#1O MACQUARIE September Conferences Presentation to Investors and Analysts September 2023#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. 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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 year ended 31 March 2023. 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 year ended 31 March 2023, 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. Other than Macquarie Bank Limited ABN 46 008 583 542 ("MBL"), any Macquarie group entity noted in this presentation is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL and MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. O Macquarie Group Limited 2#3Agenda 01 Overview of Macquarie 02 Operating Groups 03 1Q24 Update 04 Outlook 05 Appendix#401 Overview of Macquarie#5Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix About Macquarie ~41% • Annuity-style activities | Net Profit Contribution BFS MAM CGM ~59% Markets-facing activities | Net Profit Contribution Banking and Financial Services Macquarie Asset Management Commodities and Global Markets Macquarie's retail banking and financial services business with BFS deposits¹ of $A129.4b², loan portfolio³ of $A127.7b² and funds on platform of $A123.1b² Provides a diverse range of personal banking, wealth management and business banking products and services to retail clients, advisers, brokers and business clients $A870.8b4 of assets under management, with the aim of investing to deliver positive impact for everyone Provides investment solutions to clients across a range of capabilities, including infrastructure, green investments, agriculture and natural assets, real estate, private credit, asset finance, secondaries, equities, fixed income and multi- asset solutions Global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base across Commodities, Financial Markets and Asset Finance • 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 Market access: helping clients access assets and prices via liquidity and electronic markets globally Physical execution and logistics: supporting clients with access to physical commodities and facilitating their transport from production to consumption CGM's deep expertise and physical presence allow us to optimise how we manage both our clients' risk exposures and trading opportunities we see which are conducted within Macquarie's strong internal risk management framework MacCap Macquarie Capital Global capability in: Advisory and capital raising services, investing alongside partners and clients across the 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 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 FY23 Net Profit Contribution BFS ~12% Risk Management Group MAM | ~23% An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie's material risks. CGM | ~6% CGM | ~51% Legal and Governance Group Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation. Financial Management Group Responsible for capital, funding, liquidity, tax and strategic analysis and advice to support growth of the business. Ensures compliance with financial, regulatory and tax reporting obligations, as well as maintaining relationships with a range of significant external stakeholders. MacCap | ~8% Corporate Operations Group Provides specialist services in technology, operations, human resources, workplace, data and transformation, strategy, operational risk management, business resilience and global security, and 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. All numbers in this presentation have been reclassified to reflect the transfer of the Green Investment Group from Macquarie Capital to Macquarie Asset Management effective 1 Apr 22. 1. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. 2. As at 31 Mar 23. 3. The loan portfolio comprises home loans, loans to businesses, car loans and credit cards. 4. As at 31 Mar 23. Private Markets Assets under Management (AUM) includes equity yet to deploy. This is a change from prior periods, when equity yet to deploy was excluded, and has been implemented to bring MAM in line with peers. Prior periods have been restated to reflect the change. O Macquarie Group Limited 5#6Overview of Macquarie Operating Groups 1Q24 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 ⚫ ~$A67.9 billion market capitalisation • • 20,500+ employees globally in 34 markets $A870.8 billion assets under management² احد Long-term orientation • 54 years of unbroken profitability • No.1 infrastructure investment manager globally since ranking inception³ • Strong funding and capital position Diverse business mix We conduct a mix of annuity-style and markets-facing activities that deliver solid returns in a range of market conditions 888 Outcome-focused culture Opportunity for our clients, communities and staff • Accountability for outcomes . Integrity in everything we do Data points as at 31 Mar 23 unless stated otherwise. 1. Based on market capitalisation. Sourced from Bloomberg. 2. As at 31 Mar 23. Private Markets Assets under Management (AUM) includes equity yet to deploy. This is a change from prior periods, when equity yet to deploy was excluded, and has been implemented to bring MAM in line with peers. Prior periods have been restated to reflect the change. 3. IPE Real Assets (July/August 22), ranking based on total AUM as of 31 Dec 21. O Macquarie Group Limited 6#7Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Why Macquarie? Unbroken profitability 間 FY23 net profit $A5,182m up 10% on FY22 FY22 net profit: $A4,706m up 56% on FY21 Diverse business mix FY23 net profit contribution² ~41% ~59% by annuity-style by markets-facing activities activities Earnings growth 12% 5yr EPS CAGR¹ Consistent dividend growth 7% 5yr DPS CAGR¹ Dividend Policy: 50-70% annual payout ratio Average return on equity over last 17 years 14% FY23: 16.9% Strong shareholder returns Geographically diverse Group capital surplus 71% international income in FY233 $A12.6b 4 Consistently outperformed major indices since listing I 75% in FY22; three-quarters of income generated outside of Australia at 31 Mar 23 ASX 205 - 3rd highest returns since listing Diversified Financials5 - 1st MSCI World Capital Markets5 - 2nd MSCI World Banks5 - 1st Opportunity Accountability Integrity Underpinned by a long-standing conservative risk management framework 1. For the period 31 Mar 18 to 31 Mar 23. 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 Group capital surplus is the amount of capital above APRA regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential Standard APS 110 - Capital Adequacy (calculated at 10.25% of RWA, previously 8.5%). This includes the industry minimum Tier 1 requirement of 6.0%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB). The CCyB of the Bank Group at Mar 23 is 0.61%, this is rounded to 0.5% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at that time. 5. As at 31 Mar 23. 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 1Q24 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 福 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 FY23 71% International income. FY98 22% International income O Macquarie Group Limited Share of total income Group-wide standards and central support services Facilitating cross-group collaboration Supported by the Corporate Centre Challenging ideas and supporting execution Funding and capital Risk management External stakeholder management 8#9Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Diversification by region. Business mix Annuity-style activities¹ FY23 ~41% FY08 ~14% MAM ~23% BFS ~12% CGM ~6% AUM ง Employing people through managed funds assets and investments³ 0 Americas $A369.9b EMEA $A196.3b Asia $A47.2b Australia2 $A257.4b Locations Regional headquarters Americas ~55,000 people EMEA ~93,000 people Asia ~84,000 people Australia2 ~14,000 people New York International staff4 FY23 51% FY08 40% London Americas 16% EMEA 14% Asia 21% Figures presented as at 31 Mar 23. 1. Annuity-style income includes income derived from Macquarie Asset Management, Banking and Financial Services and certain business and activities of Commodities and Global Markets. Percentage split is based on FY23 net profit contribution from Operating Groups. 2. Includes New Zealand. 3. Includes people employed through Private Markets managed fund assets and investments where Macquarie Capital holds significant influence. 4. Headcount includes certain staff employed in operationally segregated subsidiaries. 5. International income includes income generated outside of Australia and New Zealand based on net operating income excluding earnings on capital and other corporate items. O Macquarie Group Limited Hong Kong Sydney International income5 FY23 71% FY08 57% Americas 38% EMEA 25% Asia 8% 9#1000 0.0 FY70 10 1.0 2.0 FY70 3.0 Organic growth 4.0 Acquisitions Regional expansion Hill Samuel UK opens branch office in Sydney Started corporate finance and advisory; project finance 111 Staff: 4 FY71 FY72 FY73 FY74 Staff Overview of Macquarie Over 50 years of unbroken profitability $Ab 6.0 Performance (ASX: MQG) Total shareholder Earnings per Dividends per return² ASX share CAGR share CAGR 203 Diversified MSCI World Financials³ Capital Markets³ MSCI World Banks³ Since listing 11,679% 12% 12% 3rd 1st 2nd 1st 10 year 707% 18% 14% 3rd 3rd 3rd 1st 5.0 1980s Started commodities platform Rates FX Futures Wealth management 000 Staff: 120 FY85 FY87 Lease arranging FY86 First listed property trust Entered stockbroking Received an Australian Banking license as MBL Equities Business banking FY90 FY89 London office opened FY94 Operating Groups 1Q24 Update Outlook Appendix FY95 HK office opened DEFT Hills Motorway Mortgage securitisation Asset management Premium funding NY office opened FY92 FY93 Motor vehicle financing Mortgages Aircraft financing Staff: 1,133 FY97 FY99 MBL listed on the ASX IT equipment financing FYOO BT Australia Wrap FY04 FY02 Sydney Airport¹ FY03 financing Oil Meters Staff: 4,070 FY05 FY06 Cook Inlet Energy Supply ING Asian cash equities Gas Railcar financing FY07 Corona Energy (UK) FY10 FY08 Established a UK bank, MBIL Thames Water¹ Cards FY12 Onstream MIDIS FY13 Received a HK banking license Delaware FPK Tristone Mining and medical equipment financing Note: the above list is not exhaustive. FY70-FY96 were profitable years. 1. Acquired on behalf of managed funds and accounts. 2. At 31 Mar 23. 3. Ranking refers to TSR against the respective index constituents that have been continuously listed since Macquarie's inclusion. Source: Bloomberg. Data to 31 Mar 23. O Macquarie Group Limited 10 10 FY09 FY16 FY17 Esanda Advantage Funding FY18 GIG Cargill CMA FY11 FY12 FY13 Staff: 14,657 Constellation CAF Principal Finance FY14 FY15 FY15 FY16 AWAS FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY19 GLL Valuelnvest Conergy FY21 FY22 Waddell & Reed FY23 AMP Capital Public Investments CPG Staff: 20.509#11Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Strong earnings growth FY23 EPS of $A13.54 Up 6% on pcp $A 15.00 12.00 9.00 6.00 3.00 FY17 FY18 FY19 FY20 FY21 FY22 FY23 O Macquarie Group Limited FY23 Operating income of $A19,122m Up 10% on pcp 20,000 $Am 16,000 12,000 8,000 4,000 1H 2H FY17 FY18 FY19 FY20 FY21 FY22 FY23 11#12Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Stable earnings 5 year earnings volatility relative to Macquarie Multiple to Macquarie 15 year earnings volatility relative to Macquarie (includes GFC) Multiple to Macquarie 3.0 4.5 4.2x 4.0 3.6x 3.5 3.3x 3.0 2.5 2.0 1.5 10 1.0 0.5 55 2.1x 1.8x 2.5 20 2.0 1.5 1.0 10 1.0x 1.0x 0.5 2.1x 1.8x 1.3x 1.2x 1.1x 1.0x 0.5x Energy Majors Global Investment Banks Domestic Asset Managers Global Fund/Asset Managers Global Banks Domestic Macquarie Energy Majors Global Banks Investment Banks Domestic Asset Managers Global Fund/Asset Managers Global Banks Macquarie Domestic Banks 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 23. O Macquarie Group Limited 12#13Overview of Macquarie Operating Groups 1Q24 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 1,400 1,200 1,000 800 600 400 200 Outperformance Outperformance vs ASX 200 vs ASX 2001 Diversified Financials¹ Outperformance vs MSCI World Capital Markets Index¹ Since listing 10,994% Avg: ~1,100% 10 years 5 years 442% n/a² 398% n/a² 478% 22% 55% 24% 0 Jul-96 Jul-99 Jul-02 Jul-05 Jul-08 Jul-11 Jul-14 Jul-17 Jul-20 Jul-23 Data to 31 Aug 23 for purchases made at different purchase points on a monthly basis. Source: Bloomberg, as at 31 Aug 23. 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 13#14Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Bank Limited Long Term Ratings Stability Standard & Poor's Ratings Movements from 2007 Rating movement (notches) AA+ AA 5 6 3 AA- A+ 1 5 6 5 1 8 A A- BBB+ BBB Macquarie Bank¹ JPMorgan Chase Bank 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 2 A2 A3 Baal 4 7 10 7 4 2 5 9 Baa2 Baa3 Macquarie Bank¹ JPMorgan Chase UBS AG Bank of America Citibank Bank Morgan Stanley Bank Goldman Sachs Bank² Barclays Bank³ Deutsche Bank 2023 Intra-period ratings movement # No. ratings movements As at Aug 23. 1. Macquarie Bank upgraded by Moody's to A1 on 2 Jun 23 and upgraded to A+ by Standard & Poor's on 11 Dec 19. 2. Goldman Sachs Bank only rated by Standard & Poor's from 2012. 3. Barclays Bank PLC. O Macquarie Group Limited Appendix 14#15Overview of Macquarie Operating Groups 1Q24 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 at the Understanding worst case outcomes business level L Independent 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 Line 3 sign-off by Risk Management Group 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 54 years of unbroken profitability O Macquarie Group Limited 15#16Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Environmental, Social and Governance Macquarie's ESG approach is structured around eight focus areas considered to be material to our business and stakeholders Environmental and social risk management 1,094 reviews completed under the Environmental and Social Risk (ESR) Policy in FY23 MAM became a signatory to the UK Stewardship Code 2020 in Sep 22 Climate change Commitment to align Macquarie's financing activity with the global goal of net zero emissions by 2050 Commitment to invest and manage MAM's portfolio in line with net zero emissions by 2040 Environmental and social financing 97 GW of green energy assets in development or construction as at 31 Mar 23 measured using 100% of generating capacity for assets managed/owned (including partially) by Macquarie¹ $A2.2 billion invested, committed or arranged in green energy assets in FY232 Sustainability in direct operations Commitment to reach net zero in Scope 1 and Scope 2 emissions by FY25, while developing emissions reduction strategies for Scope 33 100% of our global electricity consumption from renewable sources in FY234 Energy intensity per capita reduced by 57% from FY14 (14% reduction from FY22)5 Client experience People and workplace Business conduct and ethics Macquarie Group Foundation #1 infrastructure investment manager globally6 2022 MFAA Excellence Awards for Major Lender of the Year for the 3rd year in a row Emissions House of the Year at the 2022 Energy Risk Asia Awards #1 Global Renewables Infrastructure Financial Adviser and Global Infrastructure Financial Adviser? Top rating for Australian ESG research by institutional investors in 2022 Peter Lee survey 67% of MGL Board directors are women 30% of Macquarie's Executive Committee are women Inaugural Reconciliation Action Plan launched in ANZ 86% overall employee engagement8 61 disclosures received and managed by the Integrity Office in FY239 11,800 attendances at tailored training, workshops and leadership sessions 10 Over $A52.0 million contributed by Macquarie employees and the Foundation in FY23 ($A570.0 million since inception)11 Data points as at 31 Mar 23 unless stated otherwise. 1. On our balance sheet or under Macquarie management. Excludes lending and private credit funds. GW of green energy assets reflect 100% generating capacity of each asset, not the proportion owned/managed by Macquarie. Refer to the Basis of Preparation for ESG Reporting for the definition of 'green energy assets'. 2. On our balance sheet or under Macquarie management. Refer to the Basis of Preparation for ESG Reporting for the definition of 'green energy assets'. 3. Covers Categories 1-8 Scope 3 operational value chain emissions as defined by the Greenhouse Gas Protocol. It excludes financed emissions (Scope 3, Category 15). 4. The equivalent of 100% of our FY23 electricity consumption was sourced from renewable sources through a combination of purchased green energy from landlords or utilities (46.5%) and energy attribute certificates (53.5%) which was retired by 30 Jun 23. Based on RE100 boundary criteria, the equivalent of our FY23 electricity consumption sourced from renewable sources is 99.6% due to insufficient renewable energy certificates in the South Korean market to meet our requirements. However, renewable energy certificates were purchased from other international markets to account for the 100% renewable electricity. 5. FY23 energy intensity per capita is calculated as 40.5 GWh total electricity used across our premises and data centres divided by the total headcount of 20,144 (based on total global workforce as at 31 Mar 23, excluding employees in operationally segregated subsidiaries and investments where Macquarie does not have a controlling interest). 6. The ranking was awarded to MAM in Jul 22 and is the opinion of IPE Real Assets. The ranking is based on Assets Under Management (AUM) at 31 Dec 21. There can be no assurance that other providers or surveys would reach the same conclusions. 7. Inspiratia (CY22 by deal value). 8. As measured in the 2022 annual staff survey. 9. Covers all disclosures made to the Integrity Office, including whistleblower disclosures, and includes disclosures made through the anonymous reporting channel. 10. Tailored content focussed on conduct, supervision in a hybrid working environment, integrity, speaking up and psychological safety. Macquarie also requires all employees globally to undertake mandatory online Code of Conduct training. Some employees may have attended more than one training session, in which case their attendance was counted for each session. 11. Contribution figures comprise Macquarie employees' donations and fundraising; Foundation matching support for employees' donations and fundraising; Foundation donations to commemorate employees 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 since inception in 1985 to 31 Mar 23. 16#17Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Net Zero and Climate Risk Report Macquarie has been driving practical climate solutions for almost 20 years, with our first investments in renewables dating back to 2005. Since then, we have evolved our approach year by year, building capabilities to support the global transition to net zero. We published our first combined Group Net Zero and Climate Risk Report in Dec 22 Four areas of action Increase our investment in climate mitigation and adaptation solutions Strengthen our support for clients and portfolio companies to help achieve their decarbonisation ambitions CO₂ Continue to reduce the emissions of our own business operations ($ Align our financing activity with the global goal of net zero emissions by 2050 Underpinned by three overarching principles The science on our changing climate is clear and unequivocal Our greatest contribution will come through positive and practical climate solutions driven by our core capabilities We believe in a managed, orderly, and just transition O Macquarie Group Limited 17#18Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Approximate business Basel III Capital and ROE 31 Mar 23 Operating Group Annuity-style businesses Macquarie Asset Management Banking and Financial Services Markets-facing businesses APRA Basel III Capital @ 10.25% ($Ab) Approx. FY23 Return on Ordinary Equity¹ Approx. 17-year Average Return on Ordinary Equity² 11.1 5.8 18% 22% 5.3 13.6 Commodities and Global Markets 9.4 28% 17% Macquarie Capital 4.2 Corporate 1.7 Total regulatory capital requirement @ 10.25% 26.4 Group surplus 12.6 Total APRA Basel III capital supply 39.1³ 16.9% 14% Note: Differences in totals due to rounding. 1. NPAT used in the calculation of FY23 ROE is based on Operating Groups' annualised 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. 2. 17-year average covers FY07 to FY23, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 3. Comprising $A33.3b of ordinary equity and $A5.8b of hybrids. O Macquarie Group Limited 18#1902 Operating Groups#20Overview of Macquarie Operating Groups Macquarie Asset Management Investing to deliver positive impact for everyone FY23 Net profit contribution $A2,342m ▼ 23% ~2,500 people on FY22 /|\ 26 ~175 portfolio companies¹ markets 97GW of green energy assets in development or construction² and 14GW of green energy assets in operation² ~23% Net profit contribution $A870.8 billion assets under management³ up 10% on Mar 22 1Q24 Update Outlook FY23 rankings & awards PEASSETS &-REAL No. 1 Infrastructure Investment Manager4 Private Markets $A336.3b ▲ 30% on Mar 22 Assets under management³ Infrastructure Investor No.1 Infrastructure Manager5 No. 4 Infrastructure Debt Manager5 with. Inteligence Mutual Fund & ETF Awards 2022 Active Fixed Income Mutual Fund of the Year 20226 BEST INVES MANAGER $A27.2b Equity deployed across 56 new investments $A38.2b Record equity raised $A34.8b Equity to deploy³ Public Appendix Investments $A534.5b ▼ slightly on Mar 22 Assets under management³ 70% of assets under management outperforming respective 3-year benchmarks8 Successfully completed the integrations of Waddell & Reed Financial, Central Park Group and AMP Capital's public investments business Note: Pie chart is based on FY23 net profit contribution from Operating Groups. 1. Excludes real estate assets. 2. As at 31 Mar 23 measured using 100% of generating capacity for assets managed/owned (including partially) by Macquarie. On balance sheet or under Macquarie's management. Excludes lending and private credit funds. Gigawatts (GW) of green energy assets reflect 100% generating capacity of each asset, not the proportion owned/managed by Macquarie. Macquarie defines 'green energy' as the generation of electricity or heat from renewable or low-carbon sources - and includes wind, solar, biogas and green hydrogen. 3. As at 31 Mar 23. Private Markets Assets under Management (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. Private Markets AUM includes equity yet to deploy. Prior year Private Markets AUM has been restated to include equity yet to deploy as at 31 Mar 22. 4. IPE Real Assets (Jul/Aug 22), ranking based on total AUM as of 31 Dec 21. 5. Infrastructure Investor (Nov 22), ranking based on the amount of infrastructure direct investment capital raised between 1 Jan 17 and 31 Aug 22. 6. Delaware National High-Yield Municipal Bond Fund was the recipient of the With Intelligence Mutual Fund & ETF Award 2022. 7. Money Magazine: Best of the Best Awards 2023. 8. As at 31 Mar 23. INVESTMENT Money MAGAZINE, WINNER 2023 BEST OF THE BEST 2023 Australia Investment Manager of the Year 20237 $A6.6b Equity returned to clients from divestments 20 0#21Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Asset Management AUM Macquarie purpose Empowering people to innovate and D $A870.8b invest for a better future Real Assets Private Markets AUM: $A336.3b People¹ ~2,500 Appendix MAM vision Investing to deliver positive impact for everyone 2040 commitment² to Net Zero Real Estate Private Credit & Asset Finance Infrastructure Natural Assets Real Estate Green Investments Private Equity Public Investments AUM: $A534.5b Private Credit Transportation Finance Fixed Income Equity Multi-Asset Client Solutions Strategic Solutions Sustainability Enterprise Risk | Finance | Human Resources 200,000+ employed by MAM-managed assets³ Zero harm ambition across portfolio companies Comprehensive sustainability and stewardship reporting 100% public funds on Aladdin platform As at 31 Mar 23 unless otherwise stated. Private Markets Assets under Management (AUM) is calculated as the proportional ownership interest in the underlying assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie's proportional interest of the fund manager. 1. Includes staff employed in certain operationally segregated subsidiaries. 2. Committed to investing and managing its portfolio in line with global net zero emissions by 2040. 3. As at 31 Mar 23. Includes people employed through Private Markets- managed fund assets. O Macquarie Group Limited 21#22Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Asset Management Actively manages funds for investors across multiple asset classes Base Fees ($Am) Net Profit Contribution¹ ($Am) 3,200 3,029 2,800 2,800 2,400 2,342 2,400 2,021 1,985 2,177 2,074 2,000 1,778 2,000 1,872 1,600 1,600 1,200 1,200 800 400 FY19 FY20 FY21 FY22 FY23 800 400 AUM ($Ab) 2,771 2,782 900 850 800 750 700 650 624.0 593.4 600 550 500 793.0 870.8 864.2 450 400 FY19 FY20 FY21 FY22 FY23 Mar 20 Mar 21 Mar 22 Mar 23 Jun 23 1H 2H 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. O Macquarie Group Limited 22#23Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Private Markets Historical Income $Am % of EUM ■Private Markets base fees (LHS) 2,500 206 Closing Private Markets EUM $Ab 2.00% Private Markets performance fees and other income (LHS) 2,000 1,500 Base Fees Ave: ~97bps; St dev: ~20bps 1,000 500 Performance Fees Ave: ~60bps; St dev: ~40bps Other Income 39 Ave: ~27bps; St dev: ~40bps 30 10 13 7 1 1 2 2 4 60 60 58 55 53- 39 36 52 42 41 37 52 128 1.80% 158 1.60% 149 142 1.40% 1.20% 1.00% Base Fee 86 Ave: ~89bps since FY17 77 0.80% 99 66 67 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 FY23 O Macquarie Group Limited 0.60% Performance Fees Ave: ~59bps since FY17 Other Income 0.40% Ave: ~40bps since FY17 0.20% 0.00% 23#24Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Growth 2020-21 112 Market opportunity The Americas is the largest asset management market and underpenetrated Global assets under management¹ $UStn 120 Americas investment landscape Funding announced in recent US climate policies4 ($UStn) Americas capital landscape 1.9 100 0.4 Other 100 28 ▲ 12% 25 60 80 0.4 New infrastructure 28 ▲ 8% 26 60 Institutional ~$US14tn² 48 Wholesale ~$US25tn³ 0.5 Clean energy and climate 40 8 40 20 20 15 49 49 25 2010 2020 56 14% 2021 0.6 Ongoing infrastructure Americas EMEA APAC and other 1. BCG Global Asset Management 2022 report. The Americas include both North America and Latin America. 2. Macquarie analysis based on various sources (Money Market Directory; International Association of Insurance supervisors, Global insurance market report and Oliver Wyman & Morgan Stanley, Global Wealth and Asset Management Report). 3. Casey Quirk a Deloitte business. As of Dec 21. Excludes money market and cash. US Wholesale market defined as investment products/solutions distributed to retail investors via financial intermediaries. 4. BCG's US Inflation Reduction Act: Climate and Energy Features and Potential Implications. Clean energy and climate funding Includes $US369b under US Inflation Reduction Act and $US110b under Infrastructure Investment and Jobs Act. O Macquarie Group Limited 24#25Operating Groups 1Q24 Update Outlook Appendix Overview of Macquarie Banking and Financial Services A technology-driven Australian retail bank and wealth manager FY23 awards EXCELLENCE NATIONAL AWARDS FY23 Net profit contribution $A1,201m ▲ 20% BANK OF on FY22 Personal Banking Business Banking ~3,820 people Wealth Management Deposits Approximately ~12% 1.8 million Net profit contribution clients Note: Pie chart is based on FY23 net profit contribution from Operating Groups. 1. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. O Macquarie Group Limited WINNER THE YEAR CANSTAR 2022 SAVINGS BANK OF THE YEAR 2022 BROKERS ON BANKS VERYDAY BEST EVERY MPA SAVINGS ACCOUNT- Money MAGAZINE WINNER 2023 BEST OF THE BEST 2023 mozo EXPERTS CHOICE AWARD 2023 SMSF NO STRINGS SAVINGS RFIGlobal Outstanding Private Bank $10M+ WINNER Macquarie Private Bank BANK $A108.1b Home loan portfolio $A13.0b ▲ 21% on Mar 22 ▲ 13% on Mar 22 Business Banking loan portfolio $A123.1b Funds on platform 4% on Mar 22 30+ years bringing innovation and competition to Australian consumers Industry-leading digital security through the Macquarie Authenticator app $A129.4b Total BFS deposits¹ $A6.1b Car loan portfolio ▲ 32% on Mar 22 31% on Mar 22 Award winning Transaction and Savings account offering The first Australian banking group with a specialised electric vehicle buying service Winner 2023, for the sixth consective year Outstanding Private Bank $10M+ A 25 5#26Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Banking and Financial Services A technology-driven Australian retail bank and wealth manager Net Profit Contribution¹ ($Am) 1,200 1,000 800 756 770 771 600 400 200 1,001 Loan Portfolio³ ($Ab) 100 BFS Deposits² ($Ab) 1,201 140 129.4 120 120 100 60 80 60 60 40 40 53.4 63.9 80.7 20 20 98.0 127.7 110.2 89.1 60 80 75.3 62.5 60 60 40 40 20 20 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Home Loan portfolio Business Lending Other Vehicles 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. 3. The loan portfolio comprises home loans, loans to businesses, car loans and credit cards. O Macquarie Group Limited FY19 FY20 FY21 FY22 FY23 1H 2H 26 26#27Overview of Macquarie Operating Groups 1Q24 Update Outlook Home loan portfolio composition 100% 90% 80% 1% 3% 23% 1% 0% 3% 3% 3% 20% 70% 19% 22% 60% WA 5.6% 28% 24% 50% 24% 40% 22% 30% 20% 29% 10% 0% Mar-23 (Settlement Flow) <=60% >60% <= 70% A % 76% 33% Mar-23 (Portfolio Origination LVR) >70% <= 80% Principal and interest 65% Owner occupied 80% 24% 42% Mar-23 (Portfolio Current LVR)¹ >80% <= 90% >90% Interest only 35% Investor 1. Current LVR is calculated based on the current balance of loans against their initial appraisal amount. 2. As at 31 Mar 23. O Macquarie Group Limited $A 108.1 billion² Total Home Loans under management NT 0.2% Appendix QLD 18.5% NSW 40.6% ACT 2.6% SA 2.6% VIC TAS 29.3% 0.6% $A622k Average loan size 65% Average LVR at Origination 25.9 Months seasoning 27#28Overview of Macquarie Operating Groups Commodities and Global Markets Global business offering capital and financing, risk management, market access, physical execution and logistics solutions across Commodities, Financial Markets and Asset Finance FY23 Net profit contribution $A6,007m ▲ 54% on FY22 ~2,370 people 22 markets ~57% Net profit contribution 40+ years of client partnership FY23 rankings & awards ~9.0 billion cubic feet of natural gas volume traded across North America daily¹ Top 5 Commodities General Clearing Member2 No. 1 1Q24 Update Futures broker on the ASX3 XXXX XXXX Energy Risk Oil and products Awards 2023 house of the year Macquarie Winner Energy Risk Electricity house Awards 2023 of the year Winner Macquarie Energy Risk Commodities research Awards 2023 Winner house of the year Macquarie Outlook Strong underlying client business Commodity Markets Strong risk management income particularly in Gas and Power, Global Oil and Resources driven by increased client hedging and trading activity as a result of elevated volatility and price movements in commodity markets Inventory management and trading income increased substantially driven by trading gains from regional supply and demand imbalances primarily in North American Gas and Power markets Increased Lending and Financing driven by increased activity and margins across energy sectors Asset Finance Continued positive performance and contribution across most industries Total portfolio of $A6.2b, up 3% from $A6.0b at 31 Mar 22 Appendix Financial Markets Futures Significantly higher interest and commission revenues due to increase in global interest rates and elevated commodity price volatility Foreign exchange, interest rates and credit Volatility across FX and rates created opportunities globally Increased client engagement across interest rates with significant swap deals, from the Americas Continued growth in financing activity with clients engaged in the US corporate direct lending market Equity Derivatives and Trading Strong contribution from Warrants business offset by reduced revenue from equities event driven trading Note: Pie chart is based on FY23 net profit contribution from Operating Groups. 1. Financial year ending 31 Mar 23. 2. Awarded by Singapore Exchange Derivatives Clearing Ltd 2022. 3. ASX Futures 24 (SFE) Monthly Report Mar 23. O Macquarie Group Limited 28#29Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix What we do CGM is a global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base Commodities Financial Markets Asset Finance Capital and financing Providing clients with financing & asset management solutions across the capital structure Risk management Helping clients manage exposure to price changes in commodities, currencies, credit and equity markets Clients Financial institutions Investors Corporates & multinationals Producers & consumers LT Market access Helping clients access assets and prices via liquidity and electronic markets globally Physical execution & logistics Supporting clients with access to physical commodities and facilitating their transport from production to consumption Optimisation Our deep expertise and physical presence allow us to optimise how we manage both our clients' risk exposures and trading opportunities we see which are conducted within Macquarie's strong internal risk management framework O Macquarie Group Limited 29#30Overview of Macquarie Operating Groups 1Q24 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 6,007 6,000 5,000 4,000 3,000 2,000 1,743 1,738 1,000 2,601 3,911 FY19 FY20 FY21 FY22 FY23 1H 2H 6% 4% 7% 1% 12% 30% 35% 46 4% Commodities Risk management products Inventory management and trading storage I Investment and other income FX, interest rates and credit ■Lending & financing Brokerage, commission and other fee income ■Equities net interest and trading income Asset Finance 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 5 May 23. 2. For the full year ended 31 Mar 23, 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 1Q24 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) • Underlying client business¹ FY 19 FY 20 Other Income Equities derivatives and trading Leasing (operating and finance) income Commodity risk management Commodity inventory management and trading 40+ years of client partnerships evolving into niche activities in some markets, and scale in others FY 21 FY 22 FY 23 Foreign exchange, interest rates and credit Brokerage and fee income Commodity lending and financing Investment income 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 Mar 19 Mar 20 Mar 21 Commodities Mar 22 Mar 23 Financial markets and Futures Client-led business with deep longstanding client relationships: Diverse and growing client base - Strong repeat client business with ~80% of client revenue generated from existing relationships - Client relationships spread over a full spectrum of products and services 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. 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 31#32Overview of Macquarie Operating Groups 1Q24 Update Underlying client activity driving regulatory capital and trading revenues Regulatory capital (normalised)1 Group Daily trading profit and loss² FY19 - FY23 ($Am) Mar 19 Mar 20 Credit Market O Macquarie Group Limited Mar 21 Mar 22 Mar 23 Operational Other Days 120 100 80 60 40 20 <-100 | 06-> <-80 <-70 09-> <-50 <-40 <-30 <-20 <-10 <0 FY19 FY20 0< >10 Outlook Appendix • 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 • Unprecedented and extreme market volatility resulted in increased client activity and trading opportunities - More large daily gains in FY23 while large daily losses remain low reflective of robust risk management framework >20 >30 >40 >50 >60 >70 >80 >90 90 FY21 FY22 FY23 1. Mar 23 includes the impact of APRA's new "Unquestionably Strong" bank capital framework which came into effect from 1 Jan 23. Implementation of UQS resulted in an increase in CGM capital requirements, largely on account of higher regulatory buffers, along with RWA calculation changes. All periods are normalised for FX (31 Mar 23) and shown at the post-UQS 10.25% of RWA. Prior periods have not been normalised for RWA calculation changes, including the implementation of the Standardised Measurement Approach to Operational Risk. 2. The daily profit and loss refers to results that are directly attributable to market-based activity from Macquarie's desk. >100 32 32 $Am#33Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and partners to realise opportunity FY23 Net profit contribution $A801m ▼ 47% on FY22 ~1,630 people 24 markets $A4.2b Capital invested¹ ~8% $A338 billion Net profit contribution completed deals in FY232 Note: References relate to the full year ended 31 Mar 23. Pie chart is based on FY23 net profit contribution from Operating Groups. 1. Regulatory capital as at 31 Mar 23. 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 Apr 13 - 31 Mar 23 completed and announced by deal count). 4. Dealogic (1 Apr 13 - 31 Mar 23 ASX and NZX by value). 5. Inspiratia (CY22 by deal value). 6. Australian Stockbroker Foundation Awards 2022. 7. IJ Global Awards 2022. 8. RESI Awards 2022. 9. As at 31 Mar 23. 10. Committed portfolio as at 31 Mar 23. 11. Includes upsizes. 12. As at 14 Apr 23. O Macquarie Group Limited FY23 rankings & awards No. 1 in ANZ for M&A³ and IPOs4 for the past decade No. 1 Global Infrastructure Financial Adviser5 No. 1 In Research in Australia6 IJGlobal Project Finance & Infrastructure Journal North America Transport Road Deal of the Year - PennDOT Major Bridges P3, Package 17 Residential Deal of the Year' - Brigid Investments UK senior living Well-positioned around long-term trends such as tech-enabled innovation, the growth in private capital, and addressing communities' unmet needs Focus on areas of expertise Advised Apex Group Ltd on its acquisition of the fund services and third party management operations of Maitland International Holdings plc. Macquarie Capital has advised the client on 15 transactions since 2015 12+ infrastructure and energy projects under development or construction⁹ Digital Infrastructure Supported the growth of digital infrastructure platforms including the PhilTower (in the Philippines) acquisitions of up to 1,350 towers from Globe Telecom Inc Innovative energy platform Macquarie Capital, along with our LNG platform WaveCrest Energy, has invested in the Deutsche Ostsee LNG import terminal project in the Port of Lubmin, which is seeking to provide Germany with critical gas supply Al powered technology Investment in Australian-based start-up, Sapia.ai to support global expansion of its inclusive and efficient recruitment technology platform $A18b Private Credit portfolio¹0, with more than $A7b deployed in FY23 through focused investment in credit markets and bespoke financing solutions 60+ credit transactions 11 in FY23 across a diverse range of industries including: • The recapitalisation of growth investment in Orro, an Australian-based enhanced connectivity provider MRH Trowe, a German insurance broker, to optimise its capital structure and support the next phase of growth, and acted as exclusive financial adviser on significant minority investment Differentiated insights on 1,170+ listed companies globally12 33#34Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Capital Macquarie Capital combines specialist expertise, innovative advice and flexible capital solutions to help our clients and partners make opportunity reality ADVICE Strategic advice at significant moments for clients: · Acquisitions · Divestments • Restructuring Mergers & acquisitions Access to flexible and timely capital solutions: Equity capital markets • Debt capital markets . Private capital Private credit Supporting growth of clients through provision of flexible debt capital: Corporate Real estate Co-creation of assets and investible projects: Development capital • Investment in new technologies Capital markets Clients & Partners Development . Access to deep liquidity and speed of execution in key markets: Equities sales & trading • Equities research O Macquarie Group Limited Equities Ability to invest alongside clients and ideas: • Growth equity & venture capital Equity • Minority & control equity • Real estate Connecting ideas and capital PRINCIPAL 34 54#35Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and partners to realise opportunity; develops and invests in infrastructure and energy projects Net Profit Contribution¹ ($Am) Income by region² Regulatory capital ($A4.2b)³ 2% 2% 5% 2,000 1,774 1,500 1,000 500 1,521 41% 651 763 801 FY19 FY20 FY21 FY22 FY23 (500) 1H 2H 22% 25% 12% ■Australia Asia EMEA Americas 12% 14% 14% Infrastructure Real Estate ■Energy 50% Other ■Technology Digital Infrastructure ■Debt 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 5 May 23. 2. Income by region reflects FY23 net operating income excluding internal management revenue/(charge). 3. As at 31 Mar 23. O Macquarie Group Limited 35 55#36Overview of Macquarie Operating Groups Consistently strong principal investment % performance Our private credit portfolio drives recurring revenue, while we benefit from the diversity of strong realisations on our equity portfolio. • Our sector expertise and relationships with financial sponsors allow us to leverage our principal capabilities to provide total solutions to clients • Growth in our private credit portfolio provides a predictable revenue base through net interest margin Our investing experience continues to deliver attractive realisations on our equity investments $A20.6b Global Principal Portfolio¹ 1Q24 Update Private Credit <0.3% Average annual realised loss rate since portfolio inception² S Corporate Credit 8%+ Aggregate lifetime asset IRR on private credit portfolio³ Outlook 归 ~24% Appendix Equity Aggregate lifetime equity IRR4 2-3 years Average hold period on equity investments5 晶 Real Estate Infrastructure Real Estate Private Equity Growth & Technology Venture Capital Global Credit Portfolio by sector¹ Consumer Infrastructure TMT Industrials Healthcare Services FIG Real estate • Focus on core sub- sectors, such as: . TMT, predominately tech enabled software and services FIG, predominately insurance brokers Aggregate IRR (%) by investment vintage4 Fully realised equity deals since FY01 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 ~24% Lifetime IRR Equity By type Credit Europe O Macquarie Group Limited APAC Americas By region In its 14+ years since inception, our Principal Finance credit portfolio has averaged <0.3% in annual losses supported by predominately senior secured positions Yield-focus drives strong revenues with our risk management expertise minimising losses and enhancing returns Over the past 20+ years, we have used our principal investing expertise to build businesses and deliver consistent returns across our equity strategies The average hold period during the time was between 2 to 3 years, with a diversified range of investment strategies from tech investing to infrastructure development and real estate5 1. Commitments as at 31 Dec 22. 2. Volume-weighted annual average as at 31 Dec 22. 3. Volume-weighted cumulative IRR to 31 Dec 22. 4. Volume weighted cumulative IRR for fully realised equity investments to 31 Dec 22, including Green Investment Group transactions realised prior to 1 Apr 22. Presented in $A based on realised deals over $US5m up to 1H23. The figures do not include the payment of any fees, carry or costs incurred by Macquarie Capital in relation to the investment (such as due diligence costs). As returns are presented only for fully realised deals, more recent years show returns above trend due to their shorter term duration and a larger deployment yet to be realised. 5. For fully realised equity deals weighted by size and on a cash basis. 36#3703 1Q24 Update#38Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix 1Q24 Overview End PEN Weaker trading conditions with 1Q24 Operating Group contribution substantially down on the prior corresponding period (pcp) (1Q23) • Macquarie's annuity-style businesses (MAM and BFS) combined 1Q24 net profit contribution¹ substantially down on pcp. This was primarily due to lower investment-related income from green energy investments in MAM. In BFS, contribution was significantly up on the pcp driven by growth in the loan portfolio and BFS deposits together with improved margins • Macquarie's markets-facing businesses (CGM and Macquarie Capital) combined 1Q24 net profit contribution¹ substantially down on pcp primarily due to the strong results across the Commodities platform in CGM in the pcp. Macquarie Capital saw lower investment-related income on the pcp with fewer material asset realisations partially offset by an increase in income from the private credit portfolio, and fee and commission income down on the pcp 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. O Macquarie Group Limited st.george 38#39Overview of Macquarie 1Q24 Overview Annuity-style businesses Macquarie Asset Management Operating Groups 1Q24 Update Outlook Appendix Banking and Financial Services ~23% FY23 contribution¹ AUM² of $A864.2b at 30 Jun 23, broadly in line with Mar 23 Private Markets: $A326.8b in AUM², down 3% on Mar 23 primarily driven by cessation of co-investors management rights on a specific asset • Private Markets: $A204.0b in EUM2,3, $A2.1b in new equity raised; $A4.8b of equity invested; $A0.7b equity divested in 1Q24; $A31.9b of equity to deploy at Jun 23 • Public Investments: $A537.4b in AUM², up slightly on Mar 23, primarily driven by market movements, partially offset by net flows • Public Investments: Strong fund performance, with 72% of assets under management outperforming their respective 3-year benchmarks² ~12% FY23 contribution¹ • Home loan portfolio of $A109.8b at Jun 23, up 2% on Mar 23 • Business Banking loan portfolio of $A14.1b at Jun 23, up 8% on Mar 23 • BFS deposits of $A128.7b at Jun 23, down 1% on Mar 23 • Funds on platform of $A127.8b at Jun 23, up 4% on Mar 23 • Car loan portfolio of $A5.6b at Jun 23, down 8% on Mar 23 1. Based on FY23 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. As at 30 Jun 23. 3. 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. 4. BFS deposits include home loan offset accounts and exclude corporate/wholesale deposits. O Macquarie Group Limited 39#40Overview of Macquarie 1Q24 Overview Markets-facing businesses Commodities and Global Markets Operating Groups 1Q24 Update Outlook Appendix Macquarie Capital ~57% FY23 contribution1 Commodities: performance significantly down on prior corresponding period, largely driven by reduced trading activity across Gas and Power. Underlying client hedging activity remained resilient with lower volatility and prices Financial Markets: strong client activity particularly in foreign exchange, fixed income and futures . Asset Finance: consistent balance sheet deployment contributing to annuity revenues from the Technology, Media and Telecoms, Energy and Shipping Finance sectors Named Oil and Products House of the Year2 as well as Electricity House of the Year² and Commodities Research House of the Year² ~8% FY23 contribution¹ • 67 transactions valued at $A85b completed globally³, slightly down on pcp Fee revenue down on pcp. Investment-related income down on pcp, primarily driven by fewer material realisations, partially offset by an increase in credit portfolio net interest income Notable deals: - - Financial adviser to Oz Minerals Limited in relation to its $A9.8b acquisition by BHP Group Limited Exclusive financial adviser to JELD-WEN, on the cross-border sale of its Australasia business for ~$A688m to Platinum Equity Financial adviser to DIF Capital Partners, on a majority equity interest acquisition in Green Street Power Partners Joint global coordinator, joint bookrunner, domestic underwriter, and international selling agent on PT Merdeka Battery Materials Tbk's ~$A920m4 IPO on the Indonesian Stock Exchange Completed an equity co-investment in StoneRidge Insurance Brokers and providing incremental debt financing Led series B funding to Hyro, a healthcare sector provider of conversational Al and automation software Private Credit portfolio of over $A19b5, with more than $A1.2b deployed in 1Q24 through focused investment in credit markets and bespoke financing solutions Equities Research achieved top level rankings in Institutional Investor's 2023 Asia-Pacific (ex- Japan) Regional/Local Broker Rankings6 1. Based on FY23 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Energy Risk Awards 23. 3. 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 and not an attributed value. 4. AUDe at the time of deal announcement. 5. Committed portfolio as at Jun 23. 6. Top 3 in 8 countries with No. 1 in ANZ at firm level supported by 29 ranked analysts. O Macquarie Group Limited 40#41Overview of Macquarie Operating Groups 1Q24 Update Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 23 330 $Ab 30 Jun 23 330 $Ab Outlook Appendix 300 300 ST wholesale issued paper 10% ST wholesale issued paper 10% 270 Other debt maturing in the next 12 months 16% 270 Cash and liquid assets 28% Other debt maturing in the next 12 months 18% Cash and liquid assets 27% 240 240 Total customer deposits5 $A133.9b Flat 210 210 Trading assets 14% Trading assets 13% Customer deposits 43% ON MAR 23 Customer deposits 44% 180 180 Other loan assets (incl. op lease) Other loan assets (incl. op lease) < 1 year 5% < 1 year 5% 150 150 120 120 Home loans 35% Home loans 36% 90 Debt maturing beyond 90 12 months 228% Debt maturing beyond Term funding raised $A2.9b 12 months 2 26% 60 60 60 60 Other loan assets (incl. op lease) 30 > 1 year ³ 14% 30 Equity and hybrids 13% Equity and hybrids 12% 0 Funding sources Equity investments and PPE 4 4% Funded assets 0 Funding sources 30 Other loan assets (incl. op lease) > 1 year ³ 15% Equity investments and PPE 44% Funded assets Since MAR 23 These charts represent Macquarie's funded balance sheets at the respective dates noted above. The funded balance sheet is a simple representation of Macquarie's funding requirements once accounting related gross-ups and self-funded assets have been netted down from the statement of financial position. The funded balance sheet is not a liquidity risk management tool, as it does not consider the granular liquidity profiling of all on and off-balance sheet components considered in both Macquarie's internal liquidity framework and the regulatory liquidity metrics. 1. Other debt maturing in the next 12 months includes Secured funding (including RBA TFF), Bonds, Unsecured loans, Structured notes and Net trade creditors. 2. Debt maturing beyond 12 months includes Subordinated debt, Structured notes, Secured funding (including RBA TFF as at Mar 23), Bonds and Unsecured loans not maturing within next 12 months. 3. Other loan assets (incl. op lease) >1 year includes Debt investments. 4. Equity investments and PPE includes Macquarie's co-investments in Macquarie-managed funds and other equity investments. 5. Total customer deposits as per the funded balance sheet ($A133.9b) differs from total deposits as per the statutory balance sheet ($A134.1b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 6. 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 1Q24 Update Outlook Appendix Capital management update Group capital position at Jun 23 • APRA Basel III Group capital surplus of $A10.8b1,2. Reduction in surplus of $A1.8b from Mar 23 predominantly driven by the 2H23 dividend and FY23 MEREP awards, partially offset by 1Q24 net profit after tax. • APRA Basel III Level 2 CET1 ratio of 13.6%; Harmonised Basel III Level 2 CET1 ratio: 18.1%³. Dividend Reinvestment Plan (DRP) • On 4 Jul 23, the DRP in respect of the 2H23 dividend was satisfied through the allocation of 1,319,291 ordinary shares at a price of $A176.37 per share4. The shares allocated under the DRP were acquired on- market. Macquarie Group Employee Retained Equity Plan (MEREP) • On 22 Jun 23, the acquisition of ordinary shares pursuant to the Macquarie Group Employee Retained Equity Plan (MEREP) was completed. A total of $A1,028m5 of shares were purchased at a weighted average price of $A179.17 per share. Credit rating upgrade • On 2 Jun 23, Moody's Investor Services (Moody's) upgraded Macquarie Group Limited's rating to A2 from A3 and Macquarie Bank Limited's rating to A1 from A26. 1. The Group capital surplus is the amount of capital above APRA regulatory requirements. Bank Group regulatory requirements are calculated in accordance with Prudential Standard APS 110 - Capital Adequacy, at 10.25% of RWA. This includes the industry minimum Tier 1 requirement of 6.0%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Jun 23 is 0.63%, this is rounded to 0.5% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end. 2. The surplus reported includes provisions for internal capital buffers and differences between Level 1 and Level 2 requirements, including the $A500m operational capital overlay imposed by APRA. 3. 'Harmonised' Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS and so impacts shown are indicative only. 4. The DRP price was determined in accordance with the DRP Rules and is the arithmetic average of the daily volume-weighted average price of all Macquarie Group shares sold through a Normal Trade on the ASX automated trading system over the five trading days from 22 May 23 to 26 May 23. 5. Comprising $A446m off-market and $A582m on-market purchases. 6. Long-term issuer credit rating. O Macquarie Group Limited 42#43Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Business capital requirements¹ 1Q24 business capital requirements excluding FX remain largely unchanged 29.0 27.0 0.1 0.1 $A25.0b 25.0 23.0 21.0 19.0 17.0 15.0 (1.3) 0.1 0.2 (0.2) Broadly offset by FCTR² $A1.4b increase over 2H233³ 2.4 $A26.4b 0.0 0.1 (0.3) 0.3 0.1 $A26.5b (0.1) Broadly offset by FCTR² $A0.1b increase over 1Q24 13.0 Sep-22 MAM BFS CGM MacCap Corp FX Regulatory Changes Mar-23 MAM BFS CGM MacCap Corp FX Jun-23 1. Regulatory capital requirements are calculated at 10.25% of RWA in accordance with Prudential Standard APS 110 - Capital Adequacy which came into effect on 1 Jan 23. Capital requirements for Sep 22 remain at 8.5% of RWA. 2. The FCTR reserve forms part of capital supply and broadly offsets FX movements in capital requirements. 3. 2H23 business capital requirement reduced by $A0.8b excluding FX movements and regulatory changes. 4. Relates to APRA's new UQS Bank Capital Framework which came into effect from 1 Jan 23. O Macquarie Group Limited 1Q24 Key drivers BFS • Growth in home loans and business banking CGM • Reduction in credit risk capital driven by lower commodity prices and exposures Macquarie Capital Increase due to equity and private credit deployment 43#44Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Strong regulatory ratios. Bank Group Level 2 Ratios (Jun 23) 20.0% 18.1% 16.0% 8.0% 250% 250% 200% 211% 200% 5.9% 6.0% 150% 13.6% 5.2% 12.0% 4.0% 8.0% 4.0% 0.0% CET1 ratio 2.0% 0.0% Leverage ratio Bank Group (Harmonised³) 100% 50% 0% LCR² Bank Group (APRA) 150% 115% 100% 50% 0% NSFR² APRA Basel III minimum4 1. Average LCR for Jun 23 quarter is based on an average of daily observations. 2. 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. 3. 'Harmonised' Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS and so impacts shown are indicative only. 4. The minimum requirement for the CET1 ratio in accordance with the Prudential Standard APS 110 - Capital Adequacy (APS 110) is 8.75% which includes the industry minimum CET1 requirement of 4.5%, CCB of 3.75% and a CCyB. The CCyB of the Bank Group at Jun 23 is 0.63%, which is rounded to 0.5% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end. The minimum leverage ratio requirement is 3.5% per APS 110. The minimum requirement for LCR and NSFR is 100% per Prudential Standard APS 210 Liquidity. O Macquarie Group Limited 44#45Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Regulatory update Australia APRA has finalised or is in the process of implementing changes to a number of prudential standards. Macquarie notes the following key updates: APRA's revised bank capital framework (UQS), came into effect from 1 Jan 231 with the first reporting date of 31 Mar 23. • • • • . • On 24 Oct 22, APRA advised it will undertake a review of the prudential framework for groups² including those that have a NOHC³ in their structure, such as Macquarie Group. The review will commence with a Discussion Paper in 2023 to seek industry feedback on five key topics related to groups: financial resilience, governance, risk management, resolution and competition issues. APRA expects to consult on any revisions to the relevant standards over 2024, with any changes effective from 2025 onward. On 28 Nov 22, APRA released for consultation additional proposed revisions to Prudential Standard APS 117 - Capital Adequacy: Interest Rate Risk in the Banking Book (IRRBB) (APS 117), to be finalised mid-2023 and implemented 1 Jan 254. The revisions aim to simplify the IRRBB framework, reduce volatility in the IRRBB capital charge and create better incentives for managing IRRBB risk. Following finalisation of APS 117 APRA will consult on revisions to APS 116 Market Risk and APS 180 Counterparty Credit Risk in 2024 with effective dates delayed to 20265. On 9 Dec 22, APRA released the final version of the new Prudential Standard APS 330 Public Disclosure (APS 330)6. The updates to APS 330 are to align Pillar 3 disclosures with international standards for public disclosure as set by the Basel Committee. The final APS 330 comes into effect on 1 Jan 25. On 18 May 23, APRA finalised new requirements and guidance aimed at strengthening the crisis preparedness of APRA-regulated entities7. APRA released the final versions of Prudential Standard CPS 900 Resolution Planning (CPS 900), along with its accompanying Prudential Practice Guide CPG 900 Resolution Planning, and CPG 190 Recovery and Exit Planning, which supports Prudential Standard CPS 190 Recovery and Exit Planning (CPS 190) published on 1 Dec 22. Both CPS 190 and CPS 900 come into effect from 1 Jan 24. On 17 Jul 23, APRA released the final version of the new Prudential Standard CPS 230 Operational Risk Management (CPS 230) along with the draft Prudential Practice Guide CPG 230 Operational Risk Management. The revised standards aim to strengthen operational risk management enabling better response to business disruptions. CPS 230 comes into effect on 1 Jul 25. • Macquarie has been working with APRA on a remediation plan that strengthens MBL's governance, culture, structure and remuneration to ensure full and ongoing compliance with prudential standards. The changes under the plan, on which we will continue to deliver through 2023 and beyond, will have a positive impact on MBL through improved systems, frameworks, processes, and further strengthen its risk culture. Germany The ongoing, industry-wide investigation in Germany relating to dividend trading has progressed in recent months. Nearly a dozen criminal trials related to cum-ex have been or are being prosecuted against individuals in German courts and there have been convictions. Under German law, companies cannot be criminally prosecuted, but they can be added as ancillary parties to the trials of certain individuals. Ancillary parties may be subject to confiscation orders requiring the disgorgement of profits. Macquarie has provided for German dividend trading matters. 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 and there are a number of civil claims against Macquarie. Macquarie has been responding to requests for information about its historical activities and expects former and current Macquarie employees to participate in interviews with German authorities over the coming months. 1. 'APRA finalises new bank capital framework designed to strengthen financial system resilience'; 29 Nov 21. 2. 'APRA releases letter on a review of the prudential framework for groups'; 24 Oct 22. 3. Non-Operating Holding Company. 4. 'Revisions to the capital framework for authorised deposit-taking institutions'; 28 Nov 22. 5. 'APRA releases policy and supervision priorities for 2023'; 2 Feb 23. 6. 'APRA releases final prudential standard on public disclosure requirements for authorised deposit-taking institutions'; 9 Dec 22. 7. 'APRA finalises reforms aimed at strengthening recovery and resolution planning'; 18 May 23. 8. 'APRA finalises new prudential standard on operational risk'; 17 July 23. O Macquarie Group Limited 45#460410 Outlook#47Overview of Macquarie Operating Groups 1Q24 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 Net Other Operating Income¹ substantially down mainly due to lower investment- related income from green energy investments, with asset realisations predominately expected in 2H24 Markets-facing businesses Macquarie Capital (MacCap) Subject to market conditions: • Transaction activity is expected to be up on a challenging FY23 Investment-related income expected to be broadly in line with FY23, with increased revenue from growth in the private credit portfolio, offset by lower revenue due to the timing of asset realisations Continued balance sheet deployment in both debt and equity investments Banking Group Banking and Financial Services (BFS) • Growth in loan portfolio, deposits and platform volumes Market dynamics to continue to drive margins • Ongoing monitoring of provisioning • Higher expenses to support volume growth, technology investment, compliance and regulatory requirements • Corporate • Compensation ratio expected to be broadly in line with historical levels Commodities and Global Markets² (CGM) Subject to market conditions, which make forecasting difficult: • Commodities income benefitted from exceptionally strong trading conditions in FY23. Commodities income is expected to be broadly in line with the prior 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 . The FY24 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. 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 47#48Overview of Macquarie Operating Groups 1Q24 Update TK-302 BEWARE OF PROPELLER Outlook Appendix Short-term outlook The range of factors that may influence our short-term outlook include: • Market conditions including: global economic conditions, inflation and interest rates, significant volatility events, 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 48#49Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term with its diverse business mix across annuity-style and markets-facing businesses Deep expertise across diverse sectors in major markets with structural growth tailwinds • Customer focussed digital bank • Private Markets and Public Investments • Commodities, Financial Markets and Asset Finance • Specialist advice, capital solutions and investment Patient adjacent growth across new products and new markets Ongoing technology and regulatory spend to support the Group Strong and conservative balance sheet • Well-matched funding profile with short-term wholesale funding covered by short-term assets and cash and liquid assets • Surplus funding and capital available to support growth Proven risk management framework and culture Empowering people to innovate and invest for a better future 49 49#50Overview of Macquarie Medium term Operating Groups 1Q24 Update Outlook Appendix Annuity-style businesses Non-Banking Group Macquarie Asset Management (MAM) 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 Well-positioned to respond to changes in market conditions • Well-positioned to respond to current market conditions and grow assets under management through its diversified product offering, track record and experienced investment teams • • 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 60 50#5105 Appendix A Select slides from Macquarie's result announcement for the full year ended 31 March 2023#52Overview of Macquarie Operating Groups Income statement key drivers 1Q24 Update 2H23 1H23 FY23 FY22 $Am $Am $Am $Am • Net interest and trading income 6,313 4,210 10,523 6,856 Fee and commission income 3,526 3,032 6,558 6,887 Share of net (losses)/profits from (52) (61) (113) 240 associates and joint ventures Net credit impairment charges (213) (175) (388) (250) • Net other impairment 45 (111) (66) (259) reversals/(charges) · Investment income 588 1,549 2,137 3,291 Other income and charges 274 197 471 559 Net operating income 10,481 8,641 19,122 17,324 Employment expenses (4,090) (3,613) (7,703) (6,725) Brokerage, commission and fee • (511) (517) (1,028) (1,029) expenses Other operating expenses (1,916) (1,483) (3,399) (3,031) • • Total operating expenses (6,517) (5,613) (12,130) (10,785) • Operating profit before tax and 3,964 3,028 6,992 6,539 • non-controlling interests • • Income tax expense (1,089) (735) (1,824) (1,586) Loss/(Profit) attributable to non- 2 12 14 controlling interests (247) • • Profit attributable to MGL 2,877 2,305 5,182 4,706 shareholders O Macquarie Group Limited Outlook Appendix Net interest and trading income of $A10,523m, up 53% on FY22 • Increased inventory management and trading income driven by trading gains from regional supply and demand imbalances primarily in North American Gas and Power markets in CGM Increased risk management revenue reflecting strong contributions across the platform, particularly from Gas and Power, Global Oil and Resources in CGM Growth in the average loan portfolio and deposit volumes, and improved margins from the rising interest rate environment in BFS Fee and commission income of $A6,558m, down 5% on FY22 • • Lower mergers and acquisitions fee income on a strong prior year and lower capital markets fee income due to weaker market activity in Macquarie Capital Significant disposition fee income relating to MIC in the prior year in MAM Lower base fees in Public Investments driven by negative market movements and outflows in equity funds, partially offset by acquisitions in the prior year and foreign exchange movements in MAM Partially offset by: • Higher performance fees in MAM Higher base fees in Private Markets due to fund raising and investments made by Private Markets-managed funds and mandates in MAM Share of net losses from associates and joint ventures of $A113m, significantly down from FY22 • Significant equity accounted income from MIC and higher revaluation gains on underlying assets in the prior year in MAM Changes in the composition and performance of Macquarie Capital's investment portfolio Credit and other impairment charges of $A454m, down 11% on FY22 Lower other impairment charges recognised on a small number of underperforming equity investments in the current year in MAM and Macquarie Capital Partially offset by: Higher net credit impairment charges due to deterioration in the macroeconomic outlook Release of COVID-19 overlays in the prior year An impairment reversal related to MAM's investment in MIC in the prior year Investment income of $A2,137m, down 35% on FY22 due to Lower gains on asset realisations in the green energy sector in MAM Non-recurrence of a gain on the partial sale of the UK Meters portfolio of assets in the prior year in CGM Negative revaluation on equity investments and fewer material asset realisations in the current year in Macquarie Capital Total operating expenses of $A12,130m, up 12% on FY22 Higher salary and related expenses due to higher average headcount and wage inflation Higher profit share expense and share-based payments expense mainly as a result of the performance of the Group Partially offset by: • One-off acquisition expenses incurred in the prior year in MAM 52 529#53Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Asset Management Decrease driven by income related to the disposition of MIC assets in prior year and lower investment-related and other income due to asset realisations in the green energy sector, partially offset by higher performance fees Base Fees $A11m 298 $Am 4,000 3,500 165 3,000 2,500 2,000 1,500 3,029 1,000 500 (154) (456) (577) FY22 NPC Private Markets Base Fees Public Investments Base Fees Performance fees Investment- related and other income¹ MIC² 2 252 Acquisitions & Integration expenses³ (215) 2,342 Operating expenses FY23 NPC 1. Investment-related income includes net income on equity, debt and other investments, share of net profits/(losses) of associates and joint ventures, credit and other impairment (charges)/reversals. 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 (MIC) include Investment-related and other income, which is excluded from total MAM Investment-related and other income. 3. Acquisition and integration expenses (Waddell & Reed Financial, AMP Capital's public investments business and Central Park Group) included the net impact excluded from operating expenses. O Macquarie Group Limited Appendix Key drivers • Higher Private Markets base fees due to fund raising and investments made by Private Markets-managed funds and mandates and foreign exchange movements, partially offset by asset realisations in Private Markets-managed funds • Lower Public Investments base fees • primarily due to negative market movements and outflows in Public Investments equity funds, partially offset by Public Investments acquisitions in the prior year and foreign exchange movements Current year includes performance fees from Macquarie Infrastructure Partners (MIP) III, Macquarie European Infrastructure Fund (MEIF) 4, Macquarie Korea Opportunities Fund (MKOF) 3 and other Private Markets-managed funds, managed accounts and co-investors • Lower investment-related and other income primarily due to lower gains on asset realisations in the green energy sector Macquarie Infrastructure Corporation (MIC) income included recognition of the disposition fee and equity accounted income, as well as impairment reversal in the prior year Higher acquisition and integration expenses incurred in prior year primarily on acquisition of Waddell & Reed Financial Higher operating expenses, primarily driven by higher employment costs, investment in technology and foreign exchange movements 55 53#54Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix MAM AUM movement Increase due to investments made by Private Markets-managed funds and foreign exchange movements, partially offset by market movements in Public Investments Private Markets 78.4 Public Investments (0.6) $Ab 900 21.8 14.8 42.0 16.2 MAM 793.0 (19.8) 800 (10.0) (16.4) (6.4) 700 Private Markets 257.9 600 500 400 Public 300 Investments 535.1 200 100 31 Mar 22 Investments Divestments¹ Net Valuation Changes² Equity to Deploy Movements 39.7 MAM 870.8 (4.1) Private Markets 336.3 Public Investments 534.5 Private Markets FX Market Movements Net Flows Contractual Insurance Assets Public Investments FX Other³ 31 Mar 23 Note: 31 Mar 22 AUM has been restated to include equity yet to deploy. 1. Divestments include assets no longer managed. 2. Net valuation changes include net movements in unlisted valuations of portfolio assets, post distributions paid in the period, and listed share price movements. 3. Other includes divestitures and fund liquidations. O Macquarie Group Limited 54#55Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Banking and Financial Services Growth in the loan portfolio and BFS deposits, together with improved margins, benefitting all channels, partially offset by higher expenses and credit impairments $Am 1,800 1,600 184 1,400 206 1,200 1,000 800 600 1,001 400 200 191 (56) (281) (44) 1,201 Key drivers ● Higher Personal Banking income driven by above system growth of 31% in average home loan volumes, albeit volumes slowing over the year Higher Business Banking income driven by 11% growth in average business lending volumes and 6% growth in average deposit volumes and improved margins from the rising interest rate environment. These were partly offset by lower income from car loans following the sale of the dealer finance business Higher Wealth income driven by 13% growth in average deposit volumes, improved margins due to the benefits from the rising rate environment and 3% growth in average funds on platform driven by client net flows Higher credit impairment charges due to deterioration in the macroeconomic outlook and release of COVID-19 overlays in the prior year Higher expenses due to increased technology investment, additional headcount to support business growth, and compliance and regulatory initiatives FY22 NPC Personal Banking Business 1 1 Wealth Banking Management 1 Credit & other impairments Expenses Other FY23 NPC 1. Includes brokerage, commission and fee expenses. O Macquarie Group Limited 55 55#56Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Banking and Financial Services Strong growth across home loans, deposits, funds on platform and business banking loans $Ab 140 120 100 80 60 60 60 52.1 40 40 20 67.0 89.5 108.1 63.9 80.7 98.0 129.4 79.1 $Ab 14 123.1 118.6 12 101.4 13.7 13.0 11.5 10.2 10 9.0 8 6 4 2 11.5 8.8 Business Banking loans Car Loans Home loans BFS deposits Funds on platforms 31 Mar 20 31 Mar 21 31 Mar 22 31 Mar 23 Note: Data based on spot volumes at period end. O Macquarie Group Limited 6.1 56#57Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Commodities and Global Markets Strong underlying client business which benefitted from elevated volatility levels $Am Commodities $A2,719m 8,000 7,000 6,000 125 1,018 5,000 4,000 3,000 2,000 3,911 1,000 1,576 114 38 FY22 NPC Risk management Lending and financing Inventory Financial management Markets and trading 2 Asset Finance³ 1 117 (450) (442) Investment and other income4 6,007 Operating expenses Other FY23 NPC Key drivers • Commodities up substantially on FY22 • • - - Strong Risk Management revenue across the platform particularly in Gas and Power, Global Oil and Resources driven by increased client hedging and trading activity as a result of elevated volatility and price movements in commodity markets Lending and Financing up on FY22 due to increased activity and margins across energy sectors Inventory management and trading increased substantially driven by trading gains from regional supply and demand imbalances primarily in North American Gas and Power markets Financial Markets up on FY22 due to increased client hedging activity across foreign exchange, interest rate, and credit products in addition to increased revenues from financing activity Asset Finance up on FY22 due to increased volumes in the resources sector Investment and other income down primarily due to the gain on the partial sale of UK Meters portfolio of assets in FY22 Increased Operating expenses driven by higher expenditure on technology platform and infrastructure, increased compliance and regulatory spend and higher employment costs Other up on FY22 primarily due to higher fee income in Futures 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, net operating lease income and excludes the impact of the gain on the partial sale of UK Meters portfolio of assets in the prior year. 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 57 57#58Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Gas market movements Elevated volatility levels experienced in global gas markets since 2H22 have largely abated in 4Q23 European Gas Prices¹ Dutch TTF US Gas Prices¹ Henry Hub FY20 to FY21 1.20 Day Simple Moving Average of 1 Day Price Volatility. Source: Bloomberg for TZT1 Comdty and NG1 Comdty. For the period 30 Sep 19 to 31 Mar 23. O Macquarie Group Limited لسلہ FY22 1H23 3Q23 4Q23 58#59Overview of Macquarie Operating Groups 1Q24 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) Underlying client business¹ • FY 19 FY 20 Other Income Equities derivatives and trading FY 21 FY 22 FY 23 Foreign exchange, interest rates and credit Brokerage and fee income Commodity lending and financing Investment income Leasing (operating and finance) income Commodity risk management Commodity inventory management and trading 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 Mar 19 Mar 20 Mar 21 Commodities Mar 22 Mar 23 Financial markets and Futures Client-led business with deep longstanding client relationships: Diverse and growing client base Strong repeat client business with ~80% of client revenue generated from existing relationships Client relationships spread over a full spectrum of products and services 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. 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 59#60Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Underlying client activity driving regulatory capital and trading revenues Regulatory capital (normalised) 1 Group Daily trading profit and loss² FY19 - FY23 ($Am) Mar 19 Mar 20 Credit Market Mar 21 Mar 22 Mar 23 Operational Other Days 120 100 80 60 40 20 <-100 | 06-> <-80 <-70 09-> FY19 <-50 <-40 <-30 <-20 <-10 <0 0< >10 >20 >30 >40 >50 • 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 • Unprecedented and extreme market volatility resulted in increased client activity and trading opportunities - More large daily gains in FY23 while large daily losses remain low reflective of robust risk management framework FY20 FY21 FY22 FY23 09< >70 >80 >90 90 >100 $Am 1. Mar 23 includes the impact of APRA's new "Unquestionably Strong" bank capital framework which came into effect from 1 Jan 23. Implementation of UQS resulted in an increase in CGM capital requirements, largely on account of higher regulatory buffers, along with RWA calculation changes. All periods are normalised for FX (31 Mar 23) and shown at the post-UQS 10.25% of RWA. Prior periods have not been normalised for RWA calculation changes, including the implementation of the Standardised Measurement Approach to Operational Risk. 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 60#61Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Capital Result reflects lower fee and commission and investment- related income, and higher operating expenses, partially offset by higher net income from the private credit portfolio $Am 1,600 1,400 1,200 1,000 (512) 800 (137) 1,521 600 (186) 400 200 115 801 Appendix Key drivers • · Lower fee and commission income driven by: Lower mergers and acquisitions fee income, which decreased 24% on a strong prior year, across all regions Lower capital markets fee income and brokerage income due to weaker market activity Lower investment-related income primarily driven by: Negative revaluations on equity investments reflecting market movements, particularly in the technology sector Higher mark-to-market losses on certain debt underwriting positions related to deterioration in macroeconomic conditions experienced in 1H23 Fewer material asset realisations compared to the prior year, particularly in Europe and ANZ Partially offset by: Lower impairment charges recognised on a small number of underperforming equity investments Higher operating expenses predominantly driven by higher employment costs, increased compliance and regulatory spend and higher expenditure on technology platform and infrastructure FY23 NPC • Higher net interest income from the private credit portfolio, up 37% on prior year, benefitting from $A5.1 billion of growth in average drawn loan assets Partially offset by: FY22 NPC Fee and commission income Investment-related Operating expenses income1 Net income on private credit portfolio² 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/(charge) and non-controlling interests and excludes net income on the private credit portfolio. 2. Represents the interest earned, net of associated funding costs and net credit impairment charges (including origination ECL) on the private credit portfolio. O Macquarie Group Limited Higher credit impairment charges on the portfolio including origination ECL and impairments on a small number of underperforming credits 61#62Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Capital Movement in capital 6.0 $Ab 5.0 4.0 3.6 30 3.0 2.0 10 1.0 1.4 (0.9) 0.1 4.2 0.1 Realisations FX Technology Debt 31 Mar 22 Investments Other Real Estate Infrastructure Digital Infrastructure 1. Exposures shown follow the economic capital adequacy methodology which is inclusive of off-balance sheet commitments. O Macquarie Group Limited 31 Mar 23 Energy Private Credit capital sector exposures¹ 14% 6% 9% 14% 15% 26% 16% Software and Tech Enabled Education B2B Real Estate Financial and Insurance Services Healthcare Diversified Industries 62 62#63Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Regulatory compliance and technology spend Total compliance spend¹ $A1,043m up 33% on FY22 and total technology spend² up 26% on FY22 Regulatory compliance spend Regulatory change spend Regulatory project spend BAU regulatory compliance spend Total regulatory compliance spend Technology spend Total technology spend² FY23 $Am FY22 Regulatory compliance spend $Am $Am 180 156 1,200 187 102 1,000 676 527 800 1,043 785 545 600 496 435 400 FY23 FY22 $Am $Am 200 1,977 1,569 +19% CAGR 1,043 785 646 • 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 $A1,043m in FY23 (excluding indirect costs), up 33% on FY22 Regulatory change spend increased 15% from FY22 as a result of new and ongoing regulatory change projects arising from changes in regulation FY18 FY19 FY20 FY21 FY22 FY23 Regulatory oversight Regulatory change spend Technology spend² $Am 2,500 • • • Regulatory project spend increased 83% from FY22 as a result of a number of Technology projects. This includes work on end-to-end capital and liquidity transformation and ongoing remediation projects Business as usual (BAU) spend increased 28% from FY22 driven by regulatory projects being completed and moved to BAU functions, increased employment costs, together with increased expectations from the external environment including regulators globally The increase in total technology spend is due to continued growth in business driven initiatives to drive efficiencies and support revenue growth as well as the focus on regulatory and compliance initiatives 1. Excluding indirect costs. 2. Total technology spend across the Group includes spend related to regulatory compliance. It includes remuneration paid to staff in the technology division, spend with technology vendors including market data and software licences and maintenance. O Macquarie Group Limited +14% CAGR 2,000 1,500 1,333 1,977 1,569 1,373 1,186 1,009 1,000 500 FY18 FY19 FY20 FY21 FY22 FY23 Technology spend 63#64Overview of Macquarie Operating Groups 1Q24 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 33% to $A134.5b as at Mar 23 from $A101.5b as at Mar 22 • $A23.3b² of term funding raised during FY23: - $A12.5b of term wholesale issued paper comprising $A10.2b of senior unsecured debt and $A2.3b of subordinated unsecured debt - $A5.5b of securitisation issuance - $A2.5b refinance of secured trade finance facilities - $A1.1b of unsecured loan facilities - $A0.9b of covered bond issuance; and - $A0.8b of MCN6 Hybrid instrument issuance 1. Total customer deposits as per the funded balance sheet ($A134.5b) differs from total deposits as per the statutory balance sheet ($A134.7b). 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. O Macquarie Group Limited 64#65Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Diversified issuance strategy Term funding as at 31 Mar 23 - diversified by currency¹, tenor² and type Currency EUR 5% GBP 3% CHF 1% JPY 2% OTH 2% 0 USD 37% AUD 50% Tenor 1-2yrs 17% Securitisations >1yr 8% 0 >5yrs 49% Term Issuance and Maturity Profile 2-3yrs 12% 3-4yrs 6% 4-5yrs 8% Туре Unsecured loans 9% Senior unsecured 31% Private placement 6% Subordinated debt 6% Equity and hybrids 31% Securitisations 8% Other secured funding* 9% 4.9 years WAM6 of Term funding excluding TFF (4.4 years including TFF) $Ab 6 Mar 23: Weighted average maturity 4.9 years 70.0 Issuances³ Maturities5 60.0 50.0 40.0 30.0 20.0 10.0 FY19 FY20 FY21 FY224 FY23 <1yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs Unsecured debt Secured debt Subordinated debt Equity and hybrids O Macquarie Group Limited 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 23 spot rate. 4. Includes RBA TFF. 5. Maturities are shown as at 31 Mar 23. 6. WAM represents weighted average term to maturity of term funding maturing beyond one year excluding equity and securitisations. 99 65#66Overview of Macquarie Operating Groups 1Q24 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 1.8 million BFS clients, ~1.2 million are depositors • Further diversification of the deposit base through growth in transactions and savings accounts and retail term deposits, underpinned by CMA and business bank deposit platforms 140.0 $Ab 120.0 100.0 80.0 67.1 56.0 60.0 47.8 48.1 43.6 40.0 20.0 84.0 101.5 134.5 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 231 Composition of customer deposits 4% 16% Туре 1 58% 22% Transaction Term Deposits Savings Other² 5% 25% 41% Counterparty³ 29% Households Superannuation4 Non-Financial Businesses5 Institutions & Other 1. Total customer deposits include BFS deposits of $A129.4b and $A5.1b of corporate/wholesale deposits as at 31 Mar 23. 2. Includes corporate/wholesale deposits. 3. As at 31 Mar 23 for Total Residents Deposits on Australian books per APRA Monthly Authorised Deposit-Taking Institution Statistics (MADIS). 4. Predominately Self-Managed Super Funds. 5. Predominantly Private Enterprises and Trusts. O Macquarie Group Limited 99 66#67Overview of Macquarie Operating Groups 1Q24 Update Outlook Loan and lease portfolios¹ - funded balance sheet Operating Group Category Mar 23 Mar 22 Appendix $Ab $Ab Home loans 109.0 89.9 Business banking 12.9 11.4 BFS Car loans 6.0 8.7 Description Secured by residential property Loan portfolio secured largely by working capital, business cash flows and real property Secured by motor vehicles Other 0.4 0.4 Includes credit cards Total BFS2 128.3 110.4 Loans and finance lease assets 3.4 3.3 Operating lease assets 2.2 1.9 Asset finance 5.6 5.2 Predominantly secured by underlying financed assets Loan assets 3.3 2.7 Operating lease assets 1.0 0.7 CGM Resources and commodities 4.3 3.4 Foreign exchange, interest rate and credit 7.0 6.5 Other 0.1 0.3 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 Total CGM 17.0 15.4 Operating lease assets 1.1 0.9 Secured by underlying financed assets including transportation assets MAM Total MAM 1.1 0.9 Corporate and other lending 17.1 11.9 MacCap Diversified corporate and real estate lending portfolio, predominantly consisting of loans which are senior, secured, covenanted and with a hold to maturity horizon Total MacCap 17.1 11.9 Total loan and lease assets per funded balance sheet³ 163.5 138.6 1. Loan assets per the statutory balance sheet of $A158.6b at 31 Mar 23 ($A134.7b at 31 Mar 22) 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. Per the funded balance sheet, figures for home loans of $A109.0b, business banking of $A12.9b and car loans of $A6.0b differ from the figures disclosed on slide 15 of $A108.1b, $A13.0b and $A6.1b respectively. The balances on slide 15 excludes capitalised costs, provisions, deferred income, accrued interest, and establishment fees. 3. Total loan assets per funded balance sheet includes self-securitised assets. O Macquarie Group Limited 67#68Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Equity investments of $A9.6b1 Category Macquarie Asset Management Private Markets-managed funds Carrying value Carrying value Mar 23 $Ab Mar 22 $Ab Description 1.8 1.5 Investments acquired to seed new Private Markets- managed products and mandates 1.1 0.4 Other Macquarie-managed funds 0.5 0.3 Transport, industrial and infrastructure 1.7 Telecommunications, IT, media and entertainment 1.3 Includes investments in new core infrastructure and new real estate funds Includes investments acquired to seed new initiatives in the green energy sector, real estate and secondaries Includes investments in MAM Public Investments funds 1.3 Over 25 separate investments 1.2 Over 45 separate investments Green energy 1.4 1.6 Over 50 separate investments Conventional energy, resources and commodities 0.5 0.5 Over 40 separate investments Real estate investment, property and funds management 0.8 1.1 Over 20 separate investments Includes investments in fund managers, investment Finance, wealth management and exchanges 0.5 0.4 companies, securities exchanges and other corporations in the financial services industry Total equity investments 9.6 8.3 1. Equity investments include subsidiaries and certain other assets held for investment purposes. Equity investments per the statutory balance sheet of $A8.1b (Mar 22: $A6.4b) have been adjusted to reflect the total net exposure to Macquarie. Total funded equity investments of $A7.4b as at Mar 23 (Mar 22: $A6.3b). Equity investments includes Total interests in associates and joint ventures as per Note 14 of the Financial Report, and interests in associates classified as held for sale. O Macquarie Group Limited 68#69Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Approximate business Basel III Capital and ROE 31 Mar 23 Operating Group Annuity-style businesses Macquarie Asset Management Banking and Financial Services Markets-facing businesses APRA Basel III Capital @ 10.25% ($Ab) Approx. FY23 Return on Ordinary Equity¹ Approx. 17-year Average Return on Ordinary Equity² 11.1 5.8 18% 22% 5.3 13.6 Commodities and Global Markets 9.4 28% 17% Macquarie Capital 4.2 Corporate 1.7 Total regulatory capital requirement @ 10.25% 26.4 Group surplus 12.6 Total APRA Basel III capital supply 39.15 16.9% 14% Note: Differences in totals due to rounding. 1. NPAT used in the calculation of FY23 ROE is based on Operating Groups' annualised 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. 2. 17-year average covers FY07 to FY23, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 3. Comprising $A33.3b of ordinary equity and $A5.8b of hybrids. O Macquarie Group Limited 69#7005 Appendix B Detail result commentary#71Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Macquarie Asset Management Result • FY23 FY22 $Am $Am Base fees 2,782 2,771 Performance fees 692 394 Investment-related and other income¹ 1,491 Net credit and other impairment charges (14) 2,591 (99) Net operating income 4,951 5,657 • Brokerage, commission and fee expenses (399) (432) Other operating expenses (2,196) (2,199) • Total operating expenses (2,595) (2,631) Non-controlling interests Net profit contribution (14) 3 2,342 3,029 AUM ($Ab)² Private Markets EUM ($Ab) Headcount 870.8 793.0 205.8 2,509 158.3 2,674 . • Base fees of $A2,782m, broadly in line with FY22 with offsetting impacts across MAM Fund raising and investments by Private Markets-managed funds and mandates, Public Investments acquisitions in the prior year and foreign exchange movements These were primarily offset by negative market movements and outflows in Public Investments equity funds and asset realisations in Private Markets-managed funds Performance fees of $A692m, up on FY22 FY23 included performance fees from a range of funds including MIP III, MEIF4, MKOF3 and other Private Markets-managed funds, managed accounts and co-investors FY22 included performance fees from MIP III, MEIF4 and other Private Markets- managed funds, managed accounts and co-investors Investment-related and other income of $A1,491m, down on FY22 primarily driven by Significant equity accounted income and disposition fee from MIC in the prior year Lower gains on asset realisations in the green energy sector Credit and other impairment charges of $A14m, down on FY22. The prior year included impairment of underperforming equity investments in the green energy sector and a reversal of the impairment previously recognised on MAM's investment in MIC Total operating expenses of $A2,595m, broadly in line with FY22. A decrease primarily driven by higher one-off acquisition and integration expenses in the prior year primarily related to the acquisition of Waddell & Reed Financial. This was largely offset by higher employment costs, investment in technology and foreign exchange movements in the current year 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. 2. Private Markets AUM includes equity yet to deploy. Prior year Private Markets AUM has been restated to include equity yet to deploy as at 31 Mar 22. O Macquarie Group Limited 71#72Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Banking and Financial Services Result • FY23 FY22 $Am $Am Net interest and trading income¹ Fee and commission income 2,520 1,972 505 457 Wealth management fee income 341 304 Banking and lending fee income 164 153 Net credit and other impairment (charges)/reversals (34) 22 Other (expenses)/income² (30) 10 • Net operating income 2,961 2,461 Total operating expenses Net profit contribution Funds on platform ($Ab) Loan portfolio³ ($Ab) (1,760) (1,460) 1,201 1,001 • 123.1 118.6 127.7 110.2 BFS Deposits4 ($Ab) Headcount 129.4 98.0 3,820 3,359 Net interest and trading income of $A2,520m, up 28% on FY22 22% growth in the average loan portfolio and 31% growth in average BFS deposit volumes Margin improvement reflecting the benefit of a rising interest rate environment, partially offset by ongoing lending competition and changes in portfolio mix Fee and commission income of $A505m, up 11% on FY22 3% growth in average funds on platform resulting in higher administration fees, together with higher volume-driven lending fee income and a reclassification of platform related fee income previously reported as net interest income Net credit and other impairments of $A34m, compared to a reversal of $A22m in FY22 Higher net credit impairment charges due to deterioration in the macroeconomic outlook and release of COVID-19 overlays in the prior year Other expenses of $A30m in FY23 primarily due to revaluations of equity investments Total operating expenses of $A1,760m, up 21% on FY22 - Higher expenses driven by increased technology investment, additional headcount to support business growth, and compliance and regulatory initiatives Higher inflation environment reflected in remuneration increases 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 1Q24 Update Outlook Appendix Commodities and Global Markets Result FY23 FY22 $Am $Am Commodities 6,043 3,324 Risk management 3,051 2,033 Lending and financing 337 212 Inventory management and trading 2,655 1,079 Foreign exchange, interest rates and credit 1,025 888 Equities 371 394 • Commodities income of $A6,043m, up 82% on FY22; Risk management up 50% on a strong prior period with gains across the platform, particularly in Gas and Power, Global Oil and Resources driven by increased client hedging and trading activity as a result of elevated volatility and price movements in commodity markets Lending and commodity financing up 59% on FY22 due to increased activity and margins across energy sectors Inventory management and trading increased substantially, up 146% on FY22, driven by trading gains from regional supply and demand imbalances primarily in North American Gas and Power markets Foreign exchange, interest rates and credit income of $A1,025m, up 15% on FY22 due to continued strong client hedging in structured foreign exchange, interest rate, and credit products in addition to increased financing activity Equities income of $A371m, down 6% from $A394m in the prior year Asset Finance 122 126 • Asset Finance income of $A122m, materially in line with FY22 Net interest and trading income¹ 7,561 4,732 • Fee and commission income of $A617m, up 22% on FY22 due to higher fee income in Futures Fee and commission income 617 507 • Net operating lease income² 377 335 Net operating lease income of $A377m, up 13% on FY22 driven by contributions from the resource sector Investment and other income³ 219 670 • Net credit and other impairment charges (57) (65) • Net operating income 8,717 6,179 Brokerage, commission and fee expenses (415) (389) • Other operating expenses (2,295) (1,879) Total operating expenses (2,710) (2,268) • Investment and other income of $A219m, down significantly on FY22 due to the gains on the partial sale of UK Meters portfolio of assets in FY22 Net credit and other impairment charges decreased 12% on FY22 due to reduced specific provisions in the current year. The prior year included a partial release of COVID-19 overlays Brokerage, commission and fee expenses of $A415m, up 7% on FY22, driven by increased trading and hedging activities Other operating expenses of $A2,295m, up 22% on FY22 driven by higher expenditure on technology platform and infrastructure, increased compliance and regulatory spend and higher employment costs Net profit contribution Headcount 6,007 2,378 3,911 2,179 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 1Q24 Update Outlook Appendix Macquarie Capital Result . FY23 $Am FY22 $Am Net interest and trading income¹ 410 414 Fee and commission income 1,356 1,868 • Investment-related income² (ex non-controlling interests) 766 1,091 Net credit and other impairment charges (294) (362) Internal management (charge)/revenue³ (11) 29 Net operating income 2,227 3,040 Total operating expenses (1,456) (1,270) . Loss/(Profit) attributable to non-controlling interests 30 (249) Net profit contribution 801 1,521 • Capital markets activity4: Number of transactions Transactions value ($Ab) Headcount 306 $A338b 1,630 476 • $A457b 1,568 Net interest and trading income of $A410m, broadly in line with the prior year. Net interest income from the private credit portfolio was up 37% on prior year, and benefitted from $A5.1 billion of growth in average drawn loan assets. This was largely offset by higher mark- to-market losses on certain debt underwriting positions related to deterioration in macroeconomic conditions experienced in 1H23. Fee and commission income of $A1,356m, down 27% on FY22 driven by lower mergers and acquisitions fee income on a strong prior year and lower capital markets fee income and brokerage income due to weaker market activity Investment-related income of $A766m, down 30% on FY22 driven by negative revaluations on equity investments reflecting market movements, particularly in the technology sector. The decrease was also driven by fewer material asset realisations compared to the prior year, particularly in Europe and ANZ Net credit and other impairment charges of $A294m, down 19% on FY22. Primarily from lower impairment charges recognised on a small number of underperforming equity investments, partially offset by higher credit provisions in the current year Total operating expenses of $A1,456m, up 15% on FY22 was predominantly driven by higher employment costs, increased compliance and regulatory spend and higher expenditure on technology platform and infrastructure Loss attributable to non-controlling interests of $A30m, moved significantly due to the non-recurrence of gains attributable on disposal, paid in the prior year 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 (charge)/revenue allocations are eliminated on consolidation in the Group's statutory P&L. 4. Source: Dealogic and IJGlobal for Macquarie Group completed M&A, investments, ECM and DCM transactions converted as at the relevant report date. Deal values reflect the full transaction value and not an attributed value. Comparatives are presented as previously reported. O Macquarie Group Limited 74#7505 Appendix C Glossary#76Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Glossary $A / AUD $US/USD £ / GBP € / EUR CHF \/JPY Australian Dollar United States Dollar Pound Sterling Euro Swiss Franc CCB CCYB CET1 CGM CLF Japanese Yen CMA $NZ / NZD New Zealand Dollar CY 1H22 Half Year ended 30 September 2021 DCM 2H22 Half Year ending 31 March 2022 DPS 1H23 Half Year ended 30 September 2022 DRP 2H23 1H24 2H24 1Q24 ABN Half Year ending 31 March 2023 Half Year ended 30 September 2023 Half Year ending 31 March 2024 Three months ended 30 June 2023 Australian Business Number DTA ECAM ECM EMEA EPS ADI Authorised Deposit-Taking Institution ESG AML Anti-Money Laundering EUM ANZ Australia and New Zealand FCTR APAC Asia-Pacific FinTech Approx. Approximately FX APRA Australian Prudential Regulation Authority FY ASX Australian Securities Exchange GIG AUM Assets under Management GW BCBS BFS Basel Committee on Banking Supervision Banking and Financial Services HQLA IPO O Macquarie Group Limited Capital Conservation Buffer Countercyclical Capital Buffer Common Equity Tier 1 Commodities and Global Markets Committed Liquidity Facility Cash Management Account Calendar Year ending 31 December Debt Capital Markets Dividends Per Share Dividend Reinvestment Plan Deferred Tax Asset Economic Capital Adequacy Model Equity Capital Markets Europe, the Middle East and Africa Earnings Per Share Environmental, Social and Governance Equity Under Management Foreign currency translation reserve and net investment hedge reserve Financial Technology Foreign Exchange Full Year ended 31 March Green Investment Group Gigawatt High-Quality Liquid Assets Initial Public Offering 76#77Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Glossary IRRBB IFRS LAC LCR LGD LVR M&A MacCap MAM MBL MBE MCN6 MD&A MEIF4 MEREP MFAA MFHPL MGL/MQG MGSA MIC MiFID MIFL MIP III MKOF3 Loss-Absorbing Capacity Loss Given Default Loan-to-Value Ratio Mergers and Acquisitions Interest Rate Risk in the Banking Book MSCI International Financial Reporting Standards MWh No. Liquidity Coverage Ratio NPAT NPC NSFR NZX OTC P&L PCP PPE PPP/P3 RBA RegTech Macquarie Capital Macquarie Asset Management Macquarie Bank Limited Macquarie Bank Europe Macquarie Group Capital Notes 6 Management Discussion & Analysis Macquarie European Infrastructure Fund 4 Macquarie Group Employee Retained Equity Plan Mortgage and Finance Association of Australia Macquarie Financial Holdings Pty Ltd Macquarie Group Limited Macquarie Group Services Australia Macquarie Infrastructure Corporation Markets in Financial Instruments Directive Macquarie International Finance Limited Macquarie Infrastructure Partners Fund 3 Macquarie Korea Opportunities Fund 3 ROE RWA SMA SME SMSF TFF TTF UK UQS O Macquarie Group Limited Morgan Stanley Capital International Mega Watt hour Number Net Profit After Tax Net Profit Contribution Net Stable Funding Ratio New Zealand's Exchange Over-The-Counter Profit and Loss Prior Corresponding Period Property, Plant and Equipment SA-CCR Public Private Partnership Reserve Bank of Australia Regulatory Technology Return on Equity Risk Weighted Assets Standardised Approach (Counterparty Credit Risk) Standardised Measurement Approach Small and Medium Enterprise Self Managed Super Fund Term Funding Facility Title Transfer Facility United Kingdom Unquestionably Strong 77#78O MACQUARIE September Conferences Presentation to Investors and Analysts September 2023