Series 2006-1 REDS EHP Trust $630 million auto and equipment receivables backed issue

20 June 2006

Macquarie Debt Markets announces that the Series 2006-1 REDS EHP Trust issue that launched on Friday 9 June 2006, has priced today.

Pricing was as follows:

Class Indicative S&P / Moody's Rating $M Expected Average Life @ 8% CPR (Yrs) Margin (%) over 30 day BBSW
A1 A1+/P-1 130 0.38 0.07
A2 AAA / Aaa 437 2.15 0.17
B A/A1 28.3 2.83 0.34
C BBB/Baa1 12.6 2.83 0.45
D BB/Ba1 4.4 2.83 2.22
E B/Ba3 3.2 2.83 Private placement
F unrated 6.8 2.83 Private placement
G unrated 7.7 2.83 Private placement

Teresa, Neal, Associate Director Debt Finance, at Macquarie said: "The Series 2006-1 REDS EHP issue is the largest domestic term auto and equipment backed issue to date and was well received by investors. The issue was well oversubscribed with all classes of Notes being 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 almost twice oversubscribed, pricing at the bottom of our pricing expectations.

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

The issue will settle on 23 June 2006.

For further information, please contact:

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

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