Macquarie Power Income Fund Declares January 2005 Cash Distribution

20 January 2005

Macquarie Power Income Fund (the “Fund”) today declared a cash distribution for the month of January 2005 of C$0.07917 per trust unit.

The distribution will be paid on February 28, 2005 to Unitholders of record at the close of trading on January 31, 2005.

Macquarie Power Income 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 Ltd¹., a wholly-owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

More information on Macquarie Power Income Fund can be found at the Fund's website, www.macquarie.com/mpt

1 Macquarie Power Management Ltd. is not an authorised deposit taking institution for the purposes of the Banking Act (Cth) 1959 and Macquarie Power Management Ltd’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542.  Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Power Management Ltd.

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
Corporate Communications
Macquarie group
Tel: (212) 231-1710
Email: alex.doughty@macquarie.com