Valuation Announcement: Moody’s: No Negative Impact on SMHL Series 2018-1 Fund Rating Following Collateral Substitution The loans granted to the SMHL Series 2018-1 Fund on January 31, 2022 (the Substitution) would not result, in itself and at this stage, a reduction, placement under review for possible downgrading or withdrawal of the current Moody’s rating Class A bonds issued by Perpetual Trustee Company Limited, in its capacity as trustee of the SMHL Series 2018 fund -1.”IMPORTANT NOTICE: MOODY’S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE UNINTENDED AND INAPPROPRIATE. SEE FULL DISCLAIMER BELOW.” A – which total AUD 4.98 billion – are rated Aaa (sf). The Notes benefit from the 8.7% subordination provided by unrated Class B Notes. The revised pool has a weighted average current LTV of 66% and a seasoning of 43.5 months. A liquidity facility of 1.0% of the outstanding principal balance of the notes, provides liquidity support to the transaction. The transaction represents a securitization of a portfolio of Australian residential mortgage loans issued by Members Equity Bank Limited. The methodology used in this rating was “Moody’s Approach to Rating RMBS Using the MILAN Framework” published in December 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1248130. You can also visit the rating methodologies page on www.moodys.com for a copy of this methodology. Moody’s opinion addresses only the credit impact associated with the proposed substitution, and Moody’s expresses no opinion as to whether the proposed substitution has, or might have, other non-credit effects that could have a detrimental impact on the interests of rated bondholders and/or counterparties. entity that issued the rating. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date information on credit rating actions and credit ratings. rating history. Alena Chen VP – Senior Credit Officer Structured Finance Group Moody’s Investors Service Pty. ltd. Level 10 1 O’Connell Street Sydney NSW 2000 Australia JOURNALISTS: 61 2 9270 8141 Customer Service: 852 3551 3077 Ilya Serov Associate Managing Director Structured Finance Group JOURNALISTS: 61 2 9270 8141 Customer Service: 852 3551 3077 Release Office: Moody’s Investors Service Pty. ltd. Level 10 1 O’Connell Street Sydney NSW 2000 Australia REPORTERS: 61 2 9270 8141 Customer Service: 852 3551 3077 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. 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