Official luncheon sponsored byVanguard Investments Australia Ltd

Annual Meeting of the International Annual Meeting of the International Investment Funds AssociationInvestment Funds Association

Macquarie – a global financial services Macquarie – a global financial services business with a differencebusiness with a difference

31 October 2007 31 October 2007

Allan Moss, Managing Director and CEO, Macquarie BankAllan Moss, Managing Director and CEO, Macquarie Bank

A time-line for Macquarie

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Oct-

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“The Australian specialist”

Hills Motorway – Macquarie’s

entry into toll roads

Hong Kong & New York

offices opened

MBL lists on the

Australian Stock

Exchange

BT Financial acquisition

Sydney Airport

transaction

Houston Oil and Gas

ING Barings Cash

Equities acquired

Thames Water

Macquarie the biggest

foreign buyer of US real

estate

London office opened

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established

Non Operating Holding

Company

What is Macquarie?

What is Macquarie?

— A commercial bank?

— An investment bank?

— A diversified financial institution?

All of the above

Macquarie’s diverse businesses

Asset & wealth management: 27%*Investment banking: 42%*

Financial markets: 21%*Lending: 10%*

Commodities

FX, futures, treasury and debt markets

Mergers and acquisitions, advisory, underwriting and

principal transactions

Financial products

Equipment and other leasing

Other lending

Investment banking, real estate and other specialist funds

Equity derivatives

Institutional cash equities

Banking and securitised lending

Retail and wholesale funds management and private client broking

Real estate lending

* Represents contribution to total income as at 31 March 2007

Strong income growth especially internationally

* Excluding earnings on capital and after costs directly attributable to earning the income, including fee and commissions expenses.

$Am

70% increase in international income on pcp from $A2b to $A3.5b despite much stronger $A

International income 55% of total income*, up from 48% in prior year

Outlook – expect record half year result for the six months ending 30 September 2007

On 14 September 2007 Macquarie made the following outlook comments:

Expect record first half, up approximately 40% on pcp

Expect second quarter to be up on pcp; as in most years, down on very strong first quarter

Investors should exercise caution in drawing inferences from the expected first half result for the full year result especially because of difficulty in predicting market conditions for the remainder of the financial year

Planning for strategic initiatives:

— Group level management and central strategy unit tasked to identify opportunities

— Slower risk-weighted asset growth

— Continuing to hire quality staff especially in areas where we see special opportunities

— Possible boutique acquisitions

Macquarie has over 11,000 staff in 24 countries

25% increase since August 2006

NORTH AMERICA1,225 staff

SOUTH AMERICA23 staff

NEW ZEALAND

112 staff

AUSTRALIA

6,747 staff

AFRICA

42 staff

ASIA

1,806 staff

EUROPE & MIDDLE EAST1,105 staff

Dublin

Paris

MilanVienna

Rome

AmsterdamLondon

Dubai

Zurich MunichFrankfurt

Geneva

Abu Dhabi

Mumbai

Cape TownJohannesburg

AucklandWellington

Christchurch

Jakarta

Bangkok

LabuanSingapore

Kuala Lumpur

SeoulTokyo

ManilaHong Kong

TaipeiHsinchu

Shanghai

BeijingTianjin

Sao Paulo

ChicagoToronto Montreal

JacksonvilleSavannah

Miami

San JoseSan Francisco

SeattleVancouver

New YorkBoston

CarlsbadLos Angeles

IrvineSan Diego

Houston

Denver

Sunshine CoastBrisbaneBroadbeach

SydneyNewcastle

CanberraMelbourneAdelaide

Perth

CalgaryWinnipeg

New DelhiTroy

Atlanta

As at 31 Aug 2007

Manchester

Employees +65,000 across the assets

Airports +115 million passengers per annum

Toll Roads 1.7 million cars per day

Gas Distribution 6.9 million households

Water Services +5.2 million households

Electricity Distribution 1.2 million households

Communications 83 million people are reached by Macquarie’s television, telephone and radio infrastructure, and cable and newspaper services

Real Estate +700 properties including retail, office, residential, leisure & industrial

Rail 2.7 million passengers per annum

Ferries +6.0 million passengers per annum

Aged Care / Retirement Villages +7,500 beds / +7,700 units

Buses 300 million passengers per annum

Provider of essential community services around the globe

As at 31 March 2007

Focus where we can add special value

Market by market, product by product

Co-operative relationships with domestic market participants

Mostly organic growth

Strong risk management

Delivering value for communities

Macquarie’s international strategy

Macquarie’s specialist funds strategy

How Macquarie differentiates itself from other specialist funds managers:

— Specialist industry expertise

— Global reach

— Staff numbers

Macquarie’s funds businesses

Infrastructure funds

Real estate funds

Other specialist funds

WRAP (an online admin platform)

Cash Management Trust

Securities funds

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FSG/FMG Wholesale

FSG/FMG Retail

Other Specialist

Real Estate

Infrastructure

$Ab

Total assets under management for all funds $A225b More than 5 times the level of 5 years ago

$A140b

$A97b

$A63b$A52b

$A41b

$A197b

$A225b*

Macquarie’s funds businesses

Infrastructure funds

Macquarie’s infrastructure funds – employ approximately 600 staff

Airports (MAp) $A6.9b

Roads (MIG) $A9.1b

Communications (MCG) $A3.2b*

Media (MMG) $A1.0b

Korean Infrastructure (MKIF) $A3.1b

* Approximately 600 Australian towers, 1,150 UK towers, 3,500 UK emergency service towers, 8,600 UK wireless mobile sites and 2,250 US towers.

Above figures represent total market capitalisations of the respective funds as at 30 June 2007. MKIF is jointly managed with Shinhan Financial Group

IBF Listed Funds Accumulation Index v Major Indices*

Strong return performance

* As at 30 June 2007. Accumulation/Total Return Index assumes reinvestment of all distributions on the ex-distribution date and no further participation in subsequent capital raisings.

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S&P500 Total Return Index FTSE 100 Total Return Index

Delivering for communities around the world

CHICAGO SKYWAY

— Significantly reduced queuing and up to 30 minutes shorter travel times*

— Significant capital expenditure program underway to alleviate congestion and improve accessibility

SOUTH BAY EXPRESSWAY

— 2006 ‘Pioneer’ Award from the South County Economic Development Council for outstanding contribution to economic development of south San Diego County region

— 2007 Environmental Enhancement Project of the Year from California Transportation Foundation for its biological mitigation programme

— WESTLINK M7

— Travel times reduced by up to 30 minutes**

— Additional 24,000 jobs and $A3b in economic output +

— Fewer trucks on local roads

*Time saving estimated by Skyway. ** NSW Government release. + Within 3 yrs of opening per Greater Western Sydney Economic Board estimate.

Macquarie’s funds businesses

Real estate funds

Macquarie’s real estate funds

Offices (MOF) $A3.2b

Shopping Centres (MCW) $A2.3b

Leisure (MLE) $A0.7b

US Retail (MDT) $A1.1b

Asia Real Estate (MEAG) $A0.9b

Above figures represent market capitalisation as at 28 September 2007

Real Estate (MGPA)

Macquarie’s real estate funds – strong performance

Global index performance - Macquarie Real Estate LPTs have provided high risk-adjusted returns and outperformed major global REIT indices over the last 10 years

Accumulated return on the Macquarie LPTs is calculated assuming that an investor acquired an initial portfolio on 31 March 1997 (weighted by market capitalisation at that date) and then participated (pro rata) in every capital raising undertaken by each Macquarie LPT over the period shown. Macquarie LPTs currently included in the index are MOF, MCW, MLE, MDT, MPR. Past performance is not a reliable indicator of future performance. Source Macquarie Real Estate as at 31 March 2007.

Macquarie’s funds businesses

WRAP

Macquarie Wrap

Current FUA $A26bn

Dealer groups

(includes Independent Financial Advisers, Stockbrokers, Institutional clients)

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Advisers 2,500

Clients 60,000 accounts

Inflows No. 1 in Dec Qtr 2006

Service levels Rated No. 1 2007 for

Best Wrap platform

and service excellence

30-Jun-07

Macquarie Wrap FUA $Abn

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Wrap is a flexible online administration platform designed to suit the needs of a wide variety of clients and their advisers:

- accesses a range of direct shares and managed investments

- consolidates reporting on all investment to intermediaries and their clients

- manages the paperwork

- works with a central cash account

- available for ordinary money, superannuation, pensions and other investments

Macquarie’s funds businesses

Cash Management Trust

Macquarie Cash Management Trust

Australia’s largest Cash Management Trust – and single largest Managed Fund

The Macquarie CMT provides financial advisers with an admin tool that enables them to monitor and manage their clients’ investment cashflows

Strong growth in Q207 due to changes

in Australian super legislationCMT FUA now $A18.6b

Macquarie’s funds businesses

Securities funds

Macquarie’s securities funds

Flagship funds include:

— Australian Small Companies

— Diversified Fixed Interest

— Global Property Securities

— Global Private Equity

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Macquarie manages securities funds covering all asset classes across the risk spectrum, with

$A64 billion in assets under management as at July 2007.

Continued growth of specialist funds despite tighter credit markets

On 14 September 2007, Macquarie announced:

Asset Performance

— Assets continue to perform well

Refinancings

— Still being achieved on reasonable terms

— Investment Banking Funds: approximately 2% of total asset debt due for refinancing over next 12 months

— Real Estate Funds: approximately 3% of total asset debt due for refinancing over next 12 months

Significant capital available for investment

— Investment Banking Funds $A9.6b*

— Real Estate Funds approx $A3.7b**

Conservative debt ratios

— the average gearing for assets managed by Macquarie’s specialist funds is

— 58% for infrastructure funds (debt/debt + equity)

— 48% for real estate funds (debt/debt + equity)

As at 31 August 2007. *Listed funds – cash available for investment; unlisted funds – investor commitments less capital invested or committed to investments.

For jointly managed funds the amount is representative of Macquarie’s share in the JV manager.

**Macquarie and associates

Annual Meeting of the International Annual Meeting of the International Investment Funds AssociationInvestment Funds Association

Macquarie – a global financial services Macquarie – a global financial services business with a differencebusiness with a difference

31 October 2007 31 October 2007

Allan Moss, Managing Director and CEO, Macquarie BankAllan Moss, Managing Director and CEO, Macquarie Bank

Official luncheon sponsored byVanguard Investments Australia Ltd