Key features of Highpoint Notes

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Wednesday, February 9th 2005, 12:28PM

• 100% exposure to international equities
• Index used is Dow Jones Global Titans 50 (99.2% correlation to MSCI since 1969)
• Rising protection structure:
• Locks in each 10% gain from initial starting point on any day's closing position (i.e. if Index starts at 100, and closes on any given day at 110.2, Highpoint locks in 110 level to maturity)
• Protection guaranteed by Barclays Bank PLC (Long-term credit rating of AA by S&P)
• 100% cap on returns (short position created to pay for ladder of options required to achieve lock-ins)
• 9 year term, with 8.5yr exposure to Index, and final six months with optional redemptions at client's discretion (otherwise pays BKBM for this last 6mths)
• 5 year 'knockout' if 100% cap is reached any time before end of 5yrs to reduce the opportunity cost of this cap
• Issued by IPO
• No management fees (all built into pricing upfront)
• No forex risk (capital and lock-ins fully hedged to NZD)

"Dow Jones" and "Dow Jones Global Titans 50 IndexSM" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by MISL. MISL's Macquarie Highpoint Notes based on the Dow Jones Global Titans 50 IndexSM are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s).

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