The principal terms of the SPP are:

a) Eligible shareholders in Australia and New Zealand may choose from four levels of participation, applying for shares up to a maximum cost of $A10,000; $A7,500; $A5,000; or $A2,500. In each case the number of Shares allocated to each SPP participant will be calculated using the share price specified above, rounded down and subject to any scaleback. Macquarie may in its discretion undertake a scaleback of SPP applications.

b) The purpose of the SPP is to provide eligible shareholders with the opportunity to invest in Macquarie shares at the institutional issue price under the Placement (or, if lower, the Discounted VWAP), without brokerage or other transaction costs. The additional capital raised under the Placement and the SPP will be used to fund the acquisition of the AWAS aircraft operating lease portfolio, further strengthen the Group's capital position and accommodate future growth;

c) Registered holders of fully paid ordinary shares of Macquarie at 7:00 pm (AEDT) on 3 March 2015 with a registered address in either Australia or New Zealand will be eligible to participate in the SPP. However, investors who hold their shares via Australian or New Zealand nominees but are not themselves residents of Australia or New Zealand will not be eligible to participate in the SPP. In particular, US residents will not be eligible to participate;

d) The SPP is also being offered to eligible shareholders who are custodians to participate in the SPP on behalf of eligible beneficiaries, subject to the terms and conditions of the SPP, which will be set out in the SPP offer document; and

e) Macquarie has absolute discretion as to the amount raised through the SPP, including reserving the right to scale back.          

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