Unisys Credit Services Pty Ltd.

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1 Unisys Credit Services Pty Ltd. Residential Loan Servicer Australia Structured Finance Servicer Evaluation Primary Credit Analyst: Gary Tucker, Melbourne, (61) ; standardandpoors.com Sept. 20, 2006 Opinion Ranking: ABOVE AVERAGE Unisys Credit Services Pty Ltd. (UCS) is affirmed as an ABOVE AVERAGE residential loan servicer in Australia. The ranking reflects the emphasis that UCS places on defining and meeting agreed key performance measures (KPIs), its ongoing commitment to customer service, its demonstrated capacity to implement process improvements, and its ability to manage servicing responsibilities for multiple residential loan originators. The sound risk management and compliance framework and comprehensive process improvement and change management procedures provide a solid foundation for the company s loan-servicing operations. The ranking also reflects UCS s capacity to enhance workflow controls, implement process efficiencies, recruit experienced servicing personnel, introduce extensive and formal training programs, and its consultative approach to managing client expectations and service level agreements. Policies, procedures, and loan-servicing workflows are well documented and easily accessible to staff. Management and staff are experienced and well qualified. An extensive suite of performance measures and service level standards define the strategic objectives and business plans underpinning the loan-servicing platform. UCS was formed in 2000 to develop a mortgage process outsourcing utility for the Unisys group. UCS is pioneering the development of a global third-party residential mortgage loan-servicing and -process outsourcing solution for the group, with an initial focus on the Asia-Pacific region. UCS currently services more than A$10 billion of residential mortgage loans for RAMS Home Loans Pty Ltd. (RAMS), one of Australia s largest nonbank mortgage lenders. RAMS outsourced the servicing of its residential mortgage loans to UCS in 2002 and, as part of the outsourcing arrangement, UCS took over the existing RAMS loan-processing and -servicing platform, including most of its servicing personnel. Initially, UCS planned to develop fully integrated loan-servicing systems to form the core of its loan-servicing model and the platform for all third-party loan-servicing mandates. This strategy was, however, altered to focus on utilizing its demonstrated capacity to implement process improvements and workflow efficiencies to the loan-servicing systems and processes of its clients. Identifying and implementing process improvement and managing change, using a comprehensive and controlled methodology, are key strengths of UCS. Since the change in strategic direction, UCS has consolidated its focus and placed additional emphasis on enhancing the company s risk and change management framework, the process to identify process improvement opportunities, and to agree upon performance measures and service level standards. A range of process

2 improvement initiatives have been introduced since UCS assumed responsibility for RAMS s loan-servicing platform. These improvements have streamlined the workflows, enhanced controls, and produced productivity and efficiency gains for both RAMS and UCS. Outlook: Stable The STABLE outlook for UCS is affirmed. UCS now has a clearly defined business model and strategies that are based on delivering a range of loan-servicing and business process outsourcing solutions to clients. The strategy includes offering lift-and-drop services to clients, as well as a full, end-to-end loan-servicing capability. Under this model, UCS will assume specific servicing functions on behalf of third parties. The purpose of the strategy is to build on and enhance existing systems and servicing platforms to streamline process flows, and to improve process efficiencies and controls. The model is underpinned by the establishment of comprehensive service level standards and performance measures for each client. The Unisys group, a global provider of technology services and business process outsourcing solutions, strongly supports the UCS business initiative in the Asia-Pacific region. Developing loan-servicing solutions for clients in this region is a key focus of the group, and will be used as a model for other regions. The business model is well supported by an experienced management team, a proactive, robust, and controlled change management methodology, and project teams that include all relevant stakeholders. The model is also underpinned by a strong focus on governance, risk management, compliance, strong internal controls, and staff development and training. The experience gained from enhancing the operational efficiencies for RAMS through the development of optimal workflow processes, places UCS in a good position to achieve similar outcomes for other parties. The significant emphasis placed on delivering a high level of customer service, in accordance with defined service-level agreements and performance measures, has allowed UCS to meet and exceed client expectations. Profile UCS, with its head office in Sydney, is a wholly owned subsidiary of Unisys Corp. (Unisys; BB-/Negative/--), a global technology services and business process outsourcing solutions company. UCS, in its capacity as a third-party loan servicer, was initially formed to perform the residential loan processing and servicing for RAMS. Its services are now tailored to identify and implement process improvements to the existing systems and operations of third parties. The company plans to assume full responsibility for existing third-party servicing platforms and daily operations, as well as specific elements of third-party servicing operations. UCS established the first loan-servicing outsourcing facility for the Unisys group, and it is now pioneering the group s strategic initiative of offering solutions to the global loan-servicing and processing markets, initially focusing on the Asia-Pacific region. UCS services the RAMS residential loan portfolios, which represent more than A$10 billion of loans. RAMS sources loans through mortgage brokers, franchise branches, and online through a fully enabled Web site. During 2005, RAMS brought all underwriting and presettlement servicing back in-house, leaving UCS responsible for all settlement and postsettlement servicing functions, including arrears management and recoveries. UCS also operates the call center for customers and originators. UCS forms part of the business process outsourcing group in the Asia-Pacific region. The strategic objective is to expand its loan-servicing and business process outsourcing opportunities in the region. When the Unisys group commenced operations in the Asia-Pacific region, it concentrated on developing technology-based loan-servicing and business process outsourcing solutions. Since then, its focus has progressively shifted to service provision and, more recently, to delivering process efficiencies for the existing operations of third-parties. This initially involved providing check-processing facilities to financial institutions, an activity that has seen the Unisys group establish a significant global presence in this market. UCS is now developing a loan-processing and -servicing solution that will form the basis of a template model to be offered globally. In developing this business model, UCS has been able to take advantage of the skills, technology, resources, and change and project management methodologies of the broader Unisys group. Business Strategy The UCS business strategy is to provide loan-servicing and outsourced processing solutions to third parties. This is based on building on or improving the existing servicing platforms and daily operations of third parties. UCS has a demonstrated capacity to add value to its clients businesses by streamlining process flows, improving turnaround times, and reducing costs. The next challenge for UCS is to demonstrate that it can service residential loan portfolios, for multiple clients, on separate loan-servicing platforms. More recently, UCS extended its range of outsourcing options for its clients by offering business process outsourcing solutions for specific components of the loan-servicing platforms and third-party operations. These include loan settlement, transaction processing, loan administration and

3 variations, call centers, complaint resolution, and arrears management and recoveries. Management and Organization The ranking of STRONG is affirmed for management and organization. Management and Governance UCS has an experienced and competent senior management team that is supported by a long-standing and well-qualified workforce. As a member of the Unisys group, UCS benefits from the support, resources, and infrastructure of its parent, and forms part of the business process outsourcing division for the Asia-Pacific region. A specific governance framework is in place, covering team responsibilities, issue resolution and escalation, and operational risk management and compliance. The regional general manager is responsible for strategic direction, business development, operations, and performance. The management and organization structure for business process outsourcing is detailed in Chart 1. Changes were made to key management positions to reflect and consolidate the change in focus from delivering a technology-based loan-servicing solution to supplying business process outsourcing solutions to its clients existing loanservicing platforms and operations. The management structure will be broadened to introduce more general managers as new clients come on board. Each general manager will be assigned responsibility for the services provided to individual clients. The management structure lends itself to effective decisionmaking and the ability to create project teams that incorporate key stakeholders from relevant units, and to successfully manage strategic and process improvement initiatives. This structure is divided into key operational and independent risk assessment units, with transparent allocation of roles and responsibilities. Each risk assessment unit is connected to the relevant operational unit, while remaining functionally independent. UCS commenced operations in the Asia-Pacific region in October 2002, when it was appointed to service the RAMS residential loan portfolio. At that time, the company assumed responsibility for the existing RAMS processing and servicing Chart 1 Unisys Credit Systmes Pty Ltd. Management and Organization Strucuture General Manager Outsourcing Australia New Zealand Director IT Operations Business Development IT Operations Staff Human Resources General Manager UCS Finance. Director Business Operations Learning and Development Business Operations Staff

4 platform, including all relevant management and staff. UCS overlaid this platform with a management and organization structure comprising Unisys personnel with business process outsourcing and process improvement experience. It also recruited qualified personnel with significant industry experience to fill specialist servicing roles. This has ensured that the transition of the RAMS loan-servicing platform to the UCS structure has occurred smoothly. The business operations division is responsible for the primary loan-servicing and processing functions. The management and organization structure of the division is outlined in Chart 2. UCS currently employs 156 full-time-equivalent staff at its loan processing and servicing center in Rhodes, New South Wales. Many of RAMS s existing staff transferred to UCS in 2002, which minimized disruption to the loan-servicing operations during the transition of the loan-servicing platform from RAMS to UCS. The UCS workforce has an average of seven years in the mortgage industry, with an average of four years service with RAMS and/or UCS. Minor alterations were made to the organizational framework since Standard & Poor s last reviewed the servicing operations of UCS which involved aligning all customer contact servicing functions under a central reporting line. The Chart 2 Unisys Credit Services Pty Ltd. Management and Organization Structure Director UCS Operations Learning and Development Six Sigma Teams User Acceptance Testing Financial Services Client Services and Settlements Customer Contact Audit Reporting Call Centre Channel Support Collections Service Solutions Loyalty and Retention Client Services Settlements and Funding

5 collections and arrears management units now have a direct reporting line to the customer contact area manager. The company continues to recruit qualified staff, through preferred suppliers, to fill full-time, temporary, and contract resource needs. Voluntary staff turnover is consistent with UCS s expectations, at an average of 22% per annum across all business units. The turnover predominantly occurs in the less critical processing roles. Management monitors and forecasts optimum staff resourcing levels across the group based on projected transaction volumes and by reference to performance against defined service level standards and key performance measures. UCS has identified recruitment needs in some specialized servicing roles and has actively and successfully addressed those resourcing requirements. Process improvement and change management is one of UCS s key strengths. It has adopted the Six Sigma change management methodology, in which all management and key staff have been comprehensively trained. In addition, UCS has adopted the Bevington process improvement methodology to better manage change for its clients. UCS has an experienced management team, a logical and effective organization structure, and a well trained, highly skilled workforce to manage and support its business model. The UCS vision and strategic direction is evident and appears to be well understood across the company. The current resourcing levels are sufficient to support growth and there is adequate segregation of duties and responsibilities between functional units. Risk Management and Compliance Framework UCS has a comprehensive, coordinated, and integrated risk management and compliance framework that covers all aspects of its loan-servicing platform. It encompasses compliance with legislative requirements, as well as established policies and procedures. The framework also emphasizes the importance of complying with the service level standards and key performance indicators agreed upon with clients. The governance framework incorporates a risk committee that is responsible for identifying, monitoring, and managing risk across the entire loan-servicing and processing platform. UCS classifies all risks into three categories: operational risk, strategic risk, and market risk. The risk management and compliance framework is based on, and is consistent with, Unisys s overall approach to managing risk. It concentrates on identifying, assessing, communicating, and managing risk. Learning and development programs have been implemented to support core competencies and to manage business risks across the loan-servicing platform. The approach to managing risk centers on defining a uniform process that identifies, analyzes, mitigates, and reports key risks to both UCS and its clients. This approach involves the mapping of key risks in sequence with the risk cycle, and balancing risk and return while continuing to optimize business performance. UCS applies a project risk management methodology that clearly outlines the processes, roles, responsibilities, activities, and deliverables for each project. The methodology also helps to identify and allocate tasks. This project risk management methodology will become increasingly important when it provides loan-servicing and business process outsourcing solutions for multiple clients. Detailed responsibility process maps are in place to assist in the management of risk. These maps identify and allocate responsibilities at each stage of the risk management process, and outline the internal procedures to be applied to support the framework. There are three key components of the risk management process: A detailed risk register, which is updated monthly, details individual risks, the potential impact on operations, existing or proposed controls, weaknesses, functionality control checks, and risk status; A risk treatment plan, which details changes to the status of identified risks, resourcing requirements, and the timing of changes; and A risk map that records the frequency and impact of critical risks on the loan-servicing platform. In 2005, UCS developed and implemented an electronic risk management system to track and monitor all identified operational and business risks. This system is used by all business units and managed through a central risk unit. UCS and RAMS have worked cooperatively since 2002 to introduce a framework that specifies the key risk management processes that govern their relationship with respect to the provision of loan-servicing and process improvement solutions. This framework, although untested for multiple clients with different servicing platforms and requirements, provides a sound foundation to identify, assess, and manage risk across different loan-servicing platforms. Training Programs In 2005, UCS implemented a well-structured and more formal staff training framework. There are three key components to the training programs: Compulsory training (UCS specific knowledge and legislative training); Unisys University (soft skills); and Operational training (including mortgage industry training).

6 The Unisys University programs include employee assessment, performance consulting, career and leadership development, and learning solutions. Training includes both instructor-led and computer-based programs. External subject matter experts also provide technical and specialized training. Unisys University is coordinated by a well-resourced learning and development team. The progress of each staff member is recorded in a training register that is reviewed by the team and management. Performance reviews are conducted every six months, which enables UCS to track staff performance. Staff are also cross-trained so that they can assume roles in different business units if the need arises. Training modules are also available to staff through the UCS intranet. The system automatically logs the training selected and completed by each staff member, plus any managed-assigned training. Individual staff members and their managers identify learning and career development opportunities through the training modules. The training programs provide a comprehensive and complete training regime for staff. UCS recently employed three new staff members, to be placed into the business units, who are responsible for ensuring that training is a priority for all staff. Policies and Procedures The policy and procedure manuals are well documented and provide a readily accessible reference for loan-servicing staff. The existing policy and procedure manuals developed by RAMS have been updated and reformatted to reflect the changes implemented by UCS. The manuals are functional and user-friendly and provide clear guidance on the company s operations and decision-making principles. The manuals cover loan origination, credit services, settlement and funding procedures, and other relevant topics. The regulatory compliance procedure manuals ensure that the workflows comply with external legal and regulatory requirements. The RAMS lending guidelines and mortgage insurance procedures are also available to relevant staff. The manuals relate to each operational unit and detail the loan-servicing policies and procedures relevant to each unit. The manuals are flowchart-based and include change summaries that inform users of relevant updates. Most manuals include keyword definitions, references to related procedure documents, and copies of relevant letters and forms. There are formal processes for reviewing and altering policies and procedures, which involve all affected operational and support units. Revisions and updates of policies and procedures are disseminated effectively to ensure that all staff are aware of any changes. Audit and Quality Assurance UCS has developed an independent audit and quality assurance framework that includes a comprehensive internal audit program. The audit process is risk-based, with considerable emphasis on reviewing compliance with the defined service level standards and key performance measures forming the basis of the loan-servicing agreements with clients. File reviews, data validation, and hindsight reviews are also undertaken on a regular basis. The internal audit program is based on a detailed audit committee charter developed for the Unisys group. The internal audit program covers validation of key controls, information technology, operations, and finance. Business unit audits to review compliance with regulatory and legislative requirements are also undertaken. Ernst & Young performs the external audit of the loanservicing platform. The internal and external audit programs are integrated, and cover all elements of the loan-servicing platform. The audit programs form an effective part of the risk management and quality assurance framework. UCS has policies and procedures in place to address, in a timely manner, any issues that are identified during the audit process. File audits are currently performed on a sample of files and on all files in which key risks have been identified. File audits of new franchisees are undertaken, with feedback provided to both RAMS and the relevant franchisees. The audit requirements are negotiated with each third-party client (as discussed in more detail under Document Custody ). UCS has strong internal controls and quality assurance processes, which focus on segregation of duties and internal controls. The audit and quality assurance procedures provide the requisite framework to identify, assess, and maintain a sound quality assurance framework that based on strong internal controls. Systems and Technology Unisys is a large global provider of technology services and, therefore, the provision of system architecture is a core area of expertise that is available to UCS. Nevertheless, the business model of UCS is based on complementing the legacy software systems of each client through process improvements and through developing more efficient workflows. The sophistication of the loan-servicing and processing systems of each client is a factor determined primarily by the client. This may include the integration of separate front- and backend systems, electronic links to third parties, and the level of workflow automation. Although UCS does not plan to make system development a key plank of its servicing model, it will recommend appropriate system solutions for clients. 6

7 As part of its responsibility to maintain the loan-servicing and processing systems developed by RAMS, UCS has not made any material changes to the existing systems. Instead, it has directed its resources to the development and implementation of enhancements and controls to the workflow processes. UCS is currently working on migrating the existing two back-end systems to one core-banking platform to streamline and create further workflow efficiencies. The integration of these systems will fully automate both settlement and postsettlement procedures. In addition, UCS is planning to implement a new arrears management system with workflow and behavioral scoring, which will interface with the loanservicing system. Prudent disaster recovery and business continuity plans and procedures are in place to mitigate and manage system outages and business disruption. Recovery plans are tested regularly. A back-up disaster recovery center has been established at Ultimo, in Sydney, which incorporates real-time data replication and a fully redundant site. A hot desk site is also available should the office in Rhodes be unavailable. All users have security profiles. There are currently no capacity constraints, and routine capacity planning is conducted to accommodate growth. Loan Administration The ranking of ABOVE AVERAGE is affirmed for loan administration. UCS currently services more than 56,000 prime residential mortgage loans, totaling more than A$10 billion, on behalf of RAMS. The RAMS loan portfolios have grown significantly since UCS assumed responsibility for servicing the portfolio. UCS currently has the resources and infrastructure to support further growth in the portfolio. Loan-Servicing Philosophy The UCS loan-servicing philosophy is based on achieving and outperforming the service level standards and performance measures agreed upon with clients across the loan-servicing platform. The loan-servicing platform, business plans, and performance measures are all clearly aligned with the company s loan-servicing philosophy. UCS takes a proactive approach to process improvement while, at the same time, maintaining a comprehensive compliance, risk, and quality assurance framework. Servicing standards, responsibilities, key performance measures, and operating parameters for third parties are clearly defined, with a comprehensive suite of reports produced on a regular basis to measure actual performance against the agreed standards. Servicing and Processing The company s strategic direction centers on its ability to provide successful, outsourced servicing solutions for third parties. A key component of this is that UCS will be responsible for managing and developing each client s loan-servicing platform and providing outsourced solutions for either specific elements of a clients servicing platform or the entire platform. UCS currently provides settlement and postsettlement loan servicing for RAMS. A service level agreement details the deliverables and service level standards agreed with RAMS. UCS also monitors additional productivity and performance measures covering the servicing functions and customer service standards critical to its business. The servicing objectives ensure that there is clear direction for managers and staff within each functional unit. The performance of each department is governed by service level standards and performance measures, with deliverables measured against qualitative, quantitative, and behavioural performance targets. Actual performance against the agreed service levels is monitored and measured through a comprehensive series of system-generated and other reports. The results are reviewed regularly, ensuring that there is a high level of staff awareness of the servicing standards and performance measures and allowing resourcing levels to be adequately managed. The process flows are mapped, documented, and supported by well-documented policies and procedures. UCS is in the process of integrating two back-end systems that will streamline the postsettlement process flows. The systems incorporate prudent security, access controls, and audit logs to ensure appropriate segregation of duties and the integrity of the database. Process flows are in line with the policy and procedure manuals. Appropriate complaintshandling and dispute resolution processes are in place. Almost all loan payments are made by direct debit, with transactions posted electronically to individual loan accounts on the loan-servicing system. This process mitigates the commingling risk associated with the collection of repayments on behalf of different funding programs and provides an efficient reconciliation process. Data Processing and Integrity UCS has developed stringent and tightly controlled data verification, document validation, and quality assurance procedures to support the loan-servicing platform, including hindsight reviews that cover each stage of the process flow. Loan application processes are tightly controlled to ensure that loan processing and management and data accuracy are not interrupted by the exchange of data across various loan

8 processing and servicing systems. UCS requires different staff members to be responsible for data integrity and quality assurance during each stage of the loan application process. UCS has the ability to manage loans using either electronic or manual tracking; the tracking of each loan file is determined by the loan processing and servicing systems. The extensive use of electronic funds transfer arrangements and automated transaction posting also reduces the risk of data corruption. Accounting and Investor Reporting UCS produces a comprehensive range of reports that cover all aspects of loan origination, servicing, quality assurance, key performance measures, and customer service standards. Reporting requirements are agreed upon between UCS and its clients. A feature of the reporting framework is its ability to report and benchmark the performance of measurable deliverables, which forms the basis of the service level agreements with clients. Reports are produced on a regular basis and disseminated both electronically and in hard copy to relevant parties. The majority of reports are compiled using source data from the loan-servicing systems, which are then compiled in electronic spreadsheets. The system adequately identifies mortgage loans relating to each funding portfolio. Investor reporting is produced by the trustee of each funding program based on data and reports provided by UCS. Document Custody and Production UCS creates a hard-copy loan file that acts as the control mechanism until each loan is settled. The contents of the file are then imaged and stored electronically. Loan-servicing staff utilize the electronic document storage and retrieval system to track and retrieve documents. The system also has automated document-tracking functionality. The solicitor attending the settlement of each loan is responsible for lodging each mortgage for stamping and registration. When complete, the solicitor delivers the security documents to an external custodian, who maintains custody of all security documents. An adequate document-tracking process and audit log exists between UCS and the custodian to monitor the movement of security documents. UCS is currently developing a business relationship with an existing panel solicitor to provide documentation production services for RAMS and other third parties. The arrangement will allow clients to outsource the settlement and document production functions to UCS. Client Access UCS provides clients and borrowers with enquiry access primarily through its inbound call center. The call center had initially been outsourced to a third party, but was brought inhouse in September The call center utilizes sophisticated technology and effective processes, such as call queuing, auto-direction to the most appropriate business unit, and automated lead generation. This functionality ensures that calls are managed efficiently and performance is monitored appropriately. Well-defined performance measures govern the operation of the call center and provide clear direction for staff. UCS has been successful in meeting all of its defined performance measures to date. The call center is the primary contact point for customer enquiries, ranging from product information and interest rate changes to specific loan account queries. Access to basic loan application and product information is also available through the RAMS Web site ( Of note is the fact that almost all borrowers make their repayments by direct debit. Communication between UCS and RAMS is maintained through a range of channels, including , telephone, regular meetings, and by participating in various joint training programs. UCS and RAMS liaise regularly to review service level standards, performance measures, and reporting requirements. Arrears Management and Loss Mitigation UCS measure and manages arrears by referring to the scheduled balance of the loan, which is commonly referred to as the Australian arrears method. UCS also has the ability to monitor arrears on a missed payments basis. The arrears management system operates through UCS s intranet and can only be accessed through a specific login page. The collections/arrears department is responsible for managing arrears, workout strategies, loss mitigation, and asset realization. Collection activity is monitored daily, with special emphasis on inbound and outbound calls, and the monitoring of workout arrangements. All information sourced from the arrears management system relies on the specific approach determined by the client (i.e., Australian arrears method or missed payments basis). An experienced collections manager has been employed to head up the collections team. The collections team was restructured and is now divided into product teams. Loans are separated into three categories for the purpose of managing arrears: low doc loans, full doc loans, and litigation/90+ days

9 overdue. The more experienced arrears officers have been moved into the low documentation loan team, with specialist officers in the litigation team. All members of the arrears management team are highly experienced and come from diverse but relevant backgrounds. Arrears management staff use a control checklist to ensure consistency in the service delivered to customers. A call-tracking list is also produced daily for each employee. Chart 3 compares the level of arrears on residential mortgage loans originated and securitized by RAMS since UCS commenced servicing these portfolios. The chart compares the level of arrears on the RAMS portfolios against Standard & Poor s prime mortgage performance index (SPIN), which measures the aggregate arrears on all prime residential mortgage loans securitized under prime RMBS transactions in Australia. The arrears of the RAMS portfolio have historically tracked higher than the average for the market although it has improved recently and is now trending lower than the prime SPIN. Financial Position A ranking of SUFFICIENT is assigned for financial position. The financial position of UCS is sufficient to sustain its servicing operations over at least the next months. The ranking also reflects the BB- long-term rating and negative outlook assigned to Unisys by Standard & Poor s. Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. Standard & Poor s (Australia) Pty. Ltd. does not hold an Australian financial services license under the Corporations Act Any rating and the information contained in any research report published by Standard & Poor s is of a general nature. It has been prepared without taking into account any recipient s particular financial needs, circumstances, and objectives. Therefore, a recipient should assess the appropriateness of such information to it before making an investment decision based on this information. Chart 3 - Performance of RAMS Loans Against the Australian Prime SPIN (%) days days 90+ days Australian prime SPIN (Loan balance in arrears) Jan-96 Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan Jul-05 Jan-06

10 Description of Ranking Method Standard & Poor s assigns rankings of STRONG, ABOVE AVERAGE, AVERAGE, BELOW AVERAGE, or WEAK, to the two key areas of: Management and Organization, andloan Administration. The company s financial position is graded as either SUFFICIENT or INSUFFICIENT. Once a ranking is assigned to these key areas, and if SUFFICIENTis assigned for Financial Position, Standard & Poor s assigns an overall ranking to a company s composite servicing ability. Company Contact Information Graeme Sayers Director, Business Operations Unisys Credit Services Pty Ltd. Level 2, Building G, 1C Homebush Bay Drive RHODES NSW 2138 Tel: (61) , Fax: (61) Web-site: Published by Standard & Poor s, a Division of The McGraw-Hill Companies, Inc. Executive offices: 1221 Avenue of the Americas, New York, NY Editorial offices: Level 37, 120 Collins Street, Melbourne, VIC 3000, Australia; 36th floor, Edinburgh Tower, The Landmark, 15 Queen s Road Central, Hong Kong; 30 Cecil Street, Prudential Tower #17-01/08, Singapore Subscriber services: (61) Copyright 2005 by The McGraw-Hill Companies, Inc. Reproduction in whole or in part prohibited except by permission. All rights reserved. Information has been obtained by Standard & Poor s from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Standard & Poor s or others, Standard & Poor s does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information. Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. Standard & Poor s uses billing and contact data collected from subscribers for billing and order fulfillment purposes, and occasionally to inform subscribers about products or services from Standard & Poor s, our parent, The McGraw-Hill Companies, and reputable third parties that may be of interest to them. All subscriber billing and contact data collected is stored in a secure database in the U.S. and access is limited to authorized persons. If you would prefer not to have your information used as outlined in this notice, if you wish to review your information for accuracy, or for more information on our privacy practices, please call us at (1) or write us at: For more information about The McGraw-Hill Companies Privacy Policy please visit Analytic services provided by Standard & Poor s Ratings Services ( Ratings Services ) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor s may have information that is not available to Ratings Services. Standard & Poor s has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor s reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at Permissions: To reprint, translate, or quote Standard & Poor s publications, contact: Client Services, 120 Collins Street, Melbourne, Vic 3000 Australia, (61) This report and the ratings contained within it are based on published information as of Sept. 20, Subsequent information may result in the assignment of ratings that differ from the ratings published here. Please call Standard & Poor s at (61) for the most recent rating assigned. For Australian Users In Australia, credit ratings are assigned by Standard & Poor s (Australia) Pty Limited, which does not hold an Australian financial services license under the Corporations Act Any rating and the information contained in any research report published by Standard & Poor s (Australia) Pty Limited is of a general nature. It has been prepared without taking into account any recipient s particular financial needs, circumstances and objectives. Therefore, a recipient should assess the appropriateness of such information to it before making an investment decision based on this information. 10

11 STANDARD & POOR S AUSTRALIA Level 37, 120 Collins Street Melbourne VIC 3000 Tel: (61) Fax: (61) Level 27, 259 George Street Sydney NSW 2000 Tel: (61) Fax: (61)

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