Investor Presentaiton

Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Capital Result reflects lower fee and commission and investment- related income, and higher operating expenses, partially offset by higher net income from the private credit portfolio $Am 1,600 1,400 1,200 1,000 (512) 800 (137) 1,521 600 (186) 400 200 115 801 Appendix Key drivers • · Lower fee and commission income driven by: Lower mergers and acquisitions fee income, which decreased 24% on a strong prior year, across all regions Lower capital markets fee income and brokerage income due to weaker market activity Lower investment-related income primarily driven by: Negative revaluations on equity investments reflecting market movements, particularly in the technology sector Higher mark-to-market losses on certain debt underwriting positions related to deterioration in macroeconomic conditions experienced in 1H23 Fewer material asset realisations compared to the prior year, particularly in Europe and ANZ Partially offset by: Lower impairment charges recognised on a small number of underperforming equity investments Higher operating expenses predominantly driven by higher employment costs, increased compliance and regulatory spend and higher expenditure on technology platform and infrastructure FY23 NPC • Higher net interest income from the private credit portfolio, up 37% on prior year, benefitting from $A5.1 billion of growth in average drawn loan assets Partially offset by: FY22 NPC Fee and commission income Investment-related Operating expenses income1 Net income on private credit portfolio² 1. Includes gains and losses from sale and revaluation of equity, debt and other investments, net interest and trading income (which represents the interest earned from debt investments and the funding costs associated with Macquarie Capital's balance sheet positions), share of net losses from associates and joint ventures, credit and other impairments, other income/(expenses), internal management revenue/(charge) and non-controlling interests and excludes net income on the private credit portfolio. 2. Represents the interest earned, net of associated funding costs and net credit impairment charges (including origination ECL) on the private credit portfolio. O Macquarie Group Limited Higher credit impairment charges on the portfolio including origination ECL and impairments on a small number of underperforming credits 61

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