(Note: The SACP in the above chart refers to our opinion of Macquarie Group Ltd.'s "unsupported Group Credit Profile," as defined in our "Group Rating Methodology," published Nov. 19, 2013. The rating on Macquarie Group Ltd. is one notch lower than the unsupported group credit profile of Macquarie Group Ltd. as it is a nonoperating holding company.) A well-diversified business across different assets classes and geographies; reorientation toward stable "annuity style" businesses to continue Main operating entity, Macquarie Bank Ltd. (MBL), is a potential recipient of extraordinary Australian government support Wide range and complex nature of credit, market, and operational risks weigh on the risk positon assessment The negative outlook on Macquarie Group Ltd. (MGL) reflects S&P Global Ratings' opinion
