Performance - Europe,
Middle East and Africa

Macquarie Securities

Cash equities and research

Macquarie's pan-European equities presence builds on its global strengths, characterised by independence, intellectual rigour, premium quality and exceptional client service.

As one of the world's top-10 equities research houses¹, Macquarie Securities covers more than 410 European stocks - more than 70 per cent of the EuroStoxx 600 Index.

Macquarie acquired the cash equities sales and research business of the German private bank Sal. Oppenheim on 7 April 2010. The acquisition continues the expansion of Macquarie’s European equities business and bolsters its presence in key European markets.

Corporate access

Macquarie Connections is a leading provider of corporate access, dedicated to connecting institutional investors and corporates around the world.

Derivatives DeltaOne Trading

The Derivatives DeltaOne Trading division specialises in institutional derivatives, structured equity finance, arbitrage trading, synthetic product businesses and global securities finance.

Macquarie acquired Sal. Oppenheim's equity derivatives and structured products business on
7 April 2010. The acquisition will result in Macquarie entering key European derivatives markets (Germany, Italy, Switzerland and Austria).

Fixed Income, Currencies and Commodities

Growth has come from the specialised knowledge of the group's 120 London-based professionals who service institutional and large corporate clients in the UK and Europe with:

• Commodity risk management solutions across metals, energy and agricultural commodities
• Physical gas and physical power trading and services to utilities
• Futures and options trading and futures clearing services
• Interest rate risk management and structuring services
• Credit and debt sales and trading
• Origination of emissions trading projects
• Structured and project finance and mezzanine and subordinated debt and equity finance for metals and energy projects
• Margin and inventory financing for participants in physical metals, energy and agricultural markets
• Distribution of a range of emerging markets products and services

Macquarie Capital

Macquarie Capital Advisers

Macquarie Capital Advisers provides tailored strategic and financial advice to corporates and the government sector worldwide.

Macquarie Capital has a deep global knowledge in: infrastructure and utilities; telecommunications, media, entertainment and technology (TMET); resources; real estate; financial institutions and general industrials.

The group specialises in a range of corporate advisory services including mergers and acquisitions, equity capital markets, debt restructuring and distribution, project finance, principal investments and alternative assets fund management.

Recent transactions reflect the application of Macquarie Capital's sector expertise and global platform:

• Joyou AG: Joint global coordinator, joint bookrunner and joint lead manager for the
  €105 million initial public offering of Joyou AG
• Lloyds: Co-lead manager and underwriter to Lloyds Banking Group's £13.5 billion rights issue, the largest ever equity fundraising in Europe
• Rio Tinto: Joint global coordinator and joint underwriter for the $US15.2 billion rights issue across Rio Tinto Ltd and Rio Tinto plc, the first ever dual-listed company rights issue
• BAA: Joint financial adviser to a Grupo Ferrovial-led consortium on the £10 billion takeover and refinancing of BAA plc.
• Autoroutes Paris-Rhine-Rhone: Arranging of a €6 billion Medium Term Note Programme for APRR that was listed on the Luxembourg Stock Exchange
• Leighton Holdings: Adviser to Leighton Holdings on the acquisition of 45 per cent of Al Habtoor Engineering Enterprise
• Thames Water: Financial adviser, arranger and joint lead manager for the £4.3 billion whole-business securitisation of Thames Water
• Nyrstar: Co-manager of the €1.7 billion initial public offering of Nyrstar, the world's largest zinc smelting company
• Ramsey Health Care: Financial adviser on Ramsey Health Care’s acquisition of a 57 per cent interest in Group Proclif SAS, a leading private hospital operator based in France
• Arlington Business Park Partnership: Financial adviser to the General Partners, Legal & General and Goodman Group, on the circa £350 million recapitalisation of ABPP
• Arqiva: Arqiva’s acquisition of UK National Grid Wireless business for a consideration of
  £2.5 billion and its subsequent refinancing
• Goodman Group: Adviser to Goodman Group on the acquisition of UK logistics developer Rosemound Developments Limited for £336 million
• Xstrata: Adviser for Xstrata plc's $A3.1 billion off-market takeover of Jubilee Mines NL
• Wales & West Utilities Ltd: Adviser on a £250 million 12-year bond issue, the proceeds of which have been applied in partial refinancing of WWU existing senior facilities
• Bord Gáis Éireann: Macquarie advised Bord Gáis Éireann (BGE), a leading Irish energy provider, on the acquisition of 100 per cent of SWS Natural Resources, one of the largest wind generators in Ireland for €500 million
• Southern Water: Advised Greensands on the 100 per cent acquisition of Southern Water Capital Limited - the fastest growing water and waste water services company in the UK
• Peterborough Hospitals: The construction and operation of a £350 million acute hospital, a new integrated care centre and a new mental health hospital for three NHS trusts in the UK – Peterborough and Stamford Hospitals NHS Foundation Trust, Peterborough Primary Care Trust and Cambridge and Peterborough Mental Health Partnership NHS Trust, totalling 648 beds

Macquarie Capital's depth of experience delivered innovative financing solutions for its clients. This work was recognised through awards, including:

• African Transport Deal of the Year 2009 – Project Finance Magazine
• Global Deal of the Year 2008 – Project Finance International
• Airport Finance Deal of the Year (Europe) 2008 – Jane's Transport Awards
• Deal of the Year (Europe) 2008 – Credit Magazine
• European Road Deal of the Year 2008 – Credit Magazine
• Refinancing Deal of the Year (Africa) 2008 – Euromoney

Macquarie Capital’s strong track record is reflected in the following recent highlights:

• Completed 270 ECM transactions globally, raising more than $US37 billion of equity in the
  12 months to 31 March 2010
• Raised more than $US26 billion of debt for clients in the 12 months to 31 March 2010
• Highly rated global M&A adviser
• A leading alternative assets fund manager with more than $US35 billion of equity under management and $US88 billion of assets under management (both at 31 March 2010), covering approximately 100 portfolio businesses.

Macquarie Capital Funds

Macquarie Capital Funds is a leader in specific asset class investor funds, with global assets under management of more than $US88 billion². In EMEA, Macquarie Capital Funds manage approximately $US52 billion² of assets under management across a number of funds / vehicles including:

• Macquarie European Infrastructure Funds: Three wholesale funds which aim to invest in businesses that provide essential services to the community with a strategic competitive advantage and sustainable and predictable cash flows
• Macquarie Renaissance Infrastructure Fund: The first major private fund dedicated to investing directly in infrastructure in Russia and other key Commonwealth of Independent States markets
• ADCB Macquarie Infrastructure Fund: An unlisted 10 year closed-end fund mandated to invest in infrastructure and infrastructure-like assets in the Middle East and North Africa with a primary focus on the Gulf Corporation Council countries
• The African Funds: Four funds which invest in infrastructure in Africa

Macquarie Funds

Globally, Macquarie Funds Group has more than $US200 billion in funds under management³. In Europe, the group offers a diverse range of global and regional fund investments to retail and institutional clients across various asset classes including:

• Equities
• Fixed income
• Currency
• Commodities
• Infrastructure and real estate securities
• Fund of funds
• Hedge funds
• Structured investment products focused on infrastructure, agriculture and real estate

Banking and Financial Services

The primary relationship manager for Macquarie’s retail client base, which provides a diverse range of products and services for financial planners and professional service providers, including:

• The UK Wrap solution supports business growth and client service delivery of independent financial advisers in the UK
• The UK Relationship Banking Division provides specialist business banking services to the UK insurance broking market
• The Veracity Asset Transformation Service supports advisers to effectively transition their business to a more client centric, fee-based model
• Macquarie Premium Funding offers insurance premium funding solutions to AON insurance brokers in the UK and Ireland