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$foo = { 'SOMETHING_01' => {'CLASS' => [ {'VALUE' => 'BUBBLE' } ] } }

$bar = $foo->{SOMETHING_01};   # $bar is hash reference
$caz = %{$foo->{SOMETHING_01}; # $caz is a hash 
print $caz{'CLASS'};           # 'ARRAY(...)' - an array reference
print $caz{'CLASS'}->[0];      # 'HASH(...)' - a hash reference