Investor Presentaiton

Macquarie | Presentation to Investors and Analysts I macquarie.com MAM AUM movement Overview of Macquarie Operating Groups 3Q20 Update Outlook Appendix Increase due to net investment by MIRA-managed funds; and positive impacts from FX and market movements offset mainly by a reduction in contractual insurance assets in MIM MIM +0.1 $Ab 600 13.0 10.2 MAM 550.0 11.9 MAM 562.0 (23.1) 500 MIRA 189.0 400 300 200 MIM 361.0 100 0 31-Mar-19 MIM FX impacts MIM market movements MIM Net flows¹ MIRA movement (see EUM)² MIRA 200.9 MIM 361.1 30-Sep-19 O MACQUARIE 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 26. MIRA's total EUM includes market capitalisation at measurement date for listed funds, the sum of original committed capital less capital subsequently returned for unlisted funds and mandates as well as invested capital for managed businesses. 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. 51

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