Macquarie International Infrastructure Fund Limited (MIIF) - MIIF Reports Strong Quarterly Results

04 November 2005

Macquarie International Infrastructure Fund Limited (MIIF) today reported its financial results
for the quarter to 30 September 2005.

MIIF reported net income of $32.3 million (before items not included in the prospectus forecast¹) for the period from the date MIIF’s shares were first listed on the Singapore Exchange Securities Trading Limited (SGX) compared with the prospectus forecast of $29.0 million for the same period. The distribution and investment income from the underlying investment portfolio of MIIF was $35.5 million which was at the higher end of the forecast income range.

MIIF listed on the SGX on 27 May 2005. The table below compares the actual results from the date of listing to 30 September 2005 to the forecast results for the same period as detailed in the MIIF prospectus dated 20 May 2005.

Performance in Brief

* The Prospectus included a forecast profit range. The forecast income statement above is the midpoint of the forecast profit range included in the Prospectus.

Mr Gregory Osborne, Managing Director of MIIF’s manager, said, “These financial results illustrate the strength and quality of MIIF’s investment portfolio. The Net Asset Value per security has remained steady at $1.03 even though a dividend of 2.2 cents per security was paid during the quarter.

“We are confident that we will be able to continue to deliver shareholder value by focusing on growing future dividend payments to our shareholders, which is underpinned by our diversified investment portfolio that provides sustainable growth from high quality long duration assets.

“Our investment portfolio has delivered distribution and investment income that is at the higher end of our prospectus forecast range. We believe that these assets will be able to deliver even more growth. Several of our assets have increased their distribution guidance for future periods, whilst others are involved in value and yield enhancing asset acquisitions. This all adds to the value that we can in turn deliver to MIIF shareholders,” Mr Osborne said.

Post Balance Date Activity
 
On 19 October 2005, MIIF announced its intention to pay a dividend of 3.0 cents per share for the six months ending 31 December 2005. This equates to an annualised yield for MIIF’s first year ending 31 December 2005 of 8.7% .

On 22 October 2005, MIIF announced its intention to seek to raise up to $500 million to acquire new assets. The new assets will increase the proportion of MIIF’s investment portfolio held in direct assets, and will further broaden the mix of infrastructure assets in MIIF’s portfolio.

The new assets to be acquired include:
- a German tank storage business (first announced by MIIF on 19 October 2005)
- a Chinese River Port (first announced by MIIF on 24 October 2005)
- a Canadian long term aged care business

The new assets are forecast to be yield accretive which will allow MIIF to revisit dividend guidance in the future. Shareholder approval of the capital raising will be sought at a Special General Meeting to be held on 10 November 2005 in Singapore.

About MIIF

MIIF is an infrastructure fund formed to own, operate and invest in a diversified group of
infrastructure businesses around the world.

MIIF offers the opportunity to access investments in, amongst others, airports, communications and transport infrastructure, utility and energy assets and water and gas distribution assets located across Australia, Europe, Asia and the United States.

MIIF is managed by a member of the Macquarie Bank Group, which manages more than
S$38 billion in funds invested in 85 assets across 18 countries.

MIIF is an infrastructure fund formed to own, operate and invest in a diversified group of
infrastructure businesses around the world.

MIIF offers the opportunity to access investments in, amongst others, airports, communications and transport infrastructure, utility and energy assets and water and gas distribution assets located across Australia, Europe, Asia and the United States.

MIIF is managed by a member of the Macquarie Bank Group, which manages more than
S$38 billion in funds invested in 85 assets across 18 countries.

3 - Annualised yield is based on the initial offer price of MIIF shares of $1.00 each.

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