MACQUARIE SPECIALIST INVESTMENTS MACQUARIE FLEXI 100 TRUST

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MACQUARIE SPECIALIST INVESTMENTS MACQUARIE FLEXI
100 TRUST CLIENT PRESENTATION
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Important information

• Presentation This presentation is prepared by
  Macquarie Financial Products Management Limited
  ACN 095 135 694 AFSL 237847 (MFPML), the issuer
  of units in the Macquarie Flexi 100 Trust ARSN
  129 962 189 (Macquarie Flexi 100, the Fund). An
  invitation by MFPML to investors to apply for
  units in Macquarie Flexi 100 is made in the
  Product Disclosure Statement dated 14 September
  2011 and the Supplementary Product Disclosure
  Statement dated 8 May 2012, together with the
  Website Offer Document dated 28 February 2013
  (together, the Offer Document). The Offer
  Document is available at macquarie.com.au/flexi
  or by phoning 1800 080 033 from MFPML. In
  deciding whether to acquire, or continue to hold,
  an interest in Macquarie Flexi 100, investors
  should obtain the Offer Document and consider its
  contents.
• The information in this presentation only applies
  to the June 2013 Offer of the Macquarie Flexi 100
  Trust and is current as at 8 March 2013.
• Confidential The information in this
  presentation is confidential. It must not be
  reproduced, distributed or disclosed to any other
  person. The information may be based on
  assumptions or market conditions and may change
  without notice.
• Loans The loans are offered by Macquarie
  Specialist Investments Lending Limited (MSIL)
  (unless otherwise determined by MFPML to be
  another Macquarie Group company, in which case it
  will be that Macquarie Group company) and are
  subject to approval.
• General advice warning The information contained
  in this presentation is general information only.
  It has been prepared without taking into account
  any potential investors financial situation,
  objectives or needs and the appropriateness of
  this information needs to be considered in that
  context. A person should consider the Offer
  Document in deciding whether to acquire, or
  continue to hold, an investment in the Macquarie
  Flexi 100 Trust. Potential investors should seek
  independent professional advice before making any
  investment decisions.
• Past performance Past performance is not a
  reliable indicator of future performance.
• Examples Any examples including any assumptions
  or figures, contained in this presentation are
  purely hypothetical and are not actual or
  potential returns, estimates, projections or
  forecasts for investments in the Macquarie Flexi
  100 Trust. Any examples have only been included
  for illustrative purposes. They have been
  prepared without taking into account any
  potential investors personal objectives,
  financial situation or needs. Examples are based
  on assumptions which may have a material effect
  on returns. The actual performance of
  investments will depend on future economic
  conditions, investment management and future
  taxation.
• No advice or verification This presentation does
  not constitute personal financial or taxation
  advice. Any taxation discussion in this
  presentation is based on current laws,
  anticipated legislation and Commonwealth
  announcements at the time of writing. The
  application of taxation laws to each investor
  depends on that investors individual
  circumstances. An investor should seek
  professional financial and taxation advice before
  deciding to invest. The material in this
  presentation has been prepared in good faith with
  all reasonable care. However, certain parts of
  this material are obtained or are based upon
  information obtained from third parties which may
  not have been checked or verified. Subsequent
  changes in circumstances may also occur at any
  time and may impact on the accuracy of the
  information. No responsibility Neither MFPML,
  Macquarie Bank Limited (MBL), MSIL nor any other
  Macquarie group company, or any officers,
  employees or agents takes any responsibility for
  the information contained in this presentation
  nor gives any representation or warranty as to
  the accuracy or completeness of the information
  nor does any of them accept any liability for
  loss or damage arising in anyway from the use of
  information in this presentation.
• Investments in the Macquarie Flexi 100 Trust are
  not deposits with or other liabilities of MBL,
  MSIL or any other member of the Macquarie group
  of companies and are subject to investment risk,
  including possible delays in repayment and loss
  of income or capital invested. None of MBL, MSIL
  or any other Macquarie group company guarantees
  any particular rate of return on, or the
  performance of the Macquarie Flexi 100 Trust, nor
  do any of them guarantee the repayment of capital
  from the Macquarie Flexi 100 Trust.

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Agenda
Macquarie Flexi 100 Trust (Macquarie Flexi 100)

• Macquarie Flexi 100 Key features
• June 2013 offer
• Key risks
• Worked examples
• Appendices

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Macquarie Flexi 100 Key features
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Note Key risks of Macquarie Flexi 100 are
discussed later in the presentation. 1. Excluding
Interest Loan. 2. Fixed distributions will be
less than interest payments.
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Flexi 100 June 2013 offer - Investment menu
Investment Opportunity Reference Asset
Australian Equity Focus A fixed basket of 20 equally-weighted shares with large market capitalisation listed on the ASX, also available with the benefit of No Hurdle.
Best-of Basket This strategy delivers upside exposure to the best performing of two baskets an ASX Tilt basket and a PIMCO Tilt basket.
Australian Equity SP/ASX 200 Index, 200 leading companies by market capitalisation listed on the ASX, also available with the benefit of No Hurdle.
Asian Equity An equally weighted basket of indices and index tracking funds with exposure to China, Hong Kong, Taiwan, Korea and Singapore, available with the benefit of No Hurdle.
US Equity SP 500 Index, 500 leading companies by market capitalisation listed on either the New York Stock Exchange or NASDAQ.
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Investment opportunities 3.5 Year Fixed
Distribution Classes
Investment Performance Cap Performance Cap Hurdle Gain Currency2 Participation Rate Breakeven3 Distribution Rate
Investment Indicative1 Type Hurdle Gain Currency2 Participation Rate Breakeven3 Distribution Rate
Australian Equity Focus (No Hurdle) 30 Share4 100 AUD 115 4.2 pa Years 1 to 2 4.0 paYear 3 2.0Total 10.0
Australian Equity Focus 65 Share4 110 AUD 115 6.8 pa Years 1 to 2 4.0 paYear 3 2.0Total 10.0
Best-of Basket Uncapped Term 110 AUD 130 6.3 pa Years 1 to 2 4.0 paYear 3 2.0Total 10.0

• 1. Actual performance caps will be determined on
  or before the Swap Start Date.
• 2. The Reference Asset Gain will be determined in
  this currency.
• 3. This is the average annual increase required
  during the term to break-even if the investment
  is held to maturity, assuming the Limited
  Recourse Investment Loan interest rate throughout
  the term is 7.25 pa, and a Loan Establishment
  Fee of 2, ignoring the effects of tax, currency
  movements and the time value of money.
• 4. The Share Performance Cap applies to the
  individual performance of each constituent share
  comprising the Reference Asset and not the
  performance of the Reference Asset itself.

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Investment opportunities 5.5 Year Fixed
Distribution Classes
Investment Performance Cap Performance Cap Hurdle Gain Currency2 Participation Rate Breakeven3 Distribution Rate
Investment Indicative1 Type Hurdle Gain Currency2 Participation Rate Breakeven3 Distribution Rate
Australian Equity (No Hurdle) 50 Term 100 AUD 100 4.7 pa Years 1 to 5 2.5 paAt Maturity 1.25Total 13.75
Australian Equity Uncapped Term 113.75 AUD 130 5.7 pa Years 1 to 5 2.5 paAt Maturity 1.25Total 13.75
Asian Equity (No Hurdle) 80 Term 100 USD 100 4.7 pa Years 1 to 5 2.5 paAt Maturity 1.25Total 13.75
US Equity Uncapped Term 113.75 USD 100 6.6 pa Years 1 to 5 2.5 paAt Maturity 1.25Total 13.75

• 1. Actual performance caps will be determined on
  or before the Swap Start Date.
• 2. The Reference Asset Gain will be determined in
  this currency, and if in USD, converted to AUD at
  the time of payment.
• 3. This is the average annual increase required
  during the term to break-even if the investment
  is held to maturity, assuming the Limited
  Recourse Investment Loan interest rate throughout
  the term is 7.25 pa, and a Loan Establishment
  Fee of 2, ignoring the effects of tax, currency
  movements and the time value of money

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Cashflow for the 3.5 Year Fixed Distribution Class
Assumes an investor invests 100,000 in the 3.5
Year Fixed Distribution Australian Equity Focus
(No Hurdle) Class and holds the investment to
Maturity, receiving either (i) the maximum amount
of gain at Maturity or (ii) no gain at Maturity
Upfront End of year 1 End of year 2 End of year 3 (i) Maturity (ii) Maturity
Loan Establishment Fee (rebateable) (2,000) - - - - -
Annual Interest Payment (7,250) (7,250) (7,250) (3,625) - -
Fixed Distributions - 4,000 4,000 2,000 - -
Potential gain at Maturity - - - - 34,5001 -
Investors net cashflow (pre tax) (9,250) (3,250) (3,250) (1,625) 34,5001 -
Investors total net cashflow (pre tax) 17,125 (17,375)
This example has been provided for illustrative
purposes only, and is not intended to be
indicative of the performance of any Unit Class
within Macquarie Flexi 100. 1. Maximum
potential gain at Maturity 100,000
(Indicative Share Performance Cap of 30 Hurdle
of 0) x Participation Rate of 115.
Alternatively if there is no gain at Maturity the
investors total net cashflow will be (17,375).
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Cashflow for the 5.5 Year Fixed Distribution Class
Assumes an investor invests 100,000 in the 5.5
Year Fixed Distribution Australian Equity (No
Hurdle) Class and holds the investment to
Maturity, receiving either (i) the maximum amount
of gain at Maturity or (ii) no gain at Maturity
Upfront End of year 1 End of year 2 End of year 3 End of year 4 End of Year 5 (i) Maturity (ii) Maturity
Loan Establishment Fee (rebateable) (2,000) - - - - - - -
Annual Interest Payment (7,250) (7,250) (7,250) (7,250) (7,250) (3,625) - -
Fixed Distributions - 2,500 2,500 2,500 2,500 2,500 1,250 1,250
Potential gain at Maturity - - - - - - 50,0001 -
Investors net cashflow (pre tax) (9,250) (4,750) (4,750) (4,750) (4,750) (1,125) 51,2501 1,250
Investors total net cashflow (pre tax) 21,875 (28,125)
This example has been provided for illustrative
purposes only, and is not intended to be
indicative of the performance of any Unit Class
within Macquarie Flexi 100. 1. Maximum
potential gain at Maturity 100,000
(Indicative Term Performance Cap of 50 Hurdle
of 0). Alternatively if there is no gain at
Maturity the investors total net cashflow will
be (28,125).
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Interest rates and fees
Current indicative interest rates for the first
year of the investment

• Limited Recourse Investment Loan
• Interest Loan

7.25 pa 10.25 pa
The Limited Recourse Investment Loan interest
rate may be reset annually, but will not increase
throughout the Term.

• Fees
• Loan Establishment Fee 2 of the Investment
  Loan, payable upfront
• This is rebateable if no Initial Advice Fee is
  agreed between the adviser and investor, meaning
  that no/reduced Loan Establishment Fee is payable
  by the investor
• Interest rate includes 0.55 pa (including GST)
  for an Ongoing advice fee
• This is rebatable if no Ongoing Advice Fee is
  agreed between the adviser and investor, meaning
  0.50 pa discount on the interest rate paid by
  the investor
• There is a Responsible Entity Fee of 0.3135 pa
  (inclusive of GST net of any reduced input tax
  credit), which is paid out of the assets of the
  Fund on each anniversary of the Unit Issue Date
  during the term and reflected in the Unit Price.
  This fee is fully funded by excess payments
  received by the Fund under the Collateral
  Agreement.

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Tax treatment

• Product Ruling the Australian Taxation Office
  has issued Product Ruling PR 2011/19 for the
  Limited Recourse Investment Loan. The Product
  Ruling applies to the Investment Opportunities
  and features outlined in the PDS dated 14
  September 2011 and the SPDS dated 8 May 2012.1
• Distributions should be ordinary income.
• Limited Recourse Investment Loan subject to an
  investors individual circumstances, interest on
  the Investment Loan should be deductible up to
  the Reserve Bank of Australias indicator
  variable rate for standard housing loans plus 100
  basis points (as at the month of February 2013,
  this was 7.45 pa).
• At Maturity any gain on redemption should be a
  distribution of ordinary income.

1. Product Ruling PR 2011/19 only rules on the
application of tax laws and in no way expresses
or implies a guarantee or endorsement of the
commercial viability of the Macquarie Flexi 100
Trust, of the soundness or otherwise of the
Macquarie Flexi 100 Trust as an investment, or of
the reasonableness or commerciality of any fees
charged in connection with the Macquarie Flexi
100 Trust.
The information contained in this summary is of a
general nature only. It does not constitute legal
or tax advice and does not seek to address all of
the tax issues that may be relevant to a
particular investor. The application of taxation
laws to each investor depends on that investors
individual circumstances. Accordingly, investors
should seek independent professional advice on
taxation implications before making any
investment decisions. Furthermore, the summary is
limited in scope to the key tax implications for
Investors who are residents of Australia for tax
purposes, who hold their Units in Macquarie Flexi
100 and any put options on capital account and
whose dealings are all at arms length.
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Key information

• 25,000 5,000 per class, minimum increments of
  1,000
• PDS dated 14 September 2011, SPDS dated 8 May
  2012, together with the Website Offer Document
  dated 28 February 20131
• 28 June 20121
• 30 June 20131
• 3.5 Year Fixed Distribution Classes 19 December
  2016
• 5.5 Year Fixed Distribution Class 17 December
  2018

• Minimum Investment
• Offer document
• Applications Close
• Unit Issue Date
• Maturity Dates

• 1. MFPML reserves the right to vary the dates and
  times of the proposed offer, without prior
  notice.

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Key risks

• Poor performance The risk that an investment in
  the Fund will be adversely affected if the
  Reference Asset performs poorly. The current
  global economic downturn and high levels of
  volatility in equity and other markets increase
  the risk that the relevant Reference Asset may
  not perform well enough for you to make a gain on
  an investment in the Fund.
• Borrowing to invest There is a material risk
  that the total value of the returns at Maturity
  (if any) and Distributions paid throughout the
  Term will be less than the total interest
  payments and other costs. If this occurs you will
  have lost money at Maturity. In addition, you
  should take into account relevant taxation
  considerations and the time value of money.
• Counterparty risk The risk that the
  Counterparties to the agreements through which
  the Fund gains its exposure to the Reference
  Assets (the Swap Counterparty and Collateral
  Counterparty) do not meet their obligations.
• Early termination risk Your exposure to the
  Reference Asset may be terminated prior to the
  Maturity of the Units in a number of
  circumstances outlined in Section 4.1 of Part II
  of the PDS such as a material change in the Swap
  Counterpartys cost of hedging or ability to
  hedge its exposure, a change in the liquidity of
  the Reference Asset or a change in law (amongst
  other factors). In such circumstances, the Swap
  Counterparty may seek to terminate the Swap
  Agreement early. If this occurs you will be
  required to repay your Investment Loan, and any
  Interest Loan (together with any break costs),
  your Units will be redeemed and you will no
  longer have exposure to the Reference Asset or
  entitlement to any further Distributions. You
  will not receive a refund of any prepaid
  interest.
• Foreign exchange risk For the Asian Equity and
  US Equity classes, the risk that movements in the
  AUDUSD foreign exchange rate will adversely
  affect the return from your Units throughout the
  Term.
• Interest deductibility The ATO may adopt a
  position which could lead to the denial of part
  or all of your tax deductions for some or all
  interest expenses referable to your Investment.
• Please note that Macquarie Flexi 100 does not
  invest directly in the underlying reference
  asset, but obtains exposure through a Swap
  Agreement and Collateral Agreement. An investor's
  investment may be subject to additional risks.
  Please refer to the Risks section of the PDS.

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Worked example 1 - Market increaseFixed
Distribution 5.5 Years - Australian Equity (No
Hurdle) Class
An investor invests in the Fixed Distribution 5.5
Years Australian Equity (No Hurdle) Class and
holds the investment to Maturity.
Potential returns
Total Distribution payments received over the term 13,750 100,000 x (2.5 x 5 1.25)
Reference Asset Gain received at Maturity 50,000
Total received over the term of the investment 63,750 Total distributions paid over the term and Reference Asset Gain paid at Maturity
Total costs over the term (Loan Establishment Fee plus annual interest payments) (41,875) 100,000 x (7.25 x 5.5 2)
Net Return over the term of the investment 21,875 Total received over the term of the investment less total costs

• Assumptions
• Interest rate is 7.25 pa each year
• Investor borrows 100,000 to invest
• Fixed Hurdle of 100
• Fixed Term Performance Cap of 501
• Fixed Participation Rate of 100
• SP/ASX 200 Initial Investment Level of 5,000
• SP/ASX 200 Hurdle level of 5,000 (100 x 5,000)
• SP/ASX 200 Closing Level of 7,600
• Final Investment Level is the lesser of
• SP/ASX 200 Closing Level of 7,600
• SP/ASX 200 capped level of 7,500 (5,000 5,000
  x 50)
• Therefore the Final Investment Level is equal to
  the capped level of 7,500

• This example has been provided for illustrative
  purposes only, and is not intended to be
  indicative of the performance of any Unit Class
  within Macquarie Flexi 100.
• 1. The actual Term Performance Cap will be
  determined on or before the Swap Start Date,
  published at macquarie.com.au/flexi and could be
  lower than the indicative terms depending on
  market conditions at the time, in particular the
  level and volatility of the Reference Asset.

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Worked example 1 - Market increaseFixed
Distribution 5.5 Years - Australian Equity (No
Hurdle) Class
This graph illustrates the Fixed Distributions
Received, Fees and Costs and Reference Asset Gain
at Maturity that an investor would receive and
incur based on the assumptions in Example 11
SP/ASX 200 Index Level
1. This example has been provided for
illustrative purposes only, and is not intended
to be indicative of the performance of any Unit
Class within Macquarie Flexi 100.
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Worked example 2 - Market decreaseFixed
Distribution 5.5 Years - Australian Equity (No
Hurdle) Class
An investor invests in the 5.5 Year Fixed
Distribution Australian Equity (No Hurdle) Class
and holds the investment to Maturity.
Potential returns
Total Distribution payments received over the term 13,750 100,000 x (2.5 x 5 1.25)
Reference Asset Gain received at Maturity 0 Closing Level of the SP/ASX 200 has fallen below the Hurdle Level. Therefore no gain at Maturity
Total received over the term of the investment 13,750 Total distributions paid over the term and Reference Asset Gain paid at Maturity
Total costs over the term (Loan Establishment Fee plus annual interest payments) (41,875) 100,000 x (7.25 x 5.5 2)
Net Return over the term of the investment (28,125) Total received over the term of the investment less total costs

• Assumptions
• Interest rate is 7.25 pa each year
• Investor borrows 100,000 to invest
• Fixed Hurdle of 100
• Fixed Term Performance Cap is 501
• Fixed Participation Rate of 100
• SP/ASX 200 Initial Investment Level of 5,000
• SP/ASX 200 Hurdle level of 5,000 (100 x 5,000)
• SP/ASX 200 Closing Level of 4,900
• Therefore the Final Investment Level is 4,900

• This example has been provided for illustrative
  purposes only, and is not intended to be
  indicative of the performance of any Unit Class
  within Macquarie Flexi 100.
• 1. The actual Term Performance Cap will be
  determined on or before the Swap Start Date,
  published at macquarie.com.au/flexi and could be
  lower than the indicative terms depending on
  market conditions at the time, in particular the
  level and volatility of the Reference Asset.

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Worked example 2 - Market decreaseFixed
Distribution 5.5 Years - Australian Equity (No
Hurdle) Class
This graph illustrates the Fixed Distributions
Received, Fees and Costs and Reference Asset Gain
at Maturity that an investor would receive and
incur based on the assumptions in Example 21
SP/ASX 200 Index Level
1. This example has been provided for
illustrative purposes only, and is not intended
to be indicative of the performance of any Unit
Class within Macquarie Flexi 100.
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AppendicesHistorical performance of the Best-of
Basket

• Historical performance of the two portfolios
  compared to the SP/ASX 200

Period Returns Period Returns
1 yr 10.0
2 yr 9.3
3 yr 18.4
5 yr 28.4
Important to note Period Returns are for the
best performing of ASX Tilt or PIMCO Tilt.
Historical performance of the ASX Tilt and PIMCO
Tilt portfolio. Note past performance is not a
reliable indicator of future performance.
Bloomberg L.P has published this trading data and
has not consented to the use of the trading data
in this presentation. This graph was produced by
MFPML, not by Bloomberg (based partly on the
trading data obtained from Bloomberg). Past
performance is not an indicator of future
performance or the performance of an investment
in Macquarie Flexi 100.
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Australian Equity
SP/ASX 200 Index
Period Returns Period Returns
1 yr 14.5
2 yr 2.6
3 yr 6.8
5 yr -13.7

• Historical performance of the SP/ASX 200, in
  AUD. Note past performance is not a reliable
  indicator of future performance.
• Bloomberg L.P has published this trading data
  and has not consented to the use of the trading
  data in this presentation. This graph was
  produced by MFPML, not by Bloomberg (based on the
  trading data obtained from Bloomberg). Past
  performance is not an indicator of future
  performance or the performance of an investment
  in Macquarie Flexi 100.

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Asian Equity
Asian Equity Basket
Period Returns Period Returns
1 yr 7.9
2 yr -4.8
3 yr 12.2
5 yr 4.0

• Historical performance of the Asian Equity
  Basket, in USD. Note past performance is not a
  reliable indicator of future performance.
• Bloomberg L.P has published this trading data
  and has not consented to the use of the trading
  data in this presentation. This graph was
  produced by MFPML, not by Bloomberg (based on the
  trading data obtained from Bloomberg). Past
  performance is not an indicator of future
  performance or the performance of an investment
  in Macquarie Flexi 100.

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US Equity
SP 500 Index
Period Returns Period Returns
1 yr 14.1
2 yr 16.5
3 yr 39.5
5 yr 8.7

• Historical performance of the SP 500 Index, in
  USD. Note past performance is not a reliable
  indicator of future performance.
• Bloomberg L.P has published this trading data
  and has not consented to the use of the trading
  data in this presentation. This graph was
  produced by MFPML, not by Bloomberg (based on the
  trading data obtained from Bloomberg). Past
  performance is not an indicator of future
  performance or the performance of an investment
  in Macquarie Flexi 100.

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Best-of Basket

• In this investment opportunity, the investor has
  the benefit of automatically receiving the best
  performing of two baskets
• ASX Tilt portfolio comprising 60 per cent SP/ASX
  200, 20 per cent Winton Global Alpha Fund and 20
  per cent PIMCO GIS Total Return Bond Fund
• PIMCO Tilt portfolio comprising 60 per cent PIMCO
  GIS Total Return Bond Fund, 20 per cent SP/ASX
  200 and 20 per cent Winton Global Alpha Fund.

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Asian Equity Basket
The table below lists the relevant weightings of
the Asian Equity Basket.
Reference Asset Constituent Regional Exposure Weight Description
Hang Seng H-Share Index ETF China 20 ETF which seeks to provide investment returns closely matching the performance of the Hang Seng China Enterprises Index.
Tracker Fund of Hong Kong Hong Kong 20 ETF which seeks to provide investment returns closely matching the performance of the Hang Seng Index.
MSCI Taiwan Index Taiwan 20 Market capitalisation-weighted index of Taiwanese securities listed on the Taiwan Stock Exchange.
KOSPI 200 Index South Korea 20 Market capitalisation-weighted index of 200 Korean securities listed on the Korea Stock Exchange.
MSCI Singapore Index Singapore 20 Market capitalisation-weighted index of Singapore securities listed on the Singapore Stock Exchange.
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Australian Equity Focus Basket
The table below lists the stocks that are
included in the Australian Equity Focus Basket.
Reference Asset Constituent ASX Code
Amcor Limited AMC
AMP Limited AMP
Australia and New Zealand Banking Group Limited ANZ
BHP Billiton Limited BHP
Brambles Limited BXB
Commonwealth Bank of Australia CBA
CSL Limited CSL
National Australia Bank Limited NAB
Newcrest Mining Limited NCM
Origin Energy Limited ORG
Reference Asset Constituent ASX Code
QBE Insurance Group Limited QBE
Rio Tinto Limited RIO
Santos Limited STO
Suncorp Group Limited SUN
Telstra Corporation Limited TLS
Wesfarmers Limited WES
Westfield Group WDC
Westpac Banking Corporation WBC
Woodside Petroleum Limited WPL
Woolworths Limited WOW
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Australian Equity Focus Basket
Australian Equity Focus Basket

• A fixed, equally-weighted basket of 20 shares
  with large market capitalisation listed on the
  ASX
• Each constituent shares contribution to the
  Australian Equity Focus Baskets performance is
  capped by the Share Performance Cap
• Indicative Share Performance Cap1 of 30 for
  Class CJ
• Indicative Share Performance Cap1 of 65 for
  Class CK
• Comparison
• Capped basket of shares
• Weighted return from each share added together
  total return then capped
• Basket of individually capped shares
• Return from each share is capped total return
  is the sum of each weighted individual capped
  share return.
• Returns are likely to be lower than that of a
  capped basket of shares
• Return above the Hurdle will be multiplied by a
  fixed Participation Rate of 115

1. The actual Share Performance Caps will be
determined as at the Swap Start Date, published
at www.macquarie.com.au/flexi and could be lower
than the indicative Share Performance Cap
depending on market conditions at the time, in
particular the level and volatility of the
Reference Asset.
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