Macquarie Group Macquarie Group Limited Limited Deutsche Bank - - PowerPoint PPT Presentation

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Macquarie Group Macquarie Group Limited Limited

Richard Sheppard – Deputy Managing Director Beijing – January 2008

Deutsche Bank – Access China 2008 Conference

www.macquarie.com

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2

Disclaimer

This material has been prepared for professional investors. The firm preparing this report has not taken into account any customer’s particular investment objectives, financial resources or other relevant circumstances and the

• pinions and recommendations herein are not intended to represent

recommendations of particular investments to particular customers. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Due care and attention has been used in the preparation

• f forecast information. However, actual results may vary from forecasts and any

variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies many of which are outside the control of Macquarie Group Limited (Macquarie).

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Unless otherwise specified all information is for the six months ended 30 September 2007 and increases are on the prior corresponding half year.

Page Number

• 1. Macquarie Group overview

4

• 2. Business activities

14

• 3. Asian operations

24

• 4. Recent performance

30

• 5. Appendix I – Operating groups

35

• 6. Appendix II – Macquarie Capital Advisers in Asia

44

CONTENTS CONTENTS

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Macquarie Group Limited Overview

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Macquarie Group Limited overview

• Diversified financial services institution providing banking, financial, advisory and

investment services

• Consistent high growth rates since establishment in 1969
• Approximately 12,000 staff operating in 25 countries
• Top 15 company on the Australian Securities Exchange (ASX:MQG)
• Macquarie and Macquarie-managed funds^: Top 5 company on Australian

Securities Exchange

• Assets under management: $A224 billion
• Record result for half-year ended 30 Sep 2007: Net profit after tax of $A1.06 billion

^ Macquarie and Macquarie-managed funds hypothetical market capitalisation comprises the market capitalisations of all specialist listed Macquarie entities and the capitalisation

• f all Macquarie unlisted specialist funds as measured by net asset value.

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麦格理集团有限公司概览

• 多元化的金融服务机构，提供银行、财务、顾问和投资服务
• 自 1969 年成立以来一直保持较高增长速度
• 在 25 个国家汇集约 12,000 名员工为其效力
• 澳大利亚证券交易上市公司前 15 强之一 (ASX:MQG)
• 麦格理和麦格理旗下管理的基金：在澳大利亚证券交易所居前 5 位
• 旗下管理资产总价值：2240 亿澳元
• 截至 2007 年 9 月 30 日半年业绩再创纪录：税后净利润达 10.6 亿澳元

^ Macquarie and Macquarie-managed funds hypothetical market capitalisation comprises the market capitalisations of all specialist listed Macquarie entities and the capitalisation

• f all Macquarie unlisted specialist funds as measured by net asset value.

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Net Profit After Tax $Am

39 year history of profit

Years ended 31 March. Data current to 30 September 2007. From 2005 numbers have been reported under Australian equivalents to International Financial Reporting Standards (AIFRS)

200 400 600 800 1,000 1,200 1,400 1,600 69 72 75 78 81 84 87 90 93 96 99 '02 '05 1H08

1 2 3 69 71 73 75 77 79

First half profit $A1.06b

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Growth in earnings per share*

* Basic EPS

Years ended 31 March. Data current to 30 September 2007. From 2005 numbers have been reported under Australian equivalents to International Financial Reporting Standards (AIFRS)

100 200 300 400 500 600 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1H08 $A

$A5.92 $A4.00 $A3.70 $A2.33 $A1.65 $A1.33

$A4.02

$A1.39 $A1.24 $A1.01 $A0.88 $A0.75

First half earnings per share

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Strong returns to shareholders since listing

Source: Bloomberg. Data current to 31 December 2007. * Traded as MBL until 2 November 2007

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 MQG* Total Shareholder Return (1,697%) All Ords Accumulation Index (366%) Index At 31 Dec 07

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Group structure

Macquarie Group Limited

Finance, Risk Management, Taxation, Human Resources, etc Non-Banking Group Banking Group

Banking and Securitisation Group Equity Markets Group Financial Services Group Funds Management Group Real Estate Group Treasury and Commodities Group

Macquarie Capital

Certain activities from Equity Markets Group and Treasury and Commodities Group

Group-wide services

Refer to Appendix for detail on operating groups

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50 100 150 200 2002 2003 2004 2005 2006 2007 Sep-07 Securities Wholesale Securities Retail Other Specialist Real Estate Infrastructure $Ab

Assets under management over $A224b

$A140b $A97b $A63b $A52b $A41b $A197b $A224b

Years ended 31 March. Data current to 30 September 2007.

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Managing important assets across the globe

South Africa

N3 Toll N4 Maputo Toll Bakwena Platinum Corridor Neotel Kelvin Power

United Arab Emirates

Al Ain Industrial City Industrial City of Abu Dhabi

Phase 2

Industrial City of Abu Dhabi

Phase 3

ICAD Effluent Treatment Plant

USA

South Bay Expressway Dulles Greenway Indiana Toll Road Skyway FastTrack parking Atlantic Aviation AIR-serv Icon Parking Hanjin Container Terminals District Energy Duquesne Light* The Gas Company (Hawaii) Aquarion* International-Matex Tank

Terminals

Longview Smarte Carte American Consolidated Media Global Tower Partners Macquarie DDR Macquarie CountryWide Macquarie Office Macquarie Leisure

Canada

Edmonton Ring Road 407 ETR A-25* AltaLink Cardinal Power Sea to Sky Clean Power Operating

Trust**

Whitecourt Halterm Limited Leisureworld Fraser Surrey Docks New World Gaming*

UK

M6 Toll Bristol Airport Energy Power Resources (UK) Wales & West Utilities Thames Water CLP Envirogas Arqiva / National Grid Wireless Airwave Red Bee Media Moto-Motorway Services

Provider

National Car Parks East London Bus Group Steam Packet Wightlink Talarius Macquarie Global

Property Advisors (MGPA) New Zealand

Metlife Care Private Lifecare Retirement Care New

Zealand

Macquarie CountryWide Macquarie Leisure

Belgium

Brussels Airport

Denmark

Copenhagen Airport

South Korea

Baekyang Tunnel Cheonan Nonsan Expressway Incheon Expressway Kwangju 2nd Beltway Section 1 & 3 Machang Bridge New Daegu-Busan Expressway Soojungsan Tunnel Daegu East Circular Road Incheon Grand Bridge Seoul Chuncheon Expressway Woomyunsan Tunnel Seoul Subway #9 Yongin Seoul Expressway Seosuwon-Osan-Pyungtaek

Expressway

SK E&S West Sea Power/West Sea Water Kukdong Building Macquarie NPS REIT

China/Taiwan

Taiwan Broadband Communications InfraVest Windpower Changshu Xinghua Port First China Property Group MWREF MMP REIT

Hong Kong

MGPA Macquarie Goodman Hong Kong

Wholesale Fund Japan

Toyo Tires Turnpike Ibukiyama Driveway Macquarie Office MMP REIT Macquarie Direct Property Fund MGPA Macquarie Goodman Asia

Singapore

MMP REIT MGPA

France

Autoroutes Paris-Rhin-Rhône Energy Power Resources

(Europe)

Trois Sources & Lomont

Windfarms

Macquarie Global Property

Advisers Italy

MGPA Macquarie Office

Germany

Warnow Tunnel TanQuid (tank storage

business)

Techem MGPA Macquarie Office Macquarie CountryWide

Netherlands

NRE* European Directories# Obragas Net* Netbeheer Haarlemmermeer* MGPA

Poland

Deep Sea Container Terminal MGPA Macquarie CountryWide

Portugal

Tagus Crossings

Spain

Itevelesa

Sweden

Arlanda Express

Switzerland

MGPA

Roads Utilities Transport services Real Estate Communications Airports Other

As at 30 September 2007. In some cases, Macquarie or a Macquarie-managed fund has partial interest in an asset. *Subject to financial and customary closing arrangements ** Includes wind, hydro and biomass power assets #European Directories also in Sweden, Finland, Austria, Czech Republic, Slovakia, Denmark & France.

Australia

Prospect Water Dampier – Bunbury Multinet United Energy Distrib. AlintaGas Networks Broadcast Australia Macquarie Regional Radioworks Southern Cross Broadcasting Transtoll Sydney Airport Westlink M7 Eastlink Retirement Villages Group Regis Group Zig Inge Macquarie Office Macquarie CountryWide Macquarie Leisure MREEF Macquarie Direct Property

Fund

Over 110 infrastructure assets, over 700 real estate assets

Malaysia

MGPA

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Americas

23%

Asia Pacific

7%

Europe, Africa & Middle East

49%

Australia

21%

Global and Diverse Assets

* Comprises listed and unlisted specialist infrastructure, real estate and other specialist assets under management as at 30 September 2007.

Tourism/Leisure & Residential Real Estate

6%

Investment Funds

6%

Airports

12%

Roads

21%

Other

16%

Retail Real Estate

1%

Commercial Real Estate

5%

Industrial Real Estate

1%

Communications Infrastructure

11%

Utilities

21%

Assets Under Management by Region Assets Under Management by Sector

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Macquarie Group Limited Business activities

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Asset & wealth management: 27%1 Capital markets, advisory & securities: 41%1 Financial markets: 23%1 Lending: 9%1

Commodities FX, futures, treasury and debt markets Mergers and acquisitions, advisory, underwriting and principal transactions Financial products Equipment and other leasing Real estate lending Other lending Infrastructure, real estate and other specialist funds Equity derivatives Institutional cash equities Banking and securitised lending Retail and wholesale funds management and private client broking

Income by business segment

1 Represents the percentage contribution to total income. Half-year to 30 September 2007

Half-year to 30 Sep 2007

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Newcastle Brisbane Auckland Wellington Perth Adelaide Melbourne Canberra Sydney Broadbeach Christchurch Sunshine Coast

Australia

Broad investment and financial services in New Zealand Staff: 116

• Retail financial services
• Corporate finance & advisory
• Infrastructure funds management
• Institutional cash equities & research
• Treasury & commodity derivatives

Staff numbers at 31 Dec 2007

7,252 Australian staff

• Corporate finance and advisory
• Mergers & acquisitions, underwriting
• Equity capital markets
• Institutional cash equities and research
• Infrastructure, real estate and other

specialist funds

• Retail & wholesale funds management
• Equity derivatives
• Futures broking
• Treasury & debt markets
• Real estate investment banking
• Equipment and other leasing
• Financial products
• Commodities
• Banking & securitised lending
• Private client broking

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Income1 Staff numbers

500 1,000 1,500 2,000 2,500 3,000 3,500 2003 2004 2005 2006 2007 1H08 $Am

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2003 2004 2005 2006 2007 Sep 07 Headcount

Growing in Australia

Staff up 4% to 6,802 from 6,522 (Mar 07)

1 Excludes earnings on capital and other corporate items. Prior corresponding period benefited from substantial Australian equity investment realisations, including $A302m profit from Goodman Group realisation

1H 2H

First half income $A2.0b

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Sao Paulo Toronto Houston San Francisco Seattle Vancouver Miami Winnipeg Montreal Carlsbad Savannah* Denver Calgary Chicago Los Angeles San Diego Jacksonville San Jose New York Boston Troy Irvine

Americas

Staff numbers at 31 Dec 2007

• Corporate finance & advisory
• Infrastructure, real estate and other specialist

funds management

• Institutional cash equities & research
• Real estate structured finance
• Equipment leasing
• Oil and gas finance
• Physical gas supply
• Power trading
• Equity and commodity derivatives
• Emerging market bond broking
• Residential mortgages

Atlanta * Staff seconded to joint venturer not included in official headcount (Savannah: Medallist)

Staff: 1,454

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1 Excludes earnings on capital and other corporate items. 2 Includes Giuliani Capital Advisors staff integrated in April 2007. Does not include Orion Securities staff (to be included from financial close expected 4th quarter calendar 2007)

200 400 600 800 1,000 1,200 2003 2004 2005 2006 2007 1H08 $Am 200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006 2007 Sep 07. Headcount

Staff up 38% to 1,231 from 890 (Mar 07)

Income1 Staff numbers

2

1H 2H

Growing in the Americas

First half income $A689m

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Milan Dublin Amsterdam London Paris Geneva Cape Town Frankfurt Munich Johannesburg* Abu Dhabi Rome Zurich Vienna

Europe, Africa & the Middle East

Staff: 1,237

• Corporate finance & advisory
• Infrastructure, real estate and other specialist funds

management

• Institutional cash equities & research
• Real estate structured finance
• Physical gas supply
• Leasing
• Equity derivatives & structured products
• Futures broking
• Residential mortgages

Staff numbers at 31 December 2007 Manchester Moscow* * Staff seconded to joint venturer not included in official headcount (Moscow: Macquarie Renaissance; Johannesburg: Macquarie First South)

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200 400 600 800 1,000 1,200 1,400 1,600 2003 2004 2005 2006 2007 1H08 $Am 200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006 2007 Sep-07 Headcount

Staff up 22% to 1,145 from 939 (Mar 07)

1 Excludes earnings on capital and other corporate items.

Income1 Staff numbers

1H 2H

Growing in Europe, Africa & the Middle East

First half income $A774m

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Hsinchu Beijing Tianjin Seoul Shanghai Tokyo Manila Hong Kong Bangkok Labuan Kuala Lumpur Singapore Jakarta Mumbai

Asia-Pacific

Staff: 1,850

• Corporate finance & advisory
• Infrastructure, real estate and other

specialist funds management

• Equity capital markets
• Institutional cash equities & research
• Real estate structured finance
• Equity and commodity derivatives,

structured products

• Futures broking
• Leasing
• Financial products
• Real estate development
• Real estate investment services
• Securities funds management and

distribution

• Retail financial services and advisory

Taipei Staff numbers at 31 Dec 2007 New Delhi

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Staff up 13% to 1,888 from 1,672 (Mar 07)

200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006 2007 1H08 $Am 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2003 2004 2005 2006 2007 Sep-07 Headcount

1 Excludes earnings on capital and other corporate items.

Income1 Staff numbers

1H 2H

First half income $A994m

Growing in Asia-Pacific

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Macquarie Group Limited Asian operations

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More than 3/4 of staff and 2/3 of income from Asian time zone, including Australasia

EUROPE, AFRICA & MIDDLE EAST

1,237staff

As at 31 December 2007 Dublin Paris Milan Vienna Rome Amsterdam London Zurich Munich Frankfurt Geneva Abu Dhabi Mumbai Cape Town Johannesburg* Auckland Wellington Christchurch Jakarta Bangkok Labuan Singapore Kuala Lumpur Seoul Tokyo Manila Hong Kong Taipei Hsinchu Shanghai Beijing Tianjin Sao Paulo Chicago Toronto Montreal Jacksonville Savannah* Miami San Jose San Francisco Seattle Vancouver New York Boston Carlsbad Los Angeles Irvine San Diego Houston Denver Sunshine Coast Brisbane Broadbeach Sydney Newcastle Canberra Melbourne Adelaide Perth Calgary Winnipeg New Delhi Troy Atlanta Manchester Moscow *

ASIA-PACIFIC

9,218 staff

AMERICAS

1,454 staff

* Staff seconded to joint venturer not included in official headcount (Moscow: Macquarie Renaissance; Johannesburg: Macquarie First South; Savannah: Medallist)

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Macquarie Capital Advisers in Asia

ASEAN 21.6% Greater China 52.9% Korea 23.0% India 2.2% Japan 0.3% Infrastructure 19.1% Industrials 6.2% Resources 14.3% Financial Institutions 2.8% Property 9.5% Telecommunications, Media, Entertainment 48.0%

Income by Region* Income by Sector Group*

• 1. Excludes support staff. * Proportions based on 18 months ended 30 Sept 2007

More than 300 staff in Asia1 Growing rapidly

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China – Our Approach

• Chinese activities include:

— Specialised asset management (e.g. resources, infrastructure, property and media where Macquarie is world leader) — Helping Chinese companies expand abroad (e.g. resources) — Helping Chinese companies raise capital (especially in international markets) — Structured products (e.g. leader in structured notes and warrants in Hong Kong) — World class research (e.g. #1 globally in Commodities)

• Current staff in Greater China:

— Beijing: 48 — Shanghai: 21 — Tianjin: 2 — Hong Kong: 727 — Taipei: 72 — Hsin Chu: 5

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Macquarie Capital Securities (cash equities) Pan-Asian research and distribution

• Globally: 23 financial centres, 285 analysts, 264 sales and sales traders, covering over

1000 stocks

• Asia including Australasia: 15 financial centres, 230 analysts, 156 sales and sales

traders, covering over 660 stocks

10 20 30 40 50 60 70 80 90 100 Shanghai Hong Kong Japan Taiwan Korea Thailand India Phillipines Singapore Malaysia Indonesia Australia New Zealand

% of market capitalisation covered by Macquarie research analysts

Local analysts covering local markets

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Asset management in Greater China – managing important assets

• Hua Nan Expressway* – the Macquarie International Infrastructure Fund has purchased 81% stake in

Hua Nan Expressway, a 31-kilometers toll road across the center of Guangzhou

• InfraVest – the Macquarie International Infrastructure Fund invested 13.3 million euros to acquire an
• perator of wind farms in Taiwan.
• Ambow Education Group – Macquarie has made an investment in this education group - a leader in

China’s education services sector.

• Changshu Xinghua Port – the Macquarie International Infrastructure Fund has a 38% effective equity

interest in this multi-purpose cargo terminal near Shanghai

• First China Property Group – a JV between Macquarie and Schroder Asian Properties specialising in

residential housing in Shanghai and Beijing

• Schroder Asian Properties – a real estate focused opportunity fund, investing in real estate and real

estate related businesses in China and Asia generally

• Macquarie Global Property Advisors – a private equity real estate funds management business (in

which Macquarie has a 49% interest) which invests in China and other Asian countries

• Macquarie Goodman Asia – a JV with Macquarie Goodman which recently launched a Hong Kong

wholesale fund (the Macquarie Goodman Hong Kong Wholesale Fund) with interests in 7 Hong Kong industrial properties

• A wholesale real estate shopping centre fund which owns 9 shopping malls across China
• Taiwan Broadband Communications – a cable television service provider in Taiwan, majority owned by

the Macquarie Media Group

* Acquired post 30 Sep 2007

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Macquarie Group Limited Recent performance

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200 400 600 800 1,000 1,200 1,400 1,600 2002 2003 2004 2005 2006 2007 1H08 $Am

Financial years 2005 to 2008 are reported under AIFRS, prior periods are reported under previous AGAAP, unless otherwise stated.

Record half – Profit of $A1.06 billion

45% increase on prior corresponding period $A1.06b

$A1.46b $A916m $A812m $A494m $A333m $A250m

1H 2H

First half profit

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500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2002 2003 2004 2005 2006 2007 1H08 $Am

International income of $A2.5 billion

70% increase on prior corresponding period

International income excludes earnings on capital and other corporate items.

$A2.03b $A1.27b $A696m $A432m $A384m $A3.78b

• 55% of total income

$A2.46b

1H 2H

First half income

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• We have announced:

— Expect a record result for the year ending 31 Mar 2008 — Expect second half to be at least in line with prior corresponding period, but down on very strong first half to 30 Sep 2007

• Over the medium term we continue to be well placed due to:

— Effective prudential controls, committed quality staff — Good businesses, diversification — Benefits of major growth strategic initiatives, significantly increased global reach — Continued strong global investor demand for quality assets — Growth in capital base — Non-operating holding company structure positions the Group for continued growth

• Subject to market conditions not deteriorating materially, we expect:

— Continued growth in revenue and earnings across most businesses over time — Continued good growth in international businesses

Outlook for Macquarie Group

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2008 Investor Relations calendar

• 6 February: Operational Briefing
• 20 May: Full-year result announcement for period ending 31 Mar 2008
• Early June: US Operational Briefing
• 23 July: Annual General Meeting
• 18 November: Half-year result announcement for period ending 30 Sep 2008

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APPENDIX I Operating groups

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Macquarie Capital: 60%

Macquarie Capital Advisers (46%) including Macquarie Capital Products Banking and Securitisation Group (2%)

Profit contribution by operating group

(half-year to 30 Sep 07)

Funds Management Group (5%) Financial Services Group (4%) Real Estate Group (4%) Treasury and Commodities Group (10%) Equity Markets Group (15%)

Half-year to 30 September 2007

Macquarie Capital Securities (9%) Macquarie Capital Products (4%) Macquarie Capital Finance (1%)

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Business overview

• Project financing
• Mergers and acquisitions, takeovers and corporate restructuring

advice

• Equity capital markets and equity and debt capital management
• Specialised infrastructure and specialist fund management
• Specialised leasing and asset financing
• Manufacture and distribution of wholesale and retail financial products
• Institutional cash equities

Divisions

• Macquarie Capital Advisers (formerly Corporate Finance)
• Macquarie Capital Funds (formerly Investment Banking Funds)
• Macquarie Capital Securities (formerly Macquarie Securities)
• Macquarie Capital Products (formerly Financial Products)
• Macquarie Capital Finance (formerly Macquarie Capital)

Macquarie Capital

(formerly Investment Banking Group)

60%1 of Macquarie profit

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

Staff at 30 Sep 2007: 3,321

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Equity Markets Group

15%1 of Macquarie profit

Divisions

• Equity Linked Products
• MQ Hedge Fund business
• Alternative Strategies
• Global Equity Finance

Business overview

• Production and distribution of equity-linked and risk management

investment products to retail and wholesale investors

• Specialises in quantitative trading strategies and manages single

strategy hedge funds and fund-of-hedge-funds for wholesale and retail investors

• Provides hedge funds with market access, leverage, stock-

borrowing and execution services

• Stock-borrowing-and-lending business
• Cross-border structured equity finance transactions

Staff at 30 Sep 2007: 610

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

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Treasury & Commodities

10%1 of Macquarie profit

Divisions

• Metals and Energy Capital
• Agricultural Commodities and Investor Products
• Energy Markets
• Foreign Exchange
• Debt Markets
• Futures
• Economic Research

Business overview

• Commodity, energy and environmental financial products,

physical and derivatives structuring and trading

• Commodity (metals, bullion and agricultural) and energy finance
• Futures (listed derivatives) execution and clearing
• Debt arrangement, structuring and placement activities
• Interest rate and credit derivatives structuring and trading
• Foreign exchange trading and structuring

Staff at 30 Sep 2007: 590

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

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Funds Management Group

5%1 of Macquarie profit

Business overview

• Manages funds across a wide range of asset classes

including cash, fixed income, currencies, listed property, equities and private equity

• One of the largest fund managers in Australia and has offices

located in Australia, Hong Kong, Taiwan, the UK and the US

• Manages funds on behalf of corporations, superannuation

funds and individuals

• A leader in developing innovative products to give clients

access to new sectors

• Pioneered a range of Incentives funds which charge fees

based only on performance Staff at 30 Sep 2007: 196

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

Funds Management Group is Macquarie’s securities asset management business

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Divisions

• Real Estate Structured Finance
• Real Estate Capital

— Funds Management — Business Partnerships — Investment Banking — Real Estate Development

Business Overview

• Provides a range of innovative real estate-related services

— creation, sponsorship and active participation in the management of real estate joint ventures, Real Estate Investment Trusts, unlisted and listed real estate funds — management and development of global real estate assets — provision of investment and development finance — wholesale equity raising, debt/transaction structuring, major project financing, property securitisation, real estate developments, asset management and advisory — real estate research identifying market trends and opportunities

Staff at 30 Sep 2007: 527

Real Estate Group

4%1 of Macquarie profit

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

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Financial Services Group

4%1 of Macquarie profit

Divisions

• Macquarie Adviser Services (MAS)
• Macquarie Private Wealth (MPW)

Business overview

• Services more than 670,000 clients
• MAS manages relationships with external financial

intermediaries and provides sales service and product management of in-house and external products

• MPW has relationships with approx 235,000 clients. Services

include:

— full-service stockbroking and investment planning. —

• nline stockbroking

— strategic financial planning — executive wealth management — private banking — private portfolio management.

Staff at 30 Sep 2007: 1,559

Income by region

Australia Americas UK/Europe/Middle East Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

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Banking and Securitisation Group

2%1 of Macquarie profit

Divisions

• Mortgages
• Investment Lending
• Relationship Banking
• Consumer Finance

Business overview

• Residential and commercial mortgage origination and securitisation
• Investment lending including margin and capital protected lending
• Relationship banking services for businesses and professionals
• Secured and unsecured personal loans
• Credit cards (issuer and wholesale service provider)

Staff at 30 Sep 2007: 1,130

Australia Americas UK/Europe/Middle East

Income by region

Asia-Pacific

1 Half-year ended 30 September 07 percentage contribution based on management accounts before unallocated corporate costs, profit share and income tax

SLIDE 44

APPENDIX II Macquarie Capital Advisers in Asia

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Macquarie Capital Advisers – Strong & diverse deal flow

SLIDE 46

46

Macquarie Capital Advisers in Greater China

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