Macquarie Group Limited — Director's Dealing 2007

Nov 25, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

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 Bank Limited & Macquarie Group Limited ABN 46 008 583 542 & 94 122 169 279

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	Peter H Warne
Date of last notice	6 July 2007

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

Direct or indirect interest

Indirect

Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.

• Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter Hastings Warne; • Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne; and • Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, a trust of which Peter Hastings Warne is a joint beneficiary with Frances Jane Warne. These accounts are operated on a discretionary Basis by a third party on behalf of the beneficiaries, who are not involved in the investment decisions.

G:\CAG\COS\DLeong\BRD\ASX notices\WARNE\phw26112007.doc + See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Date of change	• 15 June 2007 re: Macquarie Generator Notes (“GNAHA”), Macquarie Airports Reset Exchange Securities Trust (“MAZPA”) units, Macquarie Airports (“MAP”) stapled securities, Macquarie Infrastructure Group (“MIG”) stapled securities, Macquarie Group Limited (“MQG”) fully paid ordinary shares; • 27 June 2007 re: MQG shares; • 29 June 2007 re: MAP stapled securities, MIG stapled securities, MQG shares; • 11 July 2007, 13 July 2007, 18 July 2007 and 20 July 2007 re: GNAHA notes; • 27 July 2007 re: Macquarie CountryWide Trust (“MCW”) units; • 31 July 2007 re: MAP stapled securities, MIG stapled securities, MQG shares; • 28 September 2007 re: MIG stapled securities, MOF units, MAP stapled securities; • 10 October 2007 re: MQG shares; and • 31 October 2007 re: MIG stapled securities and MOF units.
No. of securities held prior to change	Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter Hastings Warne: • 8,211 MQG shares; • 155,983 Macquarie Capital Alliance Group (“MCAG”) stapled securities; • 217,094 MIG stapled securities; • 64,841 MCW units; • 95,114 MOF units; • 297 GNAHA notes; and • 1,333 MAZPA units. This holding was previously disclosed as MAP stapled securities. Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne: • 126MQG shares; This holding was previously disclosed as 166 MQG shares. • 10,639 MAP stapled securities; and • 20,395MIG stapled securities.
Class	• MQG fully paid ordinary shares; • MCAG stapled securities; • MIG stapled securities • MCW units; • MOF units; • GNAHA notes; • MAZPA units; and • MAP stapled securities.

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• See chapter 19 for defined terms.

Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

	Number acquired	• 126 MQG fully paid ordinary shares transferred via off market transfer on 15 June 2007 to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne; • 62 MQG fully paid ordinary shares acquired on market on 15 June 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 25 MQG fully paid ordinary shares acquired on 27 June 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 366 MQG fully paid ordinary shares acquired on 29 June 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 215 MQG fully paid ordinary shares acquired on 31 July 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 72 MQG fully paid ordinary shares acquired on 10 October 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 20,395 MIG stapled securities transferred via off market transfer on 15 June 2007 to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne; • 5,577 MCW units acquired on 27 July 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter Hastings Warne;

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Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

• 6,119 MOF units acquired on 28 September 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; and • 5,324 MOF units acquired on 31 October 2007 and held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund. • 87 GNAHA notes transferred via off market transfer on 15 June 2007 to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne; • 392 MAZPA units transferred via off market transfer on 15 June 2007 to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne; and • 10,639 MAP stapled securities transferred via off market transfer on 15 June 2007 to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne.

Number disposed

• 126 MQG fully paid ordinary shares transferred via off market transfer on 15 June 2007 from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 20,395 MIG stapled securities transferred via off market transfer on 15 June 2007 from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 2,437 MIG stapled securities sold on 29 June 2007; • 4,926 MIG stapled securities sold on 31 July 2007;

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• See chapter 19 for defined terms.

Appendix 3Y Page 4

Appendix 3Y Change of Director’s Interest Notice

• 9,193 MIG stapled securities sold on 28 September 2007; • 2,049 MIG stapled securities sold on 31 October 2007; • 87 GNAHA notes transferred via off market transfer on 15 June 2007 from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 61 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne, sold on 11 July 2007; • 84 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne, sold on 13 July 2007; • 10 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne, sold on 18 July 2007; • 55 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne, sold on 20 July 2007; • 25 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 11 July 2007; • 34 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 13 July 2007; • 4 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 18 July 2007; • 24 GNAHA notes held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 20 July 2007; • 392 MAZPA units transferred via off market transfer on 15 June 2007 from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter H Warne to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund;

G:\CAG\COS\DLeong\BRD\ASX notices\WARNE\phw26112007.doc + See chapter 19 for defined terms.

Appendix 3Y Page 5

Appendix 3Y Change of Director’s Interest Notice

• 10,639 MAP stapled securities transferred via off market transfer on 15 June 2007 from Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne to Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund; • 2,225 MAP stapled securities held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 29 June 2007; • 2,710 MAP stapled securities held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 31 July 2007; and • 2,529 MAP stapled securities held by Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, sold on 28 September 2007.

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation

• $90.95 per share for MQG shares acquired on market by P & F Super Pty Limited on 15 June 2007; • $85.9998 per share for MQG shares acquired by P & F Super Pty Limited on 27 June 2007; • $85.3039 per share for MQG shares acquired by P & F Super Pty Limited on 29 June 2007; • $81.8917 per share for MQG shares acquired by P & F Super Pty Limited on 31 July 2007; • $88.3196 per share for MQG shares acquired by P & F Super Pty Limited on 10 October 2007; • $3.5599 per stapled security for MIG stapled securities disposed of by P & F Super Pty Limited on 29 June 2007; • $3.26 per stapled security for MIG stapled securities disposed of by P & F Super Pty Limited on 31 July 2007; • $3.16 per stapled security for MIG stapled securities disposed of by P & F Super Pty Limited on 28 September 2007; • $3.09 per stapled security for MIG stapled securities disposed of by P & F Super Pty Limited on 31 October 2007; • $2.01 per unit for MCW units acquired by Peter H Warne on 27 July 2007; • $1.60 per unit for MOF units acquired by P & F Super Pty Limited on 28 September 2007;

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• See chapter 19 for defined terms.

Appendix 3Y Page 6

Appendix 3Y Change of Director’s Interest Notice

	• $1.63 per unit for MOF units acquired by P & F Super Pty Limited on 31 October 2007; • $102.60 per GNAHA note disposed of by each of Peter H Warne and P & F Super Pty Limited on both 11 July 2007 and 13 July 2007; • $102.00 per GNAHA note disposed of by each of Peter H Warne and P & F Super Pty Limited on both 18 July 2007 and 20 July 2007; • $4.04 per stapled security for MAP stapled securities disposed of by P & F Super Pty Limited on 29 June 2007; • $4.31 per stapled security for MAP stapled securities disposed of by P & F Super Pty Limited on 31 July 2007; and • $4.3368 per stapled security for MAP stapled securities disposed of by P & F Super Pty Limited on 28 September 2007.
No. of securities held after change	Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Peter Hastings Warne: • 8,211 MQG fully paid ordinary shares; • 217,094 MIG stapled securities; • 70,418 MCW units; • 95,114 MOF units; • Nil GNAHA notes; • 155,983 MCAG stapled securities; and • 941 MAZPA units. Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of P & F Super Pty Limited as trustee for the Warne Family Superannuation Fund, a trust of which Peter Warne is a joint beneficiary with Frances Jane Warne: • 866 MQG fully paid ordinary shares; • 1,790 MIG stapled securities; • 11,443 MOF units; • Nil GNAHA notes; • 392 MAZPA units; and • 3,175 MAP stapled securities. Securities held in the name of Fortis Clearing Sydney on behalf of Next Financial Nominees Pty Limited on behalf of Frances Jane Warne: • NIL MQG fully paid ordinary shares; • NIL MIG stapled securities; and • NIL MAP stapled securities. These accounts are operated on a discretionary Basis by a third party on behalf of the beneficiaries, who are not involved in the investment decisions.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Securities acquired and disposed of through both On Market trades and Off Market transfers.

G:\CAG\COS\DLeong\BRD\ASX notices\WARNE\phw26112007.doc + See chapter 19 for defined terms.

Appendix 3Y Page 7

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change 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 Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

26 November 2007

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Appendix 3Y Page 8