Macquarie Group Limited — Director's Dealing 2008

Dec 7, 2008

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	John R Niland AC
Date of last notice	29 September 2008 but 5 June 2008 re: Macquarie Group Limited fully paid ordinary (“MQG”) shares and 12 November 2007 re: Macquarie Infrastructure Group (“MIG”) stapled securities.

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	Direct and indirect.
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	• MQG fully paid ordinary shares held by Carmel Niland and John Niland as trustees for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland; • Shares held by John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary; and • Shares held by John Niland as trustee for the Niland Family Superannuation Fund of which John Niland is the beneficiary.
Date of change	• 2 December 2008; and • 3 December 2008.

cag_cosec_syd_prd/98452_1

• See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	• 2,309 MQG shares held directly by John Niland; • 2,400 MQG shares held by Carmel Niland and John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland; • 1,000 MQG shares held by John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary; • 3,850 MQG shares held by John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is the beneficiary; and • 20,291 MIG stapled securities held by John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary
Class	• MQG fully paid ordinary shares; and • MIG stapled securities.
Number acquired	Securities transferred to Carmel Niland and John Niland as trustees for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland on 2 December 2008: • 1,000 MQG shares held by John Niland as trustee for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary; • 4,291 MIG stapled securities held by John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary. Securities transferred to Carmel Niland and John Niland as trustees for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland on 3 December 2008: • 3,850 MQG shares held by John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is the beneficiary; • 16,000 MIG stapled securities held by John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary
Number disposed	Securities transferred from John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is the beneficiary: • 3,850 MQG shares on 3 December 2008. Securities transferred from John Niland and Carmel Niland as trustees for the Niland Family Superannuation Fund (No 2), of which John Niland is the beneficiary: • 1,000 MQG shares on 2 December 2008; • 4,291 MIG stapled securities on 2 December 2008; and • 16,000 MIG stapled securities on 3 December 2008.

cag_cosec_syd_prd/98452_1

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil
No. of securities held after change	• 2,309 MQG shares held directly by John Niland; • 7,250 MQG shares held by Carmel Niland and John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland; and • 20,291 MIG stapled securities held by Carmel Niland and John Niland as trustee for the Niland Family Superannuation Fund, of which John Niland is a joint beneficiary with Carmel Niland.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-Market Transfers.

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

Dated: 8 December 2008

cag_cosec_syd_prd/98452_1

• See chapter 19 for defined terms.

Appendix 3Y Page 3