Macquarie Group, Ltd. · ASX:MQG
Macquarie — H1 FY2010 Earnings Presentation
79 slides from Macquarie's earnings presentation, Oct 30, 2009
Slide 1: Result Announcement for the half year ended 30 September 2009
Macquarie Group Limited For personal use only Result Announcement for the half year ended 30 September 2009 Presentation to Investors and Analysts 30 October 2009 Nicholas Moore, Managing Director and Chief Executive Officer Greg Ward, Chief Financial Officer
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda For personal use only 1. Introduction – Richard Sheppard 2. Overview of results and outlook – Nicholas Moore 3. Result analysis and financial management – Greg Ward Appendices – Additional information: Unless otherwise specified all information is for the half year ended 30 Sep 09 and movemen
Slide 4: Introduction
For personal use only Introduction Richard Sheppard Deputy Managing Director Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 5: Overview of Result and Outlook
For personal use only Overview of Result and Outlook Nicholas Moore Managing Director and Chief Executive Officer Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 6: 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; ADR: MQBKY) Regulated by APRA, Australian bank
Slide 7: First half result reflects improved market conditions
First half result reflects improved market conditions For personal use only Profit of $A479m, up 79% on 2H09, down 21% on pcp Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items $A3.5b, up 9% on 2H09 and down 11% on pcp As foreshadowed, fewer writ
Slide 8: First half result reflects improved market conditions
First half result reflects improved market conditions For personal use only Sep 09 Mar 09 Sep 08 $Am $Am $Am Net operating income 3,105 2,556 2,970 Total operating expenses (2,573) (2,294) (2,243) Operating profit before income tax 532 262 727 Tax (expense)/benefit (36) 64 (79) Operating profit afte
Slide 9: Writedowns, impairments, equity accounted gains/(losses) and one-off items
Writedowns, impairments, equity accounted gains/(losses) and one-off For personal use only items Sep 09 Mar 09 Sep 08 $Am $Am $Am Gains from listed fund initiatives (MCG, MLE, MAp) 414 - - Liability management ⎯ MIPS 127 197 - ⎯ Subordinated debt 55 - - Net fair value adjustment on fixed rate issued
Slide 10: Financial performance
Financial performance For personal use only Half Year ended 30 September 2009 $Am Operating income of $A3,105m $Am Profit of $A479m 6,000 5% increase on 1H09 1,200 21% decrease on 1H09 4,000 800 2,000 400 0 0 1H08 2H08 1H09 2H09 1H10 1H08 2H08 1H09 2H09 1H10 $A EPS of $A1.50 $A DPS of $A0.86 7.00 31
Slide 11: Operating income returning
Operating income returning For personal use only 2,500 2,000 Operating income $Am1 1H08 1,500 2H08 1H09 2H09 1H10 1,000 500 0 Australia Asia Pacific Americas Europe, Middle East & Africa 1. Operating income excludes earnings on capital and other corporate items. 11
Slide 12: Diversified by region
Diversified by region International income1 48% of total For personal use only Total staff over 12,7002; international staff 45% of total EUROPE, MIDDLE EAST ASIA PACIFIC AMERICAS & AFRICA3 Income: $A505m Income: $A627m Income: $A354m (16% of total) (20% of total) (12% of total) Beijing Seoul Tianji
Slide 13: Diversified income
Diversified income For personal use only Operating income by source Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items 12 months to 31 Mar 09 6 months to 30 Sep 09 Institutional and retail cash equities $A7.2b1 $A3.5b Equity derivatives Macquarie-manag
Slide 14: Assets under management of $A345b
Assets under management of $A345b1 For personal use only Reported AUM decreased by $A27b mainly due to the strengthening of the $A since March Significant increase in pro-forma AUM mainly relating to recently announced Delaware acquisition in Macquarie Funds Group 400 $Ab Proforma adjustments: D
Slide 15: Market conditions and activity: Macquarie Securities
Market conditions and activity Macquarie Securities – operating income up 100% on 2H09 and For personal use only down 18% on pcp Cash Equities and Underwriting Advisory Funds Balance Management Derivatives/Delta 1 Sheet Australia Asia US Market conditions Market conditions Market conditions Total
Slide 16: Market conditions and activity: Macquarie Securities
Market conditions and activity Macquarie Securities – operating income up 100% on 2H09 and For personal use only down 18% on pcp Cash Equities and Underwriting Advisory Funds Balance Management Derivatives/Delta 1 Sheet Canada Europe South Africa Market conditions Market conditions Market conditions
Slide 17: Market conditions and activity: Macquarie Capital
Market conditions and activity Macquarie Capital – operating income up 12% on 2H09 and down 2% on pcp For personal use only 182 deals valued at $A57b (164 deals valued at $A83b pcp)1 Cash Equities Underwriting Advisory Funds management Balance Sheet Infrastructure TMET FIG Market conditions Market c
Slide 18: Market conditions and activity: Macquarie Capital
Market conditions and activity Macquarie Capital – operating income up 12% on 2H09 and down 2% on pcp For personal use only 182 deals valued at $A57b (164 deals valued at $A83b pcp)1 Cash Balance Equities Underwriting Advisory Funds management Sheet Resources Real Estate Industrials Market condition
Slide 19: Market conditions and activity: Macquarie Funds Group
Market conditions and activity Macquarie Funds Group – operating income up 5% on 2H09 and down 9% on pcp For personal use only Total MFG AUM $A58b1 – up 29% on pcp Cash Advisory Balance Equities Underwriting Advisory Funds management Sheet Wholesale Retail Market conditions Market conditions Begin
Slide 20: Market conditions and activity: Fixed Income, Currencies and Commodities
Market conditions and activity Fixed Income, Currencies and Commodities – operating income For personal use only up 22% on 2H09 and up 27% on pcp Cash Equities Underwriting Advisory Funds Balance Management Sheet Foreign Energy Agriculture Metals Debt US Credit Exchange Market conditions Market cond
Slide 21: Market conditions and activity: Other banking divisions
Market conditions and activity For personal use only Other banking divisions Cash Equities Underwriting Advisory Funds Balance Management Sheet Corporate and Asset Finance Real Estate Banking Operating income up 141% on 2H09 and up 87% Operating loss reduced by 84% on 2H09 and 71% on pcp on pcp Mark
Slide 22: Market conditions and activity: Banking & Financial Services
Market conditions and activity Banking & Financial Services – operating income up For personal use only 14% on 2H09 and up 17% on pcp1 Funds Balance Private Wealth Intermediary Management Sheet Private Wealth/Direct Intermediary Funds Management Balance Sheet Market conditions Market conditions Mark
Slide 23: Strong funding and balance sheet position
Strong funding and balance sheet position For personal use only Continuing to move away from short-term wholesale issued paper, down from $A18.9b at Sep 08 to $A4.5b at Sep 09 Business assets funded by term debt and equity Total retail deposits increased from $A13.4b at Mar 09 to $A13.9b at Se
Slide 24: Funded balance sheet remains strong
Funded balance sheet remains strong For personal use only Macquarie Group Limited $Ab 30 September 2008 $Ab 31 March 2009 $Ab 30 September 2009 80 80 80 ST wholesale 70 1.4x 70 issued paper 3.9x 70 ST wholesale 6.0x (10%) issued paper (6%) ST wholesale excess excess excess Cash and liquid Cash and l
Slide 25: Consistently strong capital base
Consistently strong capital base For personal use only Well capitalised – surplus over Group’s minimum regulatory capital requirement of $A4.5b Core equity represents 90% of the Group’s capital base $Ab 12 $A11.5b CPS $A10.2b MIS $A9.3b 10 1 MIPS Core equity 8 $A7.2b 6 $A4.8b 4 2 0 2006 2007 200
Slide 26: 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 27: Recent initiatives
Recent initiatives For personal use only Macquarie Securities Macquarie Capital Macquarie Funds Group Acquisitions: Acquisitions: Acquisitions: Tristone: Tristone: Delaware Investments: ⎯ Independent energy advisory firm providing ⎯ Independent energy advisory firm providing ⎯ Leading US based
Slide 28: Recent initiatives
Recent initiatives For personal use only Fixed Income, Currencies & Corporate and Asset Finance Banking & Financial Services Commodities Acquisitions: Acquisitions: Acquisitions: Blackmont Capital Energy: Ford Credit Australia auto finance $A1b portfolio (1 Oct 09 close) ⎯ Leading Canadian ind
Slide 29: Macquarie Capital funds – listed fund initiatives and unlisted fund expansion
Macquarie Capital funds – listed fund initiatives and unlisted fund expansion For personal use only Activity during 1H10 ⎯ Equity under management $A50b down 6% on 2H09 and down 10% on pcp ⎯ Fall in EUM due mainly to FX and listed fund initiatives (MCG/MLE), partly offset by improved security pric
Slide 30: Asset resilience
Asset resilience For personal use only Macquarie Capital Funds’ ten largest infrastructure businesses1 have shown strong resilience in challenging markets The majority of these assets experienced improvement in operational performance with a combined weighted average 1 year EBITDA growth of 6% 1
Slide 31: Finalisation of proposed changes to remuneration arrangements
Finalisation of proposed changes to remuneration arrangements For personal use only Changes to proposed remuneration arrangements were announced in March 2009 (refer Appendix A): Proposed changes deferred in June due to foreshadowed Legislative changes Australian legislation not finalised but
Slide 32: Finalisation of proposed changes to remuneration arrangements
Finalisation of proposed changes to remuneration arrangements For personal use only Given that ED’s may choose not to participate in the new scheme for pre-2009 retained amounts, the value applied to the grant of Macquarie shares is likely to be less than the $A500m estimate advised on 31 March 20
Slide 33: Outlook
Outlook For personal use only Market conditions improving but volatility means short-term forecasting remains difficult 2H10 profit currently estimated to be broadly in line with 1H10 but remains subject to market conditions and significant swing factors and excludes the impact of one-off items:
Slide 34: Result Analysis and Financial Management
For personal use only Result Analysis and Financial Management Greg Ward Chief Financial Officer Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 35: Key drivers of half year
Key drivers of half year For personal use only Improved equity markets, especially in Sep qtr, but overall cash equities down on pcp Improved demand for retail structured products in Asia markets, although down on pcp Good ECM activity, reasonable corporate finance and advisory deal flow, in l
Slide 36: Income Statement
Income Statement For personal use only Sep 09 Mar 09 Sep 08 $Am $Am $Am Key drivers from pcp Net interest income 425 418 520 Earnings on capital down, average loan volumes down, net margins up, excess liquidity Fee and commission income 1,882 1,890 2,155 Reasonable M&A deal flow, brokerage down, per
Slide 37: Impairment charges and equity accounted gains/losses
Impairment charges and equity accounted gains/losses For personal use only $Am Impairment & equity accounted gains/losses of funds management assets and other co- investments Listed Macquarie-managed funds 45 Real estate equity investments 92 US portfolios of asset backed securities held as availabl
Slide 38: Macquarie Securities
Macquarie Securities For personal use only Result Sep 09 Mar 09 Sep 08 Equities trading income down 43% on pcp: $Am $Am $Am — Structured Equity Finance volumes in Europe down significantly on pcp Net trading income (including net — Improved demand for retail structured products in Asia markets, 26
Slide 39: Macquarie Capital
Macquarie Capital For personal use only Result Sep 09 Mar 09 Sep 08 Interest expense down 41% on 2H09, down 26% on pcp due to $Am $Am $Am reduced funding costs Net interest income/(expense)1 (125) (212) (169) Base fees down 5% on pcp Base fees 243 268 256 — EUM $A50.0b – 10% down on pcp (6% down
Slide 40: Macquarie Funds
Macquarie Funds For personal use only Result Sep 09 Mar 09 Sep 08 Lower interest revenue compared to pcp due to $Am $Am $Am redemptions from retail loans issued to investors as part Net interest income1 27 33 32 of structured investment offerings Base fees 72 76 66 Base fees up 9% on pcp, AUM up
Slide 41: Assets under management of $A345b
Assets under management of $A345b1 For personal use only Acquisition of Delaware $Ab Investments – approx Macquarie Airports $US125b of AUM (scheduled internalisation of management 400 Significant FX impact: to close early 2010) (effective Oct 09) strengthening of $A from Asset sales Mar ($US0.67) t
Slide 42: Fixed Income, Currencies and Commodities
Fixed Income, Currencies and Commodities For personal use only Result Sep 09 Mar 09 Sep 08 Commodities trading income up 68% on pcp: $Am $Am $Am — improved market conditions and increased volumes in the US gas business due to the Constellation Energy business Commodities1 379 425 225 (acquired in
Slide 43: Corporate and Asset Finance
Corporate and Asset Finance For personal use only Result Sep 09 Mar 09 Sep 08 Interest income up significantly: $Am $Am $Am — Increased volumes in the loan and finance lease portfolios, loan portfolio increased to $A5.2b at Sep 09 Net interest income1 143 81 48 from $A0.8b at Sep 08 Fee, commissio
Slide 44: Real Estate Banking
Real Estate Banking For personal use only Result Sep 09 Mar 09 Sep 08 Net interest expense down on pcp due to a number of $Am $Am $Am disposals Net interest income1 (8) 28 (32) Base and performance fees up significantly on pcp due Base fees 25 14 12 to sale of Macquarie Central Office CR-REIT Ku
Slide 45: Banking and Financial Services
Banking and Financial Services For personal use only Result Sep 09 Mar 09 Sep 08 $Am $Am $Am Net interest income growth: Net interest income1 254 223 202 — Retail deposits up 48% from $A9.4b at Sep 08 to $A13.9b at Sep 09, issuance of new cash product offerings such as the Base fees 102 109 120 Ca
Slide 46: Expenses
Expenses For personal use only Expenses up 15% on pcp, compensation expenses up 18% ⎯ Compensation ratio 45% (2H09: 41%; 1H09: 40%) ⎯ FX impact on expenses: 6% decrease on 2H09; 3% increase on pcp ⎯ 8% decrease in headcount on pcp (Sep 09: 12,758; Mar 09: 12,716; Sep 08: 13,898) Expense to incom
Slide 47: Taxation
Taxation For personal use only 1H10 2H09 1H09 $Am $Am $Am Net profit before tax 532 262 727 Add back: write downs and impairment charges 758 1,032 1,012 Net profit before impairments and tax 1,290 1,294 1,739 Prima facie tax @ 30% 387 388 522 Income tax permanent differences (124) (143) (139) Income
Slide 48: Balance sheet highlights
Balance sheet highlights For personal use only Balance sheet remains solid and extremely conservative ⎯ Excluding cash, all assets now covered by term funding and equity Retail deposits continuing to grow, up 4% from Mar 09 to $A13.9b at Sep 09 ⎯ Strong inflows into the recently launched CMA, $A
Slide 49: Funded balance sheet
Funded balance sheet For personal use only Sep 09 $Ab Mar 09 $Ab Well diversified funding sources Funding sources Wholesale issued paper: Cash and liquid assets significantly Negotiable certificates of deposit 2.7 4.7 exceed short-term wholesale issued Commercial paper 1.8 3.0 Net trade creditor
Slide 50: Term funding profile
Term funding profile For personal use only Excluding equity, the weighted average term to maturity of term funding increased from 3.7 years at Mar 09 to 3.8 years at Sep 09 $Ab Structured notes Secured funding Bonds (Guaranteed) Bonds (Unguaranteed) 20 Other loans Senior credit facility - drawn 18
Slide 51: Continued retail deposit growth
Continued 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 ⎯ Focus has been on improving the composition and quality of the deposit base ⎯ Particularly good growth i
Slide 52: Changing mix of loan asset portfolio
Changing mix of loan asset portfolio For personal use only 36% reduction in Real 23% reduction in Estate loan portfolio structured investment loan $Ab Increased portfolio lending activity1 29 $A1.0b Ford Credit Australia 28 0.6 (0.5) lease portfolio acquired 1 Oct 09 (0.9) 27 2.4 (1.2) 26 Canada Mor
Slide 53: Loan asset portfolio
Loan asset portfolio For personal use only Net carrying Impairment Provisions value provisions coverage Sep 09 Sep 09 Sep 09 Loan category $Ab $Am %1 Mortgages Secured by residential mortgages and supported by mortgage insurance - Australia 1.8 13 0.7% Aust: arrears2 = 1.1%, most loans are fully m
Slide 54: Reduced equity investment portfolio
Reduced equity investment portfolio1 For personal use only Significant disposals include MCG, Puget $Ab Energy, MW Cell, Bendigo & Adelaide Bank 9.0 Equity impairments since 31 Mar 09 of $A409m 8.0 0.6 (0.5) (0.5) 7.0 (0.4) (0.6) 6.0 Significant acquisitions include BrisConnections, (0.1) 5.0 AquaSu
Slide 55: Equity investments of $A5.9b
Equity investments of $A5.9b For personal use only Carrying Carrying Carrying value value value Impairment (pre-adj’s) adj’s1 Sep 09 % of pre- impairment Category $Am $Am $Am value Description Debt investment 253 - 253 - Largely relates to holding in Diversified CMBS Investments Inc. Underlying enti
Slide 56: Positions in Listed Macquarie-managed funds & fund managers
Positions in Listed Macquarie-managed funds & fund managers For personal use only Net carrying Market Unrealised value1 value gain/(loss) Initiatives completed to close the valuation gap $Am $Am $Am MAp Airports 1,018 1,015 (3) Sold stakes in JAT (~$A260m) and agreed to sell Bristol (£128m); Reduced
Slide 57: Total capital surplus of $A4.5b
Total capital surplus of $A4.5b For personal use only Total capital of $A11.5b at 30 Sep 09, a $A4.5b buffer of capital in excess of the Group’s minimum regulatory capital requirements Strong Banking Group capital ratios - Tier 1: 11.7%; Total Capital: 13.6% $Ab Option 5.0 exercises Delaware Inv
Slide 58: Appendix: Additional information – Funding
For personal use only Appendix Additional information – Funding Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 59: 2009 proposed changes to remuneration arrangements
2009 proposed changes to remuneration arrangements For personal use only Changes to proposed remuneration arrangements were announced in March 2009 For Executive Directors (EDs), profit share paid out in cash will be reduced and the percentage of retained profit share will be increased with retain
Slide 60: Appendix: Additional information – Funding
For personal use only Appendix Additional information – Funding Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 61: 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 62: 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 63: Funding for the Non-Bank Group
Funding for the Non-Bank Group For personal use only 30 September 2009 Sep 09 Mar 09 Non-Banking Group is predominantly term $Ab $Ab funded Funding sources MBL intra-group loan to MGL 1.4 3.8 Term funding beyond 1 year (excluding Net trade creditors - 0.2 equity) has a weighted average term to S
Slide 64: Funding for the Bank Group
Funding for the Bank Group For personal use only 30 September 2009 Sep 09 Mar 09 Bank balance sheet remains very liquid, $Ab $Ab well capitalised and with a diversity of Funding sources funding sources Negotiable certificates of deposit 2.7 4.7 Commercial paper 1.8 3.0 Term funding beyond 1 year
Slide 65: 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 66: Appendix: Additional information – Capital
For personal use only Appendix Additional information – Capital Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 67: Macquarie Group regulatory capital
Macquarie Group regulatory capital For personal use only Surplus calculation $Am Macquarie Group eligible capital: Banking Group Gross Tier 1 capital 6,971 Non-Bank eligible capital 4,512 Eligible capital 11,483 (a) Macquarie Group capital requirement: Banking Group contribution Risk-weighted assets
Slide 68: Macquarie Group regulatory capital
Macquarie Group regulatory capital For personal use only Banking Group contribution Risk weighted Tier 1 Capital assets Deductions Requirement1 $Am $Am $Am Credit and equity risk On balance sheet 24,045 1,683 Off balance sheet 8,824 618 Credit and equity risk subtotal 32,869 2,301 Market risk 1,976
Slide 69: Macquarie Group regulatory capital: Non-Banking Group framework
Macquarie Group regulatory capital For personal use only Non-Banking Group framework 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 70: Macquarie Group regulatory capital: Non-Banking Group contribution
Macquarie Group regulatory capital For personal use only Non-Banking Group contribution Capital Equivalent Assets Requirement Risk Weight $Ab $Am Funded assets Cash and liquid securities 3.0 27 11% Loan assets1 1.1 80 90% Assets held for sale 0.0 13 582% Debt investment securities 0.3 21 78% Co-inve
Slide 71: Appendix: Additional information – Outlook operating groups
For personal use only Appendix Additional information – Outlook operating groups Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 72: Outlook operating groups
Outlook operating groups For personal use only Macquarie Securities Group Currently expect FY10 result to be strongly up on FY09 Improved market conditions should provide good growth opportunities for the Cash Division The outlook for Derivatives / Delta 1 Trading is for product volumes to inc
Slide 73: Outlook operating groups
Outlook operating groups For personal use only Macquarie Funds Group Currently expect FY10 result to be up on FY09 Strong relative investment performance across numerous products should enable organic growth as investor sentiment improves Acquisition of Delaware Investments expected to be comp
Slide 74: Outlook operating groups
Outlook operating groups For personal use only Real Estate Banking Division Currently expect FY10 result to be improved on FY09 Finance for commercial real estate investment remains difficult Commercial real estate markets are nearing the cyclical trough. Pricing recovery has started in some m
Slide 75: Appendix: Glossary
For personal use only Appendix Glossary Macquarie Group Limited Result Announcement for the half year ended 30 September 2009 30 October 2009 – Presentation to Investors and Analysts
Slide 76: Glossary
Glossary For personal use only $A Australian Dollar BRIC Brazil, India, Russia and China $C Canadian Dollar CAF Corporate and Asset Finance Division $US United States Dollar CAGR Compound Annual Growth Rate £ Great Britain Pound CBA Commonwealth Bank of Australia ¥ Japanese Yen CDO Collateralised De
Slide 77: Glossary
Glossary For personal use only FIG Financial Institutions Group MAIP Macquarie Advanced Investment Partners FPK Fox-Pitt Kelton Cochran Caronia Waller MAP/MAp Macquarie Airports FUA Funds Under Administration MBL Macquarie Bank Limited FUM Funds Under Management MCAG Macquarie Capital Alliance Group
Slide 78: Glossary
Glossary For personal use only MOF Macquarie Office Trust RWA Risk Weighted Assets MPW Macquarie Private Wealth S&P Standard and Poor's MQBKY Macquarie Group ADR SBI State Bank of India MQG Macquarie Group Limited (ASX listed) SGM Special General Meeting MRIF Macquarie Renaissance Infrastructure Fun
Slide 79: Result Announcement for the half year ended 30 September 2009
Macquarie Group Limited For personal use only Result Announcement for the half year ended 30 September 2009 Presentation to Investors and Analysts 30 October 2009 Nicholas Moore, Managing Director and Chief Executive Officer Greg Ward, Chief Financial Officer