Quay 62 Pty Ltd Series 2003-1 CMBS Issue Oversubscribed - 14 November 2003

Arranger and Lead manager, National Australia Bank Limited, this week priced a $450m Standard & Poor's (S&P) AAA rated Commercial Mortgage Backed Securities (CMBS) issue for Quay 62 Pty Ltd Series 2003-1. The CMBS is backed by debentures from AMP Wholesale Shopping Centre Trusts, which are in turn secured by interests in 5 regional shopping centres.

Quay 62 Pty Ltd is a multi-series special purpose securitisation vehicle managed by AMP Henderson Global Investors Limited.

The AMP Wholesale Shopping Centre Trusts are predominantly owned by AMP Life Statutory Fund 1 and own interests in regional shopping centres via unit holdings in various sub-trusts.

Cathy Houston, Director Securitisation at National Australia Bank, said: "This issue was heavily oversubscribed and rather than reduce pricing below the indicative pricing range, orders were substantially scaled back. The strong appetite for this issue is a function of the quality of the assets, management and good diversification."

Pricing for the floating rate notes was 3 month BBSW plus 45 basis points. The fixed rate notes priced with a coupon of 6.75% and a yield of 6.685%. The notes were allocated amongst 25 investors (including 4 offshore accounts).

For further information:

Brandon Phillips
Group Corporate Affairs
03 8641 3857
0419 369 058