MACQUARIE GLOBAL INVESTMENTS

The world’s first suspension bridge was built acrossJacob’s Creek in Pennsylvania in 1801. Today, the same engineering principles form the basis of Norman Foster’sgraceful span across the Tarn River Gorge in France.

Innovative minds discover uncommon investment opportunities

In1804,a British inventor introduced the first

working railway locomotive in a small town in Wales.

Shinkansen trains now speed151million travellers

a year across Japan at 300 kilometres an hour.

[A] mind, once stretched by a new idea,never regains its original dimensions.OLIVER WENDELL HOLMES

The history of humankind is written by inventions. We make sense of our past bypinpointing moments in time when certain ideas took hold: the wheel, the enlightenment, the renaissance, the internet.

By taking hold of new ideas, we reshapeour lives and our future. And that’s whatMacquarie Global Investments has beendoing for years—introducing new and innovative investment ideas to enhance ourclients’ futures.

Macquarie Global Investments harnessesthe power of ideas to create specialized investment opportunities in markets aroundthe world. Our relentless curiosity drives the development of a wide spectrum of financial products and services, including:

• Capital-protected equity solutions and investment lending

• Investment management expertise in niche sectors and asset classes such as infrastructure, emerging markets, healthcare, global property securities, and globalfixed income

• Non-traditional investment management solutions including hedge funds, agriculture, co-investment opportunities ininfrastructure and real assets, and other alternative investments.

Bringing global knowledge to local markets

Founded in Sydney, Australia, we reshapedthe landscape for investors and the financialservices industry by developing a series of award-winning products and innovativeinvestment opportunities. Our success therehas enabled us to expand across the globe.

In Canada, we collaborate with investmentadvisors and clients to introduce unique investment solutions specifically tailored tothe Canadian market. And we partner with leading Canadian institutions to deliverthese customized products through closed-end funds, mutual funds, privatefunds, structured products and sub-advisoryagreements.

Pedigreeof progress

Information never sleeps. Satellites, radio antennas

and groundstations form a network of communication

links that have transformed the way commerce is

conducted in our global business environment.

The power of an idea often lies in its carefulapplication. And that’s where our parentcompany comes in.

Macquarie Group is a global financial services firm with more than 70 officesaround the world—one third of which are inNorth America. Since 1969, Macquarie’sbusiness has been driven by a deliberatefocus on areas where our particular skillsand expertise deliver a real advantage for clients. As a result, we have establishedleading positions in a diverse range of market segments and regions internationally:

• World’s ninth largest equities research platform1

• Fourth largest marketer of natural gas inNorth America2

• Highly rated global advisor for mergers and acquisitions

• Award-winning global project finance firm • Top 40 global asset manager• Assets under management of approxi-mately $CAD300 billion3

Our people have the deepest knowledge inkey sectors such as resources and energy,infrastructure, real estate and financial institutions. In all, we have the resourcesand expertise needed to help you fulfil yourinvestment goals.

Responsible risk management

The key to our offerings across all our businesses remains at the client level: we’ve built our reputation on developing products and services that place our clients’needs first. Of course, all these solutionsmust meet our rigorous risk managementstandards.

Macquarie’s approach to risk managementis long-standing. Best practices are embedded in business unit management,with central oversight of credit, market,funding, compliance and operational risk. These, together with committed, high-quality employees, are key drivers of Macquarie’s success.

As Macquarie expands across the globe,our aim is to apply the resources and experience of a global organization with anunderstanding of the local environment. In Canada, we are focused on creating solutions to help Canadian investors accessnew areas of opportunity.

1 By number of stocks under research coverage, as at September 30, 2010.

2 As at September 30, 2010. 3 As at September 30, 2010.

Globalresources,local approach

Ancient steelworks have been found in Greek ruins

dating back 4,000 years.This sturdy combination

of iron and carbon has been widely adopted

across the globe and is singlehandedly responsible for

thousands of industrial achievements ever since.

We specialize in generating innovative investment ideas to meet your needs—andthose of all our investors worldwide. Thesuccess of Macquarie’s Canadian operationsreflects our philosophy to expand selectively.We are not here to duplicate products already on the shelves in the Canadian market. Instead, we are creating unique investment solutions that deliver real benefitsto clients. Our focus is on innovation, notreplication.

We source the best asset managementservices in the world in order to deliver thatexpertise to you. To that end, one of our key strategic partners is Macquarie FundsGroup (MFG)—the top 40 global asset manager referenced on the previous page.

MFG is a strong, established fund management franchise, particularly in Australia and the US, with over $CAD300 billion in assets under management (as atSeptember 30, 2010). MFG offers a diverserange of products including securities investment management, infrastructure and real asset management and fund- and equity-based structured products.

The unit has more than 1,500 employees inAustralia, Asia, the UK, Europe and theAmericas, including U.S.-based subsidiaryDelaware Investments, which has managed money for clients since 1929.They have extensive experience in identifyinginvestment ideas with potential for pensionfund, institutional and retail investors alike.

Macquarie Global Investments is now able to bring this specialist approach toCanadian investors interested in enhancingtheir portfolios with uncommon investmentopportunities.

Committed to success

Macquarie Global Investments has made a significant commitment to products and services that enhance the investor experience in Canada. Advisors and investors across the country are learningwhat can happen when you look at theworld differently.

Thousands have already taken advantage of our experience and discovered how uncommon ideas can lead to uncommonopportunities—in wealth creation, assetmanagement, and more. We invite you todo the same.

To learn more, visit us at macquarieglobalinvestments.caor call us toll-free at 1 877 484 4665.

Combiningscale andinnovation

In 1813, Australia’s most successful earlygovernor, Lachlan Macquarie, overcame anacute currency shortage with ingenuity. Hepurchased Spanish silver dollars, punchedout the centres and created two new coins: the “Holey Dollar” and the “Dump.”

Thanks to this idea, Governor Macquariewas able to do three things:

1. Double the number of coins in circulation;2. Increase their total worth by 25 per cent;and

3. Prevent the coins from leaving the colony.

Governor Macquarie’s creation of the Holey Dollar was an innovative financial solution, making it the ideal inspiration forthe Macquarie Group name and logo.

About Macquarie Group

Established in 1969, Hill Samuel AustraliaLimited opened its doors in Sydney with a staff of three executives. Aspiring tooffer a range of financial services and products of the highest quality in terms ofservice, knowledge and skill, Hill SamuelAustralia soon began to win significant mandates. Fifteen years later, directors atHill Samuel Australia decided that the time was right to restructure the businessas a new Australian trading bank. In 1985,Macquarie Bank Limited was established—with a name and symbol honouring Governor Macquarie and his innovative approach to problem solving.

Today, Macquarie Group Limited provides financial, advisory, investment and funds management services to institutional, corporate and retail clients and counterparties around the world—andwe’ve been doing it in Canada for over adecade.

History of innovation

Turning ideas into opportunities for investors and investment advisors

Get in on the opportunityToll-free 1 877 484 4665

macquarieglobalinvestments.ca

No entity within the Macquarie Group of Companies is registered as a bank or an authorized foreign bankin Canada under the Bank Act, S.C. 1991, c. 46 and no entity within the Macquarie Group of Companies isregulated in Canada as a financial institution, bank holding company or an insurance holding company.Macquarie Bank Limited ABN 46 008 583 542 (MBL) is a company incorporated in Australia and authorizedunder the Banking Act 1959 (Australia) to conduct banking business in Australia. MBL is not authorized toconduct business in Canada. No entity within the Macquarie Group of Companies other than MBL is anauthorized deposit-taking institution for the purposes of the Banking Act 1959 (Australia), and theirobligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwiseprovide assurance in respect of the obligations of any other Macquarie Group company.