MMG Corporate structure

MMG’s structure is as follows:

MMG consists of three entities:

• Macquarie Media Trust (“MMT”) is an Australian registered managed investment scheme which provides funding to MMHL and MMIL. The responsible entity of MMT is Macquarie Media Management Limited (“MMML”), a wholly-owned subsidiary of Macquarie Group Limited.
• Macquarie Media Holdings Limited (“MMHL”) is an Australian public company which, through a wholly-owned subsidiary, owns all of the shares in Macquarie Southern Cross Media. MMHL may in the future acquire controlling and/or non-controlling interests in other media companies. MMML is the manager of MMHL.
• Macquarie Media International Limited ("MMIL") is a Bermuda domiciled mutual fund company which through a series of subsidiaries owns MMG's interest in American Consolidated Media. MMML is the manager of MMIL.
  
  Each Security issued by MMG consists of one ordinary share in MMHL, one ordinary share in MMIL and one unit in MMT. Shares in MMHL and MMIL and units in MMT are stapled and are not able to be traded independently.