A well-diversified business across different assets classes and geographies Stable and repeatable income strengthens the business profile Strong capitalized bank representing a majority of the group More complex nature of credit, market, and operational risks relative to traditional main stream banks Nonbank group leverage The stable outlook on Macquarie Group Ltd. (MGL) reflects the group's well-diversified businesses that span a variety of asset classes and geographies. We expect MGL's good performance to continue, that there will be no material increase in the group's risk appetite or relaxation of its risk management standards, and that Macquarie Bank Ltd. (MBL) will maintain its strong capital and liquidity metrics. We expect leverage at the nonbank group to gradually moderate over the next two
