any final and conclusive judgment against the Depositor, Macquarie Securities Management Pty Limited (the Manager) or Perpetual Trustee Company Limited (the Issuer Trustee) in respect of a US$ Note for a fixed or readily calculable sum of money, and which has not been stayed in full, obtained in any New York State or United States Federal Court sitting in the Borough of Manhattan in the City of New York having jurisdiction recognised by the Opinion Jurisdiction will be recognised by the Supreme Courts of New South Wales and the Australian Capital Territory (each a Supreme Court) so as to give rise to a fresh cause of action on the judgment in either such Supreme Court which will enable a further judgment capable of enforcement against the Depositor, the Manager or the Issuer Trustee, as applicable, to be obtained without re-examination or re-litigation of the matters disposed of or adjudicated by that action except where:

the foreign judgment is contrary to the public policy of that Opinion Jurisdiction. We are not aware of any reason of public policy which would prevent enforcement of such a judgment;

the foreign judgment has been obtained in proceedings which contravene the principles of natural justice;

the foreign judgment was obtained by fraud or duress or was based on a clear mistake of fact;

the foreign judgment is a penal or revenue judgment;

there has been a prior judgment in another court between the same parties concerning the same issues as are dealt with in the foreign judgment; or

the judgment is in respect of which the Australian Commonwealth Attorney General has made a declaration or order under the Foreign Proceedings (Excess of Jurisdiction) Act 1984 (Cth); and

there is doubt as to the enforceability in any Supreme Court, in original actions or in actions for enforcement of judgments of United States courts, of civil liabilities predicated upon the federal securities laws of the United States.

the Preliminary Prospectus and the Final Prospectus;

The SMART ABS Trusts Master Trust Deed dated 11 March 2002 between the Macquarie Securitisation Management Pty Limited and Permanent Custodians Limited, the rights and obligations of which were assumed by Perpetual Trustee Company Limited pursuant to the Deed of Assumption, as amended;

The SMART ABS Trusts Master Security Trust Deed dated 27 February 2007 between Macquarie Securitisation Management Pty Limited, Perpetual Trustee Company Limited and P.T. Limited, as amended;

The SMART ABS Trusts Master Sale and Servicing Deed dated 27 February 2007 between Macquarie Securitisation Management Pty Limited, Perpetual Trustee Company Limited and Macquarie Leasing Pty Limited, as amended;

The SMART ABS Series 2015-3US Trust Trust Creation Deed dated 8 October 2015 to which Perpetual Trustee Company Limited is a party;

The SMART ABS Series 2015-3US Trust Series Supplement dated 15 October 2015 between Macquarie Securitisation Management Pty Limited, Perpetual Trustee Company Limited, Macquarie Bank Limited and Macquarie Leasing Pty Limited (the Series Supplement);

The SMART ABS Series 2015-3US Trust General Security Deed dated 14 October 2015 between Macquarie Securitisation Management Pty Limited, Perpetual Trustee Company Limited, The Bank of New York Mellon and P.T. Limited;

The SMART ABS Series 2015-3US Trust Fixed Rate Swap Agreement dated 15 October 2015 between Macquarie Bank Limited, Perpetual Trustee Company Limited and Macquarie Securitisation Management Pty Limited and the Fixed Rate Swap confirmation entered into thereunder on or about the date of this Opinion;

The SMART ABS Series 2015-3US Trust Currency Swap Agreement dated 15 October 2015 between Australia and New Zealand Banking Group Limited, Perpetual Trustee Company Limited and Macquarie Securitisation Management Pty Limited and each Currency Swap confirmation entered into thereunder on or about the date of this Opinion;

The SMART ABS Series 2015-3US Trust US$ Note Trust Deed dated 15 October 2015 between, amongst others, Macquarie Leasing Pty Limited, Macquarie Securitisation Management Pty Limited and Perpetual Trustee Company Limited;

The SMART ABS Series 2015-3US Trust Agency Agreement dated 15 October 2015 between, amongst others, Macquarie Securitisation Management Pty Limited and Perpetual Trustee Company Limited; and

The SMART ABS Series 2015-3US Trust Regulation AB Compliance Agreement dated 15 October 2015 between, amongst others, Perpetual Trustee Company Limited, Macquarie Securitisation Management Pty Limited, Macquarie Leasing Pty Limited and Macquarie Bank Limited,

which form part of the Registration Statement filed by the Depositor with the Commission under the Securities Act.

Current law

This Opinion is governed by and is to be construed in accordance with the Opinion Law as at the date of this Opinion. We express no opinion herein with regard to any system of law other than the Opinion Law as currently applied by the courts of the Opinion Jurisdiction. Neither do we express any opinion as to the laws of any other country or jurisdiction. None of the opinions expressed in this Opinion will be affected by the laws (including the public policy) or any relevant requirements of any jurisdiction outside the Opinion Jurisdiction.

Monetary judgment

We express no opinion as to whether a monetary judgment would be given in a Supreme Court in a currency other than Australian dollars.