#1MACQUARIE September Conferences Presentation to Investors and Analysts September 2022#2Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (MGL) and is general background information about Macquarie's (MGL and its subsidiaries) activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements - that is, statements related to future, not past, events or other matters - including, without limitation, statements regarding our intent, belief or current expectations with respect to Macquarie's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, provisions for impairments and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements or to otherwise update any forward looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Actual results may vary in a materially positive or negative manner. Forward looking statements and hypothetical examples are subject to uncertainty and contingencies outside Macquarie's control. Past performance is not a reliable indication of future performance. Unless otherwise specified all information is for the full year ended 31 March 2022. Certain financial information in this presentation is prepared on a different basis to the Financial Report within the Macquarie Group Financial Report ("the Financial Report") for the half year ended 31 March 2022, which is prepared in accordance with Australian Accounting Standards. Where financial information presented within this presentation does not comply with Australian Accounting Standards, a reconciliation to the statutory information is provided. This presentation provides further detail in relation to key elements of Macquarie's financial performance and financial position. It also provides an analysis of the funding profile of Macquarie because maintaining the structural integrity of Macquarie's balance sheet requires active management of both asset and liability portfolios. Active management of the funded balance sheet enables the Group to strengthen its liquidity and funding position. Any additional financial information in this presentation which is not included in the Financial Report was not subject to independent audit or review by PricewaterhouseCoopers. Numbers are subject to rounding and may not fully reconcile. O Macquarie Group Limited 2#3◆ MACQUARIE Agenda 01 Overview of Macquarie 02 Operating Groups 03 1Q23 Update 04 Outlook 05 Appendix#4MACQUARIE 01 Overview of Macquarie#5Overview of Macquarie Operating Groups About Macquarie ~44% Annuity-style activities | Net Profit Contribution 1Q23 Update Outlook Appendix ~56% BFS MAM Banking and Financial Services Macquarie Asset Management . Macquarie's retail banking and financial services business with total BFS deposits¹ of $A98.0b2, loan portfolio³ of $A110.2b² and funds on platform of $A118.6b² Provides a diverse range of personal banking, wealth management, and business banking products and services to retail clients, advisers, brokers and business clients • Global specialist asset manager with $A773.1b²of assets under management building sustainable value for clients and communities, investing to deliver positive impact for everyone Provides investment solutions to clients across a range of capabilities in Private Markets and Public Investments, including infrastructure, green investments, agriculture and natural assets, real estate, private credit, asset finance, equities, fixed income and multi-asset solutions CGM Markets-facing activities | Net Profit Contribution MacCap Macquarie Capital Commodities and Global Markets Global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base • Capital and financing: provides clients with financing and asset management solutions across the capital structure Risk Management: helping clients manage exposure to price changes in commodities, currencies, credit and equity markets • Global capability in: Market access: helping clients access assets and prices via liquidity and • Advisory and capital raising services, investing alongside partners and clients across the electronic markets globally capital structure, providing clients with specialist expertise, advice and flexible capital solutions across a range of sectors . Development and investment in infrastructure and energy projects and Physical execution & logistics: supporting clients with access to physical commodities and facilitating their transport from production to consumption companies, with a focus on transport, digital and social infrastructure Equities brokerage, providing clients with access to equity research, sales, execution capabilities and corporate access FY22 Net Profit Contribution BFS | ~11% MAM | ~23% CGM |~10% CGM | ~31% Legal and Governance Risk Management Group An independent and centralised function responsible for objective review and challenge, oversight, monitoring and reporting in relation to Macquarie's material risks. Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment. Financial Management Group Provides financial, tax, treasury, corporate affairs and advisory services to all areas of Macquarie. MacCap | ~25% Corporate Operations Group Provides specialist support services through technology, operations, human resources, workplace, strategy, operational risk management, data and transformation, resilience and global security, and also includes the Macquarie Group Foundation. Note: Where referenced in this document, net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 1. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. 2. As at 31 Mar 22. 3. The loan portfolio comprises home loans, loans to businesses, car loans and credit cards. O Macquarie Group Limited 5#6Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie at a glance Empowering people to innovate and invest for a better future Global financial group • Headquartered and listed in Australia • Top 10 Australian company¹ • ~$A68.5 billion market capitalisation¹ Diverse business mix Located in 33 markets, we conduct a mix of annuity-style and markets-facing activities that deliver solid returns in a range of market conditions • 18,133 employees in 33 markets • $A774.8 billion assets under management² Long-term orientation • 53 years of unbroken profitability • 31 years MBL S&P 'A' Credit Rating³ • Strong funding and capital position 888 Outcome-focused culture Opportunity for our clients, communities and staff • Accountability for outcomes . Integrity in everything we do All figures in this slide are as at 31 Mar 22, unless otherwise stated. 1. Based on market capitalisation. Sourced from Bloomberg 31 Aug 22. 2. As at 31 Mar 22. Includes MAM and BFS AUM. 3. Upgraded to A+ on 11 Dec 19. O Macquarie Group Limited#7Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Why Macquarie? Unbroken profitability FY22 net profit: $A4,706m up 56% on FY21 FY21 net profit: $A3,015m up 10% on FY20 Diverse business mix FY22 net profit contribution² ~44% ~56% by annuity-style by markets-facing activities activities Earnings growth 14% 5yr EPS CAGR¹ Geographically diverse 75% international 75% income in FY223 68% in FY21; two-thirds of ~ income generated outside of Australia Consistent dividend growth 6% 5yr DPS CAGR¹ T Group capital surplus 4 $A10.1b at 30 Jun 22 Average return on equity over last 15 years 14% FY22: 18.7% Strong shareholder returns Consistently outperformed major indices since listing ASX 205 - 2nd highest returns since listing Diversified Financials 5 - 1st MSCI World Capital Markets5 - 2nd MSCI World Banks5 - 1st Underpinned by a long standing conservative risk management framework 1. Based on 31 March 2022 2. Based on net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. International income is calculated using net operating income excluding earnings on capital and other corporate items. 4. The capital surplus shown is above regulatory minimums including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110, calculated at 8.5% RWA on a Level 2 basis for MBL. This surplus also includes provision for internal capital buffers, forthcoming regulatory changes, as well as differences between Level 2 and Level 1 capital requirements, including the $A500m Level 1 operational capital overlay imposed by APRA from 1 Apr 21. Based on materiality, the 8.5% used to calculate the Group capital surplus does not include the countercyclical buffer (CCyB) of ~1bps. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 5. As at 31 Aug 22. Based on companies that have been continuously listed since Macquarie's date of listing (29 Jul 96). O Macquarie Group Limited 7#8Overview of Macquarie Operating Groups 1Q23 Update Outlook Macquarie's evolution is driven by our people Our people are closest to client needs and markets Appendix We seek to identify opportunity and realise it for our clients, community, shareholders and our people From positions of deep expertise, we pursue opportunities adjacent to existing businesses, largely via organic growth We are accountable for all our actions to our clients, our community, our shareholders and each other We act with integrity and earn the trust of our clients, colleagues, community and shareholders through the quality of our work and our high ethical standards We pursue opportunities that deliver real outcomes to achieve an appropriate and resilient long-term return on capital Evolution in the business Macquarie has a global presence across operating groups FY22 75% International income FY98 22% International income Group-wide standards and central support services Facilitating cross-group collaboration Supported by the Corporate Centre O Macquarie Group Limited Share of total income Challenging ideas and supporting execution Funding and capital Risk management External stakeholder management 8#9Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Diversification by region. Business mix¹ Annuity-style activities • FY22 ~44% FY07 25% 00000 • 00000 International income² FY22 75% FY07 53% 000 • MAM ~23% BFS ~11% CGM ~10% 0000 00000 000000 ... Americas 48% EMEA 20% Asia 7% AUM 00 Americas $A371.0b EMEA $A137.7b Asia $A40.Ob Australia³ $A226.1b International staff4 FY22 54% FY07 34% Americas 18% EMEA 14% Asia 22% Employing people through managed funds assets and investments5 0 Americas 54,000+ people EMEA 83,000+ people Asia 75,000+ people Australia³ 15,000+ people 00 All numbers on this slide as at 31 Mar 22. 1. Annuity-style income includes income derived from Macquarie Asset Management, Banking and Financial Services and parts of Commodities and Global Markets. % split is based on FY22 net profit contribution from Operating Groups. 2. International income includes income generated outside of Australia and New Zealand based on net operating income excluding earnings on capital and other corporate items. 3. Includes New Zealand. 4. Headcount includes certain staff employed in operationally segregated subsidiaries. 5. Includes people employed through Private Markets- managed fund assets and investments where Macquarie Capital holds significant influence. O Macquarie Group Limited 9#1000 0.0 0.5 1.0 1.5 FY70 2.0 2.5 40 4.0 3.5 Staff 3.0 Hill Samuel UK opens branch office in Sydney Started corporate finance and advisory; project finance Staff: 4 FY70 FY71 FY72 FY73 FY74 Overview of Macquarie Over 50 years of unbroken profitability Organic growth Acquisitions Regional expansion $Ab Performance (ASX: MQG) Total shareholder return² Earnings per share CAGR Dividends per share CAGR ASX 203 Diversified Financials³ MSCI World Capital Markets³ MSCI World Banks³ 5.0 Since listing 11,544% 13% 12% 2nd 1st 2nd 1st 5 year 157% 14% 6% 3rd 3rd 6th 1st 4.5 1980s Started commodities platform Rates FX Futures Wealth management 199 Staff: 120 FY86 FY87 FY89 London office opened Lease arranging First listed property trust Entered stockbroking Received an Australian Banking license as MBL Equities Business banking FY85 FY90 Operating Groups 1Q23 Update Outlook Appendix FY94 FY95 HK office opened DEFT Hills Motorway Mortgage securitisation Asset management Premium funding NY office opened FY92 Mortgages FY93 Motor vehicle financing Aircraft financing 008 Staff: 1,133 FY96 FY97 FY99 BT Australia Wrap IT equipment financing MBL listed on the ASX FYOO FY02 FY03 Sydney Airport¹ Staff: 4,070 FY04 FY08 Established a UK bank, MBIL FY06 FY07 Thames Water¹ Giuliani Capital Cards Corona Energy (UK) ING Asian cash equities Gas Railcar financing Meters FY05 financing Oil Cook Inlet Energy Supply FY09 FY10 FY12 Onstream MIDIS FY13 Received a HK banking license Delaware FPK Tristone Mining and medical equipment financing Staff: 14,657 Note: the above list is not exhaustive. 1. Acquired on behalf of managed funds and accounts. 2. At 31 Aug 22. 3. Ranking refers to TSR against the respective index constituents that have been continuously listed since Macquarie's inclusion. Source: Bloomberg. Data to 31 Aug 22. 4. As at 31 Mar 22 O Macquarie Group Limited Constellation CAF Principal Finance CMA FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY15 10 AWAS FY16 FY17 Esanda Advantage Funding FY18 GIG Cargill FY19 GLL FY21 ValueInvest Conergy Waddell & Reed FY22 AMP Capital Public Investments CPG Staff: 18.1334 888#11Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Strong earnings growth FY22 EPS of $A12.72 Up 51% on pcp $A 15.00 12.00 9.00 6.00 3.00 FY16 FY17 FY18 FY19 FY20 FY21 FY22 O Macquarie Group Limited 1H FY22 Operating income of $A17,324m Up 36% on pcp $A 20,000 16,000 12,000 8,000 4,000 | 2H FY16 FY17 FY18 FY19 FY20 FY21 FY22 11#12Overview of Macquarie Stable earnings Operating Groups 1Q23 Update Outlook Appendix 5 year earnings volatility relative to Macquarie Multiple to Macquarie 15 year earnings volatility relative to Macquarie (includes GFC) Multiple to Macquarie 4.5 4.0x 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 3.1x 2.1x 1.7x 5.0 4.7x 4.0 8:0 50 3.0 2.6x 20 2.0 1.0x 0.9x 1.0 Global Investment Banks Domestic Asset Managers Global Fund/Asset Managers Global Banks Macquarie Domestic Majors 1.5x 1.1x 1.0x 0.5x Global Investment Banks Global Fund/Asset Managers Domestic Asset Global Banks Managers Macquarie Domestic Majors This page compares the historical earnings volatility among certain firms, and is not intended to represent that Macquarie has a comparable business model, risks or prospects to any other firm mentioned. Volatility of P&L is defined as standard deviation of P&L divided by average P&L (coefficient of variation), based on most recent annual disclosures. Source: Bloomberg as at 31 Aug 22. O Macquarie Group Limited 12#13Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Strong shareholder returns For purchases made and held to sale Macquarie has generally outperformed the ASX 200, Diversified Financials and MSCI World Capital Markets Index Outperformance / (underperformance) vs ASX200 - Average outperformance vs ASX200 1400 1200 1000 800 600 400 200 1 Outperformance Outperformance vs ASX 200¹ vs ASX 200 Diversified Financials¹ Since listing 10,504% n/a² Avg: +1,100% 10 years 850% 666% 5 years 100% 121% 0 Feb-97 Feb-00 Feb-03 Feb-06 Feb-09 Feb-12 Feb-15 Feb-18 Feb-21 Outperformance vs MSCI World Capital Markets Index¹ Data to 31 Aug 22 for purchases made at different purchase points on a monthly basis. Source: Bloomberg, as at 31 Aug 22. 1. Total shareholder returns. 2. Macquarie was listed prior to the formation of the MSCI World Capital Markets Index and ASX 200 Diversified Financials Index. O Macquarie Group Limited n/a² 841% 106% 13#14Overview of Macquarie Operating Groups 1Q23 Update Outlook Macquarie Bank Limited Long Term Ratings Stability Standard & Poor's Ratings Movements from 2007 Rating movement (notches) AA+ AA Appendix 5 3 AA- 4 A+ 1 6 5 6 5 1 8 A A- BBB+ BBB Macquarie Bank¹ JPMorgan Chase Bank Credit Suisse AG UBS AG Bank of America Citibank Morgan Stanley Bank Goldman Sachs Bank² Barclays Bank³ Deutsche Bank Moody's Ratings Movements from 2007 Rating movement (notches) 2007 AAA Aal Aa2 Aa3 A1 1 A2 A3 Baal 4 7 10 7 5 4 2 8 Baa2 Baa3 Macquarie Bank JPMorgan Chase Bank Credit Suisse AG UBS AG Bank of America Citibank Morgan Stanley Bank Goldman Sachs Bank Barclays Bank³ Deutsche Bank 2022 Intra-period ratings movement # No. ratings movements As at Aug 22. Macquarie Bank upgraded to A+ on 11 Dec 19. 1. Goldman Sachs bank only rated by Standard & Poor's from 2012. 2. Barclays Bank PLC. O Macquarie Group Limited 14#15Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie's approach to risk management Strong focus on business accountability and risk ownership Stable and robust core risk management principles Supported by our longstanding approach to establishing and maintaining an appropriate risk culture Ownership of risk Understanding Our approach is consistent with the 'three lines of defence' model with clear accountability for risk management The three lines of defence model, which is a widely adopted standard across the industry, sets risk ownership responsibilities functionally independent from oversight and assurance Line 1 Line 2 at the business level worst case outcomes Independent sign-off by Risk Management Group Line 3 Primary responsibility for risk management lies with the business. The Risk Management Group (RMG) forms the second line of defence and independently assesses material risks. Internal Audit provides independent and objective risk-based assurance on the compliance with, and effectiveness of, Macquarie's financial and risk management framework. Principles stable for 30+ years A key factor in our 53 years of unbroken profitability O Macquarie Group Limited 15#16Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Environmental, Social and Governance (ESG) Macquarie's ESG commitment reflects our responsibility to clients, shareholders, communities, our people and the environment in which we operate Environmental • • • Aligning activities with the global goal of net zero emissions by 2050 Investing in sustainability solutions and supporting the global energy transition Actively managing environmental risks including climate change risks Engaging in climate leadership initiatives such as GCA, CFLI, GFANZ, NZBA, UNGISD and SMI¹ Supporting TCFD, UN PRI and other external ESG standards and frameworks² . Promoting sustainable workplaces • Commitment to the RE100 initiative³ Social • Investing in social infrastructure and services including housing and health • Enabling education at all levels as an advisor and investor in education and education technology Actively managing social risks including human rights and modern slavery risk Providing a diverse, inclusive workplace • Seeking to operate harm-free environments through the maintenance of high Work, Health & Safety standards and performance across all our activities Engaging Macquarie and its staff in the wider community Governance Strong corporate governance • Ethical conduct by staff • Customer advocacy • Whistleblowing framework • Anti bribery and anti corruption • Anti money laundering • Managing conflicts of interest • Cyber security and data privacy • Dealing with 3rd parties and suppliers • Reporting transparently 1. GCA: Global Commission on Adaptation; CFLI: Climate Finance Leadership Initiative; GFANZ: Glasgow Financial Alliance for Net Zero; NZBA: Net Zero Banking Alliance; UNGISD: Global Investors for Sustainable Development; SMI: Sustainable Markets Initiative. 2. TCFD: Taskforce on Climate-related Financial Disclosures; UN PRI: United Nations Principles for Responsible Investment. 3. RE100: Renewable 100 percent initiative O Macquarie Group Limited 16#17Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Environmental, Social and Governance Environmental and social risk management 431 transactions assessed under our Environmental and Social Risk (ESR) Policy Climate change Environmental and social financing Alignment to net zero by 2050 $A6.40 invested in renewable energy for every $A1 invested in conventional energy¹ Over 30 GW of green energy assets in development or construction as at 31 March 20222 16 GW of green energy assets in operation or under management² Sustainability in direct operations 100% renewable electricity sourced globally in FY20223 Emissions per capita reduced by 91% from FY2010 baseline (43% reduction from FY20214) Carbon neutral since 20105 Over $A16.5m spent with minority owned businesses in FY22 More detailed information is also available at macquarie.com/ESG Client experience People and workplace Business conduct and ethics 2021 MFAA Excellence Awards for Major Lender of the Year 2022 CANSTAR Outstanding value award for Savings and Transaction Accounts #1 IPE Real Assets Top 100 Infrastructure Investment Managers since 2017 2021 Financial Standard Investment Leadership Awards Investment Manager of the Year Top rating for Australian ESG research by institutional investors in 2021 Peter Lee survey Australian Workplace Equality Index Platinum Employer No. 1 among Stonewall's 2022 most inclusive UK employers 100% on the US Corporate Equality Index 2022 Tailored training, workshops and leadership sessions provided to over 8,000 staffs Macquarie Group Foundation Over $A520 million donated by Macquarie staff and the Foundation since inception in 1985 ($A44 million in FY20227) 1. Includes (i) banking book equity investments fair valued through profit or loss; (ii) investments in which Macquarie has significant influence or joint control (investments in associates and joint ventures); and (iii) investments held through consolidated subsidiaries. Excludes off balance sheet equity commitments. 2. As at March 2022, GW of green energy assets reflect 100% generating capacity of each asset, not the proportion owned/managed by Macquarie. 3. The equivalent of 100% of our FY2022 electricity consumption was sourced from renewable sources through a combination of green tariffs (43%) and energy attribute certificates (57%) Due to a lack of availability, we were unable to source renewable energy certificates within the South Korean market, which is a requirement of the RE100 market boundary criteria. All other renewable energy purchases were sourced in line with the criteria and we are 98.4% compliant at this time. We are working towards full RE100 compliance by FY2023, ahead of our FY2025 commitment. 4. FY2022 emissions per capita are calculated as total operational market-based emissions of 14,238 tCO2e (covers Scopes 1 and 2 emissions, and Scope 3 business travel) divided by the total headcount of 17,556 (based on total global workforce excluding staff employed in operationally segregated subsidiaries as at 31 March 2022). 5. Covers scope 1 and scope 2 emissions, and business travel. 6. Tailored content focused on conduct, supervision in a hybrid working environment, integrity, speaking up and psychological safety. Macquarie also requires all staff globally to undertake mandatory online Code of Conduct training. 7. Comprises Macquarie Group Foundation matching support for staff donations and fundraising; Foundation donations to commemorate staff attaining 10 year and 25 year anniversaries at Macquarie; Foundation grants to non profit organisations to recognise 12 months of board service by a Macquarie employee; and Macquarie and Foundation grants to community organisations. Macquarie Group Limited 17#18Overview of Macquarie Operating Groups Our commitment to net zero 1Q23 Update Outlook Appendix Macquarie committed to align our financing activities with the global goal of net zero by 2050 and we are on track to release our first Net Zero Plan by the end of 2022 01 We have been working on understanding the emissions associated with fossil fuels to determine 2030 goals that set us on the right path to our 2050 commitment 02 20 We are committed to net zero for our own operations¹ by 2025 and developing emissions reduction strategies across other aspects of our own operations 03 We have committed to managing our asset management portfolio in line with global net zero emissions by 2040 1. Operational emissions include scope 1 and scope 2 emissions, and emissions from business travel.#19Overview of Macquarie Operating Groups 1Q23 Update Outlook Approximate business Basel III Capital and ROE Appendix 31 Mar 22 Operating Group Annuity-style businesses Macquarie Asset Management Banking and Financial Services Markets-facing businesses Commodities and Global Markets APRA Basel III Capital¹ @ 8.5% ($Ab) Approx. FY22 Return on Ordinary Equity² Approx. 16-year Average Return on Ordinary Equity³ 8.5 3.5 21% 22% 5.0 12.8 7.9 30% 16% Macquarie Capital 4.9 Corporate 1.6 Total regulatory capital requirement @ 8.5% 22.9 Group surplus 10.7 4 Total APRA Basel III capital supply 33.6 18.7% 14% Note: Differences in totals due to rounding. 1. Operating Group capital allocations are based on 31 Dec 21 allocations adjusted for material movements over the Mar 22 quarter. 2. NPAT used in the calculation of approximate FY22 ROE is based on Operating Groups' net profit contribution adjusted for indicative allocations of profit share, tax and other corporate items. Accounting equity is attributed to businesses based on quarterly average allocated ordinary equity. 3. 16-year average covers FY07 to FY22, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 4. Comprising of $A28.7b of ordinary equity and $A4.9b of hybrids. O Macquarie Group Limited 19#20MACQUARIE 02 Operating Groups#21Overview of Macquarie Operating Groups 1Q23 Update Outlook Macquarie Asset Management Global specialist asset manager investing to deliver positive impact for everyone Awards & rankings &-REAL ASSETS IPERES #1 Infrastructure Investment Manager³ Private Markets $A238.0b ▲ 22% on Mar 21 Assets under management² Appendix Public Investments $A535.1b 46% on Mar 21 Assets under management² FY22 Net profit contribution ▲ 4% $A2,150m on FY21 ~2,400 people 24 markets ~170 portfolio companies1 Infrastructure Investor World's largest infrastructure manager4 Top 5 Infrastructure Debt Manager5 Global Debt Fundraising6 FINANCIAL STANDARD WINNER INVESTMENT MANAGER OF THE YEAR ESTMENT VESTME 2021 ASHIP AWARDS $A31.0b Equity deployed across 91 new investments $A27.0b Equity raised ~23% $A773.1 billion Net profit contribution assets under management? up 38% on Mar 21 Investment Manager of the Year 20217 $A19.9b Equity to deploy Note: References relate to the full year ended 31 Mar 22. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY22 net profit contribution from operating groups as reported on 6 May 22. 1. Excludes real estate assets. 2. As at 31 Mar 22. 3. IPE Real Assets (Jul/Aug 22) based on AUM. 4. Infrastructure Investor 100 (Nov 21) based on equity raised. 5. Infrastructure Investor Debt 30 Ranking (Feb 22) based on equity raised. 6. Infrastructure Investor Awards (Mar 22) 7. Winner of the 2021 Investment Manager of the Year in Australia at the Financial Standard Investment Leadership Award. 8. PFI Awards (May 22). O Macquarie Group Limited PFI AWARDS Europe M&A Deal of the Year Open Fiber $A10.3b Equity returned to clients from divestments 71% of assets under management outperforming respective 3-year benchmarks² $A10.5b Positive net flows across equities, fixed income and multi-asset strategies Successful acquisition and ongoing integration of Waddell & Reed Financial, Central Park Group and AMP Capital's public investments business adding combined $A149.7b² to assets under management 21 21#22Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Asset Management Actively manages funds for investors across multiple asset classes Net Profit Contribution¹ ($Am) Base Fees ($Am) 2,400 2,800 2,177 2,150 2,074 2,100 2,400 1,872 1,800 1,685 1,500 1,200 900 600 300 FY18 FY19 FY20 FY21 FY22 1H AUM ($Ab) 2,771 800 773.1 773.9 750 2,021 1,985 700 2,000 1,778 650 1,568 1,600 1,200 800 400 2H 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. O Macquarie Group Limited 597.7 600 562.2 550.0 550 500 450 400 FY18 FY19 FY20 FY21 FY22 Mar 19 Mar 20 Mar 21 Mar 22 Jun 22 22#23Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Private Markets Historical Income $Am ■Private Markets base fees (LHS) Closing Private Markets EUM $Ab % of EUM 158 2.00% 149 2,400 Private Markets performance fees and other income (LHS) 142 1.80% 2,000 1,600 1,200 800 400 Base fees Ave: ~100bps; St dev: ~20bps Performance fees Ave: ~50bps; St dev: ~40bps Other income Ave: ~30bps; St dev: ~40bps 1 1 22 4 13 10 39 -30- 60 60 58 53 52 41 39 36 37 128 1.60% 1.40% 1.20% 86 77 1.00% Base Fee 66 67 Ave: ~90bps since FY17 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 O Macquarie Group Limited 0.80% 0.60% Performance Fees Ave: ~50bps since FY17 Other Income 0.40% Ave: ~40bps since FY17 0.20% 0.00% 23#24Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Adding value throughout the investment lifecycle Our alternatives portfolio¹ • Long-term investment approach, delivering positive outcomes for clients, portfolio companies and communities • Boutique active public investments teams with deep sectoral expertise across equities and fixed income. • Diverse alternatives team with deep industry and operational experience to manage and enhance real asset businesses Global scale, technical expertise and networks allow us to undertake increasingly complex transactions ESG considerations embedded within our investment decision making and asset management frameworks 1. Based on AUM at 30 Jun 20. O Macquarie Group Limited Exit Optimisation cs> Lifecycle value creation Acquisition Transition 7% 8% 3% 1% 6% 6% 14% 19% 36% Utilities and energy Transportation (excl. aviation) Renewables ■Other Agriculture Digital infrastructure Real estate Infrastructure debt Aviation 24#25Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Green Investment Group One of the leading renewable energy developers and investors in the world - with a team of 400 green energy experts¹ committed to accelerating the green transition Developing & investing Scale & strength in established technologies £25b+ Of capital committed or arranged to support green energy projects² 250+ projects in development and construction 30+ GW Global development and construction pipeline³ Platform companies Regional development platforms Regionally focused: platforms in US, Europe and the Asia Pacific region • Technology focused: platforms focused on utility-scale and C&I solar, energy storage or distributed energy A Powering clients Supporting client achieve sustainability goals 4+ GW Of renewable energy projects with PPAs4 25 Corporates with their green transition through PPAs signed with GIG5 Large industrial partnerships Our platforms TOTAL Jera CALIBRANT ENERGY SIEMENS cero Example customers CCA COCA-COLA AMATIL TESCO ANZ Hydro blueleaf energy BOSCH Invented for life егамет Industries that matter 1. Includes Macquarie Group employees operating under the GIG brand or the brand of one of GIG's portfolio companies. Portfolio companies are companies operating as operationally segregated subsidiaries of GIG or companies where GIG has entered a joint venture with another partner. 2. Combining historic activity where UK Green Investment Bank (GIB) or Green Investment Group (GIG) have committed their own funds or arranged third-party capital and / or financing. 3. Includes projects being developed directly by GIG or through portfolio companies (as defined in footnote 1). 4. Total capacity of renewable energy projects in development, construction or operation where GIG (either directly or via portfolio companies) have contributed equity investment, which is supported by power purchase agreements structured by GIG or its portfolio companies.. 5. Total capacity of renewable energy projects where GIG (either directly or via portfolio companies) have contributed equity investment, supported by PPAs structured by GIG or its portfolio companies. O Macquarie Group Limited 25#26Overview of Macquarie Operating Groups Banking and Financial Services A technology-driven Australian retail bank and wealth manager FY22 awards EXCELLENCE NATIONAL AWARDS WINNER S 1Q23 Update Outlook Appendix on FY21 BANK OF THE YEAR 2022 BROKERS ON BANKS MPA *** $A89.5b Home loan portfolio $A11.5b ▲ 34% on Mar 21 ▲ 13% on Mar 21 Business Banking loan portfolio FY22 Net profit contribution $A1,001m ▲ 30% Personal Banking Business Banking 3,350+ people Wealth Management Approximately ~11% 1.7 million Net profit contribution clients Note: References relate to the full year ended 31 Mar 22. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY22 net profit contribution from operating groups as reported on 6 May 22. 1. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. O Macquarie Group Limited mozo EXPERTS CHOICE AWARD 2022 EVERYDAY & SAVINGS BANK OF THE YEAR SMSFAdviser SMSF AWARDS WINNER SMSF Cash and Term Deposit Platforms 2021 $A118.6b Funds on platform ▲ 17% on Mar 21 Launched Australia's fastest digital account opening experience for new transaction and savings account customers RFIGlobal PRIVATE BANONG AWARDS Outstanding Private Bank $10M+ WINNER Macquarie Private Bank $A98.0b Total BFS deposits¹ ▲ 21% on Mar 21 $A8.8b Car loan portfolio 30+ years bringing 23% on Mar 21 innovation and competition to Australian consumers 26 28#27Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Banking and Financial Services A technology-driven Australian retail bank and wealth manager Net Profit Contribution¹ ($Am) BFS Deposits² ($Ab) 1,200 1,000 800 756 770 771 737 600 400 200 120.0 1,001 100.0 80.0 63.9 60.0 53.4 40.0 20.0 80.7 Australian loan and lease portfolio³ ($Ab) 120 106.4 98.0 100 89.1 80 75.3 62.5 60 60 10 40 20 20 117.1 110.2 Mar 19 Mar 20 Mar 21 Mar 22 Jun 22 Mar 19 Mar 20 Mar 21 Mar 22 Jun 22 FY18 FY19 FY20 FY21 FY22 Australian Mortgages Business Lending Other Vehicles 1H 2H 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. During 2018, vehicle finance moved from Corporate and Asset Finance to BFS as a part of a reorganisation between Operating Groups. FY18 financial results were restated to reflect this change. 2. BFS deposits exclude any Corporate/Wholesale deposit balances. 3. The Australian loan and lease portfolio comprises residential mortgages, loans to Australian businesses, vehicle asset finance, and other includes insurance premium funding and credit cards. Vehicles asset finance moved from CAF Asset Finance to BFS effective 1 Dec 18. O Macquarie Group Limited 27#28Overview of Macquarie Operating Groups 1Q23 Update Outlook Home loan portfolio composition 2% 100% 2% 1% 4% 3% Z0% 3% 90% 23% 20% 80% 29% 70% 16% 19% 60% 50% 24% 24% 25% 40% 30% 20% 40% 35% 30% 10% 0% Jun-22 (Settlement Flow) Jun-22 (Portfolio Origination LVR) Jun-22 (Portfolio Current LVR) <=60% >60 <=70% >70 <=80& 80% >80% <= 90% ■>90% Note: Current LVR is calculated based on the current balance of loans against their initial appraisal amount. A% 80% Principal and interest 72% Owner occupied 20% Interest only SA 96.9 billion¹ Total Home Loans under management 28% Investor 1. As at 30 Jun 22. 2. As at 30 Jun 22 and weighted by size of loan. Average LVR at Origination 64%, based on accounts still on books and weighted by size of loan. Note: figures are based on overall portfolio of home loans originated by MBL. O Macquarie Group Limited WA 5.4% NT 0.2% Appendix QLD 18.3% NSW 40.2% ACT 2.6% SA 2.4% VIC TAS 0.7% 30.2% $A620k Average loan size 50% Average dynamic LVR² 27.1 Months seasoning#29Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Commodities and Global Markets Global business offering capital and financing, risk management, market access and physical execution across Commodities, Financial Markets and Asset Finance FY22 Net profit contribution $A3,911m ▲ 50% on FY21 2,170+ people 21 markets ~41% Net profit contribution 40+ years of client partnership FY22 awards & rankings x x x x x x x x x x Energy Risk Derivatives Awards 2022 Winner house of the year Macquarie Energy Risk Natural gas/LNG Awards 2022 Winner house of the year Macquarie Energy Risk Oil and products Awards 2022 Winner No.1 house of the year Macquarie Futures broker on the ASX1 No.4 physical gas marketer in North America² Top 5 Commodities General Clearing Member³ Strong underlying client business Commodity Markets Increased revenue across Commodities with strong risk management income from Gas and Power businesses, Resources, Agriculture and Global Oil due to increased client hedging activity and trading activity as a result of elevated volatility and commodity price movements Increased inventory management and trading income with strong gains from supply and demand imbalances in North American Gas and Power partially offset by unfavourable impact of timing of income recognition on Gas storage and transport contracts Asset Finance Total portfolio of $A6.0b, up 2% from $A5.8b at 31 Mar 21 Gain on partial sale of UK Meters portfolio in May 21 Continued positive performance and contribution across most industries Financial Markets Foreign exchange, interest rates and credit Increased client activity in foreign exchange and interest rates across all regions Continued growth in financing activity with clients engaged in the US corporate direct lending market Equity Derivatives and Trading Improved results from equity finance Increased activity providing solutions for corporate clients High levels of financing and trading with corporate clients and event driven trading and financing Futures Improved commission and interest revenues due to elevated commodity price volatility and continued recovery from challenges of FY21 Note: References relate to the full year ended 31 Mar 22. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY22 net profit contribution from operating groups as reported on 6 May 22. 1. ASX Futures 24 (SFE) Monthly Report Mar 22. 2. Platts Q1 - Mar 2022. 3 Awarded by Singapore Exchange Derivatives Clearing Ltd 2021. O Macquarie Group Limited 29 29#30Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Commodities and Global Markets Provides clients with access to markets, financing, financial hedging, research and market analysis and physical execution Net Profit Contribution¹ ($Am) Net Operating Income² 3,911 4,000 3,500 3,000 2,500 2,000 1,500 910 1,000 500 1,743 1,738 2,601 FY18 FY19 FY20 FY21 FY22 1H 2H 99 6% 15% 2% 14% 8% 18% | Risk management products Inventory management and trading storage I Investment and other income FX, interest rates and credit 33% 4% I Lending & financing Commodities Brokerage, commission and other fee income Equities net interest and trading income SAF 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Numbers as reported at full year results announcement on 6 May 2022. 2. For the full year ended 31 Mar 22, excluding impairment charges, provisions, net gains on sale and internal management (charge)/revenue, based on the Management Discussion & Analysis income classifications. O Macquarie Group Limited 30#31Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Strong underlying client business Majority of income derived from underlying client business Operating Income (excl. credit and other impairment charges) Client numbers² (excl. Asset Finance) FY 18 Other Income Brokerage and fee income FY 19 FY 20 FY 21 FY 22 Foreign exchange, interest rates and credit Leasing (operating and finance) income Investment income Equities derivatives and trading Commodity lending and financing Commodity inventory management and trading Underlying client business¹ Commodity risk management • 40+ years of client partnerships evolving into niche activities in some markets, and scale in others • Dedicated specialist staff with deep sector knowledge and market insights Risk management is core • Platform diversity drives earnings stability and de-risks the portfolio • Industry recognition in select markets and sectors is strong 1. Included within Underlying client business is a relatively small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients. 2. 5-year CAGR of 5% from FY18 to FY22, Financial markets and futures client numbers will differ to previously reported numbers with the inclusion of Equity Derivatives and Trading clients and the transfer of Cash Equities to Macquarie Capital effective 1 Jun 20. O Macquarie Group Limited Mar 18 Mar 19 Mar 20 Commodities Mar 21 Mar 22 Financial markets and Futures Client-led business with deep longstanding - - client relationships: Diverse and growing client base Strong repeat client business with ~85% of client revenue generated from existing relationships Client relationships spread over a full spectrum of products and services 31#32Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Underlying client activity driving regulatory capital and trading revenues Regulatory capital (normalised)1 Group Daily trading profit and loss² FY18 - FY22 ($Am) Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Credit Market Operational Equity & Other Majority of capital relates to credit risk reflecting client focused business Risk management is core: built on 50+ years of accumulated experience in managing risk for our clients and our business • • 90 80 70 60 50 40 10 22223220 <-65 09-> Days <-55 <-50 <-45 <-40 <-35 <-30 <-25 <-20 <-15 <-10 FY18 FY19 0< 0> FY20 >10 >15 >20 >25 >30 >35 >40 >45 FY21 FY22 Consistency of shape of the curves over the years Consistent framework and approach to risk management Mean clusters between $A0-10m • Trading income largely derived from client franchise activities 1. Normalised for FX (31 Mar 22) and SA-CCR impacts. Numbers will not reconcile to previously disclosed regulatory capital numbers. 2. The daily profit and loss refers to results that are directly attributable to market-based activity from Macquarie's desk. O Macquarie Group Limited 09< >55 09< >65 $Am 32 32#33Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and partners to realise opportunity FY22 Net profit contribution ▲ 269% $A2,400m on FY21 1,840+ people 27 markets $A4.9b Capital invested¹ ~25% Net profit contribution $A457 billion completed deals in FY222 Note: References relate to the full year ended 31 Mar 22. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY22 net profit contribution from operating groups, as reported on 6 May 22, including GIG. 1. Regulatory capital as at 31 Mar 22. 2. Source: Dealogic & IJGlobal for Macquarie Group completed M&A, investments, ECM & DCM transactions converted as at the relevant report date. Deal values reflect the full transaction value & not an attributed value. 3. Dealogic (1/04/2012-31/03/2022 completed by value and announced by deal count). 4. Dealogic (1/04/2012-31/03/2022 ASX and NZX by value). 5. Inspiratia (CY21 by deal value). 6. Macquarie Capital advised on the deal. 7. Dealogic (CY21 completed by value & deal count). 8. Peter Lee Associates 2021 and 2020 Survey of Australian Investors. 9. Committed portfolio. 10. As at 31 Mar 22. 11. Deployment is based on cash invested during the year, including projects that formed part of Corio Generation from Apr 22. 12. Transaction Value based on Enterprise Value. FY22 rankings & awards No. 1 in ANZ for M&A³ and IPOs4 for the past decade No 1. Global Infrastructure Financial Adviser5 Investor 2021 Digital Awards Infrastructure Deal of the Year APAC6 Mergermarket Australia M&A Financial M&A Adviser of Awards 2021 PFI AWARDS 2021 the Year - Australia Europe M&A Deal of the Year - Open Fiber Summary Maintained a leading market position in ANZ across M&A in 20217 Macquarie Equities maintained market leading ranking in Australia across Research, Trading, ECM and Corporate Access8 Principal Finance portfolio of over $A15b⁹ including $A13b credit portfolio, with record deployment in FY22 through focused investment in credit markets and bespoke financing solutions Over 15 infrastructure and energy projects under development or construction 10 GIG continued to expand its development platforms through the year, deploying over $A0.45b11 Effective 1 Apr 22, GIG transferred from Macquarie Capital and is operating as part of MAM Transaction Activity Financial adviser to Sydney Aviation Alliance on its ~$A32b12 acquisition of Sydney Airport Exclusive financial adviser to Light & Wonder f/k/a Scientific Games Corporation on its $US6.05b sale of its Lottery Business to Brookfield Business Partners and provided debt financing to Brookfield to fund a portion of the acquisition Lead sell-side adviser on the sale of McGraw Hill, a portfolio company of Apollo Global Management, to Platinum Equity for $US4.5b and joint bookrunner on the debt financing Principal Finance has provided more than 30 unitranche financings to clients in FY22, including to support Onex's acquisition of TES Global, a well- established international provider of comprehensive software solutions for the education sector Realisation of a number of renewable assets, including Savion (US), BRUC Iberia Energy Investment Partners (Spain), partial realisation of Green Lighthouse Development (France) and assets within the AR Wind Energy portfolio (Japan) 33#34Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and partners to realise opportunity; develops and invests in infrastructure and energy projects Net Profit Contribution¹ ($Am) Income by region² Regulatory capital ($A4.9b)³ 2,500 2,000 1,774 1,500 1,000 651 763 700 500 2,400 FY18 FY19 FY20 FY21 FY22 (500) 1H 2H 67% 15% 3% 5% 8% 13% 29% 15% ■Australia Asia EMEA Americas Real Estate 9% Other 2% 34% ■Technology Green Energy ■Infrastructure Conventional Energy Debt 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Numbers as reported at full year 31 Mar 22 announcement on 6 May 2022. 2. Income by region reflects FY22 net operating income excluding internal management revenue/(charge). 3. As at 31 Mar 22. O Macquarie Group Limited 34#35Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix We're building the future one project at a time The asset creation journey typically starts at development stage, through construction, and into operations Case study: Murra Warra wind farm Land lease Inter- connection agreement Financial close Commercial operation date Capital per deal ΡΡΑΙ Commissioning EPC2 Development 1-5 years Construction 0.5 - 3 years 1. Power purchase agreement. 2. Engineering procurement & construction. O Macquarie Group Limited Operational - 20 30 years IRR Lower risk 35 55#36Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix We unlock opportunities by combining ideas and capital We evolve with our clients and areas of opportunity Advisory Focused on differentiated and deep industry insights Capital Markets Extensive institutional relationships 0 Principal Tailored solutions to unlock opportunities 1. McKinsey Global Private Markets Review, 2022. 2. PitchBook Data, Inc. PitchBook's Analyst Note on Growth Equity Overview. O Macquarie Group Limited Private capital Abundant capital looking for increasingly diverse ways to access non-public market opportunities Sub-sectors we're working in FINANCIAL SPONSORS | GROWTH EQUITY | FAMILY OFFICES Market backdrop $US9.8t private market AuM has grown more than threefold since 2010¹ Tech-enabled innovation Principal investment Technology is transforming industries, evolving business models and leading to convergence between sectors Supporting clients with principal investment, combined with advisory and capital market capabilities and industry insights SOFTWARE | DATA | SERVICES | EDUCATION | FINTECH | HEALTHCARE 42% increase in the percentage of PE dry powder in growth equity strategies since 20162 PRIVATE CREDIT | PRIVATE EQUITY | GROWTH EQUITY | REAL ESTATE Over $A2.5b Principal Finance deployed in 1Q23 36#37MACQUARIE 03 1Q23 Update#38Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix 1Q23 Overview 10 Favourable trading conditions with 1Q23 operating group contribution up on the prior corresponding period (pcp) (1Q22), although trading conditions did soften during the quarter • Macquarie's annuity-style businesses (MAM and BFS) combined 1Q23 net profit contribution¹ significantly up on pcp, primarily due to income from GIG asset realisations in MAM partially offset by the Macquarie Infrastructure Corporation disposition fee in the pcp. BFS contribution was broadly in line with pcp • Macquarie's markets-facing businesses (CGM and Macquarie Capital) combined 1Q23 net profit contribution¹ slightly up on pcp primarily due to strong results across the Commodities platform in CGM including the impact of timing of income recognition on gas transport and storage contracts and higher investment-related income in Macquarie Capital, partially offset by the sale of the CGM UK commercial and industrial smart meters portfolio in the pcp O Macquarie Group Limited 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Net profit contribution and prior corresponding periods above are inclusive of the GIG transfer to MAM from MacCap. 38#39Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix 1Q23 Overview Annuity-style businesses. Macquarie Asset Management ~32%¹ FY22 contribution² • AUM³ of $A773.9b at Jun 22, broadly in line with Mar 22 • Private Markets: $A256.1b in AUM, up 8% on Mar 22 predominantly due to investment activity and foreign exchange impacts • Private Markets: $A175.5b in EUM4, up 11% on Mar 22 predominantly driven by strong fundraising activity and foreign exchange impacts • Private Markets: record $A12.1b in new equity raised; $A5.9b of equity invested; $A1.7b equity divested in 1Q23 • Private Markets: $A28.8b of equity to deploy at Jun 22 • Public Investments: $A517.8b in AUM, broadly in line with Mar 22, predominantly driven by unfavourable market movements offset by favourable foreign exchange impacts • Public Investments: 71% of assets under management outperforming respective 3- year benchmarks5 • Effective 1 Apr 22, the Green Investment Group (GIG) transferred from Macquarie Capital and is operating as part of MAM. In 1Q23 a number of GIG assets held on balance sheet were realised Banking and Financial Services ~11% FY22 contribution² • Home loan portfolio of $A96.9b at Jun 22, up 8% on Mar 22 • Business Banking loan portfolio of $A11.9b at Jun 22, up 3% on Mar 22 Total BFS deposits of $A106.4b at Jun 22, up 9% on Mar 22 • Funds on platform of $A109.3b at Jun 22, down 8% on Mar 22 as strong net flows were offset by market movements • Car loan portfolio of $A7.9b at Jun 22, down 10% on Mar 22 1. Based on FY22 net profit contribution from operating groups with GIG restated for its transfer to MAM from MacCap on 1 Apr 22. MAM FY22 contribution as reported on 6 May 22 is ~23%. 2. Based on FY22 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. AUM is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie's proportional ownership interest of the fund manager. AUM excludes uninvested equity in Private Markets. 4. Private Markets' total EUM includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and mandates as well as invested capital for managed businesses. 5. As at 30 Jun 22. 6. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. O Macquarie Group Limited 39#40Overview of Macquarie 1023 Overview Markets-facing businesses Commodities and Global Markets Operating Groups 1Q23 Update Outlook Appendix ~41% FY22 contribution² . Elevated volatility and commodity prices contributed to strong results across the Commodities platform, driven by trading and client hedging opportunities. • Strong client activity continued across Financial Markets businesses including foreign exchange, fixed income and credit products. • Consistent balance sheet deployment across Asset Finance contributed to annuity revenues from the Technology, Media and Telecoms, Energy and Shipping Finance sectors. Macquarie Capital ~16%¹ FY22 contribution² • • • • • 76 transactions valued at $A90b completed globally5, down on pcp and prior period Fee and commission income up on pcp driven by M&A and DCM, partially offset by ECM. Increased investment-related income compared to pcp, primarily due to asset realisations and an increase in the credit portfolio Principal Finance deployed over $A2.5b in 1Q23 through focused investment in credit markets and bespoke financing solutions, with over $A17b6 total portfolio including over $A15b credit portfolio. Equities Research ranked 1st in Institutional Investor's 2022 Asia-Pacific (ex-Japan) Regional/Local Broker Rankings7 Effective 1 Apr 22, GIG transferred from Macquarie Capital and is operating as part of MAM Transaction Activity • • Exclusive financial adviser to Macquarie Asset Management, Unisuper, PGGM and UBS Asset Management and others, on the $A3.6b sale of Axicom, Australia's largest independent mobile towers owner Financial adviser to Ampol Limited on its ~$NZ2b acquisition of dual ASX and NZX listed Z Energy Limited, a leading fuel distributor in New Zealand Exclusive financial advisor to ArcLight Capital Partners on its $US857m acquisition of a 25% equity interest in Gulf Coast Express Pipeline from Targa Resources Corp. We also served as Joint Bookrunner on the senior secured credit facilities to support the acquisition • . Maintained ranking as No.4 physical gas marketer in North America³ Named Oil and Products House of the Year as well as Natural Gas/LNG House of the Year4 and Derivatives House of the Year4 • • Exclusive financial adviser to SI-UK, an international student marketing and placement platform to UK universities, on the investment by Averna Capital • • Onivia, Macquarie Capital's wholesale fibre network in Spain introduced Arjun Infrastructure Partners as a new investor, positioning for future growth opportunities Growth equity investment in Autobooks, a leading provider of B2B invoicing and payments catering to small and medium businesses 1. Based on FY22 net profit contribution from operating groups with GIG restated for its transfer to MAM from MacCap on 1 Apr 22. MacCap FY22 contribution as reported on 6 May 22 is ~25%. 2. Based on FY22 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. Platts Q1 March 2022. 4. Energy Risk Awards 2022. 5. Source: Dealogic & IJGlobal for Macquarie Group completed M&A, investments, ECM & DCM transactions converted as at the relevant report date. Deal values reflect the full transaction value & not an attributed value. 6. Committed portfolio. 7. Ranked Top 3 in all 11 countries with 4 winning positions at firm level supported by 37 ranked analysts, up from 24 last year. 40#41Overview of Macquarie Operating Groups 1Q23 Update Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 22 30 Jun 22 Outlook Appendix $Ab Trading assets 11% Other loan assets (incl. op lease) <1 year 4% 300 $Ab 300 270 270 ST wholesale issued paper 12% ST wholesale issued paper 13% 240 240 Other debt maturing in the next 12 months 6% Other debt maturing in the next 12 months 6% Cash and liquid assets ³ 33% Cash and liquid assets 335% 210 210 180 180 Customer deposits 39% Customer deposits 38% Trading assets 11% 150 150 Other loan assets (incl. op lease) < 1 year 5% 120 120 Home loans 33% 90 90 Home loans 31% Debt maturing beyond 12 Debt maturing beyond 12 months ² 31% 2 months 230% 60 60 Other loan assets (incl. op lease) 30 30 Equity and hybrids 13% 0 > 1 year 4 14% Equity investments and PPE 54% Equity and hybrids 12% 0 Funding sources Funded assets Funding sources Other loan assets (incl. op lease) > 1 year 4 15% Equity investments and PPE 54% Funded assets Total customer deposits6 $A110.4b Term funding raised $A7.0b 9% FROM MAR 22 Since MAR 22 These charts represent Macquarie's funded balance sheets at the respective dates noted above. The funded balance sheet is a simple representation of Macquarie's funding requirements once accounting related gross-ups and self-funded assets have been netted down from the statement of financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie's internal liquidity framework and the regulatory liquidity metrics. 1. Other debt maturing in the next 12 months includes Secured funding, Bonds, Other loans and Net trade creditors. 2. Debt maturing beyond 12 months includes Subordinated debt, Structured notes, Secured funding (including RBA TFF), Bonds, Syndicated loan facilities, Other loans and Wholesale issued paper not maturing within next 12 months. 3. Cash and liquid assets includes self- securitisation of repo eligible Australian assets originated by Macquarie and held as contingent collateral for RBA facilities (such as the CLF). 4. Other loan assets (incl. op lease) > 1 year includes Debt investments. 5. Equity investments and PPE includes Macquarie's co-investments in Macquarie-managed funds and other equity investments. 6. Total customer deposits as per the funded balance sheet ($A110.4b) differs from total deposits as per the statutory balance sheet ($A110.6b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 7. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance. Includes refinancing of loan facilities. O Macquarie Group Limited 41#42Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Basel III capital position • APRA Basel III Group capital at Jun 22 of $A34.1b; Group capital surplus of $A10.1b1,2 • APRA Basel III Level 2 CET1 ratio at Jun 22: 12.3%; Harmonised Basel III Level 2 CET1 ratio: 15.6% Group regulatory surplus: Basel III (Jun 22) $Ab 14.0 12.0 10.0 (3.4) 8.0 14.1 Based on 8.5% 6.0 (minimum Tier 1 ratio + CCB) 10.7 40 4.0 2.0 (0.9) (1.2) 1.5 10.1 3.5 13.6 APRA Basel II| 0.0 Harmonised Basel III at Mar 22³ 3 APRA Basel III 'super equivalence' APRA Basel III at Mar 22 FY22 Dividend net of DRP Issuance Business capital requirements 4 Other movements APRA Basel III at Jun 22 'super equivalence's Harmonised Basel III at Jun 22 1. The capital surplus shown is above regulatory minimums including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110, calculated at 8.5% RWA on a Level 2 basis for MBL. This surplus also includes provision for internal capital buffers, forthcoming regulatory changes, as well as differences between Level 2 and Level 1 capital requirements, including the $A500m Level 1 operational capital overlay imposed by APRA from 1 Apr 21. 2. Based on materiality, the 8.5% used to calculate the Group capital surplus does not include the countercyclical buffer (CCYB) of ~1bps. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 3. Basel Ill applies only to the Bank Group and not the Non-Bank Group. 'Harmonised' Basel III estimates are calculated in accordance with the BCBS Basel III framework, noting that MBL is not regulated by the BCBS and so impacts shown are indicative only. 4. Includes current quarter P&L, treasury shares, movements in foreign currency translation and share-based payment reserves and other movements. 5. APRA Basel III 'super-equivalence' includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework, including the treatment of mortgages $A1.5b; capitalised expenses $A0.6b; equity investments $A0.5b; investment into deconsolidated subsidiaries $A0.2b; DTAs $A0.6b; IRRBB $A0.1b. O Macquarie Group Limited 42#43Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Business capital requirements¹ 1Q23 business capital requirement growth of $A0.4b excluding FX movements 25.0 24.0 23.0 22.0 $Ab 0.2 0.6 21.0 $A20.7b 20.0 19.0 18.0 17.0 16.0 0.4 1.5 0.0 $A2.2b increase during 2H22 0.3 0.1 $A22.9b (0.5) Broadly offset by FCTR² 00 0.0 0.1 $A1.2b increase during 1Q23 0.8 $A24.1b (0.1) Broadly offset by FCTR² 15.0 Sep'21 MAM BFS CGM MacCap Corp FX Mar'22 MAM³ BFS CGM MacCap³ Corp FX Jun'22 1. Regulatory capital requirements are calculated at 8.5% RWA. 2. The foreign currency translation reserve (FCTR) forms part of capital supply and broadly offsets FX movements in capital requirements. 3. Quarter-on-quarter movements do not include the impact of the transfer of the Green Investment Group from MacCap to MAM on 1 Apr 22. O Macquarie Group Limited 1Q23 key drivers MAM • Includes fund underwriting activity BFS • Growth in home loans, partially offset by run off in vehicles financing Macquarie Capital • Continued Principal Finance lending activity 43#44Overview of Macquarie Operating Groups Capital management update 1Q23 Update Dividend Reinvestment Plan (DRP) . • The Board determined that a 1.5% discount would apply to shares allocated under the DRP for the 2H22 dividend On 4 Jul 22, 2,736,737 ordinary shares were issued and allocated at $A177.11 per share¹ under the DRP reflecting a total issuance of $A485m Macquarie Group Employee Retained Equity Plan (MEREP) • On 21 Jun 22, the acquisition of Macquarie ordinary shares pursuant to the Macquarie Group Employee Retained Equity Plan (MEREP) was completed. A total of $A923m² of shares were purchased at a weighted average purchase price of $A168.81 per share. Loss-Absorbing Capacity (LAC) - Tier 2 Capital • On 7 Jun 22, MBL issued $A500m fixed-to-float and $A350m floating rate Tier 2 capital as part of its programme to meet Loss-Absorbing Capacity requirements Additional Tier 1 Capital On 15 Jul 22, MGL issued 7,500,000 Macquarie Group Capital Notes 6 (MCN6) at an issue price of $A100 each, raising $A750m 1. Determined in accordance with the DRP rules as the average of the daily volume weighted average price over the five business days from 23 May 22 to 27 May 22. 2. Comprising $A338m off market and $A585m on market purchases. O Macquarie Group Limited 44#45Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Strong regulatory ratios. Bank Group Level 2 Ratios (Jun 22) 17.5% 14.0% 10.5% 7.0% 3.5% 0.0% 7.5% 15.6% 220.0% 130.0% 203%¹ 6.0% 5.7% 180.0% 120.0% 12.3% 5.1% 4.5% 140.0% CET1 ratio 3.0% 1.5% 0.0% Leverage ratio Bank Group (Harmonised)4 100.0% 60.0% 20.0% Bank Group (APRA) LCR³ Basel III minimum 114%2 110.0% 100.0% 90.0% 80.0% NSFR³ 1. Average LCR for Jun 22 quarter is based on an average of daily observations and excludes CLF allocation (221% including CLF allocation). 2. NSFR as at 30 Jun 22 excludes CLF allocation (116% including CLF allocation). 3. APRA imposed a 15% add-on to the Net Cash Outflow component of the LCR calculation, and a 1% decrease to the Available Stable Funding component of the NSFR calculation, effective from 1 Apr 21. The LCR Net Cash Outflow add-on increased to 25% from 1 May 22. 4. 'Harmonised' Basel III estimates are calculated in accordance with the BCBS Basel III framework, noting that MBL is not regulated by the BCBS and so impacts shown are indicative only. 5. Includes the capital conservation buffer in the minimum CET1 ratio requirement. APRA released the final 'Prudential Standard APS 110 Capital Adequacy' on 29 Nov 21 which has a minimum requirement for the leverage ratio of 3.5% effective 1 Jan 23. O Macquarie Group Limited 45#46Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Regulatory update Australia . • APRA has finalised or is in the process of implementing changes to a number of prudential standards¹. Macquarie notes the following key updates: • • On 27 Oct 21, APRA provided an update on the extended timelines for revisions and implementation of market risk prudential standards including APS 117 from 1 Jan 23 to 1 Jan 24; implementation of the Basel Committee on Banking Supervision's fundamental review of the trading book ("FRTB") through a revised APS 116 and an updated Credit Valuation Adjustment risk framework through a revised APS 180 will be conducted in parallel, with a planned effective date of 1 Jan 25 (previously 1 Jan 24)². On 29 Nov 21, APRA finalised its new bank capital framework, and will continue to consult with the industry on certain areas prior to the 1 Jan 23 implementation date³. The estimated pro forma impact on MGL's capital surplus above regulatory minimums as at 31 Mar 22 is a reduction of ~$A2.3b4, largely on account of the increases to regulatory capital buffers. MGL's capital surplus has included a provision for these regulatory changes for some time. APRA's Prudential Standard Remuneration ("CPS 511") will come into effect for Macquarie on 1 Jan 235. Work is underway to implement changes required to Macquarie's remuneration framework and we maintain regular dialogue with APRA on this topic. The Board undertook a review of the various components of remuneration to address certain aspects of CPS 511 (including the deferral arrangements for senior executives), as well as the evolving expectations of our stakeholders. As part of this review, the Board considered diverse perspectives, including those of shareholders and regulators, as well as global peer group benchmarking and increased global competition for talent in many of Macquarie's areas of activity. These changes are being implemented in a phased approach from FY22. Full details have been disclosed in the FY22 Remuneration Report. On 30 Jun 22, APRA released an information paper presenting the findings on the post-implementation review of Basel III liquidity reforms focusing on the core measures of the Liquidity Coverage Ratio ("LCR") and Net Stable Funding Ratio ("NSFR") 6. The review found that the reforms have been effective in strengthening liquidity risk management and the financial resilience of the banking system, and a net benefit has been achieved in implementation. However, there remain some potential opportunities to improve the efficiency of the prudential framework that will be explored as part of a review of APS 210. APRA plans to consult on draft revisions to APS 210 in 2023, with a view to the revised standard coming into effect from 2025 onwards. APRA finalised its loss-absorbing capital requirements for the major banks in Dec 21 as an additional 4.5% of risk weighted assets to be met by 1 Jan 267. APRA has confirmed that MBL will be subject to the same requirement. Germany • Macquarie continues to respond to requests for information about its historical activities as part of the ongoing, industry-wide investigation in Germany relating to dividend trading. As previously noted, in total, the German authorities have designated as suspects approximately 100 current and former Macquarie staff, most of whom are no longer at Macquarie. There has been an increase in German civil claims relating to dividend trading. While Macquarie disputes any such claims, it continues to provide for these and other German dividend trading matters. 1. These changes include APS 110, APS 112, APS 113, APS 115, APS 116, APS 117, APS 180, APS 210. 2. 'APRA releases updated timelines on the revisions to market risk standards'; 27 Oct 21. 3. 'APRA finalises new bank capital framework designed to strengthen financial system resilience'; 29 Nov 21. 4. This estimate includes the impact of finalised standards for APS 110, 112, 113 and 115. Assumes a default level Australian CCyB of 1.0%, which combined with the increase in the CCB of 1.25% gives rise to an increase in the regulatory minimum of 1.75% based on Macquarie's business and geographic mix as at 31 Mar 22.5. 'APRA releases final remuneration standard'; 27 Aug 21. 6. 'Post-implementation review of Basel III liquidity reforms'; 30 Jun 22.. 7. 'Finalising loss-absorbing capacity requirements for domestic systemically important banks'; 2 Dec 21. O Macquarie Group Limited 46#47MACQUARIE 04 Outlook#48Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Short-term outlook Factors impacting short-term outlook • • • Annuity-style businesses Non-Banking Group Macquarie Asset Management (MAM) Base fees expected to be broadly in line, with raising and deployment in Private Markets and the impact of recent Public Investments acquisitions, substantially offset by unfavourable market movements Net Other Operating Income¹ expected to be down due to non repeat of MIC gains partially offset by higher performance fees Green Investment Group expected to be significantly down due to strong FY22 performance Banking Group Banking and Financial Services (BFS) Ongoing momentum in loan portfolio and platform volumes and deposits growth • Market dynamics to continue to drive margin pressure • Ongoing monitoring of provisioning • Higher expenses to support volume growth, technology investment and regulatory requirements Markets-facing businesses Macquarie Capital (MacCap) Subject to market conditions: • • Transaction activity is expected to be substantially down on a record FY22, with market conditions weakening during 1Q23 compared to the prior period Investment-related income expected to be up, with increased revenue from growth in the Principal Finance credit portfolio partially offset by lower revenue from asset realisations with fewer notable realisations expected compared to FY22 Continued balance sheet deployment in both debt and equity investments Effective 1 Apr 22 Green Investment Group transferred to operate as part of Macquarie Asset Management Commodities and Global Markets² (CGM) Subject to market conditions, which make forecasting difficult: Commodities income including the impact of timing of income recognition on gas transport and storage contracts is expected to be down following a strong FY22, albeit volatility may create opportunities Consistent contribution from client and trading activity across the Financial Markets platform Continued contribution from Asset Finance across sectors (excluding FY22 gain on disposal of certain assets) Corporate Compensation ratio expected to be within the range of historical levels The FY23 effective tax rate is expected to be within the range of recent historical outcomes 1. Net Other Operating Income includes all operating income excluding base fees as well as income related to GIG. 2. Certain assets of the Credit Markets business and certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. O Macquarie Group Limited 48#49Overview of Macquarie Operating Groups 1Q23 Update E Outlook Appendix Short-term outlook The range of factors that may influence our short-term outlook include: • Market conditions including: significant volatility events, global inflation and interest rates, and the impact of geopolitical events • Completion of period-end reviews and the completion rate of transactions • The geographic composition of income and the impact of foreign exchange • Potential tax or regulatory changes and tax uncertainties We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions us well to respond to the current environment 49 49#50Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term Deep expertise in major markets Build on our strength in business and geographic diversity and continue to adapt our portfolio mix to changing market conditions • Annuity-style income is primarily provided by two operating groups' businesses which are delivering superior returns following years of investment and acquisitions - Macquarie Asset Management and Banking and Financial Services • Two markets-facing businesses well positioned to benefit from improvements in market conditions with strong platforms and franchise positions - Commodities and Global Markets and Macquarie Capital Ongoing program to identify cost saving initiatives and efficiency Ongoing technology spend across the group Strong and conservative balance sheet • Well-matched funding profile with short-term wholesale funding covered by short-term assets, cash and liquid assets • Surplus funding and capital available to support growth Proven risk management framework and culture 60 50#51Overview of Macquarie Medium term Operating Groups 1Q23 Update Outlook Appendix Annuity-style businesses Non-Banking Group Macquarie Asset Management (MAM) • Global specialist asset manager, well-positioned to respond to current market conditions and • grow assets under management through its diversified product offering, track record and experienced investment teams Commitment to achieving net zero emissions across the investment portfolio by 2040; integration of Green Investment Group to provide strong momentum as the low carbon transition accelerates Markets-facing businesses Macquarie Capital (MacCap) Continues to support clients globally across themes including tech-enabled innovation, energy transition and sustainability • Opportunities for balance sheet investment alongside clients and infrastructure project development • Continues to tailor the business offering to current opportunities and market conditions including providing flexible capital solutions across sectors and regions • Positioned to respond to changes in transaction activity Banking Group Banking and Financial Services (BFS) • Growth opportunities through intermediary and direct retail client distribution, platforms and client service • Opportunities to increase financial services engagement with existing business banking clients and extend into adjacent segments Modernising technology to improve client experience and support growth Commodities and Global Markets¹ (CGM) • Opportunities to grow the commodities business, both organically and through acquisition • Development of institutional and corporate coverage for specialised credit, rates and foreign exchange products • Tailored financing solutions globally across a variety of industries and asset classes • Continued investment in the asset finance portfolio • Supporting the client franchise as markets evolve, particularly as it relates to the energy transition • Growing the client base across all regions 1. Certain assets of the Credit Markets business and certain activities of the Commodity Markets and Finance business and some other less financially significant activities are undertaken from within the Non-Banking Group. O Macquarie Group Limited 51#52MACQUARIE 05 Appendix A Select slides from Macquarie's result announcement for the full year ended 31 March 2022#53Overview of Macquarie Operating Groups Income statement key drivers 1Q23 Update 2H22 1H22 FY22 FY21 . $Am $Am $Am $Am Net interest and trading income 3,824 3,032 6,856 5,677 Fee and commission income 3,435 3,452 6,887 5,176 Partially offset by: Net operating lease income 216 186 402 466 Share of net profits/(losses) from (2) 242 240 (3) associates and joint ventures Net credit impairment charges (74) (176) (250) (434) Other impairment charges (205) (54) (259) (90) Investment income 2,297 994 3,291 2,023 Other income and charges 29 128 157 (41) Net operating income 9,520 7,804 17,324 12,774 Employment expenses (3,561) (3,164) (6,725) (5,517) Brokerage, commission and fee (531) (498) (1,029) expenses Other operating expenses (1,624) (1,407) (3,031) Total operating expenses (5,716) (5,069) (10,785) (879) (2,471) (8,867) Partially offset by: Operating profit before tax and 3,804 2,735 6,539 3,907 non-controlling interests Income tax expense (983) (603) (1,586) (899) (Profit)/Loss attributable to non- (158) (89) (247) 7 controlling interests Profit attributable to MGL 2,663 2,043 4,706 3,015 shareholders O Macquarie Group Limited Outlook Appendix • • • Net interest and trading income of $A6,856m, up 21% on FY21 Higher commodities income mainly driven by increased risk management income with gains across the platform, particularly from Gas and Power, Resources, Agriculture, and Global Oil in CGM Growth in the private credit portfolio in Macquarie Capital Growth in the average loan portfolio and average deposit volumes in BFS lower income in Corporate due to accounting volatility from changes in the fair value of economic hedges the impact of fair value adjustments across the derivatives portfolio in CGM Fee and commission income of $A6,887m, up 33% on FY21 MAM included higher base fee income primarily driven by the acquisition of Waddell & Reed and a disposition fee from MIC Higher mergers and acquisitions fee income and debt capital markets fee income in Macquarie Capital Partially offset by: • lower performance fees in MAM following a strong prior year lower equity capital markets fee and brokerage income in Macquarie Capital Share of net profits from associates and joint ventures of $A240m, significantly up from FY21, primarily driven by increased equity accounted income from MIC and lower equity accounted losses in Macquarie AirFinance in MAM Decrease in credit and other impairment charges of $A15m driven by the partial release of COVID-19 overlays in BFS and CGM. Credit provisioning levels remain prudent with the combined downside macroeconomic scenarios having a higher weighting than the upside scenario a small number of underperforming equity investments in Macquarie Capital Investment income of $A3,291m, up 63% on FY21 due to substantially higher revenue from material asset realisations in the green energy, technology and business services sectors and included realisations across all regions. Plus the gain on the partial sale of the UK Meters portfolio of assets in CGM. This was partially offset by the non-recurrence of the gain on sale of Macquarie European Rail in the prior year in MAM Total operating expenses of $A10,785m, up 22% on FY21. The increase in operating expenses was mainly as a result of the one-off acquisition and ongoing costs related to Waddell & Reed, which had a material impact across all operating expense categories. In addition, the current year included higher employment expenses driven mainly by higher performance-related profit share expense and share-based payments as a result of the performance of the Group, wage inflation and higher average headcount Profit attributable to non-controlling interests of $A247m was primarily driven by the share of gains on disposal attributable to non-controlling interests 53 55#54Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Asset Management Increase driven by income related to the disposition of MIC assets and increased base fees, partially offset by gain on sale of Macquarie European Rail in prior year and lower performance fees 3,000 $Am 2,500 185 2,000 1,500 1,000 2,074 500 1 (258) (18) 523 (328) 287 Acquisitions (29) (316) 2,150 0 FY21 NPC Base fees Performance fees Operating expenses Investment- related and other income¹ MIC² MER² (Rail) Acquisitions Ongoing³ Acquisitions One-offs³ FY22 NPC • Key drivers Base fees up due to: Investments made by Private Markets-managed funds and positive market movements in Public Investments funds Partially offset by equity returns in Private Markets-managed funds Lower performance fees following a strong prior year. Current year includes fees from Macquarie Infrastructure Partners (MIP) III, Macquarie European Infrastructure Fund (MEIF) 4 and other Private Markets-managed funds, managed accounts and co-investors Lower Investment-related and other income due to non-recurrence of gains on investments in the prior year, partially offset by lower Macquarie AirFinance equity accounted losses MIC income includes recognition of a disposition fee and equity accounted income Macquarie European Rail (MER) gain on sale in prior year Acquisition one-offs, driven by costs which are not expected to be repeated 1. Investment-related income includes net income on equity, debt and other investments and share of net profits/(losses) from associates and joint ventures, credit and other impairment reversals/(charges). Other income includes net interest and trading expense, other fee and commission income, net operating lease income, other income, internal management revenue and non-controlling interests. 2. Macquarie Infrastructure Corporation and Macquarie European Rail include Investment-related and other income, which is excluded from total MAM Investment-related and other income 3. Acquisitions ongoing and one-offs (Waddell & Reed Financial, AMP Capital's public investments business and Central Park Group) include the net impact of all income and expenses excluded from the other categories. O Macquarie Group Limited 54#55Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix MAM AUM movement Increase due to acquisitions of Waddell & Reed Financial, AMP Capital's public investments business and Central Park Group as well as investments made by Private Markets-managed funds and net inflows in Public Investments $Ab 900 800 700 Private Markets 42.9 51.3 600 MAM 562.2 (16.9) 500 Private Markets 195.1 400 영흥 300 Public Investments 200 367.1 100 14.4 (5.9) Public Investments 168.0 10.5 4.6 149.7 8.1 MAM 773.1 (4.9) 0 31 Mar 21 Investments Private Markets Divestments Net Valuation Changes¹ Private Markets FX Acquisitions² Net Flows Market Movements Public Investments Divestments³ Public Investments FX O Macquarie Group Limited Private Markets 238.0 Public Investments 535.1 31 Mar 22 1. Net Valuation changes include net movements in unlisted valuations of portfolio assets, post distributions paid in the period, and listed share price movements. 2. Acquisitions include Waddell & Reed Financial, AMP Capital's public investments business and Central Park Group. 3. Public Investments divestments include Jackson Square Partners and the Korea business. 55#56Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Banking and Financial Services Strong home loan and deposit growth; net credit impairment releases, partially offset by increased technology investment and higher headcount to support business growth and regulatory requirements 1,200 $Am 137 81 26 206 1,000 800 600 400 771 200 (189) (31) 1,001 Key drivers Higher Personal Banking income driven by 27% growth in average home loans volumes Higher Business Banking income driven by 20% growth in average business lending volumes and 21% growth in average business deposit volumes, partially offset by 20% lower average car loan volumes and lower business lending margins Higher Wealth income driven by 24% growth in average Platform FUA and 14% growth in average CMA volumes Decrease in credit and other impairment charges driven by partial release of COVID-19 overlays. Credit provisioning levels remain prudent with the combined downside macroeconomic scenarios having a higher weighting than the upside scenario Higher costs due to increased technology investment and higher average headcount to support business growth and to meet regulatory requirements Other includes equity investment related income and the bank levy FY21 NPC Personal Banking¹ Business Wealth Banking¹ Management Credit & other impairments Expenses Other FY22 NPC 1. Includes brokerage, commission and fee expenses. O Macquarie Group Limited 56 56#57Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Banking and Financial Services Strong growth across home loans, deposits and funds on platform 120 $Ab 100 80 80 89.5 67.0 63.9 60 52.1 53.4 38.5 40 40 20 80.7 0 Home loans BFS deposits Note: Data based on spot volumes at period end. O Macquarie Group Limited 98.0 86.0 79.1 101.4 Funds on platforms $Ab 118.6 18 16 14 11.5 12 10.2 10 9.0 8.2 8 31 Mar 19 31 Mar 20 31 Mar 21 31 Mar 22 6 4 2 15.2 13.7 11.5 0 Business Banking loans Car Loans 8.8 40 57#58Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Commodities and Global Markets Strong underlying client business which benefited from elevated levels of volatility along with partial sale of UK Meters portfolio 4,500 4,000 $Am Commodities $A653m 20 195 (20) 3,500 103 572 (22) 3,000 2,500 2,000 2,601 172 (169) 479 Investment 3,911 1,500 FY21 NPC Risk management Lending and financing Inventory management and trading¹ Financial Markets² Asset Finance³ and other income4 Credit and Other Other FY22 NPC Impairment Charges Key drivers Commodities up significantly on FY21 Increased Risk Management revenue across platform particularly Gas and Power businesses, Resources, Agriculture and Global Oil driven by increased client hedging activity and trading activity as a result of elevated levels of volatility and price movements in Commodity markets, partially offset by the impact of fair value adjustments across the derivatives portfolio Lending and Financing down on FY21 with reduced contributions in specific sectors Inventory management and trading up on FY21 driven by trading gains from supply and demand imbalances particularly in North American Gas and Power partially offset by unfavourable impact of timing of income recognition on Gas storage and transport contracts Financial Markets up on FY21 primarily due to increased client activity in global structured foreign exchange products, growth in securitisation and credit products and improved contribution from Equity Finance Asset Finance down in the Technology, Media and Telecoms (TMT) sector due to a reduction in secondary income, partially offset by increased financing income from growth in Structured Lending and Shipping Finance portfolios Investment and other income gains primarily due to the gain on partial sale of UK Meters portfolio of assets Decrease in credit and other impairment charges driven by partial release of COVID-19 overlays. Credit provisioning levels remain prudent with the combined downside macroeconomic scenarios having a higher weighting than the upside scenario Other down on FY21 due to an increase in Operating Expenses driven by higher expenditure on technology platform and infrastructure and increasing compliance and regulatory management spend 1. Inventory management and trading increase includes Oil, Gas, Power and Metals trading and timing of income recognition on Oil and Gas storage contracts and transport agreements. 2. Financial Markets includes FX, interest rates and credit and equities. 3. Asset Finance includes net interest and trading income and net operating lease income. 4. Includes net income on equity, debt and other investments, share of net profits from associates and joint ventures, internal management revenue and other income. O Macquarie Group Limited 58#59Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Strong underlying client business Majority of income derived from underlying client business Operating Income (excl. credit and other impairment charges) Client numbers² (excl. Asset Finance) FY 18 Other Income Brokerage and fee income FY 19 FY 20 FY 21 FY 22 Foreign exchange, interest rates and credit Leasing (operating and finance) income Investment income Equities derivatives and trading Commodity lending and financing Underlying client business¹ Commodity risk management • 40+ years of client partnerships evolving into niche activities in some markets, and scale in others • Commodity inventory management and trading Dedicated specialist staff with deep sector knowledge and market insights Risk management is core • Platform diversity drives earnings stability and de-risks the portfolio • Industry recognition in select markets and sectors is strong 1. Included within Underlying client business is a relatively small (~5%) amount of FX, IR, Credit and EDT trading activity not related to clients. 2. 5-year CAGR of 5% from FY18 to FY22, Financial markets and futures client numbers will differ to previously reported numbers with the inclusion of Equity Derivatives and Trading clients and the transfer of Cash Equities to Macquarie Capital effective 1 Jun 20. O Macquarie Group Limited Mar 18 Mar 19 Mar 20 Commodities Mar 21 Mar 22 Financial markets and Futures Client-led business with deep longstanding - - client relationships: Diverse and growing client base Strong repeat client business with ~85% of client revenue generated from existing relationships Client relationships spread over a full spectrum of products and services 59#60Overview of Macquarie Operating Groups 1Q23 Update Underlying client activity driving regulatory capital and trading revenues Regulatory capital (normalised)1 Outlook Appendix Group Daily trading profit and loss² FY18 - FY22 ($Am) Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Credit Market Operational Equity & Other Majority of capital relates to credit risk reflecting client focused business Risk management is core: built on 50+ years of accumulated experience in managing risk for our clients and our business • 90 80 70 60 50 40 10 22223220 • <-65 Days 09-> <-55 <-50 <-45 <-40 <-35 <-30 <-25 <-20 <-15 <-10 FY18 FY19 0< 0> FY20 >10 >15 >20 >25 >30 >35 >40 >45 FY21 FY22 Consistency of shape of the curves over the years Consistent framework and approach to risk management Mean clusters between $A0-10m • Trading income largely derived from client franchise activities 1. Normalised for FX (31 Mar 22) and SA-CCR impacts. Numbers will not reconcile to previously disclosed regulatory capital numbers. 2. The daily profit and loss refers to results that are directly attributable to market-based activity from Macquarie's desk. O Macquarie Group Limited 09< >55 09< >65 $Am 60 60#61Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Capital Result reflects higher investment-related income, higher fee and commission income and higher net income on private credit portfolio $Am 3,000 2,500 2,000 899 1,500 1,000 500 302 506 42 42 2,400 GIG³ 651 0 FY21 NPC Investment- related income¹ Fee and commission income Net income on private credit portfolio² Operating expenses FY22 NPC 1. Includes gains and losses from sale and revaluation of equity, debt and other investments, net interest and trading income (which represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions), share of net losses from associates and joint ventures, credit and other impairments, other income/(expenses), internal management revenue and non-controlling interests and excludes net income on the private credit portfolio. 2. Represents the interest earned, net of associated funding costs and credit impairments on the private credit portfolio. 3. FY22 NPC Includes approximately $A850m from GIG. O Macquarie Group Limited Key drivers Higher investment-related income primarily driven by: Substantially higher revenue from material asset realisations in the green energy, technology and business services sectors and included realisations across all regions Partially offset by: Higher impairment charges due to a small number of underperforming equity investments Higher fee and commission income due to higher mergers and acquisitions fee income and debt capital markets fee income, partially offset by lower equity capital markets fee income and brokerage income, which were down on a strong prior year Mergers and acquisitions fee income increased across all major regions due to improved market conditions, and was up 90% compared to the prior year Debt capital markets fee income was significantly up compared to the prior year Fee and commission income was the highest on record, driven by record levels of mergers and acquisitions fee income in ANZ and the Americas Fee income in the current year was significantly up across the Education Services, Gaming, Healthcare Services, Critical Minerals, FinTech and Aerospace & Defence sectors Higher net income on the private credit portfolio which more than doubled throughout the current year Lower operating expenses predominantly driven by lower employment costs 61#62Overview of Macquarie Macquarie Capital Movement in capital 7.0 70 6.0 0.0 $Ab 50 5.0 $A3.9b 40 4.0 3.0 30 20 2.0 10 1.0 0.0 00 Operating Groups 1Q23 Update Outlook Appendix $A2.5b ($A1.5b) 31 Mar 21 Investments Realisations 31 Mar 22 Debt Conventional Energy Infrastructure Green Energy¹ Technology Real estate Other Note: Impact of foreign exchange immaterial to year ended 31 Mar 22. 1. Green Energy represents GIG. O Macquarie Group Limited $A4.9b 29 62#63Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Costs of compliance Total compliance spend¹ $A785m in FY22, up 22% on FY21 Regulatory project spend IBOR Reforms Brexit OTC Reforms FY22 $Am FY21 $Am 13 18 1 16 5 6 Access Management 10 4 Capital and Liquidity Projects 13 12 CGM Transaction Reporting & Data related Projects 14 12 22 The industry continues to see an increase in regulatory initiatives, resulting in increased compliance requirements across all levels of the organisation Direct cost of compliance is approx. $A785m in FY22 (excluding indirect costs), up 22% on FY21 Regulatory project spends increased 31% from FY21 as a result of number of Technology projects and includes Regulatory Remediation Plan for the first time Business as usual (BAU) spend increased 17% from FY21 driven by regulatory projects being completed and moved to BAU functions, increased global regulations and continued focus of management on a range of compliance activities Enterprise Data Management 35 20 Regulatory Remediation Plan 42 0 Other Regulatory Projects 126 108 $Am Total 259 197 800 FY22 FY21 +14% CAGR Business as usual compliance spend $Am $Am 700 600 785 646 545 National Consumer Credit Protection (NCCP) 7 7 496 Business Resilience 7 8 500 435 404 Privacy & Data Management 16 15 400 Regulator Levies 20 18 300 Regulatory Capital Management 40 30 200 Tax compliance and reporting 45 45 Financial & Regulatory reporting and compliance 113 93 100 Risk oversight 191 160 0 Other regulatory compliance activities 87 72 FY17 FY18 FY19 FY20 FY21 FY22 526 449 Total Total compliance spend 785 646 BAU compliance spend Regulatory project spend 1. Excluding indirect costs. O Macquarie Group Limited 85 63#64• Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Balance sheet highlights Balance sheet remains solid and conservative • • - - Term assets covered by term funding, stable deposits, hybrids and equity Short-term wholesale funding covered by cash, liquids and other short-term assets Total customer deposits¹ continuing to grow, up 21% to $A101.5b as at Mar 22 from $A84.0b as at Mar 21 • $A2.8b of equity capital raised through institutional placement and SPP during FY22 $A48.3b² of term funding raised during FY22: - $A21.7b of term wholesale issued paper comprising of $A20.9b of senior unsecured debt and $A0.8b of subordinated unsecured debt -$A9.5b draw down of the RBA Term Funding Facility (TFF)³ - $A6.8b of PUMA RMBS securitisation issuance -$A6.6b of syndicated unsecured loan facilities - $A3.0b refinance of secured trade finance facilities; and - $A0.7b of BCN3 Hybrid instrument issuance 1. Total customer deposits as per the funded balance sheet ($A101.5b) differs from total deposits as per the statutory balance sheet ($A101.7b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 2. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance. Includes refinancing of loan facilities. 3. $A9.5b of Supplementary and Additional Allowance drawn in Jun 21. $A1.7b of Initial Allowance was drawn in Sep 20. O Macquarie Group Limited 64#65Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Diversified issuance strategy Term funding as at 31 Mar 22 - diversified by currency¹, tenor² and type Currency Tenor EUR 5% GBP 3% 1-2yrs 9% CHF 1% OTH 1% USD 36% Securitisations >1yr 9% Туре Subordinated debt 4% Syndicated loan facilities 8% 2-3yrs 17% Senior unsecured 35% 3-4yrs 12% AUD 54% 4-5yrs 5% >5yrs 48% 4 Secured funding 11% Term Issuance and Maturity Profile PUMA RMBS 8% Equity and hybrids 30% Private placement 4% 5.1 years WAM of Term funding excluding TFF (4.7 years including TFF) $Ab Mar 22: Weighted average maturity 5.1 years 60.0 Issuances³ Maturities5 50.0 40.0 30.0 20.0 10.0 0.0 FY18 FY19 FY20 FY21 FY224 <1yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs Unsecured debt Secured facilities Subordinated debt Equity and hybrids 1. Equity has been allocated to the AUD currency category. 2. Securitisations have been presented on a behavioural basis and represent funding expected to mature in >1yr. 3. Issuances include refinancing of loan facilities and are converted to AUD at the 31 Mar 22 spot rate. 4. Includes RBA TFF. 5. Maturities are shown as at 31 Mar 22. 6. WAM represents weighted average term to maturity of term funding maturing beyond one year excluding equity and securitisations. O Macquarie Group Limited 65#66Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Continued customer deposit growth Macquarie has seen continued success in its long-term strategy of diversifying funding sources by growing its deposit base . Of approximately 1.7 million BFS clients, ~880,000 are depositors • Focus on the quality and diversification of the deposit base • CMA deposits of $A38.9b, up 23% on Mar 21 $Ab 110.0 101.5 100.0 90.0 84.0 80.0 67.1 70.0 56.0 60.0 47.8 48.1 50.0 43.6 39.7 40.0 30.0 20.0 10.0 0.0 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Note: Total customer deposits include total BFS deposits of $A98.0b and $A3.5b of Corporate/Wholesale deposits as at Mar 22. O Macquarie Group Limited 99 66#67Overview of Macquarie Operating Groups 1Q23 Update Outlook Loan and lease portfolios¹ - funded balance sheet Operating Group Category Mar 22² $Ab Mar 212 $Ab Home loans 89.9 66.9 Business banking 11.8 10.5 BFS Car loans 8.7 11.3 Total BFS3 110.4 88.7 Loans and finance lease assets 3.3 3.9 Operating lease assets 1.9 1.8 Asset finance 5.2 5.7 Loan assets 2.7 2.1 Operating lease assets 0.7 - CGM Resources and commodities 3.4 2.1 Foreign exchange, interest rate and credit 6.5 4.1 Other 0.3 Total CGM 15.4 11.9 Operating lease assets 0.9 0.8 MAM Total MAM 0.9 0.8 Corporate and other lending 11.9 6.0 MacCap Total MacCap 11.9 6.0 Total loan and lease assets per funded balance sheet4 138.6 107.4 Appendix Description Secured by residential property Loan portfolio secured largely by working capital, business cash flows and real property Secured by motor vehicles Predominantly secured by underlying financed assets Diversified loan portfolio primarily to the resources sector that are secured by the underlying assets with associated price hedging to mitigate risk Diversified lending predominantly consisting of loans which are secured by other loan collateral, assets including rights and receivables and warehoused security from mortgages and auto loans Equity collateralised loans Secured by underlying financed assets including transportation assets Diversified corporate and real estate lending portfolio, predominantly consisting of loans which are senior, secured, covenanted and with a hold to maturity horizon 1. Loan assets per the statutory balance sheet of $A134.7b at 31 Mar 22 ($A105.0b at 31 Mar 21) are adjusted to include fundable assets not classified as loans on a statutory basis (e.g. assets subject to operating leases which are recorded in Property, Plant and Equipment in the statutory balance sheet). 2. There has been a change in presentation of certain items on the funded balance sheet in the current year. Comparatives have been restated to reflect this change. Refer slide 59 for more details. 3. Per the funded balance sheet, figures for home loans of $A89.9b, business banking of $A11.8b and car loans of $A8.7b differ from the figures disclosed on slide 15 of $A89.5b, $A11.5b and $A8.8b respectively. The balances on slide 15 excludes capitalised costs, provisions, deferred income, accrued interest, establishment fees and credit cards business. 4. Total loan assets per funded balance sheet includes self-securitised assets. O Macquarie Group Limited 67#681Q23 Update Outlook Appendix Overview of Macquarie Operating Groups Equity investments of $A8.3b1 Category Carrying value Carrying value Mar 22 $Ab Mar 21 $Ab Description Macquarie Asset Management Private 1.5 Markets-managed funds Investments acquired to seed new Private Markets- managed products and mandates 0.3 Includes Macquarie Real Estate Partners Fund, Macquarie 1.5 Korea Infrastructure Fund, Macquarie Super Core Infrastructure Fund, MIC Other Macquarie-managed funds Transport, industrial and infrastructure Telecommunications, IT, media and entertainment Green energy 0.3 Includes MAM Public Investments funds as well as 0.3 investments that hedge directors' profit share plan liabilities 1.4 1.4 Over 35 separate investments 1.2 1.2 Over 45 separate investments 1.6 1.3 Over 65 separate investments Conventional energy, resources and commodities 0.5 0.4 Over 40 separate investments Real estate investment, property and funds management 1.1 1.0 Over 15 separate investments Finance, wealth management and exchanges Total equity investments 8.3 0.4 Includes investments in fund managers, investment 0.6 companies, securities exchanges and other corporations in the financial services industry 7.7 1. Equity investments have been revised to include subsidiaries and certain other assets held for investment purposes. Equity investments per the statutory balance sheet of $A6.4b (Mar 21: $A5.7b) have been adjusted to reflect the total net exposure to Macquarie. Total funded equity investments of $A6.3b as at Mar 22 (Mar 21: $A5.7b). Equity investments includes Total interests in associates and joint ventures as per Note 14 of the Financial Report, and interests in associates classified as held for sale. O Macquarie Group Limited 68#69Overview of Macquarie Operating Groups 1Q23 Update Outlook Approximate business Basel III Capital and ROE 31 Mar 22 Appendix Operating Group Annuity-style businesses Macquarie Asset Management Banking and Financial Services Markets-facing businesses Commodities and Global Markets APRA Basel III Capital¹ @ 8.5% ($Ab) Approx. FY22 Return on Ordinary Equity² Approx. 16-year Average Return on Ordinary Equity³ 8.5 3.5 21% 22% 5.0 12.8 7.9 30% 16% Macquarie Capital 4.9 Corporate 1.6 Total regulatory capital requirement @ 8.5% 22.9 Group surplus 10.7 4 Total APRA Basel III capital supply 33.6 18.7% 14% Note: Differences in totals due to rounding. 1. Operating Group capital allocations are based on 31 Dec 21 allocations adjusted for material movements over the Mar 22 quarter. 2. NPAT used in the calculation of approximate FY22 ROE is based on Operating Groups' net profit contribution adjusted for indicative allocations of profit share, tax and other corporate items. Accounting equity is attributed to businesses based on quarterly average allocated ordinary equity. 3. 16-year average covers FY07 to FY22, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 4. Comprising of $A28.7b of ordinary equity and $A4.9b of hybrids. O Macquarie Group Limited 69#70MACQUARIE 05 Appendix B Detailed result commentary#71Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Asset Management Result FY22 FY21 - $Am $Am Base fees Performance fees 2,771 1,985 394 653 Net operating lease income 63 79 Investment-related and other income¹ 1,144 752 Credit and other impairment reversal 112 85 Net operating income 4,484 3,554 Brokerage, commission and fee expenses (431) (249) Other operating expenses (1,898) (1,225) Total operating expenses (2,329) (1,474) Non-controlling interests Net profit contribution (5) (6) - 2,150 2,074 AUM ($Ab) Private Markets EUM ($Ab) Headcount 773.1 158.3 562.2 Base fees of $A2,771m, up on FY21 primarily driven by Acquisition of Waddell & Reed in the current year Investments by Private Markets-managed funds and mandates and Public Investments market movements Partially offset by foreign exchange movements and asset realisations in Private Markets- managed funds Performance fees of $A394m, down on FY21 FY22 included performance fees from a range of funds including MIP III, MEIF4, and other Private Market-managed funds, managed accounts and co-investors FY21 included performance fees from MIP II, MIP III, MEIF4, Macquarie Super Core Infrastructure Fund (MSCIF) and other Private Market-managed funds, managed accounts and co-investors Net operating lease income of $A63m, down on FY21, driven by the sale of the Macquarie European Rail in the prior year and foreign exchange movements Investment-related and other income of $A1,144m, up on FY21 primarily driven by Gain on MIC, including disposition fee and equity accounted income Waddell & Reed acquisition in FY22 Lower equity accounted losses in Macquarie AirFinance Partially offset by gain on sale of Macquarie European Rail in FY21 Credit and other impairment net reversal of $A112m included a reversal of the impairment previously recognised on MAM's investment in MIC 142.0 Total operating expenses of $A2,329m, up on FY21 primarily driven by one-off acquisition and ongoing costs related to Waddell & Reed 2,399 1,921 Headcount of 2,399, up on FY21, primarily driven by the acquisition of Waddell & Reed, AMP and CPG 1. Investment-related income includes net income on equity, debt and other investments and share of net (losses)/profits from associates and joint ventures. Other income includes other fee and commission income, net interest and trading expense, other income and internal management revenue. O Macquarie Group Limited 71#72Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Banking and Financial Services Result FY22 FY21 $Am $Am Net interest and trading income¹ Fee and commission income 1,972 1,746 457 419 Wealth management fee income 304 274 Banking and lending fee income 153 145 Credit and other impairment reversals/(charges) 22 (115) Other income² 10 28 Net operating income 2,461 2,078 Total operating expenses Net profit contribution Funds on platform ($Ab) Loan portfolio³ ($Ab) (1,460) (1,307) 1,001 771 118.6 101.4 110.2 89.1 BFS Deposits ($Ab) Headcount 98.0 80.7 3,359 2,986 Net interest and trading income of $A1,972m, up 13% on FY21 23% growth in the average loan portfolio and 19% growth in the average BFS deposit volumes Fee and commission income of $A457m, up 9% on FY21 24% growth in average platform FUA growth resulting in higher administration and adviser fees Decrease in credit and other impairment charges driven by partial release of COVID-19 overlays. Credit provisioning levels remain prudent with the combined downside macroeconomic scenarios having a higher weighting than the upside scenario Other income down due to revaluation of an equity investment in the prior year Total operating expenses of $A1,460m, up 12% on FY21 - higher total operating expenses driven by higher average headcount, investment in technology and digitisation to support business growth and to meet regulatory requirements partially offset by lower brokerage, commission and fee expenses largely due to the cessation of grandfathered commission payments to third party advisors in line with legislation. A corresponding benefit, passed on to customers, is reflected in Net interest and trading income 1. Includes net internal transfer pricing on funding between Group Treasury and BFS that is eliminated on consolidation in the Group's statutory P&L. 2. Includes share of net (losses) from associates and joint ventures, internal management revenue and other income. 3. Loan portfolio comprises home loans, loans to businesses, car loans and credit cards. 4. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. O Macquarie Group Limited 72#73Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Commodities and Global Markets Result Commodities Risk management FY22 FY21 $Am $Am 3,324 2,671 2,033 1,461 Lending and financing 212 234 Inventory management and trading 1,079 976 Foreign exchange, interest rates and credit 888 748 Equities 394 339 Asset Finance 126 98 Net interest and trading income¹ 4,732 3,856 Fee and commission income 507 485 Net operating lease income² 335 383 Investment and other income³ 670 191 Credit and other impairment charges (65) (237) Net operating income 6,179 4,678 Brokerage, commission and fee expenses (389) (388) Other operating expenses (1,879) (1,689) Total operating expenses (2,268) (2,077) Net profit contribution Headcount 3,911 2,179 2,601 2,133 Commodities income of $A3,324m, up 24% on FY21; Risk management up 39% on a strong FY21 with gains across the platform, particularly in Gas and Power, Resources, Agriculture and Global Oil driven by increased client hedging activity and trading activity due to elevated levels of volatility and price movements in commodity markets partially offset by the impact of fair value adjustments across the derivatives portfolio. Lending and financing down 9% on FY21 with reduced contributions in specific sectors. Inventory management and trading up 11% on FY21 driven by trading gains from supply and demand imbalances in North American Gas and Power partially offset by unfavourable impact of timing of income recognition on Gas storage and transport contracts. Foreign exchange, interest rates and credit income of $A888m, up 19% on FY21 due to increased client activity in global structured foreign exchange products and growth in securitisation and credit products. Equities income of $A394m, up 16% on FY21 due to an improved performance in equity finance. In addition, there was a strong contribution from trading activities. Asset Finance interest and trading income of $A126m, up 29% on FY21 due to net proceeds from end of lease asset sales and increased earnings from Structured Lending and Shipping Finance portfolios. Fee and commission income of $A507m, up 5% on FY21 primarily due to an increase in Futures client activity driven by volatility across commodity markets. Net operating lease income of $A335m, down 13% on FY21 due to a reduction in secondary income in Technology, Media and Telecoms and the impact of the partial sale of the UK Meters portfolio of assets, partially offset by an increase in income from other areas of the Macquarie Energy, Resources & Sustainability portfolio. Investment and other income of $A670m, up significantly on FY21 largely driven by the gain on partial sale of the UK Meters portfolio of assets. Decrease in credit and other impairment charges driven by partial release of COVID-19 overlays. Credit provisioning levels remain prudent with the combined downside macroeconomic scenarios having a higher weighting than the upside scenario Brokerage, commission and fee expenses of $A389m, in line with the prior year. Other operating expenses of $A1,879m, up 11% on FY21 driven by higher expenditure on technology platform and infrastructure and increasing compliance and regulatory management spend. 1. Includes internal net interest expense and transfer pricing on funding provided by Group Treasury that is eliminated on consolidation in the Group's statutory P&L. 2. Generated from Asset Finance. 3. Includes net income on equity, debt and other investments, share of net profits from associates and joint ventures, internal management revenue and other income. O Macquarie Group Limited 73#74Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Macquarie Capital Result FY22 $Am FY21 $Am Net interest and trading income¹ 327 69 Fee and commission income 1,893 1,387 Investment-related income² (ex non-controlling interests) 2,556 990 Credit and other impairment charges (573) (229) Internal management revenue³ 10 31 Net operating income 4,213 2,248 Total operating expenses (1,572) (1,614) (Profit)/Loss attributable to non-controlling interests (241) 17 Net profit contribution4 2,400 651 Capital markets activity 5: Number of transactions Transactions value ($Ab) Headcount 476 417 457 364 1,843 1,821 Higher net interest and trading income of $A327m, increased significantly compared to the prior year primarily due to higher net interest income driven by the growth in the private credit portfolio, which more than doubled throughout the current year. Fee and commission income of $A1,893m, up 36% on FY21 due to higher mergers and acquisitions fee income and debt capital markets fee income, partially offset by lower equity capital markets fee income and brokerage income. Investment-related income of $A2,556m, increased substantially on FY21 driven by higher revenue from material asset realisations in the green energy, technology and business services sectors and included realisations across all regions. Credit and other impairment charges of $A573m in FY22, compared to charges of $A229m in FY21, increased primarily due to a small number of underperforming equity investments and growth of the private credit portfolio. Total operating expenses of $A1,572m, down 3% on FY21 was predominantly driven by lower employment costs. Profit attributable to non-controlling interests of $A241m in FY22, compared to a loss of $A17m in FY21. The current year balance was driven by the share of gains on disposal attributable to non-controlling interests. 1.Represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions. 2. Includes gains and losses from sale and revaluation of equity, debt and other investments, share of net losses from associates and joint ventures and, other income/(expenses). 3. Internal revenue allocations are eliminated on consolidation in the Group's statutory P&L. 4. FY22 includes approximately $A850m of net profit contribution from GIG. 5. Source: Dealogic and IJGlobal for Macquarie Group completed M&A, investments, ECM and DCM transactions converted as at the relevant reporting date. Deal values reflect the full transaction value and not an attributed value. O Macquarie Group Limited 74#75MACQUARIE 05 Appendix C Glossary#76Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Glossary $A / AUD $US / USD £ / GBP Australian Dollar CLF United States Dollar CMA Pound Sterling CRM € Euro CY20 1H21 Half Year ended 30 September 2020 CY21 1H22 1Q22 1Q23 2H21 Half Year ended 30 September 2021 Three months ended 30 June 2021 Three months ended 30 June 2022 Half Year ending 31 March 2021 DCM Committed Liquidity Facility Cash Management Account Customer Relationship Management Calendar Year ending 31 December 2020 Calendar Year ending 31 December 2021 Debt Capital Markets DPS Dividends Per Share DRP DTA 2H22 Half Year ending 31 March 2022 ECAM ABN Australian Business Number ECM ADI Authorised Deposit-Taking Institution EMEA ALX Atlas Arteria EPS AML Anti-Money Laundering EUM ANZ Australia and New Zealand FCTR Approx. Approximately FX Dividend Reinvestment Plan Deferred Tax Asset Economic Capital Adequacy Model Equity Capital Markets Europe, the Middle East and Africa Earnings Per Share Equity Under Management Foreign currency translation reserve and net investment hedge reserve Foreign Exchange APRA Australian Prudential Regulation Authority FY17 Full Year ended 31 March 2017 ASX Australian Securities Exchange FY18 Full Year ended 31 March 2018 AUM Assets under Management FY19 BCBS Basel Committee on Banking Supervision FY20 BFS Banking and Financial Services FY21 Capex Capital Expenditure FY22 CCB CET1 Capital Conservation Buffer FY23 Common Equity Tier 1 GIF II CGM Commodities and Global Markets GIF III Full Year ended 31 March 2019 Full Year ended 31 March 2020 Full Year ending 31 March 2021 Full Year ending 31 March 2022 Full Year ending 31 March 2023 Macquarie Global Infrastructure Fund 2 Macquarie Global Infrastructure Fund 3 O Macquarie Group Limited 76#77Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Glossary GIG IPO IRB Green Investment Group Initial Public Offering MPA MSCIF Internal Ratings-Based MW Mortgage Professional Australia Macquarie Super Core Infrastructure Fund Mega Watt IFRS International Financial Reporting Standards MWDC Mega Watt direct current IMTT International-Matex Tank Terminals MWhr Mega Watt hour IT Information Technology NGLS Natural gas liquids LBO Leveraged Buyout No. LCR Liquidity Coverage Ratio NPAT M&A MacCap MAM Mergers and Acquisitions Macquarie Capital Macquarie Asset Management NPC NSFR OTC MBL Macquarie Bank Limited P&L MD&A Management Discussion & Analysis PPE MEIF1 Macquarie European Infrastructure Fund 1 PPP MEIF3 MEIF4 Macquarie European Infrastructure Fund 3 Macquarie European Infrastructure Fund 4 RBA ROE MEREP MIC MiFID MIP I MIP II MFAA MGL/MQG MGSA Macquarie Group Employee Retained Equity Plan Mortgage and Finance Association of Australia Macquarie Group Limited Macquarie Group Services Australia Macquarie Infrastructure Corporation Markets in Financial Instruments Directive Macquarie Infrastructure Partners Fund 1 Macquarie Infrastructure Partners Fund 2 RWA SBI Number Net Profit After Tax Net Profit Contribution Net Stable Funding Ratio Over-The-Counter Profit and Loss Property, Plant and Equipment Public Private Partnership Reserve Bank of Australia Return on Equity Risk Weighted Assets State Bank of India SME Small and Medium Enterprise SMSF TFF UK US Self Managed Super Fund Term Funding Facility United Kingdom United States of America VaR Value at Risk O Macquarie Group Limited 77#78MACQUARIE September Conferences Presentation to Investors and Analysts September 2022