Document:

<PAGE>

                                SUPPLEMENTAL DEED

                            (SMHL MASTER TRUST DEED)

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                ACN 000 431 827

                                      and

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                ACN 005 964 134

                       [FREEHILL HOLLINGDALE & PAGE LOGO]

          MLC Centre Martin Place Sydney New South Wales 2000 Australia

                 Telephone (02) 9225 5000 Int + (61 2) 9225 5000
                     Facsimile (02) 9322 4000 DX 361 Sydney

                             Reference: PJSR:MR:31F

    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                CORRESPONDENT OFFICES IN JAKARTA AND KUALA LUMPUR

LIABILITY IS LIMITED BY THE SOLICITORS SCHEME UNDER THE PROFESSIONAL STANDARDS
ACT 1994 (NSW)

<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page

<S>      <C>                                                                                                   <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1      Definitions                                                                                     1
         1.2      Interpretation                                                                                  1

2        AMENDMENTS TO THE MASTER TRUST DEED                                                                      2

         2.1      Amendments                                                                                      2
         2.2      Further amendments                                                                              2
         2.3      Operation of this deed                                                                          2
         2.4      Amendments not to affect validity, rights, obligations                                          2
         2.5      Confirmation                                                                                    2
         2.6      Acknowledgment                                                                                  2
         2.7      Approval                                                                                        3

3        GENERAL                                                                                                  3

         3.1      Governing law and jurisdiction                                                                  3
         3.2      Attorneys                                                                                       3

SCHEDULE A                                                                                                        4

                                     PAGE 1
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
THIS SUPPLEMENTAL DEED

is made on                                  2000 between the following parties:

                  1.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 17, 360 Collins Street, Melbourne
                          (MANAGER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of Level 7, 39 Hunter Street, Sydney
                          (TRUSTEE)

RECITALS

                  A.      The parties entered into a Master Trust Deed in
                          relation to the Superannuation Members' Home Loans
                          Trusts on 4 July 1994 (as amended) (MASTER TRUST
                          DEED).

                  B.      The Manager and Trustee are respectively the manager
                          and trustee of the trusts constituted by the Master
                          Trust Deed.

                  C.      Clause 28.1 of the Master Trust Deed permits the
                          Trustee and the Manager to amend the Master Trust Deed
                          and the Manager has complied with clause 28.4 of the
                          Master Trust Deed in respect of the amendments to be
                          effected by this deed.

                  D.      The parties wish to amend the Master Trust Deed in the
                          manner set out in this deed.

THIS DEED WITNESSES

that in consideration of, among other things, the mutual promises contained in
this deed, the parties agree:

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

1.1      DEFINITIONS

         In this deed, a word or phrase defined in the Master Trust Deed has
         the same meaning as in the Master Trust Deed.

1.2      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed.

                                     PAGE 1

<PAGE>

--------------------------------------------------------------------------------
2        AMENDMENTS TO THE MASTER TRUST DEED

2.1      AMENDMENTS

         In respect of any Fund created after the date of this deed, the Master
         Trust Deed is amended (except for clauses 3.1, 3.2 and 4.1 which are
         not amended or affected by this clause in any way) as shown in
         Schedule A by:

         (a)  deleting the text which is struck though in Schedule A;

         (b)  inserting the text which is underlined in Schedule A; and

         (c)  renumbering the clause to conform which the clause numbering set
              out in Schedule A.

2.2      FURTHER AMENDMENTS

         In respect of any Fund created after the date of this deed, clause 4.1
         of the Master Trust Deed is amended by:

         (a)  inserting the words "Unless the Notice of Creation of a
              Securitisation Fund provides otherwise," at the beginning of the
              clause; and

         (b)  replacing the reference to clause 4.2(a)(i) with the reference to
              clause 4.2(a)(1) in the third line of paragraph (b).

2.3      OPERATION OF THIS DEED

         The amendments to the Master Trust Deed in clause 2.1 and 2.2 take
         effect from the date of this deed.

2.4      AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

         (a)  An amendment to the Master Trust Deed does not affect the
              validity or enforceability of the Master Trust Deed.

         (b)  Nothing in this deed:

              (1)  prejudices or adversely affects any right, power, authority,
                   discretion or remedy arising under the Master Trust Deed
                   before the date of this deed; or

              (2)  discharges, releases or otherwise affects any liability or
                   obligation arising under the Master Trust Deed before the
                   date of this deed.

2.5      CONFIRMATION

         Each party is bound by the Master Trust Deed as amended by this deed.
         The Master Trust Deed as amended by this deed shall be binding on all
         Bond Holders and the Beneficiaries as if each was originally a party
         to each of the Master Trust Deed and this deed.

2.6      ACKNOWLEDGMENT

         Each party acknowledges that this deed is issued in accordance with
         the Master Trust Deed.

                                     PAGE 2

<PAGE>
2.7      APPROVAL

         The Manager approves the amendments to be made to the Master Trust
         Deed by this deed.

--------------------------------------------------------------------------------
3        GENERAL

3.1      GOVERNING LAW AND JURISDICTION

         This deed is governed by the laws of New South Wales.

3.2      ATTORNEYS

         Each of the Attorneys executing this deed states that the Attorney has
         no notice of the revocation of the power of attorney appointing that
         Attorney.

                                     PAGE 3

<PAGE>

--------------------------------------------------------------------------------
SCHEDULE A - AMENDMENTS TO THE MASTER TRUST DEED

                                     PAGE 4

<PAGE>

--------------------------------------------------------------------------------
EXECUTED AS A DEED:
SIGNED SEALED AND DELIVERED for

SUPERANNUATION MEMBERS' HOME LOANS LIMITED

by its attorney in the

presence of:

<TABLE>
<CAPTION>

<S>                                                              <C>
/s/ Maria Ratner                                                 /s/ Peter Rowe
------------------------------------------------                 --------------------------------------------------

Witness                                                          Attorney

Maria Ratner                                                     Peter Rowe
------------------------------------------------                 --------------------------------------------------

Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for

PERPETUAL TRUSTEES AUSTRALIA LIMITED

by its attorney in the

presence of:

/s/ Maria Ratner                                                 /s/ Richard Anthony Lovell
------------------------------------------------                 --------------------------------------------------

Witness                                                          Attorney

Maria Ratner                                                     Richard Anthony Lovell
------------------------------------------------                 --------------------------------------------------

Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 5

<PAGE>

                                SUPPLEMENTAL DEED
                            (SMHL MASTER TRUST DEED)

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                 ACN 005 964 134

                                       and

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                 ACN 000 431 827

                       [FREEHILL HOLLINGDALE & PAGE LOGO]

          MLC CENTRE MARTIN PLACE SYDNEY NEW SOUTH WALES 2000 AUSTRALIA
                 TELEPHONE (02) 9225 5000 INT + (61 2) 9225 5000
                     FACSIMILE (02) 9322 4000 DX 361 SYDNEY
                             REFERENCE: EMCD:HL:31F
    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                         CORRESPONDENT OFFICE IN JAKARTA

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

<PAGE>

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS

Clause                                                                                                         Page

<S>      <C>                                                                                                   <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1         Definitions                                                                                  1
         1.2         Interpretation                                                                               1

2        AMENDMENTS TO THE MASTER TRUST DEED                                                                      2

         2.1         Amendments                                                                                   2
         2.2         Amendments not to affect validity, rights, obligations                                       2
         2.3         Confirmation                                                                                 2
         2.4         Acknowledgment                                                                               2
         2.5         Approval                                                                                     2

3        GENERAL                                                                                                  2

         3.1         Governing law and jurisdiction                                                               2
         3.2         Attorneys                                                                                    2
</TABLE>

                                     PAGE 1

<PAGE>

--------------------------------------------------------------------------------
THIS SUPPLEMENTAL DEED

                  is made on                      between the following parties:

                  1.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 10, 447 Collins Street, Melbourne
                          (MANAGER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of Level 7, 39 Hunter Street, Sydney
                          (TRUSTEE)

RECITALS

                  A.      The parties entered into a Master Trust Deed in
                          relation to the Superannuation Members' Home Loans
                          Trusts on 4 July 1994 (as amended) (MASTER TRUST
                          DEED).

                  B.      The Manager and Trustee are respectively the manager
                          and trustee of the trusts constituted by the Master
                          Trust Deed.

                  C.      Clause 28.2 of the Master Trust Deed provides that
                          where, in the reasonable opinion of the Trustee,
                          amendments to be made to the Master Trust Deed are
                          prejudicial or likely to be prejudicial to the
                          interests of Bondholders, the amendment can only be
                          made with the prior consent on the Bondholders.

                  D.      The Bondholders have consented to the amendments
                          contained in this deed and the Manager has complied
                          with clause 28.4 of the Master Trust Deed in respect
                          of the amendments to be effected by this deed.

                  E.      The parties wish to amend the Master Trust Deed in the
                          manner set out in this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

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

         1.1  DEFINITIONS

              In this deed, a word or phrase defined in the Master Trust Deed
              has the same meaning as in the Master Trust Deed.

         1.2  INTERPRETATION

              Clause 1.2 of the Master Trust Deed applies to this deed.

                                     PAGE 1
<PAGE>

-------------------------------------------------------------------------------
2        AMENDMENTS TO THE MASTER TRUST DEED

         2.1  AMENDMENTS

              (a)  The definition of Financial Default in clause 1.1 of the
                   Master Trust Deed is amended in relation to the
                   Securitisation Fund known as SMHL PP7 and all future
                   Securitisation Funds by deleting the words "3 Banking Days"
                   and inserting the words "5 Banking Days".

              (b)  The amendments to the Master Trust Deed take effect from the
                   date of this deed.

         2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

              (a)  An amendment to the Master Trust Deed does not affect the
                   validity or enforceability of the Master Trust Deed.

              (b)  Nothing in this deed:

                   (1)  prejudices or adversely affects any right, power,
                        authority, discretion or remedy arising under the
                        Master Trust Deed before the date of this deed; or

                   (2)  discharges, releases or otherwise affects any liability
                        or obligation arising under the Master Trust Deed
                        before the date of this deed.

         2.3  CONFIRMATION

              Each party is bound by the Master Trust Deed as amended by this
              deed. The Master Trust Deed as amended by this deed shall be
              binding on all Bondholders and the Beneficiaries as if each was
              originally a party to each of the Master Trust Deed and this
              deed.

         2.4  ACKNOWLEDGMENT

              Each party acknowledges that this deed is issued in accordance
              with the Master Trust Deed.

         2.5  APPROVAL

              The Manager approves the amendments to be made to the Master
              Trust Deed by this deed.

-------------------------------------------------------------------------------
3        GENERAL

         3.1  GOVERNING LAW AND JURISDICTION

              This deed is governed by the laws of New South Wales.

         3.2  ATTORNEYS

              Each of the Attorneys executing this deed states that the
              Attorney has no notice of the revocation of the power of attorney
              appointing that Attorney.

                                     PAGE 2

<PAGE>

-------------------------------------------------------------------------------
EXECUTED AS A DEED:

Signed for SUPERANNUATION MEMBERS'
HOME LOANS LIMITED
by its attorney under a Power of Attorney dated 27 June 2000 and who declares
that he has not received any notice of the revocation of such Power of Attorney
in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>
/s/ Matt Keogh                                                   /s/ Peter Rowe
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Matt Keogh                                                       Peter Rowe
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney under a Power of Attorney dated 27 June 2000 and who declares that
he has not received any notice of the revocation of such Power of Attorney in
the presence of:

/s/ Stacey Gray                                                  /s/ Jane McCann
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Stacey Gray                                                      Jane McCann
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 3

<PAGE>

                                SUPPLEMENTAL DEED
                            (SMHL MASTER TRUST DEED)

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                 ACN 005 964 134

                                       and

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                 ACN 000 431 827

                       [FREEHILL HOLLINGDALE & PAGE LOGO]

          MLC CENTRE MARTIN PLACE SYDNEY NEW SOUTH WALES 2000 AUSTRALIA
                 TELEPHONE (02) 9225 5000 INT + (61 2) 9225 5000
                     FACSIMILE (02) 9322 4000 DX 361 SYDNEY
                             REFERENCE: PJSR:MJK:25F
    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                         CORRESPONDENT OFFICE IN JAKARTA

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

<PAGE>

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS

Clause                                                                                                         Page

<S>      <C>                                                                                                   <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1         Definitions                                                                                  1
         1.2         Interpretation                                                                               1

2        AMENDMENTS TO THE MASTER TRUST DEED                                                                      2

         2.1         Amendments                                                                                   2
         2.2         Amendments not to affect validity, rights, obligations                                       2
         2.3         Confirmation                                                                                 2
         2.4         Acknowledgment                                                                               2
         2.5         Approval                                                                                     2

3        GENERAL                                                                                                  2

         3.1         Governing law and jurisdiction                                                               2
         3.2         Attorneys                                                                                    3

</TABLE>

                                     PAGE 1
<PAGE>

-------------------------------------------------------------------------------
THIS SUPPLEMENTAL DEED

                  is made on             2000     between the following parties:

                  1.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 17, 360 Collins Street, Melbourne
                          (MANAGER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of Level 7, 39 Hunter Street, Sydney
                          (TRUSTEE)

RECITALS

                  A.      The parties entered into a Master Trust Deed in
                          relation to the Superannuation Members' Home Loans
                          Trusts on 4 July 1994 (as amended) (MASTER TRUST
                          DEED).

                  B.      The Manager and Trustee are respectively the manager
                          and trustee of the trusts constituted by the Master
                          Trust Deed.

                  C.      The Trustee is of the reasonable opinion that the
                          amendments to be made to the Master Trust Deed by this
                          deed are neither prejudicial nor likely to be
                          prejudicial to the interests of the Bondholders or the
                          Beneficiaries in respect of any constituted Fund.

                  D.      Clause 28.1 of the Master Trust Deed permits the
                          Trustee and the Manager to amend the Master Trust Deed
                          and the Manager has complied with clause 28.4 of the
                          Master Trust Deed in respect of the amendments to be
                          effected by this deed.

                  E.      The parties wish to amend the Master Trust Deed in the
                          manner set out in this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

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

         1.1 DEFINITIONS

             In this deed, a word or phrase defined in the Master Trust Deed
             has the same meaning as in the Master Trust Deed.

         1.2  INTERPRETATION

              Clause 1.2 of the Master Trust Deed applies to this deed.

                                     PAGE 1

<PAGE>

--------------------------------------------------------------------------------
2         AMENDMENTS TO THE MASTER TRUST DEED

          2.1  AMENDMENTS

               (a)  The Master Trust Deed is amended by deleting clause 21.7 and
                    replacing it as follows:

                    21.7 Tax Returns

                         The Manager shall prepare and lodge all necessary tax
                         returns for each Fund.

               (b)  The amendments to the Master Trust Deed in clause 2.1((a))
                    take effect on the date of this deed.

          2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

               (a)  An amendment to the Master Trust Deed does not affect the
                    validity or enforceability of the Master Trust Deed.

               (b)  Nothing in this deed:

                    (1)  prejudices or adversely affects any right, power,
                         authority, discretion or remedy arising under the
                         Master Trust Deed before the date of this deed; or

                    (2)  discharges, releases or otherwise affects any liability
                         or obligation arising under the Master Trust Deed
                         before the date of this deed.

          2.3  CONFIRMATION

               Each party is bound by the Master Trust Deed as amended by this
               deed. The Master Trust Deed as amended by this deed shall be
               binding on all Bond Holders and the Beneficiaries as if each was
               originally a party to each of the Master Trust Deed and this
               deed.

          2.4  ACKNOWLEDGMENT

               Each party acknowledges that this deed is issued in accordance
               with the Master Trust Deed.

          2.5  APPROVAL

               The Manager approves the amendments to be made to the Master
               Trust Deed by this deed.

--------------------------------------------------------------------------------
3         GENERAL

          3.1  GOVERNING LAW AND JURISDICTION

               This deed is governed by the laws of New South Wales.

                                     PAGE 2

<PAGE>

          3.2  ATTORNEYS

               Each of the Attorneys executing this deed states that the
               Attorney has no notice of the revocation of the power of attorney
               appointing that Attorney.

--------------------------------------------------------------------------------
EXECUTED AS A DEED:
Signed for SUPERANNUATION MEMBERS'
HOME LOANS LIMITED
by its attorney under a Power of Attorney dated 18/7/00 and who declares that
he has not received any notice of the revocation of such Power of Attorney in
the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>
/s/ Matt Keogh                                                   /s/ James H. Graham
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Matt Keogh                                                       James H. Graham
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney under a Power of Attorney dated 26 October 2000
and who declares that he has not received any notice of the
revocation of such Power of Attorney in the presence of:

/s/ Lionel Koe                                                   /s/ Jane McCann
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Lionel Koe                                                       Jane McCann
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 3

<PAGE>

SUPPLEMENTAL DEED
(SMHL MASTER TRUST DEED)

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

and

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

[FREEHILLS LOGO]

MLC Centre Martin Place Sydney NSW 2000 Australia
Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
www.freehills.com.au DX361 Sydney

SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH CITY SINGAPORE
Correspondent Offices JAKARTA KUALA LUMPUR

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

Reference: PJSR:FAW:25F

<PAGE>

                                                             Supplemental Deed

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page

<S>      <C>                                                                                                   <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1      Definitions                                                                                     1
         1.2      Interpretation                                                                                  1

2        AMENDMENTS TO THE MASTER TRUST DEED                                                                      1

         2.1      Amendments                                                                                      1
         2.2      Amendments not to affect validity, rights and obligations                                       2
         2.3      Confirmation                                                                                    2
         2.4      Acknowledgment                                                                                  2
         2.5      Approval                                                                                        2

3        GENERAL                                                                                                  2

         3.1      Governing law and jurisdiction                                                                  2
         3.2      Attorneys                                                                                       2

SCHEDULE                                                                                                          4

</TABLE>

                                     PAGE 1

<PAGE>

-------------------------------------------------------------------------------
THIS AMENDING DEED

                  is made on                 between the following parties:

                  1.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 17, 360 Collins Street, Melbourne, Victoria
                          (MANAGER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          86 000 431 827
                          of Level 7, 39 Hunter Street, Sydney, NSW 2000
                          (TRUSTEE)

RECITALS

                  A.      The Manager and Trustee are parties to a Master Trust
                          Deed in relation to the Superannuation Members' Home
                          Loans Trusts on 4 July 1994 (as amended) (MASTER TRUST
                          Deed).

                  B.      The Manager and Trustee are respectively the manager
                          and trustee of the trusts constituted by the Master
                          Trust Deed.

                  C.      Clause 28.1 of the Master Trust Deed permits the
                          Trustee and the Manager to amend the Master Trust Deed
                          in certain circumstances and the Manager has complied
                          with clause 28.4 of the Master Trust Deed in respect
                          of the amendments to be effected by this deed.

                  D.      The parties wish to amend the Master Trust Deed in the
                          manner set out in this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

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

         1.1  DEFINITIONS

              In this deed, a word or phrase defined in the Master Trust Deed
              has the same meaning as in the Master Trust Deed.

         1.2  INTERPRETATION

              Clause 1.2 of the Master Trust Deed applies to this deed.

-------------------------------------------------------------------------------
2        AMENDMENTS TO THE MASTER TRUST DEED

         2.1  AMENDMENTS

              (a)  The Master Trust Deed is amended as set out in the schedule.

              (b)  The amendments to the Master Trust Deed take effect from the
                   later of:

                                     PAGE 1

<PAGE>

                                                               Supplemental Deed

                    (1)  the date of this deed; and

                    (2)  the first to occur of the date upon which:

                         (A)  the Australian Prudential Regulation Authority
                              grants an authority to carry on a banking business
                              in Australia to Members Equity Pty Limited; or

                         (B)  the Trustee advises the Manager in writing that it
                              does not require satisfaction of the condition in
                              clause 2.1(b)(2)(A).

     2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS AND OBLIGATIONS

          (a)  An amendment to the Master Trust Deed does not affect the
               validity or enforceability of the Master Trust Deed.

          (b)  Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Master Trust Deed
                    before the date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Master Trust Deed before the
                    date of this deed.

     2.3  CONFIRMATION

          Each party is bound by the Master Trust Deed as amended by this deed.
          The Master Trust Deed as amended by this deed shall be binding on all
          Bondholders and the Beneficiaries as if each was originally a party to
          each of the Master Trust Deed and this deed.

     2.4  ACKNOWLEDGMENT

          Each party acknowledges that this deed is a Transaction Document.

     2.5  APPROVAL

          The Manager approves the amendments to be made to the Master Trust
          Deed by this deed.

-------------------------------------------------------------------------------
3        GENERAL

         3.1  GOVERNING LAW AND JURISDICTION

              This deed is governed by the laws of New South Wales.

         3.2  ATTORNEYS

              Each of the Attorneys executing this deed states that the
              Attorney has no notice of the revocation of the power of attorney
              appointing that Attorney.

                                     PAGE 2

<PAGE>

                                                               Supplemental Deed

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

EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>
/s/ Ewan MacDonald                                                /s/ James Graham
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Ewan MacDonald                                                    James Graham
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

/s/ Lionel Koe                                                   /s/ Stacey Gray
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Lionel Koe                                                       Stacey Gray
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 3

<PAGE>

                                                               Supplemental Deed

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

SCHEDULE

     This agreement is amended by deleting clause 14.4 and replacing it with the
     following:

     "14.4 VOLUNTARY RETIREMENT

     The Manager may only voluntarily retire from the management of the Funds
     if:

     (a)  (NOTICE): it gives to the Trustee and each Designated Rating Agency
          three months' notice in writing (or such lesser period of notice as
          the Manager and the Trustee agree) of its intention to retire;

     (b)  (NEW MANAGER ACCEPTABLE TO TRUSTEE): subject to clause 14.4(c), it
          selects as a new Manager of the Funds a corporation which is
          acceptable to the Trustee and the Designated Rating Agencies and which
          enters into the deed referred to in clause 14.6 and such other
          documents as are necessary for it to assume the obligations, duties,
          rights and entitlements of the outgoing Manager under the then
          Transaction Documents;

     (c)  (DEFAULT MANAGER): if the outgoing Manager does not propose a
          replacement at least 30 days before the date the Manager proposes to
          retire or either or both of the Trustee and the Designated Rating
          Agencies do not approve of the replacement proposed by the Manager,
          the Trustee may appoint a new manager as of the date of the proposed
          retirement with the consent of the Designated Ratings Agencies. An
          appointment is not complete until the new manager enters into the deed
          and other documents referred to in clause 14.4(b), and until such
          appointment is complete the Trustee shall, subject to this Deed and to
          any approval required by law, act as Manager and shall be entitled to
          the Manager's remuneration thereunder; and

     (d)  (RATING): The appointment of a new Manager must not be made if it
          would have an adverse effect on the rating of any Bonds."

                                     PAGE 4

<PAGE>

SUPPLEMENTAL DEED
(SMHL MASTER TRUST DEED)

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

and

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

[FREEHILLS LOGO]

MLC Centre Martin Place Sydney NSW 2000 Australia
Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
www.freehills.com.au DX361 Sydney

SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH CITY SINGAPORE
Correspondent Offices JAKARTA KUALA LUMPUR

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

Reference: PJSR:ARH:25F

<PAGE>

                                                             Supplemental Deed

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page

<S>      <C>                                                                                                   <C>
1        DEFINITIONS AND INTERPRETATION                                                                           1

         1.1      Definitions                                                                                     1
         1.2      Interpretation                                                                                  1

2        AMENDMENTS TO THE MASTER TRUST DEED                                                                      1

         2.1      Amendments                                                                                      1
         2.2      Amendments not to affect validity, rights and obligations                                       2
         2.3      Confirmation                                                                                    2
         2.4      Approval                                                                                        2

3        GENERAL                                                                                                  2

         3.1      Governing law and jurisdiction                                                                  2
         3.2      Attorneys                                                                                       2

SCHEDULE                                                                                                          4

</TABLE>

                                     PAGE 1

<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

                  is made on                      between the following parties:

                  1.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 17, 360 Collins Street, Melbourne, Victoria
                          (MANAGER)

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          86 000 431 827
                          of Level 7, 39 Hunter Street, Sydney, NSW 2000
                          (TRUSTEE)

RECITALS

                  A.      The Manager and Trustee are parties to a Master Trust
                          Deed in relation to the Superannuation Members' Home
                          Loans Trusts on 4 July 1994 (as amended) (MASTER TRUST
                          DEED).

                  B.      The Manager and Trustee are respectively the manager
                          and trustee of the trusts constituted by the Master
                          Trust Deed.

                  C.      Clause 28.1 of the Master Trust Deed permits the
                          Trustee and the Manger to amend the Master Trust Deed
                          and the Manager has complied with clause 28.4 of the
                          Master Trust Deed in respect of the amendments to be
                          effected by this deed.

                  D.      The parties wish to amend the Master Trust Deed in the
                          manner set out in this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

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

         1.1  DEFINITIONS

              In this deed, a word or phrase defined in the Master Trust Deed
              has the same meaning as in the Master Trust Deed.

         1.2  INTERPRETATION

              Clause 1.2 of the Master Trust Deed applies to this deed.

--------------------------------------------------------------------------------
2        AMENDMENTS TO THE MASTER TRUST DEED

         2.1  AMENDMENTS

              (a)  The Master Trust Deed is amended as set out in the schedule.

                                     PAGE 1

<PAGE>

                                                               Supplemental Deed

               (b)  The amendments to the Master Trust Deed take effect from the
                    date of this deed

          2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS AND OBLIGATIONS

               (b)  An amendment to the Master Trust Deed does not affect the
                    validity or enforceability of the Master Trust Deed.

               (c)  Nothing in this deed:

                    (1)  prejudices or adversely affects any right, power,
                         authority, discretion or remedy arising under the
                         Master Trust Deed before the date of this deed; or

                    (2)  discharges, releases or otherwise affects any liability
                         or obligation arising under the Master Trust Deed
                         before the date of this deed.

          2.3  CONFIRMATION

               Each party is bound by the Master Trust Deed as amended by this
               deed. The Master Trust Deed as amended by this deed shall be
               binding on all Bondholders and the Beneficiaries as if each was
               originally a party to each of the Master Trust Deed and this
               deed.

          2.4  APPROVAL

               The Manager approves the amendments to be made to the Master
               Trust Deed by this deed.

--------------------------------------------------------------------------------
3         GENERAL

          3.1  GOVERNING LAW AND JURISDICTION

               This deed is governed by the laws of the Australian Capital
               Territory.

          3.2  ATTORNEYS

               Each of the Attorneys executing this deed states that the
               Attorney has no notice of the revocation of the power of attorney
               appointing that Attorney.

                                     PAGE 2

<PAGE>

                                                               Supplemental Deed

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

EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the presence of:

<TABLE>
<CAPTION>
<S>                                                              <C>
/s/ Matt Keogh                                                   /s/ Stephanie Pursley
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Matthew Keogh                                                       Stephanie Pursley
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

/s/ Matt Keogh                                                   /s/ Stacey Gray
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Matthew Keogh                                                    Stacey Gray
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 3

<PAGE>

                                                               Supplemental Deed

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

SCHEDULE

1        Clause 13 of the Master Trust Deed is deleted and replaced as follows:

         "13   MANAGER'S FEE

               (a)  In consideration of the Manager performing its function and
                    duties hereunder, it shall be entitled for its own use and
                    benefit to be paid from each Fund the fee, as is, or the
                    method of calculation of which is, specified, and on such
                    dates as are specified, in Schedule 9 (MANAGER'S FEE);

               (b)  The Manager may allocate the Manager's Fee between such of
                    its functions under this deed as it may from time to time
                    determine.

               (c)  Subject to clause 13(d), the Manager, from time to time, may
                    give notice to the Trustee that in respect of any Fund:

                    (1)  a proportion of the Manager's Fee ("FIXED FEE") will
                         continue to be payable notwithstanding that the Manager
                         is in breach of any of its obligations under this deed
                         or has ceased to be the Manager of the Fund; and

                    (2)  the period that such Fixed Fee will continue to be
                         payable.

               (d)  The balance of the Manager's Fee payable to the Manager
                    after deducting the amounts described in clause 13(c), must
                    at all times be equal to, or greater than, 0.30% per annum
                    of the Mortgage Component (as defined in Schedule 9) of the
                    Funds.

               (e)  The Trustee must make all payments due in respect of the
                    Fixed Fee without:

                    (3)  any set-off, counterclaim or condition; and

                    (4)  any deduction or withholding for any Tax or any other
                         reason, unless the Trustee is required to make a
                         deduction or withholding by applicable law.

                                     PAGE 4<PAGE>

            SUPPLEMENTARY BOND TERMS NOTICE
            SMHL GLOBAL FUND NO. 3
            CLASS A NOTES AND CLASS B NOTES

            [FREEHILLS logo]

            MLC Centre Martin Place Sydney NSW 2000 Australia
            Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
            www.freehills.com.au DX361 Sydney

            SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH CITY
            Correspondent Offices JAKARTA KUALA LUMPUR SINGAPORE

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

            Reference PJSR:TEL:25E

<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

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

TABLE OF CONTENTS
Clause                                                                  Page

1   FUNCTION                                                             1

2   DEFINITIONS AND INTERPRETATION                                       1

    2.1      Definitions                                                 1
    2.2      Incorporation of Master Trust Deed Definitions             13
    2.3      Interpretation                                             13
    2.4      Payments                                                   13

3   NOTES                                                               13

    3.1      Conditions of Notes                                        13
    3.2      Issue of Notes                                             14
    3.3      Trustee's covenant to Noteholders and the Note Trustee     14
    3.4      Final redemption                                           15
    3.5      Period during which interest accrues                       15
    3.6      Calculation of interest                                    15
    3.7      Aggregate receipts                                         16
    3.8      Application of Principal Repayment Pool                    16
    3.9      Repayment of Principal                                     17
    3.10     Final Maturity Date                                        17
    3.11     Reduction in Principal balance                             17
    3.12     Cancellation on repayment                                  17
    3.13     Payments into US$ Account                                  17
    3.14     Payments out of US$ Account                                17
    3.15     Rounding of amounts                                        17
    3.16     Prescription                                               18
    3.17     Replacement of Currency Swap                               18
    3.18     Realised Losses on Mortgages                               19

4   NOTES CALLABLE AT OPTION OF TRUSTEE                                 19

    4.1      Call - Class A Notes                                       19
    4.2      Tax event                                                  20
    4.3      Call - Class B Notes                                       21

5   CASH-COLLATERAL                                                     21

    5.1      Cash Collateral Account                                    21
    5.2      Initial Cash Collateral and Liquidity Notes                21
    5.3      Investment of Cash Collateral                              22
    5.4      Use of Cash Collateral                                     22
    5.5      Surplus Cash Collateral                                    22

6   DISTRIBUTION OF COLLECTIONS                                         22

    6.1      Distribution of Interest Collections                       22
    6.2      Distribution of Principal Collections                      24
    6.3      Rights of Liquidity Noteholder                             25
    6.4      Funding Loan Redraw Facilities                             25

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

    6.5      Payment of Charge Offs                                     26

7   SUBSTITUTION OF MORTGAGES                                           26

    7.1      Purchase of Substitute Mortgages                           26
    7.2      Restrictions on substitutions                              27

8   NOTIFICATIONS OF CALCULATIONS ETC.                                  27

9   INTENTIONALLY DELETED                                               28

10  AMENDMENTS TO MASTER TRUST DEED                                     28

11  RATING AGENCY REQUIREMENTS                                          36

    11.1     Designated Rating Agencies                                 36
    11.2     Designated Ratings                                         36
    11.3     Minimum Rating Requirements                                36
    11.4     Banks                                                      36
    11.5     Notifications to Designated Rating Agencies                36
    11.6     No other Requirements                                      37
    11.7     Loan Redraw Facilities                                     37

12  THRESHOLD RATE                                                      37

13  BENEFICIARY                                                         38

14  NOTE TRUSTEE                                                        39

    14.1     Capacity                                                   39
    14.2     Exercise of rights                                         39
    14.3     Representation and warranty                                39
    14.4     Payments                                                   39

15  SECURITY TRUST DEED                                                 39

16  MISCELLANEOUS                                                       39

    16.1     Banking Day                                                39
    16.2     Provisions of the Master Trust Deed to Apply Other
             Than as Set Out Herein                                     40
    16.3     Limitation of Liability                                    40
    16.4     Aggregate Outstanding Principal Balance of Notes           40
    16.5     Attorney                                                   40

17  PRIVACY                                                             40

SCHEDULE 1                                                              44

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                         SUPPLEMENTARY BOND TERMS NOTICE
                             SMHL GLOBAL FUND NO. 3
                         CLASS A NOTES AND CLASS B NOTES

TO:    Perpetual Trustees Australia Limited ABN 86 000 431 827 as trustee of
       the SMHL Global Fund No. 3 (TRUSTEE).

FROM:  ME Portfolio Management Limited, ABN 79 005 964 134 (MANAGER).

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

1    FUNCTION

     This Supplementary Bond Terms Notice:

     (a)  accompanies a Securitisation Fund Bond Issue Direction dated [ ] 2002,
          as the same may be amended from time to time, in relation to a
          proposed issue of Notes by the Trustee;

     (b)  sets out the Supplementary Bond Terms for the classes of Notes named
          in the Direction as "Class A-1 Notes", "Class A-2 Notes" and "Class B
          Notes"; and

     (c)  shall be entered into the Register by the Trustee pursuant to clause
          23.1(f) of the Master Trust Deed.

2    DEFINITIONS AND INTERPRETATION

     2.1   DEFINITIONS

           In this Supplementary Bond Terms Notice (including clause 1) and in
           respect of the Securitisation Fund and the Master Trust Deed, unless
           the context indicates a contrary intention:

           A$ CLASS A INTEREST AMOUNT means, for any Payment Date in relation to
           a Confirmation for Class A Notes, the amount in Australian dollars
           which is calculated:

          (a)  on a daily basis at the applicable rate set out in that
               Confirmation (being AUD-BBR-BBSW, as defined in the ISDA
               Definitions, as at the first day of the Interest Period ending on
               (but excluding) that Payment Date with a designated maturity of
               90 days (or in the case of the first Interest Period, [ ]) plus
               the relevant Spread);

          (b)  on the A$ Equivalent of the aggregate of the Invested Amount of
               those Class A Notes as at the first day of the Interest Period
               ending on (but excluding) that Payment Date; and

          (c)  on the basis of the actual number of days in that Interest Period
               and a year of 365 days.

           A$ EQUIVALENT means:

          (a)  in relation to an amount denominated or to be denominated in US$,
               the amount converted to (and denominated in) A$ at the A$
               Exchange Rate; or

--------------------------------------------------------------------------------
                                                                          page 1
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (b)  in relation to an amount denominated in A$, the amount of A$.

           A$ EXCHANGE RATE means, on any date, the rate of exchange (set as at
           the commencement of a Currency Swap) applicable under that Currency
           Swap for the exchange of United States Dollars for Dollars.

           AUTHORISED SIGNATORY means:

          (a)  in relation to the Note Trustee, any duly authorised officer of
               the Note Trustee and any other duly authorised person of the Note
               Trustee;

          (b)  in relation to the Principal Paying Agent, any duly authorised
               officer of the Principal Paying Agent and any other duly
               authorised person of the Principal Paying Agent; and

          (c)  in relation to the Calculation Agent, any duly authorised officer
               of the Calculation Agent and any other duly authorised person of
               the Calculation Agent.

           BANK means:

          (a)  for the purposes of paragraph (a) of the definition of Banking
               Day and the definition of US$ Account:

               (1)  a corporation authorised under the Banking Act 1959 (Cth) to
                    carry on general banking business in Australia or a
                    corporation formed or incorporated under any Act of the
                    Parliament of an Australian Jurisdiction to carry on the
                    general business of banking;

               (2)  a person authorised under the Banking Act 1987 (UK) to carry
                    on a deposit taking business; or

               (3)  a banking institution or trust company organised or doing
                    business under the laws of the United States of America or
                    any of its states; and

          (b)  in any other case, a corporation authorised under the Banking Act
               1959 (Cth) to carry on general banking business in Australia or a
               corporation formed or incorporated under an Act of the Parliament
               of an Australian Jurisdiction to carry on the general business of
               banking.

           BANKING DAY means:

          (a)  in relation to the Note Trust Deed, any Class A Note (including
               any Condition), and any payment of US$ under a Currency Swap and
               the definition of "Cut-Off" in this clause 2.1, any day, other
               than a Saturday, Sunday or public holiday, on which Banks are
               open for business in London, Sydney, Melbourne and New York;

          (b)  in relation to any Class B Note, any other Transaction Document
               and any payments of A$, any day, other than a Saturday, Sunday or
               public holiday, on which Banks are open for business in Sydney
               and Melbourne.

           BENCHMARK RATE in relation to an Interest Period means the rate
           expressed as a percentage per annum calculated by taking the rates
           appearing on the Reuters Screen page BBSW at approximately 10.10 am
           Sydney time on (subject to this definition) the first Banking Day of
           that Interest Period for each Bank so quoting (being no fewer than 5)
           as being the mean buying and selling rate for a bill of exchange of
           the type specified for the purpose of quoting on the Reuters Screen

--------------------------------------------------------------------------------
                                                                          page 2
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           page BBSW and having a tenor closest to the term of that Interest
           Period, eliminating the highest and lowest mean rates and taking the
           average of the remaining mean rates and then (if necessary) rounding
           the resultant figure upwards to 4 decimal places. If fewer than 5
           Banks quote on the Reuters Screen page BBSW the Benchmark Rate for
           that Interest Period shall be calculated as above by taking the rates
           otherwise quoted by 5 Banks or 5 institutions otherwise authorised to
           quote rates on the Reuters Screen page BBSW at or about 10.10 am
           (Sydney time) for a bill of exchange having a tenor closest to the
           term of that Interest Period, on application by the Manager for such
           a bill of the same tenor. If a rate cannot be determined in
           accordance with the foregoing procedures, then the Benchmark Rate
           shall mean 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.

           BENEFICIARY means, in relation to the Fund, ME Portfolio Management
           Limited.

           BOND ISSUE DIRECTION means the Securitisation Fund Bond Issue
           Direction referred to in clause 1(a).

           BOOK-ENTRY NOTE means a book-entry note issued or to be issued by the
           Trustee in registered form under clause 3.1 of the Note Trust Deed
           representing Class A-1 Notes or Class A-2 Notes substantially in the
           form of Schedule 1 to the Note Trust Deed.

           CALCULATION AGENT has the same meaning as in the Note Trust Deed.

           CALCULATION PERIOD means in relation to a Payment Date:

          (a)  in relation to a first Calculation Period:

               (1)  with respect of the principal under the Loans secured by
                    Mortgages comprised in Assets of the Securitisation Fund,
                    the period from and including the Cut-Off Date until the
                    close of business on the first Cut-Off; and

               (2)  with respect of all other amounts received or applied by the
                    Trustee, the period from and including the Closing Date
                    until the close of business on the first Cut-Off;

          (b)  in relation to the last Calculation Period, from but excluding
               the last day of the prior Calculation Period to and including the
               day on which all amounts due on the Notes are redeemed in full;
               and

          (c)  in relation to any other period, each period commencing
               immediately after one Cut-Off and ending at the next Cut-Off.

           CARRY OVER CLASS A CHARGE OFFS means, at any Cut-Off, in relation to
           a Class A Note, the aggregate of Class A Charge Offs in relation to
           that Class A Note prior to that Cut-Off which have not been
           reimbursed under clauses 6.1(j) or (k).

           CARRY OVER CLASS B CHARGE OFFS means, at any Cut-Off, in relation to
           a Class B Note, the aggregate of Class B Charge Offs in relation to
           that Class B Note prior to that Cut-Off which have not been
           reimbursed under clause 6.1(j) and (l).

           CARRY OVER REDRAW CHARGE OFFS means, at any Cut-Off, in relation to a
           Redraw Funding Facility, the aggregate Redraw Charge Offs in relation
           to that Redraw

--------------------------------------------------------------------------------
                                                                          page 3
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           Funding Facility prior to that Cut-Off which have not been reimbursed
           under clauses 6.1(j) and (k).

           CASH COLLATERAL means, at any time, the balance of the Cash
           Collateral Account at that time.

           CASH COLLATERAL ACCOUNT means the ledger account established and
           maintained by the Manager in accordance with clause 5.

           CHARGED PROPERTY has the same meaning as in the Security Trust Deed.

           CLASS includes each class constituted by the Class A-1 Notes, the
           Class A-2 Notes and the Class B Notes.

           CLASS A CHARGE OFFS means, in relation to a Class A Note, the amount
           of any reduction in the Outstanding Principal Balance of that Note
           under clause 3.18(b).

           CLASS A INTEREST means all interest accrued on the Class A Notes in
           respect of an Interest Period in accordance with clause 3.6.

           CLASS A NOTE means a Class A-1 Note or a Class A-2 Note.

           CLASS A-1 NOTE means a Note issued as a Class A-1 Note by the Trustee
           with the characteristics of a Class A-1 Note under this Supplementary
           Bond Terms Notice and the Direction and includes any relevant
           Book-Entry Note (or any part or interest in) and any relevant
           Definitive Note.

           CLASS A-2 NOTE means a Note issued as a Class A-2 Note by the Trustee
           with the characteristics of a Class A-2 Note under this Supplementary
           Bond Terms Notice and the Direction and includes any relevant
           Book-Entry Note (or any part or interest in) and any relevant
           Definitive Note.

           CLASS A NOTEHOLDER means a Noteholder of a Class A Note.

           CLASS A OUTSTANDING PRINCIPAL BALANCE means, in relation to a Class A
           Note, the Outstanding Principal Balance of the Class A Note.

           CLASS B CHARGE OFFS means in relation to a Class B Note, the amount
           of any reduction in the Outstanding Principal Balance of that Note
           under clause 3.18(a).

           CLASS B INTEREST means all interest accrued on the Class B Notes in
           respect of an Interest Period in accordance with clause 3.6.

           CLASS B NOTE means a Note issued as a Class B Note by the Trustee
           with the characteristics of a Class B Note under this Supplementary
           Bond Terms Notice and the Direction.

           CLASS B NOTEHOLDER means a Noteholder of a Class B Note.

           CLEARING AGENCY means DTC, an organisation registered as a clearing
           agency pursuant to Section 17A of the Exchange Act and appointed by
           the Manager and the Trustee to hold Notes (directly or through a
           Common Depository).

           CLOSING DATE means the Bond Issue Date in relation to the Notes and
           is, in relation to the Securitisation Fund, [ ] 2002 or such later
           date as may be agreed between the Trustee and the Manager.

           COLLECTIONS means, subject to clause 3.15, in relation to each
           Calculation Period, the aggregate of all moneys received by or on
           behalf of the Trustee or, in respect of amounts under clause 5.4 and
           clause 3(b)(1) of the Payment Funding Facility,

--------------------------------------------------------------------------------
                                                                          page 4
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           which are to be applied towards Collections, in respect of the
           Securitisation Fund during that Calculation Period including:

          (a)  payments of interest, principal, fees and other amounts under the
               Loans;

          (b)  proceeds from the enforcement of the Loans;

          (c)  amounts received under the Relevant Mortgage Insurance Policies;

          (d)  amounts recovered from losses on Loans not previously received;

          (e)  amounts received from the Mortgage Manager for breaches of
               representations or undertakings which have not been designated by
               the Manager as Suspended Moneys;

          (f)  any interest income received during that Calculation Period in
               respect of Authorised Investments not being funds credited to the
               Cash Collateral Account or received under the Payment Funding
               Facility;

          (g)  any amounts received on termination of Interest Hedge or Currency
               Swap following default by the Interest Hedge Provider or the
               Currency Swap Provider respectively; and

          (h)  amounts (if any) held as collateral against default under
               Interest Hedge or Currency Swap following a default by the
               Interest Hedge Provider or the Currency Swap Provider
               respectively,

           but excluding:

          (a)  receipts (whether of an income nature or, upon sale or maturity,
               of a capital nature) in respect of Authorised Investments
               comprised in the Cash Collateral Account;

          (b)  receipts which the Trustee is obliged to pay to a Relevant
               Mortgage Insurer under a Relevant Mortgage Insurance Policy;

          (c)  receipts under any Redraw Funding Facility;

          (d)  receipts under or arising from any drawing under any Payment
               Funding Facility;

          (e)  to the extent that the Interest Hedge Provider has not defaulted
               under the relevant Interest Hedge, receipts from an Interest
               Hedge Provider which, as a consequence of a downgrade or
               withdrawal of the rating of the Interest Hedge Provider by a
               Designated Rating Agency, have been provided to the Trustee as
               collateral against default by the Interest Hedge Provider under
               the relevant Interest Hedge;

          (f)  to the extent that the Currency Swap Provider has not defaulted
               under the relevant Currency Swap, receipts from a Currency Swap
               Provider which, as a consequence of a downgrade or withdrawal of
               the rating of the Currency Swap Provider by a Designated Rating
               Agency, have been provided to the Trustee as collateral against
               default by the Currency Swap Provider under the relevant Currency
               Swap; and

          (g)  receipts that have been designated by the Manager as Suspended
               Moneys.

           COMMON DEPOSITORY means Cede & Co, as nominee for DTC, or any other
           common depository for DTC or any Clearing Agency appointed from time
           to time to hold any Book-Entry Note.

--------------------------------------------------------------------------------
                                                                          page 5
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           CONDITIONS means the Conditions for the Class A Notes in the form set
           out in schedule 4 to the Note Trust Deed (but, so long as the Class A
           Notes are represented by Book-Entry Notes, with the deletion of any
           provisions which are applicable only to the Definitive Notes), as the
           same may from time to time be modified in accordance with this
           Supplementary Bond Terms Notice and the Note Trust Deed. Any
           reference in this Supplementary Bond Terms Notice to a particular
           numbered Condition shall be construed accordingly.

           CONFIRMATION means, in respect of the Currency Swap, any Confirmation
           (as defined in the Currency Swap).

           CORPORATIONS ACT means the Corporations Act 2001 (Cth).

           CSFB means Credit Suisse First Boston Corporation (ABN 17 061 700
           712).

           CSFBI means Credit Suisse First Boston International (ABN 40 062 787
           106).

           CURRENCY SWAP means, each master agreement dated on or about the date
           of this Supplementary Bond Terms Notice between the Trustee in its
           capacity as trustee of the Securitisation Fund, the Manager and the
           Currency Swap Provider, on the terms of the ISDA Master Agreement
           (with amendments thereto), each Transaction (as defined in that
           agreement) entered into in accordance with that agreement under which
           the Currency Swap Provider agrees to pay certain amounts in US$ to
           the Trustee or at the Trustee's direction in exchange for certain
           amounts in A$ or any other Hedge on similar terms which, if entered
           into, will not result in the downgrading of, or withdrawal of the
           ratings for, any Notes.

           CURRENCY SWAP PROVIDER means, initially, Deutsche Bank AG, New York
           Branch and thereafter any other person who is or becomes a party to a
           Currency Swap.

           CUT-OFF means, in relation to a Payment Date, the close of business
           on the day which is 7 Banking Days before that Payment Date.

           CUT-OFF DATE means the close of business, [ ] 2002.

           DEFINITIVE NOTE means a note in definitive form (whether bearer or
           registered) issued or to be issued in respect of any Class A Note
           under, and in the circumstances specified in, clause 3.3 of the Note
           Trust Deed, and includes any replacement for a Definitive Note issued
           under Condition 11.

           DESIGNATED RATING AGENCY means, Fitch Ratings, S&P or Moody's.

           DEUTSCHE BANK SECURITIES means Deutsche Bank Securities Inc.

           DIRECTION means the Securitisation Fund Bond Issue Direction referred
           to in clause 1(a).

           DTC means the Depository Trust Company.

           ENCUMBRANCE means an interest or power:

          (a)  reserved in or over an interest in any asset including, but not
               limited to, any retention of title; or

          (b)  created otherwise arising in or over any interest in any asset
               under a bill of sale, mortgage, change, lien, pledge, trust or
               power.

           by way of, or having similar commercial effect to, security for the
           payment of a debt, any other monetary obligation or the performance
           of any other obligation,

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                                                                          page 6
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           and includes but is not limited to, any agreement to grant or create
           any of the above.

           EXCHANGE ACT means the United States Securities Exchange Act of 1934.

           FINAL MATURITY DATE means in respect of each Class the earlier of:

          (a)

               (1)  for Class A-1 Notes - [ ];

               (2)  for Class A-2 Notes - [ ]; and

               (3)  for Class B Notes - [ ],

              in each case, the date specified is subject to adjustment in
              accordance with the Modified Following Business Day Convention;
              and

          (b)  the date declared by the Trustee at the direction of the Manager
               in accordance with clause 4.

           FITCH RATINGS means Fitch, Inc.

           HEDGE in relation to the Fund includes any Interest Hedge and the
           Currency Swap.

           INITIAL PAYMENT FUNDING FACILITY means the Payment Funding Facility
           dated on or about the date of this Supplementary Bond Terms Notice.

           INTEREST means Class A Interest or Class B Interest.

           INTEREST COLLECTIONS means, in relation to a Calculation Period, all
           Collections for that Calculation Period other than Principal
           Collections.

           INTEREST HEDGE means each master agreement made between the Trustee
           and the Manager on one hand and CSFBi, UBS, National and Deutsche
           Bank AG, Sydney Branch or any other person on the terms of the ISDA
           Master Agreement (with amendments thereto), each Transaction (as
           defined in that agreement) entered into in accordance with that
           agreement in relation to the interest rate risk arising from a
           Mortgage under which all or part of the interest payable is fixed.

           INTEREST HEDGE PROVIDER means in relation to an Interest Hedge, the
           person who has entered into that Interest Hedge with the Trustee
           other than the Manager.

           INTEREST PERIOD means:

          (a)  in relation to the first Interest Period of a Note, the period
               commencing on (and including) the Closing Date and ending on (but
               excluding) the first Payment Date;

          (b)  in relation to the final Interest Period, the period commencing
               on (and including) the Payment Date prior to the day on which all
               amounts due on such Notes are redeemed in full in accordance with
               the Transaction Documents and ending on (but excluding) such day;
               but if the Outstanding Principal Balance of any Note on the due
               date for redemption is not zero and payment of principal due is
               improperly withheld or refused, the final Interest Period ends on
               the day on which:

               (1)  the monies in respect of that Note have been received by the
                    Note Trustee or the Principal Paying Agent and notice to
                    that effect has been given in accordance with the relevant
                    Condition; or

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                                                                          page 7
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (2)  the Outstanding Principal Balance of that Note has been
                    reduced to zero provided that interest will thereafter begin
                    to accrue from (and including) any date on which the
                    Invested Amount of the Notes becomes greater than zero; and

          (c)  in relation to each other Interest Period, each period commencing
               on (and including) a Payment Date and ending on (but excluding)
               the next Payment Date.

           INTEREST RATE means, in relation to:

          (a)  a Class A Note and an Interest Period, LIBOR in relation to that
               Interest Period;

          (b)  Class B Note and an Interest Period, the Benchmark Rate for that
               Interest Period,

           plus, in all cases, the relevant Margin for the relevant Note.

           INVESTED AMOUNT means at any time in relation to a Note, an amount
           equal to:

          (a)  the Original Principal Balance of the Note; minus

          (b)  all repayments of principal made in relation to the Note.

           ISDA means the International Swaps and Derivatives Association, Inc.
           (formerly the International Swaps Dealers Association Inc).

           ISDA DEFINITIONS means the 2000 Definitions published by ISDA as
           amended from time to time.

           ISDA MASTER AGREEMENT means the June 1992 Multicurrency-Cross border
           edition of the Master Agreement published by ISDA, any schedule
           forming part of that Agreement and the relevant addenda to it.

           LEAD MANAGER means collectively, CSFB and Deutsche Bank Securities.

           LIBOR means, in relation to any Interest Period, the rate of interest
           determined by the Calculation Agent as follows:

          (a)  on the second Banking Day before the beginning of each Interest
               Period (each an INTEREST DETERMINATION DATE), the rate
               "USD-LIBOR-BBA" as the applicable Floating Rate Option under the
               ISDA Definitions being the rate applicable to any Interest Period
               for three-month (or in the case of the first Interest Period, [ ]
               days)] deposits in United States Dollars which appears on the
               Telerate Page 3750 as of 11.00 am, London time, determined on the
               Interest Determination Date by the Calculation Agent;

          (b)  if such rate does not appear on the Telerate Page 3750, the rate
               for that Interest Period will be determined as if the Trustee and
               the Calculation Agent had specified "USD-LIBOR-Reference Banks"
               as the applicable Floating Rate Option under the ISDA
               Definitions. "USD-LIBOR-Reference Banks" means that the rate for
               an Interest Period will be determined on the basis of the rates
               at which deposits in US Dollars are offered by the Reference
               Banks (being four major banks in the London interbank market
               agreed to by the Calculation Agent and the Currency Swap
               Provider) at approximately 11.00 am, London time, on the Interest
               Determination Date to prime banks in the London interbank market
               for a period of three months (or in the case of the first
               Interest Period, [ ] days)

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                                                                          page 8
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               commencing on the first day of the Interest Period and in a
               Representative Amount (as defined in the ISDA Definitions). The
               Calculation Agent will request the principal London office of
               each of the Reference Banks to provide a quotation of its rate.
               If at least two such quotations are provided, the rate for that
               Interest Period will be the arithmetic mean of the quotations. If
               fewer than two quotations are provided as requested, the rate for
               that Interest Period will be the arithmetic mean of the rates
               quoted by not less than two major banks in New York City,
               selected by the Calculation Agent and the Currency Swap Provider,
               at approximately 11.00 am, New York City time, on that Interest
               Determination Date for loans in US Dollars to leading European
               banks for a period of three months (or in the case of the first
               Interest Period, [ ] days) commencing on the first day of the
               Interest Period and in a Representative Amount;

          (c)  if no such rates are available in New York City, then the rate
               for such Interest Period will be the most recently determined
               rate in accordance with this paragraph.

           In this definition of LIBOR, Banking Day means any day on which
           commercial banks are open for business (including dealings in foreign
           exchange and foreign currency deposits) in London and New York City.

           LIQUIDITY NOTEHOLDER means initially, P.T. Limited and subsequently
           each person who is from time to time the holder of a Liquidity Note.

           LIQUIDITY NOTES means the liquidity notes issued by the Trustee to
           the Liquidity Noteholder in accordance with clauses 5.2(1) and (2).

           LOAN REDRAW FACILITY means, in relation to a Loan, any facility under
           which a Mortgagor may apply to redraw amounts under the Loan where
           the actual outstanding principal balance under the Loan is less than
           the scheduled principal balance of the Loan.

           MANAGER means ME Portfolio Management Limited.

           MARGIN means in respect of each Class:

          (a)  in respect of the Notes, up to but excluding [ ] 2002, the
               following percentage in respect of each Class:

               (1)  Class A-1 Notes [ ]% per annum;

               (2)  Class A-2 Notes [ ]% per annum; and

               (3)  Class B Notes [ ]%per annum; and

          (b)  from and including [ ] 2002 the percentage per annum referred to
               in paragraph (a) plus the following percentage in respect of each
               Class:

               (1)  Class A-1 Notes [ ]% per annum;

               (2)  Class A-2 Notes [ ]% per annum; and

               (3)  Class B Notes [ ]% per annum.

           MASTER TRUST DEED means the Master Trust Deed dated 4 July 1994 made
           between the Trustee and the Manager and providing for the
           establishment of a series of separate trusts known collectively as
           the Superannuation Members' Home Loans Trusts, as amended from time
           to time.

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                                                                          page 9
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           MODIFIED FOLLOWING BUSINESS DAY CONVENTION has the meaning given to
           it in the ISDA Definitions.

           MORTGAGE TRANSFER PROPOSAL means a mortgage transfer proposal as that
           term is defined in the Master Trust Deed with such amendment as may
           be necessary to give effect to clause 7 of this deed.

           NATIONAL means the National Australia Bank Limited (ABN 12 004 044
           937).

           NOTE means a Bond being a Class A Note or a Class B Note referred to
           in this Supplementary Bond Terms Notice, and includes the Conditions
           relating to a Class A Note.

           NOTEHOLDER means, at any time, the person who:

          (a)  in relation to a Class B Note, is registered as the holder of
               that Note at that time;

          (b)  in relation to a Definitive Note, is the registered holder of
               that Note (in the case of registered Definitive Note) or bearer
               of that Note (in the case of bearer Definitive Notes) at that
               time; or

          (c)  in relation to a Note which is represented by a Book-Entry Note,
               unless the context requires otherwise, is noted on the register
               maintained under the Note Trust Deed as a noteholder.

           The words holder and holders shall (where appropriate) be construed
           accordingly.

           NOTE REGISTER means the register kept by the Note Registrar to
           provide for the registration and transfer of Class A Notes under the
           Note Trust Deed.

           NOTE REGISTRAR means The Bank of New York or any successor note
           registrar approved in writing by the Note Trustee and appointed under
           the Note Trust Deed.

           NOTE TRUST DEED means the deed so entitled dated on or about the date
           of this Supplementary Bond Terms Notice between The Bank of New York
           as Note Trustee, Principal Paying Agent, Calculation Agent and Note
           Registrar, the Trustee, the Manager and the Security Trustee.

           NOTE TRUSTEE means The Bank of New York or any successor note trustee
           appointed under the Note Trust Deed.

           ORIGINAL PRINCIPAL BALANCE means in relation to a Note, the initial
           Face Value of that Note.

           OUTSTANDING PRINCIPAL BALANCE means:

          (a)  at any time in relation to a Note, an amount equal to:

               (1)  the Original Principal Balance of the Note; minus

               (2)  all repayments of principal made in relation to that Note
                    (other than amounts applied under clauses 6.1 (j), (k) or
                    (l)); minus

               (3)  the Carry Over Class A Charge Offs or the Carry Over Class B
                    Charge Offs (if any and as the case requires) for the Note;
                    plus

               (4)  the amount to be applied, or available to be applied, under
                    clauses 6.1(j), 6.1(k) or 6.1(l) (if any and as the case
                    requires) in reinstating the Outstanding Principal Balance
                    of the Note; and

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                                                                         page 10
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (b)  at any time in relation to a Loan, the then outstanding principal
               under the Loan secured by the Mortgage.

           PAYMENT DATE means:

          (a)  in respect of Class A Notes, the [ # # ] day of each [# #] (New
               York time) after the Closing Date;

          (b)  in respect of Class B Notes, the [ # # ] day of each [# #] after
               the Closing Date,

           with the last Payment Date being the Final Maturity Date, but, in
           each case if that day is not a Banking Day, the Payment Date shall be
           adjusted in accordance with the Modified Following Business Day
           Convention.

           PAYMENT FUNDING FACILITY means any facility provided to the Trustee
           to enable the Trustee to support or fund payments required or to be
           made by the Trustee in respect of any Enhancement or Interest Hedge
           or as otherwise provided in that facility and in a form approved by
           each Designated Rating Agency.

           PRINCIPAL COLLECTIONS means, in relation to a Calculation Period the
           amount equal to the excess of the aggregate Unpaid Balance of the
           Loans secured by the Mortgages comprised in the Assets of the Fund as
           of the first day of that Calculation Period over the aggregate Unpaid
           Balance of the Loans secured by the Mortgages comprised in the Assets
           of the Fund as of the last day of that Calculation Period.

           PRINCIPAL ENTITLEMENT in relation to a Note for a Payment Date means
           the principal amount payable in respect of that Note on that Payment
           Date pursuant to clause 3.9.

           PRINCIPAL PAYING AGENT means The Bank of New York or any successor as
           Principal Paying Agent under the Note Trust Deed.

           PRINCIPAL REPAYMENT POOL means, on any Payment Date the amount
           required to be paid, and available for payment to, Noteholders in
           accordance with clause 6.2.

           REALISED LOSS means with respect to a Loan secured by the Mortgages
           comprised in the Assets of the Fund:

          (a)  the Outstanding Principal Balance of such Loan; minus

          (b)  the total amount recovered and recoverable under the Relevant
               Mortgage Insurance Policy; plus

          (c)  any damages or other amounts payable under or in respect of the
               Master Trust Deed, this Supplementary Bond Terms Notice or the
               Mortgage Origination and Management Agreement relating to such
               Loan.

           REDRAW CHARGE OFF means, in relation to a Redraw Funding Facility,
           the amount of reduction of the Redraw Principal Outstanding under
           clause 3.18(b).

           REDRAW FUNDING FACILITY means any facility provided to the Trustee to
           enable the Trustee to fund payments under a Loan Redraw Facility.

           REDRAW PRINCIPAL OUTSTANDING means at any time in respect of a Redraw
           Funding Facility, an amount equal to:

          (a)  all principal drawings under the Redraw Funding Facility which
               have been used to fund a payment of principal under a Loan Redraw
               Facility; minus

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                                                                         page 11
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (b)  all repayments of principal in respect of such principal drawing;
               minus

          (c)  the Carry Over Redraw Charge Offs for the Redraw Funding
               Facility; plus

          (d)  the amount to be applied or available to be applied under clause
               6.1(j) and (m) in repaying the Redraw Principal Outstanding under
               the Redraw Funding Facility.

           RELEVANT MORTGAGE INSURANCE POLICY means a Mortgage Insurance Policy
           issued to or held by the Trustee (in whole or in part) as trustee of
           the Securitisation Fund, or which covers Mortgages comprised in the
           Assets of the Securitisation Fund.

           RELEVANT MORTGAGE INSURER means a Mortgage Insurer under a Relevant
           Mortgage Insurance Policy.

           REQUIRED CASH COLLATERAL means, on a Payment Date, an amount equal to
           the higher of:

          (a)  0.25% of the aggregate Outstanding Principal Balance of the Loans
               secured by the Mortgages or such other amount as the Manager and
               the Designated Rating Agencies agree from time to time; and

          (b)  0.03% of the Total Original Principal Balance of the Notes or
               such other amount as the Manager and the Designated Rating
               Agencies agree from time to time,

           in each case disregarding payments and allocation of Realised Losses
           in respect of the Outstanding Principal Balance to be made on that
           Payment Date in accordance with clauses 3 and 6.

           SECURITISATION FUND or FUND means the Securitisation Fund established
           under the Master Trust Deed known as SMHL Global Fund No. 3.

           SECURITY TRUST DEED means the deed so entitled dated on or about the
           date of this Supplementary Bond Terms Notice between the Trustee, the
           Manager, the Note Trustee and the Security Trustee.

           SPREAD has the meaning given in the Currency Swap in respect of
           payments by the Trustee under the Currency Swap.

           SUBSTITUTE MORTGAGES means any Mortgages purchased by the Trustee
           pursuant to clause 7.1(c).

           SURPLUS CASH COLLATERAL means, on any Payment Date, the amount by
           which the Cash Collateral exceeds the Required Cash Collateral.

           SUSPENDED MONEYS has the meaning given to it in clause 7.1(b).

           SWAP PROVIDER means, in relation to a Hedge, the counterparty which
           enters into that arrangement with the Trustee (other than the
           Manager).

           TOTAL ORIGINAL PRINCIPAL BALANCE means, as the context requires, the
           aggregate Original Principal Balance of all Notes or a Class of
           Notes.

           TOTAL OUTSTANDING PRINCIPAL BALANCE means, at any time, the aggregate
           Outstanding Principal Balance at that time of all Notes or a Class of
           Notes.

           TRANSACTION has the meaning given to it under the relevant ISDA
           Master Agreement.

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                                                                         page 12
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           TRANSACTION DOCUMENT means each Transaction Document (as defined in
           the Master Trust Deed) to the extent that it relates to the
           Securitisation Fund or the Notes.

           TRANSFER DATE has the meaning given to it in clause 10.9 of the
           Master Trust Deed.

           TRUSTEE means Perpetual Trustees Australia Limited, in its capacity
           as trustee of the Securitisation Fund.

           UBS means UBS Australia Limited (ABN 81 003 059 461).

           UNITED STATES DOLLARS, USD and US$ means the currency of the United
           States of America.

           UNPAID BALANCE means, at any time, an amount equal to:

          (a)  the aggregate initial Outstanding Principal Balance of Loans
               secured by Mortgages comprised in Assets of the Securitisation
               Fund; minus

          (b)  all repayments of principal in respect of such Loans which have
               not been redrawn.

           US$ ACCOUNT means, in relation to the Fund, the US$ account of the
           Principal Paying Agent for the Fund or any other account opened and
           maintained outside Australia, of the Principal Paying Agent for the
           Fund so long as the Principal Paying Agent is a Bank which complies
           with clause 11.4(a).

           US$ EXCHANGE RATE means, on any date, the rate of exchange (set as at
           the commencement of the Currency Swap) applicable under the Currency
           Swap for the exchange of Dollars for United States Dollars.

     2.2  INCORPORATION OF MASTER TRUST DEED DEFINITIONS

          Subject to clause 2.1, each expression used herein that is defined in
          the Master Trust Deed and is not defined herein shall have the same
          meaning herein as in the Master Trust Deed.

     2.3  INTERPRETATION

          The provisions of clause 1.2 of the Master Trust Deed shall be
          incorporated, mutatis mutandis, into this Supplementary Bond Terms
          Notice.

     2.4  PAYMENTS

          All payments of principal and interest:

          (a)  on the Class A Notes must be in United States Dollars; and

          (b)  on the Class B Notes must be in Dollars.

--------------------------------------------------------------------------------
3    NOTES

     3.1  CONDITIONS OF NOTES

          (a)  The conditions of the Class A Notes will be as set out in the
               Master Trust Deed as supplemented and amended by this
               Supplementary Bond Terms Notice, the Conditions and the Note
               Trust Deed.

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                                                                         page 13
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (b)  The conditions of the Class B Notes will be as set out in the
               Master Trust Deed, as supplemented and amended by this
               Supplementary Bond Terms Notice.

     3.2  ISSUE OF NOTES

          (a)  Class A Notes must be issued in amounts, or on terms, such that
               their offer for subscription and their issue will comply with the
               Note Trust Deed and otherwise in a way that does not require
               disclosure to investors under Part 6D.2 of the Corporations Act,
               and will comply with:

               (1)  the Financial Services and Markets Act 2000 (UK) and all
                    regulations made under or in relation to that Act and the
                    Public Offers of Securities Regulations 1995, as amended;
                    and

               (2)  the United States Securities Act of 1933, the Exchange Act,
                    all regulations made under or in relation to them, and all
                    other laws or regulations of any jurisdiction of the United
                    States of America regulating the offer or issue of, or
                    subscription for, Class A Notes.

          (b)  Class B Notes must be issued in minimum parcels or subscriptions
               which have an aggregate Original Principal Balance of A$500,000,
               (disregarding any amount payable to the extent to which it is to
               be paid out of money lent by the person offering the Notes or an
               associate (as defined in Division 2 of Part 1.2 of the
               Corporations Act)) or otherwise in a way that does not require
               disclosure to investors under Part 6D.2 of the Corporations Act,
               and will comply with the Financial Services and Markets Act 2000
               (UK) and all regulations made under or in relation to that Act
               and the Public Offers of Securities Regulations 1995, as amended.

          (c)  No Class B Note has been or will be registered under the United
               States Securities Act of 1933 as amended (the "Securities Act")
               and the Class B Notes may not be offered or sold within the
               United States or to, or for the account of benefit of, US persons
               except in accordance with Regulation S under the Securities Act
               or pursuant to an exemption from the registration requirements of
               the Securities Act. Terms used in this paragraph have the
               meanings given to them by Regulation S of the Securities Act.

     3.3   TRUSTEE'S COVENANT TO NOTEHOLDERS AND THE NOTE TRUSTEE

           Subject to the terms of the Master Trust Deed and this Supplementary
           Bond Terms Notice, the Trustee:

          (a)  acknowledges its indebtedness in respect of the Invested Amount
               of each Note and interest thereon;

          (b)  covenants for the benefit of each Noteholder and the Note Trustee
               that it will (subject to receiving any directions required under
               and given in accordance with the Transaction Documents):

               (1)  make all payments on or in respect of the Notes held by that
                    Noteholder on the applicable Payment Date;

               (2)  comply with the terms of this Supplementary Bond Terms
                    Notice and the Transaction Documents to which it is a party;
                    and

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                                                                         page 14
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (3)  pay the Outstanding Principal Balance in relation to the
                    Notes held by that Noteholder on the Final Maturity Date and
                    accrued and unpaid interest on the Invested Amount.

     3.4   FINAL REDEMPTION

           Each Note must be finally redeemed, and the obligations of the
           Trustee with respect to the payment of the Outstanding Principal
           Balance of that Note must be finally discharged, on the first to
           occur of:

          (a)  the date upon which the Invested Amount of that Note is reduced
               to zero;

          (b)  the date upon which the Note is redeemed under clause 4;

          (c)  the date upon which the relevant Noteholder renounces in writing
               all of its rights to any amounts payable under or in respect of
               that Note;

          (d)  the date on which all amounts received by the Note Trustee with
               respect to the enforcement of the Security Trust Deed are paid to
               the Principal Paying Agent and all amounts payable to the Class B
               Noteholders with respect to the enforcement of the Security Trust
               Deed are paid to the Class B Noteholders;

          (e)  the Payment Date immediately following the date on which the
               Trustee completes a sale and realisation of all Assets of the
               Fund in accordance with the Master Trust Deed and this
               Supplementary Bond Terms Notice; and

          (f)  the Final Maturity Date.

     3.5  PERIOD DURING WHICH INTEREST ACCRUES

           Each Note bears interest calculated and payable in arrears in
           accordance with this Supplementary Bond Terms Notice from the Closing
           Date to the date upon which that Note is finally redeemed under
           clause 3.4.

     3.6  CALCULATION OF INTEREST

          (a)  Subject to clause 3.6(b), interest payable on each Note in
               respect of each Interest Period is calculated as the product of:

               (1)  on a daily basis at the applicable Interest Rate;

               (2)  on the Invested Amount of that Note as at the first day of
                    that Interest Period, after giving effect to any payments of
                    principal made with respect to such Note on such day; and

               (3)  a fraction, the numerator of which is the actual number of
                    days in that Interest Period and the denominator of which is
                    365 days (in the case of Class B Notes) or 360 days (in the
                    case of Class A Notes).

          (b)  No interest will accrue on any Note for the period from and
               including:

               (1)  the date on which the Outstanding Principal Balance of that
                    Note is reduced to zero (provided that interest shall
                    thereafter begin to accrue from (and including) any date on
                    which the Outstanding Principal Balance of that Note becomes
                    greater than zero); or

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                                                                         page 15
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (2)  if the Outstanding Principal Balance of the Note on the due
                    date for redemption in full of the Note is not zero, unless
                    payment of principal due is improperly withheld or refused,
                    following which the Note will continue to earn interest on
                    the Invested Amount of the Note at the rate from time to
                    time applicable to the Note until the later of:

                    (A)  the date on which the moneys in respect of that Note
                         have been received by the Note Trustee or the Principal
                         Paying Agent and notice to that effect is given in
                         accordance with the relevant Conditions; or

                    (B)  the date on which the Outstanding Principal Balance of
                         that Note has been reduced to zero (provided that
                         interest shall thereafter begin to accrue from (and
                         including) any date on which the Outstanding Principal
                         Balance of that Note becomes greater than zero).

          (c)  If Interest is not paid in respect of a Note on the date when due
               and payable (other than because the due date is not a Banking
               Day) that unpaid Interest will itself bear interest at the
               Interest Rate applicable from time to time on that Note until the
               unpaid Interest, and interest on it, is available for payment
               and:

               (1)  in the case of the Class A Notes, notice of that
                    availability has been duly given in accordance with
                    Condition 12; or

               (2)  in the case of the Class B Notes, there is full satisfaction
                    of those amounts, to be determined in accordance with the
                    Master Trust Deed (as amended in accordance with this
                    Supplementary Bond Terms Notice).

     3.7   AGGREGATE RECEIPTS

          (a)  Notwithstanding anything in clause 6.2, no Noteholder will be
               entitled to receive aggregate principal under any Note at any
               time in excess of the Invested Amount for that Note at that time.

          (b)  The Trustee, the Manager, the Note Trustee, the Security Trustee
               and the Paying Agents may treat the Noteholder as the absolute
               owner of that Note (whether or not that Note is overdue and
               despite any notation or notice to the contrary or writing on it
               or any notice of previous loss or theft of it or of trust or
               other interest in it) for the purpose of making payment and for
               all other purposes.

     3.8   APPLICATION OF PRINCIPAL REPAYMENT POOL

           At all times prior to the making by the Security Trustee of a
           declaration in accordance with the Security Trust Deed that the
           charge created by the Security Trust Deed is immediately enforceable,
           the Principal Repayment Pool in relation to a Payment Date must be
           applied in or towards the repayment of principal on the Notes on that
           Payment Date in accordance with this clause 3 and clause 6 or the
           purchase of Substitute Mortgages in accordance with clause 7. Upon
           and after the making of such a declaration, the Notes will rank, and
           payments will be made in

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                                                                         page 16
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           respect of the Notes, in accordance with the provisions of the
           Security Trust Deed and, in the case of the Class A Notes, the Note
           Trust Deed.

     3.9   REPAYMENT OF PRINCIPAL

           On each Payment Date, the Principal Repayment Pool must, subject to
           this clause 3 and clauses 6 and 7, be applied in or towards making
           repayments of principal on the Notes in accordance with clause 6
           until the Invested Amount for each Note is reduced to zero.

     3.10  FINAL MATURITY DATE

           The Outstanding Principal Balance of each Note must be repaid in full
           on the Final Maturity Date.

     3.11  REDUCTION IN PRINCIPAL BALANCE

           Each payment of principal in respect of a Note under this clause 3
           reduces the Invested Amount of that Note by the amount of that
           payment. The Trustee has no obligation to make any payment of
           principal under this clause 3 in respect of a Note in excess of the
           Invested Amount of that Note immediately prior to that payment being
           made.

     3.12  CANCELLATION ON REPAYMENT

           Upon the reduction of the Invested Amount of a Note to zero by
           repayment of principal in accordance with this clause 3 and payment
           of all the Interest Amounts (and other interest payments) in relation
           to that Note, that Note is cancelled.

     3.13  PAYMENTS INTO US$ ACCOUNT

          (a)  The Trustee must direct the Currency Swap Provider to pay all
               amounts denominated in US$ payable to the Trustee by the Currency
               Swap Provider under the Currency Swap into the US$ Account or to
               the Principal Paying Agent under the Note Trust Deed on behalf of
               the Trustee.

          (b)  If the Trustee or the Manager receives any amount denominated in
               US$ from the Currency Swap Provider under the Currency Swap they
               must promptly pay that amount to the credit of the US$ Account or
               to the Principal Paying Agent.

     3.14  PAYMENTS OUT OF US$ ACCOUNT

           On each Payment Date, the Trustee must, on the direction of the
           Manager, or must require that the Principal Paying Agent on its
           behalf, distribute from the US$ Account the relevant amounts of
           principal and interest due in respect of each Class A Notes in
           accordance with the Note Trust Deed and in the order of priority in
           clauses 6.1 and 6.2.

     3.15  ROUNDING OF AMOUNTS

           In making the calculations required or contemplated by this clause 3,
           the Manager shall round calculations to four decimal places, except
           that all monetary amounts

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                                                                         page 17
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           shall be rounded down to the nearest cent or as otherwise required in
           this Supplementary Bond Terms Notice.

     3.16  PRESCRIPTION

           Despite any other provision of this Supplementary Bond Terms Notice
           and the Master Trust Deed, Condition 8 of the Class A Notes applies
           to all amounts payable in relation to any Class A Note.

     3.17  REPLACEMENT OF CURRENCY SWAP

          (a)  If the Currency Swap is terminated, the Trustee must at the
               direction of the Manager enter into one or more currency swaps
               which replace the Currency Swap (collectively a Replacement
               Currency Swap) but only on the condition:

               (1)  that the amount determined under section 6(e) of the ISDA
                    Master Agreement for the Currency Swap ("Currency Swap
                    Termination Amount"), if any, which is payable by the
                    Trustee to the Currency Swap Provider on termination of the
                    Currency Swap will be paid in full when due in accordance
                    with this Supplementary Bond Terms Notice and the Currency
                    Swap;

               (2)  the ratings assigned to the Notes are not adversely
                    affected, which must be confirmed in writing by each
                    Designated Rating Agency;

               (3)  the liability of the Trustee under that Replacement Currency
                    Swap is limited to at least the same extent that its
                    liability is limited under the Currency Swap; and

               (4)  the terms of the Replacement Currency Swap are acceptable to
                    the Trustee acting reasonably and taking into account the
                    interests of the Noteholders.

          (b)  If the condition in clause (a) is satisfied, the Trustee must at
               the direction of the Manager enter into the Replacement Currency
               Swap and if it does so it must direct the provider of the
               Replacement Currency Swap to pay any upfront premium to enter
               into the Replacement Currency Swap due to the Trustee directly to
               the Currency Swap Provider in satisfaction of and to the extent
               of the Trustee's obligation to pay the Currency Swap Termination
               Amount to the Currency Swap Provider as referred to in clause
               (a). If the Currency Swap Termination Amount (if any) is payable
               by the Currency Swap Provider to the Trustee, the Trustee shall
               direct the Currency Swap Provider to pay such amount directly to
               the Replacement Currency Swap Provider in satisfaction and to the
               extent of any upfront premium to enter into the Replacement
               Currency Swap. Where the upfront premium payable upon entry into
               the Replacement Currency Swap is:

               (1)  payable by the Trustee to the Replacement Swap Provider,
                    then the:

                    (A)  excess of the Currency Swap Termination Amount over the
                         upfront premium will be included as Income Collection
                         for the relevant Calculation Period; and

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                                                                         page 18
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                    (B)  excess of the upfront premium payable over the Currency
                         Swap Termination Amount will be satisfied by the
                         Trustee as an Expense; and

               (2)  payable by the Replacement Swap Provider to the Trustee,
                    then the:

                    (A)  excess of the Currency Swap Termination Amount over the
                         upfront premium will be satisfied by the Trustee as an
                         Expense; and

                    (B)  excess of the upfront premium over the Currency Swap
                         Termination Amount will be included as Income
                         Collection for the relevant Calculation Period.

     3.18  REALISED LOSSES ON MORTGAGES

           On each Payment Date on which the Manager determines that the
           aggregate amount of Realised Losses for the related Calculation
           Period exceeds funds available on such Payment Date to reimburse such
           Realised Losses under clause 6.1 the Manager must do the following on
           and with effect from such Payment Date:

          (a)  reduce pro-rata as between themselves the Outstanding Principal
               Balance of the Class B Notes by the amount of that excess until
               the Outstanding Principal Balance of the Class B Notes is zero
               (CLASS B CHARGE OFFS); and

          (b)  if the Outstanding Principal Balance of the Class B Notes is zero
               and any amount of that excess has not been applied under clause
               3.18(a), reduce pro-rata and rateably as between the Class A
               Notes and the Redraw Funding Facilities with respect to the
               balance of the deficiency:

               (1)  rateably as between such of the Class A Notes, the
                    Outstanding Principal Balance of the Class A Notes by amount
                    of the remaining deficiency until the Outstanding Principal
                    Balance of the Class A Notes is zero (CLASS A CHARGE OFFS);
                    and

               (2)  rateably as between each Redraw Funding Facility, the Redraw
                    Principal Outstanding of the Redraw Funding Facilities by
                    the amount of the remaining deficiency until the Redraw
                    Principal Outstanding under each Redraw Funding Facility is
                    zero (REDRAW CHARGE OFFS).

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4    NOTES CALLABLE AT OPTION OF TRUSTEE

     4.1   CALL -- CLASS A NOTES

           The Trustee must, when so directed by the Manager (at the Manager's
           option), having given not more than 60 nor less than 45 days' notice
           to the Class A Noteholders, in the case of Class A Notes, in
           accordance with Condition 12, purchase or redeem all, but not some
           only, of the Notes by repaying the Outstanding Principal Balance of
           those Notes, together with accrued interest to (but excluding) the
           date of repurchase or redemption on any Payment Date falling on or
           after the earlier of:

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (a)  the Payment Date on which the Outstanding Principal Balance of
               all Notes is equal to or less than 10% of the Total Original
               Principal Balance; and

          (b)

               (1)  in the case of Class A-1 Notes, the Payment Date falling on
                    15 December 2009; or

               (2)  in the case of Class A-2 Notes, the Payment Date falling on
                    15 December 2009,

           provided that:

          (c)  if the aggregate Outstanding Principal Balance of all Class A
               Notes on such date of redemption or repurchase has been reduced
               by Class A Charge Offs which have not been repaid under clauses
               6.1(j) and (k), the Noteholders owning at least 75% of the
               aggregate Invested Amount of the Class A Notes must consent to
               such repurchase or redemption; and

          (d)  the Trustee will be in a position on such Payment Date to
               discharge (and the Manager so certifies to the Trustee and the
               Note Trustee upon which the Trustee and the Note Trustee will
               rely conclusively) all its liabilities in respect of the Notes
               (at their Outstanding Principal Balance) and any amounts which
               would be required under the Security Trust Deed to be paid in
               priority or pari passu with the Notes if the security for the
               Notes were being enforced.

     4.2  TAX EVENT

           If the Manager satisfies the Trustee and the Note Trustee immediately
           prior to giving the notice referred to below that either:

          (a)  on the next Payment Date the Trustee would be required to deduct
               or withhold from any payment of principal or interest in respect
               of the Notes, the Currency Swap, the Payment Funding Facility or
               the Redraw Funding Facility any amount for or on account of any
               present or future taxes, duties, assessments or governmental
               charges of whatever nature imposed, levied, collected, withheld
               or assessed by the Commonwealth of Australia or any of its
               political sub-divisions or any of its authorities; or

          (b)  the total amount payable in respect of interest in relation to
               any of the Loans secured by the Mortgages comprised in the Assets
               of the Fund for a Calculation Period ceases to be receivable
               (whether or not actually received) by the Trustee during such
               Calculation Period,

           the Trustee must, when so directed by the Manager, at the Manager's
           option (provided that the Trustee will be in a position on such
           Payment Date to discharge and the Manager will so certify to the
           Trustee and the Note Trustee) all its liabilities in respect of the
           Notes (at their Invested Amount) and any amounts which would be
           required under the Security Trust Deed to be paid in priority or pari
           passu with the Notes if the security for the Notes were being
           enforced), having given not more than 60 nor less than 45 days notice
           to the Noteholders in accordance with Condition 12 redeem all, but
           not some only, of the Notes at their then Invested Amounts together
           with accrued interest to (but excluding) the date of redemption on
           any subsequent Payment Date, provided that the Noteholders may by
           Extraordinary Resolution elect, and must notify the Trustee and the

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           Manager not less than 21 days before the next Payment Date following
           the receipt of notice of such proposed redemption, that they do not
           require the Trustee to redeem the Notes.

     4.3   CALL -- CLASS B NOTES

           The Trustee must, when so directed by the Manager (at the Manager's
           option), having given not more than 60 nor less than 45 days' notice
           to the Class B Noteholders, in the case of Class B Notes redeem all,
           but not some only, of the Class B Notes by repaying the Outstanding
           Principal Balance of those Notes, together with accrued interest to
           (but excluding) the date of redemption, on:

          (a)  the date of redemption, repurchase or final repayment of the
               Class A Notes; or

          (b)  (if directed by the Manager) any Payment Date falling after such
               date.

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5    CASH-COLLATERAL

     5.1   CASH COLLATERAL ACCOUNT

           On the Closing Date the Manager must establish and at all times until
           the Outstanding Principal Balance of all Notes is reduced to zero
           maintain a ledger account in the accounting records maintained by it
           pursuant to the Master Trust Deed designated "SMHL Global Fund No. 3
           Cash Collateral Account".

     5.2   INITIAL CASH COLLATERAL AND LIQUIDITY NOTES

           On the Closing Date, the Trustee must:

          (a)  subject to the terms of the Master Trust Deed, and in accordance
               with the Bond Issue Direction:

               (1)  issue to the Liquidity Noteholder (as nominee on behalf of
                    the Trustee in its capacity as trustee of the Fund known as
                    the Superannuation Members' Home Loans Securitisation Fund
                    No.PP11) liquidity notes (being Bonds as defined in the
                    Master Trust Deed) having an initial Face Value of an amount
                    equal to A$[ ], being comprised in a Class named "SMHL
                    Global No. 3 - Liquidity Notes", and being on the terms set
                    out in the Schedule and the Master Trust Deed; and

               (2)  issue to the Liquidity Noteholder (as nominee on behalf of
                    the Trustee in its capacity as trustee of the Fund known as
                    the Superannuation Members' Home Loans Securitisation Fund
                    No.PP12) liquidity notes (being Bonds as defined in the
                    Master Trust Deed) having an initial Face Value of an amount
                    equal to A$[ ], being comprised in a Class named "SMHL
                    Global No. 3 - Liquidity Notes", and being on the terms set
                    out in the Schedule and the Master Trust Deed;

          (b)  in accordance with clauses 7.8(f) and 7.10 of the Master Trust
               Deed, hold an amount of the issue proceeds of the Notes equal to
               the Face Value of the Liquidity Notes as trustee of the
               Securitisation Fund; and

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                                                                         page 21
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (c)  credit that amount to the Cash Collateral Account.

     5.3   INVESTMENT OF CASH COLLATERAL

           Amounts credited to the Cash Collateral Account must be invested in
           Authorised Investments:

          (a)  which are rated "AAA" or "A-1+" by S&P, "Prime-1" or "Aaa" by
               Moody's and "AAA" or "F1+" by Fitch Ratings, or such other rating
               as the Designated Rating Agency may approve from time to time;

          (b)  which mature (except in the case of call deposits with a Bank)
               not later than the day before the Payment Date immediately after
               the day on which they are made; and

          (c)  otherwise in accordance with the Master Trust Deed.

           Income from Authorised Investments comprised in the Cash Collateral
           does not constitute Collections, and must be credited to the Cash
           Collateral Account.

     5.4   USE OF CASH COLLATERAL

           If on any Payment Date, the Collections (other than Collections with
           respect to amounts applied from the Cash Collateral Account) for the
           relevant Calculation Period are less than the aggregate of the
           amounts referred to in paragraphs (a) - (f) of clause 6.1, the
           Manager must direct the Trustee to withdraw from the Cash Collateral
           Account the amount equal to the lesser of the amount of such
           deficiency and the Cash Collateral, which amount will then be applied
           to and become part of the Collections available for application on
           the relevant Payment Date in accordance with those paragraphs.

     5.5   SURPLUS CASH COLLATERAL

           If on any Payment Date after the making of all payments which the
           Trustee is obliged to make on that Payment Date there is Surplus Cash
           Collateral, the Trustee must (at the direction of the Manager) on
           that Payment Date apply the Surplus Cash Collateral in or towards
           payment to each Liquidity Noteholder of amounts payable under or in
           respect of the Liquidity Notes or interest payable in respect of each
           Liquidity Notes in accordance with the Liquidity Notes Supplementary
           Bond Terms.

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6    DISTRIBUTION OF COLLECTIONS

     6.1   DISTRIBUTION OF INTEREST COLLECTIONS

           Subject to the terms of the Security Trust Deed and these
           Supplementary Bond Terms, on each Payment Date (to the extent it has
           not already done so in accordance with this clause 6.1), the Trustee
           must apply the Interest Collections for the relevant Calculation
           Period as follows:

          (a)  first, in or toward payment of or allowance for Taxes in respect
               of the Securitisation Fund;

          (b)  secondly, pari passu and rateably in or toward payment of or
               allowance for the Trustee's Fee, the Manager's Fee and any
               Expenses (other than the

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                                                                         page 22
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               Expenses referred to below in this clause 6.1) in respect of the
               Securitisation Fund;

          (c)  thirdly, without duplication, in or toward any amounts payable
               under clause 6.1(d) on any previous Payment Date, if there had
               been sufficient Interest Collections, which have not been paid by
               the Trustee together with accrued interest thereon which in the
               case of a Note must be at the Interest Rate applicable to the
               relevant Note;

          (d)  fourthly, pari passu and rateably, in or toward payment of any
               interest due under any Redraw Funding Facility and in and toward
               payment to the Currency Swap Provider, in or toward payment of
               the A$ Class A Interest Amount payable under the Confirmation at
               that Payment Date which is thereafter to be applied to payment of
               interest on the Class A Notes;

          (e)  fifthly, without duplication, in or toward any amounts payable
               under clause 6.1(f) on any previous Payment Date, if there had
               been sufficient Interest Collections, which have not been paid by
               the Trustee with accrued interest thereon at the Interest Rate
               applicable to the relevant Note;

          (f)  sixthly, in or toward payment to Class B Noteholders of the Class
               B Interest due on the Class B Notes on that Payment Date;

          (g)  seventhly, in crediting to the Cash Collateral Account the amount
               (if any) by which the Required Cash Collateral exceeds the Cash
               Collateral;

          (h)  eighthly, in or toward payment toward any break costs payable on
               cancellation of any Interest Hedge to the extent that those
               amounts are not recovered under the relevant Loan secured by
               Mortgages comprised in the Assets of the Fund in the form of any
               applicable prepayment fees or a drawing has not been made under a
               Payment Funding Facility;

          (i)  ninthly, pari passu and rateably in or toward payment to the
               Liquidity Noteholder of interest payable in respect of the
               Liquidity Notes and in or towards payment of any interest in
               respect of any Payment Funding Facility;

          (j)  tenthly, in reinstating pari passu and rateably to Class A Charge
               Offs and Redraw Charge Offs for that Calculation Period;

          (k)  eleventhly, in reinstatement of, pari passu and rateably (based
               on the Carry Over Redraw Charge Offs and the A$ Equivalent of the
               Carry Over Class A Charge Offs allocated to each class of Class A
               Notes as the case may be):

               (1)  the A$ Equivalent of any Carry Over Class A Charge Offs; and

               (2)  any Carry Over Redraw Charge Offs;

          (l)  twelfthly, in reinstatement of and in the following order:

               (1)  any Class B Charge Offs for that Calculation Period; and

               (2)  pari passu and rateably the Invested Amount of the Class B
                    Notes to the extent of any Carry Over Class B Charge Offs;

          (m)  thirteenthly, (to the extent not paid under clause 6.2) pari
               passu and rateably, in or toward repayment of any principal due
               and payable under

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                                                                         page 23
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               any Redraw Funding Facility and in or toward repayment of any
               principal due and payable under any Payment Funding Facility; and

          (n)  fourteenthly, in payment of or provision for amounts payable to
               the Beneficiary of the Securitisation Fund in accordance with
               clauses 22.1(d) and 22.3(d) of the Master Trust Deed.

     6.2   DISTRIBUTION OF PRINCIPAL COLLECTIONS

           Subject to the terms of the Security Trust Deed and these
           Supplementary Bond Terms, on each Payment Date (to the extent it has
           not already done so in accordance with this clause 6.2), the Trustee
           must apply the Principal Collections together with any amounts to be
           applied under this clause 6.2 pursuant to clause 6.5 for the relevant
           Calculation Period towards the following payments in the following
           order of priority:

          (a)  first, in or toward payment of or allowance for Taxes in respect
               of the Securitisation Fund (to the extent not paid or provided
               for under clause 6.1);

          (b)  secondly, pari passu and rateably in or toward payment of or
               allowance for the Trustee's Fee, the Manager's Fee and any
               Expenses (other than the Expenses referred to below in this
               clause 6.2) in respect of the Securitisation Fund (to the extent
               not paid or provided for under clauses 5.4 and 6.1);

          (c)  thirdly, in or toward payment of the amounts payable and the
               priority under clause 6.1(d) on the Class A Notes on that Payment
               Date(to the extent not paid under clauses 5.4 and 6.1);

          (d)  fourthly, in or toward payment of the amounts payable and the
               priority under clause 6.1(f) on the Class B Notes on that Payment
               Date (to the extent not paid under clauses 5.4 and 6.1);

          (e)  fifthly, in or toward repayment of any Redraw Principal
               Outstanding under a Redraw Funding Facility;

          (f)  sixthly, in or toward payments approved by the Manager under any
               Loan Redraw Facility;

          (g)  seventhly, in or toward payment to the Currency Swap Provider
               under a Confirmation relating to the Class A-1 Notes, until the
               Outstanding Principal Balance of the Class A-1 Notes is reduced
               to zero, of an amount equal to the lesser of:

               (1)  the amount available for distribution under this paragraph
                    (g) after all payments which have priority under this clause
                    6.2; and

               (2)  the A$ Equivalent of the Outstanding Principal Balance for
                    all Class A-1 Notes;

          (h)  eighthly, in or toward payment to the Currency Swap Provider
               under Confirmation relating to the Class A-2 Notes, until the
               Outstanding Principal Balance of the Class A-2 Notes is reduced
               to zero, of an amount equal to the lesser of:

               (1)  the amount available for distribution under this paragraph
                    (h) after all payments which have priority under this clause
                    6.2; and

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                                                                         page 24
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (2)  the A$ Equivalent of the Outstanding Principal Balance for
                    all Class A-2 Notes;

          (i)  ninthly, in or toward payment to the Class B Noteholders pari
               passu and rateably, until the Outstanding Principal Balance of
               the Class B Notes is reduced to zero, of an amount equal to the
               lesser of:

               (1)  the amount available for distribution under this paragraph
                    (i) after all payments which have priority under this clause
                    6.2; and

               (2)  the Outstanding Principal Balance for all Class B Notes;

          (j)  tenthly, pari passu and rateably (based on the Carry Over Redraw
               Charge Offs and A$ Equivalent of the Carry Over Class A Charge
               Offs allocated to each class of Class A Notes, as the case may
               be):

               (1)  in or toward payment to the Currency Swap Provider under a
                    Confirmation relating to the Class A Notes, of the A$
                    Equivalent of any Carry Over Class A Charge Offs; and

               (2)  in or toward repaying the Redraw Principal Outstanding of
                    each Redraw Funding Facility to the extent of any Carry Over
                    Redraw Charge Offs;

          (k)  eleventhly, in or toward repaying the Invested Amount of the
               Class B Notes to the extent of any Carry Over Class B Charge
               Offs;

          (l)  twelfthly, in or toward payment towards any break costs payable
               on cancellation of any Interest Hedge to the extent that those
               amounts are not recovered under the relevant Loan secured by
               Mortgages comprised in Assets of the Fund in the form of any
               applicable prepayment fees or a drawing has not been made under a
               Payment Funding Facility (to the extent not paid under clause
               6.1); and

          (m)  thirteenthly, subject to clause 6.3, pari passu and rateably in
               or toward payment to the Liquidity Noteholder of the principal
               amount outstanding in respect of the Liquidity Notes and in or
               towards repayment of any principal in respect of any Payment
               Funding Facility.

     6.3   RIGHTS OF LIQUIDITY NOTEHOLDER

           On any Payment Date, the Trustee must not make any payments out of
           Principal Collections to the Liquidity Noteholder under clause 6.2
           unless the Invested Amount of all the Class A Notes and Class B Notes
           is zero, or will be zero following any payments made on the relevant
           Payment Date.

     6.4   FUNDING LOAN REDRAW FACILITIES

          (a)  The Trustee may only fund advances under Loan Redraw Facilities
               from Collections which represent prepayments of principal under
               Loans ("Prepayments") and by drawings under Redraw Funding
               Facilities.

          (b)  The Trustee must not apply any Prepayments to making advances
               under a Loan Redraw Facility unless:

               (1)  all amounts specified in paragraphs (a) to (d) inclusive of
                    clause 6.2 which are due and payable have been paid; and

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                                                                         page 25
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (2)  the Trustee holds Collections equal to the sum of the
                    advance under the Loan Redraw Facility and all amounts
                    specified in paragraphs (a) to (d) inclusive of clause 6.2
                    which are accrued but not due and payable.

     6.5   PAYMENT OF CHARGE OFFS

           The amount of any reinstatement under clauses 6.1(j), (k) and (l)
           must be applied on the Payment Date of the reimbursement in
           accordance with clause 6.2 as if the amount reimbursed formed part of
           Principal Collections.

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7    SUBSTITUTION OF MORTGAGES

     7.1  PURCHASE OF SUBSTITUTE MORTGAGES

          (a)  The Manager may, within 120 days after the issue of the Bond
               Issue Confirmation Certificate (as defined in the Mortgage
               Origination and Management Agreement), determine to suspend, to
               the extent necessary, the obligations of the Trustee to treat as
               Principal Collections so much of the payments in respect of
               principal received on the repurchase of Loans pursuant to either
               clause 10.4 of the Mortgage Origination and Management Agreement
               or clause 11.6 of the Master Trust Deed, to purchase substitute
               mortgages.

          (b)  Any payments of principal suspended in accordance with clause
               7.1(a) (SUSPENDED MONEYS) may only be used in the manner provided
               in clause 7.1(c).

          (c)  The Manager may only make a determination pursuant to clause
               7.1(a):

               (1)  for the purpose of directing the Trustee to apply the
                    Suspended Moneys in the purchase of Mortgages (SUBSTITUTE
                    MORTGAGES) from Origination Fund No. 3;

               (2)  if the final payment date of each Substitute Mortgage is at
                    least one year before the Final Maturity Date of the Notes;

               (3)  if the Manager has given the Designated Rating Agencies not
                    less than five Banking Days notice or such shorter period as
                    the Designated Rating Agencies may agree of its intention to
                    make the determination;

               (4)  if the Manager receives confirmation from the Designated
                    Rating Agencies that the purchase by the Trustee of the
                    Substitute Mortgages will not adversely affect the
                    Designated Rating of the Notes; and

               (5)  if

                    (A)  the Trustee receives from the Manager a completed
                         Mortgage Transfer Proposal in relation to the
                         Substitute Mortgage no later than two Banking Days
                         prior to the date referred to in the Mortgage Transfer
                         Proposal for the purchase of the Substitute Mortgage;

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                                                                         page 26
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                    (B)  the Manager certifies to the Trustee that the proposed
                         Substitute Mortgage is a Mortgage for the purposes of
                         this agreement, and satisfies the requirements in this
                         clause, as at the Transfer Date;

                    (C)  prior to or on the Transfer Date the Trustee obtains,
                         or enters into arrangements to obtain with effect from
                         the Transfer Date, as Trustee of the Fund the benefit
                         of the Enhancements and Interest Hedge (if any)
                         referred to in the Mortgage Transfer Proposal.

               If the provisions of this clause 7 are satisfied then the
               Substitute Mortgage shall be acquired from Origination Fund
               No. 3.

     7.2   RESTRICTIONS ON SUBSTITUTIONS

           A substitution of any Mortgage as a consequence of the Manager
           determining any representation or warranty by the Mortgage Manager
           under the Mortgage Origination and Management Agreement with respect
           to a Mortgage forming part of the Securitisation Fund is false or
           misleading may only be effected so long as there is no increase in
           the Dutiable Proportion (as defined in the Payment Funding Facility)
           after the substitution has been effected or there has been a drawing
           under the Payment Funding Facility for an amount equal to the Duty
           Amount (as defined in the Payment Funding Facility) applicable to the
           increase in the Dutiable Proportion.

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8    NOTIFICATIONS OF CALCULATIONS ETC.

     (a)  The Manager must calculate the Collections for an immediately
          preceding Calculation Period no later than 6 Banking Days before each
          Payment Date.

     (b)  The Manager must, not later than two Banking Days before each Payment
          Date advise the Trustee and in respect of Class A Notes only, the
          Currency Swap Provider in writing of:

          (1)  all amounts payable or to be provided for under clause 6;

          (2)  reasonable details of the calculation of all such amounts; and

          (3)  the Outstanding Principal Balance and Invested Amount of each
               Note following the making of all payments to be made on that
               Payment Date in accordance with clauses 3 and 6.

     (c)  The Manager must also notify the Trustee of all details of payments
          which are to be made by or on behalf of the Trustee on or by each
          Payment Date. The Manager must, not later than two Banking Days before
          each Payment Date also notify the Currency Swap Provider of all
          payments which are to be made by or on behalf of the Trustee on each
          Payment Date under clauses 6.1 and 6.2 in respect of Class A Notes.

     (d)  In the absence of manifest error, each of the Trustee and the Currency
          Swap Provider is entitled to rely (and will rely on) conclusively on
          the Manager's calculations and notifications and is not required to
          investigate the accuracy of them.

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                                                                         page 27
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

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9    INTENTIONALLY DELETED

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10   AMENDMENTS TO MASTER TRUST DEED

     The Master Trust Deed is amended for the purpose of the Fund as follows:

     (a)   Clause 1.1 -- Authorised Investment

           For the purposes of the definition of Authorised Investment in clause
           1.1 of the Master Trust Deed, each investment must be of a type which
           does not adversely affect the 50% risk weighting attributed to the
           Notes by the Bank of England (as to which the Trustee may rely
           conclusively on advice from the Manager to that effect).

     (b)   Clause 1.1 - Expenses

           For the purpose of the definition of Expenses in clause 1.1 of the
           Master Trust Deed,

          (1)  words "subject to clauses 14 and 18," are added at the beginning
               of paragraph (m); and

          (2)  a new paragraph (o) is inserted as follows and the existing
               paragraphs (o), (p) and (q) become (p), (q) and (r) respectively:

               "(o) any fees and expenses payable to DTC, the Note Trustee, the
                    Paying Agents, the Note Registrar, the Calculation Agents
                    (for which the Trustee is not personally liable under the
                    Transaction Documents), Clearstream, Luxembourg, Euroclear,
                    and any Stock Exchange;".

     (c)   Clause 1.1 -- Financial Default

           For the purpose of the definition of Financial Default delete "3
           Banking Days" and insert "10 Banking Days".

     (d)   Clause 1.1 -- Fitch

           For the purposes of the Fund, the definition of Fitch in clause 1.1
           of the Master Trust Deed, is deleted and the following definition is
           inserted:

           "FITCH RATINGS means Fitch, Inc. and its successors and assigns".

     (e)   Clause 1.1 -- Manager's Default

           For the purposes of the definition of Manager's Default add "or any
           representation given by the Manager in any Transaction Document in
           relation to the Fund is or becomes not true" after the words "in
           relation to the Fund" in paragraph (a) of the definition.

     (f)   Clause 1.1 -- Rating Agency

           For the purpose of definition of Rating Agency in clause 1.1 replace
           the word "Fitch" with the words "Fitch Ratings".

     (g)   Clause 1.1 -- Securities System

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                                                                         page 28
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           For the purpose of the definition of Securities System in clause 1.1
           insert "or DTC" after "Euroclear".

     (h)   Clause 1.1 -- Termination Date

           For the purpose of the definition of "Termination Date" in clause 1.1
           of the Master Trust Deed, the words "and the Trustee and Manager
           agree that no further Notes are proposed to be issued by the Trustee
           in relation to that Fund" are inserted at the end of paragraph (c)(1)
           of that definition.

     (i)   Clause 5 -- Notes

           For the purpose of the Fund, clause 5 in the Master Trust Deed is
           deleted and the following clause 5 is inserted as follows:

               "5.  NOTES

               5.1  Acknowledgment of indebtedness

                    Subject to the terms of this Deed and the Supplementary Bond
                    Terms Notice:

                    (a)  each entry in the Register for a Fund in respect of a
                         Class B Note relating to the Fund; and

                    (b)  in relation to each Class A Note relating to a Fund,
                         that Class A Note,

                    constitutes an independent and separate acknowledgment to
                    the relevant Noteholder by the Trustee of its indebtedness
                    as trustee of the Fund for the Outstanding Principal Balance
                    of that Note together with the other rights given to
                    Noteholders under this Deed, the Supplementary Bond Terms
                    Notice and the Security Trust Deed, and (in relation to a
                    Class A Note) the Note Trust Deed and the Conditions.

               5.2  Legal nature of Notes

                    (a)  Class B Notes will be in the form of inscribed stock,
                         and the Trustee's obligations in relation to the Notes
                         and under this Deed and this Supplementary Bond Terms
                         Notice (including any obligation to pay interest or
                         principal) will become effective on inscription in the
                         Register for the Fund under this Deed and this
                         Supplementary Bond Terms Notice of the details for
                         those Class B Notes.

                    (b)  Class A Notes will be in registered form in respect of
                         Book-Entry Notes and will be in bearer or registered
                         form in respect of Definitive Notes, provided that
                         there will be no bearer notes issued in the United
                         States of America.

               5.3  Terms of Notes

                    (a)  All Notes issued by the Trustee as trustee of a Fund
                         shall be issued with the benefit of, and subject to,
                         this Deed, the relevant Supplementary Bond Terms
                         Notice and the relevant Security Trust Deed and, in

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                                                                         page 29
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                    relation to Class A Notes, the Note Trust Deed and the
                    Conditions.

               (b)  The documents referred to in paragraph (a) are binding on
                    the Manager, the Trustee, the Note Trustee, the Security
                    Trustee and the Noteholders.

          5.4   Interest and Principal Entitlement of Noteholders

                Subject to this Deed, the relevant Supplementary Bond Terms
                Notice and the Security Trust Deed and, in relation to Class A
                Notes, the Note Trust Deed and the Conditions, the Trustee as
                trustee of a Fund must, in respect of the Notes issued by it in
                that capacity, pay or cause to be paid to the Noteholders (as
                relevant) of those Notes:

               (a)  (INTEREST) Interest on each Payment Date; and

               (b)  (PRINCIPAL) their Principal Entitlement on each Payment
                    Date.

          5.5   Notes not invalid if issued in breach

                No Note shall be invalid or unenforceable on the ground that it
                was issued in breach of this Deed, the relevant Supplementary
                Bond Terms Notice or any other Transaction Document.

          5.6   Location of Class B Notes

                The property in Class B Notes shall for all purposes be regarded
                as situated at the place where the Register on which those Class
                B Notes are recorded is located.

          5.7   No discrimination between Noteholders

                There shall not be any discrimination or preference between
                Notes within the same Class, or the corresponding Noteholders,
                in relation to a Fund by reason of the time of issue of Notes or
                for any other reason, subject only to the Supplementary Bond
                Terms relating to the Notes the terms of the Security Trust Deed
                relating to the Fund and the Note Trust Deed in relation to the
                Class A Notes.

          5.8   Note Register

                In the event that any Definitive Notes are issued in registered
                form, the Trustee (or if the Trustee fails to do so, the Manager
                on behalf of the Trustee) must, on the direction of the Manager,
                appoint a person to operate and maintain a register of those
                notes in accordance with standard United States practice and
                law. "

     (j)   Clause 6.5 -- Ranking of interest of Beneficiary

           For the purposes of clause 6.5 of the Master Trust Deed, the Trustee
           may seek and rely upon a direction from the Note Trustee as to the
           interests of the Class A Noteholders.

     (k)   Clauses 7.1 and 7.7(a) -- Bond Issue Direction

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                                                                         page 30
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (1)  For the purposes of clause 7.1 of the Master Trust Deed, the
               Securitisation Fund Bond Issue Direction for the Notes may be
               issued by the Manager on or at any time prior to the Bond Issue
               Date for the Notes.

          (2)  For the purposes of clause 7.7(a) of the Master Trust Deed, the
               certification by the Manager may occur on or at any time prior to
               the Bond Issue Date for the Notes.

     (l)   Clause 7.8 -- Issue of Bonds and Transfer of Benefit of Mortgages

          (1)  Clause 7.8(b) of the Master Trust Deed is amended by inserting
               "in respect of Class B Notes only" after "Applications for
               Bonds".

          (2)  Clause 7.8(c) of the Master Trust Deed is amended by replacing
               paragraph (1) with the following:

               "(1) (TRANSACTION DOCUMENTS): entered into the Transaction
                    Documents to which it is a party in its capacity as trustee
                    of the Fund;".

     (m)   Clause 8 -- Transfer of Notes

          (1)  For the purposes of this Fund, clause 8 of the Master Trust Deed
               applies in respect of the Class B Notes but, except for clause
               8.1(a), (b) and (c) does not apply to the Class A Notes.

          (2)  For the purposes of this Fund, clause 8.1(a) of the Master Trust
               Deed is amended by inserting the words "and (in respect of the
               Class A Notes) the relevant Note Trust Deed and Conditions" after
               the words subject to this Deed and the corresponding
               Supplementary Bond Terms".

     (n)   Clause 9 -- Note Registration Confirmation

           For the purposes of this Fund, clause 9 applies to the Class B Notes
           and does not apply to the Class A Notes.

     (o)   Clause 10.12 -- Moneys Payable to Trustee

           For the purposes of the Fund, the words "and any moneys payable to
           the Principal Paying Agent under any Transaction Document" are
           inserted after the words "subject to this Deed."

     (p)   Clause 11 -- Origination and Management of Mortgages

           A new clause 11.6 is inserted as follows:

          "11.6 REPURCHASE OF MORTGAGES

               (a)  If the Manager determines that any representation or
                    warranty by the Mortgage Manager under the Mortgage
                    Management Agreement with respect to a Mortgage forming part
                    of the Securitisation Fund is false or misleading, the
                    Trustee, as trustee of Origination Fund No. 3, will be
                    obliged at the request of the Manager made in accordance
                    with clause 10.4 to either (at the election of the Manager):

                    (1)  repurchase the Mortgage; or

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                                                                         page 31
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                    (2)  repurchase and substitute or substitute a Mortgage in
                         which event the Trustee shall be obliged to comply with
                         provisions of clause 7 of the Supplementary Bond Terms
                         Notice with respect to the substitution of Mortgages,

                    within 120 days after the date of the relevant Bond Issue
                    Confirmation Certificate (as defined in the Mortgage
                    Management Agreement).

               (b)  For the avoidance of doubt, it is recorded that neither the
                    Trustee nor the Mortgage Manager shall be obliged to pay
                    damages to the Note Trustee or any Class A Noteholder as a
                    consequence of any breach of warranty on the part of the
                    Mortgage Manager contained in the Mortgage Management
                    Agreement.

               (c)  The provisions of clauses 7.14 and 7.15 shall be
                    incorporated into this clause mutatis mutandis in relation
                    to any Mortgage repurchased and any substitute Mortgage.

     (q)   Clause 12.17 -- Additional Covenants by Manager

           For the purposes of clause 12.17 of the Master Trust Deed, the
           Manager must also:

          (1)  (STOCK EXCHANGE): comply with the rules and regulations of the
               Stock Exchange;

          (2)  (FILING): make or cause the making of all filings which the
               Manager is actually aware are required in connection with the
               Fund or the Assets of the Fund with any Governmental Agency in
               any jurisdiction;

          (3)  (COMPLY WITH OBLIGATIONS AND LAWS): promptly comply with all
               other duties and obligations imposed on the Manager by the
               Transaction Documents in relation to the Fund and comply with all
               relevant material laws in the relevant jurisdiction in carrying
               out such duties and obligations.

          (4)  (NOT MERGE): not merge or consolidate into another entity unless
               the surviving entity assumes the obligations of the Manager under
               the Transaction Documents.

          (5)  (ENHANCEMENTS): perform all obligations within its power to
               ensure that all Enhancements and Hedges are maintained and
               available for the Fund;

          (6)  (AGREED PROCEDURES): not agree to any amendment to the Agreed
               Procedures (as defined in the Mortgage Origination and Management
               Agreement) applicable to this Fund, unless each Designated Rating
               Agency has confirmed that it will not withdraw or downgrade the
               rating of the Notes as a result of such amendment.

     (r)   Clause 14.1 -- Retirement for Cause

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                                                                         page 32
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           For the purposes of the Fund, the following words are added at the
           end of clause 14.1:

                    "The costs of removal of the Manager in default must be
                    borne by the Manager. The Manager agrees to indemnify the
                    Trustee and the Fund for these costs."

     (s)   Clause 16.3 -- To act honestly, diligently and prudently

           Clause 16.3 of the Master Trust Deed is amended by:

          (1)  replacing "." at the end of paragraph (g) with ";"; and

          (2)  inserting new sub-clauses (i) and (j) as follows:

               "(i) (REMOVAL OF THE TRUSTEE'S AGENTS OR DELEGATES): remove any
                    agent or delegate of the Trustee that breaches any
                    obligation or duty imposed on the Trustee under this Deed or
                    any other Transaction Document in relation to the Fund where
                    the Manager reasonably believes it will adversely affect the
                    rating of either or both of the Class A Notes and the Class
                    B Notes by the Designated Rating Agencies within 45 days'
                    notice from the Manager to the Trustee to remove that agent
                    or delegate; and

               (j)  (AGREED PROCEDURES): not agree to any amendment to the
                    Agreed Procedures (as defined in the Mortgage Origination
                    and Management Agreement) applicable to this Fund, unless
                    each Designated Rating Agency has confirmed that it will not
                    withdraw or downgrade the rating of the Notes as a result of
                    such amendment."

     (t)   A new clause 16.10 inserted into the Master Trust Deed as follows:

                    "16.10 Compliance with laws

                    The Trustee must comply with all relevant material laws in
                    the relevant jurisdiction in performance of its duties and
                    in exercising its discretions under the Transaction
                    Documents."

     (u)   Clause 18.1 -- Retirement for Cause

           For the purposes of the Fund, the following words are added at the
           end of clause 18.1:

                    "The costs of removal of the Trustee in default must be
                    borne by the Trustee. The Trustee agrees to indemnify the
                    Manager and the Fund for these costs."

     (v)   Clause 19.1 -- Opening of bank accounts

           For the purposes of this Fund, insert after clause 19.1(c) of the
           Master Trust Deed as clause 19.1(d):

          "(d) (Change Bank Accounts): If a bank account for a Fund is held with
               a Bank which ceases to have the ratings specified in a
               Supplementary Bond Terms Notice in respect of the Fund, the
               Manager must direct the Trustee to, and the Trustee shall, as
               soon as practicable, and in any event, within 10 days of receipt
               of actual notice of that cessation:

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                                                                         page 33
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (1)  close that account; and

               (2)  transfer all funds standing to the credit of that account to
                    another existing bank account for the Fund with a Bank which
                    has the specified rating, or if none, open such an account,
                    as nominated by the Manager."

     (w)   Clause 23 -- The Register

           For the purpose of this Fund paragraphs (g) to (m) inclusive of
           clause 23.1 and clauses 23.5, 23.6 and 23.7 of the Master Trust Deed
           do not apply to the Class A Notes.

     (x)   Clause 25 -- Payments generally

           For the purpose of the Fund clause 25 is amended as follows:

          (1)  By deleting "in Australia" from clause 25.1(b).

          (2)  By inserting as clause 25.5 the following:

               "25.5 Class A Notes

               (a)  Clause 25.1 to 25.3 inclusive apply to the Class B Notes
                    only and not to the Class A Notes and the following
                    provisions of this clause 25.5 apply to the Class A Notes
                    only and not to the Class B Notes.

               (b)  Any payment made by or on behalf of the Trustee in respect
                    of any Class A Note must be made in accordance with the
                    relevant Supplementary Bond Terms Notice and the relevant
                    Note Trust Deed.

               (c)  There is a full satisfaction of the moneys payable under a
                    Class A Note, and a good discharge to the Trustee and the
                    Manager (as the case may be) in relation to that Class A
                    Note, when so provided under the Note Trust Deed."

          (3)  A new clause 25.6 inserted into the Master Trust Deed as follows:

               "25.6 Taxation

               (a)  (Net payments): Subject to this clause, payments in respect
                    of the Notes shall be made free and clear of, and without
                    deduction for, or by reference to, any present or future
                    Taxes of any Australian Jurisdiction unless required by law.

               (b)  (Interest Withholding Tax - Class B Notes): All payments in
                    respect of the Class B Notes will be made without
                    withholding or deduction for, or on account of, any present
                    or future taxes, duties or charges of whatsoever nature
                    unless the Trustee or any person making payments on behalf
                    of the Trustee is required by applicable law to make any
                    such payment in respect of the Class B Notes subject to any
                    withholding or deduction for, or on account of, any present
                    or future taxes, duties or charges of whatever nature. In
                    that event the Trustee or any person making payments on
                    behalf of the Trustee (as the case may be) will make such

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                                                                         page 34
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

                    payment after such withholding or deduction has been made
                    and will account to the relevant authorities for the amount
                    so required to be withheld or deducted. Neither the Trustee,
                    any person making payments on behalf of the Trustee or any
                    note trustee will be obliged to make any additional payments
                    to Class B Noteholders in respect of that withholding or
                    deduction.

               (c)  (Interest Withholding Tax - Class A Notes): Payments on
                    Class A Notes by or on behalf of the Trustee will be made
                    subject to deduction for any Interest Withholding Tax and
                    all other withholdings and deductions referred to in
                    Condition 7 of the Class A Notes.

               (d)  (Tax file numbers): The Trustee or any person making
                    payments on behalf of the Trustee will be required to deduct
                    tax-at-source on interest payments on any Class A Note or
                    Class B Note to each Class A Noteholder or Class B
                    Noteholder who has or is required to have a Tax File Number
                    at the highest personal marginal tax rate unless the Trustee
                    receives from such Class B Noteholder the Tax File Number of
                    that Class A Noteholder or Class B Noteholder, or evidence
                    of any exemption the Class A Noteholder or Class B
                    Noteholder may have from the need to advise the Trustee of a
                    Tax File Number. The Tax File Number or appropriate evidence
                    (as the case may be) must be received by the Trustee not
                    less than ten Banking Days prior to the relevant payment
                    date. The Trustee, or any person making any payments on
                    behalf of the Trustee, is entitled to deduct any such
                    tax-at-source required to be paid by it in relation to the
                    Class A Notes or the Class B Notes at that highest personal
                    marginal tax rate if no Tax File Number or exemption (as the
                    case may be) is provided."

     (y)   Clause 28 -- Amendment

           For the purposes of this Fund, the reference to prior consent of the
           Bondholders in clause 28.2 is a reference to the Extraordinary
           Resolution of Voting Secured Creditors passed in accordance with
           Schedule 1 of the Security Trust Deed.

--------------------------------------------------------------------------------
11   RATING AGENCY REQUIREMENTS

     11.1  DESIGNATED RATING AGENCIES

           The Designated Rating Agencies for the Notes as at the Closing Date
           are Moody's, S&P and Fitch Ratings.

     11.2  DESIGNATED RATINGS

           The Designated Ratings for the Notes are as follows:

          (a)  For the Class A Notes:

--------------------------------------------------------------------------------
                                                                         page 35
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

               (1)  In the case of Fitch Ratings - "AAA";

               (2)  in the case of Moody's - "Aaa";

               (3)  in the case of S&P - "AAA"; and

          (b)  For the Class B Notes:

               (1)  In the case of Fitch Ratings - "AA";

               (2)  In the case of Moody's - "Aa2"; and

               (3)  In the case of S&P - "AA".

     11.3  MINIMUM RATING REQUIREMENTS

           Subject to clauses 5.3 and 11.4, all Authorised Investments of the
           Fund other than cash and Mortgages must be rated "AAA" or "A-1+" by
           S&P, "Aaa" or "Prime-1" by Moody's and "AAA" or "F1+" by Fitch
           Ratings.

     11.4  BANKS

          (a)  Subject to clause 11.4(b), any bank account for the purposes of
               clause 19.1 and 19.11 of the Master Trust Deed must be with a
               Bank which has a short-term rating of at least P-1 (Moody's),
               A-1+ (S&P) and F1+ (Fitch Ratings).

          (b)  Subject to clause 5.3, the Assets of the Fund may be invested in
               deposits which mature or are callable within 30 days of being
               made with a Bank rated at least "A-1" by S&P, provided that the
               aggregate amount of such deposits does not at any time exceed 20%
               of the Total Outstanding Principal Balance.

     11.5  NOTIFICATIONS TO DESIGNATED RATING AGENCIES

           The Manager must give written notice to each Designated Rating
           Agency:

          (a)  of the occurrence of an Event of Default under the Security Trust
               Deed, promptly upon becoming aware of the same;

          (b)  prior to any amendment being made to any Transaction Document
               (including any change to any of the parties to any Transaction
               Document); and

          (c)  of a breach of a provision of a Transaction Document relating to
               the Securitisation Fund, promptly upon becoming aware of the
               same, which breach is in the reasonable opinion of the Manager
               likely to have a material adverse effect on the ability of the
               Trustee to meet its obligations in respect of the Notes.

     11.6  NO OTHER REQUIREMENTS

           For the purposes of the Master Trust Deed, there are no minimum
           rating requirements in relation to the Fund, other than those
           expressly set out in this Supplementary Bond Terms Notice.

     11.7  LOAN REDRAW FACILITIES

           The Manager must:

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                                                                         page 36
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (a)  ensure that the form of documentation to provide Loan Redraw
               Facilities is approved by the Mortgage Insurer; and

          (b)  that the provision of any Loan Redraw Facility is made in
               accordance with any relevant terms of the Mortgage Insurance
               Policy.

--------------------------------------------------------------------------------
12   THRESHOLD RATE

     (a)  In exercising its powers and performing its obligations under the
          Master Trust Deed, the Manager must at all times ensure that, to the
          extent that the Trustee is entitled to do so under the terms of the
          Mortgages, the rate of interest payable on or in respect of Loans
          secured by Mortgages comprised in the Assets of the Fund is changed
          from time to time so that:

          (1)  on the assumption that all parties to all of the Transaction
               Documents and all issuers of Authorised Investments from time to
               time comprised in the Assets of the Fund have complied and will
               at all times comply in full with their respective obligations
               under those Transaction Documents and Authorised Investments; and

          (2)  having regard to:

               (A)  the terms of the Transaction Documents;

               (B)  the terms of the Mortgages comprised in the Assets of the
                    Fund;

               (C)  the anticipated Expenses of the Fund;

               (D)  the amount of the Cash Collateral in the Cash Collateral
                    Account;

               (E)  all other information available to the Manager;

               (F)  the Benchmark Rate from time to time; and

               (G)  any mismatch between the time at which the Benchmark Rate is
                    determined and the time at which the rate of interest
                    payable on or in respect of Loans secured by the Mortgages
                    comprised in the Assets of the Fund may be reset,

               the Trustee will have available to it at all times sufficient
               funds to enable it to comply with all of its obligations under
               the Transaction Documents relating to the Fund as they fall due.

     (b)  Without limiting the operation of clause 12(a), the interest rate
          applicable to each fixed interest period of the Loan secured by a
          Mortgage comprised in the Assets of the Fund must be equal to or
          greater than:

          (1)  for so long as the Outstanding Principal Balance of all such
               Loans is equal to or less than 20% of the Outstanding Principal
               Balance of all Loans secured by Mortgages comprised in the Assets
               of the Fund, the rate, expressed as a percentage, determined by
               the Manager to be the fixed-floating swap rate for the period
               most closely approximating the term of the fixed interest period
               of the Loans secured by the Mortgages plus 0.80%; and

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                                                                         page 37
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

          (2)  for so long as the Outstanding Principal Balance of all such
               Loans is greater than 20% of the Outstanding Principal Balance of
               all Loans secured by Mortgages comprised in the Assets of the
               Fund, such rate as agreed from time to time between the Manager
               and each Designated Rating Agency.

     (c)  For the purposes of clause 12(a) it is acknowledged that if there is
          any shortfall under any determination under clause 12(a) the Manager
          may direct the Trustee to make a drawing under the Payment Funding
          Facility in respect of that shortfall (to the extent it has not
          already done so in respect of the shortfall) provided that:

          (1)  such a drawing must be made in accordance with clause 5.5(b)(2)
               of the Initial Payment Funding Facility; and

          (2)  if such a drawing is not made the Manager must comply with
               clauses 12(a) and (b).

--------------------------------------------------------------------------------
13   BENEFICIARY

     (a)  The Beneficiary holds the beneficial interest in the Fund in
          accordance with the Master Trust Deed and this Supplementary Bond
          Terms Notice.

     (b)  The beneficial interest held by the Beneficiary is limited to the Fund
          and each Asset of the Fund subject to and in accordance with the
          Master Trust Deed and this Supplementary Bond Terms Notice.

     (c)  The Beneficiary has no right to receive distributions in respect of
          the Fund other than:

          (1)  the right to receive on the termination of the Fund the entire
               beneficial interest of the Fund; and

          (2)  the right to receive distributions in respect of the Fund under
               the Master Trust Deed and this Supplementary Bond Terms Notice to
               the extent that Net Income is available for distribution under
               the Master Fund Deed and this Supplementary Bond Terms Notice.

     (d)  The Beneficiary may not assign, or create or allow to exist any
          Encumbrance over, its rights or interests in respect of the Fund if to
          do so might have an adverse tax consequence in respect of the Fund.

--------------------------------------------------------------------------------
14   NOTE TRUSTEE

     14.1  CAPACITY

           The Note Trustee is a party to this Supplementary Bond Terms Notice
           in its capacity as trustee for the Class A Noteholders from time to
           time under the Note Trust Deed and, for the purposes of clause 17 in
           its capacity as the Principal Paying Agent, the Calculation Agent and
           the Note Registrar.

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                                                                         page 38
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

     14.2  EXERCISE OF RIGHTS

          (a)  The rights, remedies and discretions of the Class A Noteholders
               under the Transaction Documents including all rights to vote or
               give instructions to the Security Trustee and to enforce
               undertakings or warranties under the Transaction Documents,
               except as otherwise provided in the Note Trust Deed or the
               Security Trust Deed, may only be exercised by the Note Trustee on
               behalf of the Class A Noteholders in accordance with the Note
               Trust Deed.

          (b)  The Class A Noteholders, except as otherwise provided in the Note
               Trust Deed or the Security Trust Deed, may only exercise
               enforcement rights in respect of the Charged Property through the
               Note Trustee and only in accordance with the Transaction
               Documents.

     14.3  REPRESENTATION AND WARRANTY

           The Note Trustee represents and warrants to each other party to this
           Supplementary Bond Terms Notice that it has the power under the Note
           Trust Deed to enter into the Transaction Documents to which it is a
           party and to exercise the rights, remedies and discretions of, and to
           vote on behalf of the Class A Noteholders.

     14.4  PAYMENTS

           Any payment to be made to the Class A Noteholders under the
           Transaction Documents may be made to the Principal Paying Agent or
           the Note Trustee (as the case may be) in accordance with the Note
           Trust Deed.

--------------------------------------------------------------------------------
15   SECURITY TRUST DEED

     The parties to this Supplementary Bond Terms Notice agree to comply with
     clause 12.12 of the Security Trust Deed.

16   MISCELLANEOUS

     16.1  BANKING DAY

           Except where this Supplementary Bond Terms Notice expressly provides
           to the contrary, where any determination, date, payment, matter or
           thing falls under this Supplementary Bond Terms Notice on a day which
           is not a Banking Day, then such determination, date, payment, matter
           or thing shall be done or extended to the first Banking Day
           thereafter.

     16.2  PROVISIONS OF THE MASTER TRUST DEED TO APPLY OTHER THAN AS SET OUT
           HEREIN

           Other than as expressly set out herein, or inconsistent with this
           Supplementary Bond Terms Notice, but subject to clause 16.4, the
           provisions of the Master Trust Deed shall apply to all Notes and to
           all Noteholders.

     16.3  LIMITATION OF LIABILITY

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                                                                         page 39
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           Without derogating from the generality of clause 16.2 nothing in this
           Supplementary Bond Terms Notice shall, nor shall it be construed as,
           limiting or in any way affecting the full operation of clause 26 of
           the Master Trust Deed.

     16.4  AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF NOTES

           For the purposes of clause 7.9 of the Master Trust Deed, the
           aggregate Outstanding Principal Balance of Notes created on the Issue
           Date may exceed the then aggregate Outstanding Principal Balance of
           the Portfolio of Mortgages attached to the Bond Issue Direction.

     16.5  ATTORNEY

           Each of the Attorneys executing this notice states that the Attorney
           has no notice of alteration to, or revocation or suspension of, the
           power of attorney appointing that Attorney.

--------------------------------------------------------------------------------
17   PRIVACY

     (a)  Each party to this Supplementary Bond Terms Notice acknowledges that
          Personal Information may be exchanged between the parties pursuant to
          the terms of this Supplementary Bond Terms Notice.

     (b)  If Personal Information is exchanged between the parties, the party
          which provides the Personal Information must ensure that it obtains
          such consents, if any, as are required by the Privacy Act 1988 (as
          amended by the Privacy Amendment (Private Sector Act) 2000 to be
          obtained by that party in relation to the collection, use or
          disclosure of the Personal Information.

     (c)  Each party to this Supplementary Bond Terms Notice undertakes to use
          its best endeavours to ensure that at all times during the term of
          this Supplementary Bond Terms Notice:

          (1)  Personal Information provided to it (the receiving party) by
               another party (the providing party):

               (A)  unless otherwise required by law, will be used only for the
                    purpose of fulfilling the receiving party's obligations
                    under the Transaction Documents; and

               (B)  except as expressly provided pursuant to the Transaction
                    Documents, will not be disclosed to any third party unless
                    express consent in writing is obtained from the providing
                    party; and

          (2)  in addition to the obligation under clause 17(b) above, it will
               comply with the Privacy Act 1988 (as amended by the Privacy
               Amendment (Private Sector Act) 2000 and all applicable
               regulations, principles, standards, codes of conduct or
               guidelines concerning the handling of Personal Information under
               that Act or with any request or direction arising directly from
               or in connection with the proper exercise of the functions of the
               Privacy Commissioner.

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

     (d)  In this clause 17 "Personal Information" has the same meaning as in
          the Privacy Act 1988.

     (e)  Notwithstanding anything else contained in this clause 17, paragraphs
          (a) to (c) above do not apply to the Note Trustee, the Principal
          Paying Agent, the Calculation Agent or the Note Registrar. Each of the
          Note Trustee, the Principal Paying Agent, the Calculation Agent and
          the Note Registrar agrees to comply with all privacy legislation
          applicable to it.

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                                                                         page 41
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

Dated:            [                         ] 2002

TRUSTEE

SIGNED BY

PERPETUAL TRUSTEES AUSTRALIA LIMITED

by its attorney under Power of Attorney

dated

in the presence of:
                   --------------------  ---------------------------------------

---------------------------------------  ---------------------------------------
Witness                                  Attorney

---------------------------------------  ---------------------------------------
Name (please print)                      Name (please print)

MANAGER

SIGNED BY

ME PORTFOLIO MANAGEMENT LIMITED

by its attorney under Power of Attorney

dated

in the presence of:

---------------------------------------  ---------------------------------------
Witness                                  Attorney

---------------------------------------  ---------------------------------------
Name (please print)                      Name (please print)

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

SECURITY TRUSTEE

SIGNED BY

PERPETUAL TRUSTEE COMPANY LIMITED

by its attorney under Power of Attorney

dated

in the presence of:

---------------------------------------  ---------------------------------------
Witness                                  Attorney

---------------------------------------  ---------------------------------------
Name (please print)                      Name (please print)

NOTE TRUSTEE

SIGNED BY

THE BANK OF NEW YORK

by its Authorised Signatory in the

presence of:

---------------------------------------  ---------------------------------------
Witness                                  Authorised Signatory

---------------------------------------  ---------------------------------------
Name (please print)                      Name (please print)

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

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SCHEDULE 1

                         SUPPLEMENTARY BOND TERMS NOTICE

                    SMHL GLOBAL FUND NO. 3 -- LIQUIDITY NOTES

To:    Perpetual Trustees Australia Limited (the "Trustee"), ABN 86 000 431 827,
       as trustee of the SMHL Global Fund No. 3.

From:  ME Portfolio Management Limited, ABN 79 005 964 134.

--------------------------------------------------------------------------------
1    FUNCTION

     This Supplementary Bond Terms Notice:

     (a)  accompanies a Securitisation Fund Bond Issue Direction dated [ ] as
          the same may be amended from time to time, in relation to a proposed
          issue of Notes by the Trustee;

     (b)  sets out the Supplementary Bond Terms for the Notes comprised in the
          Class named in the Bond Issue Direction as the "SMHL Global Fund No. 3
          -- Liquidity Notes"; and

     (c)  shall be entered into the Register by the Trustee pursuant to clause
          23.1(f) of the Master Trust Deed.

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2    DEFINITIONS AND INTERPRETATION

     2.1   DEFINITIONS

           In this Supplementary Bond Terms Notice (including clause 1), unless
           the context indicates a contrary intention:

           BOND ISSUE DIRECTION means the Securitisation Fund Bond Issue
           Direction referred to in clause 1(a).

           FINAL MATURITY DATE means the earlier of:

          (a)  [ ]; and

          (b)  the date declared to be the Final Maturity Date in accordance
               with clause 5.

           INTEREST AMOUNT means, in relation to a Liquidity Note and an
           Interest Period, interest on that Liquidity Note for that Interest
           Period calculated in accordance with clause 3.2.

           INTEREST PERIOD has the same meaning as in the SMHL Global Fund No. 3
           Bond Terms for the Class B Notes.

           INTEREST RATE has, in relation to an Interest Period, the same
           meaning as in the SMHL Global Fund No. 3 Bond Terms for Class B
           Notes.

           ISSUE DATE means the Bond Issue Date relating to the Liquidity Notes.

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           SMHL GLOBAL FUND NO. 3 BOND TERMS means the Supplementary Bond Terms
           Notice dated on about the date of this Supplementary Bond Terms
           Notice in respect of the Securitisation Fund and providing terms of
           issue for the Class A Notes and Class B Notes.

           LIQUIDITY NOTES means the Bonds (as defined in the Master Trust Deed)
           comprised in the Class named in the Bond Issue Direction as "SMHL
           Global Fund No. 3 -Liquidity Notes", issued by the Trustee pursuant
           to the Bond Issue Direction and in accordance with the Master Trust
           Deed.

           LIQUIDITY NOTEHOLDER means initially P.T. Limited (as nominee for
           Perpetual Trustees Australia Limited as Trustee for PP11
           Securitisation Fund and PP12 Securitisation Fund), and thereafter
           each person who is from time to time entered in the Register as the
           holder of a Liquidity Note.

           MANAGER means ME Portfolio Management Limited.

           MASTER TRUST DEED means the Master Trust Deed dated 4 July 1994 made
           between the Trustee and the Manager and providing for the
           establishment of a series of separate trusts known collectively as
           the Superannuation Members' Home Loans Trusts, as amended from time
           to time.

           ORIGINAL PRINCIPAL BALANCE means, in relation to a Liquidity Note,
           the initial Face Value of the Liquidity Note.

           OUTSTANDING PRINCIPAL BALANCE means, at any time in relation to a
           Liquidity Note, the Original Principal Balance of the Liquidity Note
           minus all repayments of principal made in relation to the Liquidity
           Note.

           PAYMENT DATE has the same meaning as in the SMHL Global Fund No. 3
           Bond Terms for Class B Notes.

           PRINCIPAL COLLECTIONS has the same meaning as in the SMHL Global Fund
           No. 3 Bond Terms.

           SECURITISATION FUND means the Securitisation Fund established under
           the Master Trust Deed known as the SMHL Global Fund No. 3.

           SECURITY TRUST DEED means the Security Trust Deed for the
           Securitisation Fund.

           TRUSTEE means Perpetual Trustees Australia Limited, in its capacity
           as trustee of the Securitisation Fund.

     2.2   INCORPORATION OF MASTER TRUST DEED DEFINITIONS

           Subject to clause 2.1, each term or expression used herein that is
           defined in the Master Trust Deed (as amended by the SMHL Global Bond
           Terms) and is not defined herein shall have the same meaning herein
           unless the context otherwise requires or unless otherwise defined
           herein.

     2.3   INTERPRETATION

           The provisions of clause 1.2 of the Master Trust Deed shall be
           incorporated, mutatis mutandis, into this Supplementary Bond Terms
           Notice, except that references to the SMHL Global Fund No. 3 Bond
           Terms are to the SMHL Global Fund No. 3 Bond Terms as at the Bond
           Issue Date.

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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

--------------------------------------------------------------------------------
3    INTEREST ON THE LIQUIDITY NOTE

     3.1   INTEREST

           Each Liquidity Note bears interest calculated, and payable in
           arrears, in accordance with this clause 3 and clause 7 until the
           Final Maturity Date or the date on which the Outstanding Principal
           Balance of the Liquidity Note is reduced to zero (whichever is the
           earlier).

     3.2   CALCULATION OF INTEREST

           Interest on each Liquidity Note is calculated for each Interest
           Period:

          (a)  on the daily Outstanding Principal Balance of the Liquidity Note
               during that Interest Period;

          (b)  at the Interest Rate for the Liquidity Note for that Interest
               Period; and

          (c)  on the actual number of days in that Interest Period and assuming
               a year of 365 days.

     3.3   PAYMENT OF INTEREST

           On each Payment Date, the Manager must direct the Trustee to pay, and
           the Trustee must subject to clause 7, pay the Interest Amount for
           each Liquidity Note for the Interest Period to which that Payment
           Date relates.

--------------------------------------------------------------------------------
4    PAYMENT OF PRINCIPAL ON THE NOTES

     4.1   FINAL MATURITY DATE

           The Outstanding Principal Balance of each Liquidity Note must,
           subject to clause 7, be repaid in full on the Final Maturity Date.

     4.2   REDUCTION IN PRINCIPAL BALANCE

           On each Payment Date, the Trustee must (at the direction of the
           Manager) comply with clause 5.5 of the SMHL Global Fund No. 3 Bond
           Terms and each repayment of principal of the Liquidity Notes must be
           applied as between each Liquidity Note as the Manager may from time
           to time determine until the Outstanding Principal Balance for each
           Liquidity Note is reduced to zero. Each payment of principal in
           respect of a Liquidity Note under this Supplementary Bond Terms
           Notice reduces the Outstanding Principal Balance of the Liquidity
           Note by the amount of that payment. The Trustee has no obligation to
           make any payment under this clause 4 in respect of the Liquidity
           Notes in excess of the Outstanding Principal Balance of the Liquidity
           Notes immediately prior to that payment being made.

     4.3   CANCELLATION ON REPAYMENT

           Upon the reduction of the Outstanding Principal Balance of the
           Liquidity Notes to zero by repayment of principal in accordance with
           this Supplementary Bond

--------------------------------------------------------------------------------
                                                                         page 46
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           Terms Notice and payment of all the Interest Amounts in relation to
           that Liquidity Bond, the Liquidity Note is cancelled.

--------------------------------------------------------------------------------
5    NOTES CALLABLE AT OPTION OF TRUSTEE

     If the Trustee declares a date to be the Final Maturity Date of the Notes
     issued pursuant to the SMHL Global Fund No. 3 Bond Terms in accordance with
     the SMHL Global Fund No. 3 Bond Terms, the Trustee must declare, and the
     Manager must direct the Trustee to declare, by giving not less than 5
     Banking Day's notice to the Liquidity Noteholder, that same date to be the
     Final Maturity Date for the Liquidity Notes.

--------------------------------------------------------------------------------
6    CASH COLLATERAL

     The Trustee and Manager must:

          (a)  comply with the terms of clause 5 of the SMHL Global Fund No. 3
               Bond Terms; and

          (b)  not make any variation or amendment to the SMHL Global Fund No. 3
               Bond Terms without the consent of the Liquidity Noteholder.

--------------------------------------------------------------------------------
7    DISTRIBUTION OF COLLECTIONS

     7.1   DISTRIBUTION OF COLLECTIONS

           Subject to the terms of the Security Trust Deed, on each Payment
           Date, the Trustee must apply the Interest Collections and the
           Principal Collections for the relevant Calculation Period in
           accordance with the SMHL Global Fund No. 3 Bond Terms.

     7.2   RIGHTS FOR REPAYMENT OF PRINCIPAL

           The rights of the Liquidity Noteholder to receive payment of or
           towards the Outstanding Principal Balance are subject to clause 6.3
           of the SMHL Global Fund No. 3 Bond Terms.

--------------------------------------------------------------------------------
8    NOTIFICATIONS OF CALCULATIONS ETC

     The Manager must, not later than two Banking Days before each Payment Date
     advise the Trustee in writing of the Outstanding Principal Balance of all
     Liquidity Notes following the making of all payments to be made on that
     Payment Date in accordance with the SMHL Global Fund No. 3 Bond Terms and
     this Supplementary Bond Terms Notice.

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                                                                         page 47
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                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

--------------------------------------------------------------------------------
9    NOTICE TO NOTEHOLDERS

     (a)  (NOTICES): The Manager shall from time to time advise the Liquidity
          Noteholder of the Interest Amount, Principal Entitlement and
          Outstanding Principal Balance on the Liquidity Notes.

     (b)  (METHOD OF NOTICES): A notice to the Liquidity Noteholder pursuant to
          clause 9(a) must be given in writing sent to the address or facsimile
          number of the Liquidity Noteholder then appearing in the Register.

     (c)  (NON-RECEIPT): The Manager shall not be liable for the accidental
          omission to give to, or the non-receipt or late receipt by, the
          Liquidity Noteholder of a notice pursuant to this clause 9.

--------------------------------------------------------------------------------
10   RESTRICTION ON TRANSFER

     For the purposes of clause 8.1 of the Master Trust Deed the Liquidity
     Noteholder may not transfer any Liquidity Note without the prior written
     consent of the trustee for the time being of the Fund on whose behalf it
     holds Liquidity Notes, the Security Trustee and provided the Manager
     receives from each Designated Rating Agency a confirmation that there will
     be no adverse change to the rating of the Notes.

--------------------------------------------------------------------------------
11   RATING AGENCY REQUIREMENTS

     11.1  DESIGNATED RATING AGENCIES

           The Designated Rating Agencies for the Liquidity Notes are Fitch
           Ratings, Moody's and S&P.

     11.2  DESIGNATED RATINGS

           The Liquidity Notes are not rated and have no Designated Rating.

     11.3  INVESTMENT OF FUND

           The Trustee and the Manager must comply with the SMHL Global Fund No.
           3 Bond Terms insofar as they relate to:

          (a)  the investment of the Assets of the Fund in Authorised
               Investments; and

          (b)  the exercise of their respective powers under the Master Trust
               Deed with respect to the setting of the rate of interest payable
               on or in respect of Loans secured by Mortgages comprised in the
               Assets of the Fund.

--------------------------------------------------------------------------------
12   MISCELLANEOUS

     12.1  BANKING DAY

           Where any determination, date, payment, matter or thing falls under
           this Supplementary Bond Terms Notice on a day which is not a Banking
           Day, then

--------------------------------------------------------------------------------
                                                                         page 48
<PAGE>

                 Supplementary Bond Terms Notice Class A Notes and Class B Notes

           such determination, date, payment, matter or thing shall be done or
           extended to the first Banking Day thereafter.

     12.2  PROVISIONS OF THE MASTER TRUST DEED TO APPLY OTHER THAN AS SET OUT
           HEREIN

           Other than as expressly set out herein, or inconsistent with this
           Supplementary Bond Terms Notice, but subject to clause 12.3, the
           provisions of the Master Trust Deed shall apply to all Notes and to
           all Noteholders.

     12.3  LIMITATION OF LIABILITY

           Without derogating from the generality of clause 12.2 nothing in this
           Supplementary Bond Terms Notice shall, nor shall it be construed as,
           limiting or in any way affecting the full operation of clause 26 of
           the Master Trust Deed.

--------------------------------------------------------------------------------
13   FINANCIAL DEFAULT

     For the purposes of the Securitisation Fund and all Transaction Documents
     relating to the Securitisation Fund, any failure by the Trustee to pay all
     or part of any Interest Amount on any Payment Date other than the Final
     Maturity Date does not constitute a Financial Default or an Event of
     Default for the purposes of the Security Trust Deed.

Dated:   [        ] 2002

For and on behalf of ME Portfolio Management Limited

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

--------------------------------------------------------------------------------
                                                                         page 49

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