Macquarie Group Limited — AGM Information 2011

Jul 27, 2011

2011 Annual General Meeting 28 July 2011

Disclaimer

The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (Macquarie) and is general background information about Macquarie’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Macquarie’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Macquarie’s control. Past performance is not a reliable indication of future performance.

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2011 Annual General Meeting Kevin McCann AM, Chairman 28 July 2011

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• This time last year, we reflected on a general improvement in market conditions and sentiment post the extreme financial shocks of 2008 and 2009

• However, uncertainty re-emerged in 1H11 due to concerns over European sovereign debt and the strength of the US recovery

• Whilst this uncertainty continued throughout 1H11, we saw an improvement in 2H11

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PURCHASING MANAGERS INDEX [1]
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GDP [2]
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12-mth pro-rated GDP growth
Index Index annual average % change
65 65 7
6
60 expansion 60
5
55 55
4
50 50
3
45 45 2
1
40 40
EU
contraction 0
35 UK 35
-1
US
30 China 30 -2
US Asia-Pacific
JP
25 25 -3
Mar 09 Mar 10 Mar 11 Mar 09 Mar 10 Mar 11
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1. Purchasing Managers Index: An index of monthly manufacturing activity. Source: US: ISM, EU/UK: Markit, China: National Bureau of Statistics, JP: Nomura JMMA. 2. GDP: Shows pro-rated consensus GDP forecasts for the year ahead. Source: Consensus Economics.

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MUTUAL FUNDS FLOW [1]
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US CREDIT SPREADS
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$USb Index Bps Bps
40 Net cash flow into long term stock US 1,500 2,000 US Credit Spreads (over 10 yr Treasuries) 2,000
mutual funds (3 month average) LHS
30 S&P 500 (RHS) 1,400
AAA Spread
1,600 1,600
1,300
20 BBB Spread
1,200 High Yield Spread
10
1,200 1,200
1,100
0
1,000
800 800
-10
900
-20
800
400 400
-30 700
-40 600 0 0
Mar 09 Mar 10 Mar 11 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11
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Source: Datastream. 1. Mutual funds flow: Shows the net inflow/outflow of money into long-term mutual funds and the relationship with the S&P 500 (US equity market).

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FY11 Operating income of $A7,644m
2H11 up 9% on 1H11
$Am
4,000
2,000
0
2H09 1H10 2H10 1H11 2H11
FY11 Earnings Per Share of $A2.83
$A 2H11 up 37% on 1H11
2.00
1.00
0.00
2H09 1H10 2H10 1H11 2H11
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FY11 Profit of $A956m
2H11 up 37% on 1H11
$Am
800
400
0
2H09 1H10 2H10 1H11 2H11
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FY11 Dividends Per Share of $A1.86 In line with FY10

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$A
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1.00
0.00
2H09 1H10 2H10 1H11 2H11
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• FY11 dividend set at $A1.86, in line with FY10 ~ 67% payout ratio

• 2H11 dividend $A1.00, up from 1H11 dividend of $A0.86

• Dividends remain unfranked

• Dividend policy remains 50 – 60% annual payout ratio

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Macquarie’s 10 year average Return on Equity: 19.5% compared to industry average[1] : 10.7%

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Macquarie Group
International investment
banks [3]
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1. Industry return on equity (ROE) includes ROE of investment banks where this information is publicly available. Average of most recent 10 years, except in cases where 10 years of continuous data is not available for an investment bank, in which case the longest time period for which continuous data is available for that investment bank has been used. Source: Bloomberg. 2. Source: Bloomberg. 3. International investment banks comprise Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JPMorgan Chase, Lazard, Morgan Stanley and UBS.

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Since the GFC, Macquarie has outperformed the MSCI World Capital Markets Index by 10%[1]

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Index

1. Source: Factset. MSCI World Capital Markets and Macquarie Group information, presented on a total return basis, quoted in USD and rebased to 1 Aug 07.

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Staff driven initiatives supported by the Macquarie Group Foundation

Volunteering Financial support

Skills transfer

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• 1,300+ community organisations

• $A145 million+ over 26 years

Leveraging our expertise

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2011 Annual General Meeting 28 July 2011

Overview of the Result Announcement for the year ended 31 March 2011 Nicholas Moore, Managing Director and Chief Executive Officer 28 July 2011

FY11 vs FY10 2H11 vs 1H11 Operating income $A7.6b 15% $A4.0b 9% Operating expenses $A6.4b 19% $A3.2b Flat Tax expense $A282m 40% $A197m 132% Profit $A956m 9% $A553m 37% Earnings per share $A2.83 12% $A1.63 37% Dividend per share $A1.86 Flat $A1.00 16% from from Return on equity 8.8% 10.2% 10.1% 7.4%

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Increase in income from annuity style businesses[2] more than offset impact from subdued market conditions

12 months to 31 March 10 12 months to 31 March 11 $A7.0b $A7.6b

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22% 18%
8%
16%
17%
8%
11%
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16%
27%
5%
18%
14%
9% 11%
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Institutional and retail cash equities

Equity derivatives

Funds management

M&A and advisory income

Asset and equity investments

Commodities, resources and foreign exchange

Lending, leasing and margin related income

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1. Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items. 2. Annuity style businesses primarily represent MFG, CAF and BFS.

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EUROPE, MIDDLE EAST
ASIA AMERICAS
& AFRICA [3]
Income: $A1,009m (14% of total) Income: $A1,150m (16% of total) Income: $A2,229m (30% of total)
Staff: 1,613 Staff: 2,834 Staff: 3,723
AUSTRALIA
Income: $A2,891m (40% of total)
Staff: 7,386
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1. Operating income for year to 31 Mar 11. Operating income in each region excludes earnings on capital and other corporate items. 2. Staff numbers at 31 Mar 11. 3. Excludes staff in Macquarie First South joint venture and staff seconded to Macquarie Renaissance joint venture (Moscow).

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Diversified income
Operating income by region
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64% of operating income in 2H11 is generated offshore

– FX translation estimated to have a negative impact of approx. 5% due to strengthening of AUD by an average of 10% against major currencies

1. Operating income excludes earnings on capital and other corporate items.

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OPERATING INCOME BEFORE GAINS FROM LISTED FUND INITIATIVES UP 51%

Fund performance

Infrastructure Manager of the Year[4] , won 20 2011 Lipper Awards for superior performance[5]

Inflows

Highest number of Australian institutional mandates awarded[6] , MIRA ($A2b+), Delaware Investment ($US15b including capital appreciation), Australian retail structured products ($A0.3b)

New product development

Chinese real estate, Korean private equity, Chinese infrastructure, Global Income Opportunities strategy

MIRA fund investments

22 investments representing $A3.5b+ in equity investment

Building for the future

Continued build out of Asian unlisted funds platform Acquisition: INNOVEST Kapitalanlage AG Successfully expanded wholesale business: US, Europe

In FY11, Macquarie Capital Funds was transferred out of Macquarie Capital to Macquarie Funds and was renamed Macquarie Infrastructure and Real Assets. Comparative figures have been restated for group restructures undertaken during the year. 1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 3. FY10 included significant gains from listed fund initiatives, which were not repeated in FY11. 4. 2010 Annual Financial News’ Awards (European Institutional Asset Management) 5. Including 4 group awards (for Delaware Investments and INNOVEST Kapitalanlage AG). 6. Source: Rainmaker Mandate Chaser report for the year to 31 Dec 10.

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 Decrease in AUM due to:

• Impact of CMT transfer into CMA ($A9.6b in Jul 10)

• Net fund inflows and equity movements of $A21b, more than offset by decrease due to FX of $A27b

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$Ab
350 Fixed income Direct infrastructure $A326b
Equities Cash $A310b
300 Direct real estate Currency
Other
$A243b
250 $A232b
$A197b
200
150
100
50
0
Mar 07 Mar 08 Mar 09 Mar 10 Mar 11
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WEAK MARKETS IN 1H11 FOLLOWED BY STRONG 2H11

Metals

Increased equity realisations on strength in resource equity markets

A riculture g

Energy

Higher client activity on rally in agricultural commodity prices and volatility Depressed natural gas prices limited trading opportunities No.4 physical gas marketer in North America[3]

Fixed Income and FX Building for the future

Lower volumes in line with broader market, transformation from Sydney-based, 24-hour currency provider to global business with regional hubs Established Asian regional hub in Singapore Extended MBL Seoul Branch to include OTC derivatives Expanded physical oil and established physical base metals business Addition of a commercial mortgage finance and CMBS team in NY

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1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 3. PlattsGasDaily (Dec 10).

ASSET AND LOAN PORTFOLIO OF $A17.3B, UP 22% ON FY10

240,000+

$US1.6b

$A1.5b

Building for the future

Total motor vehicle leasing contracts post $A1.0b GMAC acquisition Completed acquisition of ILFC aircraft operating lease portfolio Securitisation issuances: motor vehicle and IT&T equipment Continued to access global securitisation markets Continual expansion of global vendor relationships Ongoing pursuit of corporate acquisitions Extended IT&T leasing into Asia Continued growth of UK Smart Metering portfolio

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1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax.

547 ADVISORY DEALS, UP 22% DEAL VALUE $A159B, UP 31%

Activity

Leading positions

Australia/NZ: 83 deals at $A93b, Asia: 81 deals at $A21b EMEA: 57 deals at $A17b, Americas: 326 deals at $A28b

Australia/NZ: Most Capable ECM Specialist[3] , No.2 for completed M&A[4] Asia & Americas: Transportation Deals of the Year[5] , PPP Transaction of the Year[6]

Multi-award winning deals[7] including: Agricultural Bank of China IPO, Newcrest Mining acquisition of Lihir Gold, Carlyle and TPG’s financing for Healthscope

DCM growth

Building for the future

Extended DCM capabilities across the regions Bookrunner on 15 DCM deals

Completed first deals: ECM in Japan, high yield bond offering in HK, DCM in Europe, Bookrun IPO in US, Advisory from Moscow office Acquisitions: Presidio Partners, REGAL Capital Advisors

In FY11, Macquarie Capital Funds was transferred out of Macquarie Capital to Macquarie Funds and was renamed Macquarie Infrastructure and Real Assets. Comparative figures have been restated for group restructures undertaken during the year. 1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 3. Peter Lee & Associates, 2010. 4. Thomson Reuters. 5. Sosa-Wonsi Double-Track Rail project in Korea awarded AsiaPacific Transportation Deal of 2010. Denver Fastracks Eagle P3 project awarded North American Transport Deal of the Year. Source: Project Finance Magazine. 6. Interstate Highway 635 Managed Lanes Project awarded North American PPP Transaction of the year. Source: Infrastructure Investor, 2010. 7. Various sources, including Asiamoney, The Asset, Finance Asia, Insto, Infrastructure Partnerships Australia, IFR Asia, CFO Magazine, Asiamoney, Alpha.

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1 MILLION+ CLIENTS GLOBALLY

	1 MILLION+ CLIENTS GLOBALLY
#1	Retail full service broking Australia3 National Independent Canadian Advisory Firm4
	S&P Fund manager of the Year: Macquarie Professional Series5
72%	Increase in retail deposits due to CMT/CMA conversion
28%	Increase in Macquarie Professional Series funds
Building for the future	Continued focus on retail client growth
	Actively grow base annuity products: mortgages, insurance, wrap, cash

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1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 3. IRESS: consideration traded and volume FY11. 4. Investment Executive Brokerage Report Card 2011. 5. Standard & Poor’s Fund Manager of the Year awards.

FY11 RESULT IMPACTED BY SUBDUED EQUITY MARKET CONDITIONS

Leading positions

No.1 overall research & sales strength[3] (Asian Inst. Investors - Australian Equities), No.1 equity research/advisory share[4] (US & European Inst. Investors – Australian Equities), No.1 Execution Broker (Asia)[5] , No.2 equity research/advisory share Asian equities[6] (US, UK & European Investors), No.1 market share in listed warrants (Singapore and Korea)[7]

$A30b[6] +

Equity capital market raisings globally

Growth

Continued to improve client rankings and grow market share across most markets

Building for the future

Investment in technology/infrastructure: global, scalable platform from electronic execution through to back office

Extended retail structured products: Europe and India Consolidating the build out in Europe and the US around core global sectors

1. As reported. 2. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 3. Peter Lee Associates Survey of Asian Institutional Investors – Australian Equities 2010. 4. Greenwich Survey of US Institutional Investors – Australian Equities and Greenwich Survey of European Institutional Investors – Australian Equities. 5. Bloomberg. 6. Greenwich Survey of US, UK and European Institutional Investors – Asian (Ex Japan) Equities 2010. 7. Local exchanges. 8. Capital raised in FY11.The following Foreign Exchange rates have been used as at 31 Mar 2011: AUD/USD 1.0369, AUD/EUR 0.7302, AUD/CAD 1.0041.

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Asia-Pacific

• 40+ years of knowledge and experience

• Over the last 3 years:

• M&A, ECM & Advisory: 533 deals, $A200b+

• DCM: 77 deals, $A79b

• Established over 50 investment strategies, $A75b+ in AUM

• No.1 overall research and sales strength for Asian institutional investors[1]

• Singapore regional hub for FICC

Commodities, Agriculture and Resources

• 30+ year history

• Comprehensive platform

• Top 3 carbon emissions trader globally[2]

• No.1 ranked metals & mining research team by European and US investors for Australian equities[3]

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Our
expertise
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Specialised leasing and
lending
Asset management and
administration
Financial Institutions Group
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Energy
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• Deep industry expertise

• No.4 US physical gas marketer in North America[4]

• Acquisitions – Constellation gas trading, Tristone, Orion

• Capabilities in products including natural gas, crude oil, refined products, renewables, power and LNG

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Infrastructure and Utilities
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• Global pioneer for 20+ years

• Largest infrastructure fund manager globally, $90b+ in infrastructure AUM[5]

• Infrastructure Manager of the Year[6]

• Over the last 3 years, 231 deals, $A75b+

• One of the largest infrastructure advisory teams globally – 24 offices, 16 countries

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1. Peter Lee Associates Survey of Asian Institutional Investors – Australian Equities 2010. 2. By volume and value. Thomson Reuters/Point Carbon. 3. Greenwich Survey of Australian equities, Greenwich Associates Priorities, 2010. 4. PlattsGasDaily (Dec 10). 5. Towers Watson Global Alternatives Report, Jun 10. 6. 2010 Annual Financial News’ Awards (European Institutional Asset Management) for direct infrastructure management.

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$Ab 31 March 2010 $Ab 30 September 2010 $Ab 31 March 2011
90 90 90
Short term paper
Short term paper
80 80 Debt maturing [1] 80 Debt maturing [1]
< 1 year < 1 year Cash and liquid
assets
Short term paper Cash and liquid
70 70 assets 70
Debt maturing [1]
< 1 year Cash and liquid
60 assets 60 Deposits 60 Deposits
Deposits Trading assets
Trading assets
50 50 50
Trading assets
Loan assets
Loan assets < 1 year
40 40 40
Loan assets < 1 year
< 1 year
Debt maturing Debt maturing
30 Debt maturing 30 > 1 year 30 > 1 year Loan assets
> 1 year Loan assets Loan assets > 1 year
> 1 year
20 > 1 year 20 20
10 10 10
Equity and Equity and Equity and
Loan Capital Other assets Loan Capital Other assets Loan Capital Other assets
0 0 0
Funding sources Funded assets Funding sources Funded assets Funding sources Funded assets
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These charts represent Macquarie Group Limited’s funded balance sheets at the respective dates noted above. For details regarding reconciliation of the funded balance sheet to the Group’s statutory balance sheet, refer to Macquarie Group Limited’s Result Announcement for the year ended 31 Mar 11, slide 58. 1. Includes Structured Notes, Secured Funding, Bonds, Other Bank Loans maturing within the next 12 months and Net Trade Creditors.

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• Well capitalised – surplus over Group’s minimum regulatory capital requirement of $A3.0b

• Core equity represents 88% of the Group’s capital base

• Capital increased in FY11 due to PMI issue, net of reductions from the MEREP on-market purchase and FX movements

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$Ab
14
PMI
CPS $A12.1b
12 $A11.8b
MIS
MIPS $A10.2b
10 Core equity $A9.3b
8 $A7.2b
6
4
2
0
Mar 07 Mar 08 Mar 09 Mar 10 Mar 11
Pre-restructure: Tier 1 Post-restructure: Eligible
regulatory capital (Basel I) regulatory capital (Basel II)
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1Q12 Update Nicholas Moore, Managing Director and Chief Executive Officer 28 July 2011

Debt ceiling impasse

Sovereign debt crisis

Concerns over slowing economy and increasing inflation

Earthquake and tsunami

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$Ab Monthly Australian retail broking value [1] Mutual Funds Flow [2]
720 $USb
620 40
30
520
20
420
10
320
0
220
-10
120
-20
20
Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
FY08 FY09 FY10 FY11 1Q12
Australia IPOs and Secondary Issues [3] $US/troy ounce Gold Spot Price [4]
$USb
1,650
60
50 1,550
40 1,450
30
1,350
20
1,250
10
1,150
0
FY08 FY09 FY10 FY11 1Q12
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1. Source: IRESS. 2. Mutual funds flow: Shows the net inflow/outflow of money into long-term mutual funds. Source: Datastream. 3. Source: Thomson Reuters, data based on completed transactions. FY data based on year ended 31 Mar. 1Q data based on quarter ended 30 Jun. 4. Source: Bloomberg.

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• 1Q12 operating groups’ contribution[1] ahead of subdued pcp (1Q11) but down on prior quarter (4Q11) due to subdued market conditions

• Compared to pcp (1Q11), increased contribution from the annuity style businesses[2] more than offset the lower contribution from those impacted by subdued market conditions

• Effective tax rate up due to changes in mix and geographic composition of income

• No significant one-off items

• High levels of cash continue to impact current earnings

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. Annuity style businesses primarily represent MFG, CAF and BFS.

INFLOWS CONTINUE AS A RESULT OF STRONG INVESTMENT PERFORMANCE ACROSS ASSET CLASSES AND INVESTMENT STRATEGIES

Inflows	$A5.1b of net inflows in 1Q12, including $A4.6b in MIM strategies and over $A700m in MIRA funds
	Highest number of Australian institutional mandates awarded2
	Asian Alpha hedge fund’s AUM now over $A1.2b
	$A250m raised in Australian retail structured products, despite weaker appetite generally
	Strong flows have continued post 30 June, particularly in the MIRA division, with a substantial mandate win in
	Australia
New product development	1st close of China Infrastructure fund, with $US729m in available funds 1st close of Clean Technology and Asia-Pacific Co-Investment funds, with over $US175m in commitments
	Initial commitments received for fourth European infrastructure fund
Operational expertise	Ranked first in Infrastructure Investor magazine's list of top infrastructure investors3 $A5.5b fund and asset level re-financings completed across a number of listed and unlisted infrastructure and real
	asset funds
Building for the future	Continued build out of Macquarie Investment Management's global distribution platform, with senior hires in Japan and the US
Platform efficiencies	Scale benefits from bringing legacy MFG, Delaware and MIRA platforms together achieving run rate cost savings of 10-15% p.a.
	Consolidation of Macquarie Allegiance LA operations into Delaware Investments

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. Source: Rainmaker Mandate Chaser Report for the year to 31 Mar 11. 3. Based on the amount of direct investment in capital the firm has created for the asset class in the last five years.

 Jun 11 broadly in line with Mar 11

• Net fund inflows and equity movements broadly offset by decrease due to FX movements

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$Ab
350 Fixed income Direct infrastructure $A326b
Equities Cash $A310b $A308b
300 Direct real estate Currency
Other
250 $A243b
$A232b
$A197b
200
150
100
50
0
Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Jun 11
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PORTFOLIOS PERFORMING STRONGLY

Asset and loan portfolio growth Asset and loan portfolio: - flat on prior quarter (4Q11)[2] - up 11% on pcp[2] (1Q11) Business expansion Extending finance through the customer value chain – from manufacturer to end user: – motor vehicle manufacturers and dealers in Australia – technology distributors globally Commenced mining equipment leasing Leasing programmes Expanded white label programmes in Australia, Asia, Europe and US through manufacturers and vendors Building for the future Continued to access global securitisation markets Continual expansion of global customer relationships – providing a single financing and asset management solution for multinational customers across all locations Continual expansion of global manufacturer and vendor relationships – financing solutions for: – Asian manufacturers in Europe and North America – European and North American manufacturers in Asia Renewed focus on organic growth in existing businesses to enhance efficiencies and scale Platform efficiencies Investing in CAF’s lending and leasing systems across geographies and businesses to enhance efficiencies and scale

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. 1Q12 portfolio changes exclude the transfer of Macquarie AirFinance (MAF) from Macquarie Capital.

REMAINS NO.1 RANKED RETAIL FULL SERVICE BROKER[2]

Private Wealth/Direct Named ‘Outstanding Institution’ at Australian Private Banking Awards[3] MPW ASX retail turnover up 5% on prior quarter (4Q11), down 4% on pcp (1Q11) Intermediary Macquarie Wrap ranked No.1 overall[4] in Wealth Insights Platform Service Level Report Total funds under management, advice or administration down 1% on prior quarter (4Q11), up 4% on pcp (1Q11) Funds Management Awarded ‘Money Management Fund Manager of the Year’[5] for Global Equities and Alternative Investments (Hedge Funds) Total retail deposits of $A27.9b, up 5% on prior quarter (4Q11), up 75% on pcp (1Q11) Deposits CMA deposits of $A15.7b, up 8% on prior quarter (4Q11), up 293% on pcp[6] (1Q11) Platform efficiencies Outsourced Canadian mortgage servicing and origination to improve margins Closure of UK Wrap business System rationalisation, process improvement and portfolio mix adjustment expected to result in run-rate cost savings of approx. 5-10% p.a.

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. IRESS: consideration traded and volume 1Q12. 3. Australian Private Banking Council. 4. 2011 Wealth Insights Platform Service Level Report (May 11). 5. Money Management Fund Manager of the Year Awards (May 11). 6. Increase on pcp (1Q11) principally relates to CMT/CMA initiative.

SUBDUED EQUITY MARKETS AND CHALLENGING ECM CONDITIONS

Cash Australia: Market share marginally down on pcp (1Q11) No.1 equity research/advisory share for European and US institutional investors (Australian equities)[2] Continued build out of US and Europe platforms Asia: Increased market share in India, Thailand and Singapore on pcp (1Q11) No.1 Execution Broker (Asia)[3] ECM[5] Market share up in Australia, Asia, Europe and US on pcp (1Q11) Ranked No.13 in US up from 33 in pcp[4 ] (1Q11) Ranked No.15 globally up from 29 in pcp[4] (1Q11) Capital raised in 1Q12 up on prior quarter (4Q11) and pcp (1Q11) in Australia, Asia, Europe and US Canada down on strong prior quarter (4Q11) and pcp (1Q11) Derivatives DeltaOne Trading Maintained No.1 listed warrants market share in Singapore and Korea Platform efficiencies Ongoing program of system rationalisation, process improvement, back office consolidation and vendor/demand management projects that are achieving run-rate cost savings of approx. 5-10% p.a.

1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. Source: Greenwich Associates European Equity Investors – Australian Equities Sales Research and Trading. 3. Bloomberg. 4. Thomson Reuters Global Equity Capital Markets Review – Managing Underwriters 6 months to 2011 League Tables – Global Equity & Equity-Related (C1) and US Equity & Equity-Related (C1a). 5. ECM involves 50:50 participation by Macquarie Capital and Macquarie Securities.

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ACTIVITY LEVELS BROADLY IN LINE WITH PCP (1Q11) 1Q12 114 Deals $A24b (1Q11 118 Deals $A16b)

23 deals at $A12.8b (1Q11: 16 deals at $A2.6b) Australia/NZ Including: Royal Adelaide Hospital (Sponsor, Advisory); Fletcher Building (Advisory); Affinity Equity Partners Australia (Advisory, DCM); Mumbida Wind Farm (Co-sponsor); ALE Property Group (DCM) Awarded ‘Best Domestic Equity House (Australia)’ – Asiamoney 13 deals at $A1.7b (1Q11: 15 deals at $A3.1b) Asia Including: Minmetals Resources (ECM); PT Harum Energy (ECM); Suzlon Energy (ECM); Huaneng Renewables (IPO); Phoenix New Media (IPO) 8 deals at $A2.6b (1Q11: 15 deals at $A3.6b) EMEA Including: APG Algemene Pensioen Groep and Goodman Group led consortium (Advisory); NORMA Group (IPO); HgCapital (Advisory); Powerland Group (IPO); Thames Water (DCM); TDR Capital (Advisory); Infracapital Partners (Advisory) 70 deals at $A7.0b (1Q11: 72 deals at $A7.0b) Americas Including: Venetor Group (Advisory), MidOcean Partners (Advisory, DCM), American International Group (ECM), Phoenix New Media (IPO), CoreLogic (Advisory), International Lease Finance (DCM)

Platform efficiencies Run rate cost savings of approx. 15% achieved through more efficient management of the business to the current market environment

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax.

REDUCED VOLUMES AND SUBDUED VOLATILITY IN MOST MARKETS

Metals	Modest client activity
	Low equity realisations
Asian Markets	Phase 1 build out complete
	MBL Singapore Branch
Agriculture	Geopolitical tensions and adverse weather events impacting trading conditions Mixed agricultural commodity prices
Energy	Subdued natural gas volatility limiting activity No.4 physical gas marketer in North America2
FX Volumes	Modest client activity, but increasing diversity of clients
Credit	Europe: Euro government debt concerns resulting in investors reallocating risk
	US: Active primary high yield issuances. Secondary market for high yield sluggish due to focus on new issue
Building for the future	Dubai Category 4 Branch licence granted
Platform efficiencies	Merged Emerging Markets business with Credit Trading and Fixed Income & Commodities business
	Investment in offshore platforms continue

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax. 2. PlattsGasDaily (Mar 11).

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----- Start of picture text -----

$Ab 31 March 2010 31 March 2011 30 June 2011
90
Short term paper Short term paper
80 Debt maturing Debt maturing
< 1 year [1] Cash and liquid < 1 year [1] Cash and liquid
Short term paper assets assets
70
Debt maturing
< 1 year [1] Cash and liquid
assets
60
Deposits Deposits
Deposits Trading assets
Trading assets
50
Trading assets
Loan assets
< 1 year Loan assets
40 < 1 year
Loan assets
< 1 year
30 Debt maturing Debt maturing Debt maturing
> 1 year > 1 year Loan assets > 1 year Loan assets
Loan assets > 1 year > 1 year
20 > 1 year
10 Equity and Equity and Equity and
Loan Capital Other assets Loan Capital Other assets Loan Capital Other assets
0
Funding sources Funded assets Funding sources Funded assets Funding sources Funded assets
----- End of picture text -----

These charts represent Macquarie Group Limited’s funded balance sheets at the respective dates noted above. 1. Includes Structured Notes, Secured Funding, Bonds, Other Bank Loans maturing within the next 12 months and Net Trade Creditors.

40

• Group capital of $A11.6b as at 30 Jun 11, a $A2.9b buffer of capital in excess of the Group’s minimum regulatory capital requirements

• Capital has been deployed across the Group to support business growth

• Strong Banking Group capital ratios - Tier 1: 11.5%; Total Capital: 15.0%

• Our current assessment is that Macquarie has sufficient capital to meet the Basel III capital requirements and leverage ratio requirements

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41

Outlook Nicholas Moore, Managing Director and Chief Executive Officer 28 July 2011

• Market uncertainty remains making forecasting difficult

• Summarised below are the outlook statements for each operating group, the FY12 results for which will vary with market conditions

	Net profit contribution	Net profit contribution	Net profit contribution	Net profit contribution
Operating Group	FY07-FY11 historical range	FY07-FY11 average	FY11	FY12 outlook as announced at FY11 result announcement	Update to FY12 outlook
Macquarie Securities	$A0.2b - $A1.2b	$A0.6b	$A0.2b	FY12 to be up on FY11 assuming better market conditions than FY11	No change, notwithstanding subdued market conditions in 1Q12
Macquarie Capital	$A(0.1)b - $A1.6b	$A0.7b	$A0.3b	FY12 to be up on FY11 assuming better market conditions than FY11	No change, notwithstanding subdued market conditions in 1Q12
Macquarie Funds	$A0.3b - $A1.1b	$A0.7b	$A0.6b	FY12 to be broadly in line with FY11	Increased contribution: FY12 to be upon FY11
FICC	$A0.5b - $A0.8b	$A0.6b	$A0.6b	FY12 to be up on FY11	Reduced contribution: FY12 to be broadly in line with FY11
Corporate and Asset Finance	$A0.1b - $A0.5b1	$A0.2b	$A0.5b	FY12 to be up on FY11	No change
Banking and Financial Services	$A0.2b - $A0.3b2	$A0.3b	$A0.3b	FY12 to be broadly in line with FY11	No change
Corporate	– Compensation ratio and effective tax rate to be consistent with historical levels – Continued higher cost of funding reflecting market conditions and high liquidity levels				FY12 likely to be impacted by recently announced MAp cash amount3

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1. Range excludes FY09 provisions for loan losses of $A135m related to Real Estate Structured Finance loans as this is a restructured business. 2. Range excludes FY09 loss on sale of Italian mortgages of $A249m as this is a discontinued business. 3. On 1 Apr 11, Macquarie’s equity investment in MAp transferred from Macquarie Funds to Corporate. Comparatives have not been restated.

2. Consistent with our statement at the FY11 result announcement on 29 April 2011, we continue to expect an improved result for FY12 on FY11 if market conditions for FY12 are not materially worse than FY11

3. Given subdued market conditions are likely to continue for the first half, we currently expect 1H12 operating groups’ contribution[1] to be broadly in line with pcp (1H11)

4. Due to a higher tax rate in 1H12 and not having the benefit of the MAp AVS reclassification included within pcp (1H11), 1H12 result likely to be lower than 1H11

5. 2H12 is likely to be impacted by the cash amount to be made available to investors noted within MAp’s recent announcement

6. In addition to market conditions, FY12 result remains subject to a range of other challenges including:

7. Movements in foreign exchange rates

8. Increased competition across all markets

9. Cost of our continued conservative approach to funding and capital

10. Regulation, including the potential for regulatory changes

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1. This represents management accounting profit before unallocated corporate costs, profit share and income tax.

Macquarie is increasingly well positioned to deliver superior performance in the medium term

• Continue to adapt our portfolio mix to changing market conditions

• Annuity style income is provided by three significant businesses which are delivering superior returns following years of investment and recent acquisitions

  • Funds Management, Corporate and Asset Finance and Banking and Financial Services

• Three capital market facing businesses are well positioned to benefit from improvements in market conditions with strong platforms and franchise positions

  • Macquarie Securities, Macquarie Capital and FICC

• Strong and conservative balance sheet

• Well matched funding profile with minimal reliance on short term wholesale funding

• Surplus funding and capital available to support growth

• Proven risk management framework and culture

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2011 Annual General Meeting 28 July 2011

2011 Annual General Meeting Formal Business 28 July 2011

 To consider and receive the Financial Report, the Directors’ Report and the Auditor’s Report of Macquarie for the financial year ended 31 March 2011

48

 To consider and, if thought fit, pass the following as an ordinary resolution:

That Mr PM Kirby be re-elected as a Voting Director of Macquarie

49

 To consider and, if thought fit, pass the following as an ordinary resolution:

That Dr JR Niland be re-elected as a Voting Director of Macquarie

50

 To consider and, if thought fit, pass the following as an ordinary resolution:

That Dr HM Nugent be re-elected as a Voting Director of Macquarie

51

 To consider and, if thought fit, pass the following as an ordinary resolution:

That Mr HK McCann be re-elected as a Voting Director of Macquarie

52

 To consider and, if thought fit, pass the following as an ordinary resolution:

That Ms DJ Grady, having been appointed as a Voting Director since the last general meeting, be elected as a Voting Director of Macquarie

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• To consider and, if thought fit, pass the following as an ordinary resolution:

To adopt the Remuneration Report of Macquarie for the year ended 31 March 2011

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 Key elements of Macquarie’s remuneration framework:

Aligning the interests of staff and shareholders

Attracting and retaining high quality people

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Driving long-term shareholder returns

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Macquarie’s NPAT 10 year Macquarie’s 10 year average ROE of 19.5% is higher than compound annual growth rate its international peers (CAGR) has outperformed all but 1 one peer[1] : 10 year ROE Macquarie versus peers :

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56

1. Graphs reproduced from pages 82 and 83 of the Macquarie Group 2011 Annual Report. Peers comprise Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan Chase, Lazard, Merrill Lynch, Morgan Stanley and UBS.

2. Macquarie is enhancing its remuneration arrangements while ensuring its overall remuneration approach remains in place. These changes:

3. Reflect global regulatory and competitive remuneration trends

4. Further align the interests of staff and shareholders

5. The incremental changes include:

6. For some staff, more profit share is being deferred and delivered in Macquarie equity, with less being delivered as cash

7. From 2012, the Board will have discretion to reduce or eliminate unvested profit share amounts for some employees in certain circumstances (‘Malus’)

8. To reflect the structural shift in the market and consistent with regulatory guidance, the pay mix for Executive Committee members and select risk and financial control staff was realigned during the year

57

 The key components of Macquarie’s remuneration approach:

• NPAT and ROE are known to be drivers of shareholder returns over the long-term

• The size of the annual profit share pool is determined by reference to Macquarie’s NPAT and its earnings over and above the estimated cost of capital

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 Individual employee remuneration is based on performance:

• Performance is primarily, but not exclusively, assessed based on relative contributions to profits (not revenue) while taking into account capital usage

• Other qualitative measures to assess individual performance include risk management; compliance; people leadership; and upholding Macquarie’s Goals and Values

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 Current performance based remuneration arrangements:

Key Area Executive Committee Members Other Executive Staff other than and Designated Executive Directors Executive Directors Directors Amount of profit 50-70% for Executive Committee 40-70% 25% to 70% share retained and Designated Executive Directors dependent on certain thresholds 70% for the Managing Director and CEO

Amount of profit 50-70% for Executive Committee 40-70% 25% to 70% share retained and Designated Executive Directors dependent on certain thresholds 70% for the Managing Director and CEO Vesting and 3 to 7 years after the year retained 3 to 5 years after 2 to 4 years after release of retained the year retained the year retained profit share

• Retained amounts are fully invested in a combination of Macquarie ordinary shares and notionally in Macquarie-managed fund equity depending on the individual’s role

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• Malus is to be introduced for 2012 in line with regulatory requirements and to incentivise staff to maintain a long-term focus

• For 2012, the Board will have discretion to reduce or eliminate unvested profit share amounts where an Employee’s action or inaction has caused significant reputational harm, a significant unexpected financial loss or a material financial restatement

• This will apply to Executive Committee members, Designated Executive Directors, Code Staff under the UK FSA Remuneration Code and senior risk and financial control staff

61

• The Board, supported by the Board Remuneration Committee, provides oversight of Macquarie’s remuneration approach

• 2011 remuneration decisions reflect the Board’s evaluation of performance during the year

• The Board is assisted in this process by global independent remuneration consultants, Pay Governance

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 To consider and, if thought fit, pass the following as an ordinary resolution

That the following be approved for all purposes:

(a) participation in the Macquarie Group Employee Retained Equity Plan (MEREP) by Mr NW Moore, Managing Director and Chief Executive Officer; and

(b) acquisition by Mr NW Moore of Restricted Share Units and Performance Share Units and the acquisition of shares in the Company in respect of those Restricted Share Units and Performance Share Units, all in accordance with the terms of the MEREP and on the basis described in the Explanatory Notes to the Notice of Meeting convening this meeting

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2011 Annual General Meeting 28 July 2011

Glossary 28 July 2011

$A	Australian Dollar
$C	Canadian Dollar
$US	United States Dollar
€	Euro
1H10	Half Year ended 30 September 2009
1H11	Half Year ended 30 September 2010
1H12	Half Year ended 30 September 2011
1Q	First Quarter
1Q12	First Quarter ended 30 June 2011
1Q11	First Quarter ended 30 June 2010
2H09	Half Year ended 31 March 2009
2H10	Half Year ended 31 March 2010
2H11	Half Year ended 31 March 2011
2H12	Half Year ended 31 March 2012
2Q	Second Quarter

4Q	Fourth Quarter
4Q11	Fourth Quarter ended 31 March 2011
Approx.	Approximately
ASX	Australian Securities Exchange
AUD	Australian Dollar
AUM	Assets Under Management
AVS	Available For Sale
BFS	Banking and Financial Services
Bps	Basis Points
CAD	Canadian Dollar
CAF	Corporate and Asset Finance
CAGR	Compound Annual Growth Rate
CMA	Cash Management Account
CMBS	Commercial Mortgage-Backed Securities
CMT	Cash Management Trust

66

CPS	Convertible Preference Shares
DCM	Debt Capital Markets
ECM	Equity Capital Markets
EMEA	Europe, the Middle East and Africa
EU	Europe
EUR	Euro
Ex	Excluding
FICC	Fixed Income, Currencies and Commodities
FSA	Financial Services Authority
FX	Foreign Exchange
FY09	Financial Year ended 31 March 2009
FY10	Financial Year ended 31 March 2010
FY11	Financial Year ended 31 March 2011
FY12	Financial Year ended 31 March 2012
GDP	Gross Domestic Product

GFC	Global Financial Crisis
GMAC	General Motors Acceptance Corporation
HK	Hong Kong
ILFC	International Lease Finance Corporation
IPO	Initial Public Offering
IT&T	Information Technology & Telecommunications
JP	Japan
LA	Los Angeles
LHS	Left Hand Side
LNG	Liquefied Natural Gas
M&A	Mergers and Acquisitions
MAF	Macquarie AirFinance
MAp	Macquarie Airports
MEREP	Macquarie Group Employee Retained Equity Plan
MFG	Macquarie Funds Group

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MBL	Macquarie Bank Limited
MIM	Macquarie Investment Management
MIPS	Macquarie Income Preferred Securities
MIRA	Macquarie Infrastructure and Real Assets
MIS	Macquarie Income Securities
MPW	Macquarie Private Wealth
MSCI	Morgan Stanley Capital International
No.	Number
NPAT	Net Profit After Tax
NY	New York
NZ	New Zealand
OTC	Over the Counter
Pcp	Prior Corresponding Period
PMI	Preferred Membership Interests
PPP	Public Private Partnership

RHS	Right Hand Side
ROE	Return on Equity
S&P	Standard and Poor’s
TSR	Total Shareholder Return
UK	United Kingdom
US	United States of America
USD	United States Dollar

68

2011 Annual General Meeting 28 July 2011