Press Release

Macquarie led consortium to acquire Thames Water

Sydney, 17 October 2006

Macquarie Bank notes the attached release made in London overnight in relation to the conditional agreement for the acquisition of Thames Water by a Macquarie-led consortium.

Macquarie also notes that it intends to invest approximately £250 million in the Consortium for an 11 percent stake.

The investment is not expected to have a material impact on the Bank's Tier 1 capital position.

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