Investor Presentaiton

• Macquarie | Presentation to Investors and Analysts I macquarie.com Overview of Macquarie Operating Groups 3Q20 Update Outlook Appendix Factors impacting short-term outlook Non-Banking Group Banking Group Annuity-style businesses Macquarie Asset Management (MAM) Base fees expected to be up on FY19 Combined performance fees, investment-related income (net of impairments) and net operating lease income expected to be broadly in line Banking and Financial Services (BFS) . Higher deposit, loan portfolio and platform volumes Competitive dynamics to drive margin pressure Compensation ratio expected to be consistent with historical levels Banking Non-Banking Group Group Corporate Markets-facing businesses Macquarie Capital (MacCap) Assume market conditions broadly consistent with FY19 Investment-related income will be down on a particularly strong FY19 Commodities and Global Markets1 (CGM) Strong customer base expected to continue to drive consistent flow across Commodities, Fixed Income, Foreign Exchange and Futures Consistent contribution from Specialised and Asset Finance linked to stable balance sheet Business benefitted from strong market conditions across the commodities platform YTD, which have not historically persisted Based on present mix of income, the FY20 effective tax rate is expected to be broadly in line with FY19 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. 42 42 O MACQUARIE

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