j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ j~Åèì~êáÉ=_~åâ=iáãáíÉÇ Operational Briefing Operational Briefing Nicholas Moore Nicholas Moore Group Head Group Head Investment Banking Investment Banking
lìê=ëíêìÅíìêÉ INVESTMENT BANKING GROUP CORPORATE FINANCE FINANCIAL MACQUARIE PRODUCTS SECURITIES RESEARCH CAPITAL Infrastructure ^ÇîáÅÉ & Infrastructure Specialised Resources Funds Property Equity Capital Markets Financial Institutions Other Industrials Specialist Areas TMET RQ
tÜ~í=ïÉ=Çç � Full spectrum of client focused investment banking skills Idea Idea Brokerage Advisory Underwriting Funds Funds Principal Principal 0% 0.2% 0.6-1% 1%-3% 10% 30% + 0% 0% Infrastructure MIG, MAP; Approx. $A443m MIC; MEIF ++ TMET TMET Opentel; IBA; MCIG; MMG D&B Credit Resources Resources Opportunity Opportunity Opportunity KPC Property Property Banking & Property Group FIG FIG Liberty; ATMs Opportunity Opportunity Opportunity Industrials Industrials Dyno Nobel; MCAG; MDI MCAG; MDI MCAG; MDI Smarte Carte RR
däçÄ~ä=~ÅíáîáíáÉë � Approx. 2,183 staff – up 18% from approx. 1,838 in March 2005 � 41 offices (36 offshore) rhLbìêçéÉ=Ó POO=pí~ÑÑ rhLbìêçéÉ=Ó POO=pí~ÑÑ ^ëá~=Ó ^ë á~=Ó RVN=ëí~ÑÑ RVN=ëí~ÑÑ `çêéçê~íÉ=cáå~åÅÉ=C=^Çîáëçêó `çêéçê~íÉ=cáå~åÅÉ=C=^Çîáëçêó cáå~åÅá~ä=mêçÇìÅíë cáå~åÅá~ä=mêçÇìÅíë fåëíáíìíáçå~ä=píçÅâÄêçâáåÖ=C=oÉëÉ~êÅÜ fåëíáíìíáçå~ä=píçÅâÄêçâáåÖ=C=oÉëÉ~êÅÜ fåÑê~ëíêìÅíìêÉ=cìåÇë=j~å~ÖÉãÉåí fåÑê~ëíêìÅíìêÉ=cìåÇë=j~å~ÖÉãÉåí iÉ~ëáåÖ iÉ~ëáåÖ içåÇçå cê~åâÑìêí aìÄäáå qçêçåíç jìåáÅÜ s~åÅçìîÉê m~êáë wìêáÅÜ dÉåÉî~ sáÉåå~ _çëíçå oçãÉ kÉï=vçêâ pÉçìä p~å=cê~åÅáëÅç _ÉáàáåÖ qçâóç p~å=gçëÉ içë=^åÖÉäÉë p~å=aáÉÖç pÜ~åÖÜ~á eçìëíçå q~áéÉá ^Äì=aÜ~Äá eçåÖ=hçåÖ jìãÄ~á kçêíÜ= kçêíÜ=^ãÉê ^ãÉêáÅ~= áÅ~=J OQU=ëí~ÑÑ OQU=ëí~ÑÑ _~åÖâçâ j~åáää~ `çêéçê~íÉ=cáå~åÅÉ=C=^Çîáëçêó hì~ä~=iìãéìê i~Äì~å páåÖ~éçêÉ cáå~åÅá~ä=mêçÇìÅíë g~â~êí~ fåëíáíìíáçå~ä=píçÅâÄêçâáåÖ=C=oÉëÉ~êÅÜ fåÑê~ëíêìÅíìêÉ=cìåÇë=j~å~ÖÉãÉåí iÉ~ëáåÖ _êáëÄ~åÉ mÉêíÜ gçÜ~ååÉëÄìêÖ `~éÉ=qçïå ^ìÅâä~åÇ póÇåÉó ^ÇÉä~áÇÉ tÉääáåÖíçå jÉäÄçìêåÉ ^ÑêáÅ~=C=jáÇÇäÉ=b~ëí=Ó OR=ëí~ÑÑ ^ÑêáÅ~=C=jáÇÇäÉ=b~ëí=Ó OR=ëí~ÑÑ ^ìëíê~äá~L ëíê~äá~LkÉï=wÉ~ Éï=wÉ~ä~ ä~åÇ=Ó åÇ=Ó VVT=ëí~ÑÑ VT=ëí~ÑÑ `çêéçê~íÉ=cáå~åÅÉ=C=^Çîáëçêó `çêéçê~íÉ=cáå~åÅÉ=C=^Çîáëçêó fåÑê~ëíêìÅíìêÉ=cìåÇë=j~å~ÖÉãÉåí cáå~åÅá~ä=mêçÇìÅíë fåëíáíìíáçå~ä=píçÅâÄêçâáåÖ=C=oÉëÉ~êÅÜ fåÑê~ëíêìÅíìêÉ=cìåÇë=j~å~ÖÉãÉåí iÉ~ëáåÖ=C=iÉåÇáåÖ RS
pìééçêíáîÉ=ÉåîáêçåãÉåí=Ñçê=ãçëí= ëÉÅíçêë � Record ASX volumes � Strong Asian equity markets � Strong M&A market worldwide � Continuing strength in Australian ECM market RT
tÉ~âÉê=ÉåîáêçåãÉåí=Ñçê=áåíÉêÉëíJê~íÉ= ëÉåëáíáîÉ=ëíçÅâë=EÉÖK=fåÑê~ëíêìÅíìêÉF � Increase in nominal bond Sector Relative Average Performance (%) Movement* rates causes sector rotation Diversified Resources +18 in the short term Building materials +7 Media +7 Transport +5 � Although short term Energy +4 negative share price impact, Diversified Financials +3 the long term valuation Banks -1 impact is mitigated by Retail -2 infrastructure’s “inflation- Healthcare and Biotech -5 plus” revenues Property Trusts -9 Telecoms -10 Food & Household Goods -11 � Changes in real rates Insurance -12 impact valuations to the Utilities & Infrastructure -16 extent of any pricing ASX 200(%) +4 mismatch with inflation Bond sell-off (yield +1.9 change%) * Macquarie Research Equities; based on sell-offs in 1994, 1998, 2001 and 2003 RU
`çêéçê~íÉ=cáå~åÅÉ � Continued growth in the specialist funds � Total assets under management – up 29% from $A37.8b (Mar 05) to $A48.8b (Dec 05) � Increased equity issuance – leading equity capital markets positions - No.1 Australia ECM ($A8.01b)* � Strong M&A deal flow – No.1 completed by value ($US32.6b) and number of deals (88) (Australian involvement)* � Offshore offices now provide the majority of division revenue, and continue to grow * Thomson Financial RV
`çêéçê~íÉ=cáå~åÅÉ � Strong deal flow across regions Australia/NZ Allco Equity Partners /Wattyl*, AGL /Southern Hydro, Centennial Coal /Austral Coal, Coles Myer buyback, Dampier to Bunbury refinancing, Eldercare New Zealand, FKP /Mulpha Norwest, GPT internalisation, Henry Walker Eltin Group /Leighton Contractors, Indiana Tollroad*, Macquarie Bank /ATM Solutions, M5 refinancing, Retirement Care Australia (RCA) /Moran Health Care, RCA /Salvation Army, Retirement Villages New Zealand /Metlifecare, Royal Women’s Hospital PPP, Southern Cross Airports Corporation refinancing, The Communications Group /WPP, Transurban /Hills Motorway, Volante Group /Commander Communications*, Westlink M7 refinance, Zig Inge Retirement Village, Goodman Fielder IPO, Macquarie Media Group IPO, Reverse Corp IPO, SEEK IPO, Transpacific IPO, Charter Hall IPO, MAP, MIG, Healthscope, Valad Property, Macquarie Goodman placements Asia Beijing Mei Da Coffee /Starbucks Coffee International, Changshu Xinghua Port, CJ Cablenet, Daegu East Circulation Road, Globeleq Inc /El Paso Corporation, Guangxi Dameng /CITIC Dameng JV, Ibukiyama Driveway, Incheon Grand Bridge, Integrated Microelectronics /Speedy Electronics, Korean Independent Energy Corporation, Senai-Pasir Gudang-Desaru Expressway, Seoul Subway #9, Taiwan Broadband Communications*,Yongin Waste Water Treatment Plant, Macquarie International Infrastructure Fund IPO and placement, Prime REIT IPO, Banco de Oro, Gammon India Ltd, Hotel Leelaventure, Pacific Basin Shipping, REI Agro Ltd, Uttam Galva Steel placements SM * Not yet completed
`çêéçê~íÉ=cáå~åÅÉ � Strong deal flow across regions North Abbotsford Regional Hospital & Academic Ambulatory Care Centre, America Chicago Skyway refinance, Dulles Greenway tollroad, Guinor Gold /Crew Gold, Icon Parking*, Kicking Horse Canyon, Las Vegas Executive Air Terminal, Leisureworld & Preferred Health Care Services, Macquarie Countrywide /First Washington/CalPERS, Off-Airport Parking, Okanagan Lake Bridge, The Gas Company*, Sea to Sky Highway, Smarte Carte* UK/Europe Arqiva /Inmedia Communications, Autoroutes Paris-Rhin-Rhone motorway*, Bassetlaw Schools PPP, BBC Broadcast, Bristol airport refinancing, Challenger Infrastructure Fund /Inexus Group, Churchill Hospital PPP, Copenhagen Airport, DCT Gdansk, Dyno Nobel Ltd, Energy Power Resources refinancing, Isle of Man Steam Packet, Lambeth, Southwark & Lewisham LIFT PPP, M6 Midland Expressway, Newcastle Hospitals PPP, North Nottingham LIFT PPP, NRE Holdings acquisition* & refinancing, Tank Storage Business (TSB), TDC Directories, Wales & West Utilities, Wightlink Shipping, YBR Group SN * Not yet completed
`çêéçê~íÉ=cáå~åÅÉ Unique ability to continue to source deals globally and locally � Advised on over $A74.5 billion of completed deals in 2005 � New 2005 deals sourced for funds Asia Europe North America Taiwan Broadband* The Gas Company* Energy Power Resources Cheonan-Nonsan expressway NRE Holding NV* Dulles Greenway Daegu East Circulation Rd Autoroutes Paris-Rhin-Rhone* Off-airport parking Changshu Xinghua Port Leisureworld Copenhagen Airport Korean Independent Energy Windfarms Las Vegas Executive Air CJ Cablenet Landfill gas assets Abbotsford Hospital Yongin Seoul Tank Storage Business Academic Ambulance Care Centre Seoul Subway # 9 TDC Directories Icon Parking* Incheon Grand Bridge Sea to Sky Yellow Brick Road Ibukiyama Driveway Wightlink Shipping Edmonton Ring Road SK Enron DCT Gdansk M6 Midland Australia/NZ Isle of Man Steam Packet Retirement Care Australia Wales & West Utilities Zig Inge BBC Broadcast Eldercare Private Lifecare Metlifecare SO * Not yet completed
`çêéçê~íÉ=cáå~åÅÉ Increasing customers for ISF assets and services � � Airports – 110m passengers pa � Roads – 2m cars per day � Water – 1.9m households � Electricity transmission – 10m households � Broadcast communication – 80m+ people reached � Aged care – 10,000 beds Provided by experienced ISF asset managers � � Sector specific experience - roads, airports, utilities, aged care, ports � Geography specific – local knowledge for local assets Producing increasing returns for investors � Revenue Revenue EBITDA EBITDA Roads Airports Increase 1 Increase 1 Increase 1 Increase 1 Sydney 7.4% � 7.1% � 407 10.9% � 13.9% � Rome 5.1% � 5.2% � ED 2.8% � 7.2% � Brussels 6.9% � 18.7% � Skyway 14.4% � 20.2% � 1. Latest publicly reported results as at 1 February 2006 SP
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