Sydney, May 19, 2014 -- Moody's announced today that a substitution of $20 million of mortgage loans into HBS Trust 2008-1R on 19 May 2014 (the "Substitution") would not, in and of itself and as of this time, result in the downgrade or withdrawal of the Class A notes issued by Perpetual Trustee Company Limited in its capacity as trustee of HBS Trust 2008-1R.

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