Document:

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                                                                     CLAYTON UTZ
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THE BANK OF NEW YORK, NEW YORK
Note Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

NOTE TRUST DEED
PUMA GLOBAL TRUST NO. 4

                                   CLAYTON UTZ
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2001 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
               OUR REF - 801/11069/21726648 CONTACT - NINIAN LEWIS

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                    <C>
1...........DEFINITIONS AND INTERPRETATION......................................................2

            1.1         Definitions.............................................................2
            1.2         Sub-Fund Notice and Trust Deed definitions..............................5
            1.3         Interpretation..........................................................6
            1.4         Issuer Trustee's capacity...............................................8
            1.5         Benefit of covenants under this Deed....................................8
            1.6         Obligations several.....................................................8
            1.7         Incorporated definitions and other provisions...........................8
            1.8         Interpretation of provisions incorporated from TIA......................9
            1.9         Transaction Document and Issuing Document...............................9

2...........THE NOTE TRUST......................................................................9

            2.1         Appointment of Note Trustee.............................................9
            2.2         Declaration of Note Trust...............................................9
            2.3         Duration of Note Trust.................................................10
            2.4         Benefit of Note Trust..................................................10
            2.5         Interested persons bound...............................................10

3...........AMOUNT, FORM AND ISSUE OF CLASS A NOTES............................................10

            3.1         Aggregate amount and denomination......................................10
            3.2         Description and Form of Class A Notes..................................10
            3.3         Initial issue as Book-Entry Notes......................................10
            3.4         Issue of Definitive Notes..............................................11
            3.5         Indemnity for non-issue of Definitive Notes............................12

4...........NOTE REGISTER......................................................................12

            4.1         Maintenance of Note Registrar..........................................12
            4.2         Provision of Noteholder Information....................................13
            4.3         Note Register conclusive...............................................13

5...........REPRESENTATIONS AND WARRANTIES.....................................................13

            5.1         By the Issuer Trustee..................................................13
            5.2         By the Manager.........................................................14
            5.3         By the Note Trustee....................................................15

6...........COVENANTS BY ISSUER TRUSTEE AND MANAGER............................................15

            6.1         Covenant to pay........................................................15
            6.2         Covenant of compliance.................................................16
            6.3         Other covenants........................................................16
            6.4         Covenants between Issuer Trustee and Manager...........................18

7...........ENFORCEMENT........................................................................18

            7.1         Notice following an Event of Default or Potential Event of Default.....18
            7.2         Restrictions on enforcement............................................19
            7.3         Note Trustee may enforce...............................................19
            7.4         Note Trustee alone may enforce.........................................20

8...........NOTE TRUSTEE'S POWERS, PROTECTIONS ETC.............................................20

            8.1         Note Trustee's additional powers, protections, etc.....................20
            8.2         Waivers................................................................25
            8.3         Note Trustee's liability...............................................26
            8.4         Dealings with the PUMA Trust...........................................26
            8.5         Delegation of duties of Note Trustee...................................27
            8.6         Related Body Corporate of the Note Trustee.............................27
</TABLE>

                                                                              i.

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                    <C>
9...........DUTIES OF THE NOTE TRUSTEE.........................................................27

            9.1         Note Trustee's general duties..........................................27
            9.2         Duties of the Note Trustee prior to Event of Default...................27
            9.3         Duties of the Note Trustee following an Event of Default...............27
            9.4         Certain limitations of liability where acting in good faith............28
            9.5         Note Trustee not relieved of liability for negligence etc..............28
            9.6         Preferred collection of claims against the Issuer Trustee..............28
            9.7         Compliance with Section 310 of TIA.....................................28
            9.8         Voting at meetings under Trust Deed or Security Trust Deed.............28
            9.9         Transaction Documents..................................................28

10..........APPLICATION OF MONEYS..............................................................29

            10.1        Moneys received........................................................29
            10.2        Investment of moneys held..............................................29

11..........CONTINUING SECURITY AND RELEASES...................................................30

            11.1        Issuer Trustee's liability not affected................................30
            11.2        Waiver by the Issuer Trustee...........................................30

12..........REMUNERATION AND EXPENSES OF NOTE TRUSTEE..........................................30

            12.1        Payment of fee.........................................................30
            12.2        Payment of expenses....................................................30
            12.3        Additional duties......................................................31
            12.4        Dispute as to additional duties........................................31
            12.5        Currency and Value Added Tax...........................................31
            12.6        No other fees or expenses..............................................31
            12.7        Issuer Trustee personally liable for fees..............................31
            12.8        Timing of payments.....................................................32
            12.9        Non-discharge..........................................................32

13..........ADDITIONAL NOTE TRUSTEES...........................................................32

            13.1        Appointment and removal................................................32
            13.2        Joint exercise of powers...............................................32
            13.3        Notice.................................................................33

14..........RETIREMENT OR REMOVAL OF NOTE TRUSTEE..............................................33

            14.1        Retirement of Note Trustee.............................................33
            14.2        Removal by Manager.....................................................33
            14.3        Note Trustee may retire................................................33
            14.4        Appointment of Substitute Note Trustee by Class A Noteholders..........34
            14.5        Release of Note Trustee................................................34
            14.6        Vesting of Note Trust Fund in Substitute Note Trustee..................34
            14.7        Substitute Note Trustee to execute deed................................34
            14.8        Current Rating Authorities advised.....................................34
            14.9        Retention of lien......................................................35
            14.10       Issuer Trustee and Manager cannot be appointed.........................35
            14.11       No limitation of TIA...................................................35

15..........AMENDMENT..........................................................................35

            15.1        Amendment by Note Trustee..............................................35
            15.2        Amendments requiring consent of Class A Noteholders....................36
            15.3        Compliance with TIA....................................................36
            15.4        No Current Rating Authority downgrade..................................36
            15.5        Distribution of amendments.............................................36
            15.6        Amendments binding on Class A Noteholders..............................36
</TABLE>

                                                                             ii.

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                    <C>
16..........REPORTS............................................................................36

            16.1        Reports by Note Trustee................................................36
            16.2        Reports by Issuer Trustee..............................................37
            16.3        Restricted securities..................................................37

17..........CURRENCY INDEMNITY.................................................................38

            17.1        Improper currency receipts.............................................38
            17.2        Currency indemnity.....................................................38
            17.3        Failure to pay proper currency.........................................38

18..........EXPENSES AND STAMP DUTIES..........................................................38

            18.1        Expenses...............................................................38
            18.2        Stamp duties and other taxes...........................................39

19..........TRUST INDENTURE ACT................................................................39

            19.1        Certificates and opinions..............................................39
            19.2        Undertaking for costs..................................................40
            19.3        Exclusion of section 316(a)(1).........................................41
            19.4        Unconditional rights of Class A Noteholders to receive principal and
                        interest...............................................................41
            19.5        Conflict with Trust Indenture Act......................................41

20..........GOVERNING LAW AND JURISDICTION.....................................................41

            20.1        Governing law..........................................................41
            20.2        Jurisdiction...........................................................41

21..........NOTICES............................................................................42

            21.1        Method of delivery.....................................................42
            21.2        Deemed receipt.........................................................42
            21.3        Notices to Class A Noteholders.........................................42
            21.4        Notices from Class A Noteholders.......................................43
            21.5        Issuer Trustee and Manager.............................................43
            21.6        Email..................................................................43

22..........ISSUER TRUSTEE'S LIMITED LIABILITY.................................................44

            22.1        Limitation on the Issuer Trustee's liability...........................44
            22.2        Claims against the Issuer Trustee......................................44
            22.3        Breach of trust........................................................44
            22.4        Acts or omissions......................................................44
            22.5        No authority...........................................................44
            22.6        No obligation..........................................................44

23..........MISCELLANEOUS......................................................................45

            23.1        Assignment by the Issuer Trustee.......................................45
            23.2        Assignment by Manager..................................................45
            23.3        Assignment by Note Trustee.............................................45
            23.4        Certificate of Note Trustee............................................45
            23.5        Continuing obligation..................................................45
            23.6        Settlement conditional.................................................45
            23.7        Interest on judgment...................................................45
            23.8        Severability of provisions.............................................46
            23.9        Remedies cumulative....................................................46
            23.10       Waiver.................................................................46
            23.11       Written waiver, consent and approval...................................46
            23.12       Moratorium legislation.................................................46
            23.13       Binding on each signatory..............................................46
            23.14       Counterparts...........................................................46
</TABLE>

                                                                            iii.

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                           <C>
SCHEDULE 1 FORM OF CLASS A NOTE................................................................49

SCHEDULE 2 FORM OF NOTE CONDITIONS.............................................................55
</TABLE>

                                                                             iv.

<PAGE>

TRUST INDENTURE ACT - CROSS REFERENCE TABLE

This cross reference table does not, for any purpose, form part of this Note
Trust Deed. "N.A." means not applicable.

TRUST INDENTURE ACT SECTION                        CLAUSE REFERENCE
310   (a) (1)                                      5.3(h), 9.7, 14.2, 14.3, 14.4
      (a) (2)                                      9.7
      (a) (3)                                      13.2
      (a) (4)                                      N.A.
      (a) (5)                                      14.10
      (b)                                          9.7(c), 14.11
      (c)                                          N.A.
311   (a)                                          9.6
      (b)                                          9.6
      (c)                                          N.A.
312   (a)                                          4.2(a), 4.2(b)
      (b)                                          4.2(b)
      (c)                                          4.2(c)
313   (a)                                          16.1
      (b)(1)                                       16.1
      (b)(2)                                       16.1, 21.3
      (c)                                          16.1
      (d)                                          16.1
314   (a)(1)                                       16.2(a)
      (a)(2)                                       16.2(b)
      (a)(3)                                       16.2(c)
      (a)(4)                                       6.3(c)(i)
      (b)                                          6.3(h)
      (c)                                          19.1(a)
      (d)                                          19.1(b)
      (e)                                          19.1(c)
      (f)                                          N.A.
315   (a)                                          9.2
      (b)                                          7.1(a)
      (c)                                          9.3
      (d)                                          9.5, 8.1(e)
      (e)                                          19.2
316   (a)(1)                                       19.3(a)
      (a)(2)                                       N.A.
      (b)                                          19.4
      (c)                                          21.4
317   (a)(1)                                       7.3
      (a)(2)                                       7.3
      (b)                                          6.3(k)
318   (a)                                          19.5

                                                                              1.
<PAGE>

NOTE TRUST DEED MADE ON 15 AUGUST 2003

PARTIES         THE BANK OF NEW YORK, NEW YORK, a New York banking corporation
                acting through its New York office at 101 Barclay Street, 21W,
                New York, New York, 10286 (hereinafter included in the
                expression the "NOTE TRUSTEE")

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

                PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827, a
                company incorporated in Australia and registered in New South
                Wales and having an office at Level 7, 9 Castlereagh Street,
                Sydney, Australia in its capacity as trustee of the PUMA Trust
                (as hereinafter defined) (hereinafter included in the expression
                the "ISSUER TRUSTEE")

RECITALS

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

B.       The Issuer Trustee proposes to issue, at the direction of the Manager,
         securities, including the Class A Notes, which are to be constituted,
         issued and authenticated pursuant to this Deed.

C.       The Note Trustee has agreed to act as trustee for the benefit of the
         Class A Noteholders on the terms of this Deed.

D.       This Deed is an indenture qualified under, and subject to the mandatory
         provisions of, the Trust Indenture Act 1939 of the United States of
         America, which are incorporated by reference in and made part of this
         Deed.

THIS DEED PROVIDES

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1.       DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS

         In this Deed, unless the contrary intention appears:

         "ADDITIONAL NOTE TRUSTEE" means each person from time to time appointed
         under clause 13.1 to act as a co-trustee with the Note Trustee.

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

         "AUTHORISED OFFICER":

         (a)      in relation to the Note Trustee, means a responsible officer
                  of the Corporate Trust Administration department of the Note
                  Trustee;

         (b)      in relation to the Issuer Trustee, has the same meaning as
                  "Authorised Signatory" in the Trust Deed; and

         (c)      in relation to the Manager, has the same meaning as
                  "Authorised Signatory" in the Trust Deed.

         "BOOK-ENTRY NOTE" means a Class A Note issued or to be issued, as the
         case may be, by the Issuer Trustee in accordance with clause 3.3(a) to
         the Depository or its nominee or subsequently transferred to a
         replacement Depository or its nominee.

                                                                              2.
<PAGE>

         "CHARGE" has the same meaning as in the Security Trust Deed.

         "CHARGE RELEASE DATE" has the same meaning as in the Security Trust
         Deed.

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

         "CLASS A NOTE" means a debt security issued or to be issued by the
         Issuer Trustee, in its capacity as trustee of the PUMA Trust, pursuant
         to the provisions of this Deed (whether as a Book-Entry Note or a
         Definitive Note) and described on its face as a Class A Note.

         "CLASS A NOTE OWNER" means, with respect to a Book-Entry Note, the
         person who is the beneficial owner of such Book-Entry Note, as
         reflected in the books of the Depository or in the books of a person
         maintaining an account with the Depository (directly as a Clearing
         Agency Participant or as an indirect participant, in each case in
         accordance with the rules of the Depository).

         "CLASS A NOTEHOLDER" in relation to a Class A Note at any given time
         means the person then appearing in the Note Register as the holder of
         the Class A Note.

         "CLEARING AGENCY PARTICIPANT" means a broker, dealer, bank, other
         financial institution or other person for whom from time to time the
         Depository effects book-entry transfers and pledges of securities
         deposited with the Depository.

         "COMMISSION" means the Securities and Exchange Commission of the United
         States of America, as from time to time constituted, created under the
         Exchange Act, or if at any time after the execution of this Deed that
         Commission is not existing and performing the duties now assigned to it
         under the TIA, then the body performing those duties.

         "COUNSEL'S OPINION" means one or more written opinions of legal counsel
         (who may, except as otherwise expressly provided in this Deed, be
         employees or counsel of the Issuer Trustee or the Manager) acceptable
         to the Note Trustee which:

         (a)      are addressed to the Note Trustee (and which may also be
                  addressed to other persons);

         (b)      are in a form satisfactory to, and are subject to such
                  qualifications and assumptions as are acceptable to, the Note
                  Trustee; and

         (c)      comply, where applicable, with the TIA,

         and which state, in the opinion of the legal counsel, the matter to be
         opined upon.

         "DEFINITIVE NOTE" means a Class A Note issued or to be issued, as the
         case may be, by the Issuer Trustee in accordance with clause 3.4.

         "DEPOSITORY" means each organisation registered as a clearing agency
         pursuant to section 17A of the Exchange Act that agrees with the
         Manager and the Issuer Trustee to hold Class A Notes (directly or
         through a nominee) and initially means The Depository Trust Company.

         "DTC LETTER OF REPRESENTATIONS" means the DTC Letter of Representations
         dated on or before the Closing Date between the Issuer Trustee, the
         Principal Paying Agent and The Depository Trust Company, as the initial
         Depository, as amended from time to time.

         "ELIGIBLE TRUST CORPORATION" means any person eligible for appointment
         as an institutional trustee under an indenture to be qualified pursuant
         to the TIA as prescribed in section 310(a) of the TIA.

         "EVENT OF DEFAULT" has the same meaning as in the Security Trust Deed.

                                                                              3.
<PAGE>

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

         "INSOLVENCY EVENT" has the same meaning as in the Security Trust Deed.

         "INTERESTED PERSONS" means a collective reference to the Issuer
         Trustee, the Class A Noteholders, the Class A Note Owners, the Manager
         and all persons claiming through them and "INTERESTED PERSON" means a
         several reference to all Interested Persons.

         "ISSUER TRUSTEE" means Perpetual Trustees Australia Limited or if
         Perpetual Trustees Australia Limited retires or is removed as trustee
         of the PUMA Trust under the Trust Deed, the then substitute Trustee.

         "MAJORITY" in relation to the Class A Noteholders means Class A
         Noteholders holding Class A Notes with an aggregate Principal Balance
         of greater than 50% of the aggregate Principal Balance of all the Class
         A Notes.

         "MANAGER DEFAULT" means the occurrence of any of the events specified
         in clause 9.2 of the Management Deed.

         "NOTE CONDITIONS" means the terms and conditions of the Class A Notes
         in the form set out in Schedule 2, as completed and attached to each
         Class A Note.

         "NOTE REGISTER" has the same meaning as in the Agency Agreement.

         "NOTE REGISTRAR" has the same meaning as in the Agency Agreement.

         "NOTE TRUST" means the trust established under clause 2.2 of this Deed.

         "NOTE TRUST FUND" means:

         (a)      the Note Trustee's rights, remedies and powers under this
                  Deed, the Security Trust Deed and each other Transaction
                  Document to which the Note Trustee is expressed to be a party;

         (b)      the Note Trustee's right, title and interest as beneficiary of
                  the Security Trust; and

         (c)      any other property and benefits which the Note Trustee holds
                  on trust for the Class A Noteholders under this Deed.

         "NOTE TRUSTEE" means The Bank of New York, New York or if The Bank of
         New York, New York retires or is removed as Note Trustee, any person
         appointed as a Substitute Note Trustee.

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

         "PAYMENT MODIFICATION" in relation to the Class A Notes means any
         alteration, addition or revocation of any provision of this Deed, the
         Class A Notes (including the Note Conditions), the Trust Deed to the
         extent that it applies to the PUMA Trust, the Sub-Fund Notice or the
         Security Trust Deed which modifies:

         (a)      the amount, timing, place, currency or manner of payment of
                  principal or interest in respect of the Class A Notes
                  including, without limitation, any modification to the
                  Principal Balance, interest rate or Final Maturity Date of the
                  Class A Notes or to clauses 5.1, 5.2 or 5.5 of the Sub-Fund
                  Notice, conditions 6.9 and 7.2 of the Note Conditions or
                  clause 13 of the Security Trust Deed or which would impair the
                  rights of the Class A Noteholders to institute suit for
                  enforcement of such payment on or after the due date for such
                  payment;

                                                                              4.
<PAGE>

         (b)      the definition of the term "Special Majority" in this clause
                  1.1, clause 21.4 of this Deed or the circumstances in which
                  the consent or direction of a Special Majority of the Class A
                  Noteholders is required;

         (c)      clause 6.1(a) of the Security Trust Deed; or

         (d)      the requirements for altering, adding to or revoking any
                  provision of the Note Trust Deed or the Class A Notes
                  (including the Note Conditions).

         "POTENTIAL EVENT OF DEFAULT" has the same meaning as in the Security
         Trust Deed.

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

         "PUMA TRUST" means the trust known as the PUMA Global Trust No. 4
         established pursuant to the Trust Deed and the Sub-Fund Notice.

         "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

         "SECURED CREDITOR" has the same meaning as in the Security Trust Deed.

         "SECURED MONEYS" has the same meaning as in the Security Trust Deed.

         "SECURITY INTEREST" has the same meaning as in the Security Trust Deed.

         "SECURITY TRUST" has the same meaning as in the Security Trust Deed.

         "SPECIAL MAJORITY" in relation to the Class A Noteholders means Class A
         Noteholders holding Class A Notes with an aggregate Principal Balance
         of no less than 75% of the aggregate Principal Balance of all the Class
         A Notes.

         "STATUTE" means any legislation now or hereafter in force of the
         Parliament of the Commonwealth of Australia or of any State or
         Territory thereof or of any legislative body of any other country or
         political subdivision thereof and any rule regulation ordinance by-law
         statutory instrument order or notice now or hereafter made under such
         legislation.

         "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or prior to the
         date of this Deed from the Manager to the Issuer Trustee.

         "SUBSTITUTE NOTE TRUSTEE" means at any given time means the entity then
         appointed as Note Trustee under clause 14.

         "TAX" has the same meaning as in the Security Trust Deed.

         "TIA" means the Trust Indenture Act of 1939 of the United States of
         America as in force at the date of this Deed, or, if this Deed is first
         qualified under the Trust Indenture Act after the issue of Class A
         Notes, as in force at the date of such qualification.

         "TRUST DEED" means the Trust Deed dated 13 July 1990 between the person
         referred to therein as the Founder and Perpetual Trustees Australia
         Limited, as amended from time to time.

         "TRUSTEE DEFAULT" means the occurrence of any of the events specified
         in clause 19.1(b)(i) to 19.1(b)(iv) (inclusive) of the Trust Deed.

         "VOTING SECURED CREDITORS" has the same meaning as in the Security
         Trust Deed.

1.2      SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

         Subject to clause 1.7, unless defined in this Deed, words and phrases
         defined in either or both of the Trust Deed and the Sub-Fund Notice
         have the same meaning in this Deed. Where there

                                                                              5.
<PAGE>

         is any inconsistency in a definition between this Deed (on the one
         hand) and the Trust Deed or the Sub-Fund Notice (on the other hand),
         this Deed prevails. Where there is any inconsistency in a definition
         between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
         prevails over the Trust Deed in respect of this Deed. Subject to clause
         1.7, where words or phrases used but not defined in this Deed are
         defined in the Trust Deed in relation to a Fund (as defined in the
         Trust Deed) such words or phrases are to be construed in this Deed,
         where necessary, as being used only in relation to the PUMA Trust (as
         defined in this Deed).

1.3      INTERPRETATION

         In this Deed unless the contrary intention appears:

         (a)      the expression "PERSON" includes an individual, a corporation
                  and a Governmental Agency;

         (b)      the expression "OWING" includes amounts that are owing whether
                  such amounts are liquidated or not or are contingent or
                  presently accrued due and includes all rights sounding in
                  damages only;

         (c)      the expression "POWER" in relation to a person includes all
                  powers, authorities, rights, remedies, privileges and
                  discretions conferred upon that person by the Transaction
                  Documents, by any other deed, agreement, document, or
                  instrument, by any Statute or otherwise by law;

         (d)      a reference to any person includes that person's executors,
                  administrators, successors, substitutes and assigns, including
                  any person taking by way of novation;

         (e)      subject to clause 1.7, a reference to this Deed, the Trust
                  Deed or to any other deed, agreement, document or instrument
                  includes respectively this Deed, the Trust Deed or such other
                  deed, agreement, document or instrument as amended, novated,
                  supplemented, varied or replaced from time to time;

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

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

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

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

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

         (k)      a reference to a Schedule is a reference to a Schedule to this
                  Deed;

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

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

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

                                                                              6.
<PAGE>

         (o)      a reference to time is a reference to New York time;

         (p)      a reference to any thing is a reference to the whole and each
                  part of it and a reference to a group of persons is a
                  reference to all of them collectively, to any two or more of
                  them collectively and to each of them individually;

         (q)      if an act prescribed under this Deed to be done by a party on
                  or by a given day is done after 5 pm on that day, it is to be
                  taken to be done on the following day;

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

         (s)      a reference to "WILFUL DEFAULT" in relation to the Issuer
                  Trustee, the Note Trustee or the Manager means, subject to
                  clause 1.3(t), any wilful failure to comply with, or wilful
                  breach by, the Issuer Trustee, the Note Trustee or the Manager
                  (as the case may be) of any of its obligations under any
                  Transaction Document, other than a failure or breach which:

                  (i)      A.       arises as a result of a breach of a
                                    Transaction Document by a person other than:

                                    1)       the Issuer Trustee, the Note
                                             Trustee or the Manager (as the case
                                             may be); or

                                    2)       any other person referred to in
                                             clause 1.3(t) in relation to the
                                             Issuer Trustee, the Note Trustee or
                                             the Manager (as the case may be);
                                             and

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

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

                  (iii)    is:

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

                           B.       in accordance with any proper instruction or
                                    direction of a Majority (or a Special
                                    Majority) of the Class A Noteholders given
                                    in accordance with this Deed; or

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

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

                                                                              7.
<PAGE>

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

         (v)      a reference to prospective liabilities includes, without
                  limitation, the liabilities of the Issuer Trustee under the
                  Transaction Documents; and

         (w)      a reference to the enforcement of the Charge means that the
                  Security Trustee appoints (or the Voting Secured Creditors as
                  contemplated by clause 8.4 of the Security Trust Deed appoint)
                  a Receiver over any Charged Property, or takes possession of
                  any Charged Property, pursuant to the Security Trust Deed
                  (expressions used in this clause have the same meanings as in
                  the Security Trust Deed).

1.4      ISSUER TRUSTEE'S CAPACITY

         In this Deed, unless expressly specified otherwise:

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

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

1.5      BENEFIT OF COVENANTS UNDER THIS DEED

         Unless the context indicates a contrary intention, the Note Trustee
         holds the covenants, undertakings and other obligations and liabilities
         of the Issuer Trustee and the Manager under this Deed on trust for the
         benefit of the Class A Noteholders on the terms and conditions of this
         Deed.

1.6      OBLIGATIONS SEVERAL

         The obligations of the parties under this Deed are several.

1.7      INCORPORATED DEFINITIONS AND OTHER PROVISIONS

         Where in this Deed a word or expression is defined by reference to its
         meaning in another Transaction Document or there is a reference to
         another Transaction Document or to a provision of another Transaction
         Document, any amendment to the meaning of that word or expression, to
         that Transaction Document or to that provision (as the case may be)
         will be of no effect for the purposes of this Deed unless and until the
         amendment:

         (a)      (NO PAYMENT MODIFICATION): if it does not effect a Payment
                  Modification in relation to the Class A Notes is either:

                                                                              8.
<PAGE>

                  (i)      if the Note Trustee is of the opinion that the
                           amendment will not be materially prejudicial to the
                           interests of the Class A Noteholders, consented to by
                           the Note Trustee; or

                  (ii)     otherwise, approved by a Special Majority of the
                           Class A Noteholders; or

         (b)      (PAYMENT MODIFICATION): if the amendment does effect a Payment
                  Modification in relation to the Class A Notes, is consented to
                  by each Class A Noteholder.

1.8      INTERPRETATION OF PROVISIONS INCORPORATED FROM TIA

         Where a provision of the TIA is incorporated into this Deed in
         accordance with the TIA (as described in clause 19.5) the following
         terms used in that provision have the following meanings in this Deed:

         "COMMISSION" has the meaning given to that term in clause 1.1.

         "DEFAULT" means an Event of Default.

         "INDENTURE SECURITIES" means the Class A Notes.

         "INDENTURE SECURITY HOLDER" means a Class A Noteholder.

         "INDENTURE TO BE QUALIFIED" means this Deed.

         "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Note Trustee.

         "OBLIGOR UPON THE INDENTURE SECURITIES" means the Issuer Trustee.

         Any other term, expression or provision which is used in this Deed in
         respect of a section or provision of the TIA and which is defined in
         the TIA, defined in the TIA by reference to another Statute or defined
         by or in any rule of or issued by the Commission, will have the meaning
         assigned to it by such definitions. Any term or expression that is used
         in both:

         (a)      (TIA): a mandatory provision of the TIA; and

         (b)      (THIS DEED): a clause of this Deed that, on its face, appears
                  to satisfy or reflect that mandatory provision of the TIA,
                  will be construed and interpreted as a Federal court of the
                  United States of America would construe and interpret the term
                  or expression.

1.9      TRANSACTION DOCUMENT AND ISSUING DOCUMENT

         For the purposes of the Trust Deed and the Sub-Fund Notice, this Deed
         is a Transaction Document and an Issuing Document in relation to the
         PUMA Trust.

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2.       THE NOTE TRUST

2.1      APPOINTMENT OF NOTE TRUSTEE

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

2.2      DECLARATION OF NOTE TRUST

         The Note Trustee declares that it holds the Note Trust Fund on trust
         for those persons who are Class A Noteholders from time to time.

                                                                              9.
<PAGE>

2.3      DURATION OF NOTE TRUST

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

         (a)      (REDEMPTION OF CLASS A NOTES): the date 6 months after the
                  Note Trustee has been satisfied that all moneys owing by the
                  Issuer Trustee or the Manager in respect of or in relation to
                  Class A Notes or this Deed have been duly paid;

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

         (c)      (80TH ANNIVERSARY): the 80th anniversary of the date of this
                  Deed.

2.4      BENEFIT OF NOTE TRUST

         Each Class A Noteholder is entitled to the benefit of the Note Trust on
         the terms and conditions contained in this Deed.

2.5      INTERESTED PERSONS BOUND

         The provisions of this Deed, the Class A Notes (including the Note
         Conditions), the Trust Deed, the Sub-Fund Notice and the Security Trust
         Deed are binding upon every Interested Person.

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3.       AMOUNT, FORM AND ISSUE OF CLASS A NOTES

3.1      AGGREGATE AMOUNT AND DENOMINATION

         (a)      (PRINCIPAL AMOUNT): The Class A Notes will be issued in an
                  aggregate principal amount of $US1,200,000,000.

         (b)      (DENOMINATIONS): The Definitive Notes will be issued in
                  minimum denominations of US$50,000 or integral multiples
                  thereof.

3.2      DESCRIPTION AND FORM OF CLASS A NOTES

         (a)      (FORM OF CLASS A NOTES): The Class A Notes must be serially
                  numbered and typewritten or printed (in the case of Book-Entry
                  Notes) or typewritten, printed, lithographed or engraved or
                  produced by any combination of these methods and with or
                  without steel borders (in the case of Definitive Notes) in the
                  form or substantially in the form set out in Schedule 1.

         (b)      (SIGNING OF CLASS A NOTES): Each Class A Note must be signed
                  manually or in facsimile by an Authorised Officer or other
                  duly appointed representative of the Issuer Trustee on behalf
                  of the Issuer Trustee.

         (c)      (AUTHENTICATION OF CLASS A NOTES): Each Class A Note must be
                  authenticated by an Authorised Officer or other duly appointed
                  representative of the Note Trustee on behalf of the Note
                  Trustee. No Class A Note will be valid for any purpose unless
                  and until so authenticated.

         (d)      (DATING OF CLASS A NOTES): The Class A Notes must be dated the
                  date of their authentication.

3.3      INITIAL ISSUE AS BOOK-ENTRY NOTES

         (a)      (ISSUE AS BOOK-ENTRY NOTES): The Class A Notes will upon issue
                  be represented by one or more book-entry notes and will be
                  initially registered in accordance with clause 4 in the name
                  of Cede & Co, as nominee of The Depository Trust Company as
                  the initial Depository.

                                                                             10.
<PAGE>

         (b)      (DELIVERY OF BOOK-ENTRY NOTES): The Issuer Trustee must on the
                  date of this Deed deliver or procure the delivery of the
                  Book-Entry Notes to the Principal Paying Agent as custodian
                  for the Depository.

         (c)      (RIGHTS ATTACHING TO BOOK-ENTRY NOTES): A Book-Entry Note
                  executed and authenticated in accordance with clause 3.2 will
                  constitute binding and valid obligations of the Issuer
                  Trustee. Until a Book-Entry Note has been exchanged pursuant
                  to this Deed, it will in all respects be entitled to the same
                  benefits as a Definitive Note except as specifically provided
                  to the contrary in this Deed or the provisions of the
                  Book-Entry Note.

         (d)      (EXCHANGE ETC.): Subject to this Deed, the procedures relating
                  to the exchange, authentication, delivery, surrender,
                  cancellation, presentation, marking up or down of any of a
                  Book-Entry Note and any other matters to be carried out by the
                  relevant parties upon exchange of any Book-Entry Note will be
                  made in accordance with the provisions of the Book-Entry Notes
                  and the normal practice of the Depository's nominee, the Note
                  Registrar and the rules and procedures of the Depository from
                  time to time.

         (e)      (DEALINGS WITH DEPOSITORY): The following provisions apply in
                  relation to Book-Entry Notes:

                  (i)      the Issuer Trustee, the Manager, each Agent and the
                           Note Trustee will be entitled to deal with the
                           Depository for all purposes whatsoever (including the
                           payment of principal of and interest on the Class A
                           Notes and the giving of instructions or directions
                           under this Deed) as the absolute holder of the
                           Book-Entry Notes and none of the Issuer Trustee, the
                           Manager, any Agent or the Note Trustee will be
                           affected by notice to the contrary;

                  (ii)     whenever a notice or other communication to the Class
                           A Noteholders in relation to Book-Entry Notes is
                           required under this Deed or any other Transaction
                           Document all such notices and communications must be
                           given to the Depository and are not required to be
                           given to the Class A Note Owners;

                  (iii)    the rights of Class A Note Owners in relation to
                           Book-Entry Notes may be exercised only through the
                           Depository and are limited to those established by
                           law and agreements between such Class A Note Owners
                           and the Depository and/or the Clearing Agency
                           Participants; and

                  (iv)     the Issuer Trustee, the Manager, each Agent and the
                           Note Trustee may conclusively rely upon any statement
                           from the Depository or any Clearing Agency
                           Participant as to the votes, instructions or
                           directions it has received from Class A Note Owners
                           and/or Clearing Agency Participants.

                  To the extent that the provisions of this clause 3.3 conflict
                  with any other provisions of this Deed, the provisions of this
                  clause 3.3 prevail.

3.4      ISSUE OF DEFINITIVE NOTES

         (a)      (EVENTS LEADING TO EXCHANGE): If:

                  (i)      the Depository advises the Note Trustee in writing
                           that the Depository is no longer willing or able
                           properly to discharge its responsibilities with
                           respect to the Class A Notes and the Manager is
                           unable to locate a qualified successor to act as
                           Depository;

                                                                             11.
<PAGE>

                  (ii)     the Manager (at its option) advises the Issuer
                           Trustee, the Note Trustee and the Depository in
                           writing that Definitive Notes are to be issued in
                           replacement of the Book-Entry Notes; or

                  (iii)    an Event of Default has occurred and is subsisting
                           and the Class A Note Owners representing beneficial
                           interests aggregating to at least a Majority of the
                           aggregate Principal Balance of the Class A Notes
                           advise the Issuer Trustee through the Depository in
                           writing that the continuation of a book entry system
                           through the Depository is no longer in the best
                           interests of the Class A Note Owners,

                  then the Issuer Trustee, on the direction of the Manager, must
                  within 30 days of such event instruct the Depository to notify
                  all of the Class A Note Owners of the occurrence of any such
                  event and of the availability of Definitive Notes to such
                  Class A Note Owners requesting the same. The Note Trustee must
                  promptly advise the Issuer Trustee and the Manager upon the
                  occurrence of an event referred to in clause 3.4(a)(i) and the
                  Issuer Trustee must promptly advise the Note Trustee and the
                  Manager upon the occurrence of an event referred to in clause
                  3.4(a)(iii).

         (b)      (EXCHANGE FOR DEFINITIVE NOTES): Upon the surrender of
                  Book-Entry Notes to the Issuer Trustee by the Depository
                  following an instruction of the Issuer Trustee pursuant to
                  clause 3.4(a), and the delivery by the Depository of the
                  relevant registration instructions to the Issuer Trustee, the
                  Issuer Trustee must issue and execute and the Note Trustee
                  must authenticate and deliver Definitive Notes of the same
                  class, as the case may be, and of the same aggregate Principal
                  Balance as those Book-Entry Notes, replacing those Book-Entry
                  Notes, in accordance with clause 3.2 and the instructions of
                  the Depository. None of the Note Trustee, the Manager, the
                  Issuer Trustee or any Agent will be liable for any delay in
                  delivery of such instructions and each such person may
                  conclusively rely on, and will be protected in relying on,
                  such instructions.

         (c)      (NO OTHER ENTITLEMENT): No Class A Note Owner will be entitled
                  to receive a Definitive Note representing such Class A Note
                  Owner's interest in a Class A Note, except as provided in this
                  clause 3.4.

3.5      INDEMNITY FOR NON-ISSUE OF DEFINITIVE NOTES

         If the Issuer Trustee is required to issue Definitive Notes following
         an event specified in clause 3.4 but fails to do so within 30 days of
         delivery to the Issuer Trustee of the Book-Entry Notes in accordance
         with clause 3.4 then the Issuer Trustee must, subject to clause 22,
         indemnify the Note Trustee, the Class A Noteholders and Class A Note
         Owners, and keep them indemnified, against any loss or damage incurred
         by any of them if the amount received by the Note Trustee, the Class A
         Noteholders or Class A Note Owners, respectively, is less than the
         amount that would have been received had Definitive Notes been issued.
         If the Issuer Trustee breaches its obligations under clause 3.4, it is
         acknowledged and agreed that damages alone will not be an adequate
         remedy for such a breach and that, in addition to any other rights they
         may have, the Note Trustee, the Class A Noteholders and the Class A
         Note Owners are entitled to sue the Issuer Trustee for specific
         performance, injunctive relief or other equitable relief to enforce the
         Issuer Trustee's obligations under clause 3.4.

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4.       NOTE REGISTER

4.1      MAINTENANCE OF NOTE REGISTRAR

         The Issuer Trustee must procure that the Note Register is maintained,
         and that Class A Notes are transferred, exchanged, replaced, redeemed
         and cancelled, all in accordance with the provisions of the Class A
         Notes (including the Note Conditions) and the Agency Agreement. If at
         any time for any reason there ceases to be a person performing the
         functions of the Note Registrar under the Agency Agreement, the Issuer
         Trustee must act as the Note

                                                                             12.
<PAGE>

         Registrar and perform all of the obligations of the Note Registrar
         contained in the Agency Agreement.

4.2      PROVISION OF NOTEHOLDER INFORMATION

         (a)      (PROVISION OF INFORMATION): The Issuer Trustee must provide or
                  procure the provision to the Note Trustee (if the Note Trustee
                  is not the Note Registrar) at intervals of not more than 6
                  months (commencing as from the Closing Date), and at such
                  other times as the Note Trustee may request in writing, all
                  information in the possession or control of the Note Registrar
                  as to the names and addresses of the Class A Noteholders,
                  provided that the Issuer Trustee will not have any obligations
                  pursuant to this clause 4.2(a) while the Class A Notes are all
                  Book-Entry Notes.

         (b)      (NOTE TRUSTEE'S OBLIGATIONS): The Note Trustee must preserve,
                  in as current form as is reasonably practicable, the names and
                  addresses of the Class A Noteholders provided to it pursuant
                  to clause 4.2(a) or otherwise received by it in any capacity
                  and must comply with its obligations pursuant to section
                  312(b) of the TIA.

         (c)      (PROTECTION): The Issuer Trustee, the Note Trustee and the
                  Note Registrar will have the protection of section 312(c) of
                  the TIA in relation to the disclosure of information in
                  accordance with this clause 4.2.

4.3      NOTE REGISTER CONCLUSIVE

         A Class A Note is not a certificate of title and the Note Register is
         the only conclusive evidence of title to Class A Notes.

--------------------------------------------------------------------------------
5.       REPRESENTATIONS AND WARRANTIES

5.1      BY THE ISSUER TRUSTEE

         The Issuer Trustee represents and warrants to the Note Trustee that:

         (a)      (DUE INCORPORATION): it is duly incorporated and has the
                  corporate power to own its property and to carry on its
                  business as is now being conducted;

         (b)      (CONSTITUTION): the execution delivery and performance of this
                  Deed does not violate its constitution;

         (c)      (CORPORATE POWER): it has the power and has taken all
                  corporate and other action required to enter into this Deed
                  and to authorise the execution and delivery of this Deed and
                  the performance of its obligations under this Deed;

         (d)      (FILINGS): all corporate notices and all registrations with
                  the Australian Securities and Investments Commission, the
                  Commission or similar office in its jurisdiction of
                  incorporation and in any other jurisdiction required to be
                  filed or effected, as applicable, by it in connection with the
                  execution, delivery and performance of this Deed have been
                  filed or effected, as applicable, and all such filings and
                  registrations are current, complete and accurate;

         (e)      (LEGALLY BINDING OBLIGATION): its obligations under this Deed
                  are valid, legally binding and enforceable obligations in
                  accordance with the terms of this Deed except as such
                  enforceability may be limited by any applicable bankruptcy,
                  insolvency, reorganisation, moratorium or trust or general
                  principles of equity or other similar laws affecting
                  creditors' rights generally;

         (f)      (EXECUTION, DELIVERY AND PERFORMANCE): its execution, delivery
                  and performance of this Deed does not violate any existing law
                  or regulation in any applicable

                                                                             13.
<PAGE>

                  jurisdiction or any document or agreement to which it is a
                  party or which is binding upon it or any of its assets;

         (g)      (AUTHORISATION): all consents, licences, approvals and
                  authorisations of every Governmental Agency required to be
                  obtained by it in connection with the execution, delivery and
                  performance of this Deed in its personal capacity have been
                  obtained and are valid and subsisting;

         (h)      (PUMA TRUST VALIDLY CREATED): the PUMA Trust has been validly
                  created and is in existence at the date of this Deed;

         (i)      (SOLE TRUSTEE): it has been validly appointed as trustee of
                  the PUMA Trust and is presently the sole trustee of the PUMA
                  Trust;

         (j)      (TRUST DEED AND THE SUB-FUND NOTICE): the PUMA Trust is solely
                  constituted by the Trust Deed and the Sub-Fund Notice;

         (k)      (NO PROCEEDINGS TO REMOVE): it has received no notice and to
                  its knowledge no resolution has been passed or direction or
                  notice has been given, removing it as trustee of the PUMA
                  Trust; and

         (l)      (NO BREACH): it is not in breach of any material provision of
                  the Trust Deed or the Sub-Fund Notice.

5.2      BY THE MANAGER

         The Manager represents and warrants to the Note Trustee that:

         (a)      (DUE INCORPORATION): it is duly incorporated and has the
                  corporate power to own its property and to carry on its
                  business as is now being conducted;

         (b)      (CONSTITUTION): its execution, delivery and performance of
                  this Deed does not violate its constitution;

         (c)      (CORPORATE POWER): it has the power and has taken all
                  corporate and other action required to enter into this Deed
                  and to authorise the execution and delivery of this Deed and
                  the performance of its obligations under this Deed;

         (d)      (FILINGS): it has filed all corporate notices and effected all
                  registrations with the Australian Securities and Investments
                  Commission, the Commission or similar office in its
                  jurisdiction of incorporation and in any other jurisdiction as
                  required by law and all such filings and registrations are
                  current, complete and accurate;

         (e)      (LEGALLY BINDING OBLIGATION): its obligations under this Deed
                  are valid, legally binding and enforceable obligations in
                  accordance with the terms of this Deed except as such
                  enforceability may be limited by any applicable bankruptcy,
                  insolvency, re-organisation, moratorium or trust or general
                  principles of equity or other similar laws affecting
                  creditors' rights generally;

         (f)      (EXECUTION, DELIVERY AND PERFORMANCE): its execution, delivery
                  and performance of this Deed does not violate any existing law
                  or regulation in any applicable jurisdiction or any document
                  or agreement to which it is a party or which is binding upon
                  it or any of its assets;

         (g)      (AUTHORISATION): all consents, licences, approvals and
                  authorisations of every Governmental Agency required to be
                  obtained by the Manager in connection with the execution,
                  delivery and performance of this Deed have been obtained and
                  are valid and subsisting;

                                                                             14.
<PAGE>

         (h)      (INVESTMENT COMPANY): the PUMA Trust is not, and, if all the
                  parties to the Transaction Documents perform their obligations
                  under the Transaction Documents, will not become, an
                  "investment company" as that term is defined in the Investment
                  Company Act of 1940 of the United States of America; and

         (i)      (COMPLIANCE WITH TIA): this Deed has been duly qualified under
                  the TIA.

5.3      BY THE NOTE TRUSTEE

         The Note Trustee represents and warrants to the Issuer Trustee and the
         Manager that:

         (a)      (DUE INCORPORATION): it is duly incorporated and has the
                  corporate power to own its property and to carry on its
                  business as is now being conducted;

         (b)      (CONSTITUTION): its execution, delivery and performance of
                  this Deed does not violate its constitution;

         (c)      (CORPORATE POWER): it has the power and has taken all
                  corporate and other action required to enter into this Deed
                  and to authorise the execution and delivery of this Deed and
                  the performance of its obligations under this Deed and that it
                  has the legal capacity to enter into this Deed and perform its
                  obligations hereunder;

         (d)      (FILINGS): it has filed all corporate notices and effected all
                  registrations with the Commission or similar office in its
                  jurisdiction of incorporation and in any other jurisdiction as
                  required by law and all such filings and registrations are
                  current, complete and accurate;

         (e)      (LEGALLY BINDING OBLIGATION): its obligations under this Deed
                  are valid, legally binding and enforceable obligations in
                  accordance with the terms of this Deed except as such
                  enforceability may be limited by any applicable bankruptcy,
                  insolvency, re-organisation, moratorium or trust or general
                  principles of equity or other similar laws affecting
                  creditors' rights generally;

         (f)      (EXECUTION, DELIVERY AND PERFORMANCE): its execution, delivery
                  and performance of this Deed does not violate any existing law
                  or regulation in any applicable jurisdiction or any document
                  or agreement to which it is a party or which is binding upon
                  it or any of its assets;

         (g)      (AUTHORISATION): all consents, licences, approvals,
                  authorisations of and filings with every Governmental Agency
                  required to be obtained or made by the Note Trustee in
                  connection with the execution, delivery and performance of
                  this Deed have been obtained or made and are valid and
                  subsisting; and

         (h)      (ELIGIBLE TRUST CORPORATION): it is an Eligible Trust
                  Corporation.

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6.       COVENANTS BY ISSUER TRUSTEE AND MANAGER

6.1      COVENANT TO PAY

         (a)      (COVENANT TO PAY): Subject to and in accordance with the
                  provisions of this Deed, the Sub-Fund Notice and the Class A
                  Notes (including, without limitation, clauses 6.1(b) and 22
                  and condition 12 of the Note Conditions), the Issuer Trustee
                  covenants in favour of the Note Trustee that it will duly and
                  punctually repay the principal of and pay interest and all
                  other amounts owing in relation to the Class A Notes to, or to
                  the order of, the Note Trustee in immediately available funds
                  in US Dollars as and when the same fall due for repayment or
                  payment.

                                                                             15.
<PAGE>

         (b)      (SATISFACTION OF COVENANT): Subject to clause 6.1(b) of the
                  Agency Agreement, every payment by or at the direction of the
                  Issuer Trustee to the Principal Paying Agent or the Currency
                  Swap Provider made in accordance with the Agency Agreement on
                  account of an amount owing in relation to the Class A Notes
                  will operate as payment by the Issuer Trustee to the Note
                  Trustee in satisfaction of the Issuer Trustee's obligations
                  under clause 6.1(a).

6.2      COVENANT OF COMPLIANCE

         (a)      (CLASS A NOTES): The Issuer Trustee and the Manager each
                  severally covenants in favour of the Note Trustee that it will
                  comply with all of its obligations under the Class A Notes (as
                  if the provisions of the Class A Notes, including the Note
                  Conditions, were set out in full in this Deed).

         (b)      (TRANSACTION DOCUMENTS): The Issuer Trustee and the Manager
                  each severally covenants in favour of the Note Trustee that it
                  will:

                  (i)      comply with, perform and observe all of its material
                           obligations under all the other Transaction Documents
                           to which it is a party; and

                  (ii)     use reasonable endeavours to procure that each other
                           party to a Transaction Document (other than the Note
                           Trustee) to which it is a party complies with its
                           material obligations under that Transaction Document.

6.3      OTHER COVENANTS

         The Issuer Trustee and the Manager each severally covenants in
         favour of the Note Trustee that so long as any Class A Notes remain
         outstanding, and unless the Note Trustee agrees otherwise in
         accordance with this Deed, it will:

         (a)      (ASSISTANCE TO NOTE TRUSTEE): provide to the Note Trustee, as
                  the Note Trustee may reasonably require to enable the Note
                  Trustee to perform its duties and functions under this Deed,
                  such information, copies of any accounting records and other
                  documents, statements and reports required to be maintained
                  by, or that are otherwise in the possession of, the Issuer
                  Trustee or the Manager, as the case may be, or which it is
                  entitled to obtain from any person and execute such documents
                  and do such things, which the Issuer Trustee has the power to
                  do under the Trust Deed and Sub-Fund Notice, as may be
                  necessary, in the reasonable opinion of the Note Trustee, to
                  give effect to this Deed or any other Transaction Document to
                  which the Note Trustee is a party;

         (b)      (NOTIFY EVENTS OF DEFAULT ETC.): promptly notify the Note
                  Trustee upon becoming aware of the occurrence of an Event of
                  Default, Potential Event of Default, Trustee Default or
                  Manager Default and provide the Note Trustee with details of
                  such occurrence;

         (c)      (CERTIFICATE AS TO COMPLIANCE): provide to the Note Trustee
                  within 120 days after the end of each fiscal year of the PUMA
                  Trust (commencing on the fiscal year ending on 30 September
                  2004):

                  (i)      in accordance with section 314(a)(4) of the TIA, a
                           brief certificate from its principal executive
                           officer, principal financial officer or principal
                           accounting officer as to his or her knowledge of the
                           activities of the Issuer Trustee and the Manager in
                           respect of the PUMA Trust during that year and of the
                           Issuer Trustee's or the Manager's, as the case may
                           be, compliance with all conditions, covenants and
                           other provisions under this Deed (including under
                           clause 6.2(b) and determined without regard

                                                                             16.
<PAGE>

                           to any period of grace or requirement of notice under
                           this Deed or any other Transaction Document) and
                           giving reasonable details about any non-compliance;
                           and

                  (ii)     a certificate (which may be part of the certificate
                           referred to in clause 6.3(c)(i)) from an Authorised
                           Officer of the Issuer Trustee and from an Authorised
                           Officer of the Manager, as the case may be, stating
                           whether to the best of his or her knowledge in the
                           period since the date of execution of this Deed (in
                           the case of the first such certificate) based on a
                           review of the activities referred to in clause
                           6.3(c)(i) or since the provision of the most recent
                           certificate under this clause 6.3(c)(ii) (in the case
                           of any other such certificate), an Event of Default,
                           Potential Event of Default, Manager Default or
                           Trustee Default has occurred and, if any such event
                           has occurred, giving reasonable details of that
                           event;

         (d)      (FURNISH INFORMATION TO EXCHANGE): in the case of the Manager
                  only, provide or procure that there is provided to any stock
                  exchange on which, or listing authority with whom, the Class A
                  Notes may become listed or quoted all information required to
                  be so provided as a requirement of such listing or quotation;

         (e)      (COPY NOTICES TO CLASS A NOTEHOLDERS): provide, or procure
                  that there is provided, to the Note Trustee:

                  (i)      a copy of each notice given to Class A Noteholders by
                           the Issuer Trustee (at the same time as such notice
                           is given); and

                  (ii)     in the case of the Manager only, a copy of each
                           document provided to any stock exchange or securities
                           market pursuant to clause 6.3(d);

         (f)      (AUDITOR'S REPORT): in the case of the Manager only, provide,
                  or procure that there is provided, to the Note Trustee, within
                  10 Business Days of the date of its issue, a copy of each
                  report issued by the Auditor pursuant to clause 13.3 of the
                  Trust Deed;

         (g)      (ACCESS TO RECORDS): allow the Note Trustee, and any person
                  appointed by the Note Trustee to whom it has no reasonable
                  objection, access at all times during normal business hours,
                  upon reasonable notice, to the accounting records of the PUMA
                  Trust held by it or in its control;

         (h)      (OPINION AS TO FILING): procure that there is provided to the
                  Note Trustee in accordance with section 314(b) of the TIA:

                  (i)      on the Closing Date, Counsel's Opinion either stating
                           that the Security Trust Deed has been properly
                           recorded and filed so as to make effective the
                           Security Interest intended to be created by the
                           Security Trust Deed, and reciting the details of such
                           action, or stating that no such action is necessary
                           to make such Security Interest effective; and

                  (ii)     within 120 days after the end of each fiscal year of
                           the PUMA Trust (commencing on the fiscal year ending
                           on 30 September 2004), Counsel's Opinion either
                           stating that such action has been taken with respect
                           to the recording, filing, re-recording and re-filing
                           of the Security Trust Deed as is necessary to
                           maintain the Security Interest created by the
                           Security Trust Deed and reciting the details of such
                           action or stating that no such action is necessary to
                           maintain such Security Interest;

         (i)      (CHANGE OF MANAGER): in the case of the Issuer Trustee only,
                  promptly notify the Note Trustee of any retirement or
                  replacement of the Manager pursuant to clause 9 of the
                  Management Deed and of the appointment of a substitute
                  Manager;

                                                                             17.
<PAGE>

         (j)      (TRANSACTION DOCUMENTS): in the case of the Manager only,
                  provide to the Note Trustee, on or prior to the Issue Date in
                  respect of the Class A Notes, one copy of each Transaction
                  Document as at that Issue Date (other than any Transaction
                  Document to which the Note Trustee is a party) and provide to
                  the Note Trustee a copy of each Transaction Document executed
                  after the Issue Date (other than any Transaction Document to
                  which the Note Trustee is a party) promptly after its
                  execution; and

         (k)      (PAYING AGENTS TRUST): ensure that each Paying Agent agrees,
                  as a term of its appointment, to hold in trust for the benefit
                  of Class A Noteholders or the Note Trustee all sums held by
                  such Paying Agent for the payment of the principal of or
                  interest on the Class A Notes and to promptly give to the Note
                  Trustee notice of any default by the Issuer Trustee (without
                  regard to any grace period) in the making of any such payment.

6.4      COVENANTS BETWEEN ISSUER TRUSTEE AND MANAGER

         (a)      (OBLIGATIONS OF MANAGER): Without limiting any other
                  obligations of the Manager pursuant to any Transaction
                  Document, the Manager covenants in favour of the Issuer
                  Trustee to prepare and submit to the Issuer Trustee all
                  documents required to be filed with or submitted to the
                  Commission (or any stock exchange on which, or listing
                  authority with whom, the Class A Notes become listed) by the
                  Issuer Trustee in relation to the Class A Notes, the PUMA
                  Trust or this Deed at least, where possible, 5 Business Days
                  before such filing or submission is required and to take such
                  other actions as may reasonably be taken by the Manager to
                  perform or ensure the performance by the Issuer Trustee of its
                  obligations under the TIA or the Exchange Act (or the rules of
                  any stock exchange on which, or listing authority with whom,
                  the Class A Notes become listed) in relation to the Class A
                  Notes, the PUMA Trust or this Deed. No breach by the Issuer
                  Trustee of any obligation under the TIA, the Exchange Act (or
                  the rules of any stock exchange on which, or listing authority
                  with whom, the Class A Notes become listed) or this Deed will
                  be considered to be fraudulent, negligent or wilful default
                  for the purposes of clause 22.3 to the extent that it results
                  from a breach by the Manager of this clause 6.4(a).

         (b)      (OBLIGATION OF ISSUER TRUSTEE): Subject to compliance by the
                  Manager with clause 6.4(a), the Issuer Trustee covenants in
                  favour of the Manager to sign all documents and do all things
                  reasonably requested by the Manager in relation to the
                  compliance by the Issuer Trustee or the Manager of its
                  obligations under the TIA or the Exchange Act (or the rules of
                  any stock exchange on which, or listing authority with whom,
                  the Class A Notes become listed) in relation to the Class A
                  Notes, the PUMA Trust or this Deed.

--------------------------------------------------------------------------------
7.       ENFORCEMENT

7.1      NOTICE FOLLOWING AN EVENT OF DEFAULT OR POTENTIAL EVENT OF DEFAULT

         If an Event of Default or Potential Event of Default has occurred and
         is known to the Note Trustee, the Note Trustee must:

         (a)      (NOTIFY CLASS A NOTEHOLDERS): notify each Class A Noteholder
                  and such other persons as are specified in Section 313(c) of
                  the TIA of the Event of Default or Potential Event of Default,
                  as the case may be, within 10 days, or such shorter period as
                  may be required by the rules of any stock exchange on which,
                  or listing authority with whom, the Class A Notes become
                  listed, after becoming aware of the Event of Default, or
                  Potential Event of Default provided that except in the case of
                  a default in payment of principal or interest on any Class A
                  Note, the Note Trustee may withhold such notice if and so long
                  as the board of directors, the executive

                                                                             18.
<PAGE>

                  committee or a trust committee of its directors and/or
                  Authorised Officers in good faith determine that withholding
                  the notice is in the interest of Class A Noteholders;

         (b)      (DETERMINE WHETHER TO SEEK DIRECTIONS): if a meeting of Voting
                  Secured Creditors is to be held under the Security Trust Deed,
                  determine whether it proposes to seek directions from Class A
                  Noteholders as to how to vote at that meeting and, if so,
                  whether it proposes to instruct the Security Trustee to delay
                  the holding of that meeting while it obtains such directions
                  from the Class A Noteholders; and

         (c)      (VOTE AT MEETING OF SECURED CREDITORS): subject to clause 7.2,
                  vote at any meeting of Voting Secured Creditors held under the
                  Security Trust Deed in accordance with clause 9.8.

7.2      RESTRICTIONS ON ENFORCEMENT

         (a)      (CLASS A NOTES OUTSTANDING): If any of the Class A Notes
                  remain outstanding and are due and payable otherwise than by
                  reason of a default in payment of any amount due on the Class
                  A Notes, the Note Trustee must not vote at a meeting of Voting
                  Secured Creditors under the Security Trust Deed, or otherwise
                  direct the Security Trustee, to dispose of the Charged
                  Property unless:

                  (i)      a sufficient amount would be realised to discharge in
                           full all amounts owing to the Class A Noteholders in
                           respect of the Class A Notes and any other amounts
                           owing by the Issuer Trustee to any other person
                           ranking in priority to or equally with the Class A
                           Notes;

                  (ii)     the Note Trustee is of the opinion, reached after
                           considering at any time and from time to time the
                           advice of an investment bank or other financial
                           adviser selected by the Note Trustee, that the cash
                           flow receivable by the Issuer Trustee (or the
                           Security Trustee under the Security Trust Deed) will
                           not (or that there is a significant risk that it will
                           not) be sufficient, having regard to any other
                           relevant actual, contingent or prospective
                           liabilities of the Issuer Trustee, to discharge in
                           full in due course all the amounts referred to in
                           clause 7.2(a)(i); or

                  (iii)    the Note Trustee is so directed by a Special Majority
                           of the Class A Noteholders at that meeting.

         (b)      (LIABILITY FOR ENFORCEMENT): Subject to clauses 8.3, 9.3 and
                  9.5 and the mandatory provisions of the TIA, the Note Trustee
                  will not be liable for any decline in the value, nor any loss
                  realised upon any sale or other dispositions made under the
                  Security Trust Deed, of any Charged Property. Without limiting
                  the foregoing, the Note Trustee will not be liable for any
                  such decline or loss directly or indirectly arising from its
                  acting, or failing to act, as a consequence of an opinion
                  reached by it in good faith based on advice received by it in
                  accordance with clause 7.2(a).

7.3      NOTE TRUSTEE MAY ENFORCE

         The Note Trustee has the power, subject to clause 22:

         (a)      (ENFORCE FOLLOWING DEFAULT): in the event of a default in
                  repayment of the principal or payment of interest by the
                  Issuer Trustee in respect of any Class A Note when and as the
                  same shall become due and payable, which default has continued
                  for a period of 10 days, to recover judgment, in its own name
                  and as trustee of the Note Trust, against the Issuer Trustee
                  upon the Class A Notes for the whole amount of such principal
                  and interest remaining unpaid;

                                                                             19.
<PAGE>

         (b)      (FILE PROOFS): to file such proofs of claim and other payments
                  or documents as may be necessary or advisable in order to have
                  the claims of the Note Trustee and the Class A Noteholders
                  allowed in any judicial proceedings in relation to the Issuer
                  Trustee upon the Class A Notes, the creditors in relation to
                  the PUMA Trust or the assets of the PUMA Trust;

         (c)      (COLLECT MONEYS): to collect and receive any moneys or other
                  property payable or deliverable on any of those claims and to
                  distribute those moneys; and

         (d)      (ENFORCE RIGHTS): if an Event of Default occurs and is
                  subsisting, to proceed to protect and enforce its rights and
                  the rights of the Class A Noteholders by such appropriate
                  judicial proceedings as the Note Trustee deems most effectual
                  to protect and enforce any such rights, whether for the
                  performance of any provision of this Deed or in aid of the
                  exercise of any power under this Deed or to enforce any other
                  proper remedy,

         but nothing in this clause 7.3 is to be construed as requiring the Note
         Trustee to take any such action unless it has been directed to do so by
         a Special Majority of the Class A Noteholders and has been indemnified
         or put in funds to its satisfaction by the Class A Noteholders against
         any liability that it may incur as a result of taking such action. If
         the Note Trustee takes any action to enforce any of the provisions of
         the Class A Notes proof that as regards any Class A Note the Issuer
         Trustee has not paid any principal or interest due in respect of that
         Class A Note will (unless the contrary is proved) be sufficient
         evidence that the Issuer Trustee has not paid that principal or
         interest on all other Class A Notes in respect of which the relevant
         payment is then due.

7.4      NOTE TRUSTEE ALONE MAY ENFORCE

         Subject to clause 19.4 and the mandatory provisions of the TIA, only
         the Note Trustee may enforce, or direct the Security Trustee to
         enforce, the obligations of the Issuer Trustee or the Manager to the
         Class A Noteholders under the Class A Notes, this Deed or any other
         Transaction Document. No Class A Noteholder is entitled to proceed
         directly against the Issuer Trustee or the Manager in respect of the
         Class A Notes, this Deed or any other Transaction Document.

--------------------------------------------------------------------------------
8.       NOTE TRUSTEE'S POWERS, PROTECTIONS ETC.

8.1      NOTE TRUSTEE'S ADDITIONAL POWERS, PROTECTIONS, ETC.

         By way of supplement to any Statute regulating the Note Trust and in
         addition to the powers, rights and protections which may from time to
         time be vested in or available to the Note Trustee by the general law
         it is expressly declared, notwithstanding anything to the contrary in
         this Deed (subject only to clauses 8.3, 9.3 and 9.5 and the mandatory
         provisions of the TIA) as follows.

         (a)      (LIABILITY TO ACCOUNT): The Note Trustee is under no
                  obligation to account to any Interested Person for any moneys
                  received pursuant to this Deed or any other Transaction
                  Document other than those received by the Note Trustee from
                  the Issuer Trustee or received or recovered by the Note
                  Trustee under this Deed or any other Transaction Document,
                  subject always to such deductions and withholdings by the Note
                  Trustee as are authorised by this Deed. Obligations of the
                  Note Trustee to any Interested Person or any other person
                  under or in connection with this Deed can only be enforced
                  against the Note Trustee to the extent to which they can be
                  satisfied out of such moneys in accordance with this Deed.

         (b)      (CLASS A NOTES): The Note Trustee is not responsible for the
                  receipt or application of the proceeds of issue of any of the
                  Class A Notes or (except when acting as Note

                                                                             20.
<PAGE>

                  Registrar and to the extent specifically provided in this Deed
                  or the Agency Agreement) for the exchange, transfer or
                  cancellation of any Class A Note.

         (c)      (ACT ON PROFESSIONAL ADVICE): Subject to clause 9.2(b), the
                  Note 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 Note Trustee, or
                  by a person other than Note Trustee, where that opinion,
                  advice or information is addressed to the Note Trustee or by
                  its terms is expressed to be capable of being relied upon by
                  the Note Trustee. Subject to clause 9.2(b), the Note Trustee
                  will not be responsible to any Interested Person for any loss
                  occasioned by so acting and in reliance on such advice to the
                  extent that such advice conforms to any applicable
                  requirements of this Deed or the TIA. Any such opinion, advice
                  or information may be sent or obtained by letter, telex, email
                  or facsimile transmission and the Note Trustee will not be
                  liable to any Interested Person for acting on any opinion,
                  advice or information conforming with any applicable
                  requirements of this Deed or the TIA and purporting to be
                  conveyed by such means even though it contains some error
                  which is not a manifest error or is not authentic.

         (d)      (NO ENQUIRY): Unless specifically required under this Deed,
                  the Note Trustee is not bound to give notice to any person of
                  the execution of this Deed or to take any steps to ascertain
                  whether there has occurred any Event of Default, Potential
                  Event of Default, Manager Default or Trustee Default or event
                  which, with the giving of notice or the lapse of time would
                  constitute a Manager Default or Trustee Default or to keep
                  itself informed about the circumstances of the Issuer Trustee
                  or the Manager and, until it has actual knowledge or express
                  notice to the contrary, the Note Trustee may assume that no
                  Event of Default, Potential Event of Default, Manager Default
                  or Trustee Default has occurred and that the Issuer Trustee,
                  the Manager and each other party to the Transaction Documents
                  (other than the Note Trustee) are observing and performing all
                  the obligations on their part contained in the Transaction
                  Documents and need not inquire whether that is, in fact, the
                  case (but nothing in this clause 8.1(d) is to be construed as
                  limiting the Note Trustee's right to make such inquiries, in
                  its discretion, and to exercise its powers under this Deed so
                  to do).

         (e)      (ACTS PURSUANT TO DIRECTIONS): The Note Trustee will not be
                  responsible for having acted in good faith upon a direction
                  purporting to have been given by a Majority of the Class A
                  Noteholders even though it may subsequently be found that for
                  any reason such direction was not valid or binding upon the
                  Note Trustee. However, for the purposes of determining whether
                  a Majority of Class A Noteholders have given a direction which
                  the Note Trustee may rely upon in accordance with this clause,
                  Class A Notes which the Note Trustee knows are owned by the
                  Issuer Trustee or the Manager or by any person directly or
                  indirectly controlling or controlled by or under direct or
                  indirect common control with the Issuer Trustee or the
                  Manager, shall be disregarded.

         (f)      (RELIANCE): Subject to clause 9.2(b), the Note Trustee is, for
                  any purpose and at any time, entitled to rely on, act upon,
                  accept and regard as conclusive and sufficient (without being
                  in any way bound to call for further evidence or information
                  or being responsible for any loss that may be occasioned by
                  such reliance, acceptance or regard) any of the following:

                  (i)      any information, report, balance sheet, profit and
                           loss account, certificate or statement supplied by
                           the Issuer Trustee, the Security Trustee or the
                           Manager or by any officer, auditor or solicitor of
                           the Issuer Trustee, the Security Trustee or the
                           Manager;

                                                                             21.
<PAGE>

                  (ii)     any information or statement provided to it in
                           relation to the Class A Notes, the Class A
                           Noteholders or the Class A Note Owners by the
                           Depository or its nominee;

                  (iii)    all statements (including statements made or given to
                           the best of the maker's knowledge and belief or
                           similarly qualified) contained in any information,
                           report, balance sheet, profit and loss account,
                           certificate or statement given pursuant to or in
                           relation to this Deed, the Security Trust Deed, the
                           Trust Deed or the Sub-Fund Notice;

                  (iv)     all accounts supplied to the Note Trustee pursuant to
                           this Deed and all reports of the Auditor supplied to
                           the Note Trustee pursuant to this Deed; and

                  (v)      notices and other information supplied to the Note
                           Trustee under this Deed,

                  save, in each case, when it is actually aware that the
                  information supplied pursuant to subclauses (i) to (v) is
                  incorrect or incomplete.

         (g)      (DIRECTOR'S CERTIFICATES): Subject to clause 9.2(b), the Note
                  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 Authorised Officers of the Issuer Trustee or the
                  Manager as to any fact or matter upon which the Note Trustee
                  may, in the exercise of any of its duties, powers, authorities
                  and discretions under this Deed, require to be satisfied or to
                  have information to the effect that in the opinion of the
                  person or persons so certifying any particular dealing,
                  transaction, step or thing is expedient and the Note Trustee
                  will not be bound to call for further evidence and will not be
                  responsible for any loss that may be occasioned by acting on
                  any such certificate (but nothing in this clause 8.1(g) is to
                  be construed as either limiting the Note Trustee's right to
                  call for such evidence, in its discretion, and to exercise its
                  powers under this Deed so to do or permitting the Note Trustee
                  to rely on evidence of compliance with conditions precedent
                  where such reliance is not permitted by section 314 of the
                  TIA).

         (h)      (SIGNATURES): The Note Trustee may rely in good faith on the
                  validity of any signature on any Class A Note, transfer, form
                  of application or other instrument or document unless the Note
                  Trustee has reason to believe that the signature is not
                  genuine. The Note Trustee is not liable to make good out of
                  its own funds any loss incurred by any person if a signature
                  is forged or otherwise fails to bind the person whose
                  signature it purports to be or on whose behalf it purports to
                  be made.

         (i)      (CUSTODY OF DOCUMENTS): The Note Trustee may hold or deposit
                  this Deed and any deed or documents relating to this Deed or
                  to the Transaction Documents in any part of the world, other
                  than the Commonwealth of Australia, and 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 reasonably believed by it to be of good repute
                  and the Note Trustee will not be responsible for any loss
                  incurred in connection with any such holding or deposit and
                  may pay all sums to be paid on account of or in respect of any
                  such deposit.

         (j)      (DISCRETION): The Note Trustee, as regards all the powers,
                  trusts, authorities and discretions vested in it pursuant to
                  this Deed, any other Transaction Document or otherwise, has,
                  subject to any express provision to the contrary contained in
                  this Deed or any other Transaction Document to which it is a
                  party, absolute and uncontrolled discretion as to the exercise
                  of such powers, authorities, trusts and discretions and will
                  be in no way responsible to any Interested Person or any other
                  person for any loss, costs, damages, expenses or inconvenience
                  which may result

                                                                             22.
<PAGE>

                  from the exercise or non-exercise of such powers, authorities,
                  trusts and discretions. Without limiting the foregoing, any
                  consent or approval given by the Note Trustee for the purposes
                  of this Deed or any other Transaction Document may be given on
                  such terms and subject to such conditions (if any) as the Note
                  Trustee thinks fit and, notwithstanding anything to the
                  contrary in this Deed, may be given retrospectively.

         (k)      (EMPLOY AGENTS): Wherever it considers it expedient in the
                  interests of the Class A Noteholders, the Note 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 Note Trustee (including the receipt and payment
                  of money under this Deed). The Note Trustee will not be
                  responsible to any Interested Person for any misconduct, or
                  default on the part of any such person appointed by it under
                  this Deed or be bound to supervise the proceedings or acts of
                  any such person, provided that the Note Trustee has exercised
                  good faith and due care in such appointment and that any such
                  person will be a person who is in the opinion of the Note
                  Trustee appropriately qualified to do any such things. Any
                  such agent being a lawyer, banker, broker or other person
                  engaged in any profession or business will be entitled to
                  charge and be paid all usual professional and other charges
                  for business transacted and acts done by him or her or any
                  partner of his or her or by his or her firm in connection with
                  this Deed and also his or her reasonable charges in addition
                  to disbursements for all other work and business done and all
                  time spent by him or her or his or her partners or firm on
                  matters arising in connection with this Deed including matters
                  which might or should have been attended to in person by a
                  trustee not being a lawyer, banker, broker or other
                  professional person.

         (l)      (DELEGATION): Subject to clause 8.5, the Note Trustee may
                  whenever it thinks it expedient in the interests of Class A
                  Noteholders, delegate to any person or fluctuating body of
                  persons selected by it all or any of the duties, powers,
                  authorities, trusts and discretions vested in the Note Trustee
                  by this Deed provided that, except as provided in any
                  Transaction Documents, the Note Trustee may not delegate to
                  such third parties any material part of its powers, duties or
                  obligations as Note Trustee (provided that following the
                  occurrence of an Event of Default the Note Trustee may
                  delegate any of its powers, duties and obligations to be
                  exercised or performed in Australia). Any such delegation may
                  be by power of attorney or in such other manner as the Note
                  Trustee may think fit and may be made upon such terms and
                  conditions (including power to sub-delegate) and subject to
                  such regulations as the Note Trustee may think fit. Provided
                  that the Note Trustee has exercised good faith and due care in
                  the selection of such delegate, and subject to clause 8.6, it
                  will not be under any obligation to any Interested Person to
                  supervise the proceedings or be in any way responsible for any
                  loss incurred by reason of any misconduct or default on the
                  part of any such delegate or sub-delegate.

         (m)      (APPLY TO COURT): The Note Trustee may, whenever it thinks it
                  expedient in the interests of the Class A Noteholders, apply
                  to any court for directions in relation to any question of law
                  or fact arising either before or after an Event of Default or
                  Potential Event of Default and assent to or approve any
                  applications of any Class A Noteholder, the Issuer Trustee or
                  the Manager.

         (n)      (DISCLOSURE): Subject to this Deed, any applicable laws and
                  any duty of confidentiality owed by any Interested Person to
                  any other person, the Note Trustee may, for the purpose of
                  meeting its obligations under this Deed, disclose to any Class
                  A Noteholder any confidential, financial or other information
                  made available to the Note Trustee by an Interested Person or
                  any other person in connection with this Deed.

                                                                             23.
<PAGE>

         (o)      (DETERMINATION): The Note Trustee, as between itself and the
                  Class A Noteholders, has full power to determine (acting
                  reasonably and in good faith) all questions and doubts arising
                  in relation to any of the provisions of this Deed and every
                  such determination, whether made upon such a question actually
                  raised or implied in the acts or proceedings of the Note
                  Trustee, will be conclusive and will bind the Note Trustee and
                  the Class A Noteholders.

         (p)      (ASSUMPTION AS TO PREJUDICE): The Note Trustee is entitled to
                  assume, for the purposes of exercising any power, trust,
                  authority, duty or discretion under or in relation to the
                  Class A Notes, this Deed or any other Transaction Document,
                  that such exercise will not be materially prejudicial to the
                  interests of the Class A Noteholders if each of the Current
                  Rating Authorities has confirmed in writing that such exercise
                  will not result in the reduction, qualification or withdrawal
                  of the credit rating then assigned by it to the Class A Notes
                  (but nothing in this clause is to be construed as requiring
                  the Note Trustee to obtain such confirmation).

         (q)      (VALIDITY OF TRANSACTION DOCUMENTS): The Note Trustee is not
                  responsible for the execution, delivery, legality,
                  effectiveness, adequacy, genuineness, validity, performance,
                  enforceability, admissibility in evidence, form or content of
                  this Deed or any other Transaction Document (other than the
                  execution and delivery by it of this Deed and each other
                  Transaction Document to which it is expressed to be a party
                  and the performance of those obligations expressed to be
                  binding on it under this Deed and such Transaction Documents)
                  and is not liable for any failure to obtain any licence,
                  consent or other authority for the execution, delivery,
                  legality, effectiveness, adequacy, genuineness, validity,
                  performance, enforceability or admissibility in evidence of
                  this Deed or any other Transaction Document except to the
                  extent specifically provided in this Deed or such Transaction
                  Document. The Note Trustee is not responsible for recitals,
                  statements, warranties or representations of any party (other
                  than itself) contained in any Transaction Document (and is
                  entitled to assume the accuracy and correctness thereof).

         (r)      (DEFECT IN SECURITY): The Note Trustee is not bound or
                  concerned to examine or enquire into nor is it liable for any
                  defect in or failure to perfect any Security Interest created
                  or purported to be created by the Security Trust Deed and the
                  Note Trustee may accept without enquiry, requisition or
                  objection such title as the Issuer Trustee may have to the
                  Charged Property or any part thereof from time to time and
                  shall not be bound to investigate or make any enquiry into the
                  title of the Issuer Trustee to the Charged Property or any
                  part thereof from time to time.

         (s)      (CLASS A NOTEHOLDERS RESPONSIBLE): Each Class A Noteholder is
                  solely responsible for making its own independent appraisal of
                  and investigation into the financial condition,
                  creditworthiness, condition, affairs, status and, nature of
                  the Issuer Trustee and the PUMA Trust and the Note Trustee
                  does not at any time have any responsibility for the same and
                  no Class A Noteholder may rely on the Note Trustee in respect
                  of such appraisal and investigation.

         (t)      (LIMIT ON OBLIGATIONS): No provision of this Deed or any other
                  Transaction Document requires the Note Trustee to do anything
                  which may be contrary to any applicable law or regulation or
                  to expend or risk its own funds or otherwise incur any
                  financial liability in the performance of any of its duties,
                  or in the exercise of any of its rights or powers, if it shall
                  have reasonable grounds for believing that repayment of such
                  funds or full indemnity against such risk or liability is not
                  assured to it. Except for the obligations imposed on it under
                  this Deed, the Class A Notes or any other Transaction
                  Document, the Note Trustee is not obliged to do or omit to do
                  any thing, including entering into any transaction or
                  incurring any liability unless the Note Trustee's liability,
                  is limited in a manner satisfactory to the Note Trustee in its
                  absolute discretion.

                                                                             24.
<PAGE>

         (u)      (NO DUTY TO PROVIDE INFORMATION): Subject to the express
                  requirements of this Deed or otherwise as required by any law,
                  the Note Trustee has no duty (either initially, or on a
                  continuing basis) to consider or provide any Class A
                  Noteholders with any confidential financial, price sensitive
                  or other information made available by the Issuer Trustee, the
                  Manager or any other person under or in connection with this
                  Deed or any Transaction Document (whenever coming into its
                  possession) and no Class A Noteholder is entitled to take any
                  action to obtain from the Note Trustee any such information.

         (v)      (NO LIABILITY FOR BREACH): The Note Trustee is not to be under
                  any liability whatsoever for a failure to take any action in
                  respect of any breach by the Issuer Trustee of its duties as
                  trustee of the PUMA Trust of which the Note Trustee is not
                  aware or in respect of any Event of Default or Potential Event
                  of Default of which the Note Trustee is not aware.

         (w)      (DISPUTE OR AMBIGUITY): In the event of any dispute or
                  ambiguity as to the construction or enforceability of this
                  Deed or any other Transaction Document, or the Note Trustee's
                  powers or obligations under or in connection with this Deed or
                  the determination or calculation of any amount or thing for
                  the purpose of this Deed or the construction or validity of
                  any direction from Class A Noteholders, provided the Note
                  Trustee is using reasonable endeavours to resolve such
                  ambiguity or dispute, the Note Trustee, in its absolute
                  discretion, may (but will have no obligation to) refuse to act
                  or refrain from acting in relation to matters affected by such
                  dispute or ambiguity.

         (x)      (LOSS TO CHARGED PROPERTY): The Note Trustee shall not be
                  responsible for any loss, expense or liability occasioned to
                  the Charged Property or any other property or in respect of
                  all or any of the moneys which may stand to the credit of an
                  Account from time to time however caused (including, without
                  limitation, where caused by an act or omission of the Security
                  Trustee) unless that loss is occasioned by the fraud,
                  negligence, wilful default or breach of trust of the Note
                  Trustee.

         (y)      (CONVERSION OF MONEY): Where necessary or expedient in order
                  to fulfil its obligations under this Deed or any Transaction
                  Document the Note Trustee may convert any moneys forming part
                  of the Note Trust Fund from one currency into another at such
                  market exchange rate or rates as are reasonably determined by
                  the Note Trustee.

         (z)      (RATINGS): Except as otherwise provided in this Deed or any
                  other Transaction Document, the Note Trustee has no
                  responsibility for the maintenance of any rating of the Class
                  A Notes by any Current Rating Authority or any other person.

         (aa)     (NO LIABILITY FOR TAX ON PAYMENTS): The Note Trustee has no
                  responsibility whatsoever to any Class A Noteholder or any
                  other person in relation to any deficiency in a payment by the
                  Note Trustee to any Class A Noteholders if that deficiency
                  arises as a result of the Note Trustee or the Issuer Trustee
                  being subject to any Tax in respect of that payment, the
                  Charged Property, the Security Trust Deed, this Deed or any
                  income or proceeds from them.

8.2      WAIVERS

         Subject to clause 7.1(a), the Note Trustee may, and if directed to do
         so by a Majority of Class A Noteholders must, on such terms and
         conditions as it may deem reasonable, without the consent of any of the
         Class A Noteholders, and without prejudice to its rights in respect of
         any subsequent breach agree to any waiver or authorisation of any
         breach or proposed breach of any of the terms and conditions of the
         Transaction Documents by the Issuer Trustee, the Manager or any other
         person which, unless the Note Trustee is acting on the direction of a
         Majority of Class A Noteholders, is not, in the opinion of the Note
         Trustee, materially

                                                                             25.
<PAGE>

         prejudicial to the interests of the Class A Noteholders as a class. No
         such waiver, authorisation or determination may be made in
         contravention of any prior direction by a Majority of the Class A
         Noteholders. No direction of the Class A Noteholders shall affect any
         such waiver, authorisation or determination previously given or made.
         Any such waiver, authorisation or determination will, if the Note
         Trustee so requires, be notified to the Class A Noteholders by the
         Issuer Trustee as soon as practicable after it is made in accordance
         with this Deed.

8.3      NOTE TRUSTEE'S LIABILITY

         Nothing in this Deed or any other Transaction Document will in any
         case in which the Note Trustee has failed to show the degree of care
         and diligence required of it as trustee having regard to the
         provisions of this Deed and the mandatory provisions of the TIA
         conferring on it any trusts, powers, authorities or discretions
         exempt the Note Trustee from or indemnify it against any liability
         for breach of trust or any liability which by virtue of any rule of
         law would otherwise attach to it in respect of fraud or wilful
         default of which it may be guilty in relation to its duties under
         this Deed.

8.4      DEALINGS WITH THE PUMA TRUST

         Subject to clause 9.7, none of the:

         (a)      (NOTE TRUSTEE): Note Trustee in its personal or any other
                  capacity;

         (b)      (RELATED BODIES CORPORATE): Related Bodies Corporate of the
                  Note Trustee;

         (c)      (DIRECTORS ETC.): directors or officers of the Note Trustee or
                  its Related Bodies Corporate; or

         (d)      (SHAREHOLDERS): shareholders of the Note Trustee or its
                  Related Bodies Corporate,

         is prohibited from:

         (e)      (SUBSCRIBING FOR): subscribing for, purchasing, holding,
                  dealing in or disposing of Class A Notes;

         (f)      (CONTRACTING WITH): at any time:

                  (i)      contracting with;

                  (ii)     acting in any capacity as representative or agent
                           for; or

                  (iii)    entering into any financial, banking, agency or other
                           transaction with,

                  any other of them, the Issuer Trustee, the Manager or any
                  Secured Creditor (including any Class A Noteholder); or

         (g)      (BEING INTERESTED IN): being interested in any contract or
                  transaction referred to in paragraphs (e) or (f).

         None of the persons mentioned is liable to account to the Class A
         Noteholders for any profits or benefits (including, without limitation,
         bank charges, commission, exchange brokerage and fees) derived in
         connection with any contract or transaction referred to in paragraphs
         (e) or (f). The preceding provisions of this clause 8.4 only apply if
         the relevant person, in connection with the action, contract or
         transaction, acts in good faith to the Class A Noteholders and, in the
         case of the Note Trustee, are subject to section 311(a) of the TIA.

                                                                             26.
<PAGE>

8.5      DELEGATION OF DUTIES OF NOTE TRUSTEE

         The Note Trustee must not delegate to any person any of its trusts,
         duties, powers, authorities or discretions under this Deed except:

         (a)      (RELATED BODY CORPORATE): to a Related Body Corporate of the
                  Note Trustee; or

         (b)      (AS OTHERWISE PERMITTED): in accordance with the provisions of
                  this Deed or otherwise as agreed by the Manager.

8.6      RELATED BODY CORPORATE OF THE NOTE TRUSTEE

         Where the Note Trustee delegates any of its trusts, duties, powers,
         authorities and discretions to any person who is a Related Body
         Corporate of the Note Trustee, the Note Trustee at all times remains
         liable for the acts or omissions of such Related Body Corporate and for
         the payment of fees of that Related Body Corporate when acting as
         delegate.

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9.       DUTIES OF THE NOTE TRUSTEE

9.1      NOTE TRUSTEE'S GENERAL DUTIES

         The Note Trustee must comply with the duties imposed on it by this
         Deed, the Class A Notes (including the Note Conditions) and each other
         Transaction Document to which it is a party and must:

         (a)      (ACT CONTINUOUSLY): act continuously as trustee of the Note
                  Trust until the Note Trust is terminated in accordance with
                  this Deed or until it has retired or been removed in
                  accordance with this Deed; and

         (b)      (HAVE REGARD TO THE INTERESTS OF CLASS A NOTEHOLDERS): in the
                  exercise of all discretions vested in it by this Deed and all
                  other Transaction Documents, except where expressly provided
                  otherwise, have regard to the interest of the Class A
                  Noteholders as a class.

9.2      DUTIES OF THE NOTE TRUSTEE PRIOR TO EVENT OF DEFAULT

         Prior to an Event of Default:

         (a)      (NOTE TRUSTEE NOT LIABLE): the Note Trustee shall not be
                  liable except for the performance of such duties as are
                  specifically set out in this Deed, the Class A Notes
                  (including the Note Conditions) or any other Transaction
                  Document to which it is a party and no implied covenants or
                  obligations on the part of the Note Trustee are to be read
                  into this Deed; and

         (b)      (RELIANCE ON CERTIFICATES): subject to the requirements of the
                  TIA, the Note Trustee may conclusively rely, as to the truth
                  of the statements and the correctness of the opinions
                  expressed therein, in the absence of bad faith on the part of
                  the Note Trustee, upon certificates or opinions furnished to
                  the Note Trustee and conforming to the requirements of this
                  Deed provided that the Note Trustee shall examine, where
                  applicable, the evidence furnished to it pursuant to any
                  provision of this Deed to determine whether or not such
                  evidence conforms to the requirements of this Deed.

9.3      DUTIES OF THE NOTE TRUSTEE FOLLOWING AN EVENT OF DEFAULT

         If an Event of Default has occurred and is subsisting the Note Trustee
         shall exercise the rights and powers vested in it by this Deed and use
         the same degree of care and skill in their exercise

                                                                             27.
<PAGE>

         as a prudent person would exercise or use under the circumstances in
         the conduct of such person's own affairs.

9.4      CERTAIN LIMITATIONS OF LIABILITY WHERE ACTING IN GOOD FAITH

         The Note Trustee shall not be liable under this Deed or any Transaction
         Document for any error of judgment made in good faith by an Authorised
         Officer of the Note Trustee unless it is proved that the Note Trustee
         was negligent in ascertaining the pertinent facts.

9.5      NOTE TRUSTEE NOT RELIEVED OF LIABILITY FOR NEGLIGENCE ETC.

         Subject to clauses 9.2 and 9.4, nothing in this Deed will relieve the
         Note Trustee from liability for its own negligent action, its own
         negligent failure to act or its own wilful misconduct. Section
         315(d)(3) of the TIA is expressly excluded by this Deed.

9.6      PREFERRED COLLECTION OF CLAIMS AGAINST THE ISSUER TRUSTEE

         The Note Trustee must comply with section 311(a) of the TIA and the
         rules thereunder other than with respect to any creditor relationship
         excluded from the operation of section 311(a) by section 311(b) of the
         TIA. Following its retirement or removal pursuant to clause 14, the
         Note Trustee will remain subject to section 311(a) of the TIA to the
         extent required by the TIA.

9.7      COMPLIANCE WITH SECTION 310 OF TIA

         (a)      (SECTION 310(a) OF TIA): The Note Trustee must ensure that it
                  at all times satisfies the requirements of section 310(a) of
                  the TIA.

         (b)      (CAPITAL): Without limiting the foregoing, the Note Trustee
                  must ensure that it all times has a combined capital and
                  surplus (as those terms are used in the TIA) of at least
                  US$50,000,000 as set forth in its most recent published annual
                  report of condition.

         (c)      (SECTION 310(b) OF TIA): The Note Trustee must at all times
                  comply with section 310(b) of the TIA, provided that any
                  indenture or indentures under which other securities of the
                  Issuer Trustee are outstanding will be excluded from the
                  operation of section 310(b)(1) of the TIA if the requirements
                  for such exclusion set out in section 310(b)(1) of the TIA are
                  met.

9.8      VOTING AT MEETINGS UNDER TRUST DEED OR SECURITY TRUST DEED

         If the Note Trustee is entitled under the Trust Deed (as varied by
         clause 3.6 of the Sub-Fund Notice) or the Security Trust Deed to vote
         at any meeting on behalf of Class A Noteholders the Note Trustee must
         vote in accordance, where applicable, with the directions of the Class
         A Noteholders (whether or not solicited and whether or not all Class A
         Noteholders have provided such directions) and otherwise in its
         absolute discretion. In acting in accordance with the directions of
         Class A Noteholders the Note Trustee must exercise its votes for or
         against any proposal to be put to a meeting in the same proportion as
         that of the aggregate Principal Balance of the Class A Notes held by
         the Class A Noteholders who have directed the Note Trustee to vote for
         or against such a proposal.

9.9      TRANSACTION DOCUMENTS

         The Note Trustee must make available at the Note Trustee's offices in
         New York and London for inspection by Class A Noteholders a copy of
         each Transaction Document in accordance with condition 3 of the Note
         Conditions (provided that the Note Trustee will not be in default of
         its obligations pursuant to this clause 9.9 in respect of any
         Transaction Document, other than a Transaction Document to which the
         Note Trustee is a party, a copy of which has not been provided to the
         Note Trustee).

                                                                             28.
<PAGE>

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10.      APPLICATION OF MONEYS

10.1     MONEYS RECEIVED

         The Note Trustee must hold all moneys received by it under this Deed or
         any other Transaction Document upon trust to apply them:

         (a)      (FEES AND EXPENSES): first, towards all amounts owing to the
                  Note Trustee under this Deed (other than under clause 6.1);
                  and

         (b)      (CLASS A NOTEHOLDERS): secondly, to the Class A Noteholders:

                  (i)      prior to enforcement of the Charge, in the order as
                           set out in clauses 5.1 and 5.5 of the Sub-Fund Notice
                           and Conditions 6.9 and 7.2 of the Note Conditions;
                           and

                  (ii)     after the enforcement of the Charge, in the order set
                           out in clause 13.1 of the Security Trust Deed,

                  towards repayment of principal and payment of interest and all
                  other amounts owing to them by the Issuer Trustee in respect
                  of the Class A Notes; and

         (c)      (BALANCE): thirdly, dealing with any balance remaining after
                  satisfying (a) and (b) above to the Issuer Trustee in
                  accordance with the written direction of the Manager.

10.2     INVESTMENT OF MONEYS HELD

         An amount which under this Deed ought to or may be invested by the Note
         Trustee may be invested in the name or control of the Note Trustee at
         the written direction of the Manager in:

         (a)      (AUTHORISED INVESTMENTS): Authorised Investments; or

         (b)      (US$ INVESTMENTS): any investment denominated in US dollars
                  including, without limiting the generality thereof:

                  (i)      demand and open time deposits; or

                  (ii)     certificates of deposit issued by any depository
                           institution; or

                  (iii)    units of money market funds, including money market
                           funds managed by the Note Trustee (or its Related
                           Bodies Corporate), or to which the Note Trustee (or
                           its Related Bodies Corporate) act as professional
                           advisors,

                  which has assigned to it the highest short-term credit rating
                  from each Current Rating Authority or which is otherwise
                  approved by that Current Rating Authority.

         If the Note Trustee does not receive, or it is reasonably foreseeable
         that the Note Trustee will not receive, such direction within 24 hours
         of requesting the Manager for such direction, the Note Trustee may
         invest the relevant amount in investments of the type described in
         clause 10.2(b)(iii). Neither the Note Trustee nor the Manager is
         responsible for any loss resulting from such investments whether due to
         depreciation in value, fluctuations in exchange rates or otherwise.

                                                                             29.
<PAGE>

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11.      CONTINUING SECURITY AND RELEASES

11.1     ISSUER TRUSTEE'S LIABILITY NOT AFFECTED

         This Deed and the liability of the Issuer Trustee under this Deed will
         not be affected or discharged by any of the following:

         (a)      (INDULGENCE): the granting to the Issuer Trustee or to any
                  other person of any time or other indulgence or consideration;

         (b)      (DELAY IN RECOVERY): subject to condition 8.5 of the Note
                  Conditions, the Note Trustee failing or neglecting to recover
                  any amounts owing in respect of the Class A Notes;

         (c)      (LACHES): any other laches, acquiescence, delay, act, omission
                  or mistake on the part of the Note Trustee or any other
                  person; or

         (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 Note Trustee from or
                  against the Issuer Trustee or any other person.

11.2     WAIVER BY THE ISSUER TRUSTEE

         The Issuer Trustee waives in favour of the Note Trustee:

         (a)      (ALL RIGHTS NECESSARY TO GIVE EFFECT TO DEED): all rights
                  whatsoever against the Note Trustee and any other person
                  estate or assets to the extent necessary to give effect to
                  anything in this Deed;

         (b)      (ALL RIGHTS INCONSISTENT WITH DEED): all rights inconsistent
                  with the provisions of this Deed.

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12.      REMUNERATION AND EXPENSES OF NOTE TRUSTEE

12.1     PAYMENT OF FEE

         The Issuer Trustee must pay to the Note Trustee during the period that
         any of the Class A Notes remain outstanding the fee separately agreed
         by the Note Trustee and the Issuer Trustee (at such times and upon such
         terms as to interest for overdue payments or otherwise as are agreed
         between the Issuer Trustee and the Note Trustee). If the Note Trustee
         retires or is removed under this Deed, the Note Trustee must refund to
         the Issuer Trustee that proportion of the fee (if any) which relates to
         the period during which the Note Trustee will not be the Note Trustee.

12.2     PAYMENT OF EXPENSES

         The Issuer Trustee must pay or reimburse to the Note Trustee all
         reasonable costs, expenses, charges, stamp duties and other Taxes and
         liabilities properly incurred by the Note Trustee, or its properly
         appointed agents or delegates, in the performance of the obligations of
         the Note Trustee under this Deed or any other Transaction Document
         including, without limitation, all costs and expenses (including legal
         costs and expenses) incurred by the Note Trustee in the enforcement of
         any obligations under this Deed or any other Transaction Documents.
         Without limiting any right of indemnity available by law to the Note
         Trustee, the Note Trustee is entitled to be indemnified from the Note
         Trust Fund from and against all such costs, expenses, charges, stamp
         duties and other Taxes and liabilities. Nothing in this clause 12.2
         entitles or permits the Note Trustee to be reimbursed or indemnified
         for general overhead costs and expenses of the Note Trustee (including,
         without limitation, rents and any amounts payable by

                                                                             30.
<PAGE>

         the Note Trustee to its employees in connection with their employment)
         incurred directly or indirectly in connection with the business
         activities of the Note Trustee or in the exercise of its rights, powers
         and discretions or the performance of its duties and obligations under
         this Deed or any Transaction Document.

12.3     ADDITIONAL DUTIES

         In the event of the occurrence of an Event of Default or the Note
         Trustee considering it expedient or necessary or being requested
         pursuant to any Transaction Document to undertake duties which the Note
         Trustee and the Manager agree to be of an exceptional nature or
         otherwise outside the scope of the normal duties of the Note Trustee
         under this Deed or the other Transaction Documents, the Issuer Trustee
         must pay to the Note Trustee such additional remuneration as is agreed
         between the Manager and the Note Trustee.

12.4     DISPUTE AS TO ADDITIONAL DUTIES

         In the event of the Manager and the Note Trustee failing to agree:

         (a)      (AMOUNT OF REMUNERATION): upon the amount of any additional
                  remuneration referred to in clause 12.3; or

         (b)      (SCOPE OF DUTIES): upon whether duties of the Note Trustee are
                  of an exceptional nature or otherwise outside the scope of the
                  normal duties of the Note Trustee for the purposes of clause
                  12.3,

         such matters shall be determined by a merchant or investment bank
         (acting as an expert and not as an arbitrator) selected by the Note
         Trustee and approved by the Manager or, failing such approval,
         nominated (on the application of the Note Trustee) by the President for
         the time being of The Law Society of New South Wales (the expenses
         involved in such nomination and the fees of such merchant or investment
         bank being payable by the Issuer Trustee as part of the Fees and
         Expenses for which the Issuer Trustee is entitled to be indemnified
         from the assets of the PUMA Trust in accordance with the Sub-Fund
         Notice) and the determination of any such merchant or investment bank
         shall be final and binding upon the Note Trustee, the Manager and the
         Issuer Trustee.

12.5     CURRENCY AND VALUE ADDED TAX

         The above fees and expenses will be paid in US Dollars. The Issuer
         Trustee will in addition pay any value added tax which may be
         applicable.

12.6     NO OTHER FEES OR EXPENSES

         Except as provided in clauses 12.1, 12.2, 12.3, 12.4 and 12.5 or as
         expressly provided elsewhere in this Deed or any other Transaction
         Document, neither the Issuer Trustee nor the Manager has any liability
         in respect of any fees, commissions or expenses of the Note Trustee in
         connection with this Deed or any Transaction Document.

12.7     ISSUER TRUSTEE PERSONALLY LIABLE FOR FEES

         Notwithstanding any other provision of this Deed, the Issuer Trustee
         must pay to the Note Trustee the fees referred to in clause 12.1, and
         any value added tax on such fees, from its own personal funds and will
         not be entitled to be indemnified from the assets of the PUMA Trust
         with respect to such fees or value added taxes provided that if The
         Bank of New York, New York retires or is removed as Note Trustee the
         Issuer Trustee will only be liable to pay the fees referred to in
         clause 12.1, and any value added tax on such fees, from its own
         personal funds, to the extent that such fees and value added tax do not
         exceed the amount that would have been payable to The Bank of New York,
         New York if it had remained as Note Trustee. The balance of such fees
         and value added tax, if any, will be part of the Fees and Expenses for

                                                                             31.
<PAGE>

         which the Issuer Trustee is entitled to be indemnified from the assets
         of the PUMA Trust in accordance with the Sub-Fund Notice.

12.8     TIMING OF PAYMENTS

         Except as referred to in clause 12.7, all payments by the Issuer
         Trustee to the Note Trustee under this clause 12 are payable on the
         first Quarterly Payment Date following demand by the Note Trustee from
         funds available for this purpose in accordance with the Sub-Fund
         Notice.

12.9     NON-DISCHARGE

         Unless otherwise specifically stated in any discharge of the Note Trust
         the provisions of this clause 12 will continue in full force and effect
         despite such discharge.

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13.      ADDITIONAL NOTE TRUSTEES

13.1     APPOINTMENT AND REMOVAL

         The Note Trustee may, upon giving prior notice to the Issuer Trustee
         and the Manager (but without the consent of the Issuer Trustee, the
         Manager or the Class A Noteholders), appoint any person (an "ADDITIONAL
         NOTE TRUSTEE") (other than the Issuer Trustee or a Related Body
         Corporate of the Issuer Trustee) established or resident in any
         jurisdiction (whether an Eligible Trust Corporation or not) to act as a
         co-trustee jointly with the Note Trustee:

         (a)      (INTERESTS OF CLASS A NOTEHOLDERS): if the Note Trustee
                  considers such appointment to be in the interests of the Class
                  A Noteholders;

         (b)      (LEGAL REQUIREMENTS): for the purposes of conforming to any
                  legal requirements, restrictions or conditions in any
                  jurisdiction in which any particular act or acts is or are to
                  be performed; or

         (c)      (OBTAINING JUDGMENT): for the purposes of obtaining a judgment
                  in any jurisdiction or the enforcement in any jurisdiction of
                  either a judgment already obtained or any of this Deed or any
                  other Transaction Document.

         The Issuer Trustee, for valuable consideration, irrevocably appoints
         the Note Trustee to be its attorney in its name and on its behalf to
         execute an instrument of appointment of any such Additional Note
         Trustee. Such Additional Note Trustee will (subject always to the
         provisions of this Deed) have such trusts, powers, authorities and
         discretions (not exceeding those conferred on the Note Trustee by this
         Deed or any other Transaction Document) and such duties and obligations
         as are conferred or imposed by the instrument of appointment. Such
         reasonable remuneration as the Note Trustee may pay to any Additional
         Note Trustee, together with any costs and expenses properly incurred by
         any Additional Note Trustee in performing its functions as such, are
         expenses of the Note Trustee recoverable by it pursuant to clause 12.2.
         The Note Trustee, upon giving prior notice to the Issuer Trustee and
         the Manager, has the power to remove any Additional Note Trustee. The
         Issuer Trustee, for valuable consideration, irrevocably appoints the
         Note Trustee to be its attorney in its name and on its behalf to
         execute an instrument of removal of any such Additional Note Trustee.

13.2     JOINT EXERCISE OF POWERS

         All rights, powers, duties and obligations conferred or imposed upon an
         Additional Note Trustee are conferred or imposed upon and exercised or
         performed by the Note Trustee and the Additional Note Trustee jointly
         (it being understood that an Additional Note Trustee is not authorised
         to act separately without the Note Trustee joining in such act), except
         to the extent that under any law of any jurisdiction in which any
         particular act or acts are to be performed the Note Trustee shall be
         incompetent or unqualified to perform such act or acts, in which

                                      32.
<PAGE>

         event such rights, powers, duties and obligations shall be exercised
         and performed singly by such Additional Note Trustee (but subject to
         the direction of the Note Trustee).

13.3     NOTICE

         The Note Trustee must promptly notify the Principal Paying Agent, the
         Class A Noteholders and the Current Rating Authorities of each
         appointment or removal of an Additional Note Trustee pursuant to this
         clause 13.

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14.      RETIREMENT OR REMOVAL OF NOTE TRUSTEE

14.1     RETIREMENT OF NOTE TRUSTEE

         The Note Trustee covenants that it will retire as Note Trustee if:

         (a)      (INSOLVENCY): an Insolvency Event occurs in relation to the
                  Note Trustee in its personal capacity or in respect of its
                  personal assets (and not in its capacity as trustee of any
                  trust or in respect of any assets it holds as trustee);

         (b)      (CEASES TO CARRY ON BUSINESS): it ceases to carry on business;

         (c)      (CEASES TO BE AN ELIGIBLE TRUST CORPORATION): it ceases to be
                  an Eligible Trust Corporation;

         (d)      (CLASS A NOTEHOLDERS REQUIRE RETIREMENT): it is so directed by
                  a Special Majority of Class A Noteholders;

         (e)      (BREACH OF DUTY): when required to do so by the Manager or the
                  Issuer Trustee by notice in writing, it fails or neglects
                  within 20 Business Days after receipt of such notice to carry
                  out or satisfy any material duty imposed on it by this Deed or
                  any other Transaction Document; or

         (f)      (CHANGE IN OWNERSHIP): there is a change in ownership of 50%
                  or more of the issued equity share capital of the Note Trustee
                  from the position as at the date of this Deed or effective
                  control of the Note Trustee alters from the position as at the
                  date of this Deed unless in either case approved by the
                  Manager (whose approval must not be unreasonably withheld).

14.2     REMOVAL BY MANAGER

         If the Note Trustee refuses to retire the Manager is entitled to remove
         the Note Trustee from office immediately by notice in writing if an
         event referred to in clause 14.1 has occurred. On the retirement or
         removal of the Note Trustee under the provisions of clause 14.1 or this
         clause 14.2:

         (a)      (NOTIFY CURRENT RATING AUTHORITIES): the Manager must promptly
                  notify the Current Rating Authorities of such retirement or
                  removal; and

         (b)      (APPOINT SUBSTITUTE NOTE TRUSTEE): subject to any approval
                  required by law, the Manager is entitled to and must use
                  reasonable endeavours to appoint in writing some other
                  Eligible Trust Corporation that is approved by the Current
                  Rating Authorities to be the Substitute Note Trustee.

14.3     NOTE TRUSTEE MAY RETIRE

         The Note Trustee may retire at any time as trustee under this Deed upon
         giving 3 months (or such lesser time as the Manager, the Issuer Trustee
         and the Note Trustee agree) notice in writing to the Issuer Trustee,
         the Manager and the Current Rating Authorities, without giving

                                      33.
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         any reason and without being responsible for any liabilities incurred
         by reason of such retirement provided that such retirement is in
         accordance with this Deed, provided that no such period of notice of
         retirement may expire within the period of 30 days preceding each
         Quarterly Payment Date. Upon such retirement the Note Trustee, subject
         to any approval required by law, may appoint in writing any other
         Eligible Trust Corporation that is approved by the Current Rating
         Authorities and the Manager, which approval must not be unreasonably
         withheld by the Manager, as Note Trustee in its stead. If the Note
         Trustee does not appoint a replacement by the date which is 1 month
         prior to the date of its proposed retirement, the Manager is entitled
         to appoint a Substitute Note Trustee, which must be an Eligible Trust
         Corporation that is approved by the Current Rating Authorities, as of
         the date of the proposed retirement. The Note Trustee must not seek
         reimbursement for any costs incurred by it which are associated with
         its retirement under this clause 14.3 or any costs incurred by it
         associated with the appointment of a Substitute Note Trustee as a
         result of such retirement.

14.4     APPOINTMENT OF SUBSTITUTE NOTE TRUSTEE BY CLASS A NOTEHOLDERS

         Notwithstanding clauses 14.1, 14.2 and 14.3, no retirement or removal
         of the Note Trustee will be effective until a Substitute Note Trustee
         has been appointed in its place. If a Substitute Note Trustee has not
         been appointed under clauses 14.1, 14.2 or 14.3 at a time when the
         position of Note Trustee would, but for this clause 14.4, become vacant
         in accordance with those clauses, the Issuer Trustee must promptly
         advise the Class A Noteholders a Special Majority of whom may appoint
         an Eligible Trust Corporation nominated by any of them to act as Note
         Trustee.

14.5     RELEASE OF NOTE TRUSTEE

         Upon retirement or removal of the Note Trustee as trustee of the Note
         Trust, the Note Trustee is released from all obligations under this
         Deed arising after the date of the retirement or removal except for its
         obligation to vest the Note Trust Fund in the Substitute Note Trustee
         and to deliver all books and records relating to the Note Trust to the
         Substitute Note Trustee. The Manager and the Issuer Trustee may settle
         with the Note Trustee the amount of any sums payable by the Note
         Trustee to the Manager or the Issuer Trustee or by the Manager or the
         Issuer Trustee to the Note Trustee and may give to or accept from the
         Note Trustee a discharge in respect of those sums which will be
         conclusive and binding as between the Manager, the Issuer Trustee and
         the Note Trustee but not as between the Note Trustee and the Class A
         Noteholders.

14.6     VESTING OF NOTE TRUST FUND IN SUBSTITUTE NOTE TRUSTEE

         The Note Trustee, on its retirement or removal, must vest the Note
         Trust Fund or cause it to be vested in the Substitute Note Trustee and
         must deliver and assign to such Substitute Note Trustee as appropriate
         all books, documents, records and other property whatsoever relating to
         the Note Trust Fund.

14.7     SUBSTITUTE NOTE TRUSTEE TO EXECUTE DEED

         Each Substitute Note Trustee must upon its appointment execute a deed
         in such form as the Manager may require whereby such Substitute Note
         Trustee must undertake to the Class A Noteholders to be bound by all
         the covenants on the part of the Note Trustee under this Deed from the
         date of such appointment.

14.8     CURRENT RATING AUTHORITIES ADVISED

         The Manager must promptly:

         (a)      (RETIREMENT): approach and liaise with each Current Rating
                  Authority in respect of any consents required from it to the
                  replacement of the Note Trustee pursuant to clauses 14.2 or
                  14.3;

                                                                             34.
<PAGE>

         (b)      (CHANGE OF OWNERSHIP): notify the Current Rating Authorities
                  of it becoming aware of a change in ownership of 50% or more
                  of the issued equity share capital of the Note Trustee from
                  the position as at the date of this Deed or effective control
                  of the Note Trustee altering from the date of this Deed; and

         (c)      (APPROVAL FOR CHANGE IN OWNERSHIP): notify the Current Rating
                  Authorities of any approvals given by the Manager pursuant to
                  clause 14.1(f).

14.9     RETENTION OF LIEN

         Notwithstanding any release of the outgoing Note Trustee under this
         clause 14, the outgoing Note Trustee will remain entitled to the
         benefit of the indemnities granted by this Deed to the outgoing Note
         Trustee in respect of any liability, cost or other obligation incurred
         by it while acting as Note Trustee, as if it were still the Note
         Trustee under this Deed.

14.10    ISSUER TRUSTEE AND MANAGER CANNOT BE APPOINTED

         Notwithstanding the preceding provisions of this clause 14, none of the
         Manager, the Issuer Trustee, any Support Facility Provider nor any of
         their Related Bodies Corporate may be appointed as Note Trustee.

14.11    NO LIMITATION OF TIA

         Nothing in this clause 14 is to be construed as limiting any right of a
         Class A Noteholder to take any action to remove the Note Trustee in
         accordance with section 310(b) of the TIA.

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15.      AMENDMENT

15.1     AMENDMENT BY NOTE TRUSTEE

         Subject to this clause 15 and to any approval required by law, the
         Note Trustee, the Manager and the Issuer Trustee may together agree,
         without the consent or sanction of any Class A Noteholder, by way of
         supplemental deed to alter, add to or revoke any provision of this
         Deed or the Class A Notes (including the Note Conditions) so long as
         such alteration, addition or revocation is not a Payment
         Modification and such alteration, addition or revocation:

         (a)      (NECESSARY OR EXPEDIENT): in the opinion of the Note Trustee
                  is necessary or expedient to comply with the provisions of any
                  Statute or regulation or with the requirements of any
                  Governmental Agency;

         (b)      (MANIFEST ERROR): in the opinion of the Note Trustee is made
                  to correct a manifest error or ambiguity or is of a formal,
                  technical or administrative nature only;

         (c)      (AMENDMENT TO LAW): in the opinion of the Note Trustee is
                  appropriate or expedient as a consequence of an amendment to
                  any Statute or regulation or altered requirements of any
                  Governmental Agency or any decision of any court (including,
                  without limitation, an alteration, addition or modification
                  which is in the opinion of the Note 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 Australian Commissioner or Deputy Commissioner
                  of Taxation or any governmental announcement or statement or
                  any decision of any court, in any case which has or may have
                  the effect of altering the manner or basis of taxation of
                  trusts generally or of trusts similar to the PUMA Trust or the
                  Note Trust); or

         (d)      (OTHERWISE DESIRABLE): in the opinion of the Note Trustee and
                  the Issuer Trustee is otherwise desirable for any reason and:

                                                                             35.
<PAGE>

                  (i)      is not in the opinion of the Note Trustee likely,
                           upon coming into effect, to be materially prejudicial
                           to the interests of Class A Noteholders; or

                  (ii)     if it is in the opinion of the Note Trustee likely,
                           upon coming into effect, to be materially prejudicial
                           to Class A Noteholders, the consent of a Special
                           Majority of Class A Noteholders to the alteration,
                           addition or resolution has been obtained. For the
                           purpose of determining whether a Special Majority of
                           Class A Noteholders has consented to an alteration,
                           addition or revocation, Class A Notes which are
                           beneficially owned by the Issuer Trustee or the
                           Manager or by any person directly or indirectly
                           controlling or controlled by or under direct or
                           indirect common control with the Issuer Trustee or
                           the Manager, shall be disregarded,

         provided that the Note Trustee, the Manager and the Issuer Trustee may
         not alter, add to or revoke any provision of this Deed or the Class A
         Notes unless the Manager has notified the Current Rating Authorities 5
         Business Days in advance.

15.2     AMENDMENTS REQUIRING CONSENT OF CLASS A NOTEHOLDERS

         The Note Trustee, the Manager and the Issuer Trustee may together agree
         by way of supplemental deed to make or effect a Payment Modification,
         in relation to all the Class A Notes, to this Deed or the Class A Notes
         (including the Note Conditions) if, and only if, the consent has first
         been obtained of each corresponding Class A Noteholder to such Payment
         Modification.

15.3     COMPLIANCE WITH TIA

         Any supplemental deed altering, adding to or revoking any provision of
         this Deed or the Class A Notes (including the Note Conditions) referred
         to in this clause 15 must conform, to the extent applicable, with the
         requirements of the TIA.

15.4     NO CURRENT RATING AUTHORITY DOWNGRADE

         The Note Trustee will be entitled to assume that any proposed
         alteration, addition or revocation, other than a Payment Modification,
         will not be materially prejudicial to the interests of Class A
         Noteholders if each of the Current Rating Authorities confirms in
         writing that if the alteration, addition or revocation is effected this
         will not lead to a reduction, qualification or withdrawal of the then
         rating given to the Class A Notes by the Current Rating Authority.

15.5     DISTRIBUTION OF AMENDMENTS

         The Issuer Trustee must distribute to all Class A Noteholders a copy of
         any amendment made pursuant to this clause 15 as soon as reasonably
         practicable after the amendment has been made.

15.6     AMENDMENTS BINDING ON CLASS A NOTEHOLDERS

         Any alteration, addition or revocation of a provision of this Deed or
         the Class A Notes made pursuant to this clause 15 is binding on all
         Class A Noteholders.

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16.      REPORTS

16.1     REPORTS BY NOTE TRUSTEE

         If so required by section 313(a) of the TIA, the Note Trustee shall
         provide to each Class A Noteholder, and such other persons as the Note
         Trustee is required by section 313(c) of the TIA to provide reports to,
         at intervals of not more than 12 months (commencing as from the

                                                                             36.
<PAGE>

         Closing Date) a brief report of the events referred to in section
         313(a) of the TIA that have occurred within the preceding 12 months and
         shall provide such additional reports to Class A Noteholders, and such
         other persons as the Note Trustee is required by section 313(c) of the
         TIA to provide reports to, as are required by section 313(b) of the TIA
         at the times specified in that section. A copy of each such report at
         the time of its provision to Class A Noteholders must be copied to the
         Issuer Trustee and the Manager and must be filed by the Note Trustee
         with the Commission and each stock exchange, if any, on which the Class
         A Notes are listed.

16.2     REPORTS BY ISSUER TRUSTEE

         The Issuer Trustee and the Manager each severally covenants that it
         will:

         (a)      (COPY SECURITIES EXCHANGE ACT REPORTS TO NOTE TRUSTEE): file:

                  (i)      with the Commission at such times as are required
                           under the Exchange Act; and

                  (ii)     with the Note Trustee, within 15 days after it is
                           required to file the same with the Commission,

                  copies of the annual reports and of the information, documents
                  and other reports (or copies of such portions of any of the
                  foregoing as the Commission may from time to time by rules and
                  regulations prescribe), if any, which it may be required to
                  file with the Commission pursuant to section 13 or 15(d) of
                  the Exchange Act or, if it is not required to file
                  information, documents or reports pursuant to either of such
                  sections, then to file with the Note Trustee and the
                  Commission, in accordance with the rules and regulations
                  prescribed by the Commission, such of the supplementary and
                  periodic information, documents and reports which may be
                  required pursuant to section 13 of the Exchange Act, in
                  respect of a security listed and registered on a national
                  securities exchange as may be prescribed in such rules and
                  regulations;

         (b)      (OTHER REPORTS): file with the Note Trustee and the
                  Commission, in accordance with rules and regulations
                  prescribed from time to time by the Commission, such
                  additional information, documents and reports with respect to
                  compliance by it with the conditions and covenants of this
                  Deed as may be required from time to time by such rules and
                  regulations; and

         (c)      (SUMMARIES TO CLASS A NOTEHOLDERS): transmit to Class A
                  Noteholders, and such other persons as are required by section
                  314(a)(3) of the TIA, such summaries of any information,
                  documents and reports required to be filed by the Issuer
                  Trustee or the Manager pursuant to clauses 16.2(a) and (b) as
                  may be required by rules and regulations prescribed from time
                  to time by the Commission.

16.3     RESTRICTED SECURITIES

         The Issuer Trustee and the Manager each severally covenants that it
         will forthwith notify the Note Trustee, if, at any time, after the
         Closing Date, any Class A Notes become "restricted securities" (as
         defined in Rule 144(a)(3) of Securities Act of 1933 of the United
         States of America (the "SECURITIES ACT")) and during any period during
         which the Issuer Trustee or the Manager is neither subject to Sections
         13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to
         Rule 12g3-2(d) under the Exchange Act, make available to each holder of
         the Class A Notes in connection with any resale of the Class A Notes
         and to any prospective purchaser of the Class A Notes from that holder,
         in each case upon request, the information specified in and meeting the
         requirements of Rule 144(A)(d)(4) under the Securities Act.

                                                                             37.
<PAGE>

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17.      CURRENCY INDEMNITY

17.1     IMPROPER CURRENCY RECEIPTS

         If any payment is made by the Issuer Trustee under this Deed or the
         Class A Notes or if the Note Trustee or any Class A Noteholder receives
         or recovers any money under or pursuant to this Deed or the Class A
         Notes in a currency ("RECEIPT CURRENCY") other than the currency in
         which the money was payable pursuant to the terms of this Deed or the
         Class A Notes ("AGREED CURRENCY"), the Issuer Trustee must, as a
         separate and additional liability, pay to the recipient such additional
         amount so that after conversion from the Receipt Currency into the
         Agreed Currency of such money so paid, received or recovered and after
         the payment of all commission and expenses in relation to such
         conversion the recipient will receive net in its hands an amount in the
         Agreed Currency equal to the amount of the money payable under this
         Deed or the Class A Notes in the Agreed Currency.

17.2     CURRENCY INDEMNITY

         If a judgment or an order is rendered by any court or tribunal for the
         payment of any amount payable by the Issuer Trustee under this Deed or
         the Class A Notes or for the payment of damages in respect of any
         breach by the Issuer Trustee of this Deed or the Class A Notes or any
         Insolvency Event in relation to the Issuer Trustee occurs resulting in
         money being payable or receivable in respect of any proof or other
         claim, and such judgment, order, proof or claim is expressed in a
         currency ("JUDGMENT CURRENCY") other than the currency in which the
         money was payable pursuant to the terms of this Deed or the Class A
         Notes ("AGREED CURRENCY"), the Issuer Trustee must indemnify and hold
         harmless and keep indemnified the person with the benefit of the
         judgment, order, proof or claim (as the case may be) (the "RECEIVING
         PARTY") against any deficiency in the Agreed Currency in the amount
         received by the Receiving Party arising or resulting from any variation
         as between:

         (a)      (JUDGMENT RATE): the rate of exchange at which the Agreed
                  Currency is converted to the Judgment Currency for the
                  purposes of such judgment, order, proof or claim; and

         (b)      (ACTUAL RATE): the rate of exchange which the Receiving Party
                  is able to purchase the Agreed Currency with the amount of the
                  Judgment Currency actually received by the Receiving Party,

         and such indemnity will continue in full force and effect
         notwithstanding any such judgment, order, proof or claim.

17.3     FAILURE TO PAY PROPER CURRENCY

         Any payment purportedly pursuant to the terms of this Deed or a Class A
         Note in a currency other than the currency in which it is required to
         be paid will not discharge or satisfy the relevant obligation of the
         payer to make the payment except to the extent that, and insofar as,
         the currency in which the payment is required to be made is acquired by
         sale of the currency in which the payment was actually made.

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18.      EXPENSES AND STAMP DUTIES

18.1     EXPENSES

         Subject to clause 22, the Issuer Trustee will on demand reimburse the
         Note Trustee for and keep the Note Trustee indemnified against all
         expenses including legal costs and disbursements (on a full indemnity
         basis) incurred by the Note Trustee in connection with:

                                                                             38.
<PAGE>

         (a)      (PREPARATION): the preparation and execution of this Deed and
                  any subsequent consent, agreement, approval or waiver under
                  this Deed or amendment to this Deed;

         (b)      (ENFORCEMENT): the exercise, enforcement, preservation or
                  attempted exercise enforcement or preservation of any rights
                  under this Deed including without limitation any expenses
                  incurred in the evaluation of any matter of material concern
                  to the Note Trustee; and

         (c)      (GOVERNMENTAL AGENCY): any enquiry by a Governmental Agency
                  concerning the Issuer Trustee or the assets of the PUMA Trust
                  or a transaction or activity the subject of the Transaction
                  Documents.

18.2     STAMP DUTIES AND OTHER TAXES

         The Issuer Trustee must pay any stamp and other duties and Taxes,
         including fines and penalties, payable in Australia, the United
         Kingdom, Belgium, Luxembourg or the United States on or in
         connection with:

         (a)      (EXECUTION OF DEED): the execution, delivery and performance
                  of this Deed or any payment, receipt or other transaction
                  contemplated by this Deed;

         (b)      (ISSUE OF CLASS A NOTES): the constitution and original issue
                  and delivery of the Class A Notes; and

         (c)      (PROCEEDINGS): any action taken by the Note Trustee or (where
                  in accordance with this Deed or the Security Trust Deed the
                  Class A Noteholders are entitled to do so) the Class A
                  Noteholders to enforce the provisions of the Class A Notes,
                  this Deed, the Trust Deed, the Sub-Fund Notice or the Security
                  Trust Deed.

         The Issuer Trustee must indemnify and keep indemnified the Note Trustee
         against any loss or liability incurred or suffered by it as a result of
         the delay or failure by the Issuer Trustee to pay any such stamp and
         other duties and Taxes.

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19.      TRUST INDENTURE ACT

19.1     CERTIFICATES AND OPINIONS

         (a)      (CONDITIONS PRECEDENT): Upon any application or request by the
                  Issuer Trustee to the Note Trustee to take any action under
                  any provision of this Deed, the Issuer Trustee must furnish to
                  the Note Trustee:

                  (i)      a certificate from two Authorised Officers of the
                           Issuer Trustee stating that all conditions precedent,
                           if any, provided for in this Deed relating to the
                           proposed action have been complied with;

                  (ii)     Counsel's Opinion stating that all such conditions
                           precedent, if any, have been complied with; and

                  (iii)    if required by the TIA, a certificate from an
                           accountant meeting the applicable requirements of
                           section 314(c)(3) of the TIA,

                  provided that in the case of any such application or request
                  as to which the furnishing of such documents is specifically
                  required by any other provision of this Deed no additional
                  certificate or opinion need be furnished.

         (b)      (FAIR VALUE): The Issuer Trustee must furnish to the Note
                  Trustee a certificate or opinion of an engineer, appraiser or
                  other expert as to the fair value:

                  (i)      of any property or securities to be released from the
                           Security Interest

                                                                             39.
<PAGE>

                           created by the Security Trust Deed, where this is
                           required by section 314(d)(1) of the TIA;

                  (ii)     to the Issuer Trustee of any securities the deposit
                           of which with the Issuer Trustee is to be made the
                           basis for the release of any property or securities
                           subject to the Security Interest created by the
                           Security Trust Deed, where this is required by
                           section 314(d)(2) of the TIA; and

                  (iii)    to the Issuer Trustee of any property the subjection
                           of which to the Security Interest created by the
                           Security Trust Deed is to be made the basis for the
                           release of any property or securities subject to the
                           Security Interest created by the Security Trust Deed,
                           where this is required by section 314(d)(3) of the
                           TIA,

                  and every such certificate or opinion must comply with the
                  relevant provisions of section 314(d) of the TIA (and, except
                  as provided otherwise in section 314 of the TIA, may be given
                  by an Authorised Officer of the Issuer Trustee).

         (c)      (FORM OF CERTIFICATES AND OPINIONS): Every certificate or
                  opinion with respect to compliance with a condition or
                  covenant provided for in this Deed (other than the certificate
                  referred to in clause 6.3(c)(i)) shall include:

                  (i)      a statement that each signatory of such certificate
                           or opinion has read such covenant or condition and
                           the definitions used therein;

                  (ii)     a brief statement as to the nature and scope of the
                           examination or investigation upon which the
                           statements or opinions contained in such certificate
                           or opinion are based;

                  (iii)    a statement that, in the opinion of each such
                           signatory, such signatory has made such examination
                           or investigation as is necessary to enable such
                           signatory to express an informed opinion as to
                           whether or not such covenant or condition has been
                           complied with; and

                  (iv)     a statement as to whether, in the opinion of each
                           such signatory such condition or covenant has been
                           complied with.

19.2     UNDERTAKING FOR COSTS

         (a)      (UNDERTAKING): Subject to clause 19.2(b), all parties to this
                  deed agree, and each Class A Noteholder by such Class A
                  Noteholder's acceptance of the Class A Notes are deemed to
                  have agreed, that any court may in its discretion require, in
                  any suit for the enforcement of any right or remedy under this
                  Deed, or in any suit against the Note Trustee for any action
                  taken, suffered or omitted by it as the Note Trustee, the
                  filing by any party litigant in such suit of an undertaking to
                  pay the costs of such suit, and that such court may in its
                  discretion assess reasonable costs, including reasonable
                  attorneys' fees, against any party litigant in such suit,
                  having due regard to the merits and good faith of the claims
                  or defences made by such party litigant.

         (b)      (EXCEPTIONS): The provisions of clause 19.2(a) shall not apply
                  to:

                  (i)      any suit instituted by the Note Trustee;

                  (ii)     any suit instituted by any Class A Noteholder, or
                           group of Class A Noteholders, in each case holding in
                           the aggregate Class A Notes with a Principal Balance
                           of more than 10% of the then aggregate a Principal
                           Balance of all Class A Notes; or

                                                                             40.
<PAGE>

                  (iii)    any suit instituted by any Class A Noteholder for the
                           enforcement of the payment of principal or interest
                           on any Class A Note on or after the respective due
                           dates expressed in such Class A Note and in this
                           Deed.

19.3     EXCLUSION OF SECTION 316(a)(1)

         Section 316(a)(1) of the TIA is expressly excluded by this Deed.

19.4     UNCONDITIONAL RIGHTS OF CLASS A NOTEHOLDERS TO RECEIVE PRINCIPAL AND
         INTEREST

         Notwithstanding any other provisions in this Deed, any Class A
         Noteholder shall have the right, which is absolute and unconditional,
         to receive payment of the principal of and interest, if any, on each
         Class A Note held by it on or after the respective due dates thereof
         expressed in such Class A Note or in this Deed or to institute suit for
         the enforcement of any such payment, and such right shall not be
         impaired without the consent of such Class A Noteholder, except to the
         extent that this Deed or the Security Trust Deed contain provisions
         limiting or denying the right of any Class A Noteholder to institute
         any such suit, if and to the extent that the institution or prosecution
         thereof or the entry of judgment therein would, under applicable law,
         result in the surrender, impairment, waiver, or loss of the Security
         Interest created by the Security Trust Deed upon any property subject
         to such Security Interest.

19.5     CONFLICT WITH TRUST INDENTURE ACT

         The provisions of section 310 to 317 (inclusive) of the TIA are
         incorporated into, are a part of and govern this deed, whether or not
         contained in this Deed, unless expressly excluded by this Deed in
         accordance with the TIA. If any provision of this Deed limits,
         qualifies or conflicts with any provision that is deemed to be included
         in this Deed by virtue of any of the provisions of the TIA, such
         provision deemed to be included in this Deed will prevail.

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20.      GOVERNING LAW AND JURISDICTION

20.1     GOVERNING LAW

         This Deed is governed by and construed in accordance with the laws of
         the State of New South Wales.

20.2     JURISDICTION

         (a)      (SUBMISSION TO JURISDICTION): The Issuer Trustee, the Note
                  Trustee, the Manager and each of the Class A Noteholders each
                  irrevocably submits to and accepts generally and
                  unconditionally the non-exclusive jurisdiction of both:

                  (i)      the courts and appellate courts of the State of New
                           South Wales; and

                  (ii)     the Federal and state courts in the Borough of
                           Manhattan in the City of New York,

                  with respect to any legal action or proceedings which may be
                  brought at any time relating in any way to this Deed.

         (b)      (WAIVER OF INCONVENIENT FORUM): The Issuer Trustee, the Note
                  Trustee, the Manager and each of the Class A Noteholders each
                  irrevocably waives any objection it may now or in the future
                  have to the venue of any such action or proceedings brought in
                  such courts and any claim it may now or in the future have
                  that any such action or proceedings have been brought in an
                  inconvenient forum.

                                                                             41.
<PAGE>

         (c)      (SERVICE OF NOTICE): The Issuer Trustee, the Note Trustee, the
                  Manager and each of the Class A Noteholders agree, without
                  preventing any other mode of service permitted by law, that
                  any document required to be served in any proceedings may be
                  served in the manner in which notices and other written
                  communications may be given under clause 21.

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21.      NOTICES

21.1     METHOD OF DELIVERY

         Subject to clause 21.6, any notice, request, certificate, approval,
         demand, consent or other communication to be given under this Deed
         other than to or by a Class A Noteholder must:

         (a)      (AUTHORISED OFFICER): except in the case of communications by
                  e-mail, be signed by an Authorised Officer of the party giving
                  the same;

         (b)      (IN WRITING): be in writing; and

         (c)      (DELIVERY): be:

                  (i)      left at the address of the addressee;

                  (ii)     sent by prepaid ordinary post to the address of the
                           addressee;

                  (iii)    sent by facsimile to the facsimile number of the
                           addressee; or

                  (iv)     sent by e-mail by an Authorised Officer of the party
                           giving the same to the addressee's specific e-mail
                           address,

                  with the address details described in paragraphs (i) to (iv)
                  above being notified by that addressee from time to time to
                  the other parties to this Deed as its address for service
                  pursuant to this Deed.

21.2     DEEMED RECEIPT

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

         (a)      (DELIVERY): where delivered in person, upon receipt;

         (b)      (POST): where sent by post, on the 3rd (or 7th if posted to or
                  from a place outside of Australia) day after posting;

         (c)      (FAX): where sent by facsimile, on production by the
                  dispatching facsimile machine of a transmission report which
                  indicates that the facsimile was sent in its entirety to the
                  facsimile number of the recipient; and

         (d)      (E-MAIL): subject to clause 21.6, where sent by e-mail, on the
                  date that the e-mail is received.

         However, if the time of deemed receipt of any notice is not before 5.00
         pm on a Business Day at the address of the recipient it is deemed to
         have been received at the commencement of business on the next Business
         Day.

21.3     NOTICES TO CLASS A NOTEHOLDERS

         Any notice, request, certificate, approval, demand, consent or other
         communication to be given under this Deed to a Class A Noteholder:

                                                                             42.
<PAGE>

         (a)      (DELIVERY): will be effectively given if it is given in
                  accordance with condition 11 of the Note Conditions; and

         (b)      (TIME): is deemed to have been given at the time specified in
                  condition 11 of the Note Conditions.

21.4     NOTICES FROM CLASS A NOTEHOLDERS

         Subject to clause 21.6, any notice, request, certificate, approval,
         document, consent, direction or other communication to be given
         under this Deed by a Class A Noteholder to any person must:

         (a)      (SIGNED): be signed by the Class A Noteholder or an attorney
                  of the Class A Noteholder;

         (b)      (IN WRITING): be in writing;

         (c)      (DELIVERY): be:

                  (i)      left at the address of the addressee;

                  (ii)     sent by prepaid ordinary post to the address of the
                           addressee; or

                  (iii)    sent by facsimile to the facsimile number of the
                           addressee,

                  as set out in the Note Conditions or otherwise as notified by
                  that addressee to the Class A Noteholders from time to time;

         (d)      (EVIDENCE): be accompanied by such evidence as to its proper
                  execution by the Class A Noteholder as the addressee may
                  reasonably require,

         and will only be effective upon actual receipt by the addressee. For
         the purposes of seeking any consent, direction or authorisation from
         Class A Noteholders or a class of Class A Noteholders pursuant to this
         Deed, the TIA (including section 316 of the TIA) or any Transaction
         Document the Note Trustee may by notice to the relevant Class A
         Noteholders specify a date (not earlier than the date of the notice)
         upon which the relevant Class A Noteholders for the purposes of that
         consent, direction or authorisation will be determined and, if it does
         so, the persons who are the relevant Class A Noteholders and the
         Principal Balance of the Class A Notes held by them will, for the
         purposes of that consent, direction or authorisation, be determined
         based upon the details recorded in the Note Register as at 5.00 pm on
         that date.

21.5     ISSUER TRUSTEE AND MANAGER

         Each of the Issuer Trustee and the Manager must maintain an office or
         an agency in New York where any legal proceedings in respect of this
         Deed or the Class A Notes may be served on it. The Issuer Trustee
         initially appoints C.T. Corporation, 111 8th Avenue, New York, New York
         10011 as its agent for this purpose. The Manager initially appoints
         Macquarie Bank Limited, New York office, Rockefeller Centre, 600 Fifth
         Avenue, 21st Floor, New York, New York 10020 as its agent for this
         purpose.

21.6     EMAIL

         Notwithstanding any other provision in this clause 21, a notice,
         request, certificate, approval, demand, consent or other communication
         to be given under this Deed may only be given by email where the
         recipient has expressly agreed with the sender that that communication,
         or communications of that type, may be given by email and subject to
         such conditions as may be required by the recipient.

                                                                             43.
<PAGE>

--------------------------------------------------------------------------------
22.      ISSUER TRUSTEE'S LIMITED LIABILITY

22.1     LIMITATION ON THE ISSUER TRUSTEE'S LIABILITY

         The Issuer Trustee enters into this Deed only in its capacity as
         trustee of the PUMA Trust and in no other capacity. A liability
         incurred by the Issuer Trustee acting in its capacity as trustee of the
         PUMA Trust arising under or in connection with this Deed is limited to
         and can be enforced against the Issuer Trustee only to the extent to
         which it can be satisfied out of assets of the PUMA Trust out of which
         the Issuer Trustee is actually indemnified for the liability. This
         limitation of the Issuer Trustee's liability applies despite any other
         provision of this Deed (other than clauses 12.7 and 22.3) and extends
         to all liabilities and obligations of the Issuer Trustee in any way
         connected with any representation, warranty, conduct, omission,
         agreement or transaction related to this Deed.

22.2     CLAIMS AGAINST THE ISSUER TRUSTEE

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

22.3     BREACH OF TRUST

         The provisions of this clause 22 will not apply to any obligation or
         liability of the Issuer Trustee to the extent that it is not satisfied
         because under the Trust Deed, the Sub-Fund Notice or any other
         Transaction Document or by operation of law there is a reduction in the
         extent of the Issuer Trustee's indemnification out of the assets of the
         PUMA Trust, as a result of the Issuer Trustee's fraud, negligence or
         wilful default and will not apply to any obligation or liability of the
         Issuer Trustee to pay amounts from its personal funds pursuant to
         clause 12.7.

22.4     ACTS OR OMISSIONS

         It is acknowledged that the Relevant Parties are responsible under the
         Transaction Documents for performing a variety of obligations relating
         to the PUMA Trust. No act or omission of the Issuer Trustee (including
         any related failure to satisfy its obligations or any breach of
         representation or warranty under this Deed) will be considered
         fraudulent, negligent or a wilful default for the purpose of clause
         22.3 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
         appointed by the Issuer Trustee under any Transaction Document (other
         than a person whose acts or omissions the Issuer Trustee is liable for
         in accordance with any Transaction Document) to fulfil its obligations
         relating to the PUMA Trust or by any other act or omission of Relevant
         Party or any other such person.

22.5     NO AUTHORITY

         No attorney or agent appointed in accordance with this Deed has
         authority to act on behalf of the Issuer Trustee in a way which exposes
         the Issuer Trustee to any personal liability and no act or omission of
         any such person will be considered fraud, negligence or wilful default
         of the Issuer Trustee for the purposes of clause 22.3.

22.6     NO OBLIGATION

         The Issuer Trustee is not obliged to enter into any commitment or
         obligation under this Deed or any Transaction Document (including incur
         any further liability) unless the Issuer Trustee's

                                                                             44.
<PAGE>

         liability is limited in a manner which is consistent with this clause
         22 or otherwise in a manner satisfactory to the Issuer Trustee in its
         absolute discretion.

--------------------------------------------------------------------------------
23.      MISCELLANEOUS

23.1     ASSIGNMENT BY THE ISSUER TRUSTEE

         The Issuer Trustee will not assign or otherwise transfer the benefit of
         this Deed or any of its rights, duties or obligations under this Deed
         except to a substitute Trustee which is appointed as a successor
         trustee of the PUMA Trust under and in accordance with the Trust Deed.

23.2     ASSIGNMENT BY MANAGER

         The Manager will not assign or otherwise transfer the benefit of this
         Deed or any of its rights, duties or obligations under this Deed except
         to a substitute Manager which is appointed as a successor manager of
         the PUMA Trust under and in accordance with the Management Deed.

23.3     ASSIGNMENT BY NOTE TRUSTEE

         The Note Trustee will not assign or otherwise transfer all or any part
         of the benefit of this Deed or any of its rights, duties and
         obligations under this Deed except to a Substitute Note Trustee which
         is appointed as a successor trustee under and in accordance with this
         Deed.

23.4     CERTIFICATE OF NOTE TRUSTEE

         A certificate in writing signed by an Authorised Officer of the Note
         Trustee certifying any act, matter or thing relating to this Deed is
         conclusive and binding on the Issuer Trustee in the absence of manifest
         error on the face of the certificate.

23.5     CONTINUING OBLIGATION

         This Deed is a continuing obligation notwithstanding any settlement of
         account intervening payment express or implied revocation or any other
         matter or thing whatsoever until a final discharge of this Deed has
         been given to the Issuer Trustee.

23.6     SETTLEMENT CONDITIONAL

         Any settlement or discharge between the Issuer Trustee and the Note
         Trustee is conditional upon any security or payment given or made to
         the Note Trustee by the Issuer Trustee or any other person in relation
         to the Secured Moneys not being avoided repaid or reduced by virtue of
         any provision or enactment relating to bankruptcy insolvency or
         liquidation for the time being in force and, in the event of any such
         security or payment being so avoided repaid or reduced the Note Trustee
         is entitled to recover the value or amount of such security or payment
         avoided, repaid or reduced from the Issuer Trustee subsequently as if
         such settlement or discharge had not occurred.

23.7     INTEREST ON JUDGMENT

         If a liability under this Deed (other than a liability for negligence,
         fraud or wilful default of the Issuer Trustee under the Transaction
         Documents) becomes merged in a judgment or order then the Issuer
         Trustee as an independent obligation will pay interest to the Note
         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 Class A Notes from the date it becomes payable until it
         is paid.

                                                                             45.
<PAGE>

23.8     SEVERABILITY OF PROVISIONS

         Any provision of this Deed which is illegal, void or unenforceable in
         any jurisdiction is ineffective in that jurisdiction to the extent only
         of such illegality, voidness or unenforceability without invalidating
         the remaining provisions of this Deed or the enforceability of that
         provision in any other jurisdiction.

23.9     REMEDIES CUMULATIVE

         The rights and remedies conferred by this Deed upon the Note Trustee
         are cumulative and in addition to all other rights or remedies
         available to the Note Trustee by Statute or by general law.

23.10    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 under this Deed by the Note Trustee will not in any way
         preclude or operate as a waiver of any further exercise or enforcement
         of such right, remedy, power or privilege or the exercise or
         enforcement of any other right, remedy, power or privilege under this
         Deed or provided by law.

23.11    WRITTEN WAIVER, CONSENT AND APPROVAL

         Any waiver, consent or approval given by the Note Trustee under this
         Deed will only be effective and will only be binding on the Note
         Trustee if it is given in writing or given verbally and subsequently
         confirmed in writing and executed by the Note Trustee or on its behalf
         by an Authorised Officer for the time being of the Note Trustee.

23.12    MORATORIUM LEGISLATION

         To the fullest extent permitted by law, the provisions of all Statutes
         operating directly or indirectly:

         (a)      (LESSEN OBLIGATIONS): to lessen or otherwise to vary or affect
                  in favour of the Issuer Trustee any obligation under this
                  Deed; or

         (b)      (DELAY EXERCISE OF POWERS): to delay or otherwise prevent or
                  prejudicially affect the exercise of any powers conferred on
                  the Note Trustee under this Deed,

         are expressly waived negatived and excluded.

23.13    BINDING ON EACH SIGNATORY

         This Deed binds each of the signatories to this Deed notwithstanding
         that any one or more of the named parties to this Deed does not execute
         this Deed, that there is any invalidity forgery or irregularity
         touching any execution of this Deed or that this Deed is or becomes
         unenforceable void or voidable against any such named party.

23.14    COUNTERPARTS

         This Deed may be executed in a number of counterparts and all such
         counterparts taken together is deemed to constitute one and the same
         instrument.

                                                                             46.
<PAGE>

EXECUTED as a deed.

EXECUTED AS A DEED by THE BANK OF NEW
YORK, NEW YORK acting by its Authorised
Officer in the presence of:

                                              /s/ Laura Shields
                                              ----------------------------------

/s/ Janie Kim Choi
----------------------------------------
Signature of Witness

    Janie Kim Choi
----------------------------------------
Name of Witness in full

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

/s/ Toula Preketes
----------------------------------------
Signature of Witness

    Toula Preketes
----------------------------------------
Name of Witness in full

                                                                             47.
<PAGE>

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

/s/ Alexandra Brock
----------------------------------------
Signature of Witness

    Alexandra Brock
----------------------------------------
Name of Witness in full

                                                                             48.
<PAGE>

SCHEDULE 1
FORM OF CLASS A NOTE

Registered                        CUSIP No:                           $[       ]
No. R-                            ISIN No:
                                  Common Code:

UNLESS THIS CLASS A NOTE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, ("DTC") TO THE ISSUER TRUSTEE
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CLASS A NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORISED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF THE
CLASS A NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST IN THIS CLASS A NOTE.

[The above paragraph is to appear in the Book-Entry Notes only.]

Each Class A Noteholder represents, warrants and covenants (and by its
acquisition of a Book-Entry Note, each Class A Noteholder shall be deemed to
represent) that it is either (i) not acquiring such Class A Note with the assets
of an "employee benefit plan" subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"); a "plan" described by Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "CODE"); any
entity deemed to hold "plan assets" of the foregoing under 29 C.F.R. 2510.3-101;
or any governmental plan subject to substantially similar applicable law or (ii)
its purchase and holding of such Class A Note will not result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code or any
substantially similar applicable law.

THE PRINCIPAL OF THIS CLASS A NOTE IS PAYABLE IN INSTALLMENTS AND MAY BE SUBJECT
TO EXCHANGE AS SET FORTH BELOW, IN THE NOTE TRUST DEED AND IN THE NOTE
CONDITIONS. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS CLASS A NOTE.

  PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827 (a limited liability
      company incorporated in Australia and registered in New South Wales)
  in its capacity as trustee of the PUMA Global Trust No. 4 (the "PUMA TRUST")
                             (the "ISSUER TRUSTEE")

                                  CLASS A NOTE

This Class A Note is issued by the Issuer Trustee in an initial aggregate
principal amount of US $[ ] the "CLASS A NOTE") and is:

(a)      constituted by a Note Trust Deed (the "NOTE TRUST DEED") dated [ ]
         August, 2003 made between the Issuer Trustee, Macquarie Securitisation
         Limited, ABN 16 003 297 336, (the "MANAGER") and The Bank of New York,
         New York (the "NOTE TRUSTEE"); and

(b)      issued subject to, and with the benefit of, amongst other things:

         (i)      a Trust Deed (the "TRUST DEED") dated 13 July 1990 (as
                  amended) made between the person referred to therein as the
                  Founder and the Issuer Trustee, as amended from time to time;

                                                                             49.
<PAGE>

         (ii)     a Sub-Fund Notice (the "SUB-FUND NOTICE") dated 12 August,
                  2003 from the Manager to the Issuer Trustee;

         (iii)    a Security Trust Deed (the "SECURITY TRUST DEED") dated 12
                  August, 2003 made between the Issuer Trustee, the Manager, the
                  Note Trustee and Perpetual Trustee Company Limited, ABN 42 000
                  001 007;

         (iv)     the Agency Agreement (the "AGENCY AGREEMENT") dated [ ]
                  August, 2003 made between the Issuer Trustee, the Note
                  Trustee, the Manager, The Bank of New York, New York as
                  Principal Paying Agent, Agent Bank and Note Registrar and The
                  Bank of New York, London Branch as Paying Agent;

         (v)      the Note Trust Deed; and

         (vi)     the Note Conditions as set out in the Annexure to this Class A
                  Note (the " NOTE CONDITIONS").

Unless defined in this Class A Note, words and phrases defined in either or both
of the Note Trust Deed and the Note Conditions have the same meaning in this
Class A Note. Where there is any inconsistency in a definition between the Note
Trust Deed and the Note Conditions, the Note Trust Deed prevails.

If this Class A Note is a Book-Entry Note and the Issuer Trustee is obliged to
issue Definitive Notes under clause 3.4(a) of the Note Trust Deed, this Class A
Note will be exchangeable in whole upon its surrender at the offices of the Note
Registrar as specified in the Note Conditions or notified to Class A Noteholders
from time to time (or such other place as the Note Trustee may agree) for
Definitive Notes and the Issuer Trustee shall execute and procure that the Note
Trustee authenticates and delivers in full exchange for this Class A Note,
Definitive Notes in aggregate principal amount equal to the then Principal
Balance of this Class A Note subject to and in accordance with clause 3.4(b) of
the Note Trust Deed and in accordance with the Agency Agreement. The Issuer
Trustee is not obliged to issue Definitive Notes until 30 days after the
occurrence of an event set out in clause 3.4(a) of the Note Trust Deed. The
Definitive Notes to be issued on that exchange will be in registered form each
in the denomination of US$50,000 or integral multiples thereof.

The Issuer Trustee, in its capacity as trustee of the PUMA Trust, subject to and
in accordance with this Class A Note, the Note Conditions, the Agency Agreement,
the Trust Deed, the Sub-Fund Notice and the Note Trust Deed, promises to pay to
[ ] as the registered holder of this Class A Note, or to registered assigns of
this Class A Note, the principal sum of US$ [ ] (or such part of that amount as
may become repayable under the Note Conditions, the Sub-Fund Notice and the Note
Trust Deed) on such date(s) as that principal sum (or any part of it) becomes
repayable in accordance with the Note Conditions, the Sub-Fund Notice and the
Note Trust Deed and to pay interest in arrear on each Quarterly Payment Date on
the Principal Balance of this Class A Note at rates determined in accordance
with condition 6 of the Note Conditions. If the Issuer Trustee fails to meet its
obligations to issue Definitive Notes, this shall be without prejudice to the
Issuer Trustee's obligations with respect to the Class A Notes under the Note
Trust Deed, the Trust Deed, the Sub-Fund Notice, the Agency Agreement and this
Class A Note.

Payments of interest on this Class A Note due and payable on each Quarterly
Payment Date, together with the installment of principal, if any, shall be
payable in accordance with condition 8.1 of the Note Conditions and the Agency
Agreement. If this Class A Note is a Book-Entry Note such payments will be made
to the nominee of the Depository (initially, such nominee to be Cede & Co.) and
each of the persons appearing from time to time in the records of DTC as the
holder of a beneficial interest in a Class A Note will be entitled to receive
any payment so made in respect of that Class A Note only in accordance with the
respective rules and procedures of DTC. Such persons will have no claim directly
against the Issuer Trustee in respect of payments due on the Class A Notes which
must be made by the holder of this Class A Note, for so long as this Class A
Note is outstanding.

On any payment of principal and/or interest on the Class A Notes details of that
payment shall be endorsed by or on behalf of the Issuer Trustee in the Note
Register and, in the case of payments of principal, the Principal Balance of the
Class A Notes shall be reduced for all purposes by the amount so

                                                                             50.
<PAGE>

paid and endorsed in the Note Register. Any such record shall be prima facie
evidence that the payment in question has been made.

This Class A Note shall not become valid for any purpose unless and until the
Certificate of Authentication attached has been signed by an Authorised Officer
or other duly appointed representatives of the Note Trustee.

This Class A Note is governed by, and shall be construed in accordance with, the
laws of New South Wales, Australia.

If this Class A Note is a Book-Entry Note, this Class A Note is a global note.

IN WITNESS the Issuer Trustee has caused this Class A Note to be signed manually
by a person duly authorised on its behalf

PERPETUAL TRUSTEES AUSTRALIA LIMITED by:

..........................................
Authorised Officer/duly appointed representative

IMPORTANT NOTES:

Neither the Manager nor the Issuer Trustee is under any obligation at any time
to repurchase any Class A Notes from Class A Noteholders.

This Class A Note is not a certificate of title and the Note Register on which
these Class A Notes are registered is the only conclusive evidence of the title
of the abovementioned person to the Class A Notes.

The Issuer Trustee issues this Class A Note only in its role as trustee of the
PUMA Trust. Any obligation or liability of the Issuer Trustee arising under or
in any way connected with the PUMA Trust under the Trust Deed, the Sub-Fund
Notice, the Note Trust Deed, this Class A Note or any other Transaction Document
to which the Issuer Trustee is a party is limited to the extent to which it can
be satisfied out of the assets of the PUMA Trust out of which the Issuer Trustee
is actually indemnified for the obligation or liability. This limitation will
not apply to any obligation or liability of the Issuer Trustee only to the
extent that it is not so satisfied because of any fraud, negligence or wilful
default on the part of the Issuer Trustee. The Issuer Trustee will have no
liability for any act or omission of the Manager or of any other person (other
than a person whose acts or omissions the Issuer Trustee is liable for in
accordance with any Transaction Document).

Transfers of the Class A Notes must be pursuant to the annexed form of
assignment and otherwise in accordance with clause 5 of the Agency Agreement.

None of the Manager or any other member of the Macquarie Bank group or the
Issuer Trustee in its personal capacity or as trustee of any other trust
guarantees the payment or repayment of any principal, interest or other amounts
owing in respect of the Class A Notes.

The Class A Notes do not represent deposits or other liabilities of the Manager
or any other member of the Macquarie Bank group. The holding of the Class A
Notes is subject to investment risk, including possible delays in payment and
loss of income and principal invested. None of the Manager or any other member
of the Macquarie Bank group stand in any way behind the capital value and/or
performance of the Class A Notes, or the assets held by the PUMA Trust.

[There is a risk that, for the purposes of ERISA and the Code, the Class A Notes
may be recharacterised as equity interests in the PUMA Trust after their initial
issuance].

                                                                             51.
<PAGE>

CERTIFICATE OF AUTHENTICATION

This Class A Note is authenticated by The Bank of New York, New York as Class A
Note Trustee and until so authenticated shall not be valid for any purpose.

THE BANK OF NEW YORK, NEW YORK by:

...........................................
Authorised Officer/duly appointed representative

Dated:..........................................

                                                                             52.
<PAGE>

ASSIGNMENT

Social Security or taxpayer I.D., or other identifying number of assignee:

For value received, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Class A Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________, attorney, to transfer said
Class A Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated: ____________________                    _______________________________ *
                                               Signature Guaranteed:

                                               ---------------------------------
                                               Signatures must be guaranteed by
                                               an "eligible guarantor
                                               institution" meeting the
                                               requirements of the Note
                                               Registrar, which requirements
                                               include membership or
                                               participation in STAMP or such
                                               other "signature guarantee
                                               program" as may be determined by
                                               the Note Registrar in addition
                                               to, or in substitution for,
                                               STAMP, all in accordance with
                                               the Securities Exchange Act of
                                               1934, as amended.

----------------------------
* NOTE: The signatures to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Class A Note in every
particular without alteration, enlargement or any change whatsoever.

                                                                             53.
<PAGE>

ANNEXURE

[Insert completed Note Conditions]

                                                                             54.
<PAGE>

SCHEDULE 2
FORM OF NOTE CONDITIONS

                    TERMS AND CONDITIONS OF THE CLASS A NOTES

The following, subject to amendments, are the terms and conditions of the Class
A Notes, substantially as they will appear on the reverse of any Class A Note.
Class A Notes will initially be issued in book entry form. Class A Notes in
definitive form will only be issued in limited circumstances. While the Class A
Notes remain in book entry form, the same terms and conditions govern them,
except to the extent that they are appropriate only to the Class A Notes in
definitive form.

1.       GENERAL

         The issue of the US$1,200,000,000 Class A Mortgage Backed Floating Rate
         Notes due 2034 (the "CLASS A NOTES") by Perpetual Trustees Australia
         Limited, ABN 86 000 431 827, ("PERPETUAL") in its capacity as trustee
         of the PUMA Global Trust No. 4 (the "PUMA TRUST") (Perpetual in such
         capacity, the "ISSUER TRUSTEE") was authorised by a resolution of the
         board of directors of Perpetual Trustee Company Limited, ABN 42 000 001
         007 (as delegate of Perpetual) passed on 11 August 2003.

         The Class A Notes: (a) are constituted by a Note Trust Deed (the "NOTE
         TRUST DEED") dated on or prior to [ ] August 2003 made between the
         Issuer Trustee, Macquarie Securitisation Limited, ABN 16 003 297 336,
         (the "MANAGER") and The Bank of New York, New York (the "NOTE TRUSTEE")
         as trustee for the several persons who are for the time being
         registered holders of the Class A Notes (each a "CLASS A NOTEHOLDER"
         and together the "CLASS A NOTEHOLDERS"); and (b) are issued subject to,
         and with the direct or indirect benefit of, amongst other things (i) a
         Trust Deed (the "TRUST DEED") dated 13 July 1990 made between the
         person referred to therein as the Founder and Perpetual, as amended
         from time to time; (ii) a Sub-Fund Notice (the "SUB-FUND NOTICE") dated
         12 August 2003 from the Manager to the Issuer Trustee; (iii) a Security
         Trust Deed (the "SECURITY TRUST DEED") dated 12 August 2003 made
         between the Issuer Trustee, the Manager, the Note Trustee and Perpetual
         Trustee Company Limited, ABN 42 000 001 007 (the "SECURITY TRUSTEE");
         (iv) the Note Trust Deed; (v) these terms and conditions (the
         "CONDITIONS"); and (vi) the Agency Agreement (as defined below).

         Certain provisions of these Conditions (including the definitions
         herein) are summaries of the Transaction Documents (as defined in
         CONDITION 3) and are subject to the detailed provisions of the
         Transaction Documents, a copy of which may be inspected as indicated in
         CONDITION 3.

         Payments of interest and principal, and the calculation of certain
         amounts and rates, under these Conditions in respect of the Class A
         Notes will be made pursuant to an Agency Agreement (the "AGENCY
         AGREEMENT") dated on or prior to [ ] August 2003 made between the
         Issuer Trustee, the Note Trustee, the Manager, The Bank of New York,
         New York, as the initial principal paying agent (the "PRINCIPAL PAYING
         AGENT") (together with any other paying agent appointed from time to
         time under the Agency Agreement, the "PAYING AGENTS"), as the initial
         agent bank (the "AGENT BANK") and as the initial note registrar (the
         "NOTE REGISTRAR") and The Bank of New York, London Branch as an initial
         paying agent.

         The Issuer Trustee has entered into an ISDA Master Agreement together
         with a schedule (the "ISDA MASTER AGREEMENT") with Deutsche Bank AG,
         ABN 13 064 165 162 and the Manager. Pursuant to the ISDA Master
         Agreement, Deutsche Bank AG, Frankfurt Head Office (the "CURRENCY SWAP
         PROVIDER") has entered into a currency swap transaction relating to the
         Class A Notes with the Issuer Trustee and the Manager (the "CURRENCY
         SWAP").

         "US$" and "US DOLLARS" means the lawful currency for the time being of
         the United States of America and "A$" means the lawful currency for the
         time being of the Commonwealth of Australia.

2.       DEFINITIONS AND INTERPRETATION

2.1      INCORPORATED DEFINITIONS AND OTHER PROVISIONS

         Where in these Conditions a word or expression is defined by reference
         to its meaning in another Transaction Document or there is a reference
         to another Transaction Document or to a provision of another
         Transaction Document, any amendment to the meaning of that word or
         expression, to that other Transaction Document or to that provision (as
         the case may be) will be of no effect for the purposes of these
         Conditions unless and until the amendment: (a) if it does not effect a
         Payment Modification (as

                                                                             55.
<PAGE>

         defined in CONDITION 10.3) in relation to the Class A Notes is either:
         (i) if the Note Trustee is of the opinion that the amendment will not
         be materially prejudicial to the interests of the Class A Noteholders,
         consented to by the Note Trustee; or (ii) otherwise, approved by a
         Special Majority (as defined in CONDITION 10.3) of the Class A
         Noteholders under the Note Trust Deed; or (b) if the amendment does
         effect a Payment Modification (as defined in CONDITION 10.3) in
         relation to the Class A Notes, is consented to by each Class A
         Noteholder.

2.2      INTERPRETATION

         In these Conditions, unless the context otherwise requires: (a) a
         reference to a party includes that party's executors, administrators,
         successors, substitutes and assigns, including any person replacing
         that party by way of novation; (b) a reference to any regulation 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; (c) subject to CONDITION 2.1, a reference to any document
         or agreement is a reference to such document or agreement as amended,
         varied, supplemented or replaced from time to time; (d) words importing
         the singular include the plural (and vice versa); (e) words denoting a
         given gender include all other genders; and (f) headings are for
         convenience only and do not affect the interpretation of these
         Conditions.

2.3      CALCULATIONS

         Except as expressly provided otherwise in these Conditions, all
         calculations in a given currency under these Conditions will be rounded
         to the nearest cent in that currency and all other calculations and
         percentages determined hereunder will be rounded to the nearest 4
         decimal places.

3.       CLASS A NOTEHOLDERS BOUND

         The Class A Noteholders are bound by, and are deemed to have notice of,
         all the provisions of the Transaction Documents. A copy of each
         Transaction Document is available for inspection upon reasonable prior
         notice and during normal business hours on New York business days at
         the New York office, and on London business days at the London office,
         for the time being of the Note Trustee (which are, at the date of these
         Conditions, 101 Barclay Street, 21W, New York, New York, 10286 and One
         Canada Square, 48th Floor, London E14 5AL, United Kingdom,
         respectively).

         "TRANSACTION DOCUMENTS" means the Trust Deed in so far as it relates to
         the PUMA Trust, the Sub-Fund Notice, the ISDA Master Agreement, the
         Currency Swap, each master agreement under which Interest Rate Swaps
         are entered into by the Issuer Trustee and any relevant swap
         confirmations entered into under any such master agreement, the Redraw
         Facility Agreement, the Security Trust Deed, the Underwriting
         Agreement, the Note Trust Deed, these Conditions, the Agency Agreement
         and any other document which is agreed by the Manager and the Issuer
         Trustee to be a Transaction Document in relation to the PUMA Trust.

         "INTEREST RATE SWAP" has the same meaning as in the Security Trust Deed
         and "REDRAW FACILITY AGREEMENT" and "UNDERWRITING AGREEMENT" have the
         same respective meanings as in the Sub-Fund Notice.

4.       FORM, DENOMINATION AND TITLE OF AND TO, AND THE ISSUE OF DEFINITIVE,
         CLASS A NOTES

4.1      FORM AND DENOMINATION

         The Class A Notes will be issued in registered form, without interest
         coupons, in minimum denominations of US$50,000 or integral multiples
         thereof. The initial principal amount of each Class A Note (the
         "ORIGINAL PRINCIPAL BALANCE" in relation to that Class A Note) will be
         stated on its face.

4.2      TITLE

         Title to the Class A Notes will only be shown on, and will only pass by
         registration in, the register (the "NOTE REGISTER") maintained by the
         Note Registrar in accordance with the Agency Agreement. Class A Notes
         may be transferred, or may be exchanged for other Class A Notes in any
         authorised denominations and a like Principal Balance (as defined in
         CONDITION 6.4), upon the surrender of the Class A Notes to be
         transferred or exchanged duly endorsed with or accompanied by a written
         instrument of transfer and exchange duly executed (with such execution
         guaranteed by an eligible guarantor institution) and the provision of
         such other documents as the Note Registrar may reasonably

                                                                             56.
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         require, to a specified office of the Note Registrar (as set out at the
         end of these Conditions or otherwise notified to Class A Noteholders)
         subject to and in accordance with the Agency Agreement. No service
         charge may be made for any transfer or exchange, but the Note Registrar
         may require payment by the Class A Noteholder of a sum sufficient to
         cover any tax or other governmental charge that may be imposed in
         connection with any transfer or exchange of Class A Notes. The Note
         Registrar need not register transfers or exchanges of Class A Notes for
         a period of 30 days preceding the due date for any payment with respect
         to the Class A Notes or for a period, not exceeding 30 days, specified
         by the Note Trustee prior to any meeting, which includes Class A
         Noteholders, under the Trust Deed or the Security Trust Deed. The
         Issuer Trustee, the Note Trustee, the Manager, the Agent Bank and each
         Paying Agent may accept the correctness of the Note Register and any
         information provided to it by the Note Registrar and is not required to
         enquire into its authenticity. None of the Issuer Trustee, the Note
         Trustee, the Manager, the Agent Bank, any Paying Agent or the Note
         Registrar is liable for any mistake in the Note Register or in any
         purported copy except to the extent that the mistake is attributable to
         its own fraud, negligence or wilful default.

5.       STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A NOTES, THE A$
         REDRAW NOTES AND THE A$ CLASS B NOTES

5.1      STATUS OF THE NOTES

         The A$ Redraw Notes (as defined in CONDITION 5.5) and the A$ Class B
         Notes (as defined in CONDITION 5.6) (together with the A$ Redraw Notes,
         the "A$ NOTES") and the Class A Notes (together with the A$ Notes, the
         "NOTES") are direct, secured (as described in CONDITION 5.2) limited
         recourse (as described in CONDITION 5.3) obligations of the Issuer
         Trustee.

5.2      SECURITY

         The obligations of the Issuer Trustee under the Notes are (amongst the
         other payment obligations of the Issuer Trustee comprising the Secured
         Moneys (as defined below)) secured, pursuant to the Security Trust
         Deed, in favour of the Security Trustee as trustee for the Secured
         Creditors (as defined below), by a floating charge (the "CHARGE") over
         all of the assets and property, real and personal (including choses in
         action and other rights), tangible and intangible, present or future,
         of the PUMA Trust (the "CHARGED PROPERTY"). The Charged Property
         includes certain housing loans, and related mortgages, originated by
         Perpetual Trustees Australia Limited under the Trust Deed. The Charge
         is a first ranking security, subject only to the Prior Interest in the
         Charged Property.

         "NOTEHOLDERS" means the Class A Noteholders (as defined in the Note
         Trust Deed) and the A$ Redraw Noteholders and A$ Class B Noteholders
         (each as defined in the Sub-Fund Notice).

         "PRINCIPAL BALANCE" in relation to a Class A Note is defined in
         CONDITION 6.4 and in relation to an A$ Note means A$100,000 less the
         aggregate of all amounts previously paid in relation to that A$ Note on
         account of principal pursuant to clause 5.1 or 5.5 of the Sub-Fund
         Notice.

         "PRIOR INTEREST" means the lien over, and right of indemnification
         from, the Charged Property held by the Issuer Trustee under, and
         calculated in accordance with, the Trust Deed for the fees, costs,
         charges and expenses incurred by or payable to the Issuer Trustee (in
         its capacity as trustee of the PUMA Trust) in accordance with the Trust
         Deed and the Sub-Fund Notice (other than the Secured Moneys and the
         Subordinated Fee Amount) which are unpaid or paid by the Issuer Trustee
         but not reimbursed to the Issuer Trustee from the assets of the PUMA
         Trust.

         "SECURED CREDITORS" means the Note Trustee (in its personal capacity
         and as trustee of the Note Trust established under the Note Trust
         Deed), each Agent, each Noteholder, each Interest Rate Swap Provider
         (as defined in the Security Trust Deed), the Currency Swap Provider (as
         defined in the Sub-Fund Notice), the Redraw Facility Provider (as
         defined in the Sub-Fund Notice) and any other Stand-by Arrangement
         Provider (as defined in the Security Trust Deed).

         "SECURED MONEYS" means, without double counting, the aggregate of all
         moneys owing to the Security Trustee or to a Secured Creditor under any
         of the Transaction Documents provided that the Secured Moneys do not
         include any fees or value added tax payable to the Note Trustee or an
         Agent referred to in clause 12.7 of the Note Trust Deed or clause 12.6
         of the Agency Agreement.

         "SUBORDINATED FEE AMOUNT" has the same meaning as in the Security Trust
         Deed.

                                                                             57.
<PAGE>

5.3      LIMITED RECOURSE

         The liability of the Issuer Trustee to make interest and principal
         payments on the Class A Notes is limited, except in certain
         circumstances described in CONDITION 12, to the assets and property of
         the PUMA Trust available for this purpose in accordance with, and
         subject to the order of priority of payments in, the Sub-Fund Notice
         (prior to enforcement of the Charge) or the Security Trust Deed
         (following enforcement of the Charge).

         The net proceeds of realisation of the assets and property of the PUMA
         Trust (including following enforcement of the Charge) may be
         insufficient to pay all amounts due to the Class A Noteholders and any
         other amounts ranking in priority to or equally with amounts due to the
         Class A Noteholders. Except in the limited circumstances described in
         CONDITION 12, the assets of Perpetual held in its personal capacity
         will not be available for payment of any shortfall arising and all
         claims in respect of such shortfall will be extinguished. The assets of
         Perpetual held in its capacity as trustee of any other trust (including
         any other fund established pursuant to the Trust Deed) will not in any
         circumstances be available to pay any amounts due to Class A
         Noteholders.

         None of the Manager, the Note Trustee, the Security Trustee, any Agent,
         the Currency Swap Provider, the Redraw Facility Provider, any other
         Stand-by Arrangement Provider, the Unitholders or the Underwriters (as
         defined in the Underwriting Agreement), amongst others, has any
         obligation to any Class A Noteholder for payment of any amount owed by
         the Issuer Trustee in respect of the Class A Notes.

5.4      NO PREFERENCE

         The Class A Notes rank equally and rateably and without any preference
         or priority among themselves.

5.5      ISSUE OF A$ REDRAW NOTES

         Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
         certain debt securities ("A$ REDRAW NOTES") from time to time at the
         direction of the Manager. The Manager must not direct the Issuer
         Trustee to issue A$ Redraw Notes unless the Manager has received
         written confirmation from each Current Rating Authority that this will
         not result in a downgrading, withdrawal or qualification of any rating
         assigned by them to the Notes.

5.6      ISSUE OF A$ CLASS B NOTES

         Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
         certain debt securities ("A$ CLASS B NOTES") from time to time at the
         direction of the Manager. The Manager must not direct the Issuer
         Trustee to issue A$ Class B Notes after 19 August, 2003 (the "CLOSING
         DATE") unless the Manager has received written confirmation from each
         Current Rating Authority that this will not result in a downgrading,
         withdrawal or qualification of any rating assigned by them to the
         Notes.

5.7      RANKING OF INTEREST PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

         Prior to the enforcement of the Charge, under the Sub-Fund Notice the
         payment of the relevant A$ amount by the Issuer Trustee to the Currency
         Swap Provider which in turn will be applied under the Currency Swap to
         meet the payment of interest on the Class A Notes as explained in
         CONDITION 6.9, will rank equally and rateably with the payment of
         interest on the A$ Redraw Notes and will rank ahead of the payment of
         interest on the A$ Class B Notes.

5.8      RANKING OF PRINCIPAL PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

         Prior to the enforcement of the Charge, under the Sub-Fund Notice:

         (a)      the repayment of principal on the A$ Redraw Notes will rank
                  ahead of the payment of the relevant A$ amounts by the Issuer
                  Trustee to the Currency Swap Provider which in turn will be
                  applied under the Currency Swap to meet the repayment of
                  principal on the Class A Notes as explained in CONDITION 7.2
                  (and will rank ahead of repayment of principal on the A$ Class
                  B Notes); and

         (b)      the payment of the relevant A$ amounts by the Issuer Trustee
                  to the Currency Swap Provider which in turn will be applied
                  under the Currency Swap to meet the repayment of principal on
                  the Class A Notes will rank ahead of, only to the extent and
                  in the

                                                                             58.
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                  circumstances set out in the Sub-Fund Notice, the repayment of
                  principal on the A$ Class B Notes.

5.9      RANKING OF NOTES FOLLOWING ENFORCEMENT

         Following the enforcement of the Charge, under the Security Trust Deed
         the payment of amounts owing in relation to the Class A Notes will rank
         rateably with the payment of amounts owing in respect of the A$ Redraw
         Notes, and ahead of amounts owing in respect of the A$ Class B Notes.

         However, for the purposes of determining distributions to, and
         allocations between, the Class A Noteholders and other Secured
         Creditors, amounts owing in respect of the Class A Notes will be
         converted into A$ in accordance with the Security Trust Deed.

         The Security Trust Deed contains provisions requiring the Security
         Trustee, subject to other provisions of the Security Trust Deed, to
         give priority to the interests of the Class A Noteholders and the A$
         Redraw Noteholders if there is a conflict between the interests of the
         Class A Noteholders and the A$ Redraw Noteholders (on the one hand) and
         any other Secured Creditor, including the A$ Class B Noteholders (on
         the other hand). In determining the interests of the Class A
         Noteholders, the Security Trustee may rely on a determination of the
         Note Trustee.

5.10     THE NOTES RANK EQUALLY EXCEPT AS PROVIDED IN THE TRANSACTION DOCUMENTS

         The Notes enjoy the same rights, entitlements, benefits and
         restrictions except as expressly provided in the Transaction Documents.

6.       INTEREST

6.1      PERIOD OF ACCRUAL

         Each Class A Note accrues interest from (and including) the Closing
         Date and ceases to accrue interest on (but excluding) the earliest of:

         (a)      the date on which the Principal Balance of the Class A Note is
                  reduced to zero and all accrued but previously unpaid
                  interest, is paid in full;

         (b)      the date on which the Class A Note is redeemed or repaid in
                  full in accordance with Condition 7 (other than Condition 7.6)
                  unless, upon presentation, payment is improperly withheld or
                  refused in which case the Class A Note will continue to bear
                  interest in accordance with this Condition 6 (both before and
                  after judgment) until (but excluding) whichever is the earlier
                  of:

                  (i)      the day on which all sums due in respect of the Class
                           A Note up to that day are received by or on behalf of
                           the Class A Noteholder; and

                  (ii)     the seventh day after notice is given to the Class A
                           Noteholder (either in accordance with CONDITION 11.1
                           or individually) that, where required by CONDITION
                           8.2, upon presentation thereof being duly made, such
                           payment will be made, provided that upon such
                           presentation payment is in fact made; and

         (c)      the date on which the Class A Note is deemed to be redeemed in
                  accordance with Condition 7.6.

6.2      ACCRUAL PERIODS

         The period that a Class A Note accrues interest in accordance with
         CONDITION 6.1 is divided into periods (each an "ACCRUAL PERIOD"). The
         first Accrual Period for a Class A Note commences on (and includes) the
         Closing Date and ends on (but does not include) the first Quarterly
         Payment Date thereafter. Each succeeding Accrual Period for a Class A
         Note commences on (and includes) a Quarterly Payment Date and ends on
         (but does not include) the next Quarterly Payment Date. The final
         Accrual Period for a Class A Note ends on (but does not include) the
         date on which interest ceases to accrue on the Class A Note pursuant to
         CONDITION 6.1.

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

                                      59.
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         and 11 October of each year until the Final Maturity Date (as defined
         in CONDITION 7.1) and the Final Maturity Date provided that where any
         of these dates is not a Business Day the Quarterly Payment Date will be
         the next following Business Day.

         "BUSINESS DAY" means any day on which banks are open for business in
         Sydney, New York City and London other than a Saturday, a Sunday or a
         public holiday in Sydney, New York City or London.

6.3      INTEREST RATE FOR THE CLASS A NOTES

         The rate of interest ("INTEREST RATE") payable from time to time in
         respect of a Class A Note and an Accrual Period is the aggregate of
         USD-LIBOR-BBA for that Accrual Period plus the Issue Margin (as
         hereinafter defined) in relation to the Class A Note.

         "USD-LIBOR-BBA" for an Accrual Period will be calculated by the Agent
         Bank in accordance with paragraphs (a), (b) and (c), as applicable,
         below.

         (a)      on the second London/New York Business Day before the
                  beginning of the Accrual Period (a "RATE SET DATE") the Agent
                  Bank will determine the rate "USD-LIBOR-BBA", as the
                  applicable Floating Rate Option under the 2000 ISDA
                  Definitions of the International Swaps and Derivatives
                  Association, Inc. (the "ISDA DEFINITIONS"), as modified
                  herein, being the rate applicable to any Accrual Period for
                  three month deposits in US dollars in the London inter bank
                  market which appears on the Rate Page as of 11.00am, (London
                  time) on the Rate Set Date;

         (b)      if such rate does not appear on the Rate Page on the relevant
                  Rate Set Date, the USD-LIBOR-BBA for that Accrual Period will
                  be determined as if the Issuer Trustee and the Agent Bank had
                  specified "USD-LIBOR-Reference Banks", as modified herein, as
                  the applicable Floating Rate Option under the ISDA
                  Definitions. For this purpose "USD-LIBOR-Reference Banks"
                  means that the rate for an Accrual 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 determined by the Agent Bank) at
                  approximately 11.00am, London time, on the Rate Set Date to
                  prime banks in the London interbank market for a period of
                  three months commencing on the first day of the Accrual Period
                  and in a Representative Amount (as defined in the ISDA
                  Definitions). The Agent Bank 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
                  USD-LIBOR-BBA for that Accrual Period will be the arithmetic
                  mean of the quotations. If fewer than two quotations are
                  provided as requested, the USD-LIBOR-BBA for that Accrual
                  Period will be the arithmetic mean of the rates quoted by not
                  less than two major banks in New York City, selected by the
                  Agent Bank, at approximately 11.00am, New York City time, on
                  that Rate Set Date for loans in US dollars to leading European
                  banks for a period of three months commencing on the first day
                  of the Accrual Period and in a Representative Amount. If no
                  such rates are available in New York City, then the
                  USD-LIBOR-BBA for such Accrual Period will be the most
                  recently determined rate in accordance with paragraph (a); and

         (c)      if the first quarterly Accrual Period is less than or greater
                  than three months, USD-LIBOR-BBA for that first quarterly
                  Accrual Period will be the rate determined by Linear
                  Interpolation (as defined in the ISDA Definitions) calculated
                  in accordance with paragraph (a) or, if applicable, paragraph
                  (b), above, in each case with reference to two rates one of
                  which will be based upon deposits for a period of time for
                  which such rate is available next shorter than the length of
                  the first Accrual Period and the other of which will be based
                  upon deposits for a period of time for which such rate is
                  available next longer than the length of the first Accrual
                  Period.

         "LONDON/NEW YORK BUSINESS DAY" means any day on which banks are open
         for business in London and New York City, other than a Saturday, a
         Sunday or a public holiday in London or New York City.

         "RATE PAGE" means Telerate Page 3750 or, if Telerate Page 3750 ceases
         to quote the relevant rate, such other page, section or part of
         Telerate as quotes the relevant rate and is selected by the Agent Bank
         or, if there is no such page, section or part of such other page,
         section or part of a different screen information service as quotes the
         relevant rate selected by the Agent Bank and approved by the Note
         Trustee.

                                                                             60.
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         "ISSUE MARGIN" means in relation to a Class A Note:

         (a)      for the period from, and including, the Closing Date to, but
                  excluding, the Call Date (as defined in CONDITION 7.3), 0.19%
                  per annum; and

         (b)      for the period from, and including, the Call Date to, but
                  excluding, the date on which that Class A Note ceases to
                  accrue interest in accordance with CONDITION 6.1, 0.38% per
                  annum.

         There is no maximum or minimum Interest Rate for the Class A Notes.

6.4      CALCULATION OF INTEREST ON THE CLASS A NOTES

         Interest on each Class A Note for an Accrual Period (the "INTEREST
         AMOUNT") is calculated by applying the Interest Rate for that Class A
         Note for that Accrual Period to the Principal Balance of that Class A
         Note on the first day of the Accrual Period (after taking into account
         any reductions in the Principal Balance of that Class A Note on that
         day), by then multiplying such product by the actual number of days in
         the Accrual Period divided by 360 and rounding the resultant figure
         down to the nearest cent.

         "PRINCIPAL BALANCE" in relation to a Class A Note means the Original
         Principal Balance of that Class A Note less the aggregate of all
         amounts previously paid in relation to that Class A Note on account of
         principal pursuant to CONDITION 7.2(c).

6.5      DETERMINATION OF INTEREST RATE AND INTEREST AMOUNT

         The Agent Bank will, as soon as practicable after 11.00am (London time
         or, if applicable, New York City time) on each Rate Set Date, determine
         the Interest Rate in relation to the Class A Notes, and calculate the
         Interest Amount, for the immediately succeeding Accrual Period in
         accordance with, respectively, CONDITIONS 6.3 and 6.4. The
         determination of the Interest Rate, and the calculation of the Interest
         Amount, by the Agent Bank in accordance with, respectively, CONDITIONS
         6.3 AND 6.4 will (in the absence of manifest error, wilful default or
         bad faith) be final and binding upon all parties.

6.6      NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST AMOUNT

         The Agent Bank will cause the Interest Rate and the Interest Amount for
         each Accrual Period, and the date of the next Quarterly Payment Date,
         to be notified to the Issuer Trustee, the Manager, the Note Trustee,
         the Currency Swap Provider and the Paying Agents on or as soon as
         practical after the Agent Bank has determined the Interest Rate and
         calculated the Interest Amount and will cause the same to be published
         in accordance with CONDITION 11.2 as soon as practical after that
         notification. The Interest Amount and the Quarterly Payment Date may
         subsequently be amended (or appropriate alternative arrangements made
         by way of adjustment) without notice in the event of an extension or
         shortening of the Accrual Period. If following the occurrence of an
         Event of Default (as defined in CONDITION 9.1), the Security Trustee
         declares in accordance with the Security Trust Deed that the Class A
         Notes are immediately due and payable, the Interest Amount and the
         Interest Rate in respect of the Class A Notes will nevertheless
         continue to be calculated by the Agent Bank in accordance with this
         Condition, but no publication of the Interest Amount or the Interest
         Rate so calculated or the Quarterly Payment Dates needs to be made
         unless, in the case of the Interest Amount or the Interest Rate, the
         Note Trustee otherwise requires.

6.7      DETERMINATION OR CALCULATION BY THE NOTE TRUSTEE

         If the Agent Bank for any reason does not determine by close of
         business on the relevant Rate Set Date the Interest Rate in respect of
         the Class A Notes, or calculate the Interest Amount, in accordance with
         this CONDITION 6, the Note Trustee will do so and each such
         determination or calculation by the Note Trustee will be as if made by
         the Agent Bank. In doing so, the Note Trustee will apply the foregoing
         provisions of this CONDITION 6, with any necessary consequential
         amendments, to the extent that it can and in all other respects it will
         do so in such a manner as it considers to be fair and reasonable in all
         the circumstances.

                                                                             61.
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6.8      AGENT BANK

         The Issuer Trustee will procure that, for so long as any of the Class A
         Notes remain outstanding, there will at all times be an Agent Bank. The
         Issuer Trustee, at the direction of the Manager, may with the prior
         written approval of the Note Trustee, terminate the appointment of the
         Agent Bank immediately on the occurrence of certain events specified in
         the Agency Agreement in relation thereto or, otherwise, by giving not
         less than 60 days' notice in writing to, amongst others, the Agent
         Bank. Notice of that termination will be given by the Issuer Trustee to
         the Class A Noteholders in accordance with CONDITION 11.1. If any
         person is unable or unwilling to continue to act as the Agent Bank, or
         if the appointment of the Agent Bank is terminated, the Issuer Trustee,
         at the direction of the Manager, will appoint a successor Agent Bank to
         act as such in its place, provided that neither the resignation nor
         removal of the Agent Bank will take effect until a successor approved
         by the Note Trustee has been appointed and notice of the appointment of
         the successor has been given by the Issuer Trustee to the Class A
         Noteholders in accordance with CONDITION 11.1. The initial Agent Bank
         and its specified office are set out at the end of these Conditions.

6.9      PAYMENT OF THE INTEREST AMOUNT

         The Interest Amount for each Accrual Period in relation to a Class A
         Note is payable in arrears in US$ on the Quarterly Payment Date which
         is the day on which the Accrual Period ends. On each Quarterly Payment
         Date prior to the enforcement of the Charge, the Issuer Trustee must:

         (a)      to the extent that there are funds available for this purpose
                  in accordance with the Sub-Fund Notice pay, in accordance with
                  the directions of the Manager, the A$ Class A Interest Amount
                  and any Unpaid A$ Class A Interest Amount in relation to that
                  Quarterly Payment Date to the Currency Swap Provider in
                  accordance with the Currency Swap;

         (b)      direct the Currency Swap Provider (which direction may be
                  contained in the Currency Swap) to pay the Class A Interest
                  Payment on each Quarterly Payment Date to the Principal Paying
                  Agent in accordance with the Agency Agreement; and

         (c)      direct the Principal Paying Agent (which direction may be
                  contained in the Agency Agreement) to pay the Class A Interest
                  Payment received by it from the Currency Swap Provider on a
                  Quarterly Payment Date rateably amongst the Class A Notes
                  towards the Interest Amount in relation to each Class A Note
                  in relation to the Accrual Period ending on that Quarterly
                  Payment Date and any then Unpaid Interest Amount (as defined
                  in CONDITION 6.10) in relation to each Class A Note, based on
                  those Interest Amounts and Unpaid Interest Amounts, in
                  accordance with, and subject to, these Conditions and the
                  Agency Agreement.

         "A$ CLASS A INTEREST AMOUNT" and "UNPAID A$ CLASS A INTEREST AMOUNT"
         have the same respective meanings as in the Sub-Fund Notice. "CLASS A
         INTEREST PAYMENT" has the same meaning as in the Currency Swap.

6.10     INTEREST ON UNPAID INTEREST AMOUNTS

         If interest is not paid in respect of a Class A Note on the date when
         due and payable, that unpaid interest will itself bear interest at the
         Interest Rate in relation to that Class A Note applicable from time to
         time until (but excluding the date of payment) the unpaid interest, and
         interest on it, is paid in accordance with CONDITION 6.9 (the unpaid
         interest and interest on that unpaid interest, in relation to a Class A
         Note, is an "UNPAID INTEREST AMOUNT").

7.       REDEMPTION OF THE CLASS A NOTES

7.1      FINAL REDEMPTION OF THE CLASS A NOTES

         Unless previously redeemed (or deemed to be redeemed) in full, the
         Issuer Trustee will redeem the Class A Notes at their then Principal
         Balance, together with all then accrued but unpaid interest, on the
         Quarterly Payment Date occurring in October 2034 (the "FINAL
         MATURITY DATE").

7.2      PART REDEMPTION OF CLASS A NOTES

         Subject to CONDITIONS 7.3, 7.4 and 7.6, on each Quarterly Payment Date
         prior to the enforcement of the Charge until the Principal Balance of
         the Class A Notes is reduced to zero the Issuer Trustee must:

                                                                             62.
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         (a)      pay, in accordance with the directions of the Manager, the A$
                  Class A Principal Amount (if any) in relation to that
                  Quarterly Payment Date to the Currency Swap Provider in
                  accordance with the Currency Swap;

         (b)      direct the Currency Swap Provider (which direction may be
                  contained in the Currency Swap) to pay on each Quarterly
                  Payment Date to the Principal Paying Agent in accordance with
                  the Agency Agreement the US$ Equivalent of the amount of the
                  A$ Class A Principal Amount (such US$ Equivalent of the A$
                  Class A Principal Amount being the "CLASS A PRINCIPAL AMOUNT")
                  received by the Currency Swap Provider from the Issuer Trustee
                  on that Quarterly Payment Date; and

         (c)      direct the Principal Paying Agent (which direction may be
                  contained in the Agency Agreement) to pay the Class A
                  Principal Amount received from the Currency Swap Provider
                  amongst the Class A Notes rateably towards the repayment of
                  the Principal Balances of the Class A Notes in accordance
                  with, and subject to, these Conditions and the Agency
                  Agreement until the Principal Balances of the Class A Notes
                  are reduced to zero. Such a payment of the Principal Balance
                  on a Class A Note will constitute a redemption of the Class A
                  Note in part to the extent of such repayment and, upon such
                  repayment, the obligation of the Issuer Trustee with respect
                  to the Class A Note will be discharged to the extent of such
                  repayment.

         "A$ CLASS A PRINCIPAL AMOUNT" has the same meaning as in the Sub-Fund
         Notice. "US$ EQUIVALENT" has the same meaning as in the Currency Swap.

7.3      CALL OPTION

         The Issuer Trustee will, subject to the other provisions of this
         CONDITION 7 and prior to the enforcement of the Charge, when directed
         by the Manager (at the Manager's option), redeem all, but not some
         only, of the Notes at their then Principal Balance, together with all
         accrued but unpaid interest in respect of the Notes to (but excluding)
         the date of redemption, on any Quarterly Payment Date falling on or
         after the earlier of:

         (a)      the Quarterly Payment Date in relation to which the Manager
                  reasonably expects (on a date not more than 60 days nor less
                  than 30 days prior to that Quarterly Payment Date) that the
                  aggregate of the then Principal Balances of all the Class A
                  Notes and the US$ Equivalent of the then Principal Balances of
                  all the A$ Class B Notes issued on the Closing Date expressed
                  as a percentage of the aggregate of the Original Principal
                  Balances of all the Class A Notes and the US$ Equivalent of
                  the Original Principal Balances of all the A$ Class B Notes
                  issued on the Closing Date, will be less than or equal to 10%;
                  and

         (b)      the Quarterly Payment Date falling in July 2009 (the "CALL
                  DATE").

         The Manager will not direct the Issuer Trustee to, and the Issuer
         Trustee will not, so redeem the Notes on such a Quarterly Payment Date
         unless the Issuer Trustee is in a position on the Quarterly Payment
         Date to repay in respect of the Notes their then Principal Balance,
         together with all accrued but unpaid interest to (but excluding) the
         date of redemption and to discharge all its liabilities in respect of
         amounts which are required under the Security Trust Deed to be paid in
         priority to or equally with the Notes of all classes if the Charge were
         enforced.

         The Issuer Trustee will give not more than 60 nor less than 30 days'
         notice (which will be irrevocable) of the Quarterly Payment Date on
         which a proposed redemption under this CONDITION 7.3 will occur to the
         Note Trustee, the Principal Paying Agent, the Agent Bank and to the
         Class A Noteholders in accordance with CONDITION 11.1.

         "ORIGINAL PRINCIPAL BALANCE" in relation to an A$ Class B Note has the
         same meaning as in the Sub-Fund Notice.

                                                                             63.
<PAGE>

7.4      REDEMPTION FOR TAXATION OR OTHER REASONS

         If the Manager satisfies the Issuer Trustee and the Note Trustee
         immediately prior to giving the notice referred to below that by virtue
         of a change in law of the Commonwealth of Australia or any of its
         political subdivisions or any of its authorities or any other
         jurisdiction to which the Issuer Trustee becomes subject (or the
         application or official interpretation thereof) (a "RELEVANT
         JURISDICTION") from that in effect on the Closing Date, either:

         (a)      on the next Quarterly Payment Date the Issuer Trustee will be
                  required to deduct or withhold from any payment of principal
                  or interest in respect of the Class A Notes or any other class
                  of the Notes 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 a Relevant Jurisdiction; or

         (b)      the total amount payable in respect of interest in relation to
                  any of the Approved Mortgages (as defined in the Trust Deed)
                  which are assets of the PUMA Trust for a Quarterly Period
                  ceases to be receivable (whether or not actually received) by
                  the Issuer Trustee during such Quarterly Period by reason of
                  any present or future taxes, duties, assessments or
                  governmental charges of whatever nature imposed, levied,
                  collected, withheld or assessed by a Relevant Jurisdiction,

         and, in each case, such obligation cannot be avoided by the Issuer
         Trustee taking reasonable measures available to it, the Issuer Trustee
         must, when so directed by the Manager (at the Manager's option), redeem
         all, but not some only, of the Notes on any subsequent Quarterly
         Payment Date at their then Principal Balance, subject to the following,
         together with accrued but unpaid interest in respect of the Notes to
         (but excluding) the date of redemption. The Manager will not direct the
         Issuer Trustee to, and the Issuer Trustee will not, so redeem the Notes
         unless the Issuer Trustee is in a position on such Quarterly Payment
         Date to repay in respect of the Notes their then Principal Balance,
         together with all accrued but unpaid interest to (but excluding) the
         date of redemption and to discharge all its liabilities in respect of
         amounts which are required under the Security Trust Deed to be paid in
         priority to or equally with the Notes of all classes if the Charge were
         enforced.

         The Issuer Trustee will give not more than 60 nor less than 30 days'
         notice (which will be irrevocable) of the Quarterly Payment Date on
         which a proposed redemption under this CONDITION 7.4 will occur to the
         Note Trustee, the Principal Paying Agent, the Note Registrar, the Agent
         Bank and the Class A Noteholders in accordance with CONDITION 11.1.

         If an event referred to in paragraph (a) of this CONDITION 7.4 occurs
         in respect of only the Class A Notes (and not any other Note) and as a
         result thereof the Issuer Trustee gives notice in accordance with this
         CONDITION 7.4 that it proposes to redeem all of the Notes on the
         Quarterly Payment Date referred to in that notice, the Class A
         Noteholders may by a Special Majority (as defined in CONDITION 10.3) in
         accordance with the Note Trust Deed elect that they do not require the
         Issuer Trustee to redeem the Class A Notes. If the Class A Noteholders
         make such an election they (or the Note Trustee on their behalf) must
         notify the Issuer Trustee and the Manager not less than 21 days before
         the proposed Quarterly Payment Date for the redemption of the Class A
         Notes. Upon receipt of such a notice, the Issuer Trustee must not so
         redeem the Notes.

         In order to assist the Issuer Trustee to fund such a redemption the
         Issuer Trustee has vested in it the power to sell Approved Mortgages
         (as defined in the Trust Deed) to the trustee of any other PUMA trust.
         This power may only be exercised if all Noteholders are paid the
         Principal Balance and all accrued but unpaid interest on their Notes.

7.5      CERTIFICATION

         For the purpose of any redemption made under CONDITION 7.3 or 7.4, the
         Issuer Trustee and the Note Trustee may rely on any certificate of an
         Authorised Signatory (as defined in the Trust Deed) of the Manager that
         the Issuer Trustee will be in a position to repay in respect of the
         Notes their then Principal Balance, together with all accrued but
         unpaid interest to (but excluding) the date of redemption and to
         discharge all its liabilities in respect of amounts required under the
         Security Trust Deed to be paid in priority to or equally with the Notes
         if the Charge were enforced.

                                                                             64.
<PAGE>

7.6      REDEMPTION ON FINAL PAYMENT

         Upon a final distribution being made in respect of the Class A Notes
         under the Sub-Fund Notice and these Conditions or clause 13.1 of the
         Security Trust Deed, the Class A Notes will thereupon be deemed to be
         redeemed and discharged in full and any obligation to pay any accrued
         but then unpaid Interest Amount or any Unpaid Interest Amount or any
         then unpaid Principal Balance or other amounts in relation to the Class
         A Notes will be extinguished in full.

7.7      CANCELLATION

         All Class A Notes redeemed in full (or deemed to be redeemed in full)
         pursuant to the above Conditions will be cancelled and may not be
         resold or reissued.

7.8      NO PAYMENT IN EXCESS OF FACE VALUE

         No amount of principal will be repaid in respect of a Class A Note in
         excess of the face value of the Class A Note.

7.9      CALCULATION OF PRINCIPAL AMOUNTS AND OTHER AMOUNTS

         (a)      No later than five Business Days prior to each Quarterly
                  Payment Date, the Manager will determine: (i) the amount of
                  any Class A Principal Amount payable in respect of each Class
                  A Note on the Quarterly Payment Date; (ii) the Principal
                  Balance of each Class A Note as at that Quarterly Payment Date
                  (after deducting any Class A Principal Amounts due to be paid
                  in respect of such Class A Note on that Quarterly Payment
                  Date); (iii) the Note Factor (as defined below) as at that
                  Quarterly Payment Date in relation to the Class A Notes (after
                  deducting any Class A Principal Amounts due to be paid in
                  respect of such Class A Note on that Quarterly Payment Date);
                  and (iv) the amount of the Class A Interest Payment to be made
                  on the Quarterly Payment Date applicable to each Class A Note.

         (b)      The Manager will notify the Issuer Trustee, the Note Trustee,
                  the Principal Paying Agent, the Agent Bank and the Note
                  Registrar as soon as practical (and in any event by not later
                  than five Business Days prior to the Quarterly Payment Date)
                  of each determination of an amount or percentage referred to
                  in CONDITION 7.9(a) and will cause details of each of those
                  determinations to be published in accordance with CONDITION
                  11.2 as soon as practical after that notification. If no Class
                  A Principal Amount is due to be paid on the Class A Notes on
                  any Quarterly Payment Date the Manager will cause a notice to
                  be given in accordance with CONDITION 11.2 as soon as
                  practicable (and in any event by no later than the relevant
                  Quarterly Payment Date).

         (c)      If the Manager does not at any time for any reason make one or
                  more of the determinations referred to in CONDITION 7.9(a) the
                  Agent Bank (or, failing the Agent Bank, the Note Trustee) must
                  make such determinations in accordance with this Condition
                  (but based on the information in its possession) and each such
                  determination will be deemed to have been made by the Manager.

         "NOTE FACTOR" in relation to a class of Notes at a given time means the
         percentage calculated as follows:

                                            A
                                      NF = ---
                                            B

         where:

         NF =  the Note Factor;

         A  =  the aggregate Principal Balance of that class of Notes at that
               time; and

         B  =  the aggregate Original Principal Balance of that class of Notes.

                                                                             65.
<PAGE>

8.       PAYMENTS

8.1      METHOD OF PAYMENT

         Any instalment on account of interest or principal payable on any Class
         A Note which is punctually paid or duly provided for by or on behalf of
         or at the direction of the Issuer Trustee to the Principal Paying Agent
         on the applicable Quarterly Payment Date shall be paid to the person in
         whose name such Class A Note is registered on the relevant Record Date
         (as defined below), by wire transfer in immediately available funds to
         the account designated by such person or, if such person so requests in
         writing, by cheque mailed first-class, postage prepaid, to such
         person's address as it appears on the Note Register on such Record
         Date.

         "RECORD DATE" in relation to a Quarterly Payment Date or any other date
         for any payment to be made in respect of a Class A Note means:

         (a)      if the Class A Note is issued in book entry form, 2 Business
                  Days prior to that Quarterly Payment Date or date; and

         (b)      if the Class A Note is issued in definitive form, 30 days
                  prior to that Quarterly Payment Date or date.

8.2      SURRENDER ON FINAL PAYMENT

         Prior to a final distribution being made in respect of the Class A
         Notes under the Sub-Fund Notice and these Conditions or clause 13.1 of
         the Security Trust Deed the Note Trustee must notify the persons in
         whose names the Class A Notes are registered on the relevant Record
         Date of the date upon which the Note Trustee expects that final
         distribution to be made and specify if that such final distribution
         will be payable only upon surrender of the relevant Class A Note to a
         Paying Agent at its specified office. No such final distribution will
         be made other than upon the surrender of the relevant Class A Notes and
         none of the Issuer Trustee, the Note Trustee, the Security Trustee or
         any Paying Agent will be liable to pay any additional amount to any
         Class A Noteholder as a result of any delay in payment due to a Class A
         Note not having been surrendered in accordance with this CONDITION 8.2.

8.3      PAYING AGENTS

         The initial Paying Agents and their respective specified offices are
         set out at the end of these Conditions.

         The Issuer Trustee, at the direction of the Manager, may with the prior
         written approval of the Note Trustee terminate the appointment of the
         Principal Paying Agent and appoint additional or other Paying Agents,
         provided that it will at all times maintain a Paying Agent having a
         specified office in London and New York City. Notice of any such
         termination or appointment and of any change in the office through
         which any Paying Agent will act will be given in accordance with
         CONDITION 11.1.

8.4      TAXATION

         All payments in respect of the Class A 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 Issuer Trustee
         or any Paying Agent is required by any applicable law to make such a
         withholding or deduction. In that event the Issuer Trustee or that
         Paying Agent (as the case may be) will, after making such withholding
         or deduction, account to the relevant authorities for the amount so
         required to be withheld or deducted. Neither the Issuer Trustee nor any
         Paying Agent nor the Note Trustee will be obliged to make any
         additional payments in respect of the relevant Class A Notes in
         relation to that withholding or deduction. Immediately after becoming
         aware that such a withholding or deduction is or will be required, the
         Issuer Trustee will notify the Note Trustee, the Principal Paying Agent
         and the Class A Noteholders in accordance with CONDITION 11.1, thereof.

                                                                             66.
<PAGE>

8.5      PRESCRIPTION

         A Class A Note will become void in its entirety unless surrendered for
         payment within a period of 10 years from the Relevant Date in respect
         of any payment thereon the effect of which would be to reduce the
         Principal Balance of that Class A Note to zero. After the date on which
         a Class A Note becomes void in its entirety, no claim can be made in
         respect of it.

         "RELEVANT DATE" in respect of a Class A Note means the date on which
         any payment in respect thereof first becomes due or (if the full amount
         of the moneys payable in respect of the Class A Note due on or before
         that date has not been duly received by the Principal Paying Agent or
         the Note Trustee on or prior to such date) the date on which the full
         amount of such moneys have been so received and notice to that effect
         is duly given to the Class A Noteholders in accordance with CONDITION
         11.1.

8.6      NOTIFY LATE PAYMENTS

         In the event of the unconditional payment to the Principal Paying Agent
         or the Note Trustee of any sum due in respect of the Class A Notes or
         any of them being made after the due date for payment thereof, the
         Issuer Trustee will forthwith give or procure to be given notice to the
         Class A Noteholders in accordance with CONDITION 11.1 that such payment
         has been made.

8.7      ROUNDING OF PAYMENTS

         All payments in respect of the Class A Notes will be rounded down to
         the nearest cent.

9.       ENFORCEMENT FOLLOWING OCCURRENCE OF EVENT OF DEFAULT

9.1      ENFORCEMENT

         The Security Trust Deed provides that at any time after the Security
         Trustee becomes actually aware of the occurrence of an Event of
         Default, the Security Trustee will (subject to the provisions described
         in CONDITION 10.4 and subject to being appropriately indemnified), if
         so directed by an Extraordinary Resolution of the Voting Secured
         Creditors, declare the Notes immediately due and payable (in which
         case, subject to CONDITION 12, the Principal Balance of, and all
         accrued but unpaid interest in relation to, the Class A Notes will
         become immediately due and payable) and enforce the Charge.

         Subject to being indemnified in accordance with the Security Trust Deed
         and to the provisions described in CONDITION 9.2, the Security Trustee
         will take all action necessary to give effect to any direction in
         accordance with the foregoing and will comply with all such directions.

         "EVENT OF DEFAULT", "EXTRAORDINARY RESOLUTION" and "VOTING SECURED
         CREDITORS" have the same respective meanings as in the Security Trust
         Deed.

9.2      SECURITY TRUSTEE MAY ENFORCE CHARGE WITHOUT DIRECTION

         After the Security Trustee becomes actually aware of the occurrence of
         an Event of Default, provided that it has been indemnified to its
         satisfaction in accordance with the Security Trust Deed, the Security
         Trustee must enforce the Security Trust Deed without an Extraordinary
         Resolution of the Voting Secured Creditors if in its opinion, the delay
         required to obtain the consent of the Voting Secured Creditors would be
         prejudicial to the interests of the Secured Creditors as a class.

9.3      PRIORITY OF PAYMENTS FROM PROCEEDS FROM THE ENFORCEMENT OF THE CHARGE

         Following the enforcement of the Charge, all moneys received in
         connection with the Security Trust Deed by the Security Trustee or by
         any receiver appointed in relation to the Charged Property pursuant to
         the provisions of the Security Trust Deed are to be applied, subject to
         the Security Trust Deed, in accordance with the order of priority
         contained in the Security Trust Deed.

                                                                             67.
<PAGE>

9.4      SECURITY TRUSTEE AND NOTE TRUSTEE NOT LIABLE FOR LOSS ON ENFORCEMENT

         Except in the case of fraud, negligence or wilful default (in the case
         of the Security Trustee) and, subject to the mandatory provisions of
         the Trust Indenture Act, fraud, negligence (except as specifically
         provided in the Trust Indenture Act), wilful default or breach of trust
         (in the case of the Note Trustee), neither the Note Trustee nor the
         Security Trustee is liable for any decline in the value, nor any loss
         realised upon any sale or other disposition made under the Security
         Trust Deed of any Charged Property or any other property which is
         charged to the Security Trustee by any other person in respect of or
         relating to the obligations of the Issuer Trustee or any third party in
         respect of the Issuer Trustee or the Class A Notes or relating in any
         way to the Charged Property. Without limitation, neither the Note
         Trustee nor the Security Trustee will be liable for any such decline or
         loss directly or indirectly arising from its acting, or failing to act,
         as a consequence of an opinion reached by it based on advice received
         by it in accordance with the applicable requirements of the Note Trust
         Deed (and the Trust Indenture Act) or the Security Trust Deed, as the
         case may be.

         "TRUST INDENTURE ACT" means the Trust Indenture Act 1939 of the United
         States of America as in force at the date of the Note Trust Deed.

9.5      DIRECTIONS FROM CLASS A NOTEHOLDERS TO NOTE TRUSTEE FOLLOWING EVENT OF
         DEFAULT

         If an Event of Default or Potential Event of Default has occurred and
         is known to the Note Trustee, the Note Trustee must: (a) notify each
         Class A Noteholder of the Event of Default or Potential Event of
         Default, as the case may be, within 10 days (or such shorter period as
         may be required by the rules of any stock exchange on which the Class A
         Notes are listed) after becoming aware of the Event of Default or
         Potential Event of Default, provided that except in the case of a
         default in payment of principal or interest on any Class A Note, the
         Note Trustee may withhold such notice if and so long as the board of
         directors, the executive committee or a trust committee of its
         directors and/or its authorised officers under the Note Trust Deed in
         good faith determine that withholding the notice is in the interest of
         Class A Noteholders; (b) if a meeting of Voting Secured Creditors is to
         be held under the Security Trust Deed, determine whether it proposes to
         seek directions from Class A Noteholders as to how to vote at that
         meeting and, if so, whether it proposes to instruct the Security
         Trustee to delay the holding of that meeting while it obtains such
         directions from such Class A Noteholders; and (c) vote at any meeting
         of Voting Secured Creditors held under the Security Trust Deed in
         accordance, where applicable, with the directions of the Class A
         Noteholders (whether or not solicited and whether or not all Class A
         Noteholders have provided such directions) and otherwise in its
         absolute discretion. In acting in accordance with the directions of
         Class A Noteholders the Note Trustee must exercise its votes for or
         against any proposal to be put to a meeting of Voting Secured Creditors
         under the Security Trust Deed in the same proportion as that of the
         aggregate Principal Balances of the Class A Notes held by Class A
         Noteholders who have directed the Note Trustee to vote for or against
         such a proposal.

         If any of the Class A Notes remain outstanding and are due and payable
         otherwise than by reason of a default in payment of any amount due on
         the Class A Notes, the Note Trustee must not vote at a meeting of
         Voting Secured Creditors under the Security Trust Deed, or otherwise
         direct the Security Trustee, to dispose of the Charged Property unless:
         (a) a sufficient amount would be realised to discharge in full all
         amounts owing to the Class A Noteholders in respect of the Class A
         Notes and any other amounts owing by the Issuer Trustee to any other
         person ranking in priority to or with the Class A Notes; (b) the Note
         Trustee is of the opinion, reached after considering at any time and
         from time to time the advice of an investment bank or other financial
         adviser selected by the Note Trustee, that the cash flow receivable by
         the Issuer Trustee (or the Security Trustee under the Security Trust
         Deed) will not (or that there is a significant risk that it will not)
         be sufficient, having regard to any other relevant actual, contingent
         or prospective liabilities of the Issuer Trustee, to discharge in full
         in due course all the amounts referred to in paragraph (a); or (c) the
         Note Trustee is so directed by a Special Majority (as defined in
         CONDITION 10.3) of Class A Noteholders.

         Subject to the mandatory provisions of the Trust Indenture Act and
         provisions in the Note Trust Deed relating to the deemed receipt of
         notices, the Note Trustee will only be considered to have knowledge or
         awareness of, or notice of, an Event of Default or Potential Event of
         Default by virtue of the officers of the Note Trustee (or any related
         body corporate of the Note Trustee) which have the day to day
         responsibility for the administration or management of the Note
         Trustee's (or a related body corporate of the Note Trustee's)
         obligations in relation to the PUMA Trust, the trust created under the
         Note Trust Deed or the Note Trust Deed, having actual knowledge, actual
         awareness or actual notice of the occurrence of the events or
         circumstances constituting an Event of Default or Potential Event of
         Default, as the case may be, or grounds or reason to believe that such
         events or circumstances have occurred.

                                                                             68.
<PAGE>

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

9.6      ONLY SECURITY TRUSTEE MAY ENFORCE CHARGE

         Only the Security Trustee may enforce the Charge and neither the Note
         Trustee nor any Class A Noteholder (nor any other Secured Creditor) is
         entitled to proceed directly against the Issuer Trustee to enforce the
         performance of any of the provisions of the Security Trust Deed, the
         Note Trust Deed, the Class A Notes or any other applicable Transaction
         Document, except as provided for in the Security Trust Deed, the Note
         Trust Deed, the Trust Deed and the Sub-Fund Notice. The Security
         Trustee is not required to act in relation to the enforcement of the
         Charge unless its liability is limited in a manner reasonably
         satisfactory to it or, if required by the Security Trustee (in its
         absolute discretion), it is adequately indemnified from the Charged
         Property or the Security Trustee receives from the Voting Secured
         Creditors an indemnity in a form reasonably satisfactory to the
         Security Trustee (which may be by way of an Extraordinary Resolution of
         the Voting Secured Creditors) and is put in funds to the extent
         necessary.

9.7      EXERCISE OF CLASS A NOTEHOLDER RIGHTS BY NOTE TRUSTEE

         The rights, remedies and discretions of the Class A Noteholders under
         the Security Trust Deed including all rights to vote or to give an
         instruction or consent can only be exercised by the Note Trustee on
         behalf of the Class A Noteholders in accordance with the Security Trust
         Deed. The Security Trustee may rely on any instructions or directions
         given to it by the Note Trustee as being given on behalf of the Class A
         Noteholders from time to time and need not inquire whether any such
         instructions or directions are in accordance with the Note Trust Deed,
         whether the Note Trustee or the Class A Noteholders from time to time
         have complied with any requirements under the Note Trust Deed or as to
         the reasonableness or otherwise of the Note Trustee.

10.      MEETINGS OF VOTING SECURED CREDITORS, DIRECTIONS OF CLASS A
         NOTEHOLDERS, MODIFICATIONS, CONSENTS, WAIVERS AND INDEMNITIES

10.1     MEETINGS OF VOTING SECURED CREDITORS

         The Security Trust Deed contains provisions for convening meetings of
         the Voting Secured Creditors to, among other things, enable the Voting
         Secured Creditors to direct or consent to the Security Trustee taking
         or not taking certain actions under the Security Trust Deed; for
         example to enable the Voting Secured Creditors, following the
         occurrence of an Event of Default, to direct the Security Trustee to
         declare the Notes immediately due and payable and/or to enforce the
         Charge.

10.2     DIRECTIONS OF CLASS A NOTEHOLDERS

         Under the Note Trust Deed the Note Trustee may seek directions from the
         Class A Noteholders, from time to time including following the
         occurrence of an Event of Default. The Note Trustee will not be
         responsible for acting in good faith upon a direction given, or
         purporting to be given, by Class A Noteholders holding Class A Notes
         with a Principal Balance of greater than 50% of the aggregate Principal
         Balances of all the Class A Notes.

         If the Note Trustee is entitled to vote at any meeting under the Trust
         Deed or the Security Trust Deed on behalf of Class A Noteholders, the
         Note Trustee must vote in accordance with the directions of the Class A
         Noteholders and otherwise in its absolute discretion. In acting in
         accordance with the directions of Class A Noteholders the Note Trustee
         must exercise its votes for or against any proposal to be put to a
         meeting in the same proportion as that of the aggregate Principal
         Balances of the Class A Notes held by Class A Noteholders who have
         directed the Note Trustee to vote for or against that proposal.

         For the purposes of seeking any consent, direction or authorisation
         from Class A Noteholders the Note Trustee may by notice to the Class A
         Noteholders specify a date, not earlier than the date of the notice,
         upon which the persons who are the Class A Noteholders and the
         Principal Balance of the Class A Notes held by them will be determined
         based upon the details recorded in the Note Register as at 5.00 pm on
         that date.

                                                                             69.
<PAGE>

10.3     AMENDMENTS TO NOTE TRUST DEED AND THE CLASS A NOTES

         Pursuant, and subject, to the Note Trust Deed and subject to any
         approval required by law, the Note Trustee, the Manager and the Issuer
         Trustee may together agree, without the consent or sanction of any
         Class A Noteholder, by way of supplemental deed to alter, add to or
         revoke (each a "MODIFICATION") any provision of the Note Trust Deed or
         the Class A Notes (including these Conditions) so long as such
         modification is not a Payment Modification (as defined below) and such
         modification in the opinion of the Note Trustee:

         (a)      is necessary or expedient to comply with the provisions of any
                  statute or regulation or with the requirements of any
                  governmental agency;

         (b)      is made to correct a manifest error or ambiguity or is of a
                  formal, technical or administrative nature only;

         (c)      is appropriate or expedient as a consequence of an amendment
                  to any statute or regulation or altered requirements of any
                  governmental agency or any decision of any court (including,
                  without limitation, a modification which is in the opinion of
                  the Note 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 Australian
                  Commissioner or Deputy Commissioner of Taxation or any
                  governmental announcement or statement or any decision of any
                  court, in any case which has or may have the effect of
                  altering the manner or basis of taxation of trusts generally
                  or of trusts similar to the PUMA Trust or the trust
                  constituted under the Note Trust Deed); or

         (d)      and the Issuer Trustee is otherwise desirable for any reason
                  and:

                  (i)      is not in the opinion of the Note Trustee likely,
                           upon coming into effect, to be materially prejudicial
                           to the interests of Class A Noteholders; or

                  (ii)     if it is in the opinion of the Note Trustee likely,
                           upon coming into effect, to be materially prejudicial
                           to the Class A Noteholders, the consent of a Special
                           Majority (as hereinafter defined) of Class A
                           Noteholders is obtained.

         For the purpose of determining whether a Special Majority of Class A
         Noteholders has consented to a modification, Class A Notes which are
         beneficially owned by the Issuer Trustee or the Manager or by any
         person directly or indirectly controlling or controlled by or under
         direct or indirect common control with the Issuer Trustee or the
         Manager, will be disregarded. The Manager must give the Current Rating
         Authorities and the Note Trustee 5 Business Days' prior notice of any
         such modification. The Note Trustee will be entitled to assume that any
         proposed modification, other than a Payment Modification, will not be
         materially prejudicial to the interest of Class A Noteholders if each
         of the Current Rating Authorities confirms in writing that the proposed
         modification, if effected, will not lead to a reduction, qualification
         or withdrawal of the then rating given to the Class A Notes by that
         Current Rating Authority.

         Pursuant to the Note Trust Deed, the Note Trustee may concur with the
         Issuer Trustee and the Manager in making or effecting any Payment
         Modification in relation to the Class A Notes if and only if the
         consent has first been obtained of the Class A Noteholders to such
         Payment Modification.

         Any supplemental deed that effects any such modifications must conform
         to the requirements of the Trust Indenture Act and copies of any such
         supplemental deed must be distributed by the Issuer Trustee to the
         Class A Noteholders in accordance with CONDITION 11.1 as soon as
         reasonably practicable after the modifications have been made.

         "PAYMENT MODIFICATION" means, in relation to the Class A Notes, any
         alteration, addition or revocation of any provision of the Note Trust
         Deed, the Class A Notes (including the Conditions), the Trust Deed to
         the extent it applies to the PUMA Trust, the Sub-Fund Notice or the
         Security Trust Deed which modifies: (a) the amount, timing, place,
         currency or manner of payment of principal or interest in respect of
         the Class A Notes including, without limitation, any modification to
         the Principal Balance, interest rate or Final Maturity Date of the
         Class A Notes or to CONDITIONS 6.9 and 7.2, clauses 5.1, 5.2 or 5.5 of
         the Sub-Fund Notice or clause 13 of the Security Trust Deed or which
         would impair the rights of the Class A Noteholders to institute suit
         for enforcement of such payment on or after the due date for such
         payment; (b) the definition of the term "Special Majority", clause 21.4
         of the Note Trust Deed or

                                                                             70.
<PAGE>

         the circumstances in which the consent or direction of a Special
         Majority of the Class A Noteholders is required; (c) clause 6.1(a) of
         the Security Trust Deed; or (d) the requirements for altering, adding
         to or revoking any provision of the Note Trust Deed or the Class A
         Notes (including the Conditions).

         "CURRENT RATING AUTHORITY" has the same meaning as in the Trust Deed.

         "SPECIAL MAJORITY" in relation to the Class A Noteholders means Class A
         Noteholders holding Class A Notes with an aggregate Principal Balance
         of no less than 75% of the aggregate Principal Balance of all the Class
         A Notes.

10.4     WAIVERS ETC

         The Security Trustee may, in accordance with the Security Trust Deed
         and without the consent or sanction of the Voting Secured Creditors
         (but not in contravention of an Extraordinary Resolution of the Voting
         Secured Creditors), waive or authorise any breach or proposed breach of
         the terms and conditions of the Transaction Documents or determine that
         any event that would otherwise be an Event of Default will not be
         treated as such if and in so far as in its opinion the interests of the
         Secured Creditors as a class will not be materially prejudiced. Any
         such waiver, authorisation or determination shall be binding on the
         Secured Creditors and, if, but only if, the Security Trustee so
         requires, any such waiver, authorisation or determination will be
         notified to the Secured Creditors by the Manager in accordance with the
         Security Trust Deed.

         The Note Trustee may, and if directed to do so by a Majority of Class A
         Noteholders must, on such terms and conditions as it may deem
         reasonable, without the consent of any of the Class A Noteholders, and
         without prejudice to its rights in respect of any subsequent breach,
         agree to any waiver or authorisation of any breach or proposed breach
         of any of the terms and conditions of the Transaction Documents by the
         Issuer Trustee, the Manager or any other person which, unless the Note
         Trustee is acting on the direction of a Majority of Class A
         Noteholders, is not, in the opinion of the Note Trustee, materially
         prejudicial to the interests of the Class A Noteholders as a class. No
         such waiver, authorisation or determination may be made in
         contravention of any prior directions by a Majority (as hereinafter
         defined) of the Class A Noteholders. Any such waiver, authorisation or
         determination will, if the Note Trustee so requires, be notified to the
         Class A Noteholders in accordance with CONDITION 11.1 by the Issuer
         Trustee as soon as practicable after it is made.

         "MAJORITY" in relation to the Class A Noteholders means Class A
         Noteholders holding Class A Notes with an aggregate Principal Balance
         of greater than 50% of the aggregate Principal Balance of all the Class
         A Notes.

10.5     INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
         TRUSTEE

         The Note Trust Deed and the Security Trust Deed contain provisions for
         the indemnification of the Note Trustee and the Security Trustee
         (respectively) and for their relief from responsibility, including
         provisions relieving them from taking proceedings to realise the
         security and to obtain repayment of the Notes unless indemnified to
         their satisfaction. Each of the Note Trustee and the Security Trustee
         is entitled, subject in the case of the Note Trustee to the mandatory
         provisions of the Trust Indenture Act, to enter into business
         transactions with the Issuer Trustee and/or any other party to the
         Transaction Documents without accounting for any profit resulting from
         such transactions.

         Subject to the mandatory provisions of the Trust Indenture Act, the
         Note Trustee shall not be responsible for any loss, expense or
         liability occasioned to the Charged Property or any other property or
         in respect of all or any of the moneys which may stand to the credit of
         an Account (as defined in the Trust Deed) from time to time however
         caused (including, without limitation, where caused by an act or
         omission of the Security Trustee) unless that loss is occasioned by the
         fraud, negligence, wilful default or breach of trust of the Note
         Trustee. The Security Trustee is not, nor is any receiver appointed in
         relation to the Charged Property pursuant to the provisions of the
         Security Trust Deed, 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 under the Security
         Trust Deed except for fraud, negligence or wilful default.

         Except in the case of fraud, negligence (except as specifically
         provided in the Trust Indenture Act), wilful default or breach of
         trust, and subject to the mandatory provisions of the Trust Indenture
         Act, the Note 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 Note Trustee, or by a
         person other than Note

                                                                             71.
<PAGE>

         Trustee, where that opinion, advice or information is addressed to the
         Note Trustee or by its terms is expressed to be capable of being relied
         upon by the Note Trustee. Except as provided above, the Note Trustee
         will not be responsible to any Class A Noteholder, amongst others, for
         any loss occasioned by so acting in reliance on such advice. Any such
         opinion, advice or information may be sent or obtained by letter, telex
         or facsimile transmission and the Note Trustee will not be liable to
         any Class A Noteholder, amongst others, for acting on any opinion,
         advice or information conforming with any applicable requirements of
         the Note Trust Deed or the Trust Indenture Act and purporting to be
         conveyed by such means even though it contains some error which is not
         a manifest error or is not authentic.

11.      NOTICES

11.1     GENERAL

         All notices, other than notices given in accordance with the following
         paragraph and CONDITION 11.2, to Class A Noteholders will be deemed
         given if in writing and mailed, first-class, postage prepaid to each
         Class A Noteholder, at his or her address as it appears on the Note
         Register, not later than the latest date, and not earlier than the
         earliest date, prescribed for the giving of such notice. In any case
         where notice to Class A Noteholders is given by mail, neither the
         failure to mail such notice nor any defect in any notice so mailed to
         any particular Class A Noteholder will affect the sufficiency of such
         notice with respect to other Class A Noteholders, and any notice that
         is mailed in the manner herein provided will conclusively be presumed
         to have been duly given.

         A notice may be waived in writing by the relevant Class A Noteholder,
         either before or after the event, and such waiver will be the
         equivalent of such notice. Waivers of notice by Class A Noteholders
         will be filed with the Note Trustee but such filing will not be a
         condition precedent to the validity of any action taken in reliance
         upon such a waiver.

         Any such notice will be deemed to have been given on the date such
         notice is deposited in the mail.

         In case, by reason of the suspension of regular mail services as a
         result of a strike, work stoppage or similar activity, it is
         impractical to mail notice of any event to Class A Noteholders when
         such notice is required to be given, then any manner of giving such
         notice as the Issuer Trustee directs the Note Trustee will be deemed to
         be a sufficient giving of such notice.

11.2     NOTE INFORMATION

         Any notice specifying a Quarterly Payment Date, an Interest Rate in
         relation to the Class A Notes, an Interest Amount, a Principal Amount
         (or the absence of a Principal Amount), a Principal Balance, a Note
         Factor in relation to the Class A Notes, or any other matter permitted
         to be given in accordance with this CONDITION 11.2, will be deemed to
         have been duly given if the information contained in the notice appears
         on the relevant page of the Reuters Screen or the electronic
         information system made available to its subscribers by Bloomberg, L.P.
         or another similar electronic reporting service approved by the Note
         Trustee in writing and notified to Class A Noteholders pursuant to
         CONDITION 11.1 (the "RELEVANT SCREEN"). Any such notice will be deemed
         to have been given on the first date on which such information appeared
         on the Relevant Screen. If it is impossible or impracticable to give
         notice in accordance with this paragraph then notice of the matters
         referred to in this Condition will be given in accordance with
         CONDITION 11.1.

11.3     QUARTERLY SERVICING AND OTHER REPORTS

         The Manager must deliver a Quarterly Servicing Report in relation to a
         Quarterly Payment Date to the Note Trustee, the Principal Paying Agent,
         the Issuer Trustee and each Class A Noteholder no later than 5 Business
         Days preceding that Quarterly Payment Date in accordance with CONDITION
         11.1.

         The Issuer Trustee and the Manager must, to the extent required by the
         rules and regulation of the Securities and Exchange Commission, forward
         to Class A Noteholders, and such other persons as are required by the
         Trust Indenture Act, such summaries of any information, documents and
         reports required to be filed by the Issuer Trustee or the Manager in
         accordance with the Securities and Exchange Act 1934 of the United
         States of America or the rules and regulations of the Securities and
         Exchange Commission.

         "QUARTERLY SERVICING REPORT" in relation to a Quarterly Payment Date
         means a report which contains

                                                                             72.
<PAGE>

         the following information:

         (a)      the aggregate Principal Balance of each class of Notes at the
                  end of the immediately preceding Quarterly Payment Date;

         (b)      the amounts to be applied towards payment of interest and
                  principal on each class of Notes on that Quarterly Payment
                  Date;

         (c)      the amounts, if any, which were applied towards payment of
                  interest and principal on any A$ Redraw Notes and/or under the
                  Redraw Facility Agreement on any Monthly Payment Dates
                  occurring after the end of the immediately preceding Quarterly
                  Payment Date;

         (d)      only in relation to the first Quarterly Servicing Report after
                  the Closing Date:

                  (i)      the amount withdrawn from the Pre-Funding Pool during
                           the Pre-Funding Period and applied towards the
                           acquisition of Approved Mortgages (as defined in the
                           Trust Deed);

                  (ii)     the number of Approved Mortgages (as defined in the
                           Trust Deed) acquired as assets of the PUMA Trust
                           during the Pre-Funding Period and details of the
                           aggregate principal balance and the weighted average
                           rate of interest payable on those Approved Mortgages;

                  (iii)    the housing loan information in relation to the
                           Approved Mortgages which are assets of the PUMA Trust
                           provided in the table on [page 15 of the prospectus
                           supplement] in relation to the Class A Notes which
                           shall be updated to reflect the characteristics of
                           the housing loan pool at the end of the Pre-Funding
                           Period;

                  (iv)     if applicable the amount remaining in the Pre-Funding
                           Pool at the end of the Pre-Funding Period;

         (e)      only in relation to the first eight Quarterly Servicing
                  Reports from the Closing Date to the Quarterly Servicing
                  Report for the Quarterly Payment Date in July 2005, the
                  aggregate amount of Senior Further Advances made during the
                  period from the close of business on the seventh Business Day
                  prior to the immediately preceding Quarterly Payment Date (or
                  with respect to the first Quarterly Payment Date, the Closing
                  Date) to the close of business on the seventh Business Day
                  prior to the relevant Quarterly Payment Date;

         (f)      the Collections in relation to that Quarterly Payment Date;

         (g)      the Principal Collections in relation to that Quarterly
                  Payment Date;

         (h)      the Income Reserve at the commencement and at the end of that
                  Quarterly Payment Date;

         (i)      the Principal Cash Balance at the commencement and at the end
                  of that Quarterly Payment Date;

         (j)      the Collections other than Principal Collections, Principal
                  Cash Balance and Income Reserve at the end of that Quarterly
                  Payment Date;

         (k)      the Redraw Facility Principal at the commencement and at the
                  end of that Quarterly Payment Date;

         (l)      the aggregate of the Subordinate Further Advance Amounts in
                  relation to the Approved Mortgages which are assets of the
                  PUMA Trust at the end of the seventh Business Day preceding
                  that Quarterly Payment Date;

         (m)      the Note Factor for the Class A Notes and the Note Factor for
                  the A$ Class B Notes at the end of that Quarterly Payment
                  Date;

         (n)      the aggregate outstanding principal balance of the Approved
                  Mortgages forming part of the assets of the PUMA Trust being
                  charged a fixed rate of interest and the aggregate

                                                                             73.
<PAGE>

                  outstanding principal balance of the Approved Mortgages
                  forming part of the assets of the PUMA Trust being charged a
                  variable rate of interest as at opening of business on the
                  sixth Business Day immediately preceding the Quarterly Payment
                  Date; and

         (o)      delinquency and loss statistics, as determined by the Manager,
                  with respect to the Approved Mortgages forming part of the
                  assets of the PUMA Trust as at opening of business on the
                  first Business Day of the calendar month that includes that
                  Quarterly Payment Date.

         "COLLECTIONS", "SENIOR FURTHER ADVANCE", "INCOME RESERVE", "MONTHLY
         PAYMENT DATE", "PRE-FUNDING PERIOD", "PRE-FUNDING POOL", "PRINCIPAL
         COLLECTIONS", "PRINCIPAL CASH BALANCE", "REDRAW FACILITY PRINCIPAL" and
         "SUBORDINATE FURTHER ADVANCE AMOUNT" have the same meaning as in the
         Sub-Fund Notice.

11.4     CONSENTS IN WRITING

         All consents and approvals in these Conditions must be given in
         writing.

12.      LIMITATION OF LIABILITY OF THE ISSUER TRUSTEE

         (a)      The Issuer Trustee enters into the Transaction Documents, and
                  issues the Class A Notes, only in its capacity as trustee of
                  the PUMA Trust and in no other capacity (except where the
                  Transaction Documents provide otherwise). A liability arising
                  under or in connection with the Class A Notes, the Transaction
                  Documents or the PUMA Trust is limited to and can be enforced
                  against the Issuer Trustee only to the extent to which it can
                  be satisfied out of the assets and property of the PUMA Trust
                  out of which the Issuer Trustee is actually indemnified for
                  the liability. This limitation of the Issuer Trustee's
                  liability applies despite any other provision of the
                  Transaction Documents (other than paragraph (c) below) and
                  extends to all liabilities and obligations of the Issuer
                  Trustee in any way connected with any representation,
                  warranty, conduct, omission, agreement or transaction related
                  to the Transaction Documents, the Class A Notes or the PUMA
                  Trust.

         (b)      No person may sue the Issuer Trustee in respect of liabilities
                  incurred by the Issuer Trustee in its capacity as trustee of
                  the PUMA Trust other than as trustee of the PUMA Trust or seek
                  the appointment of a receiver (except under the Security Trust
                  Deed), a liquidator, an administrator or any similar person to
                  the Issuer Trustee or prove in any liquidation, administration
                  or similar arrangements of or affecting the Issuer Trustee
                  (except in relation to the assets or property of the PUMA
                  Trust).

         (c)      The provisions of this CONDITION 12 will not apply to any
                  obligation or liability of the Issuer 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 Issuer Trustee's indemnification or exoneration out of the
                  assets or property of the PUMA Trust as a result of the Issuer
                  Trustee's fraud, negligence or wilful default.

         (d)      The Relevant Parties are responsible under the Transaction
                  Documents for performing a variety of obligations relating to
                  the PUMA Trust. No act or omission of the Issuer Trustee
                  (including any related failure to satisfy its obligations
                  under the Transaction Documents or the Class A Notes) will be
                  considered fraud, negligence or wilful default of the Issuer
                  Trustee for the purpose of paragraph (c) 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 appointed by
                  the Issuer Trustee under any Transaction Document (other than
                  a person whose acts or omissions the Issuer Trustee is liable
                  for in accordance with any Transaction Document) to fulfil its
                  obligations relating to the PUMA Trust or by any other act or
                  omission of a Relevant Party or any other such person.

         (e)      In exercising their powers under the Transaction Documents,
                  each of the Security Trustee, the Note Trustee and the Class A
                  Noteholders must ensure that no attorney, agent, delegate,
                  receiver or receiver and manager appointed by it in accordance
                  with a Transaction Document has authority to act on behalf of
                  the Issuer Trustee in a way which exposes the Issuer Trustee
                  to any personal liability and no act or omission of any such
                  person will be considered fraud, negligence or wilful default
                  of the Issuer Trustee for the purpose of paragraph (c).

                                                                             74.
<PAGE>

         (f)      The Issuer Trustee is not obliged to enter into any commitment
                  or obligation under these Conditions or any other Transaction
                  Document (including incur any further liability) unless the
                  Issuer Trustee's liability is limited in a manner which is
                  consistent with this CONDITION 12 or otherwise.

         "RELEVANT PARTIES" means each of the Manager, the Originators (as
         defined in the Trust Deed), the providers of Support Facilities, the
         Security Trustee, the Agents, the Note Trustee and any other person
         (other than the Issuer Trustee) who is a party to any Transaction
         Document (as those parties, which are not defined in these Conditions,
         are defined in the Sub-Fund Notice).

         The expression "FRAUD, NEGLIGENCE OR WILFUL DEFAULT" is to be construed
         in accordance with the Security Trust Deed.

13.      GOVERNING LAW

         The Class A Notes and the Transaction Documents are governed by, and
         will be construed in accordance with, the laws of the State of New
         South Wales of the Commonwealth of Australia, except for the
         Underwriting Agreement which is governed by, and will be construed in
         accordance with, New York law. Each of the Issuer Trustee and the
         Manager has in the Note Trust Deed irrevocably agreed for the benefit
         of the Note Trustee and the Class A Noteholders that both the courts of
         the State of New South Wales and the Federal and state courts in the
         Borough of Manhattan in the City of New York are to have non-exclusive
         jurisdiction to settle any disputes which may arise out of or in
         connection with the Note Trust Deed and the Class A Notes.

                                                                             75.
<PAGE>

                                     AGENTS

PRINCIPAL PAYING AGENT:                The Bank of New York, New York
                                       101 Barclay Street, 21W
                                       New York, New York, 10286

NOTE REGISTRAR:                        The Bank of New York, New York
                                       101 Barclay Street, 21W
                                       New York, New York, 10286

                                       or

                                       c/- The Bank of New York, London Branch
                                       48th Floor
                                       One Canada Square
                                       London  E14  5AL

AGENT BANK:                            The Bank of New York, New York
                                       101 Barclay Street, 21W
                                       New York, New York, 10286

PAYING AGENT:                          The Bank of New York, London Branch
                                       48th Floor
                                       One Canada Square
                                       London  E14  5AL

                                                                             76.<PAGE>

                                                              [CLAYTON UTZ LOGO]
--------------------------------------------------------------------------------

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

THE BANK OF NEW YORK, NEW YORK
Note Trustee

THE BANK OF NEW YORK, NEW YORK
Note Registrar

THE BANK OF NEW YORK, NEW YORK
Principal Paying Agent

THE BANK OF NEW YORK, NEW YORK
Agent Bank

THE BANK OF NEW YORK, LONDON BRANCH
Paying Agent

AGENCY AGREEMENT
PUMA GLOBAL TRUST NO. 4

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

              SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

<PAGE>

TABLE OF CONTENTS

1....DEFINITIONS AND INTERPRETATION............................................2
     1.1    Definitions........................................................2
     1.2    Sub-Fund Notice and Trust Deed definitions.........................3
     1.3    Interpretation.....................................................4
     1.4    Issuer Trustee capacity............................................5
     1.5    Transaction Document and Issuing Document..........................5
     1.6    Incorporated definitions and other Transaction
               Documents and provisions........................................5

2....APPOINTMENT OF PAYING AGENTS..............................................6
     2.1    Appointment........................................................6
     2.2    Several obligations of Paying Agents...............................6

3....PAYMENTS..................................................................6
     3.1    Payment by Issuer Trustee..........................................6
     3.2    Payments by Paying Agents..........................................6
     3.3    Method of payment for Book-Entry Notes.............................6
     3.4    Method of payment for Definitive Notes.............................6
     3.5    Non-payment........................................................7
     3.6    Late payment.......................................................7
     3.7    Reimbursement......................................................7
     3.8    Payment under Currency Swap........................................7
     3.9    Principal Paying Agent holds funds on trust........................7
     3.10   Principal Paying Agent may deal with funds.........................8
     3.11   No set-off.........................................................8
     3.12   Holders of Class A Notes...........................................8
     3.13   Repayment of moneys................................................8
     3.14   Paying Agents to record, notify payments and deliver
               surrendered Class A Notes.......................................9

4....APPOINTMENT AND DUTIES OF THE AGENT BANK..................................9
     4.1    Appointment........................................................9
     4.2    Determinations by Agent Bank.......................................9
     4.3    Notification by Agent Bank.........................................9
     4.4    Note Trustee to perform Agent Bank's function......................9
     4.5    Documents to Agent Bank...........................................10

5....APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR.............................10
     5.1    Note Registrar....................................................10
     5.2    Note Register to be Kept..........................................10
     5.3    Transfer or exchange of Class A Notes.............................10
     5.4    Replacement of lost or mutilated Class A Notes....................11
     5.5    Obligations upon transfer, exchange or replacement of
               Class A Notes..................................................11
     5.6    No charge for transfer or exchange................................11
     5.7    Restricted period.................................................11
     5.8    Cancellation of Class A Notes.....................................12
     5.9    Provision of information and inspection of register...............12
     5.10   Correctness of register and information...........................12
     5.11   Non-recognition of equitable interests............................12
     5.12   Rectification of Note Register....................................13

6....NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS.............................13
     6.1    Following enforcement of the Charge or issue of
               Definitive Notes...............................................13

                                                                              i.
<PAGE>

     6.2    Good discharge to Issuer Trustee..................................14
     6.3    Change of Authorised Officers.....................................14

7....REDEMPTION OF CLASS A NOTES..............................................14
     7.1    Part redemption of Class A Notes on Quarterly Payment Dates.......14
     7.2    Early redemption..................................................14

8....GENERAL PAYING AGENT MATTERS.............................................15
     8.1    Notices to Class A Noteholders....................................15
     8.2    Copies of documents for inspection................................15
     8.3    Notice of any withholding or deduction............................15

9....INDEMNITY BY ISSUER TRUSTEE..............................................15

10...CHANGES IN AGENTS........................................................15
     10.1   Appointment and removal...........................................15
     10.2   Resignation.......................................................16
     10.3   Limitation of appointment and termination.........................16
     10.4   Payment of amounts held by the Principal Paying Agent.............17
     10.5   Records held by Note Registrar....................................17
     10.6   Successor to Principal Paying Agent, Agent Bank,
               Note Registrar.................................................17
     10.7   Notice to Class A Noteholders.....................................18
     10.8   Change in Specified Office........................................18

11...MISCELLANEOUS DUTIES AND PROTECTION......................................19
     11.1   Agents are agents of the Issuer Trustee...........................19
     11.2   Agency............................................................19
     11.3   Reliance..........................................................19
     11.4   Entitled to deal..................................................19
     11.5   Consultation......................................................19
     11.6   Duties and obligations............................................20
     11.7   Income tax returns................................................20
     11.8   Representation by each Agent......................................20

12...FEES AND EXPENSES........................................................20
     12.1   Payment of fee....................................................20
     12.2   Payment of expenses...............................................20
     12.3   No other fees.....................................................20
     12.4   Payment of fees...................................................20
     12.5   No commission.....................................................21
     12.6   Issuer Trustee personally liable for fees.........................21
     12.7   Timing of payments................................................21
     12.8   Increase in fees..................................................21

13...NOTICES..................................................................21
     13.1   Method of delivery................................................21
     13.2   Deemed receipt....................................................22
     13.3   Communications through Principal Paying Agent.....................22
     13.4   Email.............................................................22

14...ISSUER TRUSTEE'S LIMITATION OF LIABILITY.................................22
     14.1   Limitation on Issuer Trustee's liability..........................22
     14.2   Claims against Issuer Trustee.....................................23
     14.3   Breach of trust...................................................23
     14.4   Acts or omissions.................................................23
     14.5   No authority......................................................23
     14.6   No obligation.....................................................23

                                                                             ii.
<PAGE>

15...GENERAL..................................................................23
     15.1   Waiver............................................................23
     15.2   Written waiver, consent and approval..............................24
     15.3   Severability......................................................24
     15.4   Survival of indemnities...........................................24
     15.5   Assignments.......................................................24
     15.6   Successors and assigns............................................24
     15.7   Moratorium legislation............................................24
     15.8   Amendments........................................................24
     15.9   Governing law.....................................................24
     15.10  Jurisdiction......................................................25
     15.11  Counterparts......................................................25
     15.12  Limitation of Note Trustee's liability............................25

                                                                            iii.

<PAGE>

THIS AGENCY AGREEMENT MADE ON 15 AUGUST 2003

PARTIES        PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827, a
               company duly incorporated in Australia and registered in New
               South Wales and having an office at Level 7, 9 Castlereagh
               Street, Sydney, Australia, in its capacity as trustee of the PUMA
               Trust (as hereinafter defined) (hereinafter included in the
               expression the "ISSUER TRUSTEE")

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

               THE BANK OF NEW YORK, NEW YORK a New York banking corporation
               acting through its New York office at 101 Barclay Street, 21W,
               New York, New York 10286 as trustee of the Note Trust (as
               hereinafter defined) (hereinafter included by incorporation in
               the expression the "NOTE TRUSTEE")

               THE BANK OF NEW YORK, NEW YORK a New York banking corporation
               acting through its New York office at 101 Barclay Street, 21W,
               New York, New York 10286 (hereinafter included in the expression
               the "NOTE REGISTRAR")

               THE BANK OF NEW YORK, NEW YORK a New York banking corporation
               acting through its New York office at 101 Barclay Street, 21W,
               New York, New York 10286 (hereinafter included in the expression
               the "PRINCIPAL PAYING AGENT")

               THE BANK OF NEW YORK, NEW YORK a New York banking corporation
               acting through its New York office at 101 Barclay Street, 21W,
               New York, New York 10286 as trustee of the Note Trust
               (hereinafter included in the expression the "AGENT BANK")

               THE BANK OF NEW YORK, LONDON BRANCH a New York banking
               corporation acting through its London branch of 48th floor, One
               Canada Square, London E14 5AL (hereinafter included in the
               expression the "PAYING AGENT")

RECITALS

A.   The Issuer Trustee, in its capacity as trustee of the PUMA Trust, proposes
     to issue US$1,200,000,000 Class A Mortgage Backed Floating Rate Notes due
     2034 (the "CLASS A NOTES").

B.   The Class A Notes will be constituted pursuant to the Note Trust Deed.

C.   The Issuer Trustee wishes to appoint The Bank of New York, New York as the
     initial Principal Paying Agent, the initial Note Registrar and the initial
     Agent Bank in respect of the Class A Notes and The Bank of New York, New
     York has accepted these appointments on the terms and conditions of this
     Agreement.

D.   The Issuer Trustee wishes to appoint The Bank of New York, London Branch as
     an initial Paying Agent in respect of the Class A Notes and The Bank of New
     York, London Branch has accepted that appointment on the terms and
     conditions of this Agreement.

                                                                              1.
<PAGE>

THE PARTIES AGREE

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1.       DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS

         In this Agreement, unless the contrary intention appears:

         "AGENT" means a several reference to each Paying Agent, the Note
         Registrar, and the Agent Bank.

         "AGENT BANK" means initially The Bank of New York, New York or, if The
         Bank of New York, New York resigns or its appointment is terminated as
         the Issuer Trustee's reference agent in respect of the Class A Notes,
         the person from time to time appointed in its place to perform the
         functions of such reference agent under this Agreement.

         "AUTHORISED OFFICER" in relation to:

         (a)       the Issuer Trustee and the Manager, has the same meaning as
                   "Authorised Signatory" in the Trust Deed;

         (b)       the Note Trustee, the Note Registrar, the Agent Bank and the
                   Principal Paying Agent while these are the same person as the
                   Note Trustee, has the same meaning as the term "Authorised
                   Officer" in relation to the Note Trustee in the Note Trust
                   Deed;

         (c)       The Bank of New York, London Branch as Paying Agent means a
                   responsible officer of the Corporate Trust Administration
                   department of the Paying Agent; and

         (d)       any other Agent, means the persons appointed from time to
                   time by that Agent to act as its Authorised Officers for the
                   purposes of this Agreement as certified in writing by 2
                   directors or a director and secretary of that Agent to the
                   other parties to this Agreement.

         "BOOK-ENTRY NOTE" has the same meaning as in the Note Trust Deed.

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

         "DEPOSITORY" has the same meaning as in the Note Trust Deed.

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

         "INSOLVENCY EVENT" has the same meaning as in the Security Trust Deed.

         "ISSUER TRUSTEE" means initially Perpetual Trustees Australia Limited
         or, if Perpetual Trustees Australia Limited retires or is removed as
         trustee of the PUMA Trust under the Trust Deed, the then substitute
         Trustee.

         "NOTE REGISTER" means the register established in accordance with
         clause 5.2.

         "NOTE REGISTRAR" means The Bank of New York, New York or if The Bank of
         New York, New York resigns or its appointment is terminated as note
         registrar in respect of the Class A Notes, the person from time to time
         appointed in its place to perform the functions of such note registrar
         under this Agreement.

         "NOTE TRUST" means the trust of that name constituted by the Note Trust
         Deed.

                                                                              2.
<PAGE>

         "PAYING AGENT" means The Bank of New York, London Branch until it
         resigns or its appointment is terminated as paying agent and each other
         person from time to time appointed hereunder to perform the functions
         of a paying agent and, except where the context otherwise requires,
         includes the Principal Paying Agent.

         "PRINCIPAL PAYING AGENT" means The Bank of New York, New York, or, if
         The Bank of New York, New York resigns or its appointment is terminated
         as principal paying agent, the person from time to time appointed in
         its place to perform the functions of the principal paying agent under
         this Agreement.

         "PUMA TRUST" means the trust known as the PUMA Global Trust No. 4
         established pursuant to the Trust Deed and the Sub-Fund Notice.

         "QUARTERLY SERVICING REPORT" has the same meaning as in the Note
         Conditions.

         "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

         "SPECIFIED OFFICE" in relation to:

         (a)       the Note Registrar, means the offices of the Note Registrar
                   as specified in the Note Conditions or otherwise under this
                   Agreement as the offices of the Note Registrar where
                   surrenders of Class A Notes for transfer, exchange,
                   replacement or redemption will occur and where, in respect of
                   one of such offices, the Note Register will be kept, as
                   varied from time to time in accordance with this Agreement;

         (b)       a Paying Agent, means the office of the Paying Agent
                   specified in the Note Conditions or otherwise under this
                   Agreement as the office at which payments in respect of the
                   Class A Notes will be made, as varied from time to time in
                   accordance with this Agreement; and

         (c)       the Agent Bank, means the office of the Agent Bank specified
                   in the Note Conditions or otherwise under this Agreement as
                   the office at which the Agent Bank will carry out its duties
                   under this Agreement, as varied from time to time in
                   accordance with this Agreement.

         "STAMP" means the Securities Transfer Agents Medallion Program.

         "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or prior to the
         date of this Agreement issued by the Manager to the Issuer Trustee and
         accepted by the Issuer Trustee.

         "TAX" has the same meaning as in the Security Trust Deed.

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

         "UCC" means the Uniform Commercial Code of New York.

1.2      SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

         Subject to clause 1.6, unless defined in this Agreement, words and
         phrases defined in either or both of the Trust Deed and the Sub-Fund
         Notice have the same meaning in this Agreement. Where there is any
         inconsistency in a definition between this Agreement (on the one hand)
         and the Trust Deed or the Sub-Fund Notice (on the other hand), this
         Agreement prevails. Where there is any inconsistency in a definition
         between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
         prevails over the Trust Deed in respect of this Agreement. Subject to
         clause

                                                                              3.
<PAGE>

         1.6, where words or phrases used but not defined in this Agreement are
         defined in the Trust Deed in relation to a Fund (as defined in the
         Trust Deed) such words or phrases are to be construed in this
         Agreement, where necessary, as being used only in relation to the PUMA
         Trust (as defined in this Agreement).

1.3      INTERPRETATION

         In this Agreement, unless the contrary intention appears:

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

         (b)       a reference to this "AGREEMENT" includes the Recitals;

         (c)       the expression "PERSON" includes an individual, the estate of
                   an individual, a body politic, a corporation and a statutory
                   or other authority or association (incorporated or
                   unincorporated);

         (d)       a reference to a person includes that person's executors,
                   administrators, successors, substitutes and assigns,
                   including any person taking by way of novation;

         (e)       subject to clause 1.6, a reference to any document or
                   agreement is to such document or agreement as amended,
                   novated, supplemented, varied or replaced from time to time;

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

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

         (h)       a reference to a clause is a reference to a clause of this
                   Agreement;

         (i)       a reference to "WILFUL DEFAULT" in relation to a party means,
                   subject to clause 1.3(j), any wilful failure by that party to
                   comply with, or wilful breach by that party of, any of its
                   obligations under any Transaction Document, other than a
                   failure or breach which:

                   (i)        A.   arises as a result of a breach of a
                                   Transaction Document by a person other than:

                                   (1)   that party; or

                                   (2)   any other person referred to in
                                         clause 1.3(j); and

                              B.   the performance of the action (the non-
                                   performance of which gave rise to such
                                   breach) is a pre-condition to that party
                                   performing the said obligation; or

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

                   (iii)      is in accordance with a proper instruction or
                              direction given at a meeting convened under any
                              Transaction Document;

         (j)       a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT"
                   of a party means the

                                                                              4.
<PAGE>

                   fraud, negligence or wilful default of that party and of its
                   officers, employees, agents and any other person where that
                   party is liable for the acts or omissions of such other
                   person under the terms of any Transaction Document;

         (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 any day on which a payment is due to be made or a thing
                   is due to be done under this Agreement is not a Business Day,
                   that payment must be made or that thing must be done on the
                   immediately succeeding Business Day;

         (m)       a reference to the "CLOSE OF BUSINESS" on any day is a
                   reference to 5.00 pm on that day;

         (n)       a reference to time is to local time in New York;

         (o)       subject to clause 13.2, each party will only be considered to
                   have knowledge or awareness of, or notice of, a thing or
                   grounds to believe anything by virtue of the officers of that
                   party (or any Related Body Corporate of that party) having
                   day to day responsibility for the administration or
                   management of that party's (or a Related Body Corporate of
                   that party's) obligations in relation to the PUMA Trust
                   having actual knowledge, actual awareness or actual notice of
                   that thing, or grounds or reason to believe that thing (and
                   similar references will be interpreted in this way); and

         (p)       a reference to the enforcement of the Charge means that the
                   Security Trustee appoints (or the Voting Secured Creditors as
                   contemplated by clause 8.4 of the Security Trust Deed
                   appoint) a Receiver over any Charged Property, or takes
                   possession of any Charged Property, pursuant to the Security
                   Trust Deed (expressions used in this clause have the same
                   meanings as in the Security Trust Deed).

1.4      ISSUER TRUSTEE CAPACITY

         In this Agreement, except where provided to the contrary:

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

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

1.5      TRANSACTION DOCUMENT AND ISSUING DOCUMENT

         For the purposes of the Trust Deed and the Sub-Fund Notice, this
         Agreement is a Transaction Document and an Issuing Document in relation
         to the PUMA Trust.

1.6      INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

         Where in this Agreement a word or expression is defined by reference to
         its meaning in another Transaction Document or there is a reference to
         another Transaction Document or to a provision of another Transaction
         Document, any amendment to the meaning of that word or

                                                                              5.
<PAGE>

         expression or to that other Transaction Document or provision (as the
         case may be) will be of no effect for the purposes of this Agreement
         unless and until the amendment is consented to by the parties to this
         Agreement.

--------------------------------------------------------------------------------
2.       APPOINTMENT OF PAYING AGENTS

2.1      APPOINTMENT

         The Issuer Trustee, at the direction of the Manager, hereby appoints
         the Principal Paying Agent as its initial principal paying agent, and
         each other Paying Agent from time to time as its paying agent, for
         making payments in respect of the Class A Notes pursuant to the
         Transaction Documents at their respective Specified Offices in
         accordance with the terms and conditions of this Agreement. The
         Principal Paying Agent, and each other Paying Agent, hereby accepts
         that appointment.

2.2      SEVERAL OBLIGATIONS OF PAYING AGENTS

         While there is more than one Paying Agent, the obligations of the
         Paying Agents under this Agreement are several and not joint.

--------------------------------------------------------------------------------
3.       PAYMENTS

3.1      PAYMENT BY ISSUER TRUSTEE

         Subject to clause 3.8, the Issuer Trustee must not later than 10.00 am
         on each Quarterly Payment Date, pay to or to the order of the Principal
         Paying Agent to an account in the name of "PUMA Global Trust No. 4" (or
         such other account as may be determined by the Manager and notified to
         the Note Trustee, the Issuer Trustee and each Paying Agent, from time
         to time) and specified by the Principal Paying Agent in same day funds
         the amount in US$ as may be required (after taking account of any money
         then held by the Principal Paying Agent and available for the purpose)
         to be paid on that Quarterly Payment Date in respect of the Class A
         Notes under the Note Conditions.

3.2      PAYMENTS BY PAYING AGENTS

         Subject to payment being duly made as provided in clause 3.1 (or the
         Principal Paying Agent otherwise being satisfied that the payment will
         be duly made on the due date), and subject to clause 6, the Paying
         Agents will pay or cause to be paid to the Class A Noteholders on
         behalf of the Issuer Trustee on each Quarterly Payment Date the
         relevant amounts of principal and interest due in respect of the Class
         A Notes in accordance with this Agreement and the Note Conditions.

3.3      METHOD OF PAYMENT FOR BOOK-ENTRY NOTES

         The Principal Paying Agent will cause all payments of principal or
         interest (as the case may be) due in respect of Book-Entry Notes to be
         made to the Depository or, if applicable, to its nominee, in whose name
         the Book-Entry Notes are registered to the account or accounts
         designated by the Depository or, if applicable, that nominee and
         otherwise in accordance with condition 8.1 of the Note Conditions.

3.4      METHOD OF PAYMENT FOR DEFINITIVE NOTES

         The Paying Agents will cause all payments of principal or interest (as
         the case may be) due in respect of Definitive Notes to be made in
         accordance with condition 8.1 of the Note Conditions.

                                                                              6.
<PAGE>

3.5      NON-PAYMENT

         (a)       (NO OBLIGATION ON PAYING AGENTS): If the Issuer Trustee fails
                   to make any payment, unless and until the full amount of the
                   payment has been made under the terms of this Agreement
                   (except as to the time of making the payment) or other
                   arrangements satisfactory to the Principal Paying Agent have
                   been made, none of the Principal Paying Agent nor any of the
                   other Paying Agents is bound to make any payment in
                   accordance with this clause 3 (but may, in its discretion,
                   make any such payment).

         (b)       (NOTICE OF NON-RECEIPT): The Principal Paying Agent will
                   immediately notify by facsimile the other Paying Agents, the
                   Note Trustee, the Issuer Trustee, the Security Trustee and
                   the Manager if the full amount of any payment of principal or
                   interest in respect of the Class A Notes required to be made
                   pursuant to the Note Conditions is not unconditionally
                   received by it or to its order in accordance with this
                   Agreement.

3.6      LATE PAYMENT

         (a)       (LATE PAYMENTS TO BE PAID IN ACCORDANCE WITH THIS AGREEMENT):
                   If any payment under clause 3.1 is made late but otherwise in
                   accordance with the provisions of this Agreement, each Paying
                   Agent will make the payments required to be made by it in
                   respect of the Class A Notes as provided in this clause 3.

         (b)       (NOTICE): If the Principal Paying Agent does not receive on a
                   Quarterly Payment Date the full amount of principal and
                   interest then payable on any Class A Note in accordance with
                   the Note Conditions, but receives the full amount later, it
                   will:

                   (i)       forthwith upon receipt of the full amount notify
                             the other Paying Agents, the Issuer Trustee, the
                             Note Trustee, the Security Trustee and the Manager;
                             and

                   (ii)      as soon as practicable after receipt of the full
                             amount give notice, in accordance with condition
                             11.1 of the Note Conditions, to the Class A
                             Noteholders that it has received the full amount.

3.7      REIMBURSEMENT

         The Principal Paying Agent will (provided that it has been placed in
         funds by the Issuer Trustee) on demand promptly reimburse each other
         Paying Agent for payments of principal and interest properly made by
         that Paying Agent in accordance with the Note Conditions and this
         Agreement. The Issuer Trustee will not be responsible for the
         apportionment of any moneys between the Principal Paying Agent and the
         other Paying Agents and a payment to the Principal Paying Agent of any
         moneys due to the Paying Agents will operate as a good discharge to the
         Issuer Trustee in respect of such moneys.

3.8      PAYMENT UNDER CURRENCY SWAP

         The payment by the Issuer Trustee of its Australian dollar payment
         obligations under the Sub-Fund Notice on each Quarterly Payment Date to
         the Currency Swap Provider will be a good discharge of its
         corresponding US dollar obligations under clause 3.1 (but will not
         relieve the Issuer Trustee of any liability in respect of any default
         in payment in respect of a Class A Note under any other Transaction
         Document).

3.9      PRINCIPAL PAYING AGENT HOLDS FUNDS ON TRUST

         Each Paying Agent will hold in a separate account on trust for the Note
         Trustee and the Class

                                                                              7.
<PAGE>

         A Noteholders all sums held by such Paying Agent for the payment of
         principal and interest with respect to the Class A Notes until such
         sums are paid to the Note Trustee or the Class A Noteholders in
         accordance with the Note Trust Deed or the Note Conditions or repaid
         under clause 3.13.

3.10     PRINCIPAL PAYING AGENT MAY DEAL WITH FUNDS

         Subject to the terms of this Agreement, the Principal Paying Agent is
         entitled to deal with moneys paid to it under this Agreement in the
         same manner as other moneys paid to it as a banker by its customers.
         The Principal Paying Agent is entitled to retain for its own account
         any interest earned on such moneys, except as required by law.

3.11     NO SET-OFF

         No Paying Agent is entitled to exercise any right of set-off,
         withholding, counterclaim or lien against, or make any deduction in any
         payment to, any person entitled to receive amounts of principal or
         interest on the Class A Notes in respect of moneys payable by it under
         this Agreement.

3.12     HOLDERS OF CLASS A NOTES

         Except as ordered by a court of competent jurisdiction or as required
         by law, each Paying Agent is entitled to treat the person:

         (a)       (BOOK-ENTRY NOTES): who is, while a Book-Entry Note remains
                   outstanding, the registered owner of that Book-Entry Note as
                   recorded in the Note Register as the absolute owner of that
                   Book-Entry Note and as the person entitled to receive
                   payments of principal or interest (as applicable) and each
                   person shown in the records of the Depository as the holder
                   of any Class A Note represented by a Book-Entry Note will be
                   entitled to receive from the registered owner of that
                   Book-Entry Note any payment so made only in accordance with
                   the respective rules and procedures of the Depository;

         (b)       (DEFINITIVE NOTES): who is the registered owner of any
                   Definitive Note as recorded in the Note Register as the
                   absolute owner or owners of that Definitive Note (whether or
                   not that Definitive Note is overdue and despite any notice of
                   ownership or writing on it or any notice of previous loss or
                   theft or of any trust or other interest in it); and

         (c)       (NOTE TRUSTEE): who, when a Book-Entry Note in respect of any
                   Class A Note is no longer outstanding but Definitive Notes in
                   respect of the Class A Notes have not been issued, is for the
                   time being the Note Trustee, as the person entrusted with the
                   receipt of principal or interest, as applicable, on behalf of
                   the relevant Class A Noteholders,

         in all cases and for all purposes, despite any notice to the contrary,
         and will not be liable for so doing.

3.13     REPAYMENT OF MONEYS

         (a)       (PRESCRIPTION): Immediately on any entitlement to receive
                   principal or interest under any Class A Note becoming void
                   under the Note Conditions, the Principal Paying Agent will
                   repay to the Issuer Trustee the amount which would have been
                   due in respect of that principal or interest if it had been
                   paid before the entitlement became void, together with any
                   fees applicable to that payment or entitlement (pro rated as
                   to the amount and time) to the extent already paid under
                   clause 12.

                                                                              8.
<PAGE>

         (b)       (NO REPAYMENT WHILE OUTSTANDING AMOUNTS DUE): Notwithstanding
                   clause 3.13(a) the Principal Paying Agent is not obliged to
                   make any repayment to the Issuer Trustee while any fees and
                   expenses which should have been paid to or to the order of
                   the Principal Paying Agent or, if applicable, the Note
                   Trustee, by the Issuer Trustee remain unpaid.

3.14     PAYING AGENTS TO RECORD, NOTIFY PAYMENTS AND DELIVER SURRENDERED
         CLASS A NOTES

         Each Paying Agent must:

         (a)       (NOTIFY NOTE REGISTRAR): promptly notify the Note Registrar
                   of each payment made by it, or at its direction, to Class A
                   Noteholders in respect of the Class A Notes;

         (b)       (RECORDS): keep a full and complete record of each payment
                   made by it, or at its direction, to Class A Noteholders and
                   provide copies of such records to the Issuer Trustee, the
                   Manager, the Note Trustee or the Note Registrar upon request;
                   and

         (c)       (DELIVER): promptly deliver to the Note Registrar any Class A
                   Notes surrendered to it pursuant to condition 8.2 of the Note
                   Conditions.

         A record by a Paying Agent under this clause 3.14 is sufficient
         evidence, unless the contrary is proved, of the relevant payments
         having been made or not made.

--------------------------------------------------------------------------------
4.       APPOINTMENT AND DUTIES OF THE AGENT BANK

4.1      APPOINTMENT

         The Issuer Trustee, at the direction of the Manager, hereby appoints
         the Agent Bank as its initial reference agent in respect of the Class A
         Notes upon the terms and conditions contained in this Agreement and the
         Agent Bank hereby accepts that appointment.

4.2      DETERMINATIONS BY AGENT BANK

         The Agent Bank must perform such duties, and make such calculations,
         determinations, notifications and publications at its Specified Office
         as are set forth in the Note Conditions to be performed or made by it
         until the Class A Notes are redeemed (or deemed to be redeemed) in full
         in accordance with the Note Conditions and must perform any other
         duties as requested by the Issuer Trustee, the Manager or the Principal
         Paying Agent which are reasonably incidental to those duties.

4.3      NOTIFICATION BY AGENT BANK

         If the Agent Bank fails to perform any duty or to make any calculation,
         determination, notification or publication as provided in clause 4.2,
         it must forthwith notify the Issuer Trustee, the Manager, the Note
         Trustee, the Principal Paying Agent and the Currency Swap Provider
         thereof.

4.4      NOTE TRUSTEE TO PERFORM AGENT BANK'S FUNCTION

         If the Agent Bank for any reason does not determine by close of
         business on the relevant Rate Set Date (as defined in the Note
         Conditions) the Interest Rates for the Class A Notes, or calculate an
         Interest Amount (each as defined in the Note Conditions), the Note
         Trustee must do so and each such determination or calculation will be
         as if made by the Agent Bank for the purposes of the Note Conditions.
         In doing so, the Note Trustee will apply the provisions of condition 6
         of the Note Conditions, with any necessary consequential amendments, to
         the

                                                                              9.
<PAGE>

         extent that it can and, in all other respects it will do so in such a
         manner as it considers fair and reasonable in all the circumstances.

4.5      DOCUMENTS TO AGENT BANK

         The Manager and the Issuer Trustee will provide to the Agent Bank such
         documents and other information as the Agent Bank reasonably requires
         in order for the Agent Bank to properly fulfil its duties in respect of
         the Class A Notes.

--------------------------------------------------------------------------------
5.       APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR

5.1      NOTE REGISTRAR

         The Issuer Trustee, at the direction of the Manager, hereby appoints
         the Note Registrar as its initial note registrar in respect of the
         Class A Notes upon the terms and conditions contained in this Agreement
         and the Note Registrar hereby accepts that appointment.

5.2      NOTE REGISTER TO BE KEPT

         The Note Registrar must keep a register, at one of its Specified
         Offices, in which, subject to such reasonable regulations as the Note
         Registrar may prescribe, the Note Registrar must keep a full and
         complete record of:

         (a)       (CLASS A NOTEHOLDER DETAILS): the name, address and, where
                   applicable, taxation, social security or other identifying
                   number of each Class A Noteholder, the details of the Class A
                   Notes held by that Class A Noteholder and the details of the
                   account to which any payments due to the Class A Noteholder
                   are to be made in each case as notified by that Class A
                   Noteholder from time to time;

         (b)       (EXCHANGE ETC. OF CLASS A NOTES): the issue and any exchange,
                   transfer, replacement, redemption (in whole or part) or
                   cancellation of a Class A Note;

         (c)       (PAYMENTS): all payments made in respect of the Class A Notes
                   (as notified to it by each Paying Agent pursuant to clause
                   3.14(a));

         (d)       (PRINCIPAL): the Principal Balance of each Class A Note from
                   time to time (as notified to it by the Manager pursuant to
                   clause 7.1); and

         (e)       (OTHER INFORMATION): such other information as the Manager
                   reasonably requires or the Note Registrar considers
                   appropriate or desirable.

5.3      TRANSFER OR EXCHANGE OF CLASS A NOTES

         Class A Notes held by a Class A Noteholder may be transferred or may be
         exchanged for other Class A Notes in any authorised denominations and a
         like Principal Balance, provided in each case that the requirements of
         Section 8-401(a) of the UCC are met, by that Class A Noteholder upon:

         (a)       (SURRENDER AND INSTRUMENT OF TRANSFER OR EXCHANGE): the
                   surrender of the Class A Notes to be transferred or exchanged
                   duly endorsed with, or accompanied by, a written instrument
                   of transfer or exchange in the form, in the case of a
                   transfer, annexed to such Class A Notes or otherwise in a
                   form satisfactory to the Note Registrar duly executed by the
                   Class A Noteholder, or its attorney duly authorised in
                   writing, with such signature guaranteed by an "eligible
                   guarantor institution" meeting the requirements of the Note
                   Registrar which requirements include membership of, or
                   participation in, STAMP or such other "signature guarantee
                   program" as may be determined by the Note Registrar in
                   addition to, or in

                                                                             10.
<PAGE>

                   substitution for, STAMP, all in accordance with the Exchange
                   Act; and

         (b)       (OTHER DOCUMENTS): the provision of such other documents as
                   the Note Registrar may reasonably require,

         to the Note Registrar at a Specified Office of the Note Registrar.

5.4      REPLACEMENT OF LOST OR MUTILATED CLASS A NOTES

         If any Class A Note is lost, stolen, mutilated, defaced or destroyed it
         may, provided that the requirements of Section 8-405 of the UCC are
         met, be replaced with other Class A Notes in any authorised
         denomination, and a like Principal Balance, upon surrender to the Note
         Registrar of the Class A Notes to be replaced (where the Class A Note
         has been mutilated or defaced) at a Specified Office of the Note
         Registrar, the provision of such evidence and indemnities as the Note
         Registrar or the Issuer Trustee may reasonably require and payment of
         the Note Registrar's and the Issuer Trustee's expenses incurred, and
         any tax or governmental charge that may be imposed, in connection with
         such replacement.

5.5      OBLIGATIONS UPON TRANSFER, EXCHANGE OR REPLACEMENT OF CLASS A NOTES

         Subject to this Agreement, upon compliance by the relevant Class A
         Noteholder with the provisions of clauses 5.3 or 5.4, as applicable, in
         relation to the transfer, exchange or replacement of any Class A Notes:

         (a)       (ADVISE ISSUER TRUSTEE): the Note Registrar must within 3
                   Business Days so advise the Issuer Trustee and the Note
                   Trustee (if it is not the Note Registrar) in writing and
                   provide details of the new Class A Notes to be issued in
                   place of those Class A Notes;

         (b)       (EXECUTION AND AUTHENTICATION): the Issuer Trustee must,
                   within 3 Business Days of such advice, execute and deliver to
                   the Note Trustee for authentication in the name of the
                   relevant Class A Noteholder or the designated transferee or
                   transferees, as the case may be, one or more new Class A
                   Notes in any authorised denominations, and a like Principal
                   Balance as those Class A Notes (in each case as specified by
                   the Note Registrar) and the Note Trustee must within 3
                   Business Days of receipt of such executed Class A Notes
                   authenticate them and (if it is not the Note Registrar)
                   deliver those Class A Notes to the Note Registrar; and

         (c)       (DELIVERY TO CLASS A NOTEHOLDER): the Note Registrar must,
                   within 3 Business Days of receipt of such new Class A Notes
                   (or authentication of such Class A Notes if the Note
                   Registrar is the Note Trustee), forward to the relevant Class
                   A Noteholder (being the transferee in the case of a transfer
                   of a Class A Note) such new Class A Notes.

5.6      NO CHARGE FOR TRANSFER OR EXCHANGE

         No service charge may be made to a Class A Noteholder for any transfer
         or exchange of Class A Notes, but the Note Registrar may require
         payment by the Class A Noteholder of a sum sufficient to cover any tax
         or other governmental charge that may be imposed in connection with any
         transfer or exchange of Class A Notes.

5.7      RESTRICTED PERIOD

         Notwithstanding the preceding provisions of this clause 5, the Note
         Registrar need not register transfers or exchanges of Class A Notes,
         and the Issuer Trustee is not required to execute nor the Note Trustee
         to authenticate any Class A Notes, for a period of 2 Business Days, in
         the case of a Book-Entry Note, or 30 days, in the case of a Definitive
         Note, preceding the due date

                                                                             11.
<PAGE>

         for any payment with respect to the Class A Notes or for such period,
         not exceeding 30 days, as is specified by the Note Trustee prior to any
         meeting of Relevant Noteholders (as defined in the First Schedule of
         the Trust Deed), which includes Class A Noteholders, under the Trust
         Deed or prior to any meeting of Voting Secured Creditors (as defined in
         the Security Trust Deed), which includes Class A Noteholders, under the
         Security Trust Deed.

5.8      CANCELLATION OF CLASS A NOTES

         The Note Registrar must cancel or destroy all Class A Notes that have
         been surrendered to it for transfer, exchange or replacement (including
         any Book-Entry Notes surrendered pursuant to clause 3.4(b) of the Note
         Trust Deed) or surrendered to a Paying Agent for redemption and
         delivered to the Note Registrar and must, upon request, provide a
         certificate to the Issuer Trustee, the Note Trustee or the Manager with
         the details of all such Class A Notes so cancelled or destroyed.

5.9      PROVISION OF INFORMATION AND INSPECTION OF REGISTER

         The Note Registrar must:

         (a)       (INFORMATION): provide to the Issuer Trustee, the Manager,
                   the Note Trustee and each other Agent such information as is
                   contained in the Note Register and is required by them in
                   order to perform any obligation pursuant to the Transaction
                   Documents; and

         (b)       (INSPECTION): make the Note Register:

                   (i)       available for inspection or copying by the Issuer
                             Trustee, the Manager, the Note Trustee and each
                             other Agent or their agents or delegates; and

                   (ii)      available for inspection by each Class A Noteholder
                             but only in respect of information relating to that
                             Class A Noteholder,

         at one of the Note Registrar's Specified Offices upon reasonable prior
         notice and during local business hours.

5.10     CORRECTNESS OF REGISTER AND INFORMATION

         The Issuer Trustee, the Note Trustee, the Manager and each Agent (other
         than the Note Registrar) may accept the correctness of the Note
         Register and any information provided to it by the Note Registrar and
         is not required to enquire into its authenticity. None of the Issuer
         Trustee, the Note Trustee, the Manager or any Agent (including the Note
         Registrar) is liable for any mistake in the Note Register or in any
         purported copy except to the extent that the mistake is attributable to
         its own fraud, negligence or wilful default.

5.11     NON-RECOGNITION OF EQUITABLE INTERESTS

         Except as required by law or as ordered by a court of competent
         jurisdiction, no notice of any trust, whether express, implied or
         constructive, is to be entered in the Note Register and except as
         otherwise provided in any Transaction Document, or required by law or
         ordered by a court of competent jurisdiction, none of the Note
         Registrar, the Note Trustee, the Issuer Trustee, the Manager or any
         other Agent is to be affected by or compelled to recognise (even when
         having notice of it) any right or interest in any Class A Notes other
         than the registered Class A Noteholder's absolute right to the entirety
         of them and the receipt of a registered Class A Noteholder is a good
         discharge to the Issuer Trustee, the Manager, the Note Trustee and each
         Agent.

                                                                             12.
<PAGE>

5.12     RECTIFICATION OF NOTE REGISTER

         If:

         (a)       (ENTRY OMITTED): an entry is omitted from the Note Register;

         (b)       (ENTRY MADE OTHERWISE THAN IN ACCORDANCE WITH THIS DEED): an
                   entry is made in the Note Register otherwise than in
                   accordance with this Agreement;

         (c)       (WRONG ENTRY EXISTS): an entry wrongly exists in the Note
                   Register;

         (d)       (ERROR OR DEFECT EXISTS IN REGISTER): there is an error or
                   defect in any entry in the Note Register; or

         (e)       (DEFAULT MADE): default is made or unnecessary delay takes
                   place in entering in the Note Register that any person has
                   ceased to be the holder of Class A Notes,

         then the Note Registrar may rectify the same.

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6.       NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS

6.1      FOLLOWING ENFORCEMENT OF THE CHARGE OR ISSUE OF DEFINITIVE NOTES

         At any time after either an Event of Default (unless waived by the
         Security Trustee pursuant to clause 9.5 of the Security Trust Deed) or
         the enforcement of the Charge (as defined in the Security Trust Deed)
         or at any time after Definitive Notes have not been issued when
         required in accordance with the Note Trust Deed, the Note Trustee may:

         (a)       (REQUIRE AGENTS): by notice in writing to the Issuer Trustee,
                   the Manager, and each Agent require any one or more of the
                   Agents either:

                   (i)       A.    to act as the Agent of the Note Trustee on
                                   the terms and conditions of this Agreement in
                                   relation to payments to be made by or on
                                   behalf of the Note Trustee under the terms of
                                   the Note Trust Deed, except that the Note
                                   Trustee's liability under any provision of
                                   this Agreement for the indemnification of the
                                   Principal Paying Agent, the Paying Agents and
                                   the Agent Bank will be limited to any amount
                                   for the time being held by the Note Trustee
                                   on the trust of the Note Trust Deed and which
                                   is available to be applied by the Note
                                   Trustee for that purpose; and

                              B.   to hold all Class A Notes, and all amounts,
                                   documents and records held by them in respect
                                   of the Class A Notes, on behalf of the Note
                                   Trustee; or

         (ii)      to deliver up all Class A Notes and all amounts, documents
                   and records held by them in respect of the Class A Notes, to
                   the Note Trustee or as the Note Trustee directs in that
                   notice, other than any documents or records which an Agent is
                   obliged not to release by any law; and

         (b)       (REQUIRE ISSUER TRUSTEE): by notice in writing to the Issuer
                   Trustee require it to make (or arrange to be made) all
                   subsequent payments in respect of the Class A Notes to the
                   order of the Note Trustee and not to the Principal Paying
                   Agent and, with effect from the issue of that notice to the
                   Issuer Trustee and until that notice is withdrawn, clause
                   6.1(b) of the Note Trust Deed will not apply.

                                                                             13.
<PAGE>

6.2      GOOD DISCHARGE TO ISSUER TRUSTEE

         The payment by or on behalf of the Issuer Trustee of its payment
         obligations on each Quarterly Payment Date under the Sub-Fund Notice
         and the Note Conditions to the Note Trustee in accordance with clause
         6.1 is a good discharge to the Issuer Trustee and the Issuer Trustee
         will not be liable for any act or omission or default of the Note
         Trustee during the period it is required to make payments to the Note
         Trustee under clause 6.1.

6.3      CHANGE OF AUTHORISED OFFICERS

         The Note Trustee will forthwith give notice to the Manager, the Issuer
         Trustee, the Security Trustee and each Agent of any change in the
         Authorised Officers of the Note Trustee.

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7.       REDEMPTION OF CLASS A NOTES

7.1      PART REDEMPTION OF CLASS A NOTES ON QUARTERLY PAYMENT DATES

         (a)       (MANAGER TO MAKE DETERMINATIONS ETC): At least five Business
                   Day prior to each Quarterly Payment Date, the Manager will
                   make the determinations referred to in condition 7.9(a) of
                   the Note Conditions in relation to that Quarterly Payment
                   Date and will give to the Issuer Trustee, the Note Trustee,
                   the Principal Paying Agent, the Agent Bank and the Note
                   Registrar, the notifications, and will cause to be made to
                   the Class A Noteholders the publication, required by
                   condition 7.9(b) of the Note Conditions. If the Manager does
                   not at any time for any reason make the determinations
                   referred to in condition 7.9(a) of the Note Conditions it
                   must forthwith advise the Note Trustee and the Agent Bank and
                   such determinations must be made by the Agent Bank, or
                   failing the Agent Bank, by the Note Trustee in accordance
                   with such condition 7.9(c) of the Note Conditions (but based
                   on the information in its possession) and each such
                   determination will be deemed to have been made by the
                   Manager.

         (b)       (NOTIFY DEPOSITORY): If any Book-Entry Notes are outstanding,
                   on receipt of a notification under condition 7.9(b) of the
                   Note Conditions, the Principal Paying Agent must notify the
                   Depository of any proposed redemption in accordance with the
                   Depository's applicable procedures, specifying the principal
                   amount of each Book-Entry Note to be redeemed and the date on
                   which the redemption is to occur and must provide a copy to
                   the Depository of the notification received under condition
                   7.9(b) of the Note Conditions.

7.2      EARLY REDEMPTION

         (a)       (NOTICE TO PAYING AGENT ETC): If the Issuer Trustee intends
                   to redeem all (but not some only) of the Class A Notes prior
                   to the Final Maturity Date pursuant to conditions 7.3 or 7.4
                   of the Note Conditions, the Manager will direct the Issuer
                   Trustee to give the requisite notice to the Note Trustee, the
                   Principal Paying Agent, each Paying Agent, the Note
                   Registrar, the Agent Bank and the Class A Noteholders in
                   accordance with conditions 7.3 or 7.4 (as the case may be) of
                   the Note Conditions and stating the date on which such Class
                   A Notes are to be redeemed.

         (b)       (NOTICE TO DEPOSITORY): The Principal Paying Agent will, on
                   receipt of a notice under clause 7.2(a), and if any
                   Book-Entry Notes are outstanding, notify the Depository of
                   the proposed redemption in accordance with the Depository's
                   applicable procedures, specifying the Principal Balance of
                   each Book-Entry Note to be redeemed, the amount of principal
                   to be repaid in relation to each Book-Entry Note and the date
                   on which the Book-Entry Notes are to be redeemed.

                                                                             14.
<PAGE>

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8.       GENERAL PAYING AGENT MATTERS

8.1      NOTICES TO CLASS A NOTEHOLDERS

         (a)       (NOTICES TO BE GIVEN BY NOTE REGISTRAR): At the request of
                   the Issuer Trustee, the Note Trustee, the Manager, the
                   Security Trustee or any other Agent, and at the expense of
                   the Issuer Trustee, the Note Registrar will arrange for the
                   delivery of all notices and the Quarterly Servicing Report to
                   Class A Noteholders in accordance with the Note Conditions.

         (b)       (COPY TO NOTE TRUSTEE): The Note Registrar will promptly send
                   to the Note Trustee one copy of the form of every notice
                   given to Class A Noteholders in accordance with the Note
                   Conditions (unless such notice is given at the request of the
                   Note Trustee).

         The Note Registrar will not be responsible for, or liable to any person
         in respect of, the contents of any notices or reports delivered by it
         at the request of the Issuer Trustee, the Note Trustee, the Manager,
         the Security Trustee or any other Agent pursuant to this clause 8.1.

8.2       COPIES OF DOCUMENTS FOR INSPECTION

         The Manager will provide to the Note Registrar sufficient copies of all
         documents required by the Note Conditions or the Note Trust Deed to be
         available to Class A Noteholders for issue or inspection.

8.3       NOTICE OF ANY WITHHOLDING OR DEDUCTION

         If the Issuer Trustee or any Paying Agent is, in respect of any payment
         in respect of the Class A Notes, compelled to withhold or deduct any
         amount for or on account of any taxes, duties or charges as
         contemplated by condition 8.4 of the Note Conditions, the Issuer
         Trustee must give notice to the Principal Paying Agent, the Note
         Trustee and the Class A Noteholders in accordance with condition 11.1
         of the Note Conditions immediately after becoming aware of the
         requirement to make the withholding or deduction and must give to the
         Principal Paying Agent and the Note Trustee such information as they
         require to enable each of them to comply with the requirement.

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9.       INDEMNITY BY ISSUER TRUSTEE

         Subject to clause 14, the Issuer Trustee undertakes to indemnify each
         Agent and its directors, officers, employees and controlling persons
         against all losses, liabilities, costs, claims, actions, damages,
         expenses or demands which any of them may incur or which may be made
         against any of them as a result of or in connection with the
         appointment of or the exercise of the powers and duties by the Agent
         under this Agreement except as may result from its fraud, negligence or
         default or that of its directors, officers, employees or controlling
         persons or any of them, or breach by it of the terms of this Agreement
         and notwithstanding the resignation or removal of that Agent pursuant
         to clause 10.

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10.      CHANGES IN AGENTS

10.1     APPOINTMENT AND REMOVAL

         The Issuer Trustee (on the direction of the Manager) may with the prior
         written approval of the Note Trustee (which approval must not be
         unreasonably withheld or delayed):

         (a)       (APPOINT NEW AGENTS): appoint:

                                                                             15.
<PAGE>

                   (i)       additional or alternative Paying Agents (other
                             than the Principal Paying Agent); or

                   (ii)      an alternative Agent Bank, Note Registrar or
                             Principal Paying Agent; and

         (b)       (TERMINATE APPOINTMENT OF AGENTS): subject to this clause 10,
                   terminate the appointment of any Agent by giving written
                   notice to that effect to the Agent whose appointment is to be
                   terminated copied to each Current Rating Authority, the Note
                   Trustee and (if it is not the Agent whose appointment is to
                   be terminated) the Principal Paying Agent:

                   (i)       with effect immediately on the giving of that
                             notice, if any of the following occurs in relation
                             to the Agent (as the case may be):

                             A.    an Insolvency Event;

                             B.    it ceases to conduct business or proposes to
                                   cease conduct of its business or a
                                   substantial part of that business; or

                             C.    it fails to remedy within five Business Days
                                   after prior written notice by the Issuer
                                   Trustee or Manager any material breach of
                                   this Agreement on the part of the Agent (as
                                   the case may be); and

         (ii)      otherwise, with effect on a date not less than 60 days' from
                   that notice (which date must be not less than 30 days before
                   any due date for payment on any Class A Notes).

10.2     RESIGNATION

         Subject to this clause 10, an Agent may resign its appointment under
         this Agreement at any time by giving to the Issuer Trustee, the
         Manager, each Current Rating Authority, (where the Agent resigning is
         the Principal Paying Agent) each Paying Agent and (where the Agent
         resigning is not the Principal Paying Agent) the Principal Paying Agent
         not less than 90 days' written notice to that effect (which notice must
         expire not less than 30 days before, any due date for payment on any
         Class A Notes).

10.3     LIMITATION OF APPOINTMENT AND TERMINATION

         Notwithstanding clauses 10.1 and 10.2:

         (a)       (PRINCIPAL PAYING AGENT AND NOTE REGISTRAR): the resignation
                   by, or the termination of, the appointment of the Principal
                   Paying Agent or the Note Registrar will not take effect until
                   a new Principal Paying Agent or Note Registrar, as the case
                   may be, has been acknowledged in writing by the Note Trustee
                   (in each case, the acknowledgement not to be unreasonably
                   delayed) and with, in the case of the Note Registrar,
                   Specified Offices in each of New York City and London;

         (b)       (APPOINTMENT BY RETIRING AGENT): if any Agent resigns in
                   accordance with clause 10.2 but, by the day falling 15 days
                   before the expiry of any notice under clause 10.2 the Issuer
                   Trustee has not appointed a new Agent, then the relevant
                   Agent may appoint in its place any reputable bank or trust
                   company of good standing approved in writing by the Note
                   Trustee and appointed on terms previously approved in writing
                   by the Note Trustee (in each case, the approval not to be
                   unreasonably withheld or delayed);
                                                                             16.
<PAGE>

         (c)       (SPECIFIED OFFICE OF PAYING AGENT IN NEW YORK CITY AND
                   LONDON): the resignation by, or the termination of the
                   appointment of, any Paying Agent will not take effect if, as
                   a result of the resignation or termination, there would not
                   be a Paying Agent which has a Specified Office in New York
                   City or there would not be a Paying Agent which has a
                   Specified Office in London;

         (d)       (SPECIFIED OFFICE OF AGENT BANK): the resignation by, or the
                   termination of the appointment of the Agent Bank will not
                   take effect until a new Agent Bank having its Specified
                   Office in London or New York City has been appointed; and

         (e)       (TERMS OF APPOINTMENT OF ADDITIONAL PAYING AGENTS): the
                   appointment of any additional Paying Agent will be on the
                   terms and the conditions of this Agreement and each of the
                   parties to this Agreement must co-operate fully to do all
                   further acts and things and execute any further documents as
                   may be necessary or desirable to give effect to the
                   appointment of the Paying Agent (which will not, except in
                   the case of an appointment under clause 10.1(a) or a
                   termination under clause 10.1(b)(ii), be at the cost of the
                   Issuer Trustee or Manager).

10.4     PAYMENT OF AMOUNTS HELD BY THE PRINCIPAL PAYING AGENT

         If the appointment of the Principal Paying Agent is terminated, the
         Principal Paying Agent must, on the date on which that termination
         takes effect, pay to the successor Principal Paying Agent any amount
         held by it for payment of principal or interest in respect of any Class
         A Note and must deliver to the successor Principal Paying Agent all
         records maintained by it and all documents (including any Class A
         Notes) held by it pursuant to this Agreement.

10.5     RECORDS HELD BY NOTE REGISTRAR

         If the appointment of the Note Registrar is terminated, the Note
         Registrar must, on the date on which that termination takes effect,
         deliver to the successor Note Registrar the Note Register and all
         records maintained by it and all documents (including any Class A
         Notes) held by it pursuant to this Agreement.

10.6     SUCCESSOR TO PRINCIPAL PAYING AGENT, AGENT BANK, NOTE REGISTRAR

         (a)       (APPOINTMENT AND RELEASE): On the execution by the Issuer
                   Trustee, the Manager and any successor Principal Paying
                   Agent, Agent Bank or Note Registrar of an instrument
                   effecting the appointment of that successor Principal Paying
                   Agent, Agent Bank or Note Registrar that successor Principal
                   Paying Agent, Agent Bank or Note Registrar, as the case may
                   be, will, without any further act, deed or conveyance, become
                   vested with all the authority, rights, powers, trusts,
                   immunities, duties and obligations of its predecessor as if
                   originally named as Principal Paying Agent, Agent Bank or
                   Note Registrar, as the case may be, in this Agreement and
                   that predecessor, on payment to it of the pro rata proportion
                   of its administration fee and disbursements then unpaid (if
                   any), will have no further liabilities under this Agreement,
                   except for any accrued liabilities arising from or relating
                   to any act or omission occurring prior to the date on which
                   the successor Principal Paying Agent, Agent Bank or Note
                   Registrar was appointed.

         (b)       (MERGER): Any corporation:

                   (i)       into which the Principal Paying Agent, Agent Bank
                             or Note Registrar is merged;

                   (ii)      with which the Principal Paying Agent, Agent Bank
                             or Note Registrar is consolidated;

                                                                             17.
<PAGE>

                   (iii)     resulting from any merger or consolidation to which
                             the Principal Paying Agent, Agent Bank or Note
                             Registrar is a party; or

                   (iv)      to which the Principal Paying Agent, Agent Bank or
                             Note Registrar sells or otherwise transfers all or
                             substantially all the assets of its corporate trust
                             business,

                   must, on the date when that merger, conversion,
                   consolidation, sale or transfer becomes effective and to the
                   extent permitted by applicable law, become the successor
                   Principal Paying Agent, Agent Bank or Note Registrar, as the
                   case may be, under this Agreement without the execution or
                   filing of any agreement or document or any further act on the
                   part of the parties to this Agreement, unless otherwise
                   required by the Issuer Trustee or the Manager, and after that
                   effective date all references in this Agreement to the
                   Principal Paying Agent, Agent Bank or Note Registrar, as the
                   case may be, will be references to that corporation. The
                   Principal Paying Agent, Agent Bank or Note Registrar, as the
                   case may be, must pay for any costs or expenses associated
                   with such merger, conversion, consolidation, sale or
                   transfer.

10.7     NOTICE TO CLASS A NOTEHOLDERS

         The Manager on behalf of the Issuer Trustee will, within 5 days of:

         (a)       (TERMINATION): the termination of the appointment of any
                   Agent;

         (b)       (RESIGNATION): the resignation of any Agent; or

         (c)       (APPOINTMENT): the appointment of a new Agent,

         give to the Class A Noteholders notice of the termination, appointment
         or resignation in accordance with condition 11.1 of the Note Conditions
         (in the case of a termination under clause 10.1(b)(i) or 10.2 at the
         cost of the outgoing Agent). Notwithstanding clauses 10.1 and 10.2,
         neither the termination of the appointment of an Agent, nor the
         resignation of an Agent, will take effect until notice thereof is given
         to the Class A Noteholders in accordance with this clause 10.7.

10.8     CHANGE IN SPECIFIED OFFICE

         (a)       (AGENTS CHANGE): If any Agent proposes to change its
                   Specified Office (which must be within the same city as its
                   previous Specified Office), it must give to the Issuer
                   Trustee the Manager, the Note Trustee and the other Agents
                   not less than 30 days' prior written notice of that change,
                   giving the address of the new Specified Office and stating
                   the date on which the change is to take effect. No change of
                   a Specified Office may occur in the period 30 days before any
                   due date for payment on any Class A Notes.

         (b)       (NOTICE TO CLASS A NOTEHOLDERS): The Manager must, within 14
                   days of receipt of a notice under clause 10.8(a) (unless the
                   appointment is to terminate pursuant to clause 10.1 or 10.2
                   on or prior to the date of that change) give to the Class A
                   Noteholders notice in accordance with condition 11.1 of the
                   Note Conditions of that change and of the address of the new
                   Specified Office, but the cost of giving that notice must be
                   borne by the Agent which is changing its Specified Office and
                   not by the Issuer Trustee or the Manager.

                                                                             18.
<PAGE>

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11.         MISCELLANEOUS DUTIES AND PROTECTION

11.1     AGENTS ARE AGENTS OF THE ISSUER TRUSTEE

         (a)       (AGENT OF THE PUMA TRUST): Subject to clause 6.1, each Agent
                   is the agent of the Issuer Trustee in its capacity as trustee
                   of the PUMA Trust only.

         (b)       (ISSUER TRUSTEE NOT RESPONSIBLE FOR AGENTS): Notwithstanding
                   any other provision contained in this Agreement, any other
                   Transaction Document or at law, the Issuer Trustee in its
                   personal capacity is not responsible for any act or omission
                   of any Agent.

11.2     AGENCY

         Subject to any other provision of this Agreement, each Agent acts
         solely for and as agent of the Issuer Trustee and does not have any
         obligations towards or relationship of agency or trust with any person
         entitled to receive payments of principal and/or interest on the Class
         A Notes and is responsible only for the performance of the duties and
         obligations imposed on it pursuant to clause 11.6.

11.3     RELIANCE

         Each Agent is protected and will incur no liability for or in respect
         of any action taken, omitted or suffered by it in reliance upon any
         instruction, request or order from the Issuer Trustee or the Manager or
         in reliance upon any Class A Note or upon any notice, resolution,
         direction, consent, certificate, affidavit, statement or other paper or
         document reasonably believed by it to be genuine and to have been
         delivered, signed or sent by the proper party or parties.

11.4     ENTITLED TO DEAL

         An Agent is not precluded from acquiring, holding or dealing in any
         Class A Notes or from engaging or being interested in any contract or
         other financial or other transaction with the Issuer Trustee or the
         Manager as freely as if it were not an agent of the Issuer Trustee
         under this Agreement and in no event whatsoever (other than fraud,
         wilful misconduct, negligence or bad faith) will any Agent be liable to
         account to the Issuer Trustee or any person entitled to receive amounts
         of principal or interest on the Class A Notes for any profit made or
         fees or commissions received in connection with this agreement or any
         Class A Notes.

11.5     CONSULTATION

         Each Agent may, after 5 days prior notice to the Issuer Trustee and the
         Manager, consult as to legal matters with lawyers selected by it, who
         may be employees of or lawyers to the Issuer Trustee, the Manager or
         the relevant Agent. An Agent is not required to provide 5 days prior
         notice of the consultation specified above if, in the reasonable
         opinion of that Agent, to do so would be contrary to the performance by
         it of its obligations under this Agreement, provided that, such Agent
         must provide written notice to the Issuer Trustee and the Manager as
         soon as practicable after that consultation.

                                                                             19.
<PAGE>

11.6     DUTIES AND OBLIGATIONS

         Each Agent will perform the duties and obligations, and only the duties
         and obligations, contained in or reasonably incidental to this
         Agreement and the Note Conditions and no implied duties or obligations
         (other than general laws as to agency) will be read into this Agreement
         or the Note Conditions against any Agent. An Agent is not required to
         take any action under this Agreement which would require it to incur
         any expense or liability for which (in its reasonable opinion) either
         it would not be reimbursed within a reasonable time or in respect of
         which it has not been indemnified to its satisfaction.

11.7     INCOME TAX RETURNS

         The Principal Paying Agent will deliver to each Class A Noteholder such
         information as may be reasonably required to enable such Class A
         Noteholder to prepare its federal and state income tax returns.

11.8     REPRESENTATION BY EACH AGENT

         Each Agent represents and warrants that it is duly qualified to assume
         its obligations under this Agreement and has obtained all necessary
         approvals required to execute, deliver and perform its obligations
         under this Agreement.

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12.      FEES AND EXPENSES

12.1     PAYMENT OF FEE

         The Issuer Trustee will pay to each Agent during the period that any of
         the Class A Notes remain outstanding the administration fee separately
         agreed by that Agent and the Issuer Trustee. If the appointment of an
         Agent is terminated under this Agreement, the Agent must refund to the
         Issuer Trustee that proportion of the fee (if any) which relates to the
         period during which the Agent's appointment is terminated.

12.2     PAYMENT OF EXPENSES

         The Issuer Trustee must pay or reimburse to each Agent all reasonable
         costs, expenses, charges, stamp duties and other Taxes and liabilities
         properly incurred by that Agent in the performance of the obligations
         of that Agent under this Agreement including, without limitation, all
         costs and expenses (including legal costs and expenses) incurred by
         that Agent in the enforcement of any obligations under this Agreement.
         Nothing in this clause 12.2 entitles or permits an Agent to be
         reimbursed or indemnified for general overhead costs and expenses
         (including, without limitation, rents and any amounts payable by that
         Agent to its employees in connection with their employment) incurred
         directly or indirectly in connection with the business activities of
         that Agent or in the exercise of its rights, powers and discretions or
         the performance of its duties and obligations under this Agreement.

12.3     NO OTHER FEES

         Except as provided in clauses 12.1 and 12.2, or as expressly provided
         elsewhere in this Agreement, neither the Issuer Trustee nor the Manager
         has any liability in respect of any fees or expenses of any Agent in
         connection with this Agreement.

12.4     PAYMENT OF FEES

         The above fees, payments and expenses will be paid in United States
         dollars. The Issuer Trustee will in addition pay any value added tax
         which may be applicable. The Principal Paying Agent will arrange for
         payment of commissions to the other Paying Agents and arrange

                                                                             20.
<PAGE>

         for the reimbursement of their expenses promptly upon demand, supported
         by evidence of that expenditure, and provided that payment is made as
         required by clause 12.1 the Issuer Trustee will not be concerned with
         or liable in respect of that payment.

12.5     NO COMMISSION

         Subject to this clause 12, no Paying Agent may charge any commission or
         fee in relation to any payment by it under this Agreement.

12.6     ISSUER TRUSTEE PERSONALLY LIABLE FOR FEES

         Notwithstanding any other provision of this Agreement, the Issuer
         Trustee must pay to each Agent the fees referred to in clause 12.1, and
         any value added tax on such fees, from its own personal funds and will
         not be entitled to be indemnified from the assets of the PUMA Trust
         with respect to such fees or value added taxes provided that if The
         Bank of New York, New York or The Bank of New York, London Branch
         resigns or is removed as an Agent the Issuer Trustee will only be
         liable to pay the fees referred to in clause 12.1, and any value added
         tax on such fees, from its own personal funds to the extent that such
         fees and value added tax do not exceed the amount that would have been
         payable to The Bank of New York, New York or the Bank of New York,
         London Branch, as the case may be, if it had remained as that Agent.
         The balance of such fees and value added tax, if any, will form part of
         the Fees and Expenses for which the Issuer Trustee is entitled to be
         indemnified from the assets of the PUMA Trust in accordance with the
         Sub-Fund Notice.

12.7     TIMING OF PAYMENTS

         Except as referred to in clause 12.6, all payments by the Issuer
         Trustee to an Agent under this clause 12 are payable on the first
         Quarterly Payment Date following demand by that Agent from funds
         available for this purpose in accordance with the Sub-Fund Notice.

12.8     INCREASE IN FEES

         The Issuer Trustee must notify in writing the Current Rating
         Authorities of any proposed increase in fees payable under this clause
         12 (including upon the appointment of a new Agent but not including any
         increase in fees payable by the Issuer Trustee from its own personal
         funds in accordance with clause 12.6) at least 5 Business Days before
         such increase takes effect and must not agree to any such increase if
         this would result in a reduction, qualification or withdrawal of any
         credit rating then assigned by the Current Rating Authorities to the
         Notes. This clause 12.8 is not to be construed to require an Agent to
         undertake any additional duties or obligations not provided for in this
         Agreement unless otherwise agreed by that Agent in its discretion.

--------------------------------------------------------------------------------
13.      NOTICES

13.1     METHOD OF DELIVERY

         Subject to clauses 13.3 and 13.4, any notice, request, certificate,
         approval, demand, consent or other communication to be given under this
         Agreement (other than notices to the Class A Noteholders):

         (a)       (EXECUTION): except in the case of communications by email,
                   must be signed by an Authorised Officer of the party giving
                   the same;

         (b)       (IN WRITING): must be in writing; and

         (c)       (DELIVERY): must be:
                                                                             21.
<PAGE>

                   (i)       left at the address of the addressee;

                   (ii)      sent by prepaid ordinary post to the address of the
                             addressee;

                   (iii)     sent by facsimile to the facsimile number of the
                             addressee; or

                   (iv)      sent by email by an Authorised Signatory of the
                             party giving the same to the addressee's specified
                             email address,

                   as notified by that addressee from time to time to the other
                   parties to this Agreement as its address for service pursuant
                   to this Agreement.

13.2     DEEMED RECEIPT

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

         (a)       (DELIVERY): where delivered in person, upon receipt;

         (b)       (POST): where sent by post, on the 3rd (7th if outside
                   Australia) day after posting;

         (c)       (FAX): where sent by facsimile, on production by the
                   dispatching facsimile machine of a transmission report which
                   indicates that the facsimile was sent in its entirety to the
                   facsimile number of the recipient; and

         (d)       (EMAIL): subject to clause 13.4, where sent by email, on the
                   date that the email is received.

         However, if the time of deemed receipt of any notice is not before 5.00
         pm local time on a Business Day at the address of the recipient it is
         deemed to have been received at the commencement of business on the
         next Business Day.

13.3     COMMUNICATIONS THROUGH PRINCIPAL PAYING AGENT

         All communications relating to this Agreement between the Issuer
         Trustee and the Agent Bank and any of the other Paying Agents or
         between the Paying Agents themselves will, except as otherwise provided
         in this Agreement, be made through the Principal Paying Agent.

13.4     EMAIL

         Notwithstanding any other provision of this clause 13, a notice,
         request, certificate, approval, demand, consent or other communication
         to be given under this Agreement may only be given by email where the
         recipient has expressly agreed with the sender that the communication,
         or communications of that type, may be given by email and subject to
         such conditions as may be required by the recipient.

--------------------------------------------------------------------------------
14.      ISSUER TRUSTEE'S LIMITATION OF LIABILITY

14.1     LIMITATION ON ISSUER TRUSTEE'S LIABILITY

         The Issuer Trustee enters into this Agreement only in its capacity as
         trustee of the PUMA Trust and in no other capacity. A liability
         incurred by the Issuer Trustee acting in its capacity as trustee of the
         PUMA Trust arising under or in connection with this Agreement is
         limited to and can be enforced against the Issuer Trustee only to the
         extent to which it can be satisfied out of the assets of the PUMA Trust
         out of which the Issuer Trustee is actually indemnified for the
         liability. This limitation of the Issuer Trustee's liability applies
         despite any other provision of this Agreement (other than clauses 12.6
         and 14.3) and extends to all liabilities and

                                                                             22.
<PAGE>

         obligations of the Issuer Trustee in any way connected with any
         representation, warranty, conduct, omission, agreement or transaction
         related to this Agreement.

14.2     CLAIMS AGAINST ISSUER TRUSTEE

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

14.3     BREACH OF TRUST

         The provisions of this clause 14 will not apply to any obligation or
         liability of the Issuer Trustee to the extent that it is not satisfied
         because under the Trust Deed, the Sub-Fund Notice or any other
         Transaction Document or by operation of law there is a reduction in the
         extent of the Issuer Trustee's indemnification out of the assets of the
         PUMA Trust as a result of the Issuer Trustee's fraud, negligence or
         wilful default and will not apply to any obligation or liability of the
         Issuer Trustee to pay amounts from its personal funds pursuant to
         clause 12.6.

14.4     ACTS OR OMISSIONS

         It is acknowledged that the Relevant Parties are responsible under the
         Transaction Documents for performing a variety of obligations relating
         to the PUMA Trust. No act or omission of the Issuer Trustee (including
         any related failure to satisfy its obligations or any breach or
         representation or warranty under this Agreement) will be considered
         fraudulent, negligent or a wilful default for the purposes of clause
         14.3 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
         appointed by the Issuer Trustee under any Transaction Document (other
         than a person whose acts or omissions the Issuer Trustee is liable for
         in accordance with any Transaction Document) to fulfil its obligations
         relating to the PUMA Trust or by any other act or omission of a
         Relevant Party or any other such person.

14.5     NO AUTHORITY

         No Agent appointed in accordance with this Agreement has authority to
         act on behalf of the Issuer Trustee in a way which exposes the Issuer
         Trustee to any personal liability and no act or omission of any such
         person will be considered fraudulent, negligent or wilful default of
         the Issuer Trustee for the purposes of clause 14.3.

14.6     NO OBLIGATION

         The Issuer Trustee is not obliged to enter into any commitment or
         obligation under or in relation to this Agreement or any Transaction
         Document (including incur any further liability) unless the Issuer
         Trustee's liability is limited in a manner which is consistent with
         this clause 14 or otherwise in a manner satisfactory to the Issuer
         Trustee in its absolute discretion.

--------------------------------------------------------------------------------
15.      GENERAL

15.1     WAIVER

         A failure to exercise or enforce or a delay in exercising or enforcing
         or the partial exercise or enforcement of any right, remedy, power or
         privilege under this Agreement by a party will not in any way preclude
         or operate as a waiver of any further exercise or enforcement of such

                                                                             23.
<PAGE>

         right, remedy, power or privilege of the exercise or enforcement of any
         other right, remedy, power or privilege under this Agreement or
         provided by law.

15.2     WRITTEN WAIVER, CONSENT AND APPROVAL

         Any waiver, consent or approval given by a party under this Agreement
         will only be effective and will only bind that party if it is given in
         writing, or given verbally and subsequently confirmed in writing, and
         executed by that party or on its behalf by two Authorised Officers of
         that party.

15.3     SEVERABILITY

         Any provision of this Agreement which is illegal, void or unenforceable
         in any jurisdiction is ineffective in such jurisdiction to the extent
         only of such illegality, voidness or unenforceability without
         invalidating the remaining provisions of this Agreement.

15.4     SURVIVAL OF INDEMNITIES

         The indemnities contained in this Agreement are continuing, and survive
         the termination of this Agreement.

15.5     ASSIGNMENTS

         No party may assign or transfer any of its rights or obligations under
         this Agreement without the prior written consent of the other parties
         and confirmation from the Current Rating Authorities that such
         assignment will not lead to a reduction, qualification or reduction of
         its then rating of the Class A Notes.

15.6     SUCCESSORS AND ASSIGNS

         This Agreement is binding upon and ensures to the benefit of the
         parties to this Agreement and their respective successors and permitted
         assigns.

15.7     MORATORIUM LEGISLATION

         To the fullest extent permitted by law, the provisions of all statutes
         whether existing now or in the future operating directly or indirectly:

         (a)       (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or
                   affect in favour of any party any obligation under this
                   Agreement; or

         (b)       (TO AFFECT RIGHTS): to delay or otherwise prevent or
                   prejudicially affect the exercise of any rights or remedies
                   conferred on a party under this Agreement,

         are hereby expressly waived, negatived and excluded.

15.8     AMENDMENTS

         No amendments to this Agreement will be effective unless in writing and
         executed by each of the parties to this Agreement. The Manager must
         give each Current Rating Authority 5 Business Days' prior notice of any
         amendment to this Agreement.

15.9     GOVERNING LAW

         This Agreement is governed by and must be construed in accordance with
         the laws of the State of New South Wales.

                                                                             24.
<PAGE>

15.10    JURISDICTION

         Each party irrevocably and unconditionally:

         (a)       (SUBMISSIONS TO JURISDICTION): submits to the non-exclusive
                   jurisdiction of the courts of the State of New South Wales;

         (b)       (WAIVER OF INCONVENIENT FORUM): waives any objection it may
                   now or in the future have to the bringing of proceedings in
                   those courts and any claim that any proceedings have been
                   brought in an inconvenient forum; and

         (c)       (SERVICE OF NOTICE): agrees, without preventing any other
                   mode of service permitted by law, that any document required
                   to be served in any proceedings may be served in the manner
                   in which notices and other written communications may be
                   given under clause 13.

15.11    COUNTERPARTS

         This Agreement may be executed in a number of counterparts and all such
         counterparts taken together will constitute one and the same
         instrument.

15.12    LIMITATION OF NOTE TRUSTEE'S LIABILITY

         The Note Trustee is a party to this Agreement in its capacity as
         trustee of the Note Trust. The liability of the Note Trustee under this
         Agreement is limited in the manner and to the same extent as under the
         Note Trust Deed.

                                                                             25.
<PAGE>

EXECUTED as an agreement.

SIGNED for and on behalf of PERPETUAL
TRUSTEES AUSTRALIA LIMITED,
ABN 86 000 431 827, by                     /s/ Mark William Dickenson
Mark William Dickenson its Attorney under  -------------------------------------
a Power of Attorney dated 12/8/2003        Signature of Attorney
and who declares that he or she
has not received any notice of the
revocation of such Power of Attorney,
in the presence of:

/s/ Alexandra Brock                            Mark William Dickenson
-------------------------------------      -------------------------------------
Signature of Witness                       Name of Attorney in full

    Alexandra Brock
-------------------------------------
Name of Witness in full

SIGNED for and on behalf of MACQUARIE
SECURITISATION LIMITED,
ABN 16 003 297 336, by                     /s/ Matthew O'Hare
Matthew O'Hare and Bevan Richardson        -------------------------------------
its Attorneys under a Power of Attorney    Signature of Attorney
dated and each Attorney declares that
he or she has not received any notice
of the revocation of such Power of
Attorney, in the presence of:

/s/ Toula Preketes                         /s/ Bevan Richardson
-------------------------------------      -------------------------------------
Signature of Witness                       Name of Attorney in full

Toula Preketes
-------------------------------------
Name of Witness in full

                                                                             26.
<PAGE>

SIGNED for and on behalf of THE BANK
OF NEW YORK, NEW YORK acting by its
Authorised Officer in the presence of:

                                           /s/ Laura Shields
                                           -------------------------------------

/s/ Janie Kim Choi
-------------------------------------
Signature of Witness

Janie Kim Choi
-------------------------------------
Name of Witness in full

SIGNED for and on behalf of THE BANK
OF NEW YORK, LONDON BRANCH acting by its
Authorised Officer in the presence of:

/s/ Janie Kim Choi                          /s/ Laura Shields
-------------------------------------      -------------------------------------
Signature of Witness

Janie Kim Choi
-------------------------------------
Name of Witness in full

                                                                             27.

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