Press Release

Macquarie appoints Jan Stuart as Global Oil Economist

New York, 17 March 2009

Macquarie Group ("Macquarie") today announced that Jan Stuart will join Macquarie as Global Oil Economist, further strengthening Macquarie's growing specialist equities platform in North America. The senior appointment will offer deep expertise and valued analysis to clients of Macquarie's equities and commodities businesses around the world.

Jan Stuart is globally regarded as a leading and influential oil economist and analyst. Mr Stuart brings a depth of experience in commodities research leadership roles, most recently as Global Oil Economist at UBS Securities. Prior to that, Mr Stuart was previously head of research for energy futures at Fimat USA (part of Societe Generale) and ABN Amro. His background in the sector also includes roles as editor of leading industry publications Petroleum Intelligence Weekly and Oil Market Intelligence.

In this new role as the voice of Macquarie's oil call, Mr Stuart will provide expert insight and analysis on issues affecting the oil, gas and energy sectors. Mr Stuart will become part of Macquarie's research team in Macquarie Securities Group in New York, and will also work directly with Macquarie's global energy teams in the Treasury and Commodities Group.

"Jan's experience brings a new dimension to Macquarie's leading commodities and equities research by providing a global view on trends in oil and gas," said Graham Copley, Macquarie's Head of US Equities. "The combination of our existing strong company-specific research offering, coupled with Jan's specialist industry knowledge and analysis of the raw commodity – will provide clients with a broader and deeper understanding of the energy industry. It's a natural addition to our US and global equity capabilities."

Nicholas O'Kane, Global Head of Energy Markets Division, said: "Jan's appointment comes at an opportune time, following Macquarie's recent acquisition of Constellation Energy's North American downstream gas trading business. Jan's work in oil price forecasting and his in-depth sector research capability will both benefit from and support Macquarie's global trading activity and broader commodity offering. His expertise typifies our approach to providing Macquarie's clients with extensive industry knowledge and reach."

Mr Stuart joins Macquarie's rapidly growing US institutional equities and commodities platforms. The equities platform was established in November 2007, which now includes coverage of 228 stocks in 20 sectors through its 26 publishing analysts. Globally, Macquarie's equities business covers over 1,600 individual stocks in the Asia-Pacific, North America, Europe and South Africa. Macquarie's global equities reach is complemented by the firm's long-standing commitment to commodities markets. Macquarie's Treasury & Commodities Group offers clients deep commodities expertise across a range of businesses in key global markets, including energy markets, agricultural and investor products, futures, metals & energy capital, debt markets and foreign exchange,

"Our equities business is underpinned by a research-driven and intellectually rigorous platform. It has grown organically as a direct result of developing and hiring strong skill-sets in specialist sectors. We have responded to strong and positive client demand for our services and our research product, and Jan's appointment continues that trend," added Mr Copley.


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