Macquarie Infrastructure and Real Assets Credentials

30 September 2015 Disclaimer

This presentation is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities or interests referred to in this presentation and has been created by the Macquarie Infrastructure and Real Assets (“MIRA”) division of Limited to provide readers with general information in respect of the funds management business carried on by MIRA. The information in this presentation may not be incorporated into any documents or presentations prepared by or for the reader without the consent of Macquarie. This presentation incorporates third party information from sources believed to be reliable. The accuracy of such information (including all assumptions) has not been independently verified by Macquarie and Macquarie cannot guarantee its accuracy or completeness. Except as required by law, Macquarie and the MIRA funds mentioned in this presentation and their respective directors, officers, employees, agents and consultants make no representation or warranty as to the accuracy or completeness of the information contained in this presentation. Past performance of MIRA funds is not an indication of future performance and Macquarie does not guarantee the performance or return of capital from any investment in any MIRA fund. None of the entities noted in this presentation 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. Nothing in this presentation constitutes a commitment from Macquarie to provide or arrange any facility or otherwise imposes any obligation on Macquarie or any MIRA fund. No member of the Macquarie Group is required to offer investment opportunities to MIRA funds or other investment vehicles. In this presentation “Macquarie” or “Macquarie Group” means Macquarie Group Limited and its subsidiaries. Information is presented as at 30 September 2015 unless otherwise specified. Fund profiles are provided as at 30 September 2015. Australia Macquarie Fund Advisers Pty Limited AFSL 318123, a member of Macquarie Group, is responsible for the distribution of this presentation in Australia. It is directed only to wholesale clients within the meaning of section 761G of the Corporations Act of Australia and sophisticated or professional investors within the meaning of section 708 of the Corporations Act of Australia. The information in this document has been prepared without taking into account any person’s investment objectives, financial situation or particular needs and readers should seek their own advice in that regard. USA and Canada This presentation is being distributed in the United States and Canada by Macquarie Infrastructure and Real Assets Inc. a member of the Macquarie Group. United Kingdom and Europe Macquarie Infrastructure and Real Assets (Europe) Limited, which is distributing this presentation in the United Kingdom and Europe, is a member of the Macquarie Group and is authorised and regulated by the UK Financial Conduct Authority. This presentation is only directed at persons falling within the following exemptions from the financial promotion restriction in s 21 of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”): (a) authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 Promotion) Order, (the “Order”); (b) high net worth entities (not individuals) falling within article 22 of the Order; and their directors, officers and employees acting for such entities in relation to investment; and (c) persons who receive this presentation outside the United Kingdom, in accordance with applicable local requirements.

⏐ MACQUARIE PAGE 1 Disclaimer

Hong Kong This presentation has been prepared and intended to be disclosed solely to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong for the purpose of providing preliminary information and does not constitute any offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong. None of Macquarie or its employees or officers is responsible for any liabilities, claims, mistakes, errors or otherwise arising out of or in connection with the content of the material. MBL is licensed in Hong Kong, License No: B307, Company Registration Number: F18649, Business Registration Number: 58993611. The contents of this information have not been reviewed by any regulatory authority in Hong Kong. Japan The securities referred to in this presentation have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the “FIEL”). None of the securities referred to in this presentation may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, or otherwise in compliance with, the FIEL. Korea This presentation is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities referred to in this presentation. This presentation is not a prospectus as defined in the Financial Investment Services and Capital Markets Act (the "Capital Markets Act"). None of the securities may be offered or sold in Korea or to any resident of Korea except pursuant to an exemption from the registration requirements of, or otherwise in compliance with, the Capital Markets Act. Singapore This presentation does not, and is not intended to, constitute an invitation or an offer of securities in Singapore. The information in this presentation is prepared and only intended for an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) and not to any other person. This presentation is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses will not apply. Prospective investors should consider carefully whether an investment in any of the securities referred to in this presentation is suitable for them. None of the members of the Macquarie Group holds a licence under the Banking Act, Chapter 19 of Singapore and hence does not carry on banking business in Singapore. Accordingly, none of the members of the Macquarie Group is subject to the supervision of the Monetary Authority of Singapore in respect thereof.

⏐ MACQUARIE PAGE 2 Contents 1 Introduction 2 Macquarie Asset Management 3 Macquarie Infrastructure and Real Assets 4 Infrastructure 5 Fund Profiles 6 Additional Information: Exchange Rates & Equity Under Management Introduction Macquarie Infrastructure and Real Assets

“… infrastructure investment requires significant dedication of time, organisational resources, and management focus. The example of Macquarie Group provides a good illustration of how a global infrastructure investment business can be built. Along the way, it has developed sophisticated risk management techniques to oversee activities in disparate markets”1 − McKinsey, March 2011  Macquarie Infrastructure and Real Assets is a leading global alternative asset manager specialising in infrastructure funds, other real asset funds and customised accounts  Our team is comprised of over 480 experienced professionals, located in 17 countries, managing 50 funds with A$148 billion2 of assets under management  Our in-depth operational expertise and active asset management, combined with access to the proprietary deal sourcing capability of the Macquarie Group, provide a unique competitive advantage  Macquarie Infrastructure and Real Assets’ expertise has been and continues to be recognised with international awards

Operational Global World’s Largest Deal of the Year Acquisition of Largest Asia Pacific North American North American Excellence Award Fundraiser and Infrastructure – Transport the Year – infrastructure Infrastructure Infrastructure PPP – Arlanda Express3 Global Fund Asset Manager5 Goethals Bridge Energy & direct-investment Fund Manager Deal of the Transaction of Manager4 Replacement Natural programme7 of the Year8 Year9 the Year9 PPP6 Resources6

2015 2014 2010 - 2015 2014 2014 2010 - 2015 2013 2013 2013

1. McKinsey Quarterly, March 2011. 2. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 30 June 2015 for the majority of assets. 3. 2015 Infrastructure Investor: Operational Excellence Awards (published July 2015). 4. 2014 Annual Infrastructure Investor Awards Poll. 5. Global Alternatives Survey 2015 (published July 2015), measured by assets under management. Previous Global Alternatives Surveys published by Towers Watson between 2010 and 2014. 6. 2014 Infrastructure Journal Awards - Recognising the achievements of 2013 (Published March 2014). 7. Rankings based on methodology created by Infrastructure Investor, and represents infrastructure direct-investment capital formed based on a rolling 5 year period to measurement date. 8. 2013 Annual Infrastructure Investor Awards Poll. 9. MIRA awarded North American Infrastructure Deal of the Year and North American PPP Transaction of the Year (Infrastructure Investor Awards 2013) for Goethals Bridge transaction.

⏐ MACQUARIE PAGE 5 Global position

Capital creation far larger than its peers for infrastructure investment globally 2015 Top global infrastructure investors (US$b)1

1 Rank Company 5 Year Capital Creation 1 Macquarie Infrastructure and Real Assets 28.8 2 Brookfield Asset Management 15.8 3 Energy Capital Partners 10.4 4 ArcLight Capital Partners 9.6 5 IFM Investors 8.4 6 Global Infrastructure Partners 8.3 7 Borealis Infrastructure 7.2 8 The Blackstone Group 7.1 9 Kohlberg Kravis Roberts (KKR) 6.5 10 Colonial First State Global Asset Management 5.8 11 Ardian 5.3 12 Goldman Sachs Infrastructure Investment Group 5.0 13 InfraRed Capital Partners 5.0 14 KDB Infrastructure Investments Asset Management Company 4.7 15 JP Morgan Asset Management 4.4 16 Antin Infrastructure Partners 4.2 17 Alinda Capital Partners 4.1 18 EnerVest 4.1 19 First Reserve Corporation 3.8 20 BTG Pactual 3.6

Source: Infrastructure Investor 30 2015, a global ranking of the largest direct-investment programmes by Infrastructure Investor Magazine. 1. Rankings based on methodology created by Infrastructure Investor, and represents infrastructure direct-investment capital formed since 1 January 2010. Includes equity capital raised by infrastructure funds, infrastructure funds commitments and direct capital invested in infrastructure assets by pension funds, and equity capital invested in infrastructure projects and concessions by infrastructure developers.

⏐ MACQUARIE PAGE 6 Superior infrastructure performance

Strategic infrastructure investments have delivered superior returns

1,2,5,6,8 1,6,7,8 4,5,6,8 1.8x 18% p.a.1,3,5,6,8 11% 13% p.a. the equity invested Weighted average Combined unrealised Realised gross return by the funds on realisation premium to and realised gross to the funds realised infrastructure directors’ valuation return to the funds

Macquarie Infrastructure and Real Assets is predominantly a long-term investor. Since inception MIRA- managed funds have:

Invested in over 180 48 infrastructure asset infrastructure realisations to third 8 businesses parties

1. As at 30 September 2015. 2. Calculated as the aggregate of all realised proceeds divided by equity invested, across all realised infrastructure portfolio businesses to third parties. 3. Calculated as the annualised return across all infrastructure portfolio businesses realised to third parties, including all equity investments and realised proceeds. Excludes unrealised returns for infrastructure businesses no longer managed by MIRA funds due to fund level initiatives, such as the restructure or internalisation of management functions, and the sale of management rights. 4. Calculated as the annualised return across all infrastructure portfolio businesses realised to third parties and unrealised infrastructure portfolio businesses, including all equity investments, realised proceeds at 30 September 2015 and unrealised valuations at 30 June 2015 or most recent. Excludes unrealised returns for infrastructure businesses no longer managed by MIRA funds due to fund level initiatives, such as the restructure or internalisation of management functions, and the sale of management rights. 5. Cash flows are converted to AUD applying the spot FX rate as at the date of each fund’s acquisition of the relevant portfolio business. Past performance is not indicative of future results. Returns on realised infrastructure businesses represent returns to the applicable fund. 6. The figures or performance, as applicable, do not represent returns to underlying investors in the funds. Does not reflect management fees, performance fees, taxes and other expenses to be borne by investors in the applicable funds, which may be substantial. 7. Calculated as the equity realisation premium for each realised asset weighted by the final directors’ valuation of each business in AUD. Equity realisation premium based on final directors’ valuation prior to realisation date and realisation proceeds, pre-fund level expenses. 8. Includes both full and partial realisations. Note: All performance data included herein concerning Macquarie and Macquarie-managed funds and assets have been prepared by the relevant Macquarie entity and are believed to be accurate and reliable. The Macquarie performance data represents past performance results of Macquarie-managed funds as a whole or a subset thereof, which reflects the investment objectives and strategies of those funds. The investment objectives and future investments of other existing and future Macquarie-managed funds may be different from the investment objectives and investments reflected in such past performance data. Past performance is not a guarantee of future results or returns.

⏐ MACQUARIE PAGE 7 Macquarie Asset Management Macquarie Group and MIRA

MIRA is a standalone business within Macquarie Asset Management (“MAM”) and has a 21-year track record in infrastructure investment and management

Macquarie Group Limited

Macquarie Asset Management Commodities Banking and Corporate Macquarie Macquarie and Financial and Asset Securities Capital Total AUM: A$502billion1 Financial Services Finance Group Markets Group

Contribution to Macquarie Group Profit1 Macquarie Macquarie Macquarie Commodities and Infrastructure and Investment Specialized Financial Markets Macquarie 11% Real Assets Management Investment Asset Macquarie Management (MIRA) (MIM) Solutions (MSIS) Capital 7% 44% Global Head – Equities and Fixed Structured Martin Stanley Income Portfolios Products Macquarie Infrastructure, Real Securities Group Estate, Agriculture 9% and Energy Banking and Financial Services 6%

Corporate and Asset Finance 1. For the half year ended 30 September 2015 and in official AUD amounts 23% ⏐ MACQUARIE PAGE 9 Macquarie Asset Management

Group Head Shemara Wikramanayake

Macquarie Infrastructure and Macquarie Investment Macquarie Specialised Real Assets (“MIRA”) Management (“MIM”) Investment Solutions (“MSIS”) Martin Stanley Ben Bruck Peter Lucas Alternative asset management Securities investment management Fund and equity-based solutions Infrastructure Fixed interest and currencies Fund linked products Real Estate Equities, including infrastructure securities Capital protected investments Agriculture Private markets Retirement and annuity solutions Energy Hedge funds Agriculture Multi-asset allocation solutions Infrastructure debt Non-Executive Chairman: John Roberts ‘Best of breed’ external managers

Operations Legal and Compliance

A$502b 21 ~1,500 AUM1 Countries worldwide1 Staff1

1. All numbers as at 30 September 2015.

⏐ MACQUARIE PAGE 10 Macquarie Infrastructure and Real Assets Overview

Sourcing and managing portfolio businesses on behalf of investors globally

Investors A$71.6b EUM1

Invests ~A$51b of distributions2

Manages Macquarie 50 Funds Infrastructure and Co-invests Real Assets ~A$2.9b3 Owns / Manages

~3.7m hectares of A$147.8b AUM1 136 Businesses ~300 Properties Farmland

Across 27 Countries

1. For methodology of EUM and AUM please refer to slide 27. 2. Since inception. Includes distributions paid by one Macquarie Infrastructure and Real Assets managed fund to another where cross holdings exist. Past performance is not indicative of future results. 3. Staff investment of ~A$0.3 billion and Macquarie investment of ~A$2.6billion in Macquarie Infrastructure and Real Assets managed funds. As at 30 September 2015.

⏐ MACQUARIE PAGE 12 More than 20 years real asset experience

A solid track record across investments, from acquisition to realisation

 481,2 real asset investments in last two years, deploying A$11bn capital Leverage a team, with strong execution  Completed 483 realisations in infrastructure to third parties ability to seamlessly ‘staff-up’ when required  Extensive infrastructure network and long-standing relationships with key stakeholders

Access to global capital through respected  Access to high quality dealflow, with strong proprietary investment sourcing capability brand and strong existing relationships,  Strong and established relationships with a large global institutional investor base managed by a dedicated investor  501 funds and mandates currently under active management worldwide across relations team infrastructure, real estate, agriculture and energy

Ability to source debt across a pre-existing  A$81bn1 of net debt across our portfolio including A$20bn1 refinancing in last two network of diverse lenders years

Middle office across portfolio  Active approach to fund management and strategic asset management management, structuring and fund  Focus on operational excellence and managing risks operations

Local presence with 241 MIRA offices  Experienced professionals based in each region providing access to local markets and globally and access to deep dealflow relationships and expertise across the  Staff of over 4801 experienced professionals entire Macquarie Group

1. All numbers as at 30 September 2015. 2. Unique investments only. Excludes follow-on investments 3. Includes both full and partial realisations.

⏐ MACQUARIE PAGE 13 Extensive experience

Macquarie has extensive experience managing infrastructure and real asset funds1 Australia2 EMEA3 Americas Asia

2010 Macquarie Atlas Roads (Listed) 2013 MPF Holdings Limited (Energy) 2013 Macquarie Infrastructure Partners III 2016 Macquarie Asia Infrastructure Fund4 2008 Macquarie Special Situations Fund 2011 Macquarie European Infrastructure 2012 FIBRA Macquarie (Listed) 2015 Macquarie China Retail Company 2 2007 Macquarie Global Infrastructure Fund 3 Fund IV 2009 Macquarie Mexican Infrastructure Fund 2014 Korea Private Concession Fund III 2007 Lombard Odier Macquarie Infrastructure 2010 African Infrastructure Investment Fund 2008 Macquarie Infrastructure Partners II 2014 Korea Private Concession Fund II 2 (JV)4 Fund (JV) 2008 Macquarie Advanced Investment 2013 Asia Pay Television Trust (Listed) 2007 Macquarie Pastoral Fund 2009 Macquarie Russia & CIS Infrastructure Partners Fund 2012 Korea Private Concession Fund 2007 Retirement Villages Group (JV) 2007 Macquarie Global Opportunities Partners 2008 Macquarie European Infrastructure 2012 Philippine Investment Alliance for 2005 Macquarie Media Group (Listed) Fund III 2006 Macquarie Infrastructure Partners Infrastructure 2004 DUET Group (Listed, JV) 2008 ADCB Macquarie Infrastructure Fund 2004 Macquarie Infrastructure Company 2011 SBI Macquarie Infrastructure Trust (JV) - 2003 Macquarie Global Infrastructure Fund 2 (JV) - Middle East (Listed) India 2003 Macquarie DDR Trust (Listed) 2007 Kagiso Infrastructure Empowerment 2004 Macquarie Power and Infrastructure 2011 Macquarie China Retail Company Corporation (Listed) 2002 Macquarie Airports (Listed) Fund (JV) - Africa4 2011 Macquarie Greater China Infrastructure 2003 Macquarie Essential Assets Partnership Fund 2002 Macquarie Communications 2006 Macquarie European Infrastructure Infrastructure Group (Listed) Fund II 2010 Korea Macquarie Growth Fund 2002 MREEF 1, 2 - 7 2004 Macquarie European Infrastructure 2009 Macquarie SBI Infrastructure Fund (JV) - Fund I India 2000 Macquarie Global Infrastructure Fund 2004 African Infrastructure Investment Fund 2007 Macquarie NPS REITs 1998 Macquarie Leisure Trust Group (Listed) 4 (JV) 2006 Macquarie Korea Infrastructure Fund 1996 Macquarie Infrastructure Group (Listed) 2001 Macquarie Airports Group (Listed) 1995 Macquarie CountryWide Trust (Listed) 2000 South Africa Infrastructure Fund (JV)4 2006 MWREF Limited - China 1994 Hills Motorway Group (Listed) 2005 Macquarie Korea Opportunities Fund 1993 Macquarie Office Trust (Listed) 2005 Macquarie International Infrastructure Fund (Listed) – Asia4

Black text represents active funds. Grey text represents an inactive or no longer Macquarie-managed fund. 1. Above list of funds is not exhaustive. 2. Funds managed from Australia, however many funds have global investment mandates. 3. Europe, Middle East & Africa. 4. Financial close reached post 30 September 2015

⏐ MACQUARIE PAGE 14 Recent significant acquisitions and realisations

23 acquisitions and realisations during last 12 months across core and emerging markets

United Kingdom Czech Republic Korea AGS Airports Czech Gas Network Deok-Pyeong Motorway Service DB Hotel Daejon Cogeneration (Acquisition – airport) (Realisation – ferry) (Follow on investment – utilities) Station (Acquisition – other real assets) (Acquisition – energy) December 2014 February 2015 March 2015 (Acquisition – private concession) April 2015 May 2015 December 2014

Greater China Spain & Portugal Mosiac Beijing Viesgo (Acquisition – retail property) (Acquisition - utilities) December 2014 March 2015 Zhenxing Waste Water (Acquisition – utilities) February 2015 Italy Renvico Italy Hua Nan Expressway (Acquisition - renewables) (Realisation – roads) March 2015 September 2015

Brazil India Cremacq Gujarat Roads (Acquisition – other real assets) (Acquisition – roads) May 2015 January 2015 Zmacq Ind-Barath Energy (Acquisition – other real assets) (Acquisition – energy) December 2014 July 2015

United States Philippines Australia Idaho Wind Partners Indiana Toll Road Negros Island Solar Power GN Power Kauswagan Axicom (Acquisition – renewables) (Realisation – roads) (Acquisition – renewables) (Acquisition – other utilities) (Acquisition – communications) December 2014 May 2015 September 2015 September 2015 May 2015

NYK Ports Bayonne Energy Center San Carlos Solar Energy (Acquisition – ports) (Acquisition– power generation) (Acquisition - renewables) February 2015 April 2015 June 2015

Note: Recent significant asset acquisitions and sales by MIRA-managed funds that have reached financial close. Dates represent financial close. 1. MIRA-managed funds continue to hold interests in this asset. ⏐ MACQUARIE PAGE 15 Sustained investor support

$94 billion committed to MIRA managed infrastructure and real asset funds over 21 years

A$ billion1 $92 $94 90 $85 $78 80 $75 $72 $70 70 $67 $61 60 $51 50

40 $33 30 $26

20 $14 $11 10 $7 $2 $3 $4 $0 $1 $1 $2 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1. Cumulative commitments to MIRA managed funds grouped by Macquarie Group financial years to 31 March. Includes listed, unlisted and hybrid capital raised for MIRA-managed funds and accounts. Excludes co-investments

⏐ MACQUARIE PAGE 16 Global presence 136 portfolio businesses, ~300 properties and ~3.7 million hectares of farmland1 Canada UK Spain France Germany Czech Republic South Korea  Autoroute 25  Airwave  Asset Energia Solar  Pisto SAS  TanQuid  Ceske Radiokomunikace  C&M  Fraser Surrey Docks  Arqiva  Solpex Energia Solar  Trois Sources & Lomont Windfarms  GWE  Czech Gas Networks  North East Chemical  Halterm Limited  AGS Airports  Viesgo  Compteurs Farnier  Techem  Tongyang Cement’s Waste Heat Power Russia  CLP Envirogas  Itevelesa  Autoroutes Paris-Rhin-Rhône  Thyssengas  Youngduk Wind Power Brunswick Rail  Energy Power Resources  Open Grid Europe   Yeongyang Wind Power  GSR Energy Investments USA  Thames Water Portugal Sweden  Warnow Tunnel  Kangnam City Gas  OGK-5  Chicago Skyway  M6 Toll Viesgo  EPR Sweden  Daegil Industry / Daegil Environment  Italy Russian Towers  Dulles Greenway  Condor Group (ferry services)  Varmevarden   Baekyang Tunnel  Renvico  Elizabeth River Tunnels  Moto (motorway services) Belgium  Poland  Cheonan-Nonsan Expressway  Goethals Bridge  National Car Parks  Brussels Airport Slovakia  DCT Gdansk  Gwangju 2nd Beltway Section 1  Harley Marine Services  Baglan Bay Power Station  Towercom  TanQuid  Gwangju 2nd Beltway Section 3-1  NYK Ports  Sutton Bridge Power Station Denmark  Incheon Grand Bridge  Penn Terminals  Severn Power Station  Copenhagen Airports Japan  Incheon International Airport Expressway  Airport Services  Hanjin Pacific Corporation  Machang Bridge  Total Terminals International  Seoul Chuncheon Expressway  Aquarion Company  Soojungsan Tunnel  Puget Energy  Woomyunsan Tunnel  Duquesne Light  Yongin-Seoul Expressway  Hawaii Gas  Busan New Port Phase 2-3  Broadrock Renewables  Hanjin Pacific Corporation  MIC Contracted Power and  Hanam-Misa Combined Heat and Power Plant Energy  Daejon Cogeneration  Idaho Wind Partners  Goyang Bus Terminal  International-Matex Tank  Hangdarm Island Terminals  Deok Pyeong Land Company LLC  Leaf River Gas Storage  DB Hotel  Bayonne Energy Center  CNE Motorway Service Stations  Waste Industries  WCA Waste China  Shenyang Zhenxing Environmental Protection  Shenyang Water Treatment Co. Mexico  Dallan Hengji Xinrun Water  Decarred  Zhenxing Wastewater  Mareña Renovables  Hengyang Holdings  Santiago HydroGen  Jinko Solar Power Engineering  Mexican Tower Partners  Zhejiang Wanna Environment Protection  Concesionaria Universidad  Star King Food Group Nigeria2 Politécnica  Longtan Tianyu Terminal  Lekki Concession Company  FIBRA Macquarie  Tianjin Port Huisheng Terminal  IHS Holdings India  Endeavour  Viom Networks 2  Menagerie Kenya Adhunik Power and Brazil  Australia  MWREF  Kinangop Wind Park Natural Resources  Cruzeiro do Sul Grãos (3 farms)  Hobart International Airport  Plaza 353  MB Power  Prospect Water  Zmacq 2  Xi’an South Africa  Ind-Barath Energy  MREEFs Philippines  Umoya Energy  GMR Airports  Paraway Pastoral (17 farms)  Negros Island Solar Power Taiwan  Cookhouse  Soham Renewable Energy  NLREC Wind Farm  Taiwan Broadband Communications United Arab Emirates  Lawson Grains (8 farms)  Kathu  Trichy Tollways  Axicom  San Carlos Solar Energy  Hanjin Pacific Corporation  ICAD Effluent Treatment Plant  Bakwena Platinum Corridor  GMR Jadcherla Expressways  LRT 1 Metro  Al Ain Industrial City  N3 Toll Concessions  Gujarat Roads & Infrastructure Corp New Zealand  GNPower Kauswagan  Industrial City of Abu Dhabi  Trans African Concessions  Ashoka Concessions  Oceania Healthcare  Philippine Coastal Storage & Pipeline Airports Communications Energy Waste Renewable Energy Utilities Roads & Rail Other Transport Services Real Estate Agriculture Other Real Assets 1. As at 30 September 2015. Represents portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Portfolio businesses shown on the map are representative and not exhaustive. In some instances they represent the operations of a single business where it has operations across different countries 2. Management rights divested post 30 September 2015

⏐ MACQUARIE PAGE 17 Diverse global portfolio

Macquarie Infrastructure and Real Assets manages a diversified portfolio of businesses1

Assets by sector Assets by region

Middle East/Africa Real Estate Other Real Assets 1% Australia/NZ 4% 4% Asia 2% 12% Roads & Rail Communications 19% 9% North America 28%

Airports 4%

Other Transport Services 5%

Energy South America 5% 0%

Waste 2% Other Utilities Europe Renewable 46% 57% Energy 2%

1. As at 30 September 2015, based on AUM.

⏐ MACQUARIE PAGE 18 Investors in unlisted vehicles

Investors include international institutions, pension funds, governments and high net worth clients Unlisted investors by type Unlisted investors by region

Other 2% High Net Worth Rest of the 6% World 13% Australia/NZ Institutions 13% 21% Government 14% Asia 12%

Europe 36%

North America 26%

Pension/Super Funds 57%

1. As at 30 September 2015, based on total committed capital less any non-recallable capital returned to investors.

⏐ MACQUARIE PAGE 19 Trusted by communities

Every day ~100 million people use essential services provided by MIRA managed businesses

Airports Roads Rail Ferries Sea Ports Car Parks ~ 108 million ~ 1 million vehicles ~ 4 million ~ 1 million ~ 5 million standard ~ 150,000 car passengers per per day passengers per passengers per container units spaces annum annum annum handled per annum

Communications Gas Water Electricity Aged Care / Employees / ~ 105 million people ~ 23 million ~ 13 million ~ 3 million Retirement Contractors through television, households households households Villages ~ 91,000 across the telephone and radio ~ 4,000 beds portfolio businesses infrastructure

Note: Data as at 30 September 2015 or most recent.

⏐ MACQUARIE PAGE 20 Sourcing, analysing, acquiring and managing

Macquarie is disciplined in sourcing, analysing, acquiring and managing portfolio businesses

Experienced global team sourcing, analysing and acquiring portfolio businesses Sourcing, analysing  Portfolio businesses are sourced in many ways, including exclusive negotiations, government and acquiring privatisations and partnering with industry leaders  Acquisitions are subject to extensive due diligence and must meet stated investment criteria

Operational specialists driving the key strategic and operating activities of the businesses Business management  Senior executives with extensive industry or operational backgrounds prior to joining Macquarie

Financial expertise to actively manage capital structure Capital  Optimal capital structure as the business grows or market conditions change management

Long-term returns to investors

⏐ MACQUARIE PAGE 21 Active business management

There are a number of necessary elements to actively managing operating businesses De-Risk Optimise Manage and Monitor Integration Business management Ongoing management  A transition plan (100 day plan)  Lead development of annual  Actively monitor performance of is developed during the business plans, which include business against business plan acquisition due diligence, which details on: and make relevant changes is implemented by a dedicated – Major capital expenditure  Actively monitor the team upon acquisition programs implementation of specific  Key transition plan activities – Efficiency-enhancing projects projects outlined in the business include: or strategic plan – Specific revenue or marketing – Confirmation of business plan initiatives – Ensuring ability of business to  Lead development of strategic perform essential activities plans which could include: after change of control – Organisation/management – Creating framework for internal restructures risk identification and management, reporting, – Bolt-on acquisitions procedures and controls – Refinancing of debt

⏐ MACQUARIE PAGE 22 Significant co-investment

Macquarie and staff have invested ~A$2.91 billion in Macquarie Infrastructure and Real Assets managed funds Macquarie Group Investors Macquarie Employees  Macquarie has substantial  Investors have A$71.61 billion of  Employees have ~A$0.31billion investments (~A$2.61 billion) in equity invested in Macquarie invested in MIRA managed funds Macquarie Infrastructure and Infrastructure and Real Assets  Long-term carry sharing Real Assets managed funds managed funds arrangements for fund staff for  Listed fund performance fees recently established funds typically reinvested in securities  Profit share incentive structure linked to performance of fund(s) for all MIRA employees  Between 40% and 60% of the profit share of MIRA Executive Directors is retained, vesting over a period of three to seven years. Between 50% and 75% of this amount is notionally invested in MIRA funds, with the residual invested in MQG shares

1. As at 30 September 2015.

⏐ MACQUARIE PAGE 23 Infrastructure Infrastructure characteristics

Successful infrastructure projects deliver for the community and for investors  Infrastructure businesses have many attractive investment characteristics but require significant ongoing management to deliver services for the community and value for investors

Essential Low Underlying services Stable, correlation Long High barriers Low demand cash flows supporting predictable, with other operational to entry elasticity linked to the cash flows asset life inflation community classes

Macquarie’s Active Management

Improved Optimal Cost effective Operating operational capital capital cost control performance structure expenditure

Delivering for investors and for the community

⏐ MACQUARIE PAGE 25 Extensive infrastructure experience

Macquarie: a world leader in infrastructure for over 20 years 1990 2015 Nicholas Moore 1990 2002 Cont. 2005 Cont. 2008 2010 2011 Cont. 2013 2014 Cont. Managing Director and Began advising third- Macquarie Airports IPO Macquarie Korea ADCB Macquarie Macquarie Mexican Macquarie Essential Final close for FIBRA Macquarie CEO, Macquarie Group Infrastructure Fund party clients on Macquarie Korea Opportunities Fund Infrastructure Fund Assets Partnership Macquarie Greater launched internal launched privatisations and Infrastructure Fund launched Limited launched – completed the China Infrastructure property acquisitions launched 2006 Macquarie’s first Acquisition of divestment of its final Fund and Macquarie administration 1994 Middle Eastern Delaware Investments two assets, European platform 2003 Indiana Toll Road Shemara infrastructure fund and launch of first successfully Infrastructure Fund 4 IPO of Hills Motorway concession – the Macquarie becomes Macquarie Global Macquarie European fund post acquisition, concluding the term Wikramanayake Group – Australia’s largest privatisation Launched Asia Pay sole manager of Infrastructure Fund II Infrastructure Fund III the Delaware of the fund Group Head, first listed toll road of a toll road in the Television Trust on Greater China launched launched Macquarie Global US Reached financial Singapore Exchange Infrastructure Fund Macquarie Asset Infrastructure funds Infrastructure Fund Macquarie Essential Macquarie close on acquisition (SGX) management group Kagiso Infrastructure Macquarie Management Assets Partnership Infrastructure Partners Announced acquisition of GSR Energy established Empowerment Fund Fully deployed Korea Infrastructure launched – Macquarie’s II launched of Thyssengas, Investments, Russia launched Macquarie Growth Partners III reaches 1996 first North American Germany Responsible 2012 Fund final close of over infrastructure fund Macquarie European IPO of Infrastructure Contractor Policy Acquisition of first USD3bn Infrastructure Fund II Reached financial FIBRA Macquarie Martin Stanley Trust of Australia – 2004 adopted for Macquarie Indian infrastructure launched close on US made further 2015 Division Head, Australia’s first listed Infrastructure Partners assets Chicago Skyway investment in WCA investments in 22 infrastructure fund Macquarie II Macquarie Crop Macquarie Infrastructure concession – first PPP Deployed over A$2 Waste and Elizabeth properties Infrastructure Partners fund fully Macquarie of a US interstate Hired dedicated labour billion of investor River Tunnels and and Real Assets Partners I launched Acquired 2 power deployed Infrastructure Group highway relations director in the capital Leaf River, US stations in the UK IPO Responsible US Macquarie Infrastructure Fully deployed MEIF 2 Acquisition of Open Philippine Contractor Policy Deployed A$2.9 South Africa Company IPO on the and 3 Grid Europe Investment Alliance adopted for 2009 billion of investor Infrastructure Fund for Infrastructure NYSE Macquarie Macquarie Russia & equity John Roberts launched – Puget Energy acquired 2011 fund fully deployed Macquarie Power & Infrastructure CIS Infrastructure Reached financial Macquarie’s first – Macquarie’s largest Reached financial Non-Executive Chairman, Infrastructure Income Partners I Fund reached close on Goethals Macquarie private infrastructure North American close on acquisition of Fund IPO on the TSX financial close on the International Macquarie Infrastructure fund Thames Water infrastructure Bridge Replacement České acquisitions of Infrastructure Fund African Infrastructure acquisition – transaction Project and Real Assets 2000 Radiokomunikace, Russian Towers and completes Investment Fund Macquarie’s largest Advisor on I – 595 Czech Republic Achieved the largest Advisor on Midland OGK-5 divestment of launched European Project – the first PPP first close for an Expressway – the UK’s SBI Macquarie Philippine Investment portfolio and delists Macquarie European infrastructure of US toll road unlisted fund in first private toll road Infrastructure Trust Alliance for Infrastructure Fund transaction involving availability MIRA’s history reached final close Infrastructure fund Macquarie Global launched – Macquarie’s 2007 payment structure Completed 21 Infrastructure Fund I Macquarie SBI Reached financial launched first European Macquarie Global additional launched Infrastructure Fund close on investment in Launched FIBRA infrastructure fund Infrastructure Fund III investments across Each has 20 years launched – GMR Airports Macquarie 2002 launched the globe 2005 Macquarie’s first Macquarie Mexican Deployed A$4 billion of infrastructure Sydney Airports Indian infrastructure Korea Private Macquarie 2008 Infrastructure Fund of investor equity Corporation acquisition fund Concession Fund 2 International BAA refinancing – acquired interest in experience – the world’s largest Korea Private launched and fully Infrastructure Fund largest airport Launched Macquarie’s Mareña Renovables trade sale of an airport Concession Fund deployed launched refinancing first Russia & CIS (wind energy) at the time launched infrastructure fund

⏐ MACQUARIE PAGE 26 Infrastructure overview

Extensive experience sourcing and managing infrastructure investments

1996 September 2015 Funds / Vehicles Unlisted No. -  30 Listed No. 2  5 Portfolio Businesses No. 4  125 Assets under Management A$b 1.6  1391 Equity under Management Unlisted A$b -  492 Listed A$b 0.6  152

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 30 June 2015 for the majority of assets. 2. Listed funds – market capitalisation plus fully underwritten or committed future capital raisings. Unlisted funds – committed capital less any non-recallable capital returned to investors. Invested capital for other MIRA businesses. For jointly managed funds, amount is representative of Macquarie’s economic ownership of the JV manager. Adjustments have been made where MIRA managed funds have invested in other MIRA managed funds.

⏐ MACQUARIE PAGE 27 Global presence 125 Infrastructure businesses operating in 26 countries1 Europe North America Asia UK Czech Republic USA Mexico India South Korea  Duquesne Light  Airwave  Ceske Radiokomunikace  Chicago Skyway  Decarred  Viom Networks  C&M  Hawaii Gas  AGS Airports  Czech Gas Networks  Dulles Greenway  Mexican Tower Partners  Adhunik Power and Natural  North East Chemical  Idaho Wind Partners  Arqiva  Elizabeth River Tunnels  Concesionaria Universidad Resources  Tongyang Cement’s Waste Heat Power  Broadrock Renewables  CLP Envirogas Russia  Goethals Bridge Politécnica  MB Power  Youngduk Wind Power  MIC Contracted Power and  Energy Power Resources  Brunswick Rail  NYK Ports  Santiago HydroGen  Ind-Barath Energy  Yeongyang Wind Power Energy  Thames Water  GSR Energy Investments  Penn Terminals  Mareña Renovables  Ashoka Concessions  Kangnam City Gas  International-Matex Tank  M6 Toll  Russian Towers  Airport Services  GMR Airports  Daegil Industry / Daegil Environment Terminals  Condor Group  OGK-5  Total Terminals International  Soham Renewable Energy  Baekyang Tunnel  Leaf River Gas Storage  Moto  Aquarion Company Canada  Trichy Tollways  Cheonan-Nonsan Expressway  Waste Industries  National Car Parks Slovakia  Puget Energy  Autoroute 25  GMR Jadcherla Expressways  CNE Motorway Service Stations  Towercom  WCA Waste  Fraser Surrey Docks  Gujarat Roads  Gwangju 2nd Beltway Section 1 France  Bayonne Energy Center  Halterm Limited  Gwangju 2nd Beltway Section 3-1  Pisto SAS Japan  Incheon Grand Bridge  EPR France  Hanjin Pacific Corporation  Incheon International Airport Expressway  RES  Machang Bridge  Trois Sources & Lomont Windfarms  Seoul Chuncheon Expressway  Compteurs Farnier  Soojungsan Tunnel  Autoroutes Paris-Rhin-Rhône  Woomyunsan Tunnel  Yongin-Seoul Expressway Germany  Busan New Port Phase 2-3  TanQuid  Hanjin Pacific Corporation  GWE  Daejon Cogeneration  Techem  Hangdarm Island  Thyssengas  Deok Pyeong Land Company LLC  Open Grid Europe Philippines  Warnow Tunnel Portugal  NLREC Wind Farm Sweden  Viesgo  Philippine Coastal Storage & Pipeline  San Carlos Solar Energy  EPR Sweden  Negros Island Solar Power Inc  Varmevarden Denmark  GNPower Kauswagan Ltd  Arlanda Express Copenhagen Airports Belgium China Poland  Shenyang Zhenxing Environmental  Brussels Airport  DCT Gdansk Protection  TanQuid  Shenyang Water Treatment Co.  Dallan Hengji Xinrun Water Italy  Zhenxing WWT Renvico Italy  Hengyang Holdings Africa & Middle East Australia & New Zealand  Jinko Solar Power Engineering Spain  Zhejiang Wanna Environment Protection  Asset Energia Solar South Africa2 Corridor Kenya2 United Arab Emirates Australia New Zealand  Longtan Tianyu Terminal  Tianjin Port Huisheng Terminal  Solpex Energia Solar  Umoya Energy  N3 Toll Concessions  Kinangop Wind Park  ICAD Effluent Treatment Plant  Hobart International Airport  Oceania Healthcare  Viesgo  Trans African  Al Ain Industrial City  LRT Metro 1  Cookhouse Nigeria2  Axicom  Itevelesa  Kathu Concessions  Industrial City of Abu Dhabi  Prospect Water  Lekki Concession Company Taiwan  Bakwena Platinum  IHS Holdings  Taiwan Broadband Communications  Hanjin Pacific Corporation Airports Communications Energy Waste Renewable Energy Utilities Roads & Rail Other Transport Services Real Estate Agriculture Other Real Assets 1. As at 30 September 2015. Represents infrastructure portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Portfolio businesses shown on the map are representative and not exhaustive. In some instances they represent the operations of a single business where it has operations across different countries. 2. Management rights divested post 30 September 2015

⏐ MACQUARIE PAGE 28 Global and diverse businesses

Macquarie Infrastructure and Real Assets managed infrastructure funds have a diverse portfolio of businesses1 Infrastructure AUM by Sector Infrastructure AUM by Region

Other Real Middle Assets East/Africa Australia/NZ 2% Communications 1% 1% Asia 9% 10% Roads & Rail 20% North America 28%

Airports 5%

Other Transport Services 6% Other Utilities 49% Energy 5% Waste 2% Europe Renewable 60% Energy 2%

1. As at 30 September 2015, based on AUM.

⏐ MACQUARIE PAGE 29 Local expertise

Local expertise, knowledge and relationships are critical to successful infrastructure investing

Europe, Middle East Australia and New and Africa Americas Asia Zealand Infrastructure AUM1 A$b8439142 Infrastructure Businesses No.4428503 MIRA Infrastructure Offices No.7781

1. For methodology of AUM please refer to slide 27.

⏐ MACQUARIE PAGE 30 Fund profiles ADCB Macquarie Infrastructure Fund

An unlisted fund investing in infrastructure assets in the Middle East and North Africa

About AMIF  ADCB Macquarie Infrastructure Fund (AMIF) is an unlisted 10 year closed-end fund with a mandate to invest in infrastructure and infrastructure-like businesses in the Middle East and North Africa with a primary focus on the Gulf Cooperation Council countries. Launched in 2008, the fund is co-sponsored through a joint venture between Macquarie and Abu Dhabi Commercial Bank (ADCB). Business United Arab Emirates portfolio  AMIF has made a US$188 million investment supporting critical industrial infrastructure developments commissioned by ZonesCorp, an independent government authority owned by the Abu Dhabi Government through the Abu Dhabi Department of Planning and Economy.

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by AMIF. It is not AMIF’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 32 Asian Pay Television Trust

A listed fund that invests into Pay-TV and Broadband Businesses in Asia

About APTT  Asian Pay Television Trust is the first listed business (S7OU: SGX) trust focused on Pay-TV and Broadband businesses in Asia. APTT has an investment mandate to acquire controlling interests and to own, operate and maintain mature, cash generative Pay-TV and Broadband Businesses in Taiwan, Hong Kong, Japan and Singapore. APTT’s seed-asset is Taiwan Broadband Communications Group.  More info: http://www.aptt.com.sg Business Taiwan portfolio  Taiwan Broadband Communications (100%) (Ownership interest)

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by APTT. It is not APTT’s intention to solicit capital commitments via this factsheet. Agreement reached to divest management rights post 30 September 2015. Subject to regulatory and lender approval.

⏐ MACQUARIE PAGE 33 Global Infrastructure Funds

Unlisted funds investing in infrastructure businesses in OECD and OECD-like countries

About the  GIF II and GIF III are both 10-year, closed-end funds which funds target businesses characterised by their sustainable competitive advantage, and look to add value to investments through active management.  GIF II was established in September 2003, while GIF III was established in March 2007. Both are closed to new investors. Business GIF II GIF III portfolio UK Australia (ownership  Arqiva (0.7%)  Hobart International Airport interest) New Zealand (50.1%)  Oceania Healthcare (49.99%) New Zealand Poland  Oceania Healthcare (24.4%)  DCT Gdansk (63.8%) France Spain  Pisto SAS (27.9%)  Itevelesa (38.8%) US  Duquesne Light (6.6%) France  Trois Sources & Lomont Windfarms (100%)

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by GIF II or GIF III. It is not the funds’ intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 34 Macquarie Atlas Roads

A listed fund investing in toll roads globally About MQA  Macquarie Atlas Roads (MQA) is a global toll road (MQA:ASX) developer and operator that listed on 25 January 2010. S&P/ASX 200 It was created out of the restructure of Macquarie Infrastructure Group into two separate ASX-listed toll road groups, MQA and Intoll Group.  MQA is focused on improving earnings and delivering growth in the value of existing toll roads. Priorities include active management of operations, efficient capital management and refinancing of project debt as suitable opportunities emerge over the medium term.  More info: www.macquarie.com/mqa Business France portfolio  Autoroutes Paris-Rhin-Rhône (APRR) (20.1%) Autoroutes Paris-Rhin-Rhône (APRR) (ownership US interest)  Dulles Greenway (50.0% economic)1  Chicago Skyway (22.5%)2 Germany  Warnow Tunnel (70.0%) UK  M6 Toll (100%)

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MQA. It is not MQA’s intention to solicit capital commitments via this factsheet. 1. Comprised of an indirect equity interest of 6.7% and a loan. There are options in place that permit MQA to acquire a 50% legal interest in the future. 2. Agreement reached on 13 November 2015 to divest asset. Subject to customary conditions precedent and regulatory approvals.

⏐ MACQUARIE PAGE 35 Macquarie European Infrastructure Funds

Unlisted funds investing in European infrastructure businesses

About the  The MEIFs are wholesale funds focusing on investments in high-quality infrastructure businesses in developed MEIFs European countries. The MEIFs aim to invest in businesses that provide essential services to the community with a strategic competitive advantage and sustainable and predictable cash flows. Investors in the MEIFs are primarily pension funds and other institutional investors seeking long-term, stable returns. MEIF1, MEIF2, MEIF3 and MEIF4 established in April 2004, May 2006, March 2008 and April 2013 respectively, are now closed to new investors. Business UK Czech Republic Germany portfolio  Airwave (100%)  Ceske Radiokomunikace (86.5%)3  GWE (100%)4 (ownership  Arqiva (25.0%)  Czech Gas Networks (75.0%)  Techem (100%) interest)  Condor Group (100%) Denmark  Thyssengas (77.2%)  MEIF Renewables (100%)1  Copenhagen Airport (27.7%)  Open Grid Europe (23.6%)  National Car Parks (85%) France Sweden  Thames Water (23.3%)  Autoroutes Paris-Rhin-Rhône (APRR) (15.6%)  Varmevarden (66.7%)  Wightlink (100%)  Compteurs Farnier (100%)4 Slovakia  AGS Airports (32.5%) Italy  Towercom (100.0%) Belgium  Renvico Italy (100%) Spain  Brussels Airport (36.0%)2  Viesgo (60.0%)

Note: As at 30 September 2015 This factsheet does not constitute a solicitation of capital commitments by the MEIFs. It is not the MEIFs’ intention to solicit capital commitments via this factsheet. 1. MEIF Renewables comprises EPR Sweden, EPR France, EPRL (UK), RES, Asset Energia Solar, Solpex Energia Solar and CLP Envirogas. 2. Combined stake. MEIF1: 10.0%, MEIF3: 26.1% 3. Combined stake. MEIF2: 73.0%, MEIF3: 13.5% 4. The business has been integrated into the Techem business.

⏐ MACQUARIE PAGE 36 Macquarie Infrastructure Company

A listed company that owns and invests in quality, U.S. infrastructure businesses

About MIC  MIC owns, operates and invests in a diversified group (MIC:NYSE) of infrastructure businesses. These businesses consist of an airport services (FBO) business, a bulk liquid storage terminal business, a gas processing and distribution business, and a portfolio of contracted power and energy businesses.  More info: www.macquarie.com/mic

Business Airport Services portfolio  Atlantic Aviation (100%) (ownership Bulk Liquid Storage Terminals interest)  International-Matex Tank Terminals (IMTT) (100.0%) Airport Services, US Gas Production and Distribution  Hawaii Gas (100%) MIC Contracted Power and Energy  Controlling interests in five solar power generation facilities  Bayonne Energy Center (100%)

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MIC. It is not MIC’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 37 Macquarie Infrastructure Partners

Unlisted funds investing in North American infrastructure businesses

About the  MIP, MIP II and MIP III are unlisted funds that intend to earn income directly and indirectly from infrastructure MIPs businesses and businesses with similar characteristics. They are closed-end 10-year funds with possible extensions and invest in businesses located in North America. Investors in the MIPs are primarily pension funds and other institutional investors seeking long-term, stable returns. MIP, MIP II and MIP III were established in May 2006, March 2008 and April 2013 respectively and are now closed to new investors. Business US Canada portfolio  Aquarion Company (55.0%)  Autoroute 25 (100%) (ownership  Broadrock Renewables (100%)  Fraser Surrey Docks (100%) interest)  Chicago Skyway (22.5%)  Halterm Limited (100%)  Dulles Greenway (50.0% economic)1  Duquesne Light (23.8%)  Goethals Bridge (90.0%)  Penn Terminals (100%)  Puget Energy (41.7%)2  Waste Industries (71.8%)  WCA Waste (91.7%)  Elizabeth River Tunnels (36.3%)  Leaf River (100%)  NYK Ports (49.0%) Puget Energy, US

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MIP. It is not MIP’s intention to solicit capital commitments via this factsheet. 1. Comprised of an indirect equity interest of 6.7% and a loan. There are options in place that permit MIP to acquire a 50% legal interest in the future. 2. Combined stake. MIP: 31.8%, MIP II: 9.9%.

⏐ MACQUARIE PAGE 38 Macquarie Korea Infrastructure Fund

A listed fund investing in Korean infrastructure businesses

About MKIF  MKIF is Korea’s first listed infrastructure fund, and is managed by (088980:KRX, Macquarie Korea Asset Management Company Limited. MKIF MKIF.LI:LSE) targets investments in infrastructure projects in Korea, primarily PPI projects, such as toll roads and ports. MKIF was established in 2002 as an unlisted fund and subsequently listed on the Korea Exchange and Stock Exchange in 2006.  More info: www.macquarie.com/mkif Business South Korea portfolio  Soojungsan Tunnel (100%) (ownership  Baekyang Tunnel (100%) interest)  Busan New Port Phase 2-3 (30.0%)  Cheonan-Nonsan Expressway (60.0%)  Gwangju 2nd Beltway Section 1 (100%)  Gwangju 2nd Beltway Section 3-1 (75.0%)

 Incheon Grand Bridge (41.0%) Incheon Grand Bridge, Korea  Incheon International Airport Expressway (24.1%)  Machang Bridge (70.0%)  Seoul-Chuncheon Expressway (15.0%)  Woomyunsan Tunnel (36.0%)  Yongin-Seoul Expressway (40.0%)

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MKIF. It is not MKIF’s intention to solicit capital commitments via this factsheet. 1. The percentage figure in each business is shown as a percentage ownership of the concession company.

⏐ MACQUARIE PAGE 39 Macquarie Mexican Infrastructure Fund

Unlisted fund investing in Mexican infrastructure businesses

About MMIF  Macquarie Mexican Infrastructure Fund (MMIF) is Macquarie’s first managed fund in Latin America, and is the first peso- denominated fund focused solely on investment opportunities in Mexican infrastructure projects. The Fund targets investments across infrastructure asset classes that include roads and rail, airports, ports, water and wastewater, energy and utilities, as well as social and communications infrastructure. Cornerstone investors in MMIF include Mexico’s National Infrastructure Fund (FONADIN), a number of Mexican pension funds, as well as Macquarie Group. Business Mexico portfolio  Decarred (100%) – Decarred has a 20 year contract granted by (ownership the State of Durango under a PPS scheme to reconstruct and interest) maintain 320 km of toll-free highways.  Mareña Renovables (32.5%) – A 396 MW late-stage wind energy project in the south-eastern region of the State of Oaxaca, located along the Isthmus of Tehuantepec, an area regarded as the best wind resource in Mexico and one of the windiest regions in the world.  Mexico Tower Partners (50.0%).  University Concession Contract (100%).  Santiago Hydrogen (49.0%).

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MMIF. It is not MMIF’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 40 Macquarie Russia & CIS Infrastructure Fund

An unlisted fund investing in Russian and CIS infrastructure businesses

About MRIF  MRIF is the first major private infrastructure fund targeting investments in Russia and the Commonwealth of Independent States (CIS).  Its mandate is to make equity-related investments in a diversified portfolio of infrastructure assets.  Investors in the $630 million fund include Macquarie, Vnesheconombank (the Russian State Corporation Bank for Development and Foreign Economic Affairs), Eurasian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, and Kazyna Capital Management.  MRIF held its first close in 2009 and is now closed to new investors. Business  Brunswick Rail (15.1%) – Russia's largest privately owned provider of portfolio railcar leasing services with a fleet of approximately 25,000 railcars. (ownership  GSR Energy Investments (26.5%) – Operator of heat and power interest) generation and heat distribution facilities in Kolpino, St Petersburg region, Russia.  Russian Towers (23.6%) – Largest independent operator and developer of telecommunications tower infrastructure in Russia.  OGK-5 (5.8%) – A leading power generation company that owns and operates four power plants in western Russia.

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of investment by MRIF. It is not MRIF’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 41 Macquarie SBI Infrastructure Fund

Unlisted fund investing in Indian infrastructure businesses

About MSIF  MSIF was established in April 2009 as part of a dual fund co-investment structure designed to provide both international and domestic investors an exposure to Indian infrastructure. MSIF is mandated to invest in traditional infrastructure, other infrastructure and infrastructure-like assets in India.  MSIF is jointly managed by Macquarie and the State Bank of India (the oldest and largest commercial bank in India), with the International Finance Corporation as a minority shareholder and cornerstone investor. MSIF has capital commitments of US$910 million. Additionally, the domestic fund (SMIT) reached final close in Q1 CY2011. SMIT has capital commitments of ~ US$260 million1, which includes a commitment by SBI of the Indian Rupee equivalent of US$150 million. MSIF and SMIT have entered into an investment co-operation framework agreement, setting out the terms on which they may co-invest into Indian infrastructure opportunities.  More info: www.macquariesbi.com Business India portfolio  Viom Networks (ownership  Adhunik Power and Natural Resources interest)  MB Power (Madhya Pradesh) Ltd3  GMR Airports Ltd3  Soham Renewable Energy3  Ashoka Concessions Limited

 GMR Jadcherla Expressways Delhi International Airport,  Trichy Tollways subsidiary of GMR Airports Limited

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MSIF. It is not MSIF’s intention to solicit capital commitments via this factsheet. 1. USD equivalent of INR 11,871m. 2. Investments made by a consortium led by MSIF. Interest, where specified, is for the consortium as a whole. 3. Investments in MB Power, GMR Airports and Soham Renewable Energy are by way of convertible instruments.

⏐ MACQUARIE PAGE 42 Macquarie Greater China Infrastructure Fund

A fund that focuses on core infrastructure assets in Greater China

About MGCIF  Launched in 2011, MGCIF is a closed-end fund that invests in a diversified portfolio of infrastructure assets in Greater China. The Fund expects to make the majority of its investments in mainland China.  MGCIF has raised US$ 870m in commitments, with support from leading infrastructure investors across Asia, Europe and North America.  Following the amicable separation with China Everbright, Macquarie has become the sole manager of the fund.

Business China portfolio MGCIF has acquired interests in eight assets across three (ownership infrastructure sectors. interest)  Water treatment company in Northeast China  Cargo terminal in the Yangtze Delta Region of China  Three large-scale general cargo berths in Nanjing  Waste to energy company in East China  Wastewater treatment company in Northeast China  Cargo terminal in Northeast China serving Beijing  Industrial wastewater plant in Dalian city  Solar power in Eastern and Northwest China

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of investment by MGCIF. It is not MGCIF’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 43 FIBRA Macquarie

A listed trust that invests in Mexican real estate

About FIBRA  FIBRA Macquarie is a real estate investment trust Macquarie (fideicomiso de inversión en bienes raices) targeting (BMV:FIBRA industrial, retail and office real estate opportunities in MQ) Mexico with a primary focus on stabilized income- producing properties. MMREIT issued real estate trust certificates (certificados bursátiles fiduciarios inmobiliarios) (“CBFIs”) which are listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores).

Business Mexico portfolio 260 industrial properties and 17 retail/office properties, (ownership totalling 2.7 million square meters and 443 thousand interest) square meters of gross leasable area across Mexico, respectively.

Note: As at 30 September 2015. This factsheet does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is not FIBRA Macquarie’s intention to offer to sell or to solicit an offer to buy any securities via this factsheet

⏐ MACQUARIE PAGE 44 Macquarie Real Estate Equity Funds

A series of unlisted wholesale real estate development funds

About  The MREEFs combine the financial capability, resources MREEF and skills of Macquarie with leading and experienced local development partners.  The MREEF series of wholesale unlisted funds, the first of which was established in February 2002, allow investors to source development and value add opportunities across a wide range of sectors.

Business The MREEFs have a portfolio of Australian assets across a portfolio wide range of sectors including: (ownership  Residential interest)  Office  Industrial Kirra Surf Apartments Gold Coast, Australia

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by the MREEFs. It is not the MREEFs’ intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 45 MWREF Limited

An unlisted wholesale fund investing in retail property in the People’s Republic of China

About  Launched in November 2006, MWREF has a MWREF long-term investment in a geographically diversified portfolio of core China retail property.  Strategically positioned to take advantage of economic growth and growing consumer demand in China, MWREF targets attractive total returns and stable income toward the top end of returns for core funds.

Business China portfolio  The portfolio currently comprises nine (ownership shopping mall assets in nine cities across interest) China.

Note: As at 30 September 2015. This factsheet does not constitute a solicitation of capital commitments by MWREF. It is not MWREF’s intention to solicit capital commitments via this factsheet.

⏐ MACQUARIE PAGE 46 Additional information Equity under Management

Equity under Management1,2 Equity under Management by type (A$m) Unlisted equity 55,219

Listed equity 16,332

Total Macquarie Infrastructure and Real Assets EUM 71,551

Equity under Management by region Australia 5,685 Europe, Middle East and Africa 25,807

Americas 24,152

Asia 15,906

Total Macquarie Infrastructure and Real Assets EUM 71,551

1. EUM is defined as market capitalisation plus fully underwritten or committed future capital raisings for listed funds and committed capital less any called capital returned to investors for unlisted funds. Invested capital for other MIRA managed businesses. For jointly managed funds, amount is representative of Macquarie’s economic ownership of the JV manager. Adjustments have been made where MIRA managed funds have invested in other MIRA managed funds. AUM is defined as proportionate enterprise value, calculated as proportionate net debt and equity value at 30 June 2015 for the majority of assets. 2. All numbers and exchange rates where applicable as of measurement date, 30 September 2015. Exchange rates are set forth on slide 49.

⏐ MACQUARIE PAGE 48 Appendix Exchange rates

Exchange rates as at 30 September 2015

Currency Exchange Rate (A$)

EUR 1.5920

GBP 2.1550

USD 1.4247

CAD 1.0678

ZAR 0.1028

SGD 1.0013

KRW 0.0012

JPY 0.0119

CHF 1.4618

CNY 0.2242

INR 0.0218

MXN 0.0842

1. MIRA Economics Model – 30 September 2015

⏐ MACQUARIE PAGE 49