Metro Manila Subway Project: Phase I (Valenzuela to NAIA

Majority of investments are still in US companies, driven primarily by private investors.

Education made up only ~2% of the estimated total global spend of ~USD 154B on AI-centric technologies and software systems in 2023

Digital disruption and innovation are driving technology implementation

US Cards portfolio IRB migration

South Korea: Rigorous investigation of outbreak clusters and rapidly scaled testing capabilities limited spread

Success-Based Capital Intensity & Payback Trend

Asset Class Return Analysis (%)

COVID-19 backdrop to this report

Commercial Real Estate (CRE) 2 / 2

Most blockchain applications will fully penetrate the market in well under a decade Decentralization will make trade more efficient

Activist Activity by Quarter

Coke price remains high, despite slightly moderating in Q3

The market for digital assets has grown over the past few years…

More than half of respondents have already begun or plan to offset 2023-2024 cost increases

Respondents stated that their organizations are primarily relying on new or existing equity to finance investments in productivity.

Over the past year, investors have come to expect companies to build key capabilities and deliver on guidance

Unmatched cash cost competitiveness

Scope 1 & 2 emissions from our operations

We have supported significant volume growth with modest increases to operational expense

Passive vs. Active Investors During Pandemic Half of investors (52%) were “passive” during the pandemic, meaning that they neither sold nor bought any investments. The ot

In particular, urgency for social impact is growing, with younger generations increasingly valuing diversity, equity and inclusion when choosing to buy

From employee surveys, misalignment with company vision and culture is a greater reason for early-stage employees to leave, while compensation is a greater reason for late-stage firm employees

OVER THE LAST 3 YEARS, CHINESE SPENDING IN CHINA HAS CONTRIBUTED TWICE AS MUCH GROWTH AS CHINESE SPENDING ABROAD

Macquarie’s evolution is driven by our people

WE ASSESSED SPEND ACROSS 4 KEY VERTICALS IN CANADA

Few companies demonstrate high cyber risk maturity today, even though they expect cyber risk to grow dramatically in the next three years.

CAPITAL ALLOCATION

Leverage can enhance growth during recovery rallies and bull markets

COVID-19 unlocked a land grab for Telemedicine platforms

Demographic profile (continued)

Right vs. Wrong Direction Monitor

The panacea of “one size fits all” is rapidly fading, as best of breed functionality comes of age

Asset quality in Germany

Many investors have become more risk averse, holding more cash, pivoting toward value, and investing in traditionally stable or countercyclical sectors

Education is amongst the top 10 sectors globally (in value), with a worldwide GVA of ~USD 4T in 2019, and has grown at a CAGR of ~3% between 2009 and 2019

Storage of Crypto Assets Almost half (48%) of crypto asset owners said they store crypto assets on the exchange or trading platform from which they were purchased,

Platform Solutions Delivering Profitability is Our Priority

Deep Techs Will Help to Solve Most of the Environmental and Societal Challenges

The 2024 election could look a lot like 2020.

Strong regulatory ratios

Figure 1a: Total revenue distribution

Sustained DFS growth with lending and remittance hitting ~$8B each (as part of a U-shaped recovery for the latter); digital investments still nascent

JPMAM: Broad, diversified $3T AUM active manager

Work Reimagined 2022 Survey — survey demographics

Inflation/prices

The reality of today.

Digitally enabled client engagement to improve profitability

The F-Series is the highest-selling vehicle in the US over the last ten years

Across generations, better prices/promotions and better value for money consistently are key reasons for switching brands; ethical reasons are least important in this time of budget pressure