Macquarie Group Limited — AGM Information 2008

Jul 22, 2008

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Macquarie Group Limited 2008 Annual General Meeting

23 July 2008

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Macquarie Group Limited 2008 Annual General Meeting

23 July 2008

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Disclaimer
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This presentation has been prepared by Macquarie Group Limited (Macquarie) ABN 94 122 169 279. This presentation is general advice only and does not take account of your objectives, financial situation or needs. Before acting on general advice you should consider the appropriateness of the advice having regard to these matters. Information, including forecast financial information, should not be considered as a recommendation in relation to holding, purchasing or selling securities or other instruments. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside the control of Macquarie. Past performance is not a reliable indication of future performance.

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Profit of $A1.8 billion
Consistent with guidance: 23% increase on prior
year
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$Am

2,000 1,800 1,600 1,400 1,200 1,000 $A812m 800 600 $A494m 400

$A916m

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$A1.46b

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$A1.80b

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Operating Income of $A8.2 billion
15% increase on prior year
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$Am
9,000
8,000
$A7.2b
7,000
6,000
$A4.8b
5,000
$A4.2b
4,000
$A2.8b
3,000
2,000
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$A8.2b

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Earnings per share of $A6.71
13% increase on prior year
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Acps
700 671cps
600 592cps
500
400cps
400 370cps
300
233cps
200
100
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Dividend per share of $A3.45
10% increase on prior year
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�
52% payout ratio on total dividends for year ended 31 March 2008, 100% franked
Acps
400
345cps
Special dividend
350
315cps
300
250
215cps
201cps
200
150
122cps
100
50
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Assets under management of $A232 billion
18% increase on prior year
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$Ab
250
Securities Wholesale $A232b
Securities Retail
Other Specialist
200 $A197b
Real estate
Infrastructure
150 $A140b
$A97b
100
$A63b
50
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International income of $A4.3 billion
14% increase on prior year, Asia-Pacific up 71%
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• 57% of operating income[1]

• $US/$A exchange rate strengthened from $0.60 at 1 April 2003 to $0.91 at 31 March 2008

• $Am

• 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 $A1.3b 1,000 $A696m

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$A2.0b
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$A3.8b
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$A4.3b
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Capital growth
Return on equity: 23.7%
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• Consistently grown capital ahead of business requirements to allow for future growth

$Ab

• $12 New Capital* Macquarie Income Preferred Securities

• $10 Macquarie Income Securities Ordinary shareholders equity

• $8 $6 $A5.3b $A4.4b

• $4 $A2.8b

• $2

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$A7.5b
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$A10.0b

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Some notable events of the past year
MSCI World Diversified Financials Index
130
120
110
100
90
80
70
60
50
The Times
(March 2007)
Sub-prime
saga could
prove very
nasty
Index
30-Mar-07 14-Apr-07 29-Apr-07 14-May-07
-Mar-07 -Apr-07 -Apr-07 May-07 May-07 -Jun-07 -Jun-07 3-Jul-07 8-Jul-07 Aug-07 Aug-07 Sep-07 Sep-07 -Oct-07 -Oct-07 -Nov-07 -Nov-07 Dec-07 Dec-07 -Jan-08 -Jan-08 -Feb-08 -Feb-08 -Mar-08 -Mar-08 -Apr-08 -Apr-08 May-08 May-08 -Jun-08 -Jun-08 7-Jul-08
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Some notable events of the past year
MSCI World Diversified Financials Index
130
120
110
100
90
80
70
60
50
“Credit markets
will remain
virtually closed”
Business Week
(Aug 2007)
Index
28-Jul-07 12-Aug-07 27-Aug-07 11-Sep-07
-Mar-07 -Apr-07 -Apr-07 May-07 May-07 -Jun-07 -Jun-07 3-Jul-07 8-Jul-07 Aug-07 Aug-07 Sep-07 Sep-07 -Oct-07 -Oct-07 -Nov-07 -Nov-07 Dec-07 Dec-07 -Jan-08 -Jan-08 -Feb-08 -Feb-08 -Mar-08 -Mar-08 -Apr-08 -Apr-08 May-08 May-08 -Jun-08 -Jun-08 7-Jul-08
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Some notable events of the past year
MSCI World Diversified Financials Index
130
120
110
100
90
80
70
60
50
Reuters
(Sep 2007)
Northern Rock
shares plunge,
customers flee
Index
12-Aug-07 27-Aug-07 11-Sep-07 26-Sep-07
-Mar-07 -Apr-07 -Apr-07 May-07 May-07 -Jun-07 -Jun-07 3-Jul-07 8-Jul-07 Aug-07 Aug-07 Sep-07 Sep-07 -Oct-07 -Oct-07 -Nov-07 -Nov-07 Dec-07 Dec-07 -Jan-08 -Jan-08 -Feb-08 -Feb-08 -Mar-08 -Mar-08 -Apr-08 -Apr-08 May-08 May-08 -Jun-08 -Jun-08 7-Jul-08
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Some notable events of the past year
MSCI World Diversified Financials Index
130
120
110
100
90
80
70
60
50
Fed announces
liquidity facility
for investment
banks
(Mar 2008)
The Times
(Mar 2008)
Bear Stearns
sold to JP
Morgan under
US Treasury
pressure
Index
08-Feb-08 23-Feb-08 09-Mar-08 24-Mar-08
Mar-07 Apr-07 Apr-07 ay-07 ay-07 un-07 un-07 Jul-07 Jul-07 ug-07 ug-07 ep-07 ep-07 Oct-07 Oct-07 Nov-07 Nov-07 ec-07 ec-07 an-08 an-08 eb-08 eb-08 Mar-08 Mar-08 Apr-08 Apr-08 ay-08 ay-08 un-08 un-08 Jul-08
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Some notable events of the past year
MSCI World Diversified Financials Index
130
120
110
100
90
80
70
60
50
Panic as Fannie
Mae & Freddie
Mac dive
The Times
Bloomberg (Jul 2008)
(Jun 2008)
US stocks tumble
sending Dow to
worst June since
Depression
Index
Mar-07 Apr-07 Apr-07 ay-07 ay-07 un-07 un-07 Jul-07 Jul-07 ug-07 ug-07 ep-07 ep-07 Oct-07 Oct-07 Nov-07 Nov-07 ec-07 ec-07 an-08 an-08 eb-08 eb-08 Mar-08 Mar-08 Apr-08 Apr-08 ay-08 ay-08 un-08 un-08 Jul-08
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Not withstanding Macquarie’s good operating
performance, our share price has largely
reflected global financials over last 12 months
130
MSCI World Diversified Financials Index
Macquarie Group
120
110
100
90
80
70
60
50
Index
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The ASX 200 has returned to July 2006
levels
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Index				Index	Index
		ASX	200
6800					6800
6300					6300
5800					5800
5300					5300

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Resources stocks have outperformed
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ASX200 Index
Index
140 140
130 130
120 120
110 110
100 100
90 90
80 80
Industrials ex financials
70 70
Financials ex A-REITs
60 A-REITs 60
Resources
50 50
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The financial services industry globally
has been affected
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• No financial institution immune from effect of adverse market conditions, however we have performed well relative to our peers, even in very tough market conditions, because:

• Derive most operating income from provision of products and services to clients

• Long-term record of successful risk management. No problem trading exposures and no material problem credit exposures.

• Diversified by business mix and geography

• Regulated by Australian Prudential Regulation Authority (APRA) as holding company of an Australian bank. Operations subject to over 100 regulatory agencies around the world.

• Continually adapting to change – market downturns have typically created opportunities

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Long-standing key philosophies
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• Strong risk management

• Strong goals and values

• Encouraging an entrepreneurial environment

• Philosophy of freedom within boundaries

• Remuneration systems

• Recognise success

• Encourage long-term commitment

• Aligned with shareholder interests

• Focus on delivering special value for clients

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Very well positioned
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• Macquarie remains

• Very profitable

• Well capitalised

• Well funded

• No unusual trading exposures

• No unusual concerns with credit quality

• Reflects Macquarie’s strong commitment to risk management

• Despite market conditions, global business platform has never been stronger

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Macquarie Group Limited 2008 Annual General Meeting

23 July 2008

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Key drivers of year to 31 March 2008
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• Strong performance from equities related businesses in Asia, Australia and Europe, especially in 1H08

• Substantial investment banking deal flow – value of transactions $A200b

• Record volumes in foreign exchange and commodity related businesses

• Record performance fees

• Assets under management up 18% on prior year to $A232b

• Expanded capital base

• Asset realisations down

• Write-down of $A293m on holdings in listed real estate investments – impact on NPAT approximately $A90m

• No significant trading or credit write-downs

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Strong broad-based growth
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• Group growth driven by:

• Previous business investment

• Diversification by product and geography

• Continued strong demand for Macquarie products

• Good contribution from most operating groups. Exceptions:

• Real Estate Group contribution impacted by write-down on holdings in listed real estate investments

• Mortgages business operating result affected by effective closure of mortgage securitisation markets

• Continuing to selectively grow staff and focus on longer term prospects

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Diverse sources of income
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Dividends & distributions, 1.0% Base funds management fees, specialist funds, 7.2%
Share of net profits of associates, 1.9%
Base funds management fees, other funds, 3.8%
Net interest income, 8.1%
Interest rate products, 1.2%
Foreign exchange products, 3.0% Performance fees, 4.4%
Commodities products, 4.5%
Income from asset
realisations, 11.2%
Equity derivatives products, 13.4%
Other fee and commission income, 2.3% Mergers and acquisitions,
Funds under administration, 1.7% advisory and underwriting, 16.8%
Banking, lending and securitisation 0.8%
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Diverse sources of income
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Commodities, resources^ and Lending, leasing and margin
foreign exchange, 13% related income, 11%
Cash equities –
institutional & retail, 13%
Equity derivatives, 15%
Asset & equity investments
(excl. specialist funds)^
and other income, 11%
Specialist funds including
infrastructure and real estate
Third party M&A and (incl. M&A and asset sales), 20%
advisory income^, 9%
Securities funds management and
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Geographically diverse sources of income
Note: Income in each region excludes earnings on capital and other corporate items
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Australia
$Am
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2004 2005 2006 2007 2008
Australia: 2007 included significant income from a number of asset realisations,
including Goodman Group.
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Asia-Pacific
$Am
2500
2000
1500
1000
500
0
2004 2005 2006 2007 2008
Asia-Pacific: market conditions held up well in 2008, and the region also
benefited from the realisation of the investment in Macquarie-IMM.
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$Am 2500 Europe, Africa, Middle East 2000

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$Am
2500 Americas
2000
1500
1000
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1500

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No unusual trading exposures
Our robust risk management has proven effective in
this environment
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• Main business focus is making returns by providing services to clients rather than by principal trading

• No problem trading exposures

• No material problem credit exposures

• No exposure to Structured Investment Vehicles (SIVs)

• No subprime lending

• Longstanding policy of granting very few standbys and warehouses

• No problems with debt underwritings

• Only modest holdings of highly rated debt instruments partially backed by US subprime mortgages

• No underwriting of leveraged loans

• Very little underwriting of corporate loans

• Modest credit exposures to the hedge fund industry

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Very well funded – supporting ongoing
business and growth
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Liquid Assets Deposits
25
20
$A20.3b
20
$A15.5b
15
15
10
$A8.5b
10
$A6.0b
5
5
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Very well funded – supporting ongoing
business and growth
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Term assets more than covered by
Excess Capital
term funding
12
$A32.0b
32
10
Convertible
Preference
Security Offer Excess Capital
8 $600m
$A3.6b
$A28.1b
6
27
4
Regulatory
Capital
2
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Growth through the cycle
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120
100
0.8
Hill Samuel First listed
80 0.6 UK opens property trust
branch Global real
Enter
office in estate crash
stockbroking
0.4 Sydney
London
60
office
0.2 opens
Stock market
crash
0
40
1969 1970 1971 1972 1973 1974 1975 1976
MBL
established
20 $A floated
Profit ($Am)
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Growth through the cycle
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Orion Securities Credit market
2000 disruption
CIT Systems Leasing
Group restructure
1800
1600 Giuliani Capital
SARS
Russian debt
1400 crisis 9/11
US recession Thames
Asian financial
Water
1200 crisis
ING
Dot com
acquired
crash Sydney
1000 BT
Airport
Australia
800 Hills acquired
Motorway
600
Mortgage
securitisation
400
MBL listed
Profit ($Am)
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Some new growth initiatives
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Lending, leasing and margin related income, 11%

Commodities, resources^ and foreign exchange, 13%

• Acquisition of US based CIT Systems Leasing

• Freight derivative services to shipping and freight industry

• New deposit and other retail products

• Carbon trading initiatives

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Cash equities – institutional + retail, 13%

• Structured credit

• Securities businesses

• expansion in UK & US

• Asset & equity investments (excl. specialist funds)^

• and other income, 11%

• Equity derivatives, 15%

• � Internal merger forming combined equities business

• Climate change investments

• 65% of US- based oil & gas provider - Express Energy Services

Specialist funds including infrastructure and real estate (including M&A and asset sales), 20%

Third party M&A and advisory income^, 9%

• Continued international expansion into Asia, Nth America and Europe

• Continued expansion of specialist

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Ó
Specialist funds serving the
community everyday
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Macquarie is a global leader in managing businesses that provide essential services

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Airports

+78 million passengers per annum

Roads

• +2.3 million cars per day

Rail

• +2.7 million passengers per annum

Ferries

• +6.1 million passengers per annum

Buses

• +290 million passengers per annum

Sea Ports

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Broadcast Communications

+90 million people through television, telephone and radio infrastructure & newspaper services

Gas[1 ]

+17.1 million households

Water[1 ]

+7.3 million households

Electricity

+3.1 million households

Aged Care/Retirement Villages

+11,700 beds +8,100 units

Directories

+35 million ‘yellow pages’ distributed

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Ó
Specialist funds businesses
performing well
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Macquarie Capital Funds’ largest businesses[1 ] have experienced continued EBITDA growth

30%

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27%
25%
19% [4]
20%
17% [3]
16%
15% 14% 14%
13%
11%
10% 9%
4%
5%
% Change in 1 year EBITDA growth2
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Ó
Specialist funds strong investor support
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• Record $A22.4b raised over the 12 months to 31 March 2008

• 75% from international investors and 85% into unlisted funds or syndicates

• Fund raisings continue despite market conditions

$Ab

25

20 15 10 5

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		Fund	Raising ($Ab)
		Unlisted Infrastructure	7.74
		Listed Infrastructure	2.95
		Unlisted Real Estate	5.39
		Listed Real Estate	0.34
		EMG Funds	2.50
		Other	3.46
	FY08 TOTAL		$A22.4b

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Despite poor A-REIT market performance,
solid underlying asset performance
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• Occupancy remains high (above 96%) with long remaining lease terms

• Positive rental growth being achieved on lease expiries

• General US property operating conditions becoming more difficult, especially in retail and financial services sectors, but rental earnings in Macquarie REITs to date have been largely unaffected

• Macquarie REITs have no significant development exposure

• Asset sale transaction volumes remain low – limited evidence of current market values

• Macquarie’s strategies include:

• Continued focus on asset performance

• Selective asset sales

• Debt reduction and term extension/renewal

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The global economy is running at two
speeds
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8 %	Chg on Prev Yr		Total	World Global Real GDP Growth	World Global Real GDP Growth	% Chg on	Prev Yr	8
			Advanced economies
7								7
			Emerging and developing		economies
6								6
5								5
4								4
3								3
2								2
1								1

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China is the engine of global growth
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0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	0.5 1.0 1.5 2.0 2.5 3.0 Contribution to global growth (%)	China	China	US	US	Europe	Europe		% chg on prev yr	% chg on prev yr	% chg on prev yr	% chg on prev yr	% chg on prev yr	0.5 1.0 1.5 2.0 2.5 3.0
0.0																		0.0

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We expect to see ongoing growth in
demand for commodities
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% of total	China’s	demand as a % of world total	demand as a % of world total	% of total	% of total
70% 80%		Copper Aluminium Zinc Nickel		Macquarie projection	70% 80%
60%		Iron Ore (Trade)			60%
40% 50%		Oil Steel			40% 50%
20% 30%					20% 30%
10%					10%

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This provides a significant boost to
Australia’s terms of trade
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Index Mar 86=100 Terms of Trade Index Mar 86=100 Treasury estimates the
200 200
gains to the terms of trade
AUS US CAN UK
Impact of soaring this year will add:
180 bulk commodity 180 �
9% to nominal GDP
prices
�
20% to corporate
160 160
profits
�
9% to labour income
140 140
�
200,000 jobs
120 120
100 100
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80

80

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Expect Australian growth to moderate but
should remain reasonable
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Contribution to GDP (%) Composition of Growth % Chg on Prev Yr
10 10
Household Consumption Business Investment
8 Housing Net Exports 8
Other GDP (RHS)
6 6
4 4
2 2
0 0
-2 -2
GDP growth is the
-4 annual average % chg -4
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However, the Australian economy is
running at two speeds
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Gross State Product % Chg on Prev Yr % Chg on Prev Yr

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10 10
NSW, VIC, SA, Tas, ACT WA, Qld, NT
8 8
6 6
4 4
2 2
0 0
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Global market conditions
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� Credit markets

• Since August 2007, credit markets have been extremely difficult and funding has been more expensive

• Funding costs at significantly higher levels than pre-August 2007

� Equity markets

• Volumes have dropped off from very high levels of second half calendar 2007

• Asia down 13% for 6 months to 30 June 2008 compared with second half calendar 2007

• Australia down 9% for 6 months to 30 June 2008 compared with second half calendar 2007

� Mergers & Acquisitions and Equity Capital Markets

• Activity levels have fallen globally although pipeline reasonable

• Good levels of activity in Australia and, to a lesser extent, Asia

� Global real estate

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Solid first quarter but down on
record prior corresponding period
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• Conditions in many markets have deteriorated since this time last year. All groups operating profitably, but reported lower first quarter results than prior corresponding year’s record first quarter

• Businesses performing relatively well in more difficult market conditions. Good contributions from:

• Corporate finance and advisory

• Institutional and retail broking businesses, including equity derivatives

• Commodities related trading businesses

• Foreign exchange

• Expanded capital base provided higher earnings

• Remuneration expenses down, including estimated profit share

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Some highlights during the first quarter
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� Large advisory transactions

• BrisConnections consortium awarded 45 year concession to construct, operate & finance Brisbane Airport Link tollroad

• Adviser to BUPA on its $A2.4b merger with MBF

• Takeover defence adviser to Dyno Nobel on $A3.8b acquisition of Dyno Nobel by Incitec Pivot

• Joint Bookrunner and Joint Lead Manager to Shandong Chenming Paper's HK$3.2 billion H Share IPO

• Adviser to LS Cable Ltd, Korean-headquartered wire and cable manufacturer, on agreement to acquire US-based Superior Essex Inc. for US$1.2b. Korea's largest unsolicited acquisition of a US listed company.

• Completed two asset-backed securitisation transactions totalling $A1.8b – including one of largest publicly placed securitisations in Asia-Pacific region since commencement of credit disruption (SMART 2008-1E)

• Asset acquisitions/disposals

• Sale of 100% interest in Longview Oil & Gas, US-based oil and gas producer

• Macquarie and affiliates committed to acquire 65% interest in Express Energy Services, US-based oil and gas services provider

• Acquired majority holding in US fixed income funds management specialist, Allegiance Investment Management LLC

• Internal business mergers – creating broader product range and improved client service

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Some highlights during the first quarter
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• $A600m Convertible Preference Securities issue as part of Group funding strategy

• Continued growth of US/European broking businesses

• Macquarie Cook Power – growing involvement in US power markets

• Cash Management Trust over $A17b; Wrap over $A22b

• Investment Lending portfolio over $A6b

• New funds:

• Russian infrastructure fund (joint venture with Renaissance Capital)

• Indian infrastructure fund (Memorandum of Understanding with State Bank of India)

• Macquarie Special Situations Fund (co-investment opportunity fund)

• MGPA Fund III closed with commitments of US$5.2b; two private equity real estate funds, mandated to invest in Europe and Asia

• St Hilliers Property (JV) closed a $A200m open-ended wholesale development to core fund

• Other fund initiatives:

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Outlook – current year
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• Market conditions continue to make short-term forecasting more difficult than usual

• Solid start to the year, but current state of financial markets means that to repeat last year’s record performance is becoming increasingly challenging

• However, over the medium term we continue to be well placed due to:

• Effective risk management

• Good businesses, committed quality staff

• Strength, diversification and global reach of our businesses

• Benefits of ongoing organic growth initiatives

• Continued strong global investor demand for quality assets

• Strong capital base

• No problem trading exposures and no material problem credit exposures

• Opportunities in current environment due to our strong capital position

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Macquarie Group Limited 2008 Annual General Meeting

23 July 2008

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ITEM 2: REMUNERATION REPORT

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Remuneration Policy:
Focussing on Appropriate Objectives
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Driving long-term shareholder returns

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Aligning the interests of staff and shareholders

Attracting and retaining high quality people

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• Emphasising performance-based remuneration

• Linking remuneration to shareholder return drivers

• Emphasising direct alignment with long-term shareholder interests:

• Use of equity (shares, options)

• Use of retention mechanisms

• Consistency over time

• Providing globally competitive

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Executive Director Remuneration:
Emphasis on Performance-Based
Remuneration
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• Executive Director remuneration comprises three elements

• No special contractual termination payments

A function of profit Profit Share and excess return on equity; key drivers of shareholder returns Staff benefit if shareholders benefit Fixed Options Remuneration

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Executive Director Remuneration:
Ensuring Direct Long-Term Alignment of
Interests
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• Significant equity and retention arrangements ensure direct long-term alignment:

• 20% profit share retained for 10 years, linked to fund performance

• additional profit share invested in MQG shares for Executive Committee members (2009: 35% for Managing Director, 20% for other Executive Committee members)

• mandatory shareholding requirement

• options vest over 2-4 years, subject to challenging performance hurdle

• hedging prohibited in relation to shares or unvested options held under these arrangements

• voluntary additional equity participation available via other staff share plans

• Consistency in remuneration arrangements over time creates staff confidence to take

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Board Oversight of Remuneration
Approach
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• Board oversees the remuneration approach, assisted by the Remuneration Committee:

• Remuneration Committee: majority of independent directors

• key remuneration policies fully considered by Non-Executive Directors at least annually

• careful performance evaluation of top management

— use of independent remuneration consultants

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Success in Aligning the Interests of
Staff and Shareholders
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� Consistent profit growth and high return on equity reflect the outstanding efforts of staff

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Net profit after tax attributable to ordinary equityholdersReturn on ordinary equity
A$ million %
50
2,000
40
1,800
1,600 30
Macquarie
1,400
20
1,200
10
1,000
0
800
600 -10
400
-20
200
annual growth rate:
29%
Growth: 1,179%; compound
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
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Success in Attracting and Retaining
High Quality People
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• Shareholders have benefited from a stable management team

• Approximately 7% voluntary turnover rate for Director level (senior 20% of staff)

• 28% of Directors have been with the Group 5-10 years

• 28% of Directors have been with the Group 10+ years

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Success in Delivering Long-Term
Shareholder Returns
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� Total Shareholder Return 1,170% since July 1996 at MBL’s listing

� Macquarie and the nine best performing companies in the ASX 50 at July 1996 and international investment banking competitors

%

1,550 1,350 1,150 950 750 550 350 150

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Macquarie Group Limited 2008 Annual General Meeting

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GLOSSARY

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Glossary
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$US/USD	US Dollar
1H	First half
1H08	Half year ended 30 September 2007
ABS	Australian Bureau of Statistics
AGAAP	Australian Generally Accepted Accounting Principles
APRA	Australian Prudential Regulatory Authority
ASX	Australian Stock Exchange
AUD/$A	Australian dollar
AUM	Assets Under Management
Chg	Change
cps	cents per share
DRP	Dividend reinvestment plan
DUET	Diversified Utility and Energy Trusts
EBITDA	Earnings before interest, tax, dividends, appreciation & amortisation
EMG	Equity Markets Group
EPS	Earnings Per Share
FY	Full Year
GDP	Gross Domestic Product

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Glossary
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JV	Joint Venture
M&A	Mergers and Acquisitions
MAP/MAp	Macquarie Airports
MBL	Macquarie Bank Limited
MBL	Macquarie Bank Limited
MCG	Macquarie Communications Infrastructure Group
MIC	Macquarie Infrastructure Company Trust
MIG	Macquarie Infrastructure Group
MIIF	Macquarie International Infrastructure Fund
MKIF	Macquarie Korean Infrastructure Fund
MMG	Macquarie Media Group
MPR	Macquarie ProLogis Trust
MPT	Macquarie Power Income Fund
MQG	Macquarie Group Limited (ASX listed)
NPAT	Net Profit After Tax
NYSE	New York Stock Exchange
REIT	Real Estate Investment Trust
RHS	Right hand side