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Macquarie Global Infrastructure Total Return Fund

Management

Investment advisor

Macquarie Fund Adviser, LLC (“MFA”) is the investment advisor to MGU and is responsible for determining the Fund’s overall investment strategy and overseeing implementation of that strategy through day-to-day portfolio management, subject to the general supervision of the Fund’s Board of Directors.

Since March 2004, MFA has served as an investment sub-adviser to the Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund, a registered closed-end Fund which listed on the New York Stock Exchange in March 2004 (NYSE: MFD). MFA sub-advises the equity portfolio which as of March 31, 2005 was approximately $205 million of MFD's net assets.


Portfolio manager

MGU's portfolio manager, Jon Fitch is responsible for the day-to-day management of the Fund's Total Assets. Mr. Jon Fitch is the Chief Executive Officer of MFA. Mr. Fitch is also the co-portfolio manager for MFD a fund sub-advised by MFA.

Jon Fitch
Chief Executive Officer, MFA

Mr. Fitch has been an employee of the Macquarie group since 1995. He has been active in the analysis of infrastructure and utilities stocks since 1997 and has over fifteen years’ business experience encompassing business management, equity analysis, strategic consulting and banking.

From 1997 to 2000, Mr. Fitch led the equity research coverage of the infrastructure and utilities sector in Australia for Macquarie Securities Limited (formerly known as Macquarie Equities Limited) and was responsible for coverage of 12 companies across the sector, including tollroads, gas companies, electric utilities, airports and diversified funds.

From 2001 to 2003, Mr. Fitch was located in Hong Kong, where he was responsible for establishing a Hong Kong based research team of five analysts. While in Hong Kong, Mr. Fitch personally initiated coverage on nine infrastructure and utilities companies with a combined market capitalization of approximately $50 billion. Stocks covered included the Hong Kong utilities, the Chinese power producers, airport, rail and multi-asset infrastructure investment companies.


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