PRESS STATEMENT BY SIAS ON Macquarie International Infrastructure Fund Limited (MIIF)

Date: December 4, 2012

SIAS’ President met up with the Independent Chairman of the Board, Mr Heng Chiang Men, Independent Director, Mr Frank Kwok and Investor Relations Vice President, Mr Wei Chong to discuss the concerns of the shareholders who have petitioned for the Special General Meeting scheduled for tomorrow, 5 December 2012. Earlier, SIAS was reached by the representatives of the two institutional shareholders, Mr Nicholas Paris and Mr Justin Reynolds. SIAS has considered the representations made by both parties.

SIAS is pleased to note that the Board has, in it’s statement of today, indicated it’s clear intention to appoint an additional Independent Director to the Board which will be undertaken by the MIIF’s Nomination Committee, together with the representatives from a number of MIIF’s major shareholders. SIAS notes that the Nomination Committee currently has four Independent Directors. SIAS is not in favour of increasing the Board by another three Independent Directors as there are already four Independent Directors on the Board and additional Independent Directors will only increase the cost unnecessarily. SIAS is also pleased to note that the Board has given the assurance to the two shareholders, LIM Advisors & Metage, that they will be consulted on the appointment of the additional Independent Director.

In view of the fact that the Board has already initiated a Strategic Review in September 2012 and in October 2012 has hired CIMB Singapore to give them independent financial advise on this review, SIAS would recommend to shareholders to allow the strategic review process to be completed, as we believe it will address the concerns of the shareholders. Also, the fact that MIIF will hold it’s Annual General Meeting (AGM) in April 2013, which is four months away, shareholders must consider seriously giving the Board the time to complete the current Strategic Review and to await the findings of the Review at the AGM and not take decisions that would disrupt the process unnecessarily and prematurely.

SIAS would also recommend that the Board adequately satisfy the shareholders on their serious concern, that although the Board has maintained that the review will be all encompassing, the two shareholders have been advised that CIMB have not been asked by the Board to advise on the TBC’s situation, where MIIF owns 46.5% of that company and the Macquerie Korea Opportunities Funds, which is in wind down, owns the other 52.5%. SIAS is confident that the Board will satisfactorily address this concern.

Shareholders of MIIF, will no doubt, act in their interest at tomorrow’s meeting.

David Gerald
President / CEO