Macquarie Group Contents

Macquarie at a glance 3 Our culture Our business approach 14 Our community engagement 25 Our global presence Australia and New Zealand 34 Asia 37 Europe, the Middle East and Africa 47 Americas 51 Our expertise in focus Infrastructure 55 Energy 77 Technology 92 Commodities 107 Renewables 117

Global financial group Diverse business mix • Headquartered and listed in Australia Located in 31 markets, we conduct • Top 10 Australian company1 a mix of annuity-style and markets-facing • ~$US18 billion market capitalisation activities that deliver solid returns in a range of market conditions • 15,849 employees in 31 markets • $US372.6 billion assets under management

Long-term orientation Outcome-focused culture • 51 years of unbroken profitability • Opportunity for our clients, • 29 years MBL S&P ‘A’ credit rating2 communities and staff • Strong funding and capital position • Accountability for outcomes • Integrity in everything we do

All figures at 31 March 2020 throughout presentation, unless otherwise stated. 1. Based on market capitalisation. Sourced from Bloomberg 31 March 2020. 2. Upgraded to A+ in 11 December 2019. © Macquarie Group Limited 3 Global financial group

Australia and Asia New Zealand % % of 33total income1 of total13 income1 London People People 6,6702 4,0142 Hong Kong Assets under management Assets under management New York $US71.5 billion $US41.1 billion employing 7,000+ people3 employing 50,000+ people3

Europe, the Middle Americas East and Africa Sydney % % of 29total income1 of 25total income1 people4 in People People 15,849 Locations 2 2,4092 2,756 Regional headquarters 2 Assets under management Assets under management 31 markets $US81 billion $US179 billion employing 57,000+ people3 employing 27,000+ people3

1. Represents net operating income at 31 March 2020, excluding earnings on capital and other corporate items. 2. At 31 March 2020. 3. Includes staff employed at MIRA-managed fund assets and investments where Macquarie Capital holds a significant influence. 4. Includes staff employed in certain operationally segregated subsidiaries throughout the presentation. © Macquarie Group Limited 4 51 years of unbroken profitability

$USb 2.04 Total Earnings Dividends MSCI World MSCI Performance shareholder per share per share Diversified Capital World $US1,859.5 million (ASX: MQG) return1 CAGR CAGR ASX 202 Financials2 Markets2 Banks2 FY20 profit 1.70 Since listing 5,019% 11% 11% 2nd 1st 1st 1st

5 year 50% 10% 5% 6th 3rd 15th 5th 1.36

1.02

0.68

0.34

0.00

Historical figures converted at FY20 FX rate for comparative purposes. 1. Based on companies that have been continuously listed since Macquarie’s date of listing (29 July 1996). 2. At 31 March 2020. © Macquarie Group Limited 5 Consistent financial performance

Operating income Profit FY20 FY20

$USm $US8,392 million $USm $US1,859.5 million 10,000 2,500 % % 8,000 3 2,000 8 ON FY19 ON FY19 6,000 1,500 4,000 1,000 2,000 500 0 0 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

Earnings per share Dividend per share FY20 FY20

$US $US5.40 $US $US2.90 8.00 5.00 % % 6.00 10 4.00 25 ON FY19 3.00 ON FY19 4.00 2.00 2.00 1.00 0 0 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

Historical figures converted at FY20 FX rate for comparative purposes. Non-AUD figures have been converted at average FY20 FX rates. © Macquarie Group Limited 6 Diverse business mix

Annuity-style activities Markets-facing activities Net Profit Contribution ~63% Net Profit Contribution ~37% Macquarie Asset Banking and Commodities and Global Markets Macquarie Capital Management Financial Services Diverse platform covering more than 25 market Global capability in: Provides investment solutions Provides a diverse range segments, with more than 200 products • Advisory and capital raising to clients across a range of personal banking, wealth • Delivers a range of • Integrated, end-to-end services, investing alongside of capabilities, including management, business banking tailored specialised offering across global partners and clients across the infrastructure and renewables, and vehicle finance3 products and asset finance solutions markets including equities, capital structure, providing clients real estate, agriculture, services to retail clients, advisers, across a variety of fixed income, foreign with specialist expertise, advice transportation finance, private brokers and business clients industries and asset classes exchange, commodities and flexible capital solutions credit, equities, fixed income • $US48.6 billion • Commodity market and technology across a range of sectors and multi-asset solutions funds on platform4 lending and financing • Provides clients with • Development and construction 1 • Top 50 global asset manager • $US32 billion provides clients with risk and capital solutions of infrastructure and energy • $US371.9 billion assets under loan and lease portfolio5 loans and working capital across physical and projects, and in relation to 2 renewable energy projects, management , diversified across • $US39.2 billion finance across a range financial markets regions, products, asset classes total BFS deposits6 of commodity sectors the supply of green energy and investor types including metals, energy solutions to corporate clients and agriculture

MAM BFS CGM CGM MacCap FY20 Net Profit Contribution ~40% ~14% ~9% ~23% ~14%

Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 1. P&I Largest Money Managers 2019. 2. As at 31 March 2020. 3. Includes general plant and equipment. 4. As at 31 March 2020, funds on platform includes Macquarie Wrap and Vision. 5. As at 31 March 2020, the loan and lease portfolio comprises home loans in Australia, loans to Australian businesses, vehicle finance and credit cards. 6. As at 31 Mar 2020, BFS deposits exclude corporate/wholesale deposits. © Macquarie Group Limited 7 Macquarie Asset Management No.1 infrastructure for investors across multiple asset classes Actively manages money manager globally4

150+ infrastructure Equities Fixed income Multi-asset Infrastructure Renewables and real assets used by ~100+ million people every day

Agriculture Real Estate Transportation Private Credit Finance Top 50 global asset manager5 $US1,482.3 million FY20 net profit contribution1 Top 50 2 US active mutual ~40% fund manager6 $US371.9 billion assets under management3

1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Based on FY20 net profit contribution from operating groups. 3. At 31 March 2020. 4. Based on AUM. IPE Real Assets Top 75 Infrastructure Investment Managers 2019, published in July/August 2019. 5. P&I Largest Money Managers 2019. 6. At 31 March 2020. Simfund Fund Family AUM (excludes passive/index funds). © Macquarie Group Limited 8 Banking and Financial Services

Award winning digital banking offering3 A technology-driven Australian retail bank and wealth manager Australia’s 1st open banking platform gives customers control over their data

Personal banking Wealth management Business banking A leading Australian Credit cards Investments Property services vehicle financier Home loans Financial advice Professional services 475,000+ vehicles Bank accounts Wrap Dealer and wholesale finance Vehicle finance $US39.2 billion total BFS deposits4 $US524.3 million $US32 billion4 FY20 net profit contribution1 Australian loan and lease portfolio 2 ~14% More than 30+ years bringing innovation and competition 1.6 million Australian clients to Australian consumers

1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Rebuilt our tech stack and are 2. Based on FY20 net profit contribution from operating groups. 3. Winner in 2020 Mozo Experts Choice Awards for Exceptional Everyday Account, Excellent Banking App and Internet Banking / Macquarie Transaction account awarded a the first to offer lending and Canstar 5 star rating for outstanding value travel debit card / Winner in the 2019 Mozo Experts Choice Awards for Internet retail deposits on one core Banking and Exceptional Everyday Account / Winner in the 2018 Mozo Experts Choice Awards in the Travel Money/International Money Transfer category. 4. At 31 March 2020. banking system © Macquarie Group Limited 9 Commodities and No.2 Global Markets physical gas marketer in North America3 Differentiated insights on

with access to markets, financing, financial hedging, 1,200+ Provides clients 4 research and market analysis and physical execution listed companies globally $US5 billion asset finance portfolio5 30+ years 20+ years 15 years in metals, agriculture, in technology, media in energy, renewables equities, futures and FX and telecoms (TMT) and sustainability 10 million+ meters provided for homes and businesses6 $US1,188.8 million Leased 2 million+ FY20 net profit contribution1 smartphones worldwide to telcos7 %2 ~32 Natural Gas / LNG 200+ products House of the Year8 across 25+ market segments Research House 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 8 2. Based on FY20 net profit contribution from operating groups. 3. Platts Q4 – March 2020. 4. 31 March 2020. 5. At 31 March of the Year 2020 in the Specialised and Asset Finance (SAF) division. 6. At 31 March 2020, largest independent meter funder in UK, not part of a distribution network or vertically integrated utility. 7. SAF TMT origination data as at 31 March 2020. 8. 2019 Energy Risk Awards. © Macquarie Group Limited 10 Macquarie Capital

No.1 Global Infrastructure Advises and invests alongside clients and partners to realise opportunity Financial Advisor4 No.1 in ANZ Infrastructure Green Energy Technology Telecommunications for completed and & Media announced M&A5

Financial Advisor of the Year6 Resources Real estate Industrials Healthcare No.1 Global Power Financial Advisor7 Global Finance Financial institutions Consumer, Services Aerospace, Defence Gaming & Leisure & Government Services Best Investment Bank Award 2019 Infrastructure sector8 $US514.1 million Global leader in green energy FY20 net profit contribution1 250+ green energy projects ~14%2 under development or construction $US212.6 billion Best Education and Higher completed deals in FY203 Education Project – Grangegorman Campus PPP6 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 2. Based on FY20 net profit contribution from operating groups. 3. Dealogic and IJGlobal for Macquarie Group completed M&A, balance sheet investments, ECM and DCM transactions converted at the relevant report date. Deal values reflect the Partnerships Bulletin Special full transaction value and not an attributed value. 4. Inspiratia (CY19, by deal count and transaction volume). 5. Refinitiv Award – Acquisition of John (FY20, No.1 for completed deals in ANZ by deal count). 6. Partnership Awards 2019. 7. Inframation CY19 by deal value. 6 8. Global Finance (2019). Laing Infrastructure Fund © Macquarie Group Limited 11 Macquarie in the community

Macquarie $US12.3 million Group Foundation COVID-19 donation fund for organisations providing As a company is a member $US31.3 million relief efforts of the society in which it record contribution in FY20 “operates, it follows that one Macquarie of its important duties is to 46,000+ Group Collection work in a multitude of ways hours volunteered Supporting emerging artists for the betterment of society. since 1986 In the long run this is consistent 1,600+ with a company’s duty to non-profits supported Macquarie Sports Sporting opportunities for its shareholders.” More than children in regional and David Clarke $US251.7 million remote communities Macquarie Group Chairman 1984–2011 contributed since 1985

Supporting our people, clients, portfolio companies and the wider community

Employees Clients Portfolio companies Community • Moved >98% of staff to remote • Repayment deferrals • Working with portfolio • $US12.3 million allocation to $US12.3 million working by mid-March 2020 with of six months: companies to ensure BCP, Macquarie Group Foundation COVID-19 donation no notable service interruption. ‒ Personal Banking1 financial resilience and to help combat COVID-19. • Demonstrated resilience of our clients: no penalty employee wellbeing. • Foundation continues technology (reflecting high levels or credit score impact. • Maintaining essential to match staff giving and ~100 million of routine flexible working). ‒ Business Banking1 community services to support existing partners. Daily users of essential services • Continued candidate selection, clients: for all loans ~100 million daily users while • BFS engaging workers onboarding and training of new up to $US6 million. practicing remote working. furloughed by other hires virtually. ‒ Leasing1 clients: • Capacity upgrades to MAM’s employers to meet ~12% • Enhanced flexible leave 3-6 month payment digital infrastructure assets short-term call centre Clients accessing assistance2 and wellbeing programs. deferrals available. enabled smooth handling demand. of activity increases from • CGM sourcing • Enhanced support for widespread remote working. vulnerable customers. computer equipment • Our portfolio companies for US-based educators. >98% • Expertise, advice and capital have also: Staff working remotely solutions to help clients and • Macquarie portfolio partners navigate COVID-19 ‒ Repurposed carparks companies: and related disruption. at MIRA’s AGS Airports ‒ Achieve3000 offering as mobile coronavirus 2 million low-income testing centres; students in US with ‒ Donated PPE to healthcare free access to its workers from CLH and education platform. free parking from Empark; ‒ INEA providing free internet ‒ Trained nurses in to teachers in Poland. COVID-19 testing with Penn Foster and are using DovelTechnologies analytics to review antiviral clinical trials.

1. Part of Banking and Financial Services. 2. Banking and Financial Services, by loan balance at 30 April 2020. © Macquarie Group Limited 13 Our culture Our business approach

Convict emancipation Schools, hospitals

An enduring social and economic legacy Australia’s 1st currency

265 building projects in 12 years © Macquarie Group Limited Australia’s 1st bank 15 What We Stand For

Our purpose explains why we do business

Empowering people to innovate and invest for a better future

Enabled by three long-held principles that define how we do business Opportunity | Accountability | Integrity

We have a bottom-up culture. We empower our people to “make decisions quickly and react to what they see before opportunity passes.” Shemara Wikramanayake Chief Executive Officer

1970s 1980s 1990s 2000s 2010s

Financial market innovations Cash management Infrastructure Energy trading Renewables FX, swaps, bullion account investment

Stable 29 years ‘A’ financial position MBL S&P Credit rating (A+ since 11 December 2019) Capital to fund $A7.1 billion growth opportunities Group capital surplus1

Facilitate Group-wide collaboration

Implement Opportunity / Accountability / Integrity Group-wide standards

1. Calculated at 8.5% RWA including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. Based on materiality, the 8.5% used to calculate the Group capital surplus does not include the countercyclical capital buffer (CCyB) of ~3bps. The individual CCyB varies by jurisdiction and the Bank Group’s CCyB is calculated as a weighted average based on exposures in different jurisdictions. © Macquarie Group Limited 18 Within a robust risk management framework

Ownership of risk Understanding Independent sign-off at the business level worst case outcomes by Risk Management Group

Principles stable for 30+ years A key factor in our 51 years of unbroken profitability

Commodities Investment management Infrastructure Asset Finance Renewables

Precious metals Utilities IT Onshore wind

Rotorcraft Solar Base metals Fixed income Real assets Communications Energy meters Offshore wind Agricultural commodities Energy Medical equipment

Equities funds Storage Resources Physical commodities Renewables Energy from waste Delaware Renewables Investments Oil, gas and power acquisition Transport Smart phones Green Investment Group

Global $US235 billion in $US91.7 billion equity An infrastructure Offering specialised Green energy commodities platform: assets under under management investment pioneer asset finance solutions investment 200+ products across management and development 25+ market segments expertise

A diversified business that is continually evolving

1 Business mix 2 3 Annuity-style activities International income International staff

FY20 FY07 FY20 FY07 FY20 FY07 ~63% 25% 67% 53% 58% 34%

1. Annuity-style income includes income derived from Macquarie Asset Management, Banking and Financial Services and parts of Commodities and Global Markets. % split is based on FY20 net profit contribution from Operating Groups. 2. International income includes income generated outside of Australia and New Zealand based on net operating income excluding earnings on capital and other corporate items. 3. Headcount includes certain staff employed in operationally segregated subsidiaries. © Macquarie Group Limited 21 Always mindful of our impact

~100 12,800 MW Carbon neutral $US251.7 million million people of renewable energy since 2010 community commitment use Macquarie-managed assets in operation or since 1985 essential services daily under management

140,000+ people 250+ green Emissions 21,000 employed by energy projects reductions suppliers Macquarie-managed assets under development 45% per capita from globally or construction FY2010 baseline

All data at 31 March 2020. © Macquarie Group Limited 22 Environmental, Social and Governance

Environmental Environmental and Climate Sustainability Customer and People Business conduct Macquarie and social risk social financing change in direct operations client experience and workplace and ethics Group Foundation management

$US5.5 billion Partnerships Gold Tailored training, $US31.3 million Award 2019 for workshops and 391 invested or arranged in 13.6% 100% 3,000 donated by transactions renewable energy and of total funded loan renewable electricity Financial Advisor classroom events and leadership-led sessions assessed under our equity investments by 2025 of the Year provided to over Macquarie staff and the energy efficiency Foundation in FY2020 Environmental and projects in FY2020 exposed to 350,000 Social Risk (ESR) renewable energy2 FY2020 emissions Mozo Experts ($US251.7 million since online courses and 8,700 4 Policy in FY2020 per capita reduced by Choice Awards 2020 knowledge tests staff3 inception in 1985) 12,800 MW for Excellent banking delivered to our staff of renewable energy 2.2% 45% app, Internet banking in FY2020 assets in operation or of total funded equity from FY2010 baseline and Exceptional 1,600 1 investments exposed (18% reduction everyday account Women represent non-profit organisations under management 2 to conventional energy from FY2019) supported in FY2020 Canstar Outstanding 41% $US13 billion Value Transaction of Macquarie’s renewable energy Account workforce and assets under (2018 and 2019) 46,000 management Hours volunteered 36% in FY2020 of Board Directors at 31 March 2020

More detailed information is also available at macquarie.com/ESG

1. MW of renewable energy assets in operation or under management reflect 100% generating capacity of each asset, not the proportion owned/managed by Macquarie. 2. Equity investments are reported on a funded balance sheet basis and therefore exclude equity hedge positions and non controlling interests. Macquarie’s carrying value of its interest in East Anglia ONE Limited is $A2.8 billion, which has been partially funded with asset-specific borrowings of $A2.3 billion at 31 March 2020. Total funded equity investments amount to $A7.4 billion as at 31 March 2020 ($A5.9 billion at 31 March 2019). 3. Content includes conduct and conduct risk, psychological safety (aimed at staff and supervisors) and ethical decision-making. Macquarie also requires staff to undertake mandatory online Code of Conduct training. 4. Contribution comprises Macquarie Group Foundation matching support for staff donations and fundraising; Foundation donations to commemorate staff attaining 10-year and 25-year anniversaries at Macquarie; Foundation grants to non-profit organisations to recognise 12 months of board service by a Macquarie employee; and Macquarie and Foundation grants to community organisations (including Year 1 donations for the 50th Anniversary Award). © Macquarie Group Limited 23 A longstanding commitment to workforce diversity and inclusion

Our diversity is our strength and helps us deliver At Macquarie we seek innovative and sustainable solutions for our clients, to create a workplace communities, shareholders and our people At Macquarie we seek “towhere create every a workplace person wherefeels valued every forperson their “uniqueness and where 68 50:50 Over ¼ feels valued for their nationalities, speaking gender balance in Year on year increase in One-quarter of the uniquenessdifferent views and and where 70+ languages graduates and interns female representation Executive Committee ideas are embraced.” hired in FY20 across total workforce and 36.4% of Macquarie’s different views and Board of Directors are female ideasShemara are embraced.” Wikramanayake Shemara Wikramanayake Chief Executive Officer Chief Executive Officer

Employee network groups In the UK, ranked No. 33 Gold Employer status Received 100/100 score include Gender, Pride, on top 100 employer in in the 2019 Australian in the 2020 Corporate Culture & Heritage, First the Stonewall Workplace Workplace Equality Index Equality Index rating Australians, Families Equality Index for LGBTI inclusion from the US based & Carers, Veterans, Human Rights Campaign and Wellness

More than $US251.7 million committed to community organisations since 1985

Grant-making focus Integrated approach Staff-led philanthropy

Supporting social and economic opportunities Volunteering for young people Our grassroots approach to philanthropy enables staff to support the community Capacity Skills Financial “ building in the sharing support organisations they feel community sector passionately about.”

Lisa George Head, Macquarie Group Foundation

$US12.3 million allocated to the Foundation to support non-profits working to combat COVID-19 and provide relief to affected communities

To date, the Foundation has allocated $US2.9 million to non-profits focused on direct relief efforts providing critical food, medical support, humanitarian relief kits and information to a range of vulnerable groups affected by COVID-19 around the world.

$US0.6 million has also been directed to research via the Burnet Institute for its large-scale study on isolation/quarantine and physical distancing, to assist in restoring economic and recreational activity.

Listed recipients accurate at May 2020. © Macquarie Group Limited 27 Macquarie Group Collection

The collection acknowledges Established in 1987 “Macquarie’s heritage and reflects our Supports emerging Australian artists culture as an organisation that Over 850 works actively explores in 40 offices ideas, supports emerging talent and Themed around the Australian landscape embraces diversity of thought.”

Helen Burton Director Macquarie Group Collection

James Tylor, Un-resettling (A frame hut), 2013, hand coloured digital print edition of 5, 50 x 50cm © the artist. © Macquarie Group Limited 28 Last Mile Health Saving lives in the world’s most remote communities

The social need The solution The award funding The World Health Last Mile Health is The award funding will help Organisation estimates expanding access Last Mile Health upskill that 1 billion people to primary healthcare 27,000 community and in remote communities in sub-Saharan Africa frontline health workers, live without access by partnering with strengthen existing to healthcare governments to recruit, operations in Liberia and train, equip, manage and expand to Malawi and pay national networks of Ethiopia, providing life- community and frontline saving community-based To find out more, visit macquarie.com/50award health workers healthcare for up to 100 million+ people and directly reaching 9 million people © Macquarie Group Limited 29 Monash University’s World Mosquito Program Protecting vulnerable communities from mosquito-borne diseases

The social need The solution The award funding 40% of the world’s Monash University’s World The award funding will population live in areas Mosquito Program has expand the World vulnerable to devasting developed an innovative Mosquito Program mosquito-borne diseases, natural and self-sustaining to more than 20 countries including dengue fever, intervention where a across Asia, the Americas Zika virus, chikungunya and naturally-occurring bacteria and Oceania, accelerating yellow fever. Around three called Wolbachia is it to reach its goal of billion people are at risk of introduced into the Aedes protecting 100 million To find out more, visit contracting dengue fever aegypti mosquito, the species people by 2023 macquarie.com/50award alone each year most responsible for transmission of these diseases between people

The social need The solution The award funding 200 million+ people The Institute and its The award funding will be worldwide are affected by partners are using used to lead projects in Fiji scabies, a debilitating skin a medication called and the Solomon Islands to condition that can lead to ivermectin to address demonstrate that scabies severe skin infections and the disease. Providing a can be eliminated. other fatal illnesses such as single round of the drug 1.5 million people will be rheumatic heart disease in a community can reduce treated for scabies the prevalence of scabies To find out more, visit by 90% within 12 months macquarie.com/50award

The social need The winner The award funding The United States is facing Social Finance uses innovative The award funding will help an entrenched workforce finance strategies, like social launch 20-25 economic development crisis relating and career impacts bonds, mobility Pay for Success to the future of work while to address declining economic projects, reaching an income equality in the US mobility and a growing skills estimated 20,000-25,000 is the highest it’s been gap in the US economy individuals over the life of the since 1928 grant. The award will also provide seed capital for a $US50 million evergreen To find out more, visit fund, which will sustainably recycle returns and unlock macquarie.com/50award additional impact investment capital, ultimately benefitting hundreds of thousands of low-income Americans © Macquarie Group Limited 32 The Ocean Cleanup Developing advanced technologies to rid the world’s oceans of plastic

The social need The winner The award funding 1.8 trillion pieces of plastic The Ocean Cleanup’s goal is The award will accelerate are currently floating in the to rid the world's oceans of the critical development Great Pacific Garbage Patch 90 per cent of floating plastic phase of The Ocean (GPGP), and ocean plastic by 2040. The organisation is Cleanup’s technology. pollution costs the global developing technological Once the design is proven, economy $US19 billion solutions to rid our world's The Ocean Cleanup can every year oceans of plastic: one is begin its scale-up to a full a passive ocean clean fleet of systems to be up system to remove existing deployed across the GPGP To find out more, visit plastic pollution; and the and the remaining four gyres, macquarie.com/50award second is the InterceptorTM, and tackle the top 1,000 most a new technology that polluted rivers responsible for intercepts plastic from rivers 80% of the plastic outflow before reaching the ocean © Macquarie Group Limited 33 Our global presence Australia and New Zealand

33% of income*

11 locations ~$US18 billion market capitalisation1 – one of The strong business we Australia’s largest listed companies Global headquarters built in Australia and 2 Sydney ‘‘New Zealand over half a markets Leading positions century provided a platform Adelaide Manly in our home market and culture to grow globally.” Auckland Melbourne 6,670 Brisbane Newcastle Operating since 1969 Shemara Wikramanayake staff Canberra Parramatta Chief Executive Officer Gold Coast Perth

*Pie charts based on net operating income at 31 March 2020, excluding earnings on capital and other corporate items. 1. At 31 March 2020. © Macquarie Group Limited 35 Our business activities in Australia and New Zealand No.1 in ANZ for completed and announced M&A2 No.1 Financial Advisor in ANZ3 No.1 Full-service offering Leading Australian Financial Advisor in ANZ for PPP3 across all business groups equities research team Retail banking and financial services portfolio includes4: One of Australia’s Leading digital banking largest diversified farmers offering with features 4.8 million hectares that are firsts in $US48.6 billion Australian banking funds on platform5

2020 Investment Leading Australian Manager of the Year1 vehicle financier $US32 billion 475,000+ vehicles Australian mortgage portfolio

1. 2020 Financial Standard Investment Leadership Awards. 2. Refinitiv (FY20, No.1 for completed deals in ANZ by deal count). 3. Inframation (CY19 by value). 4. At 31 March 2020. 5. Funds on platform includes Macquarie Wrap and Vision. © Macquarie Group Limited 36 Our global presence Asia

13% of income* 14 locations Local expertise and insight 11 linking Asia with the rest of the world Asia is becoming more markets Hong Kong important to the world ‘‘than ever before and Bangkok Mumbai Established presence we’re able to facilitate Beijing Seoul in world’s largest growth region that connectivity.” 4,014 Gurugram Shanghai staff Hsin-Chu Singapore Regional presence Ben Way Jakarta Taipei Chief Executive Officer, Asia Kuala Lumpur Tokyo since 1994 Manila

*Pie charts based on net operating income at 31 March 2020, excluding earnings on capital and other corporate items. © Macquarie Group Limited 38 Our business activities in Asia

Singapore Warrants 50% awarded 2019 Top of staff in shared $US41.1 billion assets under management5 Traded Leveraged services, providing Products Issuer for 1 support to Macquarie’s the third year in a row global businesses Leading regional infrastructure and energy business Licenced in 14 A global integrated offering exchanges with across equities, fixed execution capability income, commodities 2 in 16 across Asia and foreign exchange Renewable Energy Driving 850+ Deal of the Year 3 cross-border flows stocks under coverage – Formosa 1 Offshore Wind Farm6 Asia Electronic Execution team tops 2019 Greenwich rankings across seven categories4

1. Awarded by Singapore Stock Exchange 2. Macquarie is licensed to more than one exchange in 5 markets. 3. At 20 April 2020, covering 11 markets in Asia. 873 stocks to be precise. 4. Rankings are for Asia (ex-Japan and Australia) equities: (1) No. 1 Overall Product and Service Quality – Long Only, (2) No. 1 Best Implementation Shortfall Algo – All clients (up from #6 in 2018), (3) No. 1 Best Implementation Shortfall Algo – Large institutions (up from #10 in 2018), (4) No. 1 Best Implementation Shortfall Algo – All Long Only (up from #4 in 2018), (5) No. 1 Most Reliable and Easiest to Use – Long Only, (6) No. 2 Best VWAP Algorithm – Long Only (up from #6 in 2018), (7) No. 2 Best Opportunistic Algorithm – Long Only. 5. At 31 March 2020. 6. The Asset Triple A Infrastructure Awards 2019. © Macquarie Group Limited 39 Macquarie in China

20+ 4,000+ 690+ Invested year of experience people employed people in Macquarie’s 4GW+ in the China market at invested assets1 Greater China of renewable energy offices with 90+ capacity2 across Supporting our community through in mainland China solar and wind the Macquarie Group Foundation Fundraising and volunteering Supporting education, environment and welfare 650,000 sqm Comprehensive Research, sales and Advised on M&A projects for rural youth local and offshore trading capabilities cross-border and local communities mixed use 3 cold and dry commodities over China equities deals totalling over logistics platform platform $US13.5 billion

1. Including staff employed at MIRA-managed fund assets and assets MacCap has invested in. Includes permanent and temporary staff as well as construction workers. 2. Operating and under construction. 3. Over the past 3 financial years from 1 April 2017 to 31 March 2020. All data at 31 March 2020. © Macquarie Group Limited 40 Macquarie in South Korea

20 210+ year commitment people employed in Supporting our community through to South Korea Macquarie’s South Korean office the Macquarie Group Foundation

Fundraising Comprehensive Domestic and volunteering platform and global funds Supporting vulnerable Equities markets, commodities, across equity and fixed income children and communities asset finance, advisory and fund sales 10+ years of annual Community Largest foreign asset manager Principal investment Volunteering Days in South Korea with focused on renewable energy sectors 34 assets – fuel cell, offshore wind, data centres across infrastructure, renewables, energy and IT sectors1

1. No. of assets is as at 31 March 2020 and excludes Daesung Industrial Gases (energy) & LG CNS (IT). All data at 31 March 2020. © Macquarie Group Limited 41 Macquarie in Taiwan

15+ ~2GW years of experience of projects to provide power in the Taiwan market to ~2 million homes 90+ 70+ people employed stocks under coverage1 across three with expertise across office locations the technology sector

Semiconductor Warrants Leading equipment Only foreign warrants Supporting our community through trading and issuer in Taiwan the Macquarie Group Foundation advisory platform Fundraising and volunteering Supporting vulnerable $US3.7 billion children and local communities managed for investors2 across public and private asset classes globally

1. Includes over 50 technology stocks. 2. MAM only. All other data at 31 March 2020. © Macquarie Group Limited 42 Macquarie in Japan

20+ 140+ 2,000+ year commitment people employed people employed to Japan in Macquarie’s at invested assets Japan office

Solar and wind Capital Investment Supporting our community through development solutions solutions the Macquarie Group Foundation platforms through for small/mid-caps, across alternatives partnerships with Fundraising and volunteering local companies blocks/warrants, and traditional arbitrage trading asset classes for Providing funds, mentorship and strategies and Japanese investors1 educational support for vulnerable synthetics middle school students

Hedging and finance solutions 1st electricity futures 1st petrochemical FX and and derivatives and JCC2 hedge integrated products

1. Provided by newly established Client Solutions Group (CSG) under MAM. 2. Japan Crude Cocktail (JCC). All other data at 31 March 2020. © Macquarie Group Limited 43 Macquarie in India

15 1,500+ 120+ Supporting our community through year commitment people in Gurugram stocks under the Macquarie Group Foundation to India support Macquarie’s research with global operations a combined across finance, risk market cap of 8,000+ and technology ~$US1 trillion beneficiaries of youth job training and career development programmes Infrastructure Top 10 Largest advisor ranked international investor National Highways domestic equities in Indian toll roads INR 270 million Authority of India broker and a leading contributed via CSR since 2013, funding access to (NHAI) research house 25,000+ education, livelihoods, Ministry of Finance hours of road safety welfare and other support (MOF)1 training each year for vulnerable communities

1. NHAI: Hybrid Annuity Model and Toll Operate Transfer initiatives. MOF: National Infrastructure and Investment Fund. All other data at 31 March 2020. © Macquarie Group Limited 44 Macquarie in Singapore

$US1 billion 20+ 350+ total equity year commitment people in Macquarie’s raised for LOGOS to Singapore Singapore office Property Group1 Supporting our community through Top 5 Regional hub Project advisory the Macquarie Group Foundation Foreign broker, for Macquarie’s centre of Fundraising awarded ASEAN operations excellence and volunteering Top SGX-ST and regional Supporting at-risk vulnerable 2 commodities business Member – Global children and communities

Leading Asia Pacific infrastructure fund managing Market leader 4+ years $US4.6 billion across energy, infrastructure, in listed warrants of annual Community utilities and technology assets3 Volunteering Days

1. An Asia Pacific logistics real estate developer and fund manager. Equity raised for LOGOS’s Singapore and Southeast Asian strategy since 2016. 2. 2019 Top SGX –ST Members – Global for the eighth year in a row awarded by Singapore Exchange. 3. For MAIF1 and MAIF2 funds. All data at 31 March 2020. © Macquarie Group Limited 45 Macquarie in the Philippines

15+ 940+ Top 5 year commitment people in Manila Foreign broker Supporting our community through Cash equities and to the Philippines support Macquarie’s the Macquarie Group Foundation global operations research coverage1 across operations, Fundraising and finance, technology volunteering and risk Supporting access to education, social welfare, and support for at-risk vulnerable Enough clean Leading Infrastructure children and communities infrastructure M&A and PPP energy to power asset manager advisory business ~2 million $US1.6 billion with a growing households 15+ organisations focus on renewable Energy Development AUM across actively supported by energy principal Corporation transportation, energy way of staff engagement, investments across the Philippines storage, geothermal, wind and solar

1. Top 5 share based on trading volume on the Philippine Stock Exchange. All data at 31 March 2020. © Macquarie Group Limited 46 Our global presence Europe, the Middle East and Africa

29% of income*

Regional presence since London Our business in EMEA has grown 1994 22 Amsterdam Edinburgh Munich consistently, trebling in size over the past locations decade, driven by our leadership in Braintree Frankfurt Paris ‘‘ infrastructure, energy and commodities. Cape Town Geneva Reading Our priority is to continue to support our Coventry Johannesburg Solihull existing clients in areas where we have an 4 markets13 Dubai Limerick Vienna established presence, while expanding our platform acquisitions Dublin Luxembourg Watford footprint, capabilities and client base in two years Dusseldorf Madrid Zurich across other parts of the region.” 2,409 Paul Plewman staff Chief Executive Officer, Europe, the Middle East and Africa

*Pie charts based on net operating income at 31 March 2020, excluding earnings on capital and other corporate items. © Macquarie Group Limited 48 Our business activities in Europe, the Middle East and Africa

$US81 billion FY20 investments Developing and managing new renewable projects, assets under management 4 include from wind power in in EMEA1 Telecoms in the UK Scandinavia to solar power Superfast broadband in the southern Mediterranean 33 in the UK Infrastructure business Fibre broadband in Spain assets under management2 150+ Roads in the Netherlands Green energy Road tunnels in the UK projects since 2010 Sponsor/Developer Oil refinery in Sweden of the Year3 Social housing in the UK Global Renewables A leading risk management provider in the European Gas market, Deal of the Year5 actively supplying and trading across all liquid wholesale European gas hubs

1. At 31 March 2020. 2. Represents infrastructure portfolio businesses which MIRA manages on behalf of investors with various direct percentage stakes held in each. In some instances, portfolio businesses may operate multiple infrastructure assets. 3. EMEA and APAC Partnership Awards 2019. 4. Includes investments made through managed funds. 5. CY19 Infrastructure Investor. All other data at 31 March 2020. © Macquarie Group Limited 49 Macquarie in the United Kingdom

30 year 10 million+ 12,000+ commitment meters provided people employed Supporting our community through to the UK for homes and at invested assets2 the Macquarie Group Foundation An established businesses1 presence since 1989 7grant partners funded supporting social Renewable energy mobility opportunities No. 1 1,700+ global principal for young people Financial Advisor in people employed investment business UK for PPP Finance3 across 3 offices The Green Investment Financial Advisor Regional Group – is led 12 years in the UK for headquarters from the UK of the CoRe programme Infrastructure4 for EMEA in London which has supported 80 local charities with 12,000+ volunteers hours7 Winner of 2019 World’s largest infrastructure manager6 Transition Manager Our global infrastructure and real assets of the Year5 division is headquartered in London

1. At 31 March 2020, largest independent meter funder in UK, not part of a distribution network or vertically integrated utility. 2. At 31 March 2020. Including staff employed at MIRA-managed fund assets and assets MacCap has invested in. Includes permanent and temporary staff as well as construction workers. 3. Inframation (CY19 by Deal Value). 4. Inframation (CY19 by Deal Count). 5. 2019 Local Authority Pension Fund (LAPF) Investments Awards https://www.lapfinvestmentsawards.com/archive/2019-lapf-investments-awards. 6. Based on AUM. IPE Real Assets Top 75 Infrastructure Investment Managers 2019, published in July/August 2019. 7. The Community Resourcing Programme (CoRe) aims to capacity build the local non-profit sector by connecting London employees with local non-profits. All other data at 31 March 2020. © Macquarie Group Limited 50 Our global presence Americas

25% of income*

USA – New York Austin Nashville Boise New York 25 Boston Orlando Regional presence since 1991 locations Chicago Philadelphia Dallas San Diego Houston San Francisco Macquarie has grown significantly Leading participant in 5 Jacksonville San Jose in the US over the past decade. changing US energy and markets ‘‘Our diversified businesses have landscape Los Angeles Seattle infrastructure Minneapolis Walnut Creek allowed us to deliver steady performance for clients in the Providing asset management North South world’s largest capital market, 2,756 and advisory services in world’s staff Calgary Mexico City even in challenging conditions largest capital market Montreal Santiago and a competitive landscape.” Toronto São Paulo Vancouver Shawn Lytle Head of Americas

*Pie charts based on net operating income at 31 March 2020, excluding earnings on capital and other corporate items. Macquarie Group © Macquarie Group Limited 52 Our business activities in the Americas

No.2 ~12 billion Top 50 physical gas marketer cubic feet of natural US active mutual 5 in North America – gas volume traded across fund manager the highest ranked North America daily1 1 non-producer $US179 billion assets under Equal No. 1 management6 Financial Advisors 65+ in the USA for bookrun DCM deals Infrastructure2 completed in FY20 valued 10 at over $US43 billion3 infrastructure and real assets funds7 US sector specialist North America Research, Execution, Natural Gas and Asia-Pacific Sales Western US and Canada providing access Dealer of the Year4 to global markets

1. Platts Q4 – March 2020. 2. Inframation (CY19 by Deal Count). 3. Dealogic, at 31 March 2020. 4. No.1 in the 2020 Energy Risk Commodity Rankings. 5. At 31 March 2020. Simfund Fund Family AUM (excludes passive/index funds). 6. At 31 March 2020. 7. Excludes funds managed as part of Joint Ventures. © Macquarie Group Limited 53 Macquarie in the United States

25+ 2,500+ 26,200+ years in the people in people employed US market Macquarie’s at invested assets1 US offices Supporting our community through the Macquarie Group Foundation

No.1 No.2 Top 50 Helping PPP Financial physical gas US active mutual Advisers in USA2 marketer in fund manager4 North America3 1,000+ low-income US college students secure paid Awards rankings internships in their 18 5 field of interest7 locations connected • Winner of 2019 PDI Fund Financier of the Year 6 to our global platform • Equal No. 1 Financial Advisors in the USA for Infrastructure

1. At 31 March 2020. Includes staff employed at MIRA-managed fund assets and assets MacCap has invested in. 2. Inframation (CY19 by Deal Value). 3. Platts Q4 – March 2020. 4. At 31 March 2020. Simfund Fund Family AUM (excludes passive/index funds). 5. Private Debt Investor Awards 2019, Fund Financier of the Year – Americas. 6. Inframation (CY19 by Deal Count). 7. Together with the Macquarie Group Foundation’s eight college and career success grant partners. All other data at 31 March 2019. © Macquarie Group Limited 54 Our expertise in focus Infrastructure

Largest Manager of 20+ years infrastructure sector experience manager globally1 128 infrastructure assets2

Strong financial, investor 80+ No.1 stocks under and community Global Financial coverage3 outcomes Advisor for PFI/PPP for Project Finance Financial Advisor4

Global Finance Best Investment Bank Award 2019 Infrastructure sector5

A pioneer in the global infrastructure sector

1. Based on AUM. IPE Real Assets Top 75 Infrastructure Investment Managers 2019, published in July/August 2019. 2. At 31 March 2020. 3. At 20 April 2020. 4. Dealogic by volume CY19. 5. Global Finance (2019). © Macquarie Group Limited 56 How we built our infrastructure expertise

Social infrastructure (since ’07) Ports (since ’05) Energy infrastructure (since ’04) Communications and Media (since ’02) Utilities (since ’01) Airports (since ’01) Roads (since ’94)

1980 1990 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Corporate finance and advisory (since 1981) Asset management (since 1994) Research coverage (since 1995) Debt and equity solutions (since 2009)

Urbanisation Global infrastructure Growing demand investment expected for improved to reach transport 68% There is a growing world population $US79 trillion and digital to live in urban by 20402 infrastructure global need for globally areas by 20501 “quality infrastructure as urban populations New infrastructure Increased grow and the world 41 driving growth in investor appetite transitions to a low megacities emerging economies for infrastructure with populations carbon economy.” exceeding 20 million operating by 20303 Shemara Wikramanayake Chief Executive Officer Macquarie continues to evolve its leading sector offering

1. United Nations, 2018. 2. World Economic Forum https://www.weforum.org/agenda/2019/01/infrastructure-around-the-world-failing-heres-how-to-make-it- more-resilient. 3. EY – The Power of Three https://www.ey.com/Publication/vwLUAssets/EY-the-power-of-three-for-smarter-more-resilient-cities/$FILE/EY-the- power-of-three-for-smarter-more-resilient-cities.pdf © Macquarie Group Limited 58 Case studies Infrastructure

Opportunity Actions Outcomes3 APRR is the fourth largest Recognising the important motorway group in Europe, role APRR’s motorways play >€5 billion Expanded wildlife operating more than 2,300 km of in connecting French invested to expand and upgrade crossings and tree planting toll roads across France that are communities and supply chains, APRR’s network to support local ecosystems relied on by approximately MIRA and its co-shareholders 23 million customers each year1,2 supported the business as it ~50% Enabled the development of developed its network, reduction in network fatalities and enhanced safety outcomes, ~200 km of motorway enhanced employee WHS record2 reduced its environmental impact and improved the Improved efficiency customer experience Reduced CO2 emissions by widening roads and with new electric vehicle charging introducing automatic and stations, car-pool car parks and non-stop tolling technology Information accurate at 31 March 2020 unless otherwise stated. 1. By network length. 2. APRR Management Data, 2020. 3. Outcomes achieved during MIRA’s 14-year association with APRR. an electrified service vehicle fleet © Macquarie Group Limited 60 Upgrading Korea’s critical transport infrastructure network

Opportunity Actions Outcomes The Incheon Bridge Project began Macquarie Korea Infrastructure Incheon Grand Bridge has Providing during the Asian Financial Crisis Fund contributed to the Project successfully closed a vital in the late 1990s when the Korean in 2006 in the capacity of a senior infrastructure gap in Korea ~60k government was developing debt, subordinated debt and daily users with direct travel Incheon City and its associated equity investor. The Project Driving Korea’s economic access to Yeongjong Island and traffic network, intended to lay involved a 4-year construction growth and profile as one of the the Incheon International Airport the foundation for reinvigorating period with a 30-year concession Korea’s economy and right to successfully operate major economic and logistics accelerating its recovery the facility. In 2017, Macquarie hubs of North East Asia Clear shareholder roadmap for from the financial crisis acquired an additional 23 per • operational stability cent equity stake to become the Expansion of city development • growth trajectory largest controlling shareholder • financial profitability of the Project

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 61 Supporting North America’s largest and most energy-efficient seawater desalination plant

Opportunity Actions Outcomes The Carlsbad Desalination Plant Macquarie Capital acted as The plant was sold to a Planned (Plant) is a seawater reverse-osmosis exclusive financial adviser in consortium of Korean investors desalination plant located in Carlsbad, the sale of 100% equity interests led by Aberdeen Standard enhancements California, producing 54 million in the plant. Macquarie Capital was Investments, increasing its to the plant, pipeline and existing gallons of water per day. The plant able to distill a complex project San Diego Water County Authority is a true marquee asset in the structure, technical details and access to capital infrastructure space, being the documentation in a marketable due (SDCWA) facilities largest, most technologically diligence, helping the vendors and The plant provides 9% advanced and energy-efficient bidders navigate critical permitting of San Diego County’s The plant continues seawater desalination plant in and approval processes. In addition, water supply, which is to operate under a North America, and one of a very Macquarie Capital’s Private Capital enough to serve up to limited number of privately held Markets team identified, attracted 30-year water purchase water assets in the US and managed strong interest from 400,000 people agreement with SDCWA leading global infrastructure investors

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 62 Advising on the structuring and sale of a UK meter portfolio

Opportunity Actions Outcomes Smart Metering Systems plc Macquarie Capital acted as sole Established a new source of additional Macquarie Capital helped develop (SMS) sought to raise capital to financial adviser to SMS on the funding for SMS, to enable their a bespoke structure to overcome fund their roll-out of smart meter successful structuring and continued investment in the UK Smart contractual obstacles for our client assets under the UK Smart Meter carve-out of a portfolio of 183,000 Meter Implementation Programme and their counterparties Implementation Programme I&C meter assets via a sale to Execution excellence – maintained Smart meters facilitate a cleaner, Equitix Investment Management competitive tension during a greener and more efficient Limited for a total gross cash turbulent UK economic and political energy system – fundamentally consideration of £291 million environment to achieve a successful supporting the transition to a outcome for our client more sustainable energy future Enabled the implementation of an enhanced long-term sustainable dividend policy and re-shaping of SMS’ capital structure Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 63 Delivering a world class court facility for the Australian Capital Territory

Opportunity Actions Outcomes The ACT Law Courts Project was Macquarie Capital entered a Meeting the Territory’s needs for the Australian Capital Territory’s Juris Partnership with Laing the next 50 years in a functional, 350 new jobs (ACT) first public-private partnership, O’Rouke to design, construct, flexible and sustainable way created throughout the seeking to refurbish Canberra’s commission, maintain and construction phase of the project existing court facilities through the finance the redevelopment Completed on January 2020 construction of a four story building of the Magistrates Court, and with no additional cost to Facility features an fronting Vernon Circle, joining the rebuild of the Supreme Court the ACT Government, despite existing Magistrates and Supreme experiencing multiple delays 110KW Court buildings capacity solar photo-voltaic array

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 64 Opening-up the broadband network in Spain

Opportunity Actions Outcomes The introduction of an independent Macquarie Capital, with Macquarie Capital is guiding Digital Infrastructure is an wholesale fibre operator in Spain co-investment from Aberdeen the new company's growth through increasingly appealing asset class will create growth opportunities for Standard Investments, created the next stage of its development to infrastructure funds. As an the traditional telecoms players and Spain’s first independent wholesale with its expertise as a global immature infrastructure investment, facilitate new partners to enter the only provider with the acquisition infrastructure developer and fibre creates a great opportunity market by having access to a of a FTTH network covering flexible balance sheet capital to deploy capital and generate secure, flexible and first quality ~940,000 building units from a better risk-adjusted return broadband proposal MasMovil, Spain’s fourth largest The new business will operate telecoms company as an independent wholesaler By investing in critical fibre projects, providing capacity to internet Macquarie Capital aims to improve service providers looking to business and people connectivity supply broadband to homes which should have a positive impact and businesses on the economy Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 65 Privatising the first Japan airport – Sendai Airport

Opportunity Actions Outcomes Sendai Airport is one of Japan’s Combining our global network JPY2.2 billion Complete recovery from the largest and busiest international of infrastructure experience in impacts of Great East Japan airports with 3.7 million passengers airport privatisation and our local ($US21.1 million) 1 Earthquake with modernised per annum . In 2011, the airport expertise, Macquarie Capital contract agreement reached airport facility was severely damaged by the developed the consortium with a 30-year public service Great East Japan Earthquake and committed to revitalise Sendai concession scheme Central transportation hub in tsunami after which time, the Airport. From the early stages of Japanese government was looking the deal, we also advised public north-eastern Japan, connecting for a bidder to revitalise and sector partners and investors on 1st Japan airport >3 million passengers1 operate the airport’s facilities matters including transactional to be privatised – a milestone annually to the Tohoku region structure and rules as well as in Japan’s history of public-private delivering tactical bid advice to partnerships in infrastructure maximise competitiveness in this Information accurate at 31 March 2020 unless otherwise stated. landmark transaction 1. FY2019/2020. © Macquarie Group Limited 66 Transforming rental housing in the Netherlands into an investable asset class

Opportunity Actions Outcomes Following regulatory and structural Macquarie helped to establish First fully residential BTL trade Both bond issues attracted changes to the housing market, Domivest, a specialist non-bank in mainland EU strong demand from existing buy-to-let (BTL) mortgages are in BTL lender in the Netherlands and new clients increasing demand in the Dutch Launched via a €250 million By financing professional bond issue, followed by a second private rental sector landlords in the private rented bond issue that €318 million sector, Domivest is filling the closed in March 2020 gap left by a shrinking social housing sector Inaugural issuance was 2.4 times oversubscribed, with orders Combined total of over 2,500 received from investors across BTL loans provided since Europe, the UK and the US October 2017

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 67 Transforming the public transport network in South-East Queensland

Opportunity Actions Outcomes South East Queensland is Macquarie Capital acted as The Tunnel, Stations and Enables a turn-up-and-go growing, with an extra 1.9 million exclusive financial adviser, Development PPP is the largest transport system across people expected by 20361. Over Station Development of three packages as part South East Queensland To accommodate this rising adviser and debt arranger to of the broader CRR project population, the region needed the Pulse consortium2 for the Once operational, CRR will a rejuvenated rail network to Cross River Rail (CRR) Tunnel, 10.2km of new rail including build capacity to enable 18,000 ease congestion and improve Stations and Development public 5.9km of twin tunnels and more seats into Brisbane during accessibility for those travelling private partnership (PPP) four new underground stations morning peak to and from Brisbane’s CBD in Brisbane Will reduce road users on key Will support up to feeder roads into Brisbane

Information accurate at 31 March 2020 unless otherwise stated. 1. https://buildingqueensland.qld.gov.au/wp- 7,700 jobs during its content/uploads/2017/08/Executive-Summary.pdf. 2. Pulse consortium is led by CIMIC Group companies, Pacific Partnerships, 5-year construction period CPB Contractors, and UGL with international partners DIF, BAM and Ghella. Information accurate at 31 March 2020. © Macquarie Group Limited 68 Revitalising toll roads in Japan’s Aichi prefecture

Opportunity Actions Outcomes Under the Japanese government’s Macquarie Capital acted as an Aichi Road Concession, Inc. $US1.31 billion Japan Revitalisation Strategy, the exclusive financial adviser to the established to operate eight toll country was actively promoting consortium, utilising our strong roads spanning a total length of (JPY137.7 billion) public-private partnerships to expertise in debt raising and 72.5km for the concession rights rejuvenate and introduce efficient strong relationships with major management of its infrastructure. Japanese banks which resulted In 2015, the Aichi Prefectural in a successful bid which required 1st toll road 28 years Road Public Corporation was the procurement of financing for privatisation in Japan weighted average seeking a strong bidder for the the first privately operated toll concession term in concession to operate eight toll road project in Japan five separate concessions infrastructure roads in the Aichi prefecture 3rd privatisation project in Japan

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 69 Once-in-a-century upgrade to London’s water supply

Opportunity Actions Outcomes A Macquarie-led consortium First new investment in Victorian Expanded waste 9 million+ acquired a stake in Thames Water pipes to improve water quality treatment capacity water customers on behalf of investors in 2006, and built a desalination plan to when the company faced criticism improve security of supply for Generated for underinvestment and missing London homes and businesses 15 million+ 267GWh waste water customers leakage targets of its own energy in 2016/17, from renewable sources Completed Lee Tunnel – the largest capital project Average in UK's privatised water industry £1 billion annual investment 22% reduction over 12 years in leakage rates Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 70 First major road crossing of the River Thames in 30 years

Opportunity Actions Outcomes The Silvertown Tunnel Project is Macquarie Capital acted as a lead A new 1.4km twin-bore Designed to primarily relieve expected to ease congestion and equity sponsor and sole financial road tunnel under the congestion on the 122-year old increase public transport usage in adviser to the RiverLinx River Thames easing congestion Blackwall Tunnel, it will be the East London. The project being Consortium which has been in East London first major road crossing of the tendered by Transport for London appointed by Transport for London River Thames in 30 years is to build a new tunnel under the to design, build, finance, operate UK’s first road tunnel to have Expected to increase public River Thames for access to the and maintain the Silvertown dedicated bus lanes in both East of London Tunnel project directions transport usage by up to 30%

A vital piece of infrastructure Complex transaction including which will support London’s difficult ground conditions future population growth Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 71 Replacing essential infrastructure connecting New York and New Jersey

Opportunity Actions Outcomes To replace the existing, Through a public-private Increased capacity – 10-foot-wide pedestrian functionally outdated Goethals partnership, a Macquarie-led 3 lanes in each direction and bicycle walkway Bridge, opened in 1928 consortium is constructing a new, modern bridge to support Delivered best value Improved safety environment economic activity in the region proposal to the public authority, – separate span for traffic including risk transfer traveling in each direction

~$US872 million 2,000+ in total economic activity direct jobs

Information accurate at 31 March 2020 unless otherwise stated. Source: Port Authority of New York and New Jersey. © Macquarie Group Limited 72 Providing quality drinking water to China’s growing cities

Opportunity Actions Outcomes The eight million residents A Macquarie-managed fund Exceeds 301 million cubic metres of China’s Shenyang City acquired a joint controlling stake of high quality surface water were historically supplied in a water portfolio in Shenyang, highest standards provided in 2017 tap water from lower quality to complete one of China’s largest of tap water quality underground sources tap water treatment plants Contributing to Chinese Providing clean Government’s 2020 environment drinking water to and drinking water objectives ~500,000 Provides residents in Shenyang 50% of Shenyang’s total water usage

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 73 Financing social, affordable and shared ownership housing in West London

Opportunity Actions Outcomes The shortage of affordable Macquarie provided a long-term Supporting SBHA’s ambition Meeting the longer-term funding homes in West London, debt facility to the charitable to improve the provision requirements of SBHA to support coupled with high property prices, Shepherds Bush Housing of affordable housing in future investment continues to drive the need for Association (SBHA) on behalf of West London lower cost housing solutions investors, enabling them to boost Provided the delivery of social, affordable and shared ownership housing 200 more affordable homes per year £150 million in financing facilities to help in the next years four SBHA grow its development Connecting like-minded pension pipeline made up of £50 million schemes and insurance funds committed and £100 million with socially conscious borrowers uncommitted facilities Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 74 Investing in a European transport and logistics hub

Opportunity Actions Outcomes A Macquarie-led consortium Macquarie and its 64% Major terminal upgrade acquired a stake in Brussels co-shareholders oversaw a increase in annual Airport following its privatisation €1 billion capital expenditure passenger numbers1 New airport business district and in 2004 programme over 15 years to world-class cargo facilities transform the airport into a leading European transport 60+ Achieved new destinations1 and logistics hub carbon neutral Contributed status in 20182 €3.2 billion Generating in added value to the Belgian economy each year 20,000+ jobs in the region Information accurate at 31 March 2020 unless otherwise stated. 1. 2004–2018. 2. Airport Council International. © Macquarie Group Limited 75 Developing an important link in the global supply chain

Opportunity Actions Outcomes Positioned at the crossroads of A Macquarie-managed fund1 led Oversaw a significant Established a reliable and the Baltic’s deep-sea trading the greenfield development and capital investment cost effective alternative to routes, Gdańsk had the potential operation of DCT Gdańsk, driving programme over 13 years the ports of Northern Europe to become the world’s gateway to its evolution from an undeveloped the fast growing markets of stretch of waterfront to Poland’s Generating thousands Improving the efficiency Central and Eastern Europe largest and fastest growing of direct and indirect jobs of Polish exports container terminal Capacity to handle Contributing ~3 million €2 billion shipping containers each year2 in additional customs duties and tax revenue for Poland each year

Information accurate at 31 March 2020 unless otherwise stated. 1. 64% stake. 2. Twenty-foot equivalent units (TEU). © Macquarie Group Limited 76 Our expertise in focus Energy

13.6% 2.2% 10 million+ of total funded loan of total funded equity meters provided equity investments investments exposed for homes and exposed to to conventional businesses2 renewable energy1 energy1

No.2 No.1 Leading physical gas global renewables global renewables marketer in financial advisor4 developer North America3

20+ Research across 450+ years’ sector 45+ green energy 5 experience energy stocks and investment specialists6 Capabilities across the energy spectrum

1. Equity investments are reported on a funded balance sheet basis and therefore exclude equity hedge positions and non controlling interests. Macquarie’s carrying value of its interest in East Anglia ONE Limited is $A2.8 billion, which has been partially funded with asset specific borrowings of $A2.3 billion at 31 March 2020. Total funded equity investments amount to $A7.4 billion as at 31 March 2020 ($A5.9 billion at 31 March 2019). 2. At 31 March 2020, largest independent meter funder in UK, not part of a distribution network or vertically integrated utility. 3. Platts Q4 – March 2020. 4. Inspiratia (CY19, by transaction volume and deal count). 5. At 20 April 2020. 6. Includes operating platform employees. All data at 31 March 2020. © Macquarie Group Limited 78 How we built our energy expertise

Coal (since ’08)

Renewables (since ’05) Started commodities Energy Infrastructure (since ’04) platform Gas (since ’04) Meters (since ’03) Oil (since ’03) Power (since ’97)

Late 1980 1990 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 1970s Provision of financial products (since 1970s) Corporate finance and advisory (since 1980s) Research coverage (since 1992) Asset management; asset financing (since 2003) Debt and equity solutions (since 2009)

Electricity demand to Renewable energy triple will account for in Asia by 20401 ~50% of installed capacity by 20301 50% increase in world energy usage by 20504, led by growth in Asia US to become a Electric vehicles predicted net exporter to account for of energy by 20202 50% of new car sales globally by 20353

Powering the transition to a low carbon economy

1. Future Energy Asia, 2018. 2. US Energy Information Administration, 2019. 3. Electric Vehicle Uptake: Modelling a Global Phenomenon 2019 https://www.bitre.gov.au/sites/default/files/bitre-report-151.pdf. 4. International Energy Outlook 2019 https://www.eia.gov/outlooks/ieo. © Macquarie Group Limited 80 Case studies Energy

Opportunity Actions Outcomes Savion LLC is an integrated Backed by the belief that the US solar and energy storage US solar market presents an development platform with attractive investment opportunity, 10GW 124 industry-leading enterprise and site GIG acquired Savion in March solar and energy storage current projects evaluation systems. Macquarie’s 2019. The acquisition secures development pipeline in various stages Green Investment Group (GIG) an additional 6GW development backs developers globally to invest pipeline of utility-solar and storage in, manage and provide services to projects, setting the stage for 11GW 25 green energy projects, advancing Savion’s continued growth and of total solar and US states with Savion its vision to create a leading solar a shared partnership with energy storage projects projects in various stages and energy storage development Macquarie Capital platform in the US

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 82 Attracting further investment and jobs in regional South Australia

Opportunity Actions Outcomes With its strong wind resource Together with Georgetown Hills Equivalent to powering $A115–130 million and proximity to the national Renewable Energy, Macquarie 179,000 homes forecasted economic benefit transmission grid, the Carmody’s Capital is developing the with renewable energy during the construction and Hill wind farm development will Carmody’s Hill wind farm, once operational1 operational phases support further investment and job a high quality onshore wind farm creation in regional South Australia. development with up to 270MW 688,000 tonnes Creating 200 direct and 320 Construction is expected to capacity, c. 180km north of indirect jobs during construction commence in 2022 Adelaide, South Australia of reduced CO2 emissions per annum once operational2 and 20 full time and support roles (up to five direct and three indirect local to the project) during the operation and maintenance phase

Information accurate at 31 March 2020 unless otherwise stated. 1. Based on an average Australian house usage of 5,200kwh. 2 Based on average Electricity Sector Emissions 2018/19 0.739 CO2e/MWh (Australian Government Clean Energy Regulator). © Macquarie Group Limited 83 Positioning Preem, Sweden’s largest refiner, to expand its renewable fuel capacity

Opportunity Actions Outcomes To meet the demand in growth Preem mandated Macquarie Macquarie succeeded in creating The transaction supported associated with national and to lead, arrange and co-underwrite a term loan structure that Preem’s commercial goals European environmental a $US540 million loan facility accommodated Preem’s working to expand production of legislation, Preem set out to structure capital financing requirements hydrogen and renewable expand its clean fuel business diesel at its Göteborg refinery The transaction enabled Preem to refinance its existing debt The transaction further ahead of further investment positions Preem to increase in its Göteborg refinery its renewable fuel production as part of its transition to clean fuels

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 84 Building Los Angeles’ energy grid for tomorrow with AMS, CIT and Tesla

Opportunity Actions Outcomes The rapid growth of Macquarie Capital acquired California’s renewables coupled with a 62MW in-development portfolio 62 MW / 342 MWh Alleviating the retirement of aging power of distributed battery storage fleet of behind-the-meter electrical grid congestion plants has created significant systems from AMS in 2016. battery storage stress on California’s electrical Macquarie Capital structured, Customer electricity Landmark industry-first grid. To address this, Advanced arranged and established a across the Microgrid Solutions (AMS) bankable contractual framework project financing in the bills lowered developed an aggregated fleet to secure $US200 million of emerging behind-the-meter West Los Angeles Basin of battery-based energy storage project capital to design and energy storage sector systems for large-load commercial build the fleet using Tesla Diverse grid services and industrial customers batteries. The financing, with CIT $US200 million of project from flexible reserve capacity Bank, was one of the largest to voltage management project financing deals in the capital to roll-out the portfolio emerging sector, and an industry- Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited first for this asset in the US 85 Enabling energy supplier roll outs of smart technology in the United Kingdom

Opportunity Actions Outcomes So Energy is one of the UK’s In partnership with Morrison Macquarie will fund a material This programme supports the fastest growing energy suppliers Data Services, we are funding proportion of So Energy’s smart UK Government’s commitment and Macquarie is one of the UK’s So Energy’s installation of meter roll out to help consumers better manage largest meter asset providers second-generation (SMETS2) their energy use smart meters for UK This creates a platform to energy consumers support other independent It enables and delivers a energy suppliers to deliver their smarter grid for the connection own smart meter programmes of electric vehicles, distributed generation and home energy These programmes can combine management devices meter procurement, installation and maintenance

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 86 Capturing geothermal energy to power the Philippines

Opportunity Actions Outcomes The Philippines’ energy needs A Macquarie-led consortium Working alongside a Contributing to the are expanding, driven by acquired 47.5 per cent of the Strong local partner Department of Energy’s population growth and world’s largest vertically integrated 2016–2030 urbanisation, with 7GW more geothermal company, Energy Provides energy roadmap power generation facilities Development Corporation, required over the next five years1 through a public tender offer 1.4GW of clean energy to the local community 90% of energy generated contracted for an average eight years

Information accurate at 31 March 2020 unless otherwise stated. 1. https://uk.reuters.com/article/uk-philippines- energy/philippines-seeks-investors-to-power-growth-extra-7000-mw-needed-idUKKBN1661BF. © Macquarie Group Limited 87 Supplying affordable and reliable electricity to Sydney’s Greater West and the Illawarra

Opportunity Actions Outcomes Sydney’s Greater West is one Macquarie led a consortium of Reducing operating expenses Connecting to solar, batteries, of the fastest growing regional investors to acquire a 50.4 per per customer to maintain the microgrids and smart meters, economies in Australia, requiring cent stake in Endeavour Energy, lowest network bill in NSW providing customers with choice increasing levels of reliable power with a five year plan in place to and control continue downward pressure on $A6.2 billion electricity bills while maintaining electricity distribution network 59,000km+ power lines a safe and reliable network serving 2.4 million+ people 430,000+ power poles Investing efficiently to replace zone substations ageing equipment and connect 164 ~105,000 120,000 customers new customers over five years with renewable generation Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 88 Helping to meet the energy needs of Washington State

Opportunity Actions Outcomes Washington State is focused In February 2009 Macquarie More than Replaced coal-based generation on providing resilient, reliable led a consortium of investors with renewable energy and sustainable energy generation in the take-private of Puget $US7 billion for its growing population Sound Energy and has of capital expenditure More than 3,100 employees supported the company to invested across the business in 2018, up from 2,800 in 2008 improve energy delivery for its 1.5 million customers Added First-quartile ranking for employee safety each year 400+MW since 2012 of hydro, wind and solar generation Improved regulatory outcomes and stakeholder relationships Information accurate at 31 March 2020 unless otherwise stated. On August 8, 2018, the MIRA entities that hold interests in Puget signed binding agreements to divest such interests. The sale is subject to customary closing conditions. © Macquarie Group Limited 89 Giving consumers better control of their energy use

Opportunity Actions Outcomes As part of a plan to upgrade Since being awarded its first energy supply and improve gas and electric meter installation Largest ~20% efficiency, the UK Government contract in 2003, Macquarie has independent1 smart of UK smart meter market has mandated the adoption become the largest independent1 meter owner in the UK of smart meters to reduce smart meter owner in the UK, Contracts to own and deploy carbon emissions helping consumers to better Installed smart meters in control their energy use and 10 million+ what it costs them ~6 million residential smart gas and UK homes and commercial electricity meters in UK to 2021 premises by 2021

Information accurate at 31 March 2020 unless otherwise stated. 1. Not part of a distribution network or a vertically integrated utility. © Macquarie Group Limited 90 Ensuring the provision of gas and electricity meters for energy suppliers

Opportunity Actions Outcomes As traditional energy meters Macquarie’s Meter Processing Investment in equipment, are no longer manufactured Centre stores and refurbishes systems and processing to ~10,000 ahead of the UK’s mandated high quality, pre-used traditional increase the volume, quality and traditional meters refurbished meters to ensure ongoing efficiency of refurbished meters smart meter rollout, existing and redeployed per month traditional energy meters can supply and service delivery, be refurbished, allowing energy while lowering costs and Building a stockpile of suppliers to continue to service reducing waste 560,000+ their customers 260,000 traditional meters refurbished refurbished meters for future use and redeployed in total Providing lower cost traditional meters for energy suppliers and their customers Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 91 Our expertise in focus Technology

Research across Australia’s 1st 280+ 1st Australian bank telco, media open banking with lending and platform and technology retail deposits 1 stocks powered by one core banking system

Award Leading advisor for IPOs winning in Australia with dominant market share digital banking in technology sector IPOs3 offering2

Equipping our business – and our clients – for the technology revolution

1. At 20 April 2020. 2. Winner in 2020 Mozo Experts Choice Awards for Exceptional Everyday Account, Excellent Banking App and Internet Banking / Macquarie Transaction account awarded a Canstar 5 star rating for outstanding value travel debit card / Winner in the 2019 Mozo Experts Choice Awards for Internet Banking and Exceptional Everyday Account / Winner in the 2018 Mozo Experts Choice Awards in the Travel Money/International Money Transfer category. 3. Dealogic at December 2019. Number of deals – ASX tech IPOs >A$50m since 2009. © Macquarie Group Limited 93 How we built our technology expertise

• Car buying • Australian • Search-as-you-speak natural and financing • Supported Google Pay Investing in Innovative wrap investment Core Banking platform API-enabled language recognition for online ecosystem • Leading digital platforms platform since ’99 • Global oil trading technology and mobile banking • Smart meters banking experience platform introduced for UK residents • Supported Apple Pay

• RPData ’04 • FinTech • Smart • PEXA Collective Salary ’04 • Informatica FinTech Investing with • Temple & (Fund I) • Console Seek '99 • oOh!media ’06 Next Payments • Stone & Chalk Collective PropertyIQ entrepreneurs Webster • RedEye • FoodByUs • SeekAsia ’10 • Digital River (Fund II) • Takeaway.com • Renrui HR • Nuix

• Award winning workplace • Enhanced cyber Network Investing in experience security capabilities Private Cloud Private Cloud Transformation Macquarie at 50 Martin • Private Cloud (Asia) (Australia) (Americas and EMEA) Program capability Place • Public Cloud (Global) • Cloud-first strategy

1990s 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020

AI to provide Global number of IoT-connected $US14 trillion devices to reach economic boost to developed 43 billion by 2023 economies by 20351 up 300% from 20182 China accounts for

The brain-computer interfaces ~5 million 5G subscriptions in 2019 but market is expected to reach – expected to increase to 54.7% 38.8% $US283 million 1.9 billion by 20244 in value by 20253 of the global of the Chinese population Helping entrepreneurs develop ecommerce market5 are still not on the internet6 our future technologies 1. Unleashing AI Power https://www.accenture.com/us-en/insight-ai-industry-growth 2. McKinsey & Company https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/growing-opportunities-in-the-internet-of- things. 3. Bloomberg 2019 https://www.bloomberg.com/press-releases/2019-06-06/global-brain-computer-interface-bci-market- projected-to-be-worth-us-283-04-mn-by-2025-with-high-incidence-of-brain-disorders. 4. The Evolution of 5G Promises Powerful New Features and Capabilities https://www.bloomberg.com/press-releases/2020-01-16/the-evolution-of-5g-promises-powerful- new-features-and-capabilities. 5. Global Ecommerce, eMarketer, June 2019. 6. China Internet Watch, China Internet Statistics, June 2019. © Macquarie Group Limited 95 Case studies Technology

Opportunity Actions Outcomes Via is an on-demand transit In a Series E financing led Strategic partnership Through increased access provider focused on shared by EXOR, Macquarie Capital established with Macquarie to capital, Via is well-positioned rides, with services in more than contributed to a capital raise Capital, driving shared mission to continue powering the 20 cities and 700+ million global that values the company at of next-gen transportation next generation of public rides to-date1. In early 2020, Via $US2.25 billion. Macquarie infrastructure that is scalable, transportation initiated a fifth round of financing Capital’s investment was backed energy-efficient, technology-led to further advance its vision of a by the firm belief in Via as the and affordable Via to leverage its emergency more efficient, accessible and mobility-tech platform with services and transit network equitable public mobility model the greatest long-term potential, Equity raise optimisation expertise to and in the creation of value currently values Via at help communities impacted through a strategic partnership $US2.25 billion by COVID-19

Information accurate at 31 March 2020 unless otherwise stated. 1. Figures as of 28 April 2020. © Macquarie Group Limited 97 Creating a leading experience for Australian home loan customers

Opportunity Actions Outcomes To offer a leading experience for • Used Human Centred Design to An award winning home loan offering Shortlisted in the Major Lender Australian home loan customers create an exceptional customer for Australian homebuyers, a growing category of the MFAA Banking Awards experience on the home loan journey share of the competitive Australian in all states and territories for 2020 • Invested in our teams and processes home loan market, all while maintaining our prudent approach to lending Home loan portfolio of $A52.1 billion, to deliver industry leading turnaround up 35% on March 2019 times for clients and brokers for home Leading turnaround times 1 • Developed a leading digital banking loans – 2 days median time to formal Settlements growth of 75% experience for clients, using world approval for fully documented loans Portfolio overweight in sub 70% class technology LVR loans • Launched a real-time home loans Award-winning digital banking originations platform, delivering far experience with Australian first features More than 90% of home loans greater speed and efficiency for clients originated through brokers • Simplified our offering to focus on Tier 1 Lender of the Year at 20% share of the broker market for Information accurate at 31 March 2020 unless otherwise stated. Macquarie branded home loans, with the 2019 Mortgage Choice Awards <=70% LVR, an increase of 14% 1. FY20 versus FY19. 2. Comparator QMD for home loans as at 2 December 2019 / December 2018. a strategic focus on lower risk loans on the prior corresponding period © Macquarie Group Limited 98 Meeting the liquidity needs of private credit funds

Opportunity Actions Outcomes Traditional financing products Providing flexibility and speed Bridges to capital calls, Closed with lengthy negotiation processes to market, Macquarie introduced syndication, co-investments, 1 were limiting the agility of Settlement Solutions – a repo-like and new debt and equity capital billion+ investment managers to source and liquidity product that bridges short in as little as 2 weeks $US7 of trades across 250+ private deploy capital to fund transactions term capital needs and alleviates debt deals, facilitating efficient Facilitates optimal allocation operational challenges flow of capital across all of new and existing deals industry sectors Hedging in multiple currencies Winner of to manage FX exposures 2019 PDI Fund 2 Financier of the Year Information accurate at 31 March 2020 unless otherwise stated. 1. Notional dollar value. 2. Private Debt Investor Awards 2019, Fund Financier of the Year – Americas. © Macquarie Group Limited 99 Delivering innovative solutions for over one million Australian businesses and accountants

Opportunity Actions Outcomes Macquarie Capital advised private Macquarie Capital used its equity firm KKR on its acquisition deep expertise to navigate Privatisation Full-service of MYOB, Australia’s leading complexities unique to the accelerating MYOB’s ambitions capabilities accounting and business acquisition, including pre-bid to develop new innovative offering M&A and debt capital management software which tactics, offer price revisions, and business solutions for customers markets expertise provides accounting, payroll, tax, responding to an activist attempt practice management, CRM, job to influence the transaction ~1.2 million Providing deep sector knowledge costing, and inventory solutions. businesses and accountants and demonstrating leadership in Headquartered in Melbourne, Australia, MYOB provides across Australia and New Zealand M&A, securing our position as software solutions to ~1.2 million to benefit from KKR’s partnership exclusive buy-side adviser businesses and accountants to KKR across Australia and New Zealand

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 100 Expanding academic opportunities for healthcare professionals across the US

Opportunity Actions Outcomes Founded in 1992, Unitek Learning Macquarie Capital advised Unitek Increased Unitek is well-positioned to (Unitek) is an industry-leading on its sale to the Vistria Group. access to capital, enhance its capabilities, nursing and medical services Macquarie Capital structured a allowing Unitek to grow and technologies and learning education provider in the US, highly competitive and targeted sale transform its business opportunities for students producing highly qualified, licensed process, focused on investors with healthcare professionals. proven success in education and Unitek is one of the largest Unitek continues to deliver To support its continued growth, healthcare. Along with highlighting with Unitek was seeking additional Unitek’s robust enrolment pipeline nursing footprints, highly qualified nurses investment and a partner with and industry-leading student 14 campuses across the to the US healthcare system capital resources, healthcare outcomes, Macquarie Capital's Western US expertise and a proven track comprehensive approach helped record in the education sector ensure a successful outcome for shareholders Information accurate at 31 March 2020. © Macquarie Group Limited 101 Enabling the healthcare workforce in the US

Opportunity Actions Outcomes Orbis Education Services, LLC Macquarie Capital acted as the A definitive business Orbis’ academic and healthcare builds strategic partnerships exclusive sell-side adviser to Orbis combination agreement partnerships remain in place with academic institutions and on its sale to Grand Canyon between Orbis and GCE healthcare systems to deliver Education, Inc. (GCE) – a leading Increasingly healthcare education programs, service provider in the education, diversified helping address the shortage of healthcare, business and liberal arts GCE acquired all the client base for GCE skilled healthcare workers in the disciplines. Macquarie Capital’s outstanding stock of US. In 2018, Orbis was seeking unique dual-track process including Orbis in cash Orbis’ operations continue additional investment in its fast- buyout and pre-IPO recap provided to operate from Carmel, Indiana growing business and a partner shareholders significant optionality Increased access to capital with new locations opening with capital resources and and maximised competitiveness, enabling Orbis to address in the future cultural compatibility driving further value by focusing nationwide shortage in licensed prospective investors on the growth trajectory of Orbis and healthcare professionals

Information accurate at 31 March 2020 unless otherwise stated. its steady-state profitability © Macquarie Group Limited 102 Connecting global investors to China’s sought-after unlisted technology companies

Opportunity Actions Outcomes China’s technology sector has Macquarie is bringing Pre-IPO investment in some Providing a been growing rapidly over the together global investors of China’s fastest-growing gateway to investors past decade, as home to six with China’s leading private disruptive companies in: from the US, the Middle East, of the 10 largest “unicorns” telecommunications, media and • Transportation and logistics Europe and across Asia (unlisted firms worth over technology companies, to create • Lifestyle 1 $US1 billion) in the world opportunities for both sides • Delivery Supplying • Online education capital and liquidity • Travel and tourism to China’s entrepreneurs who are changing their society Expected $US1.5 billion+ of private placement transactions2 Information accurate at 31 March 2020 unless otherwise stated. 1. CB Insights. 2. At April 2018. © Macquarie Group Limited 103 Digitally disrupting Australian retail banking

Opportunity Actions Outcomes Australians expect their Macquarie’s highly Award-winning digital First Australian bank banking experience to feel like personalised and intuitive banking for customers with retail lending and deposits the social and digital services digital banking experience Technology-led on a real time banking platform they use every day uses the same technology innovation as Netflix and Facebook Australia’s 1st 1st open banking platform of a kind features in Australia

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 104 Driving innovation in retail financial services

Opportunity Actions Outcomes Australian consumers have Macquarie has a long history of Introduced Australia’s first Launched a Wrap platform continually sought advancements introducing innovative products to Cash Management Trust in 1999 which has since in the delivery of banking and the Australian market, improving in 1980 pooling retail funds to become one of Australia’s financial services competition and increasing provide wholesale interest rates largest wrap platforms efficiencies for consumers Pioneered the Australian RMBS Created a leading digital banking market in 1992 promoting experience in 2016 with greater competition in the features that are firsts in home loans market Australian banking Created DEFT in 1995, Introduced Australia’s first Australia’s first rental open banking platform in collection payment system 2017 giving customers control over their own data Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 105 Introducing an innovative way to pay property deposits

Opportunity Actions Outcomes Despite instant payments in Macquarie created Australia’s first Improved customer experience Brought Australia’s property other areas, Australian mobile payment platform to allow for Australians in competitive auctions into the digital age homebuyers were still expected buyers to pay deposits online property auctions to bring a pre-issued bank Reduced back office cheque to property auctions First-of-its kind digital platform: administration for agents DEFT Auction Pay Enables deposits 1,000+ to be paid online in transactions 2 minutes since August 2017

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 106 Our expertise in focus Commodities

115+ products Electricity and No.2 Natural Gas/ across 15+ market Environmental physical gas marketer LNG House segments, covering in North America – of the Year3 agriculture, energy Products House the highest ranked of the Year1 and metals non-producer2

In-house technical experts Risk and capital ~12 billion One of the longest including: logistics experts, solutions cubic feet of natural gas track records geologists, meteorologists, across physical and volume traded across in metals markets petroleum and mining financial markets North America daily2 globally for a financial engineers, data scientists, institution – 40+ years and quant finance and theoretical physics PHDs A core Macquarie business for four decades

1. 2019 Energy Risk Asia Awards. Two separate awards. 2. Platts Q4 – March 2020. All other data at 31 March 2020. © Macquarie Group Limited 108 How we built our commodities expertise Expansion into adjacent spaces through acquisitions and organic growth

Bulk commodities and coal (’08)

North American European power (’11) Cargill North America Power power (’08) Australian power (’11) and Gas acquisition (’17)

Structured commodity finance (’06) Commodity Investor Products (’12) Started European gas Cook Inlet Corona retail Constellation gas trading No.2 physical gas marketer commodities 1 platform trading (’04) acquisition (’05) gas supply (’06) acquisition (’09) in North America (’19) Latin America Cargill Petroleum Global oil derivatives (’03) Physical oil platform (’11) marketing (’16) acquisition (’17)

Agriculture (’90s)

Base metals (’90s)

Precious metals (’70s)

1970s 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Changing energy market dynamics 58% Global population Requires a increase in global 10 billion 2 50% power demand by 2050 increase in global by 20401 food production3 Africa’s increase Lithium demand to US to become a Mid-2020s – US in oil consumption to double or even net exporter of becomes world’s surpass China’s triple by 20304 as energy by 20205 largest liquefied by 20407 electric vehicles and natural gas exporter6 their batteries surge in popularity Africa’s population expected to increase by half a billion Providing access across the commodities spectrum people by 20407 in a dynamic global market

1. Bloomberg, 2017. 2. United Nations, World Population Prospects 2019 https://population.un.org/wpp/Publications/Files/WPP2019_10KeyFindings.pdf. 3. Food and Agricultural Organisation, United Nations 2017. 4. Commodities and Development Report 2019 https://unctad.org/en/PublicationsLibrary/ditccom2019d3_en.pdf. 5. US Energy Information Administration, 2019. 6. International Energy Agency, 2017. 7. World Energy Outlook 2019 https://www.iea.org/reports/world-energy-outlook-2019/electricity#abstract. © Macquarie Group Limited 110 Case studies Commodities

Opportunity Actions Outcomes Ammonia is a globally traded Macquarie Capital, Agrifos and commodity critical to the agriculture Mabanaft joined forces to develop The world’s largest and manufacturing industries. Most Gulf Coast Ammonia (GCA) which, single train ammonia loop 1.3 million tons commonly used in the production of upon completion, will be both the largest of ammonia annually fertilisers, it is essential to helping single train ammonia loop and largest boost crop yield and feeding the ammonia storage tank in the world. 1st ammonia transaction world’s growing population. Macquarie Capital’s energy principal completed in the US project finance As demand for the chemical team provided fundamental guidance commercial lending market +1,000 jobs continues to rise so will the need on the commercial structuring of the at peak construction for energy and chemical producers Texas-based project while sourcing to increase output and ultimately and negotiating key offtake agreements. help sustain global food supplies Macquarie Capital’s industry-leading infrastructure advisory team successfully led the construction equity raise and advised on the debt structuring in a first of its kind Information accurate at 31 March 2020 unless otherwise stated. transaction for US infrastructure capital © Macquarie Group Limited 112 Shaping the future of sustainable commodity markets

Opportunity Actions Outcomes First exchange that uses machine Issued by Sydney and Investment anticipates the XCHG platform empowers learning and AI to convert ESG San Francisco-based Xpansiv evolution of the commodities participants to value products data into digital, environmental CBL Holding Group (XCHG), market, and Macquarie’s based on environmental commodity attributes to be traded Macquarie, as part of a growing presence in impact, water usage and sustainable commodities with, or disaggregated from, consortium, invested in carbon emissions physical commodities a $US25 million convertible Data is captured at source note round onwards and provides XCHG will be a key enabler for environmental provenance Macquarie’s wider carbon offset and visibility over the financing and trading business commodity’s GHG footprint and other ESG characteristics

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 113 Acquisition brings iconic Australian gold asset under 100% domestic ownership for the first time

Opportunity Actions Outcomes Following the sale of Barrick Gold Macquarie Capital assisted Corporation’s 50% interest in the Northern Star to successfully 100% 80Moz Kalgoorlie Super Pit to Saracen negotiate, finance and agree the Australian ownership gold endowment as part Mineral Holdings in November terms of the $US800 million of Kalgoorlie Super Pit of the greater Golden Mile 2019, Northern Star Resources transaction with Newmont. and Mt Charlotte Systems Limited and Macquarie Capital Macquarie Capital acted as quickly pivoted to engage with financial adviser to Northern Star 590kozpa Newmont Goldcorp Corporation on the acquisition and as global average gold production $A765 million regarding the possible sale coordinator, joint lead manager, over the last two calendar years, equity raised to partially of its remaining 50% interest bookrunner and underwriter to Australia’s 3rd largest gold mine fund the transaction in the asset the associated $A765 million equity raising Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 114 Offering clients a deeper, broader global energy team

Opportunity Actions Outcomes Macquarie saw the opportunity Completing the acquisitions Enhanced capability, adding to expand the depth and Increased oil logistics of the Cargill Petroleum and capability across Latin America, breadth of its global energy Cargill North America Power 110+ China, Africa, the Middle East platform, adding new and Gas businesses, energy specialists capabilities and expertise Macquarie has grown the Expanded services and support it Greater oil insights provides to customers geographic coverage Expands coverage Access to of North American new markets gas and power and customers

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 115 Maximising primary production through precision farming

Opportunity Actions Outcomes Demand for food is being driven Precision farming technologies by global population growth, and have been introduced to the 20 years 90,000 hectares increasing urbanisation and 90,000 hectares of cropping of experience in agriculture managed down to 2cm accuracy wealth in emerging markets farmland owned by a Macquarie-managed fund 32% 60% above Australian national reduction in chemicals average for primary winter using weedseeker technology, crop production yield in 2017 reducing environmental impact

Employs 300+ people Drone and satellite from local communities technology monitors crops

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 116 Our expertise in focus Renewables

$A20.4 billion No.1 Leading 450+ renewable energy assets global renewables global renewables green energy and under management1 financial advisor2 developer investment specialists3

$US5.5 billion European Renewable Best syndicated invested in or arranged Renewables Energy green loan5 in green projects in FY20 Deal of the Year Deal of the Year – East Anglia ONE4 – Formosa 1 Offshore Wind Farm5

A global leader in the transition to a greener economy

1. At 31 March 2020. 2. Inspiratia (CY19, by transaction volume and deal count). 3. Including investment platform personnel. 4. CY19 Infrastructure Investor. 5. The Asset Triple A Infrastructure Awards 2019. © Macquarie Group Limited 118 How we built our renewables expertise

Green Investment Bank acquisition (’17) Geothermal (’17) Offshore Wind (since ’10) Solar PV (since ’08) Biomass (since ’05) Landfill gas/Biogas (since ’05) Hydro (since ’05) Onshore Wind (since ’05) Renewables (since ’05) Energy Infrastructure (since ’04) Meters (since ‘03) Power (since ’97)

1990 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

$8.4 trillion 250% 25% to be invested in expected increase of US coal-fired wind and solar in green energy power set to be globally by 20501 generation globally retired by 20251 from 2018 to 20251

58% 40% increase year-on-year globally What's going on in green energy of total electricity in energy storage deployment until 20252 globally will be wind globally is an exciting story and solar by 20251 “presenting opportunities that we have the expertise to pursue.”

A powerful platform supporting the next phase of expansion Daniel Wong in renewable energy Co-Head of Macquarie Capital

1. BNEF. 2. IRENA, 2020 https://www.irena.org/newsroom/articles/2020/Mar/Battery-storage-paves-way-for-a-renewable-powered-future. © Macquarie Group Limited 120 Case studies Renewables

Opportunity Actions Outcomes Taiwan is prioritising renewable Macquarie’s Green Investment Up to Powering over approximately energy development. The Group, alongside partners, has been Government aims to increase developing and investing in the electricity generated from renewable 2.5GW 2 million Formosa projects, which includes offshore wind assets homes in Taiwan once completed power from 5% now to 20% in 2025, Taiwan’s first offshore wind farm – including 5.5GW of offshore wind under development Formosa 1. The team utilised Industry recognitions of Formosa 1 and an additional 10GW by 2035 extensive offshore wind expertise and considered issues less common • The Asset’s Renewable in the mature markets of Europe, 128MW Deal of the Year APAC 2019 such as typhoons, tsunamis and capacity in Formosa 1 and • PFI Renewables limited grid infrastructure. Formosa 2 is Taiwan’s first and only Deal of the Year 2018 is now under construction while commercial-scale wind • IJGlobal’s Offshore Wind Deal Formosa 3 pursues its next round of farm in operation of the Year in Asia-Pacific 2018 Information accurate at 31 March 2020 unless otherwise stated. grid allocation © Macquarie Group Limited 122 Supporting Australia’s transition to renewable energy

Opportunity Actions Outcomes Palisade Investment Partners Macquarie Capital acted as Largest sale Enterprise value of (Palisade), on behalf of funds financial adviser and debt arranger ~$A1,073 million managed by Palisade and First to Palisade on the acquisition, transaction for an operational wind farm with proceeds to Tilt of State Super, sought to grow successfully navigating a highly $A472 million and diversify their Australian competitive sales process. in Australia by value renewable energy portfolio The project reached financial Builds on Macquarie’s through the acquisition of the close in December 2019, Capable of generating 270MW of energy, equivalent extensive track-record 270MW Snowtown 2 Wind shortly after entering into in the Australian to providing power to over of success Farm from Tilt Renewables (Tilt) binding sales arrangements renewable energy sector 140,000 homes per year

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 123 Supporting green energy infrastructure in emerging economies

Opportunity Actions Outcomes To mobilise capital to help the With a mandate to invest Clean electricity for world’s developing economies £200 million from the 200,000+ adapt to climate change, International Climate Fund solar photovoltaic panels Macquarie’s Green investment across a range of projects, 20,000+ homes in India’s second installed across ~240 acres Group formed UK Climate UKCI first helped finance most populous state Investments (UKCI)1 with a utility-scale solar farm the UK Government in Maharashtra, India2 Helped avoid 60MWp tonnes of generation capacity 80,000 of carbon emissions

Information accurate at 31 March 2020 unless otherwise stated. 1. Joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. 2. 49% stake. © Macquarie Group Limited 124 Supporting the transition to a greener economy in Poland

Opportunity Actions Outcomes Poland is committed to having Macquarie's Green Investment Operational since 2014, the wind GIG underpinned the equity 21% of gross final energy Group (GIG) acquired the 42 MW farm consists of 21 Enercon E82 investment with a long-term consumed come from renewable Kisielice onshore wind farm turbines, generating enough corporate PPA with Signify energy sources by 20301. Kisielice in Poland. renewable electricity to power The PPA will deliver onshore wind farm is a contributor GIG brought together an intricate 45,000+ homes per year towards that goal set of contracts, structures and ~85 GWh concepts across fields of expertise A physical route-to-market Power of renewable energy annually ranging from infrastructure Purchase Agreement (PPA) was to Signify’s Polish operations, investment to project financing, structured with a floating price, contributing to their and renewable energy trading to together with hedging contracts for RE100 commitments operational asset management Polish Property Right Certificates, with a leading utility and energy Information accurate at 31 March 2020 unless otherwise stated. 1. https://www.gov.pl/web/energia/draft-energy-policy-of- poland-until-2040. trading company, Axpo © Macquarie Group Limited 125 Partnering with Japanese clients to fuel Macquarie’s green energy development

Opportunity Actions Outcomes In response to the growing interest To demonstrate Macquarie’s First-of-its-kind Eligible green projects in green investment across Japan, longstanding commitment to green green loan issued by an across all continents stand Macquarie engaged investors energy and technology, we issued Australian financial institution to benefit from proceeds from extensively in the region throughout the $US300 million Samurai loan 2019 and early 2020 with the facility (the Facility), including a into the Japanese market the loan’s green tranche objective of issuing the Samurai $US150 million green tranche. Macquarie’s green footprint green loan facility – a first-of-its- The Facility was arranged by $US300 million kind, green loan issued by an Sumitomo Mitsui Banking Samurai loan facility, including expected to increase, with the Australian financial institution into Corporation (SMBC) and Macquarie a $US150 million green tranche Samurai loan building on the Japanese market Capital Securities Japan Limited >10 green projects funded by (Tokyo Branch) with the participation Four Japanese bank financiers Macquarie’s Green Financing 1 of four Japanese bank financiers participated in arranging the transactions in 2019 loan facility Information accurate at 31 March 2020 unless otherwise stated. 1. Macquarie: Green Finance Impact Report 2019. © Macquarie Group Limited 126 Accelerating energy transition in the UK

Opportunity Actions Outcomes East Anglia ONE is one of the Macquarie's Green Investment When fully operational East Anglia The development is supporting world’s largest offshore wind Group (GIG) acquired a 40% ONE will supply clean energy thousands of jobs throughout farms with 102 turbines installed, stake in the 714 MW East Anglia to the equivalent of over the supply chain contributing to the UK’s target of ONE offshore wind farm, adding 600,000 households net zero emissions by 2050 to our extensive UK offshore wind Macquarie Group, including GIG, track record Over 50% of all project investment has now supported almost will be spent in the UK – with 50% of the UK’s offshore GIG was able to leverage our wind capacity extensive sector experience to £70 million pledged drive value, reduce project risk to support businesses in the and improve project negotiations East of England

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 127 Installing the first commercial floating LiDAR in Korea

Opportunity Actions Outcomes South Korea is currently the fourth Macquarie's Green Investment largest coal importer in the world. Group (GIG) has installed Korea’s 1.5GW 500MW Fossil fuel energy accounts for first floating LiDAR system – it is offshore wind assets is targeted for completion nearly two-thirds of the country’s one of the first critical steps in the under development by 2023 electricity generation. In 2017, development of GIG’s first South South Korea announced the Korean offshore wind farm located Renewable Energy 3020 60km off the coast of Ulsan, the Implementation Plan (“RE3020”) industrial powerhouse in Korea. 1st 2 years setting a goal to produce 20% of The LiDAR will collect wind commercial floating LiDAR of wind-measurement its energy from renewable sources resource data and support GIG system installed in Korea campaign will commence to by 2030 in designing the project and collect valuable data of wind evaluating its influence on the resources on project design environment, ecosystem and fishing industry Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 128 Facilitating Australia’s transition to a lower carbon electricity system

Opportunity Actions Outcomes With the falling costs of new Macquarie Capital acted as sole renewables and thermal financial adviser to Snowy Hydro $A5.1 billion 350,000MWh generation progressively retiring, on the $A5.1 billion Snowy 2.0 Total project value1 Deep energy storage the National Electricity Market is expansion of the historic Snowy to provide network reliability transitioning to a lower-emissions Mountains Scheme. Macquarie future. This requires substantial Capital worked with Snowy $A3.2 billion investment in energy storage to Hydro’s management team to Bi-lateral corporate facilities 2,000MW Additional flexible renewable ensure affordable, reliable, and raise $A3.2 billion of bilateral energy capacity stable energy is always available corporate facilities and ensure to Australian households and a robust, market-leading debt businesses. Snowy 2.0 is a crucial package was achieved 5,000 step in achieving this Direct and indirect jobs over Information accurate at 31 March 2020 unless otherwise stated. 1. Including fixed escalation. the life of the project © Macquarie Group Limited 129 Financing the largest onshore wind farm in Europe

Opportunity Actions Outcomes The EU has ambitious climate In its first investment outside the Largest known wind power Uses and energy targets for 2030, UK, the Green Investment Group purchase agreement in the aiming to provide affordable, acted as development partner and world to underwrite supply 179 3.63MW secure and sustainable energy equity investor in Sweden’s best-in-class wind turbines Markbygden ETT wind farm, Committed with Macquarie Capital acting To provide as financial adviser ~€160 million for 50% stake 650MW to Nordic region Europe’s largest single-site onshore wind farm

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 130 Turning industry green with Scotland’s waste resources

Opportunity Actions Outcomes Following a ban on waste-to- Macquarie’s Green Investment The £210 million facility Will supply 100% of chemical landfill and a goal to improve Group (GIG) partnered with is expected to create manufacturer CalaChem’s industry productivity, Scotland’s Covanta & Brockwell Energy to 500 construction jobs heat and power needs Climate Change Plan is creating develop and fund a 21.5 MWe and 30 long-term roles through a tailored agreement demand for a new generation of energy-from-waste combined heat energy-from-waste infrastructure and power facility in Scotland Transforming A direct source of heat and power for residents 216,000 of Earls Gate Industrial Park tonnes p.a of waste into 79 GWh power 81 GWh heat Estimated to avoid 95 ktCO2e per year equivalent to taking 41,500 cars off the road

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 131 Partnerships to develop new investment models

Opportunity Actions Outcomes Sweden’s ambitious goal to reach Macquarie’s Green Investment Secured €270 million total Originated a 29 year PPA with net zero emissions of greenhouse Group (GIG) partnered funding – committing 100% Norsk Hydro – one of the largest gases by 2045 is accelerating with Swedish developer of the equity and raising known European power purchase efforts to develop and build new SCA Energy to commercialise, ~€160 million of senior debt agreements to date renewable project structure and finance a 235 MW onshore wind farm in central Adding 235 MW of renewable Contributing potential Sweden, including originating capacity in the Nordic region CO2 savings of a 29 year fixed-volume corporate Will feature 56 4.2MW turbines 33 ktonnes p.a. Power Purchase Agreement to support delivery of Sweden’s from Siemens Gamesa creating climate change targets some of the largest structures in Sweden

Information accurate at 31 March 2020 unless otherwise stated. © Macquarie Group Limited 132 Discover more about the outcomes Macquarie generates at www.macquarie.com/discover

Except for Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL), any Macquarie entity referred to above is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

This information is a general description of the Macquarie Group only. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice. No information set out above constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial, credit or lending product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned may not be suitable for you and may not be available in all jurisdictions. All securities and financial products or instrument transactions involve risks. Past performance of any product described above is not a reliable indication of future performance.

Unless otherwise specified all information is correct at 31 March 2020.

For important disclosures and information about the incorporation and regulated status of Macquarie Group entities please see: www.macquarie.com/disclosures