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					                                                                                              Product Disclosure Statement




Mariner
Mortgage
Trust




Mariner Mortgage Trust ARSN 107 891 967
Product Disclosure Statement Dated 28 November 2008
Responsible Entity and Issuer: Mariner Securities Limited ABN 87 002 163 180   AFSL 237 091
SUPPLEMENTARY PRODUCT DISCLOSURE
STATEMENT

MARINER MORTGAGE TRUST
ARSN 107 891 967

Dated 26 February 2009

This Supplementary Product Disclosure Statement (‘SPDS’) supplements and should
be read in conjunction with the Mariner Mortgage Trust Product Disclosure Statement
dated 28 November 2008 (together the PDS) issued by Mariner Securities Limited
ABN 87 002 163 180, AFSL 237 091.

You should read this SPDS and the Mariner Mortgage Trust PDS carefully before
making any investment decision.

Investment Management Rights

During September 2008 Mariner Financial Limited conducted a strategic review of its
products and subsequently resolved to sell the management rights of the Mariner
Mortgage Trust and Mariner Wholesale Mortgage Trust (‘Trusts’).

In December 2008, Mariner Financial agreed that the management rights and the
investment management team of the Trusts would be purchased by Balmain NB
Corporation Limited (‘Balmain’). This involved Balmain purchasing the assets of
Mariner Mortgage Management Limited (‘MMML’). Subsequently on 9 January 2009,
Mariner Securities Limited appointed Balmain (MT) Pty Limited as the Investment
Manager of the Trusts.

Following the purchase of the assets by Balmain on 9 January 2009, the staff of the
former MMML remained with the Investment Manager, and in particular John
Thomas has remained as CEO of the Investment Manager now that it is part of the
Balmain Group.

On 22 January 2009 Unitholders of the Trusts voted in favour on a resolution to
replace Mariner Securities Limited as the responsible entity of the Trusts. The
proposed replacement responsible entity is Balmain Fund Administration Limited
(‘BFAL’). Mariner Securities Limited continues to act as the responsible entity of the
Trusts and will continue to do so until such time as BFAL is granted an Australian
Financial Services Licence (‘AFSL’).

Updated information regarding the Trusts will be provided on our website at
<http://www.marinerfunds.com.au/funds/mortgage-management/mariner-mortgage-
trust/>. For more information please contact our Investor Services Team on 1800
009 963. A paper copy of that information will be available free of charge on request.
Important Notices
Any statement as to the suitability of the offer made under this Product Disclosure
Statement (PDS) is general only and does not take into account your particular
needs, objectives, financial circumstances and investment preferences. This PDS
is an important document and you should read it carefully and in its entirety,
and consider if this investment is appropriate in light of your objectives, financial
circumstances and needs. Where appropriate, you should obtain independent
advice, particularly about such individual matters as taxation, retirement planning and
investment risk tolerance.

Information relating to the Trust that is not materially adverse information is subject
to change from time to time. The updated information can be obtained by calling
our Investor Services Team on 1800 009 963 or may be accessed from our website
<www.marinerfunds.com.au>. A paper copy of the updated information will be given
on request.

This PDS is dated 28 November 2008. It relates to Units in the Mariner Mortgage
Trust and is issued by Mariner Securities Limited ABN 87 002 163 180, AFSL 237 091.

Mariner Mortgage Trust is managed by Mariner Securities Limited, which is the
Responsible Entity of the Trust and a wholly owned subsidiary of Mariner Financial
Limited ABN 54 002 989 782 (ASX: MFI).

The Offer or invitation to subscribe for Units in the Trust under this PDS is available
only to persons receiving this PDS in Australia and is subject to the terms and
conditions described in this PDS. Mariner Securities Limited reserves the right to
change these terms and conditions. Notice will be provided before or as soon as
practicable after the change occurs. We reserve the right to withdraw the offer or
invitation to subscribe for Units and withdraw this PDS.

The Trust is a disclosing entity and subject to regular reporting and disclosure
obligations as such under the Corporations Act. Copies of documents that we lodge
with the Australian Securities and Investments Commission (ASIC) to meet these
requirements may be obtained from or inspected at an ASIC office. If you request
further information, we will provide:

■	   the annual financial report most recently lodged with ASIC; and

■	   if available, any half-yearly financial report and continuous disclosure notices that have
     been lodged after the annual report but before the date of this PDS.

Please note that the performance of the Trust, the repayment of capital or any particular
rate of return is not guaranteed by Mariner Securities Limited, Mariner Mortgage
Management Limited, the Custodian, the Sub-custodian or any member company of the
Mariner Financial group.
                                             Contents
                                               1.       About the Mariner Mortgage Trust                                                    2
                                               2.       How the Trust Works                                                                 3
                                               3.       Your Questions Answered                                                             5
                                               4.       The Trust’s Liquidity                                                               8
                                               5.       No Borrowings                                                                       9
                                               6.       Portfolio Diversification                                                           9
                                               7.       Related Party Transactions                                                         13
                                               8.       The Trust’s Valuation Policy                                                       13
                                               9.       The Trust’s Lending Principles                                                     14
                                               10.      The Trust’s Distribution Practices                                                 15
                                               11.      Withdrawal Arrangements from the Trust                                             15
                                               12.      The Benefits of Investing in the Trust                                             18
                                               13.      Risks                                                                              19
                                               14.      Portfolio and Performance                                                          21
                                               15.      Fees                                                                               22
                                               16.      Tax and your Investment                                                            28
                                               17.      Mariner Securities Limited                                                         29
                                               18.      The Constitution                                                                   30
                                               19.      Our Service Providers                                                              32
                                               20.      Administrative Information for Investors                                           34
                                                        Application and Customer Identification Form Checklist                             42
                                                        Application Form                                                                   43
                                                        Adviser Authorisation request                                                      45
                                                        New Customer Identification Procedures                                             47
                                                        Directory                                                                         IBC


Terms used frequently in this PDS
In this PDS we use the following terms:

 ADI                                Authorised deposit-taking institution. Investments in ADIs are considered investment quality.

 ASIC                               Australian Securities and Investments Commission

 Business Day                       A day (other than a Saturday or Sunday) on which the trading banks are open for business in New South Wales

 Cash or cash equivalents           Assets that are readily convertible into cash, such as money market holdings, short term government bonds
                                    or Treasury bills, marketable securities and commercial paper

 Custodian                          BNP Paribas Fund Services Australasia Pty Limited

 Constitution                       The constitution of the Trust dated 2 February 2004, as amended

 Liquidity Ratio                    The proportion of cash or cash equivalents of the Trust’s total net assets

 LVR                                Loan to valuation ratio. This is defined as the loan amount divided by the property valuation expressed
                                    as a percentage
 Market Value                       An estimate of the amount for which the property or asset could exchange on the valuation date between a
                                    willing buyer and a willing seller in an arm’s length transaction

 Mortgage Loan                      A loan secured by a registered mortgage over real property (including residential, industrial, commercial or
                                    retail property)
 PDS                                Product Disclosure Statement

 Responsible Entity we, us or our   Mariner Securities Limited ABN 87 002 163 180
 Sub-custodian                      Permanent Trustee Australia Limited
 Trust                              Mariner Mortgage Trust ARSN 107 891 967
 Unit                               A unit in the Mariner Mortgage Trust

 Unitholder                         A holder of Unit(s) in the Mariner Mortgage Trust


                                                                                                         Mariner Securities Mariner Mortgage Trust   1
    1. About the Mariner Mortgage Trust




         The Mariner Mortgage Trust has been designed
         for investors wanting to achieve returns greater
                                                than cash rates.


             We expect that the Trust will pay investors a
           regular monthly income. It also offers features
                         that include a regular savings plan.


                  The Trust invests mainly in a portfolio of
              registered first mortgages over a diversified
               selection of properties in Australian capital

                                   cities and regional centres.




2   Mariner Securities Mariner Mortgage Trust
2. How the Trust Works
              The Trust, like all managed investments, accepts money from
              many different people, who individually may only have small
              amounts to invest. These people pool their money in the Trust so
              that collectively they are able to gain access to more investment
              opportunities than if they acted on their own.
              As Responsible Entity, we manage the Trust’s investments. We
              lend the Trust’s money to business and investment borrowers,
              who offer real property as security. These borrowers make interest
              payments which create a regular and stable income stream for the
              Trust’s investors (called Unitholders). The Trust also has some cash
              investments to meet day-to-day needs.
              The mortgage investments are registered first mortgages. If a
              borrower defaults on a loan, we can sell the security property on
              behalf of the Trust and use the proceeds of the sale to repay the
              loan made by the Trust and to cover interest payments and other
              costs.
              The Trust’s lending guidelines for new loans provide that we must:
              ■  obtain a property valuation that is not more than three months old
                 at the time of the loan advance (see section 8);
              ■   only lend up to a maximum of 70% of the value of any property
                  used as security (this is explained more fully in section 9)
              ■   secure the Trust’s portfolio of mortgage investments over property:
                  ■  in different locations to give some diversity between capital
                     cities and regional centres in Australia;
                  ■  of different types (e.g. residential, commercial, industrial and
                     retail), although the extent of the diversification may vary (see
                     section 6).
             Diversification helps protect the Trust from significant losses
             because it ensures that risks are not concentrated with one
             particular borrower or group of borrowers or in one particular
             geographical area or type of property. It would be impossible for
             most individual investors to match that diversification by investing
             on their own. The status of the Trust’s current diversification is
             explained more fully in section 6 and at our website
             <http://www.marinerfunds.com.au/funds/mortgage-management/
             mariner-mortgage-trust/fund-assets.asp>
             The Trust has been designed to offer investors flexible investment
             choices, and flexible distribution choices.




                                                      Mariner Securities Mariner Mortgage Trust   3
    Mariner Mortgage Trust
    How it Works

       Investors                                                                   Borrowers



                                                                                                   Residential




                                                                                                          Retail




                                                                                                      Industrial




                                                                                                   Commercial

    Mariner Mortgage Trust pools funds from investors and lends to borrowers with the security of a mortgage over
    their property. Borrowers pay interest, which is passed on to investors after fees and expenses.


4     Mariner Securities Mariner Mortgage Trust
3. Your Questions Answered
 What type of investment is
 this?
                                          Q&A   The Trust is an unlisted Australian unit trust which is a registered
                                                managed investment scheme. It is an investment designed to produce
                                                income with relatively low capital risk. The Trust invests in registered
                                                first mortgages over real property and holds some cash.

 Who manages the Trust?                         The Responsible Entity of the Trust is Mariner Securities Limited, a
                                                member of the Mariner Financial group. Our staff and our service
                                                providers have significant expertise in commercial and investment
                                                lending and in the management of mortgage trusts (see sections 17
                                                and 19 for more information). Our contact details are given at the end
                                                of this section and also appear on the inside back cover of this PDS.
                                                As Responsible Entity of the Trust, we must act in the best interests of
                                                the Unitholders and manage the Trust in accordance with the general
                                                law and the rules that are set out in the Constitution, the Corporations
                                                Act and associated regulations.

 Who holds the Trust’s                          An independent Custodian, BNP Paribas Fund Services Australasia
 assets?                                        Pty Limited, and an independent Sub-custodian, Permanent Trustee
                                                Australia Limited, have been appointed to hold the assets of the Trust.
                                                This includes the title to the mortgages, the cash deposits and the
                                                bank accounts (see section 19.2 for more information).

 What are Units and how                         Investors in the Trust buy interests in the Trust’s pool of assets, which are
 much do they cost?                             called Units.
                                                Each Unit costs $1.00.

 How much can I invest?                         Your initial investment can be for as little as $1,000 and additional
                                                investments can be from $500. The minimum balance you are required
                                                to maintain is $500.
                                                If you join the Regular Savings Plan, you can invest as little as $250 on
                                                approximately a weekly, twice monthly or monthly basis (see section
                                                20.3 for more information about the Regular Savings Plan).

What fees will I pay?                           Ongoing management fees and expenses will be paid by the Trust
                                                prior to the distribution of income to Unitholders. Effectively, the
                                                distributions received by Unitholders are net of these fees and
                                                expenses. We estimate that the Trust’s ongoing management fees and
                                                expenses will be 1.50% p.a.1 (including GST but net of reduced input
                                                tax credits). See section 15 for more information and section 16.2 for
                                                the impact of GST on fees generally.
                                                If you withdraw money from the Trust that has been invested for less
                                                than six months (except reinvested interest), we can charge you an exit
                                                fee, which will be based on the amount of money withdrawn and the
                                                length of time for which it was invested. Withdrawals are processed
                                                on a first-in-first-out basis (the earliest investment amount is withdrawn
                                                first). See section 15 for information on withdrawal fees.




1 Reduced management fees apply where your investment is 250,000 units or more. See section 15.3.5 for details.



                                                                                                 Mariner Securities Mariner Mortgage Trust   5
     When will the Trust pay                    We expect that the Trust will make distributions to Unitholders on a
     distributions to me?                       monthly basis.
                                                The distributions will vary from time to time, depending on the Trust’s
                                                performance.

     What returns will I                        The Trust will mostly offer variable interest rate loans to borrowers.
     receive from the Trust?                    So, in general, after interest rates rise, Trust distributions will increase,
                                                and after interest rates fall, Trust distributions will fall in line with
                                                prevailing market conditions.
                                                The Trust income will be distributed monthly in arrears. Distributions
                                                can be reinvested in the Trust, paid directly to Unitholders’ bank,
                                                building society or credit union accounts (within 14 days of the end
                                                of the month) or split 50:50 between reinvestment and payment to
                                                a bank, building society or credit union account. These options are
                                                set out in section 20.8. Distributions will be automatically reinvested
                                                unless you elect otherwise.

     How and when will I be                     At the date of this PDS, because of the state of the market for
     able to withdraw from the                  mortgage assets, we consider that the fund is not ‘liquid’ as defined
     Trust?                                     in the Corporations Act. While this is so, we are not permitted to
                                                process individual redemption requests or give effect to any regular
                                                payment plan you may have requested.
                                                While this ‘freeze’ on redemptions applies, it is our intention to make
                                                a withdrawal offer to investors in each calendar quarter. The pool
                                                of funds available to meet redemptions would be sourced from the
                                                net proceeds of all loan repayments during the preceding quarter.
                                                The withdrawal offer would be open for a three week ‘window’
                                                for receipt of requests, with the next offer period after the date of
                                                this PDS scheduled to commence on or about 9 March 2009 for
                                                payments on 6 April 2009. Investors will be notified of all withdrawal
                                                offers. If available funds are not sufficient to pay all withdrawal
                                                requests received during the quarter, we will satisfy withdrawals on a
                                                proportional basis. Updated information concerning withdrawals from
                                                the Trust will be available on our web site at <www.marinerfunds.
                                                com.au/funds/mortgage-management/mariner-mortgage-trust/>
                                                If the Trust becomes liquid again so that we can process individual
                                                redemption requests, we will notify you. See section 11 for more
                                                information about how we would process redemption requests in that
                                                situation.

     Are there any risks?                       Most investments involve some risk. For the particular risks of this
                                                investment, see section 13.

     What taxation will I pay?                  For most Unitholders, the Trust’s monthly distribution payments will
                                                be assessable income. It is unlikely that any capital gains tax issues
                                                will arise (see section 16 for more information about taxation).




6   Mariner Securities Mariner Mortgage Trust
Will my financial adviser be   We pay commissions to financial advisers from the management fee,
paid commission if I invest    which is first paid to us. For investments up to $250,000, we pay an
in the Trust?                  upfront commission of 0.3575% of application money including GST
                               and a trailing commission of 0.3575% p.a. including GST.
                               For investments $250,000 and up to $500,000, we pay an upfront
                               commission of 0.3575% of application money including GST and
                               a trailing commission of 0.44% p.a. including GST if the balance
                               remains above $250,000.
                               These trailing commissions are payable monthly and calculated on
                               the daily balance of the Unitholders’ accounts. See section 15.3.7
                               for more information.
                               We may from time to time pay additional commissions to advisers.
                               Any additional commission will need to be disclosed to you by your
                               adviser. See section 15.3.7.

How will you keep me           We will provide the following reports to our investors:
informed if I have money       ■	 Confirmation of initial investment
invested with you?             ■ A monthly statement giving details of transactions, including the
                                  amount of monthly distributions
                               ■ An annual taxation statement as at 30 June each year
                               ■ A copy of the Trust’s annual report.

                               We also make certain information available on our web site at
                               <www.marinerfunds.com.au/funds/mortgage-management/mariner-
                               mortgage-trust/>

Does the Responsible           When we make investment decisions for the Trust, we don’t consider
Entity consider ethical        labour standards or environmental, social or ethical considerations,
matters for the Trust’s        except where we believe these may have a material impact on the
investments?                   financial performance of an investment.

What happens if I change       Currently, investors do not have cooling-off rights because the Trust
my mind about my               is not ‘liquid’ (see section 20.2).
investment?

How can I contact you?         Mariner Securities Limited
                               Level 40, The Chifley Tower
                               2 Chifley Square
                               Sydney NSW 2000
                               Investor Services Team 1800 009 963
                               Adviser Services Team 1800 009 964
                               Website <www.marinerfunds.com.au>




                                                                     Mariner Securities Mariner Mortgage Trust   7
     4. The Trust’s Liquidity
                                                                               The table below shows the Trust’s investment allocation as at
                                                                               31 October 2008. It is the policy of the Trust to ensure that at all times
                                                                               at least 10% of the Trust’s assets are invested in cash or other short term
                                                                               investments that can be readily turned into cash. We expect the available
                                                                               cash to be sufficient to fund monthly distributions of income. The quarterly
                                                                               withdrawal offers we intend to make are to be funded from the proceeds
                                                                               of maturing loans which are repaid (see section 11).

                                                                                 Current Investment                                        Amount in               % of
                                                                                 as at 31 October 2008                                        $                   Portfolio

                                                                                 Cash or cash equivalents                                $30,630,722.85             19%
                                                                                 Mortgage Loans                                        $133,714,027.42              81%
                                                                                 Net Asset Value of the Trust                          $164,344,750.27             100%

                                                                               Estimated cash flow information for the Trust is illustrated in the graph
                                                                               below. The graph shows how the percentage of the Trust’s assets which
                                                                               are in cash is expected to change over the next three months. Cash
                                                                               Inflows, which are shown by a rise in the line in the graph, may include
                                                                               applications from investors and funds from repayment of loans. Outflows,
                                                                               which are shown by a fall in the line in the graph, may include payments for
                                                                               distributions and redemptions. The Trust’s liquidity ratio is calculated as a
                                                                               percentage of the Trust’s total net assets.

                                                                                                                       Mortgage Trust Forecast Liquidity

                                                                                30%



                                                                                25%

                                                                                                                           Trust’s Forecast Liquidity Rate
                                                                                20%
                                                % of Trust’s Net Asset Value




                                                                                15%



                                                                                10%
                                                                                             Trust’s Minimum Liquidity Rate - 10%

                                                                                5%



                                                                                0%
                                                                                 01-Dec-08                        01-Jan-09                           01-Feb-09         01-Mar-09


                                                                               While care has been taken in preparing this forward-looking information,
                                                                               there can be no assurance that cash flows will occur as expected. The
                                                                               information will be updated, as a minimum on a monthly basis, and will be
                                                                               provided on our website at <www.marinerfunds.com.au/funds/mortgage-
                                                                               management/mariner-mortgage-trust/> for forecast periods on a rolling
                                                                               three month basis.
                                                                               We will invest the Trust’s cash and liquid assets in at-call deposits with
                                                                               financial institutions rated A or above by Standard & Poor’s (or an equivalent
                                                                               rating from another ratings agency), or financial institutions that are
                                                                               approved deposit-taking institutions (ADIs).

8   Mariner Securities Mariner Mortgage Trust
5. No Borrowings
                     The Constitution permits borrowing. We may borrow on behalf of the
                     Trust to increase the amount it has to invest or increase the diversity of its
                     investments. We may also borrow occasionally to cover short term cash
                     flow needs, or if emergency or extraordinary situations arise.
                     As at the preparation date of this PDS, the Trust had not made any
                     borrowings nor is it intended to do so. This strategy, we believe, improves
                     the quality of the product by limiting the risk and thereby strengthening the
                     investment proposition for Unitholders.
                     Any updates or changes to this policy will be provided on our website
                     at <www.marinerfunds.com.au/funds/mortgage-management/mariner-
                     mortgage-trust/>.




6. Portfolio Diversification
                     The following tables relate to the assets of the Trust as at 31 October 2008.
                     Updated information will be provided monthly on our website,
                     <www.marinerfunds.com.au/funds/mortgage-management/mariner-
                     mortgage-trust/>.

6.1 THE TRUST’S      Number of mortgages                                                          220
MORTGAGE PORTFOLIO   Number of mortgagors                                                         179
INFORMATION
                     Average loan to value ratio                                             60.61%
                     Average loan size per mortgagor                                       $747,006
                     Largest loan size                                               $4,798,356.45
                     Undrawn loan commitments                                                      $0

                     The following charts provide a breakdown of the Trust’s assets as at
                     31 October 2008 by number and by value. These charts demonstrate the
                     portfolio diversification of the Trust.




                                                                 Mariner Securities Mariner Mortgage Trust   9
     6.1 THE TRUST’S MORTGAGE PORTFOLIO INFORMATION

         Sector Spread (by number) as at 31 October 2008                    Sector Spread (by value) as at 31 October 2008
                                                   Industrial                     Industrial
                                                   22.35%                         25.49%



                                                         Residential                                                Commercial
                                                         26.82%                                                     30.66%
       Commercial
       39.11%                                                             Residential
                                                                          34.36%




                  Vacant Land                                                       Vacant Land
                                          Retail                                                      Retail
                       2.79%                                                             3.05%
                                          8.94%                                                       6.41%
          Please note that the Trust does not lend on specialised property (such as hotels, motels, clubs, nursing homes,
          petrol stations and squash courts) nor does the Trust provide loans over property which requires construction or
          development funding. Moreover the Trust does not provide reverse mortgage loans. It is the Responsible Entity’s
          opinion that these types of investments would unnecessarily increase the risk profile of the loan portfolio.

     6.3 THE TRUSTS MORTGAGE PORTFOLIO – GEOGRAPHIC SPREAD

               Loan Geographic Region (by number)                                 Loan Geographic Region (by value)
                     as at 31 October 2008                                              as at 31 October 2008

                                     ACT 0.56%
           WA 10.06%                                                           ACT 0.38%

                                                                          WA 11.68%                                 NSW
                                                         NSW                                                        50.52%
        VIC                                              43.58%
        16.20%
                                                                          VIC 10.65%


       TAS 2.23%                                                            TAS 1.20%
           SA 5.59%                                  NT                      SA 2.25%                           NT
                                                     $135,000                                                   0.10%
                       QLD 21.23%                                                        QLD 23.21%


     6.4 PROPORTION OF LOANS IN ARREARS

          The Trust classifies a loan in default where interest is more than 60 days in arrears.

           Trust Performing and Non-Performing Loans                          Trust Performing and Non-Performing Loans
                (by number) as at 31 October 2008                                   (by value) as at 31 October 2008


          Performing                                                         Performing
          Loans                                                              Loans
          97.77%                                                             97.89%                                  Days Arrears
                                                          Days Arrears                                               (60-90)
                                                          (60-90) 0.00%                                              0.00%



                                                         Days Arrears                                               Days Arrears
                                                         (90+) 2.23%                                                (90+), 2.11%


10   Mariner Securities Mariner Mortgage Trust
6.5 NATURE OF SECURITY    It is the Trust’s policy that the security for all of its loans is via first ranking
OF THE TRUST’S LOAN       mortgage over property. We do not accept second ranking mortgage as this
PORTFOLIO                 provides a reduced level of security and we believe, presents a greater risk
                          for the portfolio and for Unitholders.

6.6 PROPORTION OF THE       Borrower Profile                                    % of Total Assets
PORTFOLIO LENT TO 10        Top 10 Borrowers                                           26.99%
LARGEST BORROWERS
                            Largest Borrower                                            3.59%


6.7 UNDRAWN LOAN          Currently, the Trust does not have any outstanding commitments on loans
COMMITMENTS               which have not been drawn. It is not our policy to provide loans on a draw
                          down basis to fund construction or development projects. If in future there
                          are any approved loans which have not been fully drawn down, they will
                          be taken into consideration in preparing the Trust’s liquidity forecast at that
                          time. The Responsible Entity has adopted this policy as a risk mitigation
                          strategy for the benefit of the Trust’s investors.

6.8 MATURITY PROFILE OF   Maturity Profile of Loan Portfolio (by number)
THE LOAN PORTFOLIO
                                                               Variable
                            < 3 months                            14.53%                                30
                            >=3 months and < 1 year               30.72%                                52
                            1-2 years                             11.17%                                19
                            2-3 years                             16.76%                                12
                            > 3 years                             26.82%                                66
                            Total                               100.00%                                179

                          Maturity Profile of Loan Portfolio (by value)

                                                               Variable
                            < 3 months                            20.17%                 $26,972,851.77
                            >=3 months and < 1 year               29.92%                 $40,011,264.31
                            1-2 years                              8.67%                 $11,587,123.45
                            2-3 years                              6.91%                 $ 9,245,074.14
                            > 3 years                             34.33%                 $45,897,713.75
                            Total                               100.00%                 $133,714,027.42

                          The LVR range is based on the total of principal outstanding and arrears of
                          interest only.
                            LVR Range          No. of Loans         % of Portfolio            Loan Value
                            10-20%                    5                 1.07%             $1,437,062.74
                            20-30%                    3                 0.25%              $333,172.49
                            30-40%                    2                 0.42%               $566,168.97
                            40-50%                   16                 9.17%            $12,261,363.36
                            50-60%                   24                14.32%            $19,142,826.64
                            60-70%                  123                72.95%            $97,538,725.92
                            70-80%                    6                 1.82%             $2,434,707.30
                            80-100%                   0                 0.00%                     $0.00
                                                    179               100.00%           $133,714,027.42



                                                                        Mariner Securities Mariner Mortgage Trust   11
       6.10 INTEREST RATE PROFILE                All of the Trust’s loans earn a variable rate of interest, that is, currently no
       OF THE LOAN PORTFOLIO                     loans are agreed at fixed rates. However, it is within the Trust’s Constitution
                                                 to offer fixed rate loans up to a maximum of 5% of the total loan portfolio.

                                                   Net Interest Rate                  $ of Total                 % of Total
                                                   to Unitholders                   (by number)                  (by value)
                                                   Less than 6%                         1.12%                       1.39%
                                                   6% to 8%                             0.00%                       0.00%
                                                   8% to 10%                           68.15%                     67.95%
                                                   In excess of 10%                    30.73%                     30.66%
                                                   Total                             100.00%                     100.00%


       6.11 LOAN WHERE THE                       It is the policy of the Trust not to allow the capitalisation of interest payments
       INTEREST IS CAPITALISED                   for any of its loans, and borrowers are required to pay interest monthly in
                                                 advance. An exception to this rule will apply in the event of re-draw loans
                                                 where interest is payable monthly in arrears. In certain circumstances the
                                                 Trust may capitalise interest but only where the borrower is not in default
                                                 and the LVR after the capitalisation of interest would not exceed 70%.

       6.12 USE OF DERIVATIVES                   A derivative is a financial product that has a value derived from another
                                                 asset (such as a security, index or commodity). Investors can use derivatives
                                                 in a number of ways including to manage many of the risks associated with
                                                 investing. Derivatives include such financial products as futures and options
                                                 contracts and interest rate swap agreements.

                                                 While we do not intend to make extensive use of derivatives in managing
                                                 the Trust’s investments, we may use them to reduce transaction costs,
                                                 adjust or implement investment decisions and help manage interest rate
                                                 risk. We do not intend to use derivatives to gear the Trust and we intend to
                                                 manage the Trust so that it will have sufficient cash to meet any derivative
                                                 obligations it acquires.

                                                 The Trust does not currently use any type of financial derivatives for any
                                                 purpose.

       6.13 NON-LOAN ASSETS                      As well as holding registered first mortgages over real property the Trust
                                                 also holds cash and liquid assets which are invested in ‘at call’ deposits
                                                 with financial institutions rated ‘A’ or better by Standard & Poor’s (or an
                                                 equivalent rating from another ratings agency), or financial institutions which
                                                 are Authorised Deposit-taking Institutions (ADIs) which are considered to be
                                                 investment grade. As at the date of this PDS the Responsible Entity does
                                                 not intend to apply to have amounts over $1 million in bank accounts of the
                                                 Trust protected by the Government’s guarantee arrangements.




12   Mariner Securities Mariner Mortgage Trust
7. Related Party Transactions
               The Trust’s policy is not to transact with any related parties for either
               lending or investing purposes. All transactions are conducted on an arms
               length basis and investment decisions are made on a stand alone basis.
               All loan submissions must meet our application process including meeting
               our lending guidelines as detailed in sections 8 and 9 below.




8. The Trust’s Valuation Policy
               The Trust will only make loans that are secured by a registered first
               mortgage over real property. An independent qualified valuer must value
               the property being used as security for the loan. The valuation must not
               be more than three months old when a loan is advanced. Valuations are
               completed on an ‘as is’ basis or current state (i.e. without any further
               improvements).
               The Trust does not lend on specialised property (such as hotels, motels,
               clubs, nursing homes, petrol stations, and squash courts) nor does
               the Trust provide loans over property which requires construction or
               development funding. Moreover the Trust does not provide reverse
               mortgage loans.
               It is a policy of the Trust to use a panel of valuers, which have all received
               proper accreditation. As an added qualification, no one valuer is allowed to
               conduct more than one third of the Trust’s valuation work at a time.




                                                          Mariner Securities Mariner Mortgage Trust   13
     9. The Trust’s Lending Principles
                                                 Detailed below is the Responsible Entity’s policy on lending.

       9.1 LOAN TO VALUE RATIO                   For all loans and property types, our maximum loan to valuation ratio will
                                                 not exceed 70%. This is calculated using a recent valuation as described
                                                 in section 8. Please note when comparing mortgage trust investments that
                                                 some competitor mortgage trusts may lend up to 80% loan to valuation
                                                 ratio but we have taken a more conservative approach.

       9.2 SECURITY                              The Trust will only make loans that are secured by a registered first
                                                 mortgage over real property (including residential. commercial, retail and
                                                 industrial). This means that we have the right to sell the property and
                                                 recoup the Trust’s investment if the borrower defaults.
                                                 The underlying security of the loan is valued to substantiate the value of the
                                                 property versus the value that the applicants state in their loan Application
                                                 Forms.
                                                 Searches are conducted on the underlying property title by approved panel
                                                 lawyers to ensure there are no encumbrances on the title.

       9.3 NO SINGLE LOAN TO                     No single loan or collection of loans to an associated group currently
       EXCEED 5% OF VALUE                        exceeds 5% of the value of the Trust.
       OF TRUST

       9.4 CREDIT HISTORY CHECK                  The applicants for the loan have their credit history checked by an
                                                 independent credit monitoring service provider.

       9.5 DEBT SERVICING                        The Responsible Entity uses a variety of measures to assess a borrower’s
       ASSESSMENT                                capacity to repay interest on their loan. These measures include (but are
                                                 not limited to) assessing and verifying a range of current and historical
                                                 financial data of the borrowers and reviewing lease and/or rental income
                                                 from the property to be mortgaged.

       9.6 LOAN RENEWALS                         It is not our policy to automatically offer a renewal on a loan which
                                                 has reached maturity. If a renewal is requested by the borrower, our
                                                 assessment of whether to provide a renewal will be in accordance with the
                                                 Fund’s Lending Principles as above.




14   Mariner Securities Mariner Mortgage Trust
10. The Trust’s Distribution Practices
               The Unitholders income entitlements are calculated daily. If, at the end of
               each distribution period (currently monthly), your income entitlement is a
               positive amount, we will distribute that income entitlement to you. If it is a
               negative amount, we will redeem the number of your Units that represent
               your negative income entitlement.
               A Unitholder’s share of any distribution depends on the number of Units
               they hold at the end of the distribution period, as a proportion of the total
               number of Units in the Trust on issue at that time, and the amount of the
               Trust’s distributable income for that distribution period.
               The source of the distribution payment will be entirely from income earned
               by the Trust during the relevant distribution period. The Responsible Entity’s
               intention is to distribute all of the net income earned from the Trust’s assets
               on a monthly basis. The Responsible Entity is focused on preservation of
               the Unitholder’s capital and as such, the Trust will not make distributions
               from capital.




11. Withdrawal Arrangements from the Trust
               Freeze on redemptions while the Trust is not liquid
               At the date of this PDS, because of the state of the market for mortgage
               assets, we consider that the fund is not ‘liquid’ as defined in the
               Corporations Act. While this is so, we are not permitted to process
               individual redemption requests (except as noted under ‘Hardship’ below) or
               give effect to any regular payment plan you may have requested.
               A fund is not ‘liquid’ for this purpose if less than 80% of its assets are liquid
               assets. The Trust’s mortgage assets are liquid only if we reasonably expect
               to be able to realise them for their market value within the period specified
               in the Constitution for satisfying withdrawal requests while the scheme is
               liquid (60 days). On this basis, at the date of this PDS, we do not consider
               the Trust to be liquid.
               While this ‘freeze’ on redemptions applies, it is our intention to make a
               withdrawal offer to investors in each calendar quarter. The pool of funds
               available to meet redemptions would be sourced from the net proceeds
               of all loan repayments during the preceding quarter. The withdrawal offer
               would be open for a three week ‘window’ for receipt of requests, and the
               next offer period after the date of this PDS is scheduled to commence on
               or about 9 March 2009 for payments on 6 April 2009. Investors will be
               notified of all withdrawal offers. If available funds are not sufficient to pay all
               withdrawal requests received during the quarter, we will satisfy withdrawals
               on a proportional basis as the Corporations Act requires. Updated
               information concerning withdrawals from the Trust will be available on our
               web site at <www.marinerfunds.com.au/funds/mortgage-management/
               mariner-mortgage-trust/>.




                                                             Mariner Securities Mariner Mortgage Trust   15
                                                 Redemptions while the Trust is ‘liquid’
                                                 If the market for mortgage assets improves and the Trust becomes liquid
                                                 again so that we can process individual redemption requests, we will post
                                                 the information on our web site at <www.marinerfunds.com.au/funds/
                                                 mortgage-management/mariner-mortgage-trust/> and notify you that
                                                 the ‘freeze’ on redemptions has been lifted in your next regular report.
                                                 While the Trust is liquid and redemptions are not frozen, you can make a
                                                 withdrawal request for some or all of your investment at any time, subject
                                                 to the minimum withdrawal and balance amounts set out in section 15.3.1.
                                                 If your withdrawal would cause your investment to fall below the current
                                                 minimum balance amount of $500, we can treat it as a request for a full
                                                 withdrawal.
                                                 Under normal circumstances, if we receive your telephone or written
                                                 withdrawal request at our Sydney processing centre after 2.00pm or on a
                                                 day that is not a Business Day, we will process your withdrawal request on
                                                 the next Business Day.
                                                 If we receive your telephone or written withdrawal request at our Sydney
                                                 processing centre before 2.00pm on a Business Day, we will process your
                                                 withdrawal on that day.
                                                 The time for processing of withdrawal requests may differ in the event
                                                 that the Trust liquidity ratio (or level of cash and cash equivalents) falls
                                                 below 10% of the Trust’s net assets refer to section 4. In this instance, the
                                                 processing period for withdrawals may be extended up to the maximum
                                                 allowable under the Trust’s constitution, which is normally 60 days. The
                                                 Trust’s up to date liquidity levels and its expected withdrawal processing
                                                 time can be viewed on our website at <www.marinerfunds.com.au/funds/
                                                 mortgage-management/mariner-mortgage-trust/>. The maximum period for
                                                 processing withdrawal requests may be extended beyond 60 days if, while
                                                 the Trust is liquid, we are not able to realise assets to satisfy a large volume
                                                 of redemption requests because of circumstances outside our control such
                                                 as restrictions in the market for the Trust’s assets.
                                                 Please refer to Section 20.6 which details the administrative information
                                                 required to process a withdrawal request.
                                                 Possible future freeze on redemption
                                                 It is possible that a freeze on redemptions may also occur again at some
                                                 time in the future. We will at all times keep you informed of the Trust’s
                                                 liquidity levels on our website at <www.marinerfunds.com.au/funds/
                                                 mortgage-management/mariner-mortgage-trust/> and meet any disclosure
                                                 obligations under the Corporations Act.




16   Mariner Securities Mariner Mortgage Trust
Hardship
On 26 November 2008, ASIC granted relief so that we can process
requests for redemption in cases where we are satisfied that a member has
experienced hardship or is likely to experience hardship if the member is
not allowed to withdraw from the Trust. If we are satisfied that a member
has experienced hardship or is likely to experience hardship then we may
process up to one withdrawal per member which cannot exceed the lesser
of the amount requested and $20,000 plus 50% of the balance of your Unit
holding. Please contact us if you believe you may be able to withdraw on
this basis.
Payment of withdrawal proceeds
Your withdrawal will be paid into your nominated bank, building society
or credit union account or to another account if you provide us with an
original written instruction (see section 20.5 for more information). Please
allow two Business Days for an electronic transfer to reach your bank
account and three Business Days for an electronic transfer to reach your
building society or credit union account.




                                           Mariner Securities Mariner Mortgage Trust   17
     12. The Benefits of Investing in the Trust
                                                 The main benefits of investing in the Trust are the potential for:
                                                 ■	   the payment of a steady, reliable income; and
                                                 ■	   maintenance of the capital value of your investment.

                                                 Other benefits:
                                                 ■	   You can invest as little as $1,000.
                                                 ■	   You will pay no entry fee to invest in the Trust, although there are exit
                                                      fees in some circumstances.
                                                 ■	   You will receive regular reporting and have easy access to information
                                                      about your investment.
                                                 ■	   You will have the services of a skilled and experienced team of
                                                      commercial mortgage and investment management professionals (see
                                                      section 19.1 for more information about the role of our service provider,
                                                      Mariner Mortgage Management Limited, in sourcing mortgages and
                                                      processing loan applications).
                                                 ■	   Your investment will be pooled with those of other investors in the Trust
                                                      and collectively you will achieve greater diversification and gain access
                                                      to investment opportunities that most investors could not obtain on their
                                                      own.
                                                 ■	   You can make regular investments of as little as $250 on approximately
                                                      a weekly, twice monthly or monthly basis through the Regular Savings
                                                      Plan (see section 20.3). There is also a Regular Payment Plan for regular
                                                      withdrawals (see section 20.7).
                                                 ■	   Currently redemptions from the Trust are only permitted through
                                                      quarterly withdrawal offers (see section 11). If the Trust again becomes
                                                      liquid, you would have easy access to your money – you would be able
                                                      to request a withdrawal before 2.00pm on any Business Day, and it
                                                      would normally be paid into your bank, building society or credit union
                                                      account in two to three Business Days. Withdrawal of your investment
                                                      may take longer, up to 60 days for processing, if liquidity conditions are
                                                      constrained. This is explained in more detail in Section 11.
                                                 ■	   Your income will be paid monthly in arrears, normally within 14 days of
                                                      the end of each month.
                                                 ■	   You can reinvest all your distributions, have them paid to an account
                                                      with a bank, building society or credit union or choose to split your
                                                      distribution payment 50:50 between the two (see section 20.8).




18   Mariner Securities Mariner Mortgage Trust
13. Risks
                     Most investments involve a degree of risk. Before investing in the Trust,
                     you should think about your own tolerance for risk and how the potential
                     investment risks of this Trust may affect you.
                     Some of the risks associated with an investment in the Trust are described
                     below. We also explain some of the steps we take to manage these risks.

13.1 SINGLE ASSET    The Trust is a specialist sector fund that invests primarily in one type of
CLASS RISK           asset – registered first mortgages over real property.
                     Investors may wish to consult a financial adviser about whether the Trust
                     will fit within their investment portfolio, and how they can further diversify
                     their investments across and within different asset classes to help manage
                     risk.

13.2 CREDIT RISK     This is the risk that a borrower (or a borrower’s guarantor) may not be able
                     to meet their financial obligations, or a financial institution where we invest
                     the Trust’s cash portfolio may not repay the investment in full.
                     When we make loans on behalf of the Trust, we seek to manage this risk
                     by using the lending guidelines set out in section 9.
                     When we invest the Trust’s cash portfolio, we seek to deal with reputable
                     counterparties such as investment rated banks or Authorised Deposit-
                     taking Institutions (ADIs) which are considered to be investment quality.

13.3 INTEREST RATE   Falling interest rates may reduce the revenue the Trust earns from its
RISK                 investments and that is likely to reduce the income paid by the Trust. Rising
                     interest rates may increase the revenue the Trust earns from its investments
                     and that is likely to increase the income paid by the Trust.
                     Rising interest rates may also lead to higher repayment amounts, which
                     may increase the risk of a borrower defaulting. We seek to manage this risk
                     through applying the lending guidelines set out in section 9.
                     Investors should expect some changes to the level of the Trust’s income,
                     as a result of changes to official interest rates and consequent changes to
                     lending rates.

13.4 PROPERTY        This is the risk associated with falling property values. The Trust does not
MARKET RISK          invest directly in property, but it does hold mortgage investments that are
                     secured over property.
                     The Trust will only lose money as a result of property market risk if a
                     borrower defaults, and the security property then sells for less than the
                     outstanding loan amount, including any unpaid interest and other costs, or
                     if the Trust is forced to sell mortgage assets to fund redemptions at a time
                     when the market for mortgage assets is not favourable.
                     We seek to manage this risk through following our lending guidelines (see
                     section 9) under which we only lend a percentage of the property’s value.
                     We also seek to reduce the concentration of property market risk through
                     diversification - we invest in mortgages secured over different types of
                     properties in different geographical areas.




                                                                 Mariner Securities Mariner Mortgage Trust   19
     13.5 DOCUMENTATION                          This is the risk that a problem in documentation could, in certain
     RISK                                        circumstances, adversely affect the return on an investment. We seek to
                                                 manage this risk by using experienced lending managers and reputable
                                                 legal firms.

     13.6 LIQUIDITY RISK                         This is the risk that investments that are not actively traded may not be
                                                 readily converted to cash without some loss of capital.
                                                 We seek to manage this risk by keeping at least 10% of the Trust’s assets
                                                 in cash or other liquid investments. In ordinary circumstances we expect
                                                 that this will be sufficient liquidity to pay monthly distributions.

     13.7 TRUST RISK                             Risks particular to the Trust include that it could terminate; we could
                                                 exercise our right to compulsorily redeem your investment or close your
                                                 Unit class (after giving reasonable notice); subject to the Constitution and
                                                 the Corporations Act, we could change the fees and expenses; we could
                                                 be replaced as Responsible Entity; our professional commercial lending
                                                 and mortgage management staff or our service providers could change.
                                                 As your investment in the Trust will be pooled with other Unitholders’
                                                 money, it may be affected by the investment decisions made by other
                                                 Unitholders. This has the potential to reduce returns if we have to sell Trust
                                                 assets to meet withdrawals or if additional investments in the Trust remain
                                                 in cash pending the making of mortgage investments.

     13.8 TRUST                                  If the Trust borrows against the assets of the Trust, investors’ interests
     BORROWING                                   in the Trust’s assets will generally rank behind the lender. While the
                                                 Constitution permits borrowing, as at the date of this PDS the Trust has no
                                                 borrowings nor does it intend to borrow.

     13.9 RELATED PARTY                          There is a risk that related party transactions are less likely to be made on
     TRANSACTIONS                                arm’s length commercial terms. The Trust’s policy is not to enter into any
                                                 related party dealings to ensure that all investment decisions are made by
                                                 reference to the Trust’s robust investment criteria.

     13.10 INCONSISTENCY                         If valuations are not prepared properly by appropriately qualified and
     IN VALUATIONS                               experienced valuers, it is difficult to assess the risk exposure associated
                                                 with the loan. It is also difficult to monitor loan to valuation (LVR) ratios on a
                                                 continuing basis. To mitigate this risk the Responsible Entity only deals with
                                                 a panel of valuers that have all received proper accreditation. Moreover as
                                                 an added qualification, no one valuer is allowed to conduct more than one
                                                 third of the Trust’s valuation work.

     13.11 DISTRIBUTION                          It is Trust practice to distribute all net income to Trust investors. It is the
     PRACTICES                                   opinion of the Responsible Entity that distributions not sourced solely from
                                                 a Trust’s income presents a risk that the distribution practices may not
                                                 be sustainable over the long term. The Responsible Entity is seeking to
                                                 mitigate this risk for investors by sourcing all of the Trust’s distribution from
                                                 income earned on its investment loans and cash assets.

     13.12 WITHDRAWAL                            Currently the Trust is not liquid and it is not possible to redeem Units at
     ARRANGEMENTS                                present (see section 11). There is a risk that after the Trust has become
                                                 ‘liquid’ again and normal withdrawal arrangements have resumed, that it
                                                 may become illiquid again at some future time so that normal redemptions
                                                 are again suspended.
20   Mariner Securities Mariner Mortgage Trust
14. Portfolio and Performance
              Call our Investor Services Team on 1800 009 963 or visit our website
              <www.marinerfunds.com.au/funds/mortgage-management/mariner-
              mortgage-trust/> for up-to-date portfolio and/or performance information.

14.2 TRUST    The Trust’s effective returns have been:
PERFORMANCE
                Returns for                            Returns for                      Returns from
                12 months to                            2 years to                       inception to
                31 October 2008                      31 October 2008                  31 October 2008*

                         7.53%                               7.01%                             6.52%

              *Although Units in the Trust were first offered to the public on 31 March 2004, the performance
              from inception is reported from 30 June 2004, as this was the date from which the Trust actively
              acquired mortgages.

              The performance of the Trust assumes the reinvestment of monthly income
              distributions and is quoted after deducting all ongoing fees, but excluding
              any service or withdrawal fees that might apply to individual investors.
              Past performance is not a guide to future performance. Information
              in this PDS can change. If a change is not materially adverse, the
              information may be updated and made available to you. The updated
              information can be obtained by calling our Investor Services Team
              on 1800 009 963 or may be accessed from our website
              <www.marinerfunds.com.au/funds/mortgage-management/mariner-
              mortgage-trust/>. A paper copy of the updated information will be
              given on request.




                                                                   Mariner Securities Mariner Mortgage Trust     21
     15. Fees
     15.1 CONSUMER ADVISORY WARNING



                                                  DID YOU KNOW?
          Small differences in both investment performance and fees and costs can have a substantial
                                        impact on your long term returns.
           For example, total annual fees and costs of 2% of your fund balance rather than 1% could
            reduce your final return by up to 20% over a 30 year period. (For example, reduce it from
                                               $100,000 to $80,000).
              You should consider whether features such as superior investment performance or the
                        provision of better member services justify higher fees and costs.
           You may be able to negotiate to pay lower contribution fees and management costs where
                               applicable. Ask the fund or your financial adviser.

                                                 TO FIND OUT MORE
               If you would like to find out more, or see the impact of the fees based on your own
              circumstances, the Australian Securities and Investments Commission (ASIC) website
             <www.fido.asic.gov.au> has a managed investment fee calculator to help you check out
                                               different fee options.




22   Mariner Securities Mariner Mortgage Trust
15.2 FEE TABLE
This section shows fees and other costs that you may be charged. These fees and costs may be deducted from
your money, from the returns on your investment or from the Trust assets as a whole.
Taxes are set out in section 16 of this document.
You should read all the information about fees and costs because it is important to understand their impact on your
investment.

             Type of Fee or Cost1                                         Amount1                            How and When Paid

  Fees when your money moves in
  or out of the Trust

  Establishment Fee:                                     Nil                                           N/A
  The fee to open your investment.

  Contribution Fee:                                      Nil                                           N/A
  The fee on each amount contributed to
  your investment by you.

  Withdrawal Fee:                                        The sliding scale for this fee is:            This fee is calculated as a
  The fee on each amount you take out of                 ■	 2.75% of withdrawal amounts                percentage of the amount
  your investment.                                          invested for less than three               withdrawn from the Trust. It is
                                                            months;                                    deducted from your remaining
                                                                                                       investment balance or, if
                                                         ■	 1.50% of withdrawal amounts
                                                                                                       you make a full withdrawal,
                                                            invested for three or more
                                                                                                       from the proceeds of your
                                                            months but less than six
                                                                                                       withdrawal amount.
                                                            months.
  Termination Fee:                                       Nil                                           N/A
  The fee to close your investment.

  Management Costs                                       ■	    Management Fee of 1.22% p.a.            The Management Fee
  The fees and costs for managing your                         of the Trust’s net asset value or       accrues daily and is paid
  investment.                                                  $12.20 per $1,0002.                     monthly from the assets
                                                                                                       from the Trust.
                                                         ■     a reduced Management Fee of
                                                               0.72% of the Trust’s net asset          The Management Fee
                                                               value or $7.20 per $1,000 will          accrues daily and is paid
                                                               be charged for investments of           monthly from the assets
                                                               250,000 units or more. See              from the Trust.
                                                               section 15.3.5 for details2
                                                         ■	    Management Expenses                     Management and
                                                               and Administrative costs of             administrative expenses are
                                                               approximately 0.28% p.a. of the         payable as and when they
                                                               Trusts net asset value or $2.80         arise.
                                                               per $1,000.

  Service Fees:3                                         Nil                                           N/A
  Investment Switching Fee: The fee for
  changing investment options.

  Adviser Service Fee                                    Refer to section 15.3.8 -
                                                         ‘Adviser Service Fee’.

1 All amounts include GST and take into account any input tax credits or reduced input tax credits available to the Trust.
2 This fee also includes an amount payable to an adviser (see section 15.3.7).
3 We may also charge Special Request Fees (see section 15.3.1).
                                                                                                    Mariner Securities Mariner Mortgage Trust   23
                                                     Example of fees and costs
                                                     This table gives an example of how the fees and costs for this product can
                                                     affect your investment over a one year period. You should use this table to
                                                     compare this product with other managed investment products.

                                                                                                                   Balance of $50,000 with
                                                                                                                   a contribution of $5,000
                                                                Example1                             %                   during year

                                                        Contribution fees                     0%                   N/A
                                                        Management costs                      1.5% of the          For every $50,000 you
                                                                                              Trust’s net          have in the Trust you will
                                                                                              assets value         be charged $750 each
                                                                                                                   year.
                                                        Equals cost of fund                                        If you had an investment
                                                                                                                   of $50,000 at the
                                                                                                                   beginning of the year
                                                                                                                   and you put in an
                                                                                                                   additional $5,000 during
                                                                                                                   the year, you would be
                                                                                                                   charged fees of $750 to
                                                                                                                   $825.2
                                                                                                                   What it costs you will
                                                                                                                   depend on the amount
                                                                                                                   you negotiate with your
                                                                                                                   financial adviser.


     15.3 ADDITIONAL                                  15.3.1 Special request and other ‘user pays’ fees
     EXPLANATION OF FEES
                                                      We may pass on incidental costs and charges, such as cheque dishonour
     AND COSTS
                                                      fees, to you if they are the result of your acts or omissions.
                                                      We can also levy a surcharge on such Unitholders ‘user pays’ transaction
                                                      fees. The surcharge can be up to 50% of the fees the Trust pays to a
                                                      service provider to facilitate the transaction. We do not currently charge this
                                                      additional amount. If we decide to do so in future, we will first give 30 days’
                                                      written notice to Unitholders.
                                                      Under the Constitution, we can charge $20 for each transaction made
                                                      under the Regular Savings Plan and the Regular Payments Plan. We can
                                                      also charge $20 for each transaction where the amount invested, withdrawn
                                                      or kept invested is less than the minimum amount (the minimum withdrawal
                                                      amount is $500 and the minimum balance you are required to maintain
                                                      is $500). We do not currently charge these fees. If we decide to do so in
                                                      future, we will first give you 30 days’ written notice.




     1 All amounts include GST and take into account reduced input tax credits that may be available to the Trust. This example relates to investments
       of less than $250,000 Units in the Trust during any 12 month period and assumes that you do not make any withdrawals (see footnote 2 below).
     2 The amount that you pay depends upon time during the year when you make the additional contribution. Additional fees may apply: If you
       withdraw funds from the Trust early, you may also be charged withdrawal fees of between 0% and 2.75% of the amount withdrawn
       (between $0 and $1,375 for every $50,000 you withdraw).


24   Mariner Securities Mariner Mortgage Trust
                                                 15.3.2 Maximum fees
                                                 The fees currently charged are set out in section 15.2. Under the
                                                 Constitution, we are entitled to charge the following maximum fees (GST
                                                 may be added to all of these fees):
                                                 ■	 Contribution Fee (entry fee) – up to 1% of the amount invested.
                                                 ■	 Withdrawal Fee (exit fee) – up to 5% of the withdrawal price of any
                                                    Units that have not been on issue for 18 months or more.
                                                 ■	 Management Fee – up to 3% of the net asset value of the Trust.
                                                 ■	 ‘User’ Pays Fees as described in section 15.3.1.

                                                 The Constitution also allows us to retain the penalty interest paid by
                                                 borrowers who are in default. We have chosen not to retain this interest.
                                                 Instead, any penalty interest will be paid to the Trust and any costs associated
                                                 with administering loans in default will be recovered from the Trust.

                                                 15.3.3 Changing fees and costs
                                                 The fees shown in the table in section 15.2 are current at the date of this
                                                 PDS. We would give Unitholders at least 30 days’ written notice of any
                                                 proposed change in fees we charge as Responsible Entity.
                                                 New fees (such as the $20 Regular Savings Plan fee mentioned above) can
                                                 be introduced if they are allowed by the Constitution. We will give you
                                                 30 days’ written notice of any proposed change. We cannot charge more
                                                 than the Constitution allows (see the maximum fees set out in section
                                                 15.3.2 above). If we wanted to raise fees above the amounts allowed for in
                                                 the Constitution, we would need the approval by 75% of Unitholders’ votes
                                                 cast at a meeting.
                                                 While we do not intend to change the Management Fee, it is possible
                                                 that some components of the ongoing management and administrative
                                                 expenses1 that we may recover from the Trust might increase or decrease
                                                 depending on the actual expenses incurred in running the Trust. Further,
                                                 abnormal costs may occur, such as the costs of investor meetings,
                                                 changes to the Constitution and defending or pursuing legal proceedings.
                                                 It is anticipated that these costs will be incurred fairly infrequently and will
                                                 tend to be relatively insignificant over time.

                                                 15.3.4 Negotiation of fees
                                                 We may negotiate, rebate, or waive our fees when dealing with sophisticated
                                                 or professional investors or wholesale clients (as defined by the Corporations
                                                 Act) including other funds we manage, such as the Mariner Wholesale
                                                 Mortgage Trust. We cannot negotiate fees with retail investors.




1 These are costs and expenses incurred by us in administering the Trust and include auditing and accounting fees, fees for legal advice, fees
  for taxation advice, fees paid to Government regulators, costs and expenses related to printing, mailing and postage, bank charges, custody,
  stationery, compliance, Government tax, duties and levies, and any other costs and expenses for which we have a right to be reimbursed from
  the Trust under the Constitution.


                                                                                                    Mariner Securities Mariner Mortgage Trust    25
                                                 15.3.5 Reduced management fee for investments of 250,000
                                                 Units or more
                                                 We will charge a reduced Management Fee of 0.72% p.a. for each day on
                                                 which the number of Units you hold in the Trust is 250,000 or more.
                                                 We may in the future withdraw or vary this arrangement by giving existing
                                                 Unitholders 30 days’ written notice of the withdrawal or variation. The
                                                 effective date of the withdrawal or variation is the ’Change Date’. So long
                                                 as you maintain your original investment after the Change Date at 250,000
                                                 Units or more you will be charged the reduced Management Fee for the
                                                 investment you held on the Change Date. Any new investment on or after
                                                 the Change Date will need to be made on the basis of the PDS which is
                                                 current from time to time.
                                                 Any withdrawal of Units from the Trust after the Change Date will be
                                                 deemed to be first a withdrawal from the Units you held in the Trust on the
                                                 Change Date. This approach, called ‘First In First Out’, means that if you
                                                 have 250,000 Units in the Trust on the Change Date and withdraw 20,000
                                                 Units, you then have only 230,000 Units covered by the old fee arrangement
                                                 and will not be entitled to that lower Management Fee even if, in the
                                                 meantime, you have made additional investments. If, however, you have
                                                 270,000 Units on the Change Date and you withdraw 20,000 Units, you will
                                                 have 250,000 Units and that lower Management Fee will still apply.
                                                 To work out the impact that fees will have on your investment returns over
                                                 time, consult your financial adviser or visit <www.asic.gov.au> where ASIC
                                                 offers a free calculator to help investors compare the fees of different products.

                                                 15.3.6 Historical fee information
                                                 For the 12 months to 30 June 2006 the Management Fee was 1.22% p.a.
                                                 of the Trust’s net asset value or $12.20 per $1,000 invested, and the
                                                 management and administrative expenses were 0.28% p.a. of the Trust’s
                                                 net asset value or $2.80 per $1,000. Together, these amounts equalled an
                                                 ICR (or Indirect Cost Ratio) of 1.50% p.a. of the Trust’s net asset value or
                                                 $15.00 per $1,000 invested. All amounts are stated inclusive of GST less
                                                 any reduced input tax credits.

                                                 15.3.7 Adviser remuneration
                                                 Adviser remuneration is paid out of the Management Fee which is first paid
                                                 to us. For investments up to $250,000, we pay an upfront commission of
                                                 0.3575% of application money including GST and a trailing commission of
                                                 0.3575% p.a. including GST.
                                                 For investments $250,000 up to $500,000, we pay an upfront commission
                                                 of 0.3575% of application money including GST and a trailing commission
                                                 of 0.44% p.a. including GST if the balance remains above $250,000.
                                                 Trailing commissions are payable monthly and calculated on the daily
                                                 balance of the Unitholding.
                                                 We may pay additional commissions or provide other financial assistance
                                                 to financial services intermediaries which may be a fixed-dollar amount or
                                                 a percentage of funds invested. Financial Advisers are obliged to disclose
                                                 commission arrangements to you in their Financial Services Guide (FSG).
                                                 It is not possible to provide an estimate of the amount of these payments.
                                                 Your financial adviser may rebate some or all of their commission to you (not
                                                 including the GST component).




26   Mariner Securities Mariner Mortgage Trust
15.3.8 Adviser service fee – investments over $500,000
Where your investment made or to be made in the Trust is greater than
$500,000, you can agree with your financial adviser to have an adviser
service fee for advice paid directly from your investment.
This fee, expressed as a percentage of your investment, will be deducted as
an additional fee from your investment on a monthly basis and will appear
on your regular statements. You specify the amount that is to be deducted
(including GST on your Application Form).
The payment of the Adviser Service Fee requires a withdrawal of Units from
your investment. So long as your investment exceeds $500,000, we will
not charge a withdrawal fee to respect of any withdrawal to pay the Adviser
Service fee but the usual tax implications will apply.




                                         Mariner Securities Mariner Mortgage Trust   27
     16. Tax and your Investment
                                                 Acquiring, holding and disposing of units in trusts can have important
                                                 taxation and social security implications for investors. The following
                                                 summary is a general summary of current tax legislation. Tax and social
                                                 security requirements are complex and you should obtain professional
                                                 advice on your circumstances.
                                                 The Trust generally does not pay income tax as all taxable income is
                                                 distributed to investors in proportion to their Unitholding. For Australian
                                                 resident investors, you will need to include in your taxable income for
                                                 the year any taxable income distributed to you even if you re-invest your
                                                 distributions or if payment is not received in that year. It is not expected that
                                                 you will receive any distributions of net capital gains.
                                                 If you are a non-resident of Australia for taxation purposes, the Responsible
                                                 Entity will deduct the applicable withholding tax.

     16.1 PROVIDING YOUR                         You may choose to quote your TFN or ABN (if applicable) or claim an
     TAX FILE NUMBER (TFN)                       exemption in relation to your investment in the Trust by completing the
     OR AUSTRALIAN BUSINESS                      Tax File Number or Australian Business Number Notification section of the
     NUMBER (ABN)                                Application Form attached to or accompanying this PDS. The law strictly
                                                 regulates how we may use TFNs and ABNs. If you choose not to give
                                                 us your TFN or ABN or claim an exemption, we must deduct tax at the
                                                 highest personal tax rate (plus the Medicare Levy) before we pass on each
                                                 distribution to you.

     16.2 GST                                    The GST disclosures contained in this PDS are of a general nature only.
                                                 GST should not be payable on your investment in the Trust. You do not
                                                 need to be registered for GST to invest in the Trust. Fees payable in respect
                                                 of the management of the Trust are subject to GST, as detailed in this PDS.




28   Mariner Securities Mariner Mortgage Trust
17. Mariner Securities Limited
                        The Trust is managed by Mariner Securities Limited - the Responsible Entity,
                        and a member of the Mariner Financial group.
                        Established in 2003, the Mariner Financial group is an Australian owned
                        financial services company which focuses on servicing Australia’s growing
                        superannuation market by providing uniquely structured investment
                        and retirement income solutions. As part of its broader product creation
                        activities, it specialises in structuring property assets to provide stable long
                        term cash flow and capital investment products.

17.1 DIRECTORS OF THE   Bill Ireland – Managing Director
RESPONSIBLE ENTITY      Bill Ireland has a background in the stockbroking industry, working with
                        various Australian broking houses during the 1970s, before moving into the
                        property industry. In 1986 he established Challenger International Limited
                        and, as Managing Director and principal shareholder, he was instrumental
                        in developing the foundations of the Challenger Group, which listed on the
                        Australian Stock Exchange in October 1987.
                        As Managing Director, Bill was responsible for developing Challenger into
                        a diversified international financial services company. Bill stepped down as
                        Managing Director of Challenger in April 2003 and established the Mariner
                        Financial group in May 2003.

                        Brent Cubis – Executive Director
                        Brent Cubis is the Chief Operating Officer and Chief Financial Officer of
                        Mariner Financial Limited. Prior to his appointment in April 2007, Brent was
                        the CFO for Nine Network Australia for four years and before that worked
                        at PBL’s sister company, ACP Magazines for two years. Brent has over 20
                        years experience in senior financial roles across a broad range of industries,
                        where he has managed finance teams that have assisted the earnings
                        drive and business growth for the following leading Australian companies
                        and industries: Media (Publishing and Broadcasting Limited); Funds
                        Management (Bankers Trust); Property (Westfield Holdings); Hospitality
                        (Sheraton Hotels). Brent qualified as a chartered accountant with Deloitte
                        Haskins and Sells, Sydney after a transfer to their New York and Michigan
                        offices.
                        David Heaney – Non-executive Director
                        David Heaney has more than 38 years experience in banking and corporate
                        finance gained with the National Australia Bank Limited and subsidiary
                        companies. Mr Heaney held several senior management positions in
                        Australia and the United States, the most recent positions being General
                        Manager, Corporate Banking Victoria and Regional Director, Project and
                        Structured Finance, prior to his retirement in August 1999.
                        He is currently an Executive Director of Thompson Partners Pty Limited
                        (consulting company), and a non-executive director of Colorpak Limited
                        (since 2004, ASX: CKL). He has been a director of Gribbles Group Limited
                        (from 2000 to 2004) and Redflex Holding limited (2001 to 2002). He brings
                        strong banking and finance skills, together with corporate governance
                        experience to the Company.




                                                                     Mariner Securities Mariner Mortgage Trust   29
     18. The Constitution

                                                 The following is a summary of the material provisions of the Constitution.
                                                 The rights and obligations of Unitholders and the Responsible Entity of the
                                                 Trust are governed by the Constitution and the Corporations Act. As the
                                                 Trust is a managed investment scheme registered under Chapter 5C of the
                                                 Corporations Act, the Constitution has been lodged with ASIC. Unitholders
                                                 are able to view the Constitution at the offices of the Responsible Entity on
                                                 request.
                                                 The Constitution is dated 2 February 2004. The Constitution deals with a
                                                 number of matters, including:
                                                 ■	   application and redemption procedures for Units in the Trust;
                                                 ■	   the Compliance Committee, and handling of complaints;
                                                 ■	   the Responsible Entity’s powers, which are broad, and include powers to
                                                      deal with Trust property;
                                                 ■	   Unitholders’ meetings;
                                                 ■	   liability of the Responsible Entity;
                                                 ■	   the Responsible Entity’s right of indemnity out of Trust property in its role
                                                      as Trustee of the Trust;
                                                 ■	   liability of Unitholders;
                                                 ■	   how the Constitution can be amended;
                                                 ■	   income and distributions to Unitholders;
                                                 ■	   remuneration of the Responsible Entity and expenses that may be paid
                                                      or reimbursed out of the Trust; and
                                                 ■	   the life of the Trust and entitlements of Unitholders on termination.

     18.1 THE RESPONSIBLE                        As Responsible Entity of the Trust, we are responsible to members for its
     ENTITY                                      operation and owe duties under Chapter 5C of the Corporations Act and
                                                 also fiduciary duties as trustee of the Trust. The Responsible Entity and its
                                                 associates may hold Units in the Trust in any capacity.
                                                 We may retire as Responsible Entity in the circumstances set out in the
                                                 Corporations Act. Members may also remove the Responsible Entity by
                                                 following the procedures set out in the Corporations Act.

     18.2 REDEMPTION OF UNITS                    The Constitution gives Unitholders a right while the Trust is ‘liquid’ to
                                                 withdraw from the Trust, and have the redemption proceeds paid normally
                                                 within 60 days (see section 11). While the Trust is not liquid the Constitution
                                                 facilitates pro rata withdrawal offers at the Responsible Entity’s discretion.
                                                 The Constitution has been amended to allow withdrawals while the Trust is
                                                 not liquid in ‘hardship’ cases.

     18.3 REDEMPTION PRICE                       When Units are redeemed, the redemption price for Units is $1.00 per Unit.
                                                 Where your income entitlement in relation to Units that are redeemed is
                                                 positive, you will be paid that amount in addition. If your income entitlement
                                                 in relation to Units that are redeemed were to be negative, we would deduct
                                                 the negative amount from the redemption proceeds.




30   Mariner Securities Mariner Mortgage Trust
18.4 LIABILITY OF     The Constitution contains provisions designed to limit a Unitholder’s liability
UNITHOLDERS           in respect of the Trust to the amount, if any, that remains unpaid in relation
                      to the Unitholder’s subscription for their Units (note that this is subject to the
                      following paragraph and any agreement with a Unitholder).
                      We are entitled to be indemnified by a Unitholder to the extent that we
                      incur any liability for tax as a result of the Unitholder’s action or inaction.
                      Joint Unitholders are jointly and severally liable in respect of all payments,
                      including payments of tax or any other such amounts.

18.5 TERMINATION OF   The Trust terminates on the earliest of:
THE TRUST             ■	   the eightieth anniversary of the day before the Trust commenced; or
                      ■	   the date specified by the Responsible Entity as the date of termination of
                           the Trust; or
                      ■	   the date that the Trust terminates in accordance with any other provision
                           of the Constitution or the law.
                      The net proceeds of realisation after making allowance for all liabilities of
                      the Trust (actual and anticipated) and meeting the expenses (including
                      anticipated expenses) of the termination must be distributed from the Trust
                      first, in satisfaction of any positive income entitlement, and then pro rata to
                      Unitholders according to the number of Units they hold less, in the case of
                      any Unitholder, a negative income entitlement of that Unitholder.

18.6 THE TRUST’S      We have established a compliance plan for the Trust that is monitored by
COMPLIANCE PLAN       the Compliance Committee. The Compliance Committee consists of three
                      members, two of whom are external to the Responsible Entity.
                      The compliance plan describes the procedures the Responsible Entity will
                      apply to ensure compliance with the Corporations Act and the Constitution
                      in accordance with Part 5C.4 of the Corporations Act.




                                                                   Mariner Securities Mariner Mortgage Trust   31
     19. Our Service Providers
      19.1 THE INVESTMENT                        We have entered into an Investment Management Agreement with Mariner
      MANAGER                                    Mortgage Management Limited (MMML) to source and manage the Trust’s
                                                 investments. In carrying out its duties, MMML must at all times ensure that
                                                 the Trust’s investments conform to the investment guidelines and restrictions
                                                 contained in this PDS or as we otherwise direct from time to time.
                                                 Mariner Mortgage Management Limited’s Chief Executive Officer is John
                                                 Thomas. John has been involved in banking and finance for 33 years, with
                                                 21 years in funds management. Prior to joining MMML, John worked for over
                                                 15 years for the Howard Group which was subsequently acquired by the
                                                 Challenger International Group. John joined the Howard Group in its early
                                                 days in 1987 as the manager of its mortgage trust with assets of
                                                 $8 million, and continued in senior management roles until May 2003,
                                                 by which time the assets of that trust had grown to $2.6 billion. He was
                                                 instrumental in establishing a property trust division of Howard in 1996 and
                                                 has been involved in the purchase and management of a number of large
                                                 commercial properties.
                                                 John has been involved in all aspects of the operation of mortgage trusts and
                                                 brings a wealth of expertise to the Mariner Mortgage Trust, particularly in the
                                                 sourcing and assessment of mortgage loans, assets, and management.
                                                 For the year to 30 June 2008, MMML was paid $1,542,000 for investment
                                                 management services it provided.

      19.2 THE CUSTODIAN                         The Custodian of the Trust is BNP Paribas Fund Services Australasia Pty
      AND SUB-CUSTODIAN                          Limited ABN 71 002 655 674, trading as BNP Paribas Securities Services.
                                                 BNP has appointed a specialist Sub-custodian to hold the assets of the Trust.
                                                 The Sub-custodian, Permanent Trustee Australia Limited ACN 008 412 913,
                                                 is a member of the Trust group of companies, which was formed as a
                                                 consequence of the merger, effective 6 December 2002, between Trust
                                                 Company of Australia Limited and Permanent Trustee Company Limited.
                                                 The Sub-custodian is appointed by the Custodian to hold such assets and
                                                 title documents of the Trust as the Responsible Entity and the Custodian
                                                 may direct. The Custodian and the Sub-custodian have entered into a Deed
                                                 of Sub-custody that sets out the Sub-custodian’s role in detail, including its
                                                 rights and obligations and a clause limiting its liability.
                                                 In addition to being appointed the Custodian, BNP Paribas Fund Services
                                                 Australasia Pty Limited has been appointed to provide registry services to the
                                                 Trust.
                                                 It is not the role of the Custodian or the Sub-custodian to protect the rights
                                                 and interests of the Trust’s investors.
                                                 Neither the Custodian nor the Sub-custodian guarantees the return of any
                                                 investment or the performance of the Trust.
                                                 The Custodian and the Sub-custodian have not been involved in the
                                                 preparation of, have not authorised or caused the issue of and, other than
                                                 in relation to the references made to them, take no responsibility for, the
                                                 contents of this PDS.




32   Mariner Securities Mariner Mortgage Trust
19.3 THE TRUST’S AUDITOR   KPMG has consented to being named in this PDS as the auditor of the
                           Trust and has not withdrawn its consent to being named as at the date of
                           this PDS.
                           KPMG has not authorised or caused the issue of this PDS, does not make,
                           or purport to make, any statement in this PDS and, to the maximum extent
                           permitted by law, expressly disclaims and takes no responsibility for any
                           part of this PDS other than a reference to its name and role.

19.4 SOLICITOR TO THE      Mallesons Stephen Jaques has consented to being named in this PDS as
RESPONSIBLE ENTITY         the solicitor to the Responsible Entity and has not withdrawn its consent to
                           being named as at the date of this PDS.
                           Mallesons Stephen Jaques has not authorised or caused the issue of this
                           PDS, does not make, or purport to make, any statement in this PDS and,
                           to the maximum extent permitted by law, expressly disclaims and takes no
                           responsibility for any part of this PDS other than a reference to its name
                           and role.




                                                                        Mariner Securities Mariner Mortgage Trust   33
      20. Administrative Information for Investors
      20.1 HOW TO INVEST IN                      To invest in the Trust, please:
           THE TRUST                             ■	 complete the Application Form; and
                                                 ■	 attach a cheque crossed ‘Not Negotiable’ and made payable to
                                                     ‘Mariner Securities Ltd MMT Applications Account’ to your Application
                                                     Form and post both to:
                                                         Mariner Securities Limited
                                                         PO Box R1784
                                                         Royal Exchange
                                                         Sydney NSW 1225

                                                         or hand deliver to:

                                                         Mariner Securities Limited
                                                         Level 40, The Chifley Tower
                                                         2 Chifley Square
                                                         Sydney NSW 2000
                                                 The initial minimum investment amount is $1,000 and the minimum
                                                 additional investment amount is $500, unless you are participating in the
                                                 Regular Savings Plan (see section 20.3). Subject to the Corporations Act,
                                                 we may, at our discretion, waive this minimum subscription requirement.
                                                 If we receive your cheque and correctly completed Application Form at
                                                 our Sydney processing centre before 2.00pm on a Business Day, we will
                                                 process your investment on that day.
                                                 If we receive your cheque and correctly completed Application Form at our
                                                 Sydney processing centre after 2.00pm or on a day that is not a Business
                                                 Day, we will process your investment on the next Business Day.
                                                 We have the right to reject any application.
                                                 After we process your investment, we will send you a confirmation that sets
                                                 out the following:
                                                 ■	   The name in which the investment is held.
                                                 ■	   Address and other contact details.
                                                 ■	   The amount invested and the number of Units that have been issued.
                                                 ■	   The account to which we will pay monthly distributions.




34   Mariner Securities Mariner Mortgage Trust
20.2 COOLING-OFF RIGHT   Currently, because the Trust is not ‘liquid’, investors do not have a cooling-
                         off right whereby they can change their mind about their investment in the
                         Trust and ask for their money to be repaid.
                         If the Trust becomes ‘liquid’ in future, the cooling-off right will again apply.
                         While it applies, the right may be exercised only within 14 days from the
                         earlier of:
                         ■	 when you receive confirmation of your investment; or
                         ■	 the end of the fifth day after the day on which your Units were issued to
                              you.
                         The cooling-off right terminates immediately if you exercise certain other
                         investor rights, such as withdrawing part of your investment. The cooling-
                         off right does not apply to reinvested distributions or additional investments
                         made under the Regular Savings Plan.
                         If you exercise your cooling-off right, we may adjust the amount payable for
                         changes in the value of the Trust’s assets, tax and a reasonable charge for
                         our administration costs.
                         This cooling-off right does not apply to wholesale clients (as defined in the
                         Corporations Act).
                         If you have any questions about cooling-off rights, talk to your financial
                         adviser or our Investor Services Team on 1800 009 963.

20.3 REGULAR             You can make additional regular investments through the Regular Savings
     SAVINGS PLAN        Plan.
                         The Regular Savings Plan enables you to invest regularly in the Trust by
                         deductions that are made approximately weekly, twice monthly or monthly,
                         straight from your account with an Australian bank or other financial institution.
                         You can start the Regular Savings Plan by electing to make regular
                         contributions of $250 or more through the automatic payment system. To
                         do so, complete the relevant sections of the Application Form attached to or
                         accompanying this PDS.
                         You can choose to make your Regular Savings Plan contributions at the
                         following intervals:
                         ■	 Monthly on either the 7th, 14th, 21st or 28th of the month (or if that is
                              not a Business Day, then the next Business Day).
                         ■	 Twice monthly on the 7th and 21st of the month or the 14th and 28th of
                              the month (or if that is not a Business Day, then the next Business Day).
                         ■	 Four times a month on the 7th, 14th, 21st and 28th of the month (or if
                              that is not a Business Day, then the next Business Day).
                         Your account will be debited on the nominated day of the month (or if that is
                         not a Business Day, then the next Business Day) for the nominated amount.
                         You will need to ensure that we receive your written instructions regarding
                         commencing, cancelling, amending or changing your Regular Savings Plan
                         at least three Business Days before the next debit date on which you wish
                         your instructions to take effect.
                         You can also elect to have your contributions CPI linked so that we will
                         automatically adjust your nominated payment by the annual CPI figure to
                         take into account the effect of inflation.




                                                                       Mariner Securities Mariner Mortgage Trust   35
                                                 We will make this adjustment once each year at the end of September using
                                                 the most recently released CPI Index. Participation can be renewed annually
                                                 by continuing to make contributions.
                                                 The conditions applying to your Savings Plan investment will be those
                                                 contained in the PDS at the time the contributions are made. Should an
                                                 updated PDS or supplementary PDS be issued, a copy will be forwarded to
                                                 you for so long as you participate in a Regular Savings Plan.
                                                 You should keep a copy of the current PDS and any information that
                                                 updates that PDS for future reference. We will also provide you with a copy
                                                 of the current PDS, free of charge, upon request.
                                                 Your financial adviser can provide you with more information on the benefits
                                                 of saving this way.

      20.4 DIRECT DEBIT                          20.4.1 Our commitment to you
           REQUEST AGREEMENT                     This section outlines our service commitment to you, in respect of the Direct
                                                 Debit Request arrangements made between us. It sets out your rights, our
                                                 commitment to you and your responsibilities to us together with where you
                                                 should go for assistance.
                                                 20.4.2 Initial terms of the arrangement
                                                 Under the terms of the Direct Debit Request arrangements made between
                                                 us and signed by you, we undertake to periodically debit your nominated
                                                 account for the agreed amount for the Regular Savings Plan.
                                                 20.4.3 Drawing arrangements
                                                 The first drawing under this Direct Debit Request arrangement will occur on
                                                 the day you nominate in your Application Form (or the next nominated day if
                                                 we do not have three Business Days to set up your Direct Debit Request).
                                                 If any drawing falls due on a non-Business Day, it will be debited to your
                                                 account on the next Business Day following the scheduled drawing date.
                                                 We will give you at least 14 days’ notice in writing when changes to the initial
                                                 terms of the arrangement are made.
                                                 If you wish to discuss any changes to the initial and subsequent terms,
                                                 please contact our Investor Services Team on 1800 009 963.
                                                 20.4.4 Your rights
                                                 If you want to make changes to the drawing arrangements, please write to
                                                 us at:
                                                   Mariner Securities Limited
                                                   PO Box R1784
                                                   Royal Exchange
                                                   Sydney NSW 1225
                                                 These changes may include:
                                                 ■	 deferring the drawing; or
                                                 ■	 altering the schedule; or
                                                 ■	 stopping an individual debit; or
                                                 ■	 suspending the Direct Debit Request; or
                                                 ■	 cancelling the Direct Debit Request completely.




36   Mariner Securities Mariner Mortgage Trust
                    20.5.1 Enquiries
                    Direct all enquiries to us, rather than to your financial institution. These
                    should be made at least three Business Days prior to the next scheduled
                    drawing date. All communication addressed to us should:
                    ■	 state the full name in which your investment is held;
                    ■	 tell us your investor number;
                    ■	 clearly set out the changes you are requesting;
                    ■	 provide us with a contact name and daytime telephone number;
                    ■	 ensure the appropriate signatories sign the request.

                    All personal customer information held by us will be kept confidential except
                    the information provided to our financial institution to initiate the drawing
                    from your nominated account.
                    20.5.2 Disputes
                    If you believe that a drawing has been initiated by us incorrectly, we
                    encourage you to take the matter up directly with us by contacting our
                    Investor Services Team on 1800 009 963 during business hours. You will
                    receive a refund of the drawing amount if we cannot substantiate the reason
                    for the drawing.
                    Your financial institution will ask you to contact us to resolve your disputed
                    drawing prior to involving them. If you do not receive a satisfactory response
                    from us to your dispute, contact your financial institution, who will respond
                    to you with an answer to your claim.
                    20.5.3 Your commitment to us
                    It is your responsibility to ensure that:
                    ■	 your nominated account can accept direct debits (your financial
                         institution can confirm this); and
                    ■	 that on the drawing date there are sufficient cleared funds in the
                         nominated account; and
                    ■	 that you advise us if the nominated account is transferred or closed.

                    If three of your drawings are returned or dishonoured by your nominated
                    financial institution, we reserve the right to cancel the drawing arrangements.
                    Any dishonour fees payable by us in respect of the above may be debited
                    directly from your investment in the Trust.

20.6 REQUESTING A   Currently the Trust is not ‘liquid’ (see section 11). If the Trust becomes
WITHDRAWAL          ‘liquid’ in the future then you will be able to make a withdrawal request over
                    the telephone or in writing, or authorise your adviser to request a withdrawal
                    on your behalf. You or your adviser will need to provide us with the following
                    information:
                    ■	   Your investor number and your account number.
                    ■	   The full name in which your investment is held.
                    ■	   The dollar amount you wish to withdraw.
                    ■	   A day time telephone number where we can contact you.
                    If redemption occurs by withdrawal offer you can only respond in writing
                    signed by you or by your adviser (if authorised).




                                                                   Mariner Securities Mariner Mortgage Trust   37
                                                 Both in relation to payments in response to a withdrawal request and
                                                 payments under a withdrawal offer, we will only credit the payment to your
                                                 bank, building society or credit union account that we already have on file
                                                 unless we receive original written instructions. Please allow two Business
                                                 Days for an electronic transfer to reach your bank account and three
                                                 Business Days for an electronic transfer to reach your building society or
                                                 credit union account.
                                                 Where we attempt to make a payment to you by direct credit, and the
                                                 electronic transfer is unsuccessful on three occasions, we will reinvest that
                                                 payment in the Trust.
                                                 If we receive original written instructions, then, in addition to the payment
                                                 method set out above, you can instruct us to make the payment to a bank,
                                                 building society or credit union account that is not already on file with us.
                                                 Please ensure that the appropriate signatories sign any written withdrawal
                                                 request.

     20.7 REGULAR                                Currently the Trust is not ‘liquid’ (see section 11) and payments under
     PAYMENT PLAN                                Regular Payment Plan are suspended. If the Trust becomes ‘liquid’ in the
                                                 future then you may participate in the Regular Payment Plan, provided you
                                                 maintain a minimum balance of $20,000. The Regular Payment Plan would
                                                 enable you to make regular withdrawals of $250 or more (up to a maximum
                                                 of $2,500 per month) from your investment in the Trust and forward that
                                                 payment to a bank, building society or credit union account through the
                                                 automatic payment system. To make payments under the Regular Payment
                                                 Plan, if available, complete the relevant sections of the Application Form
                                                 attached to or accompanying this PDS.
                                                 Your regular monthly payment would be processed on the 15th of the
                                                 month (or if that is not a Business Day, then the next Business Day).
                                                 Please allow two Business Days for an electronic transfer to reach your
                                                 bank account and three Business Days for an electronic transfer to reach
                                                 your building society or credit union account.
                                                 Where we attempt to make a payment to you by direct credit, and the
                                                 electronic transfer is unsuccessful on three occasions, we will reinvest that
                                                 payment in the Trust.

     20.8 DISTRIBUTIONS                          You can instruct us to reinvest your monthly distributions or to pay them to
                                                 a bank, building society or credit union account or to split the distribution
                                                 50:50 between reinvestment and payment to a bank, building society or
                                                 credit union account. We will automatically reinvest 100% of your distribution
                                                 payment if you do not indicate how you wish to have it paid.
                                                 Distribution payments will usually be made within two weeks of the
                                                 distribution date. Where we attempt to make a distribution payment to
                                                 you by direct credit, and the electronic transfer is unsuccessful on three
                                                 occasions, we will reinvest that distribution in the Trust.




38   Mariner Securities Mariner Mortgage Trust
20.9 TELEPHONE         Currently we are unable to process normal withdrawal requests as
WITHDRAWAL             explained in section 11. However, if the Trust becomes ‘liquid’ in the future
CONDITIONS             then one of the ways you may be able to provide us with a withdrawal
                       request is through our telephone withdrawal facility. Please be aware that
                       the telephone withdrawal facility is subject to the risk that it may be used by
                       someone who fraudulently represents themselves as you and withdraws the
                       whole or any part of your investment.
                       We seek to reduce this risk by only paying the withdrawal amount to
                       the account last nominated in writing by you. We will not process your
                       telephone withdrawal application unless the account details provided by
                       telephone are the same as those last nominated in writing by you.
                       By ticking the Telephone Withdrawal Facility box, you agree:
                       ■	   to indemnify us or release us for any liability or loss you or we may suffer
                            as a result of our acting on a communication received by telephone;
                       ■	   that we may change, vary or add to these conditions at any time; and
                       ■	   that we may at any time decline to accept your telephone withdrawal
                            request.

20.10 ADVISER          By completing the required form directly following the Application Form at
AUTHORITY              the back of this PDS, you may authorise your financial adviser to request
                       withdrawals or accept a withdrawal offer on your behalf. Proceeds of
                       any redemption can only be credited to the financial institution account
                       nominated by you in writing as your Telephone Redemption Account on
                       your original Mariner Mortgage Trust Application Form or other financial
                       institution account subsequently nominated by you in writing.
                       You agree to release and indemnify Mariner Securities Limited in all actions
                       relating to the redemption of Units made under this request.

20.11 CONDITIONS FOR   Currently we are unable to process any withdrawal requests as explained
WITHDRAWAL REQUEST     in section 11. However, if the Trust becomes ‘liquid’ in the future then one
MADE BY FAX            of the ways you may provide us a withdrawal request is by fax. Please be
                       aware that giving instructions by fax is subject to the risk that someone may
                       fraudulently represent themselves as you and withdraw the whole or any
                       part of your investment.
                       We would only pay the amount of a withdrawal request by fax to the
                       account last nominated by you in an original written instruction. We will
                       not process a withdrawal request made by fax unless the account details
                       provided in the fax are the same as those last nominated in writing by you.
                       By ticking the box on the Application Form in relation to providing
                       withdrawal request by fax, you agree:
                       ■	   to indemnify us or release us for any liability or loss you or we may suffer
                            as a result of our acting on a withdrawal request by fax;
                       ■	   that we may change, vary or add to these conditions at any time; and
                       ■	   that we may at any time decline to accept a withdrawal request made
                            by fax.




                                                                     Mariner Securities Mariner Mortgage Trust   39
      20.12 INVESTOR                             We will provide the following reports to our investors:
      REPORTING
                                                 ■	   Confirmation of your investment.
                                                 ■	   A monthly distribution statement.
                                                 ■	   An annual taxation statement as at 30 June each financial year.
                                                 ■	   The Trust’s annual report as at 30 June each year.

                                                 Certain information is also available on our website at <www.marinerfunds.
                                                 com.au/funds/mortgage-management/mariner-mortgage-trust/>.

      20.13 CHANGING YOUR                        Please provide us with written instructions if you wish to change your
      ADDRESS, PAYMENT                           address, your distribution payment instructions or other details. Please note
      INSTRUCTIONS OR OTHER                      that for your security we do not accept faxed instructions.
      DETAILS                                    When providing written instructions, please:
                                                 ■	   state the full name in which your investment is held;
                                                 ■	   tell us your investor number;
                                                 ■	   clearly set out the changes you are requesting;
                                                 ■	   provide us with a contact name and day time telephone number; and
                                                 ■	   ensure the appropriate signatories sign the request.
                                                 We also require additional documentation to amend some records, such as
                                                 changes of name. Contact our Investor Services Team on 1800 009 963 if
                                                 you need help or more information.

      20.14 TRANSFERRING                         You can transfer the ownership of your Units provided that you do this in
      YOUR UNITS                                 an approved form. We are not obliged to accept a transfer that is not in an
                                                 approved form or where stamp duty (if applicable) has not been paid. We
                                                 have the discretion to refuse transfers.
                                                 Please contact our Investor Services Team on 1800 009 963 for more
                                                 information.

      20.15 COMPLAINTS                           Please contact us in writing or call our Investor Services Team on
                                                 1800 009 963 if you wish to make a complaint.
                                                 If the complaint is in writing, we must acknowledge it within 14 days of
                                                 receiving it and follow certain procedures. In particular, we are required to
                                                 investigate, properly consider and decide what action (if any) to take and to
                                                 communicate our decision to you within 45 days.
                                                 If you are not happy with how the complaint has been handled, you
                                                 may contact the Financial Ombudsman Service (FOS), of which we are
                                                 a member. This is an independent body approved by ASIC to consider
                                                 complaints. The details for FOS are as follows:
                                                 Financial Ombudsman Service
                                                 Telephone: (03) 9613 7366 or 1300 780 808
                                                 Fax:        (03) 9613 6399
                                                 Email:      info@fos.org.au
                                                 or write to
                                                 GPO Box 3
                                                 Melbourne VIC 3001




40   Mariner Securities Mariner Mortgage Trust
20.16 PRIVACY AND      We collect personal information from you in order to process your
PERSONAL INFORMATION   application, administer your investment and provide you with services
                       related to your investment. To do that, we may disclose your personal
                       information to our agents, contractors or third-party service providers to
                       whom we outsource services such as mailing functions and registry (the
                       Service Providers). If you do not provide us with your personal information,
                       we may not be able to process your application.
                       We may also use your personal information to tell you about other products
                       and services offered by us or other members of the Mariner Financial group.
                       In order to do that we may disclose your information to other member
                       companies in the Mariner Financial group, or to their Service Providers.
                       We also disclose your personal information to your financial adviser. Please
                       contact our Investor Services Team on 1800 009 963 if you do not consent
                       to our using or disclosing your personal information in these ways. It is
                       important that you contact us because, by investing in the Trust, you will be
                       taken to have consented to these uses and disclosures.
                       In most cases you can gain access to the personal information that we hold
                       about you. We aim to ensure that the personal information we retain about
                       you is accurate, complete and up-to-date. To assist us with this, please
                       contact our Investor Services Team on 1800 009 963 if any of the details
                       you have provided change. If you have concerns about the completeness
                       or accuracy of the information we have about you, we will take steps to
                       address those concerns.

20.17 ANTI-MONEY       We are bound by laws about the prevention of money laundering and the
LAUNDERING             financing of terrorism, including the Ant-Money Laundering and Counter
                       Terrorism Financing Act 2006 (‘AML/CTF Laws’). By completing the
                       Application Form, you agree that:
                       ■	   you do not subscribe to the fund under an assumed name;
                       ■	   any money used by you to invest in the securities is not derived from or
                            related to any criminal activities;
                       ■	   if we ask, you will provide us with additional information we reasonably
                            require for the purposes of AML/CTF Laws (including information about
                            a holder of a security, any beneficial interest in the securities, or the
                            source of funds used to invest);
                       ■	   we may obtain information about you or any beneficial owner of a
                            security from third parties if we believe this is necessary to comply with
                            AML/CTF Laws; and
                       ■	   in order to comply with AML/CTF Laws we may be required to take
                            action, including:
                            ■	   delaying or refusing the processing of any application or withdrawal;
                                 or
                            ■	   disclosing information that we hold about you or any beneficial owner
                                 of the securities to our related bodies corporate or service providers,
                                 or relevant regulators of AML/CTF Laws (whether in or outside of
                                 Australia).




                                                                     Mariner Securities Mariner Mortgage Trust   41
     Application and Customer Identification
     Form Checklist

             Have you completed the Application Form?


             Have you signed the Application Form?


             Have you attached a cheque or completed the Direct Debit authority? (section 3)


             Have you completed a Customer Identification Form? (See page 39)


             Have you attached copies of relevant identification documents? (See page 39)


      Customer Identification Forms, and relevant identification documents are only applicable for
      initial investments.


      Please note that we are unable to issue Units in the Fund until we have received your
      correctly completed Application Form and Customer Identification Form.


      If you have any questions with regards to completing the Forms, please call our Investor
      Services Team on 1800 009 963.




42   Mariner Securities Mariner Mortgage Trust
MARINER MORTGAGE TRUST – APPLICATION FORM (Dated 28 November 2008)
This is the Application Form you must complete to apply for Units in the Mariner Mortgage Trust issued by Mariner Securities Limited ABN 87 002 163 180,
AFSL 237 091 under the Product Disclosure Statement dated 28 November 2008 (together PDS). The PDS contains important information about investing
in the Mariner Mortgage Trust and it is advised that you read the PDS in full before completing the Application Form. A person who gives another person
access to this Application Form must at the same time and by the same means give the other person access to the PDS and any supplementary document.
While the PDS is current, the Issuer will send paper copies of the PDS, any supplementary document and the Application Form on request and without
charge. Simply call our Investor Services Team on 1800 009 963.
     Please tick if you are an existing Mariner investor         If yes, please quote your Investor Number

  PLEASE COMPLETE YOUR DETAILS BELOW
  Applicant - Surname/Company/Partnership/Adult for Child under 18 or Executors


  Title       First Name                                            Middle Name                                               Date of Birth


  Joint Applicant - Surname


  Title       First Name                                            Middle Name                                               Date of Birth


  Designated account e.g. <Super Fund or Trust> (or Joint Applicant)


  PLEASE COMPLETE ADDRESS DETAILS
  PO Box/RMB/Locked Bag/Care of (c/-)/Property name/Building name (if applicable)


  Unit Number/Level         Street Number         Street Name


  Suburb/City or Town                                                                                                 State                           Postcode


 Country of Residence                                                Email Address (only for purpose of electronic communications of unitholder information)


  TFN/ABN/Exemption Code*
  First Applicant                                         Joint Applicant                                           Joint Applicant


 *Collection of TFNs is authorised by taxation laws. Quotation of TFNs is not compulsory and will not affect your application.

  TFN/ABN type - if NOT an individual, please mark the appropriate box                     Company                Partnership                 Trust              Super Fund
  Telephone Number (where you can be contacted during business hours) Contact Name (PRINT)


  COMPLETE YOUR INVESTMENT DETAILS
  Application and Cheque Details




          Yes, I/We apply for withdrawals by telephone or fax and request that the proceeds be paid to my/our nominated distribution account or my account as follows:




            Please withdraw my/our regular savings plan from my nominated distribution account or my account as follows:




                                                                                                                            Mariner Securities Mariner Mortgage Trust         43
            Please pay my/our Regular Payment Plan to my nominated distribution account or my account as follows:




      Complete this section if you have agreed with your financial adviser to have an additional service fee deducted. Refer to page 21 for details. Adviser service fee (inclusive of GST)             %p.a.
      Please sign here to acknowledge your acceptance of the adviser service fee being deducted from your account monthly. Signature

     COMPLETE YOUR ADVISER DETAILS (if applicable)
       Dealer Group Stamp




            Option 1 Upfront 0.3575% inc. GST.                                                                                                          Option 3 Trail 0.33% inc. GST
                     Trail   0.3575% p.a. inc. GST                                                        0.44% p.a. inc. GST                                          on applications
                             on investments up to                                                         on investments $250,000                                      over $500,000.
                             but not including $250,000.                                                  up to and including $500,000.



                                            ‘    ’


     By returning this Application Form and attaching your payment you agree to the following statements: I/we declare that:
     • all details in this application are true and correct;
     • I/we have read the Product Disclosure Statement in full to which this application relates and agree to the offer contained in it and to be bound by the provisions of the Constitution for the Trust
       dated 2 February 2004;
     • I/we acknowledge that acceptance of my/our application and allocation of Mariner Mortgage Trust Units will be at the sole discretion of Mariner Securities Limited (Mariner), that Mariner has
       the right to reject any application;
     • I/we have legal power to invest in accordance with this Application Form;
     • the details of my/our investment can be provided to the dealer group or adviser shown on this Application Form by the means and in the format that they direct;
     • in the case of joint investments, the joint applicants agree that unless otherwise expressly indicated on this Application Form, the Units will be held as joint tenants and either investor is able to
       operate the account and bind the other investor for future transactions;
     • sole signatories signing on behalf of a company confirm that they are signing as sole director and sole secretary of the company;
     • if investing as a Trustee, on behalf of a Superannuation Fund or Trust I/we confirm that I/we am/are acting in accordance with my/our designated powers and authority under the Trust Deed;
     • if this Application Form is signed under Power of Attorney, the Attorney declares that he/she has not received notice of revocation of that power (a certified copy of the Power of Attorney
       should be submitted with this Application Form unless we have already sighted it);
     • I/we acknowledge that I/we have read the pages of the Product Disclosure Statement containing the information under the heading ‘Privacy and personal information’. I am/we are aware that
       until I/we inform Mariner otherwise, I/we will be taken to have consented to all the uses of my/our personal information (including marketing) contained under that heading;
     • I/we understand that if I/we fail to provide any information requested in this Application Form or do not agree to any of the possible exchanges or uses detailed above, my/our application may
       not be accepted by Mariner;
     • I/we understand the risks involved with purchasing units in the Mariner Mortgage Trust and have not relied on any representation (whether oral or written) from Mariner or any other persons
       involved in the preparation of this Product Disclosure Statement as investment, financial, legal or taxation advice as to the suitability of the Mariner Mortgage Trust to my/our circumstances;
     • I/we acknowledge that I am/we are over 18 years of age;
     • I/we acknowledge that my/our investment in the Mariner Mortgage Trust is subject to investment risks, including possible delays in repayment and loss of income and principal invested;
     • I/we acknowledge that I/we have read the pages of the Product Disclosure Statement containing the information under the headings ‘Requesting a Withdrawal’, ‘Telephone Withdrawal
       Conditions’ and ‘Conditions for Withdrawal Request made by Fax’ and agree to be bound by the conditions contained therein;
     • I/we acknowledge that by completing the Regular Savings Plan section you are requesting to arrange for funds to be debited from the nominated account at the financial Institution
       nominated, according to the schedule specified.
     YOUR SIGNATURE(S) HERE
     Once you have completed and signed this Application Form, please send both this form and cheque to:
     Mariner Securities Limited, PO BOX R1784, Royal Exchange NSW 1225 or hand deliver to: Level 40, The Chifley Tower, 2 Chifley Square, Sydney NSW 2000
     Please ensure your cheque is crossed ‘Not Negotiable’ and made payable to: Mariner Securities Limited MMT Applications Account
     If you have any questions about completing this form, please contact our Investor Services Team on 1800 009 963.    Signature




          Individual        Partner         Director        Company Secretary              Sole Director         Trustee         Executor         Power of Attorney

                                                                                                                                               Company Stamp


      Signature



          Individual        Partner         Director        Company Secretary              Sole Director         Trustee
          Executor          Power of Attorney
           Please tick here if you require joint signatures for future transactions.
     Privacy Act
     Mariner Securities Limited advises that once you become a Unitholder, Chapter 2C of the Corporations Act 2001 requires information about you (including your name, address and details of the
     securities you hold) to be included in Mariner Securities Limited’s public register. This information must continue to be included in Mariner Securities Limited’s public register if you cease to hold
     Units in the Mariner Mortgage Trust. These statutory obligations are not altered by the Privacy Amendment (Private Sector) Act 2000. Information is collected to administer your Unitholding and if
     some or all of the information is not collected then it might not be possible to administer your Unitholding. Information you supply on this Application Form will be used by Mariner Securities
     Limited in connection with the issue and subsequent administration of Mariner Mortgage Trust, and may be disclosed by Mariner Securities Limited on a confidential basis to Mariner Securities
     Limited’s professional advisers in connection with these purposes. Your personal information may be used for related purposes, such as to inform you about Mariner Securities Limited and its
     business in newsletter and other communications that may be sent to you from time to time.

44    Mariner Securities Mariner Mortgage Trust
MARINER                                  SECURITIES                                                                                MARINER SECURITIES LIMITED
                                                                                                                                   ABN 87 002 163 180

                                                                                                                                   PO Box R1607
                                                                                                                                   Royal Exchange NSW 1225

                                                                                                                                   Level 40, The Chifley Tower
                                                                                                                                   2 Chifley Square
                                                                                                                                   Sydney NSW 2000 Australia
                                                                                                                                   Investor Services: 1800 009 963
                                                                                                                                   Adviser Services: 1800 009 964
                                                                                                                                   T   02 9238 0750
                                                                                                                                   F   02 9238 0790
                                                                                                                                   W   www.marinerfunds.com.au




Date:

Client Services
Mariner Securities Limited
Level 40, The Chifley Tower
2 Chifley Square
Sydney NSW 2000


Dear Sir/Madam

                                                           MARINER MORTGAGE TRUST

ACCOUNT NAME: ...................................................................................................................................................

UNITHOLDER CODE: ..............................................................................................................................................

Please accept this letter as my/our authority for my adviser:

ADVISER NAME: .....................................................................................................................................................

AFS LICENCE NUMBER:........................................................................................................................................

AFS LICENSEE NAME: ...........................................................................................................................................

to redeem funds from my/our above mentioned investment or to accept any withdrawal offer the responsible entity
may make on my behalf. Proceeds of any redemption can only be credited to the financial institution account
nominated by me/us in writing as my/our Telephone Redemption Account on my/our original Mariner Mortgage
Trust Application Form or other financial institution account subsequently nominated by me/us in writing.
I/We agree to release and indemnify Mariner Securities Limited in all actions relating to the redemption of Units
made under this request.


Yours Sincerely

NAME OF UNITHOLDER 1: .....................................................................................................................................

NAME OF UNITHOLDER 2: .....................................................................................................................................

SIGNATURE OF UNITHOLDER 1: ...........................................................................................................................

SIGNATURE OF UNITHOLDER 2: ...........................................................................................................................




                                                                                                                 Mariner Securities Mariner Mortgage Trust            45
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46   Mariner Securities Mariner Mortgage Trust
New Customer Identification Procedures
What are the new           In order to comply with the new requirements under the ‘Anti-Money Laundering and Counter
customer identification    Terrorism Financing Act 2006’ (AML/CTF Act) customers must now provide additional
forms?                     information when investing in Mariner Financial products. These identification forms must
                           accompany all new investor applications.

When do I need to          A customer identification form must be completed for all new investors from 31 January 2008.
complete the customer      We will be unable to process your application request if a customer identification form and the
identification forms?      requested supporting documents are not provided to Mariner.
                           If you are an existing investor and you are adding to your existing investment account, you will
                           not be required to complete a customer identification form.

How should my adviser or   n	   Identify your customer type in the table below
I complete the customer    n	   Complete the relevant fields in the customer type identification form
identification forms?      n	   Attach a legible certified copy or extract of your identification documents
                           n	 Sign the adviser section of the form where indicated (for financial advisers only).

                           Please send the application form to Mariner together with the relevant completed identification
                           form and the verified identification documents.

Which customer             The information you need to provide depends upon your customer type. You will only need
identification form        to complete the section(s) of the form that relate to your particular customer type and
should I use?              circumstances, as follows:

                           Customer Type                          Identification Form to Complete

                            Individual                           Individual’s and Sole Trader’s Identification Form
                            Sole Trader                          Individual’s and Sole Trader’s Identification Form
                            (a person who is self
                            employed e.g. a carpenter)

                            Trust                                All Trusts must complete the Trust’s and Trustee’s
                                                                 Identification Form plus either the Australian
                                                                 Company Trustee’s or Foreign Company Trustee’s
                                                                 Identification Form

                            Company                              Australian Companies’ or Foreign Companies’
                                                                 Identification Form

                            Partnership                          Partnership and Partners Identification Form

                            Government Body                      Government Body Identification Form

                            Associations – Incorporated          Association and Co-operatives Identification Form
                            or Unincorporated

                            Co-operatives – Unregistered         Association and Co-operatives Identification Form
                            or Registered



                                                                                     Mariner Securities Mariner Mortgage Trust   47
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48   Mariner Securities Mariner Mortgage Trust
MARINER INDIVIDUAL’S AND SOLE TRADER’S
IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Complete one form for each individual. Complete all applicable sections of this form in BLOCK LETTERS.
 SECTION 1A: PERSONAL DETAILS
 COMPLETE THIS PART IF INDIVIDUAL IS A SOLE TRADER
 Full business name (if any)                                                                                   ABN (if any)



 SECTION 1B: VERIFICATION PROCEDURE
 Verify the individual’s full name; and EITHER their date of birth or residential or business address.
 � Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III.)
 Part I – Acceptable Primary ID Documents
  Tick       Select ONE valid option only from this section
             Australian State / Territory driver’s licence containing a photograph of the person.
             Australian passport (a passport that has expired within the preceding 2 years is acceptable).
             Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person.
             Foreign passport or similar travel document containing a photograph and the signature of the person*.

 Part II – Acceptable Secondary ID Documents (only to be completed if the individual does not own a document from Part I )
  Tick     Select ONE valid option from this section
           Australian birth certificate
           Australian citizenship certificate
           Pension card issued by Centrelink
           Health card issued by Centrelink

  Tick     AND ONE valid option from this section
           A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the
           provision of financial benefits to the individual and which contains the individual’s name and residential address.
           A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the
           individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and
           residential address. Block out the TFN before scanning, copying or storing this document.
           A document issued by a local government body or utilities provider within the preceding 3 months which records the
           provision of services to that address or to that person (the document must contain the individual’s name and residential
           address).
           If under the age of 18, a notice that was issued to the individual by a school principal within the preceding 3 months; and
           contains the name and residential address; and records the period of time that the individual attended that school.
 PART III – ACCEPTABLE FOREIGN ID DOCUMENTS (only to be completed if the individual does not own a document from Part I)
  Tick     BOTH documents from this section must be presented
           Foreign driver’s licence that contains a photograph of the person in whose name it is issued and the individual’s date of birth.*
           National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the
           card was issued.*
 *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.


 SECTION 1C: RECORD OF VERIFICATION PROCEDURE
 IMPORTANT:
 Attach a legible certified copy or extract of the ID documentation used to verify the individual (and any required translation).

 SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:
 Date verified
 Financial planner’s name                                                                             Phone number


 AFSL name                                                                                            AFSL number




                                                                                                               Mariner Securities Mariner Mortgage Trust   49
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50   Mariner Securities Mariner Mortgage Trust
MARINER TRUST’S AND TRUSTEE’S IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
�    Complete the following in BLOCK LETTERS:
     � Section 1 (all parts) – all trusts.
     AND tick and complete one of the following sections for ONLY ONE of the trustees:
     � Section 2 (applicable parts) – if selected trustee is an individual.
     � If your trustee is an Australian company please also complete the Australian Company Trustee’s Identification Form.
     � If your trustee is a foreign company please also complete the Foreign Company Trustee’s Identification Form.

�    Only send the completed sections of this form with the application form.


    SECTION 1A: TRUST DETAILS
    1.1 GENERAL INFORMATION
    Full business name (if any)


    Country where Trust established




    1.2 TYPE OF TRUST (tick only one of the following Trust types and provide the information requested)
        Registered managed investment scheme
        Provide Australian Registered Scheme Number (ARSN)
                                                                                                                              Go to section 1B.
        Regulated Trust (e.g. a SMSF)
        Provide name of the regulator (e.g. ASIC, APRA, ATO)

        Provide the Trust’s ABN or registration/licensing details
                                                                                                                              Go to section 1B.
        Government superannuation fund
        Provide name of the legislation establishing the fund
                                                                                                                              Go to section 1B.
        Other Trust type
        Trust description (e.g. Family, unit, charitable, estate)
                                                                                                                  Complete section 1.3 and 1.4.


    1.3 BENEFICIARY DETAILS (only complete if ‘other Trust type’ is selected in section 1.2 above)
    Do NOT complete if the Trust is a registered managed investment scheme, regulated trust (e.g. SMSF) or government
    superannuation fund.
    Do the terms of the Trust identify the beneficiaries by reference to membership of a class?
               Provide details of the membership class/es
        YES    (e.g. unit holders, family members of named
               person, charitable purpose)                                                                                    Go to section 1.4.

        NO     How many beneficiaries are there?                                Provide full name of each beneficiary below

        Full given name(s)                                                     Surname
    1

    2

    3

    4

    5

    6
        If there are more beneficiaries, provide details on a separate sheet




                                                                                                      Mariner Securities Mariner Mortgage Trust    51
     1.4 TRUSTEE DETAILS (only complete if ‘other Trust type’ is selected in section 1.2 above)
     Do NOT complete if the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government
     superannuation fund.
     How many trustees are there?


     SECTION 1B: TRUST VERIFICATION PROCEDURE
     For a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund (as selected in 1.2),
     verify:
     �     The full name of the Trust
     �     That the Trust is a registered managed investment scheme, regulated Trust or government superannuation fund, as applicable.

         Tick     Verification options (select ONE of the following options used to verify the Trust)
                  Perform a search of the ASIC, ATO or relevant regulator’s website (e.g. ‘Super Fund Lookup’ at www.abn.business.gov.au).
                  A copy or relevant extract of the legislation establishing the government superannuation fund sourced from a government
                  website.

     If ‘other Trust type’ is selected in section 1.2, verify:
     �     The full name of the Trust.

         Tick    Verification options (select ONE of the following options used to verify the Trust)
                  A notice issued by the Australian Taxation Office within the last 12 months (e.g. a Notice of Assessment).
                  Block out the TFN before scanning, copying or storing this document.
                  A letter from a solicitor or qualified accountant that confirms the name of the Trust.
                  An original or certified copy or certified extract of the trust deed*.
     *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.



     SECTION 1C: RECORD OF VERIFICATION PROCEDURE
     IMPORTANT:
     Attach a legible certified copy or extract of the ID documentation used to verify the Trust (and any required translation).




     SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

     Date verified

     Financial planner’s name                                                                            Phone number


     AFSL name                                                                                           AFSL number




     SECTION 2A: INDIVIDUAL TRUSTEE VERIFICATION PROCEDURE
     If ‘other Trust type’ is selected in section 1.2 above, verify the trustee’s full name; and EITHER their date of birth OR residential
     address.
     �     Complete Part I (or if the trustee does not own a document from Part I, then complete either Part II or III).

     PART I – ACCEPTABLE PRIMARY ID DOCUMENTS
         Tick     Select ONE valid option from this section

                  Australian State / Territory driver’s licence containing a photograph of the person.
                  Australian passport (a passport that has expired within the preceding 2 years is acceptable).
                  Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person.
                  Foreign passport or similar travel document containing a photograph and the signature of the person*.
     *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.




52        Mariner Securities Mariner Mortgage Trust
SECTION 2A: INDIVIDUAL TRUSTEE VERIFICATION PROCEDURE CONTINUED

PART II – ACCEPTABLE SECONDARY ID DOCUMENTS (should only be completed if the individual does not own a document from Part I)
  Tick      Select ONE valid option from this section

            Australian birth certificate.
            Australian citizenship certificate.
            Pension card issued by Centrelink.
            Health card issued by Centrelink.

  Tick      AND ONE valid option from this section
            A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision
            of financial benefits to the individual and which contains the individual’s name and residential address.
            A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the
            individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and
            residential address. Block out the TFN before scanning, copying or storing this document.
            A document issued by a local government body or utilities provider within the preceding 3 months which records the
            provision of services to that address or to that person (the document must contain the individual’s name and residential
            address).


PART III – ACCEPTABLE FOREIGN ID DOCUMENTS (should only be completed if the individual does not own a document from Part I)
  Tick      BOTH documents from this section must be presented

            Foreign driver’s licence that contains a photograph of the person in whose name it is issued and the individual’s date of birth.*
            National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the
            card was issued.*
*Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.


SECTION 2B: RECORD OF VERIFICATION PROCEDURE
IMPORTANT:
Attach a legible certified copy or extract of the ID documentation used to verify the individual trustee (and any required translation).

If the selected trustee is an individual, the form is now COMPLETE.




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54   Mariner Securities Mariner Mortgage Trust
MARINER AUSTRALIAN COMPANY TRUSTEE’S
IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Complete the following in BLOCK LETTERS
  SECTION 1A: AUSTRALIAN COMPANY DETAILS (to be completed if the selected Trustee is an Australian Company)
 1.1 GENERAL INFORMATION
 Full name as registered by ASIC


 ACN



 1.2 REGULATORY/LISTING DETAILS (tick the following categories which apply to the trustee company and provide the information requested)
     Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator)

     Regulator name

     Licence details

     Australian listed company
     Name of market/exchange

     Majority-owned subsidiary of an Australian listed company
     Australian listed company name

     Name of market/exchange

 1.3 COMPANY TYPE (tick only ONE of the following categories)

      Public           If the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government
                       superannuation fund, the form is now COMPLETE.

      Proprietary      Go to section 1.4.


 1.4 DIRECTORS (only needs to be completed for proprietary companies)
  This section does NOT need to be completed for public and listed companies.

  How many directors are there?               Provide full name of each director below. Details of up to 2 directors are required.
      Full given name(s)                                                 Surname
 1

 2

  If the company is a regulated company (as selected in section 1.2 above) AND the Trust type is:
  � a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund, the form is now COMPLETE.
  � if the ‘other Trust type’ was selected in the Mariner Trust’s and Trustee’s Identification Form complete sections 1B and IC of
      this form.
  Otherwise, continue to section 1.5 below.
  1.5 SHAREHOLDERS (only needs to be completed for proprietary companies that are not regulated companies as selected in section 3.2)
  Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the
  company’s issued capital.
  Shareholder 1
  Title   First name                               Middle name                           Surname


  Residential address (PO Box is NOT acceptable)


  Suburb/City or Town                                                          State              Postcode          Country




                                                                                                         Mariner Securities Mariner Mortgage Trust   55
     1.5 SHAREHOLDERS (only needs to be completed for proprietary companies that are not regulated companies as selected in section 3.2)
     Shareholder 2
     Title      First name                            Middle name                           Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                           State            Postcode         Country



     Shareholder 3
     Title      First name                            Middle name                           Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                           State            Postcode         Country



     If the Trust type is:
     � a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund, the form is now COMPLETE.
     � ‘other Trust type’, complete sections 1B and 1C below.




     SECTION 1B: AUSTRALIAN COMPANY TRUSTEE VERIFICATION PROCEDURE
     Standard verification procedure
     If ‘other Trust type’ is selected verify:
     � The full name of the trustee company as registered by ASIC
     � Whether the trustee company is registered as a proprietary or a public company
     � The ACN issued to the trustee company.

         Tick     Verification options (select ONE of the following options used to verify the company)
                  Perform a search of the relevant ASIC database.
                  If the ASIC database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC.

     Alternative verification procedure
     For a company which is an Australian listed company, a majority owned subsidiary of an Australian listed company or is a regulated
     company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator).
     If ‘other Trust type’ is selected verify:
     �    That the trustee company is an Australian listed company (if applicable)
     �    That the trustee company is a majority owned subsidiary of an Australian listed company (if applicable)
     �    That the trustee company is a regulated company (if applicable).

         Tick     Verification options (select ONE of the following options used to verify the company)
                  Perform a search of the relevant market/exchange.
                  Perform a search of the relevant ASIC database.
                  Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator.
                  A public document issued by the relevant company.


     SECTION 1C: RECORD OF VERIFICATION PROCEDURE
     IMPORTANT:
     Attach a legible certified copy or extract of the ID documentation used to verify the trustee company.




56        Mariner Securities Mariner Mortgage Trust
MARINER FOREIGN COMPANY TRUSTEE’S
IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Complete the following in BLOCK LETTERS

  SECTION 1A: FOREIGN COMPANY DETAILS (to be completed if selected trustee is a foreign company)
  1.1 GENERAL INFORMATION
  Full name of foreign company


  Country of formation / incorporation / registration



     Tick if registered by a foreign body and provide name of body


  1.2 IS THE FOREIGN COMPANY REGISTERED WITH ASIC? (Tick one of the following)

      YES Provide ARBN

  Provide EITHER        principal place of business address in Australia OR     local agent name and address details (Tick only one box)

  Address (PO Box is NOT acceptable)



  Suburb/City or Town                                                         State          Postcode        Country


  Name of local agent in Australia



             Provide company identification number (if any)
     NO      issued by the foreign registration body

  Principal place of business in the company’s country of formation or incorporation (PO Box is NOT acceptable)



  Suburb/City or Town                                                         State          Postcode        Country



  1.3 REGULATORY/LISTING DETAILS
      (Tick each of the following categories that apply to the trustee company and provide the information requested)

      Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator)

      Regulator name

      Licence details


      Listed as defined in the IFSA/FPA Guidelines

      Name of market / exchange


      Majority-owned subsidiary of an Australian listed company

      Australian listed company name

      Name of market / exchange




                                                                                                Mariner Securities Mariner Mortgage Trust   57
     1.4 COMPANY/TYPE (Tick only ONE of the following categories and provide any information requested)
                                    If the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government
             Public
                                    superannuation fund, the form is now COMPLETE.
                                    If ‘other Trust type’ is selected, complete sections 1B and 1C below.
             Private/Proprietary    Go to section 1.5.
             Other Trust type       Go to section 1.5.


     1.5 DIRECTORS (complete for all companies other than public or listed companies)
      How many directors are there?                Provide full name of each director. Only require details of 2 directors.

             Full given name(s)                                                 Surname
      1

      2

      If the company is a regulated company (as selected in section 1.3 above) AND ‘other Trust type’ is:
      � selected in section 1.4 above, go to section 1B.
      � not selected above, the form is now COMPLETE.
      Otherwise, go to section 1.6 below.


     1.6 SHAREHOLDERS (complete for all companies other than public, listed or regulated companies)
     Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the
     company’s issued capital.

     Shareholder 1
     Title      First name                            Middle name                             Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                            State              Postcode          Country




     Shareholder 2
     Title      First name                            Middle name                             Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                            State              Postcode          Country




     Shareholder 3
     Title      First name                            Middle name                            Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                            State             Postcode           Country


     If ‘other Trust type’ is:
     � selected, go to section 1B.          �   not selected, the form is now COMPLETE.




58     Mariner Securities Mariner Mortgage Trust
SECTION 1B: FOREIGN COMPANY TRUSTEE VERIFICATION PROCEDURE
Standard verification procedure – for foreign companies registered with ASIC
If ‘other Trust type’ is selected, verify:
�     The full name of the company as registered by ASIC
�     The ARBN issued to the trustee company
�     Whether it is registered by a foreign registration body and if so
      �    whether it is registered as a private company or a public company.

    Tick       Verification options (select ONE of the following options used to verify the company)

               Perform a search of the relevant ASIC database.
               Perform a search of the relevant foreign registration body.
               If the ASIC or foreign registration body database is not reasonably available, an original or certified copy of the certification
               of registration issued by ASIC or by the relevant foreign registration body.

Standard verification procedure – for foreign companies NOT registered with ASIC
If ‘other Trust type’ is selected, verify:
�     The full name of the trustee company
�     Whether it is registered by a foreign registration body and if so
      � whether it is registered as a private company or a public company

      � the identification number issued to the trustee company.



    Tick       Verification options (select ONE of the following options used to verify the company)

               Perform a search of the relevant foreign registration body.
               If the foreign registration body database is not reasonably available, an original or certified copy of the certification of
               registration issued by the relevant foreign registration body.
               Where the above means are unavailable, a disclosure certificate from the trustee company given by an individual acting as
               agent of the trustee company (where the agent has been verified). See your licensee for other disclosure certificate
               requirements.


Alternative verification procedure
For a company which is a listed company, a majority owned subsidiary of an Australian listed company or is a regulated company
(i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator).

If ‘other Trust type’ is selected, verify:
�     That the trustee company is a listed company (if applicable)
�     That the trustee company is a majority owned subsidiary of an Australian listed company (if applicable)
�     That the trustee company is a regulated company (if applicable).

    Tick       Verification options (select ONE of the following options used to verify the company)
               Perform a search of the relevant financial market.
               Perform a search of the relevant ASIC database.
               Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator.
               A public document issued by the relevant company.*

*Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.



SECTION 1C: RECORD OF VERIFICATION PROCEDURE
IMPORTANT:
Attach a legible certified copy or extract of the ID documentation used to verify the trustee company (and any required translation).




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60   Mariner Securities Mariner Mortgage Trust
MARINER AUSTRALIAN COMPANIES’ IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Only send the completed sections of this form with the application form.

  SECTION 1A: AUSTRALIAN COMPANY DETAILS (to be completed if the company is an Australian company)

  1.1 GENERAL INFORMATION
  Full name as registered by ASIC


  ACN




  1.2 REGULATORY/LISTING DETAILS (tick the following categories which apply to the company and provide the information requested)

      Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator)
      Regulator name

      Licence details


      Australian listed company
      Name of market / exchange


      Majority-owned subsidiary of an Australian listed company
      Australian listed company name

      Name of market / exchange


 1.3 COMPANY/TYPE (tick only ONE of the following categories)
      Public       Go to section 1B                                 Proprietary        Go to section 1.4


  1.4 DIRECTORS (only needs to be completed for proprietary companies)
  This section does NOT need to be completed for public and listed companies.

  How many directors are there?                Provide full name of each director. Details of up to 2 directors are required.

          Full given name(s)                                              Surname

  1

  2
  If the company is a regulated company (as selected in section 1.2 above) go to section 1B below. Otherwise, for all other proprietary
  companies continue to section 1.5.



  1.5 SHAREHOLDERS (only needs to be completed for proprietary companies that are not regulated companies as selected in section 1.2)
  Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the
  company’s issued capital.

  Shareholder 1
  Title      First name                            Middle name                           Surname


  Residential address (PO Box is NOT acceptable)


  Suburb/City or Town                                                          State            Postcode         Country




                                                                                                       Mariner Securities Mariner Mortgage Trust   61
     1.5 SHAREHOLDERS CONTINUED
     Shareholder 2
     Title   First name                               Middle name                        Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                         State            Postcode         Country


     Shareholder 3
     Title   First name                               Middle name                         Surname


     Residential address (PO Box is NOT acceptable)


     Suburb/City or Town                                                         State            Postcode         Country



     SECTION 1B: AUSTRALIAN COMPANY VERIFICATION PROCEDURE
     Standard verification procedure
     Verify:
     �   The full name of the company as registered by ASIC
     �   Whether the company is registered as a proprietary or a public company
     �   The ACN issued to the company.

      Tick      Verification options (select ONE of the following options used to verify the company)
                Perform a search of the relevant ASIC database.
                If the ASIC database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC.
     Alternative verification procedure
     For a company which is an Australian listed company, a majority owned subsidiary of an Australian listed company or is a regulated
     company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator).
     Verify:
     �   That the company is an Australian listed company (if applicable)
     �   That the company is a majority owned subsidiary of an Australian listed company (if applicable)
     �   That the company is a regulated company (if applicable).

      Tick      Verification options (select ONE of the following options used to verify the company)
                Perform a search of the relevant market/exchange.
                Perform a search of the relevant ASIC database.
                Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator.
                A public document issued by the relevant company.


     SECTION 1C: RECORD OF VERIFICATION PROCEDURE
     IMPORTANT:
     Attach a legible certified copy or extract of the ID documentation used to verify the company.

     SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

     Date verified

     Financial planner’s name                                                                      Phone number


     AFSL name                                                                                     AFSL number


     If the company is an Australian company, the form is now COMPLETE.




62   Mariner Securities Mariner Mortgage Trust
MARINER FOREIGN COMPANIES’ IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Only send the completed sections of this form with the application form.

  SECTION 1A: FOREIGN COMPANY DETAILS (to be completed if the Company is a foreign company)
 1.1 GENERAL INFORMATION
 Full name of foreign company



 Country of formation / incorporation / registration



     Tick if registered by a foreign body and provide name of body

 1.2 IS THE FOREIGN COMPANY REGISTERED WITH ASIC? (tick ONE of the following)

     YES     Provide ARBN

  Provide EITHER        principal place of business address in Australia OR     local agent name and address details (Tick one box)
  Address (PO Box is NOT acceptable)


  Suburb/City or Town                                                         State          Postcode         Country


  Name of local agent in Australia



             Provide company identification number (if any)
     NO      issued by the foreign registration body
  Principal place of business in the company’s country of formation or incorporation (PO Box is NOT acceptable)


  Suburb/City or Town                                                         State          Postcode         Country




 1.3 REGULATORY/LISTING DETAILS (tick each of the following categories that apply to the company and provide the information requested)

      Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator)

      Regulator name

      Licence details


      Listed as defined in the IFSA/FPA Guidelines
      Name of market / exchange



      Majority-owned subsidiary of an Australian listed company

      Australian listed company name

      Name of market / exchange


 1.4 COMPANY/TYPE
 Tick only ONE of the following categories and provide any information requested.

      Public Go to section 1.5                    Proprietary     Go to section 1.5                   Other     Go to section 1.5




                                                                                                    Mariner Securities Mariner Mortgage Trust   63
      1.5 DIRECTORS
      Complete for all companies other than public or listed companies.

          How many directors are there?              Provide full name of each director. Details of up to 2 directors are required.

              Full given name(s)                                                 Surname
       1

       2

      If the company is a regulated company (as selected in section 1.3 above) go to section 1B below. Otherwise, for all other proprietary
      companies continue to section 1.6 below.


     1.6 SHAREHOLDERS
     Complete for all companies other than public, listed or regulated companies.
      Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the
      company’s issued capital.
      Shareholder 1
      Title     First name                             Middle name                           Surname


      Residential address (PO Box is NOT acceptable)


      Suburb/City or Town                                                           State            Postcode         Country



      Shareholder 2
      Title     First name                             Middle name                           Surname


      Residential address (PO Box is NOT acceptable)


      Suburb/City or Town                                                           State            Postcode         Country



      Shareholder 3
      Title     First name                             Middle name                           Surname



      Residential address (PO Box is NOT acceptable)


      Suburb/City or Town                                                           State            Postcode         Country



      SECTION 1B: FOREIGN COMPANY VERIFICATION PROCEDURE
      Standard verification procedure – for foreign companies registered with ASIC
      Verify:
      � The full name of the company as registered by ASIC
      � The ARBN issued to the company

      �     Whether it is registered by a foreign registration body and if so
            � whether it is registered as a private company or a public company.



       Tick        Verification options (select ONE of the following options used to verify the company)

                   Perform a search of the relevant ASIC database.
                   Perform a search of the relevant foreign registration body.
                   If the ASIC or foreign registration body database is not reasonably available, an original or certified copy of the certification
                   of registration issued by ASIC or by the relevant foreign registration body.



64   Mariner Securities Mariner Mortgage Trust
SECTION 1B: FOREIGN COMPANY VERIFICATION PROCEDURE CONTINUED

Standard verification procedure – for foreign companies NOT registered with ASIC
Verify:
� The full name of the company
� Whether it is registered by a foreign registration body and if so
    � whether it is registered as a private or a public company; and

    � the identification number issued to the company


    Tick    Verification options (select ONE of the following options used to verify the company)

             Perform a search of the relevant foreign registration body.
             If the foreign registration body database is not reasonably available, an original or certified copy of the certification of
             registration issued by the relevant foreign registration body.
             Where the above means are unavailable, a disclosure certificate from the company given by an individual acting as agent of
             the company (where the agent has been verified). See your licensee for other disclosure certificate requirements.


Alternative verification procedure
For a company which is a listed company, a majority owned subsidiary of an Australian listed company or is a regulated company (i.e.
licensed by an Australian Commonwealth, State or Territory statutory regulator).
Verify:
�     That the company is a listed company (if applicable)
�     That the company is a majority owned subsidiary of an Australian listed company (if applicable)
�     That the company is a regulated company (if applicable).

 Tick       Verification options (select ONE of the following options used to verify the company)
             Perform a search of the relevant financial market.
             Perform a search of the relevant ASIC database.
             Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator.
             A public document issued by the relevant company.*

*Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.



SECTION 1C: RECORD OF VERIFICATION PROCEDURE
IMPORTANT:
Attach a legible certified copy or extract of the ID documentation used to verify the company (and any required translation).



SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

Date verified

Financial planner’s name                                                                            Phone number



AFSL name                                                                                           AFSL number




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66   Mariner Securities Mariner Mortgage Trust
MARINER PARTNERSHIP’S AND PARTNER’S
IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Complete all applicable sections of this form in BLOCK LETTERS.

  SECTION 1A: PARTNERSHIP DETAILS
  1.1 GENERAL INFORMATION
  Registered business name of partnership (if any)


  Country where partnership established



  1.2 TYPE OF PARTNERSHIP (tick only ONE of the following partnership types and provide the information requested)
  Is the partnership regulated by a professional association?

      Yes    Provide name of association

             Provide membership details
                                                                                                                                 Go to section 1B.
      No     How many partners are there?                    Provide full name and address of up to 2 partners below.


  SECTION 1B: PARTNERSHIP VERIFICATION PROCEDURE
  Verify the following:
  �   Complete Part I (for all partnerships); and
  �   Complete Part II (if the partnership is regulated by a professional association).
  Part I – Acceptable ID Documents (to verify partnership name)
  Tick       Verification options (select ONE of the following options used to verify the partnership)
             An original, certified copy or certified extract of the partnership agreement.
             A certified copy or a certified extract of minutes of a partnership meeting.
             An original current membership certificate (or equivalent) of a professional association.
             Membership details independently sourced from the relevant professional association.
             A search of the relevant ASIC or other regulator’s database.
             A notice issued by the Australian Taxation Office within the last 12 months e.g. Notice of Assessment.
             Block out the TFN before scanning, copying or storing this document.
             An original or certified copy of a certificate of registration of business name issued by a government or government
             agency in Australia.

  Part II – Acceptable ID Documents (to verify membership of a professional association)
   Tick      Verification options (select ONE of the following options used to verify the partnership)

             An original current membership certificate (or equivalent).
             Membership details independently sourced from the relevant association.
  Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.


  SECTION 1C: RECORD OF VERIFICATION PROCEDURE
  IMPORTANT:
  Attach a legible certified copy or extract of the ID documentation used to verify the Partnership (and any required translation).

  SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

  Date Verified

  Financial planner’s name                                                                         Phone number


  AFSL name                                                                                        AFSL number




                                                                                                         Mariner Securities Mariner Mortgage Trust   67
      SECTION 2A: INDIVIDUAL PARTNER VERIFICATION PROCEDURE

      Verify the partner’s full name and EITHER their date of birth or residential address by completing Part I (or if the partner does not own a
      document from Part I, then complete either Part II or III.)


      Part I – Acceptable Primary ID Documents

       Tick       Select ONE valid option from this section only

                  Australian State / Territory driver’s licence containing a photograph of the person.

                  Australian passport (a passport that has expired within the preceding 2 years is acceptable).
                  Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person.

                  Foreign passport or similar travel document containing a photograph and the signature of the person.*




      Part II – Acceptable Secondary ID Documents (should only be completed if the individual does not own a document from Part I)

       Tick       Select ONE valid option from this section

                  Australian birth certificate
                  Australian citizenship certificate
                  Pension card issued by Centrelink
                  Health card issued by Centrelink

       Tick       AND ONE valid option from this section

                  A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of
                  financial benefits to the individual and which contains the individual’s name and residential address.

                  A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the
                  individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and
                  residential address. Block out the TFN before scanning, copying or storing this document.

                  A document issued by a local government body or utilities provider within the preceding 3 months which records the provision
                  of services to that address or to that person (the document must contain the individual’s name and residential address).



      Part III – Acceptable Foreign ID Documents (only to be completed if the individual does not own a document from Part I)

       Tick       BOTH documents from this section must be presented

                  Foreign driver's licence that contains a photograph of the person in whose name it is issued and the individual’s date of birth.*
                  National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the
                  card was issued.*

      *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.




      SECTION 2B: RECORD OF VERIFICATION PROCEDURE

       IMPORTANT:
       Attach a legible certified copy or extract of the ID documentation used to verify the individual partnership (and any required translation).




68   Mariner Securities Mariner Mortgage Trust
MARINER GOVERNMENT BODY IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
Complete the following in BLOCK LETTERS.


  SECTION 1A: GOVERNMENT BODY DETAILS
  1.1 GOVERNMENT INFORMATION (tick ONE of the following categories and provide the information requested)
          Commonwealth of Australia government body
          Australian state or territory government body           please specify state or territory
          Foreign country government body                         please specify foreign country




  SECTION 1B: GOVERNMENT BODY IDENTIFICATION PROCEDURE
  Verify the following:
  � Full name of the government body
  � Full address of the government body’s principal place of operations
  � Whether the government body is:
     �   A body of the Commonwealth of Australia; or
     �   A body of a State or Territory of Australia (and, if so which one); or
     �   A body of a foreign country (and, if so which country).

   Tick       Verification options (select ONE of the following options used to verify the Government Body)

               Search of the relevant Commonwealth, State, Territory or Foreign government website for confirmation of the body’s
               existence.
               Search of the relevant Commonwealth, State, Territory or Foreign country register of government bodies.
               A copy or extract of the legislation establishing the body obtained from a reliable and independent source, such as a
               government website.
  Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.




  SECTION 1C: RECORD OF VERIFICATION PROCEDURE
  IMPORTANT:
  Attach a legible certified copy or extract of the ID documentation used to identify the government body (and any required translation).




  SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

  Date verified

  Financial planner’s name                                                                         Phone number



  AFSL name                                                                                        AFSL number




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70   Mariner Securities Mariner Mortgage Trust
MARINER ASSOCIATION’S AND
CO-OPERATIVE’S IDENTIFICATION FORM
GUIDE TO COMPLETING THIS FORM
�   Complete all parts of section 1 in BLOCK LETTERS:
    AND for Unincorporated Associations and Unregistered Co-operatives also complete section 2 – Individual Member ID procedure.
�   Only send the completed sections of this form with the application form.

    SECTION 1A: ASSOCIATION AND CO-OPERATIVES DETAILS
    1.1 GENERAL INFORMATION
    Full name of the following (or equivalent in each case):
                Full given name(s) of officer (if applicable)                          Surname
    Chairman

    Secretary

    Treasurer

    Provide an ID number issued by relevent governing body (e.g. an ACN if any)
    1.2 CLASSIFICATION TYPE (select only ONE of the following categories)
           Registered Co-operative                      Incorporated Association              Go to section 1.3
           Unregistered Co-operative                    Unincorporated Association            Go to section 1.4


    1.3 INCORPORATED ASSOCIATION OR REGISTERED CO-OPERATIVE (select only ONE of the following categories)
           Name and residential address of the public officer (or president, secretary or treasurer if there is no public officer)
    Full given name(s) of officer (if applicable)            Surname                                                  Position



    Address (PO Box is NOT acceptable)
    Street


    Suburb/City or Town                                                               State            Postcode          Country




    SECTION 1B: VERIFICATION PROCEDURE
    If ‘Incorporated Association’ or ‘Registered Co-operative’ is selected in section 1.2, verify:
    �   Full name of the Association or Co-operative
    �   ID number issued on Incorporation (if any).

    Tick        Verification options (select ONE or more of the following options used to verify the Incorporated Association or Co-operative)
                Information provided by ASIC or the government responsible for the incorporation of the Association or Co-operative.
                An original, certified copy or certified extract of the Constitution or Rules of the Association or Co-operative.

    If ‘Unincorporated Association’ or ‘Unregistered Co-operative’ is selected in section 1.2, verify:
    �   Full name of the Association or Co-operative.

    Tick        Verification options (use the following to verify the Unincorporated Association or Unregistered Co-operative)
                An original, certified copy or certified extract of the Constitution or Rules of the Association or Co-operative.

    Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.



    SECTION 1C: RECORD OF VERIFICATION PROCEDURE
    IMPORTANT:
    Attach a legible certified copy or extract of the ID documentation used to verify the Association or Co-operative.



                                                                                                            Mariner Securities Mariner Mortgage Trust   71
         SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

        Date verified

        Financial planner’s name                                                                            Phone number



        AFSL name                                                                                           AFSL number



         If an Unincorporated Association or Unregistered Co-operative Complete section 2
         If an Incorporated Association or Registered Co-operative, the form is now COMPLETE.


         SECTION 2A: INDIVIDUAL MEMBER VERIFICATION PROCEDURE

         If ‘Unincorporated Association’ or ‘Unregistered Co-operative’ is selected in section 1.2, verify the member’s full name, and EITHER
         their date of birth OR residential address.
         �     Complete Part I (or if the member does not own a document from Part I, then complete either Part II or III).

         Part I – Acceptable Primary ID Documents
          Tick        Select ONE valid option from this section
                      Australian State / Territory driver’s licence containing a photograph of the person.
                      Australian passport (a passport that has expired within the preceding 2 years is acceptable).
                      Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person.
                      Foreign passport or similar travel document containing a photograph and the signature of the person*.

         PART II – ACCEPTABLE SECONDARY ID DOCUMENTS (only to be completed if the individual does not own a document from Part I)
             Tick     Select ONE valid option from this section
                      Australian birth certificate
                      Australian citizenship certificate
                      Pension card issued by Centrelink
                      Health card issued by Centrelink
             Tick     AND ONE valid option from this section
                      A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision
                      of financial benefits to the individual and which contains the individual’s name and residential address.

                      A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the
                      individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and
                      residential address. Block out the TFN before scanning, copying or storing this document.

                      A document issued by a local government body or utilities provider within the preceding 3 months which records the
                      provision of services to that address or to that person (the document must contain the individual’s name and residential
                      address).

         PART III – ACCEPTABLE FOREIGN ID DOCUMENTS (only to be completed if the individual does not own a document from Part I)

          Tick        BOTH documents from this section must be presented
                      Foreign driver's licence that contains a photograph of the person in whose name it is issued and the individual’s date of birth.*
                      National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the
                      card was issued*.
         *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.



         SECTION 2B: RECORD OF VERIFICATION PROCEDURE
         IMPORTANT:
         Attach a legible certified copy or extract of the ID documentation used to verify the individual member (and any required translation).




72   Mariner Securities Mariner Mortgage Trust
Directory
            Responsible Entity   Mariner Securities Limited
            of the Trust         Level 40, The Chifley Tower
                                 2 Chifley Square
                                 Sydney NSW 2000

            Custodian            BNP Paribas Fund Services
                                 Australasia Pty Limited
                                 Level 6, 60 Castlereagh Street
                                 Sydney NSW 2000

            Sub-custodian        Permanent Trustee Australia Limited
                                 Level 4, 35 Clarence Street
                                 Sydney NSW 2000

            Legal Advisers       Mallesons Stephen Jaques
                                 Level 61, Governor Phillip Tower
                                 1 Farrer Place
                                 Sydney NSW 2000

            Auditor              KPMG
                                 10 Shelley Street
                                 Sydney NSW 2000
Mariner FinanCiaL LiMited

Sydney
Level 40, The Chifley Tower
2 Chifley Square
Sydney NSW 2000
Telephone 02 9238 0750
Facsimile 02 9238 0790




Mariner Financial Limited ASX: MFI




    A        G        M         S        Y


    B        H        N         T        Z


    C        I        O         U


    D        J        P         V


    E        K        Q         W


    F        L        R         X




the internationaL Code oF signaLs
allows ships of all nations to communicate        Investor Services 1800 009 963
with each other. The code’s simple, powerful
design has created a universal language           Adviser Services 1800 009 964
that brings mariners together in a partnership
of understanding. Mariner has adopted a similar   www.marinerfunds.com.au
philosophy - working in partnership to design
simple, tailored investment solutions with
universal applications.

				
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