MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT 30 JUNE 2006

Transcription

1 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT 30 JUNE 2006

2 DISCLAIMER Macquarie Specialised Asset Management Limited ( MSAM ), ABN , which is the Responsible Entity of Macquarie Global Infrastructure Fund A and Macquarie Global Infrastructure Fund C is a wholly-owned subsidiary of Macquarie Bank Limited, ABN Investments in Macquarie Global Infrastructure Fund A and Macquarie Global Infrastructure Fund C are not deposits with or other liabilities of, Macquarie Bank Limited or of any other entity in the Macquarie Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Macquarie Bank Limited, MSAM nor any other entity in the Macquarie Bank Group guarantees any particular rate of return or the performance of Macquarie Global Infrastructure Fund A and Macquarie Global Infrastructure Fund C, nor do they guarantee the repayment of capital from Macquarie Global Infrastructure Fund A and Macquarie Global Infrastructure Fund C or a particular return on securities of Macquarie Global Infrastructure Fund A or Macquarie Global Infrastructure Fund C. Macquarie Specialised Asset Management 2 Limited ( MSAM2 ), ABN , which is the Responsible Entity of Macquarie Global Infrastructure Fund B and Macquarie Global Infrastructure Fund D, is a wholly owned subsidiary of Macquarie Bank Limited, ABN Investments in Macquarie Global Infrastructure Fund B and Macquarie Global Infrastructure Fund D are not deposits with, or other liabilities of, Macquarie Bank Limited or of any other entity in the Macquarie Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Macquarie Bank Limited, MSAM2 or any other member company of the Macquarie Bank Group guarantees any particular rate of return or the performance of Macquarie Global Infrastructure Fund B and Macquarie Global Infrastructure Fund D, nor do they guarantee the repayment of capital from Macquarie Global Infrastructure Fund B and Macquarie Global Infrastructure Fund D or a particular return on securities of Macquarie Global Infrastructure Fund B or Macquarie Global Infrastructure Fund D. This annual report does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in Macquarie Global Infrastructure Fund the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

3 Contents 01 Managing Director s Report 02 GIF Assets Update 02 Rome Airport 04 Sydney Airport 07 Appendix 1 - Asset Returns 08 Appendix 2 - Asset Descriptions 09 Appendix 3 - Historical Unit Prices 10 Corporate Governance 13 Economic and Social Responsibility Management

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5 Managing Director s Report On behalf of the Macquarie Global Infrastructure Fund 1 ( GIF or the Fund ), I present the annual report for the year ended 30 June The Fund experienced another successful year, with management focusing on various initiatives aimed at increasing the value of the portfolio as well as pursuing opportunistic sales of GIF assets. At the start of the year the GIF portfolio comprised three assets: Sydney Airport ( Sydney ); Rome Airport ( Rome ); and Detroit Windsor Tunnel ( DWT ). The portfolio has performed well during the year, with the sale of DWT reaching completion in May 2006 providing an IRR of 11.0% in local currency and 4.3% in Australian dollars. 2 For an asset that experienced the effects of several uncontrollable and damaging events including the September terrorist attacks, the prevalence of SARS in Toronto, the strike at Windsor Casino and the cancellation of the 2005 National Hockey League, the rate of return was extremely pleasing for GIF investors. Value enhancing initiatives undertaken by Management such as cost saving schemes, the implementation of a prudent toll setting strategy and refinancing of the debt all contributed to the successful sale of DWT. GIF is still in the process of liquidating interposed foreign holding companies of Soojungsan Tunnel which was sold in January As a result, best efforts will be made to ensure that the proceeds from the sale of GIF s equity in the Soojungsan Tunnel will be distributed to investors as soon as possible. GIF is now in the final phase of its investment life cycle, with all but two assets sold (Sydney and Rome) FINANCIAL HIGHLIGHTS In May 2006, GIF sold its 100% interest in Detroit Windsor Tunnel to Macquarie Small Cap Roads for a total consideration of US$87.4 million (A$113.0 million) 3. After repayment of the senior debt within the asset, the net cash paid to GIF totalled US$30.6 million (A$40.6 million) and was distributed to investors on 19 June A further US$1.2 million (A$1.5 million) of recoverable US withholding tax is to be received in the 2007 financial year. Aggregate distributions for the 2006 financial year were A$42.6 million. PORTFOLIO OUTLOOK Rome and Sydney airports continue to perform well, with the airport assets experiencing increases in traffic and corresponding EBITDA growth. GIF management will continue to review the airport assets and focus on sourcing appropriate sale opportunities. This is consistent with GIF s investment strategy regarding mature assets - assets which are considered mature in GIF s hands will be considered ready for sale and sold as circumstances permit. We thank investors for their continued support and look forward to delivering further distributions from what we expect will be a value accretive period for the GIF portfolio. Gregory Osborne Managing Director Macquarie Specialised Asset Management Ltd Macquarie Specialised Asset Management 2 Ltd for and on behalf of the Macquarie Global Infrastructure Fund. 1. In this report GIF refers to GIF (A), GIF (B), GIF (C), and GIF (D) collectively. 2. Includes US$1.2 million of recoverable US withholding tax 3. Exchange rate of US$ to A$1.00 as at 12 May 2006 and includes US$0.9 million of non-recoverable US withholding tax. 1

6 GIF Assets Update: Rome Airport ROME AIRPORT Asset Data Date purchased by GIF 25 March 2003 Asset Class, Country Location Airport, Italy % equity owned by GIF 2.50% Investment Cost A$49.72 million Valuation 30 June 2006 A$62.90 million % GIF portfolio at valuation 51% Summary In September 2006, Aeroporti di Roma (AdR) released its results for the six months to 30 June EBITDA was million on a Group basis, representing an increase of 0.6% over the prior corresponding period (pcp). The asset benefited from a positive impact from both the commercial businesses as well as ongoing cost control. These benefits were, however, largely offset by a reduction in aeronautical revenues impacted by lower chargeable fuel royalties and the elimination of the night surcharge as a result of regulations introduced in late Financial Performance Revenue Revenue for the six months to 30 June 2006 reached million, an increase of 0.1% over the pcp. The strong performance by direct retail and concession revenue was offset by the impact of the removal of the night flight surcharge from the aeronautical revenues and a reduction in chargeable fuel royalties. AdR s overall retail revenues increased by 17.0% on the pcp. Direct retail revenue grew 12.6% over the pcp and concession retail revenues delivered strong growth with a 24.8% increase, driven by new concessionaires and the opening of more than 20 new branded shops in the first six months of There are positive indications with regard to the car parking business with group revenues increasing 3.0% on pcp in the second quarter. Expenses Total costs for the first quarter of 2006 have decreased by 0.3%, driven by savings from the successful implementation of the restructuring plan and other efficiency gains. The effect of the restructuring program is evidenced by staff costs per passenger decreasing by 5.7% on the pcp. EBITDA The first two quarters of the 2006 financial year have seen an increase in Group EBITDA of 0.6% over the pcp. This was the result of: traffic growth; improved performance by direct retail and car parking; and cost control initiatives, which have more than offset the reduction in chargeable fuel royalties and elimination of the night surcharge related to the regulations introduced in late Financial YTD: Jan June Variance Traffic Domestic (million) % Intra-EU (million) % Extra-EU (million) % Total Traffic (million) % Financial Revenue ( million) % EBITDA ( million) % EBITDA per passenger ( million) (5.6%) 2 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

7 Operational Analysis Traffic Traffic growth in the six months to 30 June 2006 has continued, up 6.6% compared to the pcp. This growth reflects the development of services to the new central European entrants into the EU, additional capacity and a continued increase in the number of passengers and seats. AdR traffic was strong in all segments with Domestic, Intra EU and Extra EU up 5.9%, 8.9% and 2.9% respectively over the pcp. Low-cost carriers at both Ciampino and Fiumicino continue to provide much of the growth. Business Initiatives A number of business initiatives have been implemented over the period, including enhancement of the Fiumicino direct retail area with refurbished shops in Terminal C and the Satellite Terminal, as well as the opening of the duty free shop at the Mezzanine in Terminal A. Works have started on the Terminal B duty free offering which will be transformed into a walk-through precinct in the coming months. The Ciampino duty free store was also enlarged to meet the strong demand from low fare traffic. Car parking services are being enhanced through an advertising campaign, online booking and simpler payment processes. Outlook Traffic growth is expected to continue to improve over the next few months. Growth in the summer months was strong with July and August up 6.0% and 8.2% respectively over the pcp and with record days at both airports. The Middle East crisis is expected to have a minor negative impact with flights to Lebanon being cancelled and traffic to/ from Israel adversely impacted. Future traffic growth will be driven by the continued expansion of the European low-cost carrier market, with Ryanair adding new routes such as Marseille in the second half of 2006 and further market developments of air services to North America, the Middle East and destinations across Asia. AdR is actively marketing to target these groups. This is evidenced by the fact that Rome currently features in the plans of several Asian and Indian carriers. 3

8 GIF Assets Update: Sydney Airport SYDNEY AIRPORT Asset Data Date purchased by GIF 28 June 2002 Asset Class, Country Location Airport, Australia % equity owned by GIF 1.24% Investment Cost A$25.04 million Valuation 30 June 2006 A$59.56 million % GIF portfolio at valuation 49% Summary Sydney Airport reported EBITDA of A$525.6 million (excluding specific expenses of A$1.7 million) for the 12 months to 30 June 2006, which represents an increase of 6.1% on the pcp. This result demonstrates that Sydney Airport is a high quality, resilient asset that is continuing to produce strong returns. Total revenues grew ahead of passenger growth, reflecting the improved performance of the commercial businesses. Financial Performance Revenue Total revenue from all business units for the 12 months to 30 June 2006 rose 6.5% over the pcp to $A659.3 million (FY 2005: $A619.2 million). Growth in aeronautical revenue reflected continued expansion of airline services, with Qantas, Emirates, Air Tahiti Nui, Jetstar, Pacific Blue and Polynesian Blue all adding services to international destinations. In FY07, Sydney Airport will welcome the first commercial services of the new Airbus A380, whilst Jetstar plans to begin operating a significant proportion of its new international services out of Sydney Airport. Retail revenues continue to perform strongly. New specialty retail stores and an expanded foreign exchange offering were introduced to T1, whilst at T2 the new food court was completed and new specialty retail offerings were opened as part of the 5,000m 2 retail redevelopment of the terminal. The $A20 million redevelopment will be completed in early 2007, with the introduction of further retail brands. Growth in commercial trading revenues reflects continued growth in vehicle parking volumes catered for by additional parking capacity completed in FY05. Work is progressing on the construction of further undercover parking spaces in the long term car park. The car parking business also benefited from the introduction of new undercover car spaces in the long term car park and new long term parking services located within the international precinct. The property portfolio also continues to grow. During the year new developments such as the Mercedes Showroom in the domestic precinct and the Emirates Lounge in the International terminal were completed. Work is progressing on the new Qantas Lounge at T1 whilst construction began on a new service station at the southern end of the airport along General Holmes Drive. Expenses Total operating expenses including specific nonrecurring expenses increased 7.6% over the pcp to $A135.5 million (FY 2005: $A125.9 million), principally as a result of increased expenditure on recoverable security requirements, however, increased security revenue offsets this. Total operating expenses excluding specific non-recurring expenses increased 7.9% over the pcp to $A133.7 million (FY 2005: $A124.0 million). 4 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

9 Financial Year Variance Traffic International (million) % Domestic (million) % Total Traffic (million) % Financial Revenues (A$ million) % Expenses (excluding specific items) (A$ million) (133.7) (124.0) 7.8% EBITDA (excluding specific items) (A$ million) % Specific Expenses (A$ million) (1.7) (2.0) (15.0%) EBITDA (A$ million) % Revenue per pax (A$) % Expenses (excluding specific items) per pax (A$) (4.6) (4.4) 4.5% EBITDA (excluding specific items) per pax (A$) % EBITDA per pax (A$) % EBITDA EBITDA (including specific non-recurring expenses) increased 6.2% over the pcp to A$523.8 million, and EBITDA (excluding specific non-recurring expenses) increased 6.1% over the pcp to A$525.6 million. Operational Analysis Traffic Traffic for the twelve months to 30 June 2006 increased 2.9% over the pcp to 29.1 million passengers. International passengers increased by 2.0% over the pcp and domestic passengers increased 3.3% over the pcp. The increase in both international and domestic passenger numbers was driven by growth in underlying airline capacity and increased competition between airlines. Business Initiatives In FY07 Sydney Airport intends to refinance part of its existing bank debt and maturing capital markets facilities and raise new debt facilities. Part of the additional debt facilities will be used to fund planned capital expenditure projects and to provide additional liquidity and working capital for the business. Sydney Airport will be carefully managing the debt raising program to ensure that the existing credit ratings are maintained. A Major Development Plan ( MDP ) for the provision of additional public car parking and commercial office facilities within the boundaries of the International Terminal car park was approved in April Design work progressed during FY06 with development expe cted to commence in FY07. A new international valet service will be introduced following the completion of the new car park. 5

10 Within the domestic precinct, an area currently used by Rental Car Operators for stacked vehicle parking will be redeveloped into a Quick Turnaround Facility. Rental Car Operators will have the use of manual / automatic wash bays, vacuuming areas, refuelling and general support facilities to enable operators to process their vehicles more efficiently and to achieve quicker turnaround times. The proposed full e-tag automation system for Ground Transport progressed in FY06 with commissioning targeted for the end of calendar This initiative will enhance transport efficiency through the terminal roads and pick-up zones, and further reduce ground transport management operating costs. Outlook The outlook for Sydney Airport is positive with underlying growth being driven by increasing capacity and continued growth across all commercial businesses. Significant ongoing investment is planned over the next five years to cater for the next phase of Sydney Airport s growth. In 2007 there will continue to be a focus on key areas of the business including ongoing airline marketing, retail development, select property initiatives and financial management. Appendix 1 6 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

11 Appendix 1 ASSET RETURNS Returns in Local Currencies As at 30 June 2006 Investment Total Invested Capital (million) Total Realised proceeds (million) Total Unrealised Value Parking Company of America Airports US$19.0 US$34.4 ** 34.3% Avports US$23.3 US$46.4 ** 38.1% Soojungsan Tunnel 1 W 21.5* W 67.1 ** 48.4% Reef Networks A$11.5 A$24.8 ** 21.9% Nextgen Networks A$ n/a Detroit-Windsor Tunnel US$19.7 US$33.2*** ** 11.0% Sydney Airport A$25.0 A$11.9 AUD % Rome Airport EUR % Total % 1. Korean won (W) stated in billions. Returns in Australian Dollars As at 30 June 2006 Investment Total Invested Capital (million) Total Realised proceeds (million) Total Unrealised Value (million) Parking Company of America Airports ** 15.1% Avports ** 19.2% Soojungsan Tunnel 31.1* 83.4 ** 40.8% Reef Networks ** 21.9% Nextgen Networks N/a Detroit-Windsor Tunnel *** ** 4.3% Sydney Airport % Rome Airport % Total % * Soojungsan investment value in IRR calculation does not include non-cash capitalised interest which forms part of GIF cost base. ** Avports sold on 22 December 2004 Parking Company of America Airports sold on 23 December 2004 Soojungsan Tunnel sold on 16 February 2005 Reef Networks sold on 30 March 2005 Detroit Windsor Tunnel sold on12 May 2006 ***Total realised proceeds includes US$1.2m of recoverable US Withholding tax IRR IRR 7

12 Appendix 2 ASSET DESCRIPTIONS Rome Airport On 25 March 2003 GIF invested A$49.72 million in Rome Airport which holds concessions until 2044 to operate, maintain, manage and develop the Fiumicino and Ciampino airports. The two airports have 5 runways, a terminal capacity of 44 million passengers per annum, approximately 19,225 car parking spaces and 146 retail outlets, as at 30 June Sydney Airport On 28 June 2002, GIF invested A$25.04 million in Sydney Airport through its participation in the Southern Cross consortium. Sydney Airport is the only international and major domestic airport servicing Sydney and the primary gateway to Australia. Sydney Airport has 3 runways, a terminal capacity of 35 million passengers per annum, approximately 12,044 car parking spaces and 191 retail outlets as at 30 June MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

13 Appendix 3 HISTORICAL UNIT PRICES Set out below is the detail of the quarterly unit prices for GIF. Unit prices are calculated monthly based upon the net asset value of the underlying investments, valued at 30 June and 31 December each year with semi annual valuations updated for economic factors at 30 September and 31 March. GIF A GIF B GIF C GIF D Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Distributions (cents per unit) - paid 29 August Distributions (cents per unit) - paid 19 December Distributions (cents per unit) - paid 31 August Distributions (cents per unit) - paid 21 January Distributions (cents per unit) - paid 24 March Distributions (cents per unit) - paid 29 April Distributions (cents per unit) - paid 25 August Distributions (cents per unit) - paid 19 June Total Distributions (cents per unit)

14 Corporate Governance GOVERNANCE AND MANAGEMENT OF GIF Governance of GIF GIF is comprised of four unit trusts, GIF (A), GIF (B), GIF (C) and GIF (D). MSAM is the Responsible Entity for GIF (A) and GIF (C). MSAM2 is the Responsible Entity for GIF (B) and GIF (D). The governance and management of GIF is undertaken by the Responsible Entities, in conjunction with the Investment Committee and the Compliance Committee. The Responsible Entities are responsible for the overall corporate governance of GIF and the protection of unitholder interests. The Responsible Entities have an established framework for the management of GIF including a system of internal control, risk management processes, a compliance plan for GIF, and the establishment of appropriate ethical standards for all staff. The Corporations Act, Constitutions and the general law regulate the workings of GIF and the responsibilities and duties of the Responsible Entities and their officers. The Responsible Entities must exercise their functions diligently and in the best interests of unitholders. The Responsible Entities and their officers manage the assets of GIF with absolute discretion as to the exercise of the Responsible Entities powers in accordance with the Information Memoranda, relevant Constitution and the Corporations Act. The Responsible Entities also undertake administrative functions for GIF, including preparation of the financial statements, preparation of notices and reports to unitholders and the monitoring of custody services. For an investment to be made by GIF it must be approved by: the Investment Committee; and the board of directors of the Responsible Entities. Investment Committee The role of the Investment Committee is to provide a final recommendation on the purchase and realisation of investments by GIF. Additionally, the Investment Committee is required to recommend any changes to the capital structure of GIF s investee companies where GIF has a decision making ability with respect thereto. The Investment Committee comprises four members. 50% of the members of the Investment Committee are representatives of investors and non-macquarie Bank employees, and the other 50% of members are representatives of the Responsible Entities. The Responsible Entities representatives are Greg Osborne and Mark Ramsey. Board of Directors The boards of directors of the Responsible Entities are responsible for the oversight of the companies. In particular, the boards are responsible for: The oversight of the company and its various businesses, including its control and accountability systems Appointing and removing the chief executive officer (or equivalent) Ratifying the appointment and, where appropriate, the removal of the chief financial officer (or equivalent) and the company secretary Input into, and final approval of, management s development of corporate strategy and performance objectives 10 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

15 Reviewing and ratifying systems of risk management and internal compliance and control, codes of conduct, and legal compliance Monitoring senior management s performance and implementation of strategy Approving and monitoring the progress of major capital expenditure, capital management (including capital raisings), debt management and acquisitions and divestitures Approving and monitoring financial and other reporting Monitoring Committee Operations Board meetings are held quarterly and more often if required. Directors are provided with board papers in advance of each meeting to enable informed discussion of agenda items. The current directors of the Responsible Entities are as follows: Yasmin Allen Independent Director Michael Carapiet Executive Director Greg Osborne Managing Director/CEO Mark Ramsey Executive Chairman John Roberts Executive Director Duncan Sutherland Independent Director Only independent directors will make decisions about transactions that involve Macquarie Bank or its affiliates as counterparts. Directors employed by Macquarie Bank will not participate in voting on related party matters. Compliance Committee As registered managed investment schemes, the trusts comprising GIF are required to comply with the regulatory regime that governs managed investment schemes. To facilitate this, the management of GIF, in conjunction with external advisers, have produced a Compliance Plan. GIF will have a Compliance Committee as long as it remains a registered managed investment scheme. The function of the Compliance Committee is to monitor the Responsible Entities compliance with its Compliance Plan and regularly assess the adequacy of that plan. The Compliance Committee has a duty to report any breach, or suspected breach, of the law or of the relevant Fund s Constitution to the Responsible Entities and, if necessary, to ASIC. Members of the Compliance Committee have director-like duties to the unitholders of GIF. A majority of the members are external as defined in the Corporations Act, i.e., they are people who have not had a substantial business connection to Macquarie Bank Group in the previous two years, have not been employed by Macquarie Bank Group in the previous two years, and do not have a material interest in the Responsible Entities. Audit and Finance Committee The Audit and Finance Committee comprises of three members, two of whom are non-executive, independent directors. The Committee is responsible for: review of financial information; review of financial reports prior to presentation to the Board; approving distributions; reviewing audit tender process and appointment of auditors. 11

16 The current finance committee members are; Yasmin Allen Independent Director Greg Osborne Managing Director/CEO Duncan Sutherland Independent Director Remuneration The fees payable to the Responsible Entities are paid pursuant to the constitution of the relevant trust comprising GIF. Independent Financial Advice The Directors of the Responsible Entities are entitled to obtain independent professional advice at the expense of the Responsible Entities. Ethical Conduct As subsidiaries of Macquarie Bank Limited, the Responsible Entities and their executives are required to act in accordance with the code of conduct established by Macquarie. This code of conduct essentially requires the Responsible Entities and their executives to act with integrity, impartiality, confidentiality and diligence. Unitholder Information and Disclosure It is the Responsible Entity s policy to provide timely, open and accurate information to unitholders and regulators. Unitholders will receive an annual report, financial statements and other regular reports. These reports will keep unitholders informed of GIF s performance. 12 MACQUARIE GLOBAL INFRASTRUCTURE FUND ANNUAL REPORT TO 30 JUNE 2006

17 Environmental and Social Responsibility Management GIF recognises that its infrastructure investments involve both environmental and social responsibilities as a result of the essential services provided by such assets. GIF s environmental responsibility arises from the impact (both positive and negative) on natural resources by the operations of the fund and its investments. GIF s social responsibility arises from the impact (both positive and negative) on the community, customers, employees and investors by the operations of the fund and its investments. GIF s environmental and social responsibilities are managed throughout the investment process as follows: Asset Selection environmental and social responsibilities are considered as part of the acquisition due diligence process. Where they exist, regulatory obligations are viewed as minimum standards for environmental and social responsibility management post-acquisition. Ongoing asset management GIF s ability to control or influence the ongoing environmental and social responsibility management at each asset differs based on its level of investment and the regulatory framework that governs those issues. Importantly, the regulatory framework and minimum standards are not controlled by GIF or its assets. Key Environmental and Social Responsibility Factors Following a review of the specific regulatory requirements and concession agreements related to each asset, GIF has identified its key environmental and social responsibility factors as: Air quality Waste management Landscaping Flora and fauna management Occupational health and safety Recruitment and business contracting compliance Community relations Environmental and Social Responsibility- Related Regulatory Requirements GIF is not aware of any significant breaches of relevant environmental and social responsibilityrelated regulatory standards by its assets during the year ended 30 June In general, it is GIF s policy to ensure compliance by its assets within the relevant regulatory framework and the minimum standards under which an asset operates. GIF does exert influence wherever possible via its board representation. Regular asset board reporting enables compliance with environmental requirements to be monitored and environmental and social responsibility issues to be identified and resolved on a timely basis. 13

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19 Corporate Directory Adddress Macquarie Global Infrastructure Fund (A) Macquarie Global Infrastructure Fund (B) Macquarie Global Infrastructure Fund (C) Macquarie Global Infrastructure Fund (D) Level 11 No. 1 Martin Place Sydney NSW 2000 Managers Macquarie Specialised Asset Management Limited and Macquarie Specialised Asset Management 2 Limited Level 11 No. 1 Martin Place Sydney NSW 2000 Directors Mark Ramsey (Chairman) Yasmin Allen Michael Carapiet Greg Osborne John Roberts Duncan Sutherland Secretary of the Manager Dennis Leong Christine Williams

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