By k on June 11, 2009

Sydney, June 11, 2009 -- Moody's Investors Service has affirmed the
ratings of notes issued by Perpetual Trustee Company Limited in its
capacity as trustee of the TORRENS Series 2008-1 Trust after a pool
upsize to AUD 3,892 Million. Following the upsize the outstanding amount
of Class A Notes will increase to AUD 3,606,836,943. On December 17,
2008, Moody's affirmed the definitive ratings to this transaction that
are hereby affirmed.

The complete rating action is as follows:

— AUD 3,606,836,943 Class A Notes, rated Aaa affirmed.

The AUD 286,120,000 Class B Notes are not rated.

Moody's ratings address the expected loss posed to investors by the legal
final maturity. The structure allows for timely payment of interest and
ultimate payment of principal on the Class A Notes at par on or before
the rated final legal maturity date in April 2049.

The principal methodology used in rating the transaction is "AU-MILAN,
The Scoring Model Revisited" which can be found at www. Moodys.com in
the Credit Policy & Methodology directory, in the Ratings Methodologies
subdirectory. Other methodologies and factors that may have been
considered in the process of rating this issue can also be found in the
Credit Policy & Methodologies directory.

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