MCG Notice of Meeting

15 March 2005

Dear MCG security holder

MCG is comprised of three entities – Macquarie Communications Infrastructure Limited (MCIL), Macquarie Communications Infrastructure Trust (MCIT) and Macquarie Communications Infrastructure (Bermuda) Limited (MCIBL). Macquarie Communications Infrastructure Management Limited (MCIML) is the responsible entity of MCIT.

Enclosed with this letter is the MCIL General Meeting notice and the MCIT Meeting notice (together the MCG meetings), proxy forms and a reply paid envelope for you to return the proxy form if you would like to vote and are unable to attend the meeting in person.

The directors of MCIL and the directors of MCIML believe it is in the best interest of MCG investors for MCG to maintain the ability to issue up to a full 15% of its issued capital via placement. This is so MCG may take advantage of commercial opportunities as and when those opportunities arise. Much of the existing capacity was utilised in the acquisition of ntl:broadcast in December 2004. Therefore, in order to refresh the placement capacity, two items of business will be offered for consideration at the meeting of each of the entities:

• The business to be considered at the general meeting of MCIL is to approve issues since the AGM of MCIL held on 10 November 2004 of shares in MCIL.

• The business to be considered at the meeting of MCIT is to approve issues since the meeting of MCIT held on 10 November 2004 of units in MCIT.

We encourage you to read the notices of meetings in full and attend the meetings as it will provide you with an opportunity to meet MCG directors and executive management and to ask questions regarding your investment.

The MCG meetings will be held on:

To confirm attendance (for logistics purposes) phone (02) 1800 181 910 or email mcg@macquarie.com. Registration for the MCG meetings will commence at 10.45am.

If you are unable to attend the meetings but wish to vote at the MCG meetings you should complete and return the proxy form in accordance with the instructions on the back of the proxy form. If you are uncertain about what course of action you should take regarding any information contained in the notices of meetings you should consult your professional adviser.

If you have any general queries about the MCG meetings, please contact MCG Investor Relations toll free on 1800 181 910.

• Download Notice of Meeting (pdf 200 KB)

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