Macquarie reFleXion® Trusts - June 2008

*Note that capital protection only applies at maturity and is subject to risks, limitations and conditions. Investors should refer to the Product Disclosure Statement for more information on capital protection.

This webpage has been prepared by Macquarie Financial Products Management Limited ABN 38 095 135 694, AFSL 237847, (MFPML) and is current as at
31 October 2008. MFPML is the responsible entity of the Macquarie reFleXion Japan Trust (Japan Trust), Macquarie reFleXion Japan Focus Trust (Japan Focus Trust), Macquarie reFleXion Best of Japan and Australia Trust (Best of Japan and Australia Trust), Macquarie reFleXion Asia Property Trust (Asia Property Trust), Macquarie reFleXion BRIC and Emerging Markets Trust (BRIC and Emerging Markets Trust), Macquarie reFleXion China Trust (China Trust), Macquarie reFleXion Europe Trust (Europe Trust), Macquarie reFleXion Commodity Trust (Commodity Trust), Macquarie reFleXion Middle East Trust (Middle East Trust) and Macquarie reFleXion Renewable Energy Trust (Renewable Energy Trust)(collectively, Macquarie reFleXion Trusts).

An invitation to apply for units in the each of the Macquarie reFleXion Trusts was made in a Product Disclosure Statement dated 10 April 2008 as amended by the Supplementary Product Disclosure Statement dated 16 May 2008 (PDS). The PDS is available from No.1 Martin Place, Sydney or by phoning 1800 080 033. In deciding whether to acquire or continue to hold an investment in the Macquarie reFleXion Trusts, investors should obtain the PDS and consider its contents.

This information is general advice and does not take account of investors' objectives, financial situation or needs. Before acting on this general advice, investors should therefore consider the appropriateness of the advice having regard to their situation. We recommend investors obtain financial, legal and taxation advice before making any financial investment decision.

MFPML or its associates, officers or employees may have interests in the financial products referred to in this information by acting in various roles including as investment adviser, broker or lender. MFPML or its associates may receive fees, brokerage or commissions for acting in these capacities. In addition, MFPML or its associates, officers or employees may buy or sell the financial products as principal or agent. Investors may contact MFPML on 1800 080 033.

The loans were offered by a Macquarie Group company.

reFleXion® is a registered trade mark owned by MFPML.

The Dow Jones Euro STOXX® Index is the intellectual property of (including registered trademarks) Stoxx Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation, New York, USA (Licensors), which is used under license. The Macquarie reFleXion Europe Trust, based on the Index is in no way sponsored, endorsed, sold or promoted by the Licensors and neither of the Licensors shall have any liability with respect thereto.

Any Macquarie Group entity or investment product noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liablities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless otherwise noted.