Macquarie Infrastructure and Real Assets

30 June 201130 June 2011

Disclaimer

Important Information— Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), none of the entities referred to in this presentation is an authorised deposit-taking institution for the purposes of the

Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide i t f th bli ti f th t tit l t d th iassurance in respect of the obligations of that entity, unless noted otherwise.

— “Macquarie” and “Macquarie Group” refer to Macquarie Group Limited (MGL) and its worldwide subsidiaries and affiliates.

— This presentation is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities and may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction.

— This presentation does not take into account the investment objectives, financial situation and particular needs of the investor. Nor does it contain all the information necessary to fully evaluate any transaction or investment and, as such, no reliance should be placed on its contents. Any investment decision should be made based solely upon appropriate due diligence and if applicable upon receipt and careful review of relevant offering documents Recipients of this presentation should neither treat nor rely on its contents as advice relating to legaland, if applicable, upon receipt and careful review of relevant offering documents. Recipients of this presentation should neither treat nor rely on its contents as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers. Investment in any fund is subject to significant risks of loss of income and capital.

— This presentation and its contents are confidential to the person to whom it is provided and should not be copied or distributed in whole or in part or disclosed to any other person without MGL’s prior written consent.

— All performance data included herein concerning Macquarie and Macquarie-managed funds and assets have been prepared by the relevant Macquarie entity and are believed to be accurate and reliable. The Macquarie performance data represents past performance results of Macquarie-managed funds as a whole or a subset thereof, which reflects the investment objectives and strategies of those funds. The investment objectives and future investments of other existing and future Macquarie-managed funds may be different from the investment objectives and investments reflected in such past performance data. Past performance is not a guarantee of future results or returns.

— Returns and IRRs are shown for illustrative purposes only and because of the differences and limitations of the calculation methods, should not be compared to each other or used as an indication of how any Macquarie-managed fund will perform. The IRR for each fund and the annualized return were calculated at the date or dates specified in the footnotes, net of the fee structure applicable to the fund or assets, net of expenses including transaction costs, and giving effect to debt financing. Unless noted otherwise, it does not include the reinvestment of distributions, dividends and other earnings. The actual rate of return ultimately realized may differ materially from the return calculated in the above manner.

— The fee structure and expenses applicable to each fund or investment vehicle used to calculate returns or IRRs may be considerably less or more than the fees applicable to other existing and future Macquarie managed funds and may differ materially between the funds and other investment vehicles presented herein. Applicable fee structures for each fund and investmentand future Macquarie managed funds and may differ materially between the funds and other investment vehicles presented herein. Applicable fee structures for each fund and investment vehicle used to calculate return are available upon request. Actual returns or IRRs of any fund will be reduced by the actual fees and expenses applicable to a fund investor. Returns and IRRs were calculated without any adjustments to standardize the fee structures or to vary any other calculation methods used in the calculation.

— The specific investments included in this presentation were selected on the basis of being representative of investments or commitments to invest made by Macquarie or Macquarie-managed funds in the investment sectors described. They do not represent all investments in those sectors made or sold by Macquarie or in relation to which Macquarie has acted as adviser (and are likely to represent only a small percentage of such investments).

— Benchmark comparisons are provided for illustrative purposes only. Comparisons to benchmarks have limitations because benchmarks are unmanaged and have volatility and other material characteristics that may differ from the Macquarie managed funds Also performance results for benchmarks do not reflect payment of investment management or performancematerial characteristics that may differ from the Macquarie-managed funds. Also, performance results for benchmarks do not reflect payment of investment management or performance fees and other expenses. Because of these differences, investors should carefully consider these limitations when evaluating the performance in comparison to benchmarks.

— Any forward-looking statements included in this document represent the opinions, expectations, beliefs, intentions, estimates or strategies of relevant Macquarie entities regarding the future, which may not be realized. These statements may be identified by the use of words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan”, “will,” “should,” “seek,” and similar expressions. The forward-looking statements reflect the views and assumptions of relevant Macquarie entities with respect to future events as of the date of this document and are subject to risks and uncertainties. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond Macquarie’s ability to control or predict. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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or revise any forward looking statements, whether as a result of new information, future events or otherwise.

— Information is presented as at 30 June 2011 unless otherwise specified.

Disclaimer

— This presentation incorporates third party information from sources believed to be reliable. The accuracy of such information (including all assumptions) has not been independently verified by Macquarie and Macquarie cannot guarantee its accuracy or completeness. Except as required by law, Macquarie and the Macquarie-managed funds mentioned in the presentation and their respective directors, officers, employees, agents and consultants make no representation or warranty as to the accuracy or completeness of the information contained in this document.

— Nothing in this document constitutes a commitment from Macquarie to provide or arrange any facility or otherwise imposes any obligation on Macquarie or any Macquarie-managed fund.g q p g y y p y g q y q g— No member of the Macquarie Group is required to offer investment opportunities to Macquarie Infrastructure and Real Assets funds or other investment vehicles.USA and Canada— This presentation is being distributed on a confidential basis in the United States by Macquarie Capital (USA) Inc. (“MCUSA”) or Macquarie Capital Markets North America Ltd. (“MCMNAL”),

US registered broker-dealers and members of FINRA, and in Canada by Macquarie Capital Markets Canada Ltd. (“MCMCL”), a member of the Investment Industry Regulatory Organization of Canada. MCUSA, MCMNAL and MCMCL are members of the Macquarie Group.

United Kingdom and Europe— Macquarie Infrastructure and Real Assets (Europe) Limited, which is distributing this presentation in the United Kingdom and Europe, is a member of the Macquarie Group and is authorised

and regulated by the UK Financial Services Authority.— This presentation is only being distributed to and is directed only at persons falling within the following exemptions from the financial promotion restriction in s 21 of the United Kingdom

Financial Services and Markets Act 2000 (“FSMA”): (a) authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 Promotion) Order, (the “Order”); (b) high net worth entities (not individuals) falling within article 22 of the Order; and their directors, officers and employees acting for such entities in relation to investment; and (c) persons who receive this presentation outside the United Kingdom, in accordance with applicable local requirements. The distribution of this presentation in the United Kingdom to anyone not falling within the above categories is not permitted and may contravene the FSMA.

H KHong Kong— This presentation has been prepared and intended to be disposed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong for

the purpose of providing preliminary information and does not constitute any offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong. — None of Macquarie or its employees or officers is responsible for any liabilities, claims, mistakes, errors or otherwise arising out of or in connection with the content of the material. — Macquarie Bank Limited ABN 46 008 583 542 and its holding companies including their subsidiaries and related companies do not carry on banking business in Hong Kong and are not

Authorized Institutions under the Banking Ordinance (Cap. 155) of Hong Kong and therefore are not subject to the supervision of the Hong Kong Monetary Authority. The contents of this information have not been reviewed by any regulatory authority in Hong Kong.y y g y y g g

Japan— The securities referred to in this presentation have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the “FIEL”). None of the securities

referred to in this presentation may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, or otherwise in compliance with, the FIEL.

KoreaThis presentation is not an offer to sell or a solicitation of an offer to s bscribe or p rchase or a recommendation of an sec rities referred to in this presentation This presentation is not a— This presentation is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities referred to in this presentation. This presentation is not a prospectus as defined in the Financial Investment Services and Capital Markets Act (the "Capital Markets Act"). None of the securities may be offered or sold in Korea or to any resident of Korea except pursuant to an exemption from the registration requirements of, or otherwise in compliance with, the Capital Markets Act.

Singapore— This presentation does not, and is not intended to, constitute an invitation or an offer of securities in Singapore. The information in this presentation is prepared and only intended for an

institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) and not to any other person. This presentation is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses will not apply. Prospective investors should consider carefully whether an investment in any of the securities referred to in this presentation is suitable for them.

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et e a est e t a y o t e secu t es e e ed to t s p ese tat o s su tab e o t e— None of Macquarie Group Limited and its related bodies corporate and funds (“Macquarie Group”) holds a licence under the Banking Act, Chapter 19 of Singapore and hence does not carry

on banking business in Singapore. Accordingly, none of the members of the Macquarie Group is subject to the supervision of the Monetary Authority of Singapore (“MAS”) in respect thereof.

Contents

Page

Introduction 5

Macquarie Funds Group 8

Macquarie Infrastructure and Real Assets 12

Infrastructure 25

4

Introduction

5

Macquarie Infrastructure and Real Assets

— Macquarie Infrastructure and Real Assets is a leading global alternative asset manager specialising in infrastructure funds, other real asset funds and customised accountsother real asset funds and customised accounts

— Established in 1996, our team of approximately 350 experienced professionals, located in 17 countries, manages 44 funds with A$89 billion of assets under management

— Our in-depth operational expertise and active asset management, combined with access to the proprietary deal sourcing capability of the Macquarie Group, provides a unique competitive advantage

— Macquarie Infrastructure and Real Assets’ expertise has been and continues to be recognised with international awards

Global Infrastructure

Provider of the Year

Infrastructure Manager of the

Year1

Infrastructure Manager of

the Year

Infrastructure Manager of the

Year(Runner Up)2

Asian Infrastructure

Manager of the Year

Largest Infrastructure

Asset Manager Globally3

2008 and 2009 2009 and 20102009

( p)

2009 and 2010(Runner Up)2

2009 and 2010

y

2010 and 2011

6

1. 2009 and 2010 Annual Financial News’ Awards (European Institutional Asset Management) for direct infrastructure management.2. 2009 and 2010 Annual Infrastructure Investor Awards Poll3. Global Alternatives Survey 2010 and 2011 (Published June 2010 and June 2011). Based on assets managed on behalf of pension funds globally.

Global position

2011 Top global infrastructure investors (US$b)

MIRA is three times larger than its closest peer for infrastructure investment globally2011 Top global infrastructure investors (US$b)

Rank Company 5 Year Capital Creation

1 Macquarie Group 31.832 Goldman Sachs 10.72

3 Canada Pension Plan Investment Board 9.97

4 Ferrovial 9.42

5 APG Asset Management 7.43

6 Alinda Capital Partners 7.10

7 Energy Capital Partners 7.04

8 Brookfield Asset Management 6.26

9 QIC 6.24

10 La Caisse de dépôt et placement du Québec 5.92

11 O t i T h P i Pl 5 8111 Ontario Teachers Pension Plan 5.81

12 GIC Special Investments 5.74

13 Global Infrastructure Partners 5.64

14 OMERS 5.49

15 Industry Funds Management 5 3515 Industry Funds Management 5.35

16 ArcLight Capital Partners 4.85

17 JPMorgan 4.40

18 Highstar Capital 4.25

19 Morgan Stanley 4.00

7

Source: Infrastructure Investor 30. Rankings based on methodology created by Infrastructure Investor, and represents infrastructure direct-investment capital formed since 1 January 2006. Includes equity capital raised by infrastructure funds, infrastructure funds commitments and direct capital invested in infrastructure assets by pension funds, and equity capital invested in infrastructure projects and concessions by infrastructure developers.

g y

20 RREEF Alternative Investments 3.98

Macquarie Funds Group

8

Macquarie Group

Macquarie Group is a leading provider of banking, financial, advisory, investment and funds management services

Macquarie’s business activities are currently organised into six operating groups

9

Macquarie Funds Group

Group Head: Shemara Wikramanayake Executive Chairman: John Roberts

MacquarieInvestment

Management (“MIM”)

Macquarie Infrastructure and

Real Assets (“MIRA”)

MacquarieSpecialised Investment

Solutions (“MSIS”)Management (“MIM”)

Ben Bruck

Investment management across:

Real Assets (“MIRA”)

Martin Stanley

Direct asset management across:

Solutions (“MSIS”)

Peter Lucas

Fund and equity-linked structured d i l di

Fixed Interest and CurrenciesEquities

Infrastructure SecuritiesFunds of Private Equity Funds

M lti A t All ti S l ti

InfrastructureReal Estate

Private Equity

products including:

Capital Protected InvestmentsFund Linked Products

Multi-Asset Allocation Solutions

Operations

Legal and Compliance

Distribution

A$304bn ~1 50021

10

A$304bnAUM1

1,50021Staff1Countries worldwide1

1. All numbers as at 30 June 2011.

Review of MFG consolidation

Consolidation of asset management businesses within Macquarie Funds Group has provided a range of benefits

PRODUCT SUITE— Product offering of combined business highly complementary

Ability to deliver broader insights to investors from involvement across full range of asset classesPRODUCT SUITE — Ability to deliver broader insights to investors from involvement across full range of asset classes and strategies

DISTRIBUTION PLATFORM

— Improved breadth and depth of global distribution capability— Has enabled a more coordinated approach to investors

OPERATIONAL SYSTEMS

— Operational efficiencies have been derived from consolidation of businesses and streamlining of existing systems

— Increased scale to support future systems investment

Consolidation was logical next step given Macquarie’s long term commitment to asset management

11

and intention for future growth

Macquarie Infrastructure and Real Assets

12

Overview

Sourcing and managing portfolio businesses on behalf of investors globally

InvestorsA$35b EUM1

M i

Invests ~A$36b of distributions2

44 FundsMacquarie

Infrastructure and Real Assets

Manages

Co-invests ~A$1.8b3

O / MOwns / Manages

Across 24 Countries

~100 Businesses ~110 Properties A$89b AUM1

13

Across 24 Countries

1. For methodology of EUM and AUM please refer to slide 28.2. Since inception. Includes distributions paid by one Macquarie Infrastructure and Real Assets managed fund to another where cross holdings exist. Past performance is not indicative of future results.3. Staff investment of ~A$0.3 billion and Macquarie investment of ~A$1.5 billion in Macquarie Infrastructure and Real Assets managed funds.

Competitive advantage

A global leader in managing infrastructure and real assets for over 15 years

EXTENSIVE EXPERIENCE

— Since 1996, Macquarie has been a leading infrastructure and real asset manager— A$89 billion1 of assets under management across 24 countries

PROPRIETARY INVESTMENT FLOW

— Access to the proprietary investment sourcing capability of the Macquarie Group

STRONG ALIGNMENT

— Long term carry sharing arrangements for fund staff for recently established funds$ 2

EFFECTIVE ASSET

ALIGNMENT

— Sector specific infrastructure operational specialists with approximately 500 years experience

— Macquarie and staff investment of ~A$1.8 billion2 in MIRA managed funds

EFFECTIVE ASSET MANAGEMENT

p p p pp y y p— Local expertise, knowledge and relationships across 22 offices globally

141. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at most recent valuation date, 31 December 2010 for the majority of assets.2. Staff investment is ~A$0.3 billion.

Extensive experience

Macquarie has extensive experience managing infrastructure and real asset funds1

2010 Macquarie Atlas Roads (Listed)

2008 Macquarie Special Situations

2009 Macquarie Mexican Infrastructure Fund

2010 African Infrastructure Investment Fund 2 (JV)

Australia2 EMEA3 Americas Asia2011 Macquarie Everbright Greater

China Infrastructure Fund2008 Macquarie Special Situations Fund

2007 Macquarie Global Infrastructure Fund 3

2007 Lombard Odier Macquarie Infrastructure Fund (JV)

ast uctu e u d

2008 Macquarie Infrastructure Partners II

2008 Macquarie Advanced Investment Partners

Investment Fund 2 (JV)

2009 Macquarie Renaissance Infrastructure Fund (JV) -Russia

2008 Macquarie European I f F d III

China Infrastructure Fund

2011 SBI Macquarie Infrastructure Trust (JV) - India

2010 Korea Macquarie Growth Fund

2009 Macquarie SBI InfrastructureInfrastructure Fund (JV)

2007 Retirement Villages Group (JV)

2005 Macquarie Media Group (Listed)

2004 DUET Group (Listed, JV)

2003 Macquarie Global Infrastructure

2007 Macquarie Global Opportunity Partners

2006 Macquarie Infrastructure Partners

Infrastructure Fund III

2008 ADCB Macquarie Infrastructure Fund (JV) -Middle East

2007 Kagiso Infrastructure

2009 Macquarie SBI Infrastructure Fund (JV) - India

2006 Macquarie Korea Infrastructure Fund (Listed, JV)

2006 MWREF Limited - ChinaFund 2

2003 Macquarie DDR Trust (Listed)

2002 Macquarie Airports (Listed)

2002 Macquarie Communications Infrastructure Group (Listed)

2004 Macquarie Infrastructure Company (Listed)

2004 Macquarie Power and Infrastructure Corporation (Listed)

2007 Kagiso Infrastructure Empowerment Fund (JV) -Africa

2006 Macquarie European Infrastructure Fund II

2005 Macquarie Korea Opportunities Fund

2005 Macquarie International Infrastructure Fund (Listed) -A i

p ( )

2002 MREEF 1

1998 Macquarie Leisure Trust Group (Listed)

1996 Macquarie Infrastructure Group (Listed)

2003 Macquarie Essential Assets Partnership

2004 Macquarie European Infrastructure Fund I

2004 African Infrastructure Investment Fund (JV)

2001 Macquarie Airports Group

Asia

Black text represents an active fund

15

(Listed)

1995 Macquarie CountryWide Trust (Listed)

1994 Hills Motorway Group (Listed)

1993 Macquarie Office Trust (Listed)

20012000

Macquarie Airports Group

South Africa Infrastructure Fund (JV)

Black text represents an active fund. Grey text represents an inactive or no longer Macquarie managed fund. 1. Above list of funds is not exhaustive. 2. Funds managed from Australia, however many funds have global investment mandates. 3. Europe, Middle East & Africa.

Recent significant acquisitions and realisations

18 acquisitions and realisations since October 2010 across core and emerging markets

Russia

Brunswick Rail(Acquisition – freight railcar leasing)December 2010

Canada

Sea-to-Sky(Realisation – highway improvement project)December 2010

India

MB Power(Acquisition – power generation)February 2011

Korea

North East Chemical(Acquisition – chemical storage)

December 2010

C&MCzech Republic

České Radiokomunikace (CRa)(Acquisition – telecom infrastructure)January 2011

Edmonton Ring Road(Realisation – highway concession)December 2010

Greater China

GMR Airports(Acquisition – airports)March 2011

C&M(Bolt-on acquisition of GS – cable

and broadband services)March 2011

Greater China

Taiwan Broadband Communications

(Increased Stake – cable television services)

March 2011

United Kingdom

Thames Water(Increased Stake – water and wastewater services)October 2010

Germany

Thyssengas(Acquisition – gas transmission)February 2011

Star King (China) Food Group

(Acquisition – consumer food manufacturing)

December 2010

United States

Broadrock Renewables(Acquisition – renewable energy)

November 2010

Waste Industries

Mexico

Decarred Highways(Acquisition – highway construction and maintenance)December 2010

Sweden

Varmevarden(Acquisition – district heating)March 2011

Australia

3P Learning(Acquisition – online education services)

October 2010

16

(Increased Stake – waste services)December 2010

Mareña Renovables(Acquisition – wind energy)March 2011

Note: Recent significant asset acquisitions and sales by MIRA-managed funds. Dates represent financial close.

Sustained investor support

Over $71 billion committed to MIRA managed infrastructure and real asset funds over 15 years

A$ billion1

$$69

$71

80

$51

$61

$67$

60

70

$33

$51

40

50

$14

$26

$33

20

30

$0 $1 $1 $2 $2 $3 $4$7

$11$14

-

10

171. Cumulative commitments to MIRA managed funds grouped by Macquarie Group financial years to March. Includes listed, unlisted and hybrid capital raised for MIRA funds and

managed accounts. Excludes co-investments.

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011YTD

Global presence

~100 portfolio businesses and ~110 properties1

USAChicago Skyway Dulles Greenway

Global Tower PartnersAquarion CompanyPuget Energy

CanadaAltaLinkA-25

UKBristol AirportAirwaveA i

SpainAsset Energia SolarSolpex Energia Solar

Czech RepublicCeske Radiokomunikace

Poland

JapanHanjin Pacific Corporation (Tokyo, Osaka)Indiana Toll Road

AIR-serv (tyre inflation)Harley Marine ServicesIcon ParkingPenn TerminalsPetermann (school buses)Sentient (private aviation)Smarte CarteAirport Services (fixed base operations)Total Terminals International (Hanjin Pacific Corporation)

Puget EnergyDistrict Energy Duquesne LightThe Gas Company Broadrock RenewablesBulk Liquid Storage Terminal BusinessWaste Industries

Fraser Surrey DocksHalterm Limited (port)

MexicoDecarred (highways)Mareña Renovables (wind farms)

ArqivaCLP EnvirogasEnergy Power ResourcesThames WaterWales & West UtilitiesM6 TollCondor Group (ferry services)Moto (motorway services)National Car ParksWightlink (ferry services)

Itevelesa (vehicle inspections)

DCT Gdansk (container terminal)TanQuid (tank storage business)

SwedenEPR Sweden (wind farm)VarmevardenArlanda Express

Russia

Osaka)

South KoreaWest Sea Power / West Sea WaterBaekyang TunnelCheonan-Nonsan ExpresswayDaegu 4th Beltway EastGwangju 2nd Beltway Section 1Gwangju 2nd Beltway Section 3-1Total Terminals International (Hanjin Pacific Corporation)Wightlink (ferry services)

Red Bee Media

BelgiumBrussels Airport

DenmarkCopenhagen Airports

Brunswick Railgj y

Incheon Grand BridgeIncheon International Airport ExpresswayMachang BridgeSeoul Chuncheon ExpresswaySoojungsan TunnelWoomyunsan TunnelYongin-Seoul ExpresswayBusan New Port Phase 2-3Hanjin Pacific Corporation (ports)S l S b Li 9 S ti 1Copenhagen Airports

FranceCompteurs Farnier (water metering)EPR France (wind farm)RES (wind farm)

Seoul Subway Line 9, Section 1C&M (cable tv)North East Chemical

( )Trois Sources & Lomont WindfarmsAutoroutes Paris-Rhin-RhônePisto SAS (oil storage and distribution)

GermanyGWE (heat & power)Techem (submetering)

AustraliaHobart International AirportDampier to Bunbury Natural Gas PipelineMultinet Gas HoldingsUnited Energy DistributionWA Gas Networks2

3P LearningRegis Group (aged care)Retirement Villages Group

South AfricaNeotelKelvin Power StationBakwena Platinum CorridorN3 Toll ConcessionsTrans African Concessions

Nigeria

ChinaMWREFHua Nan ExpresswayChangshu Xinghua PortStar King (China) Food Group

TaiwanMiaoli WindpowerHanjin Pacific Corporation (Kaohsiung)Taiwan Broadband Communications

Techem (submetering)ThyssengasWarnow TunnelTanQuid (tank storage business)

New ZealandMetlifecarePrivate LifecareRetirement Care New Zealand

United Arab EmiratesAl Ain Industrial CityIndustrial City of Abu DhabiICAD Effluent Treatment Plant

Puerto Rico (USA)Global Tower Partners

Retirement Villages GroupMREEFs

IndiaViom NetworksAdhunik Power and Natural ResourcesMB Power (Madhya Pradesh)GMR Airports (Delhi and

18

gLekki Concession Company Taiwan Broadband Communications

RoadsUtilities Transport & Related Services

Real Estate CommunicationsAirports Other

Hyderabad airports)

1. As at 30 June 2011. Represents portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Above list of portfolio businesses is not exhaustive.

2. DUET reached financial close on the divestment of its interest in WA Gas Networks to ATCO Ltd on 29 July 2011.

Global and diverse businesses

Macquarie Infrastructure and Real Assets managed infrastructure funds have a diverse portfolio of businesses1of businesses

Infrastructure AUM by Sector Infrastructure AUM by Region

Australia/NZ5%

Asia8%

Middle East/Africa

1%Roads21%

Transport and related services

7%

Other4%

North America26%

%

Airports

Communications16%

Airports5%

Europe60%Utilities

47%

191. As at 30 June 2011, based on AUM.

47%

Unlisted investors

Investors include international institutions, pension funds, governments and high net worth clients

Investors by Type

Rest of the WorldOther

Investors by Region

Asia 7%

World4%

Australia/NZ 24%

Institutions17%

Government

Other3%High Net Worth

10%

North America 28%

5%

Europe 37%Pension/Super

Funds65%

201. As at 30 June 2011, based on total committed capital less any called capital returned to investors.

Trusted by communities

Every day ~100 million people use essential services provided by Macquarie managed businesses

AIRPORTS+77 million passengers per annum

COMMUNICATIONS+120 million people through television, telephone and radio infrastructure

ROADS+1.7 million vehicles per day

p

GAS+7.7 million households

RAIL+64 million passengers per annum

FERRIES

WATER+8.0 million households

ELECTRICITY+6 million passengers per annum

SEA PORTS+1.8 million standard container

it h dl d

+4.1 million households

AGED CARE / RETIREMENT VILLAGES+8,200 beds, +8,300 units

units handled per annum

CAR PARKS+242,000 car spaces

EMPLOYEES+63,000 across the portfolio businesses

21Note: As at 31 March 2011.

Acquiring, managing and realising

Macquarie is disciplined in sourcing, analysing, acquiring and managing portfolio businesses

SOURCING, ANALYSING AND ACQUIRING

Experienced global team sourcing, analysing and acquiring portfolio businesses

— Portfolio businesses are sourced in many ways, including exclusive negotiations, government privatisations and partnering with industry leaders

— Acquisitions are subject to extensive due diligence and must meet stated investment criteria

Operational specialists driving the key strategic and operating activities of the businesses

— Senior executives with extensive industry or operational backgrounds prior to joiningBUSINESS MANAGEMENT — Senior executives with extensive industry or operational backgrounds prior to joining Macquarie

Financial expertise to actively manage capital structure

CAPITAL MANAGEMENT

Financial expertise to actively manage capital structure

— Optimal capital structure as the business grows or market conditions change

LONG-TERM RETURNS TO INVESTORS

22

INVESTORS

Active business management

There are a number of necessary elements to actively managing operating businesses

Integration

DE-RISK

Business management

OPTIMISE

Ongoing management

MANAGE AND MONITOR

g

—A transition plan (100 day plan) is developed during the acquisition due diligence, which is implemented by a dedicated team

g

— Lead development of annual business plans, which include details on:

Major capital expenditure

O g g g

— Actively monitor performance of business against business plan and make relevant changes

Actively monitor theupon acquisition

—Key transition plan activities include:

− Confirmation of business plan

− Major capital expenditure programs

− Efficiency-enhancing projects

− Specific revenue or marketing

— Actively monitor the implementation of specific projects outlined in the business or strategic plan

Confirmation of business plan

− Ensuring ability of business to perform essential activities after change of control

Creating framework for internal

initiatives

— Lead development of strategic plans which could include:

− Organisation/management − Creating framework for internal risk identification and management, reporting, procedures and controls

g grestructures

− Bolt-on acquisitions

− Refinancing of debt

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Significant co-investment

Macquarie and staff have invested ~A$1.8 billion in Macquarie Infrastructure and Real Assets funds

MACQUARIE GROUP INVESTORS MACQUARIE EMPLOYEES

— Macquarie has substantial investments (~A$1.5 billion) in Macquarie Infrastructure and Real Assets managed funds

Li t d f d f f

— Investors have A$36 billion of equity invested in Macquarie Infrastructure and Real Assets managed funds

— Employees have ~A$0.3 billion invested in MIRA managed funds

— Long term carry sharing arrangements for fund staff for

— Listed fund performance fees typically reinvested in securities

recently established funds— Profit share incentive structure

linked to performance of fund(s) for all MIRA employees

B t 40% d 70% f th— Between 40% and 70% of the profit share of MIRA Executive Directors is retained, vesting over a period of three to five years. Between 50% and 75% of this amount is notionally invested in MIRA funds, with the residual invested in MQG shares.

— From 2012, an ex-post risk dj t t t d f d t d

24

adjustment to deferred unvested profit share is to be introduced to incentivise staff to maintain a long-term focus

Infrastructure

25

Infrastructure characteristics

Successful infrastructure projects deliver for the community and for investors

— Infrastructure businesses have many attractive investment characteristics but require significant ongoing management to deliver services for the community and value for investors

DELIVERING FOR INVESTORS AND FOR THE COMMUNITY

Macquarie’s Active Management

Improved operational

performance Operating

cost controlCost effective

capital expenditure

Optimal capital

structure

Low correlation Underlying

cash flowsLow demandStable, High barriers Long Essential services

26

with other asset

classes

cash flows linked to inflation

Low demand elasticitypredictable,

cash flows High barriers

to entryg

operational life

supporting the

community

Extensive infrastructure experience

2005 2007

Macquarie: a world leader in infrastructure for over 20 years

2000

2003Macquarie Global Infrastructure Fund II launched

Macquarie Essential

2004Chicago Skyway concession – first PPP of a US interstate

Macquarie International Infrastructure Fund launched

Macquarie Korea Opportunities Fund launched

2006Indiana Toll Road

Macquarie Global Infrastructure Fund III launched

2008BAA refinancing –largest airport

2009Puget Energy acquired –Macquarie’s largest North American

2010Macquarie Mexican Infrastructure Fund launched

Acquisition of

1994

2000Advisor on Midland Expressway – the UK’s first private toll road

Macquarie Global Infrastructure Fund I launched

2002

Macquarie Essential Assets Partnership launched –Macquarie’s first North American infrastructure fund

highway

Diversified Utility Energy Trust (DUET) Group launched

Macquarie Infrastructure Company IPO on the NYSE

Indiana Toll Road concession – the largest privatisation of a toll road in the US

Kagiso Infrastructure Empowerment Fund launched

Macquarie European

largest airport refinancing

ADCB Macquarie Infrastructure Fund Limited launched –Macquarie’s first Middle Eastern infrastructure fund

North American infrastructure transaction

Advisor on I – 595 Project – the first PPP of US toll road involving availability payment structure

Delaware Investments and launch of first fund post acquisition, the Delaware Macquarie Global Infrastructure Fund

Announced

2011Reached financial close on acquisition of České Radiokomunikace, Czech Republic

SBI M i1994IPO of Hills Motorway Group –Australia’s first listed toll road

Infrastructure funds management group established

1996IPO of Infrastructure Trust of Australia –Australia’s first listed infrastructure fund

Macquarie Infrastructure Group IPO

Sydney Airports Corporation acquisition –the world’s largest trade sale of an airport at the time

Macquarie Airports IPO

Macquarie

NYSE

Macquarie Power & Infrastructure Income Fund IPO on the TSX

African Infrastructure Investment Fund launched

M i E

Macquarie European Infrastructure Fund II launched

Macquarie Infrastructure Partners I launched

Responsible Contractor Policy adopted for Macquarie Infrastructure

Macquarie European Infrastructure Fund III launched

Macquarie Infrastructure Partners II launched

Responsible Contractor Policy adopted for

Macquarie SBI Infrastructure Fund launched –Macquarie’s first Indian infrastructure fund

Macquarie Renaissance

Announced acquisition of Thyssengas, Germany

Acquisition of first Indian infrastructure assets

SBI Macquarie Infrastructure Trust reached final close

Macquarie Mexican Infrastructure Fund acquired interest in Mareña Renovables(wind energy)

1990 2011

1990Began advising third-party clients on privatisations and acquisitions

established Group IPO

South Africa Infrastructure Fund launched – Macquarie’s first private infrastructure fund

Macquarie Communications Infrastructure Group IPO

Macquarie Korea Infrastructure Fund launched

Macquarie European Infrastructure Fund launched –Macquarie’s first European infrastructure fund

qPartners I

Thames Water acquisition – Macquarie’s largest European infrastructure transaction

y pMacquarie Infrastructure Partners II

Hired dedicated labour relations director in the US

Renaissance Infrastructure Fund launched –Macquarie’s first Russian infrastructure fund

Deployed over A$2 billion of investor capital

Fully deployed MEIF 2 and 3

( gy)

Macquarie SBI Infrastructure Fund reached financial close on investment in GMR Airports

Nicholas Moore,

Managing Director and CEO, Macquarie GroupEach has

20 yearsShemara Wikramanayake,

Group Head, Macquarie Funds Group

27

20 yearsof infrastructure

experienceJohn Roberts,

Executive Chairman, Macquarie Funds GroupMartin Stanley,

Division Head, Macquarie Infrastructure and Real Assets

Infrastructure overview

Extensive experience sourcing and managing infrastructure investments

1996 June 2011

Funds / Vehicles Unlisted No. - 26

Listed No 2 5Listed No. 2 5

Portfolio Businesses No. 4 91

Assets under Management A$b 1.6 861

Equity under Management Unlisted A$b - 282

Listed A$b 0.6 42

28

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at most recent valuation date, 31 December 2010 for the majority of assets2. Listed funds – market capitalisation plus fully underwritten or committed future capital raisings. Unlisted funds – committed capital less any called capital returned to investors. Invested capital

for other MIRA businesses. For jointly managed funds, amount is representative of Macquarie’s economic ownership of the JV manager. Adjustments have been made where MIRA managed funds have invested in other MIRA managed funds.

Global presence

EUROPE NORTH AMERICA ASIA

Infrastructure businesses operating in 23 countries1

SwedenArlanda ExpressEPR Sweden (wind farm)Varmevarden

DenmarkCopenhagen Airports

USAAirport Services (fixed base operations)Aquarion CompanyBroadrock RenewablesBulk Liquid Storage Terminal BusinessChicago SkywayDistrict EnergyDulles Greenway

CanadaA-25AltaLinkFraser Surrey DocksHalterm Limited (port)

South KoreaBaekyang TunnelBusan New Port Phase 2-3Cheonan-Nonsan ExpresswayC&M (cable TV)Daegu 4th Beltway EastGwangju 2nd Beltway, Sections 1 & 3-1Hanjin Pacific Corporation (ports)

Global Tower PartnersTotal Terminals International (Hanjin Pacific Corporation)Indiana Toll RoadPenn TerminalsPuget EnergyWaste Industries

EUROPE NORTH AMERICA ASIA

MexicoDecarred (highways)Mareña Renovables (wind farms)

UKAirwaveArqivaBristol AirportCombined Landfill Projects EnvirogasCondor Group (ferry services)Energy Power ResourcesM6 Toll

Czech RepublicCeske Radiokomunikace

PolandDCT Gdansk (container terminal)

Russiap g p

BelgiumBrussels Airport

Dulles GreenwayDuquesne LightThe Gas Company

Hanjin Pacific Corporation (ports)Incheon International Airport ExpresswayIncheon Grand BridgeMachang BridgeNorth East ChemicalSeoul Chuncheon ExpresswaySeoul Subway Line 9, Section 1Soojungsan TunnelWest Sea Power / West Sea WaterWoomyunsan Tunnel

Waste IndustriesM6 TollMoto (motorway services)National Car ParksThames WaterWales & West UtilitiesWightlink (ferry services)

SpainAsset Energia Solar

RussiaBrunswick Rail

yYongin-Seoul Expressway

IndiaViom NetworksAdhunik Power and Natural ResourcesMB Power (Madhya Pradesh)GMR Airports (Delhi and Hyderabad airports)

Itevelesa (vehicle inspection)Solpex Energia Solar

FranceAutoroutes Paris-Rhin-RhôneCompteurs Farnier (water metering)EPR France (wind farm)Pisto SAS (oil storage and distribution)RES (wind farm)

JapanHanjin Pacific Corporation (Tokyo, Osaka)

ChinaChangshu Xinghua PortHua Nan Expressway

Taiwan

Trois Sources & Lomont Windfarms

GermanyGWE (heat and power)TanQuid (tank storage business)Techem (sub-metering)ThyssengasWarnow Tunnel

Hanjin Pacific Corporation (Kaohsiung)Miaoli WindTaiwan Broadband Communications

South AfricaBakwena Platinum Corridor ConcessionaireKelvin Power StationN3 Toll ConcessionsNeotel

United Arab EmiratesAl Ain Industrial CityICAD Effluent Treatment PlantIndustrial City of Abu Dhabi

AustraliaWA Gas Networks2

Dampier to Bunbury Natural Gas Pipeline Hobart International AirportM lti t G H ldi

AFRICA & MIDDLE EAST AUSTRALIA & NEW ZEALANDNew ZealandRetirement Care New Zealand

29

NeotelTrans African Concessions Nigeria

Lekki Concession Company

Multinet Gas HoldingsUnited Energy Distribution

1. As at 30 June 2011. Represents infrastructure portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Above list of portfolio businesses is not exhaustive.

2. DUET reached financial close on the divestment of its interest in WA Gas Networks to ATCO Ltd on 29 July 2011.

Strategic realisations

Strategic infrastructure realisations have delivered superior returns

— Macquarie Infrastructure and Real Assets is predominantly a long-term investor

— Since inception Macquarie Infrastructure and Real Assets managed funds have:

2.0x1,2

the equity invested by the funds

— Invested in over 130 infrastructure businesses— Realised 28 infrastructure investments to third parties

— The majority of businesses sold have realised significant returns to the funds124%1,3

annualised return to the funds — Rationale for realising businesses:— Realising value for investors— Winding down closed-end funds— Limited operational influence18%1,4

annualised return to the funds

1 As at 30 June 2011 Past performance is not indicative of future results Returns on realised businesses represent returns to the applicable fund calculated in AUD using spot FX rates as at

Limited operational influence — Business-specific life cycle— Regulatory requirements

18% ,

weighted average realisation premium to directors’ valuation

1. As at 30 June 2011. Past performance is not indicative of future results. Returns on realised businesses represent returns to the applicable fund calculated in AUD using spot FX rates as at financial close of acquisition. The figures do not represent returns to underlying investors in the funds. Investor returns will ultimately be impacted by fund management fees, performance fees and other fund level expenses.

2. Calculated as the aggregate of all realised proceeds divided by equity invested, across all realised portfolio businesses. 3. Calculated as the annualised return across all realised infrastructure portfolio business, including all equity investments and realised proceeds, with all cash flows converted to AUD applying

the spot FX rate as at the date of acquisition of the relevant portfolio business. The figures do not represent returns to underlying investors in the funds. Does not reflect management fees, performance fees, taxes and other expenses to be borne by investors in the applicable funds that realised each asset which may be substantial.

4 Calculated as the equity realisation premium for each realised asset weighted by the final directors’ valuation of each business in AUD Equity realisation premium based on final directors’

30

4. Calculated as the equity realisation premium for each realised asset weighted by the final directors valuation of each business in AUD. Equity realisation premium based on final directors valuation prior to realisation date and realisation proceeds, pre-fund level expenses.

Note: All performance data included herein concerning Macquarie and Macquarie-managed funds and assets have been prepared by the relevant Macquarie entity and are believed to be accurate and reliable. The Macquarie performance data represents past performance results of Macquarie-managed funds as a whole or a subset thereof, which reflects the investment objectives and strategies of those funds. The investment objectives and future investments of other existing and future Macquarie-managed funds may be different from the investment objectives and investments reflected in such past performance data. Past performance is not a guarantee of future results or returns.