INFORMATION MEMORANDUM

INFORMATION MEMORANDUM Perpetual Trustees Victoria Limited (ABN 47 004 027 258) as trustee of the NATIONAL RMBS TRUST 2011-1 IN RESPECT OF SERIES 2011-1 A$720,000,000 Class A1 Notes A$210,000,000 Class A2 Notes A$30,000,000 Class B Notes A$40,000,000 Class C Notes Definitions of defined terms used in this Information Memorandum are contained in the Glossary. Class of Notes Class A1 Notes Class A2 Notes Class B Notes Class C Notes Initial Invested Amount per Note A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 Issue Price 100% 100.22% 100% 100% Final Maturity Date 15 June 2042 15 June 2042 15 June 2042 15 June 2042 Expected ratings: S&P AAA(sf) AAA(sf) AAA(sf) Not Rated Fitch AAAsf AAAsf AAAsf Not Rated Trust Administrator, Manager and Servicer Advantedge Financial Services Pty Limited (ABN 36 130 012 930) Arranger and Dealer National Australia Bank Limited (ABN 12 004 044 937) This Information Memorandum is dated 1 June 2011 10680913_21

DISCLAIMERS No Guarantee The Notes will be the obligations solely of Perpetual Trustees Victoria Limited in its capacity as trustee of the Trust in respect of the Series and do not represent obligations of or interests in, and are not guaranteed by, Perpetual Trustees Victoria Limited in its personal capacity, or as trustee of any other trust, or any other affiliate of Perpetual Trustees Victoria Limited. No Relevant Person in any way stands behind the value and/or performance of the Notes or the Series Assets of the Series, or guarantees the success or performance of the Notes or the Trust, nor the repayment of capital or any particular rate of capital or income return. The Notes do not represent deposits or other liabilities of National Australia Bank Limited (ABN 12 004 044 937) ( NAB ) (in its individual capacity or as Fixed Rate Swap Provider, Liability Swap Provider, Basis Swap Provider, Liquidity Facility Provider or Redemption Facility Provider and the ultimate parent of Advantedge Financial Services Pty Limited (ABN 36 130 012 930) ( Advantedge )) or any other affiliates of NAB. The holding of the Notes is subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of the obligations of Perpetual Trustees Victoria Limited, in its capacity as trustee of the Trust, or Advantedge are guaranteed in any way by NAB or any affiliate of NAB or by Perpetual Trustees Victoria Limited (in its individual capacity or as trustee of any other trust), P.T. Limited or any affiliate of Perpetual Trustees Victoria Limited. The Trustee and the Security Trustee do not guarantee the success or performance of the Trust nor the repayment of capital or any particular rate of capital or income return. The Notes are subject to Investment Risk The holding of the Notes is subject to investment risk, including possible delays in repayment and loss of income and principal invested. 10680913_21 1

IMPORTANT NOTICE Purpose This Information Memorandum relates solely to a proposed issue of Class A1 Notes and Class A2 Notes (together, the Offered Notes ) by Perpetual Trustees Victoria Limited (ABN 47 004 027 258) in its capacity as trustee ( Trustee ) of the National RMBS Trust 2011-1 ( Trust ) in respect of Series 2011-1 ( Series ). This Information Memorandum does not relate to, and is not relevant for, any other purpose than to assist the recipient to decide whether to proceed with a further investigation of the Offered Notes. Without limitation, whilst this Information Memorandum contains information relating to the Class B Notes, Class C Notes, Redraw Notes and Class A2-R Notes (together with the Class A1 Notes and Class A2 Notes, the Notes ), the Class B Notes, Class C Notes, Redraw Notes and Class A2- R Notes are not being offered for issue, nor are applications for the issue of the Class B Notes, Class C Notes, Redraw Notes or Class A2-R Notes being invited, by this Information Memorandum. Summary only This Information Memorandum is only a summary of the terms and conditions of the Offered Notes and does not purport to contain all the information a person considering investing in the Offered Notes may require. Accordingly, this Information Memorandum should not be relied upon by intending purchasers. The definitive terms and conditions of the Offered Notes and the Series are contained in the Transaction Documents, which should be reviewed by any intending purchaser. If there is any inconsistency between this Information Memorandum and the Transaction Documents, the Transaction Documents should be regarded as containing the definitive information. A copy of the Transaction Documents may be viewed by intending purchasers at the office of NAB referred to in the Directory at the back of this Information Memorandum and at such other office as may be reasonably requested by an intending purchaser and agreed by NAB and the Manager. This Information Memorandum is not, and should not be construed as, an offer or invitation to any person to subscribe for or purchase the Offered Notes, and must not be relied upon by intending purchasers of the Offered Notes. Terms and Definitions References in this Information Memorandum to various parties and documents are explained in Parts 1 and 7. Unless defined elsewhere, all other terms used in this Information Memorandum are defined in the Glossary of Terms in Part 9. Responsibility for Information Advantedge ( Manager ) has requested and authorised the distribution of this Information Memorandum and has sole responsibility for its accuracy. None of NAB in any of its capacities, the Servicer, the Trust Administrator, the Trustee, the Disposing Trustee, P.T. Limited (ABN 67 004 454 666) ( Security Trustee ), or S&P and Fitch, or any of their respective Related Parties or Associates (each as defined in the Corporations Act) each a Relevant Person ), or any external adviser to any Relevant Person makes any representation or warranty, express or implied, as to, nor assumes any responsibility or liability for, the authenticity, origin, validity, accuracy or completeness of, or 10680913_21 2

any errors or omissions in, any information, statement, opinion or forecast contained in this Information Memorandum or any previous, accompanying or subsequent material or presentation. None of the Fixed Rate Swap Provider, the Liability Swap Provider, the Basis Swap Provider, the Liquidity Facility Provider, the Redemption Facility Provider, the Dealer, the Arranger, the Servicer, the Trustee, the Disposing Trustee, the Security Trustee or the Trust Administrator have authorised, caused the issue of, or have any responsibility for, any part of this Information Memorandum. Furthermore, neither the Trustee nor the Security Trustee has had any involvement in the preparation of any part of this Information Memorandum (other than where parts of this Information Memorandum contain particular references to Perpetual Trustees Victoria Limited or P.T. Limited in their corporate capacity). No recipient of this Information Memorandum can assume that any person referred to in it has conducted any investigation or due diligence concerning, or has carried out or will carry out any independent audit of, or has independently verified or will verify, the information contained in this Information Memorandum. Preparation Date This Information Memorandum has been prepared based on information available and facts and circumstances known to the Manager as at 1 June 2011 ( Preparation Date ). The delivery of this Information Memorandum, or any offer or issue of Offered Notes, at any time after the Preparation Date does not imply, nor should it be relied upon as a representation or warranty, that: there has been no change since the Preparation Date in the affairs or financial condition of the Trust, the Series, the Trustee, the Manager or any other party named in this Information Memorandum; or the information contained in this Information Memorandum is correct at such later time. No one undertakes to review the financial condition or affairs of the Trustee, the Trust or the Series at any time or to keep a recipient of this Information Memorandum or Noteholder informed of changes in, or matters arising or coming to their attention which may affect, anything referred to in this Information Memorandum. Neither the Manager nor any other person accepts any responsibility to purchasers of the Offered Notes or intending purchasers of the Offered Notes to update this Information Memorandum after the Preparation Date with regard to information or circumstances which come to its attention after the Preparation Date. It should not be assumed that the information contained in this Information Memorandum is necessarily accurate or complete in the context of any offer to subscribe for or an invitation to subscribe for or buy any of the Offered Notes at any time after the Preparation Date, even if this Information Memorandum is circulated in conjunction with the offer or invitation. 10680913_21 3

Authorised Material No person is authorised to give any information or to make any representation which is not expressly contained in or consistent with this Information Memorandum and any information or representation not contained in this Information Memorandum must not be relied upon as having been authorised by or on behalf of NAB or the Manager. Intending Purchasers to make Independent Investment Decision This Information Memorandum is not intended to be, and does not constitute, a recommendation by the Fixed Rate Swap Provider, the Liability Swap Provider, the Basis Swap Provider, the Liquidity Facility Provider, the Redemption Facility Provider, the Dealer, the Arranger, the Manager, the Servicer, the Trust Administrator, the Trustee, the Disposing Trustee or the Security Trustee (together, the Parties ) that any person subscribe for or purchase any Offered Notes. Accordingly, any person contemplating the subscription or purchase of the Offered Notes must: make their own independent investigation of: (ii) the terms of the Offered Notes, including reviewing the Transaction Documents; and the financial condition, affairs and creditworthiness of the Trust, the Series and the Parties, after taking all appropriate advice from qualified professional persons; and base any investment decision on the investigation and advice referred to in paragraph and not on this Information Memorandum. None of the Parties or their respective Related Parties or Associates (each as defined in the Corporations Act) guarantees the payment or repayment of any moneys owing to Noteholders or any interest or principal in respect of the Offered Notes, nor do they make any statement (including, without limitation, any representation) with respect to income tax or other taxation consequences of any investment in or holding of Offered Notes. Issue not requiring disclosure to investors under the Corporations Act This Information Memorandum is not a Prospectus for the purposes of Part 6D.2 of the Corporations Act or a Product Disclosure Statement for the purposes of Chapter 7 of the Corporations Act and is not required to be lodged with the Australian Securities and Investments Commission under the Corporations Act as each offer for the issue, any invitation to apply for the issue, and any offer for the sale of, and any invitation for offers to purchase, the Offered Notes to a person under this Information Memorandum: will be for a minimum amount payable, by each person (after disregarding any amount lent by the person offering the Offered Notes (as determined under section 700(3) of the Corporations Act) or any of their associates (as determined under sections 10 to 17 of the Corporations Act) on acceptance of the offer or application (as the case may be) of at least A$500,000 (calculated in accordance with both section 708(9) of the Corporations Act and regulation 7.1.18 of the Corporations Regulations 2001); or 10680913_21 4

(ii) does not otherwise require disclosure to investors under Part 6D.2 of the Corporations Act and is not made to a retail client for the purposes of Chapter 7 of the Corporations Act. US Selling Restrictions The Offered Notes have not been and will not be registered under the United States Securities Act of 1933 ( Securities Act ) and unless so registered may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Offered Notes are being offered and sold only to persons (other than United States persons) outside the United States pursuant to Regulation S and the Securities Act. Distribution The distribution of this Information Memorandum and the offer or sale of Offered Notes may be restricted by law in certain jurisdictions. The Parties do not represent that this document may be lawfully distributed, or that any Offered Notes may be lawfully offered, in compliance with any application, registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Parties which would permit a public offering of any Offered Notes or distribution of this Information Memorandum in any jurisdiction where action for that purpose is required. Accordingly, no Offered Notes may be offered or sold, directly or indirectly, and neither this Information Memorandum nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Information Memorandum or any Offered Notes come must inform themselves about, and observe, any such restrictions. In particular, there are restrictions on the distribution of this Information Memorandum and the offer and sale of Offered Notes in Australia, the European Economic Area, the United Kingdom, the United States of America, Hong Kong, Singapore, Japan and China (see Part 8.2 ( Subscription and Sale )). Offshore Associate not to acquire Offered Notes Under present law, interest and other amounts paid on the Offered Notes will not be subject to Australian interest withholding tax if they are issued in accordance with certain prescribed conditions set out in section 128F of the Income Tax Assessment Act 1936 (Cth) and they are not acquired directly or indirectly by certain offshore associates of the Trustee or NAB, other than in the capacity of a dealer, manager or underwriter in relation to the placement of the relevant Offered Notes, or a clearing house, custodian, funds manager or responsible entity of a registered scheme. The Arranger has undertaken not to offer a Offered Note if the Arranger knew, or has reasonable grounds to suspect, that the Offered Note or an interest in the Offered Note was being or would be acquired by such an offshore associate of the Trustee or NAB. Limited Recovery The liability of the Trustee to make payments in respect of the Offered Notes is limited to its right of indemnity from the Series Assets of the Series. Except in the case of, and to the extent that the Trustee s right of indemnification against the Series Assets of the Series is 10680913_21 5

reduced as a result of fraud, negligence or wilful default (as further described in Part 7), no rights may be enforced against the personal assets of the Trustee by any person and no proceedings may be brought against the Trustee except to the extent of the Trustee s right of indemnity and reimbursement out of the Series Assets of the Series. Other than in the exception previously mentioned, the personal assets of the Trustee are not available to meet payments of interest or principal on the Offered Notes. The liability of the Trustee is limited in the manner set out in Part 7. Furthermore, the liability of the Security Trustee is limited in the manner set out in Part 7. Series segregation and limited recourse The Offered Notes issued by the Trustee are limited recourse instruments and are issued only in respect of the Trust and the Series. All claims against the Trustee in relation to the Offered Notes may, except in limited circumstances, be satisfied only out of the Series Assets of the Series secured under the Charge and the Security Trust Deed, and are limited in recourse to distributions with respect to such Series Assets from time to time. Disclosure Each Relevant Person discloses that it, in addition to the arrangements and interests it will or may have with respect to the Manager, the Disposing Trust, the Servicer and Perpetual Trustees Victoria Limited in its capacity as trustee of the Trust in respect of the Series (together, the Group ), as described in this Information Memorandum (the Transaction Document Interests ) its subsidiaries, directors and employees: may from time to time, be a Noteholder or have other interests with respect to the Offered Notes and they may also have interests relating to other arrangements with respect to a Noteholder or an Offered Note; and may receive fees, brokerage and commissions or other benefits, and act as principal with respect to any dealing with respect to any Offered Notes, (the Note Interests ). Each purchaser of Offered Notes acknowledges these disclosures and further acknowledges and agrees that: each Relevant Person and each of its Related Entities and employees (each a Relevant Entity ) will or may from time to time have the Transaction Document Interests and may from time to time have the Note Interests and is, and from time to time may be, involved in a broad range of transactions including, without limitation, banking, dealing in financial products, credit, derivative and liquidity transactions, investment management, corporate and investment banking and research (the Other Transactions ) in various capacities in respect of any member of the Group, both on the Relevant Entity s own account and/or for the account of other persons (the Other Transaction Interests ); and 10680913_21 6

(d) (e) (f) (g) (h) each Relevant Entity in the course of its business (whether with respect to the Transaction Document Interests, the Note Interests, the Other Transaction Interests or otherwise) may act independently of any other Relevant Entity; and to the maximum extent permitted by applicable law, the duties of each of the Arranger, the Dealer, the Fixed Rate Swap Provider, the Liability Swap Provider, the Basis Swap Provider, the Liquidity Facility Provider and the Redemption Facility Provider (the Finance Parties ) and each of their Related Entities and employees in respect of the Offered Notes are limited to the contractual obligations of the Finance Parties to the Manager and Perpetual Trustees Victoria Limited in its capacity as trustee of the Trust in respect of the Series as set out in the relevant Transaction Documents and, in particular, no advisory or fiduciary duty is owed to any person; and a Relevant Entity may have or come into possession of information not contained in this Information Memorandum regarding any member of the Group that may be relevant to any decision by a potential investor to acquire the Offered Notes and which may or may not be publicly available to potential investors ( Relevant Information ); and to the maximum extent permitted by applicable law, no Relevant Entity is under any obligation to disclose any Relevant Information to any potential investor and this Information Memorandum and any subsequent course of conduct by a Relevant Entity should not be construed as implying that the Relevant Entity is not in possession of such Relevant Information; and each Relevant Entity may have various potential and actual conflicts of interest arising in the course of its business including in respect of the Transaction Document Interests, the Note Interests or the Other Transaction Interests. For example, the exercise of rights against a member of the Group arising from the Transaction Document Interests or from an Other Transaction may affect the ability of the Group member to perform its obligations in respect of the Offered Notes. In addition, the existence of the Transaction Document Interests or Other Transaction Interests may affect how a Relevant Entity as a Noteholder may seek to exercise any rights it may have as a Noteholder. These interests may conflict with the interests of the Group or a Noteholder and a Noteholder may suffer loss as a result. To the maximum extent permitted by applicable law, a Relevant Entity is not restricted from entering into, performing or enforcing its rights in respect of the Transaction Document Interests, the Note Interests or the Other Transaction Interests and may otherwise continue to take steps to further or protect any of those interests and its business even where to do so may be in conflict with the interests of Noteholders or the Group and the Relevant Entities may in so doing act without notice to, and without regard to, the interests of any such person. Capital Requirements Directive The Capital Requirements Directive (which comprises Directive 2006/48/EC and Directive 2006/49/EC) was recently amended by Directive 2009/111/EC to introduce new rules regarding investment and other forms of participation in securitisation transactions by European Union-regulated credit institutions and their consolidated group affiliates (each, an Affected Investor ) on and after 1 January 2011 (the CRD2 Rules ). 10680913_21 7

NAB (as sponsor) will undertake to the Trustee to hold, in accordance with Article 122a of the CRD2 Rules, a net economic interest in this securitisation transaction. As at the Closing Date, such interest will be comprised of an interest in the Class B Notes and the Class C Notes equivalent to no less than 5% of the aggregate principal balance of the securitised exposures in accordance with Article 122a paragraph (1) sub-paragraph. The Manager will include information in any reports provided to Noteholders: confirming NAB s continued retention of the interest described above; and any change to the manner in which the interest will be comprised if there are exceptional circumstances which cause the manner in which the interest is held to change. Each prospective investor that is required to comply with Article 122a of the CRD2 Rules (as implemented in each Member State of the European Economic Area) is required to independently assess and determine the sufficiency of the information described above and in this Information Memorandum generally for the purposes of complying with Article 122a and none of the Parties makes any representation that the information described above or in this Information Memorandum is sufficient in all circumstances for such purposes. Prospective investors who are uncertain as to the requirements under Article 122a which apply to them in respect of their relevant jurisdiction, should seek guidance from their regulator. References to Rating There are various references in this Information Memorandum to the credit ratings of Notes and of particular parties. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the relevant Current Rating Agency. In addition, the provisional ratings of Notes do not address the expected timing of principal repayments under those Notes. None of the Current Rating Agencies has been involved in the preparation of this Information Memorandum. 10680913_21 8

Contents 1 Part 1 - The Notes... 11 1.1 Summary - Principal Terms of the Notes... 11 1.2 Summary - Transaction Parties... 16 1.3 Structure Diagram... 17 1.4 Description of the pool of Receivables... 20 1.5 Description of the Receivables... 28 1.6 Key Features of the Receivables... 29 2 Part 2 Risk Factors... 30 3 Part 3 Conditions of the Notes... 46 4 Part 4 - Origination and Servicing of the Receivables... 60 4.1 Origination of the Mortgage Loans... 60 4.2 Servicing of Receivables... 60 4.3 Loan Types... 62 5 Part 5 Parties and Support Facilities to the Trust... 64 5.1 Trustee... 64 5.2 Security Trustee... 64 5.3 Trust Administrator, Servicer and Manager... 64 5.4 Liability Swap Provider, Fixed Rate Swap Provider, Basis Swap Provider, Liquidity Facility Provider and Redemption Facility Provider... 64 5.5 Mortgage Insurers... 65 6 Part 6 Cashflow Allocation Methodology... 67 6.1 Collections... 67 6.2 Distributions during a Collection Period... 67 6.3 Principal Adjustment... 67 6.4 Determination of available Principal Collections... 67 6.5 Principal Distributions... 68 6.6 Determination of Available Income... 71 6.7 Principal Draw... 72 6.8 Liquidity Drawing... 72 6.9 Determination of Total Available Income... 72 6.10 Application of Total Available Income (prior to an Event of Default)... 73 6.11 Carryover Principal Charge-Offs... 75 6.12 Reinstatement of Carryover Principal Charge-Offs... 76 6.13 Repayment of Class A2 Notes on the Class A2 Note Scheduled Maturity Date... 76 6.14 Subordination Conditions... 77 10680913_21 9

6.15 Class A2-R Notes... 77 6.16 Restrictions on withdrawals from the Class A2 Note Redemption Fund... 78 7 Part 7 Transaction Structure... 80 7.1 General Features of the Trust... 80 7.2 Series Assets... 81 7.3 Entitlement of holders of the Residual Units and holder of the Participation Unit... 84 7.4 The Trustee... 84 7.5 Indemnity and limitation of liability... 87 7.6 The Trust Administrator... 90 7.7 The Manager... 91 7.8 The Servicer... 93 7.9 Security Trustee... 96 7.10 The Fixed Rate Swap, Basis Swap and the Liability Swap... 101 7.11 Liquidity Facility... 104 7.12 Redemption Facility Provider... 107 7.13 Mortgage Insurance... 109 8 Part 8 General Information... 110 8.1 Australian Taxation... 110 8.2 Subscription and Sale... 117 9 Part 9 Glossary... 126 10680913_21 10

1 Part 1 - The Notes 1.1 Summary - Principal Terms of the Notes These tables provide a summary of certain principal terms of the Notes issued in respect of the Trust. This summary is qualified by the more detailed information contained elsewhere in this Information Memorandum. NOTES Class A1 Notes Class A2 Notes Class B Notes Class C Notes Denomination A$ A$ A$ A$ Initial Invested Amount per Note A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 A$100,000 but subject to a minimum consideration of A$500,000 Issue price 100% 100.22% 100% 100% Interest frequency Monthly Prior to the Class A2 Note Scheduled Maturity Date, semi-annually. Monthly Monthly On or after the Class A2 Note Scheduled Maturity Date, monthly. Interest Payment Dates The 15th day of each calendar month provided that the first Payment Date occurs in July 2011 Prior to the Class A2 Note Scheduled Maturity Date, the 15th day of May and November of each year The 15th day of each calendar month provided that the first Payment Date occurs in July 2011 The 15th day of each calendar month provided that the first Payment Date occurs in July 2011 On or after the Class A2 Note Scheduled Maturity Date, the 15th day of each calendar month. 10680913_21 11

Interest Rate from the Closing Date to (and including) the first Call Option Date BBSW (1 month) + Note Margin Prior to the Class A2 Note Scheduled Maturity Date, 6.0%. BBSW (1 month) + Note Margin BBSW (1 month) + Note Margin On or after the Class A2 Note Scheduled Maturity Date, BBSW (1 month) + Note Margin + Note step-up margin Interest Rate from (but excluding) the first Call Option Date BBSW (1 month) + Note Margin + Note step-up margin BBSW (1 month) + Note Margin + Note step-up margin BBSW (1 month) + Note Margin BBSW (1 month) + Note Margin Note Margin 1.00% On or after the Class A2 Note Scheduled Maturity Date, the percentage rate notified by the Manager to the Trustee in writing on or before the Issue Date Note step-up margin On or after the first Call Option Date, 0.25% On or after the Class A2 Note Scheduled Maturity Date, 0.50% As determined by the Manager prior to the Issue Date N/A As determined by the Manager prior to the Issue Date Day count Actual/365 RBA Bond Actual/365 Actual/365 Basis Anticipated ratings - S&P AAA(sf) AAA(sf) AAA(sf) Not rated - Fitch AAAsf AAAsf AAAsf Not rated N/A Final Maturity Date 15 June 2042 15 June 2042 15 June 2042 15 June 2042 10680913_21 12

Scheduled Maturity Date Selling restrictions N/A 15 May 2014 N/A N/A Part 8.2 Part 8.2 Not applicable Not applicable Governing law New South Wales New South Wales New South Wales New South Wales Form of notes Registered Registered Registered Registered Listing Australian Securities Exchange Australian Securities Exchange Not listed Not listed Clearance Austraclear Austraclear Austraclear Austraclear The Trustee may also, in certain circumstances and at the direction of the Manager, issue Redraw Notes and Class A2-R Notes. 10680913_21 13

Cut-Off Date 13 May 2011 Closing Date 1 June 2011 GENERAL Interest Payment Dates In respect of: the Notes (other than the Class A2 Notes), each Payment Date; and the Class A2 Notes, each Class A2 Note Interest Payment Date. Determination Date Call Option Date The day which is 5 Business Days prior to each Payment Date. Each Payment Date occurring on or after the later of: the Class A2 Note Scheduled Maturity Date; and the date on which the aggregate of the Outstanding Principal Balance of all Purchased Receivables is less than 10% of the aggregate Outstanding Principal Balance of all Purchased Receivables as at the Closing Date. Redraw Subordination Conditions Prior to the occurrence of an Event of Default and enforcement of the Charge, the Manager may, on any day during a Collection Period, direct the Trustee to apply Collections received during that Collection Period towards funding Redraws, if the aggregate of such payments would not exceed the aggregate principal collections received during that Collection Period up to that day. The Subordination Conditions are satisfied on a Payment Date if: that Payment Date falls: (ii) on or after the Payment Date in June 2013; and prior to the first Call Option Date; on the Determination Date immediately prior to that Payment Date: the aggregate Invested Amount of the 10680913_21 14

Class B Notes and the Class C Notes on that Determination Date is equal to or greater than 12% of the aggregate Invested Amount of all Notes on that Determination Date; (ii) (iii) (iv) the aggregate Invested Amount of all Class C Notes on that Determination Date is equal to or greater than 6.6% of the aggregate Invested Amount of all Notes on that Determination Date; there are no Carryover Principal Charge- Offs; and the Average Arrears Ratio on that Determination Date does not exceed 2.25%; and in the event that the Determination Date immediately prior to that Payment Date falls on a date which is after the Class A2 Note Scheduled Maturity Date, the aggregate Invested Amount of the Class A2 Notes on that Determination Date is zero. Listing An application has been or will be made by the Manager to list the Class A1 Notes and the Class A2 Notes on the Australian Securities Exchange. 10680913_21 15

1.2 Summary - Transaction Parties Trustee: Trust Administrator Manager: Disposing Trustee: Servicer: Liquidity Facility Provider: Redemption Facility Provider: Fixed Rate Swap Provider: Liability Swap Provider: Security Trustee: Current Rating Agencies: Mortgage Insurers: Arranger: Dealer: Perpetual Trustees Victoria Limited in its capacity as trustee of the National RMBS Trust 2011-1 ( Trust ) in respect of Series 2011-1 ( Series ) Advantedge Financial Services Pty Ltd Advantedge Financial Services Pty Limited Perpetual Trustees Victoria Limited in its capacity as trustee of the National RMBS Trust 2010-1 in respect of Series 2010-1 Advantedge Financial Services Pty Limited National Australia Bank Limited National Australia Bank Limited National Australia Bank Limited National Australia Bank Limited P.T. Limited S&P and Fitch Genworth Financial Mortgage Insurance Pty Limited QBE Lender s Mortgage Insurance Limited Genworth Financial Mortgage Indemnity Limited National Australia Bank Limited National Australia Bank Limited 10680913_21 16

1.3 Structure Diagram The Structural Diagram below identifies the principal parties to the transaction and summarises key aspects of the transaction. H H H Mortgages secured by residential properties in Australia Mortgages Perpetual Trustees Victoria Limited as trustee for the National RMBS Trust 2010-1 Seller of the mortgage loans to the Trust Servicer of the mortgage loans Advantedge Financial Services Pty Limited The Manager will establish the Trust and provide key oversight Advantedge Financial Services Pty Limited National RMBS Trust 2011-1 The Trust will issue the Notes and will act through Perpetual Trustees Victoria Limited in its capacity as trustee of the Trust, the Trustee The mortgage loans will be secured in favour of the Security Trustee to maintain security for the Notes. P.T. Limited Liquidity Facility Provider, Redemption Facility Provider, Fixed Rate Swap Provider, Basis Swap Provider and Liability Swap Provider National Australia Bank Limited HEDGING ARRANGEMENTS NOTEHOLDERS (Class A1 Notes, Class A2 Notes, Class B Notes and Class C Notes) 10680913_21 17

General Information Type Class of Notes Additional Notes The Notes are multi-class, mortgage backed, secured, limited recourse debt securities in registered form and are issued with the benefit of, and subject to, the Master Trust Deed, the Security Trust Deed, the Deed of Charge, the Issue Supplement and the Note Deed Poll. The Notes to be issued on the Closing Date will be divided into 3 classes: Class A Notes, Class B Notes and Class C Notes. The Class A Notes will in turn be divided into 2 sub-classes: Class A1 Notes and Class A2 Notes. See Part 1.1 for further detail. No further Class A1 Notes, Class A2 Notes, Class B Notes or Class C Notes may be issued after the Closing Date. The Manager may, from time to time and in certain circumstances, direct the Trustee to issue Redraw Notes and Class A2-R Notes. Rating The Class A1 Notes, the Class A2 Notes and the Class B Notes will initially have the rating specified in Part 1.1. The rating of the Notes should be evaluated independently from similar ratings on other types of notes or securities. A rating is not a recommendation to buy, sell or hold securities, nor does it comment as to principal prepayments, market price or the suitability of securities for particular investors. A rating may be changed, suspended or withdrawn at any time by the relevant Current Rating Agency. Business Day Convention Call Option Redemption of Class A2 Notes The Following Business Day Convention will apply to all dates on which payments are due to be made. The Trustee will when directed by the Manager (at the Manager s option), redeem all, but not some only, of the Notes at their then Invested Amount (without double counting), together with all accrued but unpaid interest in respect of the Notes to (but excluding) the date of redemption, on any Call Option Date. On the Class A2 Note Scheduled Maturity Date, the Manager agrees to direct the Trustee to apply: the balance of the Class A2 Note Redemption 10680913_21 18

Fund; and the issuance proceeds of any Class A2-R Notes issued on the Class A2 Note Scheduled Maturity Date, towards repayment of principal in respect of the Class A2 Notes. Early Redemption for taxation reasons If a law requires the Trustee to withhold or deduct an amount in respect of Taxes from a payment in respect of a Note, then: the Manager may (at its option) direct the Trustee to redeem all (but not some only) of the Notes by paying to the Noteholders the Redemption Amount of the Notes; or if directed by Noteholders representing 75% of the aggregate Invested Amount of the Notes, the Trustee must redeem all (but not some only) of the Notes by paying to the Noteholders the Redemption Amount for the Notes. The Trustee, at the direction of the Manager, must give at least 20 Business Days notice to the relevant Noteholders of its intention to redeem the Notes. Form of Notes Austraclear The Notes will be in uncertificated registered form and inscribed on a register maintained by the Trustee in Australia. It is expected that the Class A1 Notes, the Class A2 Notes, the Class B Notes and the Class C Notes will be eligible to be lodged into the Austraclear system by registering Austraclear Limited as the holder of record, for custody in accordance with the Austraclear rules. All payments in respect of the Notes lodged into Austraclear will be made to Austraclear Limited, for transfer in accordance with the Austraclear rules. All notices to Class A1 Note Noteholders, Class A2 Noteholders, Class B Note Noteholders and Class C Noteholders will be directed to Austraclear Limited. In respect of each of the Class A1 Notes, Class A2 Notes, Class B, Notes and Class C Notes that are lodged into the Austraclear system, Austraclear Limited will become the registered holder of those Notes in the Register of Noteholders. While those 10680913_21 19

Notes remain in the Austraclear system: all payments and notices required of the Trustee and the Manager in relation to those Notes will be directed to Austraclear Limited; and all dealings and payments in relation to those Notes within the Austraclear system will be governed by the Austraclear Limited Regulations. 1.4 Description of the pool of Receivables General The pool will consist of Receivables that have an aggregate outstanding principal balance, as of the Cut-Off Date, of A$999,756,997. As of the Cut-Off Date, no Receivables were more than 30 days delinquent. The Receivables were originated in accordance with the underwriting standards described in Part 4 of this Information Memorandum. Each Receivable will be secured by a mortgage over related mortgaged property. Each Receivable is secured by a registered first ranking mortgage having a priority over all other mortgages granted by the relevant borrower and over all unsecured creditors of the borrower. The mortgaged properties that secure the Receivables will be located in the following states and territories of Australia: New South Wales; Victoria; Western Australia; Queensland; South Australia; Tasmania; the Northern Territory; and the Australian Capital Territory. Details of the pool of Receivables The data set out in this section has been produced on the basis of the information available in respect of the pool of Receivables as at the Cut-Off Date. All amounts 10680913_21 20

have been rounded to the nearest Australian dollar. The sum in any column may not equal the total indicated due to rounding. Total pool size $999,756,997 Total number of loans 5,358 Average loan size $186,591 Maximum loan size $1,102,309 Total property value (current) $2,448,865,144 Weighted Average current LVR 66.96% % of pool with loans > 80% LVR 16.73% Weighted Average Term to Maturity (months) 318.55 Maximum Remaining Term to Maturity (months) 353 % of pool with loans >$300,000 (by number) 19.02% % of pool with loans > $300,000 (by loan amount) 41.99% % of pool in arrears (by loan amount): 1-30 days 0.52% 31-60 days 0.00% 61+ days 0.00% Total 0.52% Characteristics of the Pool of Receivables The preliminary pool of Receivables is described: by occupancy; by loan to valuation ratio; by product type; by geographic distribution (state an region); by loan size; by loan seasoning; by loan maturity; by mortgage insurer; by documentation type.; by borrower rate; by interest only period; and by top 10 postcodes. 10680913_21 21

Receivables by Loan Occupancy % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % Owner Occupied - House 3,184 59.43% 581,824,833 58.20% 182,734 65.44% Owner Occupied - Unit 909 16.97% 181,035,726 18.11% 199,159 71.11% Owner Occupied - Vacant Land 0 0.00% 0 0.00% 0 0.00% Investment - Vacant Land 0 0.00% 0 0.00% 0 0.00% Investment - House 778 14.52% 150,360,486 15.04% 193,265 68.17% Investment - Unit 487 9.08% 86,535,952 8.65% 177,692 66.44% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% Receivables by Loan to Valuation Ratio % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % <=20% 865 16.14% 25,235,509 2.52% 29,174 13.94% >20% and =<25% 191 3.56% 17,023,525 1.70% 89,128 22.66% >25% and =<30% 235 4.39% 25,170,865 2.52% 107,110 27.66% >30% and =<35% 222 4.14% 28,506,880 2.85% 128,409 32.55% >35% and =<40% 155 2.89% 21,605,879 2.16% 139,393 37.39% >40% and =<45% 155 2.89% 25,062,048 2.51% 161,691 42.46% >45% and =<50% 242 4.52% 41,173,849 4.12% 170,140 47.42% >50% and =<55% 227 4.24% 42,700,535 4.27% 188,108 52.68% >55% and =<60% 216 4.03% 42,739,097 4.27% 197,866 57.57% >60% and =<65% 238 4.44% 51,146,202 5.12% 214,900 62.30% >65% and =<70% 345 6.44% 73,554,270 7.36% 213,201 67.77% >70% and =<75% 510 9.52% 128,708,907 12.87% 252,370 72.94% >75% and =<80% 1,105 20.62% 309,842,507 30.99% 280,400 77.99% >80% and =<85% 254 4.74% 63,546,758 6.36% 250,184 83.11% >85% and =<90% 398 7.44% 103,740,166 10.38% 260,654 87.20% >90% and =<95% 0 0.00% 0 0.00% 0 0.00% >95% 0 0.00% 0 0.00% 0 0.00% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% Receivables by Product Type % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % Variable - Principal & Interest 4,139 77.25% 779,054,731 77.92% 188,223 67.42% Variable - Interest Only 845 15.77% 186,111,959 18.62% 220,251 67.33% Variable - Line of Credit 374 6.98% 34,590,307 3.46% 92,487 54.66% Fixed - Principal & Interest 0 0.00% 0 0.00% 0 0.00% Fixed - Interest Only 0 0.00% 0 0.00% 0 0.00% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% 10680913_21 22

Receivables by Geographic Distribution (State and Region) % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % NSW (Metro) 1,701 31.75% 299,862,105 29.99% 176,286 64.60% NSW (Regional) 130 2.43% 27,554,822 2.76% 211,960 77.93% NSW (Country) 97 1.81% 20,355,101 2.04% 209,846 79.73% ACT (Metro) 134 2.50% 29,110,997 2.91% 217,246 68.09% ACT (Regional) 0 0.00% 0 0.00% 0 0.00% ACT (Country) 0 0.00% 0 0.00% 0 0.00% VIC (Metro) 1,308 24.41% 228,363,527 22.84% 174,590 62.00% VIC (Regional) 95 1.77% 16,576,630 1.66% 174,491 77.50% VIC (Country) 63 1.18% 11,520,230 1.15% 182,861 80.58% QLD (Metro) 474 8.85% 95,403,237 9.54% 201,273 63.55% QLD (Regional) 192 3.58% 44,965,408 4.50% 234,195 79.36% QLD (Country) 39 0.73% 8,956,770 0.90% 229,661 83.73% SA (Metro) 540 10.08% 84,303,978 8.43% 156,118 67.95% SA (Regional) 0 0.00% 0 0.00% 0 0.00% SA (Country) 41 0.77% 9,025,467 0.90% 220,133 81.17% WA (Metro) 443 8.27% 102,648,297 10.27% 231,712 69.72% WA (Regional) 0 0.00% 0 0.00% 0 0.00% WA (Country) 12 0.22% 2,733,148 0.27% 227,762 84.61% TAS (Metro) 44 0.82% 7,935,801 0.79% 180,359 65.67% TAS (Regional) 15 0.28% 2,478,019 0.25% 165,201 77.69% TAS (Country) 0 0.00% 0 0.00% 0 0.00% NT (Metro) 30 0.55% 7,963,460 0.80% 265,449 63.70% NT (Regional) 0 0.00% 0 0.00% 0 0.00% NT (Country) 0 0.00% 0 0.00% 0 0.00% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% TOTAL METRO/REGIONAL 94.74% 10680913_21 23

Receivables by Loan Size Numbe r of Loans % of % of Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % <=100,000 1,743 32.53% 64,631,323 6.46% 37,081 39.37% > 100,000 and <= 150,000 653 12.19% 82,148,798 8.22% 125,802 53.14% > 150,000 and <= 200,000 670 12.50% 118,246,555 11.83% 176,487 61.45% > 200,000 and <= 250,000 695 12.97% 156,711,050 15.67% 225,484 68.90% > 250,000 and <= 300,000 578 10.79% 158,246,104 15.83% 273,782 71.64% > 300,000 and <= 350,000 384 7.17% 124,472,294 12.45% 324,147 72.72% > 350,000 and <= 400,000 232 4.33% 86,802,555 8.68% 374,149 74.72% > 400,000 and <= 500,000 240 4.48% 106,855,727 10.69% 445,232 73.62% > 500,000 and <= 750,000 142 2.65% 83,540,212 8.36% 588,311 71.58% > 750,000 and <= 950,000 18 0.34% 15,059,247 1.51% 836,625 69.42% > 950,000 3 0.05% 3,043,132 0.30% 1,014,377 68.96% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% Receivables by Loan Seasoning % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % <= 3 months 0 0.00% 0 0.00% 0 0.00% > 3 and <= 6 months 1 0.02% 317,972 0.03% 317,972 55.30% > 6 and <= 12 months 1,319 24.62% 323,590,745 32.37% 245,330 67.73% > 12 and <= 18 months 874 16.31% 204,481,998 20.45% 233,961 69.21% > 18 and <= 24 months 612 11.42% 131,185,300 13.12% 214,355 69.38% > 24 and <= 36 months 368 6.87% 77,721,921 7.77% 211,201 68.76% > 36 and <= 48 months 451 8.42% 78,841,217 7.89% 174,814 69.59% > 48 and <= 60 months 216 4.03% 33,607,046 3.36% 155,588 68.02% > 60 months 1,517 28.31% 150,010,798 15.01% 98,886 57.60% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% 10680913_21 24

Receivables by Loan Maturity % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % 2012 1 0.02% 67,757 0.01% 67,757 17.83% 2014 20 0.37% 386,402 0.04% 19,320 19.88% 2020 24 0.45% 907,929 0.09% 37,830 36.51% 2021 0 0.00% 0 0.00% 0 0.00% 2022 53 0.99% 2,260,551 0.23% 42,652 34.30% 2023 56 1.05% 3,971,806 0.40% 70,925 42.19% 2028 260 4.85% 19,802,443 1.98% 76,163 53.42% 2029 0 0.00% 0 0.00% 0 0.00% 2030 308 5.75% 28,608,856 2.86% 92,886 58.32% 2031 663 12.37% 74,131,602 7.41% 111,812 58.58% 2032 123 2.30% 14,255,078 1.43% 115,895 61.73% 2033 45 0.84% 4,687,983 0.47% 104,177 57.47% 2034 73 1.36% 14,486,888 1.45% 198,451 64.05% 2035 188 3.51% 30,669,783 3.07% 163,137 60.12% 2036 471 8.79% 80,370,785 8.04% 170,639 70.58% 2037 277 5.17% 56,895,241 5.69% 205,398 69.77% 2038 1,033 19.28% 236,039,722 23.61% 228,499 69.52% 2039 25 0.47% 5,091,858 0.51% 203,674 64.50% 2040 1,738 32.43% 427,122,313 42.71% 245,755 68.58% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% Receivables by Mortgage Insurer % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % UNINSURED 1,770 33.03% 422,695,656 42.28% 238,811 65.42% RASA 707 13.20% 58,325,397 5.83% 82,497 54.62% HLIC 0 0.00% 0 0.00% 0 0.00% QBE 1,463 27.30% 299,523,242 29.96% 204,732 72.38% GENWORTH 1,418 26.47% 219,212,702 21.93% 154,593 65.82% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% 10680913_21 25

Receivables by Documentation Type % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % FullDoc 5,358 100.00% 999,756,997 100.00% 186,591 66.96% LoDoc 0 0.00% 0 0.00% 0 0.00% EasyDoc 0 0.00% 0 0.00% 0 0.00% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% Receivables by Borrower Rate % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % <= 5.00 0 0.00% 0 0.00% 0 0.00% > 5.01 and <= 5.50 0 0.00% 0 0.00% 0 0.00% > 5.51 and <= 6.00 0 0.00% 0 0.00% 0 0.00% > 6.01 and <= 6.50 0 0.00% 0 0.00% 0 0.00% > 6.51 and <= 7.00 1,259 23.50% 317,720,037 31.78% 252,359 67.10% > 7.01 and <= 7.50 2,388 44.57% 470,693,655 47.08% 197,108 68.01% > 7.51 and <= 8.00 1,291 24.09% 173,024,807 17.31% 134,024 64.90% > 8.01 and <= 8.50 383 7.15% 33,755,872 3.38% 88,135 60.96% > 8.51 and <= 9.00 19 0.35% 507,923 0.05% 26,733 38.05% > 9.00 18 0.34% 4,054,703 0.40% 225,261 76.49% Total 5,358 100.00% 999,756,997 100.00% 186,591 66.96% 10680913_21 26

Receivables by Interest Only Period (including Line of Credit) % of % of Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % 0-1 Year 109 8.94% 15,871,080 7.19% 145,606 66.09% 1-2 Years 238 19.52% 33,586,659 15.22% 141,120 64.03% 2-3 Years 168 13.78% 31,137,313 14.11% 185,341 66.35% 3-4 Years 446 36.59% 88,494,751 40.10% 198,419 66.12% 4-5 Years 258 21.17% 51,612,463 23.38% 200,048 64.04% 5-6 Years 0 0.00% 0 0.00% 0 0.00% 6-7 Years 0 0.00% 0 0.00% 0 0.00% 7-8 Years 0 0.00% 0 0.00% 0 0.00% 8-9 Years 0 0.00% 0 0.00% 0 0.00% 9-10 Years 0 0.00% 0 0.00% 0 0.00% 1,219 100.00% 220,702,266 100.00% 181,052 65.35% Receivables by Top 10 Postcodes % of % of CASULA CAMP HILL CHARNWOOD BAULKHAM HILLS BEAUMONT HILLS HOPPERS CROSSING BANKSTOWN CHULLORA AIRDS ALFREDTON Number of Loans Total No. of Loans Dollar Amount Total $ Amount Average Balance Wgt Avg LVR % 21 70 39 13.93% 6,478,467 0.65% 166,115 69.96% 41 52 22 7.86% 6,033,779 0.60% 274,263 68.74% 26 15 28 10.00% 5,665,136 0.57% 202,326 68.38% 21 53 27 9.64% 5,629,160 0.56% 208,487 67.65% 21 55 20 7.14% 5,506,875 0.55% 275,344 64.25% 30 29 27 9.64% 5,349,753 0.54% 198,139 74.03% 22 00 34 12.14% 5,224,245 0.52% 153,654 69.00% 21 90 25 8.93% 5,220,116 0.52% 208,805 68.25% 25 60 28 10.00% 5,137,731 0.51% 183,490 70.02% 33 50 30 10.72% 5,111,351 0.52% 170,378 76.48% Total 280 100.00% 55,356,613 5.54% 197,702 69.61% 10680913_21 27

1.5 Description of the Receivables Qualifying Receivables Each Receivable must meet the following eligibility criteria on the Closing Date: (d) it is due from a Qualifying Obligor; it is repayable in Australian dollars; it is freely capable of being dealt with by the Disposing Trustee as contemplated by the Master Trust Deed and the Reallocation Notice; the Related Security in respect of the Receivable includes a Related Security which is either: (ii) a first ranking mortgage; or a second ranking mortgage where: (A) (B) there are two mortgages over the land securing the Receivable and the Disposing Trustee is the first mortgagee; and the first ranking mortgage is also being acquired by the Trustee in respect of the Series; (e) (f) (g) (h) (j) (k) (l) the land subject to a Related Security has erected on it a residential dwelling which is not under construction; it is not a Defaulted Receivable as at the Cut-Off Date; it is scheduled to mature at least 1 year prior to the Final Maturity Date of the Notes; it and its Related Security comply in all material respects with all applicable laws (including the Consumer Credit Code and the National Credit Code where applicable); it and its Related Security have been or will be duly stamped; the terms of the Receivable and Related Security have not been impaired, waived, altered or modified in any respect, except by a written instrument forming part of the related Title Documents; it and its Related Security are enforceable in accordance with their terms against the relevant Obligor (subject to laws relating to insolvency and creditors rights generally); the Disposing Trustee is the owner of the Receivable and Related Security and immediately prior to the assignment of the Receivable and Related Security to the Trustee, no Encumbrance exists in relation to its right, title and interests in the Receivable and Related Security (other than the Disposing Trust Charge which will be released immediately prior to such assignment); 10680913_21 28