Macquarie Group Limited — Director's Dealing 2007

Nov 11, 2007

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial 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 Group Limited ABN 94 122 169 279

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	David S Clarke AO
Date of appointment	5 November 2007

Part 1 – Director’s relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

• 381,213 Macquarie Bank Limited fully paid ordinary shares.

As a result of the restructure of Macquarie Bank Limited, to be effective on 13 November 2007, each Macquarie Bank Limited fully paid ordinary share and each option over unissued Macquarie Bank Limited fully paid ordinary shares will convert to be fully paid ordinary shares and options over unissued fully paid ordinary shares (on a one for one basis) in Macquarie Group Limited (“MQG”).

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• See chapter 19 for defined terms.

Appendix 3X Page 1

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Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest. • Securities held by Bond Street Custodians Limited as custodian of Divco 1 Pty Limited, a company controlled by a trust of which David Clarke is a beneficiary; and • Securities held in the name of Karii Pty Limited, a company in which David Clarke has a relevant interest.	Number & class of Securities • 391,617.10 Macquarie Balanced Growth Fund units. • 323,150 Macquarie Bank Limited fully paid ordinary shares; and • 5,000 Macquarie Office Trust units.

Part 3 – 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

Karii Pty Limited entered into a Zero Cost Collar transaction with Macquarie Bank Limited (“MBL”) in respect of 213,517 fully paid ordinary MBL shares, which had the effect of acquiring cash-settled put options against movements in the MBL share price below levels current at 15 June 2005 for the period to 14 June 2010 in respect of those shares. David Clarke and Karii Pty Limited each entered into a Zero Cost Collar transaction with MBL in respect of 153,296 and 100,784 respectively, fully paid ordinary MBL shares, which had the effect of acquiring cash-settled put options against movements in the MBL share price below nominated levels and disposing of the benefit of any share price movements above a nominated level over the period from 16 May 2003 to 12 June 2008, in respect of those shares.

• See chapter 19 for defined terms.

Appendix 3X Page 2

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Appendix 3X Initial Director’s Interest Notice

David Clarke entered into a Zero Cost Collar transaction with MBL in respect of 107,083 fully paid ordinary MBL shares, which had the effect of acquiring cash-settled put options against movements in the MBL share price below nominated levels and disposing of the benefit of any share price movements above a nominated level over the period from 20 May 2003 to 12 June 2008, in respect of those shares. David Clarke entered into a Zero Cost Collar transaction with MBL in respect of 25,196 fully paid ordinary MBL shares, which had the effect of acquiring cash-settled put options against movements in the MBL share price below nominated levels, and disposing of the benefit of any share price movements above a nominated level over the 5 year period from 19 August 2004 to 18 August 2009, in respect of those shares. Nature of interest Direct and Indirect Name of registered holder N/A (if issued securities) No. and class of securities to N/A which interest relates

13 November 2007

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• See chapter 19 for defined terms.

Appendix 3X Page 3

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