164  macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Note 33  Employee equity participation  continued  The weighted average fair value of the restricted shares granted during the financial year was $48.39 (2013: $31.65).  (1) Consolidation applied to shares held in the MEREP as at the record date for the consolidation.  The weighted average fair value of the RSU Awards granted during the financial year was $41.06 (2013: $26.79). The weighted average fair value of the DSU Awards granted during the financial year was $40.84 (2013: $27.71).  The weighted average fair value of the PSU Awards granted during the financial year was $41.49 (2013: $21.91). The following is a summary of Awards which have been granted pursuant to the MEREP:   Number of Restricted Share  Awards  2014  Number of Restricted Share  Awards  2013  Restricted shares on issue at the beginning of the financial year  92,558  31,795  Consolidation of one ordinary share into 0.9438 ordinary shares (1) (5,509)  –  Granted during the financial year  87,239  115,869  Released during the financial year  (35,388)  (55,106)  Restricted shares on issue at the end of the financial year  138,900  92,558   Number of PSU Awards  2014  Number of   PSU Awards  2013  PSUs on issue at the beginning of the financial year  1,969,394  1,558,210  Adjustment of PSUs due to 0.9438 for one ordinary share consolidation (1) (106,710)  –  Granted during the financial year  463,293  650,577  Exercised during the financial year  (77,663)  (1,932)  Expired during the financial year  (456,154)  (237,461)  PSUs on issue at the end of the financial year  1,792,160  1,969,394  PSUs exercisable at the end of the financial year  6,961  –   Number of DSU Awards  2014  Number of DSU Awards  2013  DSUs on issue at the beginning of the financial year  4,316,880  3,028,154  Adjustment of DSUs due to 0.9438 for one ordinary share consolidation (1) (246,149)  –  Granted during the financial year  916,603  2,092,458  Exercised during the financial year  (878,657)  (522,544)  Forfeited during the financial year  (191,463)  (281,188)  DSUs on issue at the end of the financial year  3,917,214  4,316,880  DSUs exercisable at the end of the financial year  366,064  280,489   Number of  RSU Awards  2014  Number of   RSU Awards  2013  RSUs on issue at the beginning of the financial year  24,700,480  20,768,204  Consolidation of one ordinary share into 0.9438 ordinary shares (1) (1,356,793)  –  Granted during the financial year  5,553,634  8,913,496  Vested RSUs withdrawn or sold from the MEREP during the financial year  (5,676,173)  (4,075,540)  Forfeited during the financial year  (774,358)  (905,680)  RSUs on issue at the end of the financial year  22,446,790  24,700,480  RSUs vested and not withdrawn from the MEREP at the end of the financial year  8,327  15,226  Notes to the financial statements  for the financial year ended 31 March 2014  continued 