MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND

Half Year 2012 Results Presentation

8 August 2012

MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND

Important Notices
Disclaimer Macquarie International Infrastructure Fund Limited EC36305 (MIIF) is a Bermudian registered mutual fund company listed on the Singapore Exchange Securities Trading Limited. Macquarie Infrastructure Management (Asia) Pty Limited (MIMAL) (AFSL 284 621) is the manager of MIIF. MIMAL is a wholly owned subsidiary of Macquarie Group Limited (ACN 122 169 279). 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) and their obligations g do not represent p deposits p or other liabilities of Macquarie q Bank Limited ( (ABN 46 008 583 542) )( (MBL). ) MBL does not g guarantee or p provide assurance in respect p of the obligations of these entities. This presentation has been prepared based on available information. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, neither Macquarie Group Limited, MBL, MIIF, MIMAL, their directors, employees or agents, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of Macquarie Group Limited, MBL, MIIF, MIMAL or their directors, employees or agents. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Each recipient of the information should make its own independent assessment of the information and take its own independent professional advice in relation to the information and any action taken on the basis of the information. General Securities Warning This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MIIF, 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. Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding purchasing or selling, securities or other instruments in MIIF. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of MIIF. Past performance is not a reliable indication of future performance.

MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND

Important Notices
Hong 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 Group Limited, its group members or any of their employees or directors 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. Singapore This material has been prepared for accredited and institutional investors (each as defined under the Securities and Futures Act, Chapter 289 of Singapore) attending the MIIF investor presentation and is not intended or prepared for any other persons. United Kingdom This document 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 document outside the United Kingdom, in accordance with applicable local requirements. The distribution of this document in the United Kingdom g to anyone y not falling g within the above categories g is not permitted and may contravene FSMA.

MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND

Agenda
Page Highlights Financial Results MIIF Portfolio Strong Balance Sheet Outlook Appendix 5 8 11 22 25 27

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Highlights

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Highlights
Period ended 30 June 2012
1H 2012 Net income on an adjusted basis NAV per share S$0.71 Net income of S$19.6m up S$15.2m on prior year driven by:
Higher investment income from Taiwan Broadband Communications (TBC) of S$24.6 million (2011: S$10.0 million) reflecting the contribution from MIIFs additional 27.5 per cent interest in the business acquired in 2011

Net Asset Value (NAV) of S$829.3 million

Lower than S$934.6 million as at 31 March 2012 driven primarily by the reduction in in the value of Hua Nan Expressway (HNE) by S$95.7 million The reduction in HNEs valuation reflects the current estimated impact of the Guangdong Transport Bureau and Guangdong Price Bureau enforced standardisation of the toll rate and tolling mechanism used to calculate tolls on all highways in Guangdong Province. The tolling revisions will have an adverse impact on HNE, with toll revenue estimated to be reduced by approximately 20 to 25 per cent

Solid capital position

Market capitalisation of S$634.3 milllion1 Cash balances of S$83.7 million2 No N corporate-level l lb borrowings i Ex-dividend date: 23 August 2012 Date payable: 10 September 2012

Interim dividend at 2.75 cps

Note:

(1) As at 7 May 2012 (2) Cash at 7 Aug 2012 amounts to S$81.5 million

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Highlights
Period ended 30 June 2012
Portfolio performance TBC continued to see strong demand for its digital television and broadband products Changshu Xinghua Port (CXP) experienced higher log, paper & pulp volumes and higher g average g tariffs for g general cargoes g HNE traffic volumes were higher due to the continued positive contribution from Guanghe Expressway, a complementary road and the reduced impact from the detolled Xinguang Expressway. However, toll revisions at HNE have impacted revenue from 1 June 2012 Prudent and sustainable business-level gearing No debt maturing until 20141 Debt facilities compliant with covenants
Weighted average DSCR2: 2.6x

Secure businesslevel borrowings

Deployment of cash balances

MIIF intends to continue the buy-back of its shares on-market

The buy-back y will be subject j to usual trading g restrictions

A summary of MIIFs buy-back activities

Shares bought back for the quarter: 8.3 million shares (1 April 2012 to 30 June 2012), Average price per share: S$0.5651 (excluding brokerage) Total shares bought back: 123.1 123 1 million shares (18 March 2011 to 30 June 2012), 2012) Average price per share: S$0.5520 (excluding brokerage)
Note: (1) Excludes Miaoli Wind as its equity value is zero (2) Debt Service Coverage Ratio Cash flow available for debt service divided by total debt service; as at 30 June 2012

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Financial Results

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Financial Results
Review of revenue and operating expenses
(S$000) CXP HNE Miaoli TBC Interest income Net foreign exchange gain/(loss) Total revenue Management fees Directors fees Directors Lending fees Other operating expense Total operating p g expense p Net income on an adjusted basis1 6 months ended 30 June 2012 24,639 184 117 24,940 4,254 183 100 780 5,317 , 19,623 6 months ended 30 June 2011 9,969 592 (83) 10,478 3,927 182 1,062 844 6,015 , 4,463 Variance Fav/(Adv) 147.2% (68.9%) 241.0% 138.0% (8.3%) (0 5%) (0.5%) 90.6% 7.6% 11.6% 339.7%

Note: (1) Net income on an adjusted basis (excluding gain/loss on sale of investment) represents the earnings of MIIF that underpins the payment of dividends to MIIF shareholders, and as such it is the measure that the Board of Directors of MIIF focuses on to determine the amount of dividend that is ultimately paid to MIIF shareholders. This excludes all unrealised gains or losses on investments and other balance sheet items, and transaction costs incurred, that are ordinarily captured in a statement of comprehensive income prepared in accordance with all applicable accounting standards

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Financial Results
Portfolio valuation analysis
Total investments of S$829 S$829.5 5 million down 13 13.8% 8% from 31 December 2011
Portfolio valuation was S$912.0 million as at 31 March 2012 Reduction is primarily due to the impact of the standardisation of toll mechanism on HNEs valuation NAV per share decreased from S$0 S$0.79 79 as at 31 March 2012 to S$0 S$0.71 71 as at 30 June 2012
Company Balance at 31 D Dec 11 S$000 CXP HNE Mi li Wi Miaoli Wind d TBC Others Investments in unlisted securities Net cash & cash equivalents Total 101,470 244,165 506,951 72 852,658 109,979 962,637 Income received from i investments t t S$000 (24,639) (24,639) (24,639) Foreign exchange effects ff t S$000 (3,301) (7,929) (3,654) (14,884) (14,884) Revaluation to 30 J Jun 12 S$000 5,097 (95,477) 23,069 (67,311) (67,311) Company Balance at 30 J Jun 12 S$000 103,266 140,759 501,7271 72 745,824 83,676 829,500

Investment / (di (divestment) t t) S$000 (26,303) (26,303)

Note: (1) Excludes S$1.8 million of accrued management fee recognised in Trade and other receivables on the MIIF balance sheet at 30 June 2012

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MIIF Portfolio

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Portfolio
Attractive high-quality investments
Portfolio composition by geography1
Cash and Cash equivalents 10.1% China 29.4%

Portfolio composition by investment1

Cash and Cash equivalents 10.1% CXP 12.4%

HNE 17.0%

Taiwan 60 5% 60.5%
Notes: (1) Based on 30 June 2012 valuation. Numbers are subject to rounding

TBC 60.5%

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Proportionate EBITDA
Proportionate EBITDA from assets
Three Months Ended 30 June Proportionate EBITDA1,2 Six Months Ended 30 June Proportionate EBITDA1,2

30 25 S$ millio ons 20 15 10 5 0 CXP HNE 2Q12 Q

Notes: (1) All calculations use 30 June 2012 exchange rates (2) Assumes MIIF owns 47.5% of TBC in 2011

60 24.1 23.4 S$ millio ons 17.0 17.1 50 40 30 20 10 0 Miaoli 2Q11 Q TBC CXP HNE Miaoli TBC 6 months to June 2012 6 months to June 2011 5.3 5.7 5.0 5.7 35.2 33.0 47.9 45.8

2.9 3.1

1.4 1.3

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Taiwan Broadband Communications (TBC)

Leading media company in Taiwan
Business performance TBC performed well in 1H 2012, with EBITDA 4.4% higher compared to the pcp. Revenues were higher due to continued increases in subscriber numbers across all the products Digital subscribers increased by 44.7% to 103,818 on pcp Broadband subscribers increased by 6.6% to 170,503 Basic B i cable bl subscriber b ib numbers b reached h d 750 750,763, 763 representing an increase of 0.9% on pcp Digital TV is a key aspect of TBCs next growth phase. It currently represents 13.8% of total basic cable TV, p y g substantial g growth opportunities pp via successful implying up-selling of digital products to basic cable TV subscribers
Subscrib bers (000)

Fi Financial i l highlights hi hli ht for f the th six i months th ended 30 June NT$ million Revenue EBITDA EBITDA margin Distributions to MIIF (S$ million) 2012 3,662.8 2,370.6 64.7% 24.6 2011 3,531.5 2,269.9 64.3% 10.0 Variance Fav/(Adv) 3.7% 4.4% 0.4% 146.0%

Subscriber Composition
800 700 600 500 400 300 200 100 0 Basic CATV Ending Subscribers as at 30 June 2012 Digital Broadband Ending Subscribers as at 30 June 2011 103.8 170.5 160.0 71.7 750 8 743.9 750.8 743 9

TBC raised an additional NT$1.5 billion capex facility which will allow TBC to continue its expansion of digitisation and be at the forefront of Taiwans digitisation i iti ti initiatives

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Taiwan Broadband Communications (TBC)

Leading media company in Taiwan
Outlook
With the foundation of a stable and growing Cable TV subscriber base, TBC continues to lead the market with new products in both broadband and digital p g TV. These are expected to continue to drive strong operational performance in 2012 Business snapshot Date of initial investment Cost of acquisition 30 June 2012 valuation Distributions since acquisition MIIF ownership % of MIIF portfolio 16 July 2007 S$479 2 million1 S$479.2 S$503.5 million S$103.8 million2 47.5% interest 60.5%

Notes: (1) Acquisition cost comprises of: (a) initial acquisition consideration of S$161.8 million in July 2007 (post the return of capital from TBC of US$68 US$68.3 3 million (S$104 (S$104.1 1 million) million), which was distributed to MIIF as a result of the refinancing of TBCs debt facilities shortly after MIIFs acquisition of its interest in TBC); (b) further acquisition consideration of S$174.4 million on 18 March 2011; and (c) securities issue consideration of S$143.0 million on 28 June 2011 (2) Excludes return of capital from TBC of US$68.3 million (S$104.1 million) and a period adjustment to reflect differences in exchange rates when distributions were received and when initially recognised

Hua Nan Expressway (HNE)

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Hua Nan Expressway (HNE)

Urban toll road in South China
Business performance
Revenue was 6.8% higher compared to the same period in 2011 due to: Expressway The continued positive impact of Guanghe Expressway, a complementary road, on HNEs traffic volume; and Reduced negative impact during the period from the detolled Xinguang Expressway compared to pcp. EBITDA was 6.4% higher compared to the same period in 2011 due to revenue growth that was partially offset by higher operating expenses Revenue and EBITDA for the 6 months to 30 June 2012 would ld h have b been hi higher h if not tf for th the G Guangdong d T Transport t and Guangdong Price Bureaus enforced standardisation of toll rate and tolling mechanisms used to calculate tolls on all highways in Guangdong Province. The standardisation which came into effect on 1 June 2012 has resulted in the toll rate for HNE Phase 1 reducing from an average rate of RMB0.75/km to RMB0.60/km. The toll rate on HNE Phase 2 was not affected as it already charged a rate of RMB0.6/km. In addition, the methodology used to calculate the length of slip roads was also revised which effectively reduced the tolltoll able distance of slip roads and will affect both HNE Phase 1 and Phase 2 Financial highlights for the six months ended 30 June RMB million Revenue EBITDA EBITDA margin Distributions to MIIF (S$ million) 2012 268.5 217.6 81.0% 2011 251.4 204.5 81.3% Variance Fav/(Adv) 6.8% 6.4% (0.3%) -%

Total tolled vehicle volumes by type

25.0 21.5
Total vol lume (millions)

20.0

18.3

15.0

10.0

5.0 0.9 00 0.0 Passenger Minibus / Light Truck 0.9

3.2

2.9 0.3 0.2 0.9 0.8

Medium Bus / Truck Large Bus / Large Heavy Duty Truck / Truck Semi-Trailer 6 months to 30 June 2011

6 months to 30 June 2012

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Hua Nan Expressway (HNE)

Urban toll road in South China
Outlook
HNE is expected to benefit from favourable traffic drivers such as the opening of Guanghe Expressway, a complementary road at the end of 2011. However, the t lli revisions tolling i i enforced f d on HNE on 1 J June 2012 are estimated to cause toll revenue to reduce by approximately 20 to 25 per cent Business snapshot Date of investment Cost of acquisition 30 June 2012 valuation Distributions since acquisition MIIF ownership % of MIIF portfolio 19 November 2007 S$295 7 million1 S$295.7 S$140.8 million S$85.6 million 81.0% interest 17.0%

Notes: (1) Originally announced acquisition price of S$329.5m included S$295.7m invested at acquisition, and S$33.8m to be drawn at a later date contingent upon certain events. This contingency is now no longer required and will not be drawn

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Changshu Xinghua Port (CXP)

Multi-purpose cargo port in China
B i Business performance f
Revenues of RMB155.0 million, up 6.0% compared to pcp due to increases in log, paper & pulp volumes and higher average tariff on general cargo volumes EBITDA decreased by 7 7.7% 7% compared to pcp mainly due to higher operating costs. Operating expenses were higher by 20.6% compared to the pcp primarily due to an increase in handling costs as a result of stronger log and paper & pulp volumes, jetty maintenance and the one-off cost related to erecting g a temporary p y stacking gy yard CXP general cargo volumes were 6.9% lower compared to pcp mainly due to the reduction in steel volumes Steel volumes were 27.0% lower compared to pcp. This was primary due to a reduction in export steel volumes that were higher in 2011 due to the anticipation of an increase in export duties in June, which caused traders to increase their orders in first half of 2011 Log volumes grew slightly on pcp by 4.9% due to continuing ti i d demand df for i imported t dl logs i in th the construction sector Paper and pulp volumes grew on pcp by 8.4% due to the strong demand for imported paper & pulp in China Co Container ta e volumes o u es were e e 2.2% % higher g e co compared pa ed to pcp Financial highlights for the six months ended 30 June RMB million Revenue R EBITDA EBITDA margin Distributions to MIIF (S$ million) 2012 155.0 155 0 69.6 44.9% Cargo Composition
1,600 1,400 1,200 Tonne es ('000) 1,000 800 600 400 200 Steel Logs Other Non Steel Paper & Pulp Container 275.6 301.1 979.5 939.3 895.6 1 341 4 1,341.4 1,187.0 1,095.5 42.4 41.5 45 40 35 30 TEU (' '000) 25 20 15 10 5 -

2011 146.2 146 2 75.4 51.6% -

Variance Fav/(Adv) 6 0% 6.0% (7.7%) (6.7%) -%

Notes: (1) Twenty foot equivalent unit

Six Months to 30 June 2012

Six Months to 30 June 2011

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Changshu Xinghua Port (CXP)

Multi-purpose cargo port in China
Outlook
CXP is anticipated to continue to perform steadily in 2012, with growing paper & pulp and log volumes It will continue to diversify and increase its handling of new cargo types with high growth potential such as specialised minerals CXP is well placed to further consolidate its position as the leading paper and pulp port in the region through its successful partnership with Westerlund and through its ability to increase the warehouse capacity levels required to support the growth potential in the Yangtze River Delta and its surrounding regions Date of investment Cost of acquisition 30 June 2012 valuation Distributions since acquisition MIIF ownership % of MIIF portfolio Business snapshot 2 December 2005 S$112 3 million S$112.3 S$103.3 million S$24.3 million 38.0% interest 12.4%

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Miaoli Wind
Operating wind farm in Taiwan
B i Business performance f
Total energy production was 11.2% lower compared to pcp due to lower wind speeds experienced first quarter compared to pcp. Consequently EBITDA was 12.0% lower Since acquisition, wind speeds have been significantly lower than expected which puts at risk Miaoli Winds ability to refinance its current debt levels in December 20121 Fi Financial i l highlights hi hli ht for f the th six i months th ended 30 June NT$ million Revenue EBITDA EBITDA margin Distributions to MIIF (S$ million) 2012 143.4 117.7 82.1% 2011 161.1 133.8 83.1% Variance Fav/(Adv) (11.0%) (12.0%) (1.0%) -%

Total Energy Production

90 80 70 60 GW Wh 50 40 30 20 10 0 Energy Production
Notes: (1) Debt is non-recourse to MIIF

83.4 74.1

Six Months to 30 June 2012

Six Months to 30 June 2011

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Miaoli Wind
Operating wind farm in Taiwan
Outlook
Miaoli Winds application for Voluntary Gold Standard carbon credits with the Gold Standard Foundation has been generate incremental approved. Miaoli Wind will seek to g revenue through the sale of these credits Date of investment Cost of acquisition 30 June 2012 valuation Distributions since acquisition MIIF ownership % of MIIF portfolio Business snapshot 20 March 2008 S$30 8 million1 S$30.8 Nil S$0.4 million 100% interest 0.0%

Notes: (1) Includes an equity injection of S$1.7 million in March 2010 to avoid a breach of the 31 December 2009 debt service cover ratio

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Strong Balance Sheet

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Business Level Business-Level

Proportionate capital structure1
MIIFs Aggregate gearing is 53% (includes corporate level cash) Excluding corporate level cash = 56% Excluding corporate level cash & Miaoli Wind = 54%
1,200 49%

1,000

800 476.4 S$ million 600 73%

400 379.7 200 503.5 140.8 0

TBC MIIF Business' Equity Value Hua Nan MIIF Total Net Debt

17% 21.2 103.3

CXP Gearing

100% 60.5
Miaoli Wind

Notes: (1) As at 30 June 2012

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MIIF & Business-Level Business Level Borrowings

Debt terms
Business level borrowings are non-recourse to MIIF
Weighted average DSCR of 2.6x Average Net debt/EBITDA of 4.6x W i ht d average debt Weighted d bt maturity t it of f seven years across MIIFs MIIF b businesses i

Business Level CXP A CXP B HNE Miaoli Wind A Miaoli Wind B TBC Senior3 TBC Junior MIIF Level Corporate Facility A

Total debt drawn RMB180 million RMB175 million RMB2.5 billion NT$1.1 billion NT$445 million NT$20.8 billion US$135 million Facility limit S$100 million

Maturity date Jul 2014 Apr 2017 Mar 2022 June 2020 Dec 2012 Jun 2017 Dec 2017 Maturity date Oct 2014

Repayment Bullet Bullet; amount to be repaid over 2015 2017 Amortising g Amortising Bullet Bullet / Amortising4 Bullet Total debt drawn -

% Hedged N/A N/A N/A 100% 100% 83% 100% N/A

DSCR 2012(1) 4.8x2 4.8x2 1.8x 1.1x 1.1x 3.4x5 3.4x 3 4x5 N/A

DSCR Default N/A N/A N/A 1.05x 1.05x 1.20x 1 05x 1.05x N/A

Notes: (1) Last 12 months Debt Service Coverage Ratio as at 30 June 2012 (2) Excludes voluntary debt repayment of RMB25 million between July 2011 June 2012 (3) Includes capex revolver facility (4) Bullet until December 2013, amortising thereafter (5) Last 12 months Debt Service Coverage Ratio as at 31 March 2012

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Outlook

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Outlook
MIIF outlook It is anticipated that TBC will see continued subscriber growth across all of its businesses, with particularly strong growth in digital up-take CXP is anticipated to continue to perform steadily in 2012, with growing paper & pulp and log volumes HNE is expected to benefit from favourable traffic drivers such as the opening of Guanghe Expressway, a complementary road at the end of 2011. However, the tolling revisions enforced on HNE on 1 June 2012 are estimated to cause toll revenue to reduce by approximately 20 to 25 per cent MIIF intends to continue the buy-back of its shares on-market as a means of deploying its cash holdings. The buy-back will be subject to usual trading restrictions Dividend guidance MIIF is issuing a dividend guidance of 2.75 cents per share for the six months to 31 December 2012 to be paid in early 2013. The total dividend for 2012 of 5.5 cents per share is expected to be fully covered by the income that MIIF will have received from its businesses MIIFs ordinary dividend is based on the distributions that MIIF receives from its investments and are generated from the normal operations of these businesses. The tolling revisions which were enforced on HNE are expected to adversely impact the income that MIIF receives from HNE in 2013 2013. This This, in turn turn, is anticipated to negatively impact MIIFs future dividends from operating income
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Appendix

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Corporate Structure
30 June 2012
Public Institution
42 7% 42.7%

Macquarie
9.1% 9 1%1

Retail
48 2% 48.2%

Other Macquarie Managed Fund

Macquarie International Infrastructure Fund Limited

Asia-focused private owner and operator of infrastructure b i businesses listed li t d on Singapore Si Stock Exchange

52.5%

47.5%

38.0% Changshu Xinghua Port

(Multi-purpose cargo g p port) )

81.0% Hua Nan Expressway

100.0%
(Operating wind farm)

Taiwan Broadband Communications

(Cable TV operator)

Miaoli Wind

(Urban toll road in South China)

Notes: (1) Includes MIMALs interest of 9.1% as at 30 June 2012

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Core portfolio composition

Asia Focus Sustainable Leverage P iti Distributable Positive Di t ib t bl Cash C h Controlling Interest
Changshu Xinghua Port Hua Nan Expressway

China Taiwan

Taiwan Broadband Communications

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Investment Criteria1
Stringent investment criteria
Investment focus Infrastructure businesses that have a dominant market position, sustainable and predictable cash flows over the long term, and potential for long long-term term capital growth East Asia: China, Taiwan, Hong Kong, Japan South East Asia: Singapore, Malaysia, Indonesia, Thailand, Philippines Transportation infrastructure: Toll roads, ports and airports Utilities and energy: Water and wastewater treatment, energy distribution and storage renewable power generation storage, Communications infrastructure Business life stage Hold period Operational and management track record (non-greenfield) Potential for long term hold

Target geographies Target sectors

Note:

(1) As at 30 June 2012. The summary above is only intended as a guide and MIIF will consider investment opportunities outside these parameters where returns and benefits meet MIIFs objectives

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Dividend Profile
On a paid basis

MIIF dividend per share (on a paid basis)

9 8 S$ Cents Per Share 7 6 5 4 3 2 1 0 2005 2006 2007 2008 2009 2010 2011 2012 Relates to prior year 2nd half earnings
Notes: (1) Reflects a part year of operations in 2005

8.15 cps 7.05 cps p 4.15 3.95

8.50 cps

To be paid

4.25 5.50 cps 4.50 cps 1.50 3.00 cps 1.50 3 00 3.00 1.50 1.50 2.75 2.75 4 25 cps 4.25 2.75

2.20 cps1 2.20 3 10 3.10 4.00 4.25

Relates to current year 1st half earnings

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Share Price vs. NAV

Share price discount to NAV reduced from a high 1.20 1 00 of 76% in March 2009 to 1.00 a low of 22% in February 0.80 2011 0.60 Di Discount t of f 26% as at t 30 June 2012
0.40 0.20 0 00 0.00 1.40 1.22 1.12

0.97 0.87 0.88 0.80 0.82 0.79 0.80 0.80 0.79 0.80 0.79 0.71

Sep-08

Dec-08

Sep-09

Sep-10

Dec-09

Dec-10

Sep-11

Dec-11

Jun-08

Jun-09

Jun-10

Jun-11

Mar-09

Mar-10

Mar-11

MIIF Share Price

NAV

Mar-12

Jun-12

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Changes In Exchange Rates

Period ended 30 June 2012
S$ strengthen against the RMB and NT$ over the quarter

30 Jun 2012 S$:RMB S$:NT$ 5 013 5.013 23.517

31 Mar 2012 5 009 5.009 23.478

% change Jun 2012/ Mar 2012 0 1% 0.1% 0.2%

Source: MIRA economics

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Contact
For further information, please contact: Wei Cheong Investor Relations Tel: (65) 6601 0766 Mob: ob (65) 9006 4452 5 Email: wei.cheong@macquarie.com

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MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND

Half Year 2012 Results Presentation

8 August 2012

MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND