Distribution Letter to Investors

12 February 2004

Dear MCG security holder

We are pleased to enclose the Macquarie Communications Infrastructure Group (MCG) distribution statement for the six month period ended 31 December 2003. The distribution for this period amounts to 11.2 cents per stapled security. MCG management has forecast a distribution of 22.4 cents per stapled security for the full year ending 30 June 2004, and is not aware of any reason why this will not be achieved.

Tax Components
Assuming MCG continues to earn income as expected,it is reasonable to assume that the minimum tax deferred percentage of MCG's distributions for the full year ending 30 June 2004 will be 15%.

MCG's taxable income and distribution components for the full year will be calculated at the end of the MCG financial year (30 June 2004). A tax statement will be mailed to investors in mid-August detailing the final breakdown of these components. Please refer to this statement when completing your tax return and if you are unsure of any matter, you should consult your tax adviser.

Distribution Reinvestment Plan (DRP)
If you have not already elected to take part in the DRP and would like to participate, please fill out the form enclosed and return it to our share registry, ASX Perpetual, in the reply paid envelope provided.

Upcoming News
The MCG interim financial results will be announced on 19 February 2004. Please visit our website after this date for further information, www.macquarie.com.au/mcg. The 2004 interim report detailing the financial results will be sent to investors in April.

If you have any queries, please feel free to contact the MCG Investor Relations Team on 1800 181 910 (+ 61 2 8232 3214) or email mcg@macquarie.com.

Yours sincerely

Scott Davies
Chief Executive Officer