IDOL Trust. Secondary Contact: Luke Elder, Melbourne (61) ; Reliance On Lenders' Mortgage Insurance

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1 Presale: IDOL Trust Primary Credit Analyst: Justin Rockman, Melbourne (61) ; Secondary Contact: Luke Elder, Melbourne (61) ; Table Of Contents Rationale Strengths And Weaknesses Notable Features Transaction Structure Note Terms And Conditions Reliance On Lenders' Mortgage Insurance Rating-Transition Analysis Origination And Servicing Credit Assessment Loan Pool Profile Cash-Flow Analysis Legal And Counterparty Risks Issuer Disclosure MARCH 13,

2 Table Of Contents (cont.) Analytical Contacts Related Criteria And Research MARCH 13,

3 Presale: IDOL Trust This presale report is based on information as of March 14, The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Preliminary Ratings As Of March 14, 2016 Class Preliminary rating* Preliminary amount (mil. A$) Credit support before credit is given to mortgage insurance (%) Credit support after credit is given to mortgage insurance (%) Credit support provided (%) A AAA(sf) AB AAA (sf) B NR 25.0 N/A N/A N/A *The rating on each class of securities is preliminary and subject to change at any time. NR--Not rated. N/A--Not applicable. Profile Expected closing date March 2016 Final maturity date March 2047 Collateral Issuer Servicer Primary credit enhancement Fully amortizing and interest-only, reverting to fully amortizing Australian-dollar loans to prime-quality borrowers, maturing no later than 18 months before the final maturity date, secured by first-registered mortgages over Australian residential properties Perpetual Corporate Trust Ltd. as trustee of IDOL Trust ING Bank (Australia) Ltd. Primary credit enhancement: Lenders' mortgage insurance covering 100% of the principal balance of all loans, plus accrued interest and reasonable costs of enforcement. For the class A notes, the subordination of the class AB and class B notes. For the class AB notes the subordination of the class B notes. Excess spread, if any, will be used to offset losses in priority to any distribution to the beneficiary Supporting Ratings Lenders' mortgage insurers Interest-rate swap provider Liquidity facility provider QBE Lenders' Mortgage Insurance Ltd. and Genworth Financial Mortgage Insurance Pty Ltd. ING Bank N.V (Sydney Branch) ING Bank (Australia) Ltd. Loan Pool Statistics As Of Jan. 31, 2016 Total number of loans 1,544 Total value of loans (A$) 499,999,936 Current maximum loan size (A$) 1,222,553 Average loan size (A$) 323,834 Maximum current loan-to-value (LTV) ratio (%) 93.5 Weighted-average current LTV ratio (%) 66.7 Weighted-average loan seasoning (months) 27.5 Note: All portfolio statistics are calculated on a consolidated loan basis. MARCH 13,

4 Rationale The ratings assigned by Standard & Poor's Ratings Services to the prime floating-rate residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of the IDOL Trust take into account the following factors. The credit risk of the underlying collateral portfolio (discussed in more detail under "Credit Assessment") and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and lenders' mortgage insurance (LMI) cover. Subordination provided to the class A and class AB notes is in excess of our opinion of the minimum 'AAA (sf)' level of credit support when giving no credit to LMI. Our assessment of credit risk takes into account the underwriting standards and approval process of ING Bank (Australia) Ltd. (ING Bank Australia), which are consistent with industry-wide practices; the servicing quality of ING Bank Australia (discussed in more detail under "Origination And Servicing"); and the support provided by the LMI policies on all the loans in the portfolio. The LMI policies on the insured loans provide 100% cover for the outstanding principal of each insured loan, accrued interest, and reasonable selling costs. The notes can meet timely payment of interest, and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the interest-rate swap, the principal draw function, the provision of a liquidity facility, and the provision of an extraordinary expenses reserve--fully funded by ING Bank Australia at closing to cover extraordinary expenses--sized at a level consistent with the ratings. Our analysis is on the basis that the notes are fully redeemed by their legal final maturity date and we do not assume the notes are called at or beyond the call-option date. Our ratings also take into account the counterparty exposure to ING Bank N.V. (Sydney branch) (ING Bank) as interest-rate swap provider. Some 10.0% of the portfolio comprises loans for which the interest rate is fixed for up to five years. An interest-rate swap has been provided by ING Bank to hedge the mismatch between the fixed-rate receipts on the fixed-rate loans and the floating-rate interest payable on the notes (discussed in more details under "Interest-Rate Risk"). This counterparty exposure meets Standard & Poor's counterparty criteria. We also have factored into our ratings the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. Strengths And Weaknesses Strengths The strengths of the transaction observed in the rating analysis are: For the class A notes, the 8.0% credit support provided by the subordinated class AB and B notes. For the class AB notes, the 5.0% credit support provided by the subordinated class B note. The credit support provided to the class A and class AB note exceeds Standard & Poor's credit enhancement at the 'AAA (sf)' rating level when giving no credit to LMI. The pool is made up entirely of full-documentation loans, for which the income of the borrower has been fully MARCH 13,

5 verified. The pool contains 63.0% of loans with a current loan-to-value (LTV) ratio of less than or equal to 75%, with a weighted-average current LTV ratio of 66.7%. Standard & Poor's recognizes that the more equity that borrowers have in their property, the less likely they are to default. This factor is reflected in the credit analysis. Weaknesses The main weaknesses identified with respect to the transaction are: Yield strain will occur in this transaction because the weighted-average coupon payable on the notes increases as the senior notes repay. In our cash-flow analysis, we considered the impact on the cash flow of the interest-rate swaps in place. Approximately 37.3% of the portfolio consists of loans made to refinance existing debt. When the refinancing involves debt consolidation or cash or equity take-out, we assume the default frequency on these loans is higher to reflect the situation in which a borrowing is against the build up of equity in a property because we believe this increases the likelihood of default by the borrower. The pool has a 15.0% exposure by current balance to loans secured by properties in nonmetropolitan areas. Standard & Poor's assumes a higher default frequency for these loans to reflect these concentrations, and assumes a longer realization period for loans secured by nonmetropolitan properties. This reflects the weaker employment trends and longer selling period that tend to occur in nonmetropolitan areas. Approximately 19.9% of the portfolio consists of loans to investors. Standard & Poor's assumes the default frequency on these loans are higher, to reflect the potential greater risk of default compared with loans for home purchase. There are step-down provisions for principal pass through to the class AB and class B notes under certain circumstances (refer to "Pro-Rata paydown triggers"). Notable Features Issuance of class A-R notes The trust manager may redeem all, but not some only, of the class A notes on each payment date starting from March 2023 (the class A refinancing date), with the issuance of class A-R notes. If the class A-R notes are not issued, then the class A notes will continue to amortize until the legal final maturity date with the initial issuance margin. If the class A-R notes are issued, then the margin on the class A-R notes must not be more than the class A notes' margin on closing. The trust may only issue class A-R notes with an initial invested amount equal to the outstanding balance of the class A notes. The proceeds of class A-R notes may only be used to repay the class A notes. If the class A or class A-R notes are not redeemed on the call date, then a step-up margin will apply to those notes. We will not assign a rating on the class A-R notes on closing because the class A refinancing date only starts seven years after closing. Issuance of class AB-R notes The trust manager may redeem all of each class, but not some only, of the class AB notes on any payment date starting from the closing date, with the issuance of a corresponding class AB-R notes. If the class AB-R refinance notes are not issued, then the AB notes will continue to amortize until the legal final maturity date. If issued, the margin on the AB-R refinance notes must not be more than the margin of the relevant AB notes on closing. MARCH 13,

6 If the class AB or class AB-R notes are not redeemed on the call date, then a step up margin will apply to those notes. The class B notes do not have a step-up margin applicable. The trust may only issue a subordinate refinance note with an initial invested amount equal to the outstanding balance of the relevant subordinate note. The proceeds from the issuance of a subordinate refinance note may only be used to repay the relevant subordinate note. Transaction Structure The structure of the transaction is shown in chart 1. Chart 1 We understand that transaction counsel will lodge the relevant financing statements on the Personal Property Securities Register in connection with the security interest. MARCH 13,

7 Note Terms And Conditions Interest payments All classes of notes are rated on a "timely interest, ultimate principal" basis. The notes are floating-rate, pass-through securities, paying a margin over the one-month bank-bill swap rate on the invested amount of the notes. Interest payments are made sequentially to each class of notes, where coupon to the unrated class B bondholders ranks subordinated below reimbursement of charge offs. If the notes are not called on the call date, then the margin on the class A (or class A-R) notes and class AB (or class AB-R) notes will increase by 0.25%. Principal allocation The class A, class AB, and class B notes have a legal final maturity on the payment date occurring in March Principal paydown for these notes can follow a pro-rata or sequential paydown structure, depending on certain pro-rata triggers (see "Pro-rata paydown triggers"). Charge offs will be first allocated to the class B notes until their outstanding balance is reduced to zero, followed by the class AB, then the class A notes. Reinstatement of losses occurs in the reverse order. The trustee may elect to call the notes in full on or after the date on which the outstanding mortgage loan balance of all loans is less than or equal to 10% of the aggregate initial mortgage loan balance. Given the pass-through nature of the notes, the actual date on which the principal amount of the notes will be fully repaid will be determined by the actual prepayment rate experience on the loan portfolio. As a result, the risk of mortgage prepayments is borne by the noteholders. Chart 2 shows the annualized prepayment speeds of the ING Bank Australia securitized loan portfolios, including noncapital-market issuance against Standard & Poor's Prepayment Index (SPPI), which is a measure of prepayment rates for Australian prime RMBS. Chart 3 shows the prepayment speeds excluding noncapital-market issuance. The prepayment speeds encompass the unscheduled principal payments on the mortgage loans. MARCH 13,

8 Chart 2 MARCH 13,

9 Chart 3 Pro-rata paydown triggers Principal repayments will occur sequentially from day one; however, if specific tests are met, then principal repayments can occur on a pro-rata basis to the class AB and class B notes. The triggers to allow pro-rata paydown are: The payment date is at least two years after transaction close. Subordination available to the class A notes provided by the class AB and B notes must not be less than 18.0%. There are no carryover charge offs to the class B notes. Average arrears greater than 60 days must not exceed 4% of the average aggregate outstanding loan amounts during the previous three months. Aggregate principal outstanding of purchased loans is not less than 10% of the initial aggregate principal outstanding. The call date has not yet occurred. If these specific tests are breached at any time during the life of the transaction, then the allocation of principal receipts must revert to a sequential allocation. MARCH 13,

10 Reliance On Lenders' Mortgage Insurance All mortgage loans are insured by either a primary or pool LMI policy provided by a mortgage insurer that has an insurer financial strength rating of at least 'A+'. The policies cover the outstanding mortgage loan principal, accrued interest, and any reasonable enforcement expenses on the defaulted loans. The rights under the primary LMI policies will be assigned to the trustee on the closing date. The policies contain terms and conditions that allow the insurer to reduce or deny a claim in certain circumstances. If a claim is reduced and results in a loss to the trust, then the issuer may be able to offset that loss by applying excess spread to cover those losses before making any distribution to beneficiaries. The overall amount of credit given to LMI is the product of the stated coverage of the LMI policy, the insurer's estimated capacity to pay for a given rating scenario, and the estimated claims payout ratio for a given issuer, under Standard & Poor's "Methodology For Assessing Mortgage Insurance And Similar Guarantees And Supports In Structured And Public Sector Finance And Covered Bonds" criteria, published on Dec. 7, To adjust for the insurer's capacity to pay, Standard & Poor's will look to the LMI provider's issuer credit rating. When sizing the credit support for the 'AAA (sf)' rated notes, Standard & Poor's gives 55% credit to the capacity to pay for 'A+' rated LMI providers. In addition, the estimated claims payout ratio for ING Bank Australia is 90%, which reflects the categorization of ING Bank Australia into CA1 due to a minimal level of claims adjustments, clearly documented servicing practices, and detailed procedures that adhere to LMI policies and procedures. The 90% claims payout ratio for ING Bank Australia is based on 10% claims adjustment rate for CA1, where the claims payout ratio is calculated as (1 - claims adjustment rate). Rating-Transition Analysis Scenario analysis: Lenders' mortgage insurance The principal rating-transition risk in most Australian prime RMBS transactions is a downward transition in the rating on one or more of the lenders' mortgage insurers. We consider the rating-transition risk for the 'AAA (sf)' rating on the class A and class AB notes to be low because the credit support from the respective subordinated notes exceeds the 'AAA (sf)' level of credit support without credit to LMI and provides a degree of protection should the ratings on the LMI providers be lowered. Given the level of credit support provided to the class A and class AB notes from day one, they are independent from the ratings on the LMI, assuming no deterioration in the asset pool. Scenario Analysis: Property market value decline We performed a scenario analysis to determine the impact on the ratings, assuming no credit to LMI, should property values decline by 10% during a short period of time. After adjusting down property values 10% and increasing LTV ratios for this impact, we applied our standard default frequency and loss-severity assumptions (45% market value decline at the 'AAA' level) to arrive at the implied credit assessments in table 1. Table 1 shows the credit support and the implied credit assessment (credit only) should this scenario occur, and all else remained constant. The implied MARCH 13,

11 ratings are taking credit into consideration only, and do not consider any yield or liquidity issues that may be relevant at the time. Table 1 Credit Support And Implied Credit Assessments Under The Scenario Class Credit support (%) Implied credit assessment pre-lmi A 6.22 aaa AB 6.22 aa LMI--Lenders' mortgage insurance. Origination And Servicing ING Bank Australia, as seller and servicer, commenced mortgage-lending operations in Australia in ING Bank Australia has been a holder of an Australian banking license since 1999, and has developed a solid business franchise in savings and deposit products, commercial loans, and residential loans. Chart 4 shows ING Bank Australia's RMBS issuance history. Chart 4 MARCH 13,

12 ING Bank Australia sources its residential mortgage loans through three channels: accredited brokers, direct channels (predominantly via the internet), and its mortgage managers. ING Bank Australia retains all authority for approval of loans through the broker and direct channels, and these pass through an internally developed automated decision-making system. ING Bank Australia obtains a credit report from Veda Advantage Services and verifies employment and financial information. The loans originated through the mortgage-manager channel are subject to the same credit policy as the broker and direct channels. Although the mortgage managers have delegated lending authority, all information is internally verified by ING Bank Australia before the settlement of each loan. The mortgage loans assigned to IDOL Trust have been originated by ING Bank Australia in the normal course of business, and have been processed in line with the approved policies, procedures, and underwriting standards of the seller. The ongoing servicing of the mortgage loans will be performed at ING Bank Australia's centralized facility in Sydney. The mortgages are serviced in accordance with ING Bank Australia's servicing procedures. ING Bank Australia, as the servicer, will also ensure a threshold-rate mechanism operates to enable rates on the mortgages to be set to cover amounts owed by the trust. ING Bank Australia measures arrears on a scheduled balance basis rather than the missed-payments arrears method. Under this arrears method, a mortgage loan is only deemed delinquent when the actual loan balance exceeds the scheduled balance. ING Bank Australia will contact a borrower for a failed direct debt and for missed payments; however, active management of arrears would not occur until the loan balance exceeds the scheduled balance. Chart 5 and chart 6 compare the level of arrears on the historical data of IDOL transactions with the aggregate level of arrears on mortgage loans collateralizing all rated RMBS transactions in Australia, as measured by Standard & Poor's Performance Index (SPIN) for Australian prime mortgages. Notwithstanding ING Bank Australia's measurement and management of arrears, the prime SPIN includes RMBS transactions that report arrears under the Australian arrears method and on a missed-payments basis. Standard & Poor's now includes noncapital market issuances in arrears statistics on mortgage loans securitized under the ING Bank Australia programs. Chart 5 includes the noncapital-market issuances and Chart 6 excludes the noncapital-market issuances. MARCH 13,

13 Chart 5 MARCH 13,

14 Chart 6 Credit Assessment The credit assessment of the loan portfolio is based on an analysis of the characteristics of each loan in the pool. The analysis is based on the current balance of each loan. In addition to the key collateral characteristics highlighted earlier under "Strengths And Weaknesses," some of the other characteristics considered are highlighted below. Borrowers have the capacity to redraw prepaid principal under each mortgage loan. Further advances are not permitted. Consequently, Standard & Poor's has increased the minimum credit support level for the transaction to reflect the borrowers' ability to access redraws on their loan facilities. By current balance, the portfolio is exposed to about 13.7% of loans with interest-only periods of up to five years. Standard & Poor's applies a higher default frequency to loans with interest-only terms to reflect the risk of payment shock at the point of conversion to principal-and-interest payments. The portfolio has a weighted-average seasoning of 27.5 months, with approximately 12.7% of the loans seasoned by more than five years. We believe a loan is less likely to default five years after origination because we have observed that the majority of losses are realized within the first five years. MARCH 13,

15 The pool is well diversified in terms of state and postcodes, and does not exceed Standard & Poor's benchmark portfolio for state and postcode concentration. Some of the borrowers in the portfolio are likely to be first-home buyers. We have assumed that 10% of loans are to first-home buyers--10% is our standard assumption when no data are available--and increased the default frequency of borrowers on this portion of the portfolio. There is evidence that first-home buyers are more likely to default on their mortgages in the event of financial distress, given their lack of experience in managing large debt obligations. We have taken into account the above factors in our credit analysis of the portfolio. A summary of the default frequency and loss severity for the total portfolio of loans is shown in table 2. Table 3 lists the five main default frequency characteristics that have deviated from the archetypical pool. Table 2 Summary Credit Analysis Total Loan Portfolio AAA (sf) (a) Default frequency (%) 9.52 (b) Loss severity (%) (c) Credit support before lenders' mortgage insurance (LMI) (a) x (b) (%) 4.00 (d) Credit to LMI (%) 1.98 (e) Credit support after LMI (c) (d) (%) 2.02 Assumptions Market value decline (%) Weighted-average recovery period (months) Interest rate through recovery period (%) 9.25 Table 3 Rating Multiples Criteria Multiple for default frequency against total pool (x) Loan purpose Location - nonmetropolitan Property occupancy Seasoning Loan-to-value ratio Loan Pool Profile The pool as of Jan. 31, 2016, is summarized in table 4. All portfolio statistics are calculated on a consolidated loan basis. Table 4 Loan Pool Characteristics Current loan size distribution (A$) Value of loans (%) Less than or equal to 100, Greater than 100,000 and less than or equal to 200, MARCH 13,

16 Table 4 Loan Pool Characteristics (cont.) Greater than 200,000 and less than or equal to 300, Greater than 300,000 and less than or equal to 400, Greater than 400,000 and less than or equal to 600, Greater than 600,000 and less than or equal to 800, Greater than 800,000 and less than or equal to 1,000, Greater than 1,000,000 and less than or equal to 1,500, Current loan-to-value ratio distribution (%) Less than or equal to Greater than 50 and less than or equal to Greater than 60 and less than or equal to Greater than 70 and less than or equal to Greater than 80 and less than or equal to Greater than Geographic distribution (by state) New South Wales and Australian Capital Territory 40.5 Victoria 27.2 Queensland 12.8 Western Australia 9.2 South Australia 8.7 Tasmania and Northern Territory 1.7 Geographic distribution Inner-city 0.7 Metropolitan 84.3 Nonmetropolitan 15.0 Seasoning Less than or equal to six months 1.0 Greater than six months and less than or equal to one year 39.1 Greater than one year and less than or equal to two years 36.1 Greater than two years and less than or equal to three years 5.6 Greater than three years and less than or equal to five years 5.5 Greater than five years 12.7 Principal amortization Fully amortizing 86.3 Interest only for up to five years, reverting to fully amortizing 13.7 Mortgage insurers Genworth Financial Mortgage Insurance Pty Ltd QBE Lenders' Mortgage Insurance Ltd Uninsured loans 0.00 Ownership type Owner-occupied MARCH 13,

17 Table 4 Loan Pool Characteristics (cont.) Investment 19.9 Employment status Self-employed 96.7 P-A-Y-E 3.3 Interest rate Fixed rate 10.0 Variable rate 90.0 Income verification Income verified Cash-Flow Analysis Our cash-flow analysis shows that the transaction has sufficient income to support timely payment of interest and ultimate repayment of principal to the rated notes under various stress scenarios commensurate with the ratings assigned. Liquidity assessment Primary liquidity support to meet senior fees, expenses, and interest shortfalls on all classes of notes is provided through the ability to draw on principal. If available income plus principal draw is insufficient, a liquidity facility provided by ING Bank Australia is available. The liquidity facility will represent 1.4% of the initial aggregate amount of all the notes. This will amortize with the note balance, subject to a floor of A$700,000. The liquidity facility will be available to meet liquidity shortfalls and enables the issuer to make timely interest payments on each coupon payment date. In the event of a downgrade of the liquidity facility provider, the liquidity facility would be fully drawn, and the monies deposited into an account of an appropriately rated bank. Extraordinary expense reserve The provision of an extraordinary expense reserve of A$150,000 allows for any additional unforeseen extraordinary expenses, providing a buffer during potential periods of stress. This will be available from the closing date. Interest-rate risk Interest-rate risk between any fixed-rate mortgage loans and the floating-rate obligations on the notes is hedged via interest-rate swaps provided by ING Bank. All fixed-rate loans in the portfolio have a maximum fixed-rate period of five years. Any variable-rate loan that converts to fixed rate after close will be repurchased out of the trust. In addition, a basis swap is provided by ING Bank Australia to hedge the basis risk associated with all variable-rate mortgage loans and the floating-rate obligations under the notes. Standard & Poor's is satisfied that the income received under the interest-rate swaps, and the use of the threshold-rate mechanism will ensure that there is sufficient yield for the trust to meet its obligations should the basis swap fall away. MARCH 13,

18 Offset reserve On the closing date of the transaction, ING Bank Australia has deposited an amount not less than 0.10% of the initial aggregate amount of all the notes into the offset reserve. Some of the mortgage loans have an existing offset arrangement, whereby interest earned on a borrower's mortgage loan account is offset against the interest that ING Bank Australia pays on the same borrower's deposit account. The transaction documents require ING Bank Australia to pay such offset amount to the trustee before each payment date. If there is any shortfall in the offset amount that ING Bank Australia may owe to the trustee on each payment date, this reserve will be made available to meet such shortfalls. Cash-flow modeling assumptions The key rating stresses and assumptions modeled at each rating level are: Analyzing and modeling the structure of the transaction to include all note balances and margins, trust expenses, liquidity facility, waterfall priority for income and principal payments, and the loss mechanism, as described in the transaction documents. Default frequency and loss severity assumed at different rating levels. Timing of defaults (table 5). Foreclosure period and time to recover sale proceeds from defaulted loans. We have assumed a recovery period of 14 months. Prepayment rates: To test potential yield shortfalls we have assumed low prepayment rates and to stress the excess spread available we have run high prepayment rate scenarios (see table 6) Modeling the cash flows of the assets based on the characteristics of the underlying collateral pool, and the effects of the interest-rate swap and basis swap. Interest rates, by varying the bank bill swap rate (BBSW) curves at each rating level. Arrears levels and cure periods. Replacement servicer fee of 0.35%, should it be necessary for ING Bank Australia to be replaced as servicer. Sequential and pro-rata principal payment structures of the notes. Table 5 Assumed Default Curves Month Front-end default curve (%) Back-end default curve (%) Base-case default curve (%) Table 6 Assumed Constant Prepayment Rates (CPR)* Transaction seasoning Low CPR scenario (% per year) Constant CPR scenario (% per year) High CPR (% per year) Up to month Month 13 to month MARCH 13,

19 Table 6 Assumed Constant Prepayment Rates (CPR)* (cont.) Month 19 to month After month *Total CPR shown is inclusive of voluntary and involuntary (defaults) prepayments. Legal And Counterparty Risks The issuer has features consistent with Standard & Poor's criteria on special-purpose entities, including the restriction on objects and powers, debt limitations, independence, and separateness. The transaction will have counterparty exposure to ING Bank as an interest-rate swap provider and bank account provider, as well as to ING Bank Australia as liquidity facility provider. The documentation of these roles requires replacement and posting of collateral if the rating of these entities falls below certain levels; these mechanisms are consistent with Standard & Poor's counterparty rating criteria. Issuer Disclosure The issuer has informed Standard & Poor's (Australia) Pty Ltd. that the issuer will be publically disclosing all relevant information about the structured finance instruments that are subject to this rating report. Analytical Contacts Primary analyst: Justin Rockman, associate, Melbourne, (61) RMBS analytical manager: Luke Elder, director, Melbourne (61) Surveillance manager: Narelle Coneybeare, director, Melbourne (61) Related Criteria And Research Related Criteria Methodology For Assessing Mortgage Insurance And Similar Guarantees And Supports In Structured And Public Sector Finance And Covered Bonds, Dec. 7, 2014 Global Framework For Assessing Operational Risk In Structured Finance Transactions, Oct. 9, 2014 Australian And New Zealand Asset Isolation And Special-Purpose Entity Criteria--Structured Finance, Aug. 21, 2013 Australian RMBS Postcode Classification Assumptions, July 10, 2013 Counterparty Risk Framework Methodology And Assumptions, June 25, 2013 Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012 Australian RMBS Rating Methodology And Assumptions, Sept. 1, 2011 Methodology And Assumptions For Analyzing The Cash Flow And Payment Structures Of Australian and New Zealand RMBS, June 2, 2010 Understanding Standard & Poor's Rating Definitions, June 3, MARCH 13,

20 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009 Related Research 2016 Outlook Assumptions For The Australian Residential Mortgage Market, Jan. 11, 2016 An Overview Of Australia's Housing Market And Residential Mortgage-Backed Securities, March 3, 2015 Industry Economic And Ratings Outlook: Australian RMBS Fundamentals Reflect A Stable Economic Environment, Sept. 30, 2014 Australia And New Zealand Structured Finance Scenario And Sensitivity Analysis: Understanding The Effects Of Macroeconomic Factors On Credit Quality, Aug. 1, 2014 Global Structured Finance Scenario And Sensitivity Analysis: Understanding The Effects Of Macroeconomic Factors On Credit Quality, July 2, 2014 RMBS Performance Watch: Australia, published quarterly RMBS Arrears Statistics: Australia, published monthly Australian Securitization News, published monthly Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services licence number under the Corporations Act Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). MARCH 13,

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