#1Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020 DEN MACQUARIE 2013#2Macquarie | FY20 result announcement I macquarie.com Disclaimer O MACQUARIE The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (MGL) and is general background information about Macquarie's (MGL and its subsidiaries) activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements - that is, statements related to future, not past, events or other matters - including, without limitation, statements regarding our intent, belief or current expectations with respect to Macquarie's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, provisions for impairments and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements or to otherwise update any forward looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Actual results may vary in a materially positive or negative manner. Forward looking statements and hypothetical examples are subject to uncertainty and contingencies outside Macquarie's control. Past performance is not a reliable indication of future performance. Unless otherwise specified all information is for the year ended 31 March 2020. 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 2020, 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.#3GA 1788 DEN Agenda 01 Introduction 02 Overview of Result 03 Result Analysis and Financial Management 04 Outlook 05 Appendices MACQUARIE © MACQUARIE 2020#4GA DEN 1788 01 Introduction Sam Dobson Head of Investor Relations MACQUARIE © MACQUARIE 2020#5GA DEN MACQUARIE 1788 Overview of Result Shemara Wikramanayake Managing Director and Chief Executive Officer © MACQUARIE 2020#6Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie's response to COVID-19 Employees Clients Portfolio Companies Community O MACQUARIE Globally consistent and coordinated move to working remotely, supported by ongoing commitment to flexible working Over 98% of staff working remotely with no notable interruption to client service Existing systems have been resilient to large- scale remote working, reflecting long-term investment in technology Candidate engagement, selection, onboarding and training of new hires (including graduates and interns) has continued without interruption through virtual communications Flexible leave options available to staff to ensure remote working can be balanced with family and carer responsibilities Enhanced wellbeing, communications and training programs to support staff ⚫ Personal Banking clients able to defer mortgage, overdraft, credit card or vehicle loan repayments for up to six months without penalty or negative impact to their credit score Business Banking clients able to defer loan repayments for up to six months for all loans up to $A10m • 3-6-month payment deferrals available to vehicle lease customers Enhanced approaches to support vulnerable customers Specialised and Asset Finance (SAF) extended lending relief to SME clients to help support business cash flows Providing expertise, advice and capital solutions to assist clients and partners in navigating COVID-19 and related market disruption . Working with MIRA and Macquarie Capital portfolio companies to ensure robustness of business continuity planning, financial resilience & employee wellbeing, including projects under construction Maximising remote working while maintaining essential community services and connecting best practice across assets, industries and regions Capacity upgrades to MIRA-managed digital infrastructure assets have left them able to handle significant activity increases resulting from widespread remote working Examples of portfolio company initiatives: AGS Airport's carparks repurposed as COVID-19 testing centres in the UK; Spain's healthcare workers receiving Personal Protective Equipment from CLH and free parking from Empark; Penn Foster training nurses in COVID-19 testing, and Dovel Technologies using analytics to review antiviral clinical trials • $A20m allocation to Macquarie Group Foundation to help combat COVID-19 and provide relief for its impacts $A2m donation to The Global FoodBanking Network to address food security needs; $A1m to the Burnett Institute for its study into the preventative benefits of isolation and physical distancing; $A3.75m to nine non-profits focused on direct relief efforts globally Foundation continues to match staff giving and fundraising to maintain support to existing non-profit partners BFS engaging and hiring workers furloughed by other employers to meet increased short- term customer service demand CGM sourcing computer equipment for North American educators Macquarie portfolio companies: Achieve3000 offering 2m low income students in the US with free access to its education platform; INEA providing free internet to teachers in Poland Staff working remotely >98% Clients accessing assistance¹ ~12% Daily users of essential services ~100m 1. BFS, by loan balance as at 30 Apr 20. COVID-19 donation $A20m 5#7Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices About Macquarie Annuity-style activities Net Profit Contribution Macquarie Asset Management (MAM) Top 501 global specialist asset manager with $A605.7b2 of assets under management, diversified across regions, products, asset classes and investor types Provides investment solutions to clients across a range of capabilities, including infrastructure & renewables, real estate, agriculture, transportation finance, private credit, equities, fixed income and multi- asset solutions • Banking and Financial Services (BFS) Macquarie's retail banking and financial services business with total BFS deposits³ of $A63.9b², loan and lease portfolio4 of $A75.3b2 and funds on platform5 of $A79.1b2 • Provides a diverse range of personal banking, wealth management, business banking and vehicle finance products and services to retail clients, advisers, brokers and business clients Markets-facing activities ~63% Net Profit Contribution Commodities and Global Markets (CGM) Diverse platform covering more than 25 market segments, with more than 200 products . Delivers a range of tailored specialised asset finance solutions across a variety of industries and asset classes • Commodity market lending and financing provides clients with loans and working capital finance across a range of commodity sectors including metals, energy and agriculture Integrated, end-to-end offering across global markets including equities, fixed income, foreign exchange, commodities and technology Provides clients with risk and capital solutions across physical and financial markets • O MACQUARIE -37% Macquarie Capital (MacCap) 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 construction of infrastructure and energy projects, and in relation to renewable energy projects, the supply of green energy solutions to corporate clients FY20 Net Profit Contribution MAM BFS CGM ~40% ~14% -9% CGM -23% MacCap ~14% Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. All numbers have been reclassified to reflect the reorganisation between Operating Groups effective 1 Jul 19 and 1 Sep 19. Principal Finance is now classified under markets-facing activities within Macquarie Capital following the change in nature of the business and consolidating all principal investing activity. 1. P&I Largest Money Managers 2019. 2. As at 31 Mar 20. 3. BFS deposits exclude corporate/wholesale deposits. 4. The loan and lease portfolio comprises home loans in Australia, loans to Australian businesses, vehicle finance and credit cards. 5. Funds on platform includes Macquarie Wrap and Vision. 6. Includes general plant & equipment. 6#8Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie FY20 result announcement I macquarie.com 2H20 result: $A1,274m down 13% on 1H20; down 24% on 2H19 2H20 1H20 2H20 v $Am $Am 1H20 Net operating income (excl. Credit and Other 6,906 6,459 7% impairment charges) Net credit impairment charges (661) (144) 359% Other impairment (charges)/reversals (240) 5 Total operating expenses (4,391) (4,480) 2% Operating profit before income tax 1,614 1,840 12% Income tax expense (352) (376) 6% Effective tax rate¹ (%) 21.6 20.5 Loss/(profit) attributable to non-controlling interests 12 (7) Profit attributable to MGL shareholders 1,274 1,457 13% Annualised return on equity (%) Basic earnings per share Dividend per ordinary share 1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. 12.7 16.4 23% $A3.62 $A4.30 16% $A1.80 $A2.50 28% O MACQUARIE 7#9Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE 2H20 net profit contribution from Operating Groups $A2,580m down 10% on 1H20; down 27% on 2H19 Non-Banking Group Banking Group ANNUITY-STYLE ACTIVITIES $A1,722m Macquarie Asset Management (MAM) on 1H20 flat ON 1H20 11% ON 2H19 Lower performance fees, lower net operating lease income and higher credit and other impairment charges; partially offset by higher base fees and higher investment-related & other income Banking and Financial Services (BFS) flat on 1H20 Growth in average volumes for BFS deposits, loan portfolio, funds on platform and the impact of realigning the wealth advice business to focus on the high net worth segment, offset by margin compression on deposits and higher credit provisions Commodities and Global Markets¹ (CGM) on 1H20 Higher revenue from Specialised and Asset Finance and Commodities' lending and financing activities Banking Group Non-Banking Group MARKETS-FACING ACTIVITIES $A858m Macquarie Capital (MacCap) 25% ON 1H20 ▼ 57% ON 2H19 on 1H20 Increased fee income across both M&A and DCM and increased revenue from asset realisations across the business partially offset by higher credit and other impairment charges Commodities and Global Markets1 (CGM) on 1H20 Reduction in inventory management and trading revenues and an increase in credit provisions partially offset by increased client contribution across commodities, foreign exchange and interest rates 1. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. 8#10Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY20 result: $A2,731m down 8% on FY19 O MACQUARIE 2H20 1H20 $Am $Am 2H20 v 1H20 FY20 $Am FY19 FY20 v $Am FY19 Net operating income (excl. Credit and Other impairment 6,906 6,459 7% 13,365 13,306 charges) Net credit impairment charges (661) (144) 359% (805) (320) * Other impairment (charges)/reversals (240) (235) (232) ↑ 152% 1% Total operating expenses (4,391) (4,480) 2% (8,871) (8,887) Operating profit before income tax 1,614 1,840 12% 3,454 3,867 11% Income tax expense (352) (376) 6% (728) (879) 17% Effective tax rate¹ (%) 21.6 20.5 21.0 22.8 Loss/(profit) attributable to non-controlling interests 12 (7) 5 (6) Profit attributable to MGL shareholders 1,274 1,457 13% 2,731 2,982 8% Annualised return on equity (%) Basic earnings per share Dividend per ordinary share 1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. 12.7 16.4 23% $A3.62 $A4.30 16% 14.5 $A7.91 18.0 19% $A8.83 10% $A1.80 $A2.50 28% $A4.30 $A5.75 25% 9#11Macquarie FY20 result announcement I macquarie.com Net operating income movement 14,000 $Am 13,500 13,000 531 12,500 12,000 11,500 12,754 11,000 10,500 10,000 FY19 Net operating income 0 104 (836) 260 (485) Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE 12,325 KEY DRIVERS ⚫ MAM: Increased base fees, performance fees, investment-related & other income, partially offset by lower net operating lease income ⚫ BFS: Growth in average volumes for BFS deposits, loan portfolio, and funds on platform offset by margin compression on deposits and the impact of realigning the wealth advice business to focus on the high net worth segment ⚫ CGM: Strong global client contribution across all products and sectors and higher revenue from Specialised and Asset Finance and Commodities' lending and financing activities, partially offset by a reduction in inventory management and trading revenues Macquarie Capital: DCM fee revenue down, partially offset by higher M&A fee revenue. Investment-related income down on strong asset realisations in FY19 Corporate: Includes accounting volatility from changes in fair value on economic hedges and higher funding usage by Operating Groups driving increased interest income ⚫ Credit impairment charges: Increased significantly primarily due to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 MAM BFS CGM MacCap Corporate Credit Impairment Charges Other Impairment Net operating Charges income FY20 10 10#12Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY20 net profit contribution from Operating Groups $A5,448m down 11% on FY19 Banking Group Non-Banking Group ANNUITY-STYLE ACTIVITIES $A3,439m Macquarie Asset Management (MAM) on FY19 13% ON FY19 Increased base fees, performance fees, investment-related & other income, partially offset by lower net operating lease income, higher operating expenses and higher credit and other impairment charges Banking and Financial Services (BFS) on FY19 Growth in average volumes for BFS deposits, loan portfolio, funds on platform and the impact of realigning the wealth advice business to focus on the high net worth segment, offset by margin compression on deposits and higher credit provisions Commodities and Global Markets¹ (CGM) on FY19 Higher revenue from Specialised and Asset Finance and Commodities' lending and financing activities Non-Banking Group Banking Group O MACQUARIE MARKETS-FACING ACTIVITIES $A2,009m Macquarie Capital (MacCap) on FY19 35% ON FY19 DCM fee revenue down, partially offset by higher M&A fee revenue. Investment- related income down given strong asset realisations in FY19. Higher operating expenses, funding costs and increased credit and other impairment charges Commodities and Global Markets¹ (CGM) on FY19 Reduction in inventory management and trading revenues and an increase in credit provisions mostly offset by strong global client contributions across all products and sectors demonstrating benefits of portfolio diversity 1. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. 11#13Macquarie FY20 result announcement I macquarie.com Financial performance Operating income 14,000 $Am 10,000 6,000 EPS 10.00 7.00 4.00 $A FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20 Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Profit FY20 $Am 3,000 $A12,325m ▼3% ON FY19 2,000 1,000 FY16 FY17 FY18 FY19 FY20 DPS FY20 $A 6.00 $A7.91 ▼ 10% ON FY19 3.00 O MACQUARIE FY20 $A2,731m ▼8% ON FY19 FY20 $A4.30 ▼ 25% ON FY19 0.00 FY16 FY17 FY18 FY19 FY20 12 23#14Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business mix Annuity-style activities represent approximately 63% of the Group's performance1 Net Profit Contribution² $Am 6,500 6,000 Annuity-style businesses: Markets-facing businesses: Macquarie Asset Management Commodities and Global Markets Banking and Financial Services Macquarie Capital 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 FY16 FY17 FY18 FY19 FY20 Comparative figures have been restated to conform to changes in current year financial presentation and group restructures, where necessary. 1. Based on FY20 net profit contribution from Operating Groups, annuity-style businesses represent 54% of the Group's performance. 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. O MACQUARIE 13#15Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Assets under management of $A606.9b AUM increased 10% from $A551.3b at 31 March 2019 O MACQUARIE Increase due to investments by managed funds, an acquisition by MAM and FX movements partially offset by recent market movements, a reduction in contractual insurance assets and divestments by managed funds $Ab 600 500 400 300 200 100 0 Mar 15 Mar 16 Mar 17 Mar 18 ■Fixed income ■Infrastructure Equity Equities Other ■Real Estate Note: Includes MAM and BFS AUM as at 31 Mar 20. Mar 19 Mar 20 14#16Macquarie FY20 result announcement I macquarie.com Diversification by region. International income 67% of total income¹ Total staff² 15,849, International staff 58% of total Americas 25% of total income 2,756 TOTAL INCOME1 $A3,018m Assets under management $A291.6b Employing 27,000+ people4 CANADA USA Calgary Austin Nashville Montreal Boise New York Toronto Boston Vancouver Chicago LATIN AMERICA Mexico City Sao Paulo Santiago Dallas Houston Jacksonville Los Angeles Minneapolis EMEA 29% of total income 2,409 TOTAL INCOME1 $A3,470m Assets under management $A132.0b Employing 57,000+ people4 EUROPE Amsterdam Luxembourg MIDDLE-EAST Dubai Braintree Coventry Madrid Dusseldorf Edinburgh Frankfurt Geneva Munich Paris Reading Solihull Vienna Watford Zurich SOUTH AFRICA Cape Town Johannesburg Orlando Philadelphia San Diego San Francisco Dublin San Jose Seattle Walnut Creek Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Asia 13% of total income Australia³ 33% of total income O MACQUARIE 4,014 TOTAL INCOME1 $A1,573m Assets under management $A66.9b Manila Mumbai Employing 50,000+ people4 ASIA Bangkok Beijing Gurugram Hong Kong Hsin-Chu Jakarta Kuala Lumpur Seoul Shanghai Singapore Taipei Tokyo 6,670 TOTAL INCOME¹ $A3,892m Assets under management $A116.4b Employing 7,000+ people4 Adelaide AUSTRALIA Melbourne Brisbane Canberra Gold Coast Manly Newcastle Parramatta Perth Sydney NEW ZEALAND Auckland Limerick London 1. Net operating income excluding earnings on capital and other corporate items. 2. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. 3. Includes New Zealand. 4. Includes people employed through MIRA-managed fund assets and investments where Macquarie Capital holds a significant influence. 15 15#17Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region 67% of total income¹ in FY20 was generated offshore A 10% movement2 in AUD is estimated to have approximately a 7% impact on NPAT Total income 4,500 $Am 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Australia Asia Americas Europe, Middle East & Africa FY16 FY17 FY18 FY19 FY20 1. Excluding earnings on capital and other corporate items. 2. This represents an average movement against all major currencies. O MACQUARIE 16#18Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management OPERATING INCOME $A3,732m NET PROFIT CONTRIBUTION $A2,177m AUM1 $A605.7b MAM ~40% 12% ON FY19 16% ON FY19 10% ON MAR19 MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA) ⚫ $A149.3b in equity under management, up 17% on Mar 19 predominantly due to new equity raised and positive impacts from foreign exchange, partially offset by equity returned ⚫ Raised $A20.1b in new equity (including $A8.9b in 4Q20 across all regions), for a diverse range of funds, products and solutions across the platform including: - Macquarie European Infrastructure Fund 6 closed at hard cap of €6.0b; Macquarie Agriculture Fund - Crop Australia closed at hard cap of $A1.0b; - Macquarie Infrastructure Debt Investment Solutions $A4.0Ob raised - Real Estate $A2.7b raised ⚫ Invested $A21.3b across 62 new investments including 16 infrastructure equity investments, 22 infrastructure debt investments, 23 real estate investments and 1 transport investment Equity proceeds of $A16.7b from asset divestments² across a wide geographical spread ⚫ $A25.1b of equity to deploy as at 31 Mar 20 ⚫ Divested remaining assets in Macquarie European Infrastructure Fund and Macquarie Infrastructure Partners, the first funds in our regional flagship series in Europe and the Americas, generating above benchmark returns for investors ⚫ Sale of Macquarie AirFinance (MAF) to a joint venture and entry into an agreement to provide ongoing management support services. Macquarie held a 50% interest at 31 Mar 20 • Agreement to sell Macquarie European Rail with sale completed in Apr 20 • No.1 infrastructure investment manager globally³ CREATION OF THE MAM CLIENT SOLUTIONS GROUP MACQUARIE INVESTMENT MANAGEMENT (MIM) O MACQUARIE $A382.6b in assets under management, up 6% on Mar 19 due to foreign exchange movements and the acquisition of assets related to the mutual fund business of Foresters Investment Management Company, Inc., partially offset by recent market movements and a reduction in contractual insurance assets Completed the Foresters assets acquisition, adding -$US11b in First Investors Funds and -$US1b in assets transitioned to the recently launched Delaware Funds by Macquarie Premier Advisor Platform ⚫ 69% of AUM outperforming their relative benchmarks on a three-year basis4 ⚫ Launched new capabilities including: Delaware Funds by Macquarie Premier models, a fee-based advisory program raising more than $US1b assets Several new funds added to the ASX mFund platform: Macquarie Dynamic Bond Fund; Macquarie Australian Fixed Interest Fund; and Macquarie Professional Series funds Emerging market debt with the launch of three strategies UK Global Small Cap True Index Equity Portfolio, the first global mandate for MIM's flagship True Index strategy ⚫ MIRA Investor Solutions Group and MIM Distribution were merged to create the MAM Client Solutions Group - enhancing ability to deliver a full range of capabilities and investment solutions to clients Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Chart is based on FY20 net profit contribution from Operating Groups. 1. As at 31 Mar 20 with comparatives restated for Operating Group changes previously announced. 2. Equity proceeds from asset divestments differs to the impact of divestments on reported EUM which captures a reduction of the original capital commitment at time of return of capital to investors. 3. IPE Real Assets (Jul/Aug 2019), measured by infrastructure assets under management. 4. As at 31 17 Mar 20.#19Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services OPERATING INCOME $A2,037m NET PROFIT CONTRIBUTION $A770m AUSTRALIAN CLIENT NUMBERS MORE THAN 1.6 million ~14% BFS 3% ON FY19 A2% ON FY19 PERSONAL BANKING ⚫ Home loan portfolio of $A52.1b, up 35% on Mar 19, representing approximately 2.65% of the Australian market ⚫ Home loan growth being driven by strong demand in lower loan-to-value ratio and owner-occupier lending tiers ⚫ Launched Macquarie Authenticator, a market- leading digital security app to give customers additional security for their everyday banking needs Macquarie Transaction Account named as a winner in the 2020 Mozo Experts Choice Awards for Exceptional Everyday Account. Macquarie also awarded a Mozo Experts Choice Awards for Excellent Banking App and Internet Banking LEASING BUSINESS BANKING ⚫ Business banking loan portfolio of $A9.0b up 10% on Mar 19, driven by strong activity in emerging health, built environment and technology segments, and existing property and professional services segments ⚫ Business banking deposit volumes up 8% on Mar 19 Completion of the sale of investment in insurance funding business, Macquarie Pacific Funding, to Steadfast Group Ongoing focus on third-party distribution with continued growth in SME and middle-market cash flow lending and deposits ⚫ Vehicle finance portfolio² of $A13.7b, down 10% on Mar 19 due to declining new car sales nationally, lower dealer finance and run-off in previously acquired portfolio WEALTH MANAGEMENT O MACQUARIE ⚫ Funds on platform¹ of $A79.1b down 8% on Mar 19, as net sales of 3% were offset by market movements. Net sales from the Independent Financial Advisor channel continue to grow strongly, up 35% year on year • Expanded Macquarie Wrap managed accounts offering with assets under management of $A3.0b, up from $A2.3b in Mar 19 and launched Macquarie Engage, a new low-cost investment solution for clients with less complex financial needs • Continued implementation of cloud-based investment and portfolio management platform as part of ongoing wealth platform transformation Investment Platform of the Year in the SMSF Service Provider Awards 2019 and Digital Portfolio Manager recognised by Investment Trends for Best New Functionality 2020 ⚫ Named Retail Super Fund of the Year at the Roy Morgan Customer Satisfaction. Awards 2019 DEPOSITS • Total BFS deposits³ of $A63.9b, up 20% on Mar 19 driven by existing and new-to-bank deposit clients and strong momentum in the CMA, term deposits and savings accounts - CMA deposits of $A32.7b, up 20% on Mar 19 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Chart is based on FY20 net profit contribution from Operating Groups. 1. Funds on platform includes Macquarie Wrap and Vision. 2. Includes general plant and equipment. 3. BFS deposits exclude corporate/wholesale deposits. 18#20Macquarie FY20 result announcement I macquarie.com Commodities and Global Markets OPERATING INCOME $A4,445m NET PROFIT CONTRIBUTION $A1,746m PHYSICAL GAS MARKETER IN NORTH AMERICA2 No.2 CGM ~32% flat • ON FY19 flat ON FY19 Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE SPECIALISED AND ASSET FINANCE 18%¹ Stable portfolio, with a total value of $A8.5b • Continued growth in Technology, Media and Telecoms lease income Strong performance in UK energy meters business, including expansion into-challenger energy suppliers COMMODITY MARKETS 54%¹ ⚫ Strong results across the commodities platform from increased client hedging activity particularly in Global Oil, EMEA Gas and Power, Agriculture, Metals and Mining • Reduction in inventory management and trading from strong prior year primarily in North American Gas markets. Current year results reflected opportunities across a range of energy sectors in 1H20 which were partially offset by more challenging markets in Fuel oil (related to changing regulations) and North American gas markets in 2H20 • Completed the acquisition of Société Générale's energy commodities portfolio, comprising over- the-counter financial energy transactions, European wholesale physical gas and power contracts and carbon emission allowances - continuing growth in gas and power markets ⚫ Named Natural Gas/LNG House of the Year³ ⚫ Named Electricity and Environmental Products, House of the Year 3 ⚫ Higher lending and financing income driven by increased physical oil financing activity ⚫ Continued lending in Metals, Agriculture and Energy sectors, secured by underlying commodities with associated hedging to mitigate risk FINANCIAL MARKETS 19%¹ • Increased revenue contribution across all regions driven by expansion of expertise in new markets . Credit Markets performance driven by financing activity from private debt and Fintech clients 250+ counterparties globally serviced by in-country, local staff, supported by long- serving risk managers ⚫ Fund Financier of the Year (Americas), closing $US7b+ trades . FUTURES 6%¹ Client activity up, with increased commission in ANZ and the Americas partially offset by impairments on a small number of counterparties • Provision of specialist execution and clearing capability to growing client base. across global markets EQUITY MARKETS 3%¹ • Increase in revenue driven by favourable market conditions and client contribution, primarily from financing and retail products in Asia ⚫ Business continues • to focus on Asia Pacific client base Extension of Asia Pacific expertise into Europe clients retained through research distribution agreement with Kepler Cheuvreux ⚫ Named Research House of the Year Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Chart is based on FY20 net profit contribution from Operating Groups. 1. Percentages are based on net profit contribution before impairment charges. 2. Platts Q4 Mar 20. 3. 2019 Energy Risk Awards. 4. Energy Risk Asia Awards 2019. 19#21Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital OPERATING INCOME $A1,906m NET PROFIT CONTRIBUTION $A755m 376 TRANSACTIONS VALUED AT 33% ON FY19 ▼57% ON FY19 417 TRANSACTIONS $A319b IN FY201 $A478b IN FY191 MacCap ~14% ADVISORY AND CAPITAL SOLUTIONS Summary • Maintained a leading market position in ANZ M&A², with established niches in other regions • Continued expansion of coverage and capabilities in Europe and the US • Strong principal finance activity in FY20 with more than $A3.5b invested in a combination of new primary debt financings and equity investments Notable deals • Advisor to the supervisory board of thyssenkrupp AG on the €17.2b (~$A29b) sale of its Elevator Technology business to a consortium led by Advent, Cinven and RAG ⚫ Financial Advisor to Northern Star Resources Limited on the acquisition of 50% of the Kalgoorlie Super Pit for $US800m, and global coordinator, joint lead manager, and underwriter (80%) on the associated institutional placement of $A765m ⚫ Financial adviser to GrainCorp Limited in relation to its Portfolio Review and the subsequent ~$A1.5b demerger of United Malt Group Limited³ • Provided bespoke financing solution and acted as financial advisor to World Insurance Associates LLC on its sale to Charlesbank Capital Partners and lead left arranger on the unitranche debt financing supporting the transaction • Acted as Sole Commitment Party for $US275m Preferred Equity and as a Joint Bookrunner for $US1,185m of Senior Secured Credit Facilities to support Partners Group's acquisition of EyeCare Partners Awards/Ranking • No.1 in ANZ for M&A² Advisory Excellence Award - Sydney Metro Martin Place Integrated Station Development INFRASTRUCTURE AND ENERGY GROUP Summary O MACQUARIE • Maintained our global number one infrastructure financial advisor position Continued focus on green energy with over 250 projects under development or construction, with a development pipeline of >25GW at 31 Mar 20 • Total investment in green energy of $A1.7b at 31 Mar 20; investments made of $A1.5b and investments realised of $A0.7b for FY206 Notable deals • Acted as sole financial advisor, lead sponsor and completed the acquisition of a c.1m building unit Fibre-to-the-Home (FttH) Network from MasMovil, a leading IBEX 35 Spanish telecoms operator, to create Spain's first independent wholesale only FttH network Co-developed and acted as sole equity arranger and sole financial advisor for project structuring and debt financing for Gulf Coast Ammonia LLC which, once constructed, will be the largest single train ammonia loop and largest ammonia storage tank in the world Supporting Taiwan's renewable energy transition and recognised as the Renewable Energy Deal of the Year7, Macquarie Capital delivered Taiwan's first commercial scale offshore windfarm, Formosa 1. Macquarie Capital is a developer and equity investor in a second Taiwanese offshore windfarm, Formosa 2 which reached financial close and is currently under construction. Together these projects will generate 504MW of clean electricity, enough to power -508,000 households Awards/Ranking • No.1 Global Infrastructure Financial Advisor5 ⚫ No.1 Global Renewables Financial Advisor ⚫ No.1 Global Power Financial Advisor European Renewables Deal of the Year - East Anglia ONE9 Project of the Year and Financial Excellence Award - WestConnex4 • Asia Pacific Transport Deal of the Year - Cross River Rail 10 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Chart is based on FY20 net profit contribution from Operating Groups. 1. 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. 2. Dealogic (CY19 announced and completed by deal count). 3. Value of demerger estimated as Enterprise Value at close of first day of trading, 24 Mar 20. 4. Infrastructure Partnerships Australia (IPA) 2019 National Infrastructure Awards. 5. Inspiratia (CY19 by deal count and transaction volume). 6. Carrying value of balance sheet investments as at 31 Mar 20. 7. The Asset Triple A Infrastructure Awards 2019. 8. Inframation (CY19 by deal value). 9. Infrastructure Investor Awards 2019. 10. PFI Awards 2019. 20#22Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 19 180 $Ab 31 Mar 20 180 $Ab O MACQUARIE 150 ST wholesale issued paper 3% 150 Other debt maturing in the next 12 months 1 8% ST wholesale issued paper 5% Other debt maturing in the Cash, liquids and self-securitised assets 539% 120 next 12 months 1 10% Cash, liquids and self-securitised assets 534% 120 TOTAL CUSTOMER DEPOSITS8 $A67.1b 20% FROM MAR 19 Customer deposits 42% 90 90 Customer deposits 40% 90 Trading assets 15% Loan assets (incl. op lease) Trading assets 14% Loan assets (incl. op lease) < 1 year 8% 60 < 1 year 10% 60 Debt maturing beyond Debt maturing beyond 12 months ² 31% NEW TERM FUNDING⁹ $A26.0b RAISED SINCE MAR 19 12 months 2 29% 30 Loan assets (incl. op lease) > 1 year 36 35% 30 Loan assets (incl. op lease) > 1 year 36 32% Equity and hybrids 34 16% Equity and hybrids 34 16% 0 Funding sources Equity investments and PPE 37 6% Funded assets 0 Funding sources Equity investments and PPE 37 7% Funded assets NEW CAPITAL ISSUANCES $A1.7b THROUGH INSTITUTIONAL PLACEMENT & SPP 10 These charts represent Macquarie's funded balance sheets at the respective dates noted above. For details regarding reconciliation of the funded balance sheet to Macquarie's statutory balance sheet refer to slide 69. 1. 'Other debt maturing in the next 12 months' includes Structured notes, Secured funding, Bonds, Other loans, Subordinated debt and Net trade creditors. 2. 'Debt maturing beyond 12 months' includes Subordinated debt. 3. Non-controlling interests are netted down in 'Equity and hybrids' and 'Equity investments and PPE' and 'Loan assets (incl. op lease) > 1 year'. 4. Hybrid instruments include Macquarie Additional Capital Securities, Macquarie Capital Notes 2, 3 & 4, Macquarie Bank Capital Notes (BCN) (BCN were redeemed in Mar 20) and Macquarie Income Securities (MIS) (MIS were redeemed in Apr 20). 5. 'Cash, liquids and self-securitised assets' includes self- securitisation of repo eligible Australian assets originated by Macquarie, a portion of which Macquarie can utilise as collateral in the Reserve Bank of Australia's Committed Liquidity Facility. 6. 'Loan Assets (incl. op lease) > 1 year' includes Debt investment securities. 'Equity investments and PPE includes Macquarie's co-investments in Macquarie-managed funds and equity investments. 8. Total customer deposits as per the funded balance sheet (SA67.1b) differs from total deposits as per the statutory balance sheet ($A67.3b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 9. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance and include undrawn facilities. 10. Share Purchase Plan (SPP) was offered to existing shareholders post completion of the Institutional Placement. 21#23Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices • Basel III capital position APRA Basel III Group capital at Mar 20 of $A24.8b; Group capital surplus of $A7.1b1,2 • APRA Basel III CET1 ratio: 12.2%; Harmonised Basel III CET1 ratio: 14.9% Group regulatory surplus: Basel III (Mar 20) $Ab 10.0 9.0 8.0 (2.1) 2.8 1.2 7.0 (1.9) (2.0) 6.0 5.0 Based on 8.5% 4.0 8.0 (minimum Tier 1 ratio + CCB) 3.0 6.1 2.0 1.0 0.0 1.0 10 2.1 O MACQUARIE 9.2 7.1 Harmonised Basel III at Mar-193 APRA Basel III 'super equivalence' APRA Basel III at Mar-19 FY20 P&L Dividends Net capital issuance4 Business capital Other movements5 APRA Basel III requirements at Mar-20 APRA Basel II| Harmonised Basel III at Mar-20 'super equivalence" 1. Calculated at 8.5% RWA including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. 2. Based on materiality, the 8.5% used to calculate the Group capital surplus does not include the countercyclical capital buffer (CCYB) of -3bps. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 3. Basel III applies only to the Bank Group and not the Non-Bank Group. 'Harmonised' Basel III estimates are calculated in accordance with the BCBS Basel III framework. 4. Includes Sep-19 $A1.7b capital raising, partially offset by Bank Capital Notes redemption. 5. Includes movement in foreign currency translation reserve, share based payment reserve, MEREP and other movements. 6. APRA Basel III 'super-equivalence' includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework. Differences include the treatment of mortgages $A0.9b; capitalised expenses $A0.5b; equity investments $A0.3b; investment into deconsolidated subsidiaries $A0.1b; DTAs and other impacts $A0.3b. 22#24Macquarie FY20 result announcement I macquarie.com Business capital requirements¹ 20.0 $Ab 19.0 $A2.0b increase Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 18.0 $A17.7b $A17.1b 0.5 17.0 0.7 0.8 (0.9) 0.2 16.0 $A15.7b 0.1 0.7 (0.1) 15.0 14.0 13.0 $A1.4b increase over 1H20 $A0.6b increase over 2H20 12.0 Mar-19 MAM BFS CGM MacCap Sep-19 MAM BFS CGM MacCap Mar-20 1. Regulatory capital requirements are calculated at 8.5% RWA. 2. Macquarie held a 50% interest at 31 Mar 20. 3. Standardised approach to counterparty credit risk. O MACQUARIE FY20 KEY DRIVERS MAM • Primarily driven by asset realisations including the sale of Macquarie AirFinance to a joint venture² and MIRA performance fees receipt partially offset by FX movements BFS ⚫ Sustained growth in the home loans book, partially offset by decrease in the vehicle finance portfolio CGM • Increase primarily due to additional requirements for the introduction of SA-CCR3 (1 Jul 19), derivatives book and FX movements Macquarie Capital ⚫ Investments net of asset realisations including FX movements 23 23#25Macquarie FY20 result announcement I macquarie.com Strong regulatory ratios Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Bank Group (Mar 20) 17.5% 7.5% 190.0% 120.0% 14.9% 6.3% 173% 118% 14.0% 6.0% 160.0% 115.0% 5.7% 12.2% 10.5% 4.5% 7.0% 3.5% 3.0% 1.5% 0.0% 0.0% CET1 ratio Leverage ratio Bank Group (Harmonised 1) 130.0% 110.0% 105.0% 100.0% 100.0% 70.0% 40.0% LCR 2 Bank Group (APRA) Basel III minimum 3 95.0% 90.0% 85.0% NSFR O MACQUARIE 1. 'Harmonised' Basel III estimates are calculated in accordance with the BCBS Basel III. 2. Average LCR for Mar 20 quarter is based on an average of daily observations. 3. Includes the capital conservation buffer in the minimum CET1 ratio requirement. APRA has released a draft update to 'Prudential Standard APS 110 Capital Adequacy' proposing a minimum requirement for the leverage ratio of 3.5% effective Jan 23. 24 14#26Macquarie FY20 result announcement I macquarie.com Capital management Macquarie notes the strength of its capital position Reported Level 3 surplus of $A7.1b1 - the highest Macquarie has reported Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE MBL Level 2 CET1 of 12.2% - the highest Macquarie has reported Macquarie acknowledges APRA's guidance in relation to capital management² In light of APRA's guidance, together with the continuing uncertainty as to the impacts of COVID-19, and Macquarie's strong capital position and earnings generated for FY20, the MGL Board has resolved to: • Pay a final FY20 dividend per share (DPS) of $A1.80, materially down (50%) on the FY19 final DPS In conjunction with the interim DPS of $A2.50, this represents a FY20 DPS of $A4.30, and a FY20 dividend payout ratio of 56% The final dividend will be funded entirely by the 2H20 earnings of the Non-Bank Group Issue shares to satisfy the DRP (at a discount of 1.5%) for the 2H20 dividend, and issue shares for MEREP requirements - which together are expected to more than offset the capital impact of the dividend, by ~$A0.1b - $A0.2b3 Macquarie notes that MBL has not declared any dividends in FY20, nor are any being declared at this time Macquarie notes that it has further strengthened its ordinary equity position through generating or raising ~$A3.7b of additional capital since Mar 19 . • Retained earnings for FY20 of ~$A1.2b, net of dividends4; new equity raised in September 2019 of $A1.7b; shares to be issued for MEREP requirements of ~$A0.6b; and shares to be issued to satisfy the DRP, estimated at ~$A0.2b ~$A2.5b of this ordinary equity is in MBL (reflecting ~$A1.5b of FY20 retained earnings, and a $A1.0b MBL recapitalisation) These measures, supported by stress testing analysis, provide a significant buffer for further and extended COVID-19 volatility and allow capacity for business growth where opportunities arise, including continuing to provide credit to the Australian economy • In this regard, Macquarie notes that in FY20, MBL's Australian home loan book grew by ~35% and the Business Banking loan book grew by ~10% 1. Calculated at 8.5% RWA including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. Based on materiality, the 8.5% used to calculate the Group capital surplus does not include the countercyclical capital buffer (CCYB) of -3bps. 2. 7 Apr 20; 'APRA issues guidance to authorised deposit-taking institutions and insurers on capital management'. 3. Depending on DRP participation. 4. Includes FY20 interim dividend of $A2.50 per share and FY20 final dividend of $A1.80 per share. 25#27Macquarie FY20 result announcement I macquarie.com Final dividend Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 2H20 ORDINARY DIVIDEND $A1.80 (40% franked) FROM $A3.60 (45% franked) IN 2H19 FY20 ORDINARY DIVIDEND $A4.30 (40% franked) FROM $A5.75 (45% franked) IN FY19 2H20 RECORD DATE 19 May 20 2H20 PAYMENT DATE 3 Jul 20 DRP shares for the 2H20 dividend to be issued¹ FY20 ANNUAL PAYOUT RATIO 56% Dividend policy remains 60-80% annual payout ratio 1. The DRP pricing period is from 25 May 20 to 5 Jun 20. O MACQUARIE 26#28GA DEN MACQUARIE 1788 03 Result Analysis and Financial Management Alex Harvey Chief Financial Officer © MACQUARIE 2020#29Macquarie FY20 result announcement I macquarie.com Income statement key drivers Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O MACQUARIE 2H20 1H20 FY20 $Am $Am $Am FY19 $Am Net interest and trading income of $A4,720m, up 4% on FY19 Net interest and trading income 2,303 2,417 4,720 4,551 Fee and commission income 2,963 2,874 5,837 5,526 Net operating lease income 284 461 745 950 Share of net profits/(losses) of associates 144 (49) 95 (56) and joint ventures Net credit impairment charges (661) (144) (805) (320) Other impairment (charges)/reversals Investment income Other income (240) 5 (235) 1,007 670 1,677 205 86 291 Net operating income 6,005 Employment expenses (2,547) Brokerage, commission and trading-related expenses Other operating expenses Total operating expenses Operating profit before tax and non- 1,614 1,840 (482) (482) (1,140) (1,362) (1,222) (2,584) (2,530) (4,391) (4,480) (8,871) (8,887) 3,454 6,320 12,325 (2,776) (5,323) (964) (232) 2,102 233 12,754 (5,217) 3,867 controlling interests Income tax expense (352) (376) (728) (879) Non-controlling interests 12 (7) 5 Profit attributable to MGL shareholders 1,274 1,457 2,731 (6) 2,982 • Lower net interest and trading expenses in MAM driven by the sale of MAF to a joint venture during the first half Higher interest and trading income in BFS mainly driven by growth in home loans partially offset by the sale of an investment in Macquarie Pacific Funding (MPF) Fee and commission income of $A5,837m, up 6% on FY19 Increase in base fees from foreign exchange movements, fees earned on the MAF joint venture, investments made by MIRA-managed funds and mandates and contributions as a result of assets acquired from Foresters during the year Lower debt capital markets and other fee income, partially offset by higher mergers and acquisitions fee income in Macquarie Capital Net operating lease income of $A745m, down 22% on FY19 primarily driven by the sale of MAF to a joint venture during the first half, partially offset by the acquisition of rotorcraft assets during the prior year in MAM Share of net profits of associates and joint ventures of $A95m, significantly up on FY19, primarily driven by the sale of a number of underlying assets within equity accounted investments and income from the MAF joint venture during the year in MAM Higher Credit and Other impairment charges recognised across the Group compared to FY19 mainly due to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 Investment income of $A1,677m, down 20% on FY19, primarily due to strong asset realisations in the prior year in Macquarie Capital, partially offset by gains on sale of investments in MAM Total operating expenses of $A8,871m, in line with FY19 Higher Employment expenses due to foreign exchange movements, an increase in average headcount in central service groups and higher share-based payment expense from accelerated amortisation of prior years' equity awards to retiring key management personnel, partially offset by lower performance-related profit share expense as a result of lower Group performance and higher retention rates being applied, and a reduction in average headcount in the BFS wealth advice business Lower Brokerage, commission and trading-related expenses primarily due to Equities structural change to refocus on the Asia-Pacific region in CGM and the sale of an investment in MPF in BFS 28#30Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income statement by Operating Group NPC 4,000 3,500 $Am 3,000 2,500 2,982 2,000 305 305 14 3 (1,019) 151 295 2,731 1,500 FY19 MAM BFS CGM MacCap NPAT Corporate (excl. tax expense) Tax expense FY20 NPAT O MACQUARIE KEY DRIVERS ⚫ MAM: Increased base fees, performance fees, investment-related and other income, partially offset by lower net operating lease income, higher operating expenses and higher credit and other impairment charges ⚫ BFS: Growth in average volumes for BFS deposits, loan portfolio, funds on platform and the impact of realigning the wealth advice business to focus on the high net worth segment, offset by margin compression on deposits, and higher credit provisions CGM: Strong global client contribution across all products and sectors and higher revenue from Specialised and Asset Finance and Commodities' lending and financing activities, offset by a reduction in inventory management and trading revenues and an increase in credit provisions Macquarie Capital: DCM fee revenue down, partially offset by higher M&A fee revenue. Investment-related income down given strong asset realisations in FY19. Higher operating expenses, funding costs and increased credit and other impairment charges Corporate: Includes higher funding usage by Operating Groups driving increased interest income and lower performance-related profit share expense Tax expense: Lower tax expense mainly driven by the geographic composition and nature of earnings 29#31Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices • Credit and other impairment charge considerations In assessing Macquarie's expected credit loss provisioning on the loan portfolio, current and future macroeconomic conditions are taken into account O MACQUARIE Under the AASB 9 credit impairment model, losses are recognised on an Expected Credit Loss (ECL) basis. ECLS are required to incorporate Forward-Looking Information (FLI), reflecting Macquarie's view of potential future economic scenarios including a weighted baseline, downside case and upside case Baseline: Updated for impact of COVID-19 through key indicators used in modelling: gross domestic product (GDP), the unemployment rate and the level of house prices, interest rates and commodity prices. Our expectations for Australia and the US are as follows: Australia - unemployment to rise to -9% in mid-2020, GDP contracts -9% year on year to mid-2020 and house prices decline -15% by mid-2020 with a recovery in 2H 2020 US unemployment to rise to ~14% by mid-2020, GDP contracts -9% year on year by mid-2020 Downside: a more severe and protracted COVID-19 scenario resulting from the virus taking longer to be contained. Our expectations for Australia and the US are as follows: Australia - unemployment rate to rise to -11% in early 2021, GDP contracts -9% year on year by the end of 2020 and house prices decline -29% by Mar 2021 US - unemployment to rise to -17% by mid-2020 and GDP contracts by ~10% year on year by late 2020 The total ECL provision on balance sheet at 31 Mar 20 is $A1,541m. A 100% weighting to the baseline scenario would result in a ECL provision on balance sheet of -$A1,400m. A 100% weighting to the downside scenario would result in a ECL provision on balance sheet of ~$A1,900m and a 100% weighting to the upside scenario would result in a ECL provision on balance sheet of -$A1,200m Australia - Real GDP Indexed Dec 19 US Real GDP Indexed Dec 19 106 104 102 100 98 96 94 92 90 88 86 Dec-19 Mar-20 MQG Baseline Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 MQG Downside IMF Baseline¹ Mar-23 106 104 102 100 98 96 94 92 90 86 Further detail on the scenarios used for the Expected Credit Loss are contained in note 12 of the financial statements. Australia and Americas cover 77% of Macquarie's total credit risk exposures. 1. IMF GDP profiles are implied/estimated based on IMF year-ended and year-average GDP forecasts. Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 MQG Baseline Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 MQG Downside IMF Baseline¹ Mar-23 30 30#32Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Credit and Other impairment charges $Am 1,100 1,000 gggg 600 500 900 800 700 93 66 126 22 92 O MACQUARIE 111 1,040 KEY DRIVERS ⚫ MAM: Higher credit and other impairment charges mainly due to a deterioration in current and expected macroeconomic conditions as a result of COVID-19, including an impairment charge on the investment in Macquarie Infrastructure Corporation (MIC) and a small number of other investments ⚫ BFS: Increased specific provisions in Business banking and Vehicle finance together with increased credit impairment charges on the performing portfolios related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 ⚫ CGM: Driven by increased impairment charges on a small number of counterparties in Futures and FI&C, together with increased credit impairment charges on the performing loan and lease portfolio related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 Macquarie Capital: Increased credit impairment charges primarily related to a small number of loan facilities in the debt portfolio and a deterioration in current and expected macroeconomic conditions as a result of COVID-19 impacting the performing loan portfolio Corporate: Higher central overlay provisions for expected credit losses on the performing portfolio due to a higher weighting to the ECL downside scenario 400 300 552 200 100 0 FY19 MAM BFS CGM MacCap Corporate FY20 31#33Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Macquarie Asset Management Increased base fees, investment-related and other income, partially offset by lower net operating lease income and higher impairments 2,800 $Am 2,600 2,400 2,200 2,000 243 1,800 1,600 1,872 1,400 1,200 (282) 387 56 (126) 67 (101) O MACQUARIE 61 2,177 KEY DRIVERS ⚫ Base fees up due to: - Foreign exchange movements, fees earned on the MAF joint venture, investments made by MIRA-managed funds and mandates as well as contributions as a result of assets acquired from Foresters during the year - partially offset by the internalisation of ALX and asset realisations in MIRA-managed funds Higher performance fees with FY20 benefiting from a broad range of funds including MEIF, MEIF3, MEIF4, MIP, MIP II, GIF II, GIF III, MSCIF and other MIRA-managed funds, managed accounts and co- investors Higher investment-related and other income driven by gains on sale of investments, higher equity accounted income from the sale of a number of underlying assets and income from the MAF joint venture during the year, as well as a one-off payment from ALX for the termination of management rights related to APRR ⚫ Lower net operating lease income driven by the sale of MAF to a joint venture during the first half, partially offset by the acquisition of rotorcraft assets during the prior year Higher credit and other impairment charges mainly due to a deterioration in current and expected macroeconomic conditions as a result of COVID-19, including an impairment charge on the investment in MIC and a small number of other investments ⚫ Lower net interest and trading expense driven by sale of MAF to a joint venture during the year, partially offset by an increase in investments Higher operating expenses mainly driven by foreign exchange movements, the impact of new business acquired during the year (Foresters) and the full year impact of the GLL and Valuelnvest acquisitions completed in the prior year, partially offset by cost savings initiatives Other includes higher income from private capital markets, transaction fees and True Index Products 1,000 FY19 NPC Base fees Performance fees Investment-related Net operating income and other lease income income¹ Credit and Other impairments Net interest and trading expense Operating expenses Other 2 FY20 NPC 1. Includes net income on equity and debt investments, share of net profits of associates and joint ventures and other income. 2. Other includes other fee and commission income, internal management revenue and non-controlling interests. 32 22#34Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices MAM AUM movement O MACQUARIE Increase due to investments by MIRA-managed funds, MIM acquisition and FX movements partially offset by recent market movements and a reduction in contractual insurance assets in MIM and divestments by MIRA-managed funds $Ab 700 MIM +0.1 MIM +21.5 21.7 29.8 600 10.2 13.0 (23.1) 11.9 MAM 562.0 MAM 550.0 (29.4) 22.2 MAM 605.7 (0.6) 500 MIRA 189.0 400 300 200 MIM 361.0 n0 100 MIRA 200.9 MIM 361.1 MIRA 223.1 MIM 382.6 0 31-Mar-19 MIM FX impacts MIM market movements MIM Net flows MIRA movement 30-Sep-19 MIM FX impacts MIM Acquisition³ MIM market (see EUM)² movements MIM Net flows MIRA movement (see EUM)² 31-Mar-20 1. $A23.1b of MIM net outflows were primarily driven by contractual fixed income insurance assets and other short-term fixed income allocations. 2. MIRA tracks its funds under management using an EUM measure as base management fee income is typically aligned with EUM. EUM and AUM are calculated under different methodologies and as such, EUM movement is the more relevant metric for analysis purposes - refer to MIRA EUM movement on slide 34. MIRA's total EUM includes market capitalisation at measurement date plus underwritten or committed future capital raisings 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. AUM is calculated as proportional enterprise value at measurement date including equity value and net debt of the underlying assets of funds and managed assets. AUM excludes uninvested equity in MIRA. Refer MD&A s7 for further information with respect to EUM and AUM measures. 3. Acquisition of the assets related to the mutual fund management business of Foresters Investment Management Company Inc. as well as approximately $US4b of contractual insurance assets. 33#35Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices MIRA EUM movement Increase of 17% due to new equity raised and FX movements partially offset by equity returned 150 140 $Ab 0.5 (2.6) 3.0 130 5.6 120 110 100 127.9 90 90 80 134.4 (2.4) 11.8 14.4 (8.9) O MACQUARIE 149.3 70 31-Mar-19 Equity raised¹ Listed security price movements Equity returned or no longer FX movements³ 30-Sep-19 Equity raised¹ Listed security price movements managed² Equity returned or no longer managed² FX movements³ 31-Mar-201 1. Includes equity under management in relation to 50% of the MAF investment: following the sale of MAF to a joint venture of which Macquarie held a 75% interest in 1H20 and the sale of 25% of the joint venture in 2H20. 2. Committed capital returned by unlisted funds or under mandates due to asset divestments, redemption or other capital distributions as well as capital no longer managed due to sale of management rights or expiry of asset management agreements. Includes an offset of equity managed on behalf of ALX following internalisation. 3. FX reflects the movement in EUM driven by changes in FX rates. 34#36Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O Banking and Financial Services MACQUARIE Increase in Personal Banking income and lower expenses partially offset by Credit impairment charges and margin compression on deposits 950 $Am 900 850 148 800 750 700 756 650 (30) (33) (79) 13 (34) 29 29 770 KEY DRIVERS Higher Personal Banking income driven by 20% growth in average home loan volumes ⚫ Lower Business Banking income driven by margin compression on Business deposits, partially offset by 14% growth in average business banking loan volumes and a 2% growth in average business deposit volumes ⚫ Lower Wealth Management income as the wealth advice business realigned to focus on the high net worth segment, and margin compression partially offset by 10% average platform volume growth Increased specific provisions in Business banking and Vehicle finance together with increased credit impairment charges on the performing portfolios related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 Higher Technology and Regulatory expenses driven by investment to support business growth and to meet regulatory requirements Lower Expenses and Other due to lower headcount in Wealth Management as the wealth advice business realigned to focus on the high net-worth segment and the net impact of sale of investment in MPF 600 FY19 Personal NPC Banking income Business Banking income Wealth Credit Other Management impairments impairments income Technology & Expenses & Regulatory other FY20 NPC 35#37Macquarie FY20 result announcement I macquarie.com Banking and Financial Services Strong growth across deposit and loan products $Ab 100 90 90 80 60 60 50 760 70 40 38.5 30 32.7 28.7 20 52.1 53.4 44.5 45.7 Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices 72.2 63.9 86.0 82.5 79.1 9.0 8.2 7.3 6.5 O MACQUARIE $Ab 18 16 16 16.3 16.0 15.2 14 14 13.7 12 10 8 6 4 2 10 10 0 0 Home Loans (lhs) BFS deposits (lhs) Funds on platforms (lhs) Business Banking loans (rhs) Vehicles (rhs) 1 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 Data based on spot volumes at period end. 1. Includes dealer, wholesale, retail and general plant and equipment. 36#38Macquarie FY20 result announcement I macquarie.com Banking and Financial Services Portfolio and credit overview Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O MACQUARIE Portfolio dynamic 31-Mar-20 31-Mar-19 % change Home Loan Dynamic LVR Distribution 3% 2% Funds Under Management/Gross Loan Assets ($Am) 75,320 62,453 21% 5% 12% 21% % Business Banking (incl. Business Bank Home Loans) 12% 13% -8% 21% 22% % Personal Banking (Home Loans + Credit Cards) 70% 63% 11% 20% % Asset Finance (incl Wholesale) 18% 24% -25% 44% 50% Credit Risk Weighted Assets (CRWA) ($Ab) 35.7 32.2 11% Total provisions ($Am)² 470 399 18% % ECL/CRWA (pre-COVID adjustment) % ECL/CRWA (post-COVID adjustment) 1.07% 1.24% 1.32% Business lending security type and LVR7 (%) 41% Residential Property (LVR 69%) Commercial Property (LVR 67% Secured Cashflow (LVR 50%) Rent Roll (LVR 56%) Strata Roll (LVR 52%) 12% 33% 11% 3% ~47% business lending secured against the business Home Loan portfolio¹ dynamic Average LVR at Origination (%) 3,4 Average Dynamic LVR (%) 4.5 % Owner Occupied 31-Mar-19 31-Mar-20 ■0% to 60% 60.01% to 70% 70.01% to <80% ■■■80% to 90% 90.01% to 100% 31-Mar-20 31-Mar-19 69% 70% 57% 60% 63% 63% 74% 70% 0.55% 0.65% 1bp Obp 73% 74% 30-Apr-20 11.2% 16.2% 13.5% % Principal and Interest 90+ days delinquent (%) Loss rates (bps) % ahead of repayments 6 COVID-19 Payment Pause (% of balances) Personal Banking (Home Loans + Credit Cards) Business Banking (incl Business Bank Home Loans) Vehicle Finance (incl Wholesale) 1. Home Loans originated in Personal Banking. 2. 31 Mar 20 provision include $87m of COVID overlay. 3. Based on accounts still on book. 4. Weighted by size of loan. 5. House price index (HPI) as at Dec'19. 6. Taken as a % of loans with more than 0.5% of limit available 1 monthly payment ahead net of offset and redraw balances. 7. At 31 Mar 20. 37#39Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Commodities and Global Markets Consistent performance driven by strong client activity $Am 2,200 Commodities ($A245m) 2,000 16 216 1,800 1,600 1,400 1,200 1,743 1,000 800 600 75 (477) (93) 111 118 37 57 1,746 400 FY19 NPC Risk management and products financing Lending Inventory FX, interest management rates and and trading credit Equities Net operating Credit and Other FY20 lease income Other impairments NPC O MACQUARIE KEY DRIVERS . Commodities Strong results across the commodities platform from increased client hedging activity particularly in Global Oil, EMEA Gas and Power, Agriculture, and Metals & Mining partially offset by the impact of fair value adjustments Higher Lending and financing income driven by increased physical oil financing activity Inventory management and trading driven by reduced opportunities in North American Gas markets following a strong FY19 partially offset by the timing of income recognition on transport agreements. 1H20 benefited from opportunities across a range of energy sectors which were partially offset by more challenging markets in Fuel oil (related to changing regulations) and North American gas markets in 2H20 Higher foreign exchange, interest rates and credit result driven by increased client activity in structured foreign exchange and interest rate products across all regions Improved Equities income due to increased opportunities in Asian markets and reduced trading losses following the structural change announced in 2H20 to refocus equities on the Asia-Pacific region ⚫ Higher net operating lease income driven by higher secondary income from the Technology, Media and Telecoms portfolio in addition to favourable foreign exchange movements • Increased impairment charges on a small number of counterparties in Futures and FI&C, together with increased credit impairment charges on the performing loan and lease portfolio related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 Other includes an increase in fee and commission income from commodity related fees partially offset by a reduction in brokerage income following the structural change announced in 2H20 to refocus equities on the Asia-Pacific region 38#40Macquarie FY20 result announcement I macquarie.com Commodities and Global Markets Growing client base Client numbers 1,200 1,150 1,100 1,050 1,000 950 959 900 1,010 1,123 1,112 1,084 1,053 Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Specialised & Asset Finance portfolio¹ $Ab 1,500 10.0 1,200 1,476 1,168 1,462 1,450 8.0 1,416 1,400 1,396 6.0 6.3 1,350 4.0 01 1,300 2.0 1,250 20 1,200 Commodities (lhs) Financial Markets and Futures (Ihs) Cash Equities (rhs) 31-Mar-17 31-Mar-18 ■31-Mar-19 ■31-Mar-20 1. Numbers are reported in AUD equivalent and include fluctuations in foreign exchange. O MACQUARIE 8.5 8.0 7.7 0.0 00 Specialised and Asset Finance portfolio 39#41Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Commodities and Global Markets Movement in regulatory capital¹ 6.0 $Ab 5.5 5.0 50 45 4.5 40 4.0 4.3 13 3.5 0.6 3.0 30 31-Mar-19 SA-CCR 1. Calculated at 8.5% RWA. 0.6 Driven by market movements and deterioration of counterparty credit Credit (Derivatives) (0.2) 0.6 FX impact on regulatory capital is hedged centrally with offsetting balance recognised in the Foreign Currency Translation Reserve (FCTR) O MACQUARIE 5.9 Market Risk FX 31-Mar-20 40 40#42Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Macquarie Capital Results driven by lower investment-related income, lower fee and commission income, higher credit and other impairment charges and higher operating expenses $Am 2,000 1,600 1,200 800 400 1,774 (760) (72) (95) 755 0 FY19 NPC Investment -related income 1 Credit and Other impairments Fee and commission income Operating expenses FY20 NPC KEY DRIVERS ⚫ Lower investment-related income predominantly due to: O MACQUARIE Lower revenue from asset realisations compared to a strong prior year Lower interest and trading income primarily due to higher funding costs for balance sheet positions reflecting increased activity A change in the composition of investments in the portfolio including increased development expenditure in relation to green energy projects Increased Credit impairment charges primarily related to a small number of loan facilities in the debt portfolio and a deterioration in current and expected macroeconomic conditions as a result of COVID-19 impacting the performing loan portfolio ⚫ Lower fee and commission income due to lower debt capital markets fee income and other fee income, partially offset by higher mergers and acquisitions fee income Higher operating expenses relating to additional headcount in the US and Europe to support future business growth and unfavourable foreign exchange movements 1. Includes net income on equity and debt investments, share of net losses of associates and joint ventures, net interest and trading (expense)/income (which represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions), other (expenses)/income, internal management revenue and non-controlling interests. 41#43Macquarie FY20 result announcement I macquarie.com Macquarie Capital Movement in regulatory capital¹ Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O MACQUARIE $Ab 6.0 2.7 (1.5) 5.5 5.0 4.5 4.2 4.0 3.5 3.0 3.0 2.5 2.0 1.5 1.0 0.5 0.0 31-Mar-19 Investments Realisations 31-Mar-20 ■Debt Conventional Energy Infrastructure ■Green Energy ■Technology Real estate Other 1. Calculated at 8.5% RWA. 42 22#44Macquarie FY20 result announcement I macquarie.com Costs of compliance Regulatory project spend IFRS 9 MiFID II OTC Reform IBOR reforms Brexit Transaction Reporting & Data related Projects for CGM Trading Portfolio 20 155560 FY20 FY19 $Am $Am 10 10 11 12 Other Regulatory Projects (e.g. Enterprise Data Management, Code of Banking Practice, APRA Reviews) 95 92 Total 147 142 FY20 FY19 Business as usual compliance spend $Am $Am Financial, Regulatory & Tax Reporting and Compliance 113 104 Compliance Oversight 94 86 AML Compliance 35 35 Regulatory Capital Management 24 21 National Consumer Credit Protection (NCCP) 8 15 Regulator Levies 14 12 Other Compliance functions (e.g. Monitoring & Surveillance, Privacy & Data Management, APRA resilience, Advice Licensee standards compliance) Total Total compliance spend 108 79 398 354 545 496 Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O MACQUARIE 7 1 ° • • The finance industry continues to see an increase in regulatory initiatives, resulting in increased compliance requirements across all levels of the organisation Total compliance spend (excluding indirect costs) approximately $A545m in FY20, up 10% on FY19 Regulatory project spend increased 3% from FY19 as a result of a number of technology projects and the impact of Brexit Business as usual spend increased 12% from FY19 from continuing spend on a range of compliance functions 43 33#45Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices FY20 funded balance sheet initiatives • $A1.7b of equity capital raised in 1H20 through $A1.0b institutional placement and $A0.7b share purchase plan $A26.0b¹ of term funding raised during FY20 with $A7.7b with weighted average life 4.9 years² in Q4 FY20 including: O MACQUARIE JANUARY $A2.6b FEBRUARY $A4.4b MARCH $A0.7b $US1.25b 5yr MBL USD Public ⚫ €0.5b 7yr MGL EUR Public $A1.8b 5yr MBL AUD Public $A1.0b SMART ABS $A0.9b PUMA RMBS $US0.3b 5yr MGL Samurai Loan Facility $Ae0.2b Islamic Finance / Structured Note €0.4b 2yr MBL EUR Public • Increased proportion of term funding and deposits Growth in term liabilities³ as a proportion of balance sheet - 47% at Mar 20 (compared to 45% at Mar 19) Customer deposits4 continue to grow - up 20% in FY20, representing 42% of sources at Mar 20 (compared to 40% at Mar 19) Short term wholesale issued paper and other short-term debt at 11% of sources at Mar 20 (compared to 15% at Mar 19) Strong liquidity with Cash, liquids and self-securitised assets comprising 39% of Assets ° Bank Group LCR at 173% and NSFR at 118% at Mar 20 1. Issuances cover a range of tenors, currencies, product types and are AUD equivalent based on FX rates at the time of issuance and include undrawn facilities. 2. Excludes securitisations. 3. Includes equity 4. Total customer deposits as per the funded balance sheet ($A67.1b) differs from total deposits as per the statutory balance sheet ($A67.3b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 44#46Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Continued customer deposit growth • Macquarie has been successful in pursuing its strategy of diversifying its funding sources by growing its deposit base Of more than 1.6 million BFS clients, circa 660,000 are depositors Focus on the quality and composition of the deposit base Continue to grow deposits, CMA product has an average account balance of circa $A45,000 Deposits $Ab 80.0 70.0 60.0 67.1 50.0 56.0 40.0 47.8 48.1 43.6 30.0 39.7 36.2 36.9 20.0 10.0 0.0 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Note: Total customer deposits include total BFS deposits of $A63.9b and $A3.2b of Corporate/Wholesale deposits. O MACQUARIE 45#47Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Diversified issuance strategy Term funding as at 31 Mar 20 - diversified by currency1, tenor² and type Currency EUR 8% USD 37% GBP 5% CHF 1% JPY 1% OTH 1% Tenor Securitisations >1yr 11% 1-2yrs 11% 2-3yrs 10% Type Subordinated debt 3% Syndicated loan facilities 12% PUMA RMBS 9% 3-4yrs 11% Senior unsecured 35% AUD 47% >5yrs 48% 4-5yrs 9% Secured funding 2% Private placement 8% Term Issuance and Maturity Profile O MACQUARIE SMART ABS 2% Well diversified issuance and funding sources Term funding beyond 1 year (excluding equity and securitisations) has a weighted average maturity of 4.8 years Equity and hybrids 29% Mar 20: Weighted average maturity 4.8 years $Ab 50.0 Issuances³ Maturities4 40.0 30.0 20.0 10.0 0.0 FY16 FY17 FY18 FY19 FY20 Unsecured debt Secured facilities <1yr Acquisition facilities 1-2yrs Subordinated debt 2-3yrs 3-4yrs 4-5yrs >5yrs Equity and hybrids 1. Equity has been allocated to the AUD currency category. 2. Securitisations have been presented on a behavioural basis and represent funding expected to mature in >1yr. 3. Issuances exclude securitisations. Issuances are converted to AUD at the 31 Mar 20 spot rate and include undrawn facilities. 4. Maturities excludes securitisations. Maturities shown are as at 31 Mar 20. 46#48Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Loan and lease portfolios¹ - funded balance sheet O MACQUARIE Mar 20 Sep 19 Mar 19 Operating Group Category $Ab $Ab $Ab Description Home loans² 43.2 38.8 35.6 Secured by Australian residential property Business banking 9.4 9.0 8.7 Loan portfolio secured largely by working capital, business cash flows and real property BFS Vehicle finance 10.6 11.9 11.5 Secured by Australian motor vehicles Total BFS 63.2 59.7 55.8 Asset Finance 8.4 8.0 7.9 Predominantly secured by underlying financed assets Loans and finance lease assets 6.2 5.7 5.6 Operating lease assets 2.2 2.3 2.3 CGM Resources and commodities 3.0 3.6 2.6 Other 3.2 2.6 Diversified loan portfolio primarily to the resources sector that is secured by the underlying assets with associated price hedging to mitigate risk 2.5 Predominantly relates to recourse loans to financial institutions, as well as financing for other sectors Total CGM 14.6 14.2 13.0 Operating lease assets³ 1.7 1.6 8.9 Secured by underlying financed assets including transportation assets Structured investments 0.2 0.2 MAM Loans to retail and wholesale counterparties that are secured against equities, investment funds or cash or are protected by capital guarantees at maturity Other 0.3 0.4 0.3 Secured by underlying financed assets Total MAM 2.0 2.2 9.4 Corporate and other lending 6.7 4.2 4.1 Macquarie Capital Diversified corporate and real estate lending portfolio, predominantly consisting of loans which are senior, secured, covenanted and with a hold to maturity horizon. Includes diversified secured corporate lending Total Macquarie Capital 6.7 4.2 Total loan and lease assets per funded balance sheet4 86.5 80.3 4.1 82.3 1. Loan assets are reported on a funded balance sheet basis and therefore exclude certain items such as assets that are funded by third party debt with no recourse to Macquarie beyond the borrowing entity. In addition, loan assets per the statutory balance sheet of $A94.1b at 31 Mar 20 ($A84.2b at 30 Sep 19 and $A77.8b at 31 Mar 19) 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. Home loans per the funded balance sheet of $A43.2b differs from the figure disclosed on slide 18 of $A52.1b. The funded balance sheet nets down loans and funding liabilities of non-recourse securitisation and warehouse vehicles (PUMA RMBS and SMART auto ABS) to show the net funding requirement. 3. Movement includes the sale of Macquarie AirFinance to a joint venture. 4. Total loan assets per funded balance sheet includes self-securitised assets. 47#49Macquarie FY20 result announcement I macquarie.com Equity investments of $A7.5b1 Category Macquarie Asset Management (MIRA) managed funds Carrying value² Mar 20 $Ab 1.8 Carrying value² Mar 19 Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O $Ab Description 1.9 Includes Macquarie Infrastructure Corporation, Macquarie Asia Infrastructure Fund, Macquarie SBI Infrastructure Fund, Macquarie Korea Infrastructure Fund, Macquarie European Infrastructure Fund 5, Macquarie Infrastructure Partners III MACQUARIE Investments held to seed new MIRA products and mandates Other Macquarie-managed funds Transport, industrial and infrastructure 0.3 1.3 Telcos, IT, media and entertainment 1.2 0.5 Green energy³ 1.0 0.3 Includes MIM funds as well as investments that hedge directors' profit share plan liabilities 0.6 Includes a 50% interest in Macquarie AirFinance investment following the sale of MAF to a joint venture of which Macquarie held a 75% interest in 1H20 and the sale of 25% of the joint venture in 2H20. Over 50 separate investments 1.0 Over 30 separate investments Conventional energy, resources and commodities 0.4 0.4 Over 45 separate investments Real estate investment, property and 1.0 0.7 Over 15 separate investments funds management Finance, wealth management 0.5 and exchanges 0.5 Includes investments in fund managers, investment companies, securities exchanges and other corporations in the financial services industry 7.5 5.9 1. Equity investments per the statutory balance sheet of $A9.7b (Mar 19: $A6.1b) have been adjusted to reflect the total economic exposure to Macquarie. 2. Total funded equity investments of $A7.4b (Mar 19: $A5.9b). 3. Green energy includes Macquarie's investment in East Anglia ONE Limited. The investment was partially funded with asset-specific borrowings of $A2.3b as at 31 Mar 20. 48#50O MACQUARIE Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Regulatory update Australia . In light of the COVID-19 pandemic, APRA announced (on 19 Mar 20) temporary changes to its expectations regarding bank capital ratios, to ensure banks are well positioned to continue to provide credit to the economy in the current challenging environment¹ On 30 Mar 20, APRA announced the deferral of its scheduled implementation of the Basel III reforms in Australia by one year to allow ADIs to focus on maintaining operations and providing credit to the Australian economy² The status of the relevant regulatory changes is shown in the table below: Regulatory Change Status APS 110 (Leverage ratio) APS 111 (Capital treatment of subsidiaries) Draft standard released 21 Nov 19 Draft standard released 15 Oct 19 APS 112 (Standardised credit risk) APS 113 (IRB credit risk) APS 115 (Operational Risk) APS 116 (FRTB) APS 117 (IRRBB) APS 222 (Associations with related Entities)³ Transparency, comparability and flexibility Draft standard released 12 Jun 19 Draft mortgages standard 12 Jun 19 Standard finalised 11 Dec 19 Waiting for draft standard to be released Draft standard released 4 Sep 19 Standard finalised 20 Aug 19 Waiting for draft standard to be released Original compliance date 2022 Revised compliance date 2023 2021 No change 2022 2023 2022 2023 2021 2023 2023 2024 2022 2023 2021 2022 2022 2023 As previously noted, APRA is in discussions with Macquarie on resolution planning and intragroup funding. These discussions are progressing and Macquarie will continue working on these initiatives in consultation with APRA Based on the current information available, it is Macquarie's expectation that it will have sufficient capital to accommodate likely additional regulatory Tier 1 capital requirements as a result of the above changes, noting that some of them are at an early stage of review and hence the final impact is uncertain Germany Macquarie continues to respond to requests for information about its historical activities as part of the ongoing, industry-wide investigation in Germany relating to dividend trading In total, the German authorities have designated as suspects approximately 100 current and former Macquarie staff, most of whom are no longer at Macquarie The total amount at issue is not material and MGL has provided for the matter 1. 'APRA adjusts bank capital expectations'; 19 Mar 20. 2. 'APRA announces deferral of capital reform implementation'; 30 Mar 20. 3. 'APRA announces new commencement dates for prudential and reporting standards'; 16 Apr 20. 49 49#51Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Macquarie FY20 result announcement I macquarie.com Bank Group Basel III Common Equity Tier 1 (CET1) Ratio • APRA Basel III CET1 ratio: 12.2%1 Harmonised Basel III CET1 ratio: 14.9%² Bank Group Common Equity Tier 1 Ratio: Basel III (Mar 20) 16% 14% 1.3% (1.2)% 14.3% (2.9)% 1.9% (1.8)% 0.6% 12% 12.2% 11.4% 10% 8% 6% 4% CCB (2.5%) 3 Basel III minimum CET1 (4.5%) 2% 14.9% 2.7% O MACQUARIE 0% Harmonised Basel III at Mar-19 APRA Basell III 'super equivalence' APRA Basel III at Mar-19 FY20 P&L Capital injection SA-CCR Business capital Other movements4 requirements APRA Basel III APRA Basel III Harmonised Basel III at Mar-20 at Mar-20 'super equivalence'5 1. Basel III applies only to the Bank Group and not the Non-Bank Group. APRA Basel III Tier 1 ratio at Mar 20: 13.6%. 2. 'Harmonised' Basel III estimates are calculated in accordance with the BCBS Basel III framework. Harmonised Basel III Tier 1 ratio at Mar 19: 16.4%. 3. Based on materiality, the countercyclical capital buffer (CCyB) of -3bps has not been included. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 4. Includes foreign currency translation reserve. 5. APRA Basel III 'super- equivalence' includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework. Differences include the treatment of mortgages 1.5%; capitalised expenses 0.5%; equity investments 0.3%; investment into deconsolidated subsidiaries 0.1%; DTAs and other impacts 0.3%. 50#52Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices Strong liquidity position maintained • . 173% average LCR for Mar 20 quarter, based on daily observations Maintained well above regulatory minimum - Includes APRA approved AUD CLF1 allocation of $A8.5b for 2020 calendar year Reflects longstanding conservative approach to liquidity management $A39.6b of unencumbered liquid assets and cash on average over the quarter to Mar 20 (post applicable haircuts) Unencumbered Liquid Asset Portfolio² MBL LCR position² $Ab 425525050 200% $A39.6b 35 $A32.7b $A33.7b 5.1 172% 173% 150% 30 3.8 3.6 158% 8.5 8.4 8.4 4.7 100% 3.9 4.1 15 10 21.3 50% 16.6 17.6 Sep 19 Qtr ■ HQLA Available cash Dec 19 Qtr CLF Mar 20 Qtr Surplus CLF collateral 90 0% Sep 19 Qtr Dec 19 Qtr Mar 20 Qtr 1. Committed Liquidity Facility. 2. Represents quarterly average balances. Available cash includes balances held with central banks and overnight lending to financial institutions. O MACQUARIE Basel III minimum 51#53Macquarie FY20 result announcement I macquarie.com Capital management update Introduction Overview of Result Result Analysis and Financial Management. Outlook Appendices O MACQUARIE Additional Tier 1 Capital On 13 Mar 20, MBL announced the withdrawal of its offer of $A500m of Macquarie Bank Capital Notes 2 (BCN2), in light of significantly changed market conditions Subject to market conditions, MBL is considering relaunching BCN2 in the near future1 - On 24 Mar 20, MBL completed the resale and redemption of all $A429m Macquarie Bank Capital Notes (BCN) MBL repaid $A400m of Macquarie Income Securities (MIS) on 15 Apr 20 MIS were issued in 1999 and receive transitional treatment under APRA's prudential standards that results in reducing capital recognition. The repayment reduced Tier 1 capital by $A93m Macquarie Group Employee Retained Equity Plan (MEREP) • The Board has resolved to issue shares to satisfy the MEREP requirements of approximately $A600m - The issue price will be the average of the daily VWAP during the period from 25 May 20 to 5 Jun 202 Shares are expected to be issued on or around 9 Jun 203 Staff sale arrangements will not be applicable this year; any MQG shares sold by staff will occur on market FY19 MEREP requirements of $A607m were purchased - $A326m off-market under the staff sale arrangements and $A281m on-market, with a combined VWAP of $A122.37 Dividend Reinvestment Plan (DRP) Shares for the 2H19 and 1H20 DRP were acquired on-market The Board has resolved to issue shares to satisfy the DRP for the 2H20 dividend at a discount to the prevailing market price4 of 1.5% 1. The offeror of BCN2 will be Macquarie Bank Limited (ABN 46 008 583 542) (MBL). A prospectus for the BCN2 offer will be made available at www.MBCN2Offer.com.au and on the ASX announcements platform when BCN2 are offered. Anyone wishing to acquire BCN2 will need to complete the application form attached to, or accompanying, the prospectus. 2. These dates are subject to change. 3. Issuance may be sooner or later. 4. Determined in accordance with the DRP rules as the average of the daily volume weighted average price over the ten business days from 25 May 20 to 5 Jun 20. 52 52#54GA DEN 1788 Outlook Shemara Wikramanayake Managing Director and Chief Executive Officer MACQUARIE © MACQUARIE 2020#55Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business activity since 31 March 2020 Non-Banking Group Banking Group Annuity-style businesses • Macquarie Asset Management (MAM) • • Continued MIRA investment and divestment activity (AirTrunk, Cincinnati Bell, Viesgo and LG CNS acquisitions in MIRA funds and Macquarie European Rail sale from balance sheet) Well-positioned in the current environment to capitalise on investment opportunities, with continued fundraising activity across the MIRA platform and significant equity to deploy Macquarie AirFinance investment (50% owned by MQG) actively working with airlines to provide temporary relief to reflect their near-term revenue challenges MIM's solid investment performance from Mar 20 continued into Apr 20 across key strategies in both the Fixed Income and Equity Fund Banking and Financial Services (BFS) Continued strong growth in deposits driven by existing and new-to-bank deposit clients • Continued extension of credit in line within prudent lending standards Digitised payment pause applications to enable the timely processing of requests for clients in need of support: Approximately 75% of payment pause requests were processed for BFS clients within the first week of Macquarie's COVID-19 support package being launched Non-Banking Group Banking Group Markets-facing businesses Macquarie Capital (MacCap) Significant client engagement and evaluation of opportunities in the current environment O MACQUARIE Supported clients in raising more than $A6.8b of equity2. Since 1 Mar 20, the ASX has been the most active exchange in the world³, with more than $A18.8b equity raised4 ⚫ Continued to support clients with bespoke financing solutions and focused on investing in credit markets Development & construction activity in some jurisdictions has slowed with some projects proceeding under significantly tightened health and safety measures. As the pandemic passes, we expect a swift recovery in activity levels given the essential nature of many of our infrastructure and energy projects Commodities and Global Markets¹ (CGM) ⚫ Product and client sector diversity continues to be an area of strength ⚫ Increased activity as clients seek to rebalance their portfolios to manage risk Renewed Commodity Markets and Financing borrowing facility Funding education technology infrastructure in Australia and healthcare assets, including robotics, in UK Support Groups ⚫ With most staff working remotely globally, provided a stable technology experience for staff; completed year-end reporting; continued to raise funding; maintained effective risk management and supervision. 1. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. 2. Dealogic Macquarie Group completed ASX raisings, 1 Mar 20 to 1 May 20. Deal values reflect the full transaction value and not an attributed value. 3. Dealogic all exchange raisings completed, 1 Mar 20 to 1 May 20. 4. Dealogic completed ASX raisings, 1 Mar 20 to 1 May 20. 54#56Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Factors impacting short-term outlook Banking Group Non-Banking Group Annuity-style businesses Macquarie Asset Management (MAM) Base fees expected to be broadly in line Net Other Operating Income¹ expected to be significantly down, due to expected delays in timing of asset sales Banking and Financial Services (BFS) • ° Higher deposit and loan portfolio volumes Platform volumes subject to market movements Competitive dynamics to drive margin pressure Banking Group Non-Banking Group Corporate Compensation ratio expected to be within the range of historical levels O MACQUARIE Markets-facing businesses Macquarie Capital (MacCap) ⚫ Transaction activity continues, with challenging markets expected to reduce the number of successful transactions and increase the time to completion ⚫ Investment-related income expected to be down on FY20 driven by lower asset realisations considering market conditions, but positioned to benefit from market recovery Commodities and Global Markets² (CGM) Subdued customer activity anticipated, particularly in the commodities sector in 1H21, albeit volatility may create opportunities Consistent contribution from Specialised and Asset Finance linked to stable balance sheet and annuity flows ⚫ Product and client sector diversity expected to provide some support through uncertain economic conditions in 1H21 Based on FY20 mix of income, the FY21 effective tax rate is expected to be within the range of recent outcomes 1. Net Other Operating Income includes all operating income excluding base fees 2. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. 55#57Macquarie FY20 result announcement I macquarie.com Short-term outlook • Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Market conditions are likely to remain challenging, especially given the significant uncertainty caused by the worldwide impact of COVID-19 and the uncertain speed of the global economic recovery O MACQUARIE The extent to which these conditions will impact our overall FY21 profitability is uncertain, making short-term forecasting extremely difficult. Accordingly we are currently unable to provide meaningful guidance for the year ahead In addition to the impact of COVID-19 mentioned above, the range of other factors that will influence our short-term outlook are: The completion rate of transactions and period-end reviews Market conditions and the impact of geopolitical events The impact of foreign exchange - Potential regulatory changes and tax uncertainties - Geographic composition of income 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 56#58Macquarie FY20 result announcement I macquarie.com Medium term • Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE Macquarie remains well-positioned to deliver superior performance in the medium term Deep expertise in major markets Build on our strength in business and geographic diversity and continue to adapt our portfolio mix to changing market conditions - Annuity-style income is primarily provided by two Operating Groups' businesses which are delivering superior returns following years of investment and acquisitions Macquarie Asset Management and Banking and Financial Services Two markets-facing businesses well positioned to benefit from improvements in market conditions with strong platforms and franchise positions Commodities and Global Markets and Macquarie Capital Ongoing program to identify cost saving initiatives and efficiency Strong and conservative balance sheet Well-matched funding profile with minimal reliance on short-term wholesale funding Surplus funding and capital available to support growth Proven risk management framework and culture • • 57 57#59Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Approximate business Basel III Capital and ROE 31 Mar 20 Operating Group Annuity-style businesses Macquarie Asset Management Banking and Financial Services Markets-facing businesses Commodities and Global Markets Macquarie Capital Corporate Total regulatory capital requirement @ 8.5% Group surplus Total APRA Basel III capital supply Outlook Appendices O MACQUARIE APRA Basel III Capital¹ @ 8.5% ($Ab) Approx. FY20 Return on Ordinary Equity² Approx. 14-year Average Return on Ordinary Equity³ 7.1 2.8 24% 22% 4.3 10.0 5.9 14% 16% 4.2 0.6 17.7 7.1 24.84 14.5% 14% Note: Differences in totals due to rounding. 1. Operating Group capital allocations are based on 31 Dec 20 allocations adjusted for material movements over the Mar 20 quarter. 2. NPAT used in the calculation of approx. FY20 ROE is based on Operating Groups' annualised net profit contribution adjusted for indicative allocations of profit share, tax and other corporate expenses. Accounting equity is attributed to businesses based on regulatory capital requirements which are based on the quarterly average capital usage from FY07 to FY20, inclusive. 3. 14-year average covers FY07 to FY20, inclusive, and has not been adjusted for the impact of business restructures or changes in internal P&L and capital attribution. 4. Comprising of $A21.0b of ordinary equity and $A3.7b of hybrids. 58#60Banking Group Non-Banking Group Macquarie FY20 result announcement I macquarie.com Medium term Annuity-style businesses Macquarie Asset Management (MAM) Leading specialist global asset manager, well-positioned to respond to current market conditions. Strongly placed to grow assets under management through its diversified product offering, track record and experienced local investment teams • 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 Banking Group Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Non-Banking Group O MACQUARIE Markets-facing businesses Macquarie Capital (MacCap) ⚫ Positioned to benefit from recovery in M&A and capital markets activity ⚫ Continues to tailor the business offering to current opportunities and market conditions including providing flexible capital solutions across sectors and regions Opportunities for project development and balance sheet investment by the group and in support of partners and clients subject to market conditions Commodities and Global Markets¹ (CGM) Opportunities to grow commodities business, both organically and through acquisition Development of institutional and corporate coverage for specialised credit, rates and foreign exchange products Tailored finance solutions globally across a variety of industries and asset classes ⚫ Continued investment in asset finance portfolio Growing client base across all regions 1. Note certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business and some other less financially significant activities are undertaken from within the Non-Banking Group. 59 59#61Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020 DEN MACQUARIE 2013#62GA DEN 1788 A Appendix Detailed Result Commentary MACQUARIE © MACQUARIE 2020#63Macquarie FY20 result announcement I macquarie.com Macquarie Asset Management Result Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE FY20 FY19 Base fees of $A2,021m, up on FY19 $Am $Am Base fees 2,021 1,778 Performance fees 821 765 Net operating lease income 380 662 - Investment-related and other income1 741 227 Credit and Other impairment charges (231) (105) Net operating income 3,732 3,327 Brokerage, commission and (267) (248) trading-related expenses Other operating expenses Total operating expenses Non-controlling interests Net profit contribution² AUM ($Ab) MIRA EUM ($Ab) (1,287) (1,554) (1) (1,205) (1,453) (2) 2,177 1,872 605.7 550.0 149.3 Headcount 1,899 127.9 1,900 Foreign exchange movements, fees earned on the MAF joint venture, investments made by MIRA- managed funds and mandates as well as contributions as a result of assets acquired from Foresters during the year partially offset by the internalisation of ALX and asset realisations in MIRA-managed funds Performance fees of $A821m, up on FY19 - FY20 included performance fees from a broad range of funds including MEIF, MEIF3, MEIF4, MIP, MIP II, GIF II, GIF III, MSCIF and other MIRA-managed funds, managed accounts and co- investors - FY19 included performance fees from MEIF, MEIF3, ALX, MIP, GIF II, KMGF and other MIRA- managed funds, managed accounts and co-investors Net operating lease income of $A380m, down on FY19 driven by the sale of MAF to a joint venture during the first half, partially offset by the acquisition of rotorcraft assets during the prior year Investment-related and other income of $A741m, up on FY19, primarily driven by gains on sale of investments, higher equity accounted income from the sale of a number of underlying assets and income from the MAF joint venture during the year, as well as a one-off payment from ALX for the termination of management rights related to APRR ⚫ Credit and other impairment charges of $A231m were higher due to a deterioration in current and expected macroeconomic conditions as a result of COVID-19, including an impairment charge on the investment in MIC and a small number of other investments Total operating expenses of $A1,554m up 7% on FY19 mainly driven by foreign exchange movements, the impact of a new business acquired during the year (Foresters) and the full year impact of the GLL and Valuelnvest acquisitions completed in the prior year, partially offset by cost savings initiatives 1. Investment-related income includes net income on equity and debt investments and share of net profits of associates and joint ventures. Other income includes other fee and commission income, net interest and trading expense, other income and internal management revenue. 2. Management accounting profit before unallocated corporate costs, profit share and income tax. 62 62#64Macquarie FY20 result announcement I macquarie.com Banking and Financial Services Result Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE FY20 FY19 $Am $Am Net interest and trading income¹ 1,728 1,678 Fee and commission income 445 476 Wealth management fee income 284 315 Banking and leasing fee income 161 161 Credit impairment charges (146) (67) • Other impairment charges (2) (15) Other income² Net operating income 12 31 2,037 2,103 Total operating expenses (1,267) (1,347) Net profit contribution³ 770 756 ° ⚫ Net interest and trading income of $A1,728m, up 3% on FY19 -10% growth in the average BFS deposit balance and a 10% growth in average loan and lease portfolio volumes - partially offset by margin compression on deposits and the sale of an investment in Macquarie Pacific Funding Fee and commission income of $A445m, down 7% on FY19 driven by lower wealth management fee income as the wealth advice business realigned to focus on the high net worth segment Credit impairment charges of $A146m, up 118% on FY19 with increased specific provisions in Business banking and Vehicle finance together with increased credit impairment charges on the performing portfolios related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 Other income of $A12m, down 61% on FY19 driven by equity investment dividends and revaluations in the prior year Total operating expenses of $A1,267m, down 6% on FY19 Funds on platform ($Ab) 79.1 86.0 Loan and lease portfolio5 ($Ab) BFS Deposits ($Ab) Headcount 75.3 62.5 63.9 53.4 - reduced staff as the wealth advice business realigned to focus on the high net worth segment - lower brokerage, commission and trading related expenses due to the sale of Macquarie Pacific Funding 2,660 2,772 1. Includes internal net interest expense and transfer pricing on funding provided by Group Treasury and deposit premium paid to BFS by Group Treasury for the generation of deposits, that are eliminated on consolidation in the Group's statutory P&L. 2. Includes share of net profits/(losses) of associates and joint ventures, internal management revenue and other income. 3. Management accounting profit before unallocated corporate costs, profit share and income tax. 4. Funds on platform includes Macquarie Wrap and Vision. 5. Loan and lease portfolio comprises home loans, loans to Australian businesses, vehicle finance and credit cards. 6. BFS deposits excludes corporate/wholesale deposits.. 63#65Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result O MACQUARIE . Commodities income of $A1,738m, down 12% on FY19 - Risk management products up 20% on FY19 reflecting strong results across the commodities platform particularly in Global Oil, EMEA Gas and Power, Agriculture, and Metals and Mining from increased client hedging activity as a result of volatility and commodity price movements, partially offset by the impact of fair value adjustments - Lending and financing up 6% on FY19 driven by increased physical oil financing activity - Inventory Management and trading driven by reduced opportunities in North American Gas markets following a strong FY19 partially offset by the timing of income recognition on transport agreements. 1H20 benefited from opportunities across a range of energy sectors which were partially offset by more challenging markets in Fuel oil (related to changing regulations) and North American gas markets in 2H20 Foreign exchange, interest rates and credit income of $A682m, up 21% driven by increased client activity in structured foreign exchange and interest rate products across all regions Equities income of $A353m, up 46% on FY19 driven by increased opportunities in Asian markets and reduced trading losses following the structural changes announced in 2H20 to refocus equities on the Asia-Pacific region Specialised and Asset Finance interest and trading income of $A166m, up 10% on FY19 driven by net proceeds from end of lease asset sales and favourable foreign exchange movements Fee and commission income of $A1,271m, up 4% on FY19 driven by higher income from commodity related fees partially offset by a reduction in brokerage following the structural change announced in 2H20 to refocus equities on the Asia-Pacific region Net operating lease income of $A360m, up 26% on FY19 primarily driven by higher secondary income from the Technology, Media and Telecoms portfolio in addition to favourable foreign exchange movements Investment and other income of $A133m, down 13% on FY19 which included the gain on sale on a small number of investments in the commodities sector which were not repeated Credit and other impairment charges of $A258m, up 56% on FY19 with increased impairment charges on a small number of counterparties in Futures and FI&C, together with increased Credit impairment charges on the performing loan and lease portfolio related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 • Total operating expenses of $A2,699m, broadly in line with FY19, driven by foreign exchange movements, expenditure on technology infrastructure as well as increasing compliance and regulatory requirements partially offset by a reduction in brokerage, commission and trading-related expenses due to the equities structural change to refocus on the Asia-Pacific region FY20 FY19 • $Am $Am Commodities 1,738 1,983 Risk management products 1,294 1,078 Lending and financing 266 250 Inventory management and trading 178 655 Foreign exchange, interest rates and credit 682 564 • Equities 353 242 Specialised and Asset Finance 166 151 Net interest and trading income¹ 2,939 2,940 . Fee and commission income 1,271 1,222 Net operating lease income² 360 285 . Investment and other income³ 133 152 Credit and Other impairment charges (258) (165) Net operating income 4,445 4,434 Brokerage, commission and trading-related expenses (499) (636) • Other operating expenses (2,200) (2,053) Total operating expenses (2,699) (2,689) Non-controlling interests (2) Net profit contribution4 Headcount 1,746 2,636 1,743 2,866 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 Specialised and Asset Finance. 3. Includes net income on equity and debt investments, share of net profits of associates and joint ventures, internal management revenue/(charge) and other income. 4. Management accounting profit before unallocated corporate costs, profit share and income tax. 64 64#66Macquarie FY20 result announcement I macquarie.com Macquarie Capital Result Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE 2,834 • Lower fee and commission income of $A951m, down 7% on FY19 due to lower debt capital markets fee income and other fee income, partially offset by higher mergers and acquisitions fee income • ⚫ Investment-related income of $A1,158m, down 40% on FY19 predominantly due to: - Lower revenue from asset realisations compared to a strong prior year - Lower interest and trading income due to higher funding costs for balance sheet positions reflecting increased activity - A change in the composition of investments in the portfolio including increased development expenditure in relation to green energy projects Credit and other impairment charges of $A267m, up 53% on FY19 primarily related to a small number of loan facilities in the debt portfolio and a deterioration in current and expected macroeconomic conditions as a result of COVID-19 impacting the performing loan portfolio • Total operating expenses of $A1, 168m, up 9% on FY19 primarily driven by additional headcount in the US and Europe to support future business growth and unfavourable foreign exchange movements FY20 $Am FY19 $Am Fee and commission income 951 1,023 Investment-related income (ex non-controlling 1,158 1,945 interests) Investment and other income¹ 1,199 1,858 Net interest and trading (expense)/income² (41) 87 Credit and Other impairment charges (267) (175) Internal management revenue³ Net operating income Total operating expenses Non-controlling interests Net profit contribution4 Capital markets activity5: Number of transactions Transactions value ($Ab) Headcount 64 41 1,906 (1,168) (1,073) 17 13 755 1,774 376 417 319 478 1,547 1,369 1. Includes net income on equity and debt investments, share of net losses of associates and joint ventures and other (expenses)/income. 2. 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. 3. Internal revenue allocations are eliminated on consolidation in the Group's statutory P&L. 4. Management accounting profit before unallocated corporate costs, profit share and income tax. 5. 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. 65#67GA DEN 1788 B Appendix Additional information - Funding MACQUARIE © MACQUARIE 2020#68Macquarie FY20 result announcement I macquarie.com Macquarie funding structure Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices . MGL and MBL are Macquarie's two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements MBL provides funding to the Bank Group MGL provides funding predominantly to the Non-Bank Group Debt and Hybrid Equity Debt and Hybrid Equity Debt and Equity Macquarie Bank Limited (MBL) Bank Group Macquarie Group Limited (MGL) Debt and Equity Non-Bank Group Equity Non-bank subsidiaries O MACQUARIE The Bank Group comprises BFS and CGM (excluding certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business and some other less financially significant activities which are undertaken from within the Non-Bank Group). The Non-Bank Group comprises Macquarie Capital, MAM and certain assets of the Credit Markets business, certain activities of the Cash Equities business and the Commodity Markets and Finance business and some other less financially significant activities of CGM. 67 67#69Macquarie FY20 result announcement I macquarie.com Balance sheet highlights • Balance sheet remains solid and conservative • Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Term assets covered by term funding, stable deposits and equity - Minimal reliance on short-term wholesale funding markets Total customer deposits¹ continuing to grow, up 20% to $A67.1b as at Mar 20 from $A56.0b as at Mar 19 $A1.7b of equity capital raised in 1H20 . $A26.0b² of term funding raised during FY20: $A13.4b of term wholesale paper issued - $A9.5b of PUMA RMBS and SMART ABS public and warehouse securitisation issuance $A2.3b of secured trade finance facilities - $A0.8b of MGL USD syndicated loan facilities³ O MACQUARIE 1. Total customer deposits as per the funded balance sheet ($A67.1b) differs from total deposits as per the statutory balance sheet ($A67.3b). The funded balance sheet reclassifies certain balances to other funded balance sheet categories. 2. Issuances cover a range of tenors, currencies, product types and are AUD equivalent based on FX rates at the time of issuance and include undrawn facilities. 3. Includes $A0.2b green financing. 68#70Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet reconciliation Macquarie's statement of financial position is prepared based on generally accepted accounting principles which do not represent actual funding requirements A funded balance sheet reconciliation has been prepared to reconcile the reported assets of Macquarie to the assets that require funding Mar 20 $Ab Mar 19 $Ab 255.8 197.8 Total assets per Statement of Financial Position Accounting deductions: Self-funded trading assets Derivative revaluation accounting gross-ups (17.7) (16.6) (38.0) (12.5) Segregated funds Outstanding trade settlement balances (7.0) (4.6) (6.8) (7.4) Short-term working capital assets (8.4) (8.8) Non-controlling interests (0.3) (0.2) Non-recourse funded assets: Securitised assets and other non-recourse funding (16.0) (7.2) Net funded assets per funded balance sheet 161.6 140.5 For an explanation of the above deductions refer to slide 73. O MACQUARIE 69#71Macquarie FY20 result announcement I macquarie.com Funding for Macquarie Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE Mar 20 $Ab Mar 19 $Ab Funding sources Certificates of deposit Commercial paper Net trade creditors Structured notes Secured funding 0.6 1.0 5.0 6.3 2.0 2.1 2.0 2.5 Well diversified funding sources Minimal reliance on short-term wholesale funding markets Deposit base represents 42% of total funding sources Term funding beyond one year (excluding equity and securitisations) has a weighted average term to maturity of 4.8 years² 3.8 5.8 Bonds 40.9 32.2 Other loans 1.2 1.2 Syndicated loan facilities 10.1 8.3 Customer deposits 67.1 56.0 Macquarie's term funding maturing beyond one year (includes Equity and hybrids)³ Subordinated debt 3.5 3.0 $Ab Equity and hybrids¹ Total funding sources Funded assets 25.4 22.1 50 161.6 140.5 40 Cash and liquid assets 38.9 26.3 Self-securitisation 23.5 21.1 Net trading assets 23.2 21.3 232 30 20 Loan assets including operating lease assets less than one year Loan assets including operating lease assets greater than one year Debt investment securities 13.4 13.9 49.6 47.3 10 1.9 1.7 0 Co-investment in Macquarie-managed funds and other equity investments Property, plant and equipment and intangibles Total funded assets 7.4 5.9 1-2yrs 2-3yrs 3-4yrs 4-5yrs 5yrs+ 3.7 3.0 161.6 140.5 ■Debt Subordinated debt Equity and hybrids 1. Hybrid instruments include Macquarie Additional Capital Securities, Macquarie Capital Notes 2, 3 & 4, Macquarie Bank Capital Notes (BCN were redeemed in Mar 20) and Macquarie Income Securities (MIS were redeemed in Apr 20). 2. As at 31 Mar 20. 3. Includes drawn term funding facilities only. 70 10#72Macquarie FY20 result announcement I macquarie.com Funding for the Bank Group Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE Mar 20 $Ab Mar 19 $Ab Funding sources Certificates of deposit Commercial paper Net trade creditors Structured notes Secured funding Bonds Other loans Customer deposits Subordinated debt Equity and hybrids¹ Total funding sources Funded assets 0.6 1.0 5.0 6.3 1.1 1.1 • Bank balance sheet remains liquid and well capitalised, with a diverse range of funding sources Term funding beyond one year (excluding equity and securitisations) has a weighted average term to maturity of 3.8 years² Accessed term funding across a variety of products and jurisdictions 1.9 2.2 3.2 1.4 24.4 16.1 0.9 0.7 67.1 56.0 3.5 3.0 Bank Group term funding maturing beyond one year (includes Equity and hybrids)³ 15.8 12.8 $Ab 123.5 100.6 25 Cash and liquid assets 33.6 24.3 20 Self-securitisation 23.5 21.1 15 Net trading assets 22.0 20.3 Loan assets including operating lease assets less than one year 12.2 12.6 10 Loan assets including operating lease assets greater than one year 41.7 35.0 Debt investment securities 1.7 1.1 5 Non-Bank Group deposit with MBL (12.2) (14.8) 0 Co-investment in Macquarie-managed funds and other equity investments Property, plant and equipment and intangibles 0.4 0.4 1-2yrs 2-3yrs 3-4yrs 4-5yrs 5yrs+ 0.6 0.6 Total funded assets 123.5 100.6 ■Debt Subordinated debt Equity and hybrids 1. Hybrid instruments include Macquarie Additional Capital Securities, Macquarie Bank Capital Notes (BCN were redeemed in Mar 20) and Macquarie Income Securities (MIS were redeemed in Apr 20). 2. As at 31 Mar 20. 3. Includes drawn term funding facilities only. 71#73Macquarie FY20 result announcement I macquarie.com Funding for the Non-Bank Group Funding sources Net trade creditors Structured notes Secured funding Bonds Other loans Syndicated loan facilities Equity and hybrids¹ Total funding sources Funded assets Cash and liquid assets Mar 20 $Ab Mar 19 $Ab 0.9 1.0 0.1 0.3 0.6 4.4 16.5 16.1 0.3 0.5 10.1 8.3 9.6 9.3 38.1 39.9 Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices • O MACQUARIE Non-Bank Group is predominantly term funded Term funding beyond one year (excluding equity) has a weighted average term to maturity of 5.6 years² Accessed term funding across a variety of products and jurisdictions Non-Bank Group term funding maturing beyond one year (includes Equity and hybrids)³ 5.3 2.0 $Ab Non-Bank Group deposit with MBL 12.2 14.8 25 Net trading assets 1.2 1.0 Loan assets including operating lease assets less than one year Loan assets including operating lease assets greater than one year Debt investment securities 1.2 1.3 20 7.9 12.3 15 0.2 0.6 Co-investment in Macquarie-managed funds and other equity investments Property, plant and equipment and intangibles 7.0 5.5 10 3.1 2.4 Total funded assets 38.1 39.9 5 0 1-2yrs 2-3yrs 3-4yrs 4-5yrs 5yrs+ ■ Debt Equity and hybrids 1. Hybrid instruments include Macquarie Capital Notes 2, 3 & 4. 2. As at 31 Mar 20. 3. Includes drawn term funding facilities only. 72 22#74Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Explanation of funded balance sheet reconciling items O MACQUARIE Self-funded trading assets: Macquarie enters into stock borrowing and lending as well as repurchase agreements and reverse repurchase agreements in the normal course of trading activity that it conducts with its clients and counterparties. Also as part of its trading activities, Macquarie pays and receives margin collateral on its outstanding derivative positions. These trading-related asset and liability positions are presented gross on the statement of financial position but are viewed as being self-funded to the extent that they offset one another and, therefore, are netted as part of this adjustment. Derivative revaluation accounting gross-ups: Macquarie's derivative activities are mostly client driven with client positions hedged by offsetting positions with a variety of counterparties. The derivatives are largely matched and this adjustment reflects that the matched positions do not require funding. Segregated funds: These represent the assets and liabilities that are recognised where Macquarie provides products such as investment-linked policy contracts or where Macquarie holds segregated client monies. The policy (contract) liability and client monies will be matched by assets held to the same amount. Outstanding trade settlement balances: At any particular time Macquarie will have outstanding trades to be settled as part of its brokering business and trading activities. These amounts (payables) can be offset in terms of funding by amounts that Macquarie is owed on other trades (receivables). Short-term working capital assets: As with the outstanding trade settlement balances above, Macquarie through its day-to-day operations generates working capital assets (e.g. receivables and prepayments) and working capital liabilities (e.g. creditors and accruals) that produce a 'net balance' that either requires or provides funding. Non-controlling interests: These represent the portion of equity ownership in subsidiaries not attributable to Macquarie. As this is not a position that Macquarie is required to fund, it is netted against the consolidated assets and liabilities in preparing the funded balance sheet. Securitised assets and other non-recourse funding: These include assets funded by third party debt with no recourse to Macquarie beyond the borrowing entity and lending assets (mortgages and leasing) sold down into external securitisation entities. 73#75Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie FY20 result announcement I macquarie.com Conservative long standing liquidity risk management framework Liquidity Policy O MACQUARIE . • The key requirement of the MGL and MBL liquidity policies is that the entities are able to meet all liquidity obligations during a period of liquidity stress: A twelve month period with constrained access to funding markets for MBL, no access to funding markets for MGL and with only a limited reduction in franchise businesses Term assets are funded by term funding, stable deposits, hybrids and equity Liquidity Framework • A robust liquidity risk management framework is designed to ensure that both MGL and MBL are able to meet their funding requirements as they fall due under a range of market conditions. Key tools include: - Liability driven approach to balance sheet management Scenario analysis Maintenance of unencumbered liquid asset holdings Liquidity management is performed centrally by Group Treasury, with oversight from the Asset and Liability Committee and the Risk Management Group • The MGL and MBL Boards approve the liquidity policies and are provided with liquidity reporting on a regular basis 74#76GA DEN 1788 C Appendix Additional information - Capital MACQUARIE © MACQUARIE 2020#77Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Basel III regulatory capital 31 Mar 20 Macquarie eligible capital Bank Group Gross Tier 1 capital Non-Bank Group eligible capital Eligible capital Macquarie capital requirement Bank Group capital requirement Risk-Weighted Assets (RWA)1 Capital required to cover RWA² Tier 1 deductions Total Bank Group capital requirement Total Non-Bank Group capital requirement Total Macquarie capital requirement (at 8.5%² of the Bank Group RWA) Macquarie regulatory capital surplus (at 8.5%² of the Bank Group RWA) Harmonised Basel III APRA Basel III $Am $Am 15,163 15,163 9,589 9,589 24,752 24,752 (a) 87,996 94,976 7,480 8,073 659 2,195 8,139 10,268 7,431 7,431 15,570 17,699 (b) 9,182 7,053 (a)-(b) O MACQUARIE 1. In calculating the Bank Group's contribution to Macquarie's capital requirement, RWA internal to Macquarie are eliminated (31 Mar 20: $A642m). 2. Calculated at 8.5% RWA including capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. Based on materiality, the countercyclical capital buffer (CCyB) of -3bps has not been included. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 76 76#78Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie APRA Basel III regulatory capital Bank Group contribution 31 Mar 20 Credit risk On balance sheet Off balance sheet Credit risk total² Market risk Operational risk Interest rate risk in the banking book Risk-weighted assets $Am Tier 1 Deductions $Am Capital Requirement¹ $Am 48,331 32,019 80,350 3,971 10,655 4,108 2,722 6,830 337 906 Tier 1 deductions 2,195 2,195 Contribution to Group capital calculation² 94,976 2,195 10,268 O MACQUARIE 1. Calculated at 8.5% RWA including capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. Based on materiality, the countercyclical capital buffer (CCyB) of -3bps has not been included. The individual CCyB varies by jurisdiction and the Bank Group's CCyB is calculated as a weighted average based on exposures in different jurisdictions. 2. In calculating the Bank Group's contribution to Macquarie's capital requirement, RWA internal to Macquarie are eliminated (31 Mar 20: $A642m). 77#79Macquarie FY20 result announcement I macquarie.com Macquarie regulatory capital Non-Bank Group contribution Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices • APRA has specified a regulatory capital framework for Macquarie O MACQUARIE • • A dollar capital surplus is produced; no capital ratio calculation is specified APRA has approved Macquarie's Economic Capital Adequacy Model (ECAM) for use in calculating the regulatory capital requirement of the Non-Bank Group The ECAM is based on similar principles and models as the Basel III regulatory capital framework for banks, with both calculating capital at a one year 99.9% confidence level Risk¹ Credit Equity • . Basel III ECAM Capital requirement generally determined by Basel III IRB formula, with some parameters specified by the regulator (e.g. loss given default) • Capital requirement generally determined by Basel III IRB formula, but with internal estimates of key parameters Harmonised Basel III: 250%, 300% or 400% risk weight, depending on the type of investment². Deduction from Common Equity Tier 1 above a threshold . Extension of Basel III credit model to cover equity exposures. Capital requirement between 36% and 84% of face value; average 50% Market • Operational • APRA Basel III: 100% Common Equity Tier 1 deduction • 3 times 10 day 99% Value at Risk (VaR) plus 3 times 10 day 99% Stressed Scenario-based approach VaR plus a specific risk charge Advanced Measurement Approach • Advanced Measurement Approach 1. The ECAM also covers non-traded interest rate risk and the risk on assets held as part of business operations, including: fixed assets, goodwill, intangible assets and capitalised expenses. 2. Includes all Banking Book equity investments, plus net long Trading Book holdings in financial institutions. 78#80Macquarie FY20 result announcement I macquarie.com Macquarie regulatory capital Non-Bank Group contribution Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices O MACQUARIE 31 Mar 20 Funded assets Cash and liquid assets Loan assets¹ Debt investment securities Co-investment in Macquarie-managed funds and other equity investments Assets Capital Requirement $Ab $Am Equivalent Risk Weight 5.3 9.1 31 51 12% 758 104% 0.2 54 338% 6.5 3,411 656% Co-investment in Macquarie-managed funds and other equity investments (relating to investments that hedge DPS plan liabilities) Property, plant & equipment and intangibles 0.5 3.1 1,126 454% 12.2 1.2 38.1 5,400 Non-Bank Group deposit with MBL Net trading assets Total funded assets Self-funded and non-recourse assets Self-funded trading assets Outstanding trade settlement balances Derivative revaluation accounting gross ups Short-term working capital assets Assets funded non-recourse Non-controlling interests Total self-funded and non-recourse assets Total Non-Bank Group assets Equity commitments Other off-balance sheet items (including Market risk and Operational risk net of offsets)² Non-Bank Group capital requirement 1. Includes leases. 2. Capital associated with net trading assets (including market risk capital) and net trade debtors has been included here. 1.2 3.4 0.6 10.3 3.2 0.3 19.0 57.1 879 1,152 7,431 79#81GA DEN MACQUARIE 1788 D Appendix Additional information - ECL Provision inputs © MACQUARIE 2020#82Macquarie FY20 result announcement I macquarie.com • Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Expected Credit Loss - - key indicators O MACQUARIE Under the AASB 9 credit impairment model, losses are recognised on an Expected Credit Loss (ECL) basis. ECLS are required to incorporate Forward-Looking Information (FLI), reflecting Macquarie's view of potential future economic scenarios including a weighted baseline, upside case, and downside case Baseline Updated for impact of COVID-19 through key indicators used in modelling: gross domestic product (GDP), the unemployment rate and the level of house prices, interest rates and commodity prices - Downside a more severe and protracted COVID-19 scenario resulting from the virus taking longer to be contained Snapshot of key indicator variables Current (31 Mar - 1Q20) 30 Jun-2Q20 30 Sep - 3Q20 31 Dec 4Q20 31 Mar 1Q21 31 Mar - 1Q22 31 Mar - 1Q23 Baseline Australia Real GDP Growth (indexed at 100 = Dec 19) Australia Unemployment Rate 100 91 95 97 98 102 105 5.4% 8.5% 8.8% 8.3% 7.5% 6.1% 5.5% Australia Property Prices (indexed at 100 = Dec 19) 100 85 87 97 101 108 113 US Real GDP Growth (indexed at 100 = Dec 19) 99 90 94 96 97 99 101 US Unemployment Rate 3.8% 14.0% 11.0% 10.0% 9.8% 8.8% 7.7% Euro Area Real GDP (indexed at 100 = Dec 19) Euro Area Unemployment Rate 96 87 91 93 95 97 98 7.5% 12.0% 11.5% 10.6% 9.8% 8.0% 7.0% Downside Australia Real GDP Growth (indexed at 100 = Dec 19) Australia Unemployment Rate 100 91 91 91 94 96 98 5.4% 8.5% 10.0% 10.4% 10.9% 10.1% 7.1% Australia Property Prices (indexed at 100 = Dec 19) 100 85 77 74 71 98 109 US Real GDP Growth (indexed at 100 = Dec 19) 99 90 90 90 93 97 99 US Unemployment Rate 3.8% 14.0% 17.2% 15.1% 13.2% 10.5% 8.0% Euro Area Real GDP (indexed at 100 = Dec 19) Euro Area Unemployment Rate 96 87 87 87 90 94 95 7.5% 12.0% 14.5% 15.5% 14.1% 9.3% 8.2% Further detail on the scenarios used for the Expected Credit Loss are contained in note 12 of the financial statements. 81#83GA DE 1788 E Appendix Glossary MACQUARIE © MACQUARIE 2020#84Macquarie FY20 result announcement I macquarie.com Glossary Australian Dollar Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices $A / AUD CET1 Common Equity Tier 1 $US / USD United States Dollar CFM £ / GBP Pound Sterling CGM € Euro CLF 1H19 Half Year ended 30 September 2018 CLH 1H20 Half Year ended 30 September 2019 CMA 2H19 Half Year ended 31 March 2019 CRM 2H20 Half Year ended 31 March 2020 CY19 ABN Australian Business Number DCM ADI Authorised Deposit-Taking Institution DPS AGS Aberdeen Glasgow Southampton DRP ALX Atlas Arteria DTA AML Anti-Money Laundering ECAM ANZ Australia and New Zealand ECM Commodities and Financial Markets Commodities and Global Markets Committed Liquidity Facility Compañía Logística de Hidrocarburos Cash Management Account Customer Relationship Management Calendar Year ending 31 December 2019 Debt Capital Markets Dividends Per Share Dividend Reinvestment Plan Deferred Tax Asset Economic Capital Adequacy Model Equity Capital Markets Approx. Approximately EMEA Europe, the Middle East and Africa APRA Australian Prudential Regulation Authority EPS ASX Australian Stock Exchange EUM Earnings Per Share Equity Under Management AUM Assets under Management FX Foreign Exchange BCBS Basel Committee on Banking Supervision FY16 BFS Banking and Financial Services FY17 CAF Capex Corporate and Asset Finance Capital Expenditure FY18 FY19 CCB Capital Conservation Buffer FY20 Full Year ended 31 March 2016 Full Year ended 31 March 2017 Full Year ended 31 March 2018 Full Year ended 31 March 2019 Full Year ended 31 March 2020 O MACQUARIE 83#85Macquarie FY20 result announcement I macquarie.com Glossary Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices GIFII Macquarie Global Infrastructure Fund 2 GIG Green Investment Group GLL GLL Real Estate Partners MQA MREI MSIS Macquarie Atlas Roads IPO Initial Public Offering MW IRB Internal Ratings-Based NGLS Macquarie Real Estate Investments Macquarie Specialised Investment Solutions Mega Watt Natural gas liquids IFRS International Financial Reporting Standards No. Number IT Information Technology NPAT Net Profit After Tax KMGF Korea Macquarie Growth Fund NPC Net Profit Contribution LBO Leveraged Buyout NSFR Net Stable Funding Ratio LCR Liquidity Coverage Ratio OTC Over-The-Counter LNG Liquefied Natural Gas P&L M&A MacCap Mergers and Acquisitions Macquarie Capital PPE PPP Profit and Loss Statement Property, Plant and Equipment Public Private Partnership MAM Macquarie Asset Management RBA Reserve Bank of Australia MBL Macquarie Bank Limited RHS Right Hand Side MD&A Management Discussion & Analysis ROE Return on Equity MEIF Macquarie European Infrastructure Fund 1 RWA MEIF3 Macquarie European Infrastructure Fund 3 SBI MEREP Macquarie Group Employee Retained Equity Plan SME MGL / MQG Macquarie Group Limited SMSF MIC Macquarie Infrastructure Corporation SAF MIDIS Macquarie Infrastructure Debt Investment Solutions UK MiFID Markets in Financial Instruments Directive US MIM Macquarie Investment Management VaR MIP Macquarie Infrastructure Partners Fund 1 MIRA Macquarie Infrastructure and Real Assets VWAP YOY Risk Weighted Assets State Bank of India Small and Medium Enterprise Self Managed Super Fund Specialised and Asset Finance United Kingdom United States of America Value at Risk Volume-weighted average price Year on Year O MACQUARIE 84#86Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020 DEN MACQUARIE 2013