Macquarie Share Warrants

Transcription

1 Macquarie Share Warrants Supplementary Product Disclosure Statement MACQUARIE BANK LIMITED MACQUARIE WARRANTS 29 March 2010 Macquarie Bank Limited ABN and AFSL Second Supplementary PDS dated 26 March 2010 to the SPDS dated 19 November 2009.doc [imanage_tnclegal_syd_prd ]first Supplementary PDS dated 23 February 2010 to the SPDS dated 19 November 2009.doc [imanage_tnclegal_syd_prd ]

2 This document is a Supplementary Product Disclosure Statement ( SPDS ). This SPDS is dated 29 March 2010 and supplements the Product Disclosure Statement dated 23 March 2004, as may be amended or supplemented from time to time (the PDS ) and together, they establish the terms of issue of the Warrants referred to below. The terms of the PDS continue in full force and effect except to the extent that those terms are modified by this SPDS. You should read this SPDS together with the PDS. Words defined in the PDS have the same meaning when used in this SPDS. This SPDS supersedes and replaces the SPDS dated 23 February 2010 in respect of the Warrants specified below. Section 1 Key Information Issuer: Macquarie Bank Limited ABN and AFSL Registrar: Computershare Investor Services Pty Limited Level 3, 60 Carrington Street Sydney NSW 2000, Australia Phone: Website: www-au.computershare.com An application has been made to the ASX for the taking of such action as is necessary to enable the relevant Macquarie Warrants to be traded on the ASX. Section 2 Details of the Warrants Please note that the details of each Series of Warrants referred to in this SPDS are only valid as at the close of business on 26 March 2010 and may change throughout their term in accordance with the Terms of Issue. Current details for any Series can be obtained by contacting your stockbroker or adviser or contacting Macquarie (see the Directory for details). ^pu `ççé råçéêäóáåöpü~êé píóäé E`~ääImìíF qóéé E^ãÉêáÅ~åI bìêçéé~åf bñéáêóa~íé bñéêåáëémêáåég EéÉêpéÉÅáÑáÉÇ kìãäéêf pééåáñáéç kìãäéê ^kwsj^ ^kwsj_ ^kwsjb ^kwsjp ^kwsjq ^kwsjr ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç ^ìëíê~äá~~åçkéïwé~ä~åç_~åâáåö dêçìéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AOOKMM P `~ää ^ãéêáå~å ORLMPLOMNM AOQKMM P `~ää ^ãéêáå~å OVLMQLOMNM AOSKMM P mìí bìêçéé~å ORLMPLOMNM AOOKMM P mìí bìêçéé~å ORLMPLOMNM AOQKMM P mìí bìêçéé~å OVLMQLOMNM AOSKMM P ^pusj^ ^puiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APTKMM Q ^pusj_ ^puiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APVKMM Q

3 ^pu `ççé råçéêäóáåöpü~êé píóäé E`~ääImìíF qóéé E^ãÉêáÅ~åI bìêçéé~åf bñéáêóa~íé bñéêåáëémêáåég EéÉêpéÉÅáÑáÉÇ kìãäéêf pééåáñáéç kìãäéê ^pusjb ^puiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM APRKMM Q ^pusjp ^puiáãáíéç mìí bìêçéé~å ORLMPLOMNM APUKMM Q ^pusjr ^puiáãáíéç mìí bìêçéé~å OVLMQLOMNM APRKMM Q _emsj^ _em_áääáíçåiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APTKMM Q _emsj em_áääáíçåiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AQPKMM Q _emsjb _em_áääáíçåiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM AQNKMM Q _emsjp _em_áääáíçåiáãáíéç mìí bìêçéé~å ORLMPLOMNM AQPKMM Q _emsjq _em_áääáíçåiáãáíéç mìí bìêçéé~å ORLMPLOMNM APVKMM Q _emsjr _em_áääáíçåiáãáíéç mìí bìêçéé~å OVLMQLOMNM AQMKMM Q _pisj^ _äìéëåçéépíééäiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APKMM O _pisjp _äìéëåçéépíééäiáãáíéç mìí bìêçéé~å ORLMPLOMNM APKMM O `_^sj^ `çããçåïé~äíü_~åâçñ^ìëíê~äá~ `~ää ^ãéêáå~å ORLMPLOMNM ARPKMM R `_^sj_ `çããçåïé~äíü_~åâçñ^ìëíê~äá~ `~ää ^ãéêáå~å ORLMPLOMNM ARRKMM R `_^sjb `çããçåïé~äíü_~åâçñ^ìëíê~äá~ `~ää ^ãéêáå~å OVLMQLOMNM ARTKMM R `_^sjp `çããçåïé~äíü_~åâçñ^ìëíê~äá~ mìí bìêçéé~å ORLMPLOMNM ARPKMM R `_^sjq `çããçåïé~äíü_~åâçñ^ìëíê~äá~ mìí bìêçéé~å ORLMPLOMNM ARRKMM R `_^sjr `çããçåïé~äíü_~åâçñ^ìëíê~äá~ mìí bìêçéé~å OVLMQLOMNM ARTKMM R `mrsj^ `çãéìíéêëü~êéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ANPKMM O `mrsjp `çãéìíéêëü~êéiáãáíéç mìí bìêçéé~å ORLMPLOMNM ANPKMM O `pisj^ `piiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APPKMM Q `pisjp `piiáãáíéç mìí bìêçéé~å ORLMPLOMNM APPKMM Q cjdsj^ cçêíéëåìéjéí~äëdêçìéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AQKRM P f^dsj^ fåëìê~ååé^ìëíê~äá~dêçìéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AQKMM P fmisj^ fååáíéåmáîçíiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APKMM O fmisjp fååáíéåmáîçíiáãáíéç mìí bìêçéé~å ORLMPLOMNM AQKMM O idisj^ iáüáêdçäçiáãáíéçk `~ää ^ãéêáå~å ORLMPLOMNM APKRM O idisjp iáüáêdçäçiáãáíéçk mìí bìêçéé~å ORLMPLOMNM APKMM O k^_sj^ k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AOVKMM R k^_sj_ k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APNKMM R k^_sjb k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM AOUKMM Q k^_sjp k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç mìí bìêçéé~å ORLMPLOMNM AOSKMM R k^_sjq k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç mìí bìêçéé~å ORLMPLOMNM AOUKMM R k^_sjr k~íáçå~ä^ìëíê~äá~_~åâiáãáíéç mìí bìêçéé~å OVLMQLOMNM AOUKMM Q k`jsj^ kéïåêéëíjáåáåöiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APRKMM Q k`jsj_ kéïåêéëíjáåáåöiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APTKMM Q k`jsjb kéïåêéëíjáåáåöiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM APVKMM Q k`jsjp kéïåêéëíjáåáåöiáãáíéç mìí bìêçéé~å ORLMPLOMNM APPKMM Q k`jsjr kéïåêéëíjáåáåöiáãáíéç mìí bìêçéé~å OVLMQLOMNM APPKMM Q

4 ^pu `ççé råçéêäóáåöpü~êé píóäé E`~ääImìíF qóéé E^ãÉêáÅ~åI bìêçéé~åf bñéáêóa~íé bñéêåáëémêáåég EéÉêpéÉÅáÑáÉÇ kìãäéêf pééåáñáéç kìãäéê ktpsj^ kéïë`çêéçê~íáçå `~ää ^ãéêáå~å ORLMPLOMNM ANUKMM Q ktpsjb kéïë`çêéçê~íáçå `~ää ^ãéêáå~å OVLMQLOMNM ANVKMM Q ktpsjp kéïë`çêéçê~íáçå mìí bìêçéé~å ORLMPLOMNM ANUKMM Q ktpsjr kéïë`çêéçê~íáçå mìí bìêçéé~å OVLMQLOMNM ANVKMM Q lpesj^ láäpé~êåüiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ASKRM O lpesjb láäpé~êåüiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM ASKMM O maksj^ m~ä~çáåoéëçìêåéëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AQKMM O maksjb m~ä~çáåoéëçìêåéëiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM ARKMM O n^ksj^ n~åí~ë^áêï~óëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AOKRM O n^ksjb n~åí~ë^áêï~óëiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM APKRM O n_bsj^ n_bfåëìê~ååédêçìéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AOPKMM Q n_bsj_ n_bfåëìê~ååédêçìéiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AORKMM Q n_bsjb n_bfåëìê~ååédêçìéiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM AOTKMM Q n_bsjp n_bfåëìê~ååédêçìéiáãáíéç mìí bìêçéé~å ORLMPLOMNM AOQKMM Q n_bsjr n_bfåëìê~ååédêçìéiáãáíéç mìí bìêçéé~å OVLMQLOMNM AOPKMM Q oflsj^ oáçqáåíçiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ASRKMM S oflsj_ oáçqáåíçiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ATMKMM S oflsj` oáçqáåíçiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ATRKMM S oflsjb oáçqáåíçiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM AUMKMM S oflsjc oáçqáåíçiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM AURKMM S oflsjp oáçqáåíçiáãáíéç mìí bìêçéé~å ORLMPLOMNM ATMKMM S oflsjq oáçqáåíçiáãáíéç mìí bìêçéé~å ORLMPLOMNM ATRKMM S oflsjr oáçqáåíçiáãáíéç mìí bìêçéé~å OVLMQLOMNM AUMKMM S pqlsj^ p~åíçëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM ANRKMM P pqlsjb p~åíçëiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM ANTKMM P pqlsjr p~åíçëiáãáíéç mìí bìêçéé~å OVLMQLOMNM ANSKMM P qipsj^ qéäëíê~`çêéçê~íáçåiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APKPS O qipsj_ qéäëíê~`çêéçê~íáçåiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APKSN O qipsjb qéäëíê~`çêéçê~íáçåiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM APKNQ N qipsjp qéäëíê~`çêéçê~íáçåiáãáíéç mìí bìêçéé~å ORLMPLOMNM APKSN O qipsjr qéäëíê~`çêéçê~íáçåiáãáíéç mìí bìêçéé~å OVLMQLOMNM APKNQ N t_`sj^ téëíé~å_~åâáåö`çêéçê~íáçå `~ää ^ãéêáå~å ORLMPLOMNM AOSKMM R t_`sj_ téëíé~å_~åâáåö`çêéçê~íáçå `~ää ^ãéêáå~å ORLMPLOMNM AOUKMM R t_`sj` téëíé~å_~åâáåö`çêéçê~íáçå `~ää ^ãéêáå~å ORLMPLOMNM APMKMM R t_`sjb téëíé~å_~åâáåö`çêéçê~íáçå `~ää ^ãéêáå~å OVLMQLOMNM APOKMM R t_`sjp téëíé~å_~åâáåö`çêéçê~íáçå mìí bìêçéé~å ORLMPLOMNM AOUKMM R t_`sjq téëíé~å_~åâáåö`çêéçê~íáçå mìí bìêçéé~å ORLMPLOMNM AOSKMM R t_`sjr téëíé~å_~åâáåö`çêéçê~íáçå mìí bìêçéé~å OVLMQLOMNM AOUKMM Q

5 ^pu `ççé råçéêäóáåöpü~êé píóäé E`~ääImìíF qóéé E^ãÉêáÅ~åI bìêçéé~åf bñéáêóa~íé bñéêåáëémêáåég EéÉêpéÉÅáÑáÉÇ kìãäéêf pééåáñáéç kìãäéê tbpsj^ téëñ~êãéêëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APPKMM Q tbpsjp téëñ~êãéêëiáãáíéç mìí bìêçéé~å ORLMPLOMNM APMKMM Q tlosj^ tçêäéóm~êëçåëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APMKMM Q tlosjp tçêäéóm~êëçåëiáãáíéç mìí bìêçéé~å ORLMPLOMNM AOSKMM Q tltsj^ tççäïçêíüëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AOUKMM Q tltsj_ tççäïçêíüëiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM APMKMM Q tltsjp tççäïçêíüëiáãáíéç mìí bìêçéé~å ORLMPLOMNM AOUKMM Q tmisj^ tçççëáçéméíêçäéìãiáãáíéç `~ää ^ãéêáå~å ORLMPLOMNM AQVKSO QKVSOP tmisjb tçççëáçéméíêçäéìãiáãáíéç `~ää ^ãéêáå~å OVLMQLOMNM ARQKRV QKVSOP tmisjp tçççëáçéméíêçäéìãiáãáíéç mìí bìêçéé~å ORLMPLOMNM AQSKMM R tmisjr tçççëáçéméíêçäéìãiáãáíéç mìí bìêçéé~å OVLMQLOMNM AQTKMM Q Section 3 Additional Information - The Offer Period for each Series of Macquarie Share Warrants referred to in this SPDS will close on the date which is two weeks prior to the Expiry Date of that Series, unless otherwise specified by Macquarie. Macquarie retains the right not to issue or sell any Warrants at any time; - The initial issue size for each Series referred to in this SPDS is 10,000,000 Warrants; and - Information about the Macquarie Group s potential conflicts of interest in relation to the Underlying Shares referred to in this SPDS can be obtained by visiting

6 EXPERIENCED INVESTORS You should not invest in Warrants unless you: are familiar with shares, securities, warrants, leveraged investments, options and investment in shares and securities generally; and understand and are comfortable with the risks associated with an investment in Warrants. An investment in Warrants does not suit investors seeking a traditional investment product (such as a direct investment in shares). There is a material risk that you could lose all of the money that you invest in Warrants. FURTHER ADVICE RECOMMENDED Investing in Warrants involves financial and other risks and is only suitable for you if: an investment in Warrants does not represent a significant part of your investment portfolio or program; and you fully understand the risks associated with an investment in Warrants. Before you invest in Warrants, you should: carefully read all of the PDS and this SPDS; seek professional legal, taxation and financial advice to determine whether an investment in Warrants is right for you; and carefully consider the potential benefits of, and the risks associated with, an investment in Warrants, in light of your particular investment needs, objectives and financial and taxation circumstances. Further details about the risks associated with Instalments are set out in Section 3 of the PDS. DIVERSIFICATION AND RISK As well as considering the risks associated with an investment in Warrants, you should also consider how an investment in Warrants fits into your overall investment portfolio. By diversifying your investment portfolio, you can reduce your exposure to the failure or underperformance of any one investment, investment manager or asset class. SUPERANNUATION CONSIDERATIONS Trustees of superannuation funds must formulate and implement an appropriate investment strategy that has regard to the whole of the circumstances of their superannuation fund and must act in the best interests of the members of their fund. This includes ensuring that they are familiar with the risks involved in, and have in place adequate risk management procedures to manage the risks associated with, an investment in Warrants prior to making such an investment. In this context, trustees should give careful consideration to whether leveraged investments generally, and in particular highly leveraged investments, are an appropriate investment for the superannuation fund. Relevant to this consideration will be the risks of a leveraged investment as described in Section 3 of the PDS and other relevant factors such as the diversification of the assets of the superannuation fund, and the overall leverage of the superannuation fund. Macquarie recommends trustees obtain independent legal, financial and taxation advice before making any investment decision. In particular, given that you could lose all of the money you invest in Warrants, trustees should carefully consider how much they want to invest in Warrants having regard to the size of the superannuation fund, the diversification of the superannuation fund s investments, and the overall level of leverage (or gearing) within the superannuation fund.

7 Directory ISSUER Macquarie Bank Limited ABN and AFSL No. 1 Martin Place Sydney NSW 2000 Australia (02) warrants@macquarie.com.au macquarie.com.au/warrants REGISTRAR Computershare Investor Services Pty Limited Level 3 60 Carrington Street Sydney NSW 2000 Australia Phone

8 Macquarie Trading Warrants Supplementary Product Disclosure Statement pìééäéãéåí~êómêççìåíaáëåäçëìêépí~íéãéåí MACQUARIE BANK LIMITED MACQUARIE WARRANTS 30 December 2009 Macquarie Bank Limited ABN and AFSL Supplement dated 30 December 2009 for Macquarie Investment Warrants PDS dated 3 September 2009.doc [msg_legal_syd_prd ]

9 0 Supplement dated 30 December 2009 for Macquarie Investment Warrants PDS dated 3 September 2009.doc [msg_legal_syd_prd ]

10 This document is a Supplementary Product Disclosure Statement ( Supplement ). This Supplement is dated 30 December This Supplement updates certain information in: 1. the Product Disclosure Statement dated 23 March 2004; and 2. the Supplement dated 5 March 2008, (together the PDS ). The terms of the PDS continue in full force and effect except to the extent that those terms are expressly modified by this Supplement. You should read this Supplement together with the PDS (including the Supplementary Product Disclosure Statement for the Series of Trading Warrants you want to acquire). Words defined in the PDS have the same meaning when used in this Supplement. Section 1 Updates to the PDS 1. Section 3.7 of the PDS is deleted and replaced as follows: 3.7 Possible Illiquidity of Trading Market You should be aware that there is no indication as to how the Warrants will trade in the secondary market (eg the ASX) or whether that market will be liquid or illiquid. As a consequence, you may not be able to sell your Warrants at a price acceptable to you. Macquarie has no obligation to sell a Warrant to any person. Macquarie makes no recommendation as to the suitability of any Warrant for any investor or any particular investor s trading or investment strategy.. 2. Section 7 of the PDS, and the updates to Section 7 of the PDS contained in the Supplement dated 5 March 2008 are deleted and replaced as follows: 7.1 About the Issuer Macquarie Bank Limited ( Macquarie Bank ) is an authorised deposit-taking institution under s9 of the Banking Act 1959 (Cth). Macquarie Bank is a wholly-owned subsidiary of Macquarie Group Limited ( MQG ). MQG, which is the ultimate listed parent of the Macquarie Group, is listed on the ASX and is regulated by APRA as a non-operating holding company of an authorised deposit-taking institution. Further information about the Macquarie Group structure and Macquarie Bank is available from macquarie.com.au. Information disclosed to ASX by MQG can be viewed on the ASX website: asx.com.au (listing code MQG). Disclosure obligations Macquarie Bank is a disclosing entity under the Corporations Act and has a continuous disclosure obligation under that Act and the ASX Listing Rules. This means that, subject to certain exceptions, Macquarie Bank must disclose to ASX any information concerning it that a reasonable person would expect to have a material effect on the price or value of Macquarie Bank s quoted securities (Macquarie Income Securities). Copies of the information disclosed to ASX can be viewed on the ASX website: asx.com.au (ASX code: MBLHB). The ASX has waived certain of the ASX Market Rules to the extent that Macquarie Bank is not required to include information in this PDS which has previously been disclosed to ASX pursuant to Macquarie Bank s continuous disclosure obligation. Documents available

11 Macquarie Bank will provide a copy, free of charge, of its most recent publicly available financial reports and interim reports to any person who requests such copies by contacting Macquarie Bank (see the Directory for details). These documents may also be available online at: macquarie.com.au/shareholdercentre. Updated information You can obtain up-to-date information about Macquarie Bank by referring to: macquarie.com.au/shareholdercentre. EXPERIENCED INVESTORS You should not invest in Warrants unless you: are familiar with shares, securities, warrants, leveraged investments, options and investment in shares and securities generally; and understand and are comfortable with the risks associated with an investment in Warrants. An investment in Warrants does not suit investors seeking a traditional investment product (such as a direct investment in shares). There is a material risk that you could lose all of the money that you invest in Warrants. FURTHER ADVICE RECOMMENDED Investing in Warrants involves financial and other risks and is only suitable for you if: an investment in Warrants does not represent a significant part of your investment portfolio or program; and you fully understand the risks associated with an investment in Warrants. Before you invest in Warrants, you should: carefully read all of the PDS and any relevant SPDS; seek professional legal, taxation and financial advice to determine whether an investment in Warrants is right for you; and carefully consider the potential benefits of, and the risks associated with, an investment in Warrants, in light of your particular investment needs, objectives and financial and taxation circumstances. Further details about the risks associated with Warrants are set out in Section 3 of the PDS.

12

13 Directory ISSUER Macquarie Bank Limited ABN and AFSL macquarie.com.au/warrants No.1 Martin Place Sydney NSW 2000 Australia REGISTRAR Computershare Investor Services Pty Limited www-au.computershare.com Level 3 60 Carrington Street Sydney NSW 2000 Australia MACQUARIE WARRANTS INFORMATION LINE

14 Macquarie Trading Warrants Supplementary Product Disclosure Statement This document is a Supplementary Product Disclosure Statement ( Supplement ). This Supplement is dated 5 March This Supplement updates certain information in the Product Disclosure Statement dated 23 March 2004 ( PDS ). The terms of the PDS continue in full force and effect except to the extent that those terms are expressly modified by this Supplement. You should read this Supplement together with the PDS (including the Supplementary Product Disclosure Statement for the Series of Warrants you want to acquire). Words defined in the PDS have the same meaning when used in this Supplement. UPDATE TO THE PRODUCT DISCLOSURE STATEMENT DATED 23 MARCH 2004 Inside Front Cover Important Notice & Disclaimer: Privacy Act 1988 (Commonwealth) Collection Statement Replace the section with the following: If you complete an application for Warrants offered under this PDS you will be supplying personal information to Macquarie. Macquarie will be bound by the Privacy Act 1988 (Commonwealth), as amended by the Privacy Amendment (Private Sector) Act 2000 ( the Privacy Act ), in relation to Macquarie's collection, holding, use, disclosure, management, access, correction and disposal of that information. You should be aware that: You can contact us by phone, fax or and request access to your information. In normal circumstances, we will give you full access to your information, however there may be some legal or administrative reason to deny you access, in which case we will provide reasons for denying access. Further, we may charge a fee to give you full access where your request requires the compiling of information that has been archived or is significant in volume. Macquarie will use your personal information for the following purposes: assessing your application for Warrants; assessing the credit and other exposure that the Macquarie Group has to you; to keep and maintain a register of Holders; marketing of products and services which are of the same type as Warrants; to determine future product and business strategies and to develop its services; to comply with all applicable regulatory or legal requirements (including the requirements of ASIC, ASX, ATO and AUSTRAC); and to communicate with you in relation to your Warrants and all transactions relating to your Warrants. Your personal information may be disclosed to other entities in the Macquarie Group or third party service providers (including those located in Australia and overseas) in making use of your personal information in the manner described above. It may also be disclosed to any financial institution nominated by you in an Application Form and may be disclosed to your stockbroker or licensed financial adviser. While the information we ask you to supply in the Application Form is not required by law, Macquarie may not be able to assess your application if the information is not supplied.

15 You can also obtain a copy of Macquarie s privacy statement on or by requesting it from us. Section 1 Investment Overview Insert the following additional information: Factors that may Affect the Cost of Macquarie Trading Warrants The price (or Premium) of a Macquarie Warrant is not fixed and will vary depending on a number of factors including: the price of the Share comprised in the Underlying Parcel; the volatility of that Share price; the future expected dividends; the time remaining to Expiry; and prevailing interest rates. The effect that those factors above may have on the price of Macquarie Warrants is demonstrated in the following table: Variable Change in Variable Effect on Call Warrant Price Effect on Put Warrant Price Price of the Share comprised in the Underlying Parcel Time Remaining to Expiry Interest Rate Share Price Volatility Future Expected Dividends Section Shareholding Limits or Restrictions Replace the final paragraph with the following: Some Australian companies are subject to legislation which prescribe maximum shareholding limits for shareholders or restrictions (including without limitation cross media ownership restrictions) which may prohibit or limit the interests in Listed Entities that certain investors may acquire. Prospective investors should inform themselves of the restrictions that may apply to their investment in Macquarie Trading Warrants. Section 3 Risks You Should Consider Insert the following additional information: Change of Law Risk Changes to laws or their interpretation in Australia including taxation and corporate regulatory laws could have a negative impact on the return to investors. Historic Performance of the Shares

16 Past performance of the Shares is not necessarily a guide to future performance which can be volatile. The value of the Macquarie Trading Warrants between the date of issue and the Expiry Date may fall as well as rise. Leveraged Investment The gains and losses on Macquarie Trading Warrants are magnified, compared to a holding in the Underlying Share, because of the leverage incorporated within the Macquarie Trading Warrants Section Conflicts of Interest Replace the existing text with the following: Macquarie, other members of the Macquarie Group, or their directors, employees or affiliates may, subject to law, hold shares or units in members of the Macquarie Group and/or hold Macquarie Trading Warrants. The directors and employees of Macquarie and other members of the Macquarie Group may receive remuneration based on the issue or performance of Macquarie Trading Warrants, in whole or in part. The directors and employees of Macquarie and other members of the Macquarie Group may also hold directorships in the Listed Entities. Macquarie, other members of the Macquarie Group or their directors, employees or affiliates may buy and sell (whether as principal or agent) instruments or securities or other financial products which are related to the Macquarie Trading Warrants or the Listed Entities the Shares of which underlie Macquarie Trading Warrants. Members of the Macquarie Group may have business relationships or alliances (including joint ventures) with any of the Listed Entities and/or be a substantial shareholder of any of the Listed Entities. In addition, members of the Macquarie Group may from time to time advise any of the Listed Entities in relation to activities unconnected with the issue of Macquarie Trading Warrants and which may or may not affect the value of the Listed Entities. Such relationships and advisory roles may include: acting as manager or joint lead manager in relation to the offering or placement of rights, options or other securities including Shares; underwriting the offering or placement of rights, options or other securities including Shares; advising in relation to mergers, acquisitions or takeover offers; and acting as general financial adviser in respect of, without limitation, corporate advice, financing, funds management, property and other services. Macquarie may also have a commercial relationship with various senior executives of a Listed Entity and may sell financial products to, or advise, such senior executives in relation to matters unconnected with Macquarie Trading Warrants. These activities may have an effect on the value of Shares or Macquarie Trading Warrants. Section 7: About the Issuer Delete Section 7 About the Issuer and insert the following: Macquarie Bank Limited ( MBL ) is an authorised deposit taking institution under s9 of the Banking Act 1959 (Commonwealth). Formation of Macquarie Group Limited as a non-operating holding company (NOHC) Macquarie Group Limited ( MQG ) has been established as a non-operating holding company and the ultimate listed parent for the Macquarie Group. The new Macquarie Group structure was formally implemented on 13 November MQG holds both the banking and non-banking businesses of the Macquarie Group. This structure, which is similar to that used by a number of global financial institutions, is intended to position the Macquarie Group to pursue the strategies which have been responsible for its strong growth, whilst at

17 the same time assist it in meeting its obligations to the Australian Prudential Regulation Authority ( APRA ). Under the new structure, MQG, which is listed on the ASX, is regulated by APRA. MBL is a whollyowned subsidiary of MQG and remains a licensed Australian bank, regulated by APRA. The structure of Macquarie Warrants is not directly impacted by the new Macquarie Group structure. MBL continues to be the Issuer of Macquarie Warrants. Investors should note that the ownership, capital structure and other financial matters relating to MBL has changed under the new structure. Further information about the new Macquarie Group structure is contained in the Explanatory Memorandum which is available on our website Rating Agencies MBL is rated by Standard & Poor s, Fitch Ratings and Moody s Investors Service. Current ratings are available from various sources including the ASX, brokers and MBL. The ratings agencies do not independently verify information provided to them by MBL, and therefore, the rating agencies make no representation or warranty with respect to the accuracy of their ratings. The rating agencies have not been involved in the preparation, or authorised the issue of, this PDS. Investors should note that credit ratings assigned by the rating agencies address only credit risk, which is only one element of any investment decision and should not be construed as relating to the Macquarie Warrants the subject of this PDS. Ratings are not recommendations to buy, hold or sell Macquarie Warrants. By publishing a rating, the rating agencies are not inducing or advising investors to take any action with respect to the Macquarie Warrants or any other security. Ratings and rating reports should not be construed as investment advice, personalised or other. Accordingly, each investor should conduct their own evaluation of the Macquarie Warrants or consult with their investment adviser. Ratings are subject to change or withdrawal at anytime, which change or withdrawal is within each rating agency's sole discretion. Disclosure Obligations MBL is a disclosing entity under the Corporations Act and has a continuous disclosure obligation under that Act and the ASX Listing Rules. This means that, subject to certain exceptions, MBL must disclose to ASX any information concerning it that a reasonable person would expect to have a material effect on the price or value of MBL s securities. Copies of the information disclosed to ASX can be viewed on the ASX website, The ASX has waived certain of the ASX Market Rules to the extent that the Issuer is not required to include information in this PDS which has previously been disclosed to ASX pursuant to the Issuer s continuous disclosure obligation. Documents Available MBL will provide a copy, free of charge, of any of the following documents to any person who requests such copies during the Offer Period in relation to the PDS, by contacting Equity Markets Group, Macquarie Bank Limited, No. 1 Martin Place, Sydney, NSW Australia, telephone number: the 2007 Financial Report and Annual Review of MBL; and the interim results of MBL for the half year ended 30 September These documents are also able to be reviewed online via MBL's website at: Section 8: Glossary Replace the definition ASX with the following: ASX means the ASX Limited (ABN ) or the stock market conducted by the ASX Limited, as the context requires.

18 Important Information The information in this Supplement has been prepared without taking into account your objectives, financial situation and particular needs. Accordingly, before making a decision to acquire Macquarie Trading Warrants, you should consider whether such an investment is appropriate having regard to your objectives, financial situation and particular needs, and consult your adviser or broker. You should read this Supplement and the PDS (including the Supplementary Product Disclosure Statement for the Series of Warrants you want to acquire) and consider them before making any decision as to whether to acquire Macquarie Trading Warrants.

19 j~åèì~êáéqê~çáåöt~êê~åíë DATED: 23 MARCH 2004 COMBINED PRODUCT DISCLOSURE STATEMENT AND FINANCIAL SERVICES GUIDE The Issuer: MACQUARIE BANK LIMITED AFSL Relating to the offer of Warrants to be traded on the Australian Stock Exchange, as specified in the relevant Supplementary Product Disclosure Statement. This PDS constitutes the general terms and conditions that shall govern the issue by Macquarie Bank Limited of Call Warrants and Put Warrants. This PDS is not a stand alone document and does not of itself constitute an offer capable of acceptance. The additional terms relating to each Series of Warrants will be set out in a Supplementary Product Disclosure Statement which will be supplemental to, and should be read in conjunction with, this PDS. MACQUARIE BANK LIMITED No. 1 Martin Place Sydney, New South Wales Australia Telephone: (612) Macquarie Bank Limited 2004

20 IMPORTANT NOTICE & DISCLAIMER This document is a Product Disclosure Statement. The date of this Product Disclosure Statement is 23 March 2004 ( PDS ). Supplementary Product Disclosure Statements This PDS constitutes the general terms and conditions that shall govern the issue by Macquarie Bank Limited of Call Warrants and Put Warrants from time to time. This PDS is not a stand alone document and does not of itself constitute an offer capable of acceptance. The additional terms relating to each Series of Warrants will be set out in a Supplementary Product Disclosure Statement ( Supplementary PDS ) which will be supplemental to, and should be read in conjunction with, this PDS. Purpose Under this PDS and the relevant Supplementary PDS, Macquarie is inviting Applications for certain Series of Warrants, the commercial terms of which will be set out in the relevant Supplementary PDS issued by Macquarie from time to time. Application Form Applications for Warrants will only be accepted on the Application Form attached to this PDS. The Offer Period for a Series of Warrants will open and close on the dates specified for that Series in the relevant Supplementary PDS. To the extent permitted by law, Macquarie may withdraw invitations and offers made under this PDS in respect of a particular Series at its absolute discretion at any time upon giving notice to the ASX. Cooling-off Rights No cooling-off rights apply to the issue of Warrants. This means that, in most circumstances, you cannot withdraw an Application once it has been made. Foreign Jurisdictions The distribution of this PDS in jurisdictions outside Australia may be restricted by law and therefore persons into whose possession this PDS comes should seek advice on and observe any such restrictions. Failure to comply with relevant restrictions may violate those laws. This PDS is not an offer or invitation in relation to Warrants in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. Warrants have not and will not be registered under the United States Securities Act of 1933 and may not be offered or sold directly or indirectly in the United States of America. Changes to Information in PDS This PDS is current as at 23 March Information in this PDS is subject to change from time to time. Where information that is not materially adverse to Holders changes, Macquarie will update the information by posting a notice on its website at au/warrants. Macquarie will provide a paper copy of updated information upon request to Holders who contact Macquarie on Representations This PDS has been prepared and issued by Macquarie Bank Limited as Issuer. Any other parties distributing this product are only doing so as a distributor for Macquarie Bank Limited. Potential investors should only rely on information in this PDS and the relevant Supplementary PDS. No person is authorised to give any information or to make any representation in connection with the offer of Macquarie Trading Warrants that is not contained in this PDS. Any information or representation not so contained may not be relied upon as having been authorised by Macquarie in connection with the offer. Role of Listed Entities No Listed Entity has been a party to the preparation of this PDS or furnished any information specifically to Macquarie for the purpose of its preparation. Otherwise than as disclosed in a Supplementary PDS, Macquarie has no affiliation with any Listed Entity and has not, for the purposes of preparation of this PDS, sought access to information concerning any Listed Entity which is not publicly available. No Listed Entity accepts any responsibility for any statement in this PDS. No Listed Entity nor any director or officer of any Listed Entity has authorised or caused the issue of any part of this PDS. None of those persons has had any involvement in the preparation of any part of this PDS, purports to make any statement in any part of this PDS or has consented to be named in this PDS. Own Advice The information provided in this PDS is not financial product advice, and has been prepared without taking into account your individual investment objectives or personal circumstances. You should read the whole of this PDS and consider all of the risks and other information relating to Macquarie Trading Warrants before deciding to invest. If you have any questions, you should contact your stockbroker, accountant or other professional adviser before deciding to invest in Macquarie Trading Warrants. Commissions Macquarie may give to brokers to the Issue, whether in the primary or secondary market, a discount, commission or fee in respect of each Warrant placed or purchased by the broker. Defined Terms Section 8 of this PDS contains definitions of certain terms used in this document. Role of the Registrar The Registrar has had no involvement in the preparation of any part of this PDS and its name appears for information purposes only. Admission to Trading Status on ASX Application will be made for each Series of Macquarie Trading Warrants offered under this PDS to be admitted to Trading Status by the ASX. The fact that the ASX may admit the Warrants to Trading Status is not to be taken in any way as an indication of the merits of Macquarie, any Listed Entity or the Warrants offered for subscription. Admission to Trading Status of the Warrants offered pursuant to this PDS will commence as soon as practicable after Macquarie notifies subscribers of the issue of the Warrants. The ASX does not warrant the accuracy or truth of the contents of this PDS including any expert s report which it may contain. 1

21 In not objecting to the Terms or by admitting the Warrants to Trading Status, the ASX has not authorised or caused the issue of this PDS and is not in any way a party to or concerned in authorising or causing the issue of this PDS or the making of offers or invitations with respect to the Warrants. The ASX takes no responsibility for the contents of this PDS. In particular, the ASX has not formed a view as to whether this PDS complies with the reasonable investor standard of disclosure contained in the ASX Market Rules, this being the responsibility of Macquarie. The ASX makes no representation as to whether this PDS and the Terms comply with the Corporations Act or the ASX Market Rules. To the extent permitted by the Trade Practices Act 1974 (Cth) or any other relevant law, the ASX will be under no liability for any claim whatsoever, including for any financial or consequential loss or damage suffered by Holders or any other person, where that claim arises wholly or substantially out of reliance on any information contained in this PDS or any error in, or omission from, this PDS. Consents Allens Arthur Robinson has given and not withdrawn its consent to be named in this PDS. Allens Arthur Robinson has been involved in the preparation of this PDS, and accepts responsibility for Sections 2.13, 2.14, Section 4, but accepts no responsibility for any other part of this PDS, and has not authorised or caused its issue. Computershare Investor Services Pty Limited has given and, as at the date hereof, not withdrawn its written consent to be named as Registrar in the form and context in which it is named. Computershare Investor Services Pty Limited has had no involvement in the preparation of this PDS other than being named as Warrant Registrar to Macquarie. Computershare Investor Services Pty Limited has not authorised or caused the issue of, and expressly disclaims and takes no responsibility for, any part of this PDS. Privacy Act 1988 (Commonwealth) Collection Statement If you complete an application for Warrants offered under this PDS you will be supplying personal information to Macquarie. Macquarie will be bound by the Privacy Act 1988 (Commonwealth), as amended by the Privacy Amendment (Private Sector) Act 2000 ( the Privacy Act ), in relation to Macquarie's collection, holding, use, disclosure, management, access, correction and disposal of that information. You should be aware that: You can contact us by phone, fax or and request access to your information. In normal circumstances, we will give you full access to your information, however there may be some legal or administrative reason to deny you access, in which case we will provide reasons for denying access. Further, we may charge a fee to give you full access where your request requires the compiling of information that has been archived or is significant in volume. Macquarie will use your personal information for the following purposes: assessing your application for Warrants; assessing the credit and other exposure that the Macquarie Group has to you; to keep and maintain a register of Holders; marketing of products and services which are of the same type as Warrants; to determine future product and business strategies and to develop its services; to comply with all applicable regulatory or legal requirements (including the requirements of ASIC, ASX, ATO and AUSTRAC); and to communicate with you in relation to your Warrants and all transactions relating to your Warrants. Your personal information may be disclosed to other entities in the Macquarie Group in making use of your personal information in the manner described above. It may also be disclosed to any financial institution nominated by you in an Application Form and may be disclosed to your stockbroker or licensed financial adviser. While the information we ask you to supply in the Application Form is not required by law, Macquarie may not be able to assess your application if the information is not supplied. You can also obtain a copy of Macquarie s privacy statement on or by requesting it from us. MACQUARIE BANK LIMITED No. 1 Martin Place Sydney, New South Wales Australia Telephone: (612) Macquarie Bank Limited 2004

22 Contents Section 1 Investment Overview 1 Section 2 Details of the Warrants 4 Section 3 Risks You Should Consider 10 Section 4 Taxation Considerations 12 Section 5 Description of the Underlying Parcels 13 Section 6 Terms of Issue 14 Section 7 About the Issuer - Macquarie Bank Limited 30 Section 8 Glossary 31 Application Form 34 Appendix I (Sample Supplementary PDS) 36 FINANCIAL SERVICES GUIDE 37 0

23 Section 1: Investment Overview This Section contains a brief summary only of certain material features relating to Macquarie Trading Warrants. Detailed information relating to the offer to subscribe for Macquarie Trading Warrants can be found in the following sections of this PDS. Potential investors should read this PDS in its entirety before making any investment decision. If there is any conflict between this section and any other section of this PDS (including the Terms) the latter will prevail. What are Macquarie Trading Warrants? What is a Call Warrant? A Call Warrant gives a Holder of the Specified Number of Warrants the right to acquire one Underlying Parcel from Macquarie in the relevant Listed Entity for the Exercise Price plus any applicable Transfer Tax. This PDS relates to different styles of Call Warrants. The rights of the Holder of American Call Warrants are, in principle, similar to those of an American call option and the rights of the Holder of European Call Warrants are, in principle, similar to those of the holder of a European call option over Shares in the relevant Listed Entity. What is a Put Warrant? Put Warrants give a Holder of the Specified Number of Warrants the right upon exercise to require Macquarie to acquire from the Holder one Underlying Parcel in the relevant Listed Entity for the Exercise Price less any applicable Transfer Tax. The rights of the Holder are, in principle, similar to those of the holder of a European put option over Shares in the relevant Listed Entity. What is an American Warrant? An American Warrant is a Warrant that can be exercised at any time before the Expiry Date or on the Expiry Date at or before the Closing Time. What is a European Warrant? A European Warrant is a Warrant that can only be exercised on the Expiry Date at or before the Closing Time. Underlying Parcel The Underlying Parcel is initially one Share in the relevant Listed Entity. It may be adjusted in certain circumstances, such as a bonus or rights issue, a cash return of capital or a reconstruction of capital. The Exercise Price as applicable, may also be adjusted in these circumstances. The adjustments are designed so that neither the Holder nor Macquarie is disadvantaged in such circumstances. A Leveraged Investment Warrants are a leveraged investment. Warrants can provide exposure to the Share comprised in the Underlying Parcel for a fraction of the price of that Share. The value of Call Warrants tends to rise if the value of the Underlying Parcel increases, and tends to fall if the value of the Underlying Parcel decreases. The value of Put Warrants tends to rise if the value of Underlying Parcel decreases, and tends to fall if the value of the Underlying Parcel increases. Both increases and decreases in the value of the Underlying Parcel are likely to be magnified, in percentage terms, in the Warrant price. What are the Key Features and Benefits of Investing in Macquarie Trading Warrants? An investment in Macquarie Trading Warrants gives you: a convenient way to enhance your exposure to share price movements in a range of Australian listed Shares; the potential to earn greater returns than an equivalent investment in the Share comprised in the Underlying Parcel because of the leverage provided by Warrants; the right to buy (call) or sell (put) a particular share for a fixed price on or before a future date; and a flexible investment that may be sold on the ASX at any time up to and including Maturity, if required. What are the Risks of Investing in Macquarie Trading Warrants? As with any investment decision, you need to consider an investment in Macquarie Trading Warrants carefully and in light of your individual circumstances. Potential risks of investing in Macquarie Trading Warrants include: adverse movements in the price of the Underlying Parcel decreasing the value of your investment; the value of the Warrant decreasing over time even if the price of the Underlying Parcel remains the same due to time decay; a change to the corporate structure of the Underlying Parcel (eg due to a takeover or scheme of arrangement affecting the Listed Entity in which the Share comprised in the Underlying Parcel exists) which may affect the value of your investment; Macquarie failing to perform its obligations; and all the general risks of investing in options and listed shares. You should refer to Section 3 Risks You Should Consider on page 10 of this PDS for more detailed information about the risks of investing in Macquarie Trading Warrants. Potential investors should ensure that they fully understand the risks involved and consult with relevant advisers before making any investment decision. 1

24 Section 1 Investment Overview How Do Macquarie Trading Warrants Work and What Happens at Maturity? Call Warrants A Holder of the Specified Number of Call Warrants is entitled by giving an Exercise Notice and paying the Exercise Price plus any applicable Transfer Tax, to acquire the Underlying Parcel in the relevant Listed Entity from Macquarie. The Holder is not obliged to give Macquarie an Exercise Notice. Put Warrants A Holder of the Specified Number of Put Warrants is entitled by giving Macquarie an Exercise Notice and delivering the Underlying Parcel to Macquarie (per Specified Number of Warrants exercised) to be paid the relevant Exercise Price less any applicable Transfer Tax. The Holder is not obliged to give Macquarie an Exercise Notice. Who Do They Suit? Macquarie Trading Warrants may suit you if you: are looking to spend less up front and get greater exposure to any share price movements; are looking for an alternative to other forms of gearing into shares; and have had previous experience with options. Who Can Apply? Macquarie has a range of Warrants to suit a variety of different investors. Macquarie Trading Warrants can be purchased under this PDS using the Application Form. Application Forms and Instructions are found on pages 34 and 35 of this PDS. Who Can Apply Minimum Application Amount (no. of Warrants) Amount Payable on Application Australian residents 2,000 (and thereafter in multiples of 2,000) Premium How Do I Buy and Sell Macquarie Trading Warrants? Before you invest in Macquarie Trading Warrants it is important that you have read and understood the terms set out in this PDS and the relevant Supplementary PDS. You should also read the ASX booklet Understanding Trading and Investment Warrants which is available free of charge from the ASX or from Macquarie. If you have any questions you should contact your stockbroker, accountant or other professional adviser. Macquarie Trading Warrants can be purchased either by making an Application under this PDS (ie in the primary market) or on the ASX (ie in the secondary market). Primary Market Applications To apply for Macquarie Trading Warrants in the primary market you must complete the Application Form in this PDS and submit it with payment to your licensed financial adviser or directly to Macquarie. Purchasing Macquarie Trading Warrants on the Secondary Market (ASX) Just Like Ordinary Shares To gain immediate access to Share price movements, Macquarie Trading Warrants can be purchased on the ASX through any ASX Accredited Derivatives full service or discount adviser or stockbroker using the relevant ASX Code. For example, BHP Billiton Macquarie Call Warrants would be listed as BHPWMG on the ASX where W Warrant, M Macquarie and G Warrant Series. To trade Macquarie Trading Warrants on the secondary market, you will need to have completed a Warrant Client Agreement Form available from your stockbroker. How Much Do Macquarie Trading Warrants Cost (the Premium)? The Premium The price (or Premium) of a Macquarie Warrant is not fixed and will vary depending on a number of factors including: the price of the Share comprised in the Underlying Parcel; the volatility of that Share price; the future expected dividends; the time remaining to Maturity; and prevailing interest rates. The Exercise Price (Call Warrants) To exercise a Specified Number of Call Warrants, a Holder is required to pay to Macquarie the Exercise Price specified for that Series of Warrant in the relevant Supplementary PDS, together with any Transfer Tax (if applicable). Commission, Fees and Expenses When you purchase Macquarie Trading Warrants on the ASX your adviser may also charge you commission. 2

25 Section 1 Investment Overview What are the Tax Implications of Investing in Macquarie Trading Warrants? Purchasing, holding and exercising Warrants may have income tax or capital gains tax implications for investors. The tax consequences will depend on the particular circumstances of each Holder. Investors should seek independent advice referable to their own circumstances prior to making any investment decision. You should refer to Section 4 'Taxation Considerations' on page 12 of this PDS for detailed information in relation to the tax implications of investing in Macquarie Trading Warrants. In brief: no tax implications should arise from investing in Macquarie Trading Warrants until they are sold or until they expire or until the Underlying Parcel is sold upon, or following, the exercise of a Warrant; upon the sale or expiry of a Macquarie Warrant or upon the sale of the Underlying Parcel upon, or following, the exercise of a Warrant, capital gains tax consequences are likely to arise to the investor; no dividend income will be derived from the Underlying Parcel by an investor in a Call Warrant unless and until the Warrant is exercised; and dividend income will continue to be derived from the Share comprised in the Underlying Parcel by an investor in a Put Warrant unless and until the Warrant is exercised. Is there a Cooling Off Period? There is no cooling off period when you buy or sell Macquarie Trading Warrants. Are there any labour standards or social, environmental or ethical considerations I should be aware of? Macquarie will not take into account labour standards or social, environmental or ethical considerations for the purposes of selecting retaining or realising the investment. An investment in Macquarie Trading Warrants by Investors requires the selection of a specific Underlying Parcel. Investors should make their own enquiries as to whether labour standards or social, environmental or ethical considerations are taken into account by the issuer of the Share comprised in the Underlying Parcel by referring to the website of the relevant issuer or information disclosed by the relevant issuer pursuant to its continuous disclosure obligations. Enquiries and Complaints Macquarie has procedures in place to properly consider and deal with any enquiries or complaints from investors in Macquarie Trading Warrants. Macquarie will acknowledge receipt of a written complaint within 5 days and provide a substantive response within 21 days. Where a complaint remains unresolved (eg where a remedy is not offered or not instigated or where a remedy is offered is not accepted by the complainant), the complaint may fall within the terms of reference of the external complaints scheme, Financial Industry Complaints Scheme ( FICS ). To contact FICS, Holders should telephone or write to PO Box 579 Collins Street West, Melbourne, Victoria