Strategy

MIIF's investment strategy is to acquire majority or substantial equity or equity like interests in infrastructure businesses. This allows MIIF to exert significant influence or control over the business, and through an active management approach, MIIF is committed to pursuing revenue growth and margin improvements as well as optimising business capital structures over time.

MIIF has also targeted investments through which it has acquired minority positions where its partners have similar objectives to its own.

MIIF is currently invested in seven substantial infrastructure businesses and aims to achieve growth by optimising the performance of these businesses over the long-term so that they are well placed to deliver MIIF an attractive and sustainable level of return.

MIIF currently has 46.5%* of its portfolio located in Asia and intends to make quality, Asian-focused and value-accretive acquisitions as market conditions permit.

Investment criteria

MIIF targets investments in a broad range of infrastructure sectors, with a preference for relatively low-risk businesses that have:

• A dominant market position;
• Sustainable and predictable cash flows over the long term; and
• Potential for long-term capital growth.

^*Based on 30 September 2009 valuations.