content_image/267046.jpg content_image/267052.jpg
## Directors’ Report –  Remuneration Report for the financial year ended 31 March 2014 continued 

## NPAT 10 year CAGR$^{(1)}$ Macquarie versus international investment banking peers (%) 

<img src='content_image/267046.jpg'>

(1) Peers comprise Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., Jefferies, JP Morgan Chase, Lazard Ltd, Morgan Stanley and UBS AG. In contrast, Macquarie has not incurred a loss in any year. Merrill Lynch data has been excluded as its NPAT data cannot be ascertained. 

## 3.2 ROE is well above the peer average 

While it is acknowledged that further improvement is possible, Macquarie’s current 11.1 per cent annual ROE has significantly improved compared to the prior year (7.8 per cent), and is higher than all but one peer. In addition, Macquarie’s 10 year average annual ROE is higher than all but one of its peers, despite holding relatively higher levels of excess capital. 

## Peer ROE over 10 years FY2005–2014$^{(1)}$ 

## Macquarie versus international investment banking peers 

<img src='content_image/267052.jpg'>

Source: Peer underlying data from Bloomberg and Annual Reports. Peersare notedat the end of the next chart. 

