Toll Roads:
Hua Nan Expressway (HNE)

Investment	Description
Date of acquisition	19 November 2007
Cost of acquisition⁽¹⁾	S$295.7 million
Valuation⁽²⁾	S$296.2 million
Distributions since acquisition	S$41.8 million
MIIF's ownership	81.0% interest
% of MIIF portfolio	28.5%

Originally announced acquisition of $329.5m included $295.7m invested at acquisition, and $33.8m to be drawn at a later date contingent upon certain events. This contingency is now no longer required and will not be drawn.
Based on 30 June 2010 valuations.

Asset overview

HNE is a 31-kilometre dual-carriage urban toll road in the city of Guangzhou, the capital of Guangdong province in China. It is the main artery for north-south traffic in Guangzhou, enabling easy access to south China and is intersected by eight expressways and urban arteries, ensuring excellent connectivity.

Financials

RMBm	2010	2009	Variance Fav/(Adv)⁽¹⁾
Financial highlights for the six months ended 30 June
Revenue	258.7	212.0	22.0%
EBITDA	214.7	170.6	25.8%
EBITDA margin	83.0%	80.5%	2.5%
Distributions to MIIF (S$m)	-	-	-

Favourable/(Adverse)


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Toll Roads: Hua Nan Expressway (HNE)

Asset overview

Financials

Toll Roads:
Hua Nan Expressway (HNE)