1. Macquarie Almond Investment 2006

2. Important Notice SAMPLE MACQUARIE ALMOND INVESTMENT 2006 PRESENTATION ONLY TO BE PRESENTED WITH APPROPRIATE DISCLAIMERS PREPARED BY ADVISER Note: This sample presentation has been prepared by Macquarie Alternative Assets Management Limited (“MAAML”) ABN 30 102 237 181, AFS Licence 225758 for the use of licensed financial advisers only. It is current as at 2 March 2006. Advisers should always ensure that they refer to the most recent version of the sample presentation by updating their copy from the website macquarie.com.au/almondsadviser. An invitation to apply for interests in the Macquarie Almond Investment 2006 is made by MAAML in the Product Disclosure Statement dated 2 March 2006 ("PDS"). The PDS is available on our website, at No. 1 Martin Place, Sydney or by phoning 1800 617 900. In deciding whether to acquire or continue to hold an investment in the Macquarie Almond Investment 2006, any potential investor should obtain the PDS and consider its contents. This information has been prepared by MAAML without considering an investors objectives, financial situation or needs. An investor should consider the appropriateness of this information in relation to their objectives, financial situation or needs. Advisers must form their own views on whether the Macquarie Almond Investment 2006 is appropriate after considering their clients objectives, financial situation and needs. We recommend advisers seek their own legal and taxation advice. If advisers choose to use all or any of the information in this presentation in providing any financial services to their clients they must ensure that in providing these services that they comply with the requirements of the Corporations Act 2001, Australian Securities and Investments Commission Policy and any other relevant legislation. In particular, advisers should ensure that they are appropriately licensed to provide the relevant financial service and that they make all the necessary disclosures to their clients. We recommend advisers seek independent legal and taxation advice. # The investment loan is offered by Macquarie Bank Limited (“Macquarie Bank”) to approved investors. MAAML is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959. MAAML's obligations do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank provides a limited guarantee to the Australian Securities and Investments Commission in respect of MAAML for up to $5 million. Macquarie Bank does not otherwise guarantee or provide assurance in respect of the obligations of MAAML. *The Product Ruling PR 2006/36 is only a ruling on the application of taxation law and is in no way expressly or impliedly a guarantee or endorsement of the commercial viability of the Macquarie Almond Investment 2006 or the soundness or otherwise of the Macquarie Almond Investment 2006 as an investment, or of the reasonableness or commerciality of any fees charged in connection with the Macquarie Almond Investment 2006. The Product Ruling is only binding on the Commissioner if the Macquarie Almond Investment 2006 is implemented in the specific manner provided in the Product Ruling.

3. What is the Macquarie Almond Investment? Key Features How Does the Investment Work? Why Almonds? Borrowing to Invest Why Macquarie? Potential Tax Efficiency Key Dates Agenda

4. What is the Macquarie Almond Investment 2006?  You will carry on a business of growing, harvesting and selling almonds  You will hold a licence over an identifiable ¼ hectare almond lot and rights to use orchard assets  Almonds are an annual crop with the first harvest expected after around three years  Summary of fees (year ending 30 June) 2006200720082009+ Early Growers $5,500$2,000$2,000Varies Late Growers -$7,500$2,000Varies

5. Key features  Some downside risk protection through the unique fee structure  Annual yield at maturity  Large scale orchard  Experienced management  Investment Loan available to partially fund your investment  Supporting rural Australia  Tax treatment confirmed through an ATO Product Ruling* *An ATO Product Ruling PR 2006/36 has been issued to confirm the tax treatment for investors who invest in the Macquarie Almond Investment 2006 on or before 15 June 2006.

6. How does the investment work? Investor (Grower) Macquarie Alternative Assets Management Limited Responsible Entity Macquarie Farm Assets and Resources Management Limited Landowner Processing and Marketing Agent Management of Almond growing, harvesting and sale business for the Investor as Grower Orchard management services Processing, marketing and sale of Almonds Lease of Land and Orchard Assets License of Land Rights to use Orchard Assets Scholefield Robinson Horticultural Services Independent Horticulturalist Macquarie Horticultural Services Pty Limited Orchard Manager Horticultural consultancy services

7. Why Almonds?  Strong demand in global markets – the global market for almonds has experienced both supply and demand growth of over 60% in the past decade*  Potential competitive advantages in the export market  Large scale commercial orchard within Australia *Please note past performance is not a guide to future performance.

8. Borrowing to invest  Potential to borrow up to 100% of your application amount (excluding GST)  If you would prefer a lower gearing level, borrow either 50% or 75%. Term (years) Indicative fixed interest rate p.a. ** Repayment 59.05%Monthly repayments of principal and interest 79.75%Monthly repayments of principal and interest ** This interest rate is indicative only. The actual interest rate to be applied to an Investment Loan will be the interest rate per annum which is published on the Macquarie Almond investment website www.macquarie.com.au/almonds on the date on which that Investment Loan is approved. The interest rate published on this website will be update on the first business day of each month.

9. Potential tax efficiency  ATO Product Ruling 2006/36*  100% tax deduction for the Application Payment in the 2006 tax year  100% tax deduction for all other project costs, including ongoing operating costs, management fees, licence fees and performance fees in the year of payment  100% deduction for the interest expense on the Investment Loan (if any) in the year the interest is paid to the extent that it is used to acquire Interests and fund project costs. *An ATO Product Ruling PR 2006/36 has been issued to confirm the tax treatment for investors who invest in the Macquarie Almond Investment 2006 on or before 15 June 2006

10. Why Macquarie? Macquarie offers some downside risk protection through:  Unique fee structure  Lower entry fee  In general you pay less when revenues are lower And aims to promote the upside:  Some of the fees structured to incentivise the management team to maximise investor returns

11. Key dates Applications Open13 March 2006 Offer closes for Early Growers15 June 2006 Offer closes for Late GrowersAt responsible entity’s discretion The only difference between Early Growers and Late Growers is the initial amount payable on application, but in either case you will pay the same total amount of $9,500 per Interest over the period ending 30 June 2008.