Performance fees earned by Macquarie Bank Group

06 January 2005

The Macquarie Bank Group (“the Group”) advises that it has become entitled to performance fees from the following funds (for more detailed information on the performance fees, please refer to the ASX announcements made by those funds today):

Macquarie Airports (MAp)

A performance fee of $186.9 million was earned by MAp’s management/advisory companies for the six month period ended 31 December 2004.

Each six months the management/advisory companies of MAp are eligible to earn a performance fee if the MAp accumulation index outperforms the MSCI World Transportation Infrastructure Index (Benchmark). The performance fee is 20% of the outperformance of the Benchmark for the period.

In the period 1 July 2004 to 31 December 2004, the MAp accumulation index1 has outperformed the Benchmark2 by 38%, or $934.5 million.  The MAp accumulation index increased by 56% over the period compared to a 18% increase for the Benchmark.

The management/advisory companies will apply the performance fee to a subscription for MAp securities.

Macquarie Communications Infrastructure Group (MCG)

A performance fee of $57.91 million was earned by the manager of MCG for the six month period ended 31 December 2004.

Each six months the manager of MCG is eligible to earn a performance fee if the MCG accumulation index outperforms the S&P ASX 200 Industrials Accumulation Index (Benchmark). The performance fee is 20% of the outperformance over the Benchmark for the period.

In the period 1 July 2004 to 31 December 2004, the MCG accumulation index3 increased by 63.4% while the Benchmark4 increased by 14.6%%. MCG has therefore outperformed the Benchmark by 48.8%, or $289.56 million.

The manager will apply the performance fee to a subscription for MCG securities5

Macquarie Bank notes that these performance fees are higher than those anticipated at the time of its interim result announcement on 16 November 2004.

For further information please contact:

Matthew Russell
Public Relations
Macquarie Bank Limited
Tel: (612) 8232 4102

Erica Sibree
Investor Relations
Macquarie Bank Limited
Tel: (612) 8232 5008


1 The performance of the MAp accumulation index is measured as the average index value over the last 15 trading days of each six month period compared to the previous corresponding six month period.

2 The performance of the Benchmark (MSCI World Transportation Infrastructure Index) is measured as the average index value over the last 15 trading days of each six month period compared to the previous corresponding six month period.

3 The performance of the MCG accumulation index is measured as the average index value over the last 15 trading days of each six month period compared to the previous corresponding six month period.

4 The performance of the Benchmark (S&P ASX 200 Industrials Accumulation Index) is measured as the average index value over the last 15 trading days of each six month period compared to the previous corresponding six month period.

5 MCIML announced on 4 July 2003 that it had resolved to apply any future performance fees to a subscription for MCG securities, subject to variation with six months notice and any Corporations Act constraints.

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