Investor Presentaiton

Overview of Macquarie Operating Groups 1Q24 Update Outlook Macquarie Asset Management Decrease driven by income related to the disposition of MIC assets in prior year and lower investment-related and other income due to asset realisations in the green energy sector, partially offset by higher performance fees Base Fees $A11m 298 $Am 4,000 3,500 165 3,000 2,500 2,000 1,500 3,029 1,000 500 (154) (456) (577) FY22 NPC Private Markets Base Fees Public Investments Base Fees Performance fees Investment- related and other income¹ MIC² 2 252 Acquisitions & Integration expenses³ (215) 2,342 Operating expenses FY23 NPC 1. Investment-related income includes net income on equity, debt and other investments, share of net profits/(losses) of associates and joint ventures, credit and other impairment (charges)/reversals. Other income includes net interest and trading expense, other fee and commission income, net operating lease income, other income, internal management revenue and non-controlling interests. 2. Macquarie Infrastructure Corporation (MIC) include Investment-related and other income, which is excluded from total MAM Investment-related and other income. 3. Acquisition and integration expenses (Waddell & Reed Financial, AMP Capital's public investments business and Central Park Group) included the net impact excluded from operating expenses. O Macquarie Group Limited Appendix Key drivers • Higher Private Markets base fees due to fund raising and investments made by Private Markets-managed funds and mandates and foreign exchange movements, partially offset by asset realisations in Private Markets-managed funds • Lower Public Investments base fees • primarily due to negative market movements and outflows in Public Investments equity funds, partially offset by Public Investments acquisitions in the prior year and foreign exchange movements Current year includes performance fees from Macquarie Infrastructure Partners (MIP) III, Macquarie European Infrastructure Fund (MEIF) 4, Macquarie Korea Opportunities Fund (MKOF) 3 and other Private Markets-managed funds, managed accounts and co-investors • Lower investment-related and other income primarily due to lower gains on asset realisations in the green energy sector Macquarie Infrastructure Corporation (MIC) income included recognition of the disposition fee and equity accounted income, as well as impairment reversal in the prior year Higher acquisition and integration expenses incurred in prior year primarily on acquisition of Waddell & Reed Financial Higher operating expenses, primarily driven by higher employment costs, investment in technology and foreign exchange movements 55 53

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