Changes to Distribution and Dividend Reinvestment Plan (“DRP”)

03 December 2003

The attached letter and proposed changes to the terms of the DRP and covering letter are currently being mailed to eligible investors.

The changes to the DRP terms are:

(i)  Minor amendments to provide for certain documents to be made available to participants as required by recent changes to relevant New Zealand legislation.

(ii)  Provisions relating to the full or partial underwriting of the DRP including by members of the Macquarie Bank Group  as the December 2003 DRP may be underwritten.

(iii)  Amendments to allow a percentage as well as a number of participating securities to be specified.

The MIG trust constitutions were recently amended to facilitate the issue of DRP securities at an up to 10% discount to market price.   However its is not proposed to introduce any discount at this stage and  DRP securities for the December 2003 distribution will be issued at the market price, which is calculated as the weighted average price for MIG stapled securities for the first 5 days following the end of the distribution period.

Due to legal requirements only those MIG security holders who have a registered address in Australia or New Zealand are eligible to participate in the DRP.

DRP elections to participate in, withdraw from or vary participation in the DRP for the December 2003 distribution must be lodged with the registry by 5.00pm on 30 December 2003.

• Download DDRP Plan Letter to Investors (pdf 32 KB)
• Download DDRP Plan Amendments, November 2003 (pdf 38 KB)

For further information contact:

Bianca Francis
Investor Relations Manager
Mobile: (61) 413 279 523
Email: bianca.francis@macquarie.com

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com