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Macquarie Power Income Fund declares July 2004 cash distribution - TSX/Media Release

20 July 2004

Macquarie Power Income Fund (the "Fund") today declared a cash distribution for the month of July 2004 of C$0.07917 per trust unit. The distribution will be paid on August 31, 2004 to unitholders of record at the close of trading on July 30, 2004.

The distribution for the month of July 2004 represents the third monthly cash distribution made by the Macquarie Power Income Fund to unitholders since listing. Below is a summary of the distributions announced to date:

Distribution month Cash distribution (C$) Record date Payable date
May 04 $0.08177 per unit May 31, 2004 June 30, 2004
June 04 $0.07917 per unit June 30, 2004 July 30, 2004
July 04 $0.07917 per unit July 30, 2004 August 31, 2004

Macquarie Power Income Fund (the "Fund") is an unincorporated limited purpose trust which owns a 156 MW gas-fired cogeneration power station located in Cardinal, Ontario. The Fund's units are listed on the Toronto Stock Exchange under the symbol MPT.UN. The Fund is managed by Macquarie Power Management Limited, a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

For additional information please contact:

Investor Enquiries
Germain Lecours
Chief Financial Officer
Macquarie Power Management Ltd.
Tel: (416) 594 5198
Email: germain.lecours@macquarie.com


Media Enquiries
Alex Doughty
Public Affairs Manager
Macquarie group
Tel: (212) 231-1710
Email: alex.doughty@macquarie.com


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