Macquarie Korea Infrastructure Fund

(All amounts KRW million)
		FY2008	FY2007	FY2006
Operating revenue		235,064	150,480	141,166
	Interest income	154,388	140,363	125,030
	Arrangement fees	2,895	875	962
	Dividend income	482	9,842	6,958
	Gain (loss) on valuation of debt securities	(2,922)	(3,786)	6,724
	Gain on sale of investment, net	79,400¹	–	–
	Other income	821	3,186	1,492
Operating expense		51,364	68,449	135,532²
	Management fee	27,836	32,139	26,437
	Performance fee	–	27,341³	103,166
	Interest expense	16,235	1,722	–
	Other expense	7,293	7,247	5,929
Net profit		183,700	82,031	5,634

Gain on
1. securitisation of shareholders loan in Baekyang Tunnel of KRW 24.5bn and
2. divestment of the convertible bond in New Daegu Busan Expressway of KRW 54.9bn
Including one-off listing performance fees related to MKIF listing
Performance fee relating to out-performance over an 8% per-annum benchmark rate of return in second quarter


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Income statement (non-consolidated)