Macquarie International Infrastructure Fund Limited

EC36305

Penboss Building

50 Parliament Street

2nd Floor

Hamilton HM 12

BERMUDA

Telephone +65 6601 0777

Fax +65 6601 0653

Internet www.macquarie.com/miif

SGX-ST/MEDIA RELEASE

Macquarie International Infrastructure Fund Limited (MIIF) MIIF ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2014 Singapore, 14 May 2014 - Macquarie International Infrastructure Fund Limited (MIIF or

Company) today announced its financial results for the three months ended
31 March 2014.
MIIF reported a net loss on an adjusted basis (net loss) of S$0.8 million for the three months ended 31 March 2014, compared to a net income on an adjusted basis of S$5.1 million in the prior corresponding period. The loss is due to the cessation of distribution income from Taiwan Broadband Communications (TBC) and Changshu Xinghua Port (CXP) as both of these businesses were divested in 2013 and MIIF's remaining business, Hua Nan Expressway (HNE), paying an annual distribution only at the end of the third quarter.

Net Asset Value (NAV)

MIIF is focused on divesting HNE in a timely manner whilst maximising proceeds for
MIIF's shareholders.
MIIF's NAV as at 31 March 2014 was S$142.1 million 1 (or 12.4 cps), down S$28.6 million (or 2.4 cps) from 31 December 2013. The decrease is due to the dividend paid by MIIF during the quarter and the reduction in the valuation of HNE. The reduction in the valuation of HNE reflects in part, the expectation that the slowdown in the Chinese economy would moderate HNE's future performance. The general downturn in the
sector is also reflected in the valuation multiples2 of comparable toll road companies
operating in China. The Board takes into account factors and considerations such as prevailing public market conditions in determining the value of MIIF and its business.
It should be noted that no provision for a potential success fee to be earned by MIIF's manager has been made as at 31 March 2014 (refer to footnote 1 for more details).

1 Reference is made to the amended management fee arrangement with MIIF's manager, MIMAL, which was approved by MIIF's shareholders at the MIIF Annual General Meeting on 8 March 2013. MIMAL will be entitled to a success fee when a certain level of divestment proceeds is achieved from the successful divestment of MIIF's businesses. However, since the conditions for MIIF to pay the success fee have not been met, there is no present obligation and accordingly a provision for a potential success fee has not been made as at 31 March 2014. Refer to note J(x) on page 35 of MIIF's SGX Report for the quarter ended

31 March 2014

2 EV/EBITDA multiple calculated using data sourced from Bloomberg

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). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities. Macquarie International Infrastructure Fund Limited 2

HNE Update

Operational highlights for Hua Nan Expressway (HNE) are as follows:

• Total traffic volumes of 17.0 million for the quarter ended 31 March 2014 was

13.1% higher than the prior corresponding period due to favourable traffic drivers, such as the continued positive impact of Guanghe Expressway, a complementary feeder road which opened in December 2011, on-going driver recognition of HNE's lower toll rates following the toll rate standardisation and the partial closure of Xinguang Expressway; and

• HNE's revenue for the quarter was RMB130.5 million, 12.7% higher than prior corresponding period (two periods with the same toll rates).

The ongoing process to divest HNE has to date generated a range of indicative offers from potential buyers. The divestment process is ongoing. A successful divestment of HNE would lead to the winding up of MIIF.

Outlook

Whilst HNE in the last quarter has benefited from favourable traffic drivers (such as those illustrated above), the expected slowdown in the Chinese economy is anticipated to moderate the rate of growth in HNE's traffic volumes. In addition, the benefit that HNE has enjoyed as a result of traffic diversion caused by the partial closure of a section of Xinguang Expressway may not continue as road works conclude on Xinguang Expressway.
In accordance with MIIF's continuous disclosure obligations, MIIF will keep the market appropriately informed of further developments in the divestment of HNE.

Dividend

MIIF's ordinary dividend is based on the distribution that MIIF receives from HNE and is generated from HNE's normal operations.
Given HNE pays a distribution to MIIF at the end of the third quarter annually, MIIF is expected to also pay an annual dividend to MIIF's shareholders moving forward.
If HNE is not successfully divested this year, it is anticipated that the next dividend to
MIIF's shareholders will be declared and paid in the first quarter of 2015. For further information, please contact:

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