Macquarie Bank Limited ABN 46 008 583 542 Equity Markets Group

No. 1 Martin Place Telex 122246 Telephone (61 2) 8232 3333 NSW 2000 DX 10287 SSE Facsimile (61 2) 8232 6882 GPO Box 3423 SWIFT MACQAU2S Internet http://www.macquarie.com.au Sydney NSW 1164

Group Offices in Hong Kong, London, Sao Paulo and Tokyo

16 August 2005

Wayne Elliott ASX Derivatives Level 6, 20 Bridge Street Sydney NSW 2000

Dear Wayne

For announcement to the market:

Macquarie Alternative Listed Protected Securities – APSSM3

Macquarie Bank Limited (“Macquarie”) is the issuer of Alternative Listed Protected Securities Series 3 (“ALPS”) (ASX code: APSSM3) pursuant to a Product Disclosure Statement dated 17 May 2005 which is linked to a Reference Basket of 80 Securities.

The Initial Price for each Security is determined as the arithmetic average of the Volume Weighted Average Price for each of the 5 Trading Days up to and including the Start Date (15 August 2005). The Knockout Price for each Security is determined as 55% of the Initial Price.

Macquarie advises the Initial Price and Knockout Price for each of the Securities in the Reference Basket as follows:

ASX Knockout Code Company Initial Price Price ABS A.B.C. Learning Centres Limited $5.6233 $3.0928 ALL Limited $13.2042 $7.2623 AMC Limited $7.0337 $3.8685 AMP AMP Limited $6.8524 $3.7688 ANN Limited $9.8791 $5.4335 ASX Australian Stock Exchange Limited $25.6753 $14.1214 AWC $6.1068 $3.3587 AXA AXA Asia Pacific Holdings Limited $4.5173 $2.4845 BBG Billabong International Limited $13.6304 $7.4967 BHP BHP Billiton Limited $20.6501 $11.3576 BIL Brambles Industries Limited $8.6271 $4.7449 BLD Limited. $7.2621 $3.9942 BNB Babcock & Brown Limited $15.5409 $8.5475 BPC Burns, Philp & Company Limited $0.8887 $0.4888 BSL Bluescope Steel Limited $9.6511 $5.3081 CBA of . $38.3953 $21.1174 CCL Coca-Cola Amatil Limited $8.3003 $4.5652 CEUCA ConnectEast Group $0.7668 $0.4217

Macquarie Bank Limited 2

CEY Centennial Coal Company Limited $5.2891 $2.9090 CGF Challenger Financial Services $3.2009 $1.7605 Group Limited CML Coles Myer Ltd. $9.8230 $5.4027 COH Cochlear Limited $38.0117 $20.9064 CPU Limited. $6.2157 $3.4186 CSL CSL Limited $34.8396 $19.1618 CSR CSR Limited $2.7427 $1.5085 CTX Caltex Australia Limited $17.5386 $9.6462 DOW Downer EDI Limited $5.7850 $3.1818 DVC DCA Group Limited $3.9186 $2.1552 FCL Futuris Corporation Limited $2.1907 $1.2049 FGL Foster's Group Limited $5.4566 $3.0011 FXJ Fairfax (John) Holdings Limited $4.4088 $2.4248 GNS Gunns Limited $3.7017 $2.0359 HGI HHG Plc. $1.6028 $0.8815 HVN Holdings Limited $2.6961 $1.4829 IAG Insurance Australia Group Limited $6.0717 $3.3394 ILU Limited $8.4352 $4.6394 JHX N.V. $8.9660 $4.9313 LLC Lend Lease Corporation Limited $13.3739 $7.3556 LNN Lion Nathan Limited $7.4944 $4.1219 MAP Macquarie Airports $3.2210 $1.7716 MAY Mayne Group Limited $4.8978 $2.6938 MCW Macquarie CountryWide Trust $1.9425 $1.0684 MIG Macquarie Infrastructure Group $3.8620 $2.1241 MTS Limited $4.0990 $2.2545 MXG Multiplex Group $3.2542 $1.7898 NAB Limited $31.0379 $17.0708 NCM Limited $17.4743 $9.6109 NUF Limited $10.2894 $5.6592 NWSLV News Corporation non-voting $21.6220 $11.8921 ORG Limited $7.3911 $4.0651 ORI Limited $19.3787 $10.6583 OST OneSteel Limited $2.7899 $1.5344 OXR Oxiana Limited $1.1655 $0.6410 PBG Pacific Brands Limited $2.4996 $1.3748 PBL Publishing and Broadcasting $15.3878 $8.4633 Limited PMN Promina Group Limited $5.1300 $2.8215 PPX Paperlinx Limited $3.4315 $1.8873 PRK Patrick Corporation Limited $5.8356 $3.2096 QAN Airways Limited $3.3014 $1.8158 QBE QBE Insurance Group Limited $16.7181 $9.1950 RIN Rinker Group Limited $14.8444 $8.1644 RIO Limited $52.2476 $28.7362 SFE SFE Corporation Limited $11.1665 $6.1416 SGB St George Bank Limited $26.4993 $14.5746 SHL Limited $13.0652 $7.1859 SSX Smorgon Steel Group Limited. $1.3041 $0.7173 STO $11.2606 $6.1933 SUN Suncorp-Metway Limited. $20.2371 $11.1304 TAH Limited $16.2369 $8.9303 TCL Group $7.1876 $3.9532

Macquarie Bank Limited 3

TEL Telecom Corporation Of New $5.6133 $3.0873 Zealand Limited TEN Ten Network Holdings Limited $3.7014 $2.0358 TLS Corporation Limited $4.8885 $2.6887 TOL Toll Holdings Limited $13.6666 $7.5166 WBC Banking Corporation $19.7241 $10.8483 WDC Westfield Group $17.4689 $9.6079 WES Limited $41.0700 $22.5885 WOW Woolworths Limited $16.3008 $8.9654 WPL Limited $33.1965 $18.2581 ZFX Zinifex Limited $3.4253 $1.8839 Macquarie ALPS will be listed and commence trading on the ASX on 16 August 2005. If you have any questions regarding this matter please contact your Stockbroker or Financial Adviser or call Macquarie on 1800 100 157.

Yours Sincerely

Mark Small Executive Director Macquarie Bank Limited