AGENCY AGREEMENT

                                                                Agency Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED

                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED

                                                                       (Manager)

                                                            THE BANK OF NEW YORK

                                                        (Principal Paying Agent)

                                                            THE BANK OF NEW YORK

                                                                  (Note Trustee)

                                                            THE BANK OF NEW YORK

                                                             (Calculation Agent)

                                                            THE BANK OF NEW YORK

                                                      (Class A-1 Note Registrar)

                                                            THE BANK OF NEW YORK

                                                      (Class A-2 Note Registrar)

                                              Crusade Global Trust No. 2 of 2006

                                                          Allens Arthur Robinson

                                                             Deutsche Bank Place

                                               Corner Hunter and Phillip Streets

                                                               Sydney  NSW  2000

                                                             Tel  61 2 9230 4000

                                                             Fax  61 2 9230 5333

                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2006

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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TABLE OF CONTENTS

1.   DEFINITIONS AND INTERPRETATION                                            3

     1.1   DEFINITIONS                                                         3

     1.2   DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE,

           NOTE TRUST DEED AND CONDITIONS                                      3

     1.3   INTERPRETATION                                                      4

     1.4   DOCUMENT OR AGREEMENT                                               4

     1.5   TRANSACTION DOCUMENT                                                4

     1.6   TRUSTEE AS TRUSTEE                                                  4

     1.7   NOTE TRUSTEE AS NOTE TRUSTEE                                        4

2.   APPOINTMENT OF PAYING AGENTS                                              5

3.   PAYMENT                                                                   5

     3.1   PAYMENT BY TRUSTEE                                                  5

     3.2   CONFIRMATION                                                        5

     3.3   PAYMENTS BY PAYING AGENTS                                           6

     3.4   METHOD OF PAYMENT - BOOK-ENTRY NOTES                                6

     3.5   METHOD OF PAYMENT - DEFINITIVE NOTES                                6

     3.6   LATE PAYMENT                                                        6

     3.7   NOTICE OF NON-RECEIPT                                               7

     3.8   REIMBURSEMENT                                                       7

     3.9   METHOD OF PAYMENT                                                   7

     3.10  NO FEE                                                              8

     3.11  TRUST                                                               8

     3.12  FORMS AND INFORMATION                                               8

4.   REPAYMENT                                                                 8

5.   APPOINTMENT OF THE CALCULATION AGENT                                      9

6.   DUTIES OF THE CALCULATION AGENT                                           9

7.   NOTE TRUSTEE                                                             10

8.   EARLY REDEMPTION OF OFFSHORE NOTES                                       11

9.   PRO RATA REDEMPTION AND CANCELLATION OF NOTES                            11

10.  CANCELLATION, DESTRUCTION AND RECORDS WHERE OFFSHORE NOTES IN

     DEFINITIVE FORM HAVE BEEN ISSUED                                         12

11.  ISSUE OF REPLACEMENT DEFINITIVE NOTES WHERE DEFINITIVE NOTES HAVE

     BEEN ISSUED                                                              13

12.  NOTICES TO NOTEHOLDERS                                                   14

13.  DOCUMENTS AND FORMS                                                      15

14.  AUTHENTICATION                                                           15

15.  INDEMNITY                                                                15

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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16.  THE NOTE REGISTER                                                        17

     16.1  APPOINTMENT OF NOTE REGISTRARS                                     17

     16.2  DETAILS TO BE KEPT ON THE NOTE REGISTER                            17

     16.3  PAYMENTS OF PRINCIPAL AND INTEREST                                 18

     16.4  PLACE OF KEEPING NOTE REGISTERS, COPIES AND ACCESS                 18

     16.5  DETAILS ON NOTE REGISTER CONCLUSIVE                                19

     16.6  ALTERATION OF DETAILS ON NOTE REGISTER                             19

     16.7  RECTIFICATION OF NOTE REGISTER                                     19

     16.8  CORRECTNESS OF NOTE REGISTER                                       19

17.  CHANGES OF NOTE REGISTRAR                                                20

     17.1  REMOVAL                                                            20

     17.2  RESIGNATION                                                        20

     17.3  LIMITATION                                                         20

18.  GENERAL                                                                  20

     18.1  COMMUNICATIONS TO OFFSHORE NOTEHOLDERS                             20

     18.2  AGENCY                                                             20

     18.3  IDENTITY                                                           21

     18.4  NO SET-OFF                                                         21

     18.5  RELIANCE                                                           21

     18.6  ENTITLED TO DEAL                                                   21

     18.7  CONSULTATION                                                       22

     18.8  DUTIES                                                             22

     18.9  INCOME TAX RETURNS                                                 22

     18.10 TAXES                                                              22

     18.11 WRITTEN INSTRUCTIONS                                               22

     18.12 NO REPRESENTATIONS                                                 22

     18.13 EUROPEAN UNION TAX DIRECTIVE                                       22

     18.14 KNOW YOUR CUSTOMER                                                 23

19.  CHANGES IN PAYING AGENTS AND CALCULATION AGENT                           23

     19.1  REMOVAL                                                            23

     19.2  RESIGNATION                                                        24

     19.3  LIMITATION                                                         24

     19.4  DELIVERY OF AMOUNTS                                                25

     19.5  SUCCESSOR TO PAYING AGENTS                                         25

     19.6  SUCCESSOR TO CALCULATION AGENT                                     26

     19.7  SUCCESSOR TO NOTE REGISTRAR                                        26

     19.8  NOTICE TO OFFSHORE NOTEHOLDERS                                     27

     19.9  CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE                        27

20.  FEES AND EXPENSES                                                        28

21.  WAIVERS, REMEDIES CUMULATIVE                                             29

22.  SEVERABILITY OF PROVISIONS                                               29

23.  ASSIGNMENTS                                                              29

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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24.  NOTICES                                                                  29

     24.1  GENERAL                                                            29

     24.2  DETAILS                                                            30

     24.3  COMMUNICATION THROUGH PRINCIPAL PAYING AGENT                       32

25.  LIMITED RECOURSE                                                         32

     25.1  GENERAL                                                            32

     25.2  LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY             32

     25.3  UNRESTRICTED REMEDIES                                              33

     25.4  RESTRICTED REMEDIES                                                33

26.  COUNTERPARTS                                                             34

27.  GOVERNING LAW                                                            34

28.  SUCCESSOR TRUSTEE                                                        34

29.  COMPLIANCE WITH REGULATION AB: OTHER "SERVICING FUNCTION

     PARTICIPANTS"                                                            34

     29.1  INTENT OF THE PARTIES, REASONABLENESS                              34

     29.2  INFORMATION TO BE PROVIDED BY THE SERVICING

           FUNCTION PARTICIPANT                                               35

     29.3  REPORT ON ASSESSMENT OF COMPLIANCE AND ATTESTATION                 36

     29.4  USE OF SUBSERVICERS AND SUBCONTRACTORS                             37

30.  ANTI-MONEY LAUNDERING                                                    37

SCHEDULE 1                                                                    41

     SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE           41

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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DATE                      19 September                           2006

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PARTIES

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      1.    PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)

            incorporated in Australia and registered in Victoria of Level 12

            Angel Place, 123 Pitt Street, Sydney, New South Wales 2000 in its

            capacity as trustee of the Crusade Global Trust No. 2 of 2006 (the

            TRUSTEE);

      2.    CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in

            Australia and registered in New South Wales of 4-16 Montgomery

            Street, Kogarah, New South Wales 2217, as Manager in relation to the

            Crusade Global Trust No. 2 of 2006 (the MANAGER);

      3.    THE BANK OF NEW YORK acting through its office at 101 Barclay

            Street, Floor 21 West, New York, New York 10286, United States of

            America as principal paying agent for the Class A-1 Notes described

            below and acting through its office at 48th Floor, 1 Canada Square,

            London E14 5AL, United Kingdom as principal paying agent for the

            Class A-2 Notes described below (together the PRINCIPAL PAYING

            AGENT, which expression shall, wherever the context requires,

            include any successor principal paying agent from time to time under

            this agreement and, except where the context otherwise requires, the

            Principal Paying Agent and any additional paying agent or paying

            agents appointed under this agreement are PAYING AGENTS and each of

            them is a PAYING AGENT); acting through its office at 101 Barclay

            Street, Floor 21 West, New York, New York 10286, United States of

            America as note registrar in relation to the Class A-1 Notes

            described below (the CLASS A-1 NOTE REGISTRAR, which expression

            shall, whenever the context requires, include any successor note

            registrar from time to time under this agreement); acting through

            its office at 48th Floor, 1 Canada Square, London E14 5AL, United

            Kingdom as note registrar in relation to the Class A-2 Notes

            described below (the CLASS A-2 NOTE REGISTRAR, which expression

            shall, whenever the context requires, include any successor note

            registrar from time to time under this agreement); and as trustee

            for the Offshore Noteholders (the NOTE TRUSTEE, which expression

            shall, wherever the context requires, include any other trustee or

            trustees from time to time under the Note Trust Deed); and

      4.    THE BANK OF NEW YORK of 48th Floor, 1 Canada Square, London E14 5AL,

            United Kingdom as calculation agent in relation to the Offshore

            Notes described below (the CALCULATION AGENT, which expression

            shall, wherever the context requires, include any successor

            calculation agent from time to time).

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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RECITALS

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      A     The Trustee proposes to issue US$1,200,000,000 of Class A-1 mortgage

            backed pass through floating rate Notes (the CLASS A-1 NOTES),

            (euro)450,000,000 of Class A-2 mortgage backed pass through floating

            rates Notes (the CLASS A-2 NOTES), and A$677,500,000 of mortgage

            backed pass through floating rate Notes comprising A$600,000,000

            Class A-3 Notes, A$53,200,000 Class B Notes and A$24,300,000 Class C

            Notes (together the A$ NOTES) each with a Final Maturity Date

            falling in November 2037.

      B     The Offshore Notes will be represented initially by one or more

            Class A-1 Book-Entry Notes and one or more Class A-2 Book-Entry

            Notes (the BOOK-ENTRY NOTES).

      C     The Offshore Notes, upon original issue, will be issued in the form

            of typewritten Book-Entry Notes representing the Book-Entry Notes.

            The Trustee shall, on the date of this deed, deliver or arrange the

            delivery on its behalf of the Book-Entry Notes to the relevant

            Common Depository, as agent for the relevant Clearing Agency. The

            Book-Entry Notes shall initially be registered on the relevant Note

            Register in the name of the relevant Common Depository, as nominee

            of the relevant Clearing Agency, and no Class A Note Owner will

            receive a Definitive Class A Note representing such Class A Note

            Owner's interest in such Offshore Note, except as provided in the

            Note Trust Deed.

      D     The Offshore Notes will be constituted by the Note Trust Deed, the

            Supplementary Terms Notice and the Master Trust Deed.

      E     The Offshore Notes will be secured on the terms of the Security

            Trust Deed.

      F     The Trustee wishes to appoint the Principal Paying Agent as

            principal paying agent in respect of the Offshore Notes only and has

            entered into this agreement to provide for the terms and conditions

            of that appointment.

      G     The Trustee wishes to appoint the Calculation Agent as its reference

            agent in respect of the Offshore Notes only and has entered into

            this agreement to provide for the terms and conditions of that

            appointment.

      H     The Trustee wishes to appoint the Class A-1 Note Registrar in

            respect of the Class A-1 Notes only and the Class A-2 Note Registrar

            in respect of the Class A-2 Notes only and has entered into this

            agreement to provide for the terms and conditions of that

            appointment.

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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IT IS AGREED as follows.

1. DEFINITIONS AND INTERPRETATION

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1.1     DEFINITIONS

        The following definitions apply unless the context requires otherwise.

        EU TAX DIRECTIVE means the European Union Council Directive 2003/48/EC

        on the taxation of savings income which was adopted on 3 June 2003, or

        any law or regulation implementing or complying with, or introduced to

        conform with such directive.

        MASTER TRUST DEED means the Master Trust Deed for the Crusade Trusts

        dated 14 March 1998 between the Trustee as trustee, St.George Bank

        Limited and the Manager.

        NOTE PARTY has the meaning given to that term in clause 18.2.

        NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated

        14 September 2006 issued under the Master Trust Deed in relation to the

        Trust.

        OFFSHORE NOTES means each of the Class A-1 Notes and the Class A-2

        Notes.

        PAYING OFFICE means, in relation to a Paying Agent and any Offshore

        Notes, the office of the Paying Agent specified in the relevant Offshore

        Notes or otherwise under this agreement or the Note Trust Deed as the

        office at which payments in respect of the Offshore Notes will be made

        as changed from time to time in accordance with this agreement.

        SPECIFIED OFFICE means, in relation to the Calculation Agent, the office

        of the Calculation Agent specified under this agreement as the office at

        which the Calculation Agent will carry out its duties under this

        agreement, and initially means its office at 48th Floor, 1 Canada

        Square, London E14 5AL, United Kingdom.

        SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated on

        or about the date of this agreement relating to the Trust.

        TRUST means the trust known as the Crusade Global Trust No. 2 of 2006

        established under the Notice of Creation of Trust, the Master Trust Deed

        and the Supplementary Terms Notice.

1.2     DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE, NOTE TRUST

        DEED AND CONDITIONS

        (a)     Words and expressions which are defined in the Master Trust Deed

                (as amended by the Supplementary Terms Notice), the

                Supplementary Terms Notice, the Note Trust Deed and the relevant

                Conditions (including by reference to another agreement) have

                the same meanings when used in this agreement unless the context

                otherwise requires or unless otherwise defined in this

                agreement.

        (b)     If a definition in any of the documents in paragraph (a) above

                is inconsistent, the definitions will prevail in the following

                order:

                (i)     definition in this agreement;

                (ii)    definition in the Supplementary Terms Notice;

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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                (iii)   definition in the Master Trust Deed;

                (iv)    definition in the Note Trust Deed;

                (v)     definition in the relevant Conditions.

1.3     INTERPRETATION

        Clause 1.2 of the Master Trust Deed applies to this agreement as if set

        out in full and:

        (a)     a reference to an ASSET includes any real or personal, present

                or future, tangible or intangible property or asset and any

                right, interest, revenue or benefit in, under or derived from

                the property or asset;

        (b)     a reference to an amount for which a person is CONTINGENTLY

                LIABLE includes an amount which that person may become actually

                or contingently liable to pay if a contingency occurs, whether

                or not that liability will actually arise; and

        (c)     all references to costs or charges or expenses include GST, any

                value added tax or similar tax charged or chargeable in respect

                of the charge or expense.

1.4     DOCUMENT OR AGREEMENT

        A reference to:

        (a)     an AGREEMENT includes a Security Interest, guarantee,

                undertaking, deed, agreement or legally enforceable arrangement

                whether or not in writing; and

        (b)     a DOCUMENT includes an agreement (as so defined) in writing or a

                certificate, notice, instrument or document.

        A reference to a specific agreement or document includes it as amended,

        novated, supplemented or replaced from time to time, except to the

        extent prohibited by this agreement.

1.5     TRANSACTION DOCUMENT

        This agreement is a TRANSACTION DOCUMENT for the purposes of the Master

        Trust Deed.

1.6     TRUSTEE AS TRUSTEE

        (a)     In this agreement, except where provided to the contrary:

                (i)     a reference to the Trustee is a reference to the Trustee

                        in its capacity as trustee of the Trust only, and in no

                        other capacity; and

                (ii)    a reference to the assets, business, property or

                        undertaking of the Trustee is a reference to the assets,

                        business, property or undertaking of the Trustee only in

                        the capacity described in sub-paragraph (i) above.

        (b)     The rights and obligations of the parties under this agreement

                relate only to the Trust, and do not relate to any other Trust

                (as defined in the Master Trust Deed).

1.7     NOTE TRUSTEE AS NOTE TRUSTEE

        The Note Trustee enters into this agreement for itself and for and as

        trustee for and on behalf of the Offshore Noteholders from time to time

        under and subject to the terms of the Note Trust Deed.

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AGENCY AGREEMENT                                          ALLENS ARTHUR ROBINSON

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2.      APPOINTMENT OF PAYING AGENTS

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        (a)     Subject to the terms of this agreement, the Trustee (acting on

                the direction of the Manager) appoints the Principal Paying

                Agent as its principal paying agent and each other Paying Agent

                as its paying agent, for making payments in respect of the

                Offshore Notes in accordance with the Transaction Documents and

                the relevant Conditions at their respective Paying Offices. The

                Principal Paying Agent accepts its appointment under this

                agreement.

        (b)     Except in clause 19 and as the context otherwise requires,

                references to the Principal Paying Agent are to it acting solely

                through its Paying Office.

        (c)     If at any time there is more than one Paying Agent, the

                obligations of the Paying Agents under this agreement shall be

                several and not joint.

        It is acknowledged and agreed that:

                (i)     subject to clause 7, the Principal Paying Agent is the

                        agent of the Trustee in its capacity as trustee of the

                        Trust only; and

                (ii)    despite anything else in this agreement, any other

                        Transaction Document or at law, the Trustee in its

                        personal capacity is not responsible for any act or

                        omission of the Principal Paying Agent or any other

                        Paying Agent except to the extent of losses, costs,

                        claims or damages caused by the fraud, negligence or

                        Default of the Trustee.

3.      PAYMENT

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3.1     PAYMENT BY TRUSTEE

        (a)     The Trustee shall, with the assistance of and, at the direction

                of the Manager, not later than 10.00 am (New York time) on each

                Payment Date, pay to or to the order of, or procure payment to

                or to the order of, the Principal Paying Agent (including where

                relevant in clause 3.9) the amount in US$ as may be required

                (after taking account of any cash then held by the Principal

                Paying Agent and available for the purpose) to be made on each

                Payment Date under the Supplementary Terms Notice in respect of

                the Class A-1 Notes and the relevant Conditions.

        (b)     The Trustee shall, with the assistance of and at the direction

                of the Manager, not later than 10.00 am (London time) on each

                Payment Date, pay to or to the order of, or procure payment to

                or to the order of, the Principal Paying Agent (including where

                relevant in clause 3.9) the amount in Euros as may be required

                (after taking account of any cash then held by the Principal

                Paying Agent and available for the purpose) to be made on that

                Payment Date under the Supplementary Terms Notice in respect of

                the Class A-2 Notes and the relevant Conditions.

3.2     CONFIRMATION

        Not later than 4.00 pm (Sydney time) on each Determination Date, the

        Manager on behalf of the Trustee shall notify, or procure notification

        to, the Principal Paying Agent and the Note Trustee of the amount of

        interest or principal payable in respect of the Offshore Notes on the

        Payment Date following that Determination Date. The Trustee or if

        required by the Trustee, the Manager on its

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AGENCY AGREEMENT          &