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EXHIBIT 99.1
Draft: 23 August 2000 [LETTERHEAD]
__________ 2000
Securitisation Advisory Services Pty. Limited
Level 8
48 Martin Place
SYDNEY NSW 2000
Dear Sirs
Commonwealth Bank of Australia: Global Mortgage Backed Securities
We have acted for Securitisation Advisory Services Pty Limited ("SAS") in
connection with the Series 2000-2G Medallion Trust (the "Trust") to be
constituted under the Master Trust Deed dated 8 October 1997 (as amended)
between SAS and Perpetual Trustee Company Limited (the "Trustee") and the draft
Series Supplement dated 18 August 2000 between the Commonwealth Bank of
Australia, the Trustee and SAS.
Definitions in the Prospectus which forms a part of the Registration Statement
on Form S-11 filed by SAS with the Securities Exchange Commission under the US
Securities Act of 1933, as amended (the "Prospectus") apply in this opinion.
Relevant Jurisdiction means the Commonwealth of Australia or New South Wales. No
assumption or qualification in this opinion limits any other assumption or
qualification in it.
1. Documents
We have examined a copy of the Prospectus.
2. Assumption
For the purposes of giving this opinion we have assumed that where a
document has been submitted to us in draft form it will be executed in the
form of that draft.
3. Qualifications
Our opinion is subject to the qualification that we express no opinion as
to any laws other than the laws of each Relevant Jurisdiction as in force
at the date of this opinion and, in particular we express no opinion as to
the laws of England or the United States.
4. Opinion
Based on the assumption and subject to the qualification set out above
(which, except where expressly stated, apply equally to each of the
opinions below) we are of the following opinion:
(a) Any final and conclusive judgment of any New York State or United
States Federal Court having jurisdiction recognised by the Relevant
Jurisdiction, in respect of an
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Security Advisory Services Pty Limited [ ]
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obligation of SAS in respect of a note, which is for a fixed sum
of money, and which has not been stayed in full, would be
enforceable by action against SAS in the courts of each Relevant
Jurisdiction without a re-examination of the merits of the issues
determined by the proceedings in the New York State or United
States Federal Court, as applicable, unless:
(i) the proceedings in the New York State or United States
Federal Court, as applicable, involved a denial of the
principles of natural justice;
(ii) the judgment is contrary to the public policy of the
Relevant Jurisdiction;
(iii) the judgment was obtained by fraud or duress or was based
on a clear mistake of fact;
(iv) the judgment is a penal or revenue judgment; or
(v) there has been a prior judgment in another court between
the same parties concerning the same issues as are dealt
with in the judgment or the New York State or United States
Federal Court, as applicable.
(b) A judgment by a court in a Relevant Jurisdiction may be given in
some cases only in Australian dollars.
We consent to the filing of this letter as an exhibit to the Registration
Statement on Form S-11 filed with the Prospectus, without admitting that we are
"experts" within the meaning of the Securities Act of 1933 or the rules and
regulations of the Commission issued under that Act with respect of any part of
the Registration Statement, including this exhibit.
Yours faithfully
[GRAPHIC OMITTED]
CLAYTON UTZ
Brian Salter
Partner
9353 4174
[email protected]
