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Macquarie Airports (MAp) 3rd Quarter Results for Brussels Airport - Release by Macquarie International Infrastructure Fund Limited's Investment in MAp

20 October 2005

Macquarie Airports (MAp) today released its monthly report on traffic performance at its airports for September 2005. Traffic performance for Copenhagen Airports is set out in attachments 1-5 of this release.

Macquarie Airports (MAp) today released its monthly report on traffic performance at its airports for September 2005. Traffic performance for Copenhagen Airports is set out in attachments 1-5 of this release.

Key Traffic Results
Airport
Underlying Traffic Performance
Sydney 3.6 % increase on pcp
•  Domestic/regional 2.7% increase on pcp*
•  International 5.6% increase on pcp
Brussels 3.9% increase on pcp
Aeroporti di Roma 3.9% increase on pcp
•  Fiumicino 1.5% decrease on pcp
•  Ciampino 65.7% increase on pcp
Birmingham 10.4% increase on pcp
Bristol 16.8% increase on pcp
Copenhagen 7.2% increase on pcp

* preliminary estimate

Macquarie Airport's Chief Executive Officer Kerrie Mather said, “The underlying traffic performance at all our airports was strong in September. At Sydney Airport, international travel, which represents 75% of aeronautical revenue, grew at 5.6% while domestic traffic returned to positive growth at 2.7%.

“Capacity at our airports both in Australia and Europe is in demand, with a number of airlines announcing new or expanded services during September. United Airlines is adding seasonal flights from Sydney to both San Francisco and Los Angeles from Christmas to March, and a new carrier OzJet is expected to start flying from Sydney's T2 within weeks.

“The first low-cost airline to be based in Rome, Blu-express.com, will start flights on November 21, connecting Rome-Fiumicino, Milan-Malpensa and Bari-Palese. On December 15 international flights will be added, starting with routes to Nice, Grenoble, Munich and Vienna,” Ms Mather said.

“New international scheduled flights have been a key reason for the recent growth at both Bristol and Birmingham, growing 28.7% and 27.0% respectively during September.

“We are not seeing any evidence that the introduction of airline fuel surcharges is reducing traffic, with all airports experiencing continued traffic growth during the month,” Ms Mather said.

Sydney Airport

Month
Financial Year to Date
Moving Annual Total

(‘000)

Sep-05

Sep-04

Growth (%)

Jul-05 - Sep-05

Jul-04 - Sep-04

Growth (%)

Oct-04 - Sep-05

Oct-03 - Sep-04

Growth (%)

Domestic*

1,632

1,589

2.7%

4,847

4,773

1.6%

18,718

17,982

4.1%

International

798

756

5.6%

2,464

2,333

5.6%

9,775

9,173

6.6%

Total

2,430

2,345

3.6%

7,311

7,106

2.9%

28,493

27,155

4.9%

Domestic including regional passengers and are estimated.
Any adjustments to preliminary statistics will be included in the year to date results in future months.

Total traffic at Sydney Airport for September 2005 is estimated to have increased by 3.6% over the pcp. International passengers for September grew 5.6% on the pcp. Domestic passengers grew at 2.7% over the pcp.

In key international markets for September, Australian outbound traffic was up 10% on the pcp (August +8%). New Zealand travellers were down 6% on the pcp (August -9%), continuing to be influenced by strong growth last year.

UK travellers were up 8% on the pcp (August +7%). German travellers were up 9% on the pcp (August +22%). French travellers were up 16% on the pcp (August +16%). US travellers were down 1% on the pcp (August +3%), and Canadian travellers were up 4% on the pcp (August -1%).

In Asian markets for September, Korea was up 0.1% on the pcp (August +3%). China was up 11% on the pcp (August +11%). India was up 16% on the pcp (August +45%) and Japan increased 1% on the pcp (August -13%).

Brussels Airport

Month
Financial Year to Date
Moving Annual Total

(‘000)

Sep-05

Sep-04

Growth (%)

Jan-05 - Sep-05

Jan-04 - Sep-04

Growth (%)

Oct-04 - Sep-05

Oct-03 - Sep-04

Growth (%)

Intra-EU

905

887

2.0%

7,126

6,948

2.6%

9,410

9,112

3.3%

Extra-EU

287

257

11.8%

2,334

2,287

2.0%

3,017

3,005

0.4%

Charter

407

396

2.9%

3,080

2,841

8.5%

3,672

3,407

7.8%

Total

1,599

1,540

3.9%

12,540

12,076

3.8%

16,099

15,524

3.7%

In September 2005, Brussels Airport's traffic was 3.9% above the pcp and chargeable departing passengers 5.2% up on pcp.

Intra-EU scheduled traffic was 2.0% higher than pcp, showing an improvement on August (-5.2% on pcp).

Extra-EU scheduled traffic was 11.8% higher than pcp driven by higher load factors and more flights.

Charter traffic (including Military and GA passengers) increased by 2.9% on the pcp. This growth continues to be driven by a strong performance in Extra-EU charter traffic as a result of additional capacity provided by tour operators.

Virgin Express has added a daily service to Berlin Schönefeld from 5 September.

From 31 October, Etihad will fly three flights per week from Brussels to Toronto and three flights per week to Abu Dhabi. This is the first scheduled flight from Brussels to the United Arab Emirates.

Aeroporti di Roma (AdR)

Month
Financial Year to Date
Moving Annual Total

(‘000)

Sep-05

Sep-04

Growth (%)

Jan-05 - Sep-05

Jan-04 - Sep-04

Growth (%)

Oct-04 - Sep-05

Oct-03 - Sep-04

Growth (%)

Domestic

1,108

1,185

(6.5%)

9,340

9,520

(1.9%)

12,463

12,758

(2.3%)

Intra-EU

1,290

1,142

13.0%

10,565

8,893

18.8%

13,518

11,309

19.5%

Extra-EU

654

611

7.1%

5,147

4,814

6.9%

6,522

6,262

4.2%

Total

3,052

2,938

3.9%

25,052

23,227

7.9%

32,503

30,329

7.2%

In September 2005, Rome Airport's traffic was 3.9% above the pcp. There was a 1.5% decrease at Fiumicino and a 65.7% increase at Ciampino. The decline at Fiumicino was due to a 9.5% drop in domestic traffic following a 48 hour strike at Alitalia on 6-7 September. In addition, charter flights to Egypt continue to be suspended.

Domestic traffic was 6.5% lower than pcp, reflecting the impact of the recent strike noted above.

Intra-EU traffic increased by 13.0% on the pcp mainly driven by the expansion of low-fare traffic at Ciampino.

Extra-EU traffic increased by 7.1% on the pcp, this result was negatively impacted by the cancellation of charter flights to Egypt noted above.

easyJet added a double daily service to Berlin from 21 September.

From 30 October, Ryanair has announced that it is adding a daily service from Rome Ciampino to Santiago De Compostela and Transavia a daily flight from Rotterdam to Rome Fiumicino.

Birmingham Airport

Month
Financial Year to Date
Moving Annual Total

(‘000)

Sep-05

Sep-04

Growth (%)

Apr-05 - Sep-05

Apr-04 - Sep-04

Growth (%)

Oct-04 - Sep-05

Oct-03 - Sep-04

Growth (%)

Domestic

141

122

16.1%

816

711

14.9%

1,481

1,395

6.2%

International

525

413

27.0%

2,931

2,417

21.3%

4,989

4,644

7.4%

Charter

357

391

(8.9%)

1,832

2,068

(11.4%)

2,728

2,983

(8.5%)

Total

1,023

926

10.4%

5,579

5,196

7.4%

9,198

9,022

2.0%

Passenger numbers at Birmingham Airport continue to break records with September becoming the third month in a row to record over 1 million passengers, representing an increase in total traffic of 10.4% on the pcp.

In September 2005 domestic traffic was 16.1% higher than pcp. This improvement in performance reflects the introduction of low fare services. The best performing routes were Edinburgh (+22.3%) and Inverness (+13.8%).

International scheduled passengers increased by 27.0% on the pcp with growth achieved on a wide range of short and long-haul services. Passenger numbers increased on both EU flights which rose by 23.5%, and non-EU flights (+51%) with Transatlantic services up 44.8% and flights to Asia up 34%.

Charter passengers fell by 8.9% during September. Despite the overall fall in charter traffic, a number of countries did experience growth in passenger numbers from Birmingham including Bulgaria (+148.3%), Mexico (+80.9%), Turkey (+21.6%), Croatia (+16.3%), Malta (+12%).

Sun-Air (a British Airways franchisee) has begun six flights per week to Billund. flybe has announced that it will launch a flight to Berne, capital of Switzerland for the winter season in addition to its existing winter flights to Chambery, Geneva and Salzburg. bmibaby will also add services to Geneva increasing from one to six flights weekly for the peak skiing season. Finally, Monarch Airlines has announced an increase in flights to Alicante for the winter season, increasing from 3 to 6 flights per week.

Bristol Airport

Month
Financial Year to Date
Moving Annual Total

(‘000)

Sep-05

Sep-04

Growth (%)

Jan-05 - Sep-05

Jan-04 - Sep-04

Growth (%)

Oct-04 - Sep-05

Oct-03 - Sep-04

Growth (%)

Domestic

124

111

11.7%

1,043

971

7.4%

1,366

1,255

8.8%

International

234

182

28.7%

1,844

1,479

24.7%

2,352

1,842

27.7%

Charter

174

163

7.0%

1,063

1,073

(0.9%)

1,278

1,315

(2.8%)

Total

532

456

16.8%

3,950

3,523

12.1%

4,996

4,412

13.2%

Note: From November 2004, Bristol's results are reported by calendar month.

In September 2005 Bristol Airport traffic was 16.8% higher than in September 2004.

Domestic traffic increased by 11.7% on the pcp due to strong sales on the recently launched Air Southwest routes to Newquay and Leeds Bradford and an increase in frequency on the Eastern Airways route to Aberdeen.

International scheduled flights increased by 28.7% on the pcp. Growth continues to be driven by the introduction of new scheduled routes this summer including Mahon, Milan, Murcia, New York (Newark), Pisa and Zurich operated by Continental Airlines, British Airways and easyjet.

Bristol's charter performance was considerably ahead of the UK market as a whole, with September traffic up 7.0% over the pcp.

Ryanair has announced a daily service from Bristol to the new destination of Shannon starting on 30 October. Along with Cork and Dublin, Shannon will be the third Irish point served from Bristol and Ryanair's second destination from the airport.

Eastern Airways will expand its operations from Bristol with a new direct three times per weekday service to Durham Tees Valley from October 24.

Traffic Data
2004
Oct
2004
Nov
2004
Dec
2004
Jan
2004
Feb
2004
Mar
2004
Apr
2004
May
2005
Jun
2005
Jul
2005
Aug
2005
Sep
MAT*
Oct 04- Sep 05

Sydney

Domestic/regional**

1,663

1,568

1,545

1,518

1,456

1,627

1,557

1,488

1,449

1,621

1,595

1,632

18,718

International

812

790

920

985

780

817

791

693

723

874

792

798

9,775

Total

2,475

2,358

2,465

2,503

2,236

2,444

2,348

2,181

2,172

2,495

2,387

2,430

28,493

Brussels

Intra-EU

855

745

683

624

659

784

833

838

857

865

762

905

9,410

Extra-EU

241

214

228

220

201

246

249

252

261

312

305

287

3,017

Charter

299

169

124

143

145

176

286

379

380

584

580

407

3,672

Total

1,395

1,128

1,035

987

1,005

1,206

1,368

1,469

1,498

1,761

1,647

1,599

16,099

CDP1

637

491

491

424

463

574

619

680

699

884

681

716

7,359

1 Chargeable departing passengers

Rome

Domestic

1,137

1,006

978

876

881

1,026

1,022

1,159

1,155

1,183

932

1,108

12,463

Intra-EU

1,141

923

888

829

844

1,139

1,154

1,242

1,241

1,367

1,460

1,290

13,518

Extra-EU

560

412

403

421

358

481

529

617

624

711

751

654

6,522

Total

2,838

2,341

2,269

2,126

2,083

2,646

2,705

3,018

3,020

3,261

3,143

3,052

32,503

Birmingham

Domestic

117

110

98

102

111

127

125

131

137

143

140

141

1,481

International

393

317

291

315

345

397

422

447

482

523

531

525

4,989

IT Charter

321

104

107

116

114

134

123

275

341

358

378

357

2,728

Total

831

531

496

533

570

658

670

853

960

1,024

1,049

1,023

9,198

Bristol

Domestic

114

106

103

89

98

115

114

118

119

130

136

124

1,366

International

183

164

162

153

168

200

196

205

212

232

243

234

2,352

IT Charter

124

42

50

55

55

64

52

142

169

172

179

174

1,278

Total

421

312

315

297

321

379

362

465

500

534

558

532

4,996

Note:
All data unless noted is for arriving and departing passengers (000s)
All data is taken from management accounts, is provisional and subject to revision
Bristol data is now shown for calendar month in the above table
*MAT refers to Moving Annual Total
**Sydney data contains estimates with adjustments made to preliminary data in later month

For further information, please contact:

Investor Enquiries
Robert Thorpe
Macquarie International Infrastructure Fund
Tel: (61 2) 8232 5161
Email: robert.thorpe@macquarie.com


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


Investor Enquiries
Stuart Green
Head of Investor Relations
Tel: (61 2) 8232 8845
Email: stuart.green@macquarie.com


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