Macquarie Group Limited Presentation to Debt Investors. November 2017

Macquarie Group Limited Presentation to Debt Investors November 2017

Disclaimer 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. Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity s obligations do not represent deposits or other liabilities of MBL and MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. This information is not intended to create legal relations and is not binding on Macquarie or MBL under any circumstances whatsoever. Nothing in this information should be construed as legal, financial, accounting, tax or other advice. This presentation is being made only to investment professionals and must not be distributed to or relied upon by any other person. This information has been prepared in good faith and is based on information obtained from sources believed to be reliable, however no representation or warranty is made as to the accuracy, completeness or reliability of the information. The information may be based on certain assumptions or market conditions, and if those assumptions or market conditions change, the information may change. 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. No responsibility or liability whatsoever (in negligence or otherwise) is accepted by any person for any errors, mis-statements or omissions in this information or any other information or materials. Without prejudice to the foregoing, neither Macquarie nor its related bodies corporate (the Macquarie Group ), nor any of its associates, directors, officers, employees nor any other person shall be liable for any loss or damage (whether direct, indirect or consequential) suffered by any person as a result of relying on any statement in or omission from this information. The Macquarie Group or its associates, directors, officers or employees may have interests in the financial products referred to in this information by acting in various roles including as provider of corporate finance, underwriter or dealer, holder of principal positions, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. In addition, the Macquarie Group and its associates, directors, officers or employees may buy or sell the financial products as principal or agent and as such may effect transactions which are not consistent with any recommendations in this information. All amounts are in Australian dollars unless otherwise indicated. Words such as may, will, expect, intend, plan, estimate, anticipate, believe, continue, probability, risk, and other similar words are intended to identify forward looking statements, but are not the exclusive means of identifying those statements. This information 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 at 30 September 2017. Certain financial information in this presentation may have been prepared on a different basis to the most recent 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, reconciliation to the statutory information is provided. This presentation provides further detail in relation to key elements of Macquarie s financial performance and financial position. It also provides an analysis of the funding profile of the Macquarie Group because maintaining the structural integrity of the Macquarie Group's balance sheet requires active management of both asset and liability portfolios. Active management of the funded balance sheet enables the Macquarie 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. 2

Agenda 1 Overview 2 MGL results for the half year ended 30 September 2017 3 FY18 Outlook 4 Capital and Funding 5 Appendices MACQUARIE 2017

Overview 01 Presentation to Debt Investors November 2017 MACQUARIE 2017

Macquarie Overview Diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities Macquarie Group overview 1 Global locations Annuity-style businesses approx. 70% Macquarie Asset Management Corporate and Asset Finance 25% 33% Macquarie Group 11% 10% Capital markets facing businesses approx. 30% 21% Banking and Financial Services Commodities and Global Markets Macquarie Capital North America 19 locations Latin America 3 locations Middle East 2 locations Europe 12 locations Africa 2 locations Asia 13 locations Australia 9 locations New Zealand 1 location Macquarie Group in numbers 13,966 employees, operating in 27countries $A473.6b assets under management as at 30 Sep 17 1H18 net profit $A1,248m FY17 net profit $A2,217m MBL A/A2/A credit rating APRA primary regulator for MBL & MGL 1. Based on FY17 net profit contribution from operating groups. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 5

$Am $Am $Am Macquarie Presentation to Debt Investors macquarie.com Overview MGL results for the half year ended 30 September 2017 FY18 Outlook Capital and Funding Appendices 48 years of profitability 2.0 1.6 Hill Samuel UK opens branch office in Sydney 1.2 0.8 Recession Currency Crisis 0.4-100 80 60 40 20 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 US banks capital losses Global debt crisis US recession Savings and loan crisis $A floated MBL established First listed property trust Enter stockbroking Stock market crash London office opens Recession Global real estate crash Hills Motorway Mortgage securitisation - 2,500 2,000 1,500 1,000 500 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 MBL listed Asian Financial Crisis Russian Debt Crisis BT Australia acquired Dot Com crash 9/11 US Recession Sydney Airport SARS ING Acquired Orion Securities CIT Systems Leasing Group Restructure Significant Market Disruption Thames Water Giuliani Capital GFC Constellation Tristone Delaware FPK Blackmont Sal Opp. ILFC GMAC Presidio Innovest REGAL Onstream European rail leasing AWAS aircraft operating lease portfolio Esanda GE Capital s portfolio Premium Funding business GIB & Cargill North American Gas and Petroleum - 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H18 6

Macquarie funding structure MGL and MBL are Macquarie s two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements MBL provides funding to the Macquarie Bank Group MGL provides funding predominately to the Non-Bank Group Non-Bank Group Debt and Hybrid Equity Macquarie Group Limited (MGL) Equity Debt and Equity Debt and Equity Debt and Hybrid Equity Macquarie Bank Limited (MBL) Bank Group Non-Bank Subsidiaries 7

33 MAM % Macquarie Asset Management Annuity-style business Top 50 global asset manager with $A471.9b of assets under management 1H18 OPERATING INCOME OPERATING INCOME $A1,730m $A2,596m 1H18 NET NET PROFIT CONTRIBUTION $A1,189m $A1,538m 26 % ON 1H17 41 % ON 2H17 39 % ON 1H17 75 % ON 2H17 Provides clients with access to a diverse range of capabilities and products including infrastructure, real assets, equities, fixed income, liquid alternatives & multi-asset investment management solutions Macquarie Infrastructure and Real Assets AUM $A141.1b Macquarie Specialised Investment Solutions AUM $A5.3b Macquarie Investment Management AUM $A325.2b Ranked No. 1 infrastructure manager globally 1 4 Lipper Awards in 2017 2 European infrastructure debt manager of the year 3 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. AUM as at 30 Sep 17. 1. Willis Towers Watson 2017 Global Alternatives Survey, published 17 Jul 17. 2. For information and disclosures relating to these awards, visit: https://www.macquarieim.com/mimdisclosures. 3. PDI Annual Awards 2016. MACQUARIE 8

25 CAF % Corporate and Asset Finance Annuity-style business $A35.5b asset and loan portfolio Delivers tailored finance and asset management solutions to clients through the cycles Provides flexible primary financing solutions and engages in secondary market investing across the capital structure operates globally in both corporate and real estate sectors Expertise in asset finance including aircraft; vehicles; technology; healthcare; manufacturing; industrial; energy; rail; and mining equipment Selectively invests in specialised asset classes Supports annuity-style businesses through different growth phases Principal Finance 1 Portfolio $A5.6b 2 Aircraft Portfolio $A8.3b Energy Portfolio $A1.0b 1H18 OPERATING INCOME $A931m 1H18 NET PROFIT CONTRIBUTION $A619m Vehicles Portfolio $A17.4b TMT 3 Portfolio $A2.2b Rail Portfolio $A0.7b Resources Portfolio $A0.3b 11 % ON 1H17 7 % ON 2H17 19 % % ON 1H17 ON 9 FY16 % ON 2H17 Leading participant in bespoke primary financing; niche acquirer of secondary market investments One of Australia s largest vehicle financiers, with over 610,000 cars Largest independent 4 smart meter funder in the UK Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. As at 30 Sep 17. 1. Formerly known as Lending. 2. Includes Real Estate Structured Finance legacy run-off portfolio and equity portfolio of $A0.4b. 3. Telecoms, Media and Technology. 4. Not part of a distribution network or a vertically integrated utility. MACQUARIE 9

11 BFS % Banking and Financial Services Annuity-style business $A46.4b total BFS deposits 1 Provides a diverse range of personal banking, wealth management and business banking products and services Strong intermediary relationships, a white-label personal banking platform and Macquarie branded offerings More than 1 million Australian clients Deposits Financial advice and private banking Wrap 1H18 OPERATING INCOME $A822m 1H18 NET PROFIT CONTRIBUTION $A289m Mortgages Business banking Personal banking 6 % ON 1H17 7 % ON 2H17 10 % ON 1H17 13 % ON 2H17 Australian mortgage portfolio $A29.9b Best Digital Banking Funds on platform 3 Offering 2 of $A78.9b Business banking SME clients up 3% on Mar 17 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. As at 30 Sep 17. 1. BFS deposits exclude corporate/wholesale deposit balances. 2. 2017 Australian Retail Banking Awards. 3. Funds on platform includes Macquarie Wrap and Vision. MACQUARIE 10

21 CGM % Commodities and Global Markets Capital markets facing business Providing clients with an integrated, end-to-end offering across global markets Diverse platform covering 25+ market segments, with 160+ products Expertise in providing clients with access to markets, financing, financial hedging, research and market analysis, and physical execution Growing presence in commodities (natural gas, LNG, NGLs, power, oil, coal, base metals, iron ore, sugar and freight) Global institutional securities house with strong Asia-Pacific foundations covering sales, research, ECM, execution and derivatives and trading activities Commodities Fixed Income 1H18 OPERATING INCOME $A1,321m 1H18 NET PROFIT CONTRIBUTION $A378m Equities Foreign Exchange 11 % 10 % ON 1H17 ON 2H17 23 % 21 % ON 1H17 ON 2H17 10+ years in Energy markets 20+ years in Agricultural markets 30+ years in Metals, Equity, FX and Futures markets 2016 Commodity House of the Year for the 3 rd consecutive year No.2 US physical gas marketer in North America 1 Top 10 global equities research house 2 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. 1. Platts Q2 CY17. 2. By number of stocks under coverage, I/B/E/S, Nov 16. MACQUARIE 11

MacCap 10 % Macquarie Capital Capital markets facing business Global capability in M&A Advisory, Debt and Equity Capital Markets and Principal Investments Focus on core areas of expertise: Infrastructure, Utilities and Renewables Real Estate Telecommunications, Media, Entertainment & Technology Resources Industrials Financial Institutions No.1 M&A for announced and completed deals in ANZ 1 No. 1 Infra/Project Finance Advisory in EMEA 3 1H18 OPERATING INCOME $A582m 1H18 NET PROFIT CONTRIBUTION $A190m No.1 IPOs and ECM follow-ons in ANZ 2 No.1 Project Finance sponsor in EMEA 4 2 % 9 % ON 1H17 ON 2H17 7 % ON 1H17 32 % ON 2H17 Completed 152 transactions valued at $A73b in 1H18 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. 1. Dealogic, CY17 (any Australian involvement, by number and value). 2. Dealogic, (CY17, by value). 3. Inframation (CY17, by value). 4. IJGlobal (CY17, by value). MACQUARIE 12

Long standing conservative risk management framework Macquarie s risk management principles have remained largely stable over 30 years and served the Group well over the past few years The key aspects of Macquarie s risk management approach are: Ownership of risk at the business level Business heads responsible for identifying risks within their businesses and ensuring these are managed appropriately. Seek a clear analysis of the risks before taking decisions. Understanding worst case outcomes Risk management approach based on examining the consequences of worst case outcomes and determining whether risks can be tolerated. Adopted for all material risk types and often achieved by stress testing. Requirement for independent sign-off by Risk Management Risk Management Group (RMG) signs off all material risk acceptance decisions. For material proposals, RMG opinion sought at the early stage in decision making process, and independent input from RMG on risk and return is included in the approval document submitted to senior management. Macquarie s approach to risk is supported by the Risk Management Group Macquarie determines aggregate risk appetite by assessing risk relative to earnings, more than by reference to capital 13

Trading business are client driven Consistent profits and low volatility of returns Days Daily Trading Profit and Loss FY14 FY18¹ 1. FY18 results extrapolated based on data up to 30 Sep 17 14

Multiple to Macquarie Multiple to Macquarie Macquarie Presentation to Debt Investors macquarie.com Overview MGL results for the half year ended 30 September 2017 FY18 Outlook Capital and Funding Appendices Stable earnings 5 year earnings volatility relative to Macquarie (since GFC) 40 10 year earnings volatility relative to Macquarie (includes GFC) 12 11.1x 35 34.2x 10 30 25 8 8.0x 20 6 15 4 10 2.6x 5 2.9x 1.7x 1.1x 1.0x 0.6x 2 1.8x 1.0x 0.7x 0 Global Investment Banks Global Banks Global Fund/Asset Managers Domestic Asset Managers Macquarie Domestic Majors 0 Global Investment Banks Global Fund/Asset Managers Global Banks Domestic Asset Managers Macquarie Domestic Majors This page compares the historical earnings volatility among certain firms, and is not intended to represent that Macquarie has a comparable business model, risks or prospects to any other firm mentioned. Volatility of P&L is defined as standard deviation of P&L divided by average P&L (coefficient of variation), based on most recent annual disclosures. Source: Bloomberg as at 8 Nov 17. 15

MGL results for the half year ended 30 September 2017 02 Presentation to Debt Investors November 2017 MACQUARIE 2017

1H18 result: $A1,248m up 19% on 1H17; up 7% on 2H17 1H18 $Am 2H17 $Am 1H17 $Am 1H18 v 1H17 1H18 v 2H17 Net operating income 5,397 5,146 5,218 3% 5% Total operating expenses (3,693) (3,527) (3,733) 1% 5% Operating profit before income tax 1,704 1,619 1,485 15% 5% Income tax expense (448) (430) (438) 2% 4% Effective tax rate 1 (%) 26.4 26.9 29.4 (Profit)/loss attributable to non-controlling interests (8) (22) 3 Profit attributable to MGL shareholders 1,248 1,167 1,050 19% 7% Annualised return on equity (%) 16.7 15.8 14.6 14% 6% Basic earnings per share $A3.70 $A3.46 $A3.12 19% 7% Ordinary dividends per share $A2.05 $A2.80 $A1.90 8% 27% 1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. 17

1H18 net profit contribution from operating groups $A2,662m up 14% on 1H17; up 12% on 2H17 ANNUITY-STYLE BUSINESSES $A2,094m 28% ON 1H17 30% ON 2H17 CAPITAL MARKETS FACING BUSINESSES $A568m 18% ON 1H17 25% ON 2H17 MAM: on 1H17 Continued strong performance, benefited from increased performance fees; base fees and investment-related income broadly in line CAF: on 1H17 Leasing book continued to perform well; higher prepayments, realisations and investment-related income in Principal Finance albeit reduced income from lower portfolio volumes; reduced provisions and impairments overall BFS: on 1H17 Volume growth in loan and deposit portfolios and improved margins; 1H17 benefited from the gain on sale of Macquarie Life s risk insurance business MAM 45% Net profit contribution CAF 23% CGM 14% BFS 11% MacCap 7% CGM: on 1H17 Reduced income from the sale of investments and lower volatility across the commodities platform resulting in reduced client activity and trading opportunities Macquarie Capital: on 1H17 Increased client activity in DCM, offset by subdued activity in M&A and ECM, and lower investment-related income Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on 1H18 net profit contribution from operating groups. 18

Financial performance Operating income $Am 5,600 5,200 4,800 4,400 1H16 2H16 1H17 2H17 1H18 $A5,397m 1H18 OPERATING INCOME 3 % ON 1H17 5 % ON 2H17 Profit $Am 1,500 1,000 500-1H16 2H16 1H17 2H17 1H18 $A1,248m 1H18 PROFIT 19 % ON 1H17 7 % ON 2H17 EPS $A 4.00 3.00 2.00 1.00-1H16 2H16 1H17 2H17 1H18 $A3.70 1H18 EPS 19 % ON 1H17 7 % ON 2H17 DPS $A 3.00 2.00 1.00-1H16 2H16 1H17 2H17 1H18 $A2.05 1H18 DPS 8 % ON 1H17 27 % ON 2H17 19

Diversification by region International income 62% of total income 1 Total staff 13,966; International staff 55% of total Europe, Middle East and Africa INCOME STAFF $A1,496m 1,694 28% OF TOTAL EUROPE Dublin Edinburgh Frankfurt Geneva London Luxembourg Madrid Munich Paris Reading Vienna Zurich MIDDLE EAST Abu Dhabi Dubai SOUTH AFRICA Cape Town Johannesburg Asia INCOME $A548m 10% OF TOTAL ASIA Bangkok Beijing Gurugram Hong Kong Jakarta Kuala Lumpur Manila Mumbai Seoul STAFF 3,445 Shanghai Singapore Taipei Tokyo Americas INCOME $A1,305m 24% OF TOTAL CANADA Calgary Montreal Toronto Vancouver LATIN AMERICA Mexico City Ribeirao Preto Sao Paulo USA Austin Boca Raton Boston Chicago Denver Houston Jacksonville Los Angeles STAFF 2,586 Minneapolis Nashville New York Philadelphia San Diego San Francisco San Jose Australia 2 INCOME $A2,025m 38% OF TOTAL AUSTRALIA Adelaide Brisbane Canberra Gold Coast Manly Melbourne Parramatta STAFF 6,241 Perth Sydney NEW ZEALAND Auckland 1. Net operating income excluding earnings on capital and other corporate items. 2. Includes New Zealand. 20

Major Bank Levy The Major Bank Levy taxes 5 Australian banks on many of their non-retail deposit liabilities Macquarie Group s banking activities are carried on by Macquarie Bank which largely comprises the Australian retail business in BFS, Lending and Leasing in CAF and much of its CGM business Macquarie Bank s Australian operations represent approximately one third of Macquarie Bank s earnings based on the FY17 result Macquarie Bank s return on equity was approximately 10% in FY17 and its market share across most Australian retail products is approximately 2% The annualised cost of the new tax is estimated to be $A66m pre-tax based on FY17 earnings, which has the same effect as increasing the Australian effective tax rate for Macquarie Bank from 34% to 41% The impact of the levy would be greater in the event of a decline in Macquarie Bank s profitability The new tax will have a disproportionately high impact on Macquarie Bank compared to the major Australian banks given our business mix is more heavily weighted to wholesale and international business We have expressed our concern to the Government given the size of our banking operations, the benefit we bring to domestic competition and innovation, and the role we play in bringing offshore income into the Australian economy We will continue to review our business mix and location to ensure all our businesses remain profitable and internationally competitive, noting that our international competitors are not subject to this tax 21

03 FY18 Outlook Presentation to Debt Investors November 2017 MACQUARIE 2017

Factors impacting short-term outlook FY18 combined net profit contribution from operating groups expected to be slightly up on FY17 Annuity-style businesses Capital markets facing businesses Macquarie Asset Management FY17: $A1.5b down 6% on FY16 Base fees expected to be broadly in line 2H18 performance fees expected to be lower than 1H18 Corporate and Asset Finance FY17: $A1.2b up 6% on FY16 Leasing book broadly in line Reduced loan volumes in Principal Finance Timing and level of early prepayments and realisations in Principal Finance Banking and Financial Services FY17: $A0.5b up 47% on FY16 Higher loan portfolio, deposit and platform volumes CAF MAM FY17 BFS CGM MacCap Commodities and Global Markets FY17: $A1.0b up 15% on FY16 Strong customer base expected to drive consistent flow across Commodities, Fixed Income and Futures; albeit subdued market conditions in Commodities Lower levels of impairments and investment-related income expected Cargill acquisitions completed Macquarie Capital FY17: $A0.5b up 7% on FY16 Assume market conditions broadly consistent with 1H18 Solid pipeline of Principal realisations expected GIG acquisition completed Corporate Compensation ratio to be consistent with historical levels Based on present mix of income, currently expect FY18 tax rate to be broadly in line with 1H18 Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on FY17 net profit contribution from operating groups. 23

Short-term outlook We currently expect the FY18 combined net profit contribution 1 from operating groups to be slightly up on FY17 The FY18 tax rate is currently expected to be broadly in line with 1H18 Given substantial performance fees were recognised in 1H18, we expect the 2H18 result to be down on 1H18 and broadly in line with 2H17 Accordingly, the Group s result for FY18 is currently expected to be slightly up on FY17 Our short-term outlook remains subject to: Market conditions The impact of foreign exchange Potential regulatory changes and tax uncertainties 1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. 24

Medium-term 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 Asset Management, Corporate and Asset Finance and Banking and Financial Services Two capital markets facing businesses well positioned to benefit from improvements in market conditions with strong platforms and franchise positions Commodities and Global Markets and Macquarie Capital 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 25

Approximate business Basel III Capital & ROE As at 30 Sep 17 Operating Group APRA Basel III Capital 1 @ 8.5% ($Ab) Approx. 1H18 Return on Ordinary Equity 2 Approx. 11-Year Average Return on Ordinary Equity 2 Annuity-style businesses 8.6 Macquarie Asset Management 2.0 Corporate and Asset Finance 4.2 28% 20% 3 Banking and Financial Services 2.4 Capital markets facing businesses 5.3 Commodities and Global Markets 3.0 Macquarie Capital 2.3 11% 15% - 20% Total regulatory capital requirement @ 8.5% 13.9 Group surplus 4.2 Total APRA Basel III capital supply 18.1 4 1. Business Group capital allocations are indicative and are based on allocations as at 30 Jun 17 adjusted for material movements over the Sep 17 quarter. 2. NPAT used in the calculation of approx. annualised ROE is based on operating group s net profit contribution adjusted for indicative allocations of profit share, tax and other corporate expenses. Accounting equity is attributed to businesses based on regulatory capital requirements. 11-year average covers FY07 to FY17, inclusively. 3. CAF returns prior to FY11 are excluded from the 11-year average as they are not meaningful given the significant increase in scale of CAF s platform over this period. 4. Comprising of $A15.4b of ordinary equity and $A2.7b of hybrids. 26

Medium-term Macquarie Asset Management (MAM) Annuity-style business that is diversified across regions, products, asset classes and investor types Diversification of capabilities allows for the business to be well placed to grow assets under management in different market conditions Well positioned for organic growth with several strongly performing products and an efficient operating platform Annuitystyle businesses Corporate and Asset Finance (CAF) Leverage deep industry expertise to maximise growth potential in asset and loan portfolio Positioned for further asset acquisitions and realisations, subject to market conditions Funding from asset securitisation throughout the cycle Banking and Financial Services (BFS) Strong growth opportunities through intermediary and direct retail client distribution, white labelling, platforms and client service Opportunities to increase financial services engagement with existing business banking clients and extend into adjacent segments Modernising technology to improve client experience and support growth Capital markets facing businesses Commodities and Global Markets (CGM) Opportunities to grow commodities business, both organically and through acquisition Development of institutional coverage for specialised credit, rates and foreign exchange products Increase financing activities Growing the client base across all regions Well positioned for a recovery in equity markets activity by leveraging a strong market position in Asia-Pacific through investment in the equities platform and further integration of the business across CGM Macquarie Capital (MacCap) Positioned to benefit from any improvement in M&A and capital markets activity Continues to tailor the business offering to current opportunities, market conditions and strengths in each region 27

Capital and Funding 04 Presentation to Debt Investors November 2017 MACQUARIE 2017

Strong regulatory ratios Bank Group (Sep 17) 17.5% 7.5% 6.9% 190% 115% 14.0% 13.3% 6.0% 160% 110% 10.5% 11.0% 4.5% 6.1% 130% 153% 105% 109% 7.0% 3.0% 100% 100% 3.5% 1.5% 70% 95% - CET1 ratio - Leverage ratio 40% LCR 2 90% NSFR 4 1 Bank Group (Harmonised ) Bank Group (APRA) Basel III minimum 3 1. Harmonised Basel III estimates are calculated in accordance with the BCBS Basel III framework. 2. Average LCR for Sep 17 quarter is based on an average of daily observations. 3. Includes the capital conservation buffer in the minimum CET1 ratio requirement. The minimum BCBS Basel III leverage ratio requirement of 3% is effective from 1 Jan 18. 4. APRA released final NSFR requirements at the end of 2016. The NSFR and associated changes to APRA ADI Prudential Standard 210 will be effective from 1 Jan 18. 29

Regulatory update Finalisation of Basel III The Basel Committee has delayed the finalisation of proposals to amend the calculation of certain risk weighted assets under Basel III. Any impact on capital will depend upon the final form of the proposals and local implementation by APRA APRA has delayed until at least 1 Jan 19 the implementation of a new standardised approach for measuring counterparty credit risk exposures on derivatives (SA- CCR) and capital requirements for bank exposures to central counterparties APRA has also announced that it does not expect to finalise a new market risk standard 1 until at least 2020, with implementation from 2021 at the earliest APRA s Unquestionably Strong proposal APRA provided guidance around CET1 capital ratios for Australian banks to be considered unquestionably strong and intends to release further details on how the new requirements will be implemented later this year APRA has indicated 2 that the implementation of the proposal will incorporate changes to the prudential framework resulting from the finalisation of Basel III Based on existing guidance, Macquarie s surplus capital position remains sufficient to accommodate any additional requirements Share Buyback The Group s capital position is strong with $A4.2b 3 surplus at 30 Sep 17 To provide additional flexibility to manage the Group s capital position going forward, the Board has approved an on-market buyback of up to $A1b, subject to a number of factors including the Group s surplus capital position, market conditions and opportunities to deploy capital by the businesses This buyback has received the necessary regulatory approvals Note: The Basel Capital Framework applies to the Bank Group only. 1. Also known as the Fundamental Review of the Trading Book. 2. APRA s information paper published Jul 17: Strengthening banking system resilience establishing unquestionably strong capital ratios. 3. Calculated at 8.5% RWA including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. 30

Basel III capital position APRA Basel III Group capital at Sep 17 of $A18.1b, Group capital surplus of $A4.2b 1 Bank Group APRA Basel III CET1 ratio: 11.0% 2 ; Tier 1 ratio: 12.9%; Leverage ratio: 6.1% Bank Group Harmonised Basel III CET1 ratio: 13.3% 3 ; Tier 1 ratio: 15.2%; Leverage ratio: 6.9% $Ab Group regulatory surplus: Basel III (Sep 17) 8.0 7.0 6.0 (0.3) (1.3) (0.8) 1.2 5.0 (2.0) 4.0 3.0 2.0 7.4 Based on 8.5% (minimum Tier 1 ratio + CCB) 5.8 6.2 6.2 4.2 4.2 1.0 - Harmonised Basel III 4 at Mar 17 Hybrid Capital Buyback 5 FY17 Final Dividend and MEREP 1H18 P&L and movements in reserves 6 Business growth and 7 other Harmonised Basel III at Sep 17 APRA Basel III 'super equivalence' 8 APRA Basel III at Sep 17 1. Calculated at 8.5% RWA including the capital conservation buffer (CCB), per APRA ADI Prudential Standard 110. The APRA Basel III Group capital surplus is $A5.6b calculated at 7% RWA, per the internal minimum Tier 1 ratio of the Bank Group. 2. Basel III applies only to the Bank Group and not the Non-Bank Group. APRA Basel III Tier 1 ratio at Sep 17: 12.9%. APRA Basel III CET1 ratio at Mar 17: 11.1%. 3. Harmonised Basel III estimates are calculated in accordance with the BCBS Basel III framework. Harmonised Basel III Tier 1 ratio at Sep 17: 15.2%. 4. Harmonised Basel III estimates are calculated in accordance with the BCBS Basel III framework. 5. $US250m of Macquarie Exchangeable Capital Securities ( ECS ) bought back in Jun 17. 6. Excluding foreign currency translation reserve. 7. Includes changes in business requirements, for example, Endeavour Energy, Land Services Group and the acquisition of GIG. Also includes the net impact of hedging employed to reduce the sensitivity of the Group s capital position to FX translation movements. 8. APRA Basel III super-equivalence includes the impact of changes in capital requirements in areas where APRA differs from the BCBS Basel III framework and includes full CET1 deductions for equity investments ($A0.6b); differences in mortgages treatment ($A0.6b); capitalised expenses ($A0.5b); investment into deconsolidated subsidiaries ($A0.2b); DTAs and other impacts ($A0.1b). 31

Balance sheet highlights Balance sheet remains solid and conservative Term assets covered by term funding, stable deposits and equity Minimal reliance on short-term wholesale funding markets Total customer deposits 1 continuing to grow, up 3% to $A49.4b as at Sep 17 from $A47.8b as at Mar 17 $A8.2b 2 of term funding raised during 1H18: $A3.3b MGL loan facilities 3 $A2.2b mortgage and motor vehicle/equipment secured funding $A1.9b private placement issuance $A0.8b MGL secured trade finance facility 1. Total customer deposits as per the funded balance sheet ($A49.4b) differs from total deposits as per the statutory balance sheet ($A59.0b). The funded balance sheet excludes any deposits which do not represent a funding source for Macquarie. 2. Issuances are AUD equivalent based on FX rates at the time of issuance and represent full facility size. 3. Includes $A3.2b Senior Credit Facility refinance and upsize and $A0.1b addition to the existing MGL Asian Bank Facility refinanced in FY17. 32

Conservative long standing liquidity risk management framework Liquidity Policy The key requirement of MGL and MBL s liquidity policies is that the entities are able to meet all liquidity obligations during a period of liquidity stress: A minimum 12 month period with constrained access to funding markets and with only a limited impact on franchise businesses Term assets are funded by term funding, stable deposits and equity Liquidity Framework A robust liquidity risk management framework ensures that both MGL and MBL are able to meet their funding requirements as they fall due under a range of market conditions. Key tools include: Liability driven approach to balance sheet management Scenario analysis Maintenance of unencumbered liquid asset holdings Liquidity management is performed centrally by Group Treasury, with oversight from the Asset and Liability Committee and the Risk Management Group The Boards of each entity approve their respective liquidity policy and are provided with liquidity reporting on a monthly basis 33

Funded balance sheet remains strong Term liabilities exceed term assets $Ab 31 Mar 17 $Ab 30 Sep 17 ST wholesale issued paper (5%) Other debt maturing in the next 12 months 1 (9%) Cash, liquids and self securitised assets 4 (32%) ST wholesale issued paper (10%) Other debt maturing in the next 12 months 1 (7%) Cash, liquids and self securitised assets 4 (33%) TOTAL CUSTOMER DEPOSITS 8 $A49.4b 3% FROM MAR 17 Customer deposits (40%) Trading assets (18%) Loan assets (incl. op lease) < 1 year 5 (11%) Customer deposits (40%) Trading assets (15%) Loan assets (incl. op lease) < 1 year 5 (11%) NEW TERM FUNDING 9 $A8.2b RAISED IN 1H18 Debt maturing beyond 12 months 2 (33%) Equity and hybrids 3 (13%) Loan assets (incl. op lease) > 1 year 6 (33%) Equity investments and PPE 3,7 (6%) Debt maturing beyond 12 months 2 (30%) Equity and hybrids 3 (13%) Loan assets (incl. op lease) > 1 year 6 (33%) Equity investments and PPE 3,7 (8%) SYNDICATED LOAN FACILITIES REFINANCED $A3.3b IN 1H18 These charts represent Macquarie s funded balance sheets at the respective dates noted above. For details regarding reconciliation of the funded balance sheet to Macquarie s statutory balance sheet refer to slide 64. 1. Other debt maturing in the next 12 months includes Structured Notes, Secured Funding, Bonds, Other Loans, Loan Capital maturing within the next 12 months and Net Trade Creditors. 2. Debt maturing beyond 12 months includes Loan Capital not maturing within next 12 months. 3. Non-controlling interests netted down in Equity and hybrids and Equity Investments and PPE. 4. Cash, liquids and self securitised assets includes self securitisation of RBA repo eligible Australian mortgages originated by Macquarie. 5. Loan Assets (incl. op lease) < 1 year includes Net Trade Debtors. 6. Loan Assets (incl. op lease) > 1 year includes Debt Investment Securities. 7. Equity Investments and PPE includes Macquarie s co-investments in Macquarie-managed funds and equity investments. 8. Total customer deposits as per the funded balance sheet ($A49.4b) differs from total deposits as per the statutory balance sheet ($A59.0b). The funded balance sheet excludes any deposits which do not represent a funding source for Macquarie. 9. Issuances cover a range of tenors, currencies and product types and are AUD equivalent based on FX rates at the time of issuance and include undrawn facilities. 34

Diversified issuance strategy Term funding as at 30 Sep 17 diversified by currency 1, tenor 2 and type Currency Tenor Type USD 42% EUR 6% GBP 2% CHF 2% JPY 2% OTH 1% AUD 45% Securitisations > 1 yr 12% >5yrs 43% 1-2yrs 14% 4-5yrs 6% 2-3yrs 14% 3-4yrs 11% Senior Unsecured 35% Secured Funding 4% Private Placement 6% Subordinated debt 8% Syndicated loan facility 7% Covered Bonds 1% PUMA RMBS 6% Equity & Hybrids 26% SMART ABS 7% Well diversified issuance and funding sources Term funding beyond 1 year (excluding equity and securitisations) has a weighted average maturity of 4.2 years $Ab 35 30 25 20 15 10 5 - Term Issuance and Maturity Profile 3 Issuances Maturities Sep 17: Weighted average maturity 4.2 years FY14 FY15 FY16 FY17 1H18 <1 yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs Debt Loan Capital Equity & Hybrid AWAS Acquisition Facility Esanda Syndicated Facility Note: All data presented in these charts represents drawn facilities. 1. Equity has been allocated to the AUD currency category. 2. Securitisations have been presented on a behavioural basis and represent funding expected to mature in >1yr. 3. Issuances and Maturities exclude securitisations and other secured finance. Issuances are converted to AUD at the 30 Sep 17 spot rate. Maturities shown are as at 30 Sep 17. 35

Continued customer deposit growth Macquarie has been successful in pursuing its strategy of diversifying its funding sources through growing its deposit base In excess of 1 million BFS clients, of which approx. 560,000 are depositors Focus on the composition and quality of the deposit base Continue to grow deposits in the CMA product, which has an average account balance of approx. $A45,000 Customer deposits $Ab 50 40 30 20 10-31.6 33.9 36.2 36.9 39.7 43.6 47.8 49.4 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Sep 17 Note: Total customer deposits include BFS deposits of $A46.4b and $A3.0b of Corporate/Wholesale deposits. 36

Current credit ratings Macquarie Bank Limited Macquarie Group Limited Longterm rating Longterm rating outlook Shortterm rating Longterm rating Longterm rating outlook Shortterm rating Moody s A2 Stable P-1 A3 Stable P-2 Fitch A Stable F-1 A- Stable F-2 S&P A Negative A-1 BBB Stable A-2 37

Rating movement (notches) Rating movement (notches) Macquarie Presentation to Debt Investors macquarie.com Overview MGL results for the half year ended 30 September 2017 FY18 Outlook Capital and Funding Appendices Long term ratings stability Macquarie Bank Limited Standard & Poor s Ratings Movements from 2007 AA+ AA AA- A+ A A- BBB+ BBB 0 Macquarie Bank 3 JPMorgan Chase Bank 2 Credit Suisse AG 5 UBS AG 6 Bank of America Citibank 5 6 Morgan Stanley Bank 1 Goldman Sachs Bank Barclays Bank 5 6 Deutsche Bank 2007 2017 Intra-period ratings movement Moody s Ratings Movements from 2007 AAA Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 1 Macquarie Bank 3 JPMorgan Chase Bank 4 Credit Suisse AG UBS AG 6 7 Bank of America Citibank 6 3 Morgan Stanley Bank 2 Goldman Sachs Bank Barclays Bank 3 6 Deutsche Bank # No. ratings movements MBL has maintained its S&P A rating for 26 YEARS Goldman Sachs bank only rated by Standard & Poor s from 2012. As at October 2017. 38

Appendices 05 Presentation to Debt Investors November 2017 MACQUARIE 2017

Appendix: MBL results for the half year ended 30 A September 2017 Presentation to Debt Investors November 2017 MACQUARIE 2017

1H18 result: $A644m up 11% on 1H17; up 1% on 2H17 1H18 $Am 2H17 $Am 1H17 $Am 1H18 v 1H17 1H18 v 2H17 Net operating income 2,854 2,946 2,875 1% 3% Total operating expenses (1,999) (2,051) (2,037) 2% 3% Operating profit before income tax 855 895 838 2% 4% Income tax expense (207) (254) (255) 19% 19% Effective tax rate 1 (%) 24.1 28.2 30.2 (Profit)/loss attributable to non-controlling interests 3 5 7 Distributions paid or provided for on Macquarie Income Securities (7) (7) (8) Profit attributable to MBL shareholders 644 639 582 11% 1% 1. Calculation of the effective tax rate is after adjusting for the impact of non-controlling interests. 41

1H18 net profit contribution from operating groups $A1,288m up 4% on 1H17; down 7% on 2H17 ANNUITY-STYLE BUSINESSES $A969m MAM: on 1H17 the release of accruals related to legacy business activities higher fees from MSIS Retail Partially offset by: higher brokerage and commission expense from MSIS Retail CAF: on 1H17 increased income from prepayments, realisations and investment-related income in the Principal Finance portfolio. Asset Finance portfolio continues to perform well lower charges for provisions and impairments Partially offset by: lower interest income as a result of the reduction in the Principal Finance portfolio size 18% ON 1H17 4% ON 2H17 CAF 48% MAM 5% Net profit contribution CGM 25% CAPITAL MARKETS FACING BUSINESSES $A319m CGM: on 1H17 reduced income from the sale of investments lower volatility across the commodities platform resulting in reduced client activity and trading opportunities Partially offset by: 24% ON 1H17 30% ON 2H17 strong client flows and revenues from interest rates and foreign exchange lower operating expenses reflecting reduced commodity-related trading activity, reduced average headcount and associated activity, and realisation of benefits from cost synergies following the merger of Commodities and Financial Markets and Macquarie Securities Group BFS: on 1H17 volume growth in loan and deposit portfolios and improved margins the non-recurrence of expenses and charges recognised in 1H17 Partially offset by: net overall gain on the disposal of Macquarie Life's risk insurance business to Zurich Australia Limited and the US mortgages portfolio in 1H17 BFS 22% Note: Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax. Pie chart is based on 1H18 net profit contribution from operating groups. 42

Bank Group Diversified issuance strategy Term funding as at 30 Sep 17 diversified by currency 1, tenor 2 and type Currency Tenor Type USD 34% EUR 8% AUD 50% GBP 3% CHF 3% JPY 1% OTH 1% Securitisations > 1 yr 16% >5yrs 45% 1-2yrs 13% 4-5yrs 3% 2-3yrs 13% 3-4yrs 10% Senior Unsecured 32% Secured Funding 5% Subordinated debt 9% Private Placement 7% Syndicated loan facility 2% Covered Bonds 2% PUMA RMBS 8% SMART ABS 8% Equity & Hybrids 27% Well diversified issuance and funding sources Term funding beyond 1 year (excluding equity and securitisations) has a weighted average maturity of 4.2 years $Ab 35 30 25 20 15 10 5 - Term Issuance and Maturity Profile 3 Issuances Maturities Sep 17: Weighted average maturity 4.2 years FY14 FY15 FY16 FY17 1H18 <1 yr 1-2yrs 2-3yrs 3-4yrs 4-5yrs >5yrs Debt Loan Capital Equity & Hybrid AWAS Acquisition Facility Esanda Syndicated Facility Note: All data presented in these charts represents drawn facilities. 1. Equity has been allocated to the AUD currency category. 2. Securitisations have been presented on a behavioural basis and represent funding expected to mature in >1yr. 3. Issuances and Maturities exclude securitisations and other secured finance. Issuances are converted to AUD at the 30 Sep 17 spot rate. Maturities shown are as at 30 Sep 17. 43

Appendix: Funding B Presentation to Debt Investors November 2017 MACQUARIE 2017

Funded balance sheet reconciliation Macquarie s statement of financial position 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 Macquarie to the assets that require funding Sep 17 $Ab Mar 17 $Ab Total assets per Statement of Financial Position 189.8 182.9 193.1 Accounting deductions: Self funded trading assets (20.1) (14.6) (21.1) Derivative revaluation accounting gross-ups (10.4) (10.7) (12.5) Life investment contracts and other segregated assets (9.0) (9.6) (9.4) Outstanding trade settlement balances (7.5) (6.6) (7.0) Short-term working capital assets (6.2) (5.8) (7.0) Non-controlling interests (1.4) (1.3) (0.1) Less non-recourse funded assets: Securitised assets and non-recourse funding (11.3) (13.5) (13.7) Total assets per Funded Balance Sheet 123.9 120.8 122.3 Sep 16 $Ab For an explanation of the above deductions refer to slide 49. 45

Funding for Macquarie Funding sources Sep 17 $Ab Mar 17 $Ab Sep 16 $Ab Certificates of deposits 0.8 0.9 0.5 Commercial paper 11.6 5.7 6.8 Net trade creditors 2.0 2.4 - Structured notes 2.6 3.1 3.7 Secured funding 4.5 4.6 4.7 Bonds 27.5 29.3 34.6 Other loans 0.5 0.5 0.7 Syndicated loan facilities 3.9 4.8 4.9 Customer deposits 49.4 47.8 46.1 Loan capital 5.4 5.7 4.9 Equity and hybrids 1,2 15.7 16.0 15.4 Total funding sources 123.9 120.8 122.3 Funded assets Cash and liquid assets 24.6 21.7 20.4 Self-securitisation 16.7 16.5 15.4 Net trading assets 18.1 22.1 23.8 Loan assets including operating lease assets less than one year 13.8 13.9 14.9 Loan assets including operating lease assets greater than one year 39.6 37.1 37.9 Debt investment securities 1.7 2.3 2.7 Co-investment in Macquarie-managed funds and other equity investments 2 7.7 5.5 5.2 Property, plant & equipment and intangibles 1.7 1.7 1.6 Net trade debtors - - 0.4 Total funded assets 123.9 120.8 122.3 Well diversified funding sources Minimal reliance on short-term wholesale funding markets Deposit base represents 40% 3 of total funding sources Term funding beyond one year (excluding equity and securitisations) has a weighted average term to maturity of 4.2 years 3 $Ab Macquarie term funding maturing beyond one year (includes equity and hybrid) 4 1. Sep 17 includes ordinary capital and Macquarie Income Securities of $A0.4b. 2. Non-controlling interests have been netted in the funded balance sheet. 3. As at 30 Sep 17. 4. Includes drawn term funding facilities only. 46

Funding for the Bank Group Funding sources Sep 17 $Ab Mar 17 $Ab Sep 16 $Ab Certificates of deposit 0.8 0.9 0.5 Commercial paper 11.6 5.7 6.8 Net trade creditors 1.2 1.6 0.5 Structured notes 2.1 2.6 3.3 Secured funding 4.0 4.4 4.6 Bonds 20.9 21.7 26.1 Other loans 0.4 0.3 0.4 Syndicated loan facilities 0.7 2.4 2.5 Customer deposits 49.4 47.8 46.1 Loan capital 4.2 4.6 3.8 Equity and hybrids 1 12.6 12.6 12.5 Total funding sources 107.9 104.6 107.1 Funded assets Cash and liquid assets 22.8 20.0 18.7 Self-securitisation 16.7 16.5 15.4 Net trading assets 17.4 21.8 23.3 Loan assets including operating lease assets less than one year 13.3 13.6 14.4 Loan assets including operating lease assets greater than one year 39.0 36.1 37.1 Debt investment securities 1.4 1.9 2.0 Non-Bank Group deposit with MBL (4.2) (6.7) (5.2) Co-investment in Macquarie-managed funds and other equity investments 0.8 0.8 0.8 Property, plant & equipment and intangibles 0.7 0.6 0.6 Total funded assets 107.9 104.6 107.1 Bank balance sheet remains liquid, well capitalised and with a diversity of funding sources Term funding beyond one year (excluding equity and securitisations) has a weighted average term to maturity of 4.2 years 2 Accessed term funding in markets including US, Europe and Australia as well as opening new markets $Ab Bank Group term funding maturing beyond one year (includes equity and hybrid) 3 1. Includes ordinary capital and Macquarie Income Securities of $A0.4b. 2. As at 30 Sep 17. 3. Includes drawn term funding facilities only. 47

Funding for the Non-Bank Group Funding sources Sep 17 $Ab Mar 17 $Ab Sep 16 $Ab Net trade creditors 0.8 0.8 - Structured notes 0.5 0.5 0.4 Secured funding 0.5 0.2 0.1 Bonds 6.6 7.6 8.5 Other loans 0.1 0.2 0.3 Syndicated loan facilities 3.2 2.4 2.4 Loan capital 1 1.2 1.1 1.1 Equity 2 3.1 3.4 2.9 Total funding sources 16.0 16.2 15.7 Funded assets Cash and liquid assets 1.8 1.7 1.7 Non-Bank Group deposit with MBL 4.2 6.7 5.2 Net trading assets 0.7 0.3 0.5 Loan assets less than one year 0.6 0.3 0.5 Loan assets greater than one year 0.5 1.0 0.8 Debt investment securities 0.3 0.4 0.7 Co-investment in Macquarie-managed funds and other equity investments 2 6.9 4.7 4.4 Property, plant & equipment and intangibles 1.0 1.1 1.0 Net trade debtors - - 0.9 Total funded assets 16.0 16.2 15.7 Non-Bank Group is predominately term funded Term funding beyond one year (excluding equity) has a weighted average term to maturity of 4.4 years 3 Non-Bank Group term funding maturing beyond one year (includes equity and hybrid) 4 $Ab 1. Macquarie Group Capital Notes 1 & 2 of $A1.2b. 2. Non-controlling interests have been netted in the funded balance sheet. 3. As at 30 Sep 17. 4. Includes drawn term funding facilities only. 48