1. Macquarie Enhanced Resource & Commodity Securities
Applications close 9 September 2005

2. Important Notice
SAMPLE MACQUARIE ENHANCED RESOURCE & COMMODITY SECURITIES PRESENTATION. ONLY TO BE PRESENTED BY ADVISERS WITH APPROPRIATE DISCLAIMERS.
Note: This presentation has been prepared by Macquarie Bank Limited ABN (“MBL”) based on information available to them as at 13 July and is for licensed financial advisers only. Advisers should always ensure that they refer to the most recent version of the sample presentation by updating their copy from the website at macquarie.com.au/mercsadviser.
This information has been prepared without taking into account any potential investors personal objectives, financial situation or needs. Advisers should consider their clients objectives, financial situation and needs before providing any financial advice in relation to the appropriateness of an investment in the Macquarie Fortress Fund. The taxation consequences for an investor will depend on their individual circumstances.
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.
An invitation to apply for an investment in two Series of Macquarie Enhanced Resource and Commodity Securities (“MERC Securities”) is made in the Product Disclosure Statement (“PDS”) dated 13 July Any person wishing to acquire MERC Securities will need to complete the application form accompanying the PDS. In deciding whether to acquire or continue to hold an investment, an investor should obtain a copy of the PDS and consider its contents. The PDS is available at No.1 Martin Place, Sydney, on our website at macquarie.com.au/mercs or by phoning
Investments in MERC Securities are not deposits with Macquarie and are subject to investment risk, including possible delays in repayment and loss of principal invested.
*The capital protection is provided by an obligation on Macquarie to transfer to investors securities with a value at least equal to the capital protected amount. See Section 5.5 of the PDS for more important information. ^These participation rates are indicative only. The actual participation rates will be set as at the Investment Date.
MBL, other members of the Macquarie Bank group or their associates, officers or employees may have interests in MERC Securities by acting in various capacities and providing financial services. MBL and its associates may receive fees, brokerage or commissions for these services which are set out in the PDS. In addition, MBL or its associates, officers or employees may buy or sell MERC Securities as principal or agent. MERC Securities are not sponsored, endorsed, sold or promoted by Goldman, Sachs & Co. ("Goldman"). Goldman makes no representation or warranty, express or implied, to the owners of the MERC Securities or any member of the public regarding the advisability of investing in securities generally or in the MERC Securities particularly or the ability of the Goldman Sachs Commodity Index ("GSCI ® Index") to track general commodity market performance. Goldman's only relationship to Macquarie Bank Limited is the licensing of the GSCI ® Index, which is determined, composed and calculated by Goldman without regard to Macquarie Bank Limited or the MERC Securities. Goldman has no obligation to take the needs of Macquarie Bank Limited or the owners of the MERC Securities into consideration in determining, composing or calculating the GSCI ® Index. Goldman has no obligation or liability in connection with the administration, marketing or trading of the MERC Securities. GOLDMAN DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE GSCI ® INDEX OR ANY DATA INCLUDED THEREIN. GOLDMAN MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY MACQUARIE BANK LIMITED, OWNERS OF THE MERC SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE GSCI ® INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. GOLDMAN MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE GSCI ® INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL GOLDMAN HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The Goldman Sachs Commodity Index (GSCI) and its sub-indices are service marks of Goldman, Sachs & Co. and have been licensed for use by Macquarie Bank Limited for use in connection with MERC Securities. The MERC Securities are not sponsored, endorsed, sold, or promoted by Goldman, Sachs & Co. or any of its affiliates. Neither Goldman, Sachs & Co. nor any of its affiliates make any representation regarding the advisability of investing in MERC Securities.

3. Agenda At a glance Key features Why invest in commodities
How MERC Securities give you exposure to commodities
Your investment options
Who MERC Securities may suit
Fees
Risks
Key dates and offer information

4. At A Glance MERC Securities are a new investment designed to give you:
Diversification – in just one investment you gain exposure to an equally-weighted basket of five Goldman Sachs Excess-Return Commodity Sub-indices covering five primary commodity segments: Energy, Industrial Metals, Precious Metals, Agriculture and Livestock
Capital protection* – up to 100% capital protection at maturity – you choose the level of capital protection that suits you from two Series of MERC Securities
Enhanced return – any positive return on the basket of commodities will be increased by the participation rate (indicative participation rates are 120% or 170% depending upon which Series you choose^)
*The capital protection is provided by an obligation on Macquarie to transfer to you securities with a value at least equal to the capital protected amount. See Section 5.5 of the PDS for more important information. ^These participation rates are indicative only. The actual participation rates will be set as at the Investment Date.

5. Key Features An eligible investment for Self Managed Super Funds
Securities issued by Macquarie Bank Limited
Purchase Price of $1 per MERC Security allows you to benefit from the performance of the basket of five Goldman Sachs commodity sub-indices
Enhanced return on your MERC Securities through your choice of participation rate
Medium term investment – approximately five years, maturing in October 2010
Settlement – final value of MERC Securities delivered to you as ASX-listed shares
Minimum investment of just $2,000

6. Why Invest In Commodities
Studies† have shown that an investment in a diversified basket of commodity futures has historically exhibited:
Low to negative correlation with equities and bonds; and
Positive correlation with inflation
Some analysts are predicting that demand for commodities, particularly from industrialising countries such as China and India‡, will continue to grow.
† Gorton, G & Geert Rouwenhorst, K “Facts and Fantasies About Commodity Futures” Yate ICF Working Paper No , June Past performance is not a reliable indication of future performance. ‡As outlined in a United Nations report; "World Commodity Trends and Prospects", 27 August 2004.

7. MERC Securities & Commodities
The value of MERC Securities is linked to an equally weighted basket of five Goldman Sachs Excess-Return Commodity Sub-indices
                                                                                                                            

8. MERC Securities & Commodities (cont.)
The five Goldman Sachs Excess-Return Commodity Sub-indices are comprised of 24 commodity futures contracts:
                                                                                                                            

9. Your Investment Options
There are currently two Series of MERC Securities to choose from:
Series 3
Series 4
Capital Protection* Level
100%
75%
Indicative Participation Rate^
120%
170%
*The capital protection is provided by an obligation on Macquarie to transfer to you securities with a value at least equal to the capital protected amount. See Section 5.5 of the PDS for more important information. ^These participation rates are indicative only. The actual participation rates will be set as at the Investment Date.

10. Your Investment Options (cont.)
Capital Protection at Maturity and the Participation Rate
Series 3
Series 4
Benefit of Participation Rate
Benefit of Capital Protection
Note: The application fee is not capital protected.

11. Who MERC Securities May Suit
MERC Securities may be attractive if you:
Are seeking to diversify your portfolio holdings with an asset that has historically displayed negative correlation with equities and bonds†
Believe the basket of commodity sub-indices may increase in value over the investment term and therefore provide you with the potential to enhance capital growth in your investment portfolio
Value peace of mind knowing your investment is capital protected to your chosen level at maturity
Want a simple "set and forget" investment that does not make income distributions during the investment term
Are seeking to protect the real value of your investment with an asset that has historically displayed positive correlation with inflation†
† Gorton, G & Geert Rouwenhorst, K “Facts and Fantasies About Commodity Futures” Yate ICF Working Paper No , June Past performance is not a reliable indication of future performance.

12. Fees Application fee: 3.3% of the application amount
Early termination fee: 1%pa calculated daily from the early termination date to the maturity date
Transfer fee: 2% per MERC Security with $200 maximum

13. Risks
You should refer to Section 8 of the PDS for a full list of risks that may impact your investment in MERC Securities including:
Volatility of commodities
Credit worthiness of Macquarie Bank Limited
Instances where capital protection does not apply

14. Key Dates Applications open 8 August 2005 Applications close
9 September 2005
Investment date
14 September 2005
Maturity date
5 October 2010
Investment term
Approximately 5 years
Minimum investment amount
$2,000 with multiples of $1,000
Redemptions
Available quarterly, subject to early termination fee