1. KOREA AND AUSTRALIA - OPPORTUNITIES FOR COMPLEMENTARY FINANCIAL SERVICES MICHAEL CARAPIET 4 MARCH 2009

2. 1 Macquarie Introduction A diversified global financial services institution  Global provider of banking, financial, advisory, investment and funds management services  Australia - Large scale operations  Asia - Broad operations, with Macquarie’s Korean business being its largest throughout Asia  Americas, Europe, Asia and ME - Focused participation  More than 12,800 staff in more than 60 locations across 27 countries 1  Focused primarily on servicing clients  Regulated by APRA, Australian banking regulator, as non-operating holding company of a licensed Australian bank  Assets under management $A239 billion with 110 infrastructure and 650 real estate assets 2 1. As of 31 January 2009 2. As at 30 September 2009

3. 2 Serving the Community Everyday more than 100 million people use essential services provided by Macquarie AIRPORTS +81 million passengers p.a. ROADS +2.3 million vehicles per day RAIL +2.7 million passengers p.a. FERRIES +6.7 million passengers p.a. BUSES +310 million passengers p.a. SEA PORTS +4.3 million standard containers p.a. CAR PARKS +384,000 car spaces COMMUNICATIONS +94 million people (TV, phone, radio) GAS 1 +14.0 million households RAIL 1 +7.1 million households ELECTRICITY +4.1 million passengers p.a. AGED CARE / RETIREMENT VILLAGES +12,800 beds +8,750 units DIRECTORIES +35 million ‘yellow pages’ distributed EMPLOYEES +82,000 across the businesses 1. Includes sub-metering services for oil and gas, and water (as at 30 September 2008)

4. 3 Macquarie Group Update Macquarie is well capitalised and well funded  Well positioned for take advantage of value-accretive opportunities  Cash and liquid assets ($A32.1bn 1 ) exceeding short-term wholesale issued paper ($A12.7bn)  Conservative gearing  $A2.9bn buffer of capital in excess of Group’s minimum requirement Macquarie’s business resilience comes from  Client driven business  Alignment of interests with shareholders, investors and staff  Conservative approach to risk management  Diversified by business and geography 1.This represents proforma 31 Dec 08 unaudited balances which incorporate the $US2.5b ($A3.7b) three-year private placement issued early Jan 09

5. 4 Macquarie’s History in Korea 2000-2001 2002 2003 2004  Seoul office opens with five businesses (SMFA, Macquarie Capital Korea, Macquarie Korea Co., Ltd. and Macquarie-IMM ) and 5 staff  Macquarie Capital Korea and Macquarie-IMM Investment established  SMFA established as JV between Shinhan and Macquarie in 2001  Macquarie Korea Infrastructure Fund established, capitalized with KRW 247 billion  Woori Macquarie Equity Derivatives Business Cooperation commences trading  Macquarie Real Estate lists first REIT on Korea Exchange  Macquarie buys ING’s cash equities business to set up Macquarie Securities Limited Seoul Branch JV Grown with Korean Partners

6. 5 Macquarie’s History in Korea 2005 2006 2007-2008 2009  Macquarie Korea Opportunities Fund established as high-yield  Macquarie Korea Infrastructure Fund lists on Seoul and London stock exchanges  Woori Macquarie Business Cooperation established to trade in commodity derivatives  MSKL converts from a branch to a locally incorporated subsidiary  Macquarie IMM sold to Goldman Sachs  Received OTC license in March 2007  Macquarie Electronics starts business in Korea  14 businesses with nearly 400 staff, total value of the asset into which we have invested in Korea A$20 billion as of March 2008)  Received preliminary license to set up JV asset management company with Samchully  More license will be applied for in Korea for further expansion JV

7. 6 Macquarie’s Investments in Korea Seoul Subway Line 9, Section 1 Incheon International Expressway Incheon Grand Bridge Yongjin Seoul Expressway Gwangju 2 nd Beltway, Section 1 Gwangju 2 nd Beltway, Section 3 Seoul – Chuncheon Expressway Woomyunsan Tunnel Cheonan-Nonsan Expressway Daegu 4 th Beltway East Baekyang Tunnel Soojungsan Tunnel Busan New Port Machang Bridge Seosuwon-Osan-Pyungtaek Expressway INFRASTRUCTURE Youngjaesagwan Co., Ltd EDUCATION C&M Megabox MEDIA MillinetSolar Co., Ltd ENERGY Seung Gwang Co., Ltd Doha Industry Co., Ltd SLS Shipbuilding Co., Ltd Hyundai Forging Co., Ltd MANUFACTURING Renault Samsung Building ING Centre Kukdong Building REAL ESTATE Hanjin Pacific Corporation SK E&S West Sea Power West Sea Water UTILITIES

8. 7  The CMCA will increase the international competitiveness of Korea’s capital markets  Korea’s investments banks are expected to transform into fully diversified financial services  CMCA activated in February 2009 Comprehensive Regulation of financial products will:  Lead to new product innovation  Importing / adapting successful products from other markets Capital Market Consolidation Act

9. 8 Shift to Functional Regulation will:  Increase transparency  Reduce regulatory cost Strengthened Investor Protection will:  Attract foreign capital  Encourage domestic investing and liquidity Capital Market Consolidation Act

10. 9  Korea already has advanced distribution capabilities for financial products domestically  Large branch networks / prominence of online banking  Benefit from partnering with foreign banks  Introduce diversity of new financial products into Korea’s existing distribution networks  Provide Korean banks with access to offshore distribution networks  Access foreign investment banking skills Korean Financial Services Industry

11. 10 Benefit from partnering with Australian organizations  Australia is generally regarded as a world leader in the superannuation industry, over $A1,150bn under management (4 th largest in world) driven by government-mandated compulsory employer contributions since 1992. Korea will face similar challenges as it introduces corporate pension schemes.  Mature industry with:  Large capital pool  Diverse products  Competitive organizations with existing clients  Examples of financial products offered by Macquarie:  Managed investments – equities, fixed interest, cash and currency, property and infrastructure,  Funds based structured products – agribusiness and protected lending Korean Financial Services Industry

12. 11 Joint Venturing  The proven best way to team up and share skills / strengths is joint venturing  Macquarie’s business in Korea was founded and grown using joint ventures  Macquarie contributed staff expertise and intellectual capital  Local partner contributed client access and local knowledge Shinhan Macquarie Financial Advisory Infrastructure Project financing Macquarie Shinhan Infra Asset Management Infrastructure Fund (MKIF) Global Star Korea Fund Private Equity Fund Macquarie Samchully Asset Management Energy specified asset management Woori Macquarie Equity Derivatives Commodities Derivatives Kookmin Macquarie FX & interest rate products

13. 12 Summary  Australia’s experience in financial reform can provide valuable guidance to Korea’s capital markets  One of the most secure financial systems globally Korean and Australian institutions work well together  Same geographical location, same time zone  Macquarie has had an excellent experience working with Korean organizations:  Successful joint venture partners  Large and small investors in listed and unlisted funds  Good relationship with lenders  Large team of Korean nationals

14. KOREA AND AUSTRALIA - OPPORTUNITIES FOR COMPLEMENTARY FINANCIAL SERVICES MICHAEL CARAPIET 4 MARCH 2009