Macquarie Airports 30 June 2005 Results and Distribution Upgrade - released by Macquarie International Infrastructure Fund Limited's investment in Macquarie Airports

Macquarie Airports (MAp) today announced its results for the half year to 30 June 2005 and upgraded its distribution guidance to 20 cents for the year to December 2005. MAp also gave preliminary distribution guidance of 23 cents per stapled security for the year to 31 December 2006.

The half year result is $566.2m¹ for the six months to 30 June 2005, up from $345.3m for the 6 months to 30 June 2004.

Macquarie Airports CEO, Kerrie Mather, said, “MAp security holders are benefiting from strong growth in underlying earnings at all airports, active capital management and the successful integration of new acquisitions. Total distributions have grown by 66% from 12 cents per stapled security in 2004 to 20 cents per stapled security in 2005.

“MAp has participated in the world’s three largest airport privatisations in the past five years – Sydney, Brussels and Rome - and is now the world’s largest strategic airport investor. Each stapled security now has an investment asset backing of $3.03, up from $2.89 at December 2004.

“All airports are continuing to deliver strong cash flow as we expand passenger choice through increased flights and services, as well as improved offerings in retail, food and beverage, car parking, property development and other commercial initiatives.

“Since acquisition the MAp active management model has delivered weighted average growth in EBITDA of 16.4% across the portfolio,” Ms Mather said.

Performance in Brief

The Appendix 4D (half year report) will be released today and the presentation used in today's analysts briefing is attached.

“The Board and management of MAp consider the outlook for the second half of 2005 remains positive. We expect traffic and EBITDA growth to continue at all our airports, assuming no external shocks, and are continuing to actively manage both operational improvements and capital structures to realise the increasing value of our airports.

“MAp's airport experience has enabled the rapid integration of Brussels into the portfolio, and MAp is now well placed to selectively pursue other acquisition opportunities to leverage both our operational and capital management expertise,” Ms Mather said.

^{¹ $566.2m represents the Net Profit Before Finance Costs to MAp Security Holders, which is comparable to previously reported profit. Reported profit after tax under the new International Financial Reporting Standards (A-IFRS) is $157.3 million which is not comparable to either past or future reports.

² Asset backing of each stapled security attributable to investments excluding minority interests and net of TICkETS.}

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