Macquarie Bank Limited. Presentation to Banking Analysts and Shareholders 16 November 1999

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1 Macquarie Bank Limited Presentation to Banking Analysts and Shareholders 16 November

2 Macquarie Bank Group Interim results After tax - 14% increase on 30/9/98 to 30/9/99 $91.5m (1) to 31/3/99 $84.4m to 30/9/98 $80.5m Pre tax - 13% increase on 30/9/98 to 30/9/99 $120.1m (2) to 31/3/98 $111.5m to 30/9/98 $106.3m (1) Profit attributable to acquisition of BTIB $2.4 million after-tax (2) Profit attributable to acquisition of BTIB $3.8 million pre-tax 2

3 An Eventful Six Months Acquisition of Bankers Trust Australia s investment bank (BTIB) Tier 1 Capital up from $0.65 billion to over $1.1 billion New head office - No. 1 Martin Place, Sydney 3

4 Operational Features of the Half Year AIG very active internationally South African equity derivatives performing well Gold price spike stimulated producer hedging Very good equity funds management performance Broadly active in Corporate Finance Increased systems expenditure 4

5 Macquarie Bank Group 1H/00 Tax Expense = 24% Tax expense rate remained at approximately 24%, consistent with previous forecasts We expect tax expense to remain at approximately current levels 5

6 EPS, Dividends & Franking Ordinary shares EPS up from 49.6 cents (in prior corresponding period) to 54.9 cents Interim dividend of 34 cents (30 cents in the prior corresponding period) 65% franked (fully-franked in prior corresponding period) Pay-out ratio of 63% of first half earnings or 65% of earnings excluding the profit on acquisition of BTIB Future year dividends expected to be franked at current levels 6

7 Profit Growth $m Sep 31-Mar 0 88/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 7

8 Profit and Loss Statements 6 months to 30 Sept 1999 $ months to 30 Sept 1998 $ 000 Fee and commission income (1) 343, ,330 Non interest trading income (2) 96,925 72,153 Net interest income (3) 89,601 58,334 Net gain arising from BITB 3,797 - Other income/(expense) (1,768) 2,400 Total Operating Income 532, ,217 (1) Significant increases in Asset & Infrastructure, Corporate Finance and Equities brokerage and fees (2) Continued good results in Treasury & Commodities and significantly improved contribution from Equities (3) Growth in loan portfolios and income from fixed interest business 8

9 Net Gain Arising from BTIB Acquisition/Integration Discount on acquisition 19,933 Borrowing expenses (7,195) Information technology expenses (2,900) Legal, consulting costs & (6,041) attributable profit share expense 6 months to 30 Sept 1999 $ 000 Net gain arising from BTIB acquisition 3,797 & integration (pre tax) Net gain arising from BTIB acquisition 2,430 & integration (post-tax) 9

10 Group Contribution to Profit Relative contribution by business groups (%) Asset & Infrastructure Equities Treasury & Commodities Corporate Finance Banking & Property Investment Services Other Total Sept Full year 98/

11 International Income Continues To Grow % 22% 24% % of Total Income % 8% 12% 0 FY 1995 FY 1996 FY 1997 FY 1998 FY 1999 HY

12 International Earnings Come from a Diverse Range of Businesses 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% International Income Domestic Income Other Treasury & Commodities Asset & Infrastructure Equities Contributions to International Operating Income - period to 30 Sept 1999 NB: Contributions may vary significantly from period to period 12

13 Sources of Income by Region New Zealand 1% Australia 76% Africa 3% Asia 3% Europe 6% North America 6% Offshore Banking Unit 5% Total international contribution to profit 24% 13

14 International Income Spread Across the Bank and the World Group Division Locations Asset & Infrastructure Treasury & Commodities Equities Macquarie Capital Project & Structured Finance Base Metals Agricultural Commodities Bullion Debt Treasury Equity Markets Macquarie Equities New Zealand USA, Europe, Hong Kong, Malaysia Canada, Malaysia, USA Asia, USA, Europe USA, South America, Europe Asia, Africa, USA, Canada, Europe USA, UK South Korea Hong Kong, South Africa, Japan USA, UK, Germany, Hong Kong Corporate Finance Corporate Advisory New Zealand, Canada, Asia Banking & Property Medallist Property & Securitisation USA New Zealand, China, Hong Kong, Singapore, Korea Investment Services International New Zealand, Malaysia 14

15 Group Highlights Asset & Infrastructure Significant increase in earnings contribution Project & Structured Finance completed record number of US cross-border leases Macquarie Technology Fund - LookSmart Limited MIG assets increased - Sydney, Europe Macquarie Capital - significant expansion of loan book - BTIB assets and growth in leasing business 15

16 Group Highlights Treasury & Commodities Strong first half Benefited from new businesses including Debt Markets and Agricultural Commodities Increased volumes in Futures, Foreign Exchange, Money Market and Metals & Mining Unprecedented gold price volatility saw number of significant transactions 16

17 Group Highlights Corporate Finance Overall group performance strong with outlook good Corporate Advisory and Equity Capital Markets results stronger than corresponding period last year Deal pipeline satisfactory 17

18 Group Highlights Equities Very satisfactory result World class equity derivatives origination, distribution and trading business continues strong contribution Macquarie Equities Limited - improved market share Integration of Day Cutten, Porter Western and Nevitts completed JB Were Clearing Company progressing well 18

19 Group Highlights Banking and Property Contribution down on corresponding period last year primarily due to investment in new businesses and timing of revenue Stronger second half expected despite continued heavy investment in new businesses New initiatives this half included Asiawide, realestate.com.au, Hotel Investment Banking, Macquarie Mortgages New origination agreement with Aussie Home Loans 19

20 Group Highlights Investment Services Performance influenced by systems expenses Active Australian equities achieved strong returns Strategic alliance with Lazard Asset Management CMT continues to grow steadily Direct Investment Modest profit through sale of holding in Bond Street Investments Three realisations expected in second half MIT II now fully invested, MIT III first closing of $200 million 20

21 Bankers Trust Australia's Investment Bank Acquisition Additional scale to existing businesses domestically and internationally New businesses with leading positions broaden our offering: debt markets agricultural commodities Dedicated proprietary traders Quality personnel: 463 staff hired Further expansion to our international network: New York, London, Hong Kong, Chicago, Sao Paulo New / stronger client relationships Larger balance sheet No surprises 21

22 Progress to Date - completed Legal completion Advice to clients, counterparties, shareholders Recruiting Physical relocation of staff into MBL premises (~99% complete) Transfer of advisory mandates Asset transfer (by statutory vesting and novation) Transfer of data / businesses to MBL systems Integration of acquired businesses into MBL risk management systems Shared services agreement signed with Principal Licences obtained in offshore jurisdictions for some businesses 22

23 Progress to Date - to be completed Ongoing client marketing across all divisions Remaining ~1% staff relocations Ongoing induction of hired staff Remaining asset transfer Remaining systems integration 23

24 Effect on Staff Numbers by business group Asset & Infrastructure Treasury & Commodities Corporate Finance Equities Banking & Property Investment Services Information Services (ISD) Corporate Affairs Total Increase Staff Numbers at 30/9/ % Increase

25 Balance Sheet Acquired gross assets of $11.9 billion, predominantly trading assets ($7.8 billion) & loan assets ($2.8 billion) and RWA of $3.9 billion Significant increase in balance sheet footings from trading activities (primarily fixed interest) MBL accounting change (gross v net reporting) RWA remain relatively constant excluding the impact of the BTIB acquisition - now total $8.6 billion 25

26 Capital adequacy Post capital raisings Tier 1 ratio maintained at approximately 13% Total tier 1 capital over A$1.1 billion Sept 99 % March 99 % Sept 98 % Tier Tier Total

27 Capital Raisings/Funding Placement of Ordinary Shares Converting Preference Shares Macquarie Income Securities Conversion of many BTIB clients to Macquarie Bank depositors Expansion of MBL s offshore funding programme - from US$1 billion to US$3 billion Use of MBL s new Euro Commercial Paper desk in Hong Kong 27

28 Ordinary Share Placement Placement of $100 million ordinary shares 5.16 million shares issued Issue price of $19.40 Shares issued 8 July

29 Converting Preference Shares $150 million Converting Preference shares Issued 25 August 1999 First dividend to be paid 15 December 1999 Dividend rate 7.38% per annum fixed Franked to 65% - in line with ordinary shares 29

30 Macquarie Income Securities $200 million MIS issued as at September 1999 and an additional $200 million to be issued 19 November 1999 Oversubscribed Approximately 43% institutional, 57% retail 30

31 Y2K Confident we will be prepared for Year 2000 Core applications have been remediated and tested Risk Management and contingency plans have been developed and tested Monitoring of external parties on whom we rely continues 31

32 Ralph implications Collective Investment Vehicles such as the CMT continue to be look through for tax Depreciation changes will curtail the leasing industry Venture capital concessions provide new opportunities Scrip-for-scrip CGT rollovers will boost merger and acquisition activity Reduction in corporate tax rate to 34% then 30% is welcome 32

33 GST Considerable resources involved in bank-wide project More certainty now with recent financial supply regulations Impact of recent legislative changes generally positive for the bank as more taxable activities Impact on Bank s bottom line $3-5 million on profit after tax 33

34 Relocation Two main site strategy in Sydney No. 1 Martin Place 20 Bond Street Over 3,800 movements between and within premises (July 1999 to mid-february 2000) Relocation progressing smoothly 34

35 Expanded Global Presence Over 3,745 employees and 250 contractors 42 locations: 20 Australia, 22 internationally London Munich Tianjin Beijing Tokyo Shanghai Seoul Mumbai Hong Kong San Francisco Chicago Toronto New York Jupiter Kuala Lumpur Singapore Jakarta Brisbane Perth Sydney Auckland Johannesburg Adelaide Melbourne Hobart Wellington ~ Sao Paulo 35

36 Premises Australia 3,486 New South Wales 2676 Victoria 424 Queensland 184 Western Australia 105 South Australia 94 Tasmania 3 Asia 83 Americas 76 Europe 62 New Zealand 33 Africa 5 Total 3,745 36

37 Comments on the current half year Renewed focus on efficiency Bigger e-commerce push Reasonable level of work in progress but Y2K is starting to slow financial market activity Continued good performance in second half, with a result at least in line with that achieved in the first half 37

38 Share Price Continued strong growth in share price - positive market reaction to BTIB acquisition 250 Macquarie 250 S&P Investment Banking Index BTIB Price Index ASX Banks Index /11/ /05/ /11/ /05/ /11/

39 Macquarie Bank Limited Presentation to Banking Analysts and Shareholders 16 November

40 LookSmart Macquarie Bank Limited (MBL) Holds 1,951,679 shares of Common Stock and a warrant over 439,999 shares of Common Stock (exercisable at US$5 per share) 439,217 shares escrowed until 17 February 2000, remaining shares escrowed until at least 6 August 2000 Warrant escrowed until at least 25 March 2000 Total value of MBL Looksmart currently AUD$130.6 million, pre-tax, pre-bonus Macquarie Technology Funds (MTF) Holds 747,480 shares of Common Stock 142,224 shares escrowed until 25 March 2000, remaining shares escrowed until 13 May 2000 MBL holds a 6.62% equity interest in the MTF and is also entitled to performance fee of 20% if hurdle requirements met 40

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