Macquarie Group Limited today announced that it has opened its offer of Macquarie Group Capital Notes 3 ("MCN3"). The Offer consists of:

• an Institutional Offer to Institutional Investors;

• a Broker Firm Offer – made to retail and high net worth clients of Syndicate Brokers, who are resident in Australia, or high net worth clients of Syndicate Brokers who are resident in New Zealand resident, and who are invited to apply under the Broker Firm Offer;

• a Reinvestment Offer – made to Eligible MCN Holders to apply to reinvest the redemption proceeds of all or some of their MCN in MCN3; and

• a Securityholder Offer – made to holders of Ordinary Shares, Macquarie Group Capital Notes (ASX: MQGPA), Macquarie Bank Capital Notes (ASX: MBLPA), Macquarie Group Capital Notes 2 (ASX: MQGPB), or Macquarie Income Securities (ASX: MBLHB) as at 7.00pm (Sydney time) on Friday, 4 May 2018, who are resident in Australia (and not otherwise prevented from receiving the Offer under the securities laws of another jurisdiction, as determined by MGL).

As announced on Wednesday, 9 May 2018, the Margin was set at 4.00% per annum, which was at the bottom of the expected Margin range of 4.00% to 4.20% per annum. MGL has allocated a total of $A900 million in firm commitments to Syndicate Brokers and Institutional Investors. The final size of the Offer will depend on the volume of Applications received and accepted under the Reinvestment Offer and Securityholder Offer but will not exceed $A1 billion. The Reinvestment Offer and Securityholder Offer may be scaled. No interest is paid on application money that is refunded. Reinvestment Applicants will be given a priority in allocations over Securityholder Applicants (refer to the Replacement Prospectus for further details).