THE REGION S LEADING SERVICER OF LOAN RECEIVABLES

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1 THE REGION S LEADING SERVICER OF LOAN RECEIVABLES

2 OVER $A8 BILLION OF FUNDS UNDER ADMINISTRATION. PRIMARY SERVICER OF OVER 20,000 RECEIVABLES. BACK-UP SERVICER OF OVER 150,000 RECEIVABLES. Why AMAL? At AMAL we focus on one thing - servicing loan receivables. And with over $A8 billion of assets under administration in Australia and New Zealand, we are the leading third-party servicer in the region. Our highly experienced team of specialist servicing, collections and IT staff can cater for a wide range of asset classes including commercial, residential, consumer, leasing and other asset-backed receivables. AMAL has over 40 customers including trading and investment banks, nonbank lenders, fund managers and securitisation programs, ranging in size from the smallest start-up to some of the region and the world's largest financial institutions..

3 Governance Risk & Compliance AMAL s governance, risk and compliance framework underpins the entire AMAL business model and is one of the key reasons our clients choose to outsource the servicing of their portfolios to us. Directly and indirectly, we spend over $A2 million each year on governance, risk and compliance. This investment provides our clients with a range of benefits but, most importantly, it provides their management, business partners and customers with the confidence that we will maintain the highest standards of service, compliance and quality. RANKED STRONG BY S&P AS A LOAN SERVICER, THE HIGHEST POSSIBLE RANKING. INTERNAL CONTOLS AUDITED ANNUALLY BY ERNST &YOUNG UNDER THE GS007 STANDARD. 17 YEARS OF ACCREDITATION UNDER THE ISO 9001:2008 QUALITY MANAGEMENT STANDARD. GOVERNANCE RISK AND COMPLIANCE

4 Case Studies Commercial mortgages in Australia and New Zealand In 2003, GE Commercial Finance purchased approximately $700 million of commercial mortgages in Australia and New Zealand. The portfolio was originated by GIO, the majority of which was acquired by AMP in AMAL successfully tendered for the servicing of the portfolio and established AMAL New Zealand Limited in Auckland to service the New Zealand loans. The implementation required an extensive integration with GE s IT platforms, including local and US portfolio reporting systems and regional finance systems in Tokyo. The portfolios were run down over the following years, with the last loan discharging in At the request of GE, AMAL maintained the servicing platform and in 2013 they originated over $A600 million of new commercial loans. $A2.4 billion of distressed commercial The exit of Lloyds subsidiary Bank Of Scotland International (BOSI) from the Australia market led to the sale of a number of portfolios of distressed commercial property debt, two of which AMAL was appointed as servicer. The first was a portfolio of $A700 million of Queensland-based loans know as Project Paterson, which was purchased the Morgan Stanley Real Estate Fund (MSREF). The loans related to 14 properties, predominantly located in South East Queensland, including the Oracle Broadbeach twin-tower development (in receivership), the Southport Central project (in receivership) and Juniper Group s Soul apartment project (not in receivership). The second portfolio of approximately $A1.7 billion was purchased by a consortium including Morgan Stanley, Blackstone and Deutsche Bank. This larger portfolio comprised loans on 69 properties, including the Meridian Marina at Airlie Beach, Spencer Street Fashion Station and the Pentridge Prison redevelopment in Melbourne. Critical to both servicer transitions was for AMAL to provide a complete reconciliation of every loan-tranche since inception. This task was made even more complicated by incomplete and/or incorrect data provided by the outgoing servicer. AMAL was able to successfully complete the reconciliations within the required timeframe, upload all historical transaction information to the servicing system and is now providing all stakeholders with accurate data and reporting for recovery actions. Consumer back-up in New Zealand ` In 2003, GE Commercial Finance purchased approximately $700 million of commercial mortgages in Australia and New Zealand. The portfolio was originated by GIO, the majority of which was acquired by AMP in AMAL successfully tendered for the servicing of the portfolio and established AMAL New Zealand Limited in Auckland to service the New Zealand loans. The implementation required an extensive integration with GE s IT platforms, including local and US portfolio reporting systems and regional finance systems in Tokyo. The portfolios were run down over the following years, with the last loan discharging in At the request of GE, AMAL maintained the servicing platform and in 2013 they originated over $A600 million of new commercial loans.

5 Case Studies $1.6 billion of commercial and systems hosting Following the sale of its residential mortgage business to NAB in 2009, Challenger went to tender for the servicing of the Challenger Howard Mortgage Fund. The portfolio of $A1.6 billion comprised over 1,800 commercial loans across a wide rage of property types and locations. Following success in the tender process, AMAL was able to integrate the complete the integration within a limited eight-week period, which included the Christmas period. One of the requirements of the outsourcing was that Challenger maintain its own servicing system and that AMAL provide hosting and support services. Challenger staff then access the system remotely for origination, settlement and collections functions, while AMAL staff access the system for day-to-day servicing functions. Similar to many AMAL provides Challenger with a branded call-centre for day-to-day borrower contact and provides a white-label program for all other regular communications. Acquisition of a loan servicing business Following a strategic review in 2012, Perpetual Corporate Trust s loan servicing business was placed on the market. The business comprised servicing contracts with nine non-bank lenders, with funds under administration of $A1.3 billion and over 10,000 residential mortgages, reverse mortgages, leases and strata loans. Clients included AIMS Financial Group, Mortgage House and RedZed Lending Solutions, as well as a number of portfolios associated with the former Allco-related funder Mobius. AMAL s bid was successful and in December 2012 contracts were exchanged for the acquisition. Due to a restructuring of Perpetual s group IT resources a very short deadline of mid-february was set for the transfer of over 20 individual trusts to AMAL. The project included a significant IT component, acquisition of suitable staff, the negotiation and execution of numerous legal contracts and negotiation with key stakeholders such as rating agencies and trustees. AMAL successfully completed the acquisition and went live on the 11th of February AMAL is now working closely with a number of former Perpetual clients and their funders on future growth opportunities. $240 million of commercial in rural Victoria The Banksia Financial Group was placed into receivership in late 2012 owing $660 million to around 15,000 investors, primarily in regional Victoria. The Kyabram-based finance and investment company had 14 branches across three states and raised money primarily via issuing debentures. In April 2013 the receivers, McGrathNicol, sold approximately $240 million of predominantly performing loans to an arm of Deutsche Bank. AMAL was appointed primary servicer of the portfolio and began an integration process as part of a three month transitional services agreement (TSA). While on face value the portfolio appeared to be relatively straightforward, the combination of an internally developed loan system and a high level of product customisation outside of the documented specifications, resulted in a higher than usual level of due diligence, analysis and testing. AMAL was able to successfully integrate the portfolio within the TSA timeframe and is now working closely with the all stakeholders to maximise the return to the purchaser.

6 Case Studies Back-up for $A5 billion residential purchase In 2011 Pepper Homeloans urchased $A5 billion of residential loans in Australia and New Zealand from GE Capital as it exited the Australian residential market. The purchase was financed through Pepper s senior lenders; Westpac, CBA and NAB, while mezzanine funding was provided by Deutsche Bank, York Capital Management, Varde Partners and MKM Capital. A key criteria of the funding program was the appointment of an experienced back-up servicer. AMAL was appointed back-up servicer to the six trusts containing the loans which, added to the two trusts for which AMAL was already backup servicer took the total number of loans to in excess of 30,000. The Servicer Transition Plan and plan developed by AMAL needed to cater for two different servicing platforms and a range of stakeholder requirements. Components include: Comprehensive and robust Servicer Transition Plans across two servicing platforms and two countries. The development and maintenance of detailed Back-up Servicing Manuals, incorporating up-to-date information on systems, staff, processes and infrastructure requirements. Sub-licensing arrangements for critical systems. Alternative banking and collections arrangements. Regular monitoring and reporting of key portfolio information and triggers. Documentation binding AMAL to the obligations of the current trust documents in the event of a Servicer Transfer Event. 12,500 small-ticket equipment leases This was one of the most challenging integrations AMAL has undertaken. The portfolio comprised over 12,500 small-ticket operating and commercial hire purchase leases (of which approximately 4,500 were in long-term arrears), a number of unfamiliar systems and limited access to existing staff. Following nine months of receivership and a number of failed attempts to sell the portfolio the receiver, PriceWaterhousCoopers, elected to put the servicing of the book out to tender, to enable maximum recovery for the funders, which included National Australia Bank, Societe Generale, ANZ and Bendigo and Adelaide Bank. Following success in the tender process AMAL was able to interview and select from the existing operations and finance staff, recruit an experienced new collections team, negotiate with systems providers and manage the relocation of the business to AMAL s premises. This process was completed on a very tight schedule of four weeks. After six months of working on the portfolio, AMAL was able to stabilize the operations, undertake extensive reconciliations and adjustments, restructure the funder payment process to improve efficiency and transparency and reduce the arrears by two-thirds.

7 Services AMAL provides clients with a full range of outsourcing services across a variety of asset classes. These range from complete outsourcing solutions to tailored combinations of systems, staff and processing, specifically designed to complement our clients existing infrastructure and functional requirements. For new entrants AMAL can provide additional advisory services such as introductions to other market participants such as funders, trustees and lawyers as well as assisting with the design of products, processes and compliance requirements. The diagram below provides an overview of the typical range of functions that may be required for a lending program and which can be provided by AMAL:. GOVERNANCE RISK AND COMPLIANCE

8 Clients Primary servicing Back-up servicing

9 Contact Us Head Office Level 6, 9 Castlereagh Street, Sydney NSW 2000 Phone: Fax: AMAL New Zealand Limited Level 20, PWC Tower, 188 Quay Street, Auckland Phone: Fax: Kent McPhee Chief Executive Officer Phone: Mobile: Brendan Weir Executive Director Phone: Mobile:

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