Macquarie Int Infrastructure Fund : MIIF Announces Financial Results for the 12 Months to December 2014

For further information, please contact: Macquarie International Infrastructure Fund Limited

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SGX-ST/MEDIA RELEASE

Macquarie International Infrastructure Fund Limited (MIIF) MIIF ANNOUNCES FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2014

Key Highlights

 Net income of S$9.7 million

 Dividend declared of 0.9 Singapore cents per share (cps) for the twelve months to 31 December

2014

Singapore, 18 February 2015 - Macquarie International Infrastructure Fund Limited (MIIF or

Company) today announced its financial results for the twelve months ended
31 December 2014.
MIIF reported a net income on an adjusted basis (net income) of S$9.7 million for the twelve months ended 31 December 2014, compared to a net income on an adjusted basis of S$14.2 million in the prior corresponding period. The reduction is due to the cessation of distribution income from Taiwan Broadband Communications (TBC), which was divested in 2013.

Net Asset Value (NAV)

MIIF's NAV as at 31 December 2014 was S$136.2 million1 (or 11.8 cps) compared to S$141.0 million (or 12.3 cps) as at 30 September 2014. It should be noted that no provision for a potential success fee to be earned by MIIF's manager has been made as at 31 December 2014 (refer to footnote 1 for
more details).

1 Reference is made to the amended management fee arrangement with MIIF's manager, Macquarie Infrastructure

Management (Asia) Pty Limited (MIMAL), which was approved by MIIF's shareholders at the MIIF Annual General Meeting on

8 March 2013. MIMAL will be entitled to a success fee when total divestment proceeds of $694.9 million (the threshold level) are achieved from the divestment of TBC, HNE, Changshu Xinghua Port (CXP) and Miaoli Wind. Divestment proceeds received from the sale of TBC, CXP and Miaoli Wind were $617.3 million. The threshold level will be met if divestment proceeds from the sale of HNE exceed $77.6 million. However, since the conditions for MIIF to pay the success fee have not been met, there is no present obligation to pay the success fee and accordingly a provision for a potential success fee has not been made as at 31 December 2014. Refer to note K(x) on page 40 of MIIF's SGX Report for the quarter and twelve months ended 31 December 2014.

None of the entities noted in this document 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 Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities. Macquarie International Infrastructure Fund Limited 2

Operational Highlights

Operational highlights for HNE are as follows:

 Total traffic volumes of 19.4 million for the quarter ended 31 December 2014 were 6.4% higher than the prior corresponding period due to favourable traffic drivers, such as the continued positive impact of Guanghe Expressway, a complementary feeder road which opened in December 2011, and on-going driver recognition of HNE's lower toll rates following the toll rate standardisation. HNE's revenue for the quarter was RMB156.1 million, 11.8% higher than the prior corresponding period.

 Overall, HNE's revenue of RMB588.5 million for the 12 months to 31 December 2014 was 13.7%

higher than the prior corresponding period driven by an 11.5% increase in traffic for the period.
The process to divest HNE has to date generated a range of indicative offers from potential buyers. The divestment process is ongoing and if successfully executed, this would lead to the winding up of MIIF.

Outlook

Whilst HNE, in the twelve months to 31 December 2014, has benefited from favourable traffic drivers (such as those illustrated above), the slowdown in the Chinese economy is anticipated to moderate the rate of growth in HNE's traffic volumes. In addition, HNE is no longer benefitting from the traffic diversion caused by the partial closure of a section of Xinguang Expressway and a section of the Northern Ring Road as road works concluded in 2014.
HNE has undertaken an assessment of maintenance costs and capital expenditure requirements following the strong growth in traffic driven by on-going driver recognition of HNE's lower toll rates. It is expected that additional capital expenditure will be required to ensure that maintenance standards continue to be met.
MIIF is focused on divesting HNE in a timely manner whilst maximising proceeds for MIIF's shareholders. In accordance with MIIF's continuous disclosure obligations, MIIF will keep the market appropriately informed of further developments in the divestment of HNE.

Dividend

The Board of Directors of MIIF has declared a final dividend of 0.90 cps for the twelve months to 31
December 2014. The ex-dividend date is 3 March 2015 with the final dividend expected to be paid on
16 March 2015.
For further information, please contact:

Andrew Yeoh Fiona McDonald

Investor Relations, Singapore Corporate Communications, Hong Kong
Tel: [phone] Tel: [phone]
Email: [e-mail] Email: [e-mail]