Macquarie Infrastructure Group Financial Report for Year Ending 30 June 2003

28 August 2003

Macquarie Infrastructure Group (MIG) today announced its financial results for the year ended 30 June 2003.

Chief Executive Officer of MIG Mr Steve Allen said, “MIG is pleased to report that over the 12 months to 30 June 2003 its total assets have increased in value by 26% to $10,369.8m.

Growth and acquisitions over the last twelve months translate into a net asset backing per security of $3.74 at 30 June 2003, which is a 19% increase over the previous corresponding period.

Overall, ‘total changes in equity’ is up 7.6% to $925.3m.

This shows the strength of MIG’s strategy of investing, developing and managing quality assets. MIG is now poised to see benefits flow to investors over coming years with 80% of its toll road portfolio in construction or traffic ramp-up.

It has been a busy and successful year for MIG.  Key achievements during the year included:

• the acquisition of SR125 South, San Diego USA
• acquiring an additional 5.66% stake in Lusoponte, Lisbon Portugal
• refinancing of the M4 motorway, Sydney Australia
• reaching financial close on Westlink M7, Sydney Australia
• finalising the tolling strategy for the M6 Toll, Birmingham UK

These initiatives, amongst others, have proved value accretive for security holders and have contributed to the increase in value of total assets.

Over the next six months MIG will finalise construction and open the M6 Toll in the UK and the Rostock Tunnel in Germany.  Project management and construction will continue on the SR125 South and Westlink M7 and we will continue to monitor traffic and operational issues on the 407 ETR in Toronto, Canada.

MIG has delivered the forecast distribution of 7.5 cents for the 12 months to 30 June, 2003.  We remain focused on driving value from our existing portfolio of assets by delivering on initiatives underway which should ensure future growth and superior returns for our security holders,” Mr Allen said.

Performance in Brief

¹ Although not required under current accounting standards, deferred tax has been provided for on the increments in asset values of controlled entities

The full financial report, concise report and Appendix 4B are attached.

Annual Revenue & EBITDA Increases

The following table shows increases over the year in revenue and EBITDA for MIG's significant operational toll roads.

¹ For the 12 month period ending 30 June 2003 compared to previous corresponding period
² For the 12 month period ending 31 December 2002 compared to previous corresponding period

Assets

The following table profiles MIG's asset valuations at 30 June 2003.

¹ Includes both MIG's 16.1% direct stake and MIG's 40% share of Cintra's 67.1% stake
² At cost

Forecast Distributions

Directors expect MIG to pay a minimum cash distribution of 7.5 cents per security plus imputation credits for each of the following two years to June 2005.

• Download MIG Full Year Results Investor Presentation (pdf 207 KB)
• Download Appendix 4E (pdf 178 KB)
• Download MIG Full and Concise Results (pdf 657 KB)
• Download MIT(I) Full and Concise Results (pdf 537 KB)
• Download MIT(II) Full and Concise Results (pdf 88 KB)
• Download MEI Financial Statements30 June 2003 (pdf 1.4 MB)
• Download MIG Aggregated Management Report (pdf 126 KB)
• View the MIG Full Year Results Briefing Webcast held on 28th August, 2003

For further information, please contact:

Media Enquiries
Stephen Allen
Chief Executive Officer
Tel: (61 2) 8232 4025
Email: stephen.allen@macquarie.com

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com