Document:

<PAGE>

                       MORTGAGE ORIGINATION AND MANAGEMENT
                                    AGREEMENT

                                  AMENDING DEED

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                 ACN 000 431 827

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                 ACN 005 964 134

                                       and

                           MEMBERS' EQUITY PTY LIMITED
                                 ACN 070 887 679

                                 F R E E H I L L
                              H O L L I N G D A L E
                                    & P A G E

         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 OF CONTENTS

<TABLE>
<CAPTION>

Clause                                                                          Page
<S>     <C>                                                                     <C>
1        DEFINITIONS AND INTERPRETATION                                            3

         1.1      Definitions                                                      3
         1.2      Interpretation                                                   4
2        AMENDMENTS TO THE AGREEMENT                                               4

         2.1      Amendments                                                       4
         2.2      Amendments not to affect validity, rights, obligations           4
3        GENERAL                                                                   4

         3.1      Governing law and jurisdiction                                   4
         3.2      Attorneys                                                        4

</TABLE>

                                                                          PAGE 2

<PAGE>

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

                  is made on          2000 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of 1 Castlereagh Street Sydney NSW
                          (TRUSTEE)

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

                  3.      MEMBERS' EQUITY PTY LIMITED (formerly known as NMFM
                          Lending Pty Limited)
                          ACN 070 887 679
                          of Level 17, 360 Collins Street Melbourne VIC
                          (MORTGAGE MANAGER)

RECITALS

                  A.      The Trustee is a trustee of trusts known as
                          Superannuation Members Home Loans Trusts (the TRUSTS)
                          and the Manager is a manager of the Trusts.

                  B.      The Trustee, the Manager and National Mutual Property
                          Services (Aust) Pty Limited (FORMER MANAGER) entered
                          into a Mortgage Origination and Management Agreement
                          (the NOVATED AGREEMENT) dated 4 July 1994.

                  C.      By a deed of novation dated 28 September 1995 the
                          Former Manager surrendered its rights and was released
                          and discharged from its obligations under the Novated
                          Agreement and the Mortgage Manager became entitled to
                          equivalent rights and assumed equivalent obligations
                          (DEED OF NOVATION).

                  D.      The parties wish to amend the agreement created by the
                          Novated Agreement and the Deed of Novation (the
                          AGREEMENT) 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 (except as otherwise provided)
               defined in the Agreement has the same meaning as in the
               Agreement.

          1.2  INTERPRETATION

               Clause 1.2 of the Agreement applies to this deed.

                                                                          PAGE 3

<PAGE>

--------------------------------------------------------------------------------
2         AMENDMENTS TO THE AGREEMENT

          2.1  AMENDMENTS

               (a)  The Agreement is amended as set out in the Schedule.

               (b)  The amendments to the Agreement in clause 2.1(a) take effect
                    from the date of this deed.

          2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

               (a)  An amendment to the Agreement does not affect the validity
                    or enforceability of the Agreement.

               (b)  Nothing in this deed:

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

                    (2)  discharges, releases or otherwise affects any liability
                         or obligation arising under the Agreement before the
                         date of 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.

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

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

/s/ Maria Ratner                          /s/ Richard Lovell
---------------------------------------   --------------------------------------
Witness                                   Attorney

Maria Ratner                              Richard Anthony Lovell
---------------------------------------   --------------------------------------
Name (please print)                       Name (please print)

                                                                          PAGE 4

<PAGE>

SIGNED SEALED AND DELIVERED for
SUPERANNUATION MEMBERS' HOME LOANS LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

                                                                          PAGE 5

<PAGE>

SCHEDULE - AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(a)  deleting the definition of "Agreed Procedures" and inserting the following:

          ""Agreed Procedures" means the practices and procedures relating to
          the origination, management and servicing of the Mortgages from time
          to time as agreed between the Trust Manager and the Trustee."

(b)  inserting a new definition of Bond Issue Date as follows:

          ""BOND ISSUE DATE" has the same meaning as in the Trust Deed.";

(c)  inserting a new definition of Designated Rating Agency follows:

          ""Designated Rating Agency" has the same meaning as in the Trust
          Deed.";

(d)  inserting a new definition of Securitisation Fund as follows:

          ""SECURITISATION FUND" has the same meaning as in the Trust Deed.";

(e)  by inserting a new definition of Supplementary Bond Terms Notice:

          ""SUPPLEMENTARY BOND TERMS NOTICE" has the same meaning as in the
          Trust Deed.";

(f)  by inserting a new clause 3.4:

          "3.4 MANAGER'S DUTIES

          The Mortgage Manager must not in performing its duties under this
          Agreement do or omit to do anything which could be reasonably expected
          to be in breach of the Trust Manager's or Trustee's obligations under
          the Trust Deed.";

(g)  inserting the words "and shall be solely responsible for the fees and
     expenses of such person" at the end of clause 5.3(b);

(h)  inserting after the words "Mortgage Manager" where it appears at the end of
     clause 5.6 of the Agreement the following:

          "and holds such assets on behalf of the Trustee as trustee of the
          relevant Fund.";

(i)  inserting a new clause 5.14 as follows:

          "5.14 Mortgage Substitution Certificate

          If pursuant to this Agreement or the Trust Deed any Mortgage which is
          an asset of a Securitisation Fund is repurchased and substituted by
          another Mortgage or Mortgage by the Mortgage Manager or by the Trustee
          as trustee of another Fund the Mortgage Manager must in respect of
          each substitute Mortgage and not less than 1 Banking Day before the
          date of substitution either:

          (1)  deliver to the Trust Manager a Bond Issue Confirmation
               Certificate; or

          (2)  if the Mortgage Manager is unable to give that Bond Issue
               Confirmation Certificate, because any of the matters to be
               certified is, with respect to its substitute Mortgage or
               Mortgages, not correct, the Mortgage Manager must give notice in
               writing to the Trust Manager and the Trustee and each Designated
               Rating Agency

                                                                          PAGE 6

<PAGE>

          specifying in reasonable detail the reasons why the Mortgage Manager
          is unable to give the Bond Issue Certificate with respect to the
          Mortgage or Mortgages."

(j)  inserting at the end of clause 7.6 the following:

          "The Mortgage Manager must not do or omit to do anything which could
          be reasonably expected to prejudicially affect or limit its rights or
          the rights of the Trustee under or in respect of a Mortgage Insurance
          policy.";

(k)  inserting a new clause 10.4 as follows:

          "10.4 REPURCHASE OF MORTGAGES

          (a)  Notwithstanding clause 10.3 if the Trust Manager determines that
               any representation or warranty by the Mortgage Manager in a Bond
               Issue Confirmation Certificate with respect to a Mortgage forming
               part of a Securitisation Fund is false or misleading the Mortgage
               Manager will be obliged at the request of the Trust Manager to
               either (at the election of the Manager):

               (1)  repurchase the Mortgage; or

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

          within 120 days after the giving the relevant Bond Issue Confirmation
          Certificate.

          (b)  The provisions of clauses 7.14 and 7.15 of the Trust Deed shall
               be incorporated into this clause mutatis mutandis in relation to
               any Mortgage repurchased and any substitute Mortgage;

(l)  inserting a new clause 10.5 as follows:

          "10.5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES

          The representations and warranties given in clause 10 survive the
          execution of this Agreement.";

(m)  deleting the word "or" at the end of each of clauses 14.1(a) and 14.1(b);

(n)  deleting the full stop at the end of clause 14.1(c) and inserting the word
     "or";

(o)  inserting after clause 14.1(c) as follows:

          "(d) it becomes unlawful for the Mortgage Manager to perform its
               duties under this Agreement.

          The Mortgage Manager must notify the Trust Manager and each Designated
          Rating Agency if any of the above events occurs.";

(p)  inserting at the end of clause 14.2 the following:

          "The Mortgage Manager may not terminate this Agreement unless a
          replacement mortgage manager has been appointed by the Trust Manager
          and the Trustee and it has entered into an agreement with the Trust
          Manager and the Trustee on terms similar to this Agreement and
          satisfactory to the Trust Manager and the Trustee. Any such
          appointment must not be made unless prior notice is given by the Trust

                                                                          PAGE 7

<PAGE>

          Manager to each Designated Rating Agency or if it would have an
          adverse effect on the rating of any Bonds (as defined in the Trust
          Deed).";

(q)  inserting at the end of paragraph (b) of the Schedule to the Agreement
     "/the repurchase and substitution of Mortgages pursuant to clause 10.5 of
     the Agreement and to clause 5.14 of the Agreement. [Delete as required]"

(r)  in paragraph 1 of the Schedule to the Agreement, deleting the words "date
     of its settlement" and replacing them with the words "Bond Issue Date" or,
     if this certificate is given pursuant to clause 5.14 of the Agreement, the
     date of this certificate;

(s)  inserting the word "consecutive" after the words "more than 30" in
     paragraph 5 of the Schedule to the Agreement; and

(t)  inserting the following immediately after paragraph 9 of the Schedule to
     the Agreement:

     "10. At the time the Mortgage was entered into and up to and including the
          date hereof, we have complied in all material aspects with all
          applicable laws, including without limitation, where applicable, the
          Uniform Consumer Credit Legislation.

     11.  The performance by us of our obligations in respect of the Mortgage
          (including any variations, discharge, release administration,
          servicing and enforcement) up to and including the date hereof
          complied with all applicable laws including, where applicable, the
          Uniform Consumer Credit Legislation.

     12.  The Mortgage is denominated in and payable in Australian dollars.

     13.  Except where the relevant insurer under the applicable Approved
          Mortgage Insurance Policy otherwise agrees, the principal outstanding
          at the time the Mortgage was entered into did not exceed the maximum
          principal amount at that time which may be lent without the approval
          of the relevant insurer under the applicable Approved Mortgage
          Insurance Policy.

     14.  The Loan secured by the Mortgage is repayable:

          (a)  on fully amortising terms within 25 years of the date of the
               Securitisation Fund Bond Issue Direction; and

          (b)  at least 1 year before the final maturity date of the Bonds (as
               defined in the Master Trust Deed).

     15.  Subject to the terms of the Approved Mortgage Insurance Policy, the
          Mortgage is covered by an Approved Mortgage Insurance Policy for an
          amount not less than 100% of the amounts outstanding under the
          Mortgage, which policy also includes timely payment cover in respect
          of Loan Instalments.

     16.  The Loan secured by the Mortgage has been or is fully drawn."

     17.  The current ratio that the principal amount of the Loan bears to the
          value of the Property at the time the Loan is made was equal to or
          less than 90%.

     18.  The Loan secured by the Mortgage does not represent a direct or
          indirect obligation of an employee of the Mortgage Manager or the
          Trust Manager who has influence in the setting of interest rates for
          housing loans by the Mortgage Manager or the Trust Manager.

                                                                          PAGE 8

<PAGE>

     19.  The Loan is not secured by vacant land or residential properties under
          construction.

     20.  All components of any Loan being a split loan will be acquired by the
          Securitisation Fund."

                                                                          PAGE 9

<PAGE>

                                 MORTGAGE ORIGINATION AND MANAGEMENT
                                              AGREEMENT

                                            AMENDING DEED

                  PERPETUAL TRUSTEES AUSTRALIA LIMITED
                  ABN 86 000 431 827

                  ME PORTFOLIO MANAGEMENT LIMITED
                  (formerly known as Superannuation Members' Home Loans Limited)
                  ABN 79 005 964 134

                  and

                  MEMBERS' EQUITY PTY LIMITED
                  ABN 56 070 887 679

                  FREEHILLS

                  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:FMK:25E

<PAGE>

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

<TABLE>
<CAPTION>
Clause                                                                       Page
<S>                                                                         <C>
1        DEFINITIONS AND INTERPRETATION                                         3

         1.1      Definitions                                                   3
         1.2      Interpretation                                                4
2        AMENDMENTS TO THE AGREEMENT                                            4

         2.1      Amendments                                                    4
         2.2      Amendments not to affect validity, rights, obligations        4
3        GENERAL                                                                4

         3.1      Governing law and jurisdiction                                4
         3.2      Attorneys                                                     4
</TABLE>

--------------------------------------------------------------------------------
                                                                          PAGE 2

<PAGE>

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

          is made on               2000 between the following parties:

          1.   PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827
               of Level 7, 29 Hunter Street Sydney NSW
               (TRUSTEE)

          2.   ME PORTFOLIO MANAGEMENT LIMITED
               (formerly known as Superannuation Members' Home Loans Limited)
               ABN 79 005 964 134
               of Level 17, 360 Collins Street Melbourne VIC
               (MANAGER)

          3.   MEMBERS' EQUITY PTY LIMITED
               (formerly known as NMFM Lending Pty Limited)
               ABN 56 070 887 679
               of Level 17, 360 Collins Street Melbourne VIC
               (MORTGAGE MANAGER)

RECITALS

          A.   The Trustee is a trustee of trusts known as Superannuation
               Members Home Loans Trusts (the TRUSTS) and the Manager is a
               manager of the Trusts.

          B.   The Trustee, the Manager and National Mutual Property Services
               (Aust) Pty Limited (FORMER MANAGER) entered into a Mortgage
               Origination and Management Agreement (the NOVATED AGREEMENT)
               dated 4 July 1994 (as amended).

          C.   By a deed of novation dated 28 September 1995 the Former Manager
               surrendered its rights and was released and discharged from its
               obligations under the Novated Agreement and the Mortgage Manager
               became entitled to equivalent rights and assumed equivalent
               obligations (DEED OF NOVATION).

          D.   The parties wish to amend the agreement created by the Novated
               Agreement and the Deed of Novation (the AGREEMENT) 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 (except as otherwise provided) defined
          in the Agreement has the same meaning as in the Agreement.

--------------------------------------------------------------------------------
                                                                          PAGE 3

<PAGE>

     1.2  INTERPRETATION

          Clause 1.2 of the Agreement applies to this deed.

--------------------------------------------------------------------------------
2    AMENDMENTS TO THE AGREEMENT

     2.1  AMENDMENTS

          (a)  The Agreement is amended as set out in the Schedule.

          (b)  These amendments to the Agreement do not apply in respect of the
               securitisation funds known as "SMHL Global Fund No. 1" and "SMHL
               Global Fund No. 2".

          (c)  The amendments to the Agreement in clause 2.1(a) take effect from
               the date of this deed.

     2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

          (a)  An amendment to the Agreement does not affect the validity or
               enforceability of the Agreement.

          (b)  Nothing in this deed:

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

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Agreement before the date of
                    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.

--------------------------------------------------------------------------------
4    COUNTERPARTS

          (a)  This deed may be executed in any number of counterparts.

          (b)  All counterparts, taken together, constitute 1 instrument.

          (c)  A party may execute this deed by signing any counterpart.

--------------------------------------------------------------------------------
                                                                          PAGE 4

<PAGE>

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

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

/s/ Mark Dickenson                          /s/ Stacey Gray
------------------------------------        ------------------------------------
Witness                                     Attorney

Mark Dickenson                              Stacey Gray
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
(formerly known as Superannuation Members' Home Loans Limited)
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     /s/ A. Wamsterer
                                            ------------------------------------
                                            Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Anthony Wamsterer
                                            ------------------------------------
                                            Name (please print)

--------------------------------------------------------------------------------
                                                                          PAGE 5

<PAGE>

--------------------------------------------------------------------------------
SCHEDULE -- AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(d)  in paragraph 17 of the Schedule to the Agreement inserting immediately
     after "90%" the words:

          "or such higher ratio as approved by each Designated Rating Agency."

(e)  in paragraph 19 of the Schedule to the Agreement deleting the words:

          "vacant land or"

--------------------------------------------------------------------------------
                                                                          PAGE 6<PAGE>

                                          AMENDING DEED
                                          ISDA MASTER AGREEMENT

                                          WESTPAC BANKING CORPORATION
                                          ABN 33 007 457 141

                                          PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                          ABN 86 000 431 827

                                          and

                                          ME PORTFOLIO MANAGEMENT LIMITED
                                          ABN 79 005 964 134

                                         [FREEHILLS LOGO OMITTED]

<PAGE>

<TABLE>
<CAPTION>
<S>     <C>                                                                                                <C>
------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS

1        DEFINITIONS AND INTERPRETATION                                                                      3

2        AMENDMENTS TO THE MASTER AGREEMENT                                                                  4

         2.1      Amendments to the Schedule to the Master Agreement for SMHL Global Fund No. 5              4
         2.2      Amendments not to affect validity, rights, obligations                                     4
         2.3      Acknowledgment                                                                             4

3        GENERAL                                                                                             4

         3.1      Governing law and jurisdiction                                                             4
         3.2      Attorneys                                                                                  4
         3.3      Counterparts                                                                               4

</TABLE>

                                                                               2

<PAGE>

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

THIS AMENDING DEED

                  is made on                2003 between the following parties:

                  1.      WESTPAC BANKING CORPORATION
                          ABN 33 007 457 141
                          of Level 3, 255 Elizabeth Street,
                          Sydney, New South Wales
                          (PARTY A )

                  2.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          in its capacity as trustee of the Trusts
                          ABN 86 000 431 827
                          of Level 3, 39 Hunter Street, Sydney, New South Wales
                          (PARTY B)

                  3.      ME PORTFOLIO MANAGEMENT LIMITED
                          in its capacity as manager of the Trusts
                          ABN 79 005 964 134
                          of Level 23, 360 Collins Street, Melbourne, Victoria
                          (PARTY C)

RECITALS

                  A.      Party B is a trustee of trusts known as Superannuation
                          Members' Home Loans Trusts (the TRUSTS) and Party C is
                          a manager of the Trusts.

                  B.      The parties entered into an ISDA Master Agreement
                          (including all schedules and annexures) (MASTER
                          AGREEMENT).

                  C.      Section 9(b) of the Master Agreement permits the
                          parties to amend the Master Agreement (which includes
                          the Schedule) and the parties have complied with
                          Section 9(b) of the Master Agreement in respect of the
                          amendments to be effected by this deed.

                  D.      The parties wish to amend the Master Agreement 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

                  In this deed:

                  (a)     EFFECTIVE DATE means in relation to the amendments in
                          clause 2.1(a), means the date on which the
                          securitisation fund known as "SMHL Global Fund No. 5"
                          is established; and

                  (b)     a word or phrase (except as otherwise provided)
                          defined in the Master Agreement has the same meaning
                          as in the Master Agreement.

                                                                               3

<PAGE>

--------------------------------------------------------------------------------
2        AMENDMENTS TO THE MASTER AGREEMENT

         2.1   AMENDMENTS TO THE SCHEDULE TO THE MASTER AGREEMENT FOR
               SMHL GLOBAL FUND NO. 5

               (a)  In relation to SMHL Global Fund No. 5 only, the Schedule to
                    the Master Agreement is amended as shown in Schedule 1 by:

                    (1)    deleting the text which is struck through in
                           Schedule 1; and

                    (2)    inserting the text which is underlined in
                           Schedule 1.

               (b)  The amendments in clause 2.1(a) take effect in respect of
                    any Transaction entered into after the date of this deed,
                    unless the parties otherwise expressly agree.

               (c)  The amendments to the Master Agreement in clause 2.1(a) take
                    effect from the Effective Date.

         2.2    AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

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

               (b)  Nothing in this deed:

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

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

         2.3   ACKNOWLEDGMENT

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

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

         3.1   GOVERNING LAW AND JURISDICTION

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

               (b)  The parties irrevocably submit to the non-exclusive
                    jurisdiction of the courts 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.

         3.3   COUNTERPARTS

               (a)  This deed may be executed in any number of counterparts.

               (b)  All counterparts, taken together, constitute one instrument.

               (c)  A party may execute this deed by signing any counterpart.

                                                                               4

<PAGE>

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

<TABLE>
<CAPTION>
<S>                                                              <C>
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
WESTPAC BANKING CORPORATION
by its attorney in the
presence of:

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

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

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

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

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

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

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

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

</TABLE>

                                                                               5

<PAGE>

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

SCHEDULE 1 - AMENDMENTS TO THE SCHEDULE TO THE MASTER AGREEMENT

(Clause 2.1)

                                                                               6

<PAGE>

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

                        DATED AS OF _______________ 2001

                                     BETWEEN
           WESTPAC BANKING CORPORATION ABN 33 007 457 141 ("PARTY A")
                                       AND

                PERPETUAL TRUSTEES AUSTRALIA LIMITED ("PARTY B")
                               ABN 86 000 431 827

   In its capacity as trustee of various Origination Funds and Securitisation
      Funds from time to time established under the Master Trust Deed and
                              nominated to Party A

                                       AND

                   ME PORTFOLIO MANAGEMENT LIMITED ("PARTY C")
                               ABN 79 005 964 134

   In its capacity as manager of various Origination Funds and Securitisation
      Funds from time to time established under the Master Trust Deed and
                              nominated to Party A

PART 1.  TERMINATION PROVISIONS

(a)      "SPECIFIED ENTITY" means in relation to Party A for the purposes of:

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

         and in relation to Party B for the purposes of:

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

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

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

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

         (ii)  Section 5(b)(ii) will not apply to Party A as the Affected Party
               (subject to Part 5.2(p) of this Schedule).

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

                                                                               7

<PAGE>

         "Insolvency Event under the Security Trust Deed has occurred in respect
         of Party A (which will be the Defaulting Party) or Party B (which will
         be the Defaulting Party)". The occurrence of an Insolvency Event in
         respect of Party B in its personal capacity will not constitute an
         Event of Default provided that within thirty Business Days of that
         occurrence, Party A, Party B and Party C are able to procure the
         novation of this Agreement and all Transactions to a third party in
         respect of which the Rating Agencies confirm that the novation will not
         cause a reduction or withdrawal of the rating of the Notes, and Party A
         and Party B agree to execute such a novation agreement in standard ISDA
         form.

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

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

         (i)   Market Quotation will apply.

         (ii)  The Second Method will apply.

(g)      "TERMINATION CURRENCY" means Australian Dollars

(H)      ADDITIONAL TERMINATION EVENT means:

         (i)   Party B must, at the direction of Party C, terminate this
               Agreement if it becomes obliged to make a withholding or
               deduction in respect of any Bonds or Notes and the Bonds or Notes
               are redeemed as a result (and Party B is the Affected Party); and

         (ii)  Party B must, at the direction of Party C, terminate this
               Agreement if Party A breaches Part 5.2(o) (and Party A is the
               Affected Party);

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

PART 2.  TAX REPRESENTATIONS

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

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

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

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

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

                                                                               8

<PAGE>

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

(b)      PAYEE TAX REPRESENTATIONS - For the purpose of Section 3(f) of this
         Agreement:

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

PART 3.  DOCUMENTS TO BE DELIVERED

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

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

<TABLE>
<CAPTION>
<S>                               <C>                                             <C>
            PARTY REQUIRED TO              FORM/DOCUMENT/CERTIFICATE                      DATE BY WHICH DOCUMENT
            DELIVER DOCUMENT                                                                 TO BE DELIVERED

         Parties A & B             Any document or certificate reasonably           As soon as reasonably practicable following a
                                   required or reasonably requested by a party      request by the other party.
                                   in connection with its obligations to make a
                                   payment under this Agreement which would
                                   enable that party to make the payment free
                                   from any deduction or withholding for or on
                                   account of Tax or as would reduce the rate at
                                   which deduction or withholding for or on
                                   account of Tax is applied to that payment.

(b)    Other documents to be delivered are:

            PARTY REQUIRED TO              FORM/DOCUMENT/CERTIFICATE                      DATE BY WHICH DOCUMENT
            DELIVER DOCUMENT                                                                 TO BE DELIVERED

         Parties A, B and C        A list of authorised signatories for the         At the execution of this Agreement and
                                   party and evidence satisfactory in form and      thereafter promptly upon any change in
                                   substance to the other party of the authority    authorised persons or upon request.
                                   of the authorised signatories of the party to
                                   execute this Agreement and each Confirmation
                                   on behalf of the party.

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

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

                                                                               9

<PAGE>

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

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

         Party C                   A copy of the Relevant Security Trust Deed       5 Local Business Days prior to the date of
                                   and Information Memorandum relating to a         the first Transaction made under this
                                   Securitisation Fund certified to be a true       Agreement relating to that Securitisation
                                   copy by two authorised signatories  of           Fund
                                   Party C.

         Party C                   A copy of any document amending or varying       Promptly upon any such document becoming
                                   the terms of the Relevant Security Trust Deed    effective in accordance with its terms.
                                   or the Information Memorandum relating to any
                                   Securitisation Fund certified to be a true
                                   copy by two authorised signatories of Party
                                   C.

</TABLE>

Each of the foregoing documents is covered by the representation contained in
Section 3(d) of this Agreement.

                                                                              10

<PAGE>

PART 4.  MISCELLANEOUS

(a)     ADDRESSES FOR NOTICES - For the purpose of Section 12(a) of this
        Agreement:-

(i)            Address for notices or communications to Party A -

               Address :     Financial Markets Operations
                             Level 3, 255 Elizabeth Street
                             Sydney  NSW  2000-10-05

               Attention:    Senior Manager, Global Derivatives Operations

               Telex No:     AA178147    Answeback:        WBCTRS

               Facsimile No: (02) 9283 1724

(ii)           Address for notices or communications to Party B:-

               Address:      Level 7, 9 Castlereagh Street,
                             Sydney NSW 2000

               Attention:    Manager - Securitisation

               Telephone:    (02) 9229 9000

               Facsimile No: (02) 9221 7870

(iii)          Address for notices or communications to Party C:-

               Address:      Level 23, 360 Collins Street
                             Melbourne, Victoria 3000

               Attention:    Settlements Officer

               Telephone:    (03) 9605 6200

               Facsimile No. (613) 9605 6228

(b)     PROCESS AGENT - For the purpose of Section 13(c) of this Agreement:-

          Party A: Not Applicable
          Party B: Not applicable
          Party C: Not applicable

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

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

          Party A is not a Multibranch Party.

          Party B is not a Multibranch Party.

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

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

        (i)    In relation to PARTY A: nil

        (ii)   In relation to PARTY B and each Securitisation Fund: the Relevant
               Security Trust Deed relating to that Securitisation Fund (as the
               case may be)

                                                                              11

<PAGE>

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

        (i)    In relation to PARTY A: nil

        (ii)   In relation to PARTY B: nil.

(h)     GOVERNING LAW - This Agreement will be governed by, and construed in
        accordance with the laws in force in the State of New South Wales and
        each party submits to the non-exclusive jurisdiction of the courts of
        that State without reference to choice of law doctrine. The provisions
        of Section 13(b) will apply (mutatis mutandis) to this choice of
        governing law and submission of jurisdiction.

(i)     NETTING OF PAYMENTS.

        Subparagraph (ii) of Section 2(c) of this Agreement will not apply to
        the following Transactions or group of Transactions (in each case
        starting from the date of this Agreement).

        All Transactions being of the same type.

(J)     "AFFILIATE" will have the meaning specified in Section 14 of this
        Agreement. However, for the purpose of Section 3(c) each of Party A,
        Party B and Party C are deemed not to have any Affiliates.

PART 5. OTHER PROVISIONS

5.1     MODIFICATIONS TO THE AGREEMENT

(a)     SINGLE AGREEMENT:  Section 1(c) is replaced with:

        "All Transactions are entered into in reliance on the fact that this
        Master Agreement and all Transactions (as evidenced by their
        Confirmations) form a single contract (collectively referred to as
        this "Agreement") and the parties would not otherwise enter into any
        Transactions. The entering into of each Transaction takes effect as an
        amendment to this Agreement (but no such amendment is effective to
        defeat or prejudice the operation of Section 15)."

(b)     PAYMENTS:  In Section 2:

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

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

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

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

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

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

               (v)     Where:

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

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

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

                       (3)   the Party B Payment; or
                                                                              12

<PAGE>

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

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

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

               (v)     Delete the Section 2(d)(i)(4) and Section 2(d)(ii).

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

(d)     ADDITIONAL REPRESENTATIONS:  In Section 3 add the following immediately
        after paragraph (f):

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

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

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

                       (ii)  in the case of Party B, in its capacity as trustee
                             of the Relevant Securitisation Fund and not
                             otherwise.
        (i)    EXPERTISE:

               (i)     In the case of Party A, it has sufficient knowledge and
                       expertise to enter into each Transaction and is relying
                       on its own judgement and not on the advice of Party B.

               (ii)    In the case of Party B, it relies on the knowledge,
                       expertise and judgement of Party C in entering into each
                       Transaction and does not rely on the advice of Party A."

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

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

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

        "(i)   FAILURE TO PAY OR DELIVER: Failure by the party to make, when
               due, any payment under this Agreement or delivery under Section
               2(a)(i) or 2(e) required to be made by it if such failure is not
               remedied:

               (1) in respect of any Relevant Securitisation Fund which has
                   "SMHL Global" included in its name, at or before 10.00am on
                   the tenth Local Business Day after notice of such failure is
                   given to the party;

                                                                              13

<PAGE>

               (2) in respect of the Relevant Securitisation Fund (other than a
                   Relevant Securitisation Fund which has "SMHL Global" included
                   in its name), at or before 10.00am on the fifth Local
                   Business Day after notice of such failure is given to the
                   party;"

(g)     EARLY TERMINATION:  In Section 6:

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

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

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

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

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

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

(h)     Delete the last sentence of the first paragraph in Section 6(e).

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

        "      TRANSFER

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

               (b)  Nothing in this Section 7:

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

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

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

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

                                                                              14

<PAGE>

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

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

(j)     MISCELLANEOUS:  In Section 9(b):

        (i)    the first word "No" is replaced with:

               "Except to the extent that the entering into of each Transaction
               takes effect as an amendment to this Agreement (in the manner and
               subject to the qualification referred to in Section 1(c), as
               varied by this Schedule), no"; and

        (ii)   add at the end of Section 9(b):

               "Any amendment made under this Section 9(b) may only be made
               after Standard & Poor's Ratings Group, and Moody's Investors
               Service and Fitch Ratings have confirmed in writing that such
               proposed amendment will not result in a reduction or withdrawal
               of the then rating of any outstanding Bonds or Notes (as the case
               may be) by each of those rating agencies."

(k)     NOTICES:  In Section 12:

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

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

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

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

(l)     DEFINITIONS:  In Section 14:

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

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

               "AFFECTED TRANSACTIONS" means all Transactions.

        (iii)  insert the following new definitions:

               "INFORMATION MEMORANDUM" means the Information Memorandum
               prepared by Party B and Party C in relation to a Securitisation
               Fund.

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

               "RELEVANT SECURITY TRUST DEED" means the relevant security trust
               deed created by Party B, in its capacity as trustee of the
               Relevant Securitisation Fund, granting security over the assets
               of that fund to secure the obligations of Party B as trustee of
               the relevant Securitisation Fund.

                                                                              15

<PAGE>

               "RELEVANT SECURITISATION FUND" means, in relation to a
               Transaction, the Securitisation Fund specified in the
               Confirmation relating to that Transaction.

               "SECURITISATION FUNDS" means the Securitisation Funds created
               under the Master Trust Deed from time to time, and
               "SECURITISATION FUND" means any of them.

               "SUPPLEMENTARY BOND TERMS NOTICE" has the meaning given to it in
               the Master Trust Deed.

               "WILFUL DEFAULT" in relation to Party B means a wilful default of
               the Master Trust Deed or the Relevant Security Trust Deed (as the
               case may be) by Party B:

               (i)    other than a default which:

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

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

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

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

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

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

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

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

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

               "INVESTED AMOUNT"
               "NOTES"
               "NOTEHOLDER"
               "NOTE TRUSTEE"

(m)            MASTER TRUST DEED AND RELEVANT SECURITY TRUST DEED:

        Party B and Party C acknowledge and agree that:

        (a)    this Agreement and all Transactions under it constitute Secured
               Documents under each Relevant Security Trust Deed; and

        (b)    Party A is a Secured Creditor under each Relevant Security Trust
               Deed; and

        (c)    Party B's obligations under this Agreement and each Transaction
               under it constitute Secured Moneys under each Relevant Security
               Trust Deed.

(n)     Party B also represents to Party A the representations in (ii) and
        (iii) below (will be deemed to be repeated by Party B on each date on
        which a Transaction is entered into) that:

                                                                              16

<PAGE>

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

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

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

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

(o)     TRUSTEE PROVISIONS:  Insert the following new Section 15 after Section
        14:

        "15  CAPACITY OF PARTY B AND SEGREGATION OF FUNDS

             (a)  Party B enters into this agreement only in its capacity as
                  trustee of each relevant Fund established under the Master
                  Trust Deed from time to time and in no other capacity. A
                  liability arising under or in connection with this Agreement
                  is limited to and can be enforced against Party B only to the
                  extent to which it can be satisfied out of property of the
                  Fund out of which Party B is actually indemnified for the
                  liability. This limitation of Party B's liability applies
                  despite any other provision of this Agreement (except as noted
                  in this Section 15) and extends to all liabilities and
                  obligations of Party B in any way connected with any
                  representation, warranty, conduct, omission, agreement or
                  transaction related to this Agreement.

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

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

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

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

             (f)  Without limiting the generality of Sections 15(a) to (e)
                  inclusive, the provisions of this Agreement shall have effect
                  severally in respect of each Fund and shall be enforceable by
                  or against Party B in its capacity as trustee of each such
                  Fund as though a separate Agreement applied between Party A
                  and Party B for each of Party B's said several capacities, to
                  the intent that (inter alia):

                  (i)      unless the context indicates a contrary intention,
                           each reference to "Party B" in this Agreement shall
                           be construed as a several reference to Party B in its
                           respective capacities as trustee of each Fund;

<PAGE>

                  (ii)     this Agreement together with each Confirmation
                           relating to a particular Fund will form a single
                           separate agreement between Party A, Party C in its
                           capacity as manager of that Fund and Party B in its
                           capacity as trustee of that Fund and references to
                           the respective obligations (including references to
                           payment obligations generally and in the context of
                           provisions for the netting of payments and the
                           calculation of amounts due on early termination) of
                           Party A and Party B shall be construed accordingly as
                           a several reference to each mutual set of obligations
                           arising under each such separate agreement between
                           Party

                                                                              17

<PAGE>

                           A and Party B in its several capacities as trustee of
                          each Fund and Party C in its several capacities as
                          Manager of each Fund;

                  (iii)    representations made and agreements entered by the
                           parties under this Agreement are made and entered in
                           the case of Party B severally by Party B in its
                           respective capacities as trustee of each Fund and, in
                           the case of Party C, made and entered severally by
                           Party C in its respective capacities as manager of
                           each Fund and may be enforced by Party B or Party C
                           (as the case requires) against Party A severally in
                           Party B's or Party C's (as the case requires) said
                           several capacities;

                  (iv)     rights of termination, and obligations and
                           entitlements consequent upon termination, only accrue
                           to Party A against Party B severally in Party B's
                           respective capacities as trustee of each Fund, and
                           against Party C severally in Party C's respective
                           capacities as manager of each Fund and only accrue to
                           Party B against Party A severally in Party B's said
                           several capacities and only accrue to Party C against
                           Party A severally in Party C's said several
                           capacities; and

                  (v)      without limiting Section 15(f)(iv), the occurrence of
                           an Event of Default or Termination Event in respect
                           of one Fund shall not in itself constitute an Event
                           of Default or Termination Event in respect of any
                           other Fund."

5.2     ADDITIONAL PROVISIONS

(a)     ISDA DEFINITIONS. Reference is hereby made to the ISDA Definitions
        ("the 1991 Definitions") and the 1998 Supplement to the 1991
        Definitions (collectively the "ISDA Definitions"), as published by the
        International Swap and Derivatives Association, Inc., which are hereby
        incorporated by reference herein. Any terms used and not otherwise
        defined herein which are contained in the ISDA Definitions, shall have
        the meaning set forth therein.

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

(c)     ROLE OF PARTY C:

        Party C:

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

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

        (iii)  must provide copies of all Confirmations and notices given under
               the Master Novation Annex to Party B promptly upon receipt of
               such Confirmations and notices from Party A; and

        (iv)   must provide to Party B, at the same time as the notice of the
               details of the loan pool allocation is provided to Party B, a
               notice of the details of any proposed Transaction or novation of
               Transaction.

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

(d)     PROCEDURES FOR ENTERING INTO TRANSACTIONS.

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

                                                                              18

<PAGE>

        (ii)   SPECIFICATION OF FUND. Each Confirmation regarding a Transaction
               must specify the name of the Origination Fund or Securitisation
               Fund (as the case may be) to which the Transaction relates.

(e)     INCONSISTENCY. In the event of any inconsistency between any of the
        following documents, the relevant document first listed below shall
        govern; (i) a Confirmation; (ii) this Agreement; and (iii) the ISDA
        Definitions.

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

(g)     INTEREST RATE CAPS, COLLARS AND FLOORS: For purposes of the
        determination of a Market Quotation for a Terminated Transaction in
        respect of which a party ("X") had, immediately prior to the
        designation or occurrence of the relevant Early Termination Date, no
        future payment obligations, whether absolute or contingent, under
        Section 2(a)(i) of this Agreement with respect of the Terminated
        Transaction, (i) the quotations obtained from Reference Market makers
        shall be such as to preserve the economic equivalent of the payment
        obligations of the party ("Y") that had, immediately prior to the
        designation or occurrence of the relevant Early Termination Date,
        future payment obligations, whether absolute or contingent, under
        Section 2(a)(i) of this Agreement with respect to the Terminated
        Transaction and (ii) if X is making the determination such amounts
        shall be expressed as positive amounts and if Y is making the
        determination such amounts shall be expressed as negative amounts.

(h)     OPTIONS: For the purposes of the determination of a Market Quotation
        for a Terminated Transaction that is identified as an Option, the
        quotations obtained from Reference Market-makes shall take into
        account, as of the relevant Early Termination Date, the economic
        equivalent of the right or rights granted pursuant to that Option
        which are or may become exercisable.

(i)     SEPTEMBER 1992 AUSTRALIA ADDENDUM NO. 6 FORWARD RATE AGREEMENTS: The
        September 1992 Australian Addendum No. 6 - A$ Forward Rate Agreements
        in the form of the copy attached to this Agreement is deemed to be
        incorporated in this Agreement.

(j)     Any reference to a:

        (i)    "Swap Transaction" in the 1991 Definitions (as supplemented by
               the 1998 Supplement) (the "1991 Definitions") is deemed to be a
               reference to a "Transaction" for the purpose of interpreting this
               Agreement or any Confirmation; and

        (ii)   "Transaction" in this Agreement or any Confirmation is deemed to
               be a reference to a "Swap Transaction" for the purposes of
               interpreting the 1991 ISDA Definitions (as supplemented by the
               1998 Supplement) (the "1991 Definitions").

(k)     CONSENT TO RECORDING.

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

(l)     CONSENT TO INFORMATION DISCLOSURE.

        Each party hereby consents to the communication and disclosure of all
        information in respect of this Agreement, the Transactions and all
        matters incidental hereto and thereto by the other party to (i) any
        other branches of the other party; and (2) all government and
        regulatory authorities as and when required by such government and
        regulatory authorities.

(m)     MASTER NOVATION ANNEX.

        From time to time Party C (on behalf of Party B), after notifying
        Party B of the proposed novation, may require the novation of one or
        more Transactions or a proportion of one or more Transactions from an
        Origination Fund or a Securitisation Fund to an Origination Fund or a
        Securitisation Fund. Each such novation will be governed by the Master
        Novation Annex annexed to this Agreement unless otherwise agreed by
        Party A, Party B and Party C.

(n)     CONSOLIDATION OF TRANSACTIONS

        (i)   From time to time Party C (on behalf of Party B) may, in respect
        of a Securitisation Fund, request more than one Transaction to be
        consolidated into one Transaction by notifying Party A of the
        Transactions to be consolidated and

                                                                              19

<PAGE>

        Party A will issue a replacement Confirmation for that one
        consolidated Transaction in substitution for the original Confirmation
        for the Transaction.

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

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

(o)     RATINGS DOWNGRADE:

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

        (a)    a long term credit rating of at least AA- by S&P;
        (b)    a short term credit rating of at least A-1+ by S&P;
        (c)    a short term credit rating of at least P-1 by Moody's
        (d)    a long term credit rating of at least A2 by Moody's or a long
               term rating of at least A by Fitch Ratings,

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

               (A)     within 30 Business Days (or within such greater period as
                       is agreed to in writing by the relevant Rating Agency) of
                       a downgrade of its long term credit rating by S&P to not
                       lower than A- together with a downgrade of its short term
                       credit rating by S&P to not lower than A-1, or the
                       downgrade of its long term credit rating by Moody's to
                       not lower than A3, or a downgrade of its long term credit
                       rating by Fitch Ratings to not lower than A-, comply with
                       sub-clause (i)(C) or (i)(D) below; or

               (B)     within 5 Business Days (or within such greater period as
                       is agreed to in writing by the relevant Rating Agency) of
                       any other such withdrawal or downgrade of Party A's short
                       term or long term credit rating by the relevant Rating
                       Agency not already covered in sub-clause (i)(A) above ,
                       comply with sub-clauses (i)(C) or (i)(D) below,

               (C)     (i)     In respect of each Transaction, lodge cash
                               collateral (the "Cash Collateral") with an
                               Approved Bank to the account of Party B (to be
                               used by Party B solely for the purpose of
                               discharging Party A's obligations under the
                               relevant Transaction) in an amount equivalent to
                               the Cash Collateral Amount as defined in
                               sub-clause (ii)(A) below. If on the last Local
                               Business Day in any subsequent week during the
                               life of the relevant Transaction the aggregate
                               value of the Cash Collateral lodged pursuant to
                               this sub-clause falls below the required Cash
                               Collateral Amount (such shortfall value
                               hereinafter referred to as the "Shortfall"),
                               Party A shall (on demand) provide such further
                               Cash Collateral to Party B equal to the
                               Shortfall. Any interest earned on the Cash
                               Collateral shall accrue to Party A and will
                               constitute additional Cash Collateral lodged by
                               Party A (and must be returned to Party A in
                               accordance with sub-clauses (i)(C)(ii) & (iii)
                               below. Party A will pay any costs associated with
                               lodgment of the Cash Collateral;

                (ii)   if on the last Local Business Day in any week during the
                       life of the relevant Transaction the aggregate value of
                       the Cash Collateral lodged by Party A pursuant to
                       sub-clause (i)(C)(i) above (including any interest earned
                       on the Cash Collateral) exceeds the required Cash
                       Collateral Amount (as determined pursuant to sub-clause
                       (ii)(A) below) (such excess value hereinafter referred to
                       as the "Excess Collateral"), Party A may give notice
                       thereof to Party B requiring the return of the Excess
                       Collateral. Party B must repay such Excess Collateral to
                       Party A within three Local Business Days of receipt of
                       such notice;

                (iii)  upon the occurrence of any of the following:

                       (a)       the subsequent upgrade of :

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

<PAGE>

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

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

                                                                              20

<PAGE>

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

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

        (ii)   For the purpose of this paragraph (o):

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

                                (1)  zero;

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

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

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

        (iii)  For the purpose of paragraph (ii)(A),

                            CCR means CR x 1.030; and

                            CR means MTM + VB

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

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

<TABLE>
<CAPTION>
                                                VOLATILITY BUFFER (%)

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

                                                                              21
<PAGE>

(p)     RESTRICTED TERMINATION RIGHTS

        Add a new Section 6(aa) as follows:

        "(AA)  RESTRICTED TERMINATION RIGHTS

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

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

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

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

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

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

(q)     Section 6 is amended by replacing "20 days" in line 3 with "5 local
        business days".

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

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

                                                                              22

<PAGE>

<TABLE>
<CAPTION>
<S>                                                       <C>
WESTPAC BANKING CORPORATION                               PERPETUAL TRUSTEES AUSTRALIA LIMITED

...........................................                ..................................
Name:                                                     Name:
Title:                                                    Title:
Date:                                                     Date:

...........................................                ..................................
Name:                                                     Name:
Title:                                                    Title:
Date:                                                     Date:

ME PORTFOLIO MANAGEMENT LIMITED

............................................
Name:
Title:
Date:

............................................
Name:
Title:
Date:
</TABLE>

                                                                              23

<PAGE>

                              MASTER NOVATION ANNEX

This Master Novation Annex is annexed to and forms part of the ISDA Master
Agreement ("Agreement") dated as of 2001 between Westpac Banking Corporation as
Party A, Perpetual Trustees Australia Limited (in its capacity as trustee of
various Origination Funds and Securitisation Funds established from time to time
under the Master Trust Deed) as Party B and ME Portfolio Management Limited as
Party C.

1.   DEFINITIONS

     (a) In this Annex:

     "NOVATION CONFIRMATION" means the form of novation confirmation set out in
     the Schedule to this Annex.

     "NOVATION DATE" means, in relation to a Transaction, the date the novation
     of that Transaction or proportion of that Transaction becomes effective.

     "RELEVANT ORIGINATION FUND" means, in relation to a Transaction, Party B in
     its capacity as trustee of the Origination Fund, from or to, which that
     Transaction or proportion of that Transaction is to be novated.

     "RELEVANT SECURITISATION FUND" means in relation to a Transaction, Party B
     in its capacity as trustee of the Securitisation Fund, from or to, which
     that Transaction or proportion of that Transaction is to be novated.

     "TRANSFEROR FUND" means, as the case may be, either a Relevant
     Securitisation Fund or Relevant Origination Fund.

     "TRANSFEREE FUND" means, as the case may be, either a Relevant
     Securitisation Fund or Relevant Origination Fund.

     (b) Terms not other wise defined in this Annex have the same meaning as in
     the Agreement

2.   CONSIDERATION

     Each novation of a Transaction or proportion of a Transaction under this
     Annex constitutes, without the need for anything further, a binding
     agreement on the part of each of the Relevant Origination Fund, the
     Relevant Securitisation Fund, Party A and Party C that the consideration
     constituted by the releases and obligations given and undertaken
     respectively pursuant to this annex, together with such consideration as
     may be provided under the Master Trust Deed or elsewhere, in respect of the
     novation of that Transaction or proportion of that Transaction and any
     other dealing or transaction that occurs in conjunction with that novation,
     comprises adequate commercial consideration for their respective releases
     and obligations under this Annex in relation to the novation of that
     Transaction.

3.   NOVATION FROM TRANSFEROR FUND TO TRANSFEREE FUND

3.1  RELEASE OF TRANSFEROR FUND

     On and from the Novation Date for a Transaction or proportion of a
     Transaction, the Transferor Fund, Party A and Party C in its capacity as
     manager of that Transferor Fund will have no further rights against, or
     obligations to, each other in connection with that Transaction or
     proportion of that Transaction.

3.2  ASSUMPTION BY TRANSFEREE FUND

     On the Novation Date for a Transaction or proportion of a Transaction, the
     Transferee Fund and Party C in its capacity as manager of that Fund are
     deemed to undertake to Party A that they will duly observe and perform and
     totally assume all the obligations of the Transferor Fund and Party C
     respectively under that Transaction or proportion of that Transaction, the
     time for performance of which is on or after the Novation Date as if the
     Transferee Fund had been named originally as a party to that Transaction or
     proportion of that Transaction instead of the Transferor Fund.

3.3  ACKNOWLEDGEMENT BY WESTPAC BANKING CORPORATION

     On the Novation Date for a Transaction, or proportion of that Transaction,
     Party A is deemed to undertake and acknowledge to the Transferee Fund and
     Party C in its capacity as manager of the Transferee Fund that the
     Transferee Fund and Party C in its capacity as manager of the Transferee
     Fund (as the case may be) are on and from the Novation Date respectively
     entitled to all the rights and entitlements of the Transferor Fund and
     Party C in its capacity as manager of the Transferor

                                                                              24

<PAGE>

     Fund under that Transaction or proportion of that Transaction to the extent
     that such rights and entitlements arise or accrue on or after the Novation
     Date.

3.4  REFERENCES TO PARTY B AND PARTY C

     On and from the Novation Date for a Transaction or proportion of a
     Transaction, every reference in the Confirmation for that Transaction or
     proportion to "Party B" or the Transferor Fund is deemed to be a reference
     to Perpetual Trustees Australia Limited in its capacity as trustee of the
     Transferee Fund and every reference to Party C (if any) is deemed to be a
     reference to ME Portfolio Management Limited in its capacity as manager of
     the Transferee Fund.

4.   REPRESENTATIONS AND WARRANTIES

     On the Novation Date for a Transaction or proportion of a Transaction,
     Party C (in respect of the Transferor Fund) and Party A are deemed to
     represent and warrant that:

     (a)  (DUE PERFORMANCE): it has duly and punctually performed and observed
          all the terms and conditions of that Transaction on its part to be
          performed and observed;

     (b)  (NO DEFAULT): to the best of its knowledge and belief there is no
          default or any event which is, or with the lapse of time or expiry of
          notice or at the election of any person could become, an Event of
          Default or a Termination Event in relation to that Transaction;

     (c)  (NO AMENDMENT): other than as disclosed in writing prior to that
          Novation Date, the terms of that Transaction are fully disclosed in
          its Confirmation and have not been supplemented, amended or varied.

5.   AGREEMENT AND CONFIRMATION

5.1  AGREEMENT TO NOVATE

     A novation of a Transaction or proportion of a Transaction under this Annex
     becomes binding when Party A accepts (in its absolute discretion) in
     accordance with Section 5.2 a Novation Confirmation from Party C which sets
     out the Novation Date for that Transaction or proportion of a Transaction
     and the Transferee Fund to which it will be novated and is otherwise in the
     form of the Schedule to this Master Novation Annex. Party C shall provide
     to Party B a copy of the Novation Confirmation.

5.2  NOVATION CONFIRMATIONS

     As soon as practicable after a Novation Confirmation prepared in accordance
     with Section 5.1 of this Annex has been delivered by Party C to Party A and
     Party B, Party A must soon as reasonably practicable either (in its
     absolute discretion):

     (a)  accept the Novation Confirmation by confirming the accuracy of the
          Novation Confirmation by counter-signing and returning that Novation
          Confirmation to Party C; or

     (c)  request the correction of that Novation Confirmation and upon receipt
          of a corrected Novation Confirmation accept that corrected Novation
          Confirmation in the manner contemplated by Section 5.2(a) of this
          Master Novation Annex;

     (c)  reject the novation request constricted by the delivery of the
          Novation Confirmation.

                                                                              25

<PAGE>

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

WESTPAC BANKING CORPORATION                               PERPETUAL TRUSTEES AUSTRALIA LIMITED

...........................................                ....................................
Name:                                                     Name:
Title:                                                    Title:
Date:                                                     Date:

...........................................                ....................................
Name:                                                     Name:
Title:                                                    Title:
Date:                                                     Date:
</TABLE>

ME PORTFOLIO MANAGEMENT LIMITED

...........................................
Name:
Title:
Date:

...........................................
Name:
Title:
Date:

                                                                              26

<PAGE>

                      SCHEDULE TO THE MASTER NOVATION ANNEX

                              NOVATION CONFIRMATION

[Date]

TO:          WESTPAC BANKING CORPORATION  ("PARTY A")

COPY TO:     PERPETUAL TRUSTEES AUSTRALIA LIMITED, ACN 000 431 827 ("PARTY B")

FROM:        ME PORTFOLIO MANAGEMENT LIMITED, ACN 005 964 134 ("PARTY C")

NOVATION CONFIRMATION

The parties refer to the ISDA Master Agreement dated as of              2001
made between Party A, Party B and Party C (the "MASTER AGREEMENT"). Unless the
context indicates a contrary intention, terms defined in the Master Agreement
have the same meaning where used in this Novation Confirmation.

For the purposes of this Novation Confirmation:

a)   a reference to the Transferor Fund is a reference to [Name of Relevant
     Origination Fund/Relevant Securitisation Fund, as the case may be];

b)   a reference to the Relevant Transferee Fund is a reference to [Name of
     Relevant Origination Fund/Relevant Securitisation Fund, as the case may
     be]; and

c)   a reference to the Novation Date is a reference to [Insert Date].

The parties hereby confirm and agree that as of the Novation Date each of the
Transactions or proportion of the Transactions (the "NOVATED TRANSACTIONS")
referred to in the Schedule to this Novation Confirmation is novated from the
Transferor Fund to the Transferee Fund in accordance with the terms of the
Master Novation Annex.

<TABLE>
<CAPTION>

                                    SCHEDULE

------------------- ---------------- ---------------- ---------------- ---------------- ----------------- ----------------
                      TRADE DATE      FACILITY NO.    NOTIONAL AMOUNT  FIXED SWAP RATE      CURRENT        PROPORTION OF
    SERIAL NO.                                                                           FLOATING RATE      TRANSACTION
------------------- ---------------- ---------------- ---------------- ---------------- ----------------- ----------------
<S>                 <C>              <C>              <C>              <C>              <C>                <C>

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

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

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

------------------- ---------------- ---------------- ---------------- ---------------- ----------------- ----------------
</TABLE>

Aggregate Notional Amount:
Aggregate Fixed Swap Rate (being a weighted average calculated by reference to
the Notional Amount of each Novated Transaction):

This Novation Confirmation supplements and forms part of the Master Agreement.

Confirmed as of the date first above written.

                                                                              27

<PAGE>

For and on behalf of Party A

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

--------------------------------------------------      ----------------------------------------
(Authorised Officer                                     (Authorised Officer)

For and on behalf of Party C as attorney for Party B

--------------------------------------------------      ----------------------------------------
(Authorised Officer                                     (Authorised Officer)

For and on behalf of Party C

--------------------------------------------------      ----------------------------------------
(Authorised Officer                                     (Authorised Officer)
</TABLE>

                                                                              28

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