MIIF - 1st Half Year Results for Brussels Airport

01 August 2005

Macquarie International Infrastructure Fund Limited holds a 2.9% direct interest in Brussels International Airport Company and a 1.6% indirect interest in Brussels International Airport Company through its investment in Macquarie Airports.

Brussels International Airport Company (BIAC) today announced its results for the six months to 30 June 2005 (see below).

BIAC's consolidated EBITDA (earnings before net interest charges, income tax, depreciation and amortisation) for the six months to 30 June 2005 is €72.2 million, which represents an increase of 25.2% on the prior corresponding period (pcp).

In the first six months of Macquarie Group ownership, Brussels Airport has delivered revenue growth of 6.0% while EBITDA grew 25.2% on the pcp. These results are ahead of MIIF's expectations and represent strong operational efficiencies achieved during the period and a focus on improving revenue yields from the commercial businesses.

Significant improvements are being made at Brussels to further enhance the aiport's choice, facilities and value for passengers. These improvements include expansion of the commercial activities including the refurbishement of existing retail shops, new and extended catering facilities and construction of a 2400 space multi-storey car park to be opened in 2006.

Total passenger growth of 4.7% on the pcp was achieved in the six months to 30 June 2005. A new airline marketing programme has been initiated and the airport is seeing immediate results with Etihad Airways confirming it will operate between Abu Dhabi and Toronto via Brussels three times a week. These services will be the first new long haul services at the airport since September 2001 and are the direct result of a proactive and targeted campaign to promote Brussels Airport to airlines globally.

Key points to note fro mthe Brussels Airport results are:

• Total revenues increased 6.0% on the pcp to €151.8 million
• Labour expenses decreased 7.1% on the pcp to €26.3 million
• EBITDA per passenger increased by 19.7% on the pcp to €9.58
• Operating expenses per passenger decreased by 11.2% on the pcp to €10.55

Numerous transitional working groups continue to plan, implement and monitor initiatives across the spectrum of businesses to introduce innovative products and improve passenger satisfaction wherever possible, as well as increase the operational efficiency of the airport.

• Download Financial Highlights (pdf 30 KB)
• Download BIAC Press Release (pdf 186 KB)

For further information please contact:

Investor Enquiries
Lianne Buck
Macquarie International Infrastructure Fund
Tel: (61 2) 8232 3965
Email: lianne.buck@macquarie.com

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com