the macquarie difference

Macquarie GroupUS OvervieW

Macquarie is a global provider of banking, financial advisory, investment and funds management services in all major financial markets.

Founded in 1969, Macquarie offers a diverse range of financial services to institutional, corporate and retail clients, as well as counterparties around the world. The business is driven by an exceptional, client-focused team of more than 14,000 professionals in 73 office locations in 28 countries.

MacqUarie: aN OvervieW

Macquarie clearly distinguishes itself from other financial services providers in many respects. For example, its strong capital position enables the firm to support and invest alongside clients. This approach allows Macquarie to deliver a higher level of deal certainty and confidence to client transactions.

Another differentiating aspect of the firm’s business model lies in the diversity of operations, which positions Macquarie to capitalize on market developments and deliver best-in-class solutions to clients. And the firm continues to adapt its portfolio mix to changing market conditions. The effective balance between capital markets-driven businesses and annuity-style operations consistently enables Macquarie to deliver solid returns through a variety of market conditions.

In its most recent earnings announcement, Macquarie noted that although the details have not been finalized, the firm’s current assessment is that Macquarie has sufficient capital to meet the minimum Australian Prudential Regulation Authority (APRA) Basel III capital requirements. Macquarie’s capital base of $13.3 billion represents a significant surplus of $3.6 billion to the Basel III capital requirements.1 And, the

firm’s Banking Group Core Equity Tier 1 ratio of 12.2% compares very favorably with the global average of 7.1%.2

Macquarie Bank Limited, the firm’s main operating entity that funds the vast majority of the firm’s businesses, has maintained “A’’ ratings throughout and was recently re-affirmed by S&P with a long-term credit rating of “A” and short-term rating of “A-1.”

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Strong funding and well-capitalized position

The “Holey Dollar,” the symbol adopted by Macquarie representing inspired solutions to difficult problems.

In the United States, Macquarie offers a broad array of services to a wide range of clients through our network of offices. Over the past decade, backed by the financial strength of a truly global franchise, Macquarie has experienced significant growth and generated strong results in the US. The firm has enhanced its position by pursuing opportunities in new markets, developing expanded product offerings, and making selective acquisitions. Macquarie has been able to actively grow its US business during a period of industry downsizing.

MAcqUArIe In The UnITed STATeS

The profile of our US franchise includes: US business growth through acquisition:• research coverage of 500+

US stocks and growing (2,200 under coverage globally)

• $203 billion of assets under management in the Americas

• 2,400+ employees located in 18 cities: With the recent market turmoil, we have been able to strategically add key talent across the organization (46 percent growth of US staff since 2009)

• 31 percent of the Group’s global operating income is now generated in the Americas

• $3 billion of loan and lease assets

• 4th largest marketer of wholesale natural gas in North America

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MAcqUArIe In The UnITed STATeS

2007 2008 2009 2010 2011Giuliani Capital Orion Securities

Leasing business from CIT Systems

Gas trading business from Constellation Energy

Tristone Capital

Fox-Pitt Kelton

Delaware Investments

Presidio Partners

Regal Capital Advisors

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Macquarie’s strong capital position and risk management practices have contributed to its solid business position, resilience and long track record of profitability.

Our demonstrated strengths across the global organization include:

• $339 billion in total assets under management

• strong funding and well-capitalized position

• advised on 507 M&A deals since 2009 worth $262 billion

• $152 billion in debt financing raised for clients since 2009

• $296 billion of equity financing raised for clients since 2009.

WhAT MAkeS MAcqUArIe dIFFerenT

clients rely on Macquarie for a few unique characteristics that truly set the firm apart:

An EnTREPREnEuRIAL APPROACh

central to Macquarie’s success is a unique management style that provides a balance between operating freedoms, controls on risk limits and observance of high professional standards. This balance allows the businesses to undertake innovative approaches to satisfy client needs.

InTEGRATED SOLuTIOnS

The Macquarie team works closely across the firm to tap into broad expertise and extensive resources to deliver the best solutions for clients. With a powerful Asian franchise and a footprint in 28 countries, Macquarie is able to easily leverage the power of a global network — with a breadth of experience with various products, sectors and client segments — to draw on a broad array of ideas to help clients navigate through challenging economic environments.

InvESTmEnT InSIGhTS

Macquarie offers comprehensive research analysis of equities, economics, commodities, debt markets, foreign exchange and futures. The firm covers all the world’s major financial markets, giving institutional, government and corporate clients the depth and breadth of information they need. And Macquarie continues to expand its product range to meet the needs of a growing global client base.

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WhAT MAkeS MAcqUArIe dIFFerenT

FInAnCIAL STREnGTh

Macquarie has a long history of financial success, including 40-plus consecutive years of profitability. The firm was one of the few global financial firms to remain profitable through the global financial crisis. not only does Macquarie have significant assets under management and a strong balance sheet, the firm is also the top global infrastructure investor in the world — three times larger than the nearest peer.3 Clients are able to leverage these strengths in many ways — the balance sheet enables the firm to both support clients and invest alongside them. This approach allows Macquarie to deliver a higher level of deal certainty and confidence with every transaction.

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AIG is one of the world’s top global insurance organizations and is a recognized leader in the US life insurance and retirement services industry. complementing AIG’s core

The MAcqUArIe dIFFerence In AcTIOn

Partnering with AIG to unlock opportunities

Providing La Paloma with a full range of solutions

business is the company’s offering in commercial aircraft leasing and residential mortgage guaranty insurance. With this broad business offering and operations located across the globe, Macquarie was well-positioned to tap into its diverse offering to provide AIG with a full spectrum of financial services.

Macquarie started to work with AIG’s International Lease Finance corporation (ILFc) subsidiary in 2010. With its significant ownership and experience in aircraft leasing, Macquarie purchased a $1.6 billion aircraft operating lease portfolio from ILFc. The combination of delivering actionable advice and strong financing solutions also led to Macquarie’s role in providing ILFc

La Paloma is a 1,022-megawatt combined cycle, gas-fired power station located in california. Faced with undertaking a complex refinancing, the owners engaged Macquarie to implement a new capital structure and extend its power hedge profile. To meet its client’s needs, Macquarie seamlessly delivered a unique spectrum of capabilities across financial advisory, leveraged finance, structured commodities and interest rate solutions.

highlights of the transaction include:

• successful pricing of the deal in highly volatile market and macro-economic conditions

• strong support from Macquarie’s balance sheet across multiple products to provide the client with financing certainty

• structuring of creative commodities solutions, including a first-in-kind energy hedge utilizing put swaptions and a novel collateral structure for new hedges

• providing an interest rate swap tailored specifically to the particular needs of the project.

As a result, La Paloma was able to successfully complete its refinancing despite a challenging market environment and numerous transaction-specific issues.

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Macquarie’s ability to develop tailored solutions from the integrated capabilities across the firm helped this transaction fire on all cylinders.

with a $2 billion credit facility and as Bookrunner for its two-tranche $2.25 billion bond offering.

With a strong position in Asia Pacific, the firm also worked with AIG’s Asian insurance subsidiary AIA as a Lead Manager on their initial public offering — one of the largest in the region. The centerpiece of the relationship came with AIG’s appointment of Macquarie as Bookrunner on its $8.7 billion re-IPO in early 2011, and with continued financing commitments via a $4.5 billion revolving credit facility.

Macquarie’s ability to provide a one-stop solution to address AIG’s challenges on multiple fronts was a key factor in making this engagement a success.

Cumulus Media dials in Macquarie

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With Macquarie’s advisory services and capital, Cumulus Media acquired Citadel Broadcasting for $2.4 billion, creating the second largest radio company in the United States in number of stations and third largest by revenue. This significant transaction, the largest US broadcasting deal since 2007, demonstrates Macquarie’s unique capability to provide advice and capital through both equity and debt commitments. Macquarie delivered for cumulus by providing M&A advice, underwriting a portion of the $3.0 billion of bank and bond financing, and committing $250 million of equity capital at announcement to facilitate the complicated transaction.

Also key to this transaction was Macquarie’s media industry expertise and capabilities across advisory, principal, debt and equity products.

The end result was an acquisition that significantly enhanced scale and market capitalization for Cumulus, and is expected to provide the company with greater trading liquidity and strategic flexibility.

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Macquarie Capital

A cOMPrehenSIve rAnGe OF FInAncIAL ServIceS

Macquarie provides a diversified range of services to institutional, corporate and retail clients and counterparties around the world. The firm has five operating groups in the United States.

Macquarie Securities Group

In the US, Macquarie Capital has continued to expand its client offering, creating deep specialist capabilities through targeted acquisitions and key hires, as well as the build-out of a comprehensive advisory and capital markets platform focused on corporate, financial sponsor and government clients. A team of more than 250 professionals in six offices across the US specializes in corporate finance, M&A and project finance advisory, equity/debt capital

The firm’s institutional cash equities, equity derivatives, and equity finance activities enjoy top-tier rankings among institutional clients for research and sales strength —supported by a global institutional securities platform. The Securities team is well-positioned to take advantage of all market conditions, using its research and risk manage-ment skills to develop equity-based solutions and services for clients. Organic growth, strategic acquisitions, and integration across Macquarie have enabled the firm to build out a comprehensive equities platform:

• 500+ stocks covered in the United States

• more than 2,200 stocks under coverage and a top-10 global research house5

• coordinated in key sectors worldwide

• frequent, high-quality corporate access

• provides full-service execution

• largest research coverage platform in Asia-Pacific

• member of 23 major exchanges globally

• global insight for US money managers

• differentiated idea generation.

markets, structuring and distribution, private equity placements and principal investments, with deep sector expertise in infrastructure and utilities, financial institutions, real estate, resources, industrials and technology, media, entertainment and telecommunications. In addition, Macquarie Capital has the demonstrated capability to act as a principal investment partner to facilitate capital solutions supporting acquisitions, refinancings or other events for clients.

• Focused client coverage by senior leadership

• $152 billion in debt financing raised globally since 2009

• $296 billion of equity financing raised globally since 2009

• Top 10 IPO bookrunner globally in 2009 – 20104

• More than $8.5 billion of principal capital committed globally since 2001

• Leading infrastructure advisor; named Global Advisor of the Year in 2010 by Project Finance International

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Fixed Income, currencies and commodities (FIcc)

From credit, interest rate, and foreign exchange to commodity-related sales, trading and specialized lending activities, FIcc offers a wide variety of services. This is backed by a recent build-out and investment in its global operations.

highlights include:

• the fourth largest marketer of natural gas in North America6

• 30+ years in metals markets, one of the longest track records globally

• a specialist global futures broker for more than 30 years

• a leading provider of foreign exchange transactional services since 1983, with a full spectrum of products and capabilities

• provided more than $1 billion of working capital financing for commodity companies globally

• a leading provider of agricultural hedging products

• trader and physical supplier of natural gas, LnG, power, oil, coal, ethanol, grains, sugar and freight

• Global market maker in more than $20 billion of bonds and loans across 210 issuers

• distributes leveraged loans to a wide variety of institutional investors

• provides comprehensive capital solutions for the acquisition and/or refinance of commercial real estate assets, including fee, and performing/non-performing commercial real estate debt.

Macquarie’s New York offices

MFG is a full-service global asset manager with $336 billion in assets under management as of March 31, 2012. MFG has been managing assets for institutional and retail investors since 1980 and, through the acquisition of delaware Investments, has acquired a strong funds management franchise dating back to 1929 in the United States.

Macquarie Funds Group has global reach, with a team of about 1,400 staff in Australia, Asia, Europe, the United kingdom and the United States. MFG offers a diverse range of capabilities and products, including infrastructure and real asset management, securities investment management and structured access to funds, equity-based and fixed-income products and alternative assets:

mACquARIE InFRASTRuCTuRE AnD REAL ASSETS specializes in direct investments and asset management of infrastructure and real assets. A global team with a large North American presence manages infrastructure assets valued at more than $103 billion on behalf of institutional and other investors from around the world. The division is recognized as a founder in the infrastructure space, with strong capabilities in investment sourcing, asset management and long-term investor relationships.

Macquarie Funds Group (MFG)

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The Chicago Skyway: A Macquarie-led consortium undertook this first privatization of an existing road in the US and holds exclusive rights to operate the Skyway.

mACquARIE InvESTmEnT mAnAGEmEnT offers securities investment management capabilities across a number of asset classes, including fixed income, currencies, equities, infrastructure securities, private markets, hedge funds and multi-asset allocation solutions. Our offering is available to institutional and retail clients in Australia and the United States, with selective offerings in other regions. In January 2010, the acquisition of delaware Investments tripled Macquarie Investment Management’s assets under management and delivered an award-winning US presence.

mACquARIE SPECIALIzED InvESTmEnT SOLuTIOnS manufactures and distributes a range of fund and equity-based structured products and alternative assets including capital-protected investments, fund-linked products, retirement income solutions, alternative funds, residential real estate products and annuity reinsurance solutions. In the US, the division provides structured leverage solutions to leading hedge funds, as well as hedge fund seeding and fundraising capabilities. The division is recognized for product innovation, with a strong track record of delivering tailored solutions to the market.

Macquarie’s leasing and lending business provides innovative and traditional capital, finance and related services to a broad range of corporate, government, and small and medium enterprise clients.

cAF specializes in corporate debt lending and investing, equipment trading and remarketing, and asset lifecycle services.

corporate and Asset Finance Group (cAF)

• More than $21.4 billion of loans and assets under finance globally

• expertise in aviation, rail, mining, technology, medical, electronics, manufacturing and other equipment financing

• extensive experience investing and providing financing to corporations across the capital structure

• capability to structure and provide combined bilateral solutions

• expertise in lending across industries including energy and infrastructure, real estate, retail and telecommunications, media, entertainment and technology

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Port Authority New York high-impact digital sign financed by CAF.

• vendor finance programs and receivables financing for manufacturers and distributors

• 20+ years in the technology financing industry and a member of the equipment Leasing and Finance Association (eLFA)

• complete lifecycle support from acquisition planning through EPA-compliant recycling and disposal

The philanthropic arm of the firm, the Macquarie Group Foundation, has been investing in community programs for more than 25 years. The Foundation’s objective is to contribute to the communities in which Macquarie staff live and work. The Foundation focuses on five key areas: education, health care and research, welfare, the environment and the arts. Funding priority is given to those organizations where Macquarie staff is directly involved through personal donations, fundraising and volunteering. The Foundation supports more than 1,300 charities globally.

The Macquarie Group Foundation

GIvInG BAck TO OUr cOMMUnITIeS

The Foundation’s approach, and a key differentiator of Macquarie’s support, can be summed up in the term “engaged philanthropy” — enabling community organizations to harness a company’s business expertise, advice, networks and staff resources, as well as financial support.

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The Foundation:

• prioritizes staff involvement

• establishes long-term, multi-layered engagements

• leverages staff skills and expertise (pro-bono skills transfers)

• supports sector sustainability.

The Graduate Volunteer Network helps Habitat for Humanity build homes in New Jersey.

The material in this presentation has been prepared by Macquarie Group Limited and its affiliates and subsidiaries worldwide (“Macquarie”) for general informational purposes only. This information is given in summary form and does not purport to be complete, accurate or updated. information in this presentation, including forecast financial information, should not be considered as an offer, solicitation, advice or a recommendation 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. The information and services described above are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where Macquarie is not authorized to provide such information or services. Some products and services described above may not be available in all jurisdictions or to all clients.

This presentation 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.

Other than Macquarie Bank Limited, no entity mentioned herein is an authorized deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959, and such entity’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of such other entity. Macquarie Bank Limited maintains Representative Offices in the states of Illinois, New York and Texas, but is not authorized to conduct banking business in the US.

Unless otherwise specified all information is for the year ended March 31, 2012.

1Calculated on a harmonized fully implemented Basel III basis.

2 As reported by the Bank of International Settlements in an April 2012 survey of global banks.

3Rankings based on methodology created by Infrastructure Investor, and represents infrastructure direct-investment capital formed since January 1, 2006.

4Bloomberg January 2009 - December 2010, Global IPOs ex-Japan, by deal volume excluding self led.

5Macquarie Research, as of December 2011.

6As at June 30, 2011.

Macquarie Group 125 W. 55th Street New York, NY 10019

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