Macquarie Group Limited — Share Issue/Capital Change 2007

Dec 2, 2007

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

3 December 2007

ASX Release

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Macquarie Group Limited - Employee Share Plan

Since 1997, Macquarie Bank Limited (“MBL”) has made an annual offer to eligible employees to acquire up to $1,000 of fully paid ordinary MBL shares (“Ordinary Shares”) under the Macquarie Bank Employee Share Plan (“MBESP”). Macquarie Bank Limited underwent a restructure on 13 November 2007, following which Macquarie Group Limited became the ultimate parent company of Macquarie Bank Limited. As a result of the restructure the Macquarie Bank Limited ESP Offer will no longer be offered to employees. Instead Macquarie Group Limited (“MQG”) will offer participation in the Macquarie Group Employee Share Plan (“ESP”). MQG advises that it intends to issue Ordinary Shares pursuant to the ESP.

Eligible employees will each be offered up to $1,000 of Ordinary Shares, to be allotted on or about 11 January 2008 (“Allotment Date”). The exact number of Ordinary Shares issued will be advised after allotment.

The Ordinary Shares will be issued at the weighted average price at which the Ordinary Shares are traded on ASX in the one week period up to and including the Allotment Date and will rank pari passu with all other Ordinary Shares then on issue.

The shares will be subject to restrictions on disposal until the earlier of three years from the Allotment Date or the relevant employee no longer being employed by a Macquarie Group Company.

The offer is to be made to eligible employees pursuant to an offer document issued under ASIC Relief Instrument dated 25 October 2007. Shareholder approval is not required for the issue of the shares. There are approximately 5,630 eligible employees.

For further information, please contact:

Dennis Leong, Company Secretary, Macquarie Group Limited

(02) 8232 3273

Macquarie Group Limited is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cwth), and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Group Limited.