Macquarie to establish a consortium to bid for Patrick Corporation Limited

05 May 2006

Macquarie Bank Limited (Macquarie) confirms that it is establishing a consortium of investors and lenders with a view to that consortium making an all cash offer pursuant to a scheme of arrangement for 100% of Patrick Corporation Limited (Patrick) at a premium to the current bid by Toll Holdings Limited.

At this stage, final commitments from all parties to the potential transaction have not been received. Any offer by the consortium will be contingent upon receiving these commitments, as well as a recommendation from the board of Patrick. As a result, there is no certainty that any such offer will proceed.

Macquarie intends to participate in the consortium. If the transaction was to proceed, at the time of completion, the impact on Macquarie's Tier 1 capital ratio would be approximately 0.6%.

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