Issuance Platform Overview Pepper Residential Securities (PRS) Deal size (A$m) Issuance Date Date Called NCM-01 184.05 1-Apr-03 February 2006 NCM-02 200.00 1-Oct-03 February 2007 PRS 3 250.00 1-Sep-04 April 2007 PRS 4 300.00 11-Jun-05 October 2008 PRS 5 400.00 15-May-06 August 2010 PRS 6 600.00 13-Mar-07 December 2011 PRS 7 30-Nov-07 March 2012 PRS 8 260.00 23-Dec-10 January 2014 PRS 9 10-May-12 May 2015 PRS 10 350.00 18-Apr-13 April 2017 PRS 11 22-Oct-13  February 2018 PRS 12 500.00 24-Apr-14  June 2018 PRS 13 9-Oct-14   PRS 14 550.00 12-Jun-15 PRS 15 02-Nov-15 PRS 16 700.00 31-Mar-16 PRS 17 800.00 13-Oct-16 PRS 18 900.00 29-May-17 PRS 19 02-Nov-17 PRS 20 1,000.00 28-Mar-18 PRS 21 31-Jul-18 Total A$10,144m Non-conforming AUSTRALIAN NON-CONFORMING RMBS First issued in 2003, the Pepper Residential Securities (PRS) funding platform is the group’s oldest The asset pools for each trust consist predominantly of Non-conforming residential mortgage assets from Australia. Some deal contain a portion of Prime residential mortgage assets The transaction structures generally incorporate a Super senior AAA note with additional credit support than that required by the rating agencies to achieve a AAA/Aaa rating The Super senior AAA note is often split into tranches of varying currencies (eg AUD or USD) and tenors Credit enhancement is provided by a ‘junior AAA’ tranche as well as tranches rated ‘AA’ to ‘B’ and an equity note Pepper will hold the lowest note in the structure and transactions are often structured to meet the risk retention requirements in US, UK and / or EU