Macquarie International Infrastructure Fund Limited - Macquarie Airports Launches Recommended Tender Offer for Copenhagen Airports

26 October 2005

Macquarie Airports (MAp) announced on Monday that it has launched a public tender offer (Tender Offer) for Københavns Lufthavne A/S (Copenhagen Airports or CPH). CPH is listed on the Copenhagen Stock Exchange.

MAp is offering a price of DKK 2,000 per share in cash, implying an historic EV:EBITDA multiple of 10.2x. The Board of Directors of CPH has unanimously recommended that shareholders accept the Tender Offer from MAp. The Tender Offer also has the support of CPH management.

Consistent with MIIF’s investment policy, the proposed acquisition is expected to deliver a high and predictable level of return by way of dividends, and also presents opportunities for further capital growth. For MAp, this is expected to be a yield accretive investment.

Mr Gregory Osborne, Managing Director of MIIF's manager, said "If successful, this Tender Offer will add to the ongoing growth of our total infrastructure portfolio. MAp's continued focus on airport assets that are being acquired at attractive prices will ensure that it continues to be an important part of our investment portfolio."

MAp is one of the world’s largest private airport owners and operators with significant investments in six major airports - Sydney, Brussels, Rome, Copenhagen, Birmingham and Bristol.

Listed on the Australian Stock Exchange (ASX), MAp is a top 50 ASX company with a market capitalisation of approximately A$4.7billion and over 40,000 investors, including some of the world’s largest pension funds.

MAp is an active long-term investor with a uniquely integrated management model, bringing together both financial and operational expertise. This approach to airport ownership has seen increased choice, improved facilities and better levels of service for the 110 million passengers who use MAp’s airports each year, and increasing returns to MAp security holders.

MIIF has an interest in approximately 35.5 million MAp securities, which is approximately 2.3% of the MAp securities on issue.

For further information, contact:

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

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