Macquarie Global Infrastructure Trust II

This information has been prepared by Macquarie Investment Management Limited (MIML) ABN 66 002 867 003, AFSL No. 237492, and is current as at 16 June 2005. This is not personal advice. This advice has been prepared without considering an investors objectives, financial situation or needs. Investors must form their own views on whether the Macquarie Global Infrastructure Trust II (MGIFT II) is appropriate after considering the Product Disclosure Statement (PDS) and Supplementary Product Disclosure Statement (SPDS) and their objectives, financial situation and needs with (or without) the assistance of their financial advisers. Applications must be made on the application form contained in the PDS, which is available from us.

MIML is the Responsible Entity for the retail MGIFT II. MIML is not an authorised deposit taking institution for the purposes of the Banking Act (Cth) 1959 and MIML's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML.

Neither Macquarie Bank Limited nor any of its worldwide related bodies corporate (including MIML) are registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 1989.

Any financial product advice given by us is free of charge. We (MIML) may receive remuneration for distributing financial products issued by other Macquarie Bank groups.

PLEASE MAKE SURE YOU READ THE PRODUCT DISCLOSURE STATEMENT IN FULL BEFORE DECIDING TO INVEST.