[PPT] - Operational Briefing Presentation to Investors and Analysts 8 PowerPoint Presentation

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Macquarie Group Limited

Presentation to Investors and Analysts 8 February 2011

Operational Briefing

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Disclaimer

The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (“Macquarie”) and is general background information about Macquarie’s 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 Macquarie’s 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

ccurrence 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 Macquarie’s control. Past performance is not a reliable indication of future performance.

Unless otherwise specified all information is for the quarter ended 31 Dec 10 and movements are on the prior quarter and prior corresponding period.

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Agenda

10:05 – 10:10

Introduction – Richard Sheppard

10:10 – 10:30

Update since the Interim Result – Nicholas Moore

10:30 – 10:55

Fixed Income, Currencies and Commodities – Andrew Downe

10:55 – 11:15

Morning tea

11:15 – 11:40

Macquarie in the Americas – Tim Bishop

11:40 – 12:05

Macquarie Funds Group – Shemara Wikramanayake

12:05 – 12:30

Risk Management Group – Stephen Allen

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About Macquarie

Building for the medium term

Macquarie Securities

Top-tier, global institutional securities house with strong Asia-Pacific foundations
Full-service in Australia and Asia with growing offerings in the US, Canada, Europe and

South Africa

9th largest research house globally covering over 2,400 stocks
Proven capability in distribution of Asia stocks into US and Europe
Key specialties: infrastructure and utilities, real estate, TMET, resources (mining & energy), industrials

and financial institutions

Macquarie Capital

Global M&A advisory capability, including ECM, DCM and PCM products and a principal investing

platform

Key specialties: infrastructure, utilities and renewables, real estate, TMET, resources (mining & energy),

industrials and financial institutions

Macquarie Funds

Top 40 global asset manager with approximately $A300b1 of assets under management
Provides clients with access to a diverse range of products, including securities investment management,

infrastructure and other real asset management and fund & equity based structured products

Fixed Income, Currencies and Commodities

Global fixed income, currencies and commodities provider of finance, risk solutions and market access to

producers/consumers and financial institutions/investors

Growing presence in physical commodities (natural gas, power, oil, coal, freight)
Predominant in US and Australia, growing presence in Asia and EMEA
Specialties: commodities, emerging markets, high yield and distressed debt

Corporate and Asset Finance

Provider of specialist finance and asset solutions, with $A16.5b1 of loans and assets under finance
Expertise in aviation assets, IT&T, rail, manufacturing equipment, motor vehicles and corporate debt
One of the largest providers of motor vehicle finance in Australia

Banking and Financial Services

Leading provider of retail advisory services and products
Business banking for small to medium businesses including business deposit, funding, transaction and

payment solutions

Full-service deposit-taking, products, platforms and services to intermediaries in Australia
1. Balance as at 31 Dec 10.

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SLIDE 5

Update since the Interim Result Announcement

Nicholas Moore Managing Director and Chief Executive Officer

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 6

Overview

Market conditions continue to track back to more normal levels, with the

exception of equity markets where volumes remain subdued

Consistent with improved market conditions, Dec 10 qtr operating result for the

Group was significantly up on the subdued Sep 10 and Jun 10 qtrs

Dec 10 qtr operating result for all Groups, except MSG, up on the Dec 09 qtr,

however the Group overall was down on stronger Dec 09 qtr

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Overview

Organic growth initiatives continuing across the Group include:

― MSG: Consolidating the build out of cash equities and derivative businesses in Europe and US. Focus now on product rollout and developing client recognition ― MacCap: Focus on advisory services in our key speciality sectors ― FICC: Continuing to expand Asian business out of the recently established Singapore hub, extended MBL Seoul Branch activities to include OTC derivatives in the Dec 10 qtr ― MFG: Consolidation with Delaware and with Macquarie Infrastructure and Real Assets Division providing strong global platform for MFG – complementary capabilities, global distribution team, specialist structuring skills, scalable

perational platform

― CAF: Continuing to grow loan and asset portfolio, including financing over 16,000 motor vehicles in Australia and completing a further $A500m Australian motor vehicle lease and loan securitisation in the Dec 10 qtr. Geographic expansion of technology leasing capacity into Asia and continued growth of vendor/channel financing programmes ― BFS: continuing to build client base with over 1m clients globally at 31 Dec 10

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Overview

Maintaining our strong market positions which will benefit from improving market

conditions

― MSG: No.1 Australian equity research/advisory share for US and European institutional investors1, No.2 Australian overall research and sales for Australian institutional investors2, No.1 market share in listed warrants in Singapore3, increasing market share across various Asian equity markets3 ― MacCap: No.1 in Australian M&A by number of deals4, received 19 awards globally in 2010 including Project Finance Global Adviser of the Year & Global Deal of the Year (HSBC Eversholt Rail)5, Best M&A House in Australia6, Best Deal in China (Agricultural Bank of China)7 and M&A Deal of the year in Australia8 ― FICC: Best Domestic FX Providers - Australia9, No.4 US physical gas marketer in North America10, Excellence in Agricultural and Softs Markets: Trade, Risk and Portfolio Management (London)11 ― MFG: Largest Australian based asset manager, ranked first of Australian individual managers by number of mandates won for the year to Sep 1012, globally largest manager of Alternative Assets overall and largest manager of Infrastructure Assets13 ― CAF: One of the largest providers of motor vehicle finance in Australia and one of North America’s largest independent lessors of technology equipment ― BFS: No.1 ranked full service retail stockbroker in Australia14, Standard & Poor’s Product Distributor of the Year (Professional Series)

1. Greenwich Survey of US Institutional Investors 2010 – Australian Equities and Greenwich Survey of European Institutional Investors 2010 – Australian Equities. 2. Peter Lee Survey of Australian Equity Investors 2010. 3. Local Exchanges. 4. Thomson

Reuters, M&A announced and M&A completed 2010. 5. Project Finance International. 6. Euromoney. 7. By both The Asset and Finance Asia. 8. CFO Magazine. 9. AsiaMoney Corporate FX Poll 2010. 10. PlattsGasDaily Dec 10. 11.Commodity Business Awards 2010. 12. Rainmaker Mandate Chaser Report as at 30 Sep 10. 13. Towers Watson Global Alternatives Survey 2010. 14. Smart Investor Awards 2010.

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Staff: 3,693

AMERICAS

Staff: 2,735

ASIA EUROPE, MIDDLE EAST & AFRICA2

Staff: 1,566 Staff: 7,408

AUSTRALIA

1. Staff numbers at 31 Dec 10. 2. Excludes staff in Macquarie First South joint venture and staff seconded to Macquarie Renaissance joint venture (Moscow).

More than 15,4001 staff in over 28 countries

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Funded balance sheet remains strong

1. Includes Structured Notes, Secured Funding, Bonds, Other Bank Loans maturing within the next 12 months and Net Trade Creditors. 2. This represents the Group’s co-investment in Macquarie-managed funds

and equity investments.

Note: These charts represent Macquarie Group Limited’s funded balance sheets at the respective dates noted above.

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10 20 30 40 50 60 70 80 90 Funding sources Funded assets $Ab 10 20 30 40 50 60 70 80 90 Funding sources Funded assets $Ab 10 20 30 40 50 60 70 80 90 Funding sources Funded assets $Ab

Macquarie Group Limited 31 Mar 10

Trading assets (17%) Loan assets < 1 year (10%) Loan assets > 1 year (30%) Equity investments2(7%) Cash and liquid assets (30%) Loan capital Debt maturing beyond 12 mths (40%) Deposits (26%) Equity (16%) ST wholesale issued paper (7%) Other debt1 maturing in the next 12mths (9%)

31 Dec 10 30 Sep 10

Trading assets (17%) Loan assets < 1 year (9%) Loan assets > 1 year (28%) Equity investments2 (7%) Cash and liquid assets (31%) Debt maturing beyond 12 mths (36%) Deposits (37%) Equity (14%) ST wholesale issued paper (3%) Other debt1 maturing in the next 12 mths (8%) Debt investment securities Trading assets (17%) Loan assets < 1 year (10%) Loan assets > 1 year (30%) Equity investments2 (6%) Cash and liquid assets (30%) Debt maturing beyond 12 mths (34%) Deposits (36%) Equity (13%) ST wholesale issued paper (5%) Other debt1 maturing in the next 12 mths (7%) PPE Hybrid

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Group capital surplus of $A3.2b

Group capital of $A12.0b at 31 Dec 10, a $A3.2b buffer of capital in excess of the Group’s minimum

regulatory capital requirements

Strong Banking Group capital ratios – Tier 1: 10.6% (Core Tier 11: 9.8%); Total Capital: 12.2%
Final form of Basel III in Australia is subject to implementation by APRA. Macquarie continues to

monitor regulator and other market developments and remains well capitalised and well funded

Business growth, regulatory adjustments, Dec 10 qtr earnings and other movements to reserves PMI issue, DRP Reduction in DTAs and intangibles

1. Core Tier 1 represents Tier 1 excluding hybrid Tier 1 instruments.

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SLIDE 12

At 1H11 Result Announcement, it was foreshadowed that subject to market conditions

returning to more normal levels during 2H11, it was anticipated that FY11 result was to be broadly in line with FY10

Dec 10 qtr result reflected improved market conditions across all groups except MSG

where equity markets volumes remain subdued

Subject to market conditions continuing to return to more normal levels as well as other

factors including the timing of completion on transactions and normal year end procedures, we currently anticipate 2H11 result to be approximately 35% up on subdued 1H11 and 2H11 result to be approximately 5% down on pcp

We continue to expect FY11 trading to be characterised by:

― Income statement  Fewer one-offs items (e.g. asset sales, writedowns, provisions), as seen in 1H11  Compensation ratio to be consistent with historical levels  Continued higher cost of funding reflecting market conditions and high liquidity levels ― Balance sheet  Excess funding levels which we expect will continue to be deployed across the businesses

Outlook for 2H11

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Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 14

Fixed Income, Currencies and Commodities

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

Andrew Downe Group Head

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Products Capabilities Clients Markets

/ Exchange-traded futures / Over-the-counter hedging / Financial swaps and options / Physical supply and purchase transactions / Equity and asset investments / Commodity-linked finance / Customised solutions / Market maker / Liquidity providers / Physical markets / Fundamental analysis / Risk management expertise / Research / Asset management / Asset acquisition / Operational expertise / Reserve base expertise and technical knowledge / Securitisation / Producers / Consumers / Refiners / Transport sector / Distributors / Traders and marketers / Financial institutions / Hedge funds / Investment managers / Banks / Credit – high yield and investment grade / Foreign exchange / Interest rates / Debt capital markets / Electricity/power / Natural gas / Crude oil and products / Environmental products / Pulp and paper / Metals and mining / Agriculture / Ethanol / Shipping, coal and freight

FICC offers a broad range of products, services and clients

= examples of new markets

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2010 / 2011

Environmental Product Trading Credit Trading Physical coal trading Acquisition of Shatkin Arbor Commodity Investor Products Business Ethanol Trading JV Established Macquarie Futures USA Ag Structured Finance – finance into small and medium sized producers Energy Markets and Derivatives Business Started commodities platform Physical Power Business (Houston) Bankers Trust acquisition Metals and Energy Capital Ag Derivatives Ag Commodities and Derivatives Brazil Metals and Energy Capital Houston Acquisition of Cook Inlet (natural gas) Emerging markets distribution and origination platform Acquisition of Constellation gas trading operation Pulp and paper trading Formation of Macquarie Energy power and gas trading and marketing Merged FX and debt divisions to form Fixed Interest & Currencies division Purchased Integrys wholesale electric marketing and trading portfolio Physical oil trading Asian Markets Credit Trading Europe Emerging markets Europe ~190 staff (pre Bankers Trust acquisition) ~420 staff (pre Cook Inlet acquisition) ~1,000 staff

FICC has consistently evolved

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Continue to build upon a cycle-resilient portfolio of businesses – recent growth initiatives

include: ― Establishment of FICC’s Asian regional hub in Singapore comprising new Asian Markets business (Asian rates, currencies and credit) ― Transformation from Sydney based, 24-hour currency service provider to global business with hubs in Sydney, New York, London and Singapore ― Continued build of US credit sales capability with the addition of a commercial mortgage finance and commercial mortgage-backed securities team in New York ― Expansion of credit trading offering into Europe ― Expansion of repo, rates and credit offering to include European emerging markets

Positioning ourselves for growth

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AMERICAS

NEW YORK HUB

Dec 09 headcount: 133 Dec 10 headcount: 179

HOUSTON ENERGY HUB

Dec 09 headcount: 200 Dec 10 headcount: 208

plus Canada and Brazil

― Full complement of services across commodities and financials (rates, currencies, credit) ― Increasing reach into institutional clients

EMEA

LONDON HUB

Dec 09 headcount: 132 Dec 10 headcount: 166 ― Full complement of commodities offering, including a presence in the Middle East ― Futures clearing and execution ― Building up coverage of financials (rates, currencies, credit)

< 30% of staff are located in Australia

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ASIA

SINGAPORE HUB

Dec 09 headcount: 6 Dec 10 headcount: 61 ― Recently completed phase 1 build out ― Asian Markets offering Asian credit, rates and currencies ― Singapore bank branch licence imminent ― Korean bank branch licence now includes OTC derivatives ― Next bank licence is India ― Others to follow

AUSTRALIA/ NEW ZEALAND

―Full complement of services ―Australia specific offerings in debt, securitisation and futures ―Central services

Established regional hubs with full functionality and support

~ 1,000 staff in 25 locations and in 14 countries globally

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Regional growth initiatives

EMEA

Continued expansion of credit trading

ffering including major and emerging

markets Establishment of a presence in the Middle East

Asia

Continued development of FICC’s regional hub in Singapore Extension of agricultural OTC, energy OTC and physical oil Extension of Macquarie Bank Limited Seoul Branch

Americas

Credit Trading addition of commercial mortgage finance and commercial mortgage-backed securities business Macquarie-wide integrated team approach to energy clients Obtained ICE US membership allowing futures clearing

Australia

Continued transformation from Sydney based, 24-hour currency provider to a global business with hubs in Sydney, New York, London and Singapore

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FICC focus on Asia

Focus on growth opportunities in Asia: FICC has well established businesses in Australia, the US and the UK To date FICC’s presence in Asia has centred around select physical and financial commodity plays: — Energy markets — Agriculture — Physical oil The establishment of the Asian Markets business in 2010 represents a significant investment in the region and an important step in completing FICC’s global product and service offering

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FICC Asia – select commodities offering

Agriculture Energy Markets Physical Oil

Global reach, local expertise
OTC risk management and

tailored customer solutions

Focus on corporates in

Asia for: — grain/oilseed (wheat, canola, corn, soybean) — sugar (raw and refined) — cotton — coffee, cocoa — palm markets

Specialists in agricultural

commodity financing

Global presence in energy

derivatives

Cash-flow hedging solutions

in: — individual crudes and refined products — oil index-linked LNG — pipelines gas formulae — baskets of energy price risk

Hedging instruments include

both vanilla and exotic products

Global strategy with an Asian

focus

Term storage contract and

crude supply agreements with some of the largest Asian refineries

Core trading relationships in

Singapore, Korea, China, Japan, India and Australia

Traditional crude/product

sourcing and off-take

Associated financing of

inventory in-tank or on-water

Embedded price risk

management solutions

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Growing FICC’s Asian presence rounds out Macquarie’s platform in Asia

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Equity Markets Bond Markets Debt Capital Raising Equity derivatives Interest rate derivatives Commodity derivatives

(+ select physical commodity trading)

Currency derivatives and spot FX Futures market access

SUPPORTING RESEARCH AND ANALYTICS

Asian corporates
Asian projects
Asian government

bodies Asian corporates/entities with exposure to: Currencies/international trade Commodities Interest rate risk

Mutual funds
Pension funds
Hedge funds
Banks
Insurance

companies CAPITAL RAISING TRANSFER RISK

MACQUARIE PLATFORM IN ASIA

INSTITUTIONAL INVESTORS INTO ASIA

M&A Advisory

Equity Capital Raising

Existing offering FICC addition to platform Clients or client activities

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China India South Korea Taiwan Philippines Indonesia Malaysia Singapore Thailand Hong Kong

Singapore South Korea Hong Kong

— Access to Asian rates, credit and currencies to pension funds, hedge funds and other institutional investors — Covering all key countries in Asia — Supported by branches in Korea, and soon in Singapore and Hong Kong and complemented by Macquarie securities licences across Asia

China India

Asian Markets is a risk and client focussed business across asset classes and countries

FICC Asian Markets’ capabilities

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The Asian Markets capabilities

Offering access to Asian rates, credit and currencies to pension funds, hedge

funds and other institutional investors interested in Asia

Solution led approach providing active trading support to clients

Foreign Exchange Interest Rates Credit

Spot and Forwards
Non-deliverable forwards

Currency options

FX strategy
Interest rate swaps
Interest rate options
Cross currency swaps
Corporate risk

management solutions

Structured products
Rates strategy
Local currency and G3

Asian corporate bonds – high yield and investment grade

Private debt
Credit default swaps
Total return swaps / credit

linked notes

High yield debt capital

markets

Credit strategy

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China India South Korea Taiwan Philippines Indonesia Malaysia Singapore Thailand Hong Kong

FX & Interest Rates — Active price maker in all 10 Asian currencies specialising in KRW, INR, CNY, MYR, TWD and THB1

Asian Markets – product offering

Credit — Secondary trading in Asian investment grade bonds covering sovereigns, quasi-sovereigns, corporates and financial institutions — Active price makers in select investment grade bonds and Asian sovereigns — Secondary trading in Asian high yield bonds focusing on China and resource centric issuers in Indonesia

1. THB in interest rates only.

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Private Syndicated Loans — Originate, structure and distribute private loans with a focus on Greater China, India and Indonesia – Companies in a high growth phase with limited access to traditional sources of capital — Co-invest alongside other investors in most

f the transactions

— Leverage Macquarie’s strength in natural resources and infrastructure in offering this product Investment Grade and High Yield Bonds — In conjunction with Macquarie Capital,

riginate, structure and distribute investment

grade and high yield bonds with a focus on Greater China and Indonesia — Primary focus on high yield bonds but may include investment grade issuances from time to time

Macquarie’s debt platform in Asia

Macquarie’s Equity Capital Markets offering has always been integral to our

platform in Asia

Macquarie’s debt capital markets and private syndicated loans offerings will

add to the strength of the platform

FICC Asian Markets enhances Macquarie’s debt offering via:

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Summary

FICC has transitioned to a truly global platform

― Significantly completing our regional coverage ― Recruited an experienced Asian markets team and grown our Asian footprint ― Rounded the Macquarie Group Asian offering and complement FICC’s global offering

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Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 29

Macquarie in the Americas

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

Tim Bishop Country Head - US

SLIDE 30

The changing face of Macquarie in the Americas

Expanding regional reach

Metric 30 Sep 08 30 Sep 10 Total headcount 1,991 3,732 % of global income contribution1 8% 27% % of global headcount 14% 24% Offices across Americas 19 31

31 office locations across the US, Canada and Latin America

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1. Income contribution based on 6 months to 30 Sep.

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Diversified group-wide capabilities

Income1 by Source - 6 months to 30 Sep 10

The American businesses contributed 27% of Macquarie’s total income in 1H11

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Institutional and retail cash equities Equity derivatives M&A and advisory income Asset and equity investments Commodities, resources and foreign exchange Lending, leasing, fixed income and margin related income Funds management

Macquarie Group worldwide Americas

1. Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items.

13% 34% 15% 14% 24% 18% 5% 20% 9% 11% 9% 28%

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Positioning for success in the Americas

A hybrid approach

Boutique / Independent Firms

Narrow product suite Restricted access to capital Limited international coverage Limited scale

Bulge Bracket ‘Banks’

League table focus Predominantly focused on large cap corporates and financial sponsors Full product suite

Leveraging Macquarie’s core strengths

Leading Asia-Pacific presence Strong sector focus, deep relationships Global platform strength and scale Strong balance sheet Entrepreneurial approach, capital partnering

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Macquarie opportunity

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Bringing specialist expertise and a differentiated approach to target markets

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Target Markets

Corporate Advisory

Combining focused client coverage with flexibility to respond to opportunities Leveraging experience in six key sectors

Leasing and Lending

Primary loan origination leveraging our hold capabilities Customised bilateral/club lending and full service asset finance Commercial mortgage financing

Institutional and Retail Cash Equities

Equities underwriting and distribution capabilities Strong mid-market coverage, but not at expense

f large cap

Comprehensive institutional distribution platform Canadian retail distribution platform

Commodities

Deep sector expertise in energy, metals & mining and agriculture Significant and growing physical presence Ability to deploy balance sheet across the capital structure Agricultural OTC products in North and Latin America

Funds Management

Global specialised asset management expertise, consistent with Macquarie’s core strengths Deep institutional relationships

Debt Capital Markets and Fixed Income

Senior secured and unsecured debt underwriting and distribution capabilities Full service fixed income sales and trading with focus on non-investment grade and distressed credit and Commercial Mortgage-Backed Securities

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Growing in the Americas

Funds management

Funds management presence established in New York, Los Angeles and Toronto Hedge fund incubation commenced through establishment of JV with MDSass1 Substantially broadened US based capability with acquisition of Delaware Investments Canadian listed closed end funds launched Pre-2007 2007 2008 2009 2010 2011 First peso-denominated Mexican infrastructure fund launched Infrastructure funds business launched in Canada followed by the US

1. MDSass is a New York-based investment management firm. 2. Within the Americas.

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AUM of $A159b (30 Sep 10), up 248% on pcp2

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Growing in the Americas

Institutional and retail cash equities1

Asian equities sales to US institutions Canadian equities and ECM platform established (Orion Securities) Head of US Equities appointed Specialist energy equities capabilities acquired (Tristone Capital) Specialist FIG equities capabilities acquired (FPK) US ECM team established US PCM team established Pre-2007 2007 2008 2009 2010 2011 Global Head of Derivatives appointed (New York)

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Canadian retail distribution added (Blackmont Capital)

1. Including 50% of Americas’ ECM revenue. 2. Within the Americas.

Institutional and retail cash equities 1H11 income up 90% on pcp2

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Growing in the Americas

Lending, leasing and fixed income1

Emerging markets distribution Customised commodity lending High yield and distressed credit trading capability established US DCM team established Sizeable expansion of corporate lending capability Pre-2007 2007 2008 2009 2010 2011

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High yield and distressed credit sales and research capability established Leasing and asset financing for rail and manufacturing assets Acquisition of leading independent technology leasing business Expansion of vendor and channel finance capability Macquarie Air Finance established Real estate lending and CMBS capabilities established Significant aircraft portfolio purchased from AIG’s ILFC Canadian DCM team established

Lending, leasing and fixed income 1H11 income up 24% on pcp2

1. Including 50% of Americas’ DCM revenue. 2. Within the Americas.

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Growing in the Americas

M&A and advisory

Generalist capabilities, concentrated in infrastructure, with a principal and fund advisory focus Pre-2007 2007 2008 2009 2010 2011 Specialist restructuring capability acquired (Giuliani Capital Advisors) Specialist Canadian resources capability acquired (Orion Securities) Vice Chairman/Head of Corporate Finance hired Hiring of senior client facing Corporate Finance executives commences Specialist energy/A&D capability acquired (Tristone Capital) Specialist financial institutions capability acquired (FPK) Head of Industrials hired Specialist Real Estate PCM acquired (Presidio Partners) Chairman, Oil & Gas hired

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M&A and advisory 1H11 income up 89% on pcp1

1. Within the Americas.

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Growing in the Americas

Commodities, resources and foreign exchange

Agricultural derivatives and structured finance; energy markets and derivatives Pre-2007 2007 2008 2009 2010 2011 Physical power business Latin American physical oil markets

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Physical and financial coal transactions Acquisition of Constellation gas trading operation and Integrys Energy Services wholesale electric marketing and trading portfolio Pulp and paper trading Macquarie/Freeport LNG export project Physical oil and NGLs trading Commodity investor products business; emerging markets distribution and origination platform Acquisition of Cook Inlet (natural gas); establishment of ethanol trading

Commodities, resources and foreign exchange 1H11 income up 55% on pcp1

1. Within the Americas.

Customised commodity lending

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Deep and comprehensive industry expertise, aligned group-wide

Sector Real Estate Infrastructure, Utilities & Renewables Industrials Financial Institutions TMET Resources (Energy & Mining)

No. of publishing

analysts 3 6 7 17 8 17

No. of ECM deals1

33 21 5 21 2 107

No. of DCM deals1

1 2 14 4 5 4 % of lending commitments2,3 2% 8% 35% 7% 14% 33%4 CY10 attributable deal value ($Am) 317 8,268 3,800 4,200 1,927 7,680 Group wide acquisitions Presidio FPK Orion, Tristone, Constellation

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Delaware, Blackmont

All data current as at 31 Jan 11 unless otherwise noted. 1.CY10. 2. As at 31 Dec 10. 3. Includes supply financing, pre-pay deals and commodity repurchase transactions. 4. Includes energy financing portfolio and structured commodity financing portfolio as it relates to energy.

SLIDE 40

Selected transactions by sector

Corporate Advisory CY10

Infrastructure, Utilities & Renewables Real Estate Industrials Financial Institutions TMET Resources (Energy & Mining)

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First Commonwealth

Follow-on Offering

$US86 million

Joint Bookrunner

Cooper Gay

Merger with Swett & Crawford

Undisclosed

Lead Financial Advisor

TD Bank

Follow-on Offering

$US239 million

Co-Manager

InterOil

Common Stock/ Convertible Debt

$US210 million/ $US70 million

Joint Bookrunner Joint Lead Manager

Puda Coal

Follow-on Offering

$US108 million

Joint Lead Manager Joint Bookrunner

Semafo

Prospectus Offering of Common Shares

$C120 million

Co-Lead Manager

General Growth Properties

Follow-on Offering

$US2.3 billion

Senior Co-Manager

General Growth Properties

Revolving Credit Facility

$US300 million

Joint Bookrunner

DuPont Fabros Technology

Follow-on Equity Offering

$US317 million

Joint Bookrunner

Teranet Inc.

Acquisition of Renewed Licenses

$C1 billion

Exclusive Financial Advisor

Midwest Gaming

Senior Secured Facility

$US120 million

Joint Lead Arranger

Airvana

Senior Secured Credit Facility

$US360 million

Joint Lead Arranger Joint Bookrunner Co-Syndication Agent

Centerplate

Senior Secured Credit Facility

$US309 million

Joint Lead Arranger Joint Bookrunner Syndication Agent

GENCO

Acquisition of ATC

$US513 million

Lead Financial Advisor

Bucyrus International

Senior Debt Facility

$US0.4 billion

Joint Bookrunner

Denver Fastracks

Eagle P3 Commuter-rail Project

$US2.1 billion

Financial Advisor Sponsor and Equity Underwriter

SouthWest Water Co.

JPMorgan-led Consortium Acquisition

$US443 million

Exclusive Financial Advisor

Granite State Electric & Energy North Natural Gas

Acquisition by Algonquin Power & Utilities

$US285 million

Exclusive Financial Advisor

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Evidence of progress in the Americas

513 US stocks

under coverage

222 Canadian stocks

under coverage Structured commodity financing portfolio of

$US919m

31 Dec 10

$A159b

in assets under management2

$C10b

in assets under administration 31 Dec 10 More than

$US3b

in corporate lending commitments in North America 18 months to 31 Dec 10

#4

North American physical gas marketer1

13 bookrun

DCM deals and

38 bookrun

ECM deals in the US and Canada in CY10

53 M&A deals

in the Americas CY10, 8 involving publicly traded targets

~$US39b

capital raised for clients in the Americas CY10

$US24b in AUM uplift

in Delaware Investments during CY10 One of the

largest independent lessors

f technology in

North America

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investment advisors added in CY10

#8

ranked Canadian equity dealer3

#11

ranked US equities research 20104

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All values as at 31 Dec 10 unless otherwise noted. 1. PlattsGasDaily Dec 10. 2. As at 30 Sep 10. 3. Bloomberg Underwriter Rankings, Canada, Canadian Equity Offerings 2010. 4. Greenwich Institutional Survey 2010.

SLIDE 42

Oil & gas and energy services expertise Specialist Acquisition & Divestiture capability through Macquarie Tristone Full service capital markets platform Public and private equity capital Debt capital (including subordinated and convertible debt) Structured and project finance Royalty purchases and volumetric production payments Financing M&A and advisory Group-wide: Integrated team established to promote coordinated approach to energy sector

Group-wide

Trading Physical assets and funds management Landfill gas-to-energy facilities Gas production and distribution business Cogeneration plants, wind farms, biomass facilities and solar park Bulk liquid storage and handling terminal Renewable energy infrastructure investment capability Listed and unlisted funds with energy investment Financial and physical gas, electricity,

il and ethanol (via JV) trading

Corporate bonds, bank loans, securitised debt, credit default swaps Interest rate derivative structuring and trading Inflation-linked derivative structuring and trading Equities trading covering oil & gas, utilities, metals & mining, renewable energy MSG: Equities research covering oil & gas, utilities, metals & mining, renewable energy New York-based Global Oil Economist Internal credit research Equities research

Energy/ Resources

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Energy/Resources Case Study

Building complementary group-wide capabilities

SLIDE 43

Key challenges

Branding and positioning

Macquarie brand and capabilities less well-known in the Americas

Integrated approach

Evolving from single-product focus to delivering a full range of products and services to clients across sectors in an integrated way

Adaptation vs differentiation

Combining the best aspects of US bulge bracket model while retaining Macquarie’s unique strengths, including appetite for principal transactions, entrepreneurial culture and speed to market

43

SLIDE 44

Conclusion

The US is the biggest financial services market in the world - significant
pportunity
Unique positioning to capitalise on core strengths and the market opportunity
Key hires and strategic acquisitions gaining momentum
Continuing to build brand profile and ensure delivery of unified business

44

A substantial and diversified business in the Americas, with comprehensive coverage in target sectors

SLIDE 45

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 46

Macquarie Funds Group

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

Shemara Wikramanayake Group Head

SLIDE 47

47

Macquarie Funds Group at a glance

Macquarie Investment Management

Investment management across: Fixed Income Currencies and Commodities Equities Fund of Private Equity Funds Investment management across: Fixed Income Currencies and Commodities Equities Fund of Private Equity Funds

Macquarie Infrastructure and Real Assets

Direct asset management across: Infrastructure Real Estate Private Equity Direct asset management across: Infrastructure Real Estate Private Equity

Macquarie Specialised Investment Solutions

Fund and equity based structured products including: Protected Lending Fund Linked Products Lifetime Income Products Fund and equity based structured products including: Protected Lending Fund Linked Products Lifetime Income Products

~$A300b

AUM1

~1,500 ~20-25% 21

Staff1 Countries worldwide1

1. All numbers as at 31 Dec 10. 2. Macquarie Funds Group contribution to Macquarie’s net profit after tax, excluding one-off items and corporate segment. 3. For presentation purposes, includes $A4b of real estate assets which are managed centrally within Macquarie Funds Group, by Macquarie Bank Limited. 4. In addition to the $A2b of AUM stated above, Macquarie Specialised Investment Solutions has ~$A2b of other income generating assets.

Contribution to Macquarie2

AUM: $A202b1 AUM: $A95b1,3 AUM: $A2b1,4

Macquarie Funds Group is now positioned as the largest Australian based asset manager and a top 40 asset manager globally

SLIDE 48

48

Macquarie Funds Group has ~1,500 staff across 21 countries

Global presence

Staff: ~680 Countries: 3

AMERICAS

Staff: ~110 Countries: 7

ASIA EUROPE, MIDDLE EAST AND AFRICA

Staff: ~160 Countries: 9 Staff: ~520 Countries: 2

AUSTRALIA AND NEW ZEALAND

1. All numbers as at 31 Dec 10.

SLIDE 49

Fixed income, 27% Specialised Investment Solutions, 5% Equities, 28% European real assets, 14% North American real assets, 9% Other real assets, 17%

49

Competitive advantage

Income diversity

Macquarie Funds Group’s income sources are diversified across regions and asset classes

1. Income diversity estimates based on base fee and other fee and commission income (net of brokerage expense) by asset class and geography for YTD FY11.

Income diversity by asset class1 Income diversity by geography1

North America, 59% EMEA, 20% Australia, NZ and Asia, 21%

SLIDE 50

50

Competitive advantage

Culture

Global distribution effort concentrated

n focus products

World class operational support Alpha-generating teams structured like autonomous boutiques Ownership of strategy Ownership of P&L

The best of an

institutional environment

The best of a

boutique environment

Capital for expansion Strong risk management Entrepreneurial environment

SLIDE 51

2010 was a transformational year

Acquired Delaware Investments in Jan 10, tripling Macquarie Investment

Management’s AUM and earnings and delivering a strong US presence

Consolidation with Macquarie Infrastructure and Real Assets in Oct 10 created

a single global asset management platform within Macquarie

Strong Macquarie Infrastructure and Real Assets performance since

integration, with $A2.0b of new equity commitments received since 1 Oct 10

Macquarie Specialised Investment Solutions successfully launched new

wholesale businesses

51

SLIDE 52

Rationale for consolidation

Product suite ― Product offering of combined business highly complementary ― Ability to deliver broader insights to investors from involvement across full range

f asset classes and strategies

Distribution platform ― Improved breadth and depth of global distribution capability ― Enables a more coordinated approach to investors Operational systems ― Operational efficiencies have been derived from consolidation of businesses and streamlining of existing systems ― Increased scale to support future systems investment

52

Consolidation of asset management businesses within Macquarie Funds Group provides a range of benefits

Consolidation was logical next step given Macquarie’s long term commitment to asset management and intention for future growth

SLIDE 53

53

Macquarie Infrastructure and Real Assets continues to be recognised as a

leading global alternative asset manager specialising in:

― Infrastructure and real estate funds ― Customised accounts

Established in 1996, Macquarie Infrastructure and Real Assets’ team of

experienced professionals manage 44 funds with $A95b1 of assets under management across 24 countries2

Every day ~100 million people use essential services provided by Macquarie

Infrastructure and Real Assets’ portfolio of businesses and assets across the world

Recognised as the largest global manager of Alternative Assets overall and

largest manager of Infrastructure Assets globally by Towers Watson

Macquarie Infrastructure and Real Assets

Overview

1. For presentation purposes, includes $A4b of real estate assets which are managed centrally within Macquarie Funds Group, by Macquarie Bank Limited. 2. As at 31 Dec 10.

SLIDE 54

~100 portfolio businesses and ~120 properties

54

Macquarie Infrastructure and Real Assets

Global presence

South Africa

Neotel Kelvin Power Station Bakwena Platinum Corridor N3 Toll Concessions Trans African Concessions

Nigeria

Lekki Concession Company

USA

Chicago Skyway Dulles Greenway Indiana Toll Road AIR-serv (tyre inflation) Harley Marine Services Icon Parking Penn Terminals Petermann (school buses) Sentient (private aviation) Smarte Carte Airport Services (fixed base operations) Total Terminals International (Hanjin Pacific Corporation) Global Tower Partners Aquarion Company Puget Energy District Energy Duquesne Light The Gas Company Broadrock Renewables Bulk Liquid Storage

Terminal Business

Waste Industries

Canada

AltaLink Amherstburg Solar Park Cardinal (power station) Chapais (biomass facility) Clean Power Hydro Erie Shores Wind Farm Whitecourt (biomass facility) A-25 Fraser Surrey Docks Halterm Limited (port)

Mexico

Decarred (highways)

UK

Bristol Airport Airwave Arqiva CLP Envirogas Energy Power Resources Thames Water Wales & West Utilities M6 Toll Condor Group (ferry services) Moto (motorway services) National Car Parks Wightlink (ferry services) Red Bee Media

Belgium

Brussels Airport

Denmark

Copenhagen Airports

China

MWREF Hua Nan Expressway Changshu Xinghua Port Star King (China) Food Group

Taiwan

Miaoli Windpower Hanjin Pacific Corporation (Kaohsiung) Taiwan Broadband Communications

France

Compteurs Farnier

(water metering)

EPR France (wind farm) RES (wind farm) Trois Sources & Lomont

Windfarms

Autoroutes Paris-Rhin-

Rhône

Pisto SAS (oil storage and

distribution) Germany

GWE (heat & power) Techem (submetering) Thyssengas Warnow Tunnel TanQuid (tank storage

business) Spain

Asset Energia Solar Solpex Energia Solar Itevelesa

(vehicle inspections) Czech Republic

Ceske Radiokomunikace

Poland

DCT Gdansk

(container terminal) Sweden

EPR Sweden (wind farm) Swedish District Heating Arlanda Express

Russia

Brunswick Rail

New Zealand

Metlifecare Private Lifecare Retirement Care

New Zealand Japan

Hanjin Pacific Corporation

United Arab Emirates

Al Ain Industrial City Industrial City of Abu Dhabi ICAD Effluent Treatment Plant

Puerto Rico

Global Tower Partners

Australia

Hobart International

Airport

Dampier to Bunbury

Natural Gas Pipeline

Multinet Gas Holdings United Energy

Distribution

WA Gas Networks 3P Learning Regis Group Retirement Villages

Group

MREEFs

South Korea

West Sea Power / West Sea Water Baekyang Tunnel Cheonan-Nonsan Expressway Daegu 4th Beltway East Gwangju 2nd Beltway Section 1 Gwangju 2nd Beltway Section 3-1 Incheon Grand Bridge Incheon International Airport Expressway Machang Bridge Seoul Chuncheon Expressway Soojungsan Tunnel Woomyunsan Tunnel Yongin-Seoul Expressway Busan New Port Phase 2-3 Hanjin Pacific Corporation (ports) Seoul Subway Line 9, Section 1 C&M (cable tv) North East Chemical

India

Viom Networks

Adhunik Power and Natural

Resources

MB Power (Madhya

Pradesh)

SLIDE 55

55

Macquarie Infrastructure and Real Assets

Recent initiatives

Raising capital Investor engagement model adopted as part of integration into Macquarie Funds Group is resonating well with investors $A2.0b of new commitments since 1 Oct 10 Announced first close of new Korean focused fund during Dec 10 qtr Investing capital Announced 13 investments by its managed funds in Dec 10 qtr, including a number of transformational investments in emerging markets, as well as in core markets $A2.0b of capital invested in Dec 10 qtr, with $A4.3b of uninvested capital remaining at 31 Dec 101 Managing performance Macquarie Infrastructure and Real Assets managed Thames Water and Wales and West Utilities won awards for operational expertise at Utility Industry Achievement Awards in Dec 10 qtr Macquarie Essential Assets Partnership completed sale of its interests in the Sea-to- Sky Highway Improvement Project and the Edmonton Ring Road Developing products Macquarie Everbright Greater China Infrastructure Fund and Macquarie European Infrastructure Fund 4 are key funds scheduled for first closes in 2011

1. Represents Macquarie Infrastructure and Real Assets’ available unspent capital for immediate investment as at 31 Dec 10.

SLIDE 56

56

Macquarie Investment Management

Overview

Macquarie Investment Management offers investment management across a

number of sectors including:

― Listed equities ― Fixed income ― Currencies ― Listed infrastructure ― Funds of private equity funds ― Insurance asset management

Macquarie Investment Management delivers a full service offering to both

retail and institutional clients in the United States and Australia, with selective

fferings in Europe and Asia
Delaware, which was consolidated into Macquarie Investment Management in

Jan 10, now accounts for over two thirds of Macquarie Investment Management’s AUM and revenue

SLIDE 57

57

Macquarie Investment Management

Delaware Investments update

Delaware acquired by Macquarie Funds Group in Jan 10

― On acquisition close, Delaware had $US135b of AUM and ~500 staff

Delaware now part of Macquarie Investment Management business

― No voluntary senior personnel losses since acquisition ― Strong inflows post acquisition:

 Ranked 20th for net flows in 9 months to Sep 10 for US Non-Proprietary Mutual Fund Families (from field of over 400)  Substantial number of >$US100m mandate wins across 12 strategies

― AUM now at highest point in Delaware’s history ― Patrick Coyne, CEO of Delaware, appointed head of Macquarie Investment Management North America

SLIDE 58

58

Macquarie Investment Management

Recent initiatives

Production Several new strategies launched during the quarter, including Global Income Opportunities (which utilises Delaware and Macquarie-heritage fixed income investment capabilities) and Asian Infrastructure Securities Strong fund performance continued, with top quartile performance over 3 years in a number of flagship funds Focusing investment capabilities on scalable activities across the global platform Distribution Macquarie Investment Management saw net inflows of $A2.3b over Dec 10 qtr, with mandates spanning fixed income and equity products Ranked first of individual Australian managers by number of mandates won for the year to Sep 101 Operations Ongoing review of operational processes delivering efficiency gains Acquisitions Announced acquisition of leading Austrian securities manager, INNOVEST Kapitalanlage AG

1. Rainmaker Mandate Chaser Report, as at 30 Sep 10.

SLIDE 59

59

Macquarie Specialised Investment Solutions

Overview and recent initiatives

Macquarie Specialised Investment Solutions manufactures and distributes a

range of fund and equity based structured products including:

― Capital protected investments and associated lending arrangements ― Fund linked products (including volatility and gap risk / leverage based solutions) ― Lifetime income guarantees ― Alternative funds (residential property and hedge funds)

Macquarie Specialised Investment Solutions is recognised for product

innovation, with a strong track record of delivering tailored solutions to the market in a timely fashion

Successfully grew wholesale business in response to market conditions

― Approximately $A1b of fund linked products originated in YTD FY11

Inflows into structured retail products increasing, with ~$A400m raised in YTD

FY11

SLIDE 60

Benefits of asset management business to Macquarie

Annuity income Annuity income stream provides diversification Service based Client service based, rather than being a capital intensive business Growth Global growth in savings underpins strong fundamentals for asset management Scalability Asset management businesses have scalable systems and

perating infrastructure

60

SLIDE 61

Macquarie Funds Group is well positioned to benefit from improving market conditions

Focus is on organic growth of our asset base and driving operating and cost

synergies across our businesses

Diverse range of products and strong relative investment performance

expected to drive continued AUM inflows

Outlook for future acquisitions uncertain given increasing competition for

quality platforms

In the short-term, focus on executing organic growth strategies within each of

the three Macquarie Funds Group divisions

Longer term objective to capitalise on opportunities between the divisions in

Macquarie Funds Group to further leverage our global platform

61

SLIDE 62

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 63

Risk Management at Macquarie

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

Stephen Allen Group Head

SLIDE 64

No change in risk management principles

64

Macquarie’s risk management principles have remained largely stable over 30 years and served the

Group well over the past few years

The key aspects of Macquarie’s risk management approach are:
Macquarie’s approach to risk is supported by the Risk Management Group
Macquarie determines aggregate risk appetite by assessing risk relative to earnings, more than by

reference to capital

Business heads responsible for identifying risks within their businesses and ensuring these are managed appropriately. Seek a clear analysis of the risks before taking decisions. Risk management approach based on examining the consequences of worst case outcomes and determining whether risks can be tolerated. Adopted for all material risk types and

ften achieved by stress testing.

Risk Management Group (RMG) signs

ff all material risk acceptance decisions.

For material proposals, RMG opinion sought at the early stage in decision making process, and independent input from RMG on risk and return is included in the approval document submitted to senior management.

Ownership of risk at the business level Understanding worst case

utcomes

Requirement for independent sign-off by Risk Management

SLIDE 65

65

Risk Management Group (RMG) is responsible for assessing and monitoring risks across Macquarie

RMG’s oversight of risk is based on five key principles:

Independence Centralised prudential management – RMG’s responsibility covers the whole of Macquarie. Therefore, it can assess risks from a Macquarie-wide perspective and provide a consistent approach across all operating areas – RMG approval is required for all material risk acceptance decisions Approval of all new business activities – Operating areas cannot undertake new businesses or activities, offer new products, or enter new markets without first consulting and then obtaining subsequent approval from RMG – RMG reviews and assesses risk and sets prudential limits. Where appropriate, these limits are approved by the Executive Committee and the Board – RMG Operational Risk is the final signoff of new business activities Continuous assessment – RMG continually reviews risks to account for changes in market circumstances and developments within Macquarie’s operating areas Frequent monitoring – Centralised systems exist to allow RMG to monitor credit and market risks daily. RMG staff liaise closely with operating and support divisions

No change in risk management principles

– RMG is independent of the operating areas of Macquarie – Head of RMG, as Macquarie’s Chief Risk Officer, reports directly to the Managing Director and Chief Executive Officer, with a secondary reporting line to the Board Risk Committee (BRC) – Replacement, appointment, reassignment or dismissal of the Head of RMG is approved by the BRC

SLIDE 66

400
300
200
100

100 200 300 400 500 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10

Daily change (bp)

Interest Rates - USD Cash Rate

20
15
10
5

5 10 15 20 Dec-88 Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10

Daily % change

Foreign Exchange -AUD/JPY

50
40
30
20
10

10 20 30 Dec-88 Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10

Daily % change

Equities - Hang Seng Index

40
30
20
10

10 20 30 40 Dec-88 Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10

Daily % change

Metals - Copper

66

Macquarie stress tests generally exceeded the

bserved market volatility

Macquarie stress test ▼ Macquarie stress test ▲ Macquarie stress test ▼ Macquarie stress test ▲ Macquarie stress test ▼ Macquarie stress test ▲ Macquarie stress test ▼ Macquarie stress test ▲

SLIDE 67

67

Some enhancements in response to the changing environment

Few adjustments to limit framework: approach has always been concentrated on the tail

events, not on statistical models

Main changes as follows:

— Dec 07: Replacement of ‘Equity Market Driver’ Macro-Economic Linkages (MEL) scenario with a more broad ‘Market Contagion’ MEL scenario. The new scenario included a much larger range of market movements. For example, corporate margin shocks, hedge fund net asset value shocks and increased equity correlations — Early 09: Ratings based credit spread shocks were replaced across all scenarios by relative shocks based on current spreads. In addition, direct price shocks were introduced for securitised products and distressed debt — Jan 10: ‘Market Contagion’ MEL scenario was updated to reflect the observation that Emerging Market FX rates and bond prices can experience large highly correlated downward movements

SLIDE 68

Some enhancements in response to the changing environment

While the principles around risk management have remained stable over the years,

ur approach evolves in response to changing business needs

Examples include:

Staffing: Increasing RMG staff numbers in relevant offices globally to ensure

appropriate resourcing and effective risk oversight

Organisation structure: Combined the business-aligned compliance staff with RMG

compliance to create a single compliance team

Limits: Adapting our risk limits structure to effectively support the evolving business
activities. Increased recognition of global market correlation and contagion effects
Process: Undertaking a number of initiatives to enhance the effectiveness and

efficiency of the New Product and Business Approval (NPBA) process in response to a higher level of business activity

Oversight: Appointing a Macquarie-wide General Counsel responsible for Macquarie's

legal functions globally

68

SLIDE 69

Total RMG headcount has grown in-line with business expansion

69

As at 31 Dec 10, there were 396 RMG staff globally1, up from 359 in 31 Mar 10

― In addition to RMG staff, there are over 450 divisional risk staff throughout the globe

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 50 100 150 200 250 300 350 400 450 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 Dec10 % RMG vs MQG Headcount RMG % RMG vs MQG

1. Permanent headcount, excluding contractors and consultants. 31 Dec 10 number does not include the integration of business Compliance staff.

SLIDE 70

RMG staff location aligned with geographic distribution of businesses

70

Staff in 2005: 9 Staff in 2010: 71

AMERICAS

Staff in 2005: 10 Staff in 2010: 38

ASIA EUROPE, MIDDLE EAST & AFRICA

Staff in 2005: 12 Staff in 2010: 70 Staff in 2005: 116 Staff in 2010: 217

AUSTRALIA

Significant growth in the number of staff located outside of Australia

1. Permanent headcount, excluding contractors and consultants. 31 Dec 10 number does not include the integration of business Compliance staff.

SLIDE 71

RMG is experienced at applying risk management principles to changing business mix

71

Macquarie’s mix of businesses have always evolved and changed

— 40% of income comes from businesses that didn’t exist 5 years ago1 — Macquarie has a track record of integrating businesses including: — BT Australia (1999), ING Asia (2004), Macquarie Cook Energy (2005), Constellation (2009)

Current changes to the business mix include:

— Increased corporate lending; expanded leasing activities (e.g. aircraft); expanded funds management activities (e.g. Delaware); new trading markets (e.g. FICC Asian Markets) and new business structures (e.g. Debt Capital Markets)

RMG is heavily involved in new acquisitions

— Assessment of risks: The risks of acquisitions are identified as part of the new business approval process, and managed effectively through integration projects — Planning for implementation: For each acquisition, there is an appropriate plan to roll out the risk management framework — ‘Risk culture’ transfer: Integration emphasises the transfer of Macquarie’s risk culture to new businesses

Post-acquisition audit: a post-acquisition review of operations is conducted by Internal

Audit within 6 to 12 months

1. Noted in the 2009 Annual General Meeting Presentation.

SLIDE 72

Successful integration of acquisitions

Business Acquiring Business Strategic rationale Key transitional tasks Blackmont Capital Canadian wealth management Banking and Financial Services Grow wealth management business in Canada Provide retail distribution to existing capital markets business and product offerings in Canada Role of RMG RMG are a key stakeholder in integration planning Participation of RMG stakeholders on integration committees Determination of how the framework is to be applied Oversight of progress of integration and achievement of milestones Training Some specific examples Constellation and Sal. Oppenheim - RMG was involved in specifying, building and testing requirements for the data feeds to capture and monitor exposures Delaware – full review and gap analysis between Delaware and Macquarie policies RMG Credit and Market Risk presence in Houston expanded following Constellation acquisition RMG Market Risk and Macquarie Compliance presence placed with Sal. Oppenheim business in Frankfurt Constellation Energy US natural gas trading Fixed Income, Currencies and Commodities Enhance Macquarie's position within North American natural gas market Delaware Investments US funds management Macquarie Funds Group Develop global asset management capability Gain broader access to the world's largest capital market - the United States Fox-Pitt Kelton Cochran Caronia Waller US advisory Macquarie Capital and Macquarie Securities Enhance FIG sector expertise and further increase presence in the US

Sal. Oppenheim

European equity derivatives, cash equities business Macquarie Securities Derivatives: complement existing Asian

peration and add wider set of products to

growing European business Cash: broadens existing pan-European reach Tristone Capital Energy advisory Macquarie Capital and Macquarie Securities Enhance global energy offering

72

SLIDE 73

Expanding regulatory footprint

Business expansion around the globe creates new regulatory obligations

— e.g. FICC Asian Markets will utilise the Singapore branch of Macquarie Bank Limited

Risk Management Group is experienced in managing regulatory relationships with over 100 regulators

globally

This creates increasing obligations, however to date these have not created an uncommercial burden

Region Regulators EMEA Europe & UK Middle East South Africa Financial Services Authority Federal Financial Supervisory Authority (BaFin) Dubai Financial Services Authority Financial Services Board JSE Limited London Stock Exchange London Metals Exchange North America United States Canada Federal Reserve Board Securities and Exchange Commission Financial Industry Regulatory Authority Ontario Securities Commission Toronto Stock Exchange Commodity Futures Trading Commission Federal Energy Regulatory Commission National Futures Association IIROC Asia Hong Kong South Korea Singapore India Japan China Securities and Futures Commission Financial Services Commission Monetary Authority of Singapore Reserve Bank of India Financial Services Agency China Securities Regulatory Commission Hong Kong Exchange and Clearing Ltd Korea Exchange Singapore Exchange Ltd Securities and Exchange Board of India Australia Australian Prudential Regulation Authority Australian Securities and Investments Commission Australian Transaction Reports and Analysis Centre Australian Competition & Consumer Commission

Some of Macquarie’s main regulatory relationships

73

SLIDE 74

74

Basel Committee on Banking Supervision released final text of the Basel III framework in Dec 10

covering:

— Revised capital rules — A new liquidity framework

Final text largely consistent with the press releases on 26 Jul and 26 Sep 10 by the Group of

Governors and Heads of Supervision

The Basel committee also released further guidelines covering loss absorption of capital at the point of

non-viability (‘gone concern’ measures) in Jan 11

― These new requirements imply that no existing Australian Tier 1 hybrids will be eligible under

Basel III

― However, they are expected to be eligible for transitional arrangements. As such,10% will become

ineligible annually beginning in 2013

― Capital buffer levels have been specified ― Countercyclical buffer of between zero and 2.5%, the latter to apply where excess credit growth

exists in the economy

Minimum leverage ratio of 3% (i.e. maximum 33x leverage) to be reported from 1 Jan 15
Significant regulatory changes in other markets that we operate in

― e.g. US Dodd-Frank Wall Street Reform and Consumer Protection Act

Basel III and other regulatory changes

SLIDE 75

75

Basel III and other regulatory changes

Some uncertainties remain

— Basel is currently undertaking a quantitative impact study (QIS) of changes to credit valuation

adjustment (CVA) methodology and the capital requirements for bank exposures to central counterparties – final methodologies expected later in 2011

— The Bank for International Settlements (BIS) rules are subject to implementation by APRA

Revised capital rules

— Our current assessment is that Macquarie has sufficient capital to meet the Basel III capital

requirements and the leverage ratio requirements

A new liquidity framework

— APRA has proposed that liquid assets can be satisfied with assets that are eligible for repo with the

RBA (pricing is yet to be announced)

— This outcome should resolve the previous difficulties for Australia resulting from the Basel definition of

liquid assets

SLIDE 76

76

The risk management framework is well placed to support our business activity going forward

Our risk management principles will remain constant but we will continue to evolve their application
Significant level of change in the finance industry, resulting in a more complex business environment

but we are used to dealing with change

We will continue to review our businesses and the risks they face
We remain confident that our risk culture and multiple controls are able to support our growing

business activity

SLIDE 77

Macquarie Group Limited

Operational Briefing

8 February 2011 – Presentation to Investors and Analysts

SLIDE 78

~ Approximately $A Australian Dollar $C Canadian Dollar $US United States Dollar 1H11 Half Year ended 30 September 2010 2H11 Half Year ended 30 September 2011 A&D Acquisitions and divestitures Ag Agricultural AIG American International Group APRA Australian Prudential Regulatory Authority AUM Assets Under Management b Billion BIS Bank of International Settlements BRC Board Risk Committee BFS Banking and Financial Services CAF Corporate and Asset Finance Division CMBS Commercial Mortgage Backed Security CNY Chinese Yuan CVA Credit Valuation Adjustment CY10 Calendar Year 2010 Dec 09 qtr Quarter ended 31 December 2009 Dec 10 qtr Quarter ended 31 December 2010 DCM Debt Capital Markets DRP Dividend Reinvestment Program DTA Deferred Tax Asset ECM Equity Capital Markets EMEA Europe, the Middle East and Africa Ex Excluding FICC Fixed Income Currency & Commodities FIG Financial Institutions Group FPK Fox-Pitt Kelton Cochran Caronia Waller FX Foreign Exchange FY09 Full Year ended 31 March 2009 FY10 Full Year ended 31 March 2010 FY11 Full Year ended 31 March 2011 HY Half Year ICE ICE Futures ILFC International Lease Finance Corporation INR Indian Rupee IIROC Investment Industry Regulatory Organisation of Canada IT&T Information Technology and Telecommunications JPY Japanese Yen JSE Johannesburg Stock Exchange Jun 10 qtr Quarter ended 30 June 2010 JV Joint Venture KRW South Korean Won

Glossary

78

SLIDE 79

LNG Liquefied Natural Gas m Millions M&A Mergers and Acquisitions MacCap Macquarie Capital Group Mar 10 qtr Quarter ended 31 March 2010 MBL Macquarie Bank Limited MD Managing Director MEL Macro-Economic Linkages MFG Macquarie Funds Group MGL Macquarie Group Limited MIM Macquarie Investment Management MIRA Macquarie Infrastructure and Real Assets MQG Macquarie Group Limited MSG Macquarie Securities Group MYR Malaysian Ringgit No. Number NGL Natural Gas Liquids NPBA New Product and Business Approval NYSE New York Stock Exchange NZ New Zealand OTC Over the Counter P&L Profit and Loss PCM Private Capital Markets pcp Prior Corresponding Period PMI Preferred Membership Interests qtr Quarter QIS Quantitative Impact Study RBA Reserve Bank of Australia RMG Risk Management Group Sep 10 qtr Quarter ended 30 September 2010 SMD Senior Managing Director THB Thai Baht TMET Telecommunications, Media, Entertainment and Technology TWD Taiwan Dollar UAE United Arab Emirates UK United Kingdom US United States of America YTD Year to Date

Glossary

79