* Macquarie Equities issued Australia's first put warrants over ASX listed companies. Equities also issues call warrants over listed companies. * PUMA Management Limited, the Bank's mortgage securitisation vehicle, now regularly writes net new home loan volumes which are estimated to exceed those of some of the major trading banks. By September 30, 1996, PUMA's mortgage book had reached $3.7 billion. * Macquarie Investment Management increased its funds under management and topped the industry inflow tables for the year to 30 June 1996. In October 1996, Macquarie's flagship product, the Macquarie Cash Management Trust, reached $3 billion in funds under management, a rise of over 20 per cent during the six months to September 1996. * Macquarie formed the Tianjin Macquarie Property Development Management Company, a joint venture agreement with developers from the Chinese city of Tianjin. The joint venture was established to sponsor development of low-cost residential properties in Tianjin which will be sold on completion. * Macquarie Bank entered into a joint venture agreement with the Arab-Malaysian Banking Group. Macquarie Investment Services acquired 30 per cent of Arab-Malaysian's existing funds management business with the aim of offering investment products to Malaysian retail and institutional investors. RATINGS GUIDE Short Term Long Term Standard and Poor's A1 A IBCA A1 A+ Thomson TBW-1 AA- Moody's Investors Service P-2 A3 FIVE YEAR SUMMARY Year ended 31 March 1992 1993 1994 1995 1996 Current Profit & Loss ($A million) Total operating income 242.8 281.0 338.6 355.1 435.2 Operating expenses 166.4 202.8 245.4 284.9 336.1 Operating profit before income tax 76.4 78.2 93.2 70.2 99.1 Income tax (expense) benefit (29.2) (18.4) (19.3) 5.9 (5.9) Operating profit after income tax 47.2 59.8 73.9 76.1 93.2 Balance Sheet ($A million) Total assets 2,390 3,167 4,260 4,624 5,174 Total liabilities 2,062 2,762 3,740 4,034 4,512 Shareholders funds 273 289 340 380 428 Capital and subordinated debt 328 405 521 590 662 Total loan assets (a) 1,201 1,562 1,743 2,233 2,455 Impaired assets (net of provisions) 94 84 51 49 57 Share Information Basic earnings per share (cents) - unadjusted 44.7 50.5 58.8 56.0 63.4 Basic earnings per share (cents) - adjusted (b) 32.2 39.6 50.5 51.0 61.0 Cash dividends per share (cents) - unadjusted 14.7 20.0 25.0 31.0 36.0 Cash dividends per share (cents) - adjusted (b) 10.6 15.7 21.5 28.2 34.7 Share price at 31 March Current - Unadjusted ($A) 3.50 3.25 6.00 4.80 6.00 8.80(e) - Adjusted ($A) (b) 2.62 2.65 5.35 4.53 6.00 Bonus issue ratio (c) 1:11.25 1:10.5 1:17 1:17 1.26 Issued capital (million shares) (d) 101.7 104.9 118.8 128.2 138.7 148.9 Market capitalisation at 31 March (fully paid ordinary shares) $A million 356 341 713 616 832 1,310(e) Ratios Return on Average Shareholders Funds 18.5% 21.3% 23.5% 21.1% 23.1% Capital Adequacy Ratio 12.7% 13.4% 13.8% 15.4% 15.4% Impaired Assets as % of Loan Assets 7.8% 5.4% 2.9% 2.2% 2.3% Net Loan Losses as % of Loan Assets 0.6% 0.2% 0.0% 0.0% 0.0% Assets Under Management ($A Billion) Current Retail 4.2 4.5 4.7 4.7 6.1 6.4 Wholesale 3.3 4.0 4.5 6.3 7.6 7.7 Listed Trusts 0.1 0.2 0.3 0.8 1.9 1.9 Mortgages - 0.1 0.2 0.9 3.9 4.0 Other 0.1 0.1 0.1 0.1 0.3 0.3 Total 7.7 8.9 9.8 12.8 19.8 20.3 Staff Numbers 1,200 1,329 1,428 1,704 1,732 1,793 (a) Includes loans & advances, leases and balances due from governments. (b) Adjusted for bonus issues, up to and including 1996 bonus issue. (c) Ratio for bonus issues made after year end. (d) Number of fully paid shares at 31 March excluding options and partly paid shares. (e) At close of market 22 November 1996. For inquiries regarding Macquarie Bank's operations in the following countries please contact the following Country Contact Contact details Hong Kong Scott Alison (852) 2528 1136 Hong Kong Indonesia Susan Gray (62) (21) 525 0508 Jakarta, Indonesia Korea Mike Bell (852) 2536 9330 Hong Kong Malaysia Andrew Downe (60)(3) 238 2033 Kuala Lumpur, Malaysia Singapore Merrick Howes (65) 536 3875 Singapore End.