ANNOUNCEMENT
22 December 2009
BALMAIN SET TO ACQUIRE MARINER MORTGAGE TRUST
Balmain NB Corporation Limited (Balmain) has entered into an agreement with Mariner Mortgage
Management Limited to acquire the management rights of the Mariner Mortgage Trust and the Mariner
Wholesale Mortgage Trust and to replace Mariner Securities Limited (a wholly owned subsidiary of
Mariner Financial Limited - ASX: MFI) as responsible entity of the Funds. The agreement is conditional
upon both regulatory and unit holder approval. The two Mariner funds have approximately $155 million in
funds under management.
Balmain is Australia’s largest commercial mortgage originator, employing over 120 staff in 8 offices
around Australia and New Zealand. Balmain has been the principal source of mortgage origination to the
Australian mortgage trust industry for over 20 years.
Balmain is currently in partnership with the Mirvac Group, the manager of the Mirvac Aqua Mortgage
Funds, and is seeking to significantly grow its management of small to medium tier mortgage funds.
Balmain is also a major shareholder in Australian Mortgage Administration Limited (AMAL), which is a
rated mortgage administrator which currently administers in excess of $8 billion of mortgage asset
portfolios including the current Mariner Mortgage Trust. AMAL is an ‘above average’ S&P rated service
provider, and currently manages mortgage funds for many of Australia’s largest institutional investors.
Mariner’s Managing Director, Bill Ireland said that, “This move is in line with Mariner’s decision to move
away from retail distribution and focus
more seriously on institutional and wholesale investment
opportunities. Balmain is a well respected participant in the Australian mortgage trust industry as
originator, servicer and manager of mortgage trust assets with a long and successful track record in
Australia in all areas of its operations. I feel confident that the transfer of the management to Balmain is
in the best interests of unit holders.”
Balmain’s Chief Executive Officer, Andrew Griffin said “Our Group’s investment objectives in retail
mortgage funds management include the conservative provision of senior mortgages to experienced
sponsors. There is a close alignment in this regard with the objectives of the Funds so this was a natural
move for the Group. There are no plans to alter any of the scheme documents and we are delighted that
all key management staff including the current CEO John Thomas will remain with the Funds.”
Mr Griffin remains a firm believer in the importance of mortgage trusts in the Australian commercial
finance market. “With banks being forced to raise margins to cover their rapidly rising cost of capital” he
said, “the spread between cash rates and mortgage rates will become even wider. This will enable
mortgage funds, which manage a direct relationship between borrowers and lenders, to deliver to their
unit holders returns considerably better than cash deposits or other fixed interest investment assets.”
John Thomas, who remains as Chief Executive Officer of the mortgage trust, restated his commitment to
managing the assets of the Trust in order to maintain their current competitive rate of return, within
conservative investment guidelines.
Balmain is currently in the process of seeking regulatory approval for the acquisition and unit
holders'
approval for the sale will be sought at a meeting of unit holders to be held on 22 January 2009.
For further information please contact:
John Thomas
Chief Executive Officer – Mortgage Trust
Mariner Mortgage Management Limited
(02) 8223 5225
Andrew Griffin
Chief Executive Officer
Balmain NB Corporation Limited
(02) 9232 8888
For more information on Balmain please visit www.balmain.com.au
NEWS 
