Macquarie Group Limited — AGM Information 2014

Jul 23, 2014

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Macquarie Group Limited 2014 Annual General Meeting 24 July 2014

Disclaimer

The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (Macquarie) and is general background information about Macquarie’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Macquarie’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Macquarie does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Macquarie’s control. Past performance is not a reliable indication of future performance.

Unless otherwise specified all information is for the year ended 31 March 2014.

Certain financial information in this presentation is prepared on a different basis to the Macquarie Group Limited Financial Report, which is prepared in accordance with Australian Accounting Standards. Where financial information presented within this presentation does not comply with Australian Accounting Standards, a reconciliation to the statutory information is provided.

This report provides further detail in relation to key elements of Macquarie Group Limited’s financial performance and financial position. It also provides an analysis of the funding profile of the Group because maintaining the structural integrity of the Group's balance sheet requires active management of both asset and liability portfolios. Active management of the funded balance sheet enables the Group to strengthen its liquidity and funding position.

Any additional financial information in this presentation which is not included in the Macquarie Group Limited Financial Report was not subject to independent audit or review by PricewaterhouseCoopers.

PAGE 2

FY14 Overview Kevin McCann AM Chairman

Global financial market conditions

• This time last year we saw a general improvement in market conditions. The US was showing increasing signs of confidence and growth, however client activity remained subdued, particularly for Macquarie’s capital markets facing businesses, reflecting the continuation of concerns regarding Europe and China

• In FY14 the improvement in global market conditions continued. While client activity remained subdued for certain parts of Macquarie's capital markets facing businesses, all operating groups achieved improved performances

PAGE 4

Market conditions in FY14 continued to improve

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Indexed Global indices [1 ] VIX (market volatility index) [2 ]
120 Movements since Mar 13 90
MQG (+59%)
100 MSCI World Capital Markets Index (+23%) 80
ASX 200 (+9%)
Hang Seng (-1%) 70
80 S&P 500 (+19%)
60
60
50
40
40
20
30
0
20
-20 10
-40 0
Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
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1. Indexed to 31 Mar 12 = 0. Source: Factset. 2. The CBOE Market Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P500 stock index option prices. Source: Factset.

PAGE 5

Market conditions in FY14 continued to improve

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Bps over 10 yr
OECD business confidence indicator [1 ] Treasuries US credit spreads
1.5 800
AAA spread
BAA spread
1.0 UK High yield spread
600
0.5
US
0.0 400
Australia
-0.5
200
-1.0 China
-1.5 0
Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14
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1. OECD Standardised business confidence indicator, amplitude adjusted (long term average = 0). Source: OECD.

PAGE 6

Financial Performance 1H14 and 2H14 profit both up on pcp

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FY14 Operating income of $A8,132m FY14 Profit of $A1,265m
$Am FY14 up 22% on FY13 $Am FY14 up 49% on FY13
5,000 2H14 up 21% on 1H14 1,000 2H14 up 52% on 1H14
750
4,000
500
3,000
250
2,000 0
1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14
FY14 EPS of $A3.84 FY14 DPS of $A2.60 [1]
$A $A
3.0 FY14 up 53% on FY13 3.0 FY14 up 30% on FY13 [1]
2H14 up 57% on 1H14 2H14 up 60% on 1H14 [1] SYD
Special
2.0 2.0 Dividend [2 ]
1.0 1.0
0.0 0.0
1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14
1. Excludes special dividend of $A1.16 from the SYD distribution.
2. Excludes return of capital component from the SYD distribution of $A2.57 per share.
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FY14 Dividend

• FY14 ordinary dividend of $A2.60, 67% payout ratio, up on FY13 ordinary dividend of $A2.00

• 2H14 ordinary dividend of $A1.60, 40% franked

• 1H14 ordinary dividend of $A1.00, 40% franked

• In addition, eligible shareholders benefited from the SYD distribution in Jan 14 which comprised a special dividend of $A1.16 (40% franked) and a return of capital of $A2.57 per share[1]

• FY14 total dividend (ordinary and special) of $A3.76

• Dividend policy remains 60-80% annual payout ratio

• Prior to the Consolidation (as defined in the Explanatory Memorandum for the General Meeting held on 12 December 2013) of 1 MQG share into 0.9438 of a MQG share.

PAGE 8

45 years of profitability

$Ab 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0

$A1,265m 49%

PAGE 9

Macquarie’s total shareholder return continues to outperform international investment banks

• Macquarie’s 10 year average Return on Equity: 16.2% compares to industry average: 9.5%[1]

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Rebased to
30 Jun 04
Macquarie Average international investment banks [2 ]
400
300
200
100
0
Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
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This chart represents Macquarie’s total shareholder return vs. average international investment banks’ total shareholder return. 1. Industry return on equity (ROE) includes ROE of investment banks where this information is publicly available. Average of most recent 10 years, except in cases where 10 years of continuous data is not available for an investment bank, in which case the bank is excluded. Source: Factset. As at 30 Jun 14. 2. Average international investment banks comprise Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and UBS.

PAGE 10

Macquarie’s total shareholder return outperforms global capital markets firms

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•
Since the GFC, Macquarie has outperformed the MSCI World Capital Markets Index by 64% [1 ]
Rebased to Macquarie (+32%) MSCI World Capital Markets Index (-32%)
1 Aug 07
140
120
100
80
60
40
20
-
Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Jul-14
1. Source: Factset. MSCI World Capital Markets Index and Macquarie Group information is presented on a total return basis, quoted in USD and rebased to 1 Aug 07. Data to 22 Jul 14. PAGE 11
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Board changes

• Kevin McCann will seek re-election as a Director of Macquarie Group Limited (MGL) and Macquarie Bank Limited (MBL) and if re-elected will continue as Chairman

• Board retirements

• Catherine Livingstone and John Niland retired as directors from the Boards of MGL and MBL on 25 Jul 13 and 31 Dec 13 respectively

• Helen Nugent and Peter Kirby will be retiring as directors of MGL and MBL

• Board appointments

Gary Banks was appointed to the MGL and MBL Boards on 1 August 2013. Gary was Chairman of the Productivity Commission from its inception in 1998 until 2012. He is currently Dean and CEO of the Australia and New Zealand School of Government.

Patricia Cross was appointed to the MGL and MBL Boards on 7 August 2013. Patricia has extensive experience in international capital markets and financial risk management. She is currently a director of Aviva plc and Chair of the Commonwealth Superannuation Corporation.

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Nicola Wakefield Evans was appointed to the MGL and MBL Boards on 7 February 2014. Nicola has 20 years experience as a corporate finance partner of King & Wood Mallesons and over 29 years legal experience. She is currently a director of Lend Lease, Toll and BUPA.

PAGE 12

Key management changes

Mary Reemst was appointed Managing Director and Chief Executive Officer of MBL on 1 July 2014 and also joined Macquarie’s Executive Committee. Mary was previously Macquarie’s Head of Credit within the Risk Management Group.

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Patrick Upfold joined Macquarie’s Executive Committee on 1 July 2014. Patrick joined Macquarie in 1997 and became Group Treasurer in June 2011 before he was appointed Chief Financial Officer of the Group in December 2011.

Ben Brazil joined Macquarie’s Executive Committee on 1 July 2014. Ben is Co-Head of the Corporate and Asset Finance (CAF) Group and Head of CAF Lending.

PAGE 13

Macquarie Group Foundation

32,000+ HOURS VOLUNTEERED

$A200+ MILLION CONTRIBUTED SINCE INCEPTION

$A24.7M DONATED BY STAFF AND FOUNDATION IN FY14

1,500+ ORGANISATIONS SUPPORTED GLOBALLY

PAGE 14

Overview of the Result for the year ended 31 March 2014 Nicholas Moore Managing Director and Chief Executive Officer

FY14 result

FY14 vs FY13 2H14 vs 1H14

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Operating income $A8.1b 22% $A4.5b 21%
Operating expenses $A6.0b 15% $A3.2b 10%
Operating profit before tax $A2.1b 50% $A1.3b 60%
Profit $A1,265m 49% $A764m 52%
$A3.84 53% $A2.35 57%
Earnings per share
$A2.60 30% $A1.60 60%
Dividends per share [1 ]
Return on Equity 11.1% from 7.8% 13.5% from 8.7%
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PAGE 16

1. Excludes special dividend of $A1.16 from the SYD distribution.

FY14 result reflected improved operating performance across the Group

• Macquarie's annuity-style businesses (Macquarie Funds, Corporate and Asset Finance, and Banking and Financial Services) continued to perform well with FY14 combined net profit contribution[1] up $445m (or 26%) on FY13

• Macquarie’s capital markets facing businesses (Macquarie Securities, Macquarie Capital, and Fixed Income, Currencies and Commodities) delivered a significantly improved result with FY14 combined net profit contribution[1] up $A450m (or 68%) on FY13

• In addition, a gain of $A228m was recognised in Jan 14, as a result of the in specie SYD distribution to eligible shareholders

PAGE 17

1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

Diversified by region International income 68% of total income[1 ] Total staff 13,913; International staff 53% of total

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Europe, Middle East
Asia Americas
& Africa [2]
Income: $A1,574m (20% of total) Income: $A1,043m (13% of total) Income: $A2,709m (35% of total)
Staff: 1,248 Staff: 3,447 Staff: 2,685
Europe Asia
Amsterdam Bangkok Manila Canada USA
Dublin Beijing Mumbai Calgary Atlanta
Frankfurt Gurgaon Seoul Montreal Austin
Geneva Hong Kong Shanghai Toronto Boston
Glasgow Hsin - Chu Singapore Vancouver Chicago
London Middle East Jakarta Taipei Denver
Luxembourg Abu Dhabi Australia Kuala Lumpur Tokyo Detroit
Moscow Dubai Adelaide Houston
Munich Albury Irvine
Paris Brisbane Los Angeles
Vienna Canberra New Zealand Nashville
Zurich Gold Coast Auckland Latin America New York
Melbourne Christchurch Mexico City Philadelphia
Perth Wellington Ribeirao Preto Rolling Meadows
Sunshine Coast Sao Paulo San Diego
Sydney San Francisco
South Africa San Jose
Cape Town
Johannesburg Australia [3]
Income: $A2,456m (32% of total)
Staff: 6,533
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1. Net operating income excluding earnings on capital and other corporate items. As at 31 Mar 14. 2. Excludes staff in Macquarie First South joint venture and staff seconded to Macquarie Renaissance joint venture (Moscow). 3. Includes New Zealand.

PAGE 18

Macquarie Funds Record assets under management

Infrastructure & Real Assets Investment Management Spec. Investment Solutions Real Estate Energy Equities Hedge US/Euro Infra. Funds wholesale debt Infrastructure Agriculture Fixed Income Multi-Asset Delaware Aust. retail mgmt

Performance

AWARDS

FY14 PROFIT[1 ] 24 % $A425b $A217m $A1.05b ASSETS UNDER PERFORMANCE 39 % MANAGEMENT FEES

Severn Power Station, Wales

1. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax. 2. For more information about the awards, the issuers of these awards, their methodologies, and other important information about these awards, please visit: http://www.macquarie.com.au/mgl/au/mfg/mim/about-us/awards and http://www.mirafunds.com/about-mira/recognition-and-awards

PAGE 19 PAGE 19

Corporate and Asset Finance Increased asset and loan portfolio

Asset Finance Lending Motor vehicle Healthcare Industrial Rail Corporate Aircraft Technology Manufacturing Energy Mining Real Estate Performance ASSET FY14 PROFIT[1 ] FINANCE LENDING Continued Securitisation Growth $A826m $A17b $A9b New asset 19 % PORTFOLIO 14 % classes PORTFOLIO 12 % $A3b

Macquarie Rotorcraft Leasing

1. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax. Note: Variances include the impact of currency movements.

PAGE 20 PAGE 20

Banking and Financial Services Positioned for growth

Personal Banking Wealth Management Business Banking Deposits Cards Wrap Insurance Loans Transaction & business services Mortgages Private Banking Stockbroking & Deposits Financial advice

Performance

AUSTRALIAN LIFE AWARDS MORTGAGES RETAIL INFORCE FY14 PROFIT[1 ] PORTFOLIO DEPOSITS WRAP FUA PREMIUMS # $A260m $A17b $A33b $A38b $A190m LENDER OF 7 % 47 % 7% 50 % 23 % THE YEAR(TIER 2)[2 ]

1. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Awarded Lender of the Year (Tier 2) at Mortgage and Finance Association of Australia 11th Excellence Awards.

PAGE 21 PAGE 21

Macquarie Securities Return to profitability

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Cash Equities Trading
Research Execution Delta One
Sales ECM [1 ] Corporate Derivatives Equity Finance
Access
Performance
AWARDS
FY14 PROFIT [2 ]
for Australian Asian Broker
# IPOs # #
Equities in for execution
1 in Australia [3 ] 1 1
$A107m
Australia, Asia [4] , quality [6]
From Loss
($A50m) US and Europe [5 ]
Hong Kong Warrants mobile apps
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1. Joint venture with Macquarie Capital. 2. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax. 3. Dealogic (by both number and value) CY13. 4. Peter Lee PAGE 22 Associates Survey of Asian/Australian Institutional Investors – Australian Equities. 5. Greenwich Survey of US Institutional Investors – Australian Equities and Greenwich Survey of European Institutional Investors – Australian Equities. 6. Abel Noser 2013.

PAGE 22 PAGE 22

Macquarie Capital Improved profit

M&A Capital Markets Principal Resources TMET Financials Infrastructure, utilities & renewables Real Estate Industrials

Performance M&A AWARDS FY14 PROFIT[1 ] 450 # AUSTRALIA Nth American Infrastructure TRANSACTIONS 1 AND ASIA[2] DEAL OF THE YEAR[4 ] $A280m 3 Public Private Partnership $A89b DEAL OF THE YEAR[4 ] 87 % IN VALUE >

Goethals Bridge, New York

1. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax . 2. No.1 in Australia for announced and completed deals; Thomson Financial, CY13 (by number). No.1 in South East Asia for announced deals; Dealogic CY13 (by value). 3. Net operating income (which excludes earnings on capital and other corporate items) for the Americas exceeded Australia in FY14. PAGE 23 PAGE 23 4. Goethals Bridge Replacement Project – Infrastructure Investor Awards 2013.

Fixed Income, Currencies and Commodities Improved market conditions

Commodity Markets (Physical & Financial) Financial Markets (Primary & Secondary) Futures Metals & Ag. Sales & Trading Fixed Income & Currencies Metals & Energy Capital Energy Credit Trading Markets Performance GENERAL MARKET FY14 PROFIT[1 ] ENERGY # IMPROVEMENT SHARE MARKETS 2 NO.4 PHYSICAL GAS IN VOLATILITY IN ASX24 $A726m MARKETER IN NORTH AND VOLUMES FUTURES[3 ] 29 % AMERICA[2 ]

1. This represents net profit contribution which is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Platts Q4 CY13. 3. ASX24 Futures volumes FY14.

PAGE 24 PAGE 24

Business backed by strong funding and capital

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MGL funded balance sheet APRA Basel III surplus capital [2]
Credit ratings
31 March 2014 31 March 2014
$ Ab
100
90
Short
80 Term [1 ] Cash
70
60 Retail
Trading
50 Deposits & Short
Term
40 $A2.7b
23 years 18 years 22 years
30
20 Term Term ‘A’ RATED
10
0
Funding Assets
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1. Short term funding includes wholesale deposits and short term wholesale issued paper. For details regarding reconciliation of the funded balance sheet to the Group’s statutory balance sheet, refer to slide 52. 2. Calculated at 7% RWA.

PAGE 25

1Q15 Update Nicholas Moore Managing Director and Chief Executive Officer

1Q15 Macquarie Update

• 1Q15 operating groups’ contribution[1] down on pcp (1Q14) and prior quarter (4Q14)

• Annuity-style businesses[2] broadly in line with both the pcp and prior quarter

• Capital markets facing businesses[3] down on pcp and prior quarter due to the timing of transactions and lower volatility and volumes impacting Macquarie Securities and certain FICC businesses

• No significant one-off items

• This represents management accounting profit before unallocated corporate costs, profit share, income tax and period end reviews. 2. Annuity-style businesses represent Macquarie Funds Group, Corporate and Asset Finance and Banking and Financial Services. 3. Capital markets facing businesses represent Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities.

PAGE 27

Annuity-Style Businesses 1Q15 Update

Macquarie Funds Group

• AUM decreased 4.6% to $A405.1b in 1Q15, predominantly driven by the partial transfer of Delaware Equities Focus Global Growth assets on completion of the Jackson Square Partners joint venture

• 1Q15 performance fees of $A27m, predominantly from Macquarie Atlas Roads and Macquarie Infrastructure Company

• MIRA completed 7 acquisitions and 3 follow-on investments in 6 countries

• MIM awarded 7 new institutional mandates across 5 strategies in 5 countries and awarded its first RQFII quota, RMB1b, to invest in the evolving China A-share market

• Macquarie Specialised Investment Solutions raised over $A500m for Australian capital protected investments and specialist funds

• • Received a discretionary investment management license that allows MIM and MIRA to do direct business with Japanese pension funds[1 ] • Asset and loan portfolio of $A26.1b, up $A0.6b in 1Q15, due to new acquisitions and financings, partially offset by early repayments and disposals

• • Portfolio additions of $A1.0b in corporate and real estate lending across new primary financings and secondary market acquisitions • Strong securitisation activity continues with a further $A1.0b of motor vehicle leases and loans securitised during 1Q15 • Activity remains high with growth in most asset finance portfolios

	• MIRA completed 7 acquisitions and 3 follow-on investments in 6 countries • MIM awarded 7 new institutional mandates across 5 strategies in 5 countries and awarded its first RQFII quota, RMB1b, to invest in the evolving China A-share market • Macquarie Specialised Investment Solutions raised over $A500m for Australian capital protected investments and specialist funds • Received a discretionary investment management license that allows MIM and MIRA to do direct business with Japanese pension funds1
Corporate	• Asset and loan portfolio of $A26.1b, up $A0.6b in 1Q15, due to new acquisitions and financings, partially offset by early repayments
and Asset	and disposals
Finance	• Portfolio additions of $A1.0b in corporate and real estate lending across new primary financings and secondary market acquisitions
	• Strong securitisation activity continues with a further $A1.0b of motor vehicle leases and loans securitised during 1Q15
	• Activity remains high with growth in most asset finance portfolios
Banking and	• Signed agreement as credit card issuing partner for Woolworths Everyday Money and Woolworths Qantas Credit Cards
Financial	• Retail deposits up 4% in 1Q15 to $A34.7b
Services	• Wrap platform FUA $A38.5b
	• Australian mortgage portfolio up 9% in 1Q15 to $A18.5b
	• Average Business Banking deposit volumes and loan volumes up 14% and 8% respectively in 1Q15
	• Macquarie topped three categories in the SMSF Awards 2014 - Term Deposit Provider, Investment Platform Provider and Loan Provider2

1. Via Macquarie Asset Management Japan Co, Ltd. 2. SMSF Awards 2014, SMSF Adviser.

PAGE 28

Macquarie Private Wealth Enforceable Undertaking update

Background

• MPW is primarily a retail broking and equities advice business within Banking and Financial Services

• 87,000 clients[1] of whom a significant number are high net worth

• Over 85% of assets under advice relate to equities broking activities[2 ]

• Approximately 300 advisers

• As announced to the market on 29 Jan 13, MPW entered into an Enforceable Undertaking (EU) with ASIC which

• acknowledged ASIC's concerns

• focussed on effectiveness of compliance, in particular processes, controls and systems previously in place, such as record keeping, monitoring and supervision

• is available on ASIC’s website

• MPW’s EU is subject to independent oversight by ASIC and an Independent Expert (KPMG)

• Macquarie takes its regulatory obligations seriously and always seeks to ensure compliance with the requirements of all its regulators

• Represents active MPW clients defined by the number of primary accounts (households). 2. As at 31 Mar 14 and as a percentage of Funds Under Advice of all MPW clients (active and inactive).

PAGE 29

Macquarie Private Wealth Enforceable Undertaking update

Implementation to date

• Implementation on track with three out of four phases now complete

• New management team

• Together with implementation of FoFA regulatory changes, significant investment being made in new processes, practices and systems – approx. $A49m[1] over two years

• 11,500 hours[2] in face-to-face adviser training so far

• Review of all advisers

• Review of client files where concerns either identified by MPW or raised by clients

• In addition, contacting all clients ensuring they have the opportunity to raise concerns

• Client remediation approach based on consistent application of Financial Ombudsman Service principles and is subject to oversight by Deloitte and ASIC

• Forecast as at 21 Jul 14. Comprises resourcing spend, including management time, and systems spend. 2. As at 21 Jul 14. Includes training on AFSL obligations, FoFA and Licensee Standards.

PAGE 30

Capital Markets Facing Businesses 1Q15 Update Macquarie Securities Group • Market conditions were characterised by low volatility and reduced secondary market volumes and client activity, particularly in Asia • Strong Australian ECM activity; No.1 for completed ECM deals in ANZ1 • Retail equity structured products business closed in Asia and ceased issuing new warrants in Australia • MSG continues to be a warrants issuer and market maker in Singapore (No.1 market share2), Thailand (No.2 market share2) and Hong Kong (No.6 market share3) Macquarie Capital • Global M&A levels recovering off a weak base • 106 deals at $A18b, up 13% on pcp, and down 46% on prior period (by value) mainly due to the timing of transactions • IPO volumes driving ECM activity • No.1 in ANZ for announced M&A deals4and IPOs5 • Best M&A House Australia 20146and Best Domestic Equity House Australia 20147 Fixed Income, Currencies and Commodities • Mixed commodity markets as low volatility and prices in Precious Metals dampened client hedging activity • Increased client activity and trading opportunities in Base Metals and EMEA Gas and Power • Credit markets were mixed across geographies with opportunities in EMEA securitisation but generally subdued conditions in the US • Lower volatility and volumes in foreign exchange and futures markets • Established a Wholly Foreign Owned Enterprise (WFOE) in the Shanghai Free Trade Zone in China • Maintained ranking as No.4 US physical gas marketer in North America8 • No.2 overall market share in ASX24 Futures9

PAGE 31 1. Dealogic, Apr-Jun 14 by number of deals. 2. Market share by turnover Apr-Jun 14. Source: local exchanges 3. Market share by NOIP (net over intrinsic premium) Apr-Jun 14. Source: local exchanges. 4. Dealogic, Apr-Jun 14, by number. 5. Dealogic, Apr-Jun 14, by value & number. 6. Euromoney. 7. Asiamoney. 8. Platts Q1 CY14. 9. ASX24 Futures volumes Jan-Jun 14.

1. Dealogic, Apr-Jun 14 by number of deals. 2. Market share by turnover Apr-Jun 14. Source: local exchanges 3. Market share by NOIP (net over intrinsic premium) Apr-Jun 14. Source: local exchanges. 4. Dealogic, Apr-Jun 14, by number. 5. Dealogic, Apr-Jun 14, by value & number. 6. Euromoney. 7. Asiamoney. 8. Platts Q1 CY14. 9. ASX24 Futures volumes Jan-Jun 14.

PAGE 31

Funded balance sheet remains strong

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$Ab 31 March 2013 $Ab 31 March 2014 $Ab 30 June 2014
100 100 100
ST wholesale issued paper
90 90 ST wholesale issued paper 90 (10%)
ST wholesale issued paper (6%) (9%)
80 Other debt maturing in the next 12 mths (11%)1 Cash, liquids and self 80 Other debt maturing in the next 12 mths (9%)1 securitised assets (29%)Cash, liquids and self 3 80 Other debt maturing in the Wholesale Deposits (4%)next 12 mths 1 (9%) securitised assets (31%)Cash, liquids and self 3
securitised assets (30%)3 Wholesale Deposits (4%)
70 Wholesale Deposits (6%) 70 70
60 60 60
Trading assets (18%) Trading assets (18%)
Retail Deposits (35%) Trading assets (17%) Retail Deposits (36%) Retail Deposits (36%)
50 50 50
Loan assets < 1 year (12%) Loan assets < 1 year (11%)
40 Loan assets < 1 year (11%) 40 40
30 30 30
Debt maturing beyond Debt maturing beyond 12 Debt maturing beyond 12
20 12 mths (28%)2 Loan assets > 1 year (34%)4 20 mths (29%)2 Loan assets > 1 year (34%)4 20 mths (29%)2 Loan assets > 1 year (33%)4
10 10 10
Equity and hybrids (14%) Equity Investments and Equity and hybrids (13%) Equity Investments and Equity and hybrids (12%) Equity Investments and PPE 5
0 PPE 5 (8%) 0 PPE (7%)5 0 (7%)
Funding sources Funded assets Funding sources Funded assets Funding sources Funded assets
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These charts represent MGL’s funded balance sheets at the respective dates noted above. For details regarding reconciliation of the funded balance sheet to the Group’s statutory balance sheet, refer to slide 52. 1. ‘Other debt maturing in the next 12 mths’ includes Structured Notes, Secured Funding, Bonds, Other Loans maturing within the next 12 months and Net Trade Creditors. 2. ‘Debt maturing beyond 12 mths’ includes Loan Capital. 3. ‘Cash, liquids and self securitised assets’ includes self securitisation of repo eligible Australian mortgages originated by Macquarie. 4. ‘Loan Assets > 1 yr’ includes Debt Investment Securities and Operating Lease Assets. 5. ‘Equity Investments and PPE’ includes the Group’s co-investments in Macquarie-managed funds and equity investments. PAGE 32

Basel III capital position

• APRA Basel III Group capital of $A12.4b, Group surplus of $A2.0b[1] down on Mar 14 surplus of $A2.7b

• Strong Bank Group APRA Basel III CET1 ratio – Common Equity Tier 1: 9.5%; Tier 1: 10.5%[2 ]

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$Ab
5.0 Group regulatory surplus: Basel III (Jun 14)
4.0
4.1 (0.8) 0.1
3.0
3.4
(1.4)
Based on 8.5%
2.0 Current quarter P&L
(minimum Tier 1
net of business
3.0 ratio + CCB), which 2.0
growth
is not required by 2.4
1.0 APRA until 2016
1.0
0.0
Harmonised Basel III FY14 Final Dividend and Other Harmonised Basel III APRA Basel III APRA Basel III
at Mar 14 3 MEREP at Jun 14 'super equivalence' 4 at Jun 14
Group regulatory surplus at 7% RWAs Group regulatory surplus at 8.5% RWAs
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1. Calculated at 7% RWAs. 2. Bank Group Harmonised Basel III ratios – Common Equity Tier 1: 11.5%; Tier 1: 12.4%. 3. ‘Harmonised’ Basel III estimates assume alignment with BIS in areas where APRA differs from the BIS. 4. APRA Basel III ‘superequivalence’ includes full CET1 deductions of equity investments ($A0.6b); deconsolidated subsidiaries ($A0.4b); DTAs and other impacts ($A0.4b). PAGE 33

PAGE 33

FY15 Outlook

Nicholas Moore Managing Director and Chief Executive Officer

Short term outlook

• Summarised below are the outlook statements for each Operating Group

• FY15 results will vary with market conditions, particularly the capital markets facing businesses

Operating Group	Netprofit contribution Update to FY15 outlook FY07–FY14 historical range FY07–FY14 average FY14 FY15 outlook as announced at FY14 result
Macquarie Funds	$A0.3b – $A1.1b $A0.7b $A1.1b Broadly in line with FY14, subject to performance fees No change
Corporate and Asset Finance	$A0.1b – $A0.8b1 $A0.4b $A0.8b Broadly in line with FY14 No change
Banking and Financial Services	$A0.1b – $A0.3b2,3 $A0.2b3 $A0.3b3 Up on FY14 No change
Macquarie Securities	$A(0.2)b – $A1.2b $A0.4b $A0.1b Up on FY14 Down on FY14
Macquarie Capital	$A(0.1)b – $A1.6b $A0.5b $A0.3b Up on FY14 No change
FICC	$A0.5b – $A0.8b $A0.6b $A0.7b Broadly in line with FY14 No change
Corporate	– Compensation ratio to be consistent with historical levels – Based on present mix of income, currently expect tax rate to be broadly in line with FY14 No change

1. Range excludes FY09 provisions for loan losses of $A135m related to Real Estate Structured Finance loans as this is a restructured business. 2. Range excludes FY09 loss on sale of Italian mortgages of $A248m as this is a discontinued business. 3. During FY14, Group Treasury revised internal funding transfer pricing arrangements relating to BFS’s deposit and lending activities. FY13 comparatives only have been restated to reflect the current methodology.

PAGE 35

Short term outlook

• While the impact of future market conditions makes forecasting difficult, we continue to expect that the FY15 combined net profit contribution[1] from operating groups will be up on FY14, broadly offsetting the FY14 realised gain relating to the SYD distribution and notwithstanding the lower contribution expected from Macquarie Securities

• The FY15 tax rate is currently expected to be broadly in line with FY14

• Accordingly, the FY15 result for the Group is currently expected to be broadly in line with FY14, with the potential for a better result if market conditions improve

• In line with previous years, it is currently expected that the 2H15 result will be stronger than 1H15

• Our short term outlook remains subject to a range of challenges including:

• Market conditions

• The impact of foreign exchange

• The cost of our continued conservative approach to funding and capital

• Potential regulatory changes and tax uncertainties

• Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 36

Medium term

• Macquarie remains well positioned to deliver superior performance in the medium term

• Deep expertise in major markets

• Build on our strength in diversity and continue to adapt our portfolio mix to changing market conditions

• Annuity-style income is provided by three significant businesses which are delivering superior returns following years of investment and recent acquisitions

  • Macquarie Funds, Corporate and Asset Finance and Banking and Financial Services

• Three capital markets facing businesses well positioned to benefit from improvements in market conditions with strong platforms and franchise positions

  • Macquarie Securities, Macquarie Capital and Fixed Income, Currencies and Commodities

• Ongoing benefits of continued cost initiatives

• Strong and conservative balance sheet

• Well matched funding profile with minimal reliance on short term wholesale funding

• Surplus funding and capital available to support growth

• Proven risk management framework and culture

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Approximate business Basel III Capital & RoE

**Operating Group **	APRA Basel III Capital 1 @ 8.5% ($Ab)	Approx. FY14 Return on Ordinary Equity2
Annuity-style businesses	5.8		Approx. 8-Year Average Return on Ordinary Equity2
Macquarie Funds Group	1.9	20%3	20%4
Corporate and Asset Finance	2.6
Bankingand Financial Services	1.3
Capital markets facing businesses	4.3		Approx. 8-Year Average Return on Ordinary Equity2
Macquarie Securities	0.5	11%	15%-20%
Macquarie Capital	1.2
FICC	2.6
Corporate and Other	1.0
Legacy Assets	0.3
Corporate	0.7
Total regulatory capital requirement @ 8.5%	11.1
Comprising: Ordinary Equity Hybrid	9.4 1.7	As at 31 Mar 14. 1. Business Group capitalallocation as at 31 De	c 13. 2. NPAT used in the calculation of a	pprox. annualised ROE is
Add: Surplus Ordinary Equity	1.8	based on Operating Group’s net profit contributio corporate expenses. Accounting equity is attribu	n adjusted for indicative allocations of pr ted to businesses based on regulatory ca	ofit share, tax and other pital requirements. 8-year
Total APRA Basel III capital supply	12.9	~~average covers FY07 to FY14, inclusively. 3. Du~~ arrangements relating to Banking and Financial ~~average as not meaningful given the significant i~~	~~ring 1H14, Group Treasury revised inter~~ Services’ deposit and lending activities. 4 ~~ncrease in scale of CAF~~’~~s platform over t~~	~~nal funding transfer pricing~~ . CAF excluded from 8-year ~~he 8-year period.~~

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Formal business Kevin McCann AM Chairman

Item 1: Financial Statements

• To consider and receive the Financial Report, the Directors’ Report and the Auditor’s Report of Macquarie for the financial year ended 31 March 2014

PAGE 40

Item 2: Re-election of Mr HK McCann as a Voting Director

• To consider and, if thought fit, pass the following as an ordinary resolution:

– That Mr HK McCann be re-elected as a Voting Director of Macquarie

PAGE 41

Item 3: Re-election of Ms DJ Grady as a Voting Director

• To consider and, if thought fit, pass the following as an ordinary resolution:

– That Ms DJ Grady be re-elected as a Voting Director of Macquarie

PAGE 42

Item 4: Election of Mr GR Banks as a Voting Director

• To consider and, if thought fit, pass the following as an ordinary resolution:

– That Mr GR Banks, having been appointed as a Voting Director since the last general meeting, be elected as a Voting Director of Macquarie

PAGE 43

Item 5: Election of Mrs PA Cross as a Voting Director

• To consider and, if thought fit, pass the following as an ordinary resolution:

– That Mrs PA Cross, having been appointed as a Voting Director since the last general meeting, be elected as a Voting Director of Macquarie

PAGE 44

Item 6: Election of Ms NM Wakefield Evans as a Voting Director

• To consider and, if thought fit, pass the following as an ordinary resolution:

• That Ms NM Wakefield Evans, having been appointed as a Voting Director since the last general meeting, be elected as a Voting Director of Macquarie

PAGE 45

Item 7: Remuneration Report

• To consider and, if thought fit, pass the following as an ordinary resolution:

– To adopt the Remuneration Report of Macquarie for the year ended 31 March 2014

PAGE 46

Macquarie’s remuneration approach

• Macquarie’s remuneration system is designed to balance risk and return

• Key elements of Macquarie’s remuneration framework:

Align interests of staff and shareholders Attract and retain high quality people

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Drive long-term shareholder returns while prudently managing risk

PAGE 47

Strong business results while appropriately managing remuneration

		FY14	FY13	% Change
Performance measures
NPAT	$Am	1,265	851	49
Basic EPS	Cents per share	383.6	251.2	53
Ordinary dividends	Cents per share	260.0	200.0	30
Total dividends(1)	Cents per share	376.0	200.0	88
Annual TSR	Per cent	66.0	34.4
Executive remuneration measures
Total compensation expense	$Am	3,505	3,072	14
Compensation expense to income ratio	Per cent	43.1	46.1

1. Including the special dividend component of $A1.16 per share from the SYD distribution in Jan 14.

PAGE 48

Key features of Macquarie’s remuneration system[1 ]

Executive Committee and Designated Executive Other Staff below Key Area Directors Executive Directors Executive Director 50-70% Amount of profit 25% to 60% dependent on 70% for the Managing Director 40-70% share deferred certain thresholds and CEO 3 to 7 years after the year 3 to 5 years after the year 2 to 4 years after the year Vesting retained retained retained Board discretion to apply Malus Board discretion to apply Malus Forfeiture whilst Board discretion to apply Malus to certain Executive Directors in to certain staff in certain employed in certain circumstances certain circumstances circumstances

Forfeiture on Unvested amounts are forfeited except in limited circumstances leaving

1. The table reflects Macquarie’s standard arrangements.

PAGE 49

Item 8: Approval of Executive Voting Director’s participation in the Macquarie Group Employee Retained Equity Plan (MEREP)

• To consider and, if thought fit, pass the following as an ordinary resolution:

• That the following be approved for all purposes:

  • a) participation in the Macquarie Group Employee Retained Equity Plan (MEREP) by Mr NW Moore, Managing Director and Chief Executive Officer; and

  • b) acquisition by Mr NW Moore of Restricted Share Units and Performance Share Units and the acquisition of shares in the Company in respect of those Restricted Share Units and Performance Share Units,

all in accordance with the terms of the MEREP and on the basis described in the Explanatory Notes to the Notice of Meeting convening this meeting

PAGE 50

Appendix

Funded balance sheet reconciliation

• The Group’s statutory balance sheet is prepared based on generally accepted accounting principles which do not represent actual funding requirements

• A funded balance sheet reconciliation has been prepared to reconcile the reported assets of the consolidated Group to the assets that require funding

	Jun 14	Mar 14	Mar 13
	$Ab	$Ab	$Ab
Total assets per Statutory Balance Sheet	153.4	153.9	144.7
Deductions:
Self funded trading assets	(14.8)	(17.9)	(13.6)
Derivative revaluation accounting gross ups	(12.8)	(11.6)	(14.4)
Life investment contracts and other segregated assets	(6.1)	(5.7)	(5.4)
Broker settlement balances	(6.3)	(7.2)	(7.7)
Short-term working capital assets	(4.4)	(5.5)	(5.2)
Less non-recourse funded assets:
Securitised assets and non-recourse warehouses	(13.3)	(13.4)	(10.8)
Total assets per Funded Balance Sheet	95.7	92.6	87.6

PAGE 52

Glossary

Glossary

$A	Australian Dollar
1H14	Half Year ended 30 September 2013
1Q14	First Quarter ended 30 June 2013
1Q15	First Quarter ended 30 June 2014
2H14	Half Year ended 31 March 2014
2H15	Half Year ended 31 March 2015
4Q14	Fourth Quarter ended 31 March 2014
AFSL	Australian Financial Services License
Ag.	Agriculture
ANZ	Australia and New Zealand
AM	Member of the Order of Australia
Aust.	Australian
Approx.	Approximately
APRA	Australian Prudential Regulation Authority
ASIC	Australian Securities and Investments Commission
ASX	Australian Securities Exchange
AUM	Assets Under Management
B	Billion
BIS	Bank for International Settlements
Bps	Basis Points

CAF	Corporate and Asset Finance
CCB	Capital Conservation Buffer
CEO	Chief Executive Officer
CET1	Common Equity Tier 1
CAF	Corporate and Asset Finance
CBOE	Chicago Board Options Exchange
CCB	Capital Conservation Buffer
CEO	Chief Executive Officer
CET1	Common Equity Tier 1
CY13	Calender Year ending 31 December 2013
CY14	Calender Year ending 31 December 2014
DPS	Dividend Per Share
DTA	Deferred Tax Asset
ECM	Equity Capital Markets
EMEA	Europe, the Middle East and Africa
EPS	Earnings Per Share
EU	Enforceable Undertaking
FICC	Fixed Income, Currencies and Commodities
FoFA	Future of Financial Advice
FUA	Funds Under Administration

PAGE 54

Glossary

FY07	Financial Year ended 31 March 2007
FY09	Financial Year ended 31 March 2009
FY13	Financial Year ended 31 March 2013
FY14	Financial Year ended 31 March 2014
GFC	Global Financial Crisis
Infra.	Infrastructure
IPO	Initial Public Offering
M	Million
M&A	Mergers and Acquisitions
MEREP	Macquarie Group Employee Retained Equity Plan
MBL	Macquarie Bank Limited
MIM	Macquarie Investment Management
MIRA	Macquarie Infrastructure and Real Assets
MGL	Macquarie Group Limited
MGMT	Management
MQG	Macquarie GroupLimited
MPW	Macquarie Private Wealth
MSCI	Morgan StanleyCapital International
No.	Number
NPAT	Net Profit After Tax

OECD	Organisation for Economic Co-operation and Development
P&L	Profit and Loss Statement
Pcp	Prior Corresponding Period
PPE	Property Plant and Equipment
Q1	First Quarter
Q4	Fourth Quarter
RMB	Renminbi
ROE	Return on Equity
RQFII	Renminbi Qualified Foreign Institutional Investors
RWA	Risk Weighted Asset
S&P	Standard and Poor’s Financial Services LLC
ST	Short Term
SYD	Sydney Airport
TMET	Telecommunications, Media, Entertainment and Technology
TSR	Total Shareholder Return
UK	United Kingdom
US	United States of America
USD	United States Dollar
VIX	CBOE VolatilityIndex
VS	Versus

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Macquarie Group Limited 2014 Annual General Meeting 24 July 2014