Series 2005-1 REDS EHP Trust $474 Million auto and equipment receivables backed issue

18 August 2005

Macquarie Debt Markets announces that the Series 2005-1 REDS EHP Trust issue that launched on Friday 12 August 2005, has priced today.

The issue was due to price on Friday 19 August 2005, however it closed early due to heavy oversubscription.

Pricing was as follows:

Class Indicative S&P Rating $M Expected Average Life @ 8% CPR (Yrs) Margin (%) over 30 day BBSW
A1 AAA 95 0.36 0.08
A2 AAA 330.5 2.20 0.20
B A 20.5 2.20 0.45
C BBB 9.5 2.90 0.70
D BB 4 2.90 2.40
E B 2.85 2.90 Private placement
F unrated 5.25 2.90 Private placement
G unrated 6.4 2.90 Private placement

Teresa, Neal, Associate Director Debt Finance, at Macquarie said: "The transaction has gone extremely well. Investors particularly welcomed the opportunity to diversify away from mortgage backed notes and the robust credit support structure. The issue was overwhelmingly well received with over $1 billion, in total, of bids. All classes of Notes were heavily oversubscribed at the clearing levels. The Class A1 Notes, which had a legal life of less than 365 days, were extremely well sought after and were oversubscribed within hours of launching the issue. Those notes appeal to cash trust investors.

20 investors participated in the transaction and approximately 20% of the issue was placed offshore, to Asian investors. This is the first time that Asian investors have participated in a REDS auto transaction."

The issue will settle on 23 August 2005.

For further information, please contact:

Teresa Neal
Associate Director
Debt Finance
Tel: (612) 8232 3844

Kevin Lee
Division Director, Debt Markets
Macquarie Bank Limited
Tel: (612) 8232 8577
Mobile: (614) 0485 7206

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