Investor Presentaiton

Macquarie FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result O MACQUARIE . Commodities income of $A1,738m, down 12% on FY19 - Risk management products up 20% on FY19 reflecting strong results across the commodities platform particularly in Global Oil, EMEA Gas and Power, Agriculture, and Metals and Mining from increased client hedging activity as a result of volatility and commodity price movements, partially offset by the impact of fair value adjustments - Lending and financing up 6% on FY19 driven by increased physical oil financing activity - Inventory Management and trading driven by reduced opportunities in North American Gas markets following a strong FY19 partially offset by the timing of income recognition on transport agreements. 1H20 benefited from opportunities across a range of energy sectors which were partially offset by more challenging markets in Fuel oil (related to changing regulations) and North American gas markets in 2H20 Foreign exchange, interest rates and credit income of $A682m, up 21% driven by increased client activity in structured foreign exchange and interest rate products across all regions Equities income of $A353m, up 46% on FY19 driven by increased opportunities in Asian markets and reduced trading losses following the structural changes announced in 2H20 to refocus equities on the Asia-Pacific region Specialised and Asset Finance interest and trading income of $A166m, up 10% on FY19 driven by net proceeds from end of lease asset sales and favourable foreign exchange movements Fee and commission income of $A1,271m, up 4% on FY19 driven by higher income from commodity related fees partially offset by a reduction in brokerage following the structural change announced in 2H20 to refocus equities on the Asia-Pacific region Net operating lease income of $A360m, up 26% on FY19 primarily driven by higher secondary income from the Technology, Media and Telecoms portfolio in addition to favourable foreign exchange movements Investment and other income of $A133m, down 13% on FY19 which included the gain on sale on a small number of investments in the commodities sector which were not repeated Credit and other impairment charges of $A258m, up 56% on FY19 with increased impairment charges on a small number of counterparties in Futures and FI&C, together with increased Credit impairment charges on the performing loan and lease portfolio related to a deterioration in current and expected macroeconomic conditions as a result of COVID-19 • Total operating expenses of $A2,699m, broadly in line with FY19, driven by foreign exchange movements, expenditure on technology infrastructure as well as increasing compliance and regulatory requirements partially offset by a reduction in brokerage, commission and trading-related expenses due to the equities structural change to refocus on the Asia-Pacific region FY20 FY19 • $Am $Am Commodities 1,738 1,983 Risk management products 1,294 1,078 Lending and financing 266 250 Inventory management and trading 178 655 Foreign exchange, interest rates and credit 682 564 • Equities 353 242 Specialised and Asset Finance 166 151 Net interest and trading income¹ 2,939 2,940 . Fee and commission income 1,271 1,222 Net operating lease income² 360 285 . Investment and other income³ 133 152 Credit and Other impairment charges (258) (165) Net operating income 4,445 4,434 Brokerage, commission and trading-related expenses (499) (636) • Other operating expenses (2,200) (2,053) Total operating expenses (2,699) (2,689) Non-controlling interests (2) Net profit contribution4 Headcount 1,746 2,636 1,743 2,866 1. Includes internal net interest expense and transfer pricing on funding provided by Group Treasury that is eliminated on consolidation in the Group's statutory P&L. 2. Generated from Specialised and Asset Finance. 3. Includes net income on equity and debt investments, share of net profits of associates and joint ventures, internal management revenue/(charge) and other income. 4. Management accounting profit before unallocated corporate costs, profit share and income tax. 64 64

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