The transaction represents a securitization of a portfolio of Australian prime residential mortgages originated by Bank of Queensland Limited.

The revised pool has a weighted average loan-to-value ratio of 71% and seasoning of 1.8 years.

The Class A notes are rated Aaa (sf) and total AUD 2.392 billion. They benefit from the 12.8% subordination provided by the Class B notes. The rating on these notes is LMI independent.

There is also a liquidity facility of 1.5% of the outstanding principal balance of the mortgage pool providing liquidity support to the transaction.

Moody's has determined that the substitution in and of itself and at this time, will not result in the downgrade or withdrawal of the rating of the Class A notes.

However, Moody's opinion addresses only the credit impact associated with the substitution, and Moody's is not expressing any opinion as to whether this action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders or counterparties.

The methodologies used in this rating were Moody's Approach to Rating Australian RMBS published in May 2012, and Approach for Evaluating Lender's Mortgage Insurance in Australian RMBS published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Bryan Reid Associate Analyst Structured Finance Group Moody's Investors Service Pty. Ltd. Level 10 1 O'Connell Street Sydney NSW 2000 Australia JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 Jennifer Wu VP - Senior Credit Officer Structured Finance Group JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 Releasing Office: Moody's Investors Service Pty. Ltd. Level 10 1 O'Connell Street Sydney NSW 2000 Australia JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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