MACQUARIE INT\'L INFRA FUND LTD

Interesting development at MIIF. 18 Dec 2009 - Sold entire interest in MEIF for S$182.4 Million. 16 Feb 2010 - Filed and proposed listing of CAC valued at S$91.5 million as at Sep 2009. Assume that MIIF receive payment cash after IPO on valuation without premium. Total cash on hand from the above transaction is $273.9 million. Current Market Capitalisation = $688 million. Net Value Asset = $1.04 Billion (S$0.80 per share) Current Share Price =$0.54 From previous press release. The proceeds of the Divestment will be retained by MIIF to provide balance sheet flexibility for the Fund. As noted at the time of the sale of the initial interest in MEIF, options available to the MIIF Board include reinvestment of the proceeds, share buy-back or payment of a special dividend, if it considers such an action to be beneficial to shareholders. Mr John Stuart, CEO of MIMAL7, MIIF’s manager said: “We are very pleased to have completed the sale of MIIF’s stake in MEIF, and at a significant premium to our current share price. Importantly MIIF’s portfolio is now entirely comprised of direct investments primarily in Asia. We will continue to explore a range of options to address the significant disconnect between MIIF’s prevailing share price and the directors’ valuations of its businesses.”