Investor Presentaiton

Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Regulatory update Australia . • APRA has finalised or is in the process of implementing changes to a number of prudential standards¹. Macquarie notes the following key updates: • • On 27 Oct 21, APRA provided an update on the extended timelines for revisions and implementation of market risk prudential standards including APS 117 from 1 Jan 23 to 1 Jan 24; implementation of the Basel Committee on Banking Supervision's fundamental review of the trading book ("FRTB") through a revised APS 116 and an updated Credit Valuation Adjustment risk framework through a revised APS 180 will be conducted in parallel, with a planned effective date of 1 Jan 25 (previously 1 Jan 24)². On 29 Nov 21, APRA finalised its new bank capital framework, and will continue to consult with the industry on certain areas prior to the 1 Jan 23 implementation date³. The estimated pro forma impact on MGL's capital surplus above regulatory minimums as at 31 Mar 22 is a reduction of ~$A2.3b4, largely on account of the increases to regulatory capital buffers. MGL's capital surplus has included a provision for these regulatory changes for some time. APRA's Prudential Standard Remuneration ("CPS 511") will come into effect for Macquarie on 1 Jan 235. Work is underway to implement changes required to Macquarie's remuneration framework and we maintain regular dialogue with APRA on this topic. The Board undertook a review of the various components of remuneration to address certain aspects of CPS 511 (including the deferral arrangements for senior executives), as well as the evolving expectations of our stakeholders. As part of this review, the Board considered diverse perspectives, including those of shareholders and regulators, as well as global peer group benchmarking and increased global competition for talent in many of Macquarie's areas of activity. These changes are being implemented in a phased approach from FY22. Full details have been disclosed in the FY22 Remuneration Report. On 30 Jun 22, APRA released an information paper presenting the findings on the post-implementation review of Basel III liquidity reforms focusing on the core measures of the Liquidity Coverage Ratio ("LCR") and Net Stable Funding Ratio ("NSFR") 6. The review found that the reforms have been effective in strengthening liquidity risk management and the financial resilience of the banking system, and a net benefit has been achieved in implementation. However, there remain some potential opportunities to improve the efficiency of the prudential framework that will be explored as part of a review of APS 210. APRA plans to consult on draft revisions to APS 210 in 2023, with a view to the revised standard coming into effect from 2025 onwards. APRA finalised its loss-absorbing capital requirements for the major banks in Dec 21 as an additional 4.5% of risk weighted assets to be met by 1 Jan 267. APRA has confirmed that MBL will be subject to the same requirement. Germany • Macquarie continues to respond to requests for information about its historical activities as part of the ongoing, industry-wide investigation in Germany relating to dividend trading. As previously noted, in total, the German authorities have designated as suspects approximately 100 current and former Macquarie staff, most of whom are no longer at Macquarie. There has been an increase in German civil claims relating to dividend trading. While Macquarie disputes any such claims, it continues to provide for these and other German dividend trading matters. 1. These changes include APS 110, APS 112, APS 113, APS 115, APS 116, APS 117, APS 180, APS 210. 2. 'APRA releases updated timelines on the revisions to market risk standards'; 27 Oct 21. 3. 'APRA finalises new bank capital framework designed to strengthen financial system resilience'; 29 Nov 21. 4. This estimate includes the impact of finalised standards for APS 110, 112, 113 and 115. Assumes a default level Australian CCyB of 1.0%, which combined with the increase in the CCB of 1.25% gives rise to an increase in the regulatory minimum of 1.75% based on Macquarie's business and geographic mix as at 31 Mar 22.5. 'APRA releases final remuneration standard'; 27 Aug 21. 6. 'Post-implementation review of Basel III liquidity reforms'; 30 Jun 22.. 7. 'Finalising loss-absorbing capacity requirements for domestic systemically important banks'; 2 Dec 21. O Macquarie Group Limited 46

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