Macquarie Group Limited ABN 94 122 169 279

No.50 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com Sydney NSW 1164 AUSTRALIA

ASX/Media Release

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Investor presentation and outlook update

SYDNEY, 19 September 2016 – As part of its regular investor communications program, Macquarie Group (Macquarie) (ASX: MQG; ADR: MQBKY) will be presenting at the CLSA Investors’ Forum in Hong Kong on 20 and 21 September 2016.

Contained within the presentation (see attached) is an update to the short term outlook statement that Macquarie provided at the Group’s Annual General Meeting on 28 July 2016.

We continue to expect the Group’s result for FY17 to be broadly in line with FY16:

1H17 result is expected to be broadly in line with the 2H16 result, subject to the conduct of period end reviews and the completion rate of transactions

The Group’s short-term outlook remains subject to:

market conditions
the impact of foreign exchange; and
potential regulatory changes and tax uncertainties

Over the medium term, Macquarie remains well positioned to deliver superior performance. The Group has deep expertise in major markets and we continue to build on our strength in diversity and adapt our portfolio mix to changing market conditions. We are seeing the ongoing benefits of continued cost initiatives, our balance sheet is strong and conservative, and we have a proven risk management framework and culture.

Contacts

Karen Khadi Investor Relations +61 2 8232 3548 Lisa Jamieson Corporate Communications +61 2 8232 6016 Navleen Prasad Corporate Communications +61 2 8232 6472

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23[rd] CLSA Investors’ Forum Grand Hyatt, Hong Kong

Presentation to Investors and Analysts 20-21 September 2016

Patrick Upfold Chief Financial Officer James Freeman Investor Relations

Disclaimer

This information has been prepared on a strictly confidential basis by Macquarie Group Limited ABN 94 122 169 279 (“Macquarie”) and may neither be reproduced in whole nor in part, nor may any of its contents be divulged, to any third party without the prior written consent of Macquarie. Information in this presentation, including forecast financial information, should not be considered as legal, financial, accounting, tax or other 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 information has been prepared in good faith and is not intended to create legal relations and is not binding on Macquarie under any circumstances whatsoever.

To the extent permitted by law, neither Macquarie nor its related bodies corporate (the “Macquarie Group”, ”Group”) nor any of its associates, directors, officers or employees, or any other person (together, “Persons”), makes any promise, guarantee, representation or warranty (express or implied) to any person as to the accuracy or completeness of this information, or of any other information, materials or opinions, whether written or oral, that have been, or may be, prepared or furnished by Macquarie Group, including, without limitation, economic and financial projections and risk evaluation. No responsibility or liability whatsoever (in negligence or otherwise) is accepted by any person for any errors, mis-statements or omissions in this information or any other information or materials. Without prejudice to the foregoing, neither the Macquarie Group, nor any Person shall be liable for any loss or damage (whether direct, indirect or consequential) suffered by any person as a result of relying on any statement in or omission from this information. The information may be based on certain assumptions or market conditions, and if those assumptions or market conditions change, the information may change. No independent verification of the information has been made. Any quotes given are indicative only.

Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity’s obligations do not represent deposits or other liabilities of Macquarie and Macquarie does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. Each of MBL, acting through its London branch, and Macquarie Bank International Limited, is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority to carry on banking business in the United Kingdom. MBL, acting through its Seoul Branch, is authorised and regulated by the Financial Services Commission in Korea to carry out banking business in Korea. MBL, acting through its Singapore Branch, is authorised and regulated by the Monetary Authority of Singapore to carry out banking business in Singapore. MBL, acting through its Hong Kong branch, is authorised and regulated by the Hong Kong Monetary Authority to carry on banking business in Hong Kong. MBL maintains Representative Offices in Illinois, New York and Texas, but is not authorised to conduct business in the US. With respect to matters pertaining to US securities laws, and to the extent required by such laws, Macquarie its worldwide subsidiaries consult with, and act through, Macquarie Capital (USA) Inc., a US-registered broker-dealer and member of FINRA, or another US broker-dealer. With respect to matters pertaining to US futures laws, and to the extent required by such laws, Macquarie its worldwide subsidiaries consult with, and act through Macquarie Futures USA Inc., a US-registered futures commission merchant and member of the National Futures Association, or other futures commission merchants.

The Macquarie Group or its associates, directors, officers or employees may have interests in the financial products referred to in this information by acting in various roles including as provider of corporate finance, underwriter or dealer, holder of principal positions, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. In addition, the Macquarie Group and its associates, directors, officers or employees may buy or sell the financial products as principal or agent and as such may effect transactions which are not consistent with any recommendations in this information.

Unless otherwise specified all information is as at 31 March 2016.

This presentation 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.

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.

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

	Agenda 01 Overview of Macquarie 02 Macquarie’s Operating Groups 03 1Q17 Update 04 FY17 Outlook 05 Appendices
PAGE 3

PAGE 3

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01 Overview of Macquarie

About Macquarie

Macquarie has built a uniquely diversified business since its inception in 1969. It is a global business built upon a range of products and sectors in which it has world-leading expertise

Global provider of banking, financial, advisory, investment and funds management services
Main business focus is providing products and services to clients
Listed on Australian Securities Exchange (ASX: MQG)
Level I American Depository Receipt facility managed by BNY Mellon (ADR: MQBKY)
Regulated by APRA, Australian banking regulator, as non-operating holding company of a licensed Australian bank
Assets under management $A499 billion[1]
Founded in 1969, currently employs 14,493 people and operates in 28 countries[1]
As at 30 Jun 16.

PAGE 5

Why Macquarie?

Strong 47 yrs earnings of profitability growth Profitable every year since over the last 5 years inception

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Predictable earnings more than 70% of income from annuity-style businesses[1]

Geographically diverse 68% of income[2 ] generated outside of Australia

Strong shareholder returns

Dividend yield Long term ratings Well capitalised FY16: 5.0%33 stability Payout ratio: 66%44 A/A2/A MBLcredit rating and a strong funded balance sheet

FY16: 5.0%33 Consistently outperformed Payout ratio: 66%44 ASX 200 since listing

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Underpinned by a long standing conservative risk management framework

Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Based on FY16 net operating income excluding earnings on capital and other corporate items. 3. Share price as at 31 Aug 16. 4. For the full year ended 31 Mar 16.

PAGE 6

47 years of profitability

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----- Start of picture text -----

$Am
2.0 Hill Samuel UK
1.6 opens branch
1.2 office in Sydney
Recession Currency
0.8 Crisis
0.4
-
$Am 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Hills Motorway
100 estate crashGlobal real Mortgage securitisation
806040 US banks capital lossesGlobal debt crisisUS recession $A floated Savings and loan crisis establishedMBL Enter stockbrokingproperty trustFirst listed Stock market crash London office opens Recession
20
-
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
AWAS aircraft
$Am CIT Systems LeasingOrion Securities ILFCGMAC operating lease portfolio Esanda
2,500 Significant Market DisruptionGroup Restructure Delaware PresidioInnovest GE Capital’s Premium acquisition
Thames Water FPK REGAL Funding business
2,000 Giuliani Capital GFC Blackmont European
Constellation Sal Opp. Onstream rail leasing
1,500 ING Tristone
1,000 listedMBL Financial Asian Crisis Russian CrisisDebt AustraliaacquiredBT crashComDot Recession9/11US SydneyAirport SARS Acquired
500
-
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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PAGE 7

Strong earnings growth

$A - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00	FY16 EPS of $A6.19 FY16 up 23% on FY15
	FY12 FY13 FY14 FY15 FY16

FY16 Operating income of $A10,135m FY16 up 9% on FY15 $Am 12,000 10,000 8,000 6,000 4,000 2,000 - FY12 FY13 FY14 FY15 FY16

1H 2H

PAGE 8

Geographic footprint

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14,493 staff in 28 countries
Europe, Middle East & Africa Asia Americas
Staff: 1,535 Staff: 3,652 Staff: 2,661
Asia
Europe Bangkok Manila Canada
AmsterdamDublin BeijingGurgaon MumbaiSeoul CalgaryMontreal USA Austin Los Angeles
Frankfurt Hong Kong Shanghai Toronto Boca Raton Nashville
Geneva Australia Hsin-Chu Singapore Vancouver Boston New York
Glasgow Adelaide Jakarta Taipei Chicago Philadelphia
London Brisbane Kuala Lumpur Tokyo Denver San Diego
Luxembourg Canberra Houston San Francisco
MadridMunich Middle East Gold Coast Jacksonville San Jose
Paris Abu Dhabi Manly New Zealand
Vienna Dubai Melbourne Auckland Latin America
Zurich ParramattaPerth ChristchurchWellington Mexico CitySao Paulo
Sydney
South Africa
Cape Town Australia [1]
Johannesburg
Staff: 6,645
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As at 30 Jun 16. 1. Includes New Zealand.

PAGE 9

Predictable earnings and geographically diverse

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Annuity-style vs Capital markets facing [1] Geographical split of income [2]
FY16 FY16
Capital markets Australia [3] Americas
facing 32% 30%
29%
Annuity-style
71%
Asia
EMEA 14%
24%
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Annuity-style based on FY16 net profit contribution (calculated as management accounting profit before unallocated corporate costs, profit share and income tax) for MAM, CAF and BFS. Capital markets facing based on FY16 net profit contribution for MSG, MacCap and CFM. 2. Based on FY16 net operating income excluding earnings on capital and other corporate items. 3. Includes New Zealand.

PAGE 10

Annuity-style vs Capital markets facing businesses

Annuity-style businesses represent more than 70% of the Groups’ performance[1]

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4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
FY12 FY13 FY14 FY15 FY16
(500)
Annuity-style businesses: Macquarie Asset Management Corporate and Asset Finance Banking and Financial Services
Capital markets facing businesses: Commodities and Financial Markets Macquarie Capital Macquarie Securities
($Am)
2
Net profit contribution
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Comparative figures have been restated to conform to changes in current year financial presentation and group restructures, where necessary. 1. Based on FY16 net profit contribution from operating groups. 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 11

Stable earnings

Macquarie Group 10-year earnings CAGR: 8%¹

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10 year earnings volatility [2] 5 year earnings volatility [2]
8.0 28.0
8.0
7.0 27.07.0
6.0 26.06.0
5.0
5.0
4.0 4.0
3.0 3.0
2.0 2.0
1.0 1.0
- -
Global Global Global Banks Australian Macquarie Australian Global Global Banks Global Australian Macquarie Australian
Investment Fund/Asset Asset Major Banks Investment Fund/Asset Asset Major Banks
Banks managers Managers Banks managers Managers
P&L Volatility P&L Volatility
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As at 31 Mar 16. 2. This page compares the historical earnings volatility among certain firms, and is not intended to represent that Macquarie has a comparable business model, risks or prospects to any other firm mentioned. Volatility of P&L is defined as standard deviation of P&L divided by average P&L (coefficient of variation), based on most recent annual disclosures. Source: Bloomberg.

PAGE 12

Strong shareholder returns

Macquarie’s total shareholder return has consistently outperformed the MSCI World Capital Markets Index1

Quarterly purchases

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Outperformance vs MSCI World Capital Markets Index Average outperformance vs MSCI World Capital Markets Index
450%
400%
350%
300%
250%
200%
150%
100%
50%
-
1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17
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As at 31 Aug 16 for purchases historically made and held to date.

PAGE 13

Strong shareholder returns

MQG Total Shareholder Return

116% 308% 107% 2,953%		Outperformance vs ASX 200	Outperformance vs MSCI World Capital Markets Index
	Since listing1	2,798%	n/a2
	10 years	101%	135%
	5 years	281%	200%
	3 years	110%	93%
	3 months	7%	11%
Since listing 10 years 5 years 3 years

As at 31 Aug 16. 1. Listed in 1996. 2. MQG was listed prior to the formation of the MSCI World Capital Markets Index.

PAGE 14

2007

2016

Long term ratings stability Macquarie Bank Limited

Standard & Poor’s Ratings Movements from 2007

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AA+
AA
AA- 3 5 5 4
2 5 4
A+ 0 0
5
A
A-
BBB+
BBB
Macquarie JPMorgan Credit UBS AG Bank of Citibank Morgan Stanley Goldman Sachs Barclays Deutsche
Bank Chase Bank Suisse AG America Bank Bank Bank Bank
Moody’s Ratings Movements from 2007
AAA
Aa1
Aa2 3
Aa3 1 6 7 6
A1 3 2
A2 3 2 6
A3
Baa1
Baa2
Macquarie JPMorgan Credit UBS AG Bank of Citibank Morgan Stanley Goldman Sachs Barclays Deutsche
Bank Chase Bank Suisse AG America Bank Bank Bank Bank
Rating movement (notches)
Rating movement (notches)
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Intra-period ratings movement

# No. ratings movements

MBL has maintained its S&P ‘A’ rating for 25 YEARS

Goldman Sachs bank only rated by Standard & Poor’s from 2012. Data as at 31 Aug 16.

PAGE 15

Funded balance sheet remains strong

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$Ab 31 March 2015 $Ab 31 March 2016 $Ab 30 June 2016
140 140 140
4
130 130 130
ST wholesale issued paper ST wholesale issued paper
(7%) (6%)
120 120 120
110 ST wholesale issued paper 110 Other debt maturing in the next 12 mths (9%)1 securitised assets (34%)Cash, liquids and self 3 110 Other debt maturing in the next 12 mths 1 (9%) securitised assets (28%)Cash, liquids and self 3
(11%)
100 100 100
Other debt maturing in the next 12 mths (8%)1 securitised assets (31%)Cash, liquids and self 3
90 90 Customer deposits (33%) 90 Customer deposits (35%)
80 80 Trading assets (16%) 80 Trading assets (22%)
70 Customer deposits (35%) 70 70
Trading assets (19%)
60 60 Loan assets (incl. op lease) 60 Loan assets (incl. op lease)
< 1 year (10%)
< 1 year (12%)
50 Loan assets (incl. op lease) < 1 year (10%) 50 50
Debt maturing
Debt maturing 2
40 40 beyond 12 mths 2 40 beyond 12 mths
30 beyond 12 mths Debt maturing 2 op lease) > 1 year Loan assets (incl. 4 30 (39%) op lease) > 1 year Loan assets (incl. (34%) 4 30 (39%) op lease) > 1 year Loan assets (incl. (32%) 4
(33%)
20 (34%) 20 20
10- Equity and hybrids (13%) Equity investments and PPE (6%)5 10- Equity and hybrids (12%) Equity investments and PPE 5 5 (6%) 10- Equity and hybrids (11%) Equity investments and PPE 5 (6%)
Funding sources Funded assets Funding sources Funded assets Funding sources Funded assets
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These charts represent Macquarie Group Limited’s funded balance sheets at the respective dates noted above. 1. ‘Other debt maturing in the next 12 mths’ includes Structured Notes, Secured Funding, Bonds, Other Loans, Loan Capital maturing within the next 12 months and Net Trade Creditors. 2. ‘Debt maturing beyond 12 mths’ includes Loan Capital not maturing within next 12 months. 3. ‘Cash, liquids and self securitised assets’ includes self securitisation of repo eligible Australian mortgages originated by Macquarie. 4. ‘Loan Assets (incl. op lease) > 1 yr’ also includes Debt Investment Securities. 5. ‘Equity Investments and PPE’ includes the Group’s co-investments in Macquarie-managed funds and equity investments.

PAGE 16

Term funding issuances

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$A22.5b of term funding raised in FY16
Weighted average life of debt issued: 4.7 years [1]
Currency Tenor Type
MBL Covered
Bonds
3%
GBP Securitisations & Esanda Secured
9% EUR OTH Other secured 2yrs Acquisition Funding
11% 2% finance 18% Facility 4%
14% 19%
AWAS Acquisition
Facility
>5yrs 8% MBL Senior
USD 17% Unsecured
40% SMART ABS 23%
7%
3yrs
36% PUMA
AUD 5yrs RMBS MBL Sub
38% 15% 6% Debt
Private 3%
Placements Syndicated Loan
14% Facilities
13%
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Includes drawn and undrawn facilities. 1. Weighted average maturity has been adjusted to reflect the AWAS acquisition debt facility which was refinanced in full during Apr 16; the new profile is 5yrs+. $A3.0b of the Esanda acquisition debt facility was repaid during Apr 16.

PAGE 17

Strong regulatory ratios

Macquarie Bank Group (Jun 16)

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Macquarie Bank Group (Harmonised )1
Macquarie Bank Group (APRA)
Basel III minimum 2
6.2%
14.0% 6.0%
200%
12.1%
5.0%
10.5%
150%
4.0% 5.3% 166%
10.3%
7.0% 3.0% 100%
2.0%
3.5% 50%
1.0%
- - -
CET1 ratio Leverage ratio LCR 3
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‘Harmonised’ Basel III estimates are calculated in accordance with the BCBS Basel III framework. 2. Includes the capital conservation buffer in the minimum CET1 ratio requirement. The minimum Basel III leverage ratio requirement of 3% is effective from 1 Jan 18. 3. Average LCR for Jun 16 quarter includes Apr, May & Jun month-end observations.

PAGE 18

Strong Basel III capital position

APRA Basel III Group capital at Jun 16 of $A16.6b, Group surplus of $A3.5b[1]
Bank Group APRA Basel III CET1 ratio: 10.3%; Tier 1 ratio: 11.4%; Leverage ratio: 5.3%
Bank Group Harmonised Basel III CET1 ratio: 12.1%; Tier 1 ratio: 13.2%; Leverage ratio: 6.2%[2]

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$Ab Group regulatory surplus at 8.5% RWAs: Basel III (Jun 16)
6.0
5.0 (1.2) 0.8
(1.7)
4.0
3.0
5.6
5.2
2.0 Based on 8.5%
(minimum Tier 1 ratio 3.5 3.5
+ CCB)
1.0
- Harmonised Basel III FY16 Final Dividend Other 3 Harmonised Basel III APRA Basel III APRA Basel III
at Mar 16 and MEREP at Jun 16 'super equivalence' 4 at Jun 16
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Calculated at 8.5% RWA including capital conservation buffer (CCB), per APRA Prudential Standard 110. The APRA Basel III Group surplus is $A4.8b calculated at 7% RWA, per the internal minimum Tier 1 ratio of the Bank Group. 2. ‘Harmonised’ Basel III estimates are calculated in accordance with the BCBS Basel III framework. 3. Includes current quarter P&L, the net foreign exchange impact and other movements in capital supply, deductions and requirements. 4. APRA Basel III ‘super-equivalence’ includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework and includes full CET1 deductions of equity investments ($A0.6b); capitalised expenses ($A0.4b); deconsolidated subsidiaries ($A0.3b); DTAs and other impacts ($A0.2b), as well as differences in mortgages treatment ($A0.2b).

PAGE 19

Regulatory update

Basel Capital Framework
The Basel Committee has recently proposed a number of changes to the calculation of risk weighted assets, most of which are under consultation. Any impact on capital[1] will depend upon the final form of the proposals and local implementation by APRA
Net Stable Funding Ratio
APRA have released a discussion paper on the NSFR which is yet to be incorporated into local standards. While the impact remains uncertain, Macquarie expects to meet the overall requirements of the NSFR
Applies to the Bank Group only.

PAGE 20

Long standing conservative risk management framework

Macquarie’s risk management principles have remained largely stable over 30 years and served the Group well over the past few years
The key aspects of Macquarie’s risk management approach are:

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----- Start of picture text -----

Ownership of risk at Understanding worst Requirement for independent
the business level case outcomes sign-off by Risk Management
Business heads responsible for Risk management approach based on Risk Management Group (RMG) signs
identifying risks within their businesses examining the consequences of worst off all material risk acceptance decisions.
and ensuring these are managed case outcomes and determining whether For material proposals, RMG opinion
appropriately. risks can be tolerated. sought at the early stage in decision
Seek a clear analysis of the risks before Adopted for all material risk types and making process, and independent input
taking decisions. often achieved by stress testing. from RMG on risk and return is included
in the approval document submitted to
senior management.
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Macquarie’s approach to risk is supported by the Risk Management Group
Macquarie determines aggregate risk appetite by assessing risk relative to earnings, more than by reference to capital

PAGE 21

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02 Macquarie’s Operating Groups

Macquarie overview Global provider of banking, financial advisory, investment and funds management services

Macquarie Group overview1

Global locations

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Annuity-style businesses >70% Capital markets facing businesses <30%
North America Europe Middle East Asia
18 locations 12 locations 2 locations 14 locations
Commodities and
Macquarie Asset
Financial Markets
Management
Macquarie
Group
Corporate and Asset Macquarie Capital
Finance
Macquarie Securities
Latin America Africa Australia New Zealand
Banking Financial 2 locations 2 locations 9 locations 3 locations
Services
Macquarie Group in numbers
14,493 ~$A499b MBL APRA primary
employees, assets under FY16 net profit $A2,063m
operating in countries 28 2 management as at 30 Jun 16 FY15 net profit $A1,604m credit rating A/A2/A regulator for MBL & MGL
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Staff numbers as at 30 Jun 16.

PAGE 23

ANNUITY-STYLE BUSINESS

Macquarie Asset Management $A497b assets under management

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MAM
37% 1
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Top 50 global asset manager

Provides clients with access to a diverse range of capabilities and products, including:

Macquarie Infrastructure Macquarie and Real Assets Investment Management AUM $A140.9b AUM $A352.2b

Infrastructure and real asset management
Securities investment management
Tailored investment solutions over funds and listed equities

Macquarie Specialised Investment Solutions

AUM $A3.8b

No.1 infrastructure investor globally[2]

Largest infrastructure debt manager

9 Lipper Awards in 2016[3]

AUM as at 30 Jun 16. 1. Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Towers Watson 2015 Global Alternatives Survey. 3. For more information about these awards, the issuers of these awards, their methodologies, and other important information about these awards, visit: http://www.macquarie.com.au/mgl/au/mfg/mim/about-us/awards.

PAGE 24

ANNUITY-STYLE BUSINESS Macquarie Asset Management Growth in base fees

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MAM
37% 1
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Net Profit Contribution [2] ($Am) Base Fees ($Am) AUM ($Ab)
1,800 1,800 550
1,644 497
1,600 1,600 1,569 500 484 477
1,450
1,372 450 425
1,400 1,400
1,262
400
1,200 1,200 344
1,051 350
989
1,000 1,000 905 300
800 755 800 250
645
200
600 600
150
400 400
100
200 200
50
- - -
FY12 FY13 FY14 FY15 FY16 FY12 FY13 FY14 FY15 FY16 Mar 13 Mar 14 Mar 15 Mar 16 Jun 16
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

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$Am 1,400 1,200 1,000

ANNUITY-STYLE BUSINESS

MIRA: Income includes more than base fees

Average base fees (RHS)2 Average performance fees (RHS) 3 Average other income (RHS) 3,4

MIRA performance fees and other income $Am (LHS) MIRA base fees $Am (LHS) MIRA EUM at period end ($Ab)

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MAM
37% 1
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% of EUM 2.0%

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----- Start of picture text -----

1.8%
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66 67

1.6%

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Base fees since FY11
Ave: 1.1% 52 1.4%
1.2%
800 Base fees
Ave: 1.0%; St dev: 0.2%
1.0%
36
600 30
0.8%
Performance fees 0.6%
400 Ave: 0.5%; St dev: 0.4%
0.4%
Other income
200
Ave: 0.2%; St dev: 0.4%
0.2%
1
- 0.0%
FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
1. Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Average base fees (%) calculated as base fees per financial year / average EUM (Invested). 3. Average
performance fees and other income (%) calculated as performance fees and other income per financial year / period end EUM. 4. Other income represents net operating income less base and performance fees for each financial year and includes other income relating to certain MIRA fund PAGE 26
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Average base fees (%) calculated as base fees per financial year / average EUM (Invested). 3. Average performance fees and other income (%) calculated as performance fees and other income per financial year / period end EUM. 4. Other income represents net operating income less base and performance fees for each financial year and includes other income relating to certain MIRA fund assets historically included in the Corporate segment. Base fees and performance fees for real estate funds included from FY05 onwards.

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ANNUITY-STYLE BUSINESS Corporate and Asset Finance $A39b asset and loan portfolio

CAF 1 26% Delivers tailored finance and asset management solutions to clients through the cycles Global capability in corporate and real estate credit Lending Aircraft investing and lending Portfolio $A8.6b[2] Portfolio $A8.9b — provides primary financing to clients and invests in Motor vehicles Rail credit assets in secondary markets Expertise in asset finance including aircraft, motor Portfolio $A17.9b Portfolio $A0.7b vehicles, rail, technology, healthcare, manufacturing, Resources Equipment Finance energy and mining equipment Portfolio $A0.5b Portfolio $A1.5b Supports annuity-style businesses through different growth phases Energy Selectively invests in specialised asset classes Portfolio $A0.9b Leading market participant in One of the largest The largest deregulated bespoke primary lending; providers of motor traditional and smart meter niche acquirer of secondary loans vehicle finance in Australia provider in the UK

Delivers tailored finance and asset management solutions to clients through the cycles
Global capability in corporate and real estate credit investing and lending
Expertise in asset finance including aircraft, motor vehicles, rail, technology, healthcare, manufacturing, energy and mining equipment
Supports annuity-style businesses through different growth phases
Selectively invests in specialised asset classes

As at 30 Jun 16. 1. Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Includes Real Estate Structured Finance legacy run-off portfolio and equity portfolio.

PAGE 27

ANNUITY-STYLE BUSINESS Corporate and Asset Finance Asset finance and lending portfolios

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CAF
1
26%
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Net Profit Contribution [2] ($Am) Lending Portfolio [3] ($Ab) Asset Finance Portfolio ($Ab)
1,200 1,112 1,130 12 11.2 35
29.9 30.4
30
1,000 10 9.5
9.0 AWAS
8.6
826
7.9 25
800 8
698 694 ESANDA
20
17.5
600 6 16.5
14.5
15
400 4
10
200 2
5
- - -
FY12 FY13 FY14 FY15 FY16 Mar 13 Mar 14 Mar 15 Mar 16 Jun 16 Mar 13 Mar 14 Mar 15 Mar 16 Jun 16
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. Includes Real Estate Structured Finance legacy run-off portfolio and equity portfolio.

PAGE 28

ANNUITY-STYLE BUSINESS

Banking and Financial Services 1.1 million Australian customers[2]

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BFS 1
8%
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$A41.4b total BFS deposits[3]
Provides a diverse range of personal banking, wealth management and business banking products and services
Strong intermediary relationships, a whitelabel personal banking platform and Macquarie branded offerings

Mortgages and Deposits credit cards Financial advice Business banking and private banking Wrap Insurance

Mortgages business awarded iSelect’s Partner of the Year 2015[4]

Business banking loan portfolio $A6.1b

Australian Funds on platform mortgage portfolio $A59.9b[5] $A28.8b

Portfolio balances as at 30 Jun 16. 1. Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. As at 31 Mar 16. 3. BFS deposits exclude any Corporate/Wholesale deposit balances. 4. iSelect Partner Awards 2015. 5. Funds on platform includes Macquarie Wrap, Vision, Equity Portfolio Services and Industry Super Funds.

PAGE 29

ANNUITY-STYLE BUSINESS Banking and Financial Services Growth in BFS deposits and mortgages

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BFS 1
8%
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----- Start of picture text -----

Net Profit Contribution [2] ($Am) BFS Deposits [3] ($Ab) Australian Mortgage Book ($Ab)
400 45 41.4 35
40.4
350
350 40 37.3 30 28.5 28.8
300 285 35 31.0 33.3 24.5
260 25
243 30
250
25 20
196 17.0
200
20
15
150 11.8
15
10
100
10
50 5 5
- - 0
FY12 FY13 FY14 FY15 FY16 Mar 13 Mar 14 Mar 15 Mar 16 Jun 16 Mar 13 Mar 14 Mar 15 Mar 16 Jun 16
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. During FY14, Group Treasury revised internal funding transfer pricing arrangements relating to BFS’s deposit and lending activities. FY12-FY13 comparatives have been restated to reflect the current methodology. 3. BFS deposits exclude any Corporate/Wholesale deposit balances.

PAGE 30

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CAPITAL MARKETS FACING BUSINESS

Macquarie Securities Group Global securities house with strong Asia-Pacific foundations

MSG 6% 1 Global institutional securities house with strong Asia-Pacific Research Corporate Access foundations covering sales, research, ECM, execution and derivatives and trading activities Full-service cash equities in Australia, Asia, South Africa Derivatives Equity finance and Canada with offerings in the US and Europe. Specialised derivatives and trading offerings in key Trading Execution Key specialities: Financial Institutions; Industrials; Portfolio solutions Equity capital markets Infrastructure, Utilities and Renewables; Resources (mining and energy); Small-Mid Caps; and Telecommunications, Media, Entertainment and Technology (TMET) No.1 market share listed No.2 globally warrants in Singapore, Top 10 research No.1 IPO deals for Transition No.2 Malaysia house globally[3] by value in Australia[4] Management[2] No.4 Thailand, No.5 Hong Kong[5]

Global institutional securities house with strong Asia-Pacific foundations covering sales, research, ECM, execution and derivatives and trading activities
Full-service cash equities in Australia, Asia, South Africa and Canada with offerings in the US and Europe. Specialised derivatives and trading offerings in key locations globally
Key specialities: Financial Institutions; Industrials; Infrastructure, Utilities and Renewables; Resources (mining and energy); Small-Mid Caps; and Telecommunications, Media, Entertainment and Technology (TMET)
Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Chief Investment Officer Magazine Survey – September 2015, ranked No.2 for client satisfaction globally on a weighted basis and No.1 in Asia-Pacific. 3.Thomson I/B/E/S, by coverage. 4. Dealogic and Thomson (CY15). 5. Net outstanding notional on local exchanges.

PAGE 31

CAPITAL MARKETS FACING BUSINESS Macquarie Securities Group Strong franchise – ECM and Cash equities

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MSG
6% 1
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----- Start of picture text -----

Net Profit Contribution [2] ($Am) No.1 house for IPOs in FY16 [3]
300 268 1.4 Macquarie has raised more IPO capital in
Australia during FY16 than any other bank
1.2
200
107
1.0
100 64
0.8
-
0.6
(50)
(100)
0.4
(200) 0.2
(194)
-
(300)
FY12 FY13 FY14 FY15 FY16 MQG Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9
Total IPO deal value ($USb)
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. Dealogic, Thomson FY16 (by value; IPOs in FY16).

PAGE 32

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MacCap
10% 1
PROJECT FINANCE
DEBT CAPITAL MARKETS PRINCIPAL INVESTMENTS
MERGERS & ACQUISITIONS EQUITY CAPITAL MARKETS PRIVATE CAPITAL MARKETS
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CAPITAL MARKETS FACING BUSINESS Macquarie Capital Advised on 395 transactions in FY16

Global corporate finance capability, including M&A, debt and equity capital markets, and principal investments

Financial Institutions

Industrials

Key specialities: Financial Institutions; Industrials; Infrastructure, Utilities and Renewables; Real Estate; Resources (mining and energy); Telecommunications, Media, Entertainment & Technology (TMET)
• Winner of over 10 awards globally in the 12 months to 31 Mar 16

Infrastructure, Utilities & Renewables

Real Estate Media, Entertainment & Technology (TMET) Winner of over 10 awards globally in the 12 Resources months to 31 Mar 16 Telecommunications, Media, Entertainment & Technology Completed 395 No.1 M&A for No.2 North No.1 for No.1 European transactions announced and America completed ECM Project Finance valued at $A176b completed deals in Financial in FY16 deals in ANZ[2] Sponsor[4] ANZ[2] Advisers[3]

Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Dealogic, Thomson 1H CY16 (by value and number). 3. IJGlobal CY15 (by value). 4. Dealogic CY15 (by deal value).

PAGE 33

CAPITAL MARKETS FACING BUSINESS Macquarie Capital Geographically diversified and market leading position

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MacCap
10% 1
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----- Start of picture text -----

Geographical split Australian M&A Completed
Net Profit Contribution [2] ($Am)
of Income [3] ($Am) Deal Value FY16 [5] ($USb)
500 40
1H 2H
451
450 430
35
400
30
350 Americas
26% 25
300 280 Australia [4]
43%
250 20
200
15
150
150 EMEA
10
23%
100 85
Asia
5
50 8%
- -
FY12 FY13 FY14 FY15 FY16 MQG Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. For the year ended 31 Mar 16. 4. Includes New Zealand. 5. Source: Dealogic, FY16 (by deal value).

PAGE 34

CAPITAL MARKETS FACING BUSINESS Commodities and Financial Markets Covering 25+ market segments, with 140+ products

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CFM
13% 1
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Provides clients with risk and capital solutions across physical and financial markets

Diverse platform covering more than 25 market segments, with more than 140 products
Expertise in providing clients with access to markets, financing, financial hedging, and physical execution
Growing presence in commodities (natural gas, LNG, NGLs, power, oil, coal, base metals, iron ore, sugar and freight)

Energy markets Metals markets Fixed income and Agricultural markets currency markets Credit markets Futures markets

30+ years 20+ years in Metals and in Agricultural Futures markets and FX markets

2015 Commodity No.3 US physical 10+ years House of the Year gas marketer in in Energy markets for the 2[nd] North America[3] consecutive year[2]

Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Commodity Business Awards, presented by Commodities Now Magazine. 3. Platts Q1 CY16.

PAGE 35

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CFM
CAPITAL MARKETS FACING BUSINESS 13% 1
Commodities and Financial Markets
Stable earnings through diverse platform
Net Profit Contribution [2] ($Am) Net Operating Income [3]
900 1H 2H
835 Investment and
other income
3%
750 726
Fee and Commodities
commission 65%
income
600 563 576 11%
539
Risk
Credit, interest management
450 rates and products41%
foreign
exchange
21%
300
Inventory
management, Lending &
transport and financing
150 14%
storage
10%
-
FY12 FY13 FY14 FY15 FY16
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Based on FY16 net profit contribution from operating groups (net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax). 2. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 3. For the year ended 31 Mar 16, excluding impairment charges and internal management (charge)/revenue.

PAGE 36

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03 1Q17 Update

1Q17 Macquarie Update

Operating groups performing in line with expectations
1Q17 operating group contribution[1] down on a strong pcp and up on prior quarter

1Q17 contribution[1] vs 1Q16

Continued to perform well:

Annuity-style • Higher base fees in MAM. Performance fees and asset disposals lower compared to a strong pcp businesses >70%[2] • AWAS and Esanda acquisitions in CAF successfully integrated and performing in line with expectations, partially offsetting strong loan repayment income in pcp
• Continued growth in mortgages, business banking and deposit books in BFS Experienced mixed trading conditions:
Capital markets facing • Subdued market conditions in MacCap and MSG as previously foreshadowed, particularly compared to businesses <30%[2] a strong pcp • Stronger activity in CFM reflecting resilient trading across most of its businesses

• No significant one-off items

Represents management accounting profit before unallocated corporate costs, profit share, income tax and period end reviews. 2. Annuity-style businesses consists of Macquarie Asset Management, Corporate and Asset Finance, and Banking and Financial Services. Capital markets facing businesses consists of Macquarie Securities, Macquarie Capital, and Commodities and Financial Markets. Percentage split is based on FY16 net profit contribution from operating groups.

PAGE 38

Annuity-Style Businesses 1Q17 Update

	FY16 contribution1	Activity during the quarter
Macquarie Asset Management	37%	• AUM of $A496.9b, up 4% on Mar 16 due to market movements and FX • Performance fees from several funds including Macquarie Atlas Roads and Macquarie Korea Infrastructure Fund • MIRA invested equity of $A2.8b across 7 acquisitions and 5 follow-on investments in Infrastructure, Real Estate and Agriculture in 8 countries • MIM awarded over $A600m in new institutional mandates across 7 strategies in 3 countries • MSIS raised over $A1b for Australian principal protected investments and specialist funds
Corporate and Asset Finance	26%	• Asset and loan portfolio of $A39.0b, broadly in line with Mar 16 • Esanda dealer finance portfolio consisting of over 300,000 contracts successfully migrated during the quarter • $A0.9b of motor vehicle and equipment leases and loans securitised
Banking and Financial Services	8%	• Total BFS deposits2 of $A41.4b, up 2% on Mar 16 • Australian mortgage portfolio of $A28.8b, up 1% on Mar 16 • Funds on platform3 of $A59.9b, up 3% on Mar 16 • Business banking loan portfolio of $A6.1b, up 3% on Mar 16

Based on FY16 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. BFS deposits exclude any Corporate/Wholesale deposit balances. 3. Funds on platform includes Macquarie Wrap, Vision, Equity Portfolio Services and Industry Super Funds.

PAGE 39

Capital Markets Facing Businesses 1Q17 Update

	FY16 contribution1	Activity during the quarter
Macquarie Securities Group	6%	• Lower client volumes, particularly in Asia; ECM and Derivatives trading also lower • Asian trading opportunities in pcp not repeated
Macquarie Capital	10%	• Market conditions subdued during the quarter impacting client activity • 108 deals completed at $A28b, down on pcp and up on prior period (by number and value) • Principal realisations in line with expectations • No.1 for announced and completed M&A deals2and No.1 for completed ECM deals2 in ANZ
Commodities and Financial Markets	13%	• Solid customer and trading activity in energy markets, primarily in Global Oil and North American Gas • Client hedging and trading opportunities remained steady across the metals and agriculture platforms • Increased customer activity in foreign exchange, interest rates and futures markets • Maintained ranking of No.3 US physical gas marketer in North America3; Winner, Oil & Products House of the Year4

Based on FY16 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Dealogic, 1H CY16 (by value and number). 3. Platts Q1 CY16. 4. Energy Risk Awards 2016.

PAGE 40

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04 FY17 Outlook

Factors impacting short-term outlook

FY17 combined net profit contribution[1] from operating groups expected to be broadly in line with FY16

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Annuity-style businesses
Macquarie Asset Management
• Historical range: $A0.3b-$A1.6b, Avg: $A0.9b
• Lower performance fees expected MAM MSG
• Increased investment-related income expected
• Underlying growth in base fees offsetting impact of
divestments
MacCap
Corporate and Asset Finance [3]
• Historical range: $A0.1b-$A1.1b, Avg: $A0.6b
• First full year contribution from AWAS and Esanda
CFM
Banking Financial Services [[4]]
• Historical range: $A0.1b-$A0.4b, Avg: $A0.2b CAF
• Growth in mortgage, business banking and deposit books
• Gain on sale of life business partially offset by increased BFS
project-related expenses (e.g. Core Banking)
Corporate
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Banking Financial Services[[4]]

Capital markets facing businesses

Macquarie Securities Group

Historical range: $A(0.2)b-$A1.2b, Avg: $A0.3b
Market conditions currently subdued, particularly in Asia

Macquarie Capital

Historical range: $A(0.1)b-$A1.2b, Avg: $A0.3b
Market conditions currently subdued
Solid principal realisation pipeline expected
Level of impairments expected to fall

Commodities and Financial Markets

Historical range: $A0.5b-$A0.8b, Avg: $A0.6b
Resilient trading expected across Commodities, FI&C and Futures
Level of impairments expected to fall
Compensation ratio to be consistent with historical levels
Based on present mix of income, currently expect FY17 tax rate to be broadly in line with FY16

Historical range: FY08-FY16. Average: FY08-FY16. 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Based on FY16 net profit contribution from operating groups. 3. Range and average exclude FY09 provisions for loan losses of $A135m related to Real Estate Structured Finance loans as this is a restructured business. 4. Range and average exclude FY09 loss on sale of Italian mortgages of $A248m as this is a discontinued business. 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 42

Short-term outlook

We currently expect the FY17 combined net profit contribution[1] from operating groups to be broadly in line with FY16
The FY17 tax rate is currently expected to be broadly in line with FY16
Accordingly, the Group’s result for FY17 is currently expected to be broadly in line with FY16:
1H17 result is expected to be broadly in line with the 2H16 result, subject to the conduct of period end reviews and the completion rate of transactions
Our short-term outlook remains subject to:
Market conditions
The impact of foreign exchange
Potential regulatory changes and tax uncertainties
Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 43

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 Asset Management, 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 Commodities and Financial Markets
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

PAGE 44

Approximate business Basel III Capital & ROE

As at 31 Mar 16

Operating Group	APRA Basel III Capital 1 @ 8.5% ($Ab)	Approx. FY16 Return on Ordinary Equity2	Approx. 10-Year Average Return on Ordinary Equity 2
Annuity-style businesses	8.1
Macquarie Asset Management	1.4	23%	20%3
Corporate and Asset Finance	4.6
Banking and Financial Services	2.1
Capital markets facing businesses	4.6
Macquarie Securities	0.4	13%	15% – 20%
Macquarie Capital	1.6
Commodities and Financial Markets	2.6
Corporate and Other	0.6
Legacy Assets	0.1
Corporate	0.5
Total regulatory capital requirement @ 8.5%	13.3
Comprising: Ordinary Equity Hybrid	11.1 2.2
Add: Surplus OrdinaryEquity	3.9
Total APRA Basel IIIcapital supply	17.2

Business Group capital allocations are indicative and are based on allocations as at 31 Dec 15 adjusted for material movements over the Mar 16 quarter. 2. NPAT used in the calculation of approx. annualised ROE is based on operating group’s net profit contribution adjusted for indicative allocations of profit share, tax and other corporate expenses. Accounting equity is attributed to businesses based on regulatory capital requirements. 10-year average covers FY07 to FY16, inclusively. 3. CAF returns prior to FY11 excluded from 10-year average as not meaningful given the significant increase in scale of CAF’s platform over this period.

PAGE 45

Medium-term

Annuity-style business that is diversified across regions, products, asset classes and investor types

MAM CAF BFS MSG MacCap

Diversification of capabilities allows for the business to be well placed to grow assets under management in different market conditions
Well positioned for organic growth with several strongly performing products and an efficient operating platform
Leverage deep industry expertise to maximise growth potential in loan and lease portfolios
Anticipate further asset acquisitions and realisations at attractive return levels
• Funding from asset securitisation throughout the cycle
Strong growth opportunities through intermediary distribution, white labelling, platforms and client service
• Opportunities to increase financial services engagement with existing business banking clients and extend into adjacent segments • Modernising technology to improve client experience and support growth • Highly leveraged to market conditions and investor confidence, particularly in the Asia-Pacific region • Well positioned for recovery in Asian retail derivatives, cash equities and ECM • Monetise existing strong research platform
Can expect to benefit from any improvement in M&A and ECM market activity
• Continues to align the business offering to current opportunities and market conditions in each region

CFM

Opportunities to grow commodities business, both organically and through acquisition
• Development of institutional coverage for specialised credit, rates and foreign exchange products • Increase financing activities • Growing the client base across all regions

PAGE 46

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Select slides from result announcement for the year ended 31 March 2016 [A]

Income Statement key drivers

	2H16 $Am	1H16 $Am	FY16 $Am	FY15 $Am
Net interest and trading income	2,073	2,273	4,346	3,819
Fee and commission income	2,068	2,794	4,862	4,739
Share of net (losses)/gains of associates	67	(63)	4	5
Impairments of investments and non- financial assets	(114)	(108)	(222)	(356)
Loan impairments and provisions	(238)	(336)	(574)	(467)
Other income	961	758	1,719	1,522
Net operating income	4,817	5,318	10,135	9,262
Employment expenses	(1,981)	(2,263)	(4,244)	(4,143)
Brokerage, commissions and trading- related expenses	(448)	(444)	(892)	(824)
Other operating expenses	(992)	(992)	(1,984)	(1,773)
Total operating expenses	(3,421)	(3,699)	(7,120)	(6,740)
Net profit before tax and noncontrolling interests	1,396	1,619	3,015	2,522
Income tax expense	(397)	(530)	(927)	(899)
Non-controlling interests	(6)	(19)	(25)	(19)
Net profit after tax	993	1,070	2,063	1,604

Net foreign exchange movements impacting all income statement key drivers – impact of movement in average FX estimated to be approx. 9% of FY16 NPAT[1]
Net interest and trading income of $A4,346m, up 14% on FY15
Increased lending activity in BFS; income from loans purchased at a discount in CAF
Improved trading results for MSG and CFM
Fee and commission income of $A4,862m, up 3% on FY15
Higher base and performance fees in MAM
- Increased fee income across M&A and ECM in MacCap
Partly offset by non-recurrence of fee income from the Freeport LNG Terminal transaction in FY15
Impairment of investments and non-financial assets of $A222m, down 38% on FY15
Lower equity impairment levels in CFM partially offset by higher level of equity impairments in MacCap
Prior year included impairment of intangibles
Loan impairments and provisions of $A574m, up 23% on FY15
Specific provisions largely in CFM, MacCap and CAF
Other income of $A1,719m, up 13% on FY15
- Increase in net operating lease income due to AWAS acquisition
Partly offset by the non-recurrence of gains in FY15 from business and asset sales in CAF
Employment expenses of $A4,244m, up 2% on FY15
lower average headcount offset by foreign exchange movements
Other operating expenses of $A1,984m, up 12% on FY15
Increased technology spend in BFS
Effective tax rate of 31.0%, down from 35.9% in FY15 reflecting nature and geographic mix of income and tax uncertainties
Calculation reflects the movement in NPAT based on the conversion of FY15 NPAT using FY16 average FX rates.

PAGE 48

Macquarie Asset Management Result

	FY16 $Am	FY15 $Am
Base fees	1,569	1,372
Performance fees	693	667
Other fee and commission income	242	233
Investment and other income1	206	144
Net operating income	2,710	2,416
Brokerage, commission and trading-related expenses	(219)	(188)
Other operating expenses	(834)	(778)
Total operating expenses	(1,053)	(966)
Non-controlling interests	(13)	-
Net profit contribution2	1,644	1,450

AUM ($Ab)	476.9	484.0

Headcount	1,498	1,488

Base fees of $A1,569m, up 14% on FY15
MIM – favourable foreign exchange and positive prior year flows, partially offset by lower fee revenue from insurance assets
MIRA – favourable foreign exchange and market movements, fund raisings, deployment of capital
Performance fees of $A693m, up 4% on FY15
Includes fees from MEIF1, MIC, MKIF, MIIF, MQA, Listed Equities, Delaware, Hedge Funds and MIRA co-investors in respect of a UK asset
Other fee and commission income of $A242m, up 4% on FY15
Reflects foreign exchange impact and higher income from True Index products
Investment and other income of $A206m, up 43% on FY15
Increased gains from partial sale of holding in MIC and the sales of management rights in a fund manager and the almond orchard, partially offset by lower equity accounted income on MIRA investments
Total operating expenses of $A1,053m, up 9% on FY15
Largely reflecting foreign exchange impact
Includes gains on disposal of equity investments and share of net gains of associates. 2. Management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 49

Corporate and Asset Finance Result

	FY16 $Am	FY15 $Am
Net interest and trading income1	848	737
Net operating lease income	879	603
Gain on disposal of operating lease assets	8	231
Gain on disposal of businesses	6	141
Impairments and provisions2	(167)	(153)
Fee and commission income	43	33
Other income3	106	2
Net operating income	1,723	1,594
Total operating expenses	(594)	(482)
Non-controlling interests	1	-
Net profit contribution4	1,130	1,112

Loan and finance lease portfolio5 ($Ab)	28.8	22.5
Operating lease portfolio ($Ab)	10.6	6.3

Headcount6	1,353	1,033

Net interest and trading income of $A848m, up 15% on FY15
Lending book benefiting from foreign exchange impact and higher levels of interest income arising from loans purchased at a discount
Asset finance portfolio – underlying increased as a result of Esanda acquisition, partially offset by a reduction in MEF leasing following sale of US business in March 2015
Increased funding costs associated with the growth in the Aircraft portfolio as a result of the AWAS acquisition and foreign exchange
Net operating lease income of $A879m, up 46% on FY15
Foreign exchange impact, growth in operating lease portfolio including aircraft (AWAS)
Impairments and provisions of $A167m, up 9% on FY15
Increase in provisions in Motor Vehicle leasing (growth in book), Aviation (Rotorcraft) and Mining Leasing
Other income of $A106m, up significantly on FY15
Includes ancillary financing and servicing income on assets acquired during the year and internal management charges
Total operating expenses of $A594m, up 23% on FY15
Increased costs associated with acquisitions (Esanda) partially offset by reduced costs as a result of prior year disposals
Foreign exchange impact
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. Includes investment and loan impairments. 3. Internal revenue allocations are eliminated on consolidation in the Group’s statutory P&L. 4. Management accounting profit before unallocated corporate costs, profit share and income tax. 5. Includes equity portfolio of $A0.3b (FY15: $A0.1b). 6. FY15 included headcount of 149 transferred with the sale of the Macquarie Equipment Finance US operations on 31 Mar 15.

PAGE 50

Banking and Financial Services Result

	FY16 $Am	FY15 $Am
Net interest and trading income1	941	825
Platform and other fee and commission income	437	410
Brokerage and commissions	89	122
Impairments and provisions2	(43)	(35)
Other income	40	23
Net operating income	1,464	1,345
Total operating expenses	(1,114)	(1,060)
Net profit contribution3	350	285

Funds on Platform ($Ab)	58.4	48.0
Australian loan portfolio4 ($Ab)	35.1	30.4
Legacy loan portfolio5 ($Ab)	1.6	3.8
BFS Deposits ($Ab)	40.4	37.3

Headcount	2,182	2,505

Net interest and trading income of $A941m, up 14% on FY15
Growth in Australian residential mortgages, business lending and deposits volumes
partially offset by reduced Business Banking deposit margin largely as a result of decreases in RBA cash rate
Platform and other fee and commission income of $A437m, up 7% on FY15
Increase in fee income from growth across a number of products (mortgages, business lending, credit cards) and platforms (FUM up as a result of net inflows)
Performance fee income from co-investors on the disposal of a UK asset
Brokerage and commissions of $A89m, down 27% on FY15
Lower levels of activity and reduced adviser headcount
Impairments and provisions of $A43m, up 23% on FY15
Australian Mortgages, Credit Cards and Business Banking continue to experience low levels of losses
Total operating expenses of $A1,114m, up 5% on FY15
Increased technology spend, particularly in relation to the Core Banking program
Higher commissions expense as a result of portfolio growth
Lower employment costs due to reduced headcount

Includes internal net interest expense and transfer pricing on funding provided by Group Treasury and deposit premium paid to BFS by Group Treasury for the generation of deposits, that are eliminated on consolidation in the Group’s statutory P&L. 2. Includes investment and loan impairments. 3. Management accounting profit before unallocated corporate costs, profit share and income tax. 4. The Australian loan portfolio comprises residential mortgages, loans to Australian businesses, insurance premium funding and credit cards. 5. The legacy loan portfolios primarily comprise residential mortgages in Canada and the US.

PAGE 51

Macquarie Securities Result

	FY16 $Am	FY15 $Am
Brokerage and commissions	595	542
Net interest and trading income1	540	289
Underwriting fee income	107	92
Other fee and commission (expense)/income	(8)	18
Impairments, provisions and other income	(9)	(13)
Internal management charge2	(5)	(10)
Net operating income	1,220	918
Brokerage, commission and trading-related expenses	(208)	(158)
Other operating expenses	(744)	(696)
Total operating expenses	(952)	(854)
Net profit contribution3	268	64

Headcount	1,054	998

Brokerage and commissions of $A595m, up 10% on FY15
- Favourable foreign exchange impact
Higher brokerage and commissions in Australia, Asia and EMEA offset by lower brokerage and commissions in the Americas
Net interest and trading income of $A540m, up 87% on FY15
Improved trading opportunities in Asia and Europe in 1H16 driven by increased market volatility, particularly in China, as well as increased demand for Asian retail derivatives
Underwriting fee income of $A107m, up 16% on FY15
- Strong ECM activity in Australia
Total operating expenses of $A952m, up 11% on FY15
- Increase in revenue driven expenses associated with trading activities
Increase in other operating expenses largely impacted by foreign exchange
Increase in headcount reflects consolidation of Macquarie First South joint venture
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. Internal charge allocations are eliminated on consolidation in the Group’s statutory P&L. 3. Management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 52

Macquarie Capital Result

	FY16 $Am	FY15 $Am
Fee and commission income	870	860
Investment and other income	441	271
Net interest and trading income/(expense)1	16	(24)
Impairments and provisions2	(187)	(58)
Internal management revenue3	15	5
Net operating income	1,155	1,054
Total operating expenses	(709)	(629)
Non-controlling interests	5	5
Net profit contribution4	451	430

Advisory and capital markets activity:
Number of transactions	395	480
Transactions value ($Ab)	176	143

Headcount	1,213	1,202

Fee and commission income of $A870m broadly in line with FY15
Increased fee income across M&A and ECM, with Australia experiencing particularly strong growth in M&A
Favourable foreign exchange impact
Offset by reduced fee income in the US
Investment and other income of $A441m, up 63% on FY15
Improved disposal opportunities, particularly in relation to infrastructure and renewable energy investments
Higher dividend income
Net interest and trading income of $A16m, up from a loss of $24m in FY15
Increased interest income from debt investments offsetting interest expense associated with principal investments
Impairments and provisions of $A187m, up significantly on FY15
write down of non-related underperforming principal investments
Total operating expenses of $A709m, up 13% on FY15
Foreign exchange impact
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. Includes investment and loan impairments. 3. Internal revenue allocations are eliminated on consolidation in the Group’s statutory P&L. 4. Management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 53

Commodities and Financial Markets Result

	FY16 $Am	FY15 $Am
Commodities1	1,315	1,125
Risk management products	819	594
Lending and financing	292	318
Inventory management, transport and storage	204	213
Credit, interest rates and foreign exchange1	430	568
Fee and commission income	228	418
Impairments and provisions2	(330)	(334)
Investment and other income	52	54
Net operating income	1,695	1,831
Brokerage, commission and trading-related expenses	(235)	(258)
Other operating expenses	(884)	(738)
Total operating expenses	(1,119)	(996)
Net profit contribution3	576	835

Headcount	958	984

Commodities income of $A1,315m, up 17% on FY15
- Foreign exchange impact
Increased client demand for risk management product as a result of market volatility across a range of commodity types and regions
Volatility also providing improved trading opportunities
Lower lending activity as a result of reduced customer appetite
Credit, interest rates and foreign exchange income of $A430m, down 24% on FY15
Market volatility leading to difficult trading conditions, particularly in high yield credit markets and asset backed securitisations
Fee and commission income of $A228m, down 45% on FY15
FY15 included Freeport LNG Terminal fee income
Partly offset by increased trading volumes in offshore commodity futures markets
Impairments and provisions of $A330m, down slightly on FY15
Largely driven by underperforming MEC book
Total operating expenses of $A1,119m, up 12% on FY15
Foreign exchange impact
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. Includes investment and loan impairments. 3. Management accounting profit before unallocated corporate costs, profit share and income tax.

PAGE 54

Impairment expense[1]

$Am

FY16 includes provisions for impairment relating to Lending (~20%) and Leasing (~80%) portfolios FY16 increase in specific provisions for impairment relate to growth in business lending. Australian Mortgages, Credit Cards and Business Banking continue to experience low levels of losses Provisions for impairment reflects the underperformance of a number of non- related principal investments and loans Includes provisions for impairment on certain underperforming positions in the MEC portfolio. Level of impaired loans, as well as loans newly impaired during the year, significantly declined Prior year includes provisions for impairment in respect of legacy goodwill and equity positions Impairment expense (income statement) (50) - 50 100 150 200 250 300 350 400 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 MAM CAF BFS MSG MacCap CFM Corporate Collective and specific loans Non-financial assets Equity investments (AVS and associates) Loans (collective and specific)	Impairment expense (income statement)	Impairment expense (income statement)
		FY15 FY16 CFM		Prior year includes provisions for impairment in respect of legacy goodwill and equity positions FY15 FY16 Corporate
		Includes provisions for impairment on certain underperforming positions in the MEC portfolio. Level of impaired loans, as well as loans newly impaired during the year, significantly declined			Prior year includes provisions for impairment in respect of legacy goodwill and equity positions

Includes collective allowance for credit losses, specific provisions and write-offs, impairment charges on non-financial assets, and impairment charge on investment securities available for sale, interest in associates and joint ventures and subsidiaries.

PAGE 55

Impaired portfolios

Impaired equity and loan portfolios (balance sheet)

$Am

3,500

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----- Start of picture text -----

-
FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16
MAM CAF BFS MSG MacCap CFM Corporate Total Group1
----- End of picture text -----

3,000

2,500

2,000

1,500

1,000

500

Total impaired assets at 31 Mar 16 as a proportion of total loans and equity investments on a Total Group level is 176bps.

PAGE 56

Balance sheet highlights

Balance sheet remains solid and conservative
Term assets covered by term funding, stable deposits and equity
Minimal reliance on short term wholesale funding markets
Total customer deposits[1] continuing to grow, up 9.8% to $A43.6b at Mar 16 from $A39.7b at Mar 15
$A22.5b[2] of term funding raised during FY16 includes:
$A7.1b senior unsecured debt issuance
$A4.8b private placements and structured note issuance
$A4.4b mortgage and motor vehicle/equipment secured funding
$A2.7b MBL syndicated loan facility
$A1.2b MGL syndicated loan facility
$A1.0b public subordinated debt
$A0.8b MBL covered Bonds
$A0.5b MCN2 hybrid
$A2.4b[2] AWAS acquisition debt facility[3] . The facility was refinanced in Apr 16 with a term loan
$A6.0b Esanda acquisition debt facility, $A3.0b repaid in Apr 16
$A0.5b of capital raised through an institutional placement (Oct 15) and share purchase plan (Nov 15)
Total customer deposits as per the funded balance sheet ($A43.6b) differs from total deposits as per the statutory balance sheet ($A52.2b). The funded balance sheet excludes any deposits which do not represent a funding source for the Group. 2. Issuances are AUD equivalent based on FX rates at the time of issuance and represent full facility size. 3. The original AWAS acquisition debt facility of $A4.0b was downsized to $A2.4b during FY16.

PAGE 57

Diversified issuance strategy[1]

FY16 Term funding – diversified by currency, tenor and type

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----- Start of picture text -----

USD40% GBP9% EUR11% CHF1%OTHJPY0% >5yrs17%Securitisations secured & Other finance14% 18%2yrs MBL Sub DebtSyndicated Loan Facilities13% PlacementsPrivate 14% PUMA RMBS 6% SMART ABS 7%Acquisition FacilityAWAS 8% •• Well diversified issuance and funding sourcesTerm funding beyond 1 year
1% 3%
Esanda
AUD38% 5yrs 36%3yrs MBL Senior Acquisition Facility19% (excluding equity) has a weighted
15% Unsecured average maturity of 4.7 years [4]
23% Secued
Funding
4%
MBL
Currency Tenor Type Bonds 3%Covered
Term Issuance and Maturity Profile [2, 3, 4]
$Ab Weighted average maturity 4.7 years
35
30
25 Issuances Maturities
20
15
10
5
-
FY13 FY14 FY15 FY16 <1 yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs
Debt Loan Capital Equity & Hybrid AWAS Acquisition Facility Esanda Acquisition Facility
----- End of picture text -----

All data presented in these charts includes drawn and undrawn facilities. 2. Issuances and Maturities exclude securitisations and other secured finance. Balances are converted to AUD at the 31 Mar 16 spot rate. 3. Maturities shown are as at 31 March 2016. 4. Weighted average maturity has been adjusted to reflect the AWAS acquisition debt facility was refinanced in full during Apr 16; the new profile is 5yrs +. $A3.0b of the Esanda acquisition debt facility was repaid during Apr 16.

PAGE 58

Continued customer deposit growth

Macquarie has been successful in pursuing its strategy of diversifying its funding sources through growing its deposit base – In excess of 1.1 million BFS clients, of which approx. 600,000 are depositors
Focus on the composition and quality of the deposit base
Continue to grow deposits in the CMA product, which has an average account balance of approx. $A44,000

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----- Start of picture text -----

$Ab
45
40
35
30
25
43.6
20 39.7
36.2 36.9
33.9
15 31.6
10 19.6
5
-
Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16
Customer deposits
----- End of picture text -----

Total customer deposits include BFS deposits of $A40.4b and $A3.2b of Corporate/Wholesale deposits.

PAGE 59

Resources and commodities – loans

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----- Start of picture text -----

CFM Impaired Loans [2]
$Am
Well-collateralised and Balance predominately
short-dated inventory relates to the financing of 1,200
financing positions for gold producers. Positions
consumers. Commodities well secured and 1,000
include power, agriculture counterparties generally
and transport Softs hedge their commodity 800
& other 8% Base & price risk. Portfolio 600
consists of 17 positions
precious
metals 400
10%
200
Inventory & Predominately financing oil
receivable producers. Positions well -
financing [1] Oil s ecured; counterparties Mar 13 Mar 14 Mar 15 Mar 16
50% 14% largely hedge their
commodity price risk
$Am
500 CFM New Impaired Loans [2]
Predominately financing
Gas
10% gas producers mainly in 400
the US and Canada and
Financing renewables to a lesser extent 300
energy (including solar Renewables Australia. Positions well
and waste recovery) 8% secured; counterparties
producers in the US and largely hedge their 200
UK. Well-secured commodity price risk
positions supported by 100
off-take contracts
-
Mar 13 Mar 14 Mar 15 Mar 16
----- End of picture text -----

20% of the Inventory & receivable financing category relates to counterparties exposed to oil and gas. 2. Impaired loans comprised of loan assets held at amortised cost, debt investment securities AVS and other financial assets.

PAGE 60

CAF Lending Portfolio – $A9.5b[1]

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----- Start of picture text -----

Sector exposure Facility type
Corporate Purchased
portfolio (63%) defaulted
loans
Other Junior 4%
Consumer 1% Aerospace/ 12%
3% airports
7% Senior Equity
81% 3%
Health and
Education
16%
Industrials Corporate
Real Estate
3%
26%
Transport
3% Security on loan portfolio
TMET
4%
Unsecured
Financial 3%
Services
2%
Infrastructure Mortgages
24% 11% Secured
97%
----- End of picture text -----

While mostly sub investment grade, CAF Lending’s portfolio is predominately loans which are:
Senior
Secured; and

‒ Well covenanted

Assets are originated through new primary lending as well as selective investments in the secondary market, with a hold to maturity horizon
Approx. 85% of realisations since inception[2] relate to repayments
Business is conducted within the disciplines of a strong risk management framework
active selection of each asset based on intensive analysis, name by name
stress testing and concentration analysis with all positions sized to worst case outcomes
on-going monitoring and management of each position
very sound impairment track record – average realised annual losses since inception equivalent to 0.2% of loan assets
Funded portfolio shown which excludes current committed but unfunded balances. Total committed (funded and unfunded) capital was $A10.2b at 31 Mar 16. 2. Jan 09.

PAGE 61

Equity investments of $A5.2b[1]

Category	Carrying value2 Mar 16 $Am	Carrying value2 Mar 15 $Am	Description
Macquarie Asset Management (MIRA) managed funds	1,611	1,505	Includes Macquarie Infrastructure Company, Macquarie SBI Infrastructure Fund, Macquarie Atlas Roads, MPF Holdings Limited, Macquarie Korea Infrastructure Fund, Macquarie European Infrastructure Fund 3 LP, Macquarie European Infrastructure Fund 4 LP, Macquarie Mexican REIT
Other Macquarie managed funds	657	554	Includes MIM funds as well as investments that hedge directors’ profit share plan liabilities
Transport, industrial and infrastructure	1,181	381	Over 35 separate investments predominately in MacCap including Navigator Terminals, Wala 2, Malaga Metro, Galloper Wind Farm
Telcos, IT, media and entertainment	724	759	Over 40 separate investments with investment in Axicom largely offset by divestment of Southern Cross Media
Energy, resources and commodities	471	346	Over 50 separate investments. Balance increased largely due to Australian Energy Consortium (Quadrant) partly offset by a reduction in the MEC portfolio
Real estate investment, property and funds management	133	300	Decrease due to a number of divestments including MGPA Shenton and Retirement Villages Group
Finance, wealth management and exchanges	433	537	Includes investments in fund managers, investment companies, securities exchanges and other corporations in the financial services industry
	5,210	4,382

Equity investments per the statutory balance sheet of $A6,834m (Mar 15: $A 5,848m) have been adjusted to reflect the total economic exposure to Macquarie. 2. Total funded equity investments of $A6,046m (Mar 15: $A5,061m), less available for sale reserves of $A762m (Mar 15: $A688m) and associate reserves of $A2m (Mar 15: nil), plus other assets of nil (Mar 15: $A9m).

PAGE 62

Bank Group Basel III Common Equity Tier 1 (CET1) Ratio

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----- Start of picture text -----

• APRA Basel III CET1 ratio: 10.7% [1]
• Harmonised Basel III CET1 ratio: 12.5% [2]
Bank Group Common Equity Tier 1 (CET1) Ratio: Basel III (Mar 16)
14%
12% 0.5%
0.6% 12.5% (1.8%)
11.6% (1.0%) 0.8%
10% 10.7%
8%
6% 12.0%
CCB (2.5%) 11.4%
10.6% 10.6% 10.7%
Basel III minimum CET1 (4.5%)
4%
2%
0%
Harmonised Basel III Esanda Portfolio Bank Recapitalisation Net Capital Other4 Harmonised Basel III APRA Basel III APRA Basel III
at Sep 15 Acquisition Generation 3 at Mar 16 'super equivalence'5 at Mar 16
----- End of picture text -----

Basel III applies only to the Bank Group and not the Non-Bank Group. APRA Basel III Tier 1 ratio at Mar 16: 11.8%. APRA Basel III CET1 ratio at Sep 15: 9.9%. 2. ‘Harmonised’ Basel III estimates are calculated in accordance with the BCBS Basel III framework. Harmonised Basel III Tier 1 ratio at Mar 16: 13.6%. 3. Includes MBL 2H16 P&L and reserve movements (excluding foreign currency translation reserve). 4. Includes business growth offset by the impact of reduced trading activity in CFM and MSG, the net foreign exchange impact and other movements in capital requirements. 5. APRA Basel III ‘super-equivalence’ includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework and includes full CET1 deductions of equity investments (0.5%); deconsolidated subsidiaries (0.3%); DTAs and other impacts (1.0%).

PAGE 63

Strong liquidity position maintained

173% average LCR for Mar 16 quarter[1] , based on month-end observations
Maintained well above regulatory minimums
Includes APRA approved AUD CLF allocation of $A4.6b for 2016 calendar year
Reflects long-standing conservative approach to liquidity management
$A33.1b of unencumbered liquid assets and cash on average over the quarter to Mar 16 (post applicable haircuts)

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----- Start of picture text -----

Unencumbered Liquid Asset Portfolio [2] MBL LCR position
200%
$A33.1b
$A28.7b $A28.8b
7.9 150%
4.7 5.1
5.0 3.8 5.0 4.2 4.6 4.6 100% 170% 170% 173% Regulatory Minimum
50%
15.2 14.5 16.0
0%
Sep 15 Qtr Dec 15 Qtr Mar 16 Qtr Sep 15 Qtr Dec 15 Qtr Mar 16 Qtr
HQLA Available Cash CLF Surplus CLF Collateral
----- End of picture text -----

Average LCR for Mar 16 quarter includes Jan, Feb and Mar month-end observations. 2. Unencumbered Liquid Asset Portfolio represents the quarterly average of applicable month-end observations.

PAGE 64

Net assets per share

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----- Start of picture text -----

$A
50.00 Net tangible assets/share Net assets/share
1.42 (0.36)
(0.89)
45.00 2.55 44.40
41.68
40.00 41.23
38.19
35.00
30.00
25.00
31 Mar 15 Retained earnings Capital raisings and other Movement in reserves Increase in number of 31 Mar 16
(P&L less dividend) capital movements shares
----- End of picture text -----

PAGE 65

Capital management update

The Board has resolved:
To purchase shares[1,2] to satisfy the MEREP requirements of approx. $A440m, subject to the New Arrangements noted below. The buying period for the MEREP will commence on 17 May 2016 and is expected to be completed by 8 July 2016[3]
No discount will apply for the 2H16 DRP and the shares are to be acquired on-market[2]

New Arrangements for the MEREP:

Macquarie has made changes to align the buying and selling of shares in relation to the MEREP:
Awards previously due to vest on 29 July 2016 will now vest on 17 May 2016
Future awards due to vest in July of a specified year will now vest in May of that year
MQG shares sold by staff between 17 May 2016 and 10 June 2016[4] are expected to be acquired by the MEREP Trustee to meet the MEREP buying requirements
Shares sold by staff during this window are to be acquired off-market at the daily VWAP[5]
The net effect of this will reduce the number of shares acquired on-market for the new MEREP awards

Shares may be purchased on-market and off-market. 2. Shares may be issued if purchasing becomes impractical or inadvisable. 3. Actual buying may be completed sooner or later. On-market buying for the MEREP will be suspended during the DRP pricing period (25 May 16 to 2 Jun 16). 4. This date subject to change. 5. Trades will be crossed off-market by Macquarie Securities and reported to ASX and Chi-X accordingly.

PAGE 66

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Glossary [B]

Glossary

$A / AUD	Australian Dollar
$US / USD	United States Dollar
£ / GBP	British Pound
€ / EUR	Euro
1H	Half-Year ended 30 September
1H16	Half-Year ended 30 September 2015
1Q16	Quarter ended 30 June 2015
1Q17	Quarter ended 30 June 2016
2H	Half-Year ended 31 March
2H16	Half-Year ended 31 March 2016
ABN	Australian Business Number
ADR	American Depository Receipt
ANZ	Australia and New Zealand
Approx.	Approximately
APRA	Australian Prudential Regulation Authority
ASX	Australian Securities Exchange
AUM	Assets Under Management

Avg	Average
AVS	Available for Sale
BCBS	Basel Committee on Banking Supervision
BFS	Banking and Financial Services
CAF	Corporate and Asset Finance
CAGR	Compound Annual Growth Rate
CCB	Capital Conservation Buffer
CET1	Common Equity Tier 1
CFM	Commodities and Financial Markets
CHF	Swiss Franc
CLF	Committed Liquid Facility
CMA	Cash Management Account
CY15	Calendar Year ending 31 December 2015
CY16	Calendar Year ending 31 December 2016
DRP	Dividend Reinvestment Plan
DTA	Deferred Tax Asset
ECM	Equity Capital Markets

PAGE 68

Glossary

EMEA	Europe, the Middle East and Africa
EPS	Earnings Per Share
EUM	Equities Under Management
FI&C	Fixed Income & Commodities
FINRA	Financial Industry Regulatory Authority
FUM	Funds Under Management
FX	Foreign Exchange
FY05	Full Year ended 31 March 2005
FY07	Full Year ended 31 March 2007
FY08	Full Year ended 31 March 2008
FY09	Full Year ended 31 March 2009
FY11	Full Year ended 31 March 2011
FY12	Full Year ended 31 March 2012
FY13	Full Year ended 31 March 2013
FY14	Full Year ended 31 March 2014
FY15	Full Year ended 31 March 2015
FY16	Full Year ended 31 March 2016

FY17	Full Year ended 31 March 2017
GFC	Global Financial Crisis
HQLA	Highly Quality Liquid Assets
IPO	Initial Public Offering
IT	Information Technology
JPY	Japanese Yen
LCR	Liquidity Coverage Ratio
LNG	Liquefied Natural Gas
LP	Limited Partner
Ltd	Limited
M&A	Mergers and Acquisitions
MacCap	Macquarie Capital
MAM	Macquarie Asset Management
MBL	Macquarie Bank Limited
MCN	Macquarie Capital Notes
MEC	Metals and Energy Capital
MEF	Macquarie Equipment Finance

PAGE 69

Glossary

MEIF1	Macquarie European Infrastructure Fund 1
MEREP	Macquarie Group Employee Retained Equity Plan
MGL / MQG	Macquarie Group Limited
MGPA	Macquarie Global Property Advisors
MIC	Macquarie Infrastructure Corporation
MIIF	Macquarie International Infrastructure Fund
MIM	Macquarie Investment Management
MIRA	Macquarie Infrastructure and Real Assets
MKIF	Macquarie Korea Infrastructure Fund
MQA	Macquarie Atlas Roads
MSG	Macquarie Securities Group
MSIS	Macquarie Specialised Investment Solutions
Mths	Months
NGLs	Natural gas liquids
No.	Number
NPAT	Net Profit After Tax
OTH	Other

P&L	Profit and Loss Statement
PCP	Prior CorrespondingPeriod
PPE	Property, Plant and Equipment
RBA	Reserve Bank of Australia
REIT	Real Estate Investment Trust
ROE	Return on Equity
RWA	Risk Weighted Assets
SBI	State Bank of India
ST DEV	Standard Deviation
TMET	Telecommunications, Media, Entertainment and Technology
UK	United Kingdom
US / USA	United States of America
VWAP	Volume weighted averageprice
yr /yrs	Year /years
YTD	Year To Date
P&L	Profit and Loss Statement
PCP	Prior CorrespondingPeriod

PAGE 70

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23[rd] CLSA Investors’ Forum Grand Hyatt, Hong Kong

Presentation to Investors and Analysts 20-21 September 2016

Patrick Upfold Chief Financial Officer James Freeman Investor Relations

AI assistant

Macquarie Group Limited — Investor Presentation 2016

10518_rns_2016-09-18_e088136f-b9c3-4a45-8155-d57261dc7721.pdf

ASX/Media Release

Investor presentation and outlook update

Contacts

Disclaimer

About Macquarie

Why Macquarie?

Strong shareholder returns

Underpinned by a long standing conservative risk management framework

47 years of profitability

Strong earnings growth

Geographic footprint

Predictable earnings and geographically diverse

Annuity-style vs Capital markets facing businesses

Annuity-style businesses represent more than 70% of the Groups’ performance[1]

Stable earnings

Macquarie Group 10-year earnings CAGR: 8%¹

Strong shareholder returns

Quarterly purchases

Strong shareholder returns

MQG Total Shareholder Return

Long term ratings stability Macquarie Bank Limited

Funded balance sheet remains strong

Term funding issuances

Strong regulatory ratios

Macquarie Bank Group (Jun 16)

Strong Basel III capital position

Regulatory update

Long standing conservative risk management framework

Global locations

ANNUITY-STYLE BUSINESS

Macquarie Asset Management $A497b assets under management

Top 50 global asset manager

ANNUITY-STYLE BUSINESS Macquarie Asset Management Growth in base fees

ANNUITY-STYLE BUSINESS

MIRA: Income includes more than base fees

ANNUITY-STYLE BUSINESS

Banking and Financial Services 1.1 million Australian customers[2]

CAPITAL MARKETS FACING BUSINESS

Macquarie Securities Group Global securities house with strong Asia-Pacific foundations

CAPITAL MARKETS FACING BUSINESS Macquarie Capital Advised on 395 transactions in FY16

CAPITAL MARKETS FACING BUSINESS Macquarie Capital Geographically diversified and market leading position

1Q17 Macquarie Update

1Q17 contribution[1] vs 1Q16

• No significant one-off items

Annuity-Style Businesses 1Q17 Update

Capital Markets Facing Businesses 1Q17 Update

Factors impacting short-term outlook

Banking Financial Services[[4]]

Capital markets facing businesses

Macquarie Securities Group

Macquarie Capital

Commodities and Financial Markets

Short-term outlook

Medium-term

Approximate business Basel III Capital & ROE

As at 31 Mar 16

Medium-term

Income Statement key drivers

Macquarie Asset Management Result

Corporate and Asset Finance Result

Banking and Financial Services Result

Macquarie Securities Result

Macquarie Capital Result

Commodities and Financial Markets Result

Impairment expense[1]

$Am

Impaired portfolios

Impaired equity and loan portfolios (balance sheet)

$Am

Balance sheet highlights

Diversified issuance strategy[1]

Continued customer deposit growth

Resources and commodities – loans

CAF Lending Portfolio – $A9.5b[1]

‒ Well covenanted

Equity investments of $A5.2b[1]

Bank Group Basel III Common Equity Tier 1 (CET1) Ratio

Macquarie Group Limited Investor Presentation 2016