Secured funding

Legal terms and conditions for Macquarie Securitisation Limited and Macquarie Securities Management Pty Limited website

Site content

The following terms and conditions of this Agreement ("Agreement") apply to all services, programmes, information and products that you use or otherwise access through this Web site ("Site") from time to time provided by the Manager, where "Manager" means Macquarie Securitisation Limited, ABN 16 003 297 336 ("MSL") in connection with PUMA and POLAR and means Macquarie Securities Management Pty Limited, ABN 26 003 435 443 ("MSM"), in connection with SMART and ARC Funding Limited (collectively, the "Service"). If you do not agree with these terms and conditions, you should immediately cease use of the Site and cease use of all information and materials you obtained through the Site. You agree that you will use the Service solely for your benefit and your internal business purposes, and you will not use the Service for the benefit of any third party, including any of your affiliates.

The material on this Site has been made available for informational purposes and as a matter of historical record only. The Manager reserves the right to amend or revise any information contained herein at any time without notification. However, the Manager has no duty to update the information, and you should assume that all dated information is accurate only as of the date indicated.

Information regarding securities issued by the trustee of each of the PUMA sub-funds and the SMART series trusts and each series of securities of POLAR Finance Limited and ARC Funding Limited is contained in the relevant offering document, which may be available on this Site. The information provided on this Site is not intended to be a complete discussion of all material information about the Manager and the securities. All of the information on this Site relating to the Manager and the securities is qualified in its entirety by the relevant offering document and any supplemental information. You should not rely on the information contained in this Site.

Investments in the securities do not represent deposits or other liabilities of Macquarie Bank Limited, ABN 46 008 583 542, the Manager or any other member of the Macquarie Group Limited group and are subject to investment risk, including possible delays in repayment and loss of income and principal invested.

None of Macquarie Bank Limited, the Manager, any other member of the Macquarie Group Limited group or any other party associated with any of the PUMA sub-funds or the SMART series trusts, POLAR Finance Limited or ARC Funding Limited in any way guarantees any particular rate of return on, the performance of or the payment of interest or repayment of principal due on the securities.

None of the obligations of the Manager, the trustee of any of the PUMA sub-funds or the SMART series trusts, POLAR Finance Limited or ARC Funding Limited are guaranteed in any way by Macquarie Bank Limited or any other member of the Macquarie Group Limited group.

Jurisdiction issues

This Site is controlled, operated and administered by the Manager from its offices in Sydney, Australia. The Service, Content (defined below) and products discussed in this Site are available only to professional investors, and the information provided through the Site is only for the use of such persons. Nothing on this Site shall be considered a solicitation to buy or an offer to sell securities or any other financial instrument to any person. The Manager makes no representations that Content is appropriate for use in all locations, or that transactions, products, instruments or services discussed are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Those who access this Site do so on their own initiative, and are responsible for compliance with applicable local laws or regulations.

Proprietary rights of the Manager

The Manager has expended substantial time, effort and funds to create the Service. You acknowledge and agree that the Manager and its affiliates exclusively own or have been licensed by third parties to use all rights, title and interest in the Service and the information, data, databases, images, sound recordings, audio and visual clips and other content provided by the Manager through the Service (individually and collectively, the "Content").

You shall not remove or modify any copyright or other notice placed on Content. You shall use the Service and Content solely for your own internal use, and not for the benefit of any third party. In no event shall you display, circulate, publish, retransmit, redistribute, reproduce or sell all or any part of Content outside of your business organization by any means or medium now or hereafter created. If you are required by a court of law or other judicial process to disclose any Content, you may do so and you agree to notify the Manager of the disclosure immediately.

Under no circumstances should any Content be used or considered an offer to sell or a solicitation of any offer to buy the securities or any other instruments of:

1. the trustee of any of the PUMA sub-funds or the SMART series trusts
2. POLAR Finance Limited
3. ARC Funding Limited, or
4. any other issuer.

Any information or services accessible via the Site are intended to be available only to professional investors. The viewing or distribution of the Site may be restricted by law in certain jurisdictions. Persons using the Site are required to inform themselves about and observe any legal restrictions on the use of this Site and any restrictions set forth in the Site. The Site does not constitute an offer of, or a solicitation to purchase securities or any other financial instrument in any jurisdiction. Any purchase, sale or transfer of securities of the trustee of any of the PUMA sub-funds or the SMART series trusts or securities of POLAR Finance Limited or ARC Funding Limited is subject to applicable laws and regulations and the selling and transfer restrictions described in the relevant offering documents. Persons using this Site must inform themselves about, and observe, any such laws, regulations and restrictions. If you wish to obtain further details about any information contained through this Service, there are several areas on the Site that will provide you with contacts information.

Past performance

Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those shown.

Linked sites

Certain links are provided which may lead to Web sites maintained by third parties over which the Manager has no control. The Manager and each member of the Macquarie Group Limited group take no responsibility for the content, accuracy, completeness, timeliness or current value or any aspect of that material and disclaim any liability to you for such material or for any consequence of your decision to use the links provided or your use of such material. The Manager and each member of the Macquarie Group Limited group also disclaim all liability and make no representations or warranties for any products or services sold or provided to you through one of those sites by any third party, including affiliates of the Manager. Your purchase of products or services through one of those other sites is subject to agreements and/or the terms and conditions in effect between you and the providers of products and services at those other sites. You agree that you shall not bring a suit or claim against the Manager, any of its affiliates or their officers, directors, employees, contractors, agents or other suppliers arising from or based on your purchase or use of products or services through those other sites. Links do not imply that the Manager of this Site sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, tradename, logo or copyright symbol displayed in or accessible through the links, or that any linked site is authorized to use any trademark, trade name, logo or copyright symbol of the Manager or any of its affiliates.

No warranty

This section applies to all Content available through the Service. You acknowledge that Content provided through the Service is not intended to be a recommendation, offer or solicitation of any particular products or services. In addition, all research, analysis and similar market information provided represent the views and opinions solely of the author or the indicated source. The Manager does not independently verify the accuracy or completeness of such Content, nor does the Manager endorse any particular views expressed therein. The Manager and each other member of the Macquarie Group Limited group take no responsibility for the accuracy, content or any aspect of Content and disclaim all and any liability to any person for Content and in respect of anything and the consequences of anything done or omitted to be done by any person in reliance, whether whole or partial, upon Content. You agree that you shall independently confirm any information presented to you through the Service, and if necessary take appropriate professional advice, before relying on such information. The Manager, its affiliates and their officers, directors, employees, contractors, agents and other suppliers have no duty to correct or update any inaccurate or out-of-date Content.

Important note: Nothing contained in these terms or conditions excludes, restricts or modifies any statutory condition, warranty or other obligation which is applicable to these terms and conditions or the Services supplied hereunder where to do so is unlawful. If permitted by the legislation containing such condition or warranty, however, the Manager and/or its affiliate's liability for any breach of any such warranty or condition is hereby limited to either:

• the supply the Services again, or
• the correction of the Services,

as the Manager and/or its affiliates at their sole discretion may determine to be necessary to correct the said breach.

Downloaded content

It is up to you to take precautions to ensure that information and Content you download or otherwise select for your use is free of viruses and other destructive items.

Term and termination of Agreement

The most current form of this Agreement posted at this Site applies each time you access the Site. You should review the Agreement each time you access the Site. The Manager may terminate this Agreement, in whole or with respect to a Service, with or without cause, at any time immediately upon notice posted at the Site. After the termination of this Agreement or Service, you are not authorized to access or use the Service or Content, and you shall cease all such access and use. If you nonetheless access or use the Service or Content in spite of termination of the Agreement, your use of or access to the Service or Content will be subject to the version of the Agreement then in effect as to all current users.

Changes to Agreement and Service

The Manager may make changes to this Agreement at any time. Your continued use of the Site indicates your continued agreement to be bound by this Agreement, as changed from time to time. You should view this Agreement often to stay informed of changes that may affect you. You agree to check the Service on a regular basis to receive important and timely notices from the Manager. The Manager may also make changes to the Service and Content, including discontinuing any Service or Content. The Manager reserves the right to do so without prior notice to you.

Compliance with laws and indemnity

The Service and Content may be used only for lawful purposes. Your conduct may be subject to local, state, national and international laws. You agree that you shall comply with applicable laws, rules, regulations, ordinances and other similar national and international requirements of the country, state and province in which you are accessing and using the Service and Content.

You agree to abide by applicable export control laws and not to transfer, by electronic transmission or otherwise, any Content subject to restrictions under such laws to a national destination prohibited under such laws, without first obtaining, and then complying with, any requisite government authorization. You further agree not to upload to the Service any data or software that cannot be exported without prior written government authorization, including, but not limited to, certain encryption software. This assurance and commitment shall survive termination of this Agreement.

You agree to defend, indemnify and hold harmless the Manager, its affiliates and their officers, directors, employees, agents, contractors and other suppliers from all liabilities, claims and expenses, including attorneys fees, that arise from a breach of this Agreement for which you are responsible, or from third party claims arising from your use of the Service or Content. The Manager reserves the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. Notwithstanding the foregoing, you are not required to indemnify the Manager for its own violations of applicable laws.

US conditions

Except where otherwise specifically provided in the relevant offering document, the securities have not been registered with the U.S. Securities and Exchange Commission or any state securities commission and may not be offered, sold or resold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) except in transactions exempt from the Securities Act. You should refer to the relevant offering document for information regarding restrictions on resale and transfer that may be applicable.

UK conditions

The information appearing on this Site is general information about the MSL Securitisation programme and the MSM Securitisation programme only and is not to be relied upon as being complete, accurate, or up to date and is subject to change. The information contained in this Site is not to be used for any purpose other than providing factual historical data, and is not to be construed as an indication or prediction of future results. In preparing the information, the Manager has not taken into consideration the financial situation or investment objectives of any customer.

The material on this Site is directed in the United Kingdom only to:

1. persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"),
2. high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order, or
3. persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). Each person who accesses this Site in or from the United Kingdom will be deemed to have represented, acknowledged and agreed that it is a Relevant Person.

EEA conditions

The material on this Site is directed, in member states of the European Economic Area (each, a "relevant member state"), only at persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). Each person who accesses this Site in or from a member state of the European Economic Area will be deemed to have represented, acknowledged and agreed that it is a Qualified Investor.

Australian conditions

This material on this site has been prepared on a confidential basis for distribution only to professional investors whose ordinary business includes the buying or selling of securities. This material is not intended for, should not be distributed to, and should not be construed as an offer or invitation to, any other person.

None of the material on this site constitutes a "Product Disclosure Statement" for the purposes of Chapter 7 of the Corporations Act 2001 nor is it required to be lodged with the Australian Securities and Investments Commission under the Corporations Act 2001 as each offer for the issue of, any invitation to apply for the issue of, any offer for sale of, any invitation for offers to purchase, any securities to a person under any such material: (a) will be for a minimum amount payable on acceptance of the offer or application (as the case may be) of at least A$500,000; or (b) does not otherwise require disclosure to a person under Part 6D.2 of the Corporations Act 2001 and is not made to a person who is a Retail Client.

No action has been taken or will be taken which would permit a public offering of any securities described in the material on this site, or possession or distribution of any such material, in any country or jurisdiction where action for that purpose is required.

Limitation of liability

You acknowledge that neither the manager and its affiliates nor their officers, directors, employees, agents, contractors or other suppliers makes any warranties or guarantees with respect to the service and content, including without limitation, warranties regarding the accuracy of completeness of any content, or warranties of merchantability oe fitness for a particular purpose. The manager and such persons shall not be liable to you for any loss, cost, damage or other injury, whether in contract, tort, negligence or otherwise, arising out of or caused in whole or in part by:

1. your use of or reliance on the service or content
2. the manager's performance of its obligations under or in connection with this agreement.

The manager does not represent, warrant or guarantee that the servicve or content will be free from errors or will be available. In no event will the manager and its affiliates or their officers, directors, employees, agents, contractors or other suppliers be liable to you or any third party for any punitive, consequential, special or similar damages, including but not limited to loss of profit, loss of business, loss of or damage to goodwill, loss of data or for business interruption or any expectation benefit, even if advised of the possibility of such damage.

In any jurisdictions that do not allow the exclusion or limitation of liability for certain damages, the liability of the Manager, its affiliates and their officers, directors, employees, agents, contractors and other suppliers shall be limited in accordance with this agreement to the maximum extent permitted by law.

The Manager, its affiliates and their officers, directors, employees, agents, contractors and other suppliers shall not be liable for any loss, cost or damage due to causes beyond their control. You understand that the Manager accepts no responsibility for security of information on the Internet.

Without limiting any of the foregoing, if the Manager, its affiliates or any of their officers, directors, employees, agents, contractors or other suppliers is found liable to you for any claims or matters arising under or in connection with this Agreement, the Manager and such parties' aggregate and maximum liability for all such matters and claims in any calendar year shall not exceed A$10,000.

Miscellaneous

This Agreement represents your entire agreement with the Manager with respect to your access and use of the Site and Content. This Agreement does not confer any rights, remedies or benefits upon any person other than you and the Manager. This Agreement may only be amended in the manner described in the Section "Changes to Agreement and Service" above. You may not assign this Agreement without the prior written consent of the Manager. This Agreement shall be binding on and inure to the benefit of the parties and their respective successors and assigns. The following Sections shall survive termination:

• Site content
• Jurisdiction issues
• Proprietary rights of the Manager
• Lo warranty
• Compliance with laws and indemnity
• Limitation of liability
• Miscellaneous.

Should any provision of this Agreement be held to be void, invalid, unenforceable or illegal by a proper legal authority, the validity and enforceability of the other provisions shall not be affected. This Agreement shall be governed by and construed under the law of New South Wales, Australia. You hereby consent and submit to jurisdiction in New South Wales, Australia. You hereby irrevocably waive your rights to a jury trial.

Electronic acceptance of Agreement

You should accept the Agreement electronically by clicking on the "I accept" button below. Your action in clicking on that button signifies that you agree to be bound to this Agreement. You represent and warrant that the individual who accepts this Agreement on your behalf is your duly authorized representative, having the power and authority to bind you to this Agreement. Such acceptance and Agreement shall be deemed to be as effective as execution of this Agreement by a written signature performed manually by you, and this Agreement shall be deemed to satisfy any writings requirements of any applicable law, notwithstanding that the Agreement is written and accepted electronically. Our records of the date on which you accept this Agreement, and the effective date of all future changes to this Agreement, shall be conclusive evidence as to the effective date.

Our electronically or other properly stored copy of this Agreement shall be deemed to be the true, complete, valid, authentic and enforceable copy of this Agreement. You agree that you shall not contest the admissibility or enforceability of the Manager's copy of this Agreement, as amended, in a court for any proceedings arising out of this Agreement.

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