Fact Sheet

Goldman Sachs JBWere

Transaction Summary
Terms                                                     Governa...
Strategic Opportunities
    • Create one of Australia’s leading investment firms
    • Combine respective strengths in M&A...
Goldman Sachs History
• Founded by Marcus Goldman in 1869 to provide               • Goldman Sachs M&A department ends the...
About JBWere
    • Founded in 1840, JBWere is a full service investment         • Institutional and private clients benefi...
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Goldman Sachs JBWere Merger Fact Sheet


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Goldman Sachs JBWere Merger Fact Sheet

  1. 1. Fact Sheet Goldman Sachs JBWere Transaction Summary Terms Governance • Heads of Agreement (‘Agreement in Principle’) signed: • Board of Directors will be created with equal Goldman Sachs and JBWere to merge their Australian representation from Goldman Sachs and JBWere and New Zealand investment banking and securities • Management Committee composed of business unit operations leaders Ownership Closing • Goldman Sachs will own 45% of the newly merged entity • Closing expected in 4 months subject to receipt of • Goldman Sachs JBWere employees to own the required legal and regulatory approvals remaining 55% Branding • New entity to be branded Goldman Sachs JBWere Complementary Capabilities Goldman Sachs JBWere • Client focused • Client focused • Leading global investment bank • Leading domestic equity franchise • Strong international relationships • Strong Australian and NZ relationships • Pre-eminent brand name globally • Pre-eminent brand name in Australasia • Commodities and liabilities management services • Leading institutional market position support investment banking and debt capital • Extensive retail base and distribution markets activities 1
  2. 2. Strategic Opportunities • Create one of Australia’s leading investment firms • Combine respective strengths in M&A and equity capital markets • Full service product offering for Australian clients • Provide new opportunities for corporate and personal relationships maintained by both companies • Leverage proprietary distribution channels and broad customer relationships, including retail, corporate, institutional and investment management • Employer of choice in Australia: Potential for Partnership will remain a distinguishing feature of Goldman Sachs JBWere The Culture Match • Both cultures are founded on a partnership heritage • Access to Partnership will be retained for outstanding employees • Shared commitment to clients, teamwork and professional excellence • Shared values and ideals - integrity, honesty, and leadership • Building long term relationships and maintaining client confidentiality are mutual themes Integration Plans • Headquartered in both Melbourne and Sydney with regional offices throughout Australia and New Zealand • Physical merger of operations will begin on completion • Goldman Sachs JBWere will be located in existing Goldman Sachs and JBWere offices in Australia • JBWere international operations will continue to report directly to Goldman Sachs JBWere, but may share office space with Goldman Sachs where appropriate • There will be a small number of redundancies due to the overlap of job requirements Senior Executives Chairman and CEO Terry Campbell Co-Chief Operating Officer Craig Drummond Co-Chief Operating Officer Andrew Stuart 2
  3. 3. Goldman Sachs History • Founded by Marcus Goldman in 1869 to provide • Goldman Sachs M&A department ends the century commercial paper services to corporate clients #1 in M&A • Samuel Sachs teams with Goldman, making Goldman, • Goldman Sachs is The Team of the Decade, being Sachs & Co. a private partnership with total capital #1 in M&A for eight years in the 90’s of US$100,000 in 1882 • Goldman Sachs has worked with leading Australian • The firm joins the NYSE in 1896 corporates internationally as far back as the 1970s • In the 1970s, Goldman Sachs forms Wall Street’s • Goldman Sachs established an investment banking first Mergers and Acquisitions department representative office in Sydney in 1987, with a staff • After more than a century, the firm completes its own of four initial public offering in 1999 Goldman Sachs Facts • Market capitalisation of US$34.5bn as of 21-Mar-2003 • #1 Global M&A advisor 2000-2002 • #1 Global in equity underwriting 2000-2002 • Fiscal year 2002 revenue of US$14.0bn, net income of US$2.1bn and shareholder’s equity of US$19.0bn • 19,739 employees located in 20 countries • Goldman Sachs Australia has approximately 90 staff in its Sydney office Services Structure • Mergers and Strategic Advisory • Investment Banking • Investment Research • Equities • Equity Sales and Trading • Fixed Income, Currencies and Commodities • Fixed Income Sales and Trading • Merchant Banking • Commodities and Currencies Sales and Trading • Investment Management • Derivative Products • Global Research • Asset Management • Operations Technology and Finance • Investment Management • Private Client Services Philosophy Locations • Our firm has a commitment to long-term client • 29 – Americas relationships and a dedication to client service, • 9 – Asia Pacific serving a broad base of clients consisting of the • 11 – Europe world’s leading companies, financial institutions, • 1 – Africa and government entities • 1 – Australia 3
  4. 4. About JBWere • Founded in 1840, JBWere is a full service investment • Institutional and private clients benefit from the firm's company. JBWere brings a wealth of knowledge and corporate finance initiatives, enjoying access to some of experience in research, the provision of advice and the Australia’s most sought after placements and capital execution of transactions to our private, institutional and raisings corporate clients. JBWere has always maintained a 'client • Regularly ranked the leading investment house in equity first' ethos and through 160 years this ethos has become raisings in Australia, JBWere has acted in lead roles in fully entrenched in the firm's culture and the daily transactions exceeding $47 billion over the last four execution of service years • JBWere regularly describes itself as an organisation ‘with • JBWere’s traditional strength in equities is complemented a partnership culture but a corporate structure’. by the success of its funds management team and its Participation in ownership has always been one of the extensive range of investment products. With a separate hallmarks of the firm and dedicated team responsible for researching stocks • JBWere advises one of the largest private client bases in for potential inclusion in JBWere Managed Funds, the Australia, and is recognised as a leader in private client firm is in the unique position to have been independently wealth management in Australia. This position is a recognised as a pre-eminent investment house in reflection of an ongoing commitment to quality, equities research and in funds management innovation and client service • JBWere employs 1300 people worldwide • Industry commentator Greenwich Associates recently selected JBWere as the firm with the strongest Australian equities institutional sales penetration in North America, Asia and Australia and as one of the top four in the UK. The firm has institutional offices in London, New York, Tokyo, Frankfurt and Singapore 4