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Conduit Vehicles

National Australia Bank sponsors three multi-seller conduit vehicles: MiraStar Securitisation Limited, Titan Securitisation Limited and Quasar Securitisation Limited. Their features are summarised in the following table:

	MiraStar Securitisation Limited	Titan Securitisation Limited	Quasar Securitisation Limited
Programme Size	A$5 billion	A$5 billion	A$8 billion
CP Series and Limit	Series 1 - A$3 billion	Series 1 - A$5 billion	Series 1 - A$5 billion Series 2 - A$2 billion Series 3 - A$1 billion
Rating Agency	S&P / Moody's	S&P / Moody's	S&P Only
Credit Rating - CP	A-1+ / P-1	A-1+ / P-1	A-1+, A-1, A-1+
Credit Rating - MTN	AAA to AA- / Aaa to Aa3	AAA to AA- / Aaa to Aa3	AAA to A
Credit Rating	Public Commercial Paper (Maximum 185 Days) Medium Term Note Private Medium Term Note	Public Commercial Paper (Maximum 125 Days) Medium Term Note Private Medium Term Note	Public Commercial Paper (Maximum 185 Days) Medium Term Note Private Medium Term Note
Australian Issuing Capacity	Yes	Yes	Yes
New Zealand Issuing Capacity	No	Yes	No
US Issuing Capacity	No	Yes	No
Repo Eligible	Yes	No	No
Website	N/A	Titan Securitisation Limited	N/A
Ratings Agency Report:	Standard & Poor's Moody's	Titan Securitisation Limited (Australia) Standard & Poor's Moody's Titan Securitisation Limited (USA) Standard & Poor's Moody's Titan NZ Funding Trust (New Zealand) Standard & Poor's Moody's	Quasar Securitisation Limited Standard  Poor's

Disclaimer: Debt instruments issued by MiraStar Securitisation Limited, Titan Securitisation Limited and Quasar Securitisation Limited do not represent deposits or other liabilities of National Australia Bank Limited. None of the obligations of National Australia Managers Limited are guaranteed by National Australia Bank Limited or any associate of National Australia Bank Limited.

For further information, please contact:

Shelley Brown
Director, Securitisation
National Australia Managers Limited
(61-3) 8641 0254
Shelley.Brown@nab.com.au