Investor Presentaiton

Overview of Macquarie Operating Groups 1Q23 Update Outlook Appendix Short-term outlook Factors impacting short-term outlook • • • Annuity-style businesses Non-Banking Group Macquarie Asset Management (MAM) Base fees expected to be broadly in line, with raising and deployment in Private Markets and the impact of recent Public Investments acquisitions, substantially offset by unfavourable market movements Net Other Operating Income¹ expected to be down due to non repeat of MIC gains partially offset by higher performance fees Green Investment Group expected to be significantly down due to strong FY22 performance Banking Group Banking and Financial Services (BFS) Ongoing momentum in loan portfolio and platform volumes and deposits growth • Market dynamics to continue to drive margin pressure • Ongoing monitoring of provisioning • Higher expenses to support volume growth, technology investment and regulatory requirements Markets-facing businesses Macquarie Capital (MacCap) Subject to market conditions: • • Transaction activity is expected to be substantially down on a record FY22, with market conditions weakening during 1Q23 compared to the prior period Investment-related income expected to be up, with increased revenue from growth in the Principal Finance credit portfolio partially offset by lower revenue from asset realisations with fewer notable realisations expected compared to FY22 Continued balance sheet deployment in both debt and equity investments Effective 1 Apr 22 Green Investment Group transferred to operate as part of Macquarie Asset Management Commodities and Global Markets² (CGM) Subject to market conditions, which make forecasting difficult: Commodities income including the impact of timing of income recognition on gas transport and storage contracts is expected to be down following a strong FY22, albeit volatility may create opportunities Consistent contribution from client and trading activity across the Financial Markets platform Continued contribution from Asset Finance across sectors (excluding FY22 gain on disposal of certain assets) Corporate Compensation ratio expected to be within the range of historical levels The FY23 effective tax rate is expected to be within the range of recent historical outcomes 1. Net Other Operating Income includes all operating income excluding base fees as well as income related to GIG. 2. Certain assets of the Credit Markets business and certain activities of the Commodity Markets and Finance business, and some other less financially significant activities are undertaken from within the Non-Banking Group. O Macquarie Group Limited 48

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