Macquarie International Infrastructure Fund Updates SIAS on Strategic Initiatives for Shareholders

Date: February 21, 2013

The discussion follows an earlier dialogue session in December 2012, during which MIIF briefed SIAS on a change in strategy to pursue an orderly divestment of MIIFメs infrastructural assets for the purpose of generating and returning value to MIIF shareholders.

SIAS is pleased to be updated that MIIF is making good progress in executing the identified strategic initiatives to deliver value to MIIF shareholders. We also noted that MIIF has distributed excess cash to shareholders by way of a one-off special dividend of 3.0 Singapore cents per share to shareholders in mid-February and also successfully negotiated an early termination of its undrawn corporate-level debt facility with United Overseas Banks, thereby reducing MIIFメs operating expenses.

In addition, SIAS was also advised that the Independent Directors have completed their discussions with MIIFメs Manager and finalised a revised management fee arrangement that will be better aligned with the new strategy of orderly divestments, to maximise value for MIIF shareholders.

MIIFメs shareholders should be happy that the MIIF Board has continually taken proactive steps to connect with the retail investing community to update on its progress. SIAS notes that the MIIF Board had acted promptly on its strategic initiatives to return value to its shareholders.

SIAS has reviewed the proposed management fee revision and noted that it is now better aligned to MIIFメs new strategy of orderly divestments. SIAS is also satisfied that MIIF has sought independent counsel from CIMB and KPMG as Independent Financial Advisors to ensure that the revised management fee structure is not prejudicial to the interest of MIIF shareholders.

David Gerald
President / CEO