Press Release

SMART Series 2011-1 US Trust auto backed securitisation issue priced

New York, 11 March 2011

Macquarie Group Limited today announced that the SMART Series 2011-1 US Trust, a securitisation issue of automobile receivables, priced on Thursday 10 March (New York).

The A$841.9 million equivalent SMART Series 2011-1 US Trust issue comprises the following Rule 144A US$ and A$ denominated securities:

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Class Expected Rating (Fitch/Moody’s) Size Expected Average Life (yrs) Coupon Margin (Benchmark)
A-1  F1+/P-1 US$147m 0.34 Fixed 0.07% (Int.LIBOR)
A-2A AAA/Aaa US$54m 1.00 Fixed 0.75% (EDSF)
A-2B AAA/Aaa US$108m 1.00 Floating LIBOR + 0.75%
A-3A AAA/Aaa US$83m 2.00 Fixed 0.90% (Swap)
A-3B AAA/Aaa US$184m 2.00 Floating LIBOR + 0.85%
A-4A AAA/Aaa US$174m 3.35 Fixed 0.95% (Int Swap)
B* AA/Aa1 A$18.944m 2.66 Not disclosed
C* A/A1 A$23.153m 2.66 Not disclosed
D* BBB/Baa2 A$21.049m 2.66 Not disclosed
E* BB/Ba2 A$21.048m 2.66 Not disclosed
Seller Notes* Not Rated A$8.42m 2.66 Not disclosed

* The Class B, C, D, E & Seller Notes were not offered for sale

Macquarie Leasing Pty Limited, a subsidiary of the Macquarie Group, is the originator of the assets and will also be the servicer of the portfolio.  The trustee of the SMART Series 2011-1 US Trust, Perpetual Trustee Company Limited, is the issuer of the asset backed securities.

SMART Series 2011-1 US Trust is the tenth transaction issued under the SMART programme and the second issued into the US Rule 144A investor market. Building on the success of the inaugural transaction, 26 investors participated in this issue. All offered tranches were oversubscribed which allowed the deal to be upsized by 50% from A$561.3 million to A$841.9 million.

RBS is Arranger of the transaction. JPMorgan Securities Inc, Macquarie Capital (USA) Inc and RBS Securities Inc are the Joint Lead Managers for the US$ notes and ANZ is the Co-Manager for the US$ notes.

The issue is due to settle on 22 March 2011.


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