This notice is the Securities Act (Macquarie Investment Services Limited) Exemption Notice 2003

This notice comes into force on the day after the date of its notification in the Gazette.

This notice expires on the close of 29 February 2008.

(1) In this notice, unless the context otherwise requires,—

(2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

Macquarie and every person acting on its behalf are exempted from section 51 of the Act in respect of any specified participatory securities.

(1) In this clause, register means a register of holders of all specified participatory securities containing the information that would otherwise be required by section 51(2) of the Act.

(2) The exemption in clause 5 is subject to the conditions that—

• (a) Macquarie keeps, or causes to be kept, a register at its registered office in Australia; and

• (b) Macquarie keeps, or causes to be kept, a copy of the register at its New Zealand office; and

• (c) every holder of a specified particpatory security is entitled to inspect and take copies of the register at Macquarie's New Zealand office during normal office hours without payment of any fee; and

• (d) every registered prospectus relating to the specified participatory securities specifies Macquarie's New Zealand office as the place where a copy of the register may be inspected; and

• (e) the participation deed contains a covenant by Macquarie to provide the statutory supervisor with a copy of the register.

Dated at Wellington this 22nd day of January 2003.