Welcome to Macquarie Power & Infrastructure Income Fund's (MPT) first Investor eNewsletter. This new bi-monthly publication will bring you updates about MPT's assets and activities as well as management's views on news and developments in the markets in which we operate.

A crane lifts the turbine out of the Whitecourt plant for maintenance.

MPT's power facilities tend to run predictably like well-oiled machines ---- because that's exactly what they are.

The high quality and performance of our power facilities is the result of regular, preventive maintenance that keeps equipment and operating systems in top form.

In April 2008, Cardinal, which runs on a six-year maintenance cycle, successfully completed a combustion inspection (CI) of the gas turbine in four days instead of the five days typically required. During the CI, all of the combustion components of the turbine are removed and inspected to ensure that they are in good working order.

Whitecourt Power operates on a seven-year maintenance cycle. In May 2008, Whitecourt completed what's called "major maintenance" in about 23 days. During major maintenance, the facility is shut down to allow for the turbine and generator, which are essential components in the production of electricity, to be removed from the facility and shipped off site for inspection and tune up.

Across the hydro facilities, major mechanical inspections are conducted every three years and electrical inspections are conducted every two years. Erie Shores Wind Farm undergoes a shutdown of about four to five days in duration every two years.

MPT has established reserve accounts for maintenance activities at all of its power generation facilities. These reserve accounts are funded on a quarterly basis before the cash available for distribution to unitholders is allocated. In our view, regular maintenance is a smart investment that ensures the safety and performance of our facilities, which contributes to the stability of distributions and long-term value for unitholders.

At Macquarie Power & Infrastructure Income Fund's annual Investor Day on November 20th, CEO Gregory Smith discussed how investors can benefit from adding infrastructure assets to their investment portfolios.

Infrastructure assets meet critical, long-term community needs, such as power generation, highways, water systems, schools and long-term care homes. The essential nature of the services provided by these infrastructure assets means that they enjoy consistent demand throughout the economic cycle... which translates into stable, long-term cash flow for investors.

Mr. Smith noted that infrastructure is an excellent portfolio diversification tool. That's because infrastructure assets typically have a low correlation to equities or bonds.

Infrastructure assets have a long investment horizon and provide stable, fixed income in a manner similar to bonds. But infrastructure also provides an equity-like return along with the potential for capital appreciation over time.

This low correlation to equity and bond performance suggests that adding infrastructure to a portfolio can significantly reduce the overall risk of the portfolio, added Mr. Smith.

MPT is unique in Canada as a publicly-traded owner and operator of essential infrastructure assets. Canada's infrastructure deficit is expected to balloon to $1 trillion within 60 years if the current level of underinvestment continues.

This has real consequences for our quality of life and national productivity, whether it's due to congested roadways, inadequate transportation or the availability of safe water supplies.

The good news is that governments increasingly recognize the urgency and importance of investing in infrastructure, with many looking to the private sector for financing through public-private partnerships, or P3s. Our outlook for the infrastructure sector in Canada is positive, and we expect a number of opportunities to arise for investors such as MPT.

To listen to the Investor Day presentation and to view the transcript, please visit MPT's website.

The Award of Excellence winners with their managers, Leisureworld CEO David Cutler and MPT President and CEO Gregory Smith.

On November 8, 2008, six outstanding employees at Leisureword Senior Care earned a Macquarie-sponsored Award of Excellence in recognition of their significant contributions to promoting and delivering a high quality of care and service.

More than 230 nominations were received from employees, residents, clients and family members in five categories that reflect Leisureworld's corporate values: Respect, Commitment, Communication, Teamwork and Learning.

Leisureworld's employees are dedicated, compassionate and highly skilled and we are proud of the work that they do. For more information about the Award program, visit http://www.leisureworld.ca.

Our six award winners exemplify Leisureworld's commitment to excellence, innovation and continuous improvement.

And that focus is delivering results. In the 12 months ended June 30, 2008, Leisureworld had fewer unmet Ministry of Health and Long-Term Care (MOHLTC) criteria (2.17 per 100-bed home) than the provincial average (2.64 per 100- bed home).*

By supporting education and professional development as well as rewarding and inspiring excellence among its employees, Leisureworld is continuing to elevate the quality of care it provides and to strive for zero unmet criteria in each and every home.

*Based on annual review data available on the MOHLTC website

We encourage readers to share their feedback and ideas for future eNewsletters or our investor relations website. Let us know what you think by emailing us at mpt@macquarie.com.

Visit MPT's website at http://www.macquarie.com/mpt to read more about our portfolio of assets and to access investor relations information.