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Strategic Acquisition of Colonial First State Global Asset Management

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Strategic Acquisition of Colonial First State Global Asset Management Strategic Acquisition of Colonial First State Global Asset Management October 31, 2018 This document contains forward-looking statements in regard to forecasts, targets and plans of our group and Colonial First State Global Asset Management (“CFSGAM”), which is a group of subsidiaries Commonwealth Bank of Australia (“CBA”). These forward-looking statements are based on information currently available for us and are stated here on the basis of the outlook at the time that this document was produced. In addition, in producing these statements certain assumptions (premises) have been utilized. These statements and assumptions (premises) are subjective and may prove to be incorrect and may not be realized in the future. Underlying such circumstances are a large number of risks and uncertainties. Please see other financial disclosure and public filings made or will be made by our group, including the latest kessan tanshin, financial reports, Japanese securities reports, Integrated reports and annual reports, and other financial disclosure and public filings made or will be made by CBA, including the latest financial results and annual report, for additional information regarding such risks and uncertainties. We have no obligation or intent to update any forward-looking statements contained in this document. In addition, information on companies and other entities outside our group and CFSGAM that is recorded in this document has been obtained from publicly available information and other sources. The accuracy and appropriateness of such information has not been verified by us and cannot be guaranteed. In this document, unless otherwise stated, the financial information regarding us was prepared in accordance with Japanese GAAP (which includes Japanese managerial accounting standards), and the financial information regarding CFSGAM was prepared in accordance with Australian GAAP. This document is being released by us outside of the United States and is not targeted at persons located in the United States. 2 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 Contents 2.1 2.1 3.1 3.1 3.7 1. Executive Summary 4 3.7 4.4 4.4 2. Trends in Asset Management Industry and MUFG's Strategy 5 3. Transaction Overview 11 4. Overview & Vision with CFSGAM 13 5. Strategic Rationale of CFSGAM Acquisition 21 10.5 10.5 11.3 Appendix 26 11.3 12.6 12.6 18.7 18.7 19.3 19.3 3 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 1. Executive Summary 2.1 2.1 3.1 3.1 3.7 Mitsubishi UFJ Financial Group, Inc.’s (“MUFG”) trust banking entity, Mitsubishi UFJ Trust and 3.7 4.4 Banking Corporation (“the Trust Bank”) has announced a strategic investment to acquire 100% 4.4 of the shares in major subsidiaries (“CFSGAM”) which represent the global asset management (“AM”) business of Colonial First State Global Asset Management group (“CFSGAM group”), headquartered in Australia Share sale deed has been signed between the Trust Bank and Commonwealth Bank of Australia (“CBA”), the Australian parent of CFSGAM group, to acquire 100% of CFSGAM CFSGAM is a global AM company with Assets Under Management (“AuM”) of approximately A$210bn*1. CFSGAM comprises operations across Australia, Asia, Europe and US, offering 10.5 10.5 products across equities, fixed income and alternatives. It has global specialist capabilities in 11.3 Emerging Markets, Asian markets, Fixed Income, Alternatives (property and infrastructure) and 11.3 systematic equities 12.6 12.6 This is an extremely important transaction with strategic significance for MUFG to: (i) acquire a global, competitive asset management operation with specialist capabilities; (ii) capture the growth of the asset management industry in Australia, which is a relatively high-growth developed market; and (iii) become the largest asset manager in the Asia/Oceania region 18.7 18.7 19.3 *1 End Dec 2017 19.3 4 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 2.1 2.1 3.1 3.1 3.7 3.7 4.4 4.4 2. Trends in Asset Management Industry and MUFG's Strategy 10.5 10.5 11.3 11.3 12.6 12.6 18.7 18.7 19.3 19.3 5 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 Continuing Growth in the Asset Management Industry 2.1 2.1 3.1 The global trend of increasing AuM is expected to continue 3.1 3.7 3.7 In Asian and emerging countries, strong future growth is supported by robust economic development 4.4 4.4 Within developed markets, Australia’s growth rate is superior driven by its Superannuation*1 system Forecast of AuM by region (US$tn) Europe 31.2 52.4 23.3 US 41.4 CAGR*3 3 6% CAGR* 5% Japan 6.0 2016 2021E 4.5 10.5 Asia ex-Japan 10.5 7.9 CAGR*3 2016 2021E 11.3 6% 11.3 4.3 2016 2021E 12.6 12.6 2016 2021E Others CAGR*3 *2 (incl. emerging markets) 13% Australia Total 106.3 6.0 2.8 4.1 79.3 1.8 CAGR*3 6% 2016 2021E 2016 2021E CAGR*3 CAGR*3 8% 9% 2016 2021E 18.7 (Source) The Cerulli Report: Global Markets 2017 18.7 *1 DC pension system with compulsory participation by employers 19.3 *2 Canada, Latin America, etc 19.3 *3 Compound Annual Growth Rate 6 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 Polarized Client Needs 2.1 2.1 3.1 A bipolarized tendency is seen in AuM trends: while active core funds lose market share, low-fee passive 3.1 3.7 products and “characteristic active products” such as alternatives*1 and active specialty funds*2 are expanding 3.7 4.4 4.4 Global AuM split by product (US$tn) CAGR (2017-2022) Total 31 39 79 109 AuM Total 100% 7% 48% Alternatives/Active 80% 38 48% 50% specialty funds etc*3 38 50%55 8% 10.5 55 10.5 60% 11.3 11.3 12.6 Active core 12.6 40% 33%33% 27% 2% 26 26 27%29 29 20% Passive/ 23% 20% Smart β 20% 23%25 16 16 25 9% 0% 2003 2008 2017 2022E Passive/Smart β Active core Alternative/Active specially funds etc (Source) Boston Consulting Group: Global Asset Management 2018 18.7 *1 Alternatives: include infrastructure and real estate assets, Private Equity funds 18.7 *2 Active specialty funds: include distinctive active funds that focus on specific regions or size of assets 19.3 *3 Alternatives/Active specialty funds: include “Alternatives”, “Active specialty funds” and “Specialties” (liability-driven, target-dated, global asset allocation) 19.3 7 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 Overview of the Current MUFG AM Business 2.1 2.1 1 3.1 Being one of the largest asset manager in Japan, MUFG has competitive strengths especially in the 3.1 3.7 management of Japan-related assets 3.7 4.4 4.4 Overview of MUFG’s AM business MUFG’s domestic market share One of the leading asset managers in Japan, with AuM of ¥72.5tn Corporate pension: ¥70,703.9bn *2, 3 Long history as an integrated asset manager in Japan 1.1 Commenced managing Japanese pension fund’s assets concurrently with the start of the Japanese pension scheme (in 1962) SMTH 2.2 Mitsubishi UFJ Kokusai AM has its origin to Japan’s oldest mutual fund Others 23% company (Established in 1959) 33% Establishment of the first quant-specialized technology institute in Japan (Mitsubishi UFJ Trust Investment TEChnology Institute (MTEC), MUFG Nippon 23% established in 1988) Life Mizuho 10.5 High ROE of Asset Management & Investor Services Business 10% Trust 10.5 (FY2017A: 23%*1) 11% 11.3 11.3 MUFG’s AuM by entity*2 Investment trust fund: ¥96,945.8bn*2, 5 12.6 12.6 Mitsubishi UFJ AM (UK) Others *4 1% MU 15% Nomura Investments AM 2% the Others 25% Mitsubishi UFJ Total AuM Trust 39% Bank Kokusai AM Daiwa ¥72.5tn 63% 19% AM Nikko 15% MUFG AM 9% 12% (Source) Newsletter on P&I, The Investment Trusts Association, Japan *4 Includes investee and partners as well as MUFG AM subsidiaries *1 Excludes the impacts of investment related accounting factors (amortization of goodwill, etc.) *5 Publically offered investment trusts 18.7 *2 End of Mar 2018 18.7 *3 Pension administration (based on book value) 19.3 19.3 8 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 MUFG is Building Greater AM Operations and Wider Client Base 2.1 2.1 3.1 MUFG aims to become a truly global asset manager by: 3.1 3.7 3.7 ① Securing a variety of unique and competitive asset management operations, and 4.4 4.4 ② Expanding its client base on a global basis AuM CAGR (2017-2022) AM product functions Greater variety of variety Greater Private Equity product functions 7% Alternatives Real Estate Building a Global Infrastructure Asset Manager 10.5 10.5 Emerging Equity 11.3 Active 11.3 6% Asia Equity specialty 12.6 Single-Country 12.6 Equity Current 2% Active core status Expansion of client base into high-growth regions Passive/ 9% Smart β Client Japan Asia/Oceania US and Europe base 6% 12% 5% AuM CAGR (2016-2021) 18.7 (Source) The Cerulli Report: Global Markets 2017, Boston Consulting Group: Global Asset Management 2018 18.7 19.3 19.3 9 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.14 7.55 9.68 13.95 17.17 18.21 20.35 1.1 1.1 MUFG is Aiming to Become a Hybrid AM Business Model 2.1 2.1 3.1 MUFG aims to develop a hybrid-type operational model, in which domestic business is conducted under one 3.1 3.7 “MUFG” brand, and a multi-boutique type strategy is adopted for acquired overseas operations 3.7 4.4 4.4 Operational models of AM companies bringing several AM entities under control A: One-Brand B: Multi-boutique C: Hybrid Operation under one brand Various boutiques One-Brand in domestic market, Acquired AMs to be integrated to Maintain independent brand and and utilize multi-boutique existing operation company operation operation overseas 三菱UFJアセット・ 10.5 AM Company Holding company Domestic Overseas 10.5 マネジメント（ ） Integrated management/brand Provide the following resources to One-Brand Multi-Boutique UK 11.3 group AM companies: 11.3 Corporate Center ・ Distribution channel the Trust Bank AM① AM② ・ Middle/back office functions, etc Mitsubishi UFJ Middle Kokusai AM 12.6 Model Sales Asset ・・・ 12.6 Management Back ・・・ MU Investments Mitsubishi UFJ Asset ③ ・・・ Management (UK) AM Disassembly/integration AM① AM② AM③ To be affiliated with a Acquired Acquired Middle AM AM Sales Asset holding company with the Management Back ・・・ Acquired brand and management, AM etc.
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