Press Release

SMART Series 2011-4US Trust auto backed securitisation issue price

New York, 11 November 2011

Macquarie Group Limited today announced that the SMART Series 2011-4US Trust, a securitisation issue of automobile receivables, priced earlier today (New York time).

The A$553.8 million equivalent SMART Series 2011-4US Trust issue comprises the following Rule 144A US$ 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+sf/P-1 (sf) US$100m 0.36 Fixed 0.00% (Int.LIBOR)
A-2a AAAsf/Aaa (sf) US$35m 1.15 Fixed 0.90% (EDSF)
A-2b AAAsf/Aaa (sf) US$123m 1.15 Floating LIBOR + 0.90%
A-3a AAAsf/Aaa (sf) US$25m 2.35 Fixed 1.10% (Int. Swap)
A-3b AAAsf/Aaa (sf) US$136m 2.35 Floating LIBOR + 1.10%
A-4a AAAsf/Aaa (sf) US$30m 3.55 Fixed 1.35% (Int. Swap)
A-4b AAAsf/Aaa (sf) US$51m 3.55 Floating LIBOR + 1.35%
B* AAsf/Aa3 (sf) A$11.075m 2.65 Not disclosed
C* Asf/A2 (sf) A$15.229m 2.65 Not disclosed
D* BBBsf/Baa2 (sf) A$13.844m 2.65 Not disclosed
E* BBsf/Ba2 A$12.46m 2.65 Not disclosed
Seller Notes* Not Rated A$8.307m 2.65 Not disclosed

* The Class B, C, D, E & Seller Notes were retained

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 2011-4US Trust, Perpetual Trustee Company Limited, is the issuer of the asset-backed securities.

SMART Series 2011-4US Trust is the thirteenth transaction issued under the SMART programme and the fourth issued into the US Rule 144A investor market. This transaction follows an A$900 million issue in October 2011. Building on the success of previous transactions, the SMART program continues to attract new investors. US Rule 144A issuance under the SMART program year-to-date 2011 totals US$1.85 billion.

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 16 November 2011.


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