Investor Presentaiton

Overview of Macquarie Operating Groups 1Q24 Update Outlook Appendix Short-term outlook Factors impacting short-term outlook Annuity-style businesses Non-Banking Group Macquarie Asset Management (MAM) Base fees expected to be broadly in line Net Other Operating Income¹ substantially down mainly due to lower investment- related income from green energy investments, with asset realisations predominately expected in 2H24 Markets-facing businesses Macquarie Capital (MacCap) Subject to market conditions: • Transaction activity is expected to be up on a challenging FY23 Investment-related income expected to be broadly in line with FY23, with increased revenue from growth in the private credit portfolio, offset by lower revenue due to the timing of asset realisations Continued balance sheet deployment in both debt and equity investments Banking Group Banking and Financial Services (BFS) • Growth in loan portfolio, deposits and platform volumes Market dynamics to continue to drive margins • Ongoing monitoring of provisioning • Higher expenses to support volume growth, technology investment, compliance and regulatory requirements • Corporate • Compensation ratio expected to be broadly in line with historical levels Commodities and Global Markets² (CGM) Subject to market conditions, which make forecasting difficult: • Commodities income benefitted from exceptionally strong trading conditions in FY23. Commodities income is expected to be broadly in line with the prior FY22, albeit volatility may create opportunities Consistent contribution from client and trading activity across the financial markets platform • Continued contribution from Asset Finance across sectors . The FY24 effective tax rate is expected to be within the range of recent historical outcomes 1. Net Other Operating Income includes all operating income excluding base fees. 2. Certain assets of the Credit Markets business and certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. O Macquarie Group Limited 47

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