Macquarie Australian Equity Income Fund
(formerly known as MQ Buy Write Fund)

Inception Date

March 2004

The Fund

The Macquarie Australian Equity Income Fund is an income-focused fund that invests in Australian shares and related derivatives. The Fund offers the potential to earn income sourced from dividends, franking credits and options. The Fund also offers the potential for some capital growth.

Investment Objective

Over the medium term to long term the Macquarie Australian Equity Income Fund aims to provide:

• regular income above the yield of the S&P/ASX 200 Index;
• the potential for some capital growth; and
• lower volatility than the S&P/ASX 200 Index.

Who the Fund may suit

The Fund may benefit investors who:

• are seeking regular income from a portfolio of shares and options;
• are seeking exposure to the Australian sharemarket; and
• are seeking the benefit of an actively managed option strategy.

Fund Update

We are currently making a number of changes to the Fund in response to both adviser and investor demand. These changes include:

• Daily pricing and liquidity starting 1 August 2008
• Quarterly distributions with intention to pay the first distribution as at 30 September 2008
• Changes to the fee structure
• Change of name to Macquarie Australian Equity Income Fund

These changes are outlined further in the PDS.

More Information

If you have any questions or require additional information, please contact us on 1800 025 513.

This general advice is provided by MQ Portfolio Management Limited ABN 55 092 552 611 (“MPML”), the issuer of the MQ Specialist Funds. It does not take into account your objectives, financial situation or needs.  You should consider the appropriateness of this advice having regard to these matters, and read the Product Disclosure Statement (“PDS”), before making any investment decision.  The PDS is available from 1800 025 513.

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 this information in jurisdictions outside Australia may be restricted by law and persons into whose possession the information comes 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 the MQ Specialist Funds 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 the MQ Specialist Funds, the repayment of capital from the MQ Specialist Funds or any particular rate of return.

Information is current at 25 July 2008 and may change without notice.