Series 2008-1E REDS EHP Trust A$628 million auto and equipment backed securitisation issue priced

21 April 2008

Macquarie Debt Markets today announced that the REDS EHP Programme priced a A$628 million prime automobile and equipment receivables backed securitisation issue on Friday 18 April. This is the sixth issue of the REDS EHP programme and the first multi-currency issue from this platform. REDS is the securitisation programme of Bank of Queensland Limited.

Macquarie is the Arranger for the transaction. Macquarie and HSBC Bank plc are Joint Lead Managers.

BOQ Equipment Finance Limited, a subsidiary of Bank of Queensland, is the originator of the assets and will also be the servicer of the portfolio. The trustee of the Series 2008-1E REDS EHP Trust, Perpetual Trustee Company Limited, is the issuer of the asset backed securities. Standard & Poor’s and Moody’s Investors Service will both assign ratings to the issue.

The Series 2008-1E REDS EHP Trust issue comprises the following securities with a final maturity date of 13 April 2009 (for Class A1 Notes) and 14 April 2014 (for all other classes):

As at 17 April 2008, the portfolio had the following characteristics:

A total of 14 investors participated in the transaction. 67% of the issue was taken by domestic accounts with 33% taken by investors from Europe and Asia.

Kevin Lee, Division Director Debt Finance, at Macquarie said: "We are delighted to have arranged this REDS EHP issue for Bank of Queensland. To successfully place an issue of this size, given the continued volatility in global markets, is a significant achievement and a reflection of the quality of the RDS EHP collateral."

The issue will settle on 30 April 2008.

Contacts:

Kevin Lee
Division Director
Debt Finance
Tel: 61 2 8232 8577
Mobile: 61 404 857 206