Macquarie Group Limited — M&A Activity 2009

Sep 30, 2009

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

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ASX/Media Release

MACQUARIE GROUP TO ACQUIRE FOX-PITT KELTON COCHRAN CARONIA WALLER

• Macquarie’s global financial institutions (FIG) capabilities enhanced by incorporating FPK’s equities sales and trading, research, advisory and capital markets teams

• Complements Macquarie’s FIG presence in Asia-Pacific

• FPK clients to benefit from Macquarie’s global reach and underwriting capacity

• Broadens Macquarie Securities' equity offering in the US and Europe

NEW YORK, SEPTEMBER 30, 2009 — Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY) today announced it has entered into an agreement to acquire Fox-Pitt Kelton Cochran Caronia Waller LLC (“FPK”), a leading specialist investment bank focused on financial institutions.

The acquisition will enhance Macquarie’s integrated offering to financial institutions around the world, adding deep expertise in North America and Europe to complement Macquarie’s well-established FIG position in the Asia-Pacific region.

Founded in London in 1971, FPK employs 267 people, with approximately 50, 40 and 10 percent of staff located in the U.S., the UK and Asia respectively. Two thirds of executive staff are employed in the firm’s securities business, with the remainder in advisory, corporate broking and capital markets.

Tim Bishop, President & CEO of Macquarie Capital (USA) Inc., said: “Combining the FPK team with ours is the ideal way to expand our financial institutions presence beyond the Asia-Pacific into North America and Europe. It is consistent with our focus

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on key industry sectors and adds financial institutions as a core specialty for Macquarie. We plan to develop and grow FPK’s valued specialist research, execution and advice and build their underwriting capacity.

“More broadly, acquiring a specialist firm like FPK is a prime example of Macquarie’s expansion on both sides of the Atlantic,” added Mr Bishop.

Over the last several years, Macquarie has pursued a consistent build out of its equities, advisory and capital markets activities across North America and Europe to complement its preeminent position in the Asia-Pacific region.

“Now more than ever, financial services clients seek expertise and strategic advice focused on their industry,” said John Waller, President of FPK. “This transaction allows FPK to grow with its clients by bringing together Macquarie’s global strength and capital resources with our specialist expertise.”

Roy Laidlaw, Global Head of Macquarie Securities Group, said: “FPK and Macquarie’s equity offerings in financial institutions are particularly complementary and together we’ll deliver a wider and stronger mix of products to our respective clients. The combination will take our combined FIG research offering to 765 stocks globally and double the stock coverage universe in our growing U.S. and European securities platforms.”

Following financial close, FPK’s George Cochran and Len Caronia will become Chairmen of Macquarie Capital’s global FIG advisory business. FPK President John Waller will co-Head Macquarie’s global FIG advisory business alongside Macquarie Executive Director, Andrew Low. Charles Myers, FPK’s Global Head of FIG Equities, will assume an equivalent role within Macquarie Securities as an Executive Director.

Transaction Terms and Timing

The transaction consideration consists of $US130 million in equity value, plus $US16.7 million of long-term liabilities, less cash on balance sheet at financial close. The consideration will be paid in cash, a portion of which will be deferred over four years following financial close. The impact on Macquarie’s regulatory capital surplus as a result of the acquisition is anticipated to be immaterial. Closing is expected to occur by the end of the fourth quarter of 2009 and is subject to regulatory approvals and other customary closing conditions.

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About Macquarie

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts globally on behalf of institutional, corporate and retail clients and counterparties. Founded in 1969, Macquarie operates in more than 70 office locations in 26 countries. Macquarie employs approximately 12,500 people and has assets under management of over $US190 (£114) billion (as of July 31, 2009).

Macquarie Capital comprises Macquarie Group’s corporate advisory, capital markets, underwriting, wholesale structuring, specialist funds (including infrastructure and real estate funds) and private equity capabilities.

Macquarie Securities Group has teams located in the major financial markets around the world, providing clients with specialist capabilities in equity underwriting, equity sales and trading, equities research and corporate broking and is consistently ranked highly for its research, sales and execution.

About FPK

Fox-Pitt Kelton Cochran Caronia Waller is one of the leading global specialist investment banks focused exclusively on the financial services sector. FPK's reputation has been built around its equity research team which has consistently been recognized by institutional investors for its quality and independence.

FPK is also a leading underwriter of equity securities and actively serves as a strategic advisor providing advice on mergers & acquisitions, corporate restructurings and equity capital market transactions for banks, insurance companies and other financial services companies around the world. FPK has been consistently ranked among the leaders in insurance investment banking transactions.

FPK has offices in London, New York, Chicago, San Francisco, Hartford, Boston, Hong Kong and Tokyo. FPK was acquired in 2006 by a group including members of management and investment funds managed by J.C. Flowers & Co. LLC.

For further information, please contact:

Investor enquiries

Stuart Green Investor Relations Macquarie Group Tel: +61 2 8232 8845

Media enquiries – USA

Media enquiries – USA Media enquiries – UK Alex Doughty Karen Smith Corporate Communications Corporate Communications Macquarie Group Macquarie Group Tel: +1 212 231 1310 Tel: +44 20 3037 2420

Media enquiries – Australia

Paula Hannaford Corporate Communications Macquarie Group Tel: +61 2 8232 4102

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