, or being Representatives holding or representing
                  between them, Voting Entitlements comprising in aggregate a
                  number of votes which is not less than 50% of the aggregate
                  number of votes comprised in all Voting Entitlements at the
                  time must (except for the purpose of passing an Extraordinary
                  Resolution) form a quorum and will have the power to pass any
                  resolution and to decide upon all matters which could properly
                  have been dealt with at the meetings from which the
                  adjournment took place had a quorum been present at such
                  meeting. The quorum at any such adjourned meeting for passing
                  an Extraordinary Resolution will be as specified in clause 6.

            (b)   (PLACE AND TIME OF ADJOURNED MEETING): The chairman may with
                  the consent of (and must if directed by) any meeting adjourn
                  the same from time to time and from place to place but no
                  business may be transacted at any adjourned meeting except
                  business which might lawfully have been transacted at the
                  meeting from which the adjournment took place.

            (c)   (NOTICE OF ADJOURNED MEETING): At least 5 days' notice of any
                  meeting adjourned through want of a quorum is to be given in
                  the same manner as of an original meeting and such notice must
                  state the quorum required at such adjourned meeting.

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                  It will not, however, otherwise be necessary to give any
                  notice of an adjourned meeting.

8.          VOTING PROCEDURE

            (a)   (CASTING VOTES): Every question submitted to a meeting must be
                  decided in the first instance by a show of hands and in case
                  of equality of votes the chairman must, both on a show of
                  hands and on a poll, have a casting vote in addition to the
                  vote or votes (if any) to which he or she may be entitled as a
                  Voting Secured Creditor or as a Representative.

            (b)   (EVIDENCE OF VOTES): At any meeting, unless a poll is (before
                  or on the declaration of the result of the show of hands)
                  demanded by the chairman, the Issuer Trustee, the Manager, the
                  Note Trustee or the Security Trustee or by one or more persons
                  holding, or being Representatives holding or representing
                  between them, in aggregate a number of votes which is not less
                  than 2% of the aggregate number of votes comprised in all
                  Voting Entitlements at the time, a declaration by the chairman
                  that a resolution has been carried by a particular majority or
                  lost or not carried by any particular majority will be
                  conclusive evidence of the fact without proof of the number or
                  proportion of the votes recorded in favour of or against such
                  resolution.

            (c)   (POLLS): If at any meeting a poll is so demanded, it must be
                  taken in such manner and (subject to the provisions of this
                  Annexure) either at once or after such an adjournment as the
                  chairman directs and the result of such poll will be deemed to
                  be the resolution of the meeting at which the poll was
                  demanded as at the date of the taking of the poll. The demand
                  for a poll must not prevent the continuance of the meeting for
                  the transaction of any business other than the question on
                  which the poll has been demanded. Any poll demanded at any
                  meeting on the election of a chairman or on any question of
                  adjournment must be taken at the meeting without adjournment.

            (d)   (VOTING BY VOTING SECURED CREDITORS):

                  (i)    On a show of hands every Voting Secured Creditor who is
                         present in person or by proxy and has the right to vote
                         at the relevant meeting on that resolution has one vote
                         except that the Note Trustee has one vote for each then
                         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

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                  a poll by his committee curator bonis or other person in the
                  nature of a committee curator bonis appointed by such court.

            (h)   (OBJECTION TO VOTER'S QUALIFICATION): No objection is to be
                  raised as to the qualification of any voter except at the
                  meeting or adjourned meeting at which the vote objected to is
                  given or tendered and every vote not disallowed at such
                  meeting will be valid for all purposes. Any such objection
                  made in due time will be referred to the chairman of the
                  meeting and his decision will be final and conclusive.

9.          RIGHT TO ATTEND AND SPEAK

            The Issuer Trustee, the Manager and the Security Trustee (through
            their respective representatives) and their respective financial and
            legal advisers will be entitled to attend and speak at any meeting
            of Voting Secured Creditors. No person will otherwise be entitled to
            attend or vote at any meeting of the Voting Secured Creditors or to
            join with others in requesting the convening of such a meeting
            unless he or she is a Voting Secured Creditor or is a
            Representative.

10.         APPOINTMENT OF PROXIES

            (a)   (PROXY): Each appointment of a proxy must be in writing and,
                  together (if required by the Security Trustee) with proof
                  satisfactory to the Security Trustee of its due execution,
                  must be deposited at the registered office of the Security
                  Trustee or at such other place designated by the Security
                  Trustee not less than 24 hours before the time appointed for
                  holding the meeting or adjourned meeting at which the named
                  proxy proposes to vote and in default, the appointment of
                  proxy will not be treated as valid unless the chairman of the
                  meeting decides otherwise before such meeting or adjourned
                  meeting proceeds to business. A notarially certified copy of
                  proof (if applicable) of due execution must if required by the
                  Security Trustee be produced by the proxy at the meeting or
                  adjourned meeting. The Security Trustee will be under no
                  obligation to investigate or be concerned with the validity
                  of, or the authority of, the proxy named in any such
                  appointment. The proxy named in any appointment of proxy need
                  not be a Voting Secured Creditor.

            (b)   (PROXY VALID): Any vote given in accordance with the terms of
                  an appointment of proxy conforming with clause 10(a) will be
                  valid notwithstanding the previous revocation or amendment of
                  the appointment of proxy or of any of the Voting Secured
                  Creditor's instructions pursuant to which it was executed,
                  provided that no intimation in writing of such revocation or
                  amendment has been received by the Security Trustee at its
                  registered office or by the chairman of the meeting in each
                  case not less than 24 hours before the commencement of the
                  meeting or adjourned meeting at which the appointment of proxy
                  is used.

11.         CORPORATE REPRESENTATIVES

            A person authorised under 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

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            extent to which the Representative is specially directed to vote for
            or against any proposal) has power generally to act at a meeting for
            the Voting Secured Creditor concerned. The Security Trustee and any
            officer of the Security Trustee may be appointed a Representative.

13.         POWERS OF A MEETING OF VOTING SECURED CREDITORS

            (a)   (POWERS): subject to clauses 13(b) and 14 and, to the extent
                  applicable, the mandatory provisions of the United States
                  Trust Indenture Act of 1939, a meeting of Voting Secured
                  Creditors has, without prejudice to any rights or powers
                  conferred on other persons by the Security Trust Deed, power
                  exercisable by Extraordinary Resolution:

                  (i)    to direct the Security Trustee in the action that
                         should be taken by it following the occurrence of an
                         Event of Default;

                  (ii)   to sanction any action that the Security Trustee or a
                         Receiver proposes to take to enforce the provisions of
                         the Security Trust Deed;

                  (iii)  to sanction any proposal by the Manager, the Issuer
                         Trustee or the Security Trustee for any modification,
                         abrogation, variation or compromise of, or arrangement
                         in respect of, the rights of the Secured Creditors
                         against the Issuer Trustee or the Manager whether such
                         rights arise under the Security Trust Deed, the other
                         Transaction Documents or otherwise;

                  (iv)   to postpone the day when the Secured Moneys become
                         payable and to suspend or postpone for a time the
                         payment of the Secured Moneys;

                  (v)    to sanction the exchange or substitution of the Secured
                         Moneys for, or the conversion of the Secured Moneys
                         into, notes or other obligations or securities of the
                         Issuer Trustee or any other body corporate formed or to
                         be formed;

                  (vi)   to assent to any modification of the provisions
                         contained in the Security Trust Deed or the Notes which
                         will be proposed by the Issuer Trustee, the Manager or
                         the Security Trustee;

                  (vii)  to give any authority, direction, guidance or sanction
                         sought by the Security Trustee from the Voting Secured
                         Creditors;

                  (viii) to appoint any persons (whether Voting Secured
                         Creditors or not) as a committee or committees to
                         represent the interests of the Secured Creditors and to
                         confer upon such committee or committees any powers or
                         discretions which the Voting Secured Creditors could
                         themselves exercise by Extraordinary Resolution;

                  (ix)   to approve a person proposed to be appointed as a
                         Substitute Security Trustee under the Security Trust
                         Deed and power to remove any Security Trustee for the
                         time being thereof;

                  (x)    to discharge or exonerate the Security Trustee from any
                         liability in respect of any act or omission for which
                         it may become responsible under the Security Trust
                         Deed;

                  (xi)   to do any other thing which under the Security Trust
                         Deed is required to be given by an Extraordinary
                         Resolution of the Voting Secured Creditors; and

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<PAGE>

                  (xii)  to authorise the Security Trustee or any other person
                         to concur in and execute and do all such documents,
                         acts and things as may be necessary to carry out and
                         give effect to any Extraordinary Resolution.

            (b)   (LIMITATIONS): A meeting of Voting Secured Creditors does not
                  have power to, nor will any resolution submitted to the
                  meeting propose or have the effect of:

                  (i)    removing the Security Trustee or the Manager from
                         office;

                  (ii)   interfering with the management of the PUMA Trust;

                  (iii)  winding up or terminating the PUMA Trust; or

                  (iv)   disposing of, or otherwise dealing with, the assets of
                         the PUMA Trust.

            (c)   (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(b)) shall be effective for any
                  purpose unless:

                  (i)    there are then no Senior Notes outstanding;

                  (ii)   it has been sanctioned by an Extraordinary Resolution
                         of the Voting Secured Creditors representing or being
                         the Senior Noteholders; or

                  (iii)  the Security Trustee is of the opinion that its
                         becoming effective will not be materially prejudicial
                         to the interests of the Senior Noteholders or any class
                         of Senior Noteholders.

            (d)   (ASSUMPTIONS): The Security Trustee is entitled to assume that
                  an A$ 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

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<PAGE>

                  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;

            (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

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                  Creditors, been signed by all the Voting Secured Creditors in
                  the class; and

            (b)   any such instrument shall be effective upon presentation to
                  the Security Trustee for entry in the records referred to in
                  clause 15.

17.         INVALID RESOLUTIONS

            Any resolution of the Voting Secured Creditors which purports to
            direct the Security Trustee or a Receiver to take any action which
            would hinder the performance of any party under the Trust Deed or a
            Transaction Document (except to the extent that enforcement action
            is taken against the Issuer Trustee or in respect of the Charged
            Property) is invalid.

18.         FURTHER PROCEDURES FOR MEETINGS

            Subject to all other provisions of the Security Trust Deed, the
            Security Trustee may without the consent of the Voting Secured
            Creditors prescribe such further regulations regarding the holding
            of meetings of the Voting Secured Creditors and attendance and
            voting at such meetings as the Security Trustee may in its sole
            discretion determine including particularly (but without prejudice
            to the generality of the foregoing) such regulations and
            requirements as the Security Trustee thinks reasonable:

            (a)   (REGARDING ENTITLEMENT TO VOTE): so as to satisfy itself that
                  persons who purport to attend or vote at any meeting of Voting
                  Secured Creditors are entitled to do so in accordance with
                  this Annexure and the other provisions of the Security Trust
                  Deed; and

            (b)   (REGARDING REPRESENTATIVES): as to the form of appointment of
                  a Representative.

19.         CLASS OF SECURED CREDITORS

            The provisions of this Annexure apply, mutatis mutandis, to a
            meeting of any class of Voting Secured Creditors or of any class of
            Secured Creditors under this Annexure or the Security Trust Deed. If
            the 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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