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j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ Result Announcement for the half year Result Announcement for the half year ended 30 September 2005 ended 30 September 2005 Presentation to Investors and Analysts Presentation to Investors and Analysts David Clarke, Executive Chairman David Clarke, Executive Chairman Allan Moss, Managing Director & Chief Executive Officer Allan Moss, Managing Director & Chief Executive Officer Greg Ward, Chief Financial Officer Greg Ward, Chief Financial Officer 15 November 2005 15 November 2005

Disclaimer This material has been prepared for professional investors. The firm preparing this report has not taken into account any customer’s particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations herein are not intended to represent recommendations of particular investments to particular customers. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of Macquarie Bank Limited (Macquarie). Unless otherwise specified all information is for the six months ended 30 September 2005 and increases are on the prior corresponding half year. O

^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook P

UUB=áåÅêÉ~ëÉ=áå=éêçÑáí=çå=éÅé 13% decrease on prior period* After tax (attributable to ordinary equity holders) 88% increase on 1H2005 1H2006 2H2005^* 1H2005^ $A482m $556m $A256m Pre tax (attributable to ordinary equity holders) 85% increase on 1H2005 1H2006 2H2005^* 1H2005^ $A683m $788m $A370m Q ^ Prior periods restated for AIFRS. * Prior period included gain realised on formation of Macquarie Goodman Group (MGQ)

bmpI=ÇáîáÇÉåÇë=~åÇ=Ñê~åâáåÖ Sep 05 Mar 05 Sep 04 cps cps cps EPS 212.9 250.4^ 117.8^ Interim / Final 90 100 61 Dividend Special Dividend - 40 - Total Dividends 90 140 61 All dividends franked to 90% � 81% increase in EPS on pcp, 15% decrease on prior period* � 48% increase in dividend per share on pcp R ^ Prior periods restated for AIFRS. * Prior period included gain realised on formation of Macquarie Goodman Group (MGQ)

tÉ=~êÉ=ìëÉÇ=íç=ã~å~ÖáåÖ=ëíêçåÖ= ÖêçïíÜ Superannuation Barings Operating income Guarantee collapse $Am introduced 500 Vic and SA MBL: US MBL: enters State Banks and Hong 450 Aust. Mortgage Stock and Pyramid Kong offices Interest market markets Building open rates rise collapse – Society 400 10% � 19% Black collapses Monday MBL: Property & 350 London banking MBL: office crisis Macquarie 300 opened Property Trust listing 250 200 First year as 150 MBL 100 50 0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Year ending 31 March S

tÉ=~êÉ=ìëÉÇ=íç=ã~å~ÖáåÖ=ëíêçåÖ= ÖêçïíÜ MBL: ING Operating income Asia $Ab acquisition Sydney 4.0 Airport acquisition 3.5 MBL: $500m capital raising 3.0 Terrorist Long-Term attacks Capital MBL: BTIB Management acquisition 2.5 Enron ‘bail out’ collapse MBL: ASX HIH collapse 2.0 listing, acquisition of Asian stake in economic 1.5 concessionaire crisis for M5 motorway 1.0 0.5 0.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* 1H2006 Profit on formation of MGQ T Year ending 31 March. *Restated in accordance with AIFRS.

^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook U

oÉÅçêÇ=Ñáêëí=Ü~äÑ=éêçÑáí 88% increase on pcp to $A482m 13% decrease on prior period* $Am 900 800 Profit on formation of MGQ 700 600 500 400 300 200 100 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005^ 2006** ^ 2005 comparatives throughout this presentation have been restated for AIFRS, except for AASB132/139 ** Reported under AIFRS. V * Prior period Included gain realised on formation of Macquarie Goodman Group (MGQ)

hÉó=ÇêáîÉêë=çÑ=Ü~äÑ � International expansion � International income more than double pcp, 46% of total income � 75% of IBG advisory deals sourced outside Australia � International staff up 32% from Sep 2004 to 2,037 � Equity market conditions: � Stronger market conditions experienced by EMG business particularly in Asia and Australia � Institutional and retail stockbroking also strongly up � Market conditions generally continued to be broadly favourable � Good transaction activity levels and success rate � Good market conditions for most treasury and commodity businesses NM

hÉó=ÇêáîÉêë=çÑ=Ü~äÑ � Good specialist fund activity and performance fees � Assets under management up 16% to $A112b and associated base fee growth* � Some asset realisations – transfer of assets to Macquarie International Infrastructure Fund (MIIF) � Strong growth in volumes � Wrap, CMT, mortgages, margin & protected lending � Extraordinary staff commitment � The Bank is benefiting from: � Continued investment in recruitment, training, retention and remuneration systems � Culture of business ownership NN * Based on revised definition of Assets Under Management

hÉó=ÇêáîÉêë=çÑ=Ü~äÑW=áåíÉêå~íáçå~ä=Éñé~åëáçå International income 46% of total income* International income* up 103% International staff up 32% on pcp to $A954m on pcp to 2,037 1200 2,500 1000 2,000 Americas 800 1,500 Asia Pacific 600 Europe/UK/Africa 1,000 400 New Zealand 500 200 0 0 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 Specialist AUM by Region Significant initiatives/transactions during the half: 31% Initiative/Transaction Initiative/Transaction Dulles Greenway (Americas) MGU NYSE IPO (Americas) YBR Directories (Europe) Macquarie Securities India (Asia) BBC Broadcast (UK) Incheon Grand Bridge (Asia) Australia/NZ MIIF IPO (Asia) Abu Dhabi JV (Asia) Europe/UK/Africa Americas Prime REIT IPO (Asia) Wightlink Shipping (UK) 35% Asia Pacific Italian mortgages bus. (Europe) Korean Ind. Energy Corp. (Asia) Bristol Airport (UK) Challenger Infrastructure (Europe) 30% Property acquisitions (Various) Daegu East toll road (Asia) Sea to Sky Highway (Americas) Wales & West Gas (UK) 4% NO * Excluding earnings on capital

hÉó=ÇêáîÉêë=çÑ=Ü~äÑW=îÉêó=Ñ~îçìê~ÄäÉ= ÅçåÇáíáçåë=áå=íÜÉ=ã~êâÉíë=áå=ïÜáÅÜ=ïÉ= çéÉê~íÉ Volume (number of shares Index in billions) ASX 200 Volume 170 12 Index 160 11 150 10 140 9 130 120 8 110 7 100 6 90 80 5 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Volume (number of shares in Index billions) 180 10 Volume 170 Index Hang Seng 9 160 8 150 140 7 130 6 120 110 5 100 4 90 80 3 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 NP Source: Bloomberg.

hÉó=ÇêáîÉêë=çÑ=Ü~äÑW=^rj=~åÇ=Ä~ëÉ=ÑÉÉë= ÖêçïíÜX=éÉêÑçêã~åÅÉ=ÑÉÉë � AUM up 16% on prior period to $A112b � Base fees up 51% on pcp to $A271m Base fees Performance fees AUM ($Ab) Base Fees ($Am) $Am 120 300 300 Infrastructure 110 100 250 250 MAP Property 90 MCG 80 200 200 MIC Other specialist 70 MIG 60 150 150 MIIF FSG/FMG - retail 50 Property 40 100 100 FSG/FMG - Other specialist 30 wholesale FSG/FMG 50 20 50 Base fees 10 0 0 0 Sep 2003 Mar 2004 Sep 2004* Mar 2005* Sep 2005 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 New funds include MCAG, MIIF, MGU, Prime REIT � Announced Macquarie Media Group IPO � AUM redefined to reflect the proportional ownership interest in the � underlying assets of Macquarie-managed funds and mandated assets Better representation of the scope of Macquarie’s funds management � activities Previously only captured the equity value of investments that Macquarie- � managed funds have significant influence over NQ * AUM prior period comparatives for September 2004 and March 2005 throughout this presentation have been restated using the revised basis of measurement

hÉó=ÇêáîÉêë=çÑ=Ü~äÑW=ÑìåÇ=ê~áëáåÖë $A5.7b raised since April 2005 68% from international investors $Ab 6 Fund Raising Predominant locale of 5 ($Am) investors Macquarie Global 1,692 Australia & International Property Fund II MEIF 1,003 Europe 4 MIG 675 Australia & International MIIF 633 Singapore 3 Macquarie Global 560 USA Infrastructure Total Return Fund MGQ 458 Australia/NZ 2 GIF II 187 Australia MAP 173 Australia Four Corners 66 USA 1 Other 295 Australia/NZ 0 NR Funds raised by Macquarie and joint venture fund manager partners from 1 April 2005 to 30 September 2005