Press Release

Macquarie Group to acquire Orion Financial Inc.

Toronto, 27 September 2007

Macquarie Bank Limited (MBL) today notes the attached release made in Toronto, Canada, overnight regarding the acquisition of Orion Financial Inc. MBL advises that the impact of the transaction on its Tier 1 capital ratio is expected to be immaterial.

As mentioned in the attached release, consideration for the acquisition will comprise both cash and Exchangeable Shares. MBL is not required to seek shareholder approval in relation to the issue of the Exchangeable Shares. A summary of the key terms on which the Exchangeable Shares are issued is set out in the Annexure.

 

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