Performance Fee For Period Ended 31 December 2002

10 January 2003

Macquarie Communications Infrastructure Group (MCG) has outperformed the S&P ASX 200 Industrials Accumulation Index by 11.0% between listing on 13 August 2002 and 31 December 2002.

During this period, investors in the MCG IPO received a return of 9.9% (24.8% annualised) compared with a loss of 1.0% for the ASX 200 Industrials Accumulation Index (2.6% annualised).

As a result of this performance, MCG will pay Macquarie Specialised Asset Management Limited (the Manager), a 100% subsidiary of Macquarie Bank Limited, a performance fee of $6.75 million for the period ended 31 December 2002. This in accordance with the Management Services Agreement and the constitution for management services provided by the Manager to MCG.

As set out in the prospectus, the Manager has the option to apply for some or all of the performance fee via the issue of MCG securities. On this occasion, subject to the Corporations Act and ASX Listing Rules, the Manager will apply for 100% of the performance fee to be paid by the issue of MCG securities. This arrangement is subject to approval of the independent directors.

For further information, please contact:

Scott Davies
Chief Executive Officer
Tel: (61 2) 8232 7936
Email: scott.davies@macquarie.com

Investor Enquiries
Geetika Marwaha
Investor Relations Manager
Tel: (61 2) 8232 5301
Email: geetika.marwaha@macquarie.com