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MIG Distribution for the Half Year Ending 31 December 2004 – Drp Underwriting Arrangements

24 December 2004

MIG announced on 30 November 2004 that for the Distribution and Dividend Reinvestment plan (“DRP”) in operation for the December 2004 distribution a discount of 2.5% would apply and that it was MIG’s intention to underwrite the DRP to facilitate funding of its approximately US$400million (AUD$550 million) investment in the Chicago Skyway Project.

Underwriting arrangements have now been entered into with Macquarie Equity Capital Markets Limited ("MECM") as follows:

Amount underwritten: Such number of MIG Stapled Securities that will raise AUD$550 million less the amount raised by DRP subscriptions.
Fee payable: 0.40% of the number of Shortfall Securities multiplied by the DRP Underwritten Price (the "Shortfall") plus a fee of up to 0.4% of the Shortfall if the Shortfall Securities are sub-underwritten at a 0% discount and reduced on a linear basis for sub-underwriting discounts of between 2% and 0%.
DRP Underwritten Price:

2% discount to the simple average of the daily volume weighted averages of all sales of MIG Stapled Securities on the ASX, excluding the usual default exclusions noted by the ASX for such calculations, between 4 January 2005 and 17 January 2005 inclusive.
Termination Events:           Usual termination events apply such as misleading or deceptive statements in public documents and information, adverse changes in MIG's financial position, commencement of hostilities or an act of terrorism in certain countries, change of management and breach of representations and warranties, where these events are likely to have a material adverse effect on the DRP offer, together with the usual regulatory / compliance, ASX quotation and market fall termination events

For further information, please contact:

Investor Enquiries
Peter Johnston
Head of Investor Relations
Mobile: (61) 413 994055
Email: peter.johnston@macquarie.com


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