\[\frac{4^{5} \cdot 2^{6}}{32^{3}} = \frac{4^{5} \cdot 2^{6}}{4^{3} \cdot 8^{3}} = \frac{4^{2} \cdot 2^{6}}{\left( 2^{3} \right)^{3}} =\]
\[= \frac{{(2}^{2})² \cdot 2^{6}}{2^{9}} = \frac{2^{4}}{2^{3}} = 2.\]