Investor Presentaiton

Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Factors impacting short-term outlook Banking Group Non-Banking Group Annuity-style businesses Macquarie Asset Management (MAM) Base fees expected to be broadly in line Net Other Operating Income¹ expected to be significantly down, due to expected delays in timing of asset sales Banking and Financial Services (BFS) • ° Higher deposit and loan portfolio volumes Platform volumes subject to market movements Competitive dynamics to drive margin pressure Banking Group Non-Banking Group Corporate Compensation ratio expected to be within the range of historical levels O MACQUARIE Markets-facing businesses Macquarie Capital (MacCap) ⚫ Transaction activity continues, with challenging markets expected to reduce the number of successful transactions and increase the time to completion ⚫ Investment-related income expected to be down on FY20 driven by lower asset realisations considering market conditions, but positioned to benefit from market recovery Commodities and Global Markets² (CGM) Subdued customer activity anticipated, particularly in the commodities sector in 1H21, albeit volatility may create opportunities Consistent contribution from Specialised and Asset Finance linked to stable balance sheet and annuity flows ⚫ Product and client sector diversity expected to provide some support through uncertain economic conditions in 1H21 Based on FY20 mix of income, the FY21 effective tax rate is expected to be within the range of recent outcomes 1. Net Other Operating Income includes all operating income excluding base fees 2. 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. 55

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