Investor Presentaiton

Macquarie | Presentation to Investors and Analysts I macquarie.com Income statement key drivers Overview of Macquarie Operating Groups 3Q20 Update Outlook Appendix 1H20 2H19 1H19 • $Am $Am $Am Net interest and trading income 2,417 2,322 2,229 Fee and commission income 2,874 2,865 2,661 Net operating lease income 461 489 461 Share of net (losses)/profits of associates and joint (49) (63) 7 ventures Credit and Other impairment charges (139) (476) (76) Investment income 670 1,617 485 Other income Net operating income Employment expenses Brokerage, commission and trading-related expenses 86 170 63 6,320 6,924 5,830 (2,776) (2,763) (2,454) (482) (561) (579) • Other operating expenses (1,222) (1,438) (1,092) Total operating expenses (4,480) (4,762) (4,125) Operating profit before tax and non-controlling 1,840 2,162 1,705 interests Income tax expense (376) (505) (374) Non-controlling interests (7) 15 (21) Profit attributable to MGL shareholders 1,457 1,672 1,310 O MACQUARIE • . • Net interest and trading income of $A2,417m, up 8% on 1H19 primarily due to increased contribution across CGM's commodities platform driven by client hedging activity in Risk management products, the timing of income recognition on Oil and Gas storage and transport contracts partially offset by reductions in North American Gas Inventory management and trading following a strong prior corresponding period Fee and commission income of $A2,874m, up 8% on 1H19 - Higher performance fees with 1H20 benefiting from a broad range of MIRA-managed funds, managed accounts and co-investors including MEIF1, MEIF3, MIP I, MIP II, GIF II and GIF III Increase in base fees due to foreign exchange movements and investments made by MIRA-managed funds and mandates, partially offset by asset realisations in MIRA-managed funds and net flows in MIM Lower debt capital markets fee income, down on a strong 1H19, partially offset by higher mergers and acquisitions fee income in Macquarie Capital Share of net losses of associates and joint ventures of $A49m, as compared with profits of $A7m in 1H19, primarily driven by investments in green energy projects in the development and construction phases, including a small number of underperforming assets in Macquarie Capital Higher Credit and Other impairment charges compared to 1H19, primarily related to a small number of underperforming investments in Macquarie Capital Investment income of $A670m, up 38% on 1H19, primarily due to higher revenue from asset realisations in Europe, particularly in the green energy sector in Macquarie Capital Total operating expenses of $A4,480m, up 9% on 1H19 mainly due to unfavourable foreign exchange movements, higher share-based payments expense due to accelerated amortisation of prior years' equity awards to retiring key management personnel and increased performance- related profit share. In addition, average headcount increased in central service groups to support business growth, technology projects and ongoing regulatory compliance. This was partially offset by a decrease in Brokerage, commission and trading-related expenses primarily due to reductions across equities markets in CGM 48

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