for personal use only - australian securities exchange · in december 2010, the aasb re-issued aasb...

PUMA MASTERFUND H-1A.B.N. 56267 740 760

Special purpose annual report of the Trust as an individual entityfor the financial year ended 31 March 2011

The Trust's registered office is:Perpetual Limited

Level 12 Angel Place123 Pitt StreetSYDNEY NSW 2000

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2011 Special Purpose Annual ReportContents

Page

Financial Report ........................................................................................................ 3Income statement....................................................................,."............................. 3Statement of comprehensive income...................................,...".,............................. 4Statement of financial position...................................................,..............,............... 5Statement of changes in equity.............................,................................................... 6Statement of cash flows............................................................................."............. 7Notes to the financial statements..............................................,....,.......................... 8Note 1 . Trust Information........................................................,.........................,..... 8Note 2. Summary of significant accounting policies................................................ 8Note 3. Profit for the financial year........................................................................ 13Note 4. Due from financial institutions (current assets) .............,............................ 14Note 5. Investment securities available for sale (current assets)............................. 14Note 6. Other assets (current assets).................................................................... 14Note 7. Loan assets held at amortised cost......................................................... 1 4Note 8. Other liabilities (current liabilities) .............................................................. 14Note 9. Debt issued at amortised cost................................................................. 1 5Note 10. Net liabilities attributable to unitholders (non-current) ................................ 15Note 11. Available for sale reserve.......................................................................... 15Note 12. Notes to the statement of cash flows....................................................... 16Note 13. Related party information......................................................................... 17Note 14. Contingent liabilities and assets................................................................ 17Note 15. Audit and other services provided by PricewaterhouseCoopers ............... 17Note 16. Events occurring after the reporting date.. ................................ ....... ......... 17

Directors' declaration .............................................................................................. 18Independent auditor's report to the members of PUMA MASTERFUND H-1 ....... 19

PUMA MASTERFUND H-1 2011 Financial Report 2

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Financial Report

Income statementfor the financial year ended 31 March 2011

Interest and similar income

Interest expense and similar charges

Net interest income

3

3

2011 2010$ $

23,543,242 24,443,311

(17,012,196) (13,632,267)6,531,046 10,811,044

529,713 383,336

(995,095) (1,273,542)

(465,382) (890,206)

(60,000)6,065,664 9,860,838

(5,704,139) (6,759,135)361,525 3,101,703

361,525 3,101,703

Notes

Fee and commission incomeFee and commission expensesNet fee and commission expense 3

Other operating income and charges

Net operating income

3

Distributions to unitholders

Operating profit for the year

Profit attributable to unitholders of PUMAMASTERFUND H-1

The above income statement should be read in conjunction with the accompanying notes.


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Statement of comprehensive incomefor the financial year ended 31 March 2011

Notes2011 2010

$ $

361,525 3,101,703

447 (1,167)447 (1,167)

361,972 3,100,536

361,972 3,100,536

Profit for the financial yearOther comprehensive income/(expense):

Investment securities available for sale, net of tax 11Total other comprehensive income/(expense) for the financial year

Total comprehensive income for the financial yearTotal comprehensive income for the financial year isattributable to the unitholders of PUMA MASTERFUND H-1

The above statement of comprehensive income should be read in conjunction with the accompanying notes.


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Statement of financial positionas at 31 March 2011

Notes2011

$2010

$

AssetsDue from financial institutions 4Investment securities available for sale 5Other assets 6Derivative financial instruments - positive values

Loan assets held at amortised cost 7Total assets

1,583,9155,485,972

54,53647,579

300,747,818307,919,820

1,714,6346,983,130

70,293572,948

395,946,728405,287,733

LiabilitiesDistributions payableOther liabilities 8Derivative financial instruments - negative values

Debt issued at amortised cost 9Total liabilities (excluding net liabilties attributable to unitholders)Net liabilities attributable to unitholders 10

530,706491,842560,203

306,826,719308,409,470

(489,650)

636,723538,232

1,471,966403,492,434406,139,355

(851,622)

The above statement of financial position should be read in conjunction with the accompanying notes.


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Statement of changes in equityfor the financial year ended 31 March 2011

Notes

Contributedequity

$

Reserves$

Retainedearnings

$

Total$

Balance at 1 April 2009

Balance at 31 March 2010

Balance at 31 March 2011

Under AI FRS, net assets/liabilities attributable to net unit holders are classified as a financial liability rather than equity, As a

result there was no equity at the start or the end of the year, The net assets/liabilities attributable to unit holders are disclosed

in note 10 to the financial statements.

The above statement of changes in equity should be read in conjunction with the accompanying notes.


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Statement of cash flowsfor the financial year ended 31 March 2011

Cash flows from operating activitiesInterest received

Fees and other non-interest income received

Fees and commissions paid

Interest and other costs of finance paid

Net cash flows from operating activities 12

2011 2010$ $

23,509,098 25,108,973483,988 389,125

(1 ,109,429) (1,197,029)

(16,946,110) (17,241,078)5,937,547 7,059,991

94,862,131 110,519,249

94,862,131 110,519,249

(96,617,400) (109,546,997)

(5,810,155) (6,909,877)

(102,427,555) (116,456,874)

(1,627,877) 1,122,3668,697,764 7,575,398

7,069,887 8,697,764

Notes

Cash flows from investing activitiesNet loan repayments

Net cash flows from investing activities

Cash flows from financing activitiesRepayment of issued bonds

Distribution paid

Net cash flows used in financing activities

Net decrease in cash and cash equivalentsCash and cash equivalents at the beginning of the financial year

Cash and cash equivalents at the end of the financial year 12

The above statement of cash flows should be read in conjunction with the accompanying notes,

PUMA MASTER FUND H-1 2011 Financial Report 7

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Notes to the financial statementsfor the financial year ended 31 March 2011

Note 1. Trust Information

The Trust is registered and domiciled in Australia. The address of the Trust's registered offce is Perpetual Limited, Level 12Angel Place, 123 Pitt Street, Sydney NSW 2000,

Note 2. Summary of significant accounting policies

i) Basis of preparationThe Trust is not a reporting entity because, in the Directors' opinion, it is unlikely that users exist who are unable to commandthe preparation of reports tailored so as to satisfy, specifically, all of their information needs.

The principal accounting policies adopted in the preparation of this Financial Report and that of the previous financial year areset out below. These policies have been consistently applied to all the periods presented, unless otherwise stated,

This special purpose Financial Report has been prepared in compliance with the Trust Deed to prepare and distribute afinancial report. The Directors have determined that Generally Accepted Accounting Principles and practices are adopted asdeemed appropriate by the Trust Manager to meet the needs of the members. Disclosure requirements have not been

adopted with the exception of the following:

AASB 101 : Presentation of Financial StatementsAASB 107: Cash Flow StatementsAASB 108: Accounting Policies, Changes in Accounting Estimates and ErrorsAASB 1031: MaterialityAASB 1048: Interpretation and Application of Standards

The Directors have determined that the Trust need not comply with AASB 7 "Financial Instruments Disclosure" or AASB 139"Financial Instruments: Recognition and Measurement",

Historícal cost convention

This Financíal Report has been prepared under the historical cost convention, as modified by the revaluation of investment

securities available for sale and other certain assets and liabilities (including derivative instruments) at fair value.

Critical accounting estimates and significant judgementsThe preparation of the Financial Report in conformity with Australian Accounting Standards requires the use of certain criticalaccounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies.In preparation of these financial statements there were no areas involving a higher degree of judgement or complexity,

Estimates and judgements are continually evaluated and are based on historical experience and other factors, includingreasonable expectations of future events. Management believes the estimates used in preparing the Financial Report arereasonable. Actual results in the future may differ from those reported and therefore it is reasonably possible, on the basis ofexisting knowledge, that outcomes within the next financial year that are different from our assumptions and estimates couldrequire an adjustment to the carrying amounts of the assets and liabilities reported.

New Accounting Standards, amendments to Accounting Standards and Interpretations that are not yeteffectiveWhen a new Accounting Standard is first adopted, any change in accounting policy is accounted for in accordance with thespecific transitional provisions (if any), otherwise retrospectively.The Trust's assessment of the impact of the key new Accounting Standards, amendments to Accounting Standards andInterpretations is set out below:


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Notes to the financial statements (continued)for the financial year ended 31 March 2011

Note 2. Summary of significant accounting policies (continued)

i) Basis of preparation (continued)

New Accounting Standards, amendments to Accounting Standards and Interpretations that are not yeteffective (continued)

AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)

In December 2010, the AASB re-issued AASB 9 Financial Instruments, which is effective for annual reporting periodsbeginning on or after 1 January 2013, Early adoption is permitted if all the requirements are applied at the same tirne. Therevised AASB 9 includes the classification and measurement requirements for financial liabilities, and the recognition andderecognition requirements for financial instruments, in addition to the classification and measurement requirements forfinancial assets that appeared in the December 2009 version of the Standard.

In respect of financial liabilities, the change in fair value (for financial liabilities designated at fair value through profit or loss) due

to changes in an entity's own credit risk is to be presented in other comprehensive income, unless such presentation wouldcreate an accounting mismatch. If a mismatch is created or enlarged, the entity is required to present all changes in fair value

(including the effects of changes in the credit risk of the liability) in profit or loss. All other key requirements for classificationand measurement of financial liabilities have been carried forward unamended from AASB 139 Financial Instruments:Recognition and Measurement. The recognition and derecognition requirements in AASB 139 have also been retained andrelocated to the revised AASB 9 unamended, The entity will first apply AASB 9 in the financial year beginning 1 April 2013.The impact of AASB 9 on the entity's financial statements on initial application has not yet been assessed.

ii) Foreign currency translations

Functional and presentation currencyThe Trust's financial statements are presented in Australian dollars (presentation currency), which is the Trust's functionalcurrency.

iii) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, Revenue is recognised for the majorbusiness activities as follows:

Interest incomeInterest received as part of the interest premium that varies over the life of a stated income loan and deferred establishmentfees has been brought to account on an accruals basis. All other interest income arising from loans and deposits is brought toaccount using the effective interest method, The effective interest method calculates the amortised cost of a financialinstrument and allocates the interest income or expense over the relevant period. The effective interest rate is that rate thatexactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, whenappropriate, a shorter period to the net carrying amount of the financial asset or liability.

Originator fees charged by the Trust Manager over the life of the loan, are recognised as interest income using the effectiveinterest rnethod.

Fee and commission income

Fee and commission income is brought to account on an accruals basis.

iv) Distributions

In accordance with the Trust Deed, the Trust distributes its distributable (taxable) income, and any other amounts determinedby the Manager, to unitholders in cash, The distributions are recognised in the Income statement as distributions tounit holders.


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v) Income tax

Under current income tax legislation, the Trust is not liable for income tax provided its taxable income is fully distributed to the

beneficiary .

vi) Derivative instruments

Derivative instruments entered into by the Trust include interest rate swaps, These derivative instruments are principally used

for the risk management of existing financial assets and liabilities.

All derivatives, including those used for hedging purposes, are recognised on the statement of financial position and aredisclosed as an asset where they have a positive fair value at balance date or as a liability where the fair value at balance date

is negative.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently remeasured

to their fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions,

and valuation techniques, including discounted cash flow models and option pricing models, as appropriate. Movements inthe carrying amounts of derivatives are recognised in the income statement, unless the derivative meets the requirements forhedge accounting,

The best evidence of a derivative's fair value at initial recognition is the transaction price, unless its fair value is evidenced by

comparison with other observable current market transactions in the same instrument or based on a valuation techniquewhose variables include only data from observable markets. Where such evidence exists, the Trust recognises profitsimmediately when the derivative is recognised,

vii) Investments and other financial assets

With the exception of derivatives which are classified separately in the statement of financial position, the remaininginvestments in financial assets are classified into the following categories: loan assets held at amortised cost and investmentsecurities available for sale. The classification depends on the purpose for which the investment was acquired, which isdetermined at initial recognition and, except for fair value though profit or loss, is re-evaluated at each reporting date,

Loan assets held at amortised costLoan assets held at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted

in an active market.

Investment securities available for sale

Investment securities available for sale consist of securities that are not actively traded by the Trust and are intended to beheld for an indefinite period of time. Such securities are available for sale and may be sold should the need arise, includingliquidity needs, or impacts of changes in interest rates, exchange rates or equity prices.

Investment securities available for sale is initially carried at fair value plus transaction costs, Gains and losses arising fromsubsequent changes in fair value are recognised directly in the available for sale reserve in net assets/liabilities attributable tounitholders, until the asset is derecognised or impaired, at which time the cumulative gain or loss will be recognised in theStatement of comprehensive income. Fair values of quoted investments in active markets are based on current bid prices, If

the relevant market is not considered active (or the securities are unlisted), fair value is established by using valuationtechniques, including recent arm's length transactions, discounted cash flow analysis, and other valuation techniques

commonly used by market participants,

The Trust determines that available for sale equity investments are impaired when there has been a significant or prolonged

decline in the fair value below its cost. The determination of what is significant or prolonged requires judgement. In making this

judgement, the Trust evaluates among other factors, the normal volatility in share price and the amount of time for which the

fair value has been below cost. In addition, impairment may be appropriate when there is evidence of deterioration in thefinancial condition of the investee, industry and sector performance, operational and financing cash flows or changes intechnology,


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viii) Impairment

Loan assets held at amortised costLoan assets are subject to regular review and assessment for possible impairment. Provisions for impairment on loan assets

are recognised based on an incurred loss model and re-assessed at each reporting date, A provision for impairment isrecognised when there is objective evidence of impairment, and is calculated based on the present value of expected futurecash flows, discounted using the original effective interest rate,

Specific provisions for impairment are recognised where impairment of individual loans is identified, The Trust makesjudgements as to whether there is any observable data indicating that there is a significant decrease in the estimated futurecash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This evidence

may include observable data indicating that there has been an adverse change in the payment status of the borrowers in agroup, or national or local economic conditions that correlate with defaults on assets in the group. Management usesestimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairmentsimilar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimatingboth the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates andactual loss experience. Changes in assumptions used for estimating future cash flows could result in a change in theestimated provisions for impairment on loan assets at reporting date,

If, in a subsequent period, the amount of impairment losses decrease and the decrease can be related objectively to an event

occurring after the impairment losses were recognised, the previously recognised impairment losses are reversed through the

income statement to the extent of what the amortised cost would have been had the impairment not been recognised.

Bad debts are written off in the period in which they are identified,

Investment securities available for sale

The Trust performs an assessment at each reporting date to determine whether there is any objective evidence that available

for sale financial assets have been impaired. Impairment exists if there is objective evidence of impairment as a result of oneor more events (loss event) which have an impact on the estimated future cash flows of the financial asset that can be reliably

estimated.

When the fair value of an available for sale financial asset is less than its initial carrying amount and there is objective evidence

that the asset is impaired, the cumulative loss recognised directly in net assets/liabilities attributable to unit holders is removed

from net assets/liabilities attributable to unit holders and recognised in the income statement.

Impairment losses recognised in the income statement for equity securities classified as available for sale are not subsequently

reversed through the income statement. However impairment losses recognised for debt securities classified as available forsale are subsequently reversed through the income statement if the fair value increases and the increase can be objectivelyrelated to an event after the impairment loss was recognised in the income statement.

ix) Financial liabilities

The Trust has on issue debt securities and instruments which are initially recognised at fair value net of transaction costsincurred, and subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) andthe redemption amount is recognised in the income statement over the period of the borrowings using the effective interestmethod,

x) Other assets

Other assets may include amounts for interest and accrued income. Interest is accrued at the reporting date from the time of

last payment in accordance with the policy set out in note 2(iii) above.


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xi) Other liabilities

Other liabilities include liabilities and accrued expenses owing by the Trust which are unpaid as at balance date, Thedistribution amount payable to unitholders as at the reporting date is recognised separately on the statement of financialposition when unitholders are presently entitled to the distributable income under the Trust Deed,

xii) Net assets/liabilities attributable to unitholders

The unitholders are entitled to the net assets/liabilities of the Trust following payments of Trust expenses, Manager fee,payments to swap providers or liquidity facility providers and interest expenses of the Trust. This net income payment mayfurther be subordinated to make good any principal shortfalls. Following all payments being made under the cash flowwaterfall, the income unitholders are entitled to any residual and this is classified as net assets/liabilities to unitholders.

Income not distributed is included in net assets/liabilities attributable to unitholders. Movements in net assets/liabilitiesattributable to unitholders are recognised in the income statement.

Where net liabilities exist these relate to swaps and this position is expected to reverse in the future.

xiii) Cash and cash equivalents

Cash and cash equivalents include cash and balances with central banks, short-term amounts included in due from financial

institutions, bank accepted bills and negotiable certificates of deposits issued by a bank, with an original maturity of less thanthree months, included in Investment securities available for sale,

xiv) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported on the statement of financial position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise thefinancial asset and settle the financial liability simultaneously.

xv) Comparatives

Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year.

xvi) Rounding of amounts

Amounts in the Financial Report have been rounded off to the nearest dollar unless otherwise indicated.


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2011$

2010$

Note 3. Profit for the financial year

Net interest incomeInterest and similar income

Interest expense and similar charges

Net interest income

23,543,242

(17,012,196)6,531,046

24,443,311

(13,632,267)10,811,044

Net fee and commission income

Fees and commission income

Penalty fees

Account management fees

Other fees income

Fees and commission expenseManagement fees'

Custody feesTrustee fees

Other expenses

Net fee and commission expense

377,803 270,92417,365 21,540

134,545 90,872

(802,474) (1,042,394)

(14,881) (21,731)

(52,096) (64,685)

(125,644) (144,732)

(465,382) (890,206)

Other operating income and chargesSpecific provisions

Total other operating income and charges

. The manager fee has been calculated as 25 basis points (inclusive of GST) on the average month bond balance,

(60,000)

(60,000)


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2011$

2010$

Note 4. Due from financial institutions (current assets)

Cash at financial institutions

Total due from financial institutions

1,583,915

1,583,915

1,714,634

1,714,634

Note 5. Investment securities available for sale (current assets)

Promissory notes*

Total investment securities available for sale

5,485,9725,485,972

6,983,130

6,983,130

* There was a fair value increase in the value of Investment securities available for sale of $447 (2010 Decrease: $1,167).

Note 6. Other assets (current assets)

Other*

Total other assets

The material proportion of this balance represents Government Taxes.

54,536

54,536

70,293

70,293

Note 7. Loan assets held at amortised cost

Loans secured by first mortgage*

Less specific provisions

Total loan assets held at amortised cost

300,807,818

(60,000)300,747,818

396,006,728

(60,000)395,946,728

The balance represents mortgage loan assets expected to be recovered within twelve months after the reporting date of$57,354,608 (2010: $96,213,070) and $243,453,210 (2010: $299,793,658) to be recovered more than twelve months after thereporting date.

Note 8. Other liabilities (current liabilities)

Total other liabilities

78,061

6,095250,000157,686

491,842

101,9897,966

250,000178,277

538,232

Management feesTrustee and custody feesRedraw facility*

Other**

This balance relates to a redraw facility. Macquarie Sank Limited has provided the Trust with a redraw facility on a committedbasis which could be used to fund short term cashflow shortfalls resulting from timing differences, under normal commercialterms. The limit of the redraw facilty is $1,000,000.

** The material proportion of this balance represents accrued facility fees and enforcement expenses.


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2011$

2010$

Note 9. Debt issued at amortised cost

Bond Principle and accrued interest 306,826,719 403,492,434Total debt issued at amortised cost 306,826,719 403,492,434

Of the above, $57,368,631(2010: $96,748,746) is expected to be settled within twelve months after reporting date and theremaining $249,458,088 (2010: $306,743,688) is expected to be settled more than twelve months after the reporting date, Theexisting bonds are secured by floating charges over the assets of the Trust.

The final maturity date of the registered stock is 23/07/2038. There is an interest rate of BBSW+0.18% on Class A of$216,447,000 and an interest rate of BBSW+0.30% on Class B of $90,000,000.

Note 10. Net liabilities attributable to unitholders (non-current)

Net liabilties attributable to unitholders is represented by:

Opening balanceNet operating income

Revaluation of investment securities available for sale

Distributions paid

Distributions payable

Total liabilities attributable to unitholders

The Income Unit holder is entitled to the residual income of the Trust.

(851,622)6,065,664

447

(5,173,433)(530,706)

(489,650)

(3,952,158)9,860,838

(1,167)

(6,122,412)

(636,723)

(851,622)

Note 11. Available for sale reserve

Available for sale reserveBalance at the beginning of the financial year

Revaluation movement for the financial period

Total available for sale reserve

There has been a reclassification from retained earnings to reserves for presentation purposes.

1,577

(447)

1,130

410*

1,167

1,577


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2011$

2010$

Note 12. Notes to the statement of cash flows

Reconciliation of cash and cash equivalents

Cash at the end of the financial year as shown in the cash flow statement is reconciled to related items in the statement offinancial position as follows:

Due from Financial Institutions*

Money Market Instruments**

Cash and cash equivalents at the end of the financial year

1,583,9155,485,972

7,069,887

1,714,6346,983,130

8,697,764

Reconciliation of profit to net cash flows from operating activitiesNet operating profit

Adjustments to profit

Amounts provided during the yearChanges in assets and liabilities

Change in fees and commissions receivable

Change in fees and commissions payable

Change in interest receivable

Change in interest payable

Change in trading securities and other financial instruments

Net cash flows from operating activities* Includes cash at bank as per Note 4.

** Includes promissory notes as per Note 5.

6,065,664

(54,741)

(105,319)466,652

(48,315)

(386,394)5,937,547

PUMA MASTERFUND H-1 2011 Financial Report

9,860,838

60,000

37,04345,258

233,05010,573

(3,186,771 )

7,059,991

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Note 13. Related party information

Trust Manager

The Trust Manager of PUMA MASTERFUND H-1 is Macquarie Securitisation Limited (MSL). The immediate parent entity of

Macquarie Securitisation Limited is Macquarie Bank Limited and ultimate chief entity is Macquarie Group Limited,

Trustee

The Trustee of the Trust is Perpetual Limited.

Key Management PersonnelKey management personnelinclude persons who wereDirectors of MacquarieSecuritisation Limited at anytime during the financial year asfollows: Name

James Casey

Jason Finlay

Frank Nicholas Ganis

Mark Hurford Brennan

Adrian Philip Bentley

Matthew James O'hare

Appointed

3/03/2010

11/07/2008

8/08/1995

3/03/2010

1/09/2009

10/03/2004

Resigned

24/05/2011

24/05/2011

2/05/2011

Remuneration to key management personnel

The KMPs did not receive any benefits or consideration in connection with the management of the Trust. All benefits thatwere received by the KMPs were solely related to other services performed with respect to their employment by MacquarieGroup Limited.

Transactions with related parties

Transactions between the Trust and Macquarie Securitisation Limited result from normal dealings with that company as theTrust Manager. Management fees paid or payable are disclosed in notes 3 and 8.

The sole income unitholder in the Trust is Macquarie Securitisation Limited,

There are derivative transactions entered for economic hedging on an arm's length basis through companies within theMacquarie Group.

The Trust has pre-approved redraw limits of $1,000,000 from Macquarie Bank Limited an entity in Macquarie Groupdisclosed in note 8. The Trust has drawn $250,000 out of this facility.

All other transactions with related entities were made on normal commercial terms and conditions and at market ratesexcept where indicated,

Note 14. Contingent liabilities and assetsThe Trust has no commitments or contingent assets/liabilities which are individually material or a category of commitments

or contingent liabilities which are materiaL.

Note 15. Audit and other services provided by PricewaterhouseCoopersThe cost of auditors' remuneration for auditing services of $9,424 (2010: $9,081) has been borne by Macquarie GroupServices Australia Pty Limited, a wholly-owned subsidiary within the Macquarie Group, The auditors received no otherbenefits.

Note 16. Events occurring after the reporting dateThere were no material post start events occurring after the reporting date requiring disclosure in these financial statements,


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Directors' declaration

We report that in our opinion:

(a) The Trust has operated for the period ended 31 March 2011 in accordance with the provisions of the Trust Deed

dated 13 July 1990, as amended; and

(b) the accompanying special purpose financial report of the Trust as set out on pages 3 to 17 are properly drawn up inaccordance with the Trust Deed so as to present fairly the financial position of the Trust as at 31 March 2011 andthe result of its operations for the financial period ended on that date

(c) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due

and payable.

The special purpose financial report of the Trust has been prepared in accordance with accounting policies described inNote 2 and the requirements of the Trust Deed.

Signed in accordance with a resolution of the Directors of the Trust Manager on 28th June 2011.

&113PtJON .rCIAJI-1

Sydney

28th June 2011


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fJCEW1ERHouSE(CDPERS I

PricewaterhouseCoopersABN 52 780 433 757

Independent auditor's report to the unitholders of PUMAMASTERFUND H-1

Darling Park Tower 2201 Sussex StreetGPO BOX 2650SYDNEY NSw 1171DX 77 SydneyAustraliaTelephone +61 2 82660000Facsimile +61 2 8266 9999ww.pwc.com/au

Report on the financial report

We have audited the accompanying financial report, being a special purpose financial report, ofPUMA MASTERFUND H-1 (the "trust"), which comprise the statement of financial position as at 31March 2011, the statement of comprehensive income, statement of changes in net assetsattributable to unitholders and statement of cash flows for the year then ended, a summary ofsignificant accounting policies, other explanatory notes and the trustees' declaration.

The responsibilty of the directors of the manager for the financial report

The directors of the manager of the trust, Macquarie Securitisation Limited, are responsible for thepreparation and fair presentation of the financial report and have determined that the accountingpolicies described in Note 1 to the financial statements, which form part of the financial report, areappropriate to meet the requirements of the trust deed dated 21 December 2007. The responsibilityof the directors of the manager also includes establishing and maintaining internal control relevantto the preparation and fair presentation of the financial report that is free from material

misstatement, whether due to fraud or error; selecting and applying appropriate accounting

policies; and making accounting estimates that are reasonable in the ci,rcumstances.

Auditor's responsibiliy

Our responsibility is to express an opinion on the financial report based on our audit. No opinion isexpressed as to whether the accounting policies used, as described in Note 1, are appropriate tomeet the needs of the unitholders. We conducted our audit in accordance with Australian AuditingStandards. These Auditing Standards require that we comply with relevant ethical requirementsrelating to audit engagements and plan and perform the audit to obtain reasonable assurancewhether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial report. The procedures selected depend on the auditor's judgement,including the assessment of the risks of material misstatement of the financial report, whether dueto fraud or error. In making those risk assessments, the auditor considers internal control relevantto the trust's preparation and fair presentation of the financial report in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the trust's internal control. An audit also includes evaluating thereasonableness of accounting estimates made by the directors of the manager, as well asevaluating the overall presentation of the financial report.

The financial report has been prepared for distribution to unit holders for the purpose of fulfilling thefinancial reporting obligations of the directors of the manager under the trust deed. We disclaimany assumption of responsibility for any reliance on this audit report or on the financial report towhich it relates to any person other than the unitholders, or for any purpose other than that forwhich it was prepared.

Liability limited by a scheme approved under Professional Standards Legislation

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Independent auditor's report to the unitholders of PUMA MASTERFUND H-1(continued)

Our audit did not involve an analysis of the prudence of business decisions made by the directorsor management of the manager of the trust.

We believe that the audit evidence we have obtained is suffcient and appropriate to provide abasis for our audit opinion.

Auditor's opinion

In our opinion, the financial report presents fairly, in all material respects, the financial position ofPUMA MASTERFUND H-1 as of 31 March 2011 and its financial performance for the year thenended in accordance with the accounting policies described in Note 1 to the financial statements.

Basis of Accounting and Restriction on Distribution and Use

Without modifying our opinion, we draw attention to Note 2 to the financial report, which describesthe basis of accounting. The financial report has been prepared to assist PUMA MASTERFUND H-1 to meet the requirements of the directors of the manager under the trust deed. As a result, thefinancial report may not be suitable for another purpose. Our report is intended solely for theunitholders of PUMA MASTERFUND H-1. .

\)~~~,PricewaterhouseCoopers

@c(lBCJ Heath

PartnerSydney

28th June 2011

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