Macquarie Group, Ltd. · ASX:MQG
Macquarie — 24th CLSA Investors' Forum 2017
74 slides from Macquarie's conference presentation, Sep 11, 2017
Slide 1: Investor presentation and outlook update (ASX release)
Macquarie Group Limited ABN 94 122 169 279 No.50 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com Sydney NSW 1164 AUSTRALIA For personal use only ASX/Media Release Investor presentation and outlook update SYDNEY, 11 Sep
Slide 2: 24th CLSA Investors' Forum
24th CLSA Investors’ Forum For personal use only Grand Hyatt, Hong Kong Presentation to Investors and Analysts 12-13 September 2017 Patrick Upfold Chief Financial Officer
Slide 3: Disclaimer
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Disclaimer For personal use only This information has been prepared on a strictly confidential basis by Macquarie Group Limited ABN 94 122 169 279 (“Macquarie
Slide 4: Agenda
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Agenda For personal use only 1. Overview of Macquarie 2. Macquarie’s Operating Groups 3. 1Q18 Update 4. FY18 Outlook 5. Appendices MACQUARIE 2017
Slide 5: Overview of Macquarie
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 01 Overview of Macquarie For personal use only MACQUARIE 2017
Slide 6: About Macquarie
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices About Macquarie For personal use only Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and ri
Slide 7: Why Macquarie?
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Why Macquarie? For personal use only Stable earnings Geographically Strong financial Long term ratings Annuity-style businesses diverse position stability rep
Slide 8: Years of profitability
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 48 years of profitability For personal use only 2.0 Hill Samuel UK opens $Am branch office in Sydney 1.6 1.2 Currency Recession Crisis 0.8 0.4 - 1969 1970 197
Slide 9: Strong earnings growth
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Strong earnings growth For personal use only FY17 EPS of $A6.58 FY17 Operating income of $A10,364m FY17 up 6% on FY16 FY17 up 2% on FY16 $A $Am 7.00 12,000 6.
Slide 10: Geographic footprint
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Geographic footprint For personal use only 13,597 staff in over 27 countries Americas STAFF Europe, Middle East and Africa STAFF Asia STAFF 2,502 1,509 3,450
Slide 11: Predictable earnings and geographically diverse
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Predictable earnings and geographically diverse For personal use only Annuity-style vs Capital markets facing1 Geographical split of income2 FY17 FY17 America
Slide 12: Annuity-style vs Capital markets facing businesses
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Annuity-style vs Capital markets facing businesses For personal use only Annuity-style businesses represent approximately 70% of the Group’s performance1 Net
Slide 13: Stable earnings
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Stable earnings For personal use only 5 year earnings volatility relative to Macquarie 10 year earnings volatility relative to Macquarie (since GFC) (includes
Slide 14: Strong shareholder returns
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Strong shareholder returns For personal use only For purchases made at any point in time and held to date, Macquarie has consistently outperformed the ASX 200
Slide 15: Long term ratings stability
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Long term ratings stability Macquarie Bank Limited For personal use only Standard & Poor’s Ratings Movements from 2007 Rating movement (notches) AA+ AA AA- 3
Slide 16: Funded balance sheet remains strong
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Funded balance sheet remains strong For personal use only Term liabilities cover term assets $Ab 31 Mar 17 $Ab 30 Jun 17 TOTAL CUSTOMER DEPOSITS7 140 140 $A S
Slide 17: Term funding issuances
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Term funding issuances For personal use only Term funding beyond 1 year has a weighted average maturity of 4.5 years1 Currency2 Tenor3 Type Subordinated Syndi
Slide 18: Strong regulatory ratios
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Strong regulatory ratios For personal use only Bank Group (Jun 17) 17.5% 250% 7.0% 6.8% 14.0% 13.1% 6.0% 200% 5.0% 10.5% 5.9% 150% 163% 10.9% 4.0% 7.0% 3.0% 1
Slide 19: Basel III capital position
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Basel III capital position For personal use only • APRA Basel III Group capital at Jun 17 of $A17.5b, Group capital surplus of $A4.0b 1 • APRA’s proposal to e
Slide 20: Regulatory update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Regulatory update For personal use only • Basel Capital Framework – The Basel Committee has delayed the finalisation of proposals to amend the calculation of
Slide 21: Long standing conservative risk management framework
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Long standing conservative risk management framework For personal use only Macquarie’s risk management principles have remained largely stable over 35 years
Slide 22: Macquarie's Operating Groups
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 02 Macquarie’s Operating Groups For personal use only MACQUARIE 2017
Slide 23: Macquarie overview
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Macquarie overview For personal use only Diversified financial group providing clients with asset management and finance, banking, advisory and risk and capit
Slide 24: Macquarie Asset Management
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS MAM Macquarie Asset Management 33% For personal use only $A460.8b assets under management Top 50 global asset manager • Provides client
Slide 25: MAM: Growth in base fees
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS MAM Macquarie Asset Management 33% For personal use only Growth in base fees Net Profit Contribution1 ($Am) Base Fees ($Am) AUM ($Ab) 1
Slide 26: MIRA: Income includes more than base fees
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS MAM MIRA: Income includes more than base fees 33% For personal use only % of EUM $Am 1,400 77 2.0% MIRA performance fees and other inco
Slide 27: Corporate and Asset Finance
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS CAF Corporate and Asset Finance 25% For personal use only $A36.2b asset and loan portfolio • Delivers tailored finance and asset manage
Slide 28: Asset finance and lending portfolios
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS CAF Corporate and Asset Finance 25% For personal use only Asset finance and lending portfolios Net Profit Contribution1 ($Am) Lending P
Slide 29: Banking and Financial Services
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS BFS Banking and Financial Services 11% For personal use only More than 1 million Australian clients $A47.3b total BFS deposits1 • Provi
Slide 30: Growth in BFS deposits and mortgages
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices ANNUITY-STYLE BUSINESS BFS Banking and Financial Services 11% For personal use only Growth in BFS deposits and mortgages Net Profit Contribution1 ($Am) BFS De
Slide 31: Commodities and Global Markets
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices CAPITAL MARKETS FACING BUSINESS CGM Commodities and Global Markets1 21% For personal use only Diverse platform covering 25+ market segments, with 160+ product
Slide 32: CGM: Integrated, end-to-end offering
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices CAPITAL MARKETS FACING BUSINESS CGM Commodities and Global Markets 21% For personal use only Integrated, end-to-end offering across global markets Net Profit
Slide 33: Macquarie Capital
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices CAPITAL MARKETS FACING BUSINESS MacCap Macquarie Capital 10% For personal use only Expertise across advisory, capital markets and principal investing • Global
Slide 34: Macquarie Capital: Globally diversified
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices CAPITAL MARKETS FACING BUSINESS MacCap Macquarie Capital 10% For personal use only Globally diversified with a core strength in real assets Net Profit Contrib
Slide 35: 1Q18 Update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 03 1Q18 Update For personal use only MACQUARIE 2017
Slide 36: 1Q18 Macquarie update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 1Q18 Macquarie update For personal use only • Operating groups performing in line with expectations • 1Q18 operating group contribution1 up on pcp and down on
Slide 37: Annuity-style businesses 1Q18 update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Annuity-style businesses For personal use only 1Q18 Update FY17 contribution1 Activity during the quarter • AUM of $A460.8b down 4% on Mar 17 (MIRA EUM of $A7
Slide 38: Capital markets facing businesses 1Q18 update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Capital markets facing businesses For personal use only 1Q18 Update FY17 contribution1 Activity during the quarter • Client hedging and trading opportunities
Slide 39: FY18 Outlook
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices 04 FY18 Outlook For personal use only MACQUARIE 2017
Slide 40: Factors impacting short-term outlook
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Factors impacting short-term outlook For personal use only FY18 combined net profit contribution from operating groups expected to be broadly in line with FY1
Slide 41: Short-term outlook
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Short-term outlook For personal use only • We currently expect the FY18 combined net profit contribution1 from operating groups to be broadly in line with FY1
Slide 42: Medium-term
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Medium-term For personal use only • Macquarie remains well positioned to deliver superior performance in the medium-term • Deep expertise in major markets • B
Slide 43: Approximate business Basel III capital and ROE
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Approximate business Basel III Capital & ROE For personal use only 31 Mar 17 1 APRA Basel III Capital Approx. FY17 Return Approx. 11-Year Average 2 Operating
Slide 44: Medium-term outlook by business
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Medium-term For personal use only Macquarie Asset Management (MAM) • Annuity-style business that is diversified across regions, products, asset classes and in
Slide 45: Appendix A: Select slides from FY17 result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices APPENDIX A Select slides from result announcement for the For personal use only full year ended 31 March 2017 MACQUARIE 2017
Slide 46: Income Statement key drivers
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Income Statement key drivers For personal use only 2H17 1H17 FY17 FY16 • Net interest and trading income of $A3,954m, down 9% on FY16 $Am $Am $Am $Am – CGM im
Slide 47: Income Statement by Operating Group
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Income Statement by Operating Group For personal use only Net profit contribution ($Am) 2,500 32 127 (189) 59 68 163 2,000 (106) 1,500 2,217 1,000 2,063 500 -
Slide 48: Macquarie Asset Management
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Macquarie Asset Management For personal use only Strong result; pcp benefited from record performance fees $Am KEY DRIVERS 1,800 • Lower performance fees comp
Slide 49: Macquarie Asset Management result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Macquarie Asset Management For personal use only Result FY17 FY16 • Base fees of $A1,574m, broadly in line with FY16 $Am $Am – Underlying base fees up on FY16
Slide 50: MAM AUM movement
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices MAM AUM movement For personal use only MAM $A477b MIM ($A17b) MIRA +$A18b MSIS +$A2b MAM $A480b $Ab 600 500 MSIS $A4b Flat 18 2 MSIS $A6b 17 (34) 400 MIM MIM
Slide 51: MIRA EUM movement
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices MIRA EUM movement For personal use only $Ab 90 1.3 80 15.6 (3.9) (2.3) 70 60 50 40 77.2 66.5 30 20 10 - 2 FY16 EUM Capital raised Listed security price Commit
Slide 52: Corporate and Asset Finance
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Corporate and Asset Finance For personal use only AWAS and Esanda contribution partially offset by reduced activity in CAF Lending $Am KEY DRIVERS 1,600 • Con
Slide 53: Corporate and Asset Finance result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Corporate and Asset Finance For personal use only Result FY17 FY16 • Net interest and trading income of $A712m, down 16% on FY16 $Am $Am – Lower Lending volum
Slide 54: Banking and Financial Services
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Banking and Financial Services For personal use only Strong organic growth as well as gain on sale of businesses $Am KEY DRIVERS 600 • Gain on sale of the Mac
Slide 55: Banking and Financial Services result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Banking and Financial Services For personal use only Result FY17 FY16 • Net interest and trading income of $A1,049m, up 11% on FY16 $Am $Am – Increased averag
Slide 56: Commodities and Global Markets
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Commodities and Global Markets For personal use only Increased contribution reflects improved asset performance and continued strength across the trading plat
Slide 57: Commodities and Global Markets result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Commodities and Global Markets For personal use only Result FY17 FY16 • Commodities income of $A1,132m, down 15% on FY16 $Am $Am – Risk management products do
Slide 58: Macquarie Capital
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Macquarie Capital For personal use only Improved result driven by reduced impairments and increased fee activity $Am KEY DRIVERS 600 • Lower impairment charge
Slide 59: Macquarie Capital result
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Macquarie Capital For personal use only Result FY17 FY16 $Am $Am • Fee and commission income of $A887m, up 2% on FY16; increased fee income Fee and commission
Slide 60: Other income
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Other income For personal use only KEY DRIVERS $Am 1,800 • Increase in MAM primarily due to gains from the partial sale of MIRA’s holdings in MQA and MIC, gai
Slide 61: Impairment expense
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Impairment expense For personal use only KEY DRIVERS $Am • Decline in CAF due to lower impairments in Lending 900 and Aviation 48 800 (28) • Increase in BFS p
Slide 62: Balance sheet highlights
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Balance sheet highlights For personal use only • Balance sheet remains solid and conservative – Term assets covered by term funding, stable deposits and equit
Slide 63: Diversified issuance strategy
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Diversified issuance strategy For personal use only Term funding as at 31 Mar 17 – diversified by currency1, tenor2 and type Currency Tenor Type Subordinated
Slide 64: Continued customer deposit growth
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Continued customer deposit growth For personal use only • Macquarie has been successful in pursuing its strategy of diversifying its funding sources through g
Slide 65: Loan and lease portfolios – Funded Balance Sheet
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Loan and lease portfolios1 – Funded Balance Sheet For personal use only Operating Mar 17 Mar 16 Group Category $Ab $Ab Description Asset Finance2 22.2 23.3 Fi
Slide 66: Equity investments of $A5.0b
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Equity investments of $A5.0b1 For personal use only Carrying value2 Carrying value2 Mar 17 Mar 16 Category $Ab $Ab Description Macquarie Asset Management (MIR
Slide 67: Bank Group Basel III
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Bank Group Basel III Common Equity Tier 1 (CET1) Ratio For personal use only • APRA Basel III CET1 ratio: 11.1%1 • Harmonised Basel III CET1 ratio: 13.3%2 Ban
Slide 68: Strong liquidity position maintained
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Strong liquidity position maintained For personal use only • 168% average LCR for Mar 17 quarter, based on daily observations – Maintained well above regulato
Slide 69: Capital management update
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Capital management update For personal use only • The Board has resolved: – To purchase shares1,2 to satisfy the MEREP requirements of approx. $A378m. The buy
Slide 70: Appendix B: Glossary
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices APPENDIX B Glossary For personal use only MACQUARIE 2017
Slide 71: Glossary
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Glossary For personal use only $A / AUD Australian Dollar CAF Corporate and Asset Finance $C / CAD Canadian Dollar CAGR Compound Annual Growth Rate $US / USD
Slide 72: Glossary
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Glossary For personal use only ECS Exchangeable Capital Securities JPY Japanese Yen EMEA Europe, the Middle East and Africa LCR Liquidity Coverage Ratio EPS E
Slide 73: Glossary
Macquarie 24th CLSA Investors’ Forum macquarie.com Overview of Macquarie Macquarie’s Operating Groups 1Q18 Update FY18 Outlook Appendices Glossary For personal use only MPW Macquarie Private Wealth RWA Risk Weighted Assets MQA Macquarie Atlas Roads SBI State Bank of India MSIS Macquarie Speciali
Slide 74: 24th CLSA Investors' Forum
24th CLSA Investors’ Forum For personal use only Grand Hyatt, Hong Kong Presentation to Investors and Analysts 12-13 September 2017 Patrick Upfold Chief Financial Officer