Investor presentation - Proposed merger with Barrenjoey

• Innovative financial services group with $40 billion in assets under management
• Proven strong organic growth and diversified client base across three continents
• Successful strategic partnership with Barclays, which will remain post-merger

The proposed merger of MFG and Barrenjoey will create a diversified client-focused financial services group with a proven talent base across investment management, corporate finance, equities, fixed income and capital markets. The combined entity will have $40 billion in assets under management, global distribution capabilities, and an institutional-grade platform to support its investment management businesses. Barrenjoey is a market-leading financial services firm diversified across advisory, capital markets, equities, research, fixed income and private capital, with a highly experienced leadership team. The merger will improve business diversification and resilience, enhance the client proposition, and provide opportunities to retain and attract top talent. MFG will increase its ownership of Barrenjoey to 100%, with Barrenjoey employees subject to vesting and escrow arrangements to ensure long-term alignment. The combined entity will have a strong balance sheet to support future growth. The transaction is subject to shareholder and regulatory approvals.

The proposed merger implies a value of $1,616 million for Barrenjoey (on a 100% basis), with MFG to acquire all outstanding issued capital not already owned. This represents a 15.0x P/E on an LTM basis, pre-synergies.

The combined entity will have a diversified revenue base across complementary businesses, including investment management, markets, capital markets, and advisory. The merger is expected to create opportunities to retain and attract top talent, and provide a strong balance sheet to support future growth.