Information for existing Macquarie Equinox Class D Share Investors

Important information - suspension of redemptions in all classes of Macquarie Equinox Limited (Macquarie Equinox)

Redemptions for all Macquarie Equinox investments have been suspended until further notice. For more information, please click here.

Redemption requests submitted for redemption dates prior to 28 November 2008 will be processed in accordance with normal redemption procedures. All other redemption requests received (including requests for the 28 November redemption date) will be held over until the suspension is lifted.

The offer of Class D Participating Shares of Macquarie Equinox Limited is closed.

Macquarie Equinox Index - Class D is the net asset value, expressed in euro, of Class D Participating Shares of Macquarie Equinox Limited, and hence it reflects the performance of the portfolio pertaining to Class D Participating Shares.

October 2008 Performance Information

Performance information for the Class D Participating Shares as at month end October 2008 is as follows:

November 2008 Estimated Performance Information

We expect final performance information for November to be available mid to late January 2009. Estimated performance figures are shown below.

* The NAV per Share is inclusive of a holding in the Drake Global Opportunities Fund (“Drake”), which represented approximately 5.49% of the Equinox Class D portfolio as at 31 October 2008.

Drake has commenced the process of winding down and is liquidating its underlying investments. To realise its investments in an orderly manner, Drake has chosen to pay investors proceeds of the liquidation over a scheduled timeframe. Drake has tentatively indicated that payments will be made over a 12 month period.

When the liquidation proceeds are made available they will be reinvested by Macquarie Equinox Limited.

Due to the scheduled timeline, there may be a delay for redeeming investors in receiving the Drake portion of their investments.

If you are have any queries please contact the Client Service Team on 1800 025 513.

^ The figure has been rounded up two decimal places

^# Class D Inception - January 2005

⁺ The Managed Capital Level and Profit Increments only apply on the Managed Capital Return Date and are subject to the terms and conditions of the Threshold Management Agreement as described in the Summary Document for the Class D Shares. The timing and magnitude of Profit Increments are at the discretion of Equinox.

Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

This general advice has been provided by Macquarie Securities (Australia) Limited ABN 58 002 832 126 (“MSAL”), a holder of an Australian Financial Services Licence.  Before acting on this general advice, you should consider the appropriateness of the advice having regard to your particular situation. This advice does not take account of your objectives, financial situation or needs. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

The information pertaining to investment performance of class D shares does not represent the prices payable on redemption or transfer. Redemption and transfer prices will be calculated in accordance with the methodology set out in the Summary Document dated 12 January 2005 ("Offer Document"). You should obtain a copy of the Offer Document from MSAL and consider it before making any investment decision.  MSAL has made every effort to ensure the performance information is accurate and has provided the information in good faith, however its accuracy, reliability or completeness is not guaranteed and no responsibility for the accuracy, completeness or timeliness of the information is accepted.

Macquarie Equinox Limited ("Equinox "), a company incorporated in Bermuda, is not an authorised deposit taking institution for the purposes of the Banking Act (Cth) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie") or any other Macquarie Group company. Macquarie does not guarantee or otherwise provide assurance in respect of the obligations of Equinox.

The distribution of the information in jurisdictions outside Australia may be restricted by law and persons into whose possession the information comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of an applicable jurisdiction.

Investors are reminded of the risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment.

Information is current at 8 August 2007 and may change without notice.