Macquarie Group Limited — AGM Information 2012

Jul 24, 2012

Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

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

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

Unless otherwise specified all information is for the year ended 31 March 2012.

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

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

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

Macquarie Group Limited 2012 Annual General Meeting

• This time last year we reflected on lower market confidence due to concerns over the European sovereign debt crisis, the strength of the US recovery and the ongoing impact of the Japanese tsunami

• Global uncertainty increased in FY12 with concerns over the US debt ceiling, the European debt crisis and slowing growth in China further eroding confidence and severely impacting client activity

• FY12 saw a similar pattern to FY11 with a particularly weak 1H followed by a stronger 2H as market conditions improved in some sectors

1H12 saw particularly volatile market conditions

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GLOBAL INDICES [1]
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VIX[1]

1H12 saw particularly volatile market conditions

OECD LEADING INDICATORS[1]

US CREDIT SPREADS

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FY12 Operating income of $A6,963m FY12 down 9% on FY11 2H12 up 15% on 1H12

FY12 EPS of $A2.10

FY12 down 26% on FY11 2H12 up 43% on 1H12

FY12 Profit of $A730m FY12 down 24% on FY11 2H12 up 39% on 1H12

FY12 DPS of $A1.40 FY12 down 25% on FY11

• FY12 dividend set at $A1.40, ~66% payout ratio, down on FY11 dividend of $A1.86

⎯ 2H12 dividend $A0.75 up on 1H12 dividend of $A0.65

• ⎯ Dividend remains unfranked

• Dividend policy remains 50 – 60% annual payout ratio

• Macquarie’s 10 year average Return on Equity: 18.4% compared to industry average[1] : 10.5%

• Industry return on equity (ROE) includes ROE of investment banks where this information is publicly available. Average of most recent 10 years, except in cases where 10 years of continuous data is not available for an investment bank, in which case the

� Since the GFC, Macquarie has outperformed the MSCI World Capital Markets Index by 14%[1]

• Richard Sheppard retired as Deputy Managing Director of MQG and Managing Director and Chief Executive Officer of MBL after 36 years with the Group and its predecessor, Hill Samuel

• Richard continues in the important role of Chairman of the Macquarie Group Foundation

• Roy Laidlaw retired as Executive Chairman of Macquarie Securities Group and Head of Macquarie Capital

  • Greg Ward succeeded Mr Sheppard as Deputy Managing Director of

• Patrick Upfold succeeded Mr Ward as Chief Financial Officer

• Tim Bishop succeeded Mr Laidlaw as Head of Macquarie Capital

Supporting communities for over 27 years

1,300+ organisations

3,300 days contributed

$A165m donated since inception

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Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

Result reflected improved	Result reflected improved	Result reflected improved	2H12 market conditions	2H12 market conditions
	FY12 vs FY11		2H12 vs 1H12
Operating income	$A7.0b	9%	$A3.7b	15%
Operating expenses	$A5.9b	8%	$A3.1b	9%
Tax expense	$A287m	2%	$A180m	68%
Profit	$A730m	24%	$A425m	39%
Earnings per share	$A2.10	26%	$A1.24	43%
Return on equity	6.8%	From 8.8%	7.8%	from 5.7%

EUROPE, MIDDLE EAST & AFRICA[2]

Income: $A1,229m (18% of total) Staff: 1,370

ASIA

Income: $A743m (11% of total) Staff: 2,795

AMERICAS

Income: $A2,044m (31% of total) Staff: 3,419

AUSTRALIA[3]

Income: $A2,654m (40% of total) Staff: 6,618

Operating	Income	Net Profit	Contribution
$A1.4b	6%	$A0.7b	36%
$A1.1b	23%	$A0.7b	22%
$A1.4b	6%	$A0.3b	4%
$A0.9b	33%	$A0.2b loss	From profit of $A0.2b
$A0.7b	28%	$A0.1b	60%
$A1.4b	4%	$A0.5b	6%

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Macquarie Funds Group
Record $A324b AUM
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Business

Top 50 global asset manager #1 global infrastructure manager

Capabilities: infrastructure and real assets, securities investment management, fund and equity-based solutions

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Corporate and Asset Finance
Net profit: $A146m to $A698m in 5 years
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Business

$A20.6b loan and asset portfolio Corporate debt & asset finance including: aircraft, motor vehicles, technology, healthcare, manufacturing, industrial, energy, rail & mining equipment

Leading Australian car financier

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Banking and Financial Services
Deposits: $A4b to $A29b in 5 years
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Business

1.14m clients

Australia’s #1 full-service retail broker, leading wrap platform

1 Independent Canadian Private Wealth

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Macquarie Securities Group
Well positioned for better market conditions
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Business

Strong Asia-Pacific foundations

Global institutional sales, research, ECM, execution, derivatives Specialities: infrastructure & utilities, resources, industrials, TMET, FIG, real estate

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Macquarie Capital Group
Well positioned for better market conditions
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Business

Global M&A, capital markets, and principal investing

Specialities: infrastructure, utilities & renewables; resources; real estate; TMET; industrials; financial institutions

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Fixed Income, Currencies and Commodities
Record second half
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Business

Commodity markets (69%): Metals & Energy Capital (MEC), Metals & Agriculture Sales and Trading, Energy Markets Financial markets (25%): Fixed Income & Currencies, Credit Trading, Asian Markets

Futures (6%)

Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

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Global events continue to sap confidence
EUROPE
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Sovereign debt crisis

Strength of US recovery

Concerns over slowing growth

1Q13 weak market conditions

ASX RETAIL CONSIDERATION TRADED – STOCK[1]

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AUSTRALIAN IPO’S AND SECONDARY ISSUES [3]
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US EQUITY AND BOND FUND FLOWS[2]

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DOW JONES UBS COMMODITY INDEX [4]
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• 1Q13 operating groups’ contribution[1] ahead of subdued pcp (1Q12) but down on prior quarter (4Q12)

• Annuity-style businesses[2] broadly flat on pcp

• Capital markets businesses[3] continue to be impacted by weak market conditions, but up on subdued pcp due to stronger performance by FICC

• Operating expenses down approx. 10% on pcp

• No significant one-off items

• Buyback progressing well with approx. $A120m of MQG shares bought back since commencement

• High levels of cash continue to impact current earnings

Macquarie Funds Group	� AUM of $323b, broadly in line with 31 March 2012 � Ranked first in Infrastructure Investor magazine's list of top infrastructure investors1 for the third consecutive year and received the "Best Infrastructure" and "Best Real Estate" Fund Manager House Awards for 2012 by AsianInvestor2 � Announced key investments in US, Russia, China and Germany � Macquarie Enhanced Global Bond Fund was recognised by AsianInvestor as the best Global Fixed Income Fund (Hedged)3 � Continued build out of global distribution platform, particularly in Asia and US
Corporate and Asset Finance	� Asset and loan portfolio of $A20.6b � Continuation of portfolio additions in corporate and real estate lending across new primary financings and secondary market acquisitions � Selective sale of aviation assets at attractive values � Ongoing growth of motor vehicle and equipment finance vendor programs � Growing pipeline of opportunities in mining equipment
Banking and Financial Services	� Macquarie Private Wealth remains No.1 ranked full-service retail stockbroker in Australia and was ranked No.1 National Independent Canadian Advisory Firm for the second consecutive year and No.2 of all investment advisory firms in Canada � Retail cash deposits exceed $A30b � Macquarie Wrap tops Wealth Insights Platform Service Rankings for second consecutive year

			Market Facing Businesses	Market Facing Businesses
			1Q13 Update
	Macquarie Securities Group	� �	Continued challenging macroeconomic environment and weak investor confidence due to European sovereign debt concerns and China growth concerns impacting commodity stocks Reduced market volumes down on prior period and well down on pcp
		�	Global ECM markets remain very subdued
		�	No.1 ranking in US and UK/European client surveys for Australian equities1, No.1 non-domestic
			Canadian equities platform1, No.1 market share in Singapore warrants2 and Indonesian ADRs3
	Macquarie Capital	� �	99 deals at $A19b, down 26% on prior period and down 23% on pcp (by value) No.2 in ANZ M&A and Australian M&A4
		�	No.2 in Africa/Middle East M&A5
		�	No.2 in Financial Advisers to European Buyouts6
		�	Middle Market Deal of the Year (NY) for Cumulus Media’s acquisition of Citadel broadcasting7
		�	Financial Excellence Award (Australia) for New Royal Adelaide Hospital8
		�	Best PPP Deal of the Year (EMEA) for Muharraq STP9
	Fixed Income, Currencies and	� �	Improved market conditions compared to pcp but still uncertainty, particularly in Europe Establishing Commodity Investor Products business offering commodity index products to institutional clients globally
	Commodities	�	Increased coverage of Latin American commodity products
		�	Maintained ranking as No.4 US physical gas marketer in North America10
1. G invo	reenwich Associates. 2. Market share by NOIP ‘Net over in lvement, 2Q CY12, Bloomberg. 6. By value, 2Q CY12, Mer	trinsic germa	premium’. 3. Bloomberg (using Rank Function, excluding trading firms). 4. Completed by number of deals, 2Q CY12 results, Thomson Reuters. 5. By value, announced deals any rket. 7. M&A Advisor. 8. IPA. 9. EMEA Finance. 10. Platts, Jun 12.	29

Funded balance sheet remains strong

� Harmonised Basel III Group capital of $A12.4 billion, Group surplus of $A3.5b at Jun 12[1]

• MBL Harmonised Basel III CET1 ratio is well above minimum CET1 + CCB and highest among peers

• MBL’s CET1 ratio of 11.7% compares favourably to the current estimated global average of 7.1% reported by BIS in a survey of 103 global banks[1]

• “Results of the Basel III monitoring exercise as of 30 June 2011”, Basel Committee on Banking Supervision, 12 Apr 2012. Average of 103 Group 1 banks (i.e. those that have Tier 1 capital in excess of €3b and are internationally active). 2. The Harmonised Basel III CET1 ratio for each bank is sourced from their most recently available Basel III public disclosure. For Australian banks, this refers to the disclosed estimated Basel III BIS ‘harmonised’ or ‘aligned’ CET1 ratios, which include full

MBL long term ratings stability Moody’s Ratings Movements from 1 May 2007

MBL has maintained its S&P rating for 21 years Standard & Poor’s Ratings Movements from 1 May 2007

Macquarie Group Limited 2012 Annual General Meeting

• Summarised below are the outlook statements for each operating group

• FY13 results will vary with market conditions, particularly the capital markets facing businesses which continue to experience volatility

	Netprofit contribution	Netprofit contribution	Netprofit contribution	Netprofit contribution	Netprofit contribution
Operating Group	FY07- FY12 historical range	FY07-FY12 average	FY12	FY13 outlook as announced at FY12 result	Update to FY13 outlook
Macquarie Funds	$A0.3b – $A1.1b	$A0.7b	$A0.7b	Broadly in line with FY12, subject toperformance fees	No change
Corporate and Asset Finance	$A0.1b – $A0.7b1	$A0.3b	$A0.7b	Broadly in line with FY12	No change
Banking and Financial Services	$A0.1b – $A0.3b2	$A0.2b	$A0.3b	Up on FY12	No change
Macquarie Securities	$A(0.2)b – $A1.2b	$A0.5b	$A(0.2)b	Up on FY12	Up on FY12 but unlikely to be profitable if current marketspersist
Macquarie Capital	$A(0.1)b – $A1.6b	$A0.5b	$A0.1b	Up on FY12	No change
FICC	$A0.5b – $A0.8b	$A0.6b	$A0.5b	Up on FY12	No change

• Consistent with our statement at the FY12 result announcement on 27 April 2012, we continue to expect an improved result for FY13 on FY12 provided market conditions for FY13 are not worse than FY12

• The FY13 result also remains subject to a range of other challenges including

• ⎯ the cost of our continued conservative approach to funding and capital

• ⎯ regulation, including the potential for regulatory changes

• ⎯ increased competition in some markets; and

• ⎯ the overall cost of funding

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

• Deep expertise in major markets

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

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

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

• ⎯ Three capital markets facing businesses:

  • ⎯ Macquarie Securities and Macquarie Capital are well positioned to benefit from improvements in market conditions with strong platforms and franchise positions

  • ⎯ FICC well placed to benefit from niche expertise and more normalised conditions

• Ongoing benefits of continued cost initiatives

• Strong and conservative balance sheet

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

• ⎯ Surplus funding and capital available to support growth

• Proven risk management framework and culture

Group	APRA Basel III Capital @ 8.5% ($Ab)	Approx. FY12 Return on Ordinary Equity1
Annuity-style businesses (excluding legacy)			Approx. 6-Year Return on Ordinary Equity1
Macquarie Funds Group	1.6	22%	20%2
Corporate and Asset Finance	2.2
Banking and Financial Services	0.7
Capital market businesses (excluding legacy)			6-Year average profit pre tax and profit share $Ab	Approx. 6-Year average Return on Ordinary Equity
Macquarie Securities	0.6	–	0.5	30%
Macquarie Capital	1.4		0.6	20%
Fixed Income, Currencies and Commodities	2.7	10%	0.6	15%

Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

Macquarie Group Limited 2012 Annual General Meeting

• To consider and receive the Financial Report, the Directors’ Report and the Auditor’s Report of Macquarie for the financial year ended 31 March 2012

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

⎯ That Mr PH Warne be re-elected as a Voting Director of Macquarie

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

⎯ To adopt the Remuneration Report of Macquarie for the year ended 31 March 2012

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

• Key elements of Macquarie’s remuneration framework:

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

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

• ⎯ That the following be approved for all purposes:

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

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

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

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

⎯ That the issue of $US250 million of Macquarie Exchangeable Capital Securities by Macquarie Bank Limited, acting through its London Branch (Issuer), on the terms and conditions set out in the Offering Circular issued by the issuer and lodged with ASX on 26 March 2012 and summarised in the Explanatory Notes to the Notice of Meeting convening this meeting, is approved for all ASX Listing Rule purposes.

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

⎯ That, for the purposes of section 257C of the Corporations Act 2001 (Cth) and for all other purposes, the Company is authorised to conduct an onmarket buy-back of ordinary fully paid shares in the Company (Shares) in the 12 month period following the approval of this resolution, provided that the number of Shares bought back does not exceed 52,022,244 (being 15 per cent of the lowest number of Shares on issue in the 12 months prior to 27 April 2012) less any Shares bought back between that date and the date of this meeting, in accordance with the terms and on the basis described in the Explanatory Notes to the Notice of Meeting convening this meeting.

Macquarie Group Limited 2012 Annual General Meeting 25 July 2012

Macquarie Group Limited 2012 Annual General Meeting

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

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

	Jun 12	Mar 12	Mar 11
	$Ab	$Ab	$Ab
Total assets per Statutory Balance Sheet	152.8	153.6	157.6
Deductions:
Self funded trading assets	(10.0)	(10.0)	(14.7)
Derivative revaluation accounting gross ups	(22.5)	(20.5)	(20.5)
Life investment contracts and other segregated assets	(8.9)	(9.0)	(8.1)
Broker settlement balances	(7.1)	(9.2)	(6.3)
Short-term working capital assets	(5.8)	(5.7)	(7.6)
Less non-recourse funded assets:
Securitised assets and non-recourse warehouses	(12.2)	(13.0)	(12.8)
Total assets per Funded Balance Sheet	86.3	86.2	87.6

Macquarie Group Limited 2012 Annual General Meeting

Slide 18 – Macquarie Funds Group	Slide 18 – Macquarie Funds Group	Slide 18 – Macquarie Funds Group
Statistic		Source
1	Top 50 global asset manager	By assets under management
2.	#1 global infrastructure manager	Ranked first in Infrastructure Investor magazine's list of top infrastructure investors. Based on the amount of infrastructure direct investment capital formed in the last five years
3.	Awards: Lipper	Awarded ten Lipper Fund Awards in 2012 across the US, Europe and Asia including Best Mixed Asset Small Company for Delaware Investments and Best Overall Small Company for Macquarie Investment Management Austria
Slide 20 – Banking and Financial Services
Statistic		Source
1.	Australia’s #1 full-service retail broker	IRESS: Consideration traded and volume, 31 March 12
2.	Leading wrap platform	Macquarie Wrap ranked top Australian platform in the prestigious Wealth Insights 2011 Platforms Service Level Report
3.	#1 Independent Canadian Private Wealth	Investment Executive Brokerage Report Card for 2012

Slide 21 – Macquarie Securities Group	Slide 21 – Macquarie Securities Group	Slide 21 – Macquarie Securities Group
Statistic		Source
1.	Top ranked Australian Institutional sales & research	No.2 overall research and sales strength for Australian institutional investors. Peter Lee Associates Survey of Asian/Australian Institutional Investors – Australian Equities
Slide 22 – Macquarie Capital Group
Statistic		Source
1.	#1 Australian M&A	Announced and completed deals. Dealogic CY11, by volume
Slide 23 – Fixed Income, Currencies and Commodities
Statistic		Source
1.	#4 US physical gas	Platts (Dec 11)

Macquarie Group Limited 2012 Annual General Meeting

$A	Australian Dollar
$US	United States Dollar
€	Euro
1H	First Half
1H11	Half Year ended 30 September 2010
1H12	Half Year ended 30 September 2011
1Q	First Quarter
1Q12	First Quarter ended 30 June 2011
1Q13	First Quarter ended 30 June 2012
2H	Second Half
2H11	Half Year ended 31 March 2011
2H12	Half Year ended 31 March 2012
2Q	Second Quarter
4Q12	Fourth Quarter ended 31 March 2012
ADR	American Depository Receipts

ANZ	Australia and New Zealand
Approx.	Approximately
APRA	Australian Prudential Regulation Authority
ASX	Australian Securities Exchange
AUM	Assets Under Management
BIS	Bank for International Settlements
Bps	Basis Points
CAF	Corporate and Asset Finance
CCB	Capital Conservation Buffer
CEO	Chief Executive Officer
CET1	Common Equity Tier 1
Cth	Commonwealth
CY12	Calender Year ending 31 December 2012
DPS	Dividend Per Share
ECM	Equity Capital Markets

EMEA	Europe, the Middle East and Africa
EPS	Earnings Per Share
FICC	Fixed Income, Currencies and Commodities
FIG	Financial Institutions Group
FUA	Funds Under Administration
FUM	Funds Under Management
FY	Financial Year
FY07	Financial Year ended 31 March 2007
FY09	Financial Year ended 31 March 2009
FY11	Financial Year ended 31 March 2011
FY12	Financial Year ended 31 March 2012
FY13	Financial Year ended 31 March 2013
GFC	Global Financial Crisis
IPO	Initial Public Offering
LHS	Left Hand Side

M&A	Mergers and Acquisitions
MEC	Metals and Energy Capital
MEREP	Macquarie Group Employee Retained Equity Plan
MBL	Macquarie Bank Limited
MIM	Macquarie Investment Management
MIRA	Macquarie Infrastructure and Real Assets
MQG	Macquarie Group Limited
MSCI	Morgan Stanley Capital International
No.	Number
NPAT	Net Profit After Tax
NY	New York
OECD	Organisation for Economic Co-operation and Development
Pcp	Prior Corresponding Period
PPP	Public Private Partnership

			Glossary
	Ppt	Percentage Points
	RHS	Right Hand Side
	ROE	Return on Equity
	RWA	Risk Weighted Asset
	TMET	Telecommunications, Media, Entertainment and Technology
	UK	United Kingdom
	US	United States of America
	USD	United States Dollar
			59

Macquarie Group Limited

2012 Annual General Meeting 25 July 2012