1. Macquarie Group Limited Introduction June 2010

2. DisclaimerDisclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (Macquarie) and is general background information about Macquaries activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Macquaries businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Macquaries control. Past performance is not a reliable indication of future performance. 2 3. Introduction to Macquarie 4. About Macquarie Global provider of banking, financial, advisory, Recent Growth Profileinvestment and funds management services 1969 Established as Hill Samuel Australia Limited, a wholly-owned subsidiary of UKmerchant bank Hill Samuel & Co Ltd Founded in 1969, currently operates in more1985 Obtained an Australian banking licence as Macquarie Bank Limited than 70 office locations in 28 countries and 1989 London office opened employs over 14,600 people 1994 New York office opened 1995 Hong Kong office opened Listed on Australian Securities Exchange (ASX: 1996 Macquarie Bank Limited publicly listed on the Australian Stock Exchange MQG; ADR: MQBKY) ------------------------------------------------------------------------------- 2004 Acquired Asian cash equities business of ING Group (Asia)Regulated by APRA, Australian banking2005 Acquired Cook Inlet Energy Supply (US)regulator, as non-operating holding company of 2007 Acquired Giuliani Capital Advisors LL (US)a licensed Australian bankFormally established Macquarie Group Limited as a Non-Operating Holding company 2008 Established a UK bank on 4 FebruaryMarket capitalisation of 15.25bn as at 4 JuneAcquired Orion Financial Inc. (Canada)2010Acquired CIT Systems Leasing (US) 2009 Acquired Constellation Energys downstream natural gas trading operations (NorthAssets under management 221bn1 America) 2010 Acquired Tristone Capital Global Inc.(Canada, US, UK, Argentina) Acquired Delaware Investments (US)Acquired Fox-Pitt Kelton Cochran Caronia Waller (North America and Europe)Acquired Blackmont Capital (Canada)Acquired equity derivatives & structured products and cash equities sales and researchbusiness of Sal. Oppenheim (Europe)Acquired 120,00-vehicle auto finance portfolios as Ford Credit & GMAC exit AustraliaAgreed to acquire a portfolio of 47 aircraft from ILFC/AIG1. As at 31 March 2010. EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD =EUR0.67914 5. Diversified by regionMajor International Operations EUROPE, MIDDLE EASTASIA AMERICAS & AFRICA3 Income: 586m (13% of total)Income: 774m (18% of total)Income: 916m (21% of total) Staff: 1,473Staff: 2,410Staff: 3,478 Beijing SeoulTokyo ShanghaiCalgaryTaipeiVancouverHong Kong Hsinchu SeattleToronto Dublin Stockholm Gurgaon ManilaSan Francisco Bloomfield HillsMontrealLondonAmsterdam San JoseChicagoBostonBristol FrankfurtBangkok Irvine HartfordParisMoscow4 Los Angeles DenverViennaMumbaiCarlsbad San DiegoNew York ZurichLuxembourgAtlanta PhiladelphiaGenevaMunichKuala Lumpur DallasSingapore AustinHoustonJacksonville Miami JakartaMexico Dubai Abu DhabiSunshine Coast Gold Coast BrisbanePerthAdelaideNewcastle Sydney Melbourne Canberra Auckland WellingtonChristchurch Riberao Preto Sao PauloBuenos AiresJohannesburg3 Cape TownAUSTRALIAIncome: 2,104m (48% of total)Staff: 7,296 1. Income for full year to 31 Mar 10. Income in each region excludes earnings on capital and other corporate items. 2. Staff numbers at 31 Mar 10. 3. Excludes staff in Macquarie First South joint venture. 4. Staff seconded to joint venture not included in official headcount (Moscow: Macquarie Renaissance, Savannah: Medallist).5 6. Diversified by regionOperating Income by Region 1,800 1,600 1,400 1,2002H08 Operating income $Am11H092H09 1,0001H102H10 800 600 400 200 0Australia Asia AmericasEurope, Middle East & Africa1. Operating income excludes earnings on capital and other corporate items. 6 7. Diversified by business Major business activities MacquarieMacquarie MacquarieFixed Income,Corporate Banking andSecuritiesCapital Funds Currencies and and Asset Financial GroupGroupCommoditiesFinance Services GroupInstitutional cashMergers andOffers a range of Trading, sales, researchLeasing and asset Tailored cash solutions: equities and equity acquisitions, takeoversinvestments across aand finance covering: finance CMA, term deposits, capital markets and corporatevariety of asset classes, Cash XL services through jointrestructuring advice including:- Fixed income Tailored debt and venture with Macquarie interest rate, debt finance solutions for Advice: Premium Capital AdvisersEquity capital markets,- Equitiesand creditclients Portfolio service, wealth equity and debt capitalsecuritiesmgt, private bank, Derivatives DeltaOnemanagement and - ListedAsset remarketing,private portfolio mgt, Trading:raisinginfrastructure- Currencies sourcing and tradingfull service stockbrokingforeign exchange- Institutional/ Alternative asset funds- Listed real estatespot, forward and Intermediary: Macquarieretail derivatives management,tailored services Wrap, Coin Financial including infrastructure - CurrenciesPlanning software,- Structured and real estate funds- Commodities mortgages, lifeequity finance- Fixed incomemetals, energy, insurance Debt structuring,environmental- Arbitrage tradingdistribution and debt- Cashproducts, Direct services: capital marketsagriculture, freight, Macquarie Edge online- Synthetic - Commodities bulk commoditiestrading and credit cardsproductsand- Private equitycomplementary Relationship banking- Global securities and hedge fundfutures servicesservicesfinance of fundsFunds management- Structuredand administrationproducts7 8. Diversified incomeOperating income by sourceOperating income before writedowns, impairments, equity accounted gains/(losses) and one-off itemsInstitutional and retail cash equitiesEquity derivatives12 months to 31 Mar 0912 months to 31 Mar 10 4.9b 4.8b Macquarie-managed funds (includes base and performance fees, M&A advisory and underwriting and asset sales)9%15% 18% Securities funds management 20%17%16%22% and administration6% Third party M&A and advisory12%8% income 13% 16% Asset and equity investments 14% 28%12%10% Commodities, resources15% and foreign exchange13%8%7%8%9%10%7% 7%9% Lending, leasing and margin 10% related income As at 31 March 2010. EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD = EUR0.6791. 8 9. Financial performance Full year ended 31 March 2010EURm FY10 operating income of 4,508m EURm FY10 profit of 713m 2,50020% increase on FY09500 21% increase on FY092,0004001,5003001,000200 500 100 0 02H081H09 2H091H10 2H10 2H08 1H092H09 1H102H10 EURFY10 dividends per share of 1.26EUR FY10 earnings per share of 2.171.52.0 3% decrease on FY091% increase on FY09 1.51.0 1.00.50.50.0 0.0 2H081H092H091H102H10 2H08 1H09 2H091H10 2H10 As at 31 March 2010. EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD = EUR0.6791. 9 10. Funded balance sheet remains strong Macquarie Group Limited$Ab30 September 2009$Ab 31 March 2010 $Ab31 March 2010 Pro -forma1 909090 Impact of CMT/CMA initiativeST wholesale 80issued paper (6%)6.5x 8080excessOther debt 2 maturing in the next 12ST wholesale4.5x mths (8%) 70issued paper (7%) excess 70 ST wholesale 70Cash and liquid issued paper (6%) Other debt 2 6.0x maturing in the next 12assets (37%) Other debt maturing in the next 12 2 excessmths (9%)Cash and liquid mths (8%) assets (30%) 60Deposits 60 Cash and liquid60(34%) assets (37%) DepositsDeposits (26%) (24%) 50 50Trading assets50(17%) Trading assets (15%)Trading assets 40 40(13%) Loan assets 40 Loan assets< 1 year (10%)< 1 year (9%)Debt maturingLoan assetsbeyond < 1 year (8%) 30 12 mths (35%) 30 Debt maturing30Debt maturingbeyond> 1 year Loan assets beyond 12 mths (40%) (26%) > 1 yearLoan assets12 mths (44%)Loan assets (30%)> 1 year 20> 1 year 20 20(27%)(27%)Loan capital 10 10 10 Debt investment securities Equity (16%)EquityEquity (14%) Equity Equity (16%) Equity investments 3 investments 3investments 3 (7%) (7%) (8%)0 PPE 00 Funding sourcesFunded assets Funding sources Funded assetsFunding sourcesFunded assetsNote: These charts represent Macquarie Group Limiteds funded balance sheets at the respective dates noted above. 1. Adjusted to reflect CMT volumes at 31 March 2010. 2. Includes Structured Notes, Secured Funding, Bonds, Other Bank Loans maturing within the next 12 mths and Net Trade Creditors. 3. This represents theGroups co-investment in Macquarie-managed funds and equity investments10 11. Consistently strong capital baseWell capitalised surplus over Groups minimum regulatory capital requirement of 2.7b Core equity represents 91% of the Groups capital baseb8.0b8 CPSMIS 6.9b 7MIPS 6.3bCore equity 6 4.9b 543.3b 3210200620072008 2009 2010 Pre-restructure: Tier 1 regulatory capital (Basel I)Post-restructure: Eligible regulatory capital (Basel II) EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD = EUR0.679111 12. Assets under management of 221billionSignificant increase in AUM due to Delaware acquisition in Jan 10 Excluding Delaware1, reported AUM decreased by 46b mainly due to the listed fund initiatives and strengthening of the $A since Mar 09 Pro-forma AUM includes impact of CMT/CMA transfer (7b at Mar 10) b250 3 Banking and Financial Services 221b 215b2 Macquarie Funds Group200Real Estate Macquarie Capital Funds158b 165b150134b 10095b500 2006 200720082009 2010 Mar 10 Pro-forma 1. Delaware Investments AUM at 31 Mar 10 was 103b. 2. Mar 10 pro-forma AUM includes the impact of the proposed conversion of the CMT to the CMA. CMT AUM was 7b at 31 Mar 10. 3. The Macquarie CMT, included in BFS AUM above, is a BFS product that is managed by MFG. EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD = EUR0.6791.12 13. Macquaries Operating Businesses 14. Macquaries Operating Businesses Update on recent initiatives Macquarie SecuritiesMacquarie CapitalA global specialist offering unique insights into energy, resources, commodities,Integrated global M&A, DCM, ECM and principal investing platforminfrastructure, real estate, quant and FIG sectors driven by deep knowledge of specialising in Infrastructure, FIG, Real Estate, Industrials, TMET andthe Asia Pacific regionResourcesCurrently 8th largest broker based on global stock coverage Over 2,700 The leading Asia-Pacific ECM house, plus rapidly expanding advisorystocks covered globallyand ECM capabilities across Canada, the US, the UK, Germany andMaintained No.1 market share in Australia and growing in other regions.South Africa (MacCap completed a number of IPOs in all these regionsLeading warrants market share Asia Pacific: Korea and Singapore (No.1), Hong during FY10)Kong (No.3) and Australia (No.1) for FY10Leading alternative asset funds manager with $A96b of Assets Under Management across 100 businesses1Acquisitions: Acquisitions:Acquisitions: Tristone:Sal Oppenheim Equity Trading and Tristone: Acquisition closed Aug 09, now called Macquarie Tristone. Integration complete Fully integrated into MSG Derivatives 43 new financings over $C4.4b for Canadian, American and European based oil and gas 36 sales, research and trading More than 90 staff based in Germany companies, where Macquarie acted as lead or co-lead in almost 30% of transactionsprofessionals in London, Denver and and Switzerland Closed 17 M&A transactions worth $C6.3bCalgary Complements existing Asian derivatives Macquarie ranked No.3 globally in FY10 by oil and gas M&A deal count (includingundisclosed and private deals)2 FPK: operation and adds a wider set of Fully integrated into MSG products to its growing European Fox-Pitt Kelton Cochran Caronia Waller (FPK):business Acquisition closed 30 Nov 09. Integration now complete Over 110 staff in New York, Hartford,Sal Oppenheim Cash: Participated in 12 new financings/raising over $US44b for US and European financialBoston, Chicago and London institutions Added FIG sector expertise in North Cash equities business comprising US and Europe closed 11 FIG Advisory transactions worth $US1.3bAmerica and Europe to complementequities research, sales and trading and Macquarie/FPK US is currently mandated on 26 advisory engagements with aggregateMacquaries well established FIG position execution functions focused on estimated transaction size of approximately $US3.2bin the Asia-Pacific regioncontinental Europe Macquarie/FPK UK has been awarded a syndicate position on the landmark Prudential rights offering, in support of its acquisition of AIA from AIG Brought FIG research to approximately 50 new staff based in Germany, France765 stocks globally and SwitzerlandOrganic growth:Organic growth: Broadens existing pan-European reachNew offices: Buenos Aires, Mexico City and Moscowwith the business being particularlyNew senior hires: 40+ new director-level hires during FY103 52 selective director level hires globally since New products: established DCM business in the US, taking part in $US3b of book-runs andstrong in Germany FY09, majority of which are in the Cash$US3b of co-manager deals in four mths Division1. As at 31 Mar 10. 2. Bloomberg. 3. In addition to the director-level appointments associated with the acquisitions of Tristone and FPK. 14 15. Macquaries Operating BusinessesUpdate on recent initiatives Fixed Income, Currencies & CommoditiesMacquarie Funds Group Specialist in global commodity markets offering tailored price risk Strong, established fund management franchise, particularly in management solutions to significant commodity producers and Australia and the US, with over $A200b in Assets under consumers Management Top 5 physical gas marketer and highest ranked finance house in North Strength and discipline of an institutional manager with the America and participant in US physical power giving Macquarie and its responsiveness and innovation of a boutique clients important insights to energy market dynamics Leading arranger and placement agent in Australian primary debt markets and increasing participant in the US corporate debt markets offering clients valuable fundamental research, quality trade execution and outstanding trading opportunities Organic growth: Acquisitions: Energy Markets: Delaware Investments: Energy Markets Division outperformed expectations in FY10 and focussed on Running ahead of expectationsconsolidating its North American gas and power franchise Macquarie Energy Approx $US151b in AUM (as at 31 Mar 10) Asian expansion: Now branded Delaware Investments, a member of Macquarie Group Selective Asian growth initiatives with a Korean branch licence granted in 2H10 and 20 staff from MFG now located in Philadelphia the establishment of a Singapore-based physical oil trading capability Sales team combined in the US under Delaware Head of Distribution Credit Trading: Ability to offer Macquarie product into US distribution platform across a Finalisation of the US build-out of the Credit Trading business and a focus on variety of asset classes including infrastructure securities, REITs andopportunities in Europe commodities Emerging Markets: Systems upgrade and integration project underway Building upon the Miami based, Latam facing operation Organic growth: Continued its growth in NY and began expansion into Europe Selectively recruited 6 director level hires as part of organic expansion, Physical shipping:particularly in the fundamental team within Listed Equities and the fund Shipping of coal, LNG, oilderivative capability in the US Freight wet and bulk freight trading services Fixed Income and Currencies: Expansion in NY, London and Asia15 16. Macquaries Operating BusinessesUpdate on recent initiativesCorporate and Asset Finance Banking and Financial Services Strong technical expertise to provide finance and asset management Premium advice, service and products to Australian retail solutions to over 200,000 clientsinvestors through Australias No.1 Full Service Retail Over $A13.6b of assets, including corporate debt and leased autos, Stockbroker, market leading platforms, supported by the largest IT&T, manufacturing, infrastructure/energy, rail and aviation enginescash hub in the country, and seeks to replicate this model in itsinternational businesses in North America, Asia, and the UK Leading Australian independent motor vehicle financierMacquarie Wrap Solutions is one of Australias leading platforms Acquisitions:Acquisitions: Aviation LeasingMacquarie Private Wealth (Canada) (formerly Blackmont Capital) Agreed to acquire a portfolio of 47 modern aircraft from International Lease Finance Corp for Separation from former parent company CI completed and integration well advanced approx. $US1.7b Total assets under management: $C8.25b, up 5% from acquisition Aircraft on lease to 35 airlines in 27 countries Total number of advisers 144 with 13 additional adviser recruits since completion Leverages Macquaries existing expertise in the aviation leasing sector Cross referral activities underway: e.g. opportunities for MPW advisors to bring Completion to occur over remainder of calendar 2010 corporate advisory clients and private placements to Macquarie Capital IT Leasing Expansion of research coverage from 100 stocks to approx 450 across Canada and Acquisition of Technology Services Division of RTS and management of RTSs approx. $US500mthe US lease portfolio Adds technology services capability to existing US equipment finance business and expands client Continued growth in revenue expected for both Macquarie Capital and BFS base to over 2,400 companies in North AmericaOrganic growth: Completion date: Feb 10 Selectively recruited 16 director level hires as part of the group's expansion into the UK and Motor Vehicle Leasing Asian financial services markets and also in specialist areas including insurance and Service $A1.0b auto finance portfolios acquired as Ford Credit exits the Australian marketand Operations in the Australasian market Ford portfolio performance exceeding pre-acquisition projections Further expansion of existing domestic leasing businesses to provide finance to Australian SMEsOrganic growth: 6 director level appointments with expertise in leasing, lending, credit, legal and M&A16 17. Macquarie in EMEA 18. Macquarie in EMEAKey informationRegional headquarters London16 office locations in 10 countriesActive in the region since the late 1980s1,473 staff^ Abu DhabiIncome: 586 millionAmsterdam(13 per cent of total income)*BristolCape TownDubai Dublin FrankfurtGeneva Johannesburg1LeedsLondonMoscow2Munich Paris Stockholm ViennaZurich *Income for the full year to 31 March 2010. ^As at 31 March 2010. EUR amounts have been converted solely for the convenience of the reader at the 31 March 2010 exchange rate: AUD = EUR0.6791. 1. Excludes staff in Macquarie First South joint venture. 2. Staff seconded to joint venture not included in official headcount (Moscow: Macquarie Renaissance, Savannah: Medallist).18 19. Macquarie in EMEA Capital markets, advisory and securities Asset and Wealth Management Corporate finance and advisory Alternative asset funds management Debt structuring and distributionHedge funds management Emerging markets advisoryIntermediary services Equity capital markets, equity and debt capital management Products distribution and raisingRetail financial services and advisory Institutional cash equitiesRetail and wholesale funds management Metals and energy capitalSecurities funds management Real estate developmentStructured and specialist investments Real estate investment management LendingFinancial Markets Corporate LendingArbitrage trading Equipment trading and remarketingCorporate action trading Finance and operating leasingDebt markets Real estate financingEmerging marketsEnvironmental marketsFreight marketsFutures broking and clearingOver-the-counter derivatives in agricultural commodities,energy and metal marketsPhysical gas and electricity tradingSecurities borrowing and lending 19