Hedge Funds

The Macquarie Group is a market leader in managing specialist investments, with $94.9 billion of specialist assets under management as at 30 June 2006, including infrastructure, property, private equity and hedge funds.

MQ Specialist Investment Management

MQ Specialist Investment Management is a full service alternative fund manager with a strong bias toward generating absolute returns from investments in the Asia-Pacific region. Founded in October 2003, MQ Specialist Investment Management has over $350m funds under management.

Visit the website www.macquarie.com.au/mq

MQ Capital

MQ Capital is a specialist manager of alternative investment portfolios, allocating to hedge fund strategies globally, with a particular emphasis on Asia. MQ Capital currently manages over $600m in its fund of hedge fund portfolios.

MD Sass-Macquarie Finstrat

Based in New York, the MD Sass-Macquarie Financial Strategies Fund ("Finstrat") is a US$273 million joint venture between MD Sass and Macquarie that seeds emerging hedge funds from across the globe. Funds that have been seeded include:

• Ascent Real Estate
• Waterfall Asset Management
• Energy Arbitrage Management
• Denahi Global Investments
• Crow Point Partners
• Taurus Funds Management
• Three Kingdoms Capital

Finstrat seeks to partner with an additional 5 to 10 investment management teams during the next 18 months.

Contacts
If you are an emerging hedge fund manager, please contact:
Stephen Darke
Email: stephen.darke@macquarie.com
Tel: +1 212 231 1786

If you are an institutional/sophisticated investor, please contact:
Scott Brandewiede
Email: scott.brandewiede@macquarie.com
Tel: +1 212 231 2429

Risk Products

Macquarie is the provider of risk products, including capital protection and leverage, to independent hedge fund managers.

Incubator Funds

Macquarie is an incubator of start up hedge fund managers. Currently Macquarie is incubating Argus Capital Management and Caravel Asset Management.

Further information

If you are an existing client or would like to be informed of future product offerings, you can contact Macquarie on 1800 025 513

* Capital protection will apply on the Capital Protection Date and is subject to the terms and conditions of the relevant capital protection agreement as described in the relevant prospectus or product disclosure statement.

The information relating to the Macquarie Equinox Select Opportunities Trust and the MQ Specialist Funds (together “Trusts”), has been prepared by MQ Portfolio Management Limited ACN 092 552 611 (“RE”), the issuer and responsible entity of the Trusts. Units in the Macquarie Equinox Select Opportunities Trust are offered under a Product Disclosure Statement (“PDS”) available from www.macquarie.com.au/equinox. Units in the MQ Specialist Funds are offered under the relevant PDS available from 1800 025 513. The information relating to Macquarie Equinox Limited ("Equinox") has been prepared by Macquarie Securities (Australia) Limited (MSAL), the arranger of Equinox and holder of an Australian Financial Services Licence (No. 238947). The participating shares in Equinox were offered under a Prospectus ("Prospectus"), available from MSAL. You should obtain a copy of the relevant PDS and consider it before making any decisions about whether to acquire, or continue to hold, units in the Trusts. This advice does not take account the objectives, financial situation or needs of any investor. Before acting on this general advice, each investor should consider the appropriateness of the advice having regard to their particular situation.

Macquarie Group, its employees and officers, may act in different, potentially conflicting, roles in providing the financial services referred to in this general advice.  The Macquarie Group has conflict of interest policies which aim to manage conflicts of interest.  Macquarie will receive remuneration and pay commission to introducing advisers as described in the PDS.

The distribution of the information in jurisdiction outside Australia may be restricted by law and person into whose possession the information come should inform themselves about, and observe, any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the laws of an applicable jurisdiction.

Investments in Equinox and the Trusts are not deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie”) or any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and capital invested.  None of Macquarie or any other Macquarie Group company guarantees the performance of either Equinox or the Trusts, their repayment of capital or any particular rate or return.

Information is current as at 8 August 2006 and may change without notice.