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j~åèì~êáé=_~åâ=iáãáíéç Result Announcement for the half year ended 30 September 2005 Presentation to Investors and Analysts David Clarke, Executive Chairman Allan Moss, Managing Director & Chief Executive Officer Greg Ward, Chief Financial Officer 15 November 2005

O 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 opinions 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 of 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 Bank Limited (Macquarie). Unless otherwise specified all information is for the six months ended 30 September 2005 and increases are on the prior corresponding half year.

P ^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook

^ Prior periods restated for AIFRS. * Prior period included gain realised on formation of Macquarie Goodman Group (MGQ) Q UUB=áåÅêÉ~ëÉ=áå=éêçÑáí=çå=éÅé 13% decrease on prior period* After tax (attributable to ordinary equity holders) 88% increase on 1H2005 1H2006 $A482m 2H2005^* $556m 1H2005^ $A256m Pre tax (attributable to ordinary equity holders) 85% increase on 1H2005 1H2006 $A683m 2H2005^* $788m 1H2005^ $A370m

bmpi=çáîáçéåçë=~åç=ñê~åâáåö Sep 05 Mar 05 Sep 04 cps cps cps EPS 212.9 250.4^ 117.8^ Interim / Final Dividend 90 100 61 Special Dividend - 40 - Total Dividends 90 140 61 All dividends franked to 90% 81% increase in EPS on pcp, 15% decrease on prior period* 48% increase in dividend per share on pcp ^ Prior periods restated for AIFRS. * Prior period included gain realised on formation of Macquarie Goodman Group (MGQ) R

té=~êé=ìëéç=íç=ã~å~öáåö=ëíêçåö= ÖêçïíÜ Operating income $Am 500 450 400 350 300 250 Stock markets collapse Black Monday MBL: Macquarie Property Trust listing Interest rates rise 10%19% MBL: London office opened Vic and SA State Banks and Pyramid Building Society collapses Property & banking crisis Superannuation Guarantee introduced MBL: enters Aust. Mortgage market Barings collapse MBL: US and Hong Kong offices open 200 150 First year as MBL 100 50 0 Year ending 31 March 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 S

té=~êé=ìëéç=íç=ã~å~öáåö=ëíêçåö= ÖêçïíÜ Operating income $Ab 4.0 3.5 3.0 2.5 2.0 1.5 1.0 MBL: ASX listing, acquisition of stake in concessionaire for M5 motorway Long-Term Capital Management bail out Asian economic crisis MBL: BTIB acquisition HIH collapse MBL: $500m capital raising Terrorist attacks Enron collapse Sydney Airport acquisition MBL: ING Asia acquisition 0.5 0.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005* 1H2006 Year ending 31 March. *Restated in accordance with AIFRS. Profit on formation of MGQ T

U ^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook

$Am 900 oéåçêç=ñáêëí=ü~äñ=éêçñáí 88% increase on pcp to $A482m 13% decrease on prior period* 800 700 Profit on formation of MGQ 600 500 400 300 200 100 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005^ 2006** ^ 2005 comparatives throughout this presentation have been restated for AIFRS, except for AASB132/139 ** Reported under AIFRS. V

NM héó=çêáîéêë=çñ=ü~äñ International expansion International income more than double pcp, 46% of total income 75% of IBG advisory deals sourced outside Australia International staff up 32% from Sep 2004 to 2,037 Equity market conditions: Stronger market conditions experienced by EMG business particularly in Asia and Australia Institutional and retail stockbroking also strongly up Market conditions generally continued to be broadly favourable Good transaction activity levels and success rate Good market conditions for most treasury and commodity businesses

héó=çêáîéêë=çñ=ü~äñ Good specialist fund activity and performance fees Assets under management up 16% to $A112b and associated base fee growth* Some asset realisations transfer of assets to Macquarie International Infrastructure Fund (MIIF) Strong growth in volumes Wrap, CMT, mortgages, margin & protected lending Extraordinary staff commitment The Bank is benefiting from: Continued investment in recruitment, training, retention and remuneration systems Culture of business ownership * Based on revised definition of Assets Under Management NN

héó=çêáîéêë=çñ=ü~äñw=áåíéêå~íáçå~ä=éñé~åëáçå International income 46% of total income* 1200 International income* up 103% on pcp to $A954m 2,500 International staff up 32% on pcp to 2,037 1000 800 600 400 200 Americas Asia Pacific Europe/UK/Africa New Zealand 2,000 1,500 1,000 500 0 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 0 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 Significant initiatives/transactions during the half: Specialist AUM by Region Initiative/Transaction Dulles Greenway (Americas) YBR Directories (Europe) Initiative/Transaction MGU NYSE IPO (Americas) Macquarie Securities India (Asia) 31% BBC Broadcast (UK) MIIF IPO (Asia) Prime REIT IPO (Asia) Italian mortgages bus. (Europe) Incheon Grand Bridge (Asia) Abu Dhabi JV (Asia) Wightlink Shipping (UK) Korean Ind. Energy Corp. (Asia) 35% Australia/NZ Europe/UK/Africa Americas Asia Pacific Bristol Airport (UK) Property acquisitions (Various) Challenger Infrastructure (Europe) Daegu East toll road (Asia) 30% Sea to Sky Highway (Americas) Wales & West Gas (UK) 4% * Excluding earnings on capital NO

héó=çêáîéêë=çñ=ü~äñw=îéêó=ñ~îçìê~ääé= ÅçåÇáíáçåë=áå=íÜÉ=ã~êâÉíë=áå=ïÜáÅÜ=ïÉ= çééê~íé ASX 200 Index 170 Volume Index Volume (number of shares in billions) 12 160 11 150 140 10 130 9 120 8 110 7 100 90 6 80 5 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Index Volume (number of shares in billions) 180 170 160 Volume Index 10 9 Hang Seng 150 8 140 7 130 120 6 110 5 100 90 4 80 3 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Source: Bloomberg. NP

héó=çêáîéêë=çñ=ü~äñw=^rj=~åç=ä~ëé=ñééë= ÖêçïíÜX=éÉêÑçêã~åÅÉ=ÑÉÉë AUM up 16% on prior period to $A112b Base fees up 51% on pcp to $A271m 120 110 AUM ($Ab) Base fees Base Fees ($Am) 300 Infrastructure $Am 300 Performance fees 100 90 80 70 60 50 40 30 20 10 250 200 150 100 50 Property Other specialist FSG/FMG - retail FSG/FMG - wholesale Base fees 250 200 150 100 50 MAP MCG MIC MIG MIIF Property Other specialist FSG/FMG 0 Sep 2003 Mar 2004 Sep 2004* Mar 2005* Sep 2005 0 New funds include MCAG, MIIF, MGU, Prime REIT Announced Macquarie Media Group IPO 0 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 AUM redefined to reflect the proportional ownership interest in the underlying assets of Macquarie-managed funds and mandated assets Better representation of the scope of Macquarie s funds management activities Previously only captured the equity value of investments that Macquariemanaged funds have significant influence over * AUM prior period comparatives for September 2004 and March 2005 throughout this presentation have been restated using the revised basis of measurement NQ

héó=çêáîéêë=çñ=ü~äñw=ñìåç=ê~áëáåöë $A5.7b raised since April 2005 $Ab 6 68% from international investors 5 Fund Raising ($Am) Predominant locale of investors Macquarie Global Property Fund II 1,692 Australia & International 4 MEIF 1,003 Europe MIG 675 Australia & International MIIF 633 Singapore 3 Macquarie Global Infrastructure Total Return Fund 560 USA 2 MGQ GIF II 458 187 Australia/NZ Australia MAP 173 Australia 1 Four Corners Other 66 295 USA Australia/NZ 0 Funds raised by Macquarie and joint venture fund manager partners from 1 April 2005 to 30 September 2005 NR

NS héó=çêáîéêë=çñ=ü~äñw=öêçïíü=áå=îçäìãéë= ~Åêçëë=ÄìëáåÉëëÉë $Ab 17 Wrap platform volumes up 36% on pcp to $A16.6b $Ab 12 CMT volumes up 16% on pcp to $A11.8b 15 11 13 11 10 9 9 7 5 0 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 80 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 $Ab 17 16 15 14 Aust. mortgage volumes up 23% on pcp to $A16.2b $Ab 3.0 2.5 Margin lending volumes up 44% on pcp to $A2.9b 13 12 2.0 11 10 9 1.5 8 7 0 1.00 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005 Sep 2003 Mar 2004 Sep 2004 Mar 2005 Sep 2005

* Prior period Included gain realised on formation of Macquarie Goodman Group (MGQ) NT lééê~íáåö=áååçãé 57% increase on pcp to $A2,160m 9% decrease on prior period* $Am 2500 2000 1500 1000 500 Other income Net interest income Trading income Fee and commission income 0 Sep 2004 Mar 2005 Sep 2005

héó=çêáîéêë=çñ=ü~äñw=éèìáíó=áåîéëíãéåíë $Ab 3.0 Medallist AM Office Trust Growth of equity investments MGQ 2.5 2.0 MIG MCW MOF New funds include Prime REIT, MCAG, MIIF 1.5 1.0 0.5 MAP MIIF Prime REIT MCAG MCG KRIF MEIF Growth of investments in existing funds through reinvestment of base and performance fees 0.0 Mar 2005 Sep 2005 MIC Other equity investments Demonstrates commitment to funds $Ab 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Market value of equity investments at 30 Sep 2005 is $A545m above cost Market value Cost Unrealised gains Equity accounted investments not held at market value; includes investments in funds where Macquarie is the manager 0.0 Mar 2000 Mar 2001 Mar 2002 Mar 2003 Mar 2004 Mar 2005 Sep 2005 NU

NV héó=çêáîéêë=çñ=ü~äñw=éèìáíó=áåîéëíãéåíë Significant equity investment income $Am Gain on sale: MAP, MCG, Arqiva, DUET and other equity investments, Malaysian funds management JV 106 Dividends and Distributions: Arqiva, KRIF and various North American REITs 15 Equity accounted income: MGQ, MGPA, European Directories and Macquariemanaged specialist funds Net income from businesses held for sale Other (including loan losses and collective allowance for credit losses) Total 39 (16) (2) 142

pééç=~ëëéíë=~êé=äéáåö=êéåóåäéç $Am 1200 1000 800 600 400 200 0 Sep 01 Jan 02 May 02 Sep 02 Jan 03 May 03 Sep 03 Jan 04 May 04 Sep 04 Jan 05 May 05 Sep 05 Current Seed Assets Property: Macquarie Goodman HK Property: Chinese Retail Malls Property: Akeler Office Parks SK Enron Isle of Man Ferries Creative Broadcast Services European Directories S.A. Incheon Grand Bridge Korean Power (KIECO) D4 Tollroad CJ Cablenet Arqiva Brussels Airport Acquisition by DMG/RG Macquarie Media Group pending IPO Recycled Seed Assets NMRE UK Gas Atlantic Aviation District Energy Arlanda METC South East Water 1 Martin Place Broadcast Australia US REIT Altalink Bristol Airports Economic exposure following financial close of assets held with the intention that they will be transferred into a fund. At 31 October 2005. OM

ON _ìëáåéëë=ëéöãéåí=~å~äóëáë Investment banking 35% Up 50% on pcp Mergers and acquisitions, advisory and underwriting Institutional stockbroking Financial products Asset & wealth management 31% Infrastructure, property and other specialist funds Up 91% on pcp Retail and wholesale funds management and private client broking Banking and securitised lending Equipment and other leasing Up 6% on pcp Lending 12% Property lending Other lending Equity derivatives Commodities FX, futures, treasury and debt markets Up 68% on pcp Financial markets 22%

`çëí=ã~å~öéãéåí Headcount 8,000 7,000 77.8 Expense/income ratio (%) 79 77 FSG FMG 6,000 5,000 74.9 75 EMG BPG 4,000 3,000 2,000 1,000 71.2 69.1 68.4 73 71 69 TCG IBG Service areas Expense/Income ratio* 0 2002 2003 2004 2005 Sep 2005 67 9% increase in headcount since 1 April 2005 to 7,125 Low expense/income ratio maintained Years ending 31 March, with the exception of the six months to 30 September 2005. * 2005 excluding income associated with the formation of MGQ, expense/income ratio is 70.2% OO

OP q~ñ~íáçå Sep 2005 % Mar 2005 % Sep 2004 % Corporate tax rate Rate differential on offshore income Other 30.0 (5.9) 0.8 30.0 (4.2) (1.3) 30.0 (6.4) 3.3 Effective tax rate 24.9 24.5 26.9 Macquarie Income Securities Applied for special leave to appeal to the High Court Exposure fully provided R&D syndicates Six syndicates remain under ATO review Expect to resolve for a non-material amount

`~éáí~ä=ã~å~öéãéåí OQ Tier 1 Capital Tier 1 deductions MIPS MIS CPS Ordinary equity pre deductions Tier 1 ratio $Ab 5.0 4.0 3.0 2.0 1.0 - -1.0-2.0 Tier 1 Ratio (%) 20 18 16 14 12 10 8 6 4 2 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 Sep 2005 90 10 11 12 13 14 15 16 17 18 19 Mar 2005 Issued Capital, MIPS, Retained Earnings MIIF IPO YBR Group Arqiva UK Broadcasting Property transactions CJ Cablenet D4 Tollroad ATM Services Commitments for future acquisitions Growth in RWA's and other transactions Sep 2005 14.4 2.9 1.2 (0.7) Tier 1 ratio at 30 Sep 2005 (0.6) (1.9) 12.9 (0.6) (0.7) (0.5) (0.2) (0.2) (0.2) %

OR ^ìëíê~äá~å=éèìáî~äéåíë=íç=fåíéêå~íáçå~ä= cáå~ååá~ä=oééçêíáåö=pí~åç~êçë=e^fcopf AIFRS effective 1 April 2005 No significant impact No change to underlying business economics, risk or underlying earnings Capital ratios not impacted APRA still using previous AGAAP at this stage AIFRS Change Consolidation of certain SPVs, mainly mortgage securitisation vehicles Reclassification of financial assets and liabilities in accordance with AASB 132/139 Share based payments to employees expensed Revaluation of derivatives used to hedge the interest rate risk on MIPS hybrid recognised in earnings whilst MIPS held at cost Revaluation of other derivatives and certain non-trading financial instruments to fair value Investments in entities that are also managed by Macquarie are reported as investments in associates and equity accounted (except where the investment is classified as held for sale) The general provision for credit losses has been reversed and replaced with a collective allowance for credit losses that have been incurred but not yet identified Impact Gross-up assets and liabilities by $A20.4b at 30 September 2005; no material impact to net profit No material impact to net profit Reduces net profit before tax by $A19m for the six months to 30 September 2005 Increases net profit before tax by $A34m for the six months to 30 September 2005 Reduces net profit before tax by $A4m for the six months to 30 September 2005 Reduces net profit before tax by $A36m for the six months to 30 September 2005 The net write back of the provision to opening retained earnings of $50m on adoption of AIFRS would have been recognised in earnings over time

OS ^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook

OT j~àçê=~åüáéîéãéåíë=ó ^ëá~ Macquarie International Infrastructure Fund (MIIF) S$803m IPO on Singapore stock exchange Chinese property investments residential apartments in Shanghai and 9 retail shopping malls Korean asset acquisitions 50% of Korean Independent Energy Corporation (with consortium) for $US276m - LNG power facility CJ Cablenet (with consortium) for KRW150b ($A195m) - digital cable operator 41% of Incheon Grand Bridge Project concessionaire for KRW67.5b ($A86m) 49% of SK Enron (with consortium) for $US294m LNG gas distributor Prime REIT listing of the $S990m Prime REIT in Singapore and subsequent acquisition of 50% of REIT manager TMB joint venture stockbroking and investment banking in Thailand Entry into Indian market established securities brokerage and corporate finance business

j~àçê=~åüáéîéãéåíë=ó bìêçéé=c=íüé= jáççäé=b~ëí Macquarie European Infrastructure Fund Final close with investor commitments of 1.5b Wightlink acquisition - UK ferry service Acquisition of 49% of NRE* Netherlands gas & electricity distribution network UK office property JV - with office park developer Akeler, commenced with two acquisitions total value 150m (85% acquired by Macquarie) Dyno Nobel - $US1.7b acquisition by MBL-led consortium with portion of international assets to be on-sold to Orica Macquarie Global Property Advisors - $US1.3b capital raised for 2 nd real estate private equity fund Macquarie Mortgages Italy commenced licensed mortgage operations, offices in Milan and Rome Treasury and Commodities and Investment Banking JVs with Abu Dhabi Commercial Bank Post balance date: Acquisition of 225m Isle of Man ferry service MAp offer for majority shareholding in Copenhagen Airports * Not yet completed at 30 September 2005 OU

OV j~àçê=~åüáéîéãéåíë=ó íüé=^ãéêáå~ë Macquarie Global Infrastructure Total Return Fund (MGU) $US425m IPO, New York Stock Exchange Dulles Greenway MIG s investment in $US618m Virginia toll road The Gas Company, Hawaii MIC announced intention to acquire $US238m Hawaiian gas and LPG distribution company Post balance date: Cook Inlet acquisition Physical gas trading business in California with 59 staff Macquarie Office Trust $A1.6b joint venture with US property group Maguire Properties and $A248m capital raising

j~àçê=~åüáéîéãéåíë=ó ^ìëíê~äá~=c= kéï=wé~ä~åç Macquarie Capital Alliance Group - $A1b IPO; A$860m of acquisitions: European directories businesses Yellow Brick Road and TDC Directories* Red Bee Media (formerly BBC Broadcast) Aged care assets: Retirement Care Australia (includes assets acquired from Salvation Army and Moran Health Care Group*) and Zig Inge Retirement Villages Group* CMT reached $A11.8b; WRAP reached $A16.6b Retail client numbers exceeded 634,000 Post balance date: Macquarie Media Group proposed $A1bn IPO Virgin Money Australia announced alliance to distribute retail financial products RVNZ, joint venture between Macquarie and FKP Property acquired 60% of Metlifecare, New Zealand's largest retirement village owner and operator * Not yet completed at 30 September 2005 PM

fåíéêå~íáçå~ä=áååçãé=~=ã~àçê=çêáîéê More than half the income of some Groups 46% of total income^ $Ab 56% 1.0 0.8 0.6 International (1H06) Australian (1H06) 0.4 0.2 0.0 ^ Excluding earnings on capital 18% 47% 5% 70% 27% FMG FSG EMG BPG TCG IBG PN

bñåéääéåí=åçåíêáäìíáçåë=äó=~ää=dêçìéë Index 200 180 160 140 120 100 Funds Management Financial Services Banking & Property Treasury & Commodities Equity Markets 80 60 40 Investment Banking 20 0 1H 2005 1H 2006 Percentage contribution based on management accounts pre-tax and pre-profit share, 2005 indexed to 100 PO

fåîéëíãéåí=_~åâáåö 57%^ Comments on the first half: Outstanding result in strong environment substantially up on pcp Corporate Finance 41% of MBL^ significantly up on pcp due to: Increase in infrastructure fund performance fees from A$42m to A$169m and net increase in fund base fees after costs Increase in advisory fees significant transactions in Australia & Europe Australian ECM fees up on pcp - No.1 Australian equity raised # Good ECM activity in Asia Total equity under management* up 17.0% from $A26.0b (Mar 05) to $A30.4b, assets under management up 20% from $A37.8b (Mar 05) to $A45.4b Listing of new funds Macquarie International Infrastructure Fund (Singapore) and Macquarie Capital Alliance Group (Australia) Further fund raisings MIG, MAP, Macquarie European Infrastructure Fund, Macquarie Global Infrastructure Fund II ^ Percentage contribution based on management accounts pre-tax and pre-profit share. # Calendar year to 30 Sept 2005. (Thomson Financial) *Refer to PP

fåîéëíãéåí=_~åâáåö=eåçåíkf New assets include: Australia/New Zealand: aged care US and Canada: toll road, gas utility, aged care UK/Europe: gas & electricity distribution, tank storage, directories, ferry/ports operator, multimedia communication business South Korea: toll roads, subway line, LNG power facility, dig.cable operator Continued growth in corporate finance activity significant transactions include: Australia/NZ Dampier to Bunbury refinancing, M5 refinancing, Royal Women s Hospital PPP, Retirement Care Australia (RCA)/Moran Health Care*, Zig Inge Retirement Village, FKP/Mulpha Norwest*, Centennial Coal/Austral Coal*, Coles Myer buyback, Transurban/Hills Motorway, GPT internalisation, RCA/Salvation Army, Eldercare New Zealand, The Communications Group/WPP, Macquarie Bank/ATM Solutions, Retirement Villages New Zealand/Metlifecare*, SEEK IPO, Transpacific IPO, Charter Hall IPO, MAP, MIG, Healthscope, Valad Property, Macquarie Goodman placements * Not yet completed at 30 September 2005 PQ

fåîéëíãéåí=_~åâáåö=eåçåíkf Asia North America UK/Europe Beijing Mei Da Coffee/Starbucks Coffee International, CJ Cablenet, Daegu East Circulation Road, Guangxi Dameng/CITIC Dameng JV, Incheon Grand Bridge, Integrated Microelectronics/Speedy Electronics*, Korean Independent Energy Corporation, Seoul Subway #9, Yongin Waste Water Treatment Plant, Macquarie International Infrastructure Fund IPO, Prime REIT IPO, Hotel Leelaventure, Uttam Galva Steel placements The Gas Company*, Dulles Greenway tollroad, Macquarie Countrywide/First Washington/CalPERS, Chicago Skyway refinance, Sea to Sky Highway, Okanagan Lake Bridge, Las Vegas Executive Air Terminal Dyno Nobel Ltd*, Tank Storage Business (TSB)*, M6 Midland Expressway, YBR Group, Wightlink Shipping, BBC Broadcast, Challenger Infrastructure Fund/Inexus Group, NRE Holdings*, Wales & West Utilities, Arqiva/Inmedia Communications, Bristol airport refinancing, Newcastle Hospitals PPP, South West London LIFT PPP, Bassetlaw Schools PPP, St Helens LIFT PPP * Not yet completed at 30 September 2005 PR

fåîéëíãéåí=_~åâáåö=eåçåíkf Macquarie Securities (institutional stockbroking) 8% of MBL^ Outstanding result substantially up on pcp Australia continued growth in secondary market revenues Asia ahead of expectations; strong growth in market share, good market conditions Financial Products 5% of MBL^ Steady on pcp Continued diversification of retail products in Australia, the US and Europe and growth in wholesale opportunities Joint initiatives with Funds Management Group Listing of Macquarie Global Infrastructure Total Return Fund (MGU) on NYSE and establishment of Macquarie International Infrastructure Securities Fund in Australia Macquarie Capital 3% of MBL^ Good result significantly up on pcp with strong contribution from lending business 3% growth in leasing books from $3.6b (Mar 05) to $3.7b ^ Percentage contribution based on management accounts pre-tax and pre-profit share PS

PT fåîéëíãéåí=_~åâáåö=eåçåíkf Post balance date: Proposed IPO of Macquarie Media Group (MMG) seed asset Macquarie Regional Radioworks Current operating environment: Market conditions remain favourable Australian IPO market below pcp - strong demand for quality issues International growth continuing Competition in infrastructure sector increasing Macquarie s position remains strong due to significant global network 1st half vs 2nd half: Substantial performance fees in 1st half from existing listed specialist funds unlikely to be repeated in 2nd half 2nd half may benefit from specialist fund initiatives and asset realisations

PU fåîéëíãéåí=_~åâáåö=eåçåíkf Outlook: Subject to market conditions, Asian business expected to continue to develop Corporate and ECM deal pipeline remains strong in all markets with additional executive staff supporting higher levels of activity Continue to benefit from developing team - size, skills and location Expect the full year to be up on the prior period subject to no material change in market conditions

bèìáíó=j~êâéíë 15%^ Comments on the first half: Very good result - more than double pcp Extremely favourable market conditions in all relevant markets In particular, global equity market volumes were abnormally high Very strong demand for equity linked products Asia remained a significant contributor, however contribution more evenly spread across the group Domestic Australian business maintains strong market share Post balance date: New Group Head (Kim Burke) as of 1 October, 2005 ^ Percentage contribution based on management accounts pre-tax and pre-profit share PV

QM bèìáíó=j~êâéíë=eåçåíkf Current operating environment: Increasing uncertainty in global markets negatively impacting demand for products Equity market volumes may have peaked Outlook: Despite continuing diversification of the Group s business, results remain contingent on global equity market conditions Recent favourable conditions unlikely to persist, however extent of any deterioration impossible to predict

qêé~ëìêó=c=`çããççáíáéë= Comments on the first half: Excellent result significantly up on strong pcp 15%^ Foreign Exchange and Metals and Energy Capital remain the leading contributors Foreign Exchange up on strong pcp reflecting satisfactory volatility and good volumes Metals and Energy Capital up on strong pcp despite subdued metals trading, reflecting strong performance of energy capital business and metals equity interests Strong results from Debt Markets, Treasury, Futures Debt Markets reflecting strong performances in the securities trading, debt arrangement and placement, interest rate derivatives activities Treasury reflecting successful management of balance sheet growth Futures reflecting increased volumes in both clearing and execution ^ Percentage contribution based on management accounts pre-tax and pre-profit share QN

QO qêé~ëìêó=c=`çããççáíáéë=eåçåíkf Agricultural Commodities and Energy Markets down on strong pcp reflecting difficult trading conditions and expansion costs for Energy Markets business Current operating environment: Financial markets volatility in line with pcp Commodity markets volatility continuing at satisfactory levels Transaction volumes strong Outlook: Good transaction activity levels expected to continue Continue growth offshore

^ Percentage contribution based on management accounts pre-tax and pre-profit share *Represents total assets under management of funds where Macquarie controls or significantly influences the fund manager, including 100% of MGQ QP _~åâáåö=~åç=mêçééêíó Comments on the first half: 8%^ Group contribution down on pcp due to investment in new businesses and timing of major transactions Property - down significantly due to timing of transactions Property assets under management (including associates)* up 10.6% from $A20.7b (Mar 05) to $A22.9b Achievements include listing of the $S990m Prime REIT in Singapore and $US1.3b raising for Macquarie Global Property Advisors - Global Fund II Securitised Lending down on pcp predominantly due to investment in Italian mortgage business Australian mortgage portfolio increased 12% from $A14.5b (Mar 05) to over $A16.2b Margin and capital protected loan portfolios increased 14% from $A2.6b (Mar 05) to over $A2.9b US mortgage business - operating profitably but volumes lower than expected due to rising interest rates Banking up on pcp due to increased loan & deposit volumes and business generated by new sales offices

QQ _~åâáåö=~åç=mêçééêíó=eåçåíkf Current operating environment: Australian residential property market continues to soften with sale rates slowing in the Eastern states A number of major international markets where property yields exceed the cost of borrowing Continued growth in demand for business loans 1 st half vs 2 nd half: Expect 2nd half to be up on 1st half due to timing of transactions

QR _~åâáåö=~åç=mêçééêíó=eåçåíkf Outlook: Slow down in the land sub-division businesses offset by a strong contribution from the property funds management Legislative REIT changes in the Asian and European markets to provide property and property capital market opportunities Continued growth in mortgages including the US, Italy and possibly other international opportunities New initiatives expected to contribute over medium term Expect to meet or exceed prior year result, excluding gain realised on formation of Macquarie Goodman Group

cáå~ååá~ä=péêîáåéë Comments on the year: 4%^ Well up on pcp Broking income up strongly on pcp - benefiting from good volumes Total assets under advice /administration/management up 16% from $A43b (Mar 05) to $A50b Wrap up 18% from $A14.1b (Mar 05) to $A16.6b CMT up 11% from $A10.6b (Mar 05) to $A11.8b Superannuation up 18% from $A12.6b (Mar 05) to $A14.9b Macquarie Professional Series - managed fund distribution business, FUM up to $A322m and growing Macquarie Private Portfolio Management - funds under management up 57% from $A491m (March 05) to $A773m Macquarie Adviser Services (MAS) awarded first place in ASSIRT Service Level Survey Best Fund Manager category for third consecutive year MAS acquired financial planning software company, Coin Software Macquarie Financial Services launched Lachlan Wealth Management - administrative and client service support to advisers ^ Percentage contribution based on management accounts pre-tax and pre-profit share QS

QT cáå~ååá~ä=péêîáåéë=eåçåíkf Current operating environment: Equity markets, while slightly off recent highs, still supporting growth in stockbroking and Wrap volumes Strong CMT growth from successful adviser campaign Growth in adviser numbers to almost 300, covering Australia & NZ Outlook: Will continue to build annuity income streams Continued growth in Macquarie Professional Series including launch of Winton Global Opportunities Trust - futures fund managed by Winton Capital Management Limited (UK fund mgr) Good pipeline of opportunities for Coin (financial planning software company) with both institutional and boutique clients Launch of TMB retail broking operation in Thailand - early 2006

cìåçë=j~å~öéãéåí Comments on the half year: Well up on pcp Assets under management up 13% from $A42.0b (Mar 05) to $A47.3b. Market shares up in most asset classes Good fund-raising results from new alternative asset funds - private equity fund-of-funds, hedge funds & global REITs fund Significant inflows from master trusts and platforms Satisfactory performance in most funds, including Australian equities Established private equity fund-of-funds operation in California Outlook: Full-year result expected to be broadly in line with last year, supported by generally favourable conditions Continued expansion through: higher-margin specialist products retail platform offerings 1%^ international expansion ^ Percentage contribution based on management accounts pre-tax and pre-profit share QU

QV ^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook

RM pçãé=âéó=éäéãéåíë=çñ=j_i=ëíê~íéöó A diversified financial services institution Australia full service Asia broad investment banking Other markets focussed Focus where we can add special value Continuously seeking to add more value Embracing globalisation Commitment to growth Commitment through the cycle Specialist funds/alternative assets a key growth platform

RN pçãé=âéó=éäéãéåíë=çñ=j_i=ëíê~íéöó Focus on people High standards including ensuring that we have the relevant competencies Fostering an entrepreneurial environment combined with strong risk management Fostering a sense of partnership and ownership This approach has proven effective for over 30 years through many market conditions

lìíëí~åçáåö=äìëáåéëëéë=äìí=ëüçêíjíéêã= ééêñçêã~ååé=åçí=áããìåé=áñ=ëìëí~áåéç= Ççïåíìêå=áå=Éèìáíó=ã~êâÉíë Investment Banking Corporate Finance Decreased M&A activity and advisory work Fewer IPOs and capital raisings Lower base fees if market capitalisations fall Impact on performance fees will depend on performance relative to index More difficult to establish new specialist funds and raise equity for acquisitions for existing funds Macquarie Securities Reduced market turnover Reduced market capitalisation Financial Products Reduced retail demand Macquarie Capital Minimal impact Funds Management Minimal impact on fixed interest and currency funds Percentage Group/business contribution based on management accounts pre-tax and pre-profit share. Treasury & Commodities Reduced FX turnover Increased futures and credit derivatives turnovers Reduction in value of equity investments Increased demand for financing as equity becomes more difficult to access Equity Markets Reduced demand for listed and OTC derivatives and hedge fund products Reduced support for closed-end equity derivative products Banking & Property Reduced demand for margin loans, increased frequency of margin calls Likely increased interest in property investment to offset reduced demand resulting from lower corporate and household wealth Financial Services Reduced retail demand Reduced market turnover RO

lìíëí~åçáåö=äìëáåéëëéë=äìí=ëüçêíjíéêã= ééêñçêã~ååé=åçí=áããìåé=áñ=ä~êöé=êáëé=áå= áåíéêéëí=ê~íéë Investment Banking Corporate Finance Decline in asset values leads to decline in business and M&A activity Debt at the asset level largely hedged; inflation linked revenues provide a natural hedge Lower base fees driven by decline in values Slowdown in growth of assets under management Macquarie Securities Increased rates reduces market turnover; value of stocks traded would fall Long term impacts minimal with growth in superannuation Financial Products Minimal impact Macquarie Capital Increased loan defaults Reduced lending activity Funds Management Minimal impact Percentage Group/business contribution based on management accounts pre-tax and pre-profit share. Treasury & Commodities Access to liquidity; markets may be tighter Reduced FX activity Increased Futures and Debt Markets activity Equity Markets Decline in business activity and volumes traded Move away from yield based products to capital protected products Banking & Property Slowing sales rates and downward pressure on land valuations Reduction in fund asset values Reduced mortgages and margin lending volumes; shift to protected lending (GEIs) Increased margin calls and loan defaults Financial Services Reduced retail demand & market turnover Flight to cash RP

pééåá~äáëí=ñìåçëlåçjáåîéëíãéåí=ëóåçáå~íéë Very favourable long-term environment Investor demand Strongly growing demand for investment products globally driven by: demographics, growing wealth, trend to self funded retirement Growth in interest in alternative assets In particular, fast growing interest in income assets offering secure GDP plus growth favours infrastructure, real estate and other privileged assets Investor sophistication Broader knowledge of investor products Global outlook Asset availability From government increased use of PPP From corporates divestiture of infrastructure and real estate to focus on operations Regulatory environment Governments facilitating securitization through REITs type legislation Switch from planned economies to market based: China, India, Eastern Europe and others RQ

RR pééåá~äáëí=ñìåçëlåçjáåîéëíãéåí=ëóåçáå~íéë What we bring Relevant financial and industry competence Operational experience Scale and international network Track record Investor relationships Organisational commitment

RS ^ÖÉåÇ~ 1. Introduction David Clarke 2. Result analysis Greg Ward 3. Overview of the half Allan Moss 4. Strategy, environment and approach 5. Outlook

RT lìíäççâ=ñçê=ommrls Subject to continuation of current market conditions we expect that we will at least match the record FY05 result of $A823m Despite the fact FY05 included one-off gain from Macquarie Goodman Group Deal pipeline is satisfactory overall, including investment banking and ECM. However, more subdued global equity markets may impact businesses leveraged to these markets, notably Equity Markets Group. Unlikely we will receive substantial performance fees from existing listed specialist funds in the second half There is possible upside from specialist fund initiatives and asset realisations

RU jéçáìã=íéêã=çìíäççâ= We continue to be well placed due to: Good businesses Diversification Benefits of strategic initiatives Committed quality staff Effective prudential controls 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

j~åèì~êáé=_~åâ=iáãáíéç Result Announcement for the year ended 30 September 2005 Presentation to Investors and Analysts David Clarke, Executive Chairman Allan Moss, Managing Director & Chief Executive Officer Greg Ward, Chief Financial Officer 15 November 2005

SM däçëë~êó 1H2005 2H2005 1H2006 AASB AGAAP AIFRS AIIF APRA ASX ATO AUD/$A AUM Aust. b BPG CMT CPS cps DUET ECM EMG EPS Half-year ended 30 September 2004 Half-year ended 31 March 2005 Half-year ended 30 September 2005 Australian Accounting Standards Board Australian generally accepted accounting principals Australian equivalents to International Financial Reporting Standards African Infrastructure Investment Fund Australian Prudential Regulatory Authority Australian Stock Exchange Australian Tax Office Australian dollar Assets Under Management. Reflects the proportional ownership interest in the underlying assets of the Macquarie-managed funds and mandated assets. Australia billion Banking and Property Group Cash Management Trust Converting Preference Shares cents per share Diversified Utility and Energy Trusts Equity Capital Markets Equity Markets Group Earnings Per Share

SN däçëë~êó Equity under management infrastructure (reference slide 33) FMG FSG FX HY GEI GIF II IBG IFRS IPO JV Listed funds: market capitalisation plus underwritten or committed future capital raisings. Unlisted funds, Mandated Assets, Third party equity in Macquarie-led Consortia, MBL- Group Owned Assets: committed capital less called capital returned to investors upon realisation of investments. Mandated assets are assets for which Macquarie is engaged by a third party to perform specific investment management functions on behalf of that party. Third party equity in Macquarie-led Consortia is the amount of third party capital invested in assets through consortia led by Macquarie-managed funds. A fee is payable by consortia members to Macquarie upon disposal of their holding in that asset or a future date if their return exceeds a relevant benchmark return. MBL-Group Owned Assets are assets directly held by the MBL Group acquired with a view that they may be sold into new or existing funds. Jointly managed funds (including DUET, KRIF): equity under management is weighted based on Macquarie s proportionate economic interest in the joint venture management entity. Note : Exchange rates as at 30 September 2005 Funds Management Group Financial Services Group Foreign exchange Half Year Geared Equity Investments Global Infrastructure Fund II Investment Banking Group International Financial Reporting Standards Initial Public Offering Joint Venture

SO KIECO KRIF KRW NYSE LNG m M&A MAP MAS MBL MCAG MCG MCW MEIF METC MGPA MGQ MGU MIC MIG MIIF MIPS MIS Korean Independent Energy Corporation Korean Road Infrastructure Fund Korean Won New York Stock Exchange Liquified Natural Gas million Mergers and Acquisitions Macquarie Airports Macquarie Adviser Services Macquarie Bank Limited Macquarie Capital Alliance Group Macquarie Communications Infrastructure Group Macquarie CountryWide Trust Macquarie European Infrastructure Fund Michigan Electric Transmission Company Macquarie Global Property Advisors Macquarie Goodman Group Macquarie Global Infrastructure Total Return Fund Macquarie Infrastructure Company Trust Macquarie Infrastructure Group Macquarie International Infrastructure Fund Macquarie Income Preferred Securities Macquarie Income Securities

SP MOF MMG NMRE NZ OTC pcp PPP Property assets under management (reference slide 43) R&D REIT RVNZ RWA $S SA SPV T1 TCG UK US Vic. Macquarie Office Trust Macquarie Media Group Novera Macquarie Renewable Energy New Zealand Over The Counter prior corresponding period Public Private Partnerships As per definition of AUM. Includes interests of associates. Research and Development Real Estate Investment Trust Retirement Villages New Zealand (JV between FKP Property Group and Macquarie Bank) Risk Weighted Assets Singapore dollars South Australia Special Purpose Vehicle Tier 1 (capital) Treasury and Commodities Group United Kingdom United States of America Victoria