Retail Rights Offer – Participation Update and Bookbuild Completion

20 January 2005

Macquarie Communications Infrastructure Group (MCG) advises that its retail rights offer to eligible retail MCG stapled security holders¹ closed at 5.00pm (Sydney time) on Friday, 14 January 2005.

Approximately 58% of the rights of eligible retail MCG stapled security holders were taken up under the retail rights offer.

The rights of eligible retail MCG stapled security holders that were not taken up under the retail rights offer and rights which were not offered to ineligible retail stapled security holders (being approximately 28 million shares) were offered for sale under a bookbuild sale process conducted on Wednesday, 19 January 2005.

Those eligible retail stapled security holders who elected not to take up some or all of their rights under the MCG retail rights offer and ineligible retail stapled security holders will receive $1.45 per stapled security not taken up, after those securities were sold under the retail bookbuild process at a clearing price of $6.15 per stapled security.

The allotment of new stapled securities under the final allotment for the retail rights offer and the retail rights bookbuild is scheduled to take place on 25 January 2005. Following the allotment and prior to the new securities commencing trading, all of the shares in Macquarie Communications Infrastructure Bermuda Limited will be transferred as a distribution in-specie to all holders of MCG stapled securities, including holders of new stapled securities, and stapled to the double stapled securities.  The new stapled securities are then expected to commence trading on ASX on a deferred settlement basis on 27 January 2005 (as a triple stapled security), with normal trading expected to commence on 31 January 2005.

¹ Being those MCG stapled security holders holding securities at 5.00pm (Sydney time) on Wednesday 8 December 2004 with registered addresses in Australia or New Zealand

For further information, please contact:

Richard Nelson
Investor Relations
Macquarie Group
Tel: (612) 8232 5008
Email: richard.nelson@macquarie.com

Media Enquiries
Suzanne Mercer
Public Affairs Manager
Tel: (612) 8232 8525
Email: suzanne.mercer@macquarie.com