Document:

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THE BANK OF NEW YORK, NEW YORK BRANCH
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. 1

                                   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 - 174/3323/1537356 CONTACT - TESSA HOSER

              SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

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

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TABLE OF CONTENTS

<TABLE>
<CAPTION>

<S>   <C>                                                                                               <C>
1.    DEFINITIONS AND INTERPRETATION........................................................................2
      1.1         Definitions...............................................................................2
      1.2         Sub-Fund Notice and Trust Deed definitions................................................6
      1.3         Interpretation............................................................................6
      1.4         Issuer Trustee's capacity.................................................................9
      1.5         Benefit of Covenants under this Deed......................................................9
      1.6         Obligations several.......................................................................9
      1.7         Incorporated definitions and other provisions.............................................9
      1.8         Interpretation of provisions incorporated from TIA........................................9
      1.9         Transaction Document and Issuing Document................................................10

2.    THE NOTE TRUST.......................................................................................10
      2.1         Appointment of Note Trustee..............................................................10
      2.2         Declaration of Note Trust................................................................10
      2.3         Duration of Note Trust...................................................................10
      2.4         Benefit of Note Trust....................................................................10
      2.5         Interested persons bound.................................................................11

3.    AMOUNT, FORM AND ISSUE OF US$ NOTES..................................................................11
      3.1         Aggregate amount and denomination........................................................11
      3.2         Description and Form of US$ Notes........................................................11
      3.3         Initial Issue as Book-Entry Notes........................................................11
      3.4         Issue of Definitive Notes................................................................12
      3.5         Indemnity for non-issue of  Definitive Notes.............................................13

4.    NOTE REGISTER........................................................................................13
      4.1         Maintenance of Note Registrar............................................................13
      4.2         Provision of  Noteholder Information.....................................................13
      4.3         Note Register conclusive.................................................................14

5.    REPRESENTATIONS AND WARRANTIES.......................................................................14
      5.1         By the Issuer Trustee....................................................................14
      5.2         By the Manager...........................................................................15
      5.3         By the Note Trustee......................................................................16

6.    COVENANTS BY ISSUER TRUSTEE AND MANAGER..............................................................16
      6.1         Covenant to Pay..........................................................................16
      6.2         Covenant of Compliance...................................................................17
      6.3         Other covenants..........................................................................17
      6.4         Covenants between Issuer Trustee and Manager.............................................19

7.    ENFORCEMENT..........................................................................................19
      7.1         Notice Following an Event of Default or Potential Event of Default.......................19
      7.2         Restrictions on enforcement..............................................................20
      7.3         Note Trustee may enforce.................................................................20
      7.4         Note Trustee alone may enforce...........................................................21

8.    NOTE TRUSTEE'S POWERS, PROTECTIONS ETC...............................................................21
      8.1         Note Trustee's additional powers, protections, etc.......................................21
      8.2         Waivers..................................................................................27
      8.3         Note Trustee's liability.................................................................27
      8.4         Dealings with PUMA Trust.................................................................27

                                                                                                            i
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      8.5         Delegation of duties of Note Trustee.....................................................28
      8.6         Related Body Corporate of the Note Trustee...............................................28

9.    DUTIES OF THE NOTE TRUSTEE...........................................................................28
      9.1         Note Trustee's general duties............................................................28
      9.2         Duties of the Note Trustee prior to Event of Default.....................................28
      9.3         Duties of the Note Trustee following an Event of Default.................................29
      9.4         Certain limitations of liability where acting in good faith..............................29
      9.5         Note Trustee not relieved of liability for negligence etc................................29
      9.6         Preferred collection of claims against Issuer Trustee....................................29
      9.7         Compliance with Section 310 of TIA.......................................................29
      9.8         Voting at meetings under Trust Deed or Security Trust Deed...............................30
      9.9         Transaction Documents....................................................................30

10.   APPLICATION OF MONEYS................................................................................30
      10.1        Moneys received..........................................................................30
      10.2        Investment of moneys held................................................................30

11.   CONTINUING SECURITY AND RELEASES.....................................................................31
      11.1        Issuer Trustee's liability not affected..................................................31
      11.2        Waiver by Issuer Trustee.................................................................31

12.   REMUNERATION AND EXPENSES OF NOTE TRUSTEE............................................................31
      12.1        Payment of fee...........................................................................31
      12.2        Payment of expenses......................................................................32
      12.3        Additional duties........................................................................32
      12.4        Dispute as to additional duties..........................................................32
      12.5        Currency and VAT.........................................................................32
      12.6        No other fees or expenses................................................................33
      12.7        Issuer Trustee personally liable for fees................................................33
      12.8        Timing of payments.......................................................................33
      12.9        Non-discharge............................................................................33

13.   ADDITIONAL NOTE TRUSTEES.............................................................................33
      13.1        Appointment and removal..................................................................33
      13.2        Joint exercise of powers.................................................................34
      13.3        Notice...................................................................................34

14.   RETIREMENT OR REMOVAL OF NOTE TRUSTEE................................................................34
      14.1        Retirement of Note Trustee...............................................................34
      14.2        Removal by Manager.......................................................................35
      14.3        Note Trustee may retire..................................................................35
      14.4        Appointment of Substitute Note Trustee by US$ Noteholders................................35
      14.5        Release of Note Trustee..................................................................35
      14.6        Vesting of Note Trust Fund in Substitute Note Trustee....................................36
      14.7        Substitute Note Trustee to Execute Deed..................................................36
      14.8        Current Rating Authorities Advised.......................................................36
      14.9        Retention of Lien........................................................................36
      14.10       Issuer Trustee and Manager Cannot be Appointed...........................................36
      14.11       No Limitation of TIA.....................................................................36

15.   AMENDMENT............................................................................................37
      15.1        Amendment by Note Trustee................................................................37
      15.2        Amendments Requiring Consent of US$ Noteholders..........................................37
      15.3        Compliance with TIA......................................................................38
      15.4        No Current Rating Authority downgrade....................................................38

                                                                                                           ii

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      15.5        Distribution of amendments...............................................................38
      15.6        Amendments binding on US$ Noteholders....................................................38

16.   REPORTS..............................................................................................38
      16.1        Reports by Note Trustee..................................................................38
      16.2        Reports by Issuer Trustee................................................................38
      16.3        Restricted securities....................................................................39

17.   CURRENCY INDEMNITY...................................................................................39
      17.1        Improper currency receipts...............................................................39
      17.2        Currency indemnity.......................................................................39
      17.3        Failure to pay proper currency...........................................................40

18.   EXPENSES AND STAMP DUTIES............................................................................40
      18.1        Expenses.................................................................................40
      18.2        Stamp duties and other taxes.............................................................40

19.   TRUST INDENTURE ACT..................................................................................41
      19.1        Certificates and opinions................................................................41
      19.2        Undertaking for costs....................................................................42
      19.3        Exclusion of section 316(a)(1)...........................................................42
      19.4        Unconditional rights of US$ Noteholders to receive principal and interest................42
      19.5        Conflict with Trust Indenture Act........................................................43

20.   GOVERNING LAW AND JURISDICTION.......................................................................43
      20.1        Governing law............................................................................43
      20.2        Jurisdiction.............................................................................43

21.   NOTICES..............................................................................................43
      21.1        Method of delivery.......................................................................43
      21.2        Deemed receipt...........................................................................44
      21.3        Notices to US$ Noteholders...............................................................44
      21.4        Notices from US$ Noteholders.............................................................44
      21.5        Issuer Trustee and Manager...............................................................45

22.   ISSUER TRUSTEE'S LIMITED LIABILITY...................................................................45
      22.1        Limitation on Issuer Trustee's Liability.................................................45
      22.2        Claims against Issuer Trustee............................................................45
      22.3        Breach of trust..........................................................................46
      22.4        Acts or omissions........................................................................46
      22.5        No authority.............................................................................46
      22.6        No obligation............................................................................46

23.   MISCELLANEOUS........................................................................................46
      23.1        Assignment by Issuer Trustee.............................................................46
      23.2        Assignment by Manager....................................................................46
      23.3        Assignment by Note Trustee...............................................................46
      23.4        Certificate of Note Trustee..............................................................47
      23.5        Continuing obligation....................................................................47
      23.6        Settlement conditional...................................................................47
      23.7        Interest on judgment.....................................................................47
      23.8        Severability of provisions...............................................................47
      23.9        Remedies cumulative......................................................................47
      23.10       Waiver...................................................................................47
      23.11       Written waiver, consent and approval.....................................................47

                                                                                                          iii
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      23.12       Moratorium legislation...................................................................48
      23.13       Binding on each signatory................................................................48
      23.14       Counterparts.............................................................................48

SCHEDULE 1 FORM OF CLASS A/B NOTE..........................................................................50

SCHEDULE 2 FORM OF  NOTE CONDITIONS........................................................................56

                                                                                                           iv

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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
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NOTE TRUST DEED MADE AT              ON            2001

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

                  MACQUARIE SECURITISATION LIMITED, ABN 16 003 297 336, a
                  company incorporated 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 the State of New South Wales and
                  having an office at Level 7, 39 Hunter 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 and the Class B 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 US$
     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, as the context requires, a Class A Book-Entry
     Note, a Class B Book-Entry Note or each of the foregoing.

                                                                               2
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     "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 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
     Depositary or its nominee.

     "CLASS A 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.

     "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 Class A Book-Entry Note or a Class A
     Definitive Note) and described on its face as a Class A Note.

     "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.

     "CLASS B BOOK-ENTRY NOTE" means a Class B 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.

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

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

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

                                                                               3
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     "DEFINITIVE NOTE" means, as the context requires, a Class A Definitive
     Note, a Class B Definitive Note or each of the foregoing.

     "DEPOSITORY" means each organisation registered as a clearing agency
     pursuant to section 17A of the United States Securities Exchange Act of
     1934 that agrees with the Manager and the Issuer Trustee to hold US$ Notes
     (directly or through a nominee) and initially means The Depository Trust
     Company.

     "DTC LETTER OF REPRESENTATIONS" means the DTC Letter of Representations
     dated [  ] 2001 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.

     "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 US$ Noteholders, the US$ 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 US$ Noteholders or a class of US$ Noteholders
     means US$ Noteholders holding US$ Notes or US$ Notes of the corresponding
     class (as the case may be) with a Principal Balance of greater than 50% of
     the aggregate Principal Balance of all the US$ Notes or all the US$ Notes
     of that class (as the case may be).

     "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 US$ Notes in the
     form set out in Schedule 2, as completed and attached to each US$ 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 US$ Noteholders under this Deed.

                                                                               4
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     "NOTE TRUSTEE" means The Bank of New York, New York Branch or if The Bank
     of New York, New York Branch 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 all US$ Notes, or a class of US$
     Notes, means any alteration, addition or revocation of any provision of
     this Deed, those US$ 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 those US$ Notes including, without
          limitation, any modification to the Principal Balance, Interest Rate
          or Final Maturity Date of those US$ 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 corresponding US$ 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" 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 corresponding US$ 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 those US$ 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. 1
     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.

     "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 US$ Noteholders or a class of US$
     Noteholders means US$ Noteholders holding US$ Notes, or US$ Notes of the
     corresponding class (as the case may be) with an aggregate Principal
     Balance of no less than 75% of the aggregate Principal Balance of all the
     US$ Notes or all the US$ Notes of that class (as the case may be).

     "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 [  ] 2001 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.

                                                                               5
<PAGE>

     "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 US$ 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.

     "US$ 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).

     "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 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;

                                                                               6
<PAGE>

     (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;

     (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 in 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

                                                                               7
<PAGE>

                       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 US$ 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;

     (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;

     (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);

     (x)  a reference to a "CLASS" of the US$ Notes or US$ Noteholders is to the
          Class A Notes, the Class B Notes or, as the case may be the respective
          Class A Noteholder or Class B Noteholder thereof.

                                                                               8
<PAGE>

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 US$ 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 all US$ Notes or a class of US$ 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 US$ Noteholders
               or a class of US$ Noteholders, consented to by the Note Trustee;
               or

          (ii) otherwise, approved by a Special Majority of the US$ Noteholders
               or of that class of US$ Noteholders, as applicable; or

     (b)  (PAYMENT MODIFICATION): if the amendment does effect a Payment
          Modification in relation to all US$ Notes or a class of US$ Notes, is
          consented to by each corresponding US$ 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 US$ Notes.

                                                                               9
<PAGE>

     "INDENTURE SECURITY HOLDER" means a US$ 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 US$ Noteholders from time to time.

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 US$ 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 US$ 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 US$ Noteholder is entitled to the benefit of the Note Trust on the
     terms and conditions contained in this Deed.

                                                                              10
<PAGE>
2.5  INTERESTED PERSONS BOUND

     The provisions of this Deed, the US$ 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 US$ NOTES

3.1  AGGREGATE AMOUNT AND DENOMINATION

     (a)  (PRINCIPAL AMOUNT): The Class A Notes will be issued in an aggregate
          principal amount of $US[ ] and the Class B Notes will be issued in an
          aggregate principal amount of US$[ ].

     (b)  (DENOMINATIONS): The Definitive Notes will be issued in minimum
          denominations of US$100,000 or integral multiples thereof.

3.2  DESCRIPTION AND FORM OF US$ NOTES

     (a)  (FORM OF US$ Notes): The US$ 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 (with appropriate modifications for each class of
          the US$ Notes).

     (b)  (SIGNING OF US$ NOTES): Each US$ 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 US$ NOTES): Each US$ Note must be authenticated by
          an Authorised Officer or other duly appointed representative of the
          Note Trustee on behalf of the Note Trustee. No US$ Note will be valid
          for any purpose unless and until so authenticated.

     (d)  (DATING OF US$ NOTES): The US$ Notes must be dated the date of their
          authentication.

3.3  INITIAL ISSUE AS BOOK-ENTRY NOTES

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

     (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

                                                                              11
<PAGE>

          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 Depositary'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 US$ 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 US$
                  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 US$ Note Owners;

          (iii)   the rights of US$ 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 US$
                  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 US$ 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 US$ Notes and the
                  Manager is unable to locate a qualified successor to act as
                  Depository;

          (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 US$
                  Note Owners representing beneficial interests aggregating to
                  at least a Majority of the aggregate Principal Balance of the
                  US$ 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 US$
                  Note Owners,

                                                                              12
<PAGE>
          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 US$
          Note Owners of the occurrence of any such event and of the
          availability of Definitive Notes to such US$ 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 US$ Note Owner will be entitled to receive
          a Definitive Note representing such US$ Note Owner's interest in a US$
          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 US$ Noteholders and US$ 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 US$ Noteholders or US$ 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 US$
     Noteholders and the US$ 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 US$ Notes are transferred, exchanged, replaced, redeemed and
     cancelled, all in accordance with the provisions of the US$ 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 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

                                                                              13
<PAGE>

          possession or control of the Note Registrar as to the names and
          addresses of the US$ Noteholders, provided that the Issuer Trustee
          will not have any obligations pursuant to this clause 4.2(a) while
          the US$ 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 US$ 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 US$ Note is not a certificate of title and the Note Register is the only
     conclusive evidence of title to US$ Notes.

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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 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;

                                                                              14
<PAGE>

     (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;

     (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.

                                                                              15
<PAGE>

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 US$ 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 US$ 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.

     (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 US$ 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).

                                                                              16
<PAGE>

6.2  COVENANT OF COMPLIANCE

     (a)  (US$ 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 US$ Notes (as if the provisions of the
          US$ 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 US$ 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 2002):

          (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 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

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<PAGE>

                  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 US$ 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 US$ NOTEHOLDERS): provide, or procure that there is
          provided, to the Note Trustee:

          (i)     a copy of each notice given to US$ 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
                  2002]), 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;

     (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 US$
          Notes, one copy of each

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<PAGE>

          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 US$
          Noteholders or the Note Trustee all sums held by such Paying Agent for
          the payment of the principal of or interest on the US$ 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 US$ Notes become listed) by the Issuer Trustee in
          relation to the US$ 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 US$ Notes
          become listed) in relation to the US$ 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 US$ 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 US$ Notes become listed) in relation to the US$ Notes, the
          PUMA Trust or this Deed.

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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 US$ NOTEHOLDERS): notify each US$ 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 US$ 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 US$ 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 Authorised Officers in good faith determine that
          withholding the notice is in the interest of US$ Noteholders;

                                                                              19
<PAGE>

     (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 US$ Noteholders (or, if
          applicable, the Class A Noteholders only) 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 US$ Noteholders (or the Class A Noteholders, if
          applicable); 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 those
                  Class A Noteholders on whose behalf the Note Trustee is acting
                  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 US$ 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 US$ Notes for the whole amount of such
          principal and interest remaining unpaid;

                                                                              20
<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 US$ Noteholders allowed in any judicial
          proceedings in relation to the Issuer Trustee upon the US$ 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 US$
          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 US$ Noteholders and has been indemnified or put in
     funds to its satisfaction by the US$ 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 US$ Notes proof that as
     regards any US$ Note the Issuer Trustee has not paid any principal or
     interest due in respect of that US$ Note will (unless the contrary is
     proved) be sufficient evidence that the Issuer Trustee has not paid that
     principal or interest on all other US$ 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 US$ Noteholders
     under the US$ Notes, this Deed or any other Transaction Document. No US$
     Noteholder is entitled to proceed directly against the Issuer Trustee or
     the Manager in respect of the US$ Notes, this Deed or any other Transaction
     Document.

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

                                                                              21
<PAGE>

          Registrar and to the extent specifically provided in this Deed or the
          Agency Agreement) for the exchange, transfer or cancellation of any
          US$ 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 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 US$ 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 US$ Noteholders have given a
          direction which the Note Trustee may rely upon in accordance with this
          clause, US$ 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;

                                                                              22
<PAGE>

          (ii)    any information or statement provided to it in relation to the
                  US$ Notes, the US$ Noteholders or the US$ Note Owners by the
                  Depositary 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 US$ 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

                                                                              23
<PAGE>

          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 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 US$ 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 US$ 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 US$ 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 US$
          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 US$ Noteholder any confidential, financial
          or other information made available to

                                                                              24
<PAGE>

          the Note Trustee by an Interested Person or any other person in
          connection with this Deed.

     (o)  (DETERMINATION): The Note Trustee, as between itself and the US$
          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 US$ Noteholders.

     (p)  (INTERESTS OF US$ NOTEHOLDERS): In connection with the exercise by it
          of any of its trusts, powers, authorities and discretions under this
          Deed or any other Transaction Document (including, without limitation,
          any modification, waiver, authorisation or determination), the Note
          Trustee must, subject to this Deed and the following paragraphs, where
          it is required to have regard to the interests of the US$ Noteholders,
          have regard to the general interests of the US$ Noteholders as a
          class. Subject to this Deed, if in the exercise by the Note Trustee of
          any of its trusts, powers, authority and discretions under this Deed
          or any other Transaction Document there is, in the opinion of the Note
          Trustee, a conflict between the interests of the Class A Noteholders
          (on the one hand) and the Class B Noteholders (on the other hand) the
          Note Trustee must give priority to the interests of Class A
          Noteholders. The Note Trustee will not incur any liability to any US$
          Noteholder as a result of the Note Trustee giving effect to this
          clause 8.1(p).

     (q)  (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 US$ Notes, this Deed or any
          other Transaction Document, that such exercise will not be materially
          prejudicial to the interests of the US$ Noteholders or a class of US$
          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 US$ Notes or the US$ Notes of the class (but nothing in this
          clause is to be construed as requiring the Note Trustee to obtain such
          confirmation).

     (r)  (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).

     (s)  (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.

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<PAGE>

     (t)  (US$ NOTEHOLDERS RESPONSIBLE): Each US$ 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 US$ Noteholder may rely on the Note
          Trustee in respect of such appraisal and investigation.

     (u)  (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 US$ 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.

     (v)  (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 US$ 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 US$ Noteholder is entitled to take any action to obtain from the
          Note Trustee any such information.

     (w)  (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.

     (x)  (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 US$ 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.

     (y)  (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.

     (z)  (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.

                                                                              26
<PAGE>

     (aa) (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 US$ Notes by any Current Rating
          Authority or any other person.

     (bb) (NO LIABILITY FOR TAX ON PAYMENTS): The Note Trustee has no
          responsibility whatsoever to any US$ Noteholder or any other person in
          relation to any deficiency in a payment by the Note Trustee to any US$
          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 US$ Noteholders must, on such terms and conditions as it
     may deem reasonable, without the consent of any of the US$ 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 US$ Noteholders, is not, in the
     opinion of the Note Trustee, materially prejudicial to the interests of the
     US$ Noteholders as a class. No such waiver, authorisation or determination
     may be made in contravention of any prior direction by a Majority of the
     US$ Noteholders. No direction of the US$ 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 US$ 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 US$ Notes;

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

                                                                              27
<PAGE>

          (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 US$ 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 US$ 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
     all US$ Noteholders and, in the case of the Note Trustee, are subject to
     section 311(a) of the TIA.

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 US$ 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 US$ 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 US$ Noteholders as a class.

9.2  DUTIES OF THE NOTE TRUSTEE PRIOR TO EVENT OF DEFAULT

     Prior to an Event of Default:

                                                                              28
<PAGE>

     (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 US$ 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 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.

                                                                              29
<PAGE>

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 US$ Noteholders or a class of US$ Noteholders, the
     Note Trustee must vote in accordance, where applicable, with the directions
     of the US$ Noteholders or class of US$ Noteholders on whose behalf it is
     acting (whether or not solicited and whether or not all US$ Noteholders
     have provided such directions) and otherwise in its absolute discretion. In
     acting in accordance with the directions of such US$ 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 US$ Notes held by such US$ Noteholders on whose behalf it is acting
     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 US$ 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).

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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)  (US$ NOTEHOLDERS): secondly, to the US$ 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 US$
          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:

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<PAGE>

          (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.

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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 US$ 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 US$ Notes remain outstanding the fee separately agreed by the Note
     Trustee and the Issuer Trustee (at

                                                                              31
<PAGE>

     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 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 VAT

     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.

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<PAGE>

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 Branch 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 Branch 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 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 US$ 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 US$ NOTEHOLDERS): if the Note Trustee considers such
          appointment to be in the interests of the US$ 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

                                                                              33
<PAGE>

     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 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 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 US$
     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)  (US$ NOTEHOLDERS REQUIRE RETIREMENT): it is so directed by a Special
          Majority of US$ 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

                                       34
<PAGE>

     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 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 US$ 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 US$ 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

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<PAGE>

       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 US$ 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 US$ 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;

       (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
       US$ Noteholder to take any action to remove the Note Trustee in
       accordance with section 310(b) of the TIA.

                                                                              36
<PAGE>

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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 US$ Noteholder, by way of supplemental
       deed to alter, add to or revoke any provision of this Deed or the US$
       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 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:

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

             (ii)    if it is in the opinion of the Note Trustee likely, upon
                     coming into effect, to be materially prejudicial to US$
                     Noteholders or any class of US$ Noteholders, the consent of
                     a Special Majority of US$ Noteholders or that class of US$
                     Noteholders (as the case may be) to the alteration,
                     addition or resolution has been obtained. For the purpose
                     of determining whether a Special Majority of US$
                     Noteholders or a class of US$ Noteholders has consented to
                     an alteration, addition or revocation, US$ 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 US$ Notes
       unless the Manager has notified the Current Rating Authorities and the
       Note Trustee 5 Business Days in advance.

15.2   AMENDMENTS REQUIRING CONSENT OF US$ 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 US$ Notes or a class of US$ Notes, to this Deed or
       the US$ Notes (including the Note Conditions) if, and

                                                                              37
<PAGE>

       only if, the consent has first been obtained of each corresponding US$
       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 US$ 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 US$ Noteholders or a class of
       US$ 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 US$ Notes, or the relevant class of the US$ Notes, by
       the Current Rating Authority.

15.5   DISTRIBUTION OF AMENDMENTS

       The Issuer Trustee must distribute to all US$ 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 US$ NOTEHOLDERS

       Any alteration, addition or revocation of a provision of this Deed or the
       US$ Notes made pursuant to this clause 15 is binding on all US$
       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 US$ 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 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 US$ 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 US$ 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 US$ 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,

                                                                              38
<PAGE>

             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 US$ NOTEHOLDERS): transmit to US$ 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 US$ Notes become "restricted securities" (as defined in Rule
       144(a)(3) of Securities Act of 1933 of the United States of America) 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 those US$ Notes in connection with any resale
       of those US$ Notes and to any prospective purchaser of the US$ 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.

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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 US$
       Notes or if the Note Trustee or any US$ Noteholder receives or recovers
       any money under or pursuant to this Deed or the US$ 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 US$ 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 US$ 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 US$ Notes or for the payment of damages in respect of any breach by
       the Issuer Trustee of this Deed or the US$ Notes or any Insolvency Event
       in relation to the Issuer Trustee occurs resulting in money being payable
       or receivable in

                                                                              39
<PAGE>

       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 US$ 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 US$ 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:

       (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;

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<PAGE>

       (b)   (ISSUE OF US$ NOTES): the constitution and original issue and
             delivery of the US$ Notes; and

       (c)   (PROCEEDINGS): any action taken by the Note Trustee or (where in
             accordance with this Deed or the Security Trust Deed the US$
             Noteholders are entitled to do so) the US$ Noteholders to enforce
             the provisions of the US$ 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 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).

                                                                              41
<PAGE>

        (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 US$ Noteholder by such US$ Noteholder's acceptance
             of the US$ 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 US$ Noteholder, or group of US$
                     Noteholders, in each case holding in the aggregate US$
                     Notes with a Principal Balance of more than 10% of the then
                     aggregate a Principal Balance of all US$ Notes; or

             (iii)   any suit instituted by any US$ Noteholder for the
                     enforcement of the payment of principal or interest on any
                     US$ Note on or after the respective due dates expressed in
                     such US$ 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 US$ NOTEHOLDERS TO RECEIVE PRINCIPAL AND INTEREST

       Notwithstanding any other provisions in this Deed, any US$ Noteholder
       shall have the right, which is absolute and unconditional, to receive
       payment of the principal of and interest, if any, on each US$ Note held
       by it on or after the respective due dates thereof expressed in such US$
       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
       US$ Noteholder, except to the extent that this Deed or the Security Trust
       Deed contain provisions limiting or denying the right of any US$
       Noteholder to institute any such suit, if and to the extent that the
       institution or

                                                                              42
<PAGE>

       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 US$ Noteholders each irrevocably
             submits to and accepts generally and unconditionally the
             non-exclusive jurisdiction of the Courts and appellate Courts of
             the State of New South Wales with respect to any legal action or
             proceedings which may be brought at any time relating in any way to
             this Deed.

        (b)  (WAIVER OF INCONVENIENT FORUM): The Issuer Trustee, the Note
             Trustee, the Manager and each of the US$ 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.

        (c)  (SERVICE OF NOTICE): The Issuer Trustee, the Note Trustee, the
             Manager and each of the US$ 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 US$ 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;

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<PAGE>

             (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 US$ 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 5.30
       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 US$ NOTEHOLDERS

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

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

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

21.4   NOTICES FROM US$ 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 US$ Noteholder to any person must:

        (a)  (SIGNED): be signed by the US$ Noteholder or an attorney of the US$
             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,

                                                                              44
<PAGE>

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

        (d)  (EVIDENCE): be accompanied by such evidence as to its proper
             execution by the US$ 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 US$
       Noteholders or a class of US$ 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 US$ Noteholders specify a date (not
       earlier than the date of the notice) upon which the relevant US$
       Noteholders for the purposes of that consent, direction or authorisation
       will be determined and, if it does so, the persons who are the relevant
       US$ Noteholders and the Principal Balance of the US$ 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 US$ 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.

--------------------------------------------------------------------------------
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).

                                                                              45
<PAGE>

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 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.

                                                                              46
<PAGE>

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 US$
       Notes from the date it becomes payable until it is paid.

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

                                                                              47
<PAGE>

       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.

EXECUTED as a deed.

EXECUTED AS A DEED by THE BANK OF NEW
YORK acting by its Authorised Officer:

in the presence of:

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

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

                                                                              48
<PAGE>

SIGNED SEALED AND DELIVERED for and on
behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336 by

its Attorneys under a Power of
Attorney dated                     and
each whom declares that he or she has
not received any notice of the
revocation of such Power of
Attorney in the presence of:

                                         --------------------------------------
                                         Signature of Attorney

                                         --------------------------------------
                                         Signature of Attorney

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

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

SIGNED SEALED AND DELIVERED for and on
behalf of PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827, by

its Attorney under a Power of
Attorney dated                     and
who declares that he or she has not
received any notice of the revocation
of such Power of Attorney in the
presence of:

                                         --------------------------------------
                                         Signature of Attorney

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

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

                                                                              49
<PAGE>

SCHEDULE 1
FORM OF CLASS A/B NOTE

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

UNLESS THIS CLASS [A/B] NOTE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, ("DTC") TO THE ISSUER (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CLASS [A/B] 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/B] 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/B]
NOTE.

[The above paragraph is to appear in the Class [A/B] Book Entry Notes only.]

Each Class [A/B] Noteholder represents, warrants and covenants (and by its
acquisition of a Book-Entry Note, each Class [A/B] Noteholder shall be deemed to
represent) that it is either (i) not acquiring such Class [A/B] 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/B] 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/B] 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/B]
NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS CLASS
[A/B] NOTE.

  PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827(a limited liability
        company incorporated under the law of New South Wales, Australia)
  in its capacity as trustee of the PUMA Global Trust No. 1 (the "PUMA TRUST")
                             (the "ISSUER TRUSTEE")

                                CLASS [A/B] NOTE

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

(a)  constituted by a Note Trust Deed (the "NOTE TRUST DEED") dated [  ] 2001
     made between the Issuer Trustee, Macquarie Securitisation Limited, ABN 16
     003 297 336, (the "MANAGER") and The Bank of New York, New York Branch (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

                                                                              50
<PAGE>

               the person referred to therein as the Founder and the Issuer
               Trustee, as amended from time to time;

         (ii)  a Sub-Fund Notice (the "SUB-FUND NOTICE") dated [  ] 2001 from
               the Manager to the Issuer Trustee;

         (iii) a Security Trust Deed (the "SECURITY TRUST DEED") dated [  ] 2001
               made between the Issuer Trustee, the Manager, the Note Trustee
               and Perpetual Trustee Company Limited, ABN 42 001 001 007;

         (iv)  the Agency Agreement (the "AGENCY AGREEMENT") dated [  ] 2001
               made between the Issuer Trustee,  the Note Trustee,  the Manager,
               The Bank of New York, New York Branch 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/B] Note (the " NOTE CONDITIONS").

Unless defined in this Class [A/B] 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/B] 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/B] Note is a Class [A/B] Book-Entry Note and the Issuer Trustee
is obliged to issue Class [A/B] Definitive Notes under clause 3.4(a) of the
Note Trust Deed, this Class [A/B] 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 US$ Noteholders from time to time (or such other place
as the Note Trustee may agree) for Class [A/B] Definitive Notes and the Issuer
Trustee shall execute and procure that the Note Trustee authenticates and
delivers in full exchange for this Class [A/B] Note, Class [A/B] Definitive
Notes in aggregate principal amount equal to the then Principal Balance of this
Class [A/B] 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 Class [A/B] Definitive Notes until 30 days after the
occurrence of an event set out in clause 3.4(a) of the Note Trust Deed. The
Class [A/B] Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of US$100,000 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/B] 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/B] Note, or to
registered assigns of this Class [A/B] 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/B] Note at
rates determined in accordance with condition 6 of the Note Conditions. If the
Issuer Trustee fails to meet its obligations to issue Class [A/B] Definitive
Notes, this shall be without prejudice to the Issuer Trustee's obligations with
respect to the Class [A/B] Notes under the Note Trust Deed, the Trust Deed, the
Sub-Fund Notice, the Agency Agreement and this Class [A/B] Note.

Payments of interest on this Class [A/B] 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/B] Note is a Class A/B] 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/B] Note will
be entitled to receive any payment so made in respect of that Class

                                                                              51
<PAGE>

[A/B] 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/B] Notes which must be made by the holder of
this Class [A/B] Note, for so long as this Class [A/B] Note is outstanding.

On any payment of principal and/or interest on the Class [A/B] 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/B] Notes shall be reduced for all purposes by the amount so 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/B] 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/B] Note is governed by, and shall be construed in accordance with,
the laws of New South Wales, Australia.

If this Class [A/B] Note is a Class [A/B] Book-Entry Note, this Class [A/B] Note
is a global note.

IN WITNESS the Issuer Trustee has caused this Class [A/B] 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/B] Notes from Class [A/B] Noteholders.

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

The Issuer Trustee issues this Class [A/B] 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/B] 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 willful 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/B] 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/B] Notes.

                                                                              52
<PAGE>

The Class [A/B] 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/B] 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/B] 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/B]
Notes may be recharacterised as equity interests in the PUMA Trust after their
initial issuance].

CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK, NEW YORK BRANCH by:

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

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

                                                                              53
<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/B] Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________, attorney, to transfer said
Class [A/B] 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/B] Note in
every particular without alteration, enlargement or any change whatsoever.

                                                                              54
<PAGE>

SCHEDULE 2
FORM OF  NOTE CONDITIONS

            (Included as Exhibit 4.5 to this Registration Statement)

                                                                              55<PAGE>

SCHEDULE 2
FORM OF NOTE CONDITIONS

           TERMS AND CONDITIONS OF THE CLASS A NOTES AND CLASS B NOTES

The following, subject to amendments, are the terms and conditions of the Class
A Notes and the Class B Notes, substantially as they will appear on the reverse
of any Class A Note or Class B Note. Class A Notes and Class B Notes will
initially be issued in book entry form. Class A Notes and Class B Notes in
definitive form will only be issued in limited circumstances. While the Class A
Notes and the Class B 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 and the Class B Notes in definitive form.

1.          GENERAL

            The issue of the US$[ ] Class A Mortgage Backed Floating Rate Notes
            due [ ] 2032 (the "CLASS A NOTES") and the US$[ ] Class B Mortgage
            Backed Floating Rate Notes due [ ] 2032 (the "CLASS B NOTES")
            (together the "US$ NOTES") by Perpetual Trustees Australia Limited,
            ABN 86 431 827, ("PERPETUAL") in its capacity as trustee of the PUMA
            Global Trust No. 1 (the "PUMA TRUST") (Perpetual in such capacity,
            the "ISSUER TRUSTEE") was authorised by a resolution of the board of
            directors of Perpetual passed on [ ], 2001.

            The US$ Notes: (a) are constituted by a Note Trust Deed (the "NOTE
            TRUST DEED") dated on or about [ ], 2001 made between the Issuer
            Trustee, Macquarie Securitisation Limited, ABN 16 003 297 336, (the
            "MANAGER") and The Bank of New York, New York Branch (the "NOTE
            TRUSTEE") as trustee for the several persons who are for the time
            being registered holders of the US$ Notes (each a "US$ NOTEHOLDER"
            and together the "US$ 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 on or about [ ], 2001 from the Manager to the Issuer Trustee;
            (iii) a Security Trust Deed (the "SECURITY TRUST DEED") dated on or
            about [ ], 2001 made between the Issuer Trustee, the Manager, the
            Note Trustee and Perpetual Trustee Company Limited, ABN 86 001 001
            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 US$
            Notes will be made pursuant to an Agency Agreement (the "AGENCY
            AGREEMENT") dated on or about [ ], 2001 made between the Issuer
            Trustee, the Note Trustee, the Manager, The Bank of New York, New
            York Branch, 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 (the
            "CURRENCY SWAP AGREEMENT") with [] (the "CURRENCY SWAP PROVIDER")
            and the Manager, together with a schedule, [a credit support annex,]
            a confirmation relating to the Class A Notes (the "CLASS A CURRENCY
            SWAP") and a confirmation relating to the Class B Notes (the "CLASS
            B CURRENCY SWAP").

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

2.          DEFINITIONS AND INTERPRETATION

2.1         INCORPORATED DEFINITIONS AND OTHER PROVISIONS

                                                                               1
<PAGE>

            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 defined in CONDITION 10.3) in
            relation to all US$ Notes or a class of US$ 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 US$ Noteholders, or a
            class of $US Noteholders, consented to by the Note Trustee; or (ii)
            otherwise, approved by a Special Majority (as defined in CONDITION
            10.3) of the US$ Noteholders, or that class of US$ Noteholders (as
            applicable), under the Note Trust Deed; or (b) if the amendment does
            effect a Payment Modification (as defined in CONDITION 10.3) in
            relation to all US$ Notes or a class of US$ Notes, is consented to
            by each corresponding US$ 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.          US$ NOTEHOLDERS BOUND

            The US$ 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 Currency Swap Agreement,
            the Class A Currency Swap, the Class B 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,
            US$ NOTES

4.1         FORM AND DENOMINATION

            The US$ Notes will be issued in registered form, without interest
            coupons, in minimum denominations of US$100,000 or integral
            multiples thereof. The initial principal amount of each US$ Note
            (the "ORIGINAL PRINCIPAL BALANCE" in relation to that US$ Note) will
            be stated on its face.

4.2         TITLE

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<PAGE>

            Title to the US$ 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. US$
            Notes may be transferred, or may be exchanged for other US$ Notes of
            the same class in any authorised denominations and a like Principal
            Balance (as defined in CONDITION 6.4), upon the surrender of the
            US$ 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 require, to a specified office of the Note
            Registrar (as set out at the end of these Conditions or otherwise
            notified to US$ 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 US$
            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 US$ Notes. The Note Registrar need not
            register transfers or exchanges of US$ Notes for a period of 30 days
            preceding the due date for any payment with respect to the US$ Notes
            or for a period, not exceeding 30 days, specified by the Note
            Trustee prior to any meeting, which includes US$ 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
            CLASS B NOTES, THE A$ REDRAW NOTES AND THE A$ SUBORDINATED NOTES

5.1         STATUS OF THE NOTES

            The A$ Redraw Notes (as defined in CONDITION 5.5) and the A$
            Subordinated Notes (as defined in CONDITION 5.6) (together with the
            A$ Redraw Notes, the "A$ NOTES") and the US$ 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 US$ Noteholders, the A$ Redraw Noteholders
            and the A$ Subordinated Noteholders (as defined in the Sub-Fund
            Notice).

            "PRINCIPAL BALANCE" in relation to a US$ 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

                                                                               3
<PAGE>

            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.

            "US$ NOTEHOLDERS" means the Class A Noteholders and the Class B
            Noteholders (in each such case as defined in the Note Trust Deed).

5.3         LIMITED RECOURSE

            The liability of the Issuer Trustee to make interest and principal
            payments on the US$ 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 US$ Noteholders and any
            other amounts ranking in priority to or equally with amounts due to
            the US$ 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 US$ 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 US$ Noteholder for payment of any
            amount owed by the Issuer Trustee in respect of the US$ Notes.

5.4         NO PREFERENCE WITHIN THE CLASSES OF NOTE

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

            Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
            certain debt securities ("A$ SUBORDINATED NOTES") from time to time
            at the direction of the Manager. The Manager must not direct the
            Issuer Trustee to issue A$ Subordinated 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.

5.7         RANKING OF INTEREST PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

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

            (i)         the payment of the relevant A$ amount by the Issuer
                        Trustee to the Currency Swap Provider which in turn will
                        be applied under the Class A Currency Swap to meet the
                        payment of

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<PAGE>

                        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 the relevant A$ amount by the Issuer
                        Trustee to the Currency Swap Provider which in turn will
                        be applied under the Class B Currency Swap to meet the
                        payment of interest on the Class B Notes as explained in
                        CONDITION 6.9 and ahead of the payment of interest on
                        the A$ Subordinated Notes; and

            (ii)        the payment of the relevant A$ amount by the Issuer
                        Trustee to the Currency Swap Provider which in turn will
                        be applied under the Class B Currency Swap to meet the
                        payment of interest on the Class B Notes will rank
                        equally and rateably with the payment of interest on the
                        A$ Subordinated Notes.

5.8         RANKING OF PRINCIPAL PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

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

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

            (ii)        the payment of the relevant A$ amounts by the Issuer
                        Trustee to the Currency Swap Provider which in turn will
                        be applied under the Class A Currency Swap to meet the
                        repayment of principal on the Class A Notes will rank
                        ahead of, only to the extent and in the circumstances
                        set out in the Sub-Fund Notice, the payment of the
                        relevant A$ amounts by the Issuer Trustee to the
                        Currency Swap Provider which in turn will be applied
                        under the Class B Currency Swap to meet the repayment of
                        principal on the Class B Notes and the repayment of
                        principal on the A$ Subordinated Notes; and

            (iii)       the payment of the relevant A$ amounts by the Issuer
                        Trustee to the Currency Swap Provider which in turn will
                        be applied under the Class B Currency Swap to meet the
                        repayment of principal on the Class B Notes will rank
                        equally and rateably with the repayment of principal on
                        the A$ Subordinated Notes.

5.9         RANKING OF NOTES FOLLOWING ENFORCEMENT

            Following the enforcement of the Charge, under the Security Trust
            Deed:

            (a)         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 Class B Notes and the A$
                        Subordinated Notes; and

            (b)         the payments of amounts owing in relation to the Class B
                        Notes will rank rateably with the payment of amounts
                        owing in respect of the A$ Subordinated Notes.

            However, for the purposes of determining distributions to, and
            allocations between, the US$ Noteholders and other Secured
            Creditors, amounts owing in respect of the US$ 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 Class B
            Noteholders and the A$ Subordinated Noteholders (on the other hand).
            In determining the interests of the Class A Noteholders and Class B
            Noteholders, the Security Trustee may rely on a determination of the
            Note Trustee.

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<PAGE>

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 US$ Note accrues interest from (and including) [ ], 2001 (the
            "CLOSING DATE") and ceases to accrue interest on (but excluding) the
            earliest of:

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

            (b)         the date on which the US$ 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 US$
                        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 US$ Note up to that day are received by
                                    or on behalf of the US$ Noteholder; and

                        (ii)        the seventh day after notice is given to the
                                    US$ 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 US$ Note is deemed to be redeemed
                        in accordance with CONDITION 7.6.

6.2         ACCRUAL PERIODS

            The period that a US$ Note accrues interest in accordance with
            CONDITION 6.1 is divided into periods (each an "ACCRUAL PERIOD").
            The first Accrual Period for a US$ 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 US$ 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 US$ Note ends on (but does not
            include) the date on which interest ceases to accrue on the US$ Note
            pursuant to CONDITION 6.1.

            "QUARTERLY PAYMENT DATE" means [] and each following [], [], []
            and [] 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 US$ NOTES

            The rate of interest ("INTEREST RATE") payable from time to time in
            respect of a US$ 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 US$ Note.

            "USD-LIBOR-BBA" for an Accrual Period will be calculated by the
            Agent Bank in accordance with paragraph (a) (or, if applicable,
            paragraph (b)) 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

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<PAGE>

                        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; and

            (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).

            "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.

            "ISSUE MARGIN" means:

            (a)         in relation to a Class A Note:

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

                        (ii)        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, [ ]% per
                                    annum; and

            (b)         in relation to a Class B Note:

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

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

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

6.4         CALCULATION OF INTEREST ON THE US$ NOTES

            Interest on each US$ Note for an Accrual Period (the "INTEREST
            AMOUNT") is calculated by applying the Interest Rate for that US$
            Note for that Accrual Period to the Principal Balance of that US$
            Note on the

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<PAGE>

            first day of the Accrual Period (after taking into account any
            reductions in the Principal Balance of that US$ 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 US$ Note means the Original
            Principal Balance of that US$ Note less the aggregate of all amounts
            previously paid in relation to that US$ Note on account of principal
            pursuant to CONDITION 7.2(a)(iii), in respect of a Class A Note, or
            CONDITION 7.2(b)(iii), in respect of a Class B Note.

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 US$ 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 US$ Notes are immediately due and payable, the
            Interest Amount and the Interest Rate in respect of the US$ 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 US$ 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.

6.8         AGENT BANK

            The Issuer Trustee will procure that, for so long as any of the US$
            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 US$ 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 US$
            Noteholders in accordance with CONDITION 11.1. The initial Agent
            Bank and its specified office are set out at the end of these
            Conditions.

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<PAGE>

6.9         PAYMENT OF THE INTEREST AMOUNT

            The Interest Amount for each Accrual Period in relation to a US$
            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)         in relation to the Class A Notes:

                        (i)         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 Class A
                                    Currency Swap;

                        (ii)        direct the Currency Swap Provider (which
                                    direction may be contained in the Class A
                                    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

                        (iii)       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 ANotes 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; and

            (b)         in relation to the Class B Notes:

                        (i)         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 B
                                    Interest Amount and any Unpaid A$ Class B
                                    Interest Amount in relation to that
                                    Quarterly Payment Date to the Currency Swap
                                    Provider in accordance with the Class B
                                    Currency Swap;

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

                        (iii)       direct the Principal Paying Agent (which
                                    direction may be contained in the Agency
                                    Agreement) to pay the Class B Interest
                                    Payment received by it from the Currency
                                    Swap Provider on a Quarterly Payment Date
                                    rateably amongst the Class B Notes towards
                                    the Interest Amount in relation to each
                                    Class B 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 B 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", "A$ CLASS B INTEREST AMOUNT", "UNPAID
            A$ CLASS A INTEREST AMOUNT" and "UNPAID A$ CLASS B INTEREST AMOUNT"
            have the same respective meanings as in the Sub-Fund Notice. "CLASS
            A INTEREST PAYMENT" and "CLASS B INTEREST PAYMENT" have the same
            meaning as in the Class A Currency Swap and the Class B Currency
            Swap respectively.

6.10        INTEREST ON UNPAID INTEREST AMOUNTS

            If interest is not paid in respect of a US$ Note on the date when
            due and payable, that unpaid interest will itself bear interest at
            the Interest Rate in relation to that US$ Note applicable from time
            to time until

                                                                               9
<PAGE>

            (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 US$
            Note, is an "UNPAID INTEREST AMOUNT").

7.          REDEMPTION OF THE US$ NOTES

7.1         FINAL REDEMPTION OF THE US$ NOTES

            Unless previously redeemed (or deemed to be redeemed) in full, the
            Issuer Trustee will redeem the US$ Notes at their then Principal
            Balance, together with all then accrued but unpaid interest, on the
            Quarterly Payment Date occurring in [ ] 2032 (the "FINAL MATURITY
            DATE").

7.2         PART REDEMPTION OF US$ 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 US$ Notes is reduced to zero the Issuer Trustee must:

            (a)         in relation to the Class A Notes:

                        (i)         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 Class A Currency
                                    Swap;

                        (ii)        direct the Currency Swap Provider (which
                                    instruction may be contained in the relevant
                                    Class A 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

                        (iii)       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; and

            (b)         in relation to the Class B Notes:

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

                        (ii)        direct the Currency Swap Provider (which
                                    instruction may be contained in the relevant
                                    Class B 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 B Principal Amount (such US$
                                    Equivalent of the A$ Class B Principal
                                    Amount being the "CLASS B PRINCIPAL AMOUNT"
                                    and together with the Class A Principal
                                    Amount a "PRINCIPAL AMOUNT") received by the
                                    Currency Swap Provider from the Issuer
                                    Trustee on that Quarterly Payment Date; and

                        (iii)       direct the Principal Paying Agent (which
                                    direction may be contained in the Agency
                                    Agreement) to pay the Class B Principal
                                    Amount received from the Currency Swap
                                    Provider rateably amongst the Class B Notes
                                    towards the repayment of the Principal
                                    Balance on the Class B Notes in accordance
                                    with,

                                                                              10
<PAGE>

                                    and subject to, these Conditions and the
                                    Agency Agreement until the Principal
                                    Balances of the Class B Notes are reduced to
                                    zero. Such a payment of the Principal
                                    Balance on a Class B Note will constitute a
                                    redemption of the Class B Note in part to
                                    the extent of such repayment and, upon such
                                    repayment, the obligation of the Issuer
                                    Trustee with respect to the Class B Note
                                    will be discharged to the extent of such
                                    repayment.

            "A$ CLASS A PRINCIPAL AMOUNT" and "A$ CLASS B PRINCIPAL AMOUNT" have
            the same respective meanings as in the Sub-Fund Notice. "US$
            EQUIVALENT" has the same meaning as in the Class A Currency Swap and
            the Class B 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 date on which the aggregate of the then Principal
                        Balances of all the US$ Notes expressed as a percentage
                        of the aggregate Original Principal Balances of all the
                        US$ Notes falls below 10%; and

            (b)         the Quarterly Payment Date falling in [ ] (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 US$ Noteholders in accordance with CONDITION 11.1.

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 US$ 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

                                       11
<PAGE>

            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 US$ 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 US$ 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 US$
            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 US$ Notes. If the US$
            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 US$ 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.

7.6         REDEMPTION ON FINAL PAYMENT

            Upon a final distribution being made in respect of the US$ Notes
            under clause 5.5 of the Sub-Fund Notice or clause 13.1 of the
            Security Trust Deed, the US$ 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 US$ Notes will be extinguished in full.

7.7         CANCELLATION

            All US$ 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 US$ Note in
            excess of the face value of the US$ 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 and Class B Principal
                        Amount payable in respect of each US$ Note on the
                        Quarterly Payment Date; (ii) the Principal Balance of
                        each US$ Note as at that Quarterly Payment Date (after
                        deducting any Class A

                                                                              12
<PAGE>

                        Principal Amounts and Class B Principal Amounts due to
                        be paid in respect of such US$ Note on that Quarterly
                        Payment Date); (iii) the Note Factor (as defined below)
                        as at that Quarterly Payment Date in relation to each
                        class of US$ Notes (after deducting any Class A
                        Principal Amounts and Class B Principal Amounts due to
                        be paid in respect of such US$ Note on that Quarterly
                        Payment Date); and (iv) the amount of the Class A
                        Interest Payment and Class B Interest Payment to be made
                        on the Quarterly Payment Date applicable to each US$
                        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 or Class B Principal Amount is due to
                        be paid on the US$ 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 US$ 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 US$ Notes at
                  that time; and

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

8.          PAYMENTS

8.1         METHOD OF PAYMENT

            Any instalment on account of interest or principal payable on any
            US$ 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 US$ 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 US$ Note means:

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

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

                                                                              13
<PAGE>

8.2         SURRENDER ON FINAL PAYMENT

            Prior to a final distribution being made in respect of the US$ Notes
            under CONDITION 7.2 or clause 13.1 of the Security Trust Deed the
            Note Trustee must notify the persons in whose names the US$ 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 US$ Note to a Paying Agent at its
            specified office. No such final distribution will be made other than
            upon the surrender of the relevant US$ 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 US$ Noteholder as
            a result of any delay in payment due to a US$ 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 US$ 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
            US$ 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 US$ Noteholders in accordance with
            CONDITION 11.1, thereof.

8.5         PRESCRIPTION

            A US$ 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 US$ Note to zero. After the
            date on which a US$ Note becomes void in its entirety, no claim can
            be made in respect of it.

            "RELEVANT DATE" in respect of a US$ 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 US$ 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 corresponding US$ 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 US$ 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 US$ Noteholders in accordance with CONDITION 11.1 that such
            payment has been made.

8.7         ROUNDING OF PAYMENTS

            All payments in respect of the US$ Notes will be rounded down to the
            nearest cent.

9.          ENFORCEMENT FOLLOWING OCCURRENCE OF EVENT OF DEFAULT

                                                                              14
<PAGE>

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
            US$ 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.

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
            US$ 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 US$ 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 US$ 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
            US$ 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 US$ 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 US$ 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 US$ Noteholders (or, if
            applicable, the Class A

                                       15
<PAGE>

            Noteholders only) 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
            US$ 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 US$ Noteholders on whose
            behalf it is acting (whether or not solicited and whether or not all
            US$ Noteholders have provided such directions) and otherwise in its
            absolute discretion. In acting in accordance with the directions of
            US$ 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 US$ Notes held by
            US$ Noteholders on whose behalf it is acting 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.

            "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 US$ 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 US$ 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 US$ NOTEHOLDER RIGHTS BY NOTE TRUSTEE

            The rights, remedies and discretions of the US$ 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 US$ 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 US$ 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 US$ Noteholders
            from time to time have complied with any requirements under the Note
            Trust Deed or as to the reasonableness or

                                                                              16
<PAGE>

            otherwise of the Note Trustee.

10.         MEETINGS OF VOTING SECURED CREDITORS, DIRECTIONS OF US$ 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 US$ NOTEHOLDERS

            Under the Note Trust Deed the Note Trustee may seek directions from
            the US$ Noteholders, or a class of US$ 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 US$ Noteholders
            holding US$ Notes with a Principal Balance of greater than 50% of
            the aggregate Principal Balances of all the US$ Notes.

            If the Note Trustee is entitled under the Trust Deed or the Security
            Trust Deed to vote at any meeting on behalf of US$ Noteholders, or a
            class of US$ Noteholders, the Note Trustee must vote in accordance
            with the directions of the US$ Noteholders, or that class of US$
            Noteholders, and otherwise in its absolute discretion. In acting in
            accordance with the directions of US$ 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 US$ Notes held by US$ Noteholders on whose behalf it
            is acting and who have directed the Note Trustee to vote for or
            against that proposal.

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

10.3        AMENDMENTS TO NOTE TRUST DEED AND THE US$ 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 US$ Noteholder, by way of supplemental deed to alter, add to
            or revoke (each a "MODIFICATION") any provision of the Note Trust
            Deed or the US$ 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:

                                                                              17
<PAGE>

                        (i)         is not in the opinion of the Note Trustee
                                    likely, upon coming into effect, to be
                                    materially prejudicial to the interests of
                                    US$ Noteholders or any class thereof; or

                        (ii)        if it is in the opinion of the Note Trustee
                                    likely, upon coming into effect, to be
                                    materially prejudicial to the interests of
                                    US$ Noteholders or any class thereof the
                                    consent of a Special Majority (as
                                    hereinafter defined) of US$ Noteholders or
                                    that class thereof, as the case may be, is
                                    obtained.

            For the purpose of determining whether a Special Majority of US$
            Noteholders has consented to a modification, US$ 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
            US$ 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 US$ 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 all US$ Notes, or a class of US$
            Notes, if and only if the consent has first been obtained of the
            corresponding US$ 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 US$ Noteholders in accordance with CONDITION 11.1 as soon as
            reasonably practicable after the modifications have been made.

            "PAYMENT MODIFICATION" means, in relation to all US$ Notes, or a
            class of US$ Notes, any alteration, addition or revocation of any
            provision of the Note Trust Deed, those US$ Notes (including the
            Conditions), 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 those US$ Notes
            including, without limitation, any modification to the Principal
            Balance, Interest Rate or Final Maturity Date in respect of those
            US$ 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 corresponding US$ 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 the circumstances
            in which the consent or direction of a Special Majority of the
            corresponding US$ 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 those US$ Notes
            (including the Conditions).

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

            "SPECIAL MAJORITY" in relation to the US$ Noteholders or a class of
            Noteholders means US$ Noteholders holding US$ Notes, or US$ Notes of
            the corresponding class (as the case may be), with an aggregate
            Principal Balance of no less than 75% of the aggregate Principal
            Balance of all the US$ Notes or all the US$ Notes of that class (as
            the case may be).

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.

                                                                              18
<PAGE>

            The Note Trustee may, and if directed to do so by a Majority of US$
            Noteholders must, on such terms and conditions as it may deem
            reasonable, without the consent of any of the US$ 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 US$ Noteholders, is not, in the opinion of the Note
            Trustee, materially prejudicial to the interests of the US$
            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 US$ Noteholders. Any
            such waiver, authorisation or determination will, if the Note
            Trustee so requires, be notified to the US$ Noteholders in
            accordance with CONDITION 11.1 by the Issuer Trustee as soon as
            practicable after it is made.

            "MAJORITY" in relation to the US$ Noteholders or a class of US$
            Noteholders means US$ Noteholders holding US$ Notes, or US$ Notes of
            the corresponding class (as the case may be), with an aggregate
            Principal Balance of greater than 50% of the aggregate Principal
            Balance of all the US$ Notes or all the US$ Notes of that class (as
            the case may be).

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 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 US$ 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 US$
            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 US$ Noteholders will be
            deemed given if in writing and mailed, first-class, postage prepaid
            to each US$ 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 US$ Noteholders is given by mail, neither the
            failure to mail such notice nor any defect in any notice so mailed
            to any particular US$ Noteholder will affect the sufficiency of such
            notice with respect to

                                                                              19
<PAGE>

            other US$ 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 US$ Noteholder,
            either before or after the event, and such waiver will be the
            equivalent of such notice. Waivers of notice by US$ 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 US$ 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 US$ Notes, an Interest Amount, a Principal Amount
            (or the absence of a Principal Amount), a Principal Balance, a US$
            Note Factor in relation to the US$ 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 US$
            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 US$ 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 US$ 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 the following information:

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

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

            o           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;

            o           only in relation to the first Quarterly Servicing Report
                        after the Closing Date:

                        o           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);

                                                                              20
<PAGE>

                        o           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;

                        o           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 in relation to the
                                    US$ Notes which shall be updated to reflect
                                    the characteristics of the housing loan pool
                                    at the end of the Pre-Funding Period;

                        o           if applicable the amount remaining in the
                                    Pre-Funding Pool at the end of the
                                    Pre-Funding Period;

            o           only in relation to the first two Quarterly Servicing
                        Reports, the aggregate amount of Further Advances (other
                        than Subordinate Funded 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;

            o           the Collections in relation to that Quarterly Payment
                        Date;

            o           the Principal Collections in relation to that Quarterly
                        Payment Date;

            o           the Income Reserve at the commencement and at the end of
                        that Quarterly Payment Date;

            o           the Principal Cash Balance at the commencement and at
                        the end of that Quarterly Payment Date;

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

            o           the Redraw Facility Principal at the commencement and at
                        the end of that Quarterly Payment Date;

            o           the aggregate of the Subordinate Funded 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;

            o           the Note Factor for each class of US$ Notes at the end
                        of that Quarterly Payment Date;

            o           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 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.

            "FURTHER ADVANCE", "INCOME RESERVE", "MONTHLY PAYMENT DATE",
            "PRE-FUNDING PERIOD", "PRE-FUNDING POOL", "PRINCIPAL COLLECTIONS",
            "PRINCIPAL CASH BALANCE", "REDRAW FACILITY PRINCIPAL" and
            "SUBORDINATE FUNDED 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

                                                                              21
<PAGE>

            (a)         The Issuer Trustee enters into the Transaction
                        Documents, and issues the US$ 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 US$ 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 US$ 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 US$ 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 US$ 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).

            (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 US$ 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

                                                                              22
<PAGE>

            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 US$ Noteholders that the courts
            of the State of New South Wales 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 US$ Notes.

                                                                              23
<PAGE>

                                     AGENTS

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

NOTE REGISTRAR:                 The Bank of New York, New York Branch
                                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 Branch
                                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

                                                                              24

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