Macquarie Private Capital Group closes oversubscribed

16 March 2005

The Initial Public Offer of 55 million Stapled Securities in the Macquarie Private Capital Group (MPCG) closed on Friday 4 March 2005. The MPCG offer was heavily oversubscribed with broker firm bids accounting for approximately two and a half times the available stock.

The MPCG Boards met on 14 March 2005 to accept applications and make a final allotment of Stapled Securities. Notification of the acceptance or rejection of applications will be sent to applicants on or around 16 March 2005.

Consistent with the MPCG Offer Document and Asset Sale Agreements the Macquarie Select Opportunities Trust has been issued with approximately 52 million Stapled Securities in MPCG as consideration for the sale of the Initial Portfolio of private equity investments to MPCG.

Subject to final completion of the acquisition of MPCG’s initial investment portfolio and admission by the Australian Stock Exchange (ASX) to the Official List, MPCG will be a listed private equity group, investing in both traditional private equity sectors (venture, expansion stage and buy-out capital) as well as private equity type investments in sectors such as property, commodities and infrastructure.

It is expected that MPCG will list on the ASX on 22 March 2005. The stock code will be MPG. Upon quotation, investors should be able to purchase Stapled Securities in MPCG by buying them on the ASX through their broker or financial adviser.

The Boards of MPCG thank investors for the strong support they have shown the offer. While it is expected that MPCG will list with an almost 50% exposure to a seeded portfolio of established private equity assets, the private equity market both in Australia and globally currently presents a wide range of investment opportunities for MPCG. The Boards of MPCG look forward to the opportunity of making selected private equity investments with the funds raised in the offer.

MPCG CEO Robert Credaro said that the he believed that the pleasing response to the offer reflected the benefits to investors of the seeded portfolio, the strong track record of the MPCG Manager and the strength of the MPCG Boards, which include independent directors with extensive private equity experience.

He said MPCG is now focussed on finalising the listing and investing the funds raised into private equity funds and related co-investments.

For further information, please contact:

Irene O'Brien
Head of PR & Communication
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309

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