MACQUARIE TECHNOLOGY GROUP LIMITED — Director's Dealing 2005

Jan 11, 2005

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity Macquarie Telecom Group Limited
ABN 72 056 712 228

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John Palfreyman
l Date of last notice	19 October 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change
No. of securities held prior to change
Class
Number acquired
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

$+$ See chapter 19 for defined terms.

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	Options to subscribe for ordinary shares in the. company, exerciseable at \$0.19 per option, granted by the company on 22 December 2004.
	The options vest on 29 November 2006 and lapse on 29 November 2009.
	The options can only be exercised if at any time prior to the date of exercise the market price of the company's shares on the ASX has been equal to or greater than the higher of: (a) $$0.25;$ and
	(b) an amount that is twenty five percent $(25%)$ more than the exercise price, for a continuous period of 20 trading days.
Nature of interest	Direct
Name of registered holder (if issued securities)
Date of change	22 December 2004
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Ni 1
Interest acquired
Interest disposed	$\blacksquare$
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Nil
Interest after change	400,000

⁺ See chapter 19 for defined terms.