ASF WELCOME

Chris GreenAustralian Securitisation Forum

PANEL SESSION

The future of the lending market in Australia, including new business models and disruptors

Moderator:Sarah HofmanRBS Australia

KEYNOTE ADDRESS

Market conduct – regulatory thinking on responsible lending and interest-rate benchmarks

Cathie Armour Australian Securities and Investments Commission

PANEL SESSION

Australian housing market fundamentals and the ‘bubble’ debate

Moderator:Robert Camilleri Realm Investment House

Bubble or Bubble like

WARREN HOGAN’S PRESENTATION

IT IS IN 4:3 FORMAT

Q&A

Nikki Patel State Street Bank and Trust (UK)

Q&A

Hiroyuki KasamaMizuho Bank (Japan)

PRESENTATION

Neil Calder European Bank for Reconstruction and Development (UK)

INTRODUCTORY PRESENTATION

Global developments and credit update

Vera Chaplin Standard & Poor’s Ratings Services

Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. Copyright © 2014by Standard & Poor’s Financial Services LLC. All rights reserved.

Global Developments & Credit Update

Vera Chaplin – Managing DirectorAsia Pacific Structured Finance Ratings

November 2015

Securitisation – Slow Growth and Untapped Market Potential

14

• Global issuance to be affected by credit growth, funding conditions and untapped market potential

• U.S. expects moderate growth with economic recovery;• Europe expects growth with softening policymakers’ stance on securitisation; • Australia is steady, Japan is slowing, Korea is strengthening, other parts of Asia are sporadic

and China has re-emerged with record issuance; and• Recovering markets, untapped markets and new asset classes are areas of potential growth

• Performance is generally stable across the globe

• Yield search continues with investor interest in nontraditional asset classes

• Policymakers’ stance on securitisation is likely to influence future investment and issuance decisions

15

U.S. Issuance: We Expect A Small Increase (US$B)2014 2015 YTD 2015F 2016F 2016F (%)

ABS 206 175 204 227 42%Auto-related 96 94 102 110 20%Cards 47 25 40 50 9%Student loan 16 12 15 15 3%Equipment/fleet 16 16 16 17 3%

Other ABS (including nontraditional) 31 29 31 35 7%

CLO 124 86 100 90 17%CMBS 94 87 110 150 28%SASB/LL 29 28 40 40 7%

RMBS 38 44 60 70 13%Total $462 $391 $474 $537 100%Sources: Standard & Poor's Ratings Services.

Slow economic recovery indicate small increase in issuance volumes with 2007 CMBS peak open up to prepayment and support issuance. CLO expect decline due to impact from upcoming risk-retention rules.

16

US Issuance: Growing With Untapped Market Potential

Reference: Structured Finance Is Poised To Enter 2016 With Robust Issuance, But Some Securitization Potential Remains Untapped, September 10, 2015

0

100

200

300

400

500

600

700

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F

(US$ bil)U.S. Structured Finance Issuance (Excluding RMBS)

Auto-related Credit card Student loans Equipment/fleet Other ABS CLO CMBS

Copyright Standard & Poor's 2015

$537

17

US Issuance: Proportion of Credit Securitised Is Falling

0

10

20

30

40

50

60

70

0

2000

4000

6000

8000

10000

12000

2009 2010 2011 2012 2013 2014 Q1:15 Q2:15

%(USD bil. $)

Credit Volume (bars) vs Proportion Securitised (lines)Auto-loans Credit cards Student loans Commercial mortgages

Residential mortgages % auto-loan securitised % credit card securitised % studient loans securitised

% commercial loans securitised % Nonagency resi Securitisation % agency & GSE resi securitisation

Source: Federal Reserve Z Report, Securities Industry and Financial Markets Association.

18

US Issuance: Auto-related ABS Reflect Underlying Sales Activities and Funding Needs

0

50

100

150

200

250

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F

US Auto sales vs Auto-related ABSUS Auto sales Auto ABS

Data source: article titled "Structured Finance Is Poised To Enter 2016 With Robust Issuance, But Some Securitization Potential Remains Untapped", Sept 10, 2015. Note: auto sales is data as at May 2015, auto related ABS for the full year is forecast by Standard & Poor’s.

Nontraditional ABS Enquiries Are Rising

19

Type of assets (one third international assets):

Whole of business securitization, e.g. $2.5 billion of Dunkin’s and Wendy’s each and there are refinance needs coming up, international assets such as Domino’s;

Market place lending – P2P;

Solar power, Small business loans similar to CAN Capital, Transportation related e.g aircraft leases, railcars, container leases, exposure to oil; and

Trade Finance – banks looking to the capital markets for growing funding gap.

Pricing and liquidity:

• When pricing, investors do not compare exposure to ABS only but also to corporate exposures;

• Lack of comparable due to different issuers coming to market each year;

• Priced higher when the product is new and the margin gets compressed as more of them come to market; and

• Several deals’ subordinated tranches are oversubscribed with senior tranches taking time to fill;

Potential risk: Stability of the concept, historical performance, closure of business, stress testing and concentration.

20

European Issuance (€ Bil): Increasing From A Lower Base 2014 2015 YTD 2015F 2016F

ABS 25 21 34 43Auto-related 17 12 19 23Cards 3 3 5 7SME 2 2 4 6Other 3 4 6 7

CLO/CDO 15 9 17 20CMBS 4 4 6 7RMBS 25 19 34 42Other Sectors 4 1 1 1Total 73 54 92 113

Sources: Standard & Poor's Ratings Services, J.P. Morgan, Informa, Bloomberg.

October Investor-placed European securitization issuance was €4.4bn (3 RMBS (UK, Dutch, and Belgian), 2 CLOs, one German auto ABS, and one Finnish auto loan ABS.

European Issuance: We Expect Strong Growth

21

• Investor-placed European securitization issuance reached USD$61 billion, up 6% compared to the same period in 2014 (up 33% in Euro).

• Covered bonds reached USD$97 billion, up 7% (up 22% in Euro).

• Increased diversity – e.g. Spanish RMBS issuance for the first time in many years.

• European Central Bank’s purchase program seem to have influenced both securitisation and covered bond programs. ECB bought Euro 110 billion of covered bond, and Euro 11 billon of ABS.

• UK RMBS, which is not eligible for ECB purchase program, has held the highest issuance volume in the sector.

• Credit performance have stabilised reflecting a slow improvement in the macroeconomic backdrop for many countries in the region and are reflected in positive rating trend.

• European policymakers are likely to soften their stance on securitisation across a variety of regulations for example the including some ABS as high-quality liquid assets under Basel III bank liquidity rule, and potentially lower capital charges requirement for securitisation exposures deemed to be “simple, transparent and standardised”.

• Our 2016 forecast for European investor-placed securitisation is between USD 110 billion to 140 billion, up 20% over our 2015 expectation

• Asian exposure offers diversification and yield for some investors;• China – Surprises all with about USD 50bn issuance although mainly domestic issuance;• Australia – Dominated by housing loan funding diversification requirements (RMBS and CB expect

to exceed USD 40bn);• Japan – Lower issuance in recent years;• South Korea – 20151H totaled KRW20.3 trn (about USD18bn) up 159.9%, much due to a 391.98%

y-on-y increase in KHFC’s RMBS. Over KRW 20trn is issued again in Q32015 (according to Financial Supervisory Service’s Q3 report on issuance of ABS. Kookmin bank issued its first covered bond under the updated Korean covered bond legal framework; and

• Singapore – Covered Bonds issued by DBS and UOB

22

Asia Issuance: Mostly Domestic Issuance

Primary asset sectors: CBRC/PBOC scheme: CLO, Auto ABS,

RMBS, consumer receivables; CSRC: lease-backed, infrastructure

fees securitization, micro-loans financing;

Smaller originators such as city banks, agricultural banks, and foreign banks increased their issuance of CLO transactions in China; and

The first transaction with revolving collateral (dynamic pool) was launched.

China Issuance: Rapidly Developing

23

Note: *January to June

Source: Chinabond, Shanghai Stock Exchange, Shenzhen Stock Exchange, and sellers' announcement. Compiled by Standard & Poor's Ratings Services.

China’s Growing Consumer Credits Yet To Be Tapped

24

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 2015*

New Passenger Car Sales in Chinacar sales ( RMB) Y-on-Y growth (%)

Note: 2015 data is year to August.

25

Originator Volume (RMB mil) Issuance yearSAIC-GMAC Automotive Finance Co. Ltd. 1901 2008SAIC-GMAC Automotive Finance Co. Ltd. 2000 2012China Merchants Bank 8100 2014Dongfeng Nissan Finance Co. Ltd. 800 2014Toyota Motor Finance (China) Co. Ltd. 800 2014Ford Automotive Finance (China) Co. Ltd. 835 2014BMW Automotive Finance (China) Co. Ltd. 800 2014

Volkswagen Finance (China) Co. Ltd. 800 2014GAC-SOFINCO Automobile Finance Co. Ltd. 800 2014SAIC-GMAC Automotive Finance Co. Ltd. 3000 2014Ford Automotive Finance (China) Co. Ltd. 3000 2015China Merchants Bank 10547 2015Volkswagen Finance (China) Co. Ltd. 1900 2015Ping An Bank Co. Ltd. 3147 2015BMW Automotive Finance (China) Co. Ltd. 2569 2015SAIC-GMAC Automotive Finance Co. Ltd. 4000 2015SAIC-GMAC Automotive Finance Co. Ltd. 3000 2015Dongfeng Nissan Finance Co. Ltd. 1500 2015

Source: Chinabond and sellers' announcements. Compiled by Standard & Poor’s

Auto-ABS in China Attracts International Investor Interest

Australia Issuance: RMBS Dominates

26

New RMBS issuance was slightly more than $AUD14.2 billion as at Q2 2015 compared with $AUD14.3 billion at the same time lastyear. The issuance volume has now exceeded A$20 billion. Covered bond issuance reached $15billion.

Spreads have widened, which followed similar development in banks’ unsecured debt issuance

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Amount(Mil.A$)Standard & Poor's Ratings Services Rated New Issuance (Domestic/Euro/Global)

Domestic Euro Global

Source: Standard & Poor's

Proportion of Australian Mortgage Securitized Has Declined

27

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Mar

-02

Aug-

02

Jan-

03

Jun-

03

Nov

-03

Apr-

04

Sep-

04

Feb-

05

Jul-0

5

Dec-

05

May

-06

Oct

-06

Mar

-07

Aug-

07

Jan-

08

Jun-

08

Nov

-08

Apr-

09

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct

-11

Mar

-12

Aug-

12

Jan-

13

Jun-

13

Nov

-13

Apr-

14

Sep-

14

Feb-

15

Percentage of Australian Residential Mortgage Securitised

Total residential loans mortgages outstanding % securitised

Source: Australian Bureau of Statistics, Catalogue number 5609 table 12.

AUD Mil

28

Standard & Poor’s Japanese Rated IssuanceTotal Amount Of Rated Structured New Issues in Japan(Mil. ¥) 1H 2015 2H 2014 1H 2014 2H 2013 1H 2013

ABS* 95,000 46,300 63,895 66,433 162,635

Structured credit§ - - - - -

RMBS 889,300 702,500 820,100 933,600 882,400

CMBS - - - - -

J-REITs 7,000 9,000 19,500 17,500 12,000

Total 991,300 757,800 903,495 1,017,533 1,057,035

Total no. of transactions 11 13 14 16 18

Reference article: Rated New Issuance In Japan's Securitization Market Totaled ¥990 Billion In First-Half 2015, Up 9.7%

Copyright © 2015 by Standard & Poor’s Financial Services LLC. All rights reserved.

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29

PANEL SESSION

Securitisation insights from around the world

Moderator:Vera Chaplin Standard & Poor’s Ratings Services

LAUREL DAVIS PRESENTATION IS PDF

U.S. Regulatory Update

Australian Securitisation Forum – Global Perspectives

November 30, 2015

AGENDA

1. U.S. ABS Market Update2. U.S. Regulatory Hot Topics3. Regulation AB II4. High Quality Securitization5. Derivatives6. U.S. Mortgage Market Update

Overall ABS Issuance Was $225B for 2014

U.S. Consumer ABS Volume and Market Issuance Analysis

Source: Credit Suisse

U.S. Regulatory Hot Topics

Regulation AB II HQS Derivatives U.S. Mortgages

• SEC finalized Reg AB II in November 2014

• Requires extensive new asset-level disclosure for certain asset classes

• SFIG developing comment letter on open items, such as potential applicability of rules to the 144A market

• Swaps margin rules first proposed by the CFTC in 2011

• Prudential regulators proposed margin rules in 2014

• Prudential regulators finalized margin rules for uncleared swaps in October 2015

• SFIG has submitted two comment letters proposing exemption for SPV-related swaps to post margin for uncleared swaps

• European proposals on HQS, STS, STC have been put forth beginning in 2012

• European Commission proposed legislation in September 2015

• SFIG has commented on HQS proposals and met with Members of Congress, prudential regulators, and SEC

• Risk retention rules go into effect for RMBS as of the end of 2015

• SFIG working with Treasury and investor community on implementing Deal Agent in RMBS

• The debate continues over how to comply with Regulation AB II without disclosing personally identifiable information

• GSEs have expanded available credit by lowering down payment requirements, GSE dominance continues

Regulation AB II

Asset-level Data Disclosure─ Final Regulation AB II Rule includes extensive new asset-level data disclosure and reporting requirements for certain asset

classes:

─ RMBS, CMBS, Auto Loan/Lease, Re-securitizations of RMBS/CMBS/Auto ABS, and Debt Securities

─ Data is required both at the time of offering and on an ongoing basis (part of 10-D filings) - will be publicly available and posted on EDGAR

─ For each asset class for which data is required there is a single Schedule AL which will be used both for the prospectus and ongoing reporting

New Requirements For Shelf Eligibility─ Replaces the prior investment grade requirement for ABS shelf eligibility with new transaction requirements, including,

among others:

─ CEO certification as of the date of the final prospectus─ Appointment of asset representations reviewer who will review assets for compliance with representations and

warranties following triggering of a delinquency threshold─ Dispute resolution provisions under which if repurchase demands are not resolved after 180 days, the party making

the demand may refer the dispute to either mediation or third-party arbitration─ Investor communication provisions under which the party responsible for the distribution date Form 10-D filings

must include in the report any request from an investor to communicate with other investors

SEC Proposals that Remain Outstanding─ Asset-level requirements for other asset types (Equipment Loan/Lease, Student Loans, Floorplan financing)

─ Require group account disclosure for credit card ABS

─ Require same disclosure and reporting for the 144A market as for registered offerings

─ Requirement to prepare and file a computer “waterfall” model

─ Require filing of final transaction documents with the Rule 424(h) preliminary prospectus

• These European entities are driving HQS:

─ European Commission (“EC”), European Central Bank (“ECB”), European Banking Authority(“EBA”), and Bank of England (“BoE”). The Basel Committee on Banking Supervision (“BCBS”)and International Organization of Securities Commissions (“IOSCO”) have also addressed HQS

• Perhaps most notable in the European proposed legislation:

─ Reduction in bank capital requirements for banks investing in STS securities

─ Potential amendment of the Liquidity Coverage Ratio so that it, too, accounts for STS securities

• Impact for U.S. participants:

─ Unlevel playing field for US banks investing in ABS/MBS

─ Increased difficulty for US issuers looking to access the European markets

• We risk landing with a disconnected global regulatory framework – which runs counter to the notion of global harmonization

• We see two possible scenarios:

− We could have EU going in one direction (likely the furthest in terms of an STC/STS framework), Basel in a slightly different direction (and likely aligned with Asia, AUS, and Canada), and then U.S. on its own; OR

− EU and Basel align, everyone follows suit except US, again leaving US with an overly punitive capital and liquidity framework

High Quality Securitisation

• April 2011: − CFTC issues proposed rule on margin

requirements for uncleared swaps• September 3, 2014:

− Prudential Regulators propose margin and capital requirements for CSEs

• September 23, 2014: − CFTC re-propose rules (originally

proposed in 2011)• October 2015:

− All prudential regulators finalized the rules

Derivatives

REGULATORY ACTIVITY • April 21, 2014

− SFIG has call with regulators• June 27, 2014:

− SFIG submits comment letter to Prudential Regulators and CFTC requesting treatment of ABS issuers as “low-risk financial end users”

• November 27, 2014:− SFIG submits comment letter to

Prudential Regulators and CFTC proposing exemption for ABS issuers

SFIG ADVOCACY

• The Prudential Regulators (together the OCC, Federal Reserve, FDIC, Farm Credit Administration, and FHFA) have finalized swap margin rules going into effect in 2016.─ The CFTC has not yet finalized its parallel proposed rule

• These rules would require swap participants to post margin on these uncleared swaps for fluctuations in swap market values

• Adoption of these rules would impact the financing activities of consumer lenders who extend credit in major asset classes, such as credit cards, auto loans and auto leases

• Issues Impacting Supply:

– Regulatory overhang – servicing standards, ATR, GSE put-backs, CPFB– GSE dominance – low funding cost, easy access for sellers/issuers, loan

balances, low G-fee– Bank balance sheet capacity

• Issues Impacting Demand:

– No alignment of interests – absence of third-party oversight (deal manager)– Investor distrust – outstanding litigation, failure to accept liability, ongoing

settlements– Lack of standardized documentation – reps and warrants, data disclosure

and reporting– Regulatory Overhang – Volcker Rules, State vs Federal Interests (Madden)

U.S. Mortgage Market Update - PLS Supply and Demand Dynamics

U.S. Mortgage Market Update - Changing PLS Supply and Demand Dynamics

• Changing the supply side of the equation:i) Incentivize issuance away from the GSEs, lessen GSE market dominance –

− Ease credit expansion− Reduce loan balance limits− Raise G-fees

ii) Harmonize FHFA, Legislature and Administration goals, they seem at cross purposes –− Administration and Legislature have prioritized infusion of private capital into

the GSEs while FHFA has not, beyond CRTs− FHFA recently lowered LTV requirements to 3%, expanding GSE reach− Legislature is trying to legislate GSE unwind− Treasury initiatives are focused on PLS, seemingly ignoring GSE mandate and

size issues

• Changing the demand side of the equation:i) Restore investor trust -

− Enhance third-party oversight− Standardize Reps and Warrants− Clarify Roles and Responsibilities− Enhance bondholder communication

ii) Reduce regulatory and legal overhang –− Regulation AB II− Settlements− Other – Basel III, HAMP, Madden

SIGNING CEREMONY

ASF SLIDE IS IN 4:3 FORMAT

KEYNOTE ADDRESS

APRA: The future prudential direction of securitisation

Patrick Brennan Australian Prudential Regulation Authority

PANEL SESSION

APRA rapid reaction

Moderator:Jennifer Schlosser Ashurst

PANEL SESSION

Accessing and using data in the investment and analysis process

Moderator:Mary Ploughman RESIMAC

KEYNOTE ADDRESS

Siobhan Hayden Mortgage and Finance Association of Australia

KEYNOTE ADDRESS

Greg MedcraftInternational Organization of Securities Commissions and Australian Securities and Investments Commission

PANEL SESSION

What’s keeping the buy side awake at night?

Moderator:Michael MoloneyWestpac Institutional Bank

Capital city dwelling prices to slow down

-20-1001020304050

-20-10

01020304050

Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15 Jun-17

%%Sydney Melbourne Brisbane Perth

Sources: ABS, CoreLogic RP Data, APM, Residex, Westpac Economics

* all dwellings, composite of all measures, annualised, seasonally adjusted

6mth growth rates, annualised

51

Investors Loans: Growth Ceiling

05101520253035

05

101520253035

May-92 May-96 May-00 May-04 May-08 May-12 May-16

ann%ann%

Sources: ABS, Westpac Economics

APRA guideline

Banks

52

Australian GDP growth outlook

% annual 2015 2016 2017

RBA, Nov 3.00 3.50

RBA, Feb ( CUT ) 2.75 3.25

RBA, May ( CUT) 2.50 3.25

RBA, August 2.50 3.00 3.75

RBA, November 2.25 3.00 3.50Source: ABS, RBA Statement on Monetary Policy, Westpac Economics

53

Current Forecasts – November 2015

Latest Dec-15 Jun-16 Dec-16 Dec 17

RBA Cash 2.00 2.00 2.00 2.00 2.50

Aus 10yr 2.90 3.20 3.40 4.25 5.00

3yr swap 2.20 2.40 2.60 3.50 4.25

Fed Funds 0.125 0.375 1.125 1.20 2.00

US 10yr 2.30 2.50 2.80 3.25 4.00

AUD/USD 0.71 0.68 0.66 0.68 0.72

54

Credit Spreads: 12 Month History

50

70

90

110

130

150

50

70

90

110

130

150

Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15

bpbpSenior Bank 5yr FRN TMAus iTraxx 5yrRMBS 3yr WAL TM

Source: Westpac

55

RMBS Pricing - Credit Fan• Amongst other AAA issuance, RMBS is the highest yielding asset class.

Credit Spreads

-20

0

20

40

60

80

100

120

140

160

180

-20

0

20

40

60

80

100

120

140

160

180

Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15

bpsbpsSenior Bank 5yrCovered 2023 MaturityRMBS 3yr WALAAA Semi 5yrAA Semi 5yrIBRD 5yrEIB 5yr

Source: Westpac

RMBS Mezzanine and Subordinated Note Pricing

• Following changes to the treatment of lenders mortgage insurance in RMBS, transactions are now tranched the whole way down the capital structure and include an unrated subordinated note.

• Recent issues have shown that pricing of this subordinated unrated piece is determined by the proportion of mortgage insurance in the transactions.

57

Investor v Owner Occupied• Investor lending has been a hot topic in the Australian property market recently, with the regulator imposing a 10% speed

limit on growth. This has seen many organisations recast regulatory reporting numbers for investor loans which in some cases have been included in RMBS transactions.

• Despite moves to limit investor lending growth, from an arrears perspective investor loans within RMBS transactions have performed better than owner occupied lending in recent history.

• S&P has cited that from a credit perspective, investors are generally well placed to service their debt because most investorhouseholds are often in higher income quintiles. Though S&P has noted that performance might diverge during a more severe economic downturn.

Investor Versus Owner-Occupied Arrears

Source: S&P, RBA

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An investment in the securities or other financial products or instruments in this presentation is not an investment in, deposit with or any other liability of Westpac. It is subject to investment risk, including loss of income and principal invested. Westpac does not stand behind or otherwise guarantee the capital value of investment performance of the securities or other financial products or instruments referred to in this presentation.

This presentation does not constitute an offer of securities in the US or to any US Person as defined in Regulation S under the Securities Act 1933 of the US (“US Securities Act”). The securities or other financial products or instruments described in this presentation have not been, and will not be, registered under the US Securities Act and may not be offered or sold in the US or to, or for the account of, any US Person except in a transaction that is exempt from the registration requirements of the US Securities Act and applicable US state securities laws.

PANEL SESSION

M&A activity and how it will shape future issuance patterns

Moderator:Jacqueline Fox National Australia Bank

ISSUER Q&A

Pepper Group – from start-up to ASX listing

Interviewer:Robert VerlanderCommonwealth Bank of Australia

ISSUER Q&A

Local Government Funding Vehicle – a securitisation hybrid

Interviewer:Sophie GilderCommonwealth Bank of Australia

PANEL SESSION

Broadening the appeal of securitisation beyond the mortgage sector

Moderator:Simon O’ConnellWestpac Institutional Bank (New Zealand)

CASE STUDY

FleetPartners – challenges and opportunities through the lens of a key issuer

Interviewer:Gary Sly ANZ

CLOSING PANEL SESSION

What the industry is watching for in 2016

Moderator:Laurence DavisonKangaNews

ASF THANKS AND CLOSE

Chris Dalton Australian Securitisation Forum