Macquarie Group Limited — Capital/Financing Update 2013

May 21, 2013

Macquarie Group Limited ABN 94 122 169 279

No.1 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com.au Sydney NSW 1164 AUSTRALIA

ASX/Media Release

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Macquarie Group Capital Notes Offer Opens

Sydney, 22 May 2013: Macquarie Group Limited ("MQG") (ASX: MQG; ADR: MQBKY) today announced that it has opened its offer of Macquarie Group Capital Notes (the “Offer” of "MCN").

As announced on 20 May 2013, the Margin has been set at 4.00% per annum and the Offer has been increased from $A400 million to $A580 million, with the ability to raise more or less, subject to a maximum of $A600 million (equal to the amount of CPS which MQG expects to be resold and redeemed on 1 July 2013). The final size of the Offer will depend on the volume of applications received and accepted under the reinvestment offer and securityholder offer. MQG reserves the right to scale back applications if there is excess demand. A general offer will not be made.

Closing dates for the Offer have been changed. The revised timetable is:

Opening date	Wednesday,22 May2013
Closing date for the reinvestment offer (including in respect ofreinvestment applications through syndicate brokers) and securityholderoffer	5.00pm (Sydney time),Tuesday, 4 June 2013
Closing date for the broker firm offer (excluding applications in respectof reinvested2008 CPS)	5.00pm (Sydney time),Thursday, 6 June2013
Issue date	Friday,7June2013
MCNcommence trading on ASXona deferred settlement basis	Tuesday,11June2013
Holding statements dispatched by	Thursday,13 June2013
MCNcommence trading on ASXonanormalsettlement basis	Friday,14June2013

Full details of this investment opportunity and the terms and conditions of the MCN are set out in the replacement prospectus lodged with the Australian Securities and Investments Commission and ASX today. The replacement prospectus is also available on www.MacquarieCNOffer.com.au, or by calling the MCN Offer Information Line on 1300 346 778 (within Australia) or on +61 3 9415 4898 (International) (Monday to Friday 8.30am - 5.30pm, (Sydney time)). Anyone who wants to invest in MCN will need to complete the application online or an application form in or accompanying the replacement prospectus.

For further enquiries relating to this Offer, please contact: MCN Offer Information Line 1300 346 778 (within Australia) or +61 (3) 9415 4898 For all other general enquiries regarding Macquarie, please contact: Stuart Green, Macquarie Group Investor Relations +61 (2) 8232 8845 Karen Khadi, Macquarie Group Investor Relations +61 (2) 8232 3548 Lisa Jamieson, Macquarie Group Corporate Communications +61 (2) 8232 6016

Macquarie Group Limited

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Disclaimer

The information provided in this announcement is not personal investment advice and has been prepared without taking into account your investment objectives, financial situation or particular needs (including financial and taxation issues). It is important that you read the replacement Prospectus in full before deciding to invest in MCN and consider the risks that could affect the performance of MCN.

This announcement does not constitute an offer of any securities (including the MCN) for sale or issue. The Offer of MCN is made in the replacement Prospectus. No action has been taken to register or qualify MCN or the Offer or to otherwise permit a public offering of MCN outside Australia. In particular, this announcement does not constitute an offer of securities for sale in the United States. Neither the MCN nor the Ordinary Shares have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States, and they may not be offered, sold or resold in the United States or to, or for the account of benefit of any “U.S. person” (as defined in Regulation S under the Securities) absent registration or an applicable exemption from the registration requirements.