BofA and Macquarie Global Relationship Team Meeting Notes

Meeting Context: This session represents the first-ever combined US-Australia relationship meeting between the Bank of America (BofA) and Macquarie teams.
Objective: To reconnect on relationship touchpoints, review progress on items from the past two to three years, and identify natural next steps for a full global relationship team.
Participants: Key members include James Matthews (Macquarie), Mswona (BofA), Jay (BofA), Kevin, and Angus.

Existing Relationships: Introductions have already been made between Olivia and Greg (Macquarie) and BofA. The BofA team is well-acquainted with Sarah Rees.
VHS Team: Noted as being "plugged in," with no immediate further actions required.
FX and Internal Politics:
- There is ongoing discussion regarding Macquarie's FX activity and how much is handled by the internal CGM (Commodities and Global Markets) group versus other external organizations.
- Macquarie’s capabilities and needs are evolving rapidly due to fast growth.
Outbound FX Payments (Aus4x):
- Macquarie previously mentioned a long-term contract with Aus4x that was potentially underperforming for outbound FX payments.
- BofA Capability: BofA positioned itself as a global liquidity provider offering access to $150$ different currencies, including minor and exotic currencies, with pricing advantages over domestic banks.
- Action: BofA will follow up with Macquarie (via Sarah Rees) to check the status of the Aus4x contract ahead of setting up a formal meeting.

Borrowing Base Structure:
- Facilities exist across both bank (MBL) and non-bank entities.
- Project Darcy: Under this project, Macquarie moved various activities to the non-bank entity, consolidating borrowing bases into separate bank and non-bank facilities.
- Entities include Macquarie Commodities Trading (non-bank entity).
Bank of America Inquiry: BofA sought clarification on whether these facilities are typically non-recourse (collateralized against commodity inventory) or recourse to Macquarie. Macquarie confirmed they are secured against commodities and guaranteed by relevant head entities.
Key Personnel for Borrowing Base Discussions:
- Treasury: Pat and Craig (involved in negotiations).
- Commodity Sales (APAC): Sean.
- Structured Products (London): Khairul ( $K-H-A-I-R-U-L$ ), based in London, specializes in structured products, physical commodities, and non-recourse collateralized structures.
- BofA London Coverage: Rajesh (FEC) and Gaurang.
Recent Activity: Macquarie recently closed a syndicated commodities borrowing base in MBL and is maintaining a fund finance borrowing base. Continued growth in the CGM balance sheet necessitates ongoing funding sources.

Personnel Updates:
- US Team: Harrison and Claudia.
- Asia-Pacific (APAC) Team: Adeel and Salkat.
- UK Team: Katharina Court.
- Departures: Abhishek Sharma (formerly based in Singapore) has moved to KKR.
Green Investment Group (GIG) / Real Assets:
- Jackie Funder (Melbourne): Key contact for green investment platforms, specifically financing for platforms like Aula Energy.
- Valerie Bertrand (Singapore): Lead for MAM (Macquarie Asset Management) real assets platform financing in Asia, specifically infrastructure.
Data Center Financing:
- BofA’s sustainable finance mandate has expanded over the last $12$ months to include data center financing.
- John Lamb (Melbourne): Mentioned in previous correspondence, but clarified as holding a legal role, making him less relevant for financing discussions.
- Anton Mauldin (US): Senior MD at Macquarie involved with systems like Applied and Aligned Energy.
- BofA is now highly credentialed in GPU and data center financing across Australia and Singapore.

Personnel Changes:
- Gaurav Mahant: Recently joined BofA’s Singapore transactional banking team from HSBC. He was previously connected with Tom Copland and Sam Fay.
- Luke Mann: Identified as the correct and current Macquarie contact for Asia cash equities transactional banking.
Next Steps: BofA will facilitate a meeting between Gaurav Mahant and Luke Mann.

Shemara Wikramanayake (Macquarie CEO):
- James Matthews is coordinating with Brian Moynihan’s team for Shemara’s upcoming trip to New York.
- Focus remains on securing senior-level support to include BofA in RFPs and major opportunities (e.g., data centers).
Jo Dawson (New Joiner):
- Currently has a packed schedule ( $3$ weeks into the role).
- DCM/ECM Connections: Future meetings planned with Chad (BofA) for Debt Capital Markets (DCM) and Equity Capital Markets (ECM).
- Key APAC IB Contacts: Ian Taylor (Head of ECM Australia, ex-Goldman Sachs) and Mike Evans (APAC Head of Investment Banking for FIG).
- Bangkok (IMF): A formal introduction will likely occur in Bangkok in October during the IMF meeting.
Jimmy Quigley: Noted as a regular presence at IMF meetings, providing commentary on the global economy.

Project 10: Mswona confirmed BofA successfully closed Project $10$ .
Desiree Platform:
- Macquarie currently owns a $47\%$ stake in the platform.
- MAM (Macquarie Asset Management) is pursuing an additional investment to reach a majority stake ( $> 50\%$ ), expected to close in Q3.
- Eugenio: Asset Director on the MAM side for Desiree.
Harlan Trainiac: Mswona has a scheduled meeting with Harlan in two weeks to strengthen the relationship.
LatAm Strategy (Mexico & Brazil):
- Mike Dejuk and teams from Brazil and Mexico met in New York last month to coordinate coverage of Non-Bank Financial Institutions (NBFIs).
- A collaborative event was recently hosted at BofA offices.
Corio:
- A platform recently subsumed into the Macquarie portfolio under Frank Quoc.
- BofA recently supported Corio with a liquidity event at a competitive rate and will support them formally going forward.

Tech and Data Delegation:
- Macquarie’s Group COO and tech/AI teams are traveling to London and New York in September.
- BofA will help arrange peer-to-peer meetings with their tech and data teams in New York.
Alternative Funding (Silk and Tal):
- BofA presented a prepay solution; however, the pricing was considered too high ("too rich").
- The teams remain in an iterative process to find creative requirements and pricing that align.

Brazil Opportunity: A call is scheduled for tomorrow night at $10\,\text{PM}$ to discuss specific opportunities in Brazil; BofA requested "first callback" status.
Upcoming Travels: Mswona will be in New York for a week in September for client meetings and plans to meet with Jay, Mike, and the broader US team.
Meeting Efficiency: The participants concluded that the combined global call was highly productive, completing the agenda in $35$ minutes.