Macquarie International Infrastructure Fund Limited (MIIF) - New MIIF Shares to be Issued at S$0.96 per share

16 November 2005

Highlights:

• S$435 million to be raised by MIIF for new acquisitions and other purposes at an issue price of S$0.96 per share
• Forecast annualised yield of 8.2%  for 2006 based on dividend guidance provided on 22 October 2005
• Investors will qualify for any dividends which may be paid for the period ending 31 December 2005 and onwards

16 November 2005, Singapore – Macquarie International Infrastructure Fund Limited (MIIF) today announced that it would issue approximately 450 million new shares in MIIF at a price of S$0.96 per share. This follows a Special General Meeting held on 10 November 2005 at which shareholders passed a resolution approving the issue of up to 500 million new shares for the purpose of the Equity Fund Raising (EFR).

Following the EFR, which would be used in part to fund proposed asset acquisitions, investors could expect to receive a higher dividend per share (DPS). According to a recent revised dividend guidance, MIIF announced a forecast DPS of 3.1 cents for 2H 2005 and 3.95 cents for 1H 2006, implying an annualised yield of 8.2%¹ for 2006.

Mr Gregory Osborne, Managing Director of MIIF’s manager, said: “Following the near unanimous backing from shareholders for the EFR and acquisitions, we expect to see strong support for the placement from both retail and institutional investors.

“To date, MIIF has performed extremely well delivering dividends at the high end of the forecast range. With the acquisition of high quality, yield-accretive assets, the portfolio should continue to deliver attractive yields that compare very favourably with those of similar vehicles in the market. The portfolio will also benefit from enhanced sectoral and geographical diversification."

(A) The Placement
New shares under the Placement will be placed to institutional and retail investors by Macquarie Securities (Singapore) Pte Limited as Lead Manager of the Placement and DBS Bank Ltd and UBS AG, acting through its business group, UBS Investment Bank, as Co-Lead Managers of the Placement.

(B) ATM Offering
The ATM Offering, which will be made available through DBS ATMs (including POSB ATMs) will open at 11.00a.m. on 17 November 2005 and close upon full subscription but no later than 12 noon on 18 November 2005. The ATM Offering will be made on a ‘‘first-come, first-served’’ basis, and applications will be subject to a minimum of 1,000 shares and a maximum of 500,000 shares per applicant.

Status and Listing of the New Shares
The new shares, upon issuance, will rank equal to the existing shares and will qualify for any dividends which may be paid for the period from the day the new shares are issued to 31 December 2005, as well as dividends thereafter.

For more details of the EFR, please refer to the electronic copy of the Circular dated 15 November 2005, which will be made available on MIIF’s website (http://www.macquarie.com/miif/). Copies of the Circular will also be available on request at any DBS/POSB branch from 17 November 2005 until 18 November 2005, subject to availability.

About Macquarie International Infrastructure Fund Limited
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 and the US.
MIIF is managed by a member of the Macquarie Bank Group, which manages funds worth more than S$37 billion invested in 85 infrastructure assets across 18 countries.

1 - Annualised yield is calculated by multiplying the forecast dividend per share for the six months ending 30 June 2006 by two and dividing by the Issue Price of S$0.96 per share.

For further information, contact:

Lotte Pang
Macquarie Group Public Relations
Tel: (852) 6401 8859
Email: lotte.pang@macquarie.com

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