MERC Securities

*See section 4.6 of the PDS dated 13 April 2005 or section 5.5 of the PDS dated 13 July 2005 for more information on how capital protection is provided by Macquarie for the relevant series of MERC Securities.

IMPORTANT NOTICE

This web page has been prepared by Macquarie Bank Limited ("MBL") ABN 46 008 583 542 and is current at 12 August 08. This information does not constitute personal financial advice and is general information only.

This information may not be produced, distributed or disclosed to any person other than licensed financial advisers.

An invitation to apply for an investment in Series 1 & 2 MERC Securities was made in the Product Disclosure Statement (“PDS”) dated 13 April 2005. An invitation to apply for an investment in Series 3 & 4 MERC Securities was made in the Product Disclosure Statement (“PDS”) dated 13 July 2005. Both of these offer are now closed.

Past performance is not a reliable indication of future performance.

Investments in MERC Securities are not deposits with MBL and are subject to investment risk, including possible delays in repayment and loss of principal invested.

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 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Standard & Poor’s does not make any 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 S&P GSCI Index or any sub-index (individually and collectively, the "S&P GSCI Index") to track general commodity market performance. S&P's only relationship to Macquarie Bank Limited is the licensing of certain trademarks and trade names of S&P and of the S&P GSCI Index, which index is determined, composed and calculated by S&P without regard to Macquarie Bank Limited or the MERC Securities. S&P 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 S&P GSCI Index. S&P is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the MERC Securities to be issued or in the determination or calculation of the equation by which the MERC Securities are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the MERC Securities.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P GSCI INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P 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 S&P GSCI INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P GSCI INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

“S&P®”, “Standard & Poor’s®” and “GSCI®” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Macquarie Bank Limited.

The S&P GSCI Index is not owned, endorsed, or approved by or associated with Goldman Sachs & Co. or its affiliated companies.