Document:

SUPPLEMENTARY BOND TERMS NOTICE:
               SMHL GLOBAL FUND NO. 8 -
               CLASS A NOTES AND CLASS B NOTES

               PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827

               PERPETUAL TRUSTEE COMPANY LIMITED
               ABN 42 000 001 007

               THE BANK OF NEW YORK

               and

               ME PORTFOLIO MANAGEMENT LIMITED
               ABN 79 005 964 134

               [Freehills LOGO]

               MLC Centre Martin Place Sydney New South Wales 2000 Australia
               Telephone +61 2 9225 5000 Facsimile +61 2 9322 4000
               www.freehills.com  DX 361 Sydney

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

               Reference PJSR:LR:FW:25E

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TABLE OF CONTENTS

Clause                                                                      Page
                                                                            ----
1  FUNCTION                                                                   1

2  DEFINITIONS AND INTERPRETATION                                             1
   2.1    Definitions                                                         1
   2.2    Incorporation of Master Trust Deed Definitions                     17
   2.3    Interpretation                                                     18
   2.4    Payments                                                           18
   2.5    Acknowledgment                                                     18

3  NOTES                                                                     18
   3.1    Conditions of Notes                                                18
   3.2    Issue of Notes                                                     18
   3.3    Trustee's covenant to Noteholders and the Note Trustee             19
   3.4    Final redemption                                                   19
   3.5    Period during which interest accrues                               20
   3.6    Calculation of interest                                            20
   3.7    Aggregate receipts                                                 21
   3.8    Application of Principal Repayment Pool                            21
   3.9    Repayment of Principal                                             21
   3.10   Final Maturity Date                                                21
   3.11   Reduction in Principal balance                                     21
   3.12   Cancellation on repayment                                          21
   3.13   Payments into Euro Account                                         22
   3.14   Payments out of Euro Account                                       22
   3.15   Payments into US$ Account                                          22
   3.16   Payments out of US$ Account                                        22
   3.17   Rounding of amounts                                                22
   3.18   Prescription                                                       22
   3.19   Replacement of Currency Swap                                       23
   3.20   Realised Losses on Mortgages                                       24

4  NOTES CALLABLE AT OPTION OF TRUSTEE                                       24
   4.1    Call - Class A Notes                                               24
   4.2    Tax event                                                          25
   4.3    Call - Class B Notes                                               26

5  CASH-COLLATERAL                                                           26
   5.1    Cash Collateral Account                                            26
   5.2    Initial Cash Collateral and Liquidity Notes                        26
   5.3    Investment of Cash Collateral                                      26
   5.4    Use of Cash Collateral                                             27
   5.5    Surplus Cash Collateral                                            27

6  DISTRIBUTION OF COLLECTIONS                                               27
   6.1    Distribution of Interest Collections                               27

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                                                                          PAGE 1

   6.2    Distribution of Principal Collections                              29
   6.3    Rights of Liquidity Noteholder                                     30
   6.4    Funding Loan Redraw Facilities                                     30
   6.5    Funding Top-up Loans                                               31
   6.6    Payment of Charge Offs                                             31

7  SUBSTITUTION OF MORTGAGES                                                 31
   7.1    Purchase of Substitute Mortgages                                   31

8  NOTIFICATIONS OF CALCULATIONS                                             32

9  AMENDMENTS TO MASTER TRUST DEED                                           33

10 RATING AGENCY REQUIREMENTS                                                46
   10.1   Designated Rating Agencies                                         46
   10.2   Designated Ratings                                                 46
   10.3   Minimum Rating Requirements                                        46
   10.4   Banks                                                              46
   10.5   Notifications to Designated Rating Agencies                        46
   10.6   No other Requirements                                              47
   10.7   Loan Facilities                                                    47
   10.8   Top-up Loans                                                       47

11 THRESHOLD RATE                                                            48

12 BENEFICIARIES                                                             49

13 NOTE TRUSTEE                                                              49
   13.1   Capacity                                                           49
   13.2   Exercise of rights                                                 49
   13.3   Representation and warranty                                        50
   13.4   Payments                                                           50

14 SECURITY TRUST DEED                                                       50

15 MISCELLANEOUS                                                             50
   15.1   Banking Day                                                        50
   15.2   Provisions of the Master Trust Deed to Apply Other Than as Set
          Out Herein                                                         50
   15.3   Limitation of Liability                                            50
   15.4   Aggregate Outstanding Principal Balance of Notes                   50
   15.5   Attorney                                                           51

16 PRIVACY                                                                   51

SCHEDULE 1                                                                    1

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                                                                          PAGE 2

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SUPPLEMENTARY BOND TERMS NOTICE SMHL GLOBAL FUND NO. 8
CLASS A NOTES AND CLASS B NOTES

TO:       PERPETUAL TRUSTEES AUSTRALIA LIMITED
          ABN 86 000 431 827
          as trustee of the SMHL Global Fund No. 8
          (TRUSTEE)

FROM:     ME PORTFOLIO MANAGEMENT LIMITED
          ABN 79 005 964 134
          (MANAGER)

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1    FUNCTION

          This Supplementary Bond Terms Notice:

          (a)  accompanies a Securitisation Fund Bond Issue Direction dated [*]
               2005, as the same may be amended from time to time, in relation
               to a proposed issue of Notes by the Trustee;

          (b)  sets out the Supplementary Bond Terms for the classes of Notes
               named in the Direction as "Class A1 Notes", "Class A2 Notes" and
               "Class B Notes"; and

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

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2    DEFINITIONS AND INTERPRETATION

     2.1  DEFINITIONS

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

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

          (a)  on a daily basis at the applicable rate set out in that
               Confirmation (being AUD-BBR-BBSW, as defined in the ISDA
               Definitions, as at the first day of the Interest Period ending on
               (but excluding) that Payment Date with a designated maturity of
               90 days (or in the case of the first Interest Period, the rate
               will be determined by linear interpolation calculated by
               reference to the duration of that first Interest Period) plus the
               relevant Spread);

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

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                                                                          PAGE 1

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

          A$ EQUIVALENT means:

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

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

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

          A$ EXCHANGE RATE means, on any date:

          (a)  in respect of(euro)- the rate of exchange (set as at the
               commencement of the Euro Currency Swap) applicable under the Euro
               Currency Swap for the exchange of Euros for Dollars; and

          (b)  in respect of US$ - the rate of exchange (set as at the
               commencement of the US Currency Swap) applicable under the US
               Currency Swap for the exchange of United States Dollars for
               Dollars.

          AUTHORISED SIGNATORY means:

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

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

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

          BANK means:

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

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

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

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

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

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                                                                          PAGE 2

          BANKING DAY means:

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

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

          BENCHMARK RATE in relation to an Interest Period means the rate
          expressed as a percentage per annum calculated by taking the rates
          appearing on the Reuters Screen page BBSW at approximately 10.10 am
          Sydney time on (subject to this definition) the first Banking Day of
          that Interest Period for each Bank so quoting (being no fewer than 5)
          as being the mean buying and selling rate for a bill of exchange of
          the type specified for the purpose of quoting on the Reuters Screen
          page BBSW and having a tenor closest to the term of that Interest
          Period, eliminating the highest and lowest mean rates and taking the
          average of the remaining mean rates and then (if necessary) rounding
          the resultant figure upwards to 4 decimal places (or, in the case of
          the first Interest Period, the rate will be determined by linear
          interpolation calculated by reference to the duration of the first
          Interest Period). If fewer than 5 Banks quote on the Reuters Screen
          page BBSW the Benchmark Rate for that Interest Period shall be
          calculated as above by taking the rates otherwise quoted by 5 Banks or
          5 institutions otherwise authorised to quote rates on the Reuters
          Screen page BBSW at or about 10.10 am (Sydney time) for a bill of
          exchange having a tenor closest to the term of that Interest Period,
          on application by the Manager for such a bill of the same tenor (or,
          in the case of the first Interest Period, the rate will be determined
          by linear interpolation calculated by reference to the duration of the
          first Interest Period). If a rate cannot be determined in accordance
          with the foregoing procedures, then the Benchmark Rate shall mean such
          rate as is specified in good faith by the Manager at or around that
          time on that date, having regard, to the extent possible, to
          comparable indices then available as to the rates otherwise bid and
          offered for such bills of that tenor around that time.

          BENEFICIARIES means, in relation to the Fund, the Capital Beneficiary
          and the Income Beneficiary.

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

          BOOK-ENTRY NOTE means:

          (a)  a Class A1 Book Entry Note; or

          (b)  a Class A2 Book Entry Note.

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

          CALCULATION PERIOD means in relation to a Payment Date:

          (a)  in relation to a first Calculation Period:

               (1)  with respect of the principal under the Loans secured by
                    Mortgages comprised in Assets of the Securitisation Fund,
                    the period from and

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                                                                          PAGE 3

                    including the Cut-Off Date until the close of business on
                    the first Cut-Off; and

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

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

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

          CAPITAL BENEFICIARY means Origination Capital Pty Limited ABN 37 106
          421 765.

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

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

          CARRY OVER REDRAW CHARGE OFFS means, at any Cut-Off, in relation to a
          Redraw Funding Facility, the aggregate Redraw Charge Offs in relation
          to that Redraw Funding Facility prior to that Cut-Off which have not
          been reinstated under clauses 6.1(k) or 6.1(l).

          CARRY OVER TOP-UP CHARGE OFFS means, at any Cut-Off, in relation to a
          Top-up Funding Facility, the aggregate Top-up Charge Offs in relation
          to that Top-up Funding Facility prior to that Cut-Off which have not
          been reinstated under clauses 6.1(k) or 6.1(l).

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

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

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

          CLASS includes each class constituted by the Class A Notes and the
          Class B Notes.

          CLASS A CHARGE OFFS means, in relation to a Class A Note, the amount
          of any reduction in the Outstanding Principal Balance of that Class A
          Note under clause 3.20(b).

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

          CLASS A NOTE means a Class A1 Note or a Class A2 Note.

          CLASS A1 BOOK ENTRY NOTE means a book-entry note issued or to be
          issued by the Trustee in registered form under clause 3.1 of the Note
          Trust Deed representing Class A1 Notes and substantially in the form
          of part A of schedule 1 to the Note Trust Deed.

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                                                                          PAGE 4

          CLASS A1 DEFINITIVE NOTE means a note in definitive form (which must
          be in registered form) issued or to be issued in respect of any Class
          A1 Note under, and in the circumstances specified in, clause 3.3 of
          the Note Trust Deed, and includes any replacement for a Class A1
          Definitive Note issued under Condition 11.

          CLASS A1 NOTE means a Note issued as a Class A1 Note by the Trustee
          with the characteristics of a Class A1 Note under this Supplementary
          Bond Terms Notice and the Direction and includes any relevant
          Book-Entry Note (or any part or interest in) and any relevant
          Definitive Note.

          CLASS A2 BOOK ENTRY NOTE means a:

          (a)  Temporary Class A2 Global Note; or

          (b)  Permanent Class A2 Global Note.

          CLASS A2 DEFINITIVE NOTE means a note in definitive form (which must
          be in registered form) issued or to be issued in respect of any Class
          A2 Note under, and in the circumstances specified in, clause 3.4 of
          the Note Trust Deed, and includes any replacement for a Class A2
          Definitive Note issued under Condition 11.

          CLASS A2 NOTE means a Note issued as a Class A2 Note by the Trustee
          with the characteristics of a Class A2 Note under this Supplementary
          Bond Terms Notice and the Direction and includes any relevant
          Book-Entry Note (or any part or interest in) and any relevant
          Definitive Note.

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

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

          CLASS B CHARGE OFFS means in relation to a Class B Note, the amount of
          any reduction in the Outstanding Principal Balance of that Class B
          Note under clause 3.20(a).

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

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

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

          CLEARING AGENCY means:

          (a)  in relation to the Class A1 Notes, DTC, an organisation
               registered as a clearing agency pursuant to Section 17A of the
               Exchange Act and appointed by the Manager and the Trustee to hold
               Notes (directly or through a Common Depository); and

          (b)  in relation to the Class A2 Notes, Euroclear or Clearstream,
               Luxembourg (directly or through a Common Depository).

          CLOSING DATE means the Bond Issue Date in relation to the Notes and
          is, in relation to the Securitisation Fund, 28 September 2005 or such
          later date as may be agreed between the Trustee and the Manager.

          COLLECTIONS means, subject to clause 3.17, in relation to each
          Calculation Period, the aggregate of all moneys received by or on
          behalf of the Trustee or, in respect

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                                                                          PAGE 5

          of amounts under clause 5.4 and clause 3(b)(1) of the Payment Funding
          Facility, which are to be applied towards Collections, in respect of
          the Securitisation Fund during that Calculation Period including:

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

          (b)  proceeds from the enforcement of the Loans;

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

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

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

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

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

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

          but excluding:

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

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

          (k)  receipts under any Redraw Funding Facility or Top-Up Funding
               Facility;

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

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

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

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

          COMMON DEPOSITORY means:

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                                                                          PAGE 6

          (a)  in respect of Class A1 Notes, Cede & Co, as nominee for DTC, or
               any other common depository for any Clearing Agency in respect of
               the Class A1 Notes appointed from time to time to hold any Class
               A1 Book-Entry Note; and

          (b)  in respect of Class A2 Notes, The Bank of New York or its
               nominee, as nominee for Euroclear or Clearstream, Luxembourg, or
               any other common depository for any Clearing Agency in respect of
               the Class A2 Notes appointed from time to time to hold any Class
               A2 Book-Entry Note.

          CONDITIONS means:

          (a)  the Conditions for the Class A1 Notes in the form set out in part
               A of schedule 4 to the Note Trust Deed (but, so long as the Class
               A1 Notes are represented by Class A1 Book-Entry Notes, with the
               deletion of any provisions which are applicable only to the Class
               A1 Definitive Notes), as the same may from time to time be
               modified in accordance with this Supplementary Bond Terms Notice
               and the Note Trust Deed; and

          (b)  the Conditions for the Class A2 Notes in the form set out in part
               B of schedule 4 to the Note Trust Deed (but, so long as the Class
               A2 Notes are represented by Class A2 Book-Entry Notes, with the
               deletion of any provisions which are applicable only to the Class
               A2 Definitive Notes), as the same may from time to time be
               modified in accordance with this Supplementary Bond Terms Notice
               and the Note Trust Deed.

          Any reference in this Supplementary Bond Terms Notice to a particular
          numbered Condition shall be construed accordingly.

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

          CORPORATIONS ACT means the Corporations Act 2001 (Cth).

          CURRENCY SWAP means the US Currency Swap and the Euro Currency Swap.

          CURRENCY SWAP PROVIDER means the US Currency Swap Provider and the
          Euro Currency Swap Provider.

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

          CUT-OFF DATE means the close of business, 30 August 2005. DEFINITIVE
          NOTE means a:

          (a)  a Class A1 Definitive Note; or

          (b)  a Class A2 Definitive Note.

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

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

          DTC means the Depository Trust Company.

          ENCUMBRANCE means an interest or power:

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

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                                                                          PAGE 7

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

          by way of, or having similar commercial effect to, security for the
          payment of a debt, any other monetary obligation or the performance of
          any other obligation, and includes but is not limited to, any
          agreement to grant or create any of the above.

          EURIBOR means, in relation to any Interest Period and any Class A2
          Note, the rate of interest determined by the Calculation Agent as
          follows:

          (a)  on the second Banking Day before the beginning of each Interest
               Period (each an INTEREST DETERMINATION DATE), the rate
               "EUR-EURIBOR-Telerate" as the applicable Floating Rate Option
               under the ISDA Definitions being the rate applicable to any
               Interest Period for three-month (or, in the case of the first
               Interest Period, the rate will be determined by linear
               interpolation calculated by reference to the duration of the
               first Interest Period) deposits in Euros which appears on the
               Telerate Page 248 as of 11:00 a.m., Brussels time, determined on
               the Interest Determination Date by the Calculation Agent;

          (b)  if such rate does not appear on the Telerate Page 248, the rate
               for that Interest Period will be determined as if the Trustee and
               the Calculation Agent had specified "EUR-EURIBOR-Reference Banks"
               as the applicable Floating Rate Option under the ISDA
               Definitions. "EUR-EURIBOR-Reference Banks" means that the rate
               for an Interest Period will be determined on the basis of the
               rates at which deposits in Euros are offered by the Reference
               Banks (being four major banks in the Euro-zone interbank market
               agreed to by the Calculation Agent and the Euro Currency Swap
               Provider) at approximately 11:00 a.m., Brussels time, on the
               Interest Determination Date to prime banks in the Euro-zone
               interbank market for a period of three months (or, in the case of
               the first Interest Period, the rate will be determined by linear
               interpolation calculated by reference to the duration of the
               first Interest Period) commencing on the first day of the
               Interest Period and in Representative Amount (as defined in the
               ISDA Definitions). The Calculation Agent will request the
               principal Euro-zone office of each of the Reference Banks to
               provide a quotation of its rate. If at least two such quotations
               are provided, the rate for that Interest Period will be the
               arithmetic mean of the quotations. If fewer than two quotations
               are provided as requested, the rate for that Interest Period will
               be the arithmetic mean of the rates quoted by major banks in /the
               Euro-zone interbank market, selected by the Calculation Agent and
               the Euro Currency Swap Provider, at approximately 11:00 a.m.,
               Brussels time, on that Interest Determination Date for loans in
               Euros to leading European banks for a period of three months (or,
               in the case of the first Interest Period, the rate will be
               determined by linear interpolation calculated by reference to the
               duration of the first Interest Period) commencing on the first
               day of the Interest Period and in a Representative Amount;

          (c)  if no such rates are available in the Euro-zone interbank market,
               then the rate for such Interest Period will be the most recently
               determined rate in accordance with this paragraph.

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                                                                          PAGE 8

          In this definition of EURIBOR, Banking Day means any day which is a
          TARGET Settlement Day.

          EURO and (EURO) means the single currency introduced at the third
          stage of the European Economic Monetary Union pursuant to the Treaty
          establishing the European Community as amended.

          EURO ACCOUNT means, in relation to the Fund, the Euro account of the
          Principal Paying Agent for the Fund or any other account opened and
          maintained outside Australia, of the Principal Paying Agent for the
          Fund so long as the Principal Paying Agent is a Bank which complies
          with clause 10.4(a).

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

          EURO CURRENCY SWAP PROVIDER means, initially, Societe Generale
          Australia Branch and thereafter any other person who is or becomes
          party to a Euro Currency Swap.

          EURO EXCHANGE RATE means, on any date, the rate of exchange (set at
          the commencement of the Euro Currency Swap) applicable under the Euro
          Currency Swap for the exchange of Euros for Dollars.

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

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

          (a)  (1)  for Class A Notes - 12 January 2037; and

               (1)  for Class B Notes - 12 January 2037,

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

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

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

          INCOME BENEFICIARY means ME Portfolio Management Limited ABN 79 005
          964 134.

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

          INTEREST means Class A Interest or Class B Interest.

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

          INTEREST HEDGE means each master agreement made between the Trustee
          and the Manager on one hand and the Interest Hedge Provider on the
          terms of the ISDA

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                                                                          PAGE 9

          Master Agreement (with amendments thereto), each Transaction (as
          defined in that agreement) entered into in accordance with that
          agreement in relation to the interest rate risk arising from a
          Mortgage under which all or part of the interest payable is fixed.

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

          INTEREST PERIOD means:

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

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

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

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

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

          INTEREST RATE means, in relation to:

          (a)  a Class A1 Note and an Interest Period, LIBOR in relation to that
               Interest Period;

          (b)  a Class A2 Note and an Interest Period, EURIBOR in relation to
               that Interest Period;

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

          (d)  a Liquidity Note and an Interest Period, the Benchmark Rate for
               that Interest Period,

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

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

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

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

          IRISH PAYING AGENT means AIB/BNY Fund Management (Ireland) Limited or
          any successor as Irish Paying Agent under the Note Trust Deed.

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                                                                         PAGE 10

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

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

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

          LEAD MANAGER means collectively:

          (a)  in respect of the Class A1 Notes, Deutsche Bank Securities Inc.
               and SG Americas Securities, LLC; and

          (b)  in respect of the Class A2 Notes, Deutsche Bank AG, London Branch
               and Societe Generale, London Branch.

          LIBOR means, in relation to any Interest Period and any Class A1 Note,
          the rate of interest determined by the Calculation Agent as follows:

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

          (b)  if such rate does not appear on the Telerate Page 3750, the rate
               for that Interest Period will be determined as if the Trustee and
               the Calculation Agent had specified "USD-LIBOR-Reference Banks"
               as the applicable Floating Rate Option under the ISDA
               Definitions. "USD-LIBOR-Reference Banks" means that the rate for
               an Interest Period will be determined on the basis of the rates
               at which deposits in US Dollars are offered by the Reference
               Banks (being four major banks in the London interbank market
               agreed to by the Calculation Agent and the US Currency Swap
               Provider) at approximately 11.00 am, London time, on the Interest
               Determination Date to prime banks in the London interbank market
               for a period of three months (or in the case of the first
               Interest Period, the rate will be determined by linear
               interpolation calculated by reference to the duration of that
               first Interest Period) commencing on the first day of the
               Interest Period and in a Representative Amount (as defined in the
               ISDA Definitions). The Calculation Agent will request the
               principal London office of each of the Reference Banks to provide
               a quotation of its rate. If at least two such quotations are
               provided, the rate for that Interest Period will be the
               arithmetic mean of the quotations. If fewer than two quotations
               are provided as requested, the rate for that Interest Period will
               be the arithmetic mean of the rates quoted by not less than two
               major banks in New York City, selected by the Calculation Agent
               and the US Currency Swap Provider, at approximately 11.00 am, New
               York City time, on that Interest Determination Date for loans in
               US Dollars to leading European banks for a period of three months
               (or in the case of the first Interest

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                                                                         PAGE 11

               Period, the rate will be determined by linear interpolation
               calculated by reference to the duration of that first Interest
               Period) commencing on the first day of the Interest Period and in
               a Representative Amount;

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

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

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

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

          LIQUIDITY NOTES SUPPLEMENTARY BOND TERMS means the terms in respect of
          the Class named "SMHL Global Fund No. 8 - Liquidity Notes" set out in
          schedule 1.

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

          LTV means, in relation to a Loan, the Outstanding Principal Balance of
          the Loan divided by the most recent market valuation held at the
          Cut-Off of the Land secured by the Mortgage securing that Loan.

          MANAGER means ME Portfolio Management Limited ABN 79 005 964 134.

          MARGIN means in respect of each Class:

          (a)  in respect of the Notes, up to but excluding 12 July 2011, the
               following percentage in respect of each Class:

               (1)  Class A1 Notes [*]% per annum;

               (2)  Class A2 Notes [*]% per annum;

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

               (4)  Liquidity Notes 6.00% per annum; and

          (b)  from and including 12 July 2011 the percentage per annum referred
               to in paragraph (a) plus the following percentage in respect of
               each Class:

               (1)  Class A1 Notes [*]% per annum;

               (2)  Class A2 Notes [*]% per annum;

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

               (4)  Liquidity Notes [6.00]% per annum.

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

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

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                                                                         PAGE 12

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

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

          NOTEHOLDER means, at any time, the person who:

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

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

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

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

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

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

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

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

          ORIGINAL LTV means, in relation to a Loan, the Original Principal
          Balance of the Loan and the original amount advanced under any Top-up
          Loan made prior to the Cut-Off divided by the most recent market
          valuation (for the purposes of the relevant Top-up Loan) held at the
          Cut-Off of the Land secured by the Mortgage securing that Loan.

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

          OUTSTANDING PRINCIPAL BALANCE means:

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

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

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

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

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

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                                                                         PAGE 13

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

          PAYING AGENT means, in respect of any Class A Notes, any person
          appointed as a Paying Agent under the Note Trust Deed and includes the
          Principal Paying Agent and the Irish Paying Agent.

          PAYING OFFICE in respect of any Class A Notes has the same meaning as
          in the Note Trust Deed.

          PAYMENT DATE means:

          (a)  in respect of Class A1 Notes, the twelfth day of each January,
               April, July and October (New York time) after the Closing Date;

          (b)  in respect of Class A2 Notes, the twelfth day of each January,
               April, July and October (London time) after the Closing Date;

          (c)  in respect of Class B Notes, the twelfth day of each January,
               April, July and October after the Closing Date,

          with the first Payment Date being 12 January 2006 and the last Payment
          Date being the Final Maturity Date, but, in each case if that day is
          not a Banking Day, the Payment Date shall be adjusted in accordance
          with the Modified Following Business Day Convention.

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

          PERMANENT CLASS A2 GLOBAL NOTE means a Class A2 Book-Entry Note issued
          or to be issued by the Trustee in registered form under clause 3.1 of
          the Note Trust Deed representing Class A2 Notes and substantially in
          the form of part C of schedule 1 of the Note Trust Deed.

          POOL means all of the Loans related to the Mortgages which comprise
          the Assets of the Securitisation Fund.

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

          (a)  the aggregate Original Principal Balance of the Class A Notes and
               Class B Notes; minus

          (b)  the aggregate Unpaid Balance of the Loans secured by the
               Mortgages comprised in the Assets of the Fund as at the Bond
               Issue Date.

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

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

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                                                                         PAGE 14

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

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

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

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

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

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

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

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

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

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

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

          (d)  the amount to be applied or available to be applied under clauses
               6.1(k), and 6.1(n) in repaying the Redraw Principal Outstanding
               under the Redraw Funding Facility.

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

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

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

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

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

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

          SECURITIES ACT means the United States Securities Act of 1933, as
          amended.

          SECURITISATION FUND or FUND means the Securitisation Fund established
          under the Master Trust Deed known as SMHL Global Fund No. 8.

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                                                                         PAGE 15

          SECURITY TRUST DEED means the deed so entitled dated 29 July 2005
          between the Trustee, the Manager, the Note Trustee and the Security
          Trustee.

          SPREAD has the meaning given in:

          (a)  the Euro Currency Swap in respect of payments by the Trustee
               under the Euro Currency Swap; and

          (b)  the US Currency Swap in respect of payments by the trustee under
               the US Currency Swap.

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

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

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

          SUSPENSION DATE means the date which is 120 days after the issue of
          the Bond Issue Confirmation Certificate (as defined in the Mortgage
          Origination and Management Agreement).

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

          TARGET means the Trans-European Automated Real-time Gross Settlement
          Express Transfer system.

          TARGET SETTLEMENT DAY means any day on which TARGET is open.

          TEMPORARY CLASS A2 GLOBAL NOTE means a Class A2 Book-Entry Note issued
          or to be issued by the Trustee in registered form under clause 3.1 of
          the Note Trust Deed representing Class A2 Notes and substantially in
          the form of part B of schedule 1 of the Note Trust Deed.

          TOP-UP CHARGE OFF means, in relation to a Top-up Funding Facility, the
          amount of the reduction of the Top-up Principal Outstanding under
          clause 3.20(b)(3).

          TOP-UP FUNDING FACILITY means any facility provided to the Trustee to
          enable the Trustee to fund payments under a Top-up Loan.

          TOP-UP LOAN means, in relation to a Loan, any additional amount
          advanced under the Loan (other than under a Loan Redraw Facility) and
          secured by the Mortgage securing the Loan.

          TOP-UP PRINCIPAL OUTSTANDING means at any time in respect of a Top-up
          Funding Facility, an amount equal to:

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

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

          (c)  the Carry Over Top-Up Charge Offs for the Top-Up Funding
               Facility; plus

          (d)  the amount to be applied or available to be applied under clauses
               6.1(k) and 6.1(n) in repaying the Top-up Principal Outstanding
               under the Top-Up Funding Facility.

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

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                                                                         PAGE 16

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

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

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

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

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

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

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

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

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

          US$ ACCOUNT means, in relation to the Fund, the US$ account of the
          Principal Paying Agent for the Fund or any other account opened and
          maintained outside Australia, of the Principal Paying Agent for the
          Fund so long as the Principal Paying Agent is a Bank which complies
          with clause 10.4(a).

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

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

          US CURRENCY SWAP PROVIDER means, initially, Societe Generale Australia
          Branch and thereafter any other person who is or becomes a party to a
          US Currency Swap.

     2.2  INCORPORATION OF MASTER TRUST DEED DEFINITIONS

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

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                                                                         PAGE 17

     2.3  INTERPRETATION

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

     2.4  PAYMENTS

          All payments of principal and interest:

          (a)  on the Class A1 Notes must be in United States Dollars;

          (b)  on the Class A2 Notes must be in Euro; and

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

     2.5  ACKNOWLEDGMENT

          The parties acknowledge that the matters contained in clauses 1 to 12
          (inclusive) and 15 of this Supplementary Bond Terms Notice result from
          decisions and directions of the Manager to the Trustee and not from
          directions or decisions made by the Note Trustee, the Principal Paying
          Agent, the Calculation Agent or the Note Registrar.

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3    NOTES

     3.1  CONDITIONS OF NOTES

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

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

     3.2  ISSUE OF NOTES

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

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

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

          (b)  Class B Notes must be issued in minimum parcels or subscriptions
               which have an aggregate Original Principal Balance of A$500,000,
               (disregarding any amount payable to the extent to which it is to
               be paid out of money lent by the person offering the Notes or an
               associate (as defined in Division 2 of Part 1.2 of the
               Corporations Act)) or otherwise in a way that does not require
               disclosure to investors under Part 6D.2 of the

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                                                                         PAGE 18

               Corporations Act, and will comply with the Financial Services and
               Markets Act 2000 (UK) and all regulations made under or in
               relation to that Act, as amended.

          (c)  No Class A2 Note or Class B Note has been or will be registered
               under the Securities Act and the Class A2 Notes and Class B Notes
               may not be offered or sold within the United States or to, or for
               the account of benefit of, US persons except in accordance with
               Regulation S under the Securities Act or pursuant to an exemption
               from the registration requirements of the Securities Act. Terms
               used in this paragraph have the meanings given to them by
               Regulation S of the Securities Act.

     3.3  TRUSTEE'S COVENANT TO NOTEHOLDERS AND THE NOTE TRUSTEE

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

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

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

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

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

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

     3.4  FINAL REDEMPTION

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

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

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

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

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

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

          (f)  the Final Maturity Date.

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                                                                         PAGE 19

     3.5  PERIOD DURING WHICH INTEREST ACCRUES

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

     3.6  CALCULATION OF INTEREST

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

               (1)  at the applicable Interest Rate;

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

               (3)  a fraction, the numerator of which is the actual number of
                    days in that Interest Period and the denominator of which is
                    365 days (in the case of Class B Notes) or 360 days (in the
                    case of Class A1 Notes and Class A2 Notes).

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

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

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

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

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

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

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

               (2)  in the case of the Class B Notes, there is full satisfaction
                    of those amounts, to be determined in accordance with the
                    Master Trust

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                                                                         PAGE 20

                    Deed (as amended in accordance with this Supplementary Bond
                    Terms Notice).

     3.7  AGGREGATE RECEIPTS

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

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

     3.8  APPLICATION OF PRINCIPAL REPAYMENT POOL

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

     3.9  REPAYMENT OF PRINCIPAL

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

     3.10 FINAL MATURITY DATE

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

     3.11 REDUCTION IN PRINCIPAL BALANCE

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

     3.12 CANCELLATION ON REPAYMENT

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

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                                                                         PAGE 21

     3.13 PAYMENTS INTO EURO ACCOUNT

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

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

     3.14 PAYMENTS OUT OF EURO ACCOUNT

          On each Payment Date, the Trustee must, on the direction of the
          Manager, or must require that the Principal Paying Agent on its
          behalf, distribute from the Euro Account the relevant amounts of
          principal and interest due in respect of each Class A2 Note in
          accordance with the Note Trust Deed and in the order of priority in
          clauses 6.1 and 6.2.

     3.15 PAYMENTS INTO US$ ACCOUNT

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

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

     3.16 PAYMENTS OUT OF US$ ACCOUNT

          On each Payment Date, the Trustee must, on the direction of the
          Manager, or must require that the Principal Paying Agent on its
          behalf, distribute from the US$ Account the relevant amounts of
          principal and interest due in respect of each Class A1 Note in
          accordance with the Note Trust Deed and in the order of priority in
          clauses 6.1 and 6.2.

     3.17 ROUNDING OF AMOUNTS

          In making the calculations required or contemplated by this clause 3,
          the Manager shall round calculations to four decimal places, except
          that all monetary amounts shall be rounded down to the nearest cent or
          as otherwise required in this Supplementary Bond Terms Notice.

     3.18 PRESCRIPTION

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

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                                                                         PAGE 22

     3.19 REPLACEMENT OF CURRENCY SWAP

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

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

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

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

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

          (b)  If the conditions in clause 3.19(a) are satisfied, the Trustee
               must at the direction of the Manager enter into the Replacement
               Currency Swap and if it does so it must direct the provider of
               the Replacement Currency Swap to pay any upfront premium to enter
               into the Replacement Currency Swap due to the Trustee directly to
               the Currency Swap Provider in satisfaction of and to the extent
               of the Trustee's obligation to pay the Currency Swap Termination
               Amount to the Currency Swap Provider as referred to in clause
               3.19(a). If the Currency Swap Termination Amount (if any) is
               payable by the Currency Swap Provider to the Trustee, the Trustee
               shall direct the Currency Swap Provider to pay such amount
               directly to the Replacement Currency Swap Provider in
               satisfaction and to the extent of any upfront premium to enter
               into the Replacement Currency Swap. Where the upfront premium
               payable upon entry into the Replacement Currency Swap is:

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

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

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

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

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

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                                                                         PAGE 23

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

     3.20 REALISED LOSSES ON MORTGAGES

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

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

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

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

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

               (3)  rateably as between each Top-up Funding Facility, the Top-up
                    Principal Outstanding of the Top-up Funding Facilities by
                    the amount of the remaining deficiency until the Top-up
                    Principal Outstanding under each Top-up Funding Facility is
                    zero (TOP-UP CHARGE OFFS).

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4    NOTES CALLABLE AT OPTION OF TRUSTEE

     4.1  CALL - CLASS A NOTES

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

          (a)  the Payment Date on which the Outstanding Principal Balance of
               all Notes calculated and expressed in the A$ Equivalent is equal
               to or less than 10%

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                                                                         PAGE 24

               of the Total Original Principal Balance calculated and expressed
               in the A$ Equivalent; and

          (b)  in the case of Class A Notes, the Payment Date falling on 12 July
               2011,

          provided that:

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

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

     4.2  TAX EVENT

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

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

          (b)  the total amount payable in respect of interest in relation to
               any of the Loans secured by the Mortgages comprised in the Assets
               of the Fund for a Calculation Period ceases to be receivable
               (whether or not actually received) by the Trustee during such
               Calculation Period (but this paragraph (b) does not apply to a
               failure by the Trustee to receive any interest in relation to any
               of the Loans merely by reason of the failure by any borrowers to
               pay that interest in breach of the relevant Loans),

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

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                                                                         PAGE 25

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

     4.3  CALL - CLASS B NOTES

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

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

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

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5    CASH-COLLATERAL

     5.1  CASH COLLATERAL ACCOUNT

          On the Closing Date the Manager must establish and at all times until
          the Outstanding Principal Balance of all Notes is reduced to zero
          maintain a ledger account in the accounting records maintained by it
          pursuant to the Master Trust Deed designated "SMHL Global Fund No. 8
          Cash Collateral Account".

     5.2  INITIAL CASH COLLATERAL AND LIQUIDITY NOTES

          On the Closing Date, the Trustee must, subject to the terms of the
          Master Trust Deed, and in accordance with the Bond Issue Direction:

          (a)  issue to the Liquidity Noteholder (as nominee on behalf of the
               Trustee in its capacity as trustee of the Fund known as the
               Superannuation Members' Home Loans Warehousing Trust 2004-1)
               liquidity notes (being Bonds as defined in the Master Trust Deed)
               having an initial Face Value of an amount equal to A$[*], being
               comprised in a Class named "SMHL Global Fund No. 8 - Liquidity
               Notes", and being on the terms set out in the Liquidity Notes
               Supplementary Bond Terms and the Master Trust Deed;

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

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

     5.3  INVESTMENT OF CASH COLLATERAL

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

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

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                                                                         PAGE 26

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

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

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

     5.4  USE OF CASH COLLATERAL

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

     5.5  SURPLUS CASH COLLATERAL

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

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6    DISTRIBUTION OF COLLECTIONS

     6.1  DISTRIBUTION OF INTEREST COLLECTIONS

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

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

          (b)  secondly, pari passu and rateably in or toward payment of or
               allowance for the Trustee's Fee, the Manager's Fee and any
               Expenses (other than the Expenses referred to below in this
               clause 6.1) in respect of the Securitisation Fund;

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

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                                                                         PAGE 27

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

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

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

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

          (h)  eighthly, to reimburse any amounts that have been paid in any
               previous Interest Periods under clauses 6.2(a), 6.2(b), 6.2(c)
               and 6.2(d) (to the extent not already reimbursed under this
               clause 6.1(h));

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

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

          (k)  eleventhly, in respect of the amount of any Class A Charge Offs,
               any Redraw Charge Offs and any Top-up Charge Offs, in and towards
               reinstatement of in the books of the Fund pari passu and rateably
               to Class A Charge Offs, Redraw Charge Offs and Top-up Charge Offs
               for that Calculation Period;

          (l)  twelfthly, in respect of the amount of any Carry Over Redraw
               Charge Offs, any Carry Over Top-up Charge Offs and the A$
               Equivalent of the Carry Over Class A Charge Offs allocated to
               each Class A Note, as the case may be, in and towards
               reinstatement of in the books of the Fund, pari passu and
               rateably (based on the Carry Over Redraw Charge Offs, the Carry
               Over Top-up Charge offs and the A$ Equivalent of the Carry Over
               Class A Charge Offs allocated to each Class A Note as the case
               may be):

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

               (2)  any Carry Over Redraw Charge Offs; and

               (3)  any Carry Over Top-up Charge Offs;

          (m)  thirteenthly, in respect of the amount of any Class B Charge Offs
               and any Carry Over Class B Charge Offs in and towards
               reinstatement of in the books of the Fund and in the following
               order:

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                                                                         PAGE 28

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

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

          (n)  fourteenthly, (to the extent not paid under clause 6.2) pari
               passu and rateably, in or toward repayment of any principal due
               and payable under any Redraw Funding Facility, in or toward
               repayment of any principal due and payable under any Top-up
               Funding Facility and in or toward repayment of any principal due
               and payable under any Payment Funding Facility; and

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

     6.2  DISTRIBUTION OF PRINCIPAL COLLECTIONS

          Subject to the terms of the Security Trust Deed and these
          Supplementary Bond Terms, on each Payment Date (to the extent it has
          not already done so in accordance with this clause 6.2), the Trustee
          must apply the Principal Collections together with any amounts to be
          applied under this clause 6.2 pursuant to clause 6.6 for the relevant
          Calculation Period towards the following payments in the following
          order of priority:

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

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

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

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

          (e)  fifthly, pari passu and rateably in or toward repayment of any
               Redraw Principal Outstanding under a Redraw Funding Facility and
               any Top-up Principal Outstanding under any Top-up Funding
               Facility;

          (f)  sixthly, pari passu and rateably in or toward payments approved
               by the Manager under any Loan Redraw Facility and any Top-up
               Loan;

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

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

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                                                                         PAGE 29

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

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

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

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

          (i)  ninthly, pari passu and rateably (based on the Carry Over Redraw
               Charge Offs, Carry Over Top-up Charge Offs and A$ Equivalent of
               the Carry Over Class A Charge Offs allocated to each Class A
               Note, as the case may be):

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

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

               (3)  in or toward repaying the Top-up Principal Outstanding of
                    each Top-up Funding Facility to the extent of any carry over
                    Top-up Charge Offs;

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

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

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

     6.3  RIGHTS OF LIQUIDITY NOTEHOLDER

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

     6.4  FUNDING LOAN REDRAW FACILITIES

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

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                                                                         PAGE 30

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

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

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

     6.5  FUNDING TOP-UP LOANS

          (a)  Subject to clause 6.5(c), the Trustee may only fund advances for
               Top-up Loans from Collections which represent repayments or
               prepayments of principal under Loans (TOP-UP PREPAYMENTS) and by
               drawings under Top-up Funding Facilities.

          (b)  The Trustee must not apply any Top-up Prepayments to making
               advances for a Top-up Loan unless:

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

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

          (c)  The Trustee must not fund any advances for Top-up Loans until a
               Top-up Funding Facility has been duly executed in the form agreed
               by each Designated Rating Agency.

     6.6  PAYMENT OF CHARGE OFFS

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

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7    SUBSTITUTION OF MORTGAGES

     7.1  PURCHASE OF SUBSTITUTE MORTGAGES

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

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

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                                                                         PAGE 31

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

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

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

               (3)  if the Manager has given the Designated Rating Agencies not
                    less than 5 Banking Days notice or such shorter period as
                    the Designated Rating Agencies may agree of its intention to
                    make the determination;

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

               (5)  if

                    (A)  the Trustee receives from the Manager a completed
                         Mortgage Transfer Proposal in relation to the
                         Substitute Mortgage no later than 2 Banking Days prior
                         to the date referred to in the Mortgage Transfer
                         Proposal for the purchase of the Substitute Mortgage;

                    (B)  the Manager certifies to the Trustee that the proposed
                         Substitute Mortgage is a Mortgage for the purposes of
                         this agreement, and satisfies the requirements in this
                         clause 7, as at the Transfer Date;

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

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

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8    NOTIFICATIONS OF CALCULATIONS

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

          (b)  The Manager must, not later than 2 Banking Days before each
               Payment Date advise the Trustee and in respect of Class A Notes
               only, the Currency Swap Providers in writing of:

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

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

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                                                                         PAGE 32

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

          (c)  The Manager must also notify the Trustee of all details of
               payments which are to be made by or on behalf of the Trustee on
               or by each Payment Date. The Manager must, not later than 2
               Banking Days before each Payment Date also notify the Currency
               Swap Providers of all payments which are to be made by or on
               behalf of the Trustee on each Payment Date under clauses 6.1 and
               6.2 in respect of Class A Notes.

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

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9    AMENDMENTS TO MASTER TRUST DEED

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

          (a)  Clause 1.1 - Approved Accounting Standards

               For the purposes of the Fund, the definition of Approved
               Accounting Standards in clause 1.1 of the Master Trust Deed is
               deleted.

          (b)  Clause 1.1 - Authorised Investment

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

          (c)  Clause 1.1 - Expenses

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

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

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

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

          (d)  Clause 1.1 - Financial Default

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

          (e)  Clause 1.1 - Fitch

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                                                                         PAGE 33

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

               "FITCH RATINGS means Fitch Australia Pty Ltd and its successors
               and assigns".

          (f)  Clause 1.1 - Manager's Default

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

          (g)  Clause 1.1 - Net Income

               For the purposes of the Fund, the definition of Net Income in
               clause 1.1 of the Master Trust Deed is deleted.

          (h)  Clause 1.1 - Net Income Account

               For the purposes of the Fund, the definition of Net Income
               Account in clause 1.1 of the Master Trust Deed is deleted.

          (i)  Clause 1.1 - Operating Income

               For the purposes of the Fund, the following new definition is
               inserted alphabetically in clause 1.1 of the Master Trust Deed:

                    "OPERATING INCOME means the gross income realised by the
                    Fund from its operations including rent, interest,
                    dividends, distributions and otherwise less expenses arising
                    in deriving that income including, but not limited to:

                    (1)  outgoings in respect of the assets of the Fund;

                    (2)  repairs and maintenance;

                    (3)  interest and other borrowing costs;

                    (4)  fees paid to the Trustee and Manager; and

                    (5)  any other amount that the Manager considers prudent or
                         appropriate to allow for contingencies or future
                         expenses that will or may arise in respect of the
                         Fund;".

          (j)  Clause 1.1 - Operating Income Account

               For the purposes of the Fund, the following new definition is
               inserted alphabetically in clause 1.1 of the Master Trust Deed:

                    "OPERATING INCOME ACCOUNT in relation to an Origination Fund
                    means the bank account established by the Trustee as trustee
                    of that Origination Fund pursuant to clause 19.1(c);".

          (k)  Clause 1.1 - Rating Agency

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

          (l)  Clause 1.1 - Securities System

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

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                                                                         PAGE 34

          (m)  Clause 1.1 - Termination Date

               For the purpose of the definition of "Termination Date" in clause
               1.1 of the Master Trust Deed;

               (1)  the words "and the Trustee and Manager agree that no further
                    Bonds are proposed to be issued by the Trustee in relation
                    to that Fund" are inserted at the end of paragraph (c)(1) of
                    that definition;

               (2)  paragraph "(a)" of that definition is deleted;

               (3)  paragraph "(b)" of that definition is re-lettered as
                    paragraph "(a)";

               (4)  paragraph "(c)" of that definition is re-lettered as
                    paragraph "(b)";

               (5)  paragraph "(d)" of that definition is re-lettered as
                    paragraph "(c)"; and

               (6)  the words "under paragraphs (c) and (d)" in the final
                    paragraph of that definition are deleted and replaced with
                    the words "under paragraphs (b) and (c)".

          (n)  Clause 1.2(k)

               For the purposes of the Fund, clause 1.2(k) of the Master Trust
               Deed is deleted and the following new clause 1.2(k) is inserted
               as follows:

                    "(k) Not used;".

          (o)  Clause 2.4 - No Further Interests

               For the purposes of the Fund, a new clause 2.4 is inserted in the
               Master Trust Deed as follows:

                    "2.4 NO FURTHER INTERESTS

                         The Trustee must not create any further interests in
                         the Funds after the date that is the eightieth
                         anniversary of the date of this Deed.".

          (p)  Clause 3.1 - Beneficial Interest in the Origination Funds

               For the purpose of clause 3.1(a) of the Master Trust Deed:

               (1)  the words "Net Income" as it appears twice in the first line
                    of the paragraph are deleted, and the words "Net Income" in
                    the first line of the paragraph are deleted and replaced
                    with the words "Operating Income"; and

               (2)  the words "Net Income Account" in the third line of the
                    paragraph are deleted and replaced with the words "Operating
                    Income Account".

          (q)  Clause 5 - Notes

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

                    "5.  NOTES

                    5.1  ACKNOWLEDGMENT OF INDEBTEDNESS

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

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                                                                         PAGE 35

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

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

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

                    5.2  LEGAL NATURE OF NOTES

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

                         (b)  Class A Notes will be in registered form in
                              respect of Book-Entry Notes and will be in
                              registered form in respect of Definitive Notes.

                    5.3  TERMS OF NOTES

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

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

                    5.4  INTEREST AND PRINCIPAL ENTITLEMENT OF NOTEHOLDERS

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

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

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

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                                                                         PAGE 36

                    5.5  NOTES NOT INVALID IF ISSUED IN BREACH

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

                    5.6  LOCATION OF CLASS B NOTES

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

                    5.7  NO DISCRIMINATION BETWEEN NOTEHOLDERS

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

                    5.8  NOTE REGISTER

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

          (r)  Clause 6.2 - Limit on Interest of Income Beneficiary in Assets of
               an Origination Fund

               For the purpose of clause 6.2 of the Master Trust Deed:

               (1)  the words "Net Income" in the second line of the paragraph
                    are deleted and replaced with the words "Operating Income";
                    and

               (2)  the words "Net Income Account" in the fourth line of the
                    paragraph are deleted and replaced with the words "Operating
                    Income Account".

          (s)  Clause 6.5 - Ranking of interest of Beneficiary

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

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

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

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                                                                         PAGE 37

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

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

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

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

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

          (v)  Clause 8 - Transfer of Notes

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

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

          (w)  Clause 9 - Note Registration Confirmation

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

          (x)  Clause 10.12 - Moneys Payable to Trustee

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

          (y)  Clause 11 - Origination and Management of Mortgages

               A new clause 11.6 is inserted as follows:

               "11.6 REPURCHASE OF MORTGAGES

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

                         (1)  repurchase the Mortgage; or

                         (2)  repurchase and substitute or substitute a Mortgage
                              in which event the Trustee shall be obliged to
                              comply with provisions of clause 7 of the
                              Supplementary

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                                                                         PAGE 38

                              Bond Terms Notice with respect to the substitution
                              of Mortgages,

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

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

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

          (z)  Clause 12.17 - Additional Covenants by Manager

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

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

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

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

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

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

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

          (aa) Clause 14.1 - Retirement for Cause

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

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                                                                         PAGE 39

                    "The costs of removal of the Manager under this clause 14.1
                    must be borne by the Manager. The Manager agrees to
                    indemnify the Trustee and the Fund for these costs."

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

               Clause 16.3 of the Master Trust Deed is amended by:

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

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

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

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

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

                    "16.10 Compliance with laws

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

          (dd) Clause 18.1 - Retirement for Cause

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

                    "The costs of removal of the Trustee under this clause 18.1
                    must be borne by the Trustee. The Trustee agrees to
                    indemnify the Manager and the Fund for these costs."

          (ee) Clause 19.1 - Opening of bank accounts

               For the purposes of the Fund, the following amendments are made
               to clause 19.1 of the Master Trust Deed:

               (1)  in first and fourth lines of clause 19.1(c), the words "Net
                    Income Account" are deleted and replaced with the words
                    "Operating Income Account"; and

               (2)  the following new clause 19.1(d) is inserted immediately
                    after clause 19.1(c):

                    "(d) (Change Bank Accounts): If a bank account for a Fund is
                         held with a Bank which ceases to have the ratings
                         specified

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                                                                         PAGE 40

                         in a Supplementary Bond Terms Notice in respect of the
                         Fund, the Manager must direct the Trustee to, and the
                         Trustee shall, as soon as practicable, and in any
                         event, within 10 days of receipt of actual notice of
                         that cessation:

                         (1)  close that account; and

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

          (ff) Clause 19.2 - Location of Bank Accounts

               For the purpose of clause 19.2(a) of the Master Trust Deed, the
               words "Net Income Account" in the third line of the paragraph are
               deleted and replaced with the words "Operating Income Account".

          (gg) Clause 19.10 - All Transactions through Central Accounts

               For the purposes of clause 19.10(c) of the Master Trust Deed:

               (1)  the words "Net Income" as it appears twice in the first line
                    of the paragraph are deleted, and the words "Net Income" in
                    the first line of the paragraph are deleted and replaced
                    with the words "Operating Income";

               (2)  the words "Net Income Account" in the second line of the
                    paragraph are deleted and replaced with the words "Operating
                    Income Account".

          (hh) Clause 21.3 - Accounts to be kept in accordance with Approved
               Accounting Standards

               For the purposes of the Fund, clause 21.3 of the Master Trust
               Deed is deleted and replaced with the following new clause 21.3:

                    "21.3 NOT USED".

          (ii) Clause 22 - Payments

               For the purposes of the Fund, the following amendments are made
               to the Master Trust Deed:

               (1)  clause 22.1(d) is deleted and replaced with the following:

                    "fourthly, subject to clause 22.4, to the Income Beneficiary
                    in accordance with its instructions";

               (2)  in clause 22.1(d), the words "Net Income" are deleted and
                    replaced with the words "Operating Income";

               (3)  clause 22.2(d) is deleted and replaced with the following:

                    "(d) fourthly, subject to clause 22.4, to the Capital
                    Beneficiary in accordance with its instructions";

               (4)  in clause 22.3(a), the words "Net Income" in the first line
                    of the paragraph are deleted and replaced with the words
                    "Operating Income", and the words "Net Income" in the third
                    line of the

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                                                                         PAGE 41

                    paragraph are deleted and replaced with the words "Operating
                    Income";

               (5)  in clause 22.3(b), the words "Net Income" as it appears
                    twice in the first line of the paragraph are deleted, and
                    the words "Net Income" in the first line of the paragraph
                    are deleted and replaced with the words "Operating Income";

               (6)  in clause 22.3(b), the words "Net Income" in the fourth line
                    of the paragraph are deleted and replaced with the words
                    "Operating Income";

               (7)  in clause 22.3(c), the words "Net Income" in the first line
                    of the paragraph are deleted and replaced with the words
                    "Operating Income", the words "Net Income" in the second
                    line of the paragraph are deleted and replaced with the
                    words "Operating Income", and the words "Net Income Account"
                    in subparagraph (2) are deleted and replaced with the words
                    "Operating Income Account"; and

               (8)  clause 22.3(d) is deleted and replaced with the following:

                    "(d) Upon termination of the Fund, the surplus capital of
                    the Fund remaining after satisfaction by the Trustee of all
                    of its obligations in respect of the Fund shall be paid in
                    relation to the first $100 only to the Capital Beneficiary
                    and in relation to the balance to the Income Beneficiary".

          (jj) Clause 22.7 - Net Income, Income and Capital

               For the purpose of clause 22.7 of the Master Trust Deed, clause
               22.7 is deleted and replaced with the following new clause 22.7:

               "22.7 OPERATING INCOME, INCOME AND CAPITAL

                    (a)  For each Income Distribution Period the Manager must
                         determine the Operating Income for the Income
                         Distribution Period.

                    (b)  If no determination is made or to the extent to which
                         no determination is made under clause 22.7(a), then the
                         Distributable Income for that Income Distribution
                         Period is equal to the Operating Income for that Income
                         Distribution Period.

                    (c)  In determining the Operating Income the Manager does
                         not have to take into account accounting standards or
                         generally accepted accounting principles and practices
                         which apply to trusts.

                    (d)  Any references in this Deed to "CAPITAL" or "INCOME"
                         will, for an Income Distribution Period of a Fund have
                         a corresponding meaning consistent with the application
                         of the foregoing for that Income Distribution Period of
                         the Fund.".

          (kk) Clause 23 - The Register

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                                                                         PAGE 42

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

          (ll) Clause 25 - Payments generally

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

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

               (2)  By inserting as clause 25.5 the following:

                    "25.5 CLASS A NOTES

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

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

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

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

                    "25.6 TAXATION

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

                    (b)  (INTEREST WITHHOLDING TAX - CLASS B NOTES): All
                         payments in respect of the Class B Notes will be made
                         without withholding or deduction for, or on account of,
                         any present or future taxes, duties or charges of
                         whatsoever nature unless the Trustee or any person
                         making payments on behalf of the Trustee is required by
                         applicable law to make any such payment in respect of
                         the Class B Notes subject to any withholding or
                         deduction for, or on account of, any present or future
                         taxes, duties or charges of whatever nature. In that
                         event the Trustee or any person making payments on
                         behalf of the Trustee (as the case may be) will make
                         such payment after such withholding or deduction has
                         been made and will account to the relevant authorities
                         for the amount so required to be withheld or deducted.
                         Neither the Trustee, any person making payments on
                         behalf of the Trustee or any note trustee will be
                         obliged to make any additional payments to Class B
                         Noteholders in respect of that withholding or
                         deduction.

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                                                                         PAGE 43

                    (c)  (INTEREST WITHHOLDING TAX - CLASS A NOTES): Payments on
                         Class A Notes by or on behalf of the Trustee will be
                         made subject to deduction for any Interest Withholding
                         Tax (being tax imposed under Division 11A of Part IIIA
                         of the Income Tax Assessment Act 1936 on amounts of, or
                         deemed to be, interest or in the nature of interest)
                         and all other withholdings and deductions referred to
                         in Condition 7 of the Class A Notes.

                    (d)  (TAX FILE NUMBERS): The Trustee or any person making
                         payments on behalf of the Trustee will be required to
                         deduct tax-at-source on interest payments on any Class
                         A Note or Class B Note to each Class A Noteholder or
                         Class B Noteholder who has or is required to have a Tax
                         File Number at the highest personal marginal tax rate
                         unless the Trustee or any person making payments on
                         behalf of the Trustee receives from such Class A
                         Noteholder or Class B Noteholder the Tax File Number
                         (as defined in the Income Tax Assessment Act 1936) of
                         that Class A Noteholder or Class B Noteholder, or
                         evidence of any exemption the Class A Noteholder or
                         Class B Noteholder may have from the need to advise the
                         Trustee or any person making payments on behalf of the
                         Trustee of a Tax File Number. The Tax File Number or
                         appropriate evidence (as the case may be) must be
                         received by the Trustee or any person making payments
                         on behalf of the Trustee not less than ten Banking Days
                         prior to the relevant payment date. The Trustee, or any
                         person making any payments on behalf of the Trustee, is
                         entitled to deduct any such tax-at-source required to
                         be paid by it in relation to the Class A Notes or the
                         Class B Notes at that highest personal marginal tax
                         rate if no Tax File Number or exemption (as the case
                         may be) is provided."

          (mm) Clause 26.16 - Trustee's Right of Indemnity

               For the purposes of this Fund, delete clause 26.16 and substitute
               the following:

               "26.16 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

               (a)  Subject to this Deed, a liability of the Trustee as trustee
                    of the Fund arising under or in connection with this Deed is
                    limited to and can be enforced against the Trustee only to
                    the extent to which it can be satisfied out of the assets of
                    the Fund which are available to satisfy the right of the
                    Trustee to be exonerated or indemnified for the liability.
                    This limitation of the Trustee's liability applies despite
                    any other provision of this Deed and extends to all
                    liabilities and obligations of the Trustee in any way
                    connected with any representation, warranty, conduct,
                    omission, agreement or transaction related to this Deed or
                    the Fund.

               (b)  Subject to clause 26.16(c), no person (including any
                    Relevant Party) may take action against the Trustee in any
                    capacity other

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                                                                         PAGE 44

                    than as trustee of the Fund or seek the appointment of a
                    receiver (except under the Security Trust Deed in respect of
                    the Fund), or a liquidator, an administrator or any similar
                    person to the Trustee or prove in any liquidation,
                    administration or arrangement of or affecting the Trustee
                    (except in relation to the assets of the Fund).

               (c)  The provisions of this clause 26.16 shall not apply to any
                    obligation or liability of the Trustee to the extent that it
                    is not satisfied because under a Transaction Document for
                    the Fund or by operation of law there is a reduction in the
                    extent of the Trustee's indemnification or exoneration out
                    of the assets of the Fund, as a result of the Trustee's
                    fraud, negligence or wilful default.

               (d)  It is acknowledged that the Relevant Party is responsible
                    under this Deed or the other Transaction Documents for the
                    Fund for performing a variety of obligations relating to the
                    Fund. No act or omission of the Trustee (including any
                    related failure to satisfy its obligations under this Deed)
                    will be considered fraud, negligence or wilful default of
                    the Trustee for the purposes of clause 26.16(c) to the
                    extent to which the act or omission was caused or
                    contributed to by any failure by the Relevant Party or any
                    other person who has been delegated or appointed by the
                    Trustee in accordance with the Transaction Documents for the
                    Fund to fulfil its obligations relating to the Fund or by
                    any other act or omission of the Relevant Party or any other
                    person.

               (e)  No attorney, agent, receiver or receiver and manager
                    appointed in accordance with this Deed or any other
                    Transaction Document for the Fund has authority to act on
                    behalf of the Trustee in a way which exposes the Trustee to
                    any personal liability and no act or omission of any such
                    person will be considered fraud, negligence or wilful
                    default of the Trustee for the purposes of clause 26.16(c).

               (f)  In this clause 26.16 Relevant Parties means any party to a
                    Transaction Document other than the Trustee.

               (g)  The Issuer is not obliged to do or refrain from doing
                    anything under this agreement (including incur any
                    liability) unless the Trustee's liability is limited in the
                    same manner as set out in paragraphs (a) to (c) of this
                    clause 26.16."

          (nn) Clause 28 - Amendment

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

          (oo) Schedule 9 - Amendment

               For the purposes of this Fund, delete the word "15th September,
               December, March and June" in the definition of "Fee Payment
               Date"" in clause 1 and insert the words "12th of October,
               January, April and July" and delete the word "15th" in the
               definition of "Valuation Date" in clause 1 and insert the word
               "last".

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                                                                         PAGE 45

--------------------------------------------------------------------------------
10   RATING AGENCY REQUIREMENTS

     10.1 DESIGNATED RATING AGENCIES

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

     10.2 DESIGNATED RATINGS

          The Designated Ratings for the Notes are as follows:

          (a)  For the Class A Notes:

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

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

               (3)  in the case of Fitch Ratings - "AAA"; and

          (b)  For the Class B Notes:

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

               (2)  In the case of S&P - "AA"; and

               (3)  In the case of Fitch Ratings - "AA".

     10.3 MINIMUM RATING REQUIREMENTS

          Subject to clauses 5.3 and 10.4, all Authorised Investments of the
          Fund other than cash and Mortgages must be rated "AAA" or "A-1+" by
          S&P and "Aaa" or "Prime-1" by Moody's and "AAA" or "F1+" by Fitch
          Ratings.

     10.4 BANKS

          (a)  Subject to clause 10.4(b), any bank account for the purposes of
               clause 19.1 and 19.11 of the Master Trust Deed must be with a
               Bank which has a short-term rating of at least "P-1" (Moody's),
               "A-1+" (S&P) and "F1" (Fitch Ratings).

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

     10.5 NOTIFICATIONS TO DESIGNATED RATING AGENCIES

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

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

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

          (c)  of a breach of a provision of a Transaction Document relating to
               the Securitisation Fund, promptly upon becoming aware of the
               same, which

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                                                                         PAGE 46

               breach is in the reasonable opinion of the Manager likely to have
               a material adverse effect on the ability of the Trustee to meet
               its obligations in respect of the Notes.

     10.6 NO OTHER REQUIREMENTS

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

     10.7 LOAN FACILITIES

          The Manager must:

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

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

     10.8 TOP-UP LOANS

          In relation to a Top-up Loan, the Manager must ensure that in any
          Calculation Period:

          (a)  a Top-up Loan may only be made if the current weighted average
               LTV of the Pool, after giving effect to the Top-up Loan, has
               increased by no more than 2% of the weighted average LTV of the
               Pool as at the Cut-Off Date;

          (b)  after giving effect to the Top-up Loan, the weighted average LTV
               of the Pool must not exceed the weighted average Original LTV of
               the Pool as of the Cut-Off;

          (c)  after giving effect to the Top-up Loan, the percentage of Loans
               in the Pool with an Original LTV over 80% must not exceed the
               percentage of Loans in the Pool with an Original LTV over 80% as
               of the Cut-Off Date by more than 2%; (d) a Top-up Loan will only
               be made if the term of the relevant Loan will not be increased as
               a result of the Top-up Loan being made;

          (e)  a Top-up Loan will only be made for a period of 18 months after
               the Closing Date;

          (f)  the aggregate of the Top-up Loans to be funded after the
               Suspension Date will not exceed 5% of the Pool as at the
               Suspension Date; and

          (g)  a Top-up Loan may only be made if there are as of the Cut-Off no
               unreimbursed Carry Over Class A Charge Offs, Carry Over Class B
               Charge Offs, Carry Over Redraw Charge Offs and Carry Over Top-up
               Charge Offs;

          or on such other conditions (whether in substitution or in addition to
          the above) as may be agreed by the Designated Rating Agencies and the
          Manager from time to time and notified to the Trustee.

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                                                                         PAGE 47

--------------------------------------------------------------------------------
11   THRESHOLD RATE

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

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

               (2)  having regard to:

                    (A)  the terms of the Transaction Documents;

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

                    (C)  the anticipated Expenses of the Fund;

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

                    (E)  all other information available to the Manager;

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

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

                    the Trustee will have available to it at all times
                    sufficient funds to enable it to comply with all of its
                    obligations under the Transaction Documents relating to the
                    Fund as they fall due (other than any payments of interest
                    on the Liquidity Notes).

               (b)  Without limiting the operation of clause 11(a), the interest
                    rate applicable to each fixed interest period of the Loan
                    secured by a Mortgage comprised in the Assets of the Fund
                    must be equal to or greater than:

                    (1)  for so long as the Outstanding Principal Balance of all
                         such Loans is equal to or less than 25% of the
                         Outstanding Principal Balance of all Loans secured by
                         Mortgages comprised in the Assets of the Fund, the
                         rate, expressed as a percentage, determined by the
                         Manager to be the fixed-floating swap rate for the
                         period most closely approximating the term of the fixed
                         interest period of the Loans secured by the Mortgages
                         plus 0.80%; and

                    (2)  for so long as the Outstanding Principal Balance of all
                         such Loans is greater than 25% of the Outstanding
                         Principal Balance of all Loans secured by Mortgages
                         comprised in the Assets of the Fund, such rate as
                         agreed from time to time between the Manager and each
                         Designated Rating Agency.

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                                                                         PAGE 48

               (c)  For the purposes of clause 11(a) it is acknowledged that if
                    there is any shortfall under any determination under clause
                    11(a), the Manager may direct the Trustee to make a drawing
                    under the Payment Funding Facility in respect of that
                    shortfall (to the extent it has not already done so in
                    respect of the shortfall) provided that:

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

                    (2)  if such a drawing is not made the Manager must comply
                         with clauses 11(a) and 11(b).

--------------------------------------------------------------------------------
12   BENEFICIARIES

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

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

               (c)  Subject to clause 12(d), no Beneficiary has any right to
                    receive distributions in respect of the Fund other than the
                    right to receive on the termination of the Fund the entire
                    beneficial interest of the Fund.

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

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

--------------------------------------------------------------------------------
13   NOTE TRUSTEE

     13.1 CAPACITY

          The Note Trustee is a party to this Supplementary Bond Terms Notice in
          its capacity as trustee for the Class A Noteholders from time to time
          under the Note Trust Deed and, for the purposes of clause 16 in its
          capacity as the Principal Paying Agent, the Calculation Agent and the
          Note Registrar.

     13.2 EXERCISE OF RIGHTS

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

--------------------------------------------------------------------------------
                                                                         PAGE 49

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

     13.3 REPRESENTATION AND WARRANTY

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

     13.4 PAYMENTS

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

--------------------------------------------------------------------------------
14   SECURITY TRUST DEED

          The parties to this Supplementary Bond Terms Notice agree to comply
          with clause 12.14 of the Security Trust Deed.

--------------------------------------------------------------------------------
15   MISCELLANEOUS

     15.1 BANKING DAY

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

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

          Other than as expressly set out herein, or inconsistent with this
          Supplementary Bond Terms Notice, but subject to clause 15.4, the
          provisions of the Master Trust Deed shall apply to all Notes and to
          all Noteholders.

     15.3 LIMITATION OF LIABILITY

          Without derogating from the generality of clause 15.2 nothing in this
          Supplementary Bond Terms Notice shall, nor shall it be construed as,
          limiting or in any way affecting the full operation of clause 26 of
          the Master Trust Deed.

     15.4 AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF NOTES

          For the purposes of clause 7.9 of the Master Trust Deed, the aggregate
          Outstanding Principal Balance of Notes created on the Bond Issue Date
          may

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                                                                         PAGE 50

          exceed the then aggregate Outstanding Principal Balance of the
          Portfolio of Mortgages attached to the Bond Issue Direction.

     15.5 ATTORNEY

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

--------------------------------------------------------------------------------
16   PRIVACY

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

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

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

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

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

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

               (2)  in addition to the obligation under clause 16(b) above, it
                    will comply with the Privacy Act 1988 (as amended by the
                    Privacy Amendment (Private Sector) Act 2000) and all
                    applicable regulations, principles, standards, codes of
                    conduct or guidelines concerning the handling of Personal
                    Information under that Act or with any request or direction
                    arising directly from or in connection with the proper
                    exercise of the functions of the Privacy Commissioner.

          (d)  In this clause 16, "Personal Information" has the same meaning as
               in the Privacy Act 1988.

          (e)  Notwithstanding anything else contained in this clause 16,
               paragraphs (a) to (c) above do not apply to the Note Trustee, the
               Principal Paying Agent, the Calculation Agent or the Note
               Registrar. Each of the Note Trustee, the Principal Paying Agent,
               the Calculation Agent and the Note Registrar agrees to comply
               with all privacy legislation applicable to it.

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                                                                         PAGE 51

DATED: [*] 2005

TRUSTEE

SIGNED BY
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney under Power of Attorney
dated
in the presence of:

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

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

--------------------------------------------------------------------------------
                                                                         PAGE 52

MANAGER

SIGNED BY
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney under Power of Attorney
dated in
the presence of:

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

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

SECURITY TRUSTEE

SIGNED BY
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney under Power of Attorney
dated
in the presence of:

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

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

NOTE TRUSTEE

SIGNED BY
THE BANK OF NEW YORK
by its Authorised Signatory in the
presence of:

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

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

--------------------------------------------------------------------------------
                                                                         PAGE 53

--------------------------------------------------------------------------------
SCHEDULE 1

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

SUPPLEMENTARY BOND TERMS NOTICE
SMHL GLOBAL FUND NO. 8 - LIQUIDITY NOTES

TO:   PERPETUAL TRUSTEES AUSTRALIA LIMITED
      ABN 86 000 431 827
      as trustee of the SMHL Global Fund No. 8
      (TRUSTEE)

FROM: ME PORTFOLIO MANAGEMENT LIMITED
      ABN 79 005 964 134
      (MANAGER)

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

     This Supplementary Bond Terms Notice:

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

          (b)  sets out the Supplementary Bond Terms for the Notes comprised in
               the Class named in the Bond Issue Direction as the "SMHL Global
               Fund No. 8 - Liquidity Notes"; and

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

--------------------------------------------------------------------------------
2    DEFINITIONS AND INTERPRETATION

     2.1  DEFINITIONS

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

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

          CLASS A NOTE has the meaning given to it in the SMHL Global Fund No. 8
          Bond Terms.

          CLASS B NOTE has the meaning given to it in the SMHL Global Fund No. 8
          Bond Terms.

          FINAL MATURITY DATE means the earlier of:

          (a)  12 January 2037; and

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                                                                          PAGE 1

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

          FITCH RATINGS means Fitch Australia Pty Ltd.

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

          INTEREST PERIOD has the same meaning as in the SMHL Global Fund No. 8
          Bond Terms for the Class B Notes.

          INTEREST RATE has, in relation to an Interest Period, the same meaning
          as in the SMHL Global Fund No. 8 Bond Terms for Liquidity Notes.

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

          LIQUIDITY NOTES means the Bonds (as defined in the Master Trust Deed)
          comprised in the Class named in the Bond Issue Direction as "SMHL
          Global Fund No. 8 - Liquidity Notes", issued by the Trustee pursuant
          to the Bond Issue Direction and in accordance with the Master Trust
          Deed.

          LIQUIDITY NOTEHOLDER means initially P.T. Limited (as nominee for
          Perpetual Trustees Australia Limited as trustee for the Superannuation
          Members' Home Loans Warehousing Trust 2004-1), and thereafter each
          person who is from time to time entered in the Register as the holder
          of a Liquidity Note.

          MANAGER means ME Portfolio Management Limited.

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

          MOODY'S means Moody's Investors Service Pty Limited.

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

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

          PAYMENT DATE has the same meaning as in the SMHL Global Fund No. 8
          Bond Terms for Class B Notes.

          PRINCIPAL COLLECTIONS has the same meaning as in the SMHL Global Fund
          No. 8 Bond Terms.

          S&P means Standard and Poor's (Australia) Pty Limited.

          SECURITISATION FUND means the Securitisation Fund established under
          the Master Trust Deed known as the SMHL Global Fund No. 8.

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

          SMHL GLOBAL FUND NO. 8 BOND TERMS means the Supplementary Bond Terms
          Notice dated on or about the date of this Supplementary Bond Terms
          Notice in respect of the Securitisation Fund and providing terms of
          issue for the Class A Notes and Class B Notes.

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

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

     2.2  INCORPORATION OF MASTER TRUST DEED DEFINITIONS

          Subject to clause 2.1, each term or expression used herein that is
          defined in the Master Trust Deed (as amended by the SMHL Global Fund
          No. 8 Bond Terms) and is not defined herein shall have the same
          meaning herein unless the context otherwise requires or unless
          otherwise defined herein.

     2.3  INTERPRETATION

          The provisions of clause 1.2 of the Master Trust Deed shall be
          incorporated, mutatis mutandis, into this Supplementary Bond Terms
          Notice, except that references to the SMHL Global Fund No. 8 Bond
          Terms are to the SMHL Global Fund No. 8 Bond Terms as at the Issue
          Date.

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

     3.1  INTEREST

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

     3.2  CALCULATION OF INTEREST

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

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

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

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

     3.3  PAYMENT OF INTEREST

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

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

     4.1  FINAL MATURITY DATE

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

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

     4.2  REDUCTION IN PRINCIPAL BALANCE

          On each Payment Date, the Trustee must (at the direction of the
          Manager) comply with clause 5.5 of the SMHL Global Fund No. 8 Bond
          Terms and each repayment of principal of the Liquidity Notes must be
          applied as between each Liquidity Note as the Manager may from time to
          time determine until the Outstanding Principal Balance for each
          Liquidity Note is reduced to zero. Each payment of principal in
          respect of a Liquidity Note under this Supplementary Bond Terms Notice
          reduces the Outstanding Principal Balance of the Liquidity Note by the
          amount of that payment. The Trustee has no obligation to make any
          payment under this clause 4 in respect of the Liquidity Notes in
          excess of the Outstanding Principal Balance of the Liquidity Notes
          immediately prior to that payment being made.

     4.3  CANCELLATION ON REPAYMENT

          Upon the reduction of the Outstanding Principal Balance of the
          Liquidity Notes to zero by repayment of principal in accordance with
          this Supplementary Bond Terms Notice and payment of all the Interest
          Amounts in relation to that Liquidity Bond, the Liquidity Note is
          cancelled.

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

     If the Trustee declares a date to be the Final Maturity Date of the Notes
     issued pursuant to the SMHL Global Fund No. 8 Bond Terms in accordance with
     the SMHL Global Fund No. 8 Bond Terms, the Trustee must declare, and the
     Manager must direct the Trustee to declare, by giving not less than 5
     Banking Days notice to the Liquidity Noteholder, that same date to be the
     Final Maturity Date for the Liquidity Notes.

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

     The Trustee and Manager must:

          (a)  comply with the terms of clause 5 of the SMHL Global Fund No. 8
               Bond Terms; and

          (b)  not make any variation or amendment to the SMHL Global Fund No. 8
               Bond Terms without the consent of the Liquidity Noteholder.

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

     7.1  DISTRIBUTION OF COLLECTIONS

          Subject to the terms of the Security Trust Deed, on each Payment Date,
          the Trustee must apply the Interest Collections and the Principal
          Collections for the relevant Calculation Period in accordance with the
          SMHL Global Fund No. 8 Bond Terms.

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

     7.2  RIGHTS FOR REPAYMENT OF PRINCIPAL

          The rights of the Liquidity Noteholder to receive payment of or
          towards the Outstanding Principal Balance are subject to clause 6.3 of
          the SMHL Global Fund No. 8 Bond Terms.

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

     The Manager must, not later than 2 Banking Days before each Payment Date
     advise the Trustee in writing of the Outstanding Principal Balance of all
     Liquidity Notes following the making of all payments to be made on that
     Payment Date in accordance with the SMHL Global Fund No. 8 Bond Terms and
     this Supplementary Bond Terms Notice.

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

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

          (b)  (METHOD OF NOTICES): A notice to the Liquidity Noteholder
               pursuant to clause 9(a) must be given in writing sent to the
               address or facsimile number of the Liquidity Noteholder then
               appearing in the Register.

          (c)  (NON-RECEIPT): The Manager shall not be liable for the accidental
               omission to give to, or the non-receipt or late receipt by, the
               Liquidity Noteholder of a notice pursuant to this clause 9.

--------------------------------------------------------------------------------
10   RESTRICTION ON TRANSFER

     For the purposes of clause 8.1 of the Master Trust Deed the Liquidity
     Noteholder may not transfer any Liquidity Note without the prior written
     consent of the trustee for the time being of the Fund on whose behalf it
     holds Liquidity Notes, the Security Trustee and provided the Manager has
     received from each Designated Rating Agency a confirmation that there will
     be no adverse change to the rating of the Notes.

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

     11.1 DESIGNATED RATING AGENCIES

          The Designated Rating Agencies for the Liquidity Notes are Moody's,
          S&P and Fitch Ratings.

     11.2 DESIGNATED RATINGS

          The Liquidity Notes are not rated and have no Designated Rating.

     11.3 INVESTMENT OF FUND

          The Trustee and the Manager must comply with the SMHL Global Fund No.
          8 Bond Terms insofar as they relate to:

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

               (a)  the investment of the Assets of the Fund in Authorised
                    Investments; and

               (b)  the exercise of their respective powers under the Master
                    Trust Deed with respect to the setting of the rate of
                    interest payable on or in respect of Loans secured by
                    Mortgages comprised in the Assets of the Fund.

--------------------------------------------------------------------------------
12   MISCELLANEOUS

     12.1 BANKING DAY

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

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

          Other than as expressly set out herein, or inconsistent with this
          Supplementary Bond Terms Notice, but subject to clause 12.3, the
          provisions of the Master Trust Deed shall apply to all Notes and to
          all Noteholders.

     12.3 LIMITATION OF LIABILITY

          Without derogating from the generality of clause 12.2 nothing in this
          Supplementary Bond Terms Notice shall, nor shall it be construed as,
          limiting or in any way affecting the full operation of clause 26 of
          the Master Trust Deed.

--------------------------------------------------------------------------------
13   FINANCIAL DEFAULT

     For the purposes of the Securitisation Fund and all Transaction Documents
     relating to the Securitisation Fund, any failure by the Trustee to pay all
     or part of any Interest Amount on any Payment Date other than the Final
     Maturity Date does not constitute a Financial Default or an Event of
     Default for the purposes of the Security Trust Deed.

--------------------------------------------------------------------------------
14   ATTORNEY

          The attorney executing this notice states that he or she has no notice
          of, alteration to, or revocation or suspension of, the power of
          attorney appointing that attorney.

DATED:    [INSERT DATE]

--------------------------------------------------------------------------------
                                                                          PAGE 6

For and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the presence of:

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

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

--------------------------------------------------------------------------------
                                                                          PAGE 7

                                       SUPPLEMENTARY BOND TERMS NOTICE:
                                       SMHL GLOBAL FUND NO. 8 - LIQUIDITY
                                       NOTES

                                       PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                       ABN 86 000 431 827

                                       and

                                       ME PORTFOLIO MANAGEMENT LIMITED
                                       ABN 79 005 964 134

                                       [Freehills LOGO]

                                       MLC Centre Martin Place Sydney
                                       New South Wales 2000 Australia
                                       Telephone +61 2 9225 5000
                                       Facsimile +61 2 9322 4000
                                       www.freehills.com DX 361 Sydney

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

                                       Reference PJSR:LR:FW:25E

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

Clause                                                                      Page
                                                                            ----
1  FUNCTION                                                                    1

2  DEFINITIONS AND INTERPRETATION                                              1
   2.1    Definitions                                                          1
   2.2    Incorporation of Master Trust Deed Definitions                       3
   2.3    Interpretation                                                       3

3  INTEREST ON THE LIQUIDITY NOTE                                              3
   3.1    Interest                                                             3
   3.2    Calculation of Interest                                              3
   3.3    Payment of Interest                                                  3

4  PAYMENT OF PRINCIPAL ON THE NOTES                                           3
   4.1    Final Maturity Date                                                  3
   4.2    Reduction in Principal balance                                       3
   4.3    Cancellation on Repayment                                            4

5  NOTES CALLABLE AT OPTION OF TRUSTEE                                         4

6  CASH COLLATERAL                                                             4

7  DISTRIBUTION OF COLLECTIONS                                                 4
   7.1    Distribution of Collections                                          4
   7.2    Rights for Repayment of Principal                                    5

8  NOTIFICATIONS OF CALCULATIONS ETC                                           5

9  NOTICE TO NOTEHOLDERS                                                       5

10 RESTRICTION ON TRANSFER                                                     5

11 RATING AGENCY REQUIREMENTS                                                  5
   11.1   Designated Rating Agencies                                           5
   11.2   Designated Ratings                                                   5
   11.3   Investment of Fund                                                   6

12 MISCELLANEOUS                                                               6
   12.1   Banking Day                                                          6
   12.2   Provisions of the Master Trust Deed to Apply Other Than as Set
          Out Herein                                                           6
   12.3   Limitation of Liability                                              6

--------------------------------------------------------------------------------
                                                                          PAGE 1

13 FINANCIAL DEFAULT                                                           6

14 ATTORNEY                                                                    6

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

--------------------------------------------------------------------------------
SUPPLEMENTARY BOND TERMS NOTICE
SMHL GLOBAL FUND NO. 8 - LIQUIDITY NOTES

TO:     PERPETUAL TRUSTEES AUSTRALIA LIMITED
        ABN 86 000 431 827
        as trustee of the SMHL Global Fund No. 8
        (TRUSTEE)

FROM:   ME PORTFOLIO MANAGEMENT LIMITED
        ABN 79 005 964 134
        (MANAGER)

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

          This Supplementary Bond Terms Notice:

          (a)  accompanies a Securitisation Fund Bond Issue Direction dated [*]
               2005 as the same may be amended from time to time, in relation to
               a proposed issue of Notes by the Trustee;

          (b)  sets out the Supplementary Bond Terms for the Notes comprised in
               the Class named in the Bond Issue Direction as the "SMHL Global
               Fund No. 8 - Liquidity Notes"; and

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

--------------------------------------------------------------------------------
2    DEFINITIONS AND INTERPRETATION

     2.1  DEFINITIONS

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

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

          CLASS A NOTE has the meaning given to it in the SMHL Global Fund No. 8
          Bond Terms.

          CLASS B NOTE has the meaning given to it in the SMHL Global Fund No. 8
          Bond Terms.

          FINAL MATURITY DATE means the earlier of:

          (a)  12 January 2037; and

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

          FITCH RATINGS means Fitch Australia Pty Ltd.

--------------------------------------------------------------------------------
                                                                          PAGE 1

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

          INTEREST PERIOD has the same meaning as in the SMHL Global Fund No. 8
          Bond Terms for Class B Notes.

          INTEREST RATE has, in relation to an Interest Period, the same meaning
          as in the SMHL Global Fund No. 8 Bond Terms for Liquidity Notes.

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

          LIQUIDITY NOTES means the Bonds (as defined in the Master Trust Deed)
          comprised in the Class named in the Bond Issue Direction as "SMHL
          Global Fund No. 8 - Liquidity Notes", issued by the Trustee pursuant
          to the Bond Issue Direction and in accordance with the Master Trust
          Deed.

          LIQUIDITY NOTEHOLDER means initially P.T. Limited (as nominee for
          Perpetual Trustees Australia Limited as trustee for the Superannuation
          Members' Home Loans Warehousing Trust 2004-1), and thereafter each
          person who is from time to time entered in the Register as the holder
          of a Liquidity Note.

          MANAGER means ME Portfolio Management Limited.

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

          MOODY'S means Moody's Investors Service Pty Limited.

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

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

          PAYMENT DATE has the same meaning as in the SMHL Global Fund No. 8
          Bond Terms for Class B Notes.

          PRINCIPAL COLLECTIONS has the same meaning as in the SMHL Global Fund
          No. 8 Bond Terms.

          S&P means Standard and Poor's (Australia) Pty Limited.

          SECURITISATION FUND means the Securitisation Fund established under
          the Master Trust Deed known as the SMHL Global Fund No. 8.

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

          SMHL GLOBAL FUND NO. 8 BOND TERMS means the Supplementary Bond Terms
          Notice dated on or about the date of this Supplementary Bond Terms
          Notice in respect of the Securitisation Fund and providing terms of
          issue for the Class A Notes and Class B Notes.

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

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

     2.2  INCORPORATION OF MASTER TRUST DEED DEFINITIONS

          Subject to clause 2.1, each term or expression used herein that is
          defined in the Master Trust Deed (as amended by the SMHL Global Fund
          No. 8 Bond Terms) and is not defined herein shall have the same
          meaning herein unless the context otherwise requires or unless
          otherwise defined herein.

     2.3  INTERPRETATION

          The provisions of clause 1.2 of the Master Trust Deed shall be
          incorporated, mutatis mutandis, into this Supplementary Bond Terms
          Notice, except that references to the SMHL Global Fund No. 8 Bond
          Terms are to the SMHL Global Fund No. 8 Bond Terms as at the Issue
          Date.

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

     3.1  INTEREST

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

     3.2  CALCULATION OF INTEREST

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

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

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

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

     3.3  PAYMENT OF INTEREST

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

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

     4.1  FINAL MATURITY DATE

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

     4.2  REDUCTION IN PRINCIPAL BALANCE

          On each Payment Date, the Trustee must (at the direction of the
          Manager) comply with clause 5.5 of the SMHL Global Fund No. 8 Bond
          Terms and each repayment

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

          of principal of the Liquidity Notes must be applied as between each
          Liquidity Note as the Manager may from time to time determine until
          the Outstanding Principal Balance for each Liquidity Note is reduced
          to zero. Each payment of principal in respect of a Liquidity Note
          under this Supplementary Bond Terms Notice reduces the Outstanding
          Principal Balance of the Liquidity Note by the amount of that payment.
          The Trustee has no obligation to make any payment under this clause 4
          in respect of the Liquidity Notes in excess of the Outstanding
          Principal Balance of the Liquidity Notes immediately prior to that
          payment being made.

     4.3  CANCELLATION ON REPAYMENT

          Upon the reduction of the Outstanding Principal Balance of the
          Liquidity Notes to zero by repayment of principal in accordance with
          this Supplementary Bond Terms Notice and payment of all the Interest
          Amounts in relation to that Liquidity Bond, the Liquidity Note is
          cancelled.

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

          If the Trustee declares a date to be the Final Maturity Date of the
          Notes issued pursuant to the SMHL Global Fund No. 8 Bond Terms in
          accordance with the SMHL Global Fund No. 8 Bond Terms, the Trustee
          must declare, and the Manager must direct the Trustee to declare, by
          giving not less than 5 Banking Days notice to the Liquidity
          Noteholder, that same date to be the Final Maturity Date for the
          Liquidity Notes.

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

          The Trustee and Manager must:

          (a)  comply with the terms of clause 5 of the SMHL Global Fund No. 8
               Bond Terms; and

          (b)  not make any variation or amendment to the SMHL Global Fund No. 8
               Bond Terms without the consent of the Liquidity Noteholder.

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

     7.1  DISTRIBUTION OF COLLECTIONS

          Subject to the terms of the Security Trust Deed, on each Payment Date,
          the Trustee must apply the Interest Collections and the Principal
          Collections for the relevant Calculation Period in accordance with the
          SMHL Global Fund No. 8 Bond Terms.

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

     7.2  RIGHTS FOR REPAYMENT OF PRINCIPAL

          The rights of the Liquidity Noteholder to receive payment of or
          towards the Outstanding Principal Balance are subject to clause 6.3 of
          the SMHL Global Fund No. 8 Bond Terms.

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

          The Manager must, not later than two Banking Days before each Payment
          Date advise the Trustee in writing of the Outstanding Principal
          Balance of all Liquidity Notes following the making of all payments to
          be made on that Payment Date in accordance with the SMHL Global Fund
          No. 8 Bond Terms and this Supplementary Bond Terms Notice.

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

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

          (b)  (METHOD OF NOTICES): A notice to the Liquidity Noteholder
               pursuant to clause 9(a) must be given in writing sent to the
               address or facsimile number of the Liquidity Noteholder then
               appearing in the Register.

          (c)  (NON-RECEIPT): The Manager shall not be liable for the accidental
               omission to give to, or the non-receipt or late receipt by, the
               Liquidity Noteholder of a notice pursuant to this clause 9.

--------------------------------------------------------------------------------
10   RESTRICTION ON TRANSFER

          For the purposes of clause 8.1 of the Master Trust Deed the Liquidity
          Noteholder may not transfer any Liquidity Note without the prior
          written consent of the trustee for the time being of the Fund on whose
          behalf it holds Liquidity Notes, the Security Trustee and provided the
          Manager has received from each Designated Rating Agency a confirmation
          that there will be no adverse change to the rating of the Notes.

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

     11.1 DESIGNATED RATING AGENCIES

          The Designated Rating Agencies for the Liquidity Notes are Moody's,
          S&P and Fitch Ratings.

     11.2 DESIGNATED RATINGS

          The Liquidity Notes are not rated and have no Designated Rating.

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

     11.3 INVESTMENT OF FUND

          The Trustee and the Manager must comply with the SMHL Global Fund No.
          8 Bond Terms insofar as they relate to:

          (a)  the investment of the Assets of the Fund in Authorised
               Investments; and

          (b)  the exercise of their respective powers under the Master Trust
               Deed with respect to the setting of the rate of interest payable
               on or in respect of Loans secured by Mortgages comprised in the
               Assets of the Fund.

--------------------------------------------------------------------------------
12   MISCELLANEOUS

     12.1 BANKING DAY

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

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

          Other than as expressly set out herein, or inconsistent with this
          Supplementary Bond Terms Notice, but subject to clause 12.3, the
          provisions of the Master Trust Deed shall apply to all Notes and to
          all Noteholders.

     12.3 LIMITATION OF LIABILITY

          Without derogating from the generality of clause 12.2 nothing in this
          Supplementary Bond Terms Notice shall, nor shall it be construed as,
          limiting or in any way affecting the full operation of clause 26 of
          the Master Trust Deed.

--------------------------------------------------------------------------------
13   FINANCIAL DEFAULT

          For the purposes of the Securitisation Fund and all Transaction
          Documents relating to the Securitisation Fund, any failure by the
          Trustee to pay all or part of any Interest Amount on any Payment Date
          other than the Final Maturity Date does not constitute a Financial
          Default or an Event of Default for the purposes of the Security Trust
          Deed.

--------------------------------------------------------------------------------
14   ATTORNEY

          The attorney executing this notice states that he or she has no notice
          of, alteration to, or revocation or suspension of, the power of
          attorney appointing that attorney.

DATED:    [*] 2005

--------------------------------------------------------------------------------
                                                                          PAGE 6

For and on behalf of
ME PORTFOLIO MANAGEMENT LIMITED:

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

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

--------------------------------------------------------------------------------
                                                                          PAGE 7SECURITY TRUST DEED - SMHL GLOBAL FUND NO. 8

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007

and

THE BANK OF NEW YORK

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

1        DEFINITIONS AND INTERPRETATION                                        1

         1.1      Definitions                                                  1
         1.2      Definitions from other documents                             9
         1.3      Interpretation                                               9
         1.4      Benefit of Covenants Hereunder                              10
         1.5      Transaction Document                                        10
         1.6      Knowledge of Issuing Trustee                                10
         1.7      Knowledge of the Security Trustee                           10
         1.8      Knowledge of the Note Trustee                               11

2        ACCEPTANCE OF TRUST                                                  11

         2.1      Appointment of Security Trustee                             11
         2.2      Duration of Trust                                           11
         2.3      Benefit of trusts                                           11
         2.4      Terms of Notes                                              11
         2.5      Interested Persons bound                                    11
         2.6      Resolution of conflicts                                     11

3        NOTE TRUSTEE                                                         12

         3.1      Capacity                                                    12
         3.2      Exercise of rights                                          12
         3.3      Instructions or directions                                  12
         3.4      Payments                                                    13
         3.5      Notices                                                     13
         3.6      Limitation of liability of Note Trustee                     13

4        CHARGE                                                               13

         4.1      Charge                                                      13
         4.2      Priority                                                    13
         4.3      Nature of Charge                                            13
         4.4      Crystallisation                                             14
         4.5      De-crystallisation                                          15
         4.6      Prospective liability                                       15
         4.7      Amount ultimately recoverable                               16

5        REPRESENTATIONS AND WARRANTIES                                       16

         5.1      By the Issuing Trustee                                      16
         5.2      By the Manager                                              17
         5.3      Survival of Representations and Warranties                  18

6        ISSUING TRUSTEE'S AND MANAGER'S COVENANTS                            18

         6.1      Covenants                                                   18
         6.2      Negative Covenants                                          18
         6.3      Fixed Rate Mortgages                                        19

                                                                          page 1

         6.4      Dealing in Accordance with Transaction Documents            20
         6.5      Notify Events of Default                                    20

7        EVENTS OF DEFAULT                                                    20

         7.1      Events of Default                                           20
         7.2      Rights of the Security Trustee upon Event of Default        22
         7.3      Notify Events of Default                                    22

8        ENFORCEMENT                                                          23

         8.1      Power to Deal with the Charged Property Ceases              23
         8.2      Protection of Charged Property                              23
         8.3      Power to Enforce                                            23
         8.4      No Obligation to Enforce                                    23
         8.5      Obligation to Convene Meeting                               23
         8.6      Security Trustee to Act in Accordance with Directions       24
         8.7      Security Trustee Must Receive Indemnity                     24
         8.8      Limitation on Rights of Secured Creditors                   25
         8.9      Immaterial waivers                                          25
         8.10     Acts pursuant to resolutions                                26
         8.11     Overriding provision                                        26

9        RECEIVER                                                             26

         9.1      Appointment of Receiver                                     26
         9.2      Agency of Receiver                                          26
         9.3      Powers of Receiver                                          27
         9.4      Nature of Receiver's Powers                                 29
         9.5      Status of Receiver after commencement of winding-up         29
         9.6      Powers exercisable by the Security Trustee                  29
         9.7      Notice of exercise of rights                                30
         9.8      Termination of receivership and possession                  30

10       SECURITY TRUSTEE'S POWERS                                            30

         10.1     Act jointly                                                 30
         10.2     Appointment of Attorney                                     30
         10.3     Purposes of appointment                                     30
         10.4     Delegation and substitution                                 31
         10.5     Security Trustee may make good default                      31

11       PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER      31

         11.1     No Enquiry                                                  31
         11.2     Receipts32

12       APPLICATION OF MONEYS                                                32

         12.1     Priority of Payments                                        32
         12.2     Moneys Received                                             33
         12.3     Satisfaction of debts                                       33
         12.4     Investment of Funds                                         34
         12.5     Powers to Invest                                            34
         12.6     Limit of Security Trustee's Liability                       34

                                                                          page 2

         12.7     Amounts contingently due                                    34
         12.8     Notice of a subsequent Encumbrance                          35
         12.9     Payments into Euro Account                                  35
         12.10    Payments out of Euro Account                                35
         12.11    Payments into US$ Account                                   36
         12.12    Payments out of US$ Account                                 36
         12.13    Excluded amounts                                            36
         12.14    Proportionate Sharing                                       36
         12.15    Currency Indemnity                                          37

13       REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE                 38

         13.1     Fee     38
         13.2     Cessation of Fee                                            38
         13.3     Expenses38
                                  13.4 Costs 38
         13.5     Indemnity                                                   38
         13.6     Non-Discharge                                               39

14       SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS                             39

         14.1     Additional Powers, Protections, etc.                        39
         14.2     Security Trustee Not Precluded From Entering into
                  Contracts                                                   41
         14.3     Duties of the Security Trustee                              41
         14.4     Security Trustee Liable for Negligence etc.                 41
         14.5     Reliance on Experts                                         41
         14.6     Information                                                 42

15       RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                           42

         15.1     Retirement                                                  42
         15.2     Removal 42
         15.3     Appointment                                                 43
         15.4     Retirement or Removal Effective                             43
         15.5     Vesting of Property in Security Trustee                     43
         15.6     Retention of Lien                                           44

16       MEETINGS OF SECURED CREDITORS                                        44

         16.1     Meetings Regulated by the Schedule                          44
         16.2     Limitation on Security Trustee's Powers                     44
         16.3     Security Trustee rights                                     44

17       CONTINUING SECURITY AND RELEASES                                     45

         17.1     Liability Preserved                                         45
         17.2     Issuing Trustee's Liability Not Affected                    45
         17.3     Waiver by Issuing Trustee                                   46
         17.4     No Notice or Enforcement                                    46
         17.5     No Liability for Loss                                       46
         17.6     No Liability to Account                                     46
         17.7     Indemnity Regarding Exercise of Powers                      46
         17.8     No Conflict                                                 47
         17.9     Contract Involving Conflict of Duty                         47

                                                                          page 3

         17.10    Benefit for Receiver etc.                                   47

18       ASSURANCE                                                            47

         18.1     Further Assurance                                           47
         18.2     Postponement or Waiver of Encumbrances                      48

19       PAYMENTS                                                             48

         19.1     Moneys Repayable as Agreed or on Demand                     48
         19.2     No Set-Off or Deduction                                     48

20       DISCHARGE OF THE CHARGE                                              48

         20.1     Release 48
         20.2     Contingent Liabilities                                      49
         20.3     Charge Reinstated                                           49

21       AMENDMENT                                                            49

         21.1     Amendment by Security Trustee                               49
         21.2     Amendment with Consent                                      50
         21.3     Distribution of Amendments                                  50

22       EXPENSES, STAMP DUTIES AND REGISTRATION                              50

         22.1     Expenses50
         22.2     Stamp Duties                                                51
         22.3     Registration                                                51
         22.4     Goods and services tax in relation to the Security Trustee  51
         22.5     Indemnity                                                   52

23       GOVERNING LAW AND JURISDICTION                                       52

         23.1     Governing Law                                               52
         23.2     Jurisdiction                                                52

24       NOTICES                                                              53

         24.1     Service of Notices                                          53
         24.2     Addresses                                                   53

25       MISCELLANEOUS                                                        54

         25.1     Assignments                                                 54
         25.2     Certificate of Security Trustee                             54
         25.3     Continuing Obligation                                       55
         25.4     Settlement Conditional                                      55
         25.5     No Merger                                                   55
         25.6     Interest on Judgment                                        55
         25.7     No Postponement                                             55
         25.8     Severability of Provisions                                  55
         25.9     Remedies Cumulative                                         56
         25.10    Waiver  56
         25.11    Consents and Approvals                                      56
         25.12    Written Waiver, Consent and Approval                        56

                                                                          page 4

         25.13    Time of Essence                                             56
         25.14    Moratorium Legislation                                      56
         25.15    Debit Accounts                                              56
         25.16    Binding on Each Signatory                                   57
         25.17    Counterparts                                                57
         25.18    Certificate of amount of Secured Moneys etc                 57
         25.19    Attorneys                                                   57

26       TRUSTEES' LIABILITY                                                  57

         26.1     Limitation on Issuing Trustee's liability                   57
         26.2     Limitation on Security Trustee's liability                  59
         26.3     Rights against Charged Property Preserved                   59
         26.4     Waiver of Personal Liability                                59
         26.5     Restricted remedies                                         59
         26.6     Wilful Default of the Issuing Trustee                       60
         26.7     Wilful default of the Security Trustee                      60
         26.8     Wilful default of the Note Trustee                          61

27       PRIVACY                                                              62

SCHEDULE 1 - MEETINGS PROCEDURES                                              63

                                                                          page 5

--------------------------------------------------------------------------------
THIS SECURITY TRUST DEED

            is made on 29 July 2005 between the following parties:

            1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431
                    827 of Level 7, 39 Hunter Street, Sydney, New South
                    Wales in its capacity as trustee of the Securitisation
                    Fund
                    (ISSUING TRUSTEE)

            2.      ME PORTFOLIO MANAGEMENT LIMITED ABN 79 005 964 134 of
                    Level 23, 360 Collins Street, Melbourne, Victoria
                    (MANAGER)

            3.      PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007
                    of Level 7, 39 Hunter Street, Sydney, New South Wales
                    (SECURITY TRUSTEE)

            4.      THE BANK OF NEW YORK of 101 Barclay Street,
                    Floor 21 West, New York, New York, United States of America
                    (NOTE TRUSTEE)

            RECITALS

            A.      The Issuing Trustee is the trustee, and the Manager is
                    the manager, of the Securitisation Fund.

            B.      Under the terms of the Master Trust Deed, the Issuing
                    Trustee is authorised to enter into this Deed to
                    charge the assets of the Securitisation Fund to secure
                    payment of the Secured Moneys and the due and punctual
                    performance of its obligations under the Secured
                    Documents to the Secured Creditors.

            C.      The Security Trustee has agreed to act as trustee for
                    the benefit of the Secured Creditors on the terms and
                    conditions and with the powers and authorities
                    contained 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 unless the context indicates a contrary
                  intention:

                  ATTORNEY means an attorney appointed under this Deed.

                  CHARGE means the charge created by this Deed.

                  CHARGED PROPERTY means:

                                                                          page 1

         (a)      all of the present and future property, rights, entitlements,
                  benefits and money from time to time forming part of the
                  Securitisation Fund pursuant to the terms of the Master Trust
                  Deed, including, but not limited to, the property, rights,
                  entitlements and benefits of the Issuing Trustee as trustee of
                  the Securitisation Fund in the Fund Property, but excluding
                  any property, rights, entitlements, benefits and money located
                  or taken for the purposes of any legislation of a State or
                  Territory of Australia with respect to stamp duties to be
                  located in a State or Territory other than New South Wales,
                  the Australian Capital Territory or the Northern Territory;

         (b)      all property, rights, entitlements, benefits and money of the
                  Issuing Trustee as trustee of the Securitisation Fund acquired
                  after the date of this deed, including, but not limited to,
                  property, rights, entitlements and benefits of the Issuing
                  Trustee as trustee of the Securitisation Fund in the Fund
                  Property, but excluding:

                  (1)   the Future Property; and

                  (2)   all property, rights, entitlements, benefits and money
                        which form part of the Charged Property under paragraph
                        (a) above; and

         (c)     all Future Property of the Chargor as at 12 noon on the last
                 day of the Relevant Period.

         CHARGE RELEASE DATE means, subject to clause 20.3, the date the
         Security Trustee discharges the Charge and this Deed pursuant to clause
         20.1.

         CURRENCY SWAP means each:

         (a)      Euro Currency Swap; and

         (b)      US Currency Swap.

         CURRENCY SWAP PROVIDER means each:

         (a)      Euro Currency Swap Provider; and

         (b)      US Currency Swap Provider.

         ENCUMBRANCE means an interest or power:

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

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

         by way of, or having similar commercial effect to, security for the
         payment of a debt, any other monetary obligation or the performance of
         any other obligation, and includes, but is not limited to, any
         agreement to grant or create any of the above.

         ENHANCEMENT means each Enhancement (as defined in the Master Trust
         Deed) entered into by the Issuing Trustee, except for any Mortgage
         Insurance Policy.

         ENHANCEMENT PROVIDER means, in relation to an Enhancement, the person
         who has entered into or agreed to make that Enhancement available to
         the Issuing Trustee.

                                                                          page 2

         EURO CURRENCY SWAP has the same meaning as in the Notes Supplementary
         Bond Terms Notice.

         EURO CURRENCY SWAP PROVIDER has the same meaning as in the Notes
         Supplementary Bond Terms Notice.

         EVENT OF CRYSTALLISATION means an event upon which the Charge
         crystallises pursuant to clause 4.4.

         EVENT OF DEFAULT means each of the events set out or referred to in
         this Deed as an Event of Default.

         EXTRAORDINARY RESOLUTION in relation to the Voting Secured Creditors
         means:

         (a)      a resolution passed at a meeting of the Voting Secured
                  Creditors duly convened and held in accordance with the
                  provisions contained in this Deed by a majority consisting of
                  not less than 75% of the votes cast thereat; or

         (b)      a resolution in writing pursuant to clause 15 of the Schedule
                  signed by all the Voting Secured Creditors.

          FINANCIAL INDEBTEDNESS means moneys borrowed or raised (including
          rentals under financial leases) and interest thereon; any liability
          under any bill of exchange, debenture, note or other security or under
          any acceptance credit facility; any liability in respect of the
          acquisition cost of assets or services to the extent payable after the
          time of acquisition or possession thereof; any guarantee, indemnity or
          other assurance against financial loss in respect of any moneys
          borrowed or raised, interest or liabilities; and any other arrangement
          which achieves in substance the same or equivalent effect as any of
          the foregoing.

         FUND PROPERTY means:

         (a)      all Loans, Mortgages and Related Securities;

         (b)      all Interest Hedges;

         (c)      all Enhancements;

         (d)      all bank accounts;

         (e)      all other Authorised Investments;

         (f)      all computer software and models, accounting records,
                  financial statements, vouchers and other similar documents
                  relating in any way to the Securitisation Fund;

         (g)      all Redraw Funding Facilities;

         (h)      all Top-Up Funding Facilities;

         (i)      all Payment Funding Facilities; and

         (j)      all Title Documents.

         FUTURE PROPERTY means land in Western Australia, other than a security
         interest, acquired within 12 months after the date of this deed.

         The terms "land" and "security interest" referred to in the definition
         of Future Property have the same meanings as in Section 87 of the
         Western Australian Stamp Act 1921.

                                                                          page 3

         GST has the same meaning as in the A New Tax System (Goods and
         Services) Act 1999.

         INSOLVENCY EVENT means in respect of a person (and, in the case of the
         Issuing Trustee, excluding in its personal capacity):

(a)                       an application or order is made for the bankruptcy,
                          winding up or dissolution of the person other than a
                          frivolous or vexatious application or an application
                          which is not stayed within 21 days;

(b)                       a resolution is passed, or steps are taken to pass a
                          resolution, for the winding up or dissolution of the
                          person, otherwise than for the purpose of an
                          amalgamation or reconstruction while solvent on terms
                          previously approved by the Security Trustee;

(c)                       the person is otherwise wound up or dissolved or made
                          bankrupt;

(d)                       a liquidator, provisional liquidator, official
                          manager, administrator, receiver, receiver and
                          manager, trustee in bankruptcy or any similar official
                          is appointed to the person or any of the assets of the
                          person, but in the case of a receiver or receiver and
                          manager only, in respect of the assets of the Fund, or
                          any steps are taken for any such appointment and such
                          appointment is not revoked within 21 days;

(e)                       the person suspends payment of its debts generally;

(f)                       the person is, or becomes unable to pay its debts when
                          they are due or is, or becomes, unable to pay its
                          debts within the meaning of the Corporations Act;

(g)                       the person enters into, or resolves to enter into, any
                          arrangement, composition or compromise with, or
                          assignment for the benefit of, its creditors or any
                          class of them;

(h)                       the person ceases or threatens to cease, to carry on
                          business;

(i)                       a notice under section 601AB(3) of the Corporations
                          Act is given to, or in respect of, the person;

(j)                       the person is, or becomes, or under the Corporations
                          Act is presumed to be, insolvent;

(k)                       the person takes any steps to obtain, or is granted
                          protection from its creditors or any class of them,
                          under applicable legislation;

(l)                       anything analogous or having substantially similar
                          effect, to any of the above occurs under or in respect
                          of any existing or future law.

         INTERESTED PERSON means a collective reference to the Issuing Trustee,
         the Bondholders, the Beneficiaries of the Securitisation Fund, the
         Manager and all persons claiming through them and "Interested Person"
         means a several reference to all Interested Persons.

         LIQUIDITY NOTEHOLDER means a Bondholder (as defined in the Master Trust
         Deed) of an SMHL Global No. 8 Liquidity Note.

         MASTER TRUST DEED means the Master Trust Deed for the Superannuation
         Members' Home Loans Trusts, dated 4 July 1994 made between the Manager
         (as

                                                                          page 4

         manager) and the Issuing Trustee (as trustee), as amended and restated
         from time to time.

         MORTGAGE DOCUMENTS means all original Mortgages, Loan agreements,
         Related Securities and documents amending or varying the foregoing and
         all certificates of title to Land affected by any Mortgage and all
         searches, certificates, results of statutory enquiries, answers to
         requisitions on title, opinions, correspondence, accounts and other
         supporting materials provided to or held by the Issuing Trustee or any
         agent or servant thereof in relation to every Mortgage, Loan agreement
         or Related Security.

         NOTEHOLDER SECURED CREDITOR means together:

         (a)      the Note Trustee on behalf of the Class A Noteholders save
                  that where the Note Trustee has become bound to take steps
                  and/or proceed under this Deed and fails to do so within a
                  reasonable period of time and such failure is continuing, the
                  Class A Noteholders and then only to the extent permitted by
                  Australian law; and

         (b)      each Class B Noteholder.

         NOTES means Class A Notes, Class B Notes and Liquidity Notes.

         NOTES SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary Bond
         Terms Notice dated on or about the date of this Deed in respect of the
         Securitisation Fund and providing the terms of issue of Class A Notes
         and Class B Notes and executed by, among others, the Issuing Trustee,
         the Manager and the Security Trustee.

         OUTSTANDING PRINCIPAL BALANCE has the same meaning as in the Notes
         Supplementary Bond Terms Notice.

         PAYMENT FUNDING FACILITY means any facility provided to the Issuing
         Trustee to enable the Issuing Trustee to support or fund payments
         required or to be made by the Issuing Trustee in respect of any
         Enhancement or Hedge or as otherwise provided in that facility.

         PAYMENT FUNDING FACILITY PROVIDER means, in relation to a Payment
         Funding Facility, the person who has entered into or agreed to make
         that Payment Funding Facility available to the Issuing Trustee.

         POWER means any right, power, authority, discretion or remedy conferred
         on the Security Trustee, Receiver or Attorney by any Secured Document
         or any applicable law.

         PRIOR INTEREST means the lien over, and right of indemnification from,
         the Charged Property held by the Issuing Trustee under, and calculated
         in accordance with, the Master Trust Deed for paid but not reimbursed,
         or for unpaid, Expenses (other than the Secured Moneys) in relation to
         the Securitisation Fund.

         RECEIVER means a receiver appointed by the Security Trustee hereunder
         and includes a receiver and manager and where more than one person has
         been appointed as receiver or receiver and manager each such person and
         also any servant agent or delegate of any such receiver or receiver and
         manager.

                                                                          page 5

         REDRAW FACILITY PROVIDER means, in relation to a Redraw Funding
         Facility, the person who has entered into or agreed to make that Redraw
         Funding Facility available to the Issuing Trustee.

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

         RELATED BODY CORPORATE has the meaning given to it in section 9 of the
         Corporations Act.

         RELEVANT PERIOD means the period which commences on and includes the
         date of this deed and ends on and includes the earlier of:

         (a)      the date 12 months and 1 day after the date of this deed; and

         (b)      the date (if any) on which an Event of Default occurs.

         REPAYMENT DATE means the date on which the Total Outstanding Principal
         Balance is zero or will be zero following any payments made on the
         relevant Payment Date.

         REPRESENTATIVE means:

         (a)      in the case of a Class A Noteholder, the Note Trustee as its
                  representative or any other person appointed as a proxy for
                  the Noteholders in accordance with this Deed);

         (b)      in the case of any other Secured Creditor, a person who is
                  appointed as a proxy for that Secured Creditor pursuant to
                  clause 9 of the Schedule; and

         (c)      without limiting the generality of paragraph (a), in the case
                  of a Voting Secured Creditor, which is a body corporate, a
                  person who is appointed pursuant to clause 10 of Schedule 1 by
                  the Secured Creditor.

         SECURED CREDITOR means:

         (a)      each Payment Funding Facility Provider;

         (b)      the Security Trustee in relation to its rights (held on its
                  own right or for the benefit of other Secured Creditors) under
                  this Deed;

         (c)      any Class A Noteholder in relation to its rights under the
                  Class A Notes held by it;

         (d)      any Class B Noteholder, in relation to its rights under the
                  Class B Notes held by it;

         (e)      the Manager in relation to its rights as manager under the
                  Secured Documents for the Securitisation Fund;

         (f)      each Enhancement Provider in relation to its rights under each
                  Enhancement;

         (g)      each Interest Hedge Provider in relation to its rights under
                  each Interest Hedge;

         (h)      the Note Trustee in relation to its rights (held on its own
                  right or for the benefit of any Class A Noteholder) under the
                  Secured Documents;

         (i)      each Paying Agent, the Note Registrar and the Calculation
                  Agent in relation to its rights under the Secured Documents;

                                                                          page 6

         (j)      the Lead Manager in relation to its rights under the Secured
                  Documents;

         (k)      each Currency Swap Provider in relation to its rights under
                  its Currency Swap;

         (l)      each Redraw Facility Provider;

         (m)      each Top-Up Funding Facility Provider; and

         (n)      any Liquidity Noteholder in relation to its rights under
                  Liquidity Notes held by it.

         SECURED DOCUMENTS means each of:

         (a)      this Deed;

         (b)      the Master Trust Deed, insofar as it relates to the
                  Securitisation Fund;

         (c)      the Mortgage Origination and Management Agreement, insofar as
                  it relates to the Securitisation Fund;

         (d)      each Note;

         (e)      each Supplementary Bond Terms Notice;

         (f)      each Enhancement;

         (g)      each Hedge;

         (h)      the Note Trust Deed;

         (i)      each Payment Funding Facility;

         (j)      each Top-Up Funding Facility;

         (k)      each Currency Swap;

         (l)      the Committed Bond Subscription Agreement; and

         (m)      each Redraw Funding Facility.

         SECURED MONEYS means all debts and monetary liabilities of the Issuing
         Trustee to Secured Creditors on any account under or in relation to any
         Secured Document and in any capacity and irrespective of whether the
         debts or liabilities:

         (a)      are present or future;

         (b)      are actual, prospective, contingent or otherwise;

         (c)      are at any time ascertained or unascertained;

         (d)      are owed or incurred by or on account of the Issuing Trustee
                  alone, or severally or jointly with any other person;

         (e)      are owed to or incurred for the account of the Security
                  Trustee, a Secured Creditor or any person whose account the
                  Security Trustee is owed or incurs it, alone, or severally or
                  jointly with any other person;

         (f)      are owed to any other person as agent (whether disclosed or
                  not) for or on behalf of the Security Trustee, a Secured
                  Creditor or any person whose account the Security Trustee is
                  owed or incurs it;

         (g)      are owed or incurred as principal, interest, fees, charges,
                  Taxes, damages (whether for breach of contract or tort or
                  incurred on any other ground), losses, costs or expenses, or
                  on any other account;

                                                                          page 7

         (h)      are owed to or incurred for the account of the Security
                  Trustee, a Secured Creditor or any person whose account the
                  Security Trustee is owed or incurs it, directly or as a result
                  of:

                  (1)      the assignment to the Security Trustee, a Secured
                           Creditor or any person whose account the Security
                           Trustee is owed or incurs it, of any debt or
                           liability of the Issuing Trustee; or

                  (2)      any other dealing with any such debt or liability;

         (i)      are owed to or incurred for the account of the Security
                  Trustee, a Secured Creditor or any person whose account the
                  Security Trustee is owed or incurs it, before the date of this
                  Deed, before the date of any assignment of this Deed to the
                  Security Trustee, a Secured Creditor or any person whose
                  account the Security Trustee is owed or incurs it, by any
                  other person or otherwise; or

         (j)      comprise any combination of the above.

         SECURITISATION FUND means the Securitisation Fund constituted under the
         Master Trust Deed known as SMHL Global Fund No. 8.

         SUPPLEMENTARY BOND TERMS NOTICE means each Supplementary Bond Terms
         Notice dated or about the date of this Deed in respect of the
         Securitisation Fund.

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

         TITLE DOCUMENTS means all certificates, documents, instruments, indicia
         of title or other evidence of the right, title, interest and estate of
         the Issuing Trustee in the items referred to in paragraphs (a) - (c)
         (inclusive) of the definition of "Charged Property" in this clause 1.1,
         including without limiting the generality of the foregoing, all
         Mortgage Documents.

         TOP-UP FUNDING FACILITY means any facility provided to the Issuing
         Trustee to enable the Issuing Trustee to fund payments under a Top-up
         Loan.

         TOP-UP FUNDING FACILITY PROVIDER means, in relation to a Top-up Funding
         Facility, the person who has entered into or agreed to make that Top-up
         Funding Facility available to the Issuing Trustee.

         TOP-UP LOAN has the meaning given to it under the Notes Supplementary
         Bond Terms Notice.

         US CURRENCY SWAP has the same meaning as in the Notes Supplementary
         Bond Terms Notice.

         US CURRENCY SWAP PROVIDER has the same meaning as in the Notes
         Supplementary Bond Terms Notice.

         VOTING SECURED CREDITOR means:

         (a)      with respect only to the enforcement of the security under
                  this Deed, for so long as the Secured Moneys of the Class A
                  Noteholders and the Class B Noteholders each calculated and
                  expressed in the A$ Equivalent are 75% or more of total
                  Secured Moneys calculated and expressed in the A$ Equivalent,
                  the Noteholder Secured Creditors alone; and

                                                                          page 8

              (b)  at any other time (subject to clause 16.3)

                   (1)  the Note Trustee, acting on behalf of the Class A
                        Noteholders under the Note Trust Deed and clause 3 or,
                        if the Note Trustee has become bound to take steps
                        and/or to proceed hereunder and fails to do so within a
                        reasonable time and such failure is continuing, the
                        Class A Noteholders and then only to the extent
                        permitted by the Australian law; and

                   (2)  each other Secured Creditor (other than a Class A
                        Noteholder).

         1.2  DEFINITIONS FROM OTHER DOCUMENTS

              (a)  Subject to clause 1.1 each expression used herein that is
                   defined in the Master Trust Deed (as amended by the Notes
                   Supplementary Bond Terms Notice) and the Notes Supplementary
                   Bond Terms Notice have the same meanings when used in this
                   Deed unless the context otherwise requires or unless
                   otherwise defined as this Deed.

              (b)  Subject to clause 21, no change to the Master Trust Deed or
                   any other document after the date of this Deed will change
                   the meaning of terms used in this Deed or adversely affect
                   the rights of the Security Trustee under this Deed unless the
                   Security Trustee (subject to clause 16.3) with the prior
                   written consent of the Noteholder Secured Creditors has
                   agreed to the changes.

         1.3  INTERPRETATION

              In this Deed unless the context indicates a contrary intention:

              (a)  the expression "person" includes an individual, a corporation
                   and a Government Agency;

              (b)  the expression "power" in relation to the Security Trustee or
                   a Receiver includes all powers authorities rights remedies
                   privileges and discretions conferred upon the Security
                   Trustee or the Receiver by this Deed, by any other deed
                   agreement document or instrument by any Statute or otherwise
                   by law;

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

              (d)  a reference to this Deed, the Master Trust Deed, each
                   Supplementary Bond Terms Notice or to any other deed
                   agreement document or instrument includes respectively this
                   Deed, the Master Trust Deed or such other deed agreement
                   document or instrument as amended, novated, supplemented,
                   varied or replaced from time to time;

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

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

                                                                          page 9

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

              (h)  headings are for convenience only and shall not affect the
                   interpretation hereof;

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

              (j)  a reference to the Schedule is a reference to the Schedule to
                   this Deed;

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

              (l)  where the day on or by which any sum is payable hereunder or
                   any act matter or thing is to be done is a day other than a
                   Banking Day such sum shall be paid and such act matter or
                   thing shall be done on the immediately succeeding Banking
                   Day;

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

              (n)  a reference to the Issuing Trustee is a reference to the
                   Issuing Trustee in its capacity as trustee of the
                   Securitisation Fund, and in no other capacity; and

              (o)  a reference to the property, business, assets, undertaking or
                   money of the Issuing Trustee is a reference to the property,
                   business, assets, undertaking or money of the Issuing Trustee
                   in the capacity referred to in paragraph (n) only.

         1.4  BENEFIT OF COVENANTS HEREUNDER

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

         1.5  TRANSACTION DOCUMENT

              This is a Transaction Document for the purposes of the Master
              Trust Deed.

         1.6  KNOWLEDGE OF ISSUING TRUSTEE

              In relation to the Securitisation Fund, the Issuing Trustee will
              only be considered to have knowledge or notice of or be aware of
              any matter or thing if the Issuing Trustee has knowledge, notice
              or awareness of that matter or thing by virtue of the actual
              notice or awareness of the officers or employees of the Issuing
              Trustee who have day to day responsibility for the administration
              of the Securitisation Fund.

         1.7  KNOWLEDGE OF THE SECURITY TRUSTEE

              In relation to the Securitisation Fund, the Security Trustee will
              only be considered to have knowledge or notice of or be aware of
              any matter or thing if the Security Trustee has knowledge, notice
              or awareness of that matter or thing by virtue of the actual
              notice or awareness of the officers or employees of the Security
              Trustee who have day to day responsibility for the administration
              of the trust created by

                                                                         page 10

              this Deed.

         1.8  KNOWLEDGE OF THE NOTE TRUSTEE

              In relation to the Securitisation Fund, the Note Trustee will only
              be considered to have knowledge or notice of or be aware of any
              matter or thing if the Note Trustee has knowledge, notice or
              awareness of that matter or thing by virtue of the actual notice
              or awareness of the officers or employees of the Note Trustee who
              have day to day responsibility for the administration of the trust
              created by this Deed.

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2        ACCEPTANCE OF TRUST

         2.1  APPOINTMENT OF SECURITY TRUSTEE

              The Security Trustee is hereby appointed, and by its execution
              hereof accepts its appointment, as trustee on behalf of, and for,
              the Secured Creditors on the terms and conditions of this Deed.

         2.2  DURATION OF TRUST

              The trusts established pursuant to this Deed shall commence on the
              date hereof and shall terminate on the first to occur of:

              (a)  the Charge Release Date; and

              (b)  the 80th anniversary of the date of this Deed.

         2.3  BENEFIT OF TRUSTS

              Each Secured Creditor is entitled to the benefit of the trusts
              created by this Deed on the terms and conditions herein contained.

         2.4  TERMS OF NOTES

              All Notes relating to the Securitisation Fund shall be issued with
              the benefit of, and subject to, the provisions of this Deed, the
              Master Trust Deed, the Supplementary Bond Terms Notice, the Note
              Trust Deed and Conditions for the Class A Notes.

         2.5  INTERESTED PERSONS BOUND

              The provi0sions of this Deed and the Master Trust Deed shall be
              binding upon every Interested Person and the Security Trustee.

         2.6  RESOLUTION OF CONFLICTS

              (a)  The Security Trustee must, as regards the exercise of all
                   discretions vested in it by this Deed and all other
                   Transaction Documents, except where expressly provided
                   otherwise, have regard to the interest of the Secured
                   Creditors.

              (b)  Subject to the provisions of this Deed, if there is at any
                   time, with respect to enforcement, a conflict between a duty
                   owed by the Security Trustee to

                                                                         page 11

                   any Secured Creditor or class of Secured Creditors, and a
                   duty owed by it to another Secured Creditor or class of
                   Secured Creditors, the Security Trustee must give priority to
                   the interests of the Noteholders (which in the case of Class
                   A Noteholders shall be determined by the Note Trustee acting
                   on their behalf (as provided in clause 16.3) or the Class A
                   Noteholders, as provided herein and in the Note Trust Deed
                   and which, in the case of Class B Noteholders shall be
                   determined by the Class B Noteholders as provided herein).

              (c)  Subject to the provisions of this Deed (other than paragraph
                   (b)), the Security Trustee must give priority to the
                   interests only of the Class A Noteholders if, in the Security
                   Trustee's opinion (in relation to which in determining the
                   interests of the Class A Noteholders, the Security Trustee
                   may rely on a determination of the Note Trustee) there is a
                   conflict between the interests of the Class A Noteholders and
                   the interests of the Class B Noteholders or other Secured
                   Creditors.

              (d)  Provided that the Security Trustee acts in accordance with
                   this clause 2.6 and in good faith, it shall not incur any
                   liability to any Secured Creditor for giving effect to
                   paragraph (b) or (c).

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3        NOTE TRUSTEE

         3.1  CAPACITY

              The Note Trustee is a party to this Deed in its capacity as
              trustee for the Class A Noteholders from time to time under the
              Note Trust Deed. Notwithstanding any other provision of this Deed,
              this Deed becomes effective against the Note Trustee only upon
              execution of the Note Trust Deed.

         3.2  EXERCISE OF RIGHTS

              Except as otherwise provided in this Deed and in the Note Trust
              Deed:

              (a)  the rights, remedies and discretions of the Class A
                   Noteholders under this Deed including all rights to vote or
                   give instructions or consent to the Security Trustee and to
                   enforce any undertakings or warranties under this Deed, may
                   only be exercised by the Note Trustee on behalf of the Class
                   A Noteholders in accordance with the Note Trust Deed; and

              (b)  the Class A Noteholders may only exercise enforcement rights
                   in respect of the Charged Property through the Note Trustee
                   and only in accordance with this Deed and the Note Trust
                   Deed.

         3.3  INSTRUCTIONS OR DIRECTIONS

              The Security Trustee may rely on any instructions or directions
              given to it by the Note Trustee as being given on behalf of all
              Class A Noteholders from time to time and need not inquire whether
              the Note Trustee or the Class A Noteholders from time to time have
              complied with any requirements under the Note Trust Deed or as to
              the reasonableness or otherwise of the Note Trustee.

                                                                         page 12

         3.4  PAYMENTS

              Any payment to be made to a Class A Noteholder under this Deed may
              be made to the Note Trustee or a Paying Agent on behalf of that
              Class A Noteholder.

         3.5  NOTICES

              Any notice to be given to a Class A Noteholder under this Deed may
              be given to the Note Trustee on behalf of that Class A Noteholder.
              Any costs to the Note Trustee of publishing such notice to the
              Noteholders will be reimbursed by the Issuing Trustee to the Note
              Trustee.

         3.6  LIMITATION OF LIABILITY OF NOTE TRUSTEE

              Notwithstanding any other provision of this deed, the Note Trustee
              will have no liability under or in connection with this deed or
              any other Transaction Document other than to the extent to which
              the liability is able to be satisfied out of the property from
              which the Note Trustee is actually indemnified for the liability.
              This limitation will not apply to a liability of the Note Trustee
              to the extent that it is not satisfied because, under this deed,
              any other Transaction Document or by operation of laws, there is a
              reduction in the extent of the Note Trustee's indemnification as a
              result of the Note Trustee's fraud, negligence or wilful default.
              Nothing in this clause or any similar provision in any other
              Transaction Document limits or adversely affects the powers of the
              Note Trustee.

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4        CHARGE

         4.1  CHARGE

              (a)  The Issuing Trustee in its capacity as trustee of the Charged
                   Property charges all of its interest in the Charged Property
                   to the Security Trustee as security for the due and punctual
                   payment of the Secured Moneys and the performance of its
                   obligations under the Secured Documents.

              (b)  The Charge does not charge any Charged Property as at the
                   date of this Deed which as at that date is, or is taken under
                   the applicable stamp duties legislation of the relevant
                   jurisdiction to be, situated in any State or Territory of
                   Australia other than New South Wales, the Australian Capital
                   Territory or the Northern Territory.

         4.2  PRIORITY

              The parties intend that the Charge take priority over all other
              Encumbrances over the Charged Property other than the Prior
              Interest.

         4.3  NATURE OF CHARGE

              The Charge is a floating charge over all Charged Property.

         4.4  CRYSTALLISATION

              The floating charge created in clauses 4.1 and 4.3 automatically
              and immediately crystallises and becomes fixed:

                                                                         page 13

              (a)  without the Security Trustee giving any notice to the Issuing
                   Trustee, in respect of:

                   (1)  all of the Charged Property:

                        (A)  when a Receiver or any other receiver or receiver
                             and manager or administrator or provisional
                             liquidator is appointed, or proposed to be
                             appointed, in respect of any of the Charged
                             Property;

                        (B)  when the Charge or any other Encumbrance over any
                             of the Charged Property is enforced in any other
                             way;

                        (C)  when a notice under section 218 of the Income Tax
                             Assessment Act 1936 (Cth), section 260-5 in
                             Schedule 1 of the Tax Administration Act 1953 or
                             similar provision under the Income Tax Assessment
                             Act 1997 in respect of the Issuing Trustee is
                             signed by, or on behalf of, the Commissioner of
                             Taxation or the Deputy Commissioner of Taxation;

                        (D)  upon any Government Agency taking any step which
                             may result in an amount of Tax or an amount owing
                             to a Government Agency ranking ahead of the Charge;

                        (E)  when an order is made or a resolution is passed for
                             the liquidation of the Issuing Trustee whether in
                             its personal capacity or in its capacity as trustee
                             of the Securitisation Fund;

                        (F)  when a resolution is passed or a direction is given
                             by the Beneficiaries for the winding-up or
                             termination of the Securitisation Fund;

                        (G)  when all of the Beneficiaries give a direction to
                             the Issuing Trustee to distribute the assets of the
                             Securitisation Fund;

                        (H)  upon the termination of the Securitisation Fund,
                             whether under the Master Trust Deed or by
                             expiration of time or otherwise;

                        (I)  when an order is made requiring distribution of any
                             Securitisation Fund assets to any person or
                             appointing a Receiver in respect of the
                             Securitisation Fund;

                        (J)  when the Issuing Trustee resolves, or any other
                             person on whose instructions the Issuing Trustee
                             must act directs the Issuing Trustee, to distribute
                             any corpus of the Charged Property which is subject
                             to the floating charge;

                        (K)  when any step is taken to issue, levy or enforce
                             any distress, attachment, execution or other
                             process against or upon any of the Charged
                             Property;

                        (L)  when any Encumbrance over any of the Charged
                             Property is, or becomes capable of being, enforced
                             or any floating Encumbrance over any of the Charged
                             Property crystallises or otherwise becomes a fixed
                             Encumbrance; or

                                                                         page 14

                        (M)  upon occurrence of an Event of Default; or

                   (2)  in respect of any asset, if the Issuing Trustee:

                        (A)  creates or allows any Encumbrance over;

                        (B)  sells, leases or otherwise disposes of;

                        (C)  creates or allows any interest in; or

                        (D)  parts with possession of,

                        that asset in breach of the Master Trust Deed or this
                        Deed, or agrees or attempts to do so or take any step
                        towards doing so.

         4.5  DE-CRYSTALLISATION

              (a)  Where an asset has become subject to a fixed charge under
                   clause 4.4, the Security Trustee may release the asset from
                   that fixed charge by notice in writing to the Issuing
                   Trustee.

              (b)  When an asset is released from the fixed charge under clause
                   4.5(a)) the asset will again be subject to:

                   (1)  the floating charge under clauses 4.1 and 4.3; and

                   (2)  the further operation of clause 4.4.

              (c)  The Security Trustee must promptly give each Designated
                   Rating Agency a notice of any release made pursuant to clause
                   4.5(a).

         4.6  PROSPECTIVE LIABILITY

              (a)  The parties acknowledge that the maximum amount of the
                   prospective liability secured by this Deed for the purposes
                   of establishing priority under section 282(3) of the
                   Corporations Act, is $5,000,000,000.

              (b)  The Security Trustee may from time to time lodge a notice
                   under s268(2) of the Corporations Act on behalf of the
                   Issuing Trustee specifying an increase in the maximum amount
                   of the prospective liability referred to in clause 4.6(a) and
                   from the date of lodgment the amount specified in clause
                   4.6(a) is to be regarded as varied to the amount specified in
                   that notice.

              (c)  Neither clause 4.6(a) nor clause 4.6(b) in any way affects or
                   limits the actual amount of Secured Moneys which may in fact
                   be secured by the Charge.

              (d)  Clauses 4.6(a), 4.6(b) and 4.6(c) are to be construed
                   independently of each other.

         4.7  AMOUNT ULTIMATELY RECOVERABLE

              Subject to this Deed and without limiting the Secured Moneys, the
              amount ultimately recoverable by the Chargee under this Deed is
              limited to $5,000,000,000.

                                                                         page 15

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5        REPRESENTATIONS AND WARRANTIES

         5.1  BY THE ISSUING TRUSTEE

              The Issuing Trustee hereby represents and warrants to the Security
              Trustee:

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

              (b)  (CONSTITUTION): the execution delivery and performance of
                   each Secured Document does not violate the constitution of
                   the Issuing Trustee;

              (c)  (CORPORATE POWER): the Issuing Trustee has the power and has
                   taken all corporate and other action required to enter into
                   each Secured Document and to authorise the execution and
                   delivery of each Secured Document and the performance of its
                   obligations hereunder;

              (d)  (FILINGS): the Issuing Trustee has filed all material
                   corporate notices and effected all material registrations
                   with the Australian Securities and Investments Commission or
                   similar office in the jurisdiction of incorporation and all
                   such filings and registrations are current, complete and
                   accurate, except that this representation and warranty does
                   not apply to the filing of an ASIC form 309 or ASIC form 350
                   in relation to the creation of the Charge;

              (e)  (LEGALLY BINDING OBLIGATION): each Secured Document
                   constitutes a valid, legally binding and enforceable
                   obligation of the Issuing Trustee in accordance with its
                   terms except as such enforceability may be limited by any
                   applicable bankruptcy, insolvency, reorganisation, moratorium
                   or trust or other similar laws affecting creditors' rights
                   generally;

              (f)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                   delivery and performance of each Secured Document by the
                   Issuing Trustee does not violate any existing law or
                   regulation or any document or agreement to which the Issuing
                   Trustee is a party in either case in its capacity as trustee
                   of the Securitisation Fund or which is binding upon it or any
                   of its assets in its capacity as trustee of the
                   Securitisation Fund;

              (g)  (AUTHORISATION): all consents, licences, approvals and
                   authorisations of every Government Agency required to be
                   obtained by the Issuing Trustee in connection with the
                   execution and delivery of, and performance of its obligations
                   under, each Secured Document have been obtained and are valid
                   and subsisting;

              (h)  (GOOD TITLE): the Issuing Trustee is the legal owner of and
                   has the power under the Master Trust Deed to enter into each
                   Secured Document and to charge in the manner provided in this
                   Deed, the Charged Property and, subject only to the Master
                   Trust Deed, this Deed and the Prior Interest, the Charged
                   Property is free of all other Encumbrances;

              (i)  (SECURITISATION FUND VALIDLY CREATED): the Securitisation
                   Fund has been validly created and is in existence at the date
                   of this Deed;

                                                                         page 16

              (j)  (SOLE TRUSTEE): the Issuing Trustee has been validly
                   appointed as trustee of the Securitisation Fund and is
                   presently the sole trustee of the Securitisation Fund;

              (k)  (MASTER TRUST DEED): the Securitisation Fund is constituted
                   pursuant to the Master Trust Deed; and

              (l)  (NO PROCEEDINGS TO REMOVE): no notice has been given to the
                   Issuing Trustee and to the Issuing Trustee's knowledge no
                   resolution has been passed or direction or notice has been
                   given, removing the Issuing Trustee as trustee of the
                   Securitisation Fund.

         5.2  BY THE MANAGER

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

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

              (b)  (CONSTITUTION): the execution, delivery and performance of
                   each Secured Document does not violate the constitution of
                   the Manager;

              (c)  (CORPORATE POWER): the Manager has the power and has taken
                   all corporate and other action required to enter into each
                   Secured Document and to authorise the execution and delivery
                   of each Secured Document and the performance of its
                   obligations hereunder;

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

              (e)  (LEGALLY BINDING OBLIGATION): each Secured Document
                   constitutes a valid, legally binding and enforceable
                   obligation of the Manager in accordance with its terms except
                   as such enforceability may be limited by any applicable
                   bankruptcy, insolvency, re-organisation, moratorium or trust
                   or other similar laws affecting creditors' rights generally;

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

              (g)  (AUTHORISATION): all consents, licences, approvals and
                   authorisations of every Government Agency required to be
                   obtained by the Manager in connection with the execution,
                   delivery and performance of each Secured Document have been
                   obtained and are valid and subsisting; and

              (h)  (WARRANTIES): to the Manager's knowledge, all representations
                   and warranties given by the Manager in any Transaction
                   Document are true and accurate.

                                                                         page 17

         5.3  SURVIVAL OF REPRESENTATIONS AND WARRANTIES

              All representations and warranties in this Deed survive the
              execution and delivery of this Deed and the provision of advances
              and accommodation.

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6        ISSUING TRUSTEE'S AND MANAGER'S COVENANTS

         6.1  COVENANTS

              (a)  The Issuing Trustee covenants in favour of the Security
                   Trustee that it will duly and punctually perform observe and
                   fulfil its obligations under the Secured Documents and in
                   accordance with the terms of the Secured Documents, will pay
                   the Secured Moneys to, or to the order of, the Security
                   Trustee as and when the same fall due for payment.

              (b)  Notwithstanding clause 6.1(a), every payment by the Issuing
                   Trustee, or the Security Trustee in accordance with this
                   Deed, to the Secured Creditors on account of the Secured
                   Moneys will operate as payment by the Issuing Trustee to the
                   Security Trustee in satisfaction of the Issuing Trustee's
                   obligations in respect thereof.

              (c)  Each of the Issuing Trustee and the Manager will ensure that
                   it complies with its obligations under the Secured Documents.

              (d)  Each of the Issuing Trustee and the Manager will give to the
                   Note Trustee a copy of the Register, and to the Security
                   Trustee any information in the power or possession of the
                   Issuing Trustee or the Manager relating to the Securitisation
                   Fund that the Security Trustee reasonably requests in
                   connection with the exercise and performance of its powers
                   and obligations under this Deed, including without
                   limitation:

                   (1)  the identity, and notice details of, each Secured
                        Creditor and Beneficiary; and

                   (2)  the Secured Moneys owing to each Secured Creditor.

         6.2  NEGATIVE COVENANTS

              The Issuing Trustee shall not do, nor shall the Manager direct the
              Issuing Trustee to do, any of the following without the prior
              written consent of the Security Trustee and without prior written
              confirmation from each Designated Rating Agency of the rating
              assigned to the Notes in relation to the Securitisation Fund and
              the Notes, except as permitted by this Deed or the Master Trust
              Deed or the Supplementary Bond Terms Notice:

              (a)  (NO ENCUMBRANCES): subject only to the Prior Interest,
                   create, purport or attempt to create or permit to exist any
                   Encumbrance howsoever ranking over any part of the Charged
                   Property;

              (b)  (NO SALE, LEASE ETC.): subject to clause 6.4, convey, assign,
                   transfer, lease or otherwise dispose or part with possession
                   of, make any bailment over, or create or permit to exist any
                   other interest in any part of the Charged Property whilst
                   such part of the Charged Property is subject to the Charge;

                                                                         page 18

              (c)  (NO FINANCIAL INDEBTEDNESS): create, incur, assume, permit or
                   suffer to exist any Financial Indebtedness except for:

                   (1)  the Notes;

                   (2)  Financial Indebtedness arising under the Transaction
                        Documents in relation to the Securitisation Fund;

                   (3)  Financial Indebtedness which is fully subordinated to
                        the Secured Moneys, or is non-recourse other than with
                        respect to proceeds in excess of those needed to pay the
                        Secured Moneys, and does not constitute a claim against
                        the Issuing Trustee in the event that those excess
                        proceeds are insufficient to pay that subordinated
                        Financial Indebtedness; or

                   (4)  Financial Indebtedness that will not result in any
                        reduction or withdrawal of the rating assigned to the
                        initial Notes by each such Designated Rating Agency;

              (d)  (NO RELEASE UNDER TRANSACTION DOCUMENTS): give any release or
                   discharge (whether full, partial or conditional) to any
                   person in respect of their obligations under any of the
                   Transaction Documents relating to the Securitisation Fund,
                   except as contemplated by those Transaction Documents; and

              (e)  (BANK ACCOUNTS): open any bank account not permitted in the
                   Transaction Documents.

         6.3  FIXED RATE MORTGAGES

              (a)  Unless each Designated Rating Agency should otherwise notify
                   the Manager in writing, the Manager must not at any time
                   cause:

                   (1)  the aggregate Outstanding Principal Balance of all fixed
                        interest rate Mortgages to exceed 50% of the aggregate
                        Outstanding Principal Balance of all Mortgages;

                   (2)  the aggregate Outstanding Principal Balance of all fixed
                        interest rate Mortgages with an outstanding fixed
                        interest rate period of 3 years or less to exceed 50% of
                        the aggregate Outstanding Principal Balance of all
                        Mortgages; and

                   (3)  the aggregate Outstanding Principal Balance of all fixed
                        interest rate Mortgages with an outstanding fixed
                        interest rate period of greater than 3 years and not
                        exceeding 5 years to exceed 25% of the aggregate
                        Outstanding Principal Balance of all Mortgages; and

                   (4)  the fixed interest rate period for any Mortgage to end
                        on or after the date nominated by the Manager and
                        notified in writing to the Issuing Trustee, the Security
                        Trustee and the Note Trustee prior to the issue of any
                        Notes by the Issuing Trustee.

              (b)  The Manager must not cause any fixed interest rate Mortgage
                   to become an Asset of the Fund unless:

                   (1)  the Trustee has entered into a Payment Funding Facility
                        for such amount agreed to from time to time by the
                        Manager and each

                                                                         page 19

                        Designated Rating Agency so that the rating of the Notes
                        by each Designated Rating Agency will not be downgraded
                        or withdrawn by the Trustee holding fixed interest rate
                        Mortgages; and

                   (2)  the Trustee has entered into an Enhancement or Interest
                        Hedge in respect of the fixed interest rate component of
                        the Mortgage for the period of that fixed interest rate
                        component and whether in respect of that Mortgage alone
                        or with any other Mortgage that is an Asset of the
                        Securitisation Fund.

              (c)  Subject to the terms of any such Payment Funding Facility,
                   the Manager must cause the principal amount outstanding under
                   the Payment Funding Facility to be not less than the amount
                   agreed from time to time by the Manager and each Designated
                   Rating Agency.

              (d)  For the purposes of clause 6.3 a reference:

                   (1)  to a Mortgage is to a Mortgage which is an Asset of the
                        Securitisation Fund;

                   (2)  to a fixed interest rate Mortgage is a Mortgage under
                        which all or part of the interest payable is set at a
                        fixed rate;

                   (3)  the Outstanding Principal Balance of a fixed interest
                        rate Mortgage is that portion of the Outstanding
                        Principal Balance of the Mortgage which is subject to a
                        fixed interest rate.

         6.4  DEALING IN ACCORDANCE WITH TRANSACTION DOCUMENTS

              The Issuing Trustee may in respect of a given part of the Charged
              Property whilst subject to the floating charge deal with and pay
              or apply that part of the Charged Property in accordance with the
              provisions of the Transaction Documents.

         6.5  NOTIFY EVENTS OF DEFAULT

              Each of the Manager and the Issuing Trustee must immediately
              notify the Security Trustee in writing if it becomes actually
              aware of the occurrence of any Event of Default and must provide
              the Security Trustee with full and complete details in relation
              thereto immediately upon becoming actually aware of such details.

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7        EVENTS OF DEFAULT

         7.1  EVENTS OF DEFAULT

              Subject to the Supplementary Bond Terms Notice for the Class A
              Notes and Class B Notes and the Liquidity Notes, each of the
              following events is an Event of Default whether or not caused by
              any reason whatsoever outside the control of an Interested Person
              or any other person:

              (a)  (FAILURE TO PAY): the Issuing Trustee does not within 10
                   Banking Days of the due date, and in the specified manner,
                   pay in full any Secured Moneys (except in respect of any
                   moneys payable under any Payment Funding Facility, Top-up
                   Funding Facility and Redraw Funding Facility which fall

                                                                         page 20

                   due for payment prior to the Repayment Date or payment of
                   interest on Class B Notes unless all Class A Notes have been
                   repaid);

              (b)  (FAILURE TO COMPLY): the Issuing Trustee defaults in fully
                   performing observing and fulfilling any material obligation
                   in relation to the Securitisation Fund under this Deed or a
                   Secured Document (other than a provision requiring the
                   payment of money as contemplated by paragraph (a) of this
                   clause or, prior to the Repayment Date, in respect of any
                   such default under a Payment Funding Facility, Top-up Funding
                   Facility and Redraw Funding Facility and such default has not
                   been remedied within 10 Banking Days of the Issuing Trustee
                   receiving notice from the Security Trustee specifying the
                   breach and requiring the same to be rectified);

              (c)  (UNTRUE WARRANTY): any representation, warranty or statement
                   in relation to the Securitisation Fund made, repeated or
                   deemed to be made or repeated in this Deed or in a Secured
                   Document by the Issuing Trustee is proved to be untrue in any
                   material respect when made, repeated or deemed to be made or
                   repeated (as the case may be) (except, prior to the Repayment
                   Date, in respect of any representation, warranty or statement
                   made, repeated or deemed to be made or repeated under the
                   Payment Funding Facility, Top-up Funding Facility and Redraw
                   Funding Facility);

              (d)  (BREACH OF UNDERTAKING): the Issuing Trustee breaches any
                   material undertaking given at any time to the Security
                   Trustee in relation to the Securitisation Fund or fails to
                   comply with any material condition imposed by the Security
                   Trustee in relation to the Securitisation Fund in agreeing to
                   any matter (including any waiver) (except, prior to the
                   Repayment Date, in respect of any breach of any material
                   undertaking or failure to comply with any material condition
                   under the Payment Funding Facility, Top-up Funding Facility
                   and Redraw Funding Facility);

              (e)  (INSOLVENCY EVENT): any Insolvency Event occurs in relation
                   to the Issuing Trustee other than for the reconstruction of
                   the Issuing Trustee or the Securitisation Fund with the prior
                   written approval of the Manager and the Security Trustee and
                   provided that each Designated Rating Agency has confirmed in
                   writing that such reconstruction will not have an adverse
                   effect on the rating of the Notes;

              (f)  (ENCUMBRANCE): any Encumbrance over any Charged Property
                   becomes enforceable or any Encumbrance that is a floating
                   security over any Charged Property crystallises or otherwise
                   becomes a fixed or specific security;

              (g)  (INVESTIGATION): any investigation into the affairs, or into
                   particular affairs, of the Issuing Trustee in relation to the
                   Securitisation Fund is directed or commenced under any
                   Statute;

              (h)  (VOID OR VOIDABLE): any Secured Document is, becomes or is
                   claimed by the Issuing Trustee or the Manager to be void,
                   voidable or unenforceable in whole or in any material part;

              (i)  (REPUDIATION): the Issuing Trustee disaffirms, disclaims,
                   repudiates or rejects any Secured Document to which it is a
                   party in whole or in any material part;

                                                                         page 21

              (j)  (VESTING OF ASSETS): there occurs without the prior written
                   approval of the Security Trustee, any vesting or distribution
                   of any assets of the Securitisation Fund other than in
                   accordance with the relevant Supplementary Bond Terms
                   Notices;

              (k)  (BREACH OF TRUST): any material breach of trust in relation
                   to the Securitisation Fund by the Issuing Trustee or the
                   Issuing Trustee for any reason loses or ceases to be entitled
                   to a material extent to its right of indemnity against the
                   assets of the Securitisation Fund;

              (l)  (DIMINUTION OF ASSETS): as a result of the act or omission of
                   the Issuing Trustee the assets of the Securitisation Fund are
                   materially diminished or made materially less accessible to
                   the Security Trustee;

              (m)  (WINDING-UP): without the prior consent of the Security
                   Trustee the Securitisation Fund is wound-up or the Issuing
                   Trustee is required to wind up the Securitisation Fund under
                   the Master Trust Deed or applicable law, or the winding up of
                   the Securitisation Fund commences; and

              (n)  (PRIORITY OF CHARGE): the Charge ceases to rank as
                   contemplated by clause 4.2.

         7.2  RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

              Upon the occurrence of an Event of Default, the Security Trustee
              may in its absolute discretion, and shall, subject to clauses 8.4,
              8.5, 8.6 and 8.7, if so directed by an Extraordinary Resolution:

              (a)  declare the Charge immediately enforceable;

              (b)  declare the Secured Moneys immediately due and payable;

              (c)  give a notice crystallising the charge in relation to any or
                   all of the Secured Property under clause 4.4; and/or

              (d)  appoint a Receiver over the Charged Property, or exercise the
                   powers that a Receiver would otherwise have if appointed
                   under this Deed.

              The Security Trustee may exercise its rights pursuant to this
              clause notwithstanding any delay or previous waiver.

        7.3   NOTIFY EVENTS OF DEFAULT

              Each of the Issuing Trustee and the Manager must promptly (and in
              any event within 5 Banking Days) notify the Note Trustee on behalf
              of the Class A Noteholders, and all other Secured Creditors, the
              Security Trustee, and each of the Designated Rating Agencies if,
              to the knowledge of its officers who are responsible for the
              administration of the Securitisation Fund, it becomes aware of the
              occurrence of an Event of Default or any event specified in clause
              4.4 and they must provide full details of the Event of Default or
              other event and the actions and procedures which are being taken
              or will be taken by the Issuing Trustee and the Manager to remedy
              the relevant Event of Default or other event.

                                                                         page 22

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8        ENFORCEMENT

         8.1  POWER TO DEAL WITH THE CHARGED PROPERTY CEASES

              The Issuing Trustee's power to deal for any purpose with all or
              any part of the Charged Property, other than by or through a
              Receiver appointed under this Deed shall immediately cease upon
              the Charge crystallising and becoming fixed pursuant to the
              provisions of this Deed (subject only to the operation of clause
              4.5, in which case the Issuing Trustee's power to deal in
              accordance with this Deed with any asset or assets the subject of
              a notice under such clause shall be reinstated from the date of
              such notice).

         8.2  PROTECTION OF CHARGED PROPERTY

              If the Charge crystallises and becomes fixed pursuant to the
              provisions of this Deed upon the occurrence of an Event of
              Crystallisation, the Security Trustee shall have the right either
              in its own name or in the name of the Issuing Trustee to
              immediately seek and obtain appropriate relief in relation to that
              part of the Charged Property affected or threatened by such Event
              of Crystallisation.

         8.3  POWER TO ENFORCE

              At any time after the Charge becomes enforceable, the Security
              Trustee may, without reference to Secured Creditors, at its
              discretion and without further notice (subject to the terms of
              this Deed) take such proceedings as it may think fit to enforce
              any of the provisions of this Deed.

         8.4  NO OBLIGATION TO ENFORCE

              Subject to clauses 8.5 and 14.4, upon the occurrence of an Event
              of Default, pending the receipt of directions from the Voting
              Secured Creditors as contemplated by clauses 8.5 and 8.6, the
              Security Trustee shall not be bound to take any action under this
              Deed or give any consent or waiver or make any determination
              hereunder (including, without limiting the generality of the
              foregoing, to appoint any Receiver, to declare the Charge
              enforceable or the Secured Moneys immediately due and payable
              pursuant to clause 7.2 or to take any other proceedings referred
              to in clause 8.3). Nothing in this clause shall affect the
              operation of clause 4.4 upon the occurrence of an Event of
              Crystallisation or the Charge becoming enforceable prior to the
              Security Trustee receiving directions from the Secured Creditors.

         8.5  OBLIGATION TO CONVENE MEETING

              (a)  Following the Security Trustee becoming actually aware of the
                   occurrence of an Event of Default, it shall, subject to
                   clause 8.9, promptly convene a meeting of the Voting Secured
                   Creditors in accordance with this Deed, at which it shall
                   seek directions from the Voting Secured Creditors by way of
                   an Extraordinary Resolution of the Voting Secured Creditors
                   regarding the action it should take as a result of such Event
                   of Default.

              (b)  If the Security Trustee fails to convene a meeting, or to
                   propose the necessary Extraordinary Resolutions, in
                   accordance with clause 8.5(a), the

                                                                         page 23

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

         8.6  SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

              (a)  Subject to sub-clause 8.6(b), the Security Trustee shall take
                   all action necessary to give effect to any Extraordinary
                   Resolution of the Voting Secured Creditors and shall comply
                   with all directions contained in or given pursuant to any
                   Extraordinary Resolution of the Voting Secured Creditors.

              (b)  The obligation of the Security Trustee pursuant to sub-clause
                   8.6(a) is subject to:

                   (1)  this Deed; and

                   (2)  if required by the Security Trustee (in its absolute
                        discretion) the receipt from the Voting Secured
                        Creditors (other than the Note Trustee) of an indemnity
                        in a form reasonably satisfactory to the Security
                        Trustee (which may be by way of an Extraordinary
                        Resolution of the Voting Secured Creditors) against all
                        actions, proceedings, claims and demands to which it may
                        render itself liable, and all costs, charges, damages
                        and expenses which it may incur, in giving effect to an
                        Extraordinary Resolution of the Voting Secured
                        Creditors.

                   The Security Trustee shall first claim on its indemnity from
                   the property held on trust under clause 2.1 before it claims
                   on any indemnity from the Secured Creditors (other than the
                   Note Trustee), including any indemnity provided under clause
                   8.7. The Note Trustee is in no circumstance required to give
                   any indemnity to the Security Trustee.

              (c)  If an Event of Default is a payment default in respect of a
                   subordinated Class of Notes, as long as there are Class A
                   Notes outstanding that rank prior to those subordinated
                   Notes, the Security Trustee must not take any action without
                   the consent of the Note Trustee acting at the direction of
                   each Class of prior ranking Class A Noteholder by
                   Extraordinary Resolution.

              (d)  If the Security Trustee becomes bound to take steps and/or
                   proceed under this Deed and it fails to do so within a
                   reasonable time and such failure is continuing, the Voting
                   Secured Creditors may exercise such powers as they determine
                   by Extraordinary Resolution.

         8.7  SECURITY TRUSTEE MUST RECEIVE INDEMNITY

              If:

                                                                         page 24

              (a)  the Security Trustee convenes a meeting of the Voting Secured
                   Creditors, or is required by an Extraordinary Resolution to
                   take any action under this Deed, and advises them that the
                   Security Trustee will not act in relation to the enforcement
                   of this Deed unless it is personally indemnified by the
                   Voting Secured Creditors (other than the Note Trustee) to its
                   reasonable satisfaction against all actions, proceedings,
                   claims and demands to which it may render itself liable, and
                   all costs, charges, damages and expenses which it may incur,
                   in relation to the enforcement of this Deed and put in funds
                   to the extent to which it may become liable (including costs
                   and expenses); and

              (b)  the Voting Secured Creditors refuse to grant the requested
                   indemnity and put the Security Trustee in funds,

              then the Security Trustee will not be obliged to act in relation
              to such enforcement. In those circumstances, the Voting Secured
              Creditors may exercise such Powers and enjoy such protections and
              indemnities, of the Security Trustee under this Deed, any
              Encumbrance or other document or agreement created or entered into
              in favour of the Security Trustee as security for the Secured
              Moneys or by law as they determine by Extraordinary Resolution.
              The Note Trustee is in no circumstance required to give an
              indemnity to the Security Trustee.

         8.8  LIMITATION ON RIGHTS OF SECURED CREDITORS

              Subject to this Deed, the powers, rights and remedies conferred on
              the Security Trustee by this Deed are exercisable by the Security
              Trustee only, and no Secured Creditor is entitled without the
              written consent of the Security Trustee to exercise the same or
              any of them. Without limiting the generality of the foregoing,
              subject to clause 8.7, no Secured Creditor is entitled to enforce
              the Charge or the provisions of this Deed or to appoint or cause
              to be appointed a Receiver to any of the Charged Property or
              otherwise to exercise any power conferred by the terms of any
              applicable law on chargees except as provided in this Deed.

         8.9  IMMATERIAL WAIVERS

              (a)  The Security Trustee may (subject to clause 16.3), with the
                   prior written consent of the Noteholder Secured Creditors
                   agree, on any terms and conditions as it may deem expedient,
                   having first given notice to any Designated Rating Agency for
                   each Class of Notes, but without the consent of the other
                   Secured Creditors and without prejudice to its rights in
                   respect of any subsequent breach, to any waiver or
                   authorisation of any breach or proposed breach of any of the
                   terms and conditions of the Secured Documents or any of the
                   provisions of this Deed which is not, in the reasonable
                   opinion of the Security Trustee, materially prejudicial to
                   the interests of the Secured Creditors and may determine that
                   any event that would otherwise be an Event of Default shall
                   not be treated as an Event of Default for the purpose of this
                   Deed.

              (b)  No such waiver, authorisation or determination shall be made
                   in contravention of any directions contained in an
                   Extraordinary Resolution of Voting Secured Creditors.

                                                                         page 25

              (c)  Any such waiver, authorisation or determination shall, if the
                   Security Trustee so requires, be notified to the Voting
                   Secured Creditors by the Manager as soon as practicable
                   thereafter in accordance with this Deed.

         8.10 ACTS PURSUANT TO RESOLUTIONS

              The Security Trustee shall not be responsible for having acted in
              good faith upon any resolution purporting to have been passed at
              any meeting of the Voting Secured Creditors in respect of which
              minutes have been made and signed, even though it may subsequently
              be found that there was some defect in the constitution of that
              meeting or the passing of that resolution or that for any reason
              that resolution was not valid or binding upon the Voting Secured
              Creditors.

         8.11 OVERRIDING PROVISION

              Notwithstanding any other provision of this Deed:

              (a)  the Security Trustee is not obliged to do or omit to do
                   anything including entering into any transaction or incurring
                   any liability unless the Security Trustee's liability is
                   limited in a manner satisfactory to the Security Trustee in
                   its absolute discretion; and

              (b)  the Security Trustee will not be under any obligation to
                   advance or use its own funds for the payment of any costs,
                   expenses or liabilities, except in respect of its own fraud,
                   negligence or wilful default.

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9        RECEIVER

         9.1  APPOINTMENT OF RECEIVER

              Subject to clause 8 upon or at any time after the occurrence of an
              Event of Default the Security Trustee may:

              (a)  appoint any person or any 2 or more persons jointly, or
                   severally, or jointly and severally to be a receiver or a
                   receiver and manager of the Charged Property;

              (b)  remove any Receiver and on the removal, retirement or death
                   of any Receiver, appoint another Receiver; and

              (c)  fix or vary the remuneration and direct payment of that
                   remuneration and any costs, charges and expenses of the
                   Receiver out of the proceeds of any realisation of the
                   Charged Property.

         9.2  AGENCY OF RECEIVER

              (a)  Subject to clause 9.5, each Receiver is the agent of the
                   Issuing Trustee.

              (b)  The Issuing Trustee is responsible for the acts, defaults and
                   remuneration of the Receiver.

              (c)  Each Secured Creditor acknowledges that:

                   (1)  any Receiver will be only the agent of the Issuing
                        Trustee in its capacity as trustee of the Securitisation
                        Fund; and

                                                                         page 26

                   (2)  notwithstanding anything else in this Deed or at law,
                        the Issuing Trustee in its personal capacity is not
                        responsible for any act or omission of the Receiver.

         9.3  POWERS OF RECEIVER

              Subject to any express exclusion by the terms of the Receiver's
              appointment, and whether or not the Receiver has taken possession
              of the whole or any part of the Charged Property, the Receiver
              has, in addition to any powers conferred on the Receiver by
              applicable law, power to do any of the following:

              (a)  MANAGE, POSSESSION OR CONTROL: to manage, enter into
                   possession or assume control of any of the Charged Property;

              (b)  LEASE OR LICENCE: to accept the surrender of, determine,
                   grant or renew any lease or licence in respect of the use or
                   occupation of any of the Charged Property:

                   (1)  on any terms or special conditions that the Security
                        Trustee or Receiver thinks fit; and

                   (2)  in conjunction with the sale, lease or licence of any
                        other property by any person;

              (c)  SALE: to sell or concur in selling any of the Charged
                   Property to any person:

                   (1)  by auction, private treaty or tender;

                   (2)  on such terms and special conditions as the Security
                        Trustee or the Receiver thinks fit;

                   (3)  for cash or for a deferred payment of the purchase
                        price, in whole or in part, with or without interest or
                        security;

                   (4)  in conjunction with the sale of any property by any
                        other person; and

                   (5)  in one lot or in separate parcels;

              (d)  GRANT OPTIONS TO PURCHASE: to grant to any person an option
                   to purchase any of the Charged Property;

              (e)  ACQUIRE PROPERTY: to acquire any interest in any property, in
                   the name or on behalf of the Issuing Trustee, which on
                   acquisition forms part of the Charged Property;

              (f)  CARRY ON BUSINESS: to carry on or concur in carrying on any
                   business of the Issuing Trustee in respect of the Charged
                   Property;

              (g)  BORROWINGS AND SECURITY:

                   (1)  to raise or borrow any money, in its name or the name or
                        on behalf of the Issuing Trustee, from the Security
                        Trustee or any person approved by the Security Trustee
                        in writing; and

                   (2)  to secure money raised or borrowed under clause
                        9.3(g)(1) by an Encumbrance over any of the Charged
                        Property, ranking in priority to, equal with, or after,
                        the Charge;

                                                                         page 27

              (h)  MAINTAIN OR IMPROVE CHARGED PROPERTY: to do anything to
                   maintain, protect or improve any of the Charged Property
                   including, but not limited to, completing, repairing,
                   erecting a new improvement on, demolishing or altering any of
                   the Charged Property;

              (i)  INCOME AND BANK ACCOUNTS: to do anything to manage or obtain
                   income or revenue from any of the Charged Property including,
                   but not limited to, operating any bank account which forms
                   part of the Charged Property or opening and operating a new
                   bank account;

              (j)  ACCESS TO CHARGED PROPERTY: to have access to any of the
                   Charged Property;

              (k)  INSURE CHARGED PROPERTY: to insure any of the Charged
                   Property;

              (l)  SEVER FIXTURES: to sever fixtures in respect of any of the
                   Charged Property;

              (m)  COMPROMISE: to make or accept any compromise or arrangement;

              (n)  SURRENDER CHARGED PROPERTY: to surrender or transfer any of
                   the Charged Property to any person;

              (o)  EXCHANGE CHARGED PROPERTY: to exchange with any person any of
                   the Charged Property for any other property whether of equal
                   value or not;

              (p)  EMPLOY OR DISCHARGE: to employ or discharge any person as an
                   employee, contractor, agent, professional adviser or
                   auctioneer for any of the purposes of this Deed;

              (q)  DELEGATE: to delegate to any person any Power of the
                   Receiver;

              (r)  PERFORM OR ENFORCE DOCUMENTS: to observe, perform, enforce,
                   exercise or refrain from exercising any right, power,
                   authority, discretion or remedy of the Issuing Trustee under,
                   or otherwise obtain the benefit of:

                   (1)  any document, agreement or right which attaches to or
                        forms part of the Charged Property; and

                   (2)  any document or agreement entered into in exercise of
                        any Power by the Receiver;

              (s)  RECEIPTS: to give effectual receipts for all moneys and other
                   assets which may come into the hands of the Receiver;

              (t)  TAKE PROCEEDINGS: to commence, discontinue, prosecute,
                   defend, settle or compromise in its name or the name or on
                   behalf of the Issuing Trustee, any proceedings including, but
                   not limited to, proceedings in relation to any insurance in
                   respect of any of the Charged Property;

              (u)  INSOLVENCY PROCEEDINGS: in connection with any Charged
                   Property, to make any debtor bankrupt, wind-up any company,
                   corporation or other entity and do all things in relation to
                   any bankruptcy or winding-up which the Receiver thinks
                   necessary or desirable including, but not limited to,
                   attending and voting at creditors' meetings and appointing
                   proxies for those meetings;

              (v)  EXECUTE DOCUMENTS: in connection with any Charged Property,
                   to enter into and execute any document or agreement in the
                   name of the Receiver or the name or on behalf of the Issuing
                   Trustee including, but not limited

                                                                         page 28

                   to, notices, bills of exchange, cheques or promissory notes
                   for any of the purposes of this Deed;

              (w)  VOTE: to exercise any voting rights or powers in respect of
                   any part of the Charged Property;

              (x)  ABILITY OF ISSUING TRUSTEE: to do anything the Issuing
                   Trustee could do in respect of the Charged Property; and

              (y)  INCIDENTAL POWER: to do anything necessary or incidental to
                   the exercise of any Power of the Receiver.

         9.4  NATURE OF RECEIVER'S POWERS

              The Powers of the Receiver must be construed independently and no
              one Power limits the generality of any other Power. Any dealing
              under any Power of the Receiver will be on the terms and
              conditions the Receiver thinks fit.

         9.5  STATUS OF RECEIVER AFTER COMMENCEMENT OF WINDING-UP

              (a)  The power to appoint a Receiver under clause 9.1 may be
                   exercised even if at the time an Event of Default occurs or
                   if at the time a Receiver is appointed, an order has been
                   made or a resolution has been passed for the winding-up of
                   the Issuing Trustee or any event set out in clause
                   4.4(a)(1)(E) to clause 4.4(a)(1)(K) has occurred.

              (b)  If for any reason, including, but not limited to operation of
                   law, a Receiver:

                   (1)  appointed in the circumstances described in clause
                        9.5(a); or

                   (2)  appointed at any other time,

                   ceases to be the agent of the Issuing Trustee upon or by
                   virtue of, or as a result of, an order or a resolution being
                   passed for the winding-up of the Issuing Trustee, then the
                   Receiver immediately becomes the agent of the Security
                   Trustee.

         9.6  POWERS EXERCISABLE BY THE SECURITY TRUSTEE

              (a)  Whether or not a Receiver is appointed under clause 9.1, the
                   Security Trustee may, on or after the occurrence of an Event
                   of Default and without giving notice to any person, exercise
                   any Power of the Receiver in addition to any Power of the
                   Security Trustee.

              (b)  The exercise of any Power by the Security Trustee, Receiver
                   or Attorney does not cause or deem the Security Trustee,
                   Receiver or Attorney:

                   (1)  to be a mortgagee in possession;

                   (2)  to account as mortgagee in possession; or

                   (3)  to be answerable for any act or omission for which a
                        mortgagee in possession is liable.

                                                                         page 29

         9.7  NOTICE OF EXERCISE OF RIGHTS

              The Security Trustee, Receiver or Attorney is not required:

              (a)  to give notice of the Charge to any debtor or creditor of the
                   Issuing Trustee or to any other person;

              (b)  to enforce payment of any money payable to the Issuing
                   Trustee including, but not limited to, any of the debts or
                   monetary liabilities charged by this Deed; or

              (c)  to obtain the consent of the Issuing Trustee to any exercise
                   of a Power.

         9.8  TERMINATION OF RECEIVERSHIP AND POSSESSION

              The Security Trustee may, at any time, terminate the appointment
              of a Receiver and may, at any time, give up possession of the
              Charged Property.

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10       SECURITY TRUSTEE'S POWERS

         10.1 ACT JOINTLY

              The Security Trustee or Receiver may exercise any of the powers
              conferred upon the Security Trustee or the Receiver in conjunction
              with the exercise of similar powers by any other Encumbrancee of
              the Charged Property or part thereof or by any receiver appointed
              by such other Encumbrancee and may enter into and give effect to
              such agreements and arrangements with such other Encumbrancee or
              receiver as the Security Trustee or Receiver thinks fit.

         10.2 APPOINTMENT OF ATTORNEY

              In consideration of the Security Trustee entering into the Secured
              Documents, the Issuing Trustee irrevocably appoints each Receiver
              and each of the directors, secretaries and managers for the time
              being of the Security Trustee severally its attorney for the
              purposes set out in clause 10.3.

         10.3 PURPOSES OF APPOINTMENT

              The Attorney may, in its name or in the name of the Issuing
              Trustee, Security Trustee or Receiver, at any time after the
              occurrence of an Event of Default do any of the following:

              (a)  do any thing which ought to be done by the Issuing Trustee
                   under this Deed;

              (b)  exercise any right, power, authority, discretion or remedy of
                   the Issuing Trustee under:

                   (1)  this Deed;

                   (2)  any other Secured Document; or

                   (3)  any agreement forming part of the Charged Property;

              (c)  do any thing which in the opinion of the Security Trustee,
                   Receiver or Attorney is necessary or expedient for securing
                   or perfecting the Charge;

                                                                         page 30

              (d)  execute in favour of the Security Trustee any legal mortgage,
                   transfer, assignment and any other assurance of any of the
                   Charged Property;

              (e)  execute Deeds of assignment, composition or release in
                   connection with the Charged Property;

              (f)  sell or otherwise part with the possession of any of the
                   Charged Property; and

              (g)  generally, do any other thing, whether or not of the same
                   kind as those set out in clause 10.3 (a) to (f), which in the
                   opinion of the Security Trustee, Receiver or Attorney is
                   necessary or expedient:

                   (1)  to more satisfactorily secure to the Security Trustee
                        the payment of the Secured Moneys; or

                   (2)  in relation to any of the Charged Property.

         10.4 DELEGATION AND SUBSTITUTION

                  The Attorney may, at any time, for any of the purposes in
                  clause 10.3, appoint or remove any substitute or delegate or
                  sub-attorney.

         10.5 SECURITY TRUSTEE MAY MAKE GOOD DEFAULT

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

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11       PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

         11.1 NO ENQUIRY

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

                                                                         page 31

         11.2 RECEIPTS

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

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12       APPLICATION OF MONEYS

         12.1 PRIORITY OF PAYMENTS

              All moneys received by the Security Trustee or by the Receiver as
              a result of the exercise of the powers conferred by this Deed in
              relation to the Charged Property pursuant to the provisions of
              this Deed shall, subject to this Deed, be applied as follows:

              (a)  Firstly: in payment of all amounts which, to the extent
                   required by law, have priority over the payments specified in
                   the balance of this clause 12.1;

              (b)  Secondly: in payment (pari passu and rateably) of:

                   (1)  any fees and any other expenses, liabilities, losses,
                        costs, claims, actions, proceedings, damages, demands,
                        charges, stamp and other duties and Taxes due to the
                        Issuing Trustee, the Security Trustee or the Note
                        Trustee;

                   (2)  any fees and any other expenses, liabilities, losses,
                        costs, claims, actions, proceedings, damages, demands,
                        charges, stamp and other duties and Taxes due to the
                        Principal Paying Agent, the Calculation Agent and the
                        Note Registrar; and

                   (3)  the Receivers remuneration;

              (c)  Thirdly: in payment of all costs, charges, expenses and
                   disbursements incurred in or incidental to the exercise or
                   performance or attempted exercise or performance of any
                   Powers of the Receiver, the Security Trustee, an Attorney or
                   the Note Trustee in relation to the Securitisation Fund and
                   the Charged Property;

              (d)  Fourthly: subject to this clause 12.1, in payment of such
                   other Expenses in relation to the Securitisation Fund or the
                   Charged Property as the Receiver or the Security Trustee
                   shall think fit to pay;

              (e)  Fifthly: in payment of other Encumbrances over the Charged
                   Property of which the Security Trustee is aware having
                   priority to the Charge

                                                                         page 32

                   (including the Prior Interest), in the order of their
                   priority and the Security Trustee and the Receiver shall be
                   entitled to rely upon a certificate from the prior
                   Encumbrancee as to the amount so secured and shall not be
                   bound to enquire further as to the accuracy of that amount or
                   as to whether that amount or any part thereof is validly
                   secured by such other prior Encumbrance;

              (f)  Sixthly: in payment of (pari passu and rateably):

                   (1)  all Secured Moneys owing to the Enhancement Providers;

                   (2)  all Secured Moneys owing to the Class A Noteholders (as
                        at the date of payment);

                   (3)  all Secured Moneys owing to each Currency Swap Provider
                        and Interest Hedge Provider;

                   (4)  all Secured Money owing to the Redraw Facility Provider;

                   (5)  all Secured Money owing to the Top-up Funding Facility
                        Provider;

                   (6)  all fees and other amounts owing to the Manager under
                        the Master Trust Deed;

              (g)  Seventhly: in payment of all Secured Moneys owing to the
                   Class B Noteholders (as at the date of payment);

              (h)  Eighthly: pari passu and rateably in payment or towards
                   satisfaction of all amounts not covered above owing to any
                   Secured Creditor under any Secured Document;

              (i)  Ninthly: in payment of subsequent Encumbrances over the
                   Charged Property of which the Security Trustee is aware, in
                   the order of their priority and the Security Trustee and the
                   Receiver shall be entitled to rely upon a certificate from
                   any subsequent Encumbrancee as to the amount so secured and
                   shall not be bound to enquire further as to the accuracy of
                   that amount or as to whether that amount or any part thereof
                   is validly secured by the subsequent Encumbrance; and

              (j)  Tenthly: the surplus (if any) shall be paid to the Issuing
                   Trustee to be distributed in accordance with the terms of the
                   Master Trust Deed, but shall not carry interest as against
                   the Security Trustee.

         12.2 MONEYS RECEIVED

              In applying any moneys towards satisfaction of the Secured Moneys
              the Issuing Trustee shall be credited only with so much of the
              said moneys available for that purpose as shall be actually
              received by the relevant Secured Creditor, Security Trustee or the
              Receiver and not required for whatever reason to be disgorged,
              such credit to date from the time of such receipt.

         12.3 SATISFACTION OF DEBTS

              Each Secured Creditor shall accept the distribution of moneys
              under this clause in full and final satisfaction of all Secured
              Moneys.

                                                                         page 33

         12.4 INVESTMENT OF FUNDS

              If the amount of the moneys at any time available for payment in
              respect of the Secured Documents in relation to the Securitisation
              Fund under clause 12.1 shall be less than the total amount then
              due in respect of the Secured Documents in relation to the
              Securitisation Fund, the Security Trustee may, at its discretion,
              invest such moneys upon some or one of the investments authorised
              under clause 12.5 with power from time to time similarly to vary
              such investments. Such investments with the resulting income
              therefrom shall be accumulated until the accumulations, together
              with any other funds for the time being under the control of the
              Security Trustee and available for such payment, shall amount to
              at least the total amount then due in respect of the Secured
              Documents in relation to the Securitisation Fund and then such
              accumulations and funds (after deduction of any Taxes applicable
              thereto) shall be applied as specified in clause 12.1.

         12.5 POWERS TO INVEST

              Any moneys received in or towards satisfaction of the Secured
              Moneys pending application pursuant to the provisions of this
              Deed, or surplus moneys which under this Deed ought to or may be
              invested by the Security Trustee, may be invested in the name or
              under the control of the Security Trustee in any Authorised
              Investments which may be selected by the Security Trustee and the
              Security Trustee may at any time vary or transpose any such
              investments for or into other such investments and shall not be
              responsible for any loss occasioned thereby, whether by
              depreciation in value or otherwise.

         12.6 LIMIT OF SECURITY TRUSTEE'S LIABILITY

              Notwithstanding anything to the contrary contained in this Deed
              (and subject only to clause 14) the Security Trustee shall be
              under no obligation to account to any Interested Person for any
              moneys received pursuant to the trusts of this Deed other than
              those received by the Security Trustee from the Issuing Trustee or
              received or recovered by the Security Trustee or the Receiver
              hereunder, subject always to such deductions and withholdings by
              the Security Trustee or the Receiver as are authorised by this
              Deed.

         12.7 AMOUNTS CONTINGENTLY DUE

              (a)  If at the time of a distribution of any money under clause
                   12.1 any part of the Secured Moneys is contingently owing to
                   any Secured Creditor, the Security Trustee, Receiver or
                   Attorney may retain an amount equal to the amount
                   contingently owing or any part of it.

              (b)  If the Security Trustee, Receiver or Attorney retains any
                   amount under clause 12.7(a) it must place that amount on
                   short-term interest bearing deposit which is an Authorised
                   Investment until the amount contingently owing becomes
                   actually due and payable or otherwise ceases to be
                   contingently owing at which time the Security Trustee,
                   Receiver or Attorney must:

                   (1)  pay to the Secured Creditor the amount which has become
                        actually due to it; and

                                                                         page 34

                   (2)  apply the balance of the amount retained, together with
                        any interest on the amount contingently owing, in
                        accordance with clause 12.1.

         12.8  NOTICE OF A SUBSEQUENT ENCUMBRANCE

               (a)  If the Security Trustee receives actual or constructive
                    notice of a subsequent Encumbrance, the Security Trustee:

                    (1)  may open a new account in the name of the Issuing
                         Trustee in its books; or

                    (2)  is regarded as having opened a new account in the name
                         of the Issuing Trustee in its books,

                    on the date it received or was regarded as having received
                    notice of the subsequent Encumbrance.

               (b)  From the date on which that new account is opened or
                    regarded as opened:

                   (1)  all payments made by the Issuing Trustee to the Security
                        Trustee; and

                   (2)  all financial accommodation and advances by the Security
                        Trustee to the Issuing Trustee,

                   are or are regarded as credited and debited, as the case may
                   be, to the new account.

              (c)  The payments by the Issuing Trustee under clause 12.8(b) must
                   be applied:

                   (1)  first, in reduction of the debit balance, if any, in the
                        new account; and

                   (2)  second, if there is no debit balance in the new account,
                        in reduction of the Secured Moneys which have not been
                        debited or regarded as debited to the new account.

         12.9  PAYMENTS INTO EURO ACCOUNT

               (a)  The Issuing Trustee must direct the Euro Currency Swap
                    Provider to pay all amounts denominated in Euro payable to
                    the Issuing Trustee by the Euro Currency Swap Provider under
                    the Euro Currency Swap into the Euro Account or to the
                    Principal Paying Agent.

               (b)  If the Issuing Trustee receives any amount denominated in
                    Euro from the Euro Currency Swap Provider under the Euro
                    Currency Swap it will promptly pay that amount to the credit
                    of the Euro Account or to the Principal Paying Agent.

         12.10 PAYMENTS OUT OF EURO ACCOUNT

               (a)  The Issuing Trustee must, or must require that the Paying
                    Agents on its behalf, pay all amounts credited to the Euro
                    Account as follows and in accordance with the Notes
                    Supplementary Bond Terms Notice for the Securitisation Fund
                    and the Note Trust Deed.

               (b)  All amounts credited to the Euro Account by the Euro
                    Currency Swap Provider in relation to a payment by the
                    Issuing Trustee under clause

                                                                         page 35

                    12.1(f)(2), will be applied pari passu to pay all Secured
                    Moneys owing to Class A2 Noteholders.

         12.11 PAYMENTS INTO US$ ACCOUNT

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

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

         12.12 PAYMENTS OUT OF US$ ACCOUNT

               (a)  The Issuing Trustee must, or must require that the Paying
                    Agents on its behalf, pay all amounts credited to the US$
                    Account as follows and in accordance with the Notes
                    Supplementary Bond Terms Notice for the Securitisation Fund
                    and the Note Trust Deed.

               (b)  All amounts credited to the US$ Account by the US Currency
                    Swap Provider in relation to a payment by the Issuing
                    Trustee under clause 12.1(f)(2), will be applied pari passu
                    to pay all Secured Moneys owing to Class A1 Noteholders.

         12.13 EXCLUDED AMOUNTS

               The following amounts shall not be treated as assets of the Trust
               available for distribution under clause 12.1:

               (a)  the proceeds of cash collateral lodged by the provider of an
                    Interest Hedge which are payable to that person under that
                    Interest Hedge;

               (b)  the proceeds of cash collateral lodged by the provider of a
                    Currency Swap which are payable to that person under that
                    Currency Swap; and

               (c)  the proceeds of any other cash collateral lodged by an
                    Enhancement Provider under an Enhancement which are payable
                    to the Enhancement Provider.

               This clause 12.13 shall not apply to the extent that the relevant
               moneys are applied in accordance with the relevant document to
               satisfy any obligation owed to the Issuing Trustee by the
               relevant Interest Hedge Provider, Currency Swap Provider or
               Enhancement Provider.

         12.14 PROPORTIONATE SHARING

               (a)  Whenever any Secured Creditor receives or recovers any money
                    in respect of any sum due from the Issuing Trustee under a
                    Secured Document in any way (including without limitation by
                    set-off) except those referred to in clause 12.13 or through
                    distribution by the Security Trustee under this Deed (the
                    RECEIVED MONEYS) after the Charge has been enforced:

                    (1)  the Secured Creditor must immediately notify the
                         Security Trustee;

                                                                         page 36

                    (2)  the Secured Creditor must immediately pay that money to
                         the Security Trustee (unless the Security Trustee
                         directs otherwise). As between each Class A Noteholder,
                         such payments (if any) are to be made pari passu and
                         rateably;

                    (3)  the Security Trustee must treat the payment as if it
                         were a payment by the Issuing Trustee on account of all
                         sums then payable to the Secured Creditors; and

                    (4)  (A)  the payment or recovery will be taken to have been
                              a payment for the account of the Security Trustee
                              and not to the Secured Creditor for its own
                              account, and to that extent the liability of the
                              Issuing Trustee to the Secured Creditor will not
                              be reduced by the recovery or payment, other than
                              to the extent of any distribution received by the
                              Secured Creditor under paragraph 12.14(a)(3); and

                         (B)  (without limiting sub-paragraph 12.14(a)(4)(A))
                              immediately on the Secured Creditor making or
                              becoming liable to make a payment under paragraph
                              12.14(a)(2), the Issuing Trustee shall indemnify
                              the Secured Creditor against the payment to the
                              extent that (despite sub-paragraph 12.14(a)(4)(A))
                              its liability has been discharged by the recovery
                              or payment.

               (b)  If a Secured Creditor receives or recovers any Received
                    Moneys, and does not pay that amount to the Security Trustee
                    under clause 12.14(a), the Security Trustee may retain out
                    of amounts which would otherwise be payable to the Secured
                    Creditor under this Deed any amounts which the Security
                    Trustee considers necessary to put all Secured Creditors in
                    the same position as if that Secured Creditor had complied
                    with, or been required to comply with, clause 12.14(a) and
                    the Security Trustee's obligation to apply monies to such
                    Secured Creditor shall be discharged to the extent of such
                    retention.

         12.15 CURRENCY INDEMNITY

               The Issuing Trustee shall indemnify each Secured Creditor against
               any deficiency which arises whenever, for any reason (including
               as a result of a judgement, order or Insolvency Event):

               (a)  that Secured Creditor receives or recovers an amount in one
                    currency (the PAYMENT CURRENCY) in respect of any amount
                    denominated under a Secured Document in another currency
                    (the DUE CURRENCY); and

               (b)  the amount actually received or recovered by that Secured
                    Creditor in accordance with its normal practice when it
                    converts the Payment Currency into the Due Currency is less
                    than the relevant amount of the Due Currency.

                                                                         page 37

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13       REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE

         13.1 FEE

              (a)  Upon and from the Charge becoming enforceable, the Security
                   Trustee shall be entitled from the proceeds of the Charged
                   Property by way of remuneration for the Security Trustee's
                   services hereunder to a fee being the time costs of the
                   employees of the Security Trustee during that period for the
                   time spent by such employees relating to the enforcement of
                   the Charge, and any matters incidental thereto, costed at the
                   rate then usually charged by the Security Trustee for the
                   services of such employees to external parties of the
                   Security Trustee.

              (b)  The Security Trustee's fee under sub-clause (a) shall be
                   payable in arrears for a given period on the same dates as
                   the Issuing Trustee's fee under the Master Trust Deed for the
                   Securitisation Fund.

         13.2 CESSATION OF FEE

              The Security Trustee shall not be entitled to remuneration
              pursuant to clause 13.1 in respect of any period after the Charge
              Release Date.

         13.3 EXPENSES

              The Issuing Trustee shall from the assets of the Fund pay or
              discharge all costs, charges, liabilities and expenses reasonably
              incurred by the Security Trustee in relation to the preparation
              and execution of this Deed including, but not limited to
              reasonable legal expenses and any stamp and other Taxes or duties
              paid by the Security Trustee in connection with the preparation
              and execution of this Deed.

         13.4 COSTS

              All costs, charges and expenses incurred and payments made by the
              Security Trustee in the lawful exercise of its Powers are payable
              or reimbursable by the Issuing Trustee within fourteen days
              following demand by the Security Trustee.

         13.5 INDEMNITY

              Subject to clause 26, the Issuing Trustee shall indemnify the
              Security Trustee and every or any Receiver, Attorney, or other
              person appointed under this Deed in respect of all liabilities and
              reasonable expenses (including Taxes) properly incurred by it or
              by any person appointed by it or to whom any duties, powers,
              trusts, authorities or discretions may be delegated by it in the
              execution or purported execution of any duties, powers, trusts,
              authorities or discretions vested in it hereby and against all
              liabilities, actions, proceedings, costs, claims and demands in
              respect of any matter or thing properly done or omitted in any way
              relating hereto. Failing due payment in accordance with the
              preceding provision of this clause, the Security Trustee may in
              priority to any payment to the Secured Creditors retain and pay
              out of any moneys in its hands upon the trusts of this Deed the
              amount of any such liabilities and expenses, and also any
              remuneration outstanding to the Security Trustee under this clause
              13.

                                                                         page 38

         13.6 NON-DISCHARGE

              Unless otherwise specifically stated in any discharge of the
              trusts of this Deed the provisions of this clause 13 shall
              continue in full force and effect despite such discharge.

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14       SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

         14.1 ADDITIONAL POWERS, PROTECTIONS, ETC.

              By way of supplement to any Statute regulating the conduct of the
              trusts contained in this Deed and in addition to the powers and
              rights which may from time to time be vested in the Security
              Trustee by the general law it is expressly declared as follows:

              (a)  (ACT ON PROFESSIONAL ADVICE): The Security Trustee may act on
                   the opinion or advice of, or information obtained from, any
                   lawyer, valuer, banker, broker, accountant or other expert
                   appointed by the Security Trustee and shall not be
                   responsible to any Interested Person for any loss occasioned
                   by so acting so long as the Security Trustee has exercised
                   good faith in respect of the appointment. Any such opinion,
                   advice or information may be sent or obtained by letter or
                   facsimile transmission and the Security Trustee shall not be
                   liable to any Interested Person for acting in good faith on
                   any opinion, advice or information purporting to be conveyed
                   by such means even though it shall contain some error which
                   is not a manifest error or shall not be authentic.

              (b)  (NO ENQUIRY): The Security Trustee shall not be bound to give
                   notice to any person of the execution hereof or to take any
                   steps to ascertain whether any Event of Default has happened
                   and, until it shall have actual knowledge or shall have
                   express notice to the contrary, the Security Trustee shall be
                   entitled to assume that no such Event of Default has happened
                   and that the Issuing Trustee is performing all its
                   obligations under this Deed and under the Secured Documents,
                   and that all other persons are performing all of the
                   obligations imposed on them under the Transaction Documents.

              (c)  (ACTS PURSUANT TO RESOLUTIONS): The Security Trustee shall
                   not be responsible for having acted in good faith upon any
                   resolution purporting to have been passed at any meeting of
                   the Secured Creditors in respect whereof minutes have been
                   made and signed even though it may subsequently be found that
                   there was some defect in the constitution of such meeting or
                   the passing of such resolution or that for any reason such
                   resolution was not valid or binding upon the Secured
                   Creditors.

              (d)  (DIRECTORS' CERTIFICATES): The Security Trustee may call for
                   and may accept as sufficient evidence of any fact or matter
                   or of the expediency of any dealing, transaction, step or
                   thing a certificate signed by any two directors or duly
                   authorised officers of the Issuing Trustee or the Manager as
                   to any fact or matter upon which the Security Trustee may, in
                   the exercise of any of its duties, powers, authorities and
                   discretions hereunder, require to be satisfied or to have
                   information to the effect that in the

                                                                         page 39

                   opinion of the person or persons so certifying any particular
                   dealing, transaction, step or thing is expedient and the
                   Security Trustee shall not be bound to call for further
                   evidence and shall not be responsible for any loss that may
                   be occasioned by acting on any such certificate.

              (e)  (CUSTODY OF DOCUMENTS): The Security Trustee may hold or
                   deposit this Deed and any deed or documents relating hereto
                   or to the Secured Documents with any banker or banking
                   company or entity whose business includes undertaking the
                   safe custody of deeds or documents or with any lawyer or firm
                   of lawyers believed by it to be of good repute and the
                   Security Trustee shall not be responsible for any loss
                   incurred in connection with any such holding or deposit and
                   may pay all sums to be paid on account of or in respect of
                   any such deposit.

              (f)  (DISCRETION): The Security Trustee shall, as regards all the
                   powers, trusts, authorities and discretions vested in it
                   hereby, have absolute and uncontrolled discretion as to the
                   exercise thereof and shall, subject to clause 14.4, be in no
                   way responsible to any Interested Person or any other person
                   for any loss, costs, damages, expenses or inconvenience which
                   may result from the exercise or non-exercise thereof.

              (g)  (EMPLOY AGENTS): Wherever it considers it expedient in the
                   interests of the Secured Creditors, the Security Trustee may,
                   instead of acting personally, employ and pay an agent
                   selected by it, whether or not a lawyer or other professional
                   person, to transact or conduct, or concur in transacting or
                   conducting any business and to do or concur in doing all acts
                   required to be done by the Security Trustee (including the
                   receipt and payment of money under this Deed). Any such agent
                   being a lawyer, banker, broker or other person engaged in any
                   profession or business shall be entitled to charge and be
                   paid all usual professional and other charges for business
                   transacted and acts done by him or any partner of his or by
                   his firm in connection with the trusts hereof and also his
                   reasonable charges in addition to disbursements for all other
                   work and business done and all time spent by him or his
                   partners or firm on matters arising in connection herewith
                   including matters which might or should have been attended to
                   in person by a trustee not being a lawyer, banker, broker or
                   other professional person.

              (h)  (DELEGATION): The Security Trustee may whenever it thinks it
                   expedient in the interests of Secured Creditors, delegate to
                   any person or fluctuating body of persons selected by it
                   (including, without limitation, a Related Body Corporate) all
                   or any of the duties, powers, trusts, authorities and
                   discretions vested in the Security Trustee by this Deed. Any
                   such delegation may be by power of attorney or in such other
                   manner as the Security Trustee may think fit and may be made
                   upon such terms and conditions (including power to
                   sub-delegate) as the Security Trustee may think fit. Except
                   for its own fraud, negligence or wilful default, the Security
                   Trustee is not liable for any loss incurred as a result of
                   any fraud, neglect, default or breach of duty by any of its
                   attorneys, agents or delegates where the appointment was made
                   in good faith, except where such attorney, agent or delegate
                   is a Related Body Corporate of the Security Trustee.

                                                                         page 40

              (i)  (DISCLOSURE): Subject to this Deed, the Security Trustee may
                   disclose to any Secured Creditor any confidential, financial
                   or other information made available to the Security Trustee
                   by the Issuing Trustee, the Manager, any other Interested
                   Person or any other person in connection with this Deed.

              (j)  (DETERMINATION): The Security Trustee, as between itself and
                   the Secured Creditors, shall have full power to determine all
                   questions and doubts arising in relation to any of the
                   provisions of this Deed and every such determination, whether
                   made upon such a question actually raised or implied in the
                   acts or proceedings of the Security Trustee, shall be
                   conclusive and shall bind the Security Trustee and the
                   Secured Creditors.

         14.2 SECURITY TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS

              The Security Trustee, any Related Body Corporate of the Security
              Trustee and any director or officer of the Security Trustee or of
              any Related Body Corporate of the Security Trustee shall not be
              precluded from subscribing for some or all of the Notes with or
              without a commission or other remuneration or from purchasing or
              otherwise acquiring, holding, dealing in or disposing of Notes, at
              any time from contracting or entering into any financial or other
              transactions with the Issuing Trustee, the Manager or any Related
              Body Corporate thereof or from being interested in any contract or
              transaction or from accepting and holding the office of trustee
              for the holders of any securities or interests of the Issuing
              Trustee, the Manager or any Related Body Corporate thereof and
              shall not be liable to account to any Interested Person for any
              profit made by it or him thereby or in connection therewith,
              provided that the Security Trustee, any Related Body Corporate of
              the Security Trustee and any director or officer of the Security
              Trustee or any Related Body Corporate of the Security Trustee
              shall, in connection with the above mentioned, act in utmost good
              faith in relation to the Interested Person.

         14.3 DUTIES OF THE SECURITY TRUSTEE

              The Security Trustee has no duties or responsibilities in its
              capacity as trustee other than those expressly set out in this
              Deed.

         14.4 SECURITY TRUSTEE LIABLE FOR NEGLIGENCE ETC.

              Subject to clause 14.5, nothing in this Deed shall, in any case
              where the Security Trustee has failed to comply with the terms of
              this Deed, or to show the degree of skill, care and diligence
              required of it as Security Trustee (having regard to the
              provisions of this Deed conferring on the Security Trustee any
              duties, powers, trusts, authorities or discretions) relieve or
              indemnify the Security Trustee from or against any liability which
              would otherwise attach to it in respect of any fraud, negligence
              or wilful default.

         14.5 RELIANCE ON EXPERTS

              The Security Trustee may act upon the opinion or statement or
              certificate or advice of or information obtained from any
              barrister, solicitor, banker, accountant, broker, valuer or other
              person believed by it in good faith to be expert or properly
              informed in relation to the matters upon which they are consulted
              and the Security Trustee shall not be liable for anything done or
              suffered by it in good faith in

                                                                         page 41

              reliance upon such opinion, statement, certificate, advice or
              information so long as the Security Trustee has exercised good
              faith in respect of the appointment.

         14.6 INFORMATION

              The Issuing Trustee and the Manager authorises:

              (a)  the Security Trustee to provide any Secured Creditor; and

              (b)  the Note Trustee and any Paying Agent to provide any Class A
                   Noteholder,

              with any information concerning the Securitisation Fund and Notes
              which may come into the possession of the Security Trustee or the
              Note Trustee (as the case may be). Save for the information which
              is required by any Transaction Document to be provided by it to
              the respective persons referred to in paragraph 14.6(a) or 14.6(b)
              (as the case may be), none of the Security Trustee, Note Trustee
              or Paying Agent need otherwise provide any other person with such
              information.

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15       RETIREMENT AND REMOVAL OF SECURITY TRUSTEE

         15.1 RETIREMENT

              The Security Trustee may retire at any time upon giving not less
              than three months' notice (or such shorter period as the Manager
              may agree) in writing to the Issuing Trustee, the Note Trustee,
              each Designated Rating Agency and the Manager without assigning
              any reason. The retiring Security Trustee will be responsible for
              any costs incurred as a result of a voluntary retirement.

         15.2 REMOVAL

              The Security Trustee may be removed:

              (a)  by the Manager after prior notice to each Designated Rating
                   Agency if any of the following occurs in relation to the
                   Security Trustee in its personal capacity:

                   (1)  the commencement of the winding up of the Security
                        Trustee;

                   (2)  the appointment of a receiver or administrator or
                        analogous person in respect of the whole or part of the
                        undertaking of the Security Trustee;

                   (3)  the cessation by the Security Trustee of its business;

                   (4)  a compromise or arrangement by the Security Trustee with
                        its creditors;

                   (5)  failure of the Security Trustee to remedy within
                        fourteen days after written notice by the Manager any
                        material breach of duty on the part of the Security
                        Trustee; or

                   (6)  if without the prior written consent of the Manager
                        there occurs:

                        (A)  a change in fifty-one per cent (or such other
                             percentage the Manager may in its absolute
                             discretion determine shall

                                                                         page 42

                             constitute a change in the effective control of the
                             Security Trustee) of the shareholding of the
                             Security Trustee existing at the date of this Deed
                             (whether occurring at one time or through a series
                             or succession of transfers or issues of shares);

                        (B)  a change in the effective management of the
                             Security Trustee as existing at the date of this
                             Deed such that the Security Trustee is no longer
                             able to fulfil its duties and obligations in
                             relation to the Charged Property; or

                        (C)  the establishment by any means of any trust under
                             which any third party becomes a beneficial owner of
                             any of the Security Trustee's rights under this
                             Deed,

                        and the determination of the Manager (acting bona fide
                        and reasonably) that any of these matters has occurred
                        shall be conclusive; and

                   (b)  at any time by an Extraordinary Resolution of the Voting
                        Secured Creditors.

         15.3 APPOINTMENT

              The power of appointing a new Security Trustee shall be vested in
              the Manager but no person shall be so appointed who shall not have
              previously been approved by an Extraordinary Resolution of the
              Voting Secured Creditors. Any appointment of a new Security
              Trustee shall as soon as practicable thereafter be notified by the
              Manager to the Secured Creditors.

         15.4 RETIREMENT OR REMOVAL EFFECTIVE

                   (a)  Subject to clause 15.4(b)), the retirement or removal of
                        the Security Trustee shall not become effective until a
                        new Security Trustee is appointed and the Manager has
                        received confirmation by the Designated Rating Agencies
                        that such appointment will not cause a downgrading,
                        qualification or withdrawal of the then current ratings
                        of the Notes.

                   (b)  If the Security Trustee gives notice pursuant to clause
                        15.1 and no new Security Trustee have been appointed by
                        the Manager prior to the expiry of this notice, the
                        retirement of the Security Trustee shall become
                        effective upon expiry of the notice given under clause
                        15.1 and the Manager shall act as an interim Security
                        Trustee until the new Security Trustee has been
                        appointed and the Manager has received confirmation by
                        the Designated Rating Agencies that such appointment
                        will not cause a downgrading, qualification or
                        withdrawal of the then current ratings of the Notes.

         15.5 VESTING OF PROPERTY IN SECURITY TRUSTEE

              The new Security Trustee shall forthwith upon appointment execute
              a deed in such form as the Manager may reasonably require whereby
              such new Security Trustee undertakes to the Secured Creditors
              jointly and severally to be bound by all the covenants and
              obligations on the part of the outgoing Security Trustee under
              this Deed from the date of such appointment and from such date the

                                                                         page 43

              outgoing Security Trustee will be absolved and released from all
              such covenants and obligations under this Deed in respect thereof
              (save in respect of any antecedent fraud, negligence or wilful
              default) and the new Security Trustee will and may thereafter
              exercise all the powers and enjoy all the rights and will be
              subject to all the duties and obligations of the Security Trustee
              under this Deed in respect thereof as fully as though the new
              Security Trustee had been originally named as a party to this
              Deed.

         15.6 RETENTION OF LIEN

              Notwithstanding any release of the outgoing Security Trustee under
              this clause, the outgoing Security Trustee shall remain entitled
              to the benefit of the indemnities granted by this Deed to the
              outgoing Security Trustee in respect of any liability, cost or
              other obligation incurred by it whilst acting as Security Trustee,
              as if it were still the Security Trustee under this Deed.

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16       MEETINGS OF SECURED CREDITORS

         16.1 MEETINGS REGULATED BY THE SCHEDULE

              The provisions of the Schedule shall apply to all meetings of
              Secured Creditors and to the passing of resolutions thereat.

         16.2 LIMITATION ON SECURITY TRUSTEE'S POWERS

              Save as provided for in this Deed, the Security Trustee shall not
              assent or give effect to any matter which a meeting of Secured
              Creditors is empowered by Extraordinary Resolution to do, unless
              the Security Trustee has previously been authorised to do so by an
              Extraordinary Resolution of Voting Secured Creditors.

         16.3 SECURITY TRUSTEE RIGHTS

              (a)  Despite any other provision of this Deed, for so long as the
                   Noteholder Secured Creditors are the only Voting Secured
                   Creditors they may direct the Security Trustee to do any act
                   or thing which the Security Trustee is required to do, or may
                   only do, at the direction of an Extraordinary Resolution of
                   Voting Secured Creditors including those acts or things
                   referred to in clause 12 of Schedule 1 and the Security
                   Trustee shall, subject to this Deed, comply with such
                   direction of the Noteholder Secured Creditors.

              (b)  Neither the Security Trustee nor the Manager may call a
                   meeting of Voting Secured Creditors while the Noteholder
                   Secured Creditors are the only Voting Secured Creditors,
                   unless the Noteholder Secured Creditors otherwise consent.

              (c)  Despite any other provision of this Deed, at any time while
                   an Event of Default subsists:

                   (1)  if the Noteholder Secured Creditors are not the only
                        Voting Secured Creditors; and

                                                                         page 44

                   (2)  if Noteholder Secured Creditors direct the Security
                        Trustee to enforce the Charge (whether in the case of
                        the Note Trustee directed to do so by the Class A
                        Noteholders or as it determines on behalf of the Class A
                        Noteholders),

                   the Security Trustee shall enforce the Charge under clause
                   7.2 as if directed to do so by an Extraordinary Resolution of
                   Voting Secured Creditors and clause 16.3(a) shall apply as if
                   the Noteholder Secured Creditors were the only Voting Secured
                   Creditors.

              (d)  The Security Trustee shall not be liable to any Secured
                   Creditor for acting, or not acting, on the directions of the
                   Noteholder Secured Creditors except where in so doing the
                   Security Trustee engages in any fraud, negligence or wilful
                   default.

              (e)  Any reference to the Noteholder Secured Creditors where:

                   (1)  they are the only Voting Secured Creditors; or

                   (2)  where the consent of the Noteholder Secured Creditors is
                        required under this Deed in relation to a discretion or
                        act of the Security Trustee,

                   means so many of the Noteholder Secured Creditors who
                   represent more than 50% of the aggregate of the Invested
                   Amount of the Class A Notes and the Class B Notes each
                   calculated and expressed in the A$ Equivalent.

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17       CONTINUING SECURITY AND RELEASES

         17.1 LIABILITY PRESERVED

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

         17.2 ISSUING TRUSTEE'S LIABILITY NOT AFFECTED

              This Deed and the liability of the Issuing Trustee hereunder shall
              not be affected or discharged by any of the following:

              (a)  (INDULGENCE): the granting to the Issuing Trustee or to any
                   other person of any time or other indulgence or
                   consideration;

              (b)  (DELAY IN RECOVERY): the Security Trustee failing or
                   neglecting to recover by the realisation of any other
                   security or otherwise any of the Secured Moneys;

              (c)  (LACHES): any other laches, acquiescence, delay, act,
                   omission or mistake on the part of the Security Trustee or
                   any other person; or

                                                                         page 45

              (d)  (RELEASE): the release, discharge, abandonment or transfer
                   whether wholly or partially and with or without consideration
                   of any other security judgment or negotiable instrument held
                   from time to time or recovered by the Security Trustee from
                   or against the Issuing Trustee or any other person.

         17.3 WAIVER BY ISSUING TRUSTEE

              The Issuing Trustee hereby waives in favour of the Security
              Trustee:

              (a)  all rights whatsoever against the Security Trustee and any
                   other person estate or assets so far as necessary to give
                   effect to anything in this Deed;

              (b)  promptness and diligence on the part of the Security Trustee
                   and any other requirement that the Security Trustee take any
                   action or exhaust any right against any other person before
                   enforcing this Deed; and

              (c)  all rights inconsistent with the provisions of this Deed
                   including any rights as to contribution or subrogation which
                   the Issuing Trustee might otherwise be entitled to claim or
                   enforce.

         17.4 NO NOTICE OR ENFORCEMENT

              It shall not be incumbent on the Security Trustee to give any
              notice of the Charge to any debtors of the Issuing Trustee or to
              any purchaser or any other person whomsoever or, subject to this
              Deed, to enforce payment of any moneys payable to the Issuing
              Trustee or to realise any of the Charged Property or to take any
              steps or proceedings for that purpose unless the Security Trustee
              thinks fit to do so.

         17.5 NO LIABILITY FOR LOSS

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

         17.6 NO LIABILITY TO ACCOUNT

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

         17.7 INDEMNITY REGARDING EXERCISE OF POWERS

              Without prejudice to the right of indemnity given to trustees by
              law, each of the Security Trustee and the Receiver shall be
              entitled to be indemnified out of the Charged Property in respect
              of all costs expenses liabilities and losses incurred by it in the
              execution or purported execution of the provisions hereof or of
              any of the powers vested in it pursuant to this Deed, including
              liabilities and expenses

                                                                         page 46

              consequent upon any mistake, oversight, error of judgment or want
              of prudence on the part of the Security Trustee or the Receiver
              and against all actions, proceedings, costs, claims and demands in
              respect of any matter or thing done or omitted in any way relating
              to the Charged Property unless any of the foregoing is due to
              actual fraud, negligence or wilful default of the Security Trustee
              and the Security Trustee may obtain and pay out of any moneys in
              its possession arising from the trusts or powers of this Deed all
              sums necessary to effect such indemnity.

         17.8 NO CONFLICT

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

              (a)  any duty owed by the Security Trustee or Receiver to any
                   other person; or

              (b)  the interests of the Security Trustee or Receiver.

         17.9 CONTRACT INVOLVING CONFLICT OF DUTY

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

         17.10 BENEFIT FOR RECEIVER ETC.

              The Security Trustee shall be deemed to have accepted the benefit
              of this clause 17 as agent for the Receiver and any attorney,
              agent or other person appointed hereunder or by the Security
              Trustee who are not parties to this Deed and the Security Trustee
              shall hold the benefit of such provisions on trust for the benefit
              of those grantees.

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18       ASSURANCE

         18.1 FURTHER ASSURANCE

              The Issuing Trustee shall procure that all persons having or
              claiming any estate or interest in the Charged Property or any
              part thereof shall from time to time and at all times hereafter
              upon the request of the Security Trustee and at the cost of the
              Issuing Trustee, make do and execute or cause to be made done and
              executed all such acts deeds and assurances whatsoever for more
              satisfactorily securing to the Security Trustee the payment of the
              Secured Moneys or for assuring or more satisfactorily assuring the
              Charged Property to the Security Trustee or as the Security
              Trustee may direct and in particular shall, whenever requested by
              the Security Trustee so to do, execute in favour of the Security
              Trustee such legal mortgages transfers assignments or other
              assurances of all or any part of the Charged Property in such form
              and containing such powers and provisions as the Security Trustee
              shall require.

                                                                         page 47

         18.2 POSTPONEMENT OR WAIVER OF ENCUMBRANCES

              The Manager and the Issuing Trustee shall if required by the
              Security Trustee forthwith cause:

              (a)  any Encumbrance (other than the Prior Interest) which has
                   arisen or which arises from time to time by operation of law
                   over the Charged Property in favour of any person including
                   the Issuing Trustee to be at the Security Trustee's option
                   postponed in all respects after and subject to this Deed or
                   to be otherwise discharged released or terminated; and

              (b)  any borrowing or other obligation secured by any such
                   Encumbrance at the Security Trustee's option to be waived
                   released paid or performed.

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19       PAYMENTS

         19.1 MONEYS REPAYABLE AS AGREED OR ON DEMAND

              In the absence of any agreement to the contrary, the Secured
              Moneys shall following the occurrence of an Event of Default be
              payable by the Issuing Trustee to the Security Trustee in Dollars
              immediately upon demand by the Security Trustee.

         19.2 NO SET-OFF OR DEDUCTION

              All payments by the Issuing Trustee of any moneys forming part of
              the Secured Moneys shall be free of any set-off or counterclaim
              and without deduction or withholding for any present or future
              Taxes unless the Issuing Trustee is compelled by law to deduct or
              withhold the same.

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20       DISCHARGE OF THE CHARGE

         20.1 RELEASE

              Upon the Manager providing a certificate to the Security Trustee
              stating that all Secured Moneys have been paid in full and that
              all the obligations have been performed, observed and fulfilled,
              including that all costs, charges, moneys and expenses incurred by
              or payable to or at the direction of the Security Trustee, the
              Receiver or any attorney appointed hereunder in respect of the
              Securitisation Fund have been paid (upon which certificate, the
              Security Trustee may rely conclusively) and upon adequate
              provision having been made to the reasonable satisfaction of the
              Security Trustee of all costs, charges, moneys and expenses
              reasonably likely thereafter to be incurred by or payable to or at
              the direction of the Security Trustee, the Receiver or any
              attorney appointed hereunder in respect of the Securitisation
              Fund, then the Security Trustee shall, subject to clause 20.2, at
              the request of the Manager or the Issuing Trustee, and at the cost
              of the Issuing Trustee, release the Charged Property from the
              Charge and this Deed.

                                                                         page 48

         20.2 CONTINGENT LIABILITIES

              The Security Trustee shall be under no obligation to grant a
              release of the Charge or this Deed in respect of the
              Securitisation Fund unless at the time such release is sought:

              (a)  none of the Secured Moneys in respect of the Securitisation
                   Fund are contingently or prospectively owing except where
                   there is no reasonable likelihood of the contingent or
                   prospective event occurring; and

              (b)  the Security Trustee has no contingent or prospective
                   liabilities in respect of the Securitisation Fund whether or
                   not there is any reasonable likelihood of such liabilities
                   becoming actual liabilities in respect of any bills, notes,
                   drafts, cheques, guarantees, letters of credit or other
                   instruments or documents issued, drawn, endorsed or accepted
                   by the Security Trustee for the account or at the request of
                   the Issuing Trustee for the Securitisation Fund.

         20.3 CHARGE REINSTATED

              If any claim is made by any person that any moneys applied in
              payment or satisfaction of the Secured Moneys must be repaid or
              refunded under any law (including, without limit, any law relating
              to preferences, bankruptcy, insolvency or the winding up of bodies
              corporate) and the Charge has already been discharged, the Issuing
              Trustee shall, at the Issuing Trustee's expense, promptly do,
              execute and deliver, and cause any relevant person to do, execute
              and deliver, all such acts and instruments as the Security Trustee
              may require to reinstate this Charge and this clause shall survive
              the discharge of the Charge unless the Security Trustee agrees
              otherwise in writing.

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21       AMENDMENT

         21.1 AMENDMENT BY SECURITY TRUSTEE

                  The Security Trustee, the Note Trustee and the Issuing Trustee
                  may, following the giving of at least 5 Banking Days' notice
                  to each Designated Rating Agency, and with the written
                  approval of the Manager and subject to clause 16.3, (and, if
                  the proposed alteration, addition or modification is or is
                  likely to be prejudicial to their interests) the Noteholder
                  Secured Creditors by way of supplemental deed alter, add to or
                  modify this Deed (including this clause 21) so long as such
                  alteration, addition or modification is:

              (a)  to correct a manifest error or ambiguity or is of a formal,
                   technical or administrative nature only;

              (b)  in the opinion of the Security Trustee necessary to comply
                   with the provisions of any Statute or regulation or with the
                   requirements of any Governmental Authority;

              (c)  in the opinion of the Security Trustee appropriate or
                   expedient as a consequence of an amendment to any Statute or
                   regulation or altered requirements of any Government Agency
                   (including, without limitation, an alteration, addition or
                   modification which is in the opinion of the

                                                                         page 49

                   Security Trustee appropriate or expedient as a consequence of
                   the enactment of a Statute or regulation or an amendment to
                   any Statute or regulation or ruling by the Commissioner or
                   Deputy Commissioner of Taxation or any governmental
                   announcement or statement, in any case which has or may have
                   the effect of altering the manner or basis of taxation of
                   trusts generally or of trusts similar to the Securitisation
                   Fund);

              (d)  in the opinion of the Security Trustee neither prejudicial
                   nor likely to be prejudicial to the interests of the Secured
                   Creditors as a whole or any class of Secured Creditors; or

              (e)  such that it does not adversely affect the rating of the
                   Notes by each Designated Rating Agency in respect of the
                   Securitisation Fund and the Notes.

         21.2 AMENDMENT WITH CONSENT

              Where in the opinion of the Security Trustee a proposed
              alteration, addition or modification to this Deed, save and except
              an alteration, addition or modification referred to in clause
              21.1, is prejudicial or likely to be prejudicial to the interests
              of Secured Creditors as a whole or any class of Secured Creditors,
              the Security Trustee and the Trustee may make such alteration,
              addition or modification if sanctioned by an Extraordinary
              Resolution of the Voting Secured Creditors or relevant class of
              Secured Creditors (as the case requires).

         21.3 DISTRIBUTION OF AMENDMENTS

              The Manager shall distribute to all Secured Creditors and each
              Designated Rating Agency a copy of any amendment made pursuant to
              clause 21.1 or 21.2 as soon as reasonably practicable after the
              amendment has been made.

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22       EXPENSES, STAMP DUTIES AND REGISTRATION

         22.1 EXPENSES

              The Issuing Trustee shall on demand reimburse the Security Trustee
              and the Note Trustee for and keep the Security Trustee and the
              Note Trustee indemnified against all expenses including legal
              costs and disbursements (on a solicitor/own client basis) incurred
              by the Security Trustee and the Note Trustee in connection with:

              (a)  the preparation and execution of this Deed and any subsequent
                   consent, agreement, approval or waiver hereunder or amendment
                   hereto;

              (b)  the exercise, enforcement, preservation or attempted exercise
                   enforcement or preservation of any rights under this Deed
                   including without limitation any expenses incurred in the
                   evaluation of any matter of material concern to the Security
                   Trustee; and

              (c)  any enquiry by a Government Agency concerning the Issuing
                   Trustee or the Charged Property or a transaction or activity
                   the subject of the Secured Documents.

                                                                         page 50

         22.2 STAMP DUTIES

              (a)  Except to the extent contemplated by clause 3.4 of the Note
                   Trust Deed, the Issuing Trustee shall pay (and reimburse each
                   Secured Creditor for any such amounts paid by it) all stamp,
                   loan, transaction, registration and similar Taxes including
                   fines and penalties, financial institutions duty and federal
                   debits tax which may be payable to or required to be paid by
                   any appropriate authority or determined to be payable in
                   connection with the execution, delivery, performance or
                   enforcement of this Deed or any payment, receipt or other
                   transaction contemplated herein.

              (b)  The Issuing Trustee shall indemnify the Security Trustee and
                   the Note Trustee against any loss or liability incurred or
                   suffered by it as a result of the delay or failure by the
                   Issuing Trustee to pay such Taxes.

         22.3 REGISTRATION

                  The Issuing Trustee shall at its own expense ensure that this
                  Deed is registered to the extent and within such time limits
                  as may be prescribed by law so as to ensure the full efficacy
                  of this Deed as a security to the Security Trustee in all
                  jurisdictions in which any part of the Charged Property may
                  now or at any time during the continuance of this Deed be
                  located, in which the Issuing Trustee may carry on any
                  business or in which the Issuing Trustee is or may become
                  resident or registered.

         22.4 GOODS AND SERVICES TAX IN RELATION TO THE SECURITY TRUSTEE

              (a)  The fees payable to the Security Trustee referred to in
                   clause 13.1 are exclusive of GST.

              (b)  In relation to any supply by the Security Trustee under this
                   deed, the fee payable will be adjusted:

                   (1)  by the net increase or decrease in the costs to the
                        Security Trustee of making the supply arising from the
                        New Tax System Changes (including any GST payable on the
                        supply); and

                   (2)  to take into account any changes in the rate of GST
                        payable pursuant to the A New Tax System (Goods and
                        Services Tax Imposition - General) Act 1999.

                   The Security Trustee may not exercise its rights under this
                   clause 22.4(b) unless it has received a confirmation from
                   each Designated Rating Agency (if any) confirming the rating
                   given by it in respect of the Notes. Such confirmation may be
                   given prior to the issue of the Notes but no subsequent
                   adjustment may be made until a further confirmation has been
                   obtained.

              (c)  If the Security Trustee is entitled under this deed to be
                   reimbursed or indemnified by any other party for a liability,
                   loss cost or expense incurred in connection with this deed,
                   the reimbursement or indemnity payment must not include any
                   GST component of the cost or expense for which an input tax
                   credit may be properly claimed by the party entitled to be
                   reimbursed or indemnified, or by its representative member.

              (d)  For the purposes of this clause New Tax System Changes means:

                                                                         page 51

                   (1)  the amendment of the Sales Tax (Exemption and
                        Classifications) Act 1992 made by the A New Tax System
                        (Goods and Services Tax Transition) Act 1999;

                   (2)  the ending of sales tax, as provided for in the A New
                        Tax System (End of Sales Tax) Act 1999;

                   (3)  the imposition of the GST; and

                   (4)  any other changes (including changes to Commonwealth,
                        State or Territory laws) prescribed by the Trade
                        Practices Regulations for the purposes of the definition
                        of New Tax System Changes in Trade Practices Act 1974.

         22.5 INDEMNITY

              Subject to this Deed and without prejudice to any right of
              indemnity given by law, the Security Trustee, the Manager, the
              Note Trustee, the Receiver or attorney or other person appointed
              under this Deed (including, without limitation, any person
              appointed by the Security Trustee, the Manager, the Note Trustee
              or the Receiver or any person to whom any duties, powers, trusts,
              authorities or discretions may be delegated by the Security
              Trustee, the Manager, the Note Trustee or the Receiver)
              ('APPOINTEE') will be indemnified by the Issuing Trustee against
              all loss, liabilities and expenses reasonably and properly
              incurred by the Security Trustee, the Manager, the Note Trustee,
              the Receiver, attorney or appointee (as the case may be) in the
              execution or purported execution of any duties, powers, trusts,
              authorities or discretions vested in such persons pursuant to this
              Deed, including, without limitation, all liabilities and expenses
              consequent upon any mistake or oversight, error of judgment or
              want of prudence on the part of such persons and against all
              actions, proceedings, costs, claims and demands in respect of any
              matter or thing properly done or omitted in any way relating to
              this Deed, unless any of the foregoing is due to actual fraud,
              negligence or wilful default on the part of the Security Trustee,
              the Manager, the Note Trustee, the Receiver, attorney or appointee
              (as the case may be). The Security Trustee may in priority to any
              payment to the Secured Creditors retain and pay out of any moneys
              in its hands upon the trusts of this Deed all sums necessary to
              effect such indemnity including, without limitation, the amount of
              any such liabilities and expenses, and also any remuneration
              outstanding to the Security Trustee under clause 13.1.

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23       GOVERNING LAW AND JURISDICTION

         23.1 GOVERNING LAW

              This Deed shall be governed by and construed in accordance with
              the laws of the State of New South Wales.

         23.2 JURISDICTION

              (a)  The Issuing Trustee, the Security Trustee, the Manager and
                   the Secured Creditors each irrevocably submits to and accepts
                   generally and unconditionally the non-exclusive jurisdiction
                   of the Courts and appellate Courts of the State of New South
                   Wales with respect to any legal action or

                                                                         page 52

                   proceedings which may be brought at any time relating in any
                   way to this Deed.

              (b)  The Issuing Trustee, the Security Trustee, the Manager and
                   the Secured Creditors each irrevocably waives any objection
                   it may now or in the future have to the venue of any such
                   action or proceedings and any claim it may now or in the
                   future have that any such action or proceedings have been
                   brought in an inconvenient forum.

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24       NOTICES

         24.1 SERVICE OF NOTICES

              Every notice or other communication of any nature whatsoever
              required to be served given or made under or arising from this
              Deed:

              (a)  shall be in writing in order to be valid;

              (b)  shall be deemed to have been duly served, given or made to a
                   person if it is:

                   (1)  in the case of a party to this Deed:

                        (A)  delivered to the address of that party;

                        (B)  posted by prepaid post to such address; or

                        (C)  sent by facsimile to the facsimile number of that
                             party; or

                   (2)  in the case of a Bondholder: delivered or posted by
                        pre-paid mail to the address of such Bondholder then
                        appearing on the Register;

              (c)  shall be sufficient if executed by the party giving serving
                   or making the same or on its behalf by any attorney,
                   director, secretary other duly authorised officer or
                   solicitor of such party; and

              (d)  shall be deemed to be given, served or made:

                   (1)  (in the case of prepaid registered post within
                        Australia) within 3 Banking Days of posting;

                   (2)  (in the case of prepaid international registered post)
                        within 7 Banking Days of posting;

                   (3)  (in the case of facsimile) on receipt of a transmission
                        report confirming successful receipt at the conclusion
                        of the transmission; and

                   (4)  (in the case of delivery by hand) on delivery.

         24.2 ADDRESSES

              The address and facsimile number of each of the Security Trustee,
              the Note Trustee, the Issuing Trustee and the Manager for the
              purposes of clause 24.1 shall be as follows until the party
              concerned notifies in writing all other parties hereto of any
              variation thereto:

                                                                         PAGE 53

              ISSUING TRUSTEE

                   Address:      Perpetual Trustees Australia Limited Level 7, 9
                                 Castlereagh Street Sydney NSW 2000

                   Facsimile No: (02) 9221 7870

                   Attention:    Head of Debt Markets/Manager - Securitisation

              MANAGER

                   Address:      ME Portfolio Management Limited Level 23, 360
                                 Collins Street, Melbourne, VIC, 3000

                   Facsimile     No: (03) 9605 6200

                   Attention:    Manager - Capital Markets

              SECURITY TRUSTEE

                   Address:      Perpetual Trustee Company Limited Level 7, 9
                                 Castlereagh Street, Sydney, NSW 2000

                   Facsimile     No: (02) 9221 7870

                   Attention:    Head of Debt Markets/Manager - Securitisation

              NOTE TRUSTEE

                   Address:      The Bank of New York 101 Barclay Street, Floor
                                 21 West, New York, NY United States of America

                   Facsimile     No: (0011) 1 212 815 5915

                   Attention:    Global Structured Finance

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25       MISCELLANEOUS

         25.1  ASSIGNMENTS

              Subject to clause 15, neither the Issuing Trustee nor the Security
              Trustee shall assign any of its rights or obligations hereunder
              without the prior written consent of the Manager, the Note Trustee
              and each Designated Rating Agency.

         25.2  CERTIFICATE OF SECURITY TRUSTEE

              A certificate in writing signed by an officer of the Security
              Trustee certifying the amount payable by the Issuing Trustee to
              the Security Trustee or to the Secured Creditors or stating any
              other act, matter or thing relating to this Deed shall be
              conclusive and binding on the Issuing Trustee in the absence of
              manifest error on the face of the certificate.

         25.3  CONTINUING OBLIGATION

              This Deed shall be a continuing obligation notwithstanding any
              settlement of account intervening payment express or implied
              revocation or any other matter or

                                                                         page 54

              thing whatsoever until a final discharge thereof has been given to
              the Issuing Trustee.

         25.4  SETTLEMENT CONDITIONAL

              Any settlement or discharge between the Issuing Trustee and the
              Security Trustee shall be conditional upon any security or payment
              given or made to the Security Trustee by the Issuing Trustee or
              any other person in relation to the Secured Documents or the
              Secured Moneys not being avoided repaid or reduced by virtue of
              any provision or enactment relating to bankruptcy insolvency or
              liquidation for the time being in force and, in the event of any
              such security or payment being so avoided repaid or reduced the
              Security Trustee shall be entitled to recover the value or amount
              of such security or payment avoided, repaid or reduced from the
              Issuing Trustee subsequently as if such settlement or discharge
              had not occurred.

         25.5  NO MERGER

              Neither this Deed nor any of the Security Trustee's or the
              Receiver's powers shall merge or prejudicially affect nor be
              merged in or prejudicially affected by and the Issuing Trustee's
              obligations hereunder shall not in any way be abrogated or
              released by any other security any judgment or order any contract
              any cause of action or remedy or any other matter or thing now or
              hereafter existing in respect of the Secured Moneys.

         25.6  INTEREST ON JUDGMENT

              If a liability under this Deed (other than a liability for
              negligence, fraud or wilful default of the Issuing Trustee under
              the Secured Documents) becomes merged in a judgment or order then
              the Issuing Trustee as an independent obligation shall pay
              interest to the Security Trustee on the amount of that liability
              at a rate being the higher of the rate payable pursuant to the
              judgment or order and the highest rate payable on the Secured
              Moneys from the date it becomes payable until it is paid.

         25.7  NO POSTPONEMENT

              The Security Trustee's rights under this Deed shall not be
              discharged, postponed or in any way prejudiced by any subsequent
              Encumbrance nor by the operation of the rules known as the rule in
              Hopkinson v Rolt or the rule in Claytons Case.

         25.8  SEVERABILITY OF PROVISIONS

              Any provision of this Deed which is illegal void or unenforceable
              shall be ineffective to the extent only of such illegality
              voidness or unenforceability without invalidating the remaining
              provisions hereof.

         25.9  REMEDIES CUMULATIVE

              The rights and remedies conferred by this Deed upon the Security
              Trustee and the Receiver are cumulative and in addition to all
              other rights or remedies available to the Security Trustee or the
              Receiver by Statute or by general law.

                                                                         page 55

         25.10 WAIVER

               A failure to exercise or enforce or a delay in exercising or
               enforcing or the partial exercise or enforcement of any right
               remedy power or privilege hereunder by the Security Trustee shall
               not in any way preclude or operate as a waiver of any further
               exercise or enforcement thereof or the exercise or enforcement of
               any other right remedy power or privilege hereunder or provided
               by law.

         25.11 CONSENTS AND APPROVALS

               Where any act matter or thing hereunder depends on the consent or
               approval of the Security Trustee then unless expressly provided
               otherwise herein such consent or approval may be given or
               withheld in the absolute and unfettered discretion of the
               Security Trustee and may be given subject to such conditions as
               the Security Trustee thinks fit in its absolute and unfettered
               discretion.

         25.12 WRITTEN WAIVER, CONSENT AND APPROVAL

               Any waiver consent or approval given by the Security Trustee
               under this Deed shall only be effective and shall only bind the
               Security Trustee if it is given in writing or given verbally and
               subsequently confirmed in writing and executed by the Security
               Trustee or on its behalf by an officer for the time being of the
               Security Trustee.

         25.13 TIME OF ESSENCE

               Time is of the essence in respect of the Issuing Trustee's
               obligations hereunder.

         25.14 MORATORIUM LEGISLATION

               To the fullest extent permitted by law, the provisions of all
               Statutes operating directly or indirectly:

               (a)  to lessen or otherwise to vary or affect in favour of the
                    Issuing Trustee any obligation under this Deed; or

               (b)  to delay or otherwise prevent or prejudicially affect the
                    exercise of any powers conferred on the Security Trustee or
                    the Receiver under this Deed,

               are hereby expressly waived negatived and excluded.

         25.15 DEBIT ACCOUNTS

               The Issuing Trustee authorises the Security Trustee at any time
               after the Charge becomes enforceable pursuant to the provisions
               of this Deed, to apply without prior notice any credit balance
               whether or not then due to which the Issuing Trustee is at any
               time entitled on any account at any office of the Security
               Trustee in or towards satisfaction of any sum then due and unpaid
               from the Issuing Trustee to the Security Trustee under this Deed
               or on any other account whatsoever and the Issuing Trustee
               further authorises the Security Trustee without prior notice to
               set-off any amount owing whether present or future actual
               contingent or prospective and on any account whatsoever by the
               Security Trustee to the Issuing Trustee against any of the
               Secured Moneys. The Security Trustee shall not be obliged to
               exercise any of its rights under this clause, which shall be
               without prejudice and in addition to any right of set-off
               combination of accounts

                                                                         page 56

               lien or other right to which it is at any time otherwise entitled
               whether by operation of law contract or otherwise.

         25.16 BINDING ON EACH SIGNATORY

               This Deed shall bind each of the signatories hereto
               notwithstanding that any one or more of the named parties hereto
               does not execute this Deed, that there is any invalidity forgery
               or irregularity touching any execution hereof or that this Deed
               is or becomes unenforceable void or voidable against any such
               named party.

         25.17 COUNTERPARTS

               This Deed may be executed in a number of counterparts and all
               such counterparts taken together shall be deemed to constitute
               one and the same instrument.

         25.18 CERTIFICATE OF AMOUNT OF SECURED MONEYS ETC

               A certificate signed by a director, secretary or manager of the
               Security Trustee will be sufficient evidence against the Issuing
               Trustee and the Secured Creditors, in the absence of manifest
               error or proof to the contrary:

               (a)  as to the amount of the Secured Moneys stated in the
                    certificate;

               (b)  that a person specified in that certificate is a Secured
                    Creditor;

               (c)  that a document specified in the certificate is a Secured
                    Document; and

               (d)  that the Security Trustee is of the opinion stated in the
                    certificate.

         25.19 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.

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26       TRUSTEES' LIABILITY

         26.1  LIMITATION ON ISSUING TRUSTEE'S LIABILITY

               (a)  Clause 26 of the Master Trust Deed applies to the
                    obligations and liabilities of the Issuing Trustee and the
                    Manager under this deed.

               (b)  The Issuing Trustee enters into the Transaction Documents
                    and issues the Notes in its capacity as trustee of the
                    Securitisation Fund and in no other capacity (except where
                    the Transaction Documents provide otherwise). Subject to
                    clause 26.1(d) below, a liability arising under or in
                    connection with the Notes, the Transaction Documents or the
                    Securitisation Fund is limited to and can be enforced
                    against the Issuing Trustee only to the extent to which it
                    can be satisfied out of the assets and property of the
                    Securitisation Fund which are available to satisfy the right
                    of the Issuing Trustee to be exonerated or indemnified for
                    the liability. This limitation of the Issuing Trustee's
                    liability applies despite any other provision of the
                    Transaction Documents (other than clause 12.1 of the Note
                    Trust Deed) and extends to all liabilities and obligations
                    of the Issuing Trustee in any way connected with any
                    representation, warranty, conduct, omission,

                                                                         page 57

                    agreement or transaction related to the Notes, the
                    Transaction Documents or the Securitisation Fund.

               (c)  Subject to clause 26.1(d) below, no person (including any
                    Relevant Party) may take action against the Issuing Trustee
                    in any capacity other than as trustee of the Securitisation
                    Fund or seek the appointment of a receiver (except in
                    relation to property of the Securitisation Fund), or a
                    liquidator, an administrator or any similar person to the
                    Issuing Trustee or prove in any liquidation, administration
                    or arrangement of or affecting the Issuing Trustee except in
                    relation to the assets of the Securitisation Fund.

               (d)  The provisions of this clause 26.1 shall not apply to any
                    obligation or liability of the Issuing Trustee to the extent
                    that it is not satisfied because under a Transaction
                    Document or by operation of law there is a reduction in the
                    extent of the Issuing Trustee's indemnification or
                    exoneration out of the assets of the Securitisation Fund, as
                    a result of the Issuing Trustee's fraud, negligence or
                    wilful default and will not apply to any obligation or
                    liability of the Issuing Trustee to pay amounts from its
                    personal funds pursuant to clause 12.1 of the Note Trust
                    Deed.

               (e)  It is acknowledged that the Relevant Parties are responsible
                    under this deed or the other Transaction Documents for
                    performing a variety of obligations relating to the
                    Securitisation Fund. No act or omission of the Issuing
                    Trustee (including any related failure to satisfy its
                    obligations under this Deed) will be considered fraud,
                    negligence or wilful default of the Issuing Trustee for the
                    purpose of clause 26.1(d) above to the extent to which the
                    act or omission was caused or contributed to by any failure
                    by any Relevant Party or any other person who has been
                    delegated or appointed by the Issuing Trustee in accordance
                    with the Transaction Documents to fulfil its obligations
                    relating to the Securitisation Fund or by any other act or
                    omission of a Relevant Party or any other person.

               (f)  No attorney, agent, delegate, receiver or receiver and
                    manager appointed in accordance with this deed or any other
                    Transaction Documents has authority to act on behalf of the
                    Issuing Trustee in a way which exposes the Issuing Trustee
                    to any personal liability and no act or omission of any such
                    person will be considered fraud, negligence or wilful
                    default of the Issuing Trustee for the purposes of clause
                    26.1(d).

               (g)  The Issuing Trustee is not obliged to do or refrain from
                    doing anything under this Deed (including incur any
                    liability) unless the Issuing Trustee's liability is limited
                    in the same manner as set out in paragraphs (b) to (d) of
                    this clause 26.1.

               (h)  For the purposes of this clause 26.1, "Relevant Parties"
                    means each party to a Transaction Document other than the
                    Issuing Trustee.

         26.2  LIMITATION ON SECURITY TRUSTEE'S LIABILITY

               Notwithstanding any other provision of this Deed, the Security
               Trustee will have no liability under or in connection with this
               Deed or any other Secured Document other than to the extent to
               which the liability is able to be satisfied out of the property
               from which the Security Trustee is actually indemnified for the
               liability. This limitation will not apply to a liability of the
               Security Trustee to the extent

                                                                         page 58

               that it is not satisfied because, under this Deed or by operation
               of law, there is a reduction in the extent of the Security
               Trustee's indemnification as a result of the Security Trustee's
               fraud, negligence or wilful default. Nothing in this clause or
               any similar provision in any other Secured Document limits or
               adversely affects the powers of the Security Trustee, any
               Receiver or attorney in respect of the Charge or the Charged
               Property.

         26.3  RIGHTS AGAINST CHARGED PROPERTY PRESERVED

               The Charged Property shall secure to the Security Trustee, and
               the Security Trustee shall have recourse to the Charged Property
               for, all of the liabilities of the Issuing Trustee to the Secured
               Creditors under the Secured Documents notwithstanding that at
               general law, under statute or under the Master Trust Deed the
               Issuing Trustee shall not have properly incurred such liability
               as Issuing Trustee or not have a right of indemnity in relation
               thereto from the Charged Property or has failed to execute that
               degree of care, diligence and prudence required of a trustee
               (including, without limiting the generality of the foregoing any
               fraud, negligence or breach of trust).

         26.4  WAIVER OF PERSONAL LIABILITY

               Except in the case of fraud, negligence or wilful default on the
               part of the Issuing Trustee in its capacity as Issuing Trustee
               each of the Manager and Security Trustee severally waives its
               rights and releases the Issuing Trustee from any personal
               liability whatsoever, for any loss or damage whatsoever in any
               way arising in respect of:

               (a)  the Secured Moneys; or

               (b)  this Deed

               which cannot be paid or satisfied out of the Charged Property.

         26.5  RESTRICTED REMEDIES

               Except as provided in clauses 26.1(d) and 26.2, the Security
               Trustee shall not, in respect of this Deed:

               (a)  (JUDGMENT) obtain a judgment for the payment of money or
                    damages by the Issuing Trustee;

               (b)  (STATUTORY DEMAND) issue any demand under s459E(1) of the
                    Corporations Act (or any analogous provision under any other
                    law) against the Issuing Trustee;

               (c)  (WINDING UP) apply for the winding up or dissolution of the
                    Issuing Trustee;

               (d)  (EXECUTION) levy or enforce any distress or other execution
                    to, on, or against any assets of the Issuing Trustee;

               (e)  (COURT APPOINTED RECEIVER) apply for the appointment by a
                    court of a receiver to any of the assets of the Issuing
                    Trustee;

               (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
                    set-off or counterclaim against the Issuing Trustee; or

                                                                         page 59

               (g)  (ADMINISTRATOR) appoint, or agree to the appointment, of any
                    administrator to the Issuing Trustee,

               or take proceedings for any of the above and the Security Trustee
               waives its rights to make those applications and take those
               proceedings.

               A reference to the Issuing Trustee in this clause 26.5 is to the
               Issuing Trustee in its personal capacity and not as trustee of
               the Securitisation Fund.

         26.6  WILFUL DEFAULT OF THE ISSUING TRUSTEE

               For the purposes of this Deed the expression "wilful default":

               (a)  in relation to the Issuing Trustee, means a wilful default
                    of this Deed by the Issuing Trustee

                    (1)  other than a default which:

                         (A)  arises out of a breach of a Transaction Document
                              by a person other than the Issuing Trustee or any
                              person referred to in paragraph 26.6(b) in
                              relation to the Issuing Trustee;

                         (B)  arises because some other act or omission is a
                              precondition to the relevant act or omission of
                              the Issuing Trustee, 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

                    (2)  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) in complying with this Deed from the
                         Fund.

               (b)  A reference to the "fraud", "negligence" or "wilful default"
                    of the Issuing Trustee means the fraud, negligence or wilful
                    default of the Issuing Trustee and of its officers or
                    employees, but not of its agents or delegates, unless the
                    Issuing Trustee is liable for the acts or omissions of such
                    other person under the terms of this Deed.

         26.7  WILFUL DEFAULT OF THE SECURITY TRUSTEE

               For the purposes of this Deed the expression "wilful default":

               (a)  in relation to the Security Trustee, means a wilful default
                    of this Deed by the Security Trustee

                    (1)  other than a default which:

                         (A)  arises out of a breach of a Transaction Document
                              by a person other than the Security Trustee or any
                              person referred to in paragraph 26.7(b) in
                              relation to the Security Trustee;

                                                                         page 60

                         (B)  arises because some other act or omission is a
                              precondition to the relevant act or omission of
                              the Security Trustee, 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

                    (2)  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) in complying with this Deed from the
                         Fund.

(b)                       A reference to the "fraud", "negligence" or "wilful
                          default" of the Security Trustee means the fraud,
                          negligence or wilful default of the Security Trustee
                          and of its officers or employees, but not of its
                          agents or delegates, unless the Security Trustee is
                          liable for the acts or omissions of such other person
                          under the terms of this Deed.

         26.8  WILFUL DEFAULT OF THE NOTE TRUSTEE

                  For the purposes of this Deed the expression "wilful default":

(a)                       in relation to the Note Trustee, means a wilful
                          default of this Deed by the Note Trustee

                    (1)  other than a default which:

                         (A)  arises out of a breach of a Transaction Document
                              by a person other than the Note Trustee or any
                              person referred to in paragraph 26.8(b) in
                              relation to the Note Trustee;

                         (B)  arises because some other act or omission is a
                              precondition to the relevant act or omission of
                              the Note Trustee, 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

                    (2)  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) in complying with this Deed from the
                         Fund.

               (b)  A reference to the "fraud", "negligence" or "wilful default"
                    of the Note Trustee means the fraud, negligence or wilful
                    default of the Note Trustee and of its officers or
                    employees, but not of its agents or delegates, unless the
                    Note Trustee is liable for the acts or omissions of such
                    other person under the terms of this Deed.

                                                                         page 61

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27       PRIVACY

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

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

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

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

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

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

                    (2)  in addition to the obligation under clause 27(b) above,
                         it will comply with the Privacy Act 1988 (as amended by
                         the Privacy Amendment (Private Sector) Act 2000 and all
                         applicable regulations, principles, standards, codes of
                         conduct or guidelines concerning the handling of
                         Personal Information under that Act or with any request
                         or direction arising directly from or in connection
                         with the proper exercise of the functions of the
                         Privacy Commissioner.

               (d)  In this clause 27 "Personal Information" has the same
                    meaning as in the Privacy Act 1988.

               (e)  Notwithstanding anything else contained in this clause 27,
                    paragraphs 27(a) to 27(c) above do not apply to the Note
                    Trustee, the Principal Paying Agent, the Calculation Agent
                    or the Note Registrar. Each of the Note Trustee, the
                    Principal Paying Agent, the Calculation Agent and the Note
                    Registrar agrees to comply with all privacy legislation
                    applicable to it.

                                                                         page 62

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SCHEDULE 1 - MEETINGS PROCEDURES

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1        DEFINITIONS AND INCORPORATION OF TERMS

              (a)  In this Schedule, unless the context indicates a contrary
                   intention:

                   (1)  words and expressions which are defined in clause 1.1 of
                        the above mentioned Security Trust Deed (the "SECURITY
                        TRUST DEED") or which are defined by virtue of clause
                        1.2 of the Security Trust Deed have the same meanings in
                        this Schedule; and

                   (2)  a "holder" in relation to Secured Moneys shall be
                        construed as meaning a Bondholder (as defined in the
                        Master Trust Deed) in relation to any outstanding Notes.

              (b)  The provisions of this Schedule regarding a meeting of the
                   Voting Secured Creditors shall apply, mutatis mutandis, to a
                   meeting of any class of Voting Secured Creditors.

2        CONVENING OF MEETINGS
--------------------------------------------------------------------------------

              (a)  GENERALLY

                   (1)  Subject to clause 16.3 of the Security Trust Deed the
                        Security Trustee or the Manager at any time may convene
                        a meeting of the Voting Secured Creditors.

                   (2)  Subject to clause 16.3 of the Security Trust Deed and
                        subject to the Security Trustee being indemnified to its
                        reasonable satisfaction against all costs and expenses
                        occasioned thereby, the Security Trustee shall convene a
                        meeting of the Voting Secured Creditors if requested to
                        do so:

                        (A)  by the Issuing Trustee;

                        (B)  in the case of a meeting to consider the initial
                             enforcement of this Deed following the occurrence
                             of an Event of Default where a meeting has not been
                             convened by the Security Trustee in accordance with
                             clause 8.5 of the Security Trust Deed, by Voting
                             Secured Creditors being holders of not less than
                             10% of the then Secured Moneys calculated and
                             expressed in the A$ Equivalent; and

                        (C)  in the case of a meeting following the enforcement
                             of this Deed or a meeting to consider any matter
                             which does not relate to the actual enforcement of
                             this Deed, by Voting Secured Creditors being
                             holders of not less than 10% of the then Secured
                             Moneys calculated and expressed in the A$
                             Equivalent.

              (b)  TIME AND PLACE

                                                                         page 63

                   (1)  Every meeting of Voting Secured Creditors shall be held
                        at such time and place as the Security Trustee approves,
                        provided (subject to sub-paragraph (2)) that any such
                        meeting shall not be held until the Class A Noteholders
                        have determined how to direct the Note Trustee to vote
                        (as the case may be) in the meeting of Voting Secured
                        Creditors.

                   (2)  The proviso in sub-paragraph (1) shall not apply if:

                        (A)  the meeting of Class A Noteholders called in
                             accordance with the Note Trust Deed for the
                             purposes of sub-paragraph(1) is adjourned more than
                             once; and

                        (B)  the Class A Noteholders' determination under
                             sub-paragraph (1) is not made at the meeting or
                             adjourned meeting (as the case may be).

(c)                                         CONDUCT

                          The Voting Secured Creditors may meet together in
                          person, by telephone, facsimile, electronic media or
                          other means of instantaneous communication provided
                          that each Voting Secured Creditor may communicate with
                          each other Voting Secured Creditor of the
                          Securitisation Fund.

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3        NOTICE OF MEETINGS

                   (a)  Subject to clause 2(b), at least 7 days' notice
                        (inclusive of the day on which the notice is given and
                        of the day on which the meeting is held) shall be given
                        to the Voting Secured Creditors, the Beneficiary and all
                        the Designated Rating Agencies.

                   (b)  Notwithstanding that a meeting is convened upon shorter
                        notice than as specified in clause 3(a), or a meeting or
                        details of that meeting are not notified, advised or
                        approved in accordance with this Schedule, it shall be
                        deemed to be duly convened if it is so agreed by the
                        Voting Secured Creditors representing a quorum (which
                        quorum must include the Note Trustee or the Class A
                        Noteholders, as the case maybe).

                   (c)  A copy of the notice shall in all cases be given by the
                        party to the Security Trust Deed convening the meeting
                        to the other parties to the Security Trust Deed.

                   (d)  Notice of a meeting shall be given in the manner
                        provided in the Security Trust Deed.

                   (e)  Notice of a meeting of Voting Secured Creditors must
                        specify, unless in any particular case the Security
                        Trustee otherwise agrees:

                        (1)  the day, time and place of the proposed meeting;
                             and

                        (2)  the nature of the resolutions to be proposed.

                   (f)  The accidental omission to give notice to or the
                        non-receipt of notice by any person entitled to receive
                        it shall not invalidate the proceedings at any meeting.

                                                                         page 64

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4        CHAIRMAN

              A person (who need not be a Voting Secured Creditor and who may be
              a representative of the Security Trustee) nominated in writing by
              the Security Trustee shall be entitled to take the chair at every
              such meeting but if no such nomination is made or if at any
              meeting the person nominated shall not be present within 15
              minutes after the time appointed for the holding of such meeting
              the Secured Creditors present shall choose one of their number to
              be chairman.

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5        QUORUM

              At any such meeting any two or more persons present in person
              holding, or being Representatives holding or representing, in the
              aggregate not less than 51% of the then Secured Moneys calculated
              and expressed in the A$ Equivalent shall (except for the purpose
              of passing an Extraordinary Resolution) form a quorum for the
              transaction of business and no business (other than the choosing
              of a chairman) shall be transacted at any meeting unless the
              requisite quorum is present at the commencement of business. The
              quorum at any such meeting for passing an Extraordinary Resolution
              shall be persons present holding, or being Representatives holding
              or representing, in aggregate 67% or more of the then Secured
              Moneys calculated and expressed in the A$ Equivalent.

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6        ADJOURNMENT

              (a)  If within 15 minutes from the time appointed for any such
                   meeting a quorum is not present the meeting shall, if
                   convened upon the requisition of Secured Creditors be
                   dissolved. In any other case it shall stand adjourned (unless
                   the Security Trustee agrees that it be dissolved) for such
                   period, not being less than 7 days nor more than 42 days, as
                   may be appointed by the chairman. At such adjourned meeting
                   two or more persons present in person holding, or being
                   Representatives holding or representing in the aggregate not
                   less than 15% of the then, Secured Moneys calculated and
                   expressed in the A$ Equivalent shall (except for the purpose
                   of passing an Extraordinary Resolution) form a quorum and
                   shall have the power to pass any resolution and to decide
                   upon all matters which could properly have been dealt with at
                   the meetings from which the adjournment took place had a
                   quorum been present at such meeting. The quorum at any such
                   adjourned meeting for passing an Extraordinary Resolution
                   shall be two or more persons present in person holding, or
                   being Representatives holding or representing in the
                   aggregate not less than 20% of the then Secured Moneys
                   calculated and expressed in the A$ Equivalent.

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

                                                                         page 65

              (c)  At least 5 days' notice of any meeting adjourned through want
                   of a quorum shall be given in the same manner as of an
                   original meeting and such notice shall state the quorum
                   required at such adjourned meeting. It shall not, however,
                   otherwise be necessary to give any notice of an adjourned
                   meeting.

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7        VOTING PROCEDURE

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

              (b)  At any meeting, unless a poll is (before or on the
                   declaration of the result of the show of hands) demanded by
                   the chairman, the Issuing Trustee, the Manager or the
                   Security Trustee or by one or more persons holding, or being
                   Representatives holding or representing, in aggregate not
                   less than 15% of the then Secured Moneys calculated and
                   expressed in the A$ Equivalent, a declaration by the chairman
                   that a resolution has been carried by a particular majority
                   or lost or not carried by any particular majority shall be
                   conclusive evidence of the fact without proof of the number
                   or proportion of the votes recorded in favour of or against
                   such resolution.

              (c)  If at any meeting a poll is so demanded, it shall be taken in
                   such manner and (subject as hereinafter provided) either at
                   once or after such an adjournment as the chairman directs and
                   the result of such poll shall be deemed to be the resolution
                   of the meeting at which the poll was demanded as at the date
                   of the taking of the poll. The demand for a poll shall not
                   prevent the continuance of the meeting for the transaction of
                   any business other than the question on which the poll has
                   been demanded.

              (d)  Any poll demanded at any meeting on the election of a
                   chairman or on any question of adjournment shall be taken at
                   the meeting without adjournment.

              (e)  Subject to clause (a), at any meeting:

                   (1)  on a show of hands, every person holding, or being a
                        Representative holding or representing other persons who
                        hold, Secured Moneys shall have one vote except that the
                        Note Trustee shall represent each Class A Noteholder who
                        has directed the Note Trustee to vote on its behalf
                        under the Note Trust Deed; and

                   (2)  on a poll, every person who is present shall have one
                        vote for each A$100 (but not part thereof) of the
                        Secured Moneys calculated and expressed in the A$
                        Equivalent that he holds or in respect of which he is a
                        Representative.

                   Any person entitled to more than one vote need not use or
                   cast all of the votes to which he is entitled in the same
                   way.

                                                                         page 66

              (f)  A certificate from the Note Trustee to the Security Trustee
                   that the Note Trustee is entitled to vote on behalf of a
                   Class A Noteholder will be satisfactory evidence to the
                   Security Trustee that the Note Trustee is so entitled to
                   vote.

              For the purpose of determining the amount of Secured Moneys at any
              time, the Security Trustee may rely on the Accounts of the Issuing
              Trustee and any information provided by the Auditor of the Issuing
              Trustee. Clause 25.18 of the Security Trust Deed will apply to any
              determination of Secured Moneys for the definition of Voting
              Secured Creditors and this Schedule 1.

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8        RIGHT TO ATTEND AND SPEAK

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

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9        APPOINTMENT OF PROXIES

              (a)  Each appointment of a proxy shall be in writing and, together
                   (if so required by the Security Trustee) with proof
                   satisfactory to the Security Trustee of its due execution,
                   shall be deposited at the registered office of the Security
                   Trustee or at such other place as the Security Trustee shall
                   designate or approve not less than 24 hours before the time
                   appointed for holding the meeting or adjourned meeting at
                   which the named proxy proposes to vote and in default, the
                   appointment of proxy shall not be treated as valid unless the
                   chairman of the meeting decides otherwise before such meeting
                   or adjourned meeting proceeds to business. A notarially
                   certified copy proof as aforesaid (if applicable) of due
                   execution shall if required by the Security Trustee be
                   produced by the proxy at the meeting or adjourned meeting but
                   the Security Trustee shall not thereby be obliged to
                   investigate or be concerned with the validity of, or the
                   authority of, the proxy named in any such appointment. The
                   proxy named in any appointment of proxy need not be a Voting
                   Secured Creditor.

              (b)  Any vote given in accordance with the terms of an appointment
                   of proxy conforming with clause 9(a) shall be valid
                   notwithstanding the previous revocation or amendment of the
                   appointment of proxy or of any of the Voting Secured
                   Creditor's instructions pursuant to which it was executed,
                   provided that no intimation in writing of such revocation or
                   amendment shall have been received by the Security Trustee at
                   its registered office or by the chairman of the meeting in
                   each case not less than 24 hours before the commencement of
                   the meeting or adjourned meeting at which the appointment of
                   proxy is used.

                                                                         page 67

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10       CORPORATE REPRESENTATIVES

              A person authorised pursuant to sections 250D of the Corporations
              Act by a Voting Secured Creditor being a body corporate to act for
              it at any meeting shall, in accordance with his authority until
              his authority is revoked by the body corporate concerned, be
              entitled to exercise the same powers on behalf of that body
              corporate as that body corporate could exercise if it were an
              individual Secured Creditor and shall be entitled to produce
              evidence of his authority to act at any time before the time
              appointed for the holding of or at the meeting or adjourned
              meeting or for the taking of a poll at which he proposes to vote.

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11       RIGHTS OF REPRESENTATIVES

              A Representative shall have the right to demand or join in
              demanding a poll and shall (except and to the extent to which the
              Representative is specially directed to vote for or against any
              proposal) have power generally to act at a meeting for the Secured
              Creditor concerned. The Security Trustee and any officer of the
              Security Trustee may be appointed a Representative.

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12       EXTRAORDINARY RESOLUTIONS

              (a)  A meeting of Voting Secured Creditors shall, without
                   prejudice to any rights or powers conferred on other persons
                   by the Security Trust Deed, have power exercisable by
                   Extraordinary Resolution:

                   (1)  to direct the Security Trustee in the action that should
                        be taken by it following the occurrence of an Event of
                        Default or the charge or the Security Trust Deed
                        becoming enforceable;

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

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

                   (4)  subject to clause 12(b)(2), to postpone the day when the
                        Secured Moneys or any part thereof become payable and to
                        suspend or postpone for a time the payment of the
                        Secured Moneys or any part thereof;

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

                                                                         page 68

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

                   (7)  to assent to any alteration, addition or modification of
                        the Master Trust Deed or the Supplementary Bond Terms
                        Notice which shall be proposed by the Issuing Trustee or
                        the Manager;

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

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

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

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

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

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

                   (14) to determine whether the Security Trustee should or
                        should not perform any act and any such Extraordinary
                        Resolution will (where relevant and in accordance with
                        clause 16.3 of the Security Trust Deed) override any
                        decision by the Note Trustee.

              (b)  A meeting of Voting Secured Creditors shall not have power in
                   relation to any Secured Creditor (without the consent of each
                   such Secured Creditor) to:

                   (1)  release any obligation to pay any of the Secured Moneys
                        to that Secured Creditor;

                   (2)  alter any date upon which any of the Secured Moneys is
                        payable or otherwise do any thing referred to in clause
                        12(a)(4);

                   (3)  alter the amount of any payment of any part of the
                        Secured Moneys; or

                   (4)  alter clause 12.1 of the Security Trust Deed in relation
                        to that Secured Creditor without the consent of that
                        Secured Creditor.

                                                                         page 69

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13       RESOLUTION BINDING ON VOTING SECURED CREDITORS

              Subject to clause 12(b), a resolution passed at a meeting of the
              Voting Secured Creditors duly convened and held in accordance with
              this Schedule 1 shall be binding upon all Voting Secured Creditors
              whether or not present at such meeting and each of the Voting
              Secured Creditors and the Issuing Trustee, the Manager and the
              Security Trustee shall be bound to give effect thereto
              accordingly.

--------------------------------------------------------------------------------
14       MINUTES AND RECORDS

              Minutes of all resolutions and proceedings at every such meeting
              as aforesaid shall be made and duly entered in the books to be
              from time to time provided for that purpose by the Security
              Trustee and any such minutes as aforesaid if purporting to be
              signed by the chairman of the meeting at which such resolutions
              were passed or proceedings transacted or by the chairman of the
              next succeeding meeting of the Voting Secured Creditors shall be
              conclusive evidence of the matters therein contained and until the
              contrary is proved provided every such meeting in respect of the
              proceedings of which minutes have been made and signed as
              aforesaid shall be deemed to have been duly convened and held and
              all resolutions passed or proceedings transacted thereat to have
              been duly passed and transacted.

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15       WRITTEN RESOLUTIONS

              Notwithstanding the preceding provisions of this Schedule 1, a
              resolution of all the Voting Secured Creditors (including an
              Extraordinary Resolution) may be passed, without any meeting or
              previous notice being required, by an instrument or instruments in
              writing which have:

              (a)  in the case of a resolution (including an Extraordinary
                   Resolution) of all the Voting Secured Creditors, been signed
                   by all the Voting Secured Creditors; and

              (b)  any such instrument shall be effective upon presentation to
                   the Voting Security Trustee for entry in the records referred
                   to in clause 14.

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16       FURTHER PROCEDURES FOR MEETINGS

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

              (a)  so as to satisfy itself that persons are in fact Voting
                   Secured Creditors who purport to requisition a meeting or who
                   purport to make any requisition to the Security Trustee in
                   accordance with the Security Trust Deed;

                                                                         page 70

              (b)  so as to satisfy itself that persons who purport to attend or
                   vote at any meeting of Voting Secured Creditors are entitled
                   to do so in accordance with this Schedule 1 and the Security
                   Trust Deed; and

              (c)  as to the form of appointment of a Representative.

                                                                         page 71

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

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)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the
presence of:

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

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

                                                                         page 72

EXECUTED for
and on behalf of
THE BANK OF NEW YORK
by its Authorised Officer in the
presence of:

-----------------------------------      ---------------------------------------
Witness                                  Authorised Officer

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

                                                                         page 73

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