The bond issuer is RMB Trustee Limited as trustee of the Rated Mortgage RML 2006-2 Trust. The trust is a special purpose vehicle which has been established for the purpose of acquiring and holding authorised investments, being predominantly mortgage-backed securities.

The bonds are first-ranking, secured, floating interest, unsubordinated debt obligations of the trust. The bonds are not guaranteed by any party.

The trust used the proceeds of bonds issued by it to acquire residential mortgage backed securities issued by the Propertyfinance Securities Trusts and to pay its ongoing expenses.

The Propertyfinance Securities Trusts are trusts which own pools of residential mortgages. The mortgage backed securities which have been acquired are Class D Notes (originally rated BBB by Fitch Ratings) issued by The New Zealand Guardian Trust Company Limited as trustee of the Propertyfinance Securities RML 2005-3 Trust. The Class D notes are backed by mortgages over residential properties.

The bonds will be repayable in full on 31 December 2050, subject to either prepayment of the bonds or election by RMB Trustee to repay the bonds early on any call option date.