Macquarie Group, Ltd. · ASX:MQG
Macquarie — FY2009 Earnings Presentation
80 slides from Macquarie's earnings presentation, May 1, 2009
Slide 1: Result Announcement for the year ended 31 March 2009
For personal use only Macquarie Group Limited Result Announcement for the year ended 31 March 2009 Presentation to Investors and Analysts 1 May 2009 Nicholas Moore, Managing Director and Chief Executive Officer Greg Ward, Chief Financial Officer
Slide 2: Disclaimer
For personal use only 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
Slide 3: Agenda
Agenda For personal use only 1. Introduction – Richard Sheppard 2. Highlights of result – Nicholas Moore 3. Result analysis and financial management – Greg Ward Appendices – Additional information: Unless otherwise specified all information is for the full year ended 31 Mar 09 and increases are on t
Slide 4: Highlights of Result
For personal use only 2. HIGHLIGHTS OF RESULT Nicholas Moore – Managing Director and Chief Executive Officer Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 5: About Macquarie
About Macquarie For personal use only Global provider of banking, financial, advisory, investment and funds management services Main business focus is providing products and services to clients Listed on Australian Securities Exchange (ASX:MQG) Regulated by APRA, Australian banking regulator
Slide 6: Continued profitability in a testing year
Continued profitability in a testing year For personal use only Profit of $A871m (in line with guidance provided at Feb 09 Operational Briefing), down 52% on pcp — 2H09 profit $A267m vs 1H09 profit $A604m Operating income before write-downs, impairments, equity accounted losses and other one-off
Slide 7: Continued profitability in a testing year
Continued profitability in a testing year For personal use only Employment expenses down $A1.8b or 44% on pcp Share based payments expense of $A128m relating to share options, most issued at exercise prices significantly above the current share price EPS $A3.10, down 54% on pcp Return on equ
Slide 8: Financial performance
Financial performance Full year ended 31 March 2009 For personal use only $Am Operating income of $A5,526m $Am Profit of $A871m 10,000 33% decrease on FY08 1H 2,000 52% decrease on FY08 8,000 2H 1,600 6,000 1,200 4,000 800 2,000 400 0 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 $A EPS of $A3
Slide 9: Diversified by region
Diversified by region International income1 52% of total For personal use only Total staff approx 12,700; international staff 43% of total EUROPE, MIDDLE EAST ASIA PACIFIC AMERICAS & AFRICA3 Income: $A916m Income: $A1,072m Income: $A359m5 (20% of total) (24% of total) (8% of total) Beijing Seoul Tia
Slide 10: Diversified income
Diversified income Operating income by source For personal use only Operating income (before loan provisions, impairment charges, equity accounted losses and one-off items of income) 6 mths to 30 Sep 08 12 mths to 31 Mar 09 $A4.1b $A7.6b 17% 15% 18% 15% 5% 12% 12% 13% 13% 12% 15% 10% 18% 8% 7% 10% L
Slide 11: Extreme conditions resulted in one-off costs, equity losses & provisions of $A2.5b
Extreme conditions resulted in one-off costs, equity losses & provisions of $A2.5b For personal use only $Am One-off costs relating to Mortgages Italy exit1 248 Impairment & equity accounted losses of funds management assets and other co- investments2 Listed Macquarie-managed funds: — MIG 153 — MCG
Slide 12: Impairments, listed security prices and asset values
Impairments, listed security prices and asset values For personal use only Listed security market prices vs asset market values As at 31 Mar 09 Implied listed Asset market Macquarie Metric security metric1 metric metric2 Macquarie-managed Fund Macquarie Office Trust Capitalisation rate 11.4%3 6 – 9%
Slide 13: Strong funding and balance sheet position
Strong funding and balance sheet position For personal use only Cash and liquid assets of $A30.3b ($A20.8b Mar 08) significantly exceed short-term wholesale issued paper of $A7.7b ($A19.8b Mar 08) Funded balance sheet well matched (refer slide 14) Total deposits increased from $A13.2b at Mar 0
Slide 14: Funded balance sheet continues to strengthen
Funded balance sheet continues to strengthen For personal use only Macquarie Group Limited $Ab 31 March 2008 $Ab 30 September 2008 $Ab 31 March 2009 80 80 80 ST wholesale 70 70 70 1.1x 1.4x issued paper 3.9x ST wholesale excess Cash and liquid (10%) ST wholesale excess excess issued paper assets (28
Slide 15: Consistently strong capital base
Consistently strong capital base For personal use only Well capitalised – surplus over minimum regulatory requirements of $A3.1b Increased regulatory capital by approx $A5.4b over the past three years — Majority of capital raised before global financial crisis - $A3.6b1 Increases in capital sinc
Slide 16: Assets under management of $A243b
Assets under management of $A243b For personal use only New equity raisings affected by financial market disruption, particularly during Sep qtr: — Recent movement in $A exchange rate had a positive effect while impact of declining equity values was negative 250 $A243b Banking and Financial Servic
Slide 17: Volatility in global markets
Volatility in global markets For personal use only Update on market conditions — As reported at the Operational Briefing in Feb 09, market conditions in 2H09 exceptionally challenging — Significant volatility and market decline particularly in Nov 08 and Feb 09 Global regulatory intervention con
Slide 18: Volatility in global markets
Volatility in global markets For personal use only Some early signs of markets stabilising: — Equity markets — Value of the S&P Global 100 up 8% and MSCI Emerging Markets up 14% in Mar 09 — Mar 09 ASX daily volume up 19% on Feb 09, but 40% down on Mar 08 — Compression of funding spreads – TED spre
Slide 19: Market conditions and activity: Macquarie Securities
Market conditions and activity Macquarie Securities – operating income down 36% For personal use only Cash Equities Underwriting Advisory Funds Balance Management Sheet Australia Asia North America Europe/South Africa Market conditions Market conditions Market conditions Market conditions Total ma
Slide 20: Market conditions and activity: Macquarie Capital
Market conditions and activity Macquarie Capital – operating income down 15% For personal use only 299 deals valued at $A203b (304 deals valued at $A199b pcp) Cash Balance Equities Underwriting Advisory Funds management Sheet Infrastructure TMET FIG Market conditions Market conditions Market conditi
Slide 21: Market conditions and activity: Macquarie Capital
Market conditions and activity Macquarie Capital – operating income down 15% For personal use only 299 deals valued at $A203b (304 deals valued at $A199b pcp) Cash Balance Equities Underwriting Advisory Funds management Sheet Resources Real Estate Industrials Market conditions Market conditions Mark
Slide 22: Market conditions and activity: Macquarie Funds Group
Market conditions and activity Macquarie Funds Group – operating income down 37% Total MFG AUM $A44.6b1 – down 6% on pcp For personal use only Cash Advisory Balance Equities Underwriting Advisory Funds management Sheet Wholesale Retail Market conditions2 Market conditions2 Global AUM, excluding mo
Slide 23: Market conditions and activity: Treasury & Commodities
Market conditions and activity Treasury & Commodities – operating income up 24% For personal use only Cash Equities Underwriting Advisory Funds Balance Management Sheet Foreign Exchange Energy Agriculture Metals Freight Futures Market conditions Market conditions Market conditions Market conditions
Slide 24: Market conditions and activity: Other banking divisions
Market conditions and activity Other banking divisions For personal use only Cash Equities Underwriting Advisory Funds Balance Management Sheet Real Estate Banking Corporate and Asset Finance Operating income down 54% on pcp Operating income up 24% on pcp Market conditions Market conditions Austra
Slide 25: Market conditions and activity: Banking & Financial Services
Market conditions and activity Banking & Financial Services – operating income down 1% For personal use only Funds Balance Private Wealth Intermediary Management Sheet Private Wealth/Direct Intermediary Funds Management Balance Sheet Market conditions Market conditions Market conditions Market condi
Slide 26: Proposed changes to remuneration arrangements
Proposed changes to remuneration arrangements For personal use only Macquarie’s remuneration approach aims to: — align the interests of staff with shareholders; and — attract and retain quality staff Remuneration arrangements refined in light of global remuneration and regulatory trends Propos
Slide 27: Macquarie model – focus over the medium term
Macquarie model – focus over the medium term For personal use only Client driven business — Main business focus is providing products and services to clients — Trading businesses focussed on client transactions — Minimal proprietary trading Alignment of interests with shareholders, investors, st
Slide 28: Macquarie model – focus over the medium term
Macquarie model – focus over the medium term 2004-2009 For personal use only Operating income Organic growth Original (23%) businesses (37%) 2009 2004 New businesses (40%) $A2.8b $A7.6b1 40% of FY09 operating income1 comes from businesses that did not exist 5 years ago 1. Represents operating income
Slide 29: Macquarie model 2004-2009: Securities, Capital, Funds Group
Macquarie model – focus over the medium term 2004-2009 For personal use only Macquarie Macquarie Macquarie Securities Capital Funds Group Businesses entered 2004 to 2009 Businesses entered 2004 to 2009 Businesses entered 2004 to 2009 contributed approx 73% to Macquarie contributed approx 41% to Macq
Slide 30: Macquarie model 2004-2009: Treasury, Asset Finance, BFS
Macquarie model – focus over the medium term 2004-2009 For personal use only Treasury and Corporate and Banking and Commodities Asset Finance Financial Services Businesses entered 2004 to 2009 Businesses entered 2004 to 2009 Businesses entered 2004 to 2009 contributed approx 30% to Treasury & contri
Slide 31: Macquarie model 2009+: Securities, Capital, Funds Group
Macquarie model – focus over the medium term 2009+ For personal use only Macquarie Macquarie Macquarie Securities Capital Funds Group Cash Australia Grow market share as competitors reduce/exit Long term view to be a global broker Grow market share as competitors reduce/exit Increase diversi
Slide 32: Macquarie model 2009+: Treasury, Asset Finance, BFS
Macquarie model – focus over the medium term 2009+ For personal use only Treasury and Corporate and Banking and Commodities Asset Finance Financial Services Australia Australia: Australia Grow market share as competitors reduce/exit Grow market share as competitors reduce/exit Grow market shar
Slide 33: Outlook
Outlook For personal use only Market conditions likely to remain challenging, making short-term forecasting extremely difficult We continue to maintain a cautious stance with a conservative approach to funding and capital FY10 trading likely to be characterised by: — Income statement: — fewer
Slide 34: Result Analysis and Financial Management
For personal use only 2. RESULT ANALYSIS AND FINANCIAL MANAGEMENT Greg Ward – Chief Financial Officer Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 35: Key drivers of year
Key drivers of year For personal use only Global market disruption impacted all operating group results Significant decline in Macquarie Securities and retail broking income, particularly in the second half Increased contribution from energy markets, particularly US gas and electricity trading
Slide 36: Income Statement
Income Statement For personal use only Mar 09 Mar 08 Mvt Key drivers $Am $Am % Net interest income 938 817 15 Increase in average loan volumes, increase in net margins Fee & commission income 4,045 4,645 (13) Reasonable M&A deal flow, brokerage down, performance fees down Trading income 1,212 1,
Slide 37: Net profit contribution by operating group
Net profit contribution by operating group For personal use only Mar 09 Mar 08 Movement $Am $Am % Macquarie Capital 1,508 2,377 (37) Treasury & Commodities 839 694 21 Macquarie Securities 310 1,217 (75) Banking & Financial Services1 288 267 8 (excluding Mortgages Italy) Macquarie Funds 70 309 (77) C
Slide 38: Macquarie Capital
Macquarie Capital Result For personal use only Mar 09 Mar 08 % Mvt Extremely challenging market conditions, well down on record pcp $Am $Am Base fees down 1% on pcp Net interest income / (expense)1 (381) (289) 32 — EUM $A53b – 8% down on pcp reflecting listed market declines Funds management inc
Slide 39: Treasury and Commodities
Treasury and Commodities Result For personal use only Mar 09 Mar 08 Good contribution from commodities and foreign exchange - % Mvt market volatility and good volumes key drivers of result $Am $Am Fee and commission income 166 160 4 — significant contribution from US natural gas, good contribution
Slide 40: Macquarie Securities
Macquarie Securities Result For personal use only Equity products income down 54% on pcp, 2H09 especially Mar 09 Mar 08 % Mvt impacted by: $Am $Am — Significant decline in demand for listed/structured products Equity products2 410 888 (54) — Unprecedented volatility during 2H09 which resulted in t
Slide 41: Banking and Financial Services
Banking and Financial Services Result For personal use only Mar 09 Mar 08 Net interest income growth: % Mvt — Retail deposits up 103% from Mar 08 to $A13.4b – new products $Am $Am include Cash XL and Cash Management Account Net interest income1 425 338 26 — Improved margins from Mortgages Australi
Slide 42: Macquarie Funds
Macquarie Funds Result For personal use only Mar 09 Mar 08 Result impacted by challenging market conditions % Mvt $Am $Am Increased interest margins from fixed rate loan portfolio Net interest income / (expense)1 65 70 (7) combined with full year contribution from retail loans Funds management:
Slide 43: Corporate and Asset Finance
Corporate and Asset Finance Result For personal use only Mar 09 Mar 08 Interest income up 28% % Mvt $Am $Am — Growth in the loan and leasing portfolios — Increased margins Net interest income / (expense)1 129 101 28 — Full year impact of CIT Equipment Leasing (acquired in Operating lease income 11
Slide 44: Real Estate Banking
Real Estate Banking Result For personal use only Mar 09 Mar 08 Difficult market conditions have resulted in write-downs / % Mvt $Am $Am equity losses / provisions including: Funds management: — Real estate equity investments and inventory ($A192m) – base fees 32 31 3 — Real estate loans ($A170m) –
Slide 45: Expenses
Expenses For personal use only Expenses down 25% - employment expenses down 44% (significantly lower profit share) Overall decrease in headcount (Mar 09: 12,716; Sep 08: 13,898; Mar 08: 13,107) Expense to income ratio 82.1% (FY08: 73.3%) Compensation ratio 41% (FY08: 47%) - impacted by signi
Slide 46: Taxation
Taxation For personal use only Mar 09 Mar 08 % % Corporate tax rate 30.0 30.0 Rate differential on offshore income (26.5) (14.3) Non-deductible distribution paid/provided on MIS 1.1 0.5 Non-deductible options expense 4.2 1.7 Other (7.1) (2.9) Effective tax rate 1.7 15.0 Permanent differences on op
Slide 47: Equity investments of $A7.2b
Equity investments of $A7.2b For personal use only Approx $A0.5b (60%) of the net increase in equity investments relates to FX movements $Ab Category Description 7.0 Transport, industrial Includes investment in Miclyn Express Offshore (transferred in from and infrastructure HFS assets), Japan Airp
Slide 48: Asset impairment methodology
Asset impairment methodology For personal use only Impairment consideration required by Accounting Standards at each reporting date when triggered by significant changes in market, economic or legal environment Asset Impairment methodology Co-investment in Listed investments: Significant or prol
Slide 49: Positions in Listed Macquarie-managed funds & fund managers
Positions in Listed Macquarie-managed funds & fund managers For personal use only Net Market Unrealised carrying Comments value gain/(loss) value2 $Am $Am $Am Macquarie Airports (MAp) 1,107 638 (469) Evidence of recent comparable asset sales (refer to slide 50) Macquarie Infrastructure Group (MIG) 6
Slide 50: Infrastructure asset values
Infrastructure asset values MAP / MIG carrying values compared to recent transactions For personal use only Date Asset Proportionate EV Transaction metrics Macquarie Airports 12.7x estimated (historic) EV/EBITDA1 based on MQG equity carrying value Jan 092 Cairns Airport $A530m Approx 14x3 (historic)
Slide 51: Real estate transactions
Real estate transactions For personal use only Transaction flow increasing Date Asset Asset class Value Transaction metrics (millions) Macquarie Office Trust 9.5% capitalisation rate based on MQG equity carrying value Macquarie CountryWide Trust 9.0% capitalisation rate based on MQG equity carrying
Slide 52: Asset resilience
Asset resilience For personal use only Macquarie Capital Funds’ ten largest businesses1 have experienced consistent improvement in operating performance Approx 5%2 of the debt of all Macquarie Capital Funds’ managed businesses matures in the next 12 mths with 95% of committed debt facilities hel
Slide 53: Loan portfolio
Loan portfolio For personal use only Impairment Net carrying provisions Value coverage Mar 09 Sep 08 Mar 09 Loan category $Ab $Ab %1 Mortgages Secured by residential mortgages and supported by mortgage insurance - Australia 1.9 1.8 0.4% Aust: arrears2 = 1.3%, most loans are fully mortgage insured
Slide 54: Financial Management
For personal use only FINANCIAL MANAGEMENT Greg Ward – Chief Financial Officer Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 55: Highlights
Highlights For personal use only Continue to strengthen the balance sheet by extending the Group’s term funding profile — Term assets more than covered by term funding Deposits up 42% from Mar 08 to $A18.8b at Mar 09 — Retail deposits up 103% from Mar 08 to $A13.4b at Mar 09 Reduced reliance o
Slide 56: Funded balance sheet reconciliation
Funded balance sheet reconciliation For personal use only The Group’s statutory balance sheet 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
Slide 57: Funded balance sheet March 2009
Funded balance sheet 31 March 2009 For personal use only Mar 09 $Ab Mar 08 $Ab Well diversified funding sources Funding sources Cash and liquid assets significantly Wholesale issued paper: Negotiable certificates of deposit 4.7 12.2 exceed short-term wholesale issued Commercial paper 3.0 7.6 pap
Slide 58: Term funding profile
Term funding profile For personal use only Excluding equity, the weighted average term to maturity of term funding increased from 3.5 years at Mar 08 to 3.7 years at Mar 09 $Ab Structured notes Secured funding 14 Bonds Other bank loans Senior credit facility - drawn Senior credit facility - undraw
Slide 59: Strong retail deposit growth
Strong retail deposit growth For personal use only Since Aug 07, Macquarie has been successful in pursuing its strategy of diversifying its funding sources through growing its deposit base — Retail deposits up 103% from Mar 08 to $A13.4b at Mar 09 $Ab 20 15 10 5 0 M ar-06 Sep-06 Mar-07 Sep-07 Mar-
Slide 60: Regulatory capital strong
Regulatory capital strong For personal use only Macquarie Group Limited – Regulatory Capital Position (Mar 09) Banking Group Minimum Regulatory Capital Non-Banking Group Requirement Capital Surplus Buffer for Volatility, Growth and Strategic Flexibility Regulatory Capital Position as at 31 March 200
Slide 61: Changes in capital position since September 2008
Changes in capital position since 30 September 2008 For personal use only Group (MGL) Banking Group (MBL) Capital surplus remained strong at $A3.1b Tier 1 ratio up: 11.4% at Mar 09 from 11.0% ($A3.3b at Sep 08) at Sep 08 Capital supply flat: Capital requirement of the Bank increased — Growth
Slide 62: Appendix A: Additional information – Funding
For personal use only APPENDIX A Additional information – Funding Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 63: Group funding structure
Group funding structure For personal use only MGL and MBL are the Group’s two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements MBL provides funding to the Bank Group and intra-group funding to MGL MGL provides funding pre
Slide 64: Funding for the Non-Bank Group March 2009
Funding for the Non-Bank Group 31 March 2009 For personal use only Mar 09 Mar 08 $Ab $Ab Non-Banking Group is predominantly term funded Funding sources Term funding beyond 1 year (excluding equity) has MBL intra-group loan to MGL 3.8 8.8 a weighted average term to maturity of 2.9 years Net trade
Slide 65: Funding for the Bank Group March 2009
Funding for the Bank Group 31 March 2009 For personal use only Mar 09 Mar 08 $Ab $Ab Bank balance sheet remains very liquid, well Funding sources capitalised and with a diversity of funding sources Negotiable certificates of deposit 4.7 12.2 Term funding beyond 1 year (excluding equity) has Comm
Slide 66: Explanation of Funded Balance Sheet
Explanation of Funded Balance Sheet Reconciling Items For personal use only Self funded trading assets: There are a number of entries on the balance sheet that arise from the normal course of trading activity we conduct with our clients. They typically represent both sides of a transaction. The en
Slide 67: Appendix B: Additional information – Capital
For personal use only APPENDIX B Additional information – Capital Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 68: Macquarie Group regulatory capital: surplus calculation
Macquarie Group regulatory capital Surplus calculation For personal use only $Am Macquarie Group eligible capital: Banking Group Gross Tier 1 capital 6,547 Non-Bank eligible capital 3,827 Elimination of intra-group holdings of capital1 (127) Eligible capital 10,247 (a) Macquarie Group capital requir
Slide 69: Macquarie Group regulatory capital: Banking Group contribution
Macquarie Group regulatory capital Banking Group contribution For personal use only Risk weighted Tier 1 Capital assets Requirement2 $Am Deductions1 $Am $Am Credit and equity risk On balance sheet 19,284 1,350 Off balance sheet 8,810 617 Credit and equity risk subtotal 28,094 1,967 Market risk 2,082
Slide 70: Macquarie Group regulatory capital: Non-Banking Group framework
Macquarie Group regulatory capital Non-Banking Group framework For personal use only APRA has specified a regulatory capital framework for MGL A dollar capital surplus is produced; no capital ratio calculation is specified APRA has approved Macquarie’s Economic Capital Adequacy Model (ECAM) fo
Slide 71: Macquarie Group regulatory capital: Non-Banking Group contribution
Macquarie Group regulatory capital Non-Banking Group contribution For personal use only Capital Equivalent Assets Requirement Risk Weight $Ab $Am Funded assets Cash and liquid securities 4.8 16 4% Loan assets1 1.8 186 129% Assets held for sale 0.1 39 343% Debt investment securities 0.6 73 154% Co-in
Slide 72: Appendix C: Additional information – Outlook operating groups
For personal use only APPENDIX C Additional information – Outlook operating groups Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 73: Outlook operating groups
Outlook operating groups For personal use only Macquarie Capital Reasonable pipeline, though difficult markets reducing the number of successful transactions and increasing time to completion Continue to examine opportunities to selectively grow the business (through acquisition or organically)
Slide 74: Outlook operating groups
Outlook operating groups For personal use only Banking and Financial Services Group Consolidation of current businesses to maintain market leading positions Continue organic growth of adviser numbers and look for acquisition opportunities Leverage recent launch of premium platform service in t
Slide 75: Outlook operating groups
Outlook operating groups For personal use only Corporate and Asset Finance Division Expect FY10 result overall to be up on FY09 Ongoing review and continued tightening of financing guidelines Opportunities to acquire assets/businesses/customers Result will be subject to economic conditions g
Slide 76: Appendix E: Glossary
For personal use only APPENDIX E Glossary Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts
Slide 77: Glossary
Glossary For personal use only $A Australian Dollar CDO Collatoralised Debt Obligation $C Canadian Dollar CEO Chief Executive Officer $S Singapore Dollar CLO Collatoralised Loan Obligation $US United States Dollar CMBS Commercial Mortgage-Backed Securities £ Great Britain Pound CMT Cash Management T
Slide 78: Glossary
Glossary For personal use only FX Foreign Exchange MIC Macquarie Infrastructure Company FY Full Year MIG Macquarie Infrastructure Group IPO Initial Public Offering MIIF Macquarie International Infrastructure Group IRR Internal Rate of Return MIP Macquarie Infrastructure Partners JV Joint Venture MIP
Slide 79: Glossary
Glossary For personal use only RBS Royal Bank of Scotland REIT Real Estate Investment Trust ROE Return on Equity RWA Risk Weighted Assets S&P Standard and Poor's SGX Singapore Exchange SICAV Société D'investissement à Capital Variable SME Small and Medium Enterprise TCG Treasury and Commodities Grou
Slide 80: Macquarie Group Limited
For personal use only Macquarie Group Limited Result Announcement for the full year ended 31 March 2009 1 May 2009 – Presentation to Investors and Analysts