Reports 1Q 2021 Financial Results and Asset Performance

Macquarie Korea Infrastructure Fund

18th Floor, Unit A, Centropolis Telephone +822 3705 8500 26, Ujeongguk-ro, Jongno-gu Fax +822 3705 8596 Seoul 03161 Internet www.macquarie.com/mkif KOREA

30 April 2021

MACQUARIE KOREA INFRASTRUCTURE FUND REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS AND ASSET PERFORMANCE

Macquarie Korea Infrastructure Fund (“MKIF”) today announced its financial results and asset performance for the first quarter of 2021 ended 31 March 2021 (the “Quarter”).

Highlights for the Quarter include:

. On a non-consolidated basis, MKIF recorded revenue of KRW 164.2 billion and net income of KRW 153.3 billion for the Quarter. Revenue and net income increased by 16.6% and 17.8% respectively compared with the previous corresponding period (“pcp”). Revenue increased due to higher interest income and dividend income1, and net income increased due to higher revenue.

. On a weighted average basis2, 12 toll road assets delivered traffic volume and revenue declines of 3.4% and 2.6% for the Quarter over pcp. The declines were caused mostly by the lower traffic volume for the two toll road assets linked to the Incheon International Airport (Incheon International Airport Expressway and Incheon Grand Bridge), which were negatively affected by the decline in the number of airport users following the COVID-19 outbreak.

Traffic revenue declined less than volume as the Korean government (the “Government”) granted exemption of the toll payment for certain assets during the Korean Lunar New Year holiday season in 1Q 2020, while the Government did not grant such toll exemption in 1Q 2021. The assets which toll exemption was granted in 1Q 2020 received full compensation for the revenue loss from the Government.

. Key operational highlights of Busan New Port Phase 2-3 (“BNP 2-3”) include: - BNP 2-3 handled 0.55 million TEUs during the Quarter, an increase of 8.9% over pcp. - Revenue improved by 17.3% over pcp to KRW 31.8 billion due to a rise in volume, a change in volume mix and an increase in tariff. - EBITDA improved by 24.3% over pcp to KRW 14.6 billion due to an increase in revenue and a decrease in operating expenses, recording an EBITDA margin of 46% for the Quarter.

. On 31 March 2021, the financial position of MKIF is as follows: - Proportionately consolidated cash balance3 of KRW 317.3 billion. - Continued repayment of project company-level debt; the external debt4 weighted average maturity is 7.4 years5.

1. 1Q 2021: dividend income of KRW 10.8bn from New Airport Hiway Co., Ltd.; KRW 84.0bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 12.5bn from Soojungsan Investment Co., Ltd.; KRW 3.0bn from Kwangju Ring Road Company, Ltd. 1Q 2020: dividend income of KRW 28.9bn from New Airport Hiway Co., Ltd.; KRW 45.3bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 17.0bn from Soojungsan Investment Co., Ltd. 2. On a weighted average basis based on revenue size and MKIF’s ownership stake in each project company 3. Proportionately consolidated MKIF cash and cash equivalents (inclusive of MKIF cash and cash equivalents of KRW 65.7bn)

- Proportionately consolidated gearing ratio6 of 18.0%. - MKIF domestic issuer credit rating remains unchanged at AA07.

4. External debt of the underlying project companies is defined as the total drawn debt of the underlying project companies minus: (i) borrowing from MKIF; (ii) borrowing from third parties with the same and/or subordinated term as MKIF’s; (iii) borrowing of which default risk and redemption obligation have been transferred to the relevant authority as a result of restructuring 5. Average remaining maturity of external debt of the underlying project companies based on MKIF equity ownership 6. Proportionately consolidated MKIF net debt / (proportionately consolidated MKIF net debt + average MKIF market capitalization for the previous 3 months) 7. Issuer credit rating by NICE Investors Service on 2 April 2021

Financial Summary1 For the quarters ended 31 March 2021 (“1Q 2021”) and 31 March 2020 (“1Q 2020”)

Net Income 153,289 130,095 Normalised income3 153,289 130,095 EPS (KRW per share) 412 373 Normalised EPS (KRW per share) 412 373 1. Unaudited, non-consolidated 2. 1Q 2021: dividend income of KRW 10.8bn from New Airport Hiway Co., Ltd.; KRW 84.0bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 12.5bn from Soojungsan Investment Co., Ltd.; KRW 3.0bn from Kwangju Ring Road Company, Ltd. 1Q 2020: dividend income of KRW 28.9bn from New Airport Hiway Co., Ltd.; KRW 45.3bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 17.0bn from Soojungsan Investment Co., Ltd. 3. Excludes one-off items 1Q 2021 and 1Q 2020: no one-off item

Asset Performance - Toll Roads

1Q 2020 Volume (%)2 Revenue (%)3,4 Weighted average growth1 (3.4%) (2.6%) 1. On a weighted average basis based on revenue size and MKIF’s ownership stake in each project company 2. Percentage change from pcp, based on average daily traffic volume 3. Percentage change from pcp, based on average daily traffic revenue 4. Does not include government support payments; Baekyang Tunnel, Gwangju 2nd Beltway Section 1 & 3-1, Soojungsan Tunnel, Cheonan-Nonsan Expressway, Machang Bridge, Seoul-Chuncheon Highway and Incheon Grand Bridge receive support payments from government if their toll revenue or cash flow in a given period is less than specified amount under concession agreement

Asset Performance - Port (BNP 2-3)

Quarterly1 1Q 2021 1Q 2020 Change over pcp Volume (TEU million) 0.55 0.51 8.9% Revenue (KRW billion) 31.8 27.1 17.3%2 EBITDA (KRW billion) 14.6 11.8 24.3%2 EBITDA margin 46.0% 43.4% 3.8%p 1. Unaudited figures 2. Revenue improved due to a rise in volume, a change in volume mix and an increase in tariff, and EBITDA improved due to an increase in revenue and a decrease in operating expenses

For further information, please contact:

Jinwook Park Jang-Young (Kevin) You Division Director Manager Macquarie Korea Asset Management Co., Ltd. Macquarie Korea Asset Management Co., Ltd. + 82 2 3705 8516 + 82 2 3705 8565 [email protected] [email protected]

This release is not an offer or solicitation for sale of the securities of Macquarie Korea Infrastructure Fund (‘MKIF’) in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933 and the US Investment Company Act of 1940, as amended (the “Act”), or in any jurisdiction where such offer or sale is not permitted. The securities of MKIF has not been registered under the Act, and may not be offered or sold in the United States absent registration or exemption from registration under the Act. There will be no public offer of the securities in the United States. Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted.

This release does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

MKIF or Macquarie Korea Asset Management Co., Ltd.(MKAM) is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of this entity 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.

Investments in MKIF are subject to investment risk, including possible delays in repayment or loss of income and/or capital investment. Neither MKIF, nor any member of the Macquarie Group companies, including MKAM, guarantees the performance of MKIF, the repayment of capital or the payment of a particular rate of return on MKIF securities.

No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means or (ii) redistributed without express prior written consent of MKAM or MKIF.

Appendix 1. Financial Results

STATEMENT OF FINANCIAL POSITION1 As at 31 March 2021 and 31 December 2020

(Unit: KRW million) 31 March 2021 31 December 2020 Assets Invested Assets 1,795,390 1,801,033 Cash & deposits 65,731 71,362 Loans receivable 1,265,749 1,265,761 Equity securities 463,910 463,910 Others 556,055 532,855 Interest receivables 548,408 525,281 Other receivables 2,349 2,348 Deferred costs, net 3,217 3,267 Prepayment 2,081 1,959 Total Assets 2,351,445 2,333,888 Liabilities Operational liabilities 199,671 199,644 Bond 199,671 199,644 Long-term debt - - Others 15,350 17,120 Management fee payable 8,670 8,329 Other liabilities 6,680 8,791 Total Liabilities 215,021 216,764 Shareholders’ Equity Share Capital 2,057,517 2,057,517 Retained Earnings (Losses) 78,907 59,607 Total Shareholders’ Equity 2,136,424 2,117,124 Total Liabilities and Shareholders’ Equity 2,351,445 2,333,888 1. Unaudited, non-consolidated for 31 March 2021 and audited, non-consolidated for 31 December 2020; pursuant to the Financial Investment Services and Capital Markets Act, MKIF reports all its unlisted equity investments at acquisition cost

STATEMENT OF INCOME1 For the years ended 31 March 2021 (“1Q 2021”) and 31 December 2020 (“2020”)

(Unit: KRW million) 1Q 2021 1Q 2020 Revenue 164,187 140,866 Interest income 53,836 49,607 Dividend income2 110,350 91,184 Other income 1 75 Expenses 10,898 10,771 Management fee 8,670 8,192 Custodian fees 103 91 Administrator fee 64 57 Interest expense 1,565 1,840 Other expenses 496 591 Net Income 153,289 130,095 Normalized Net Income3 153,289 130,095 EPS (KRW per share) 412 373 Normalised EPS (KRW per share) 412 373 1.Unaudited, non-consolidated 2. 1Q 2021: dividend income of KRW 10.8bn from New Airport Hiway Co., Ltd.; KRW 84.0bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 12.5bn from Soojungsan Investment Co., Ltd.; KRW 3.0bn from Kwangju Ring Road Company, Ltd. 1Q 2020: dividend income of KRW 28.9bn from New Airport Hiway Co., Ltd.; KRW 45.3bn from Cheonan-Nonsan Expressway Co., Ltd.; KRW 17.0bn from Soojungsan Investment Co., Ltd. 3. Excludes one-off items 1Q 2021 and 1Q 2020: no one-off item

Appendix 2. Toll Road Performance

1. TRAFFIC VOLUME AND REVENUE - PORTFOLIO SUMMARY

On a weighted average basis1, traffic volume and revenue declined by 3.4% and 2.6% respectively for the Quarter compared with the pcp. Highlights for the Quarter include:

. The declines were caused mostly by the lower traffic volume for the two toll road assets linked to the Incheon International Airport (Incheon International Airport Expressway and Incheon Grand Bridge), which were negatively affected by the decline in the number of airport users following the COVID-19 outbreak. . Traffic revenue declined less than volume as the Government granted the exemption of the toll payment for certain assets during the Korean Lunar New Year holiday season in 1Q 2020, while the Government did not grant such toll exemption in 1Q 2021. The assets which toll exemption was granted in 1Q 2020 received full compensation for the revenue loss from the Government. . Traffic revenue of Seoul-Chuncheon Highway declined more than its volume primarily due to the effect of the toll fare reduction as part of restructuring in December 2020. Toll revenue loss resulting from the toll fare reduction is fully compensated via quarterly funding from a new loan facility provided by the new lenders.

Except as stated otherwise, revenues for each toll road asset represents actual average daily revenue collected (excluding VAT). Actual revenue collected does not include any revenue or cost compensation payments received from relevant authority or toll freeze compensation related to the CPI growth. Accordingly, the revenue of the project companies may not be equivalent to the revenue of MKIF.

Revenue growth may be affected by traffic volume growth, inflation linked toll rate increase, and change to traffic mix, as different toll rates apply for each type of vehicle.

1Q 2021 MKIF Portfolio %4 Asset Volume (%)2 Revenue (%)3,5 Baekyang Tunnel 2.5% 3.0% 0.1%

Gwangju 2nd Beltway, Section 1 8.7% 8.6% 10.6%

Incheon International Airport Expressway (23.6%) (27.3%) 4.2%

Soojungsan Tunnel 1.4% 2.1% 2.6%

Cheonan-Nonsan Expressway 2.8% 7.2% 14.9%

Woomyunsan Tunnel 5.8% 6.1% 1.1%

Gwangju 2nd Beltway, Section 3-1 11.0% 11.2% 1.6%

Machang Bridge 10.2% 14.9% 6.2%

Yongin-Seoul Expressway 0.3% 3.2% 8.3%

Seoul-Chuncheon Highway 1.5% (15.1%) 9.1%

Incheon Grand Bridge (19.4%) (15.9%) 16.3%

BNP the 2nd Rear Road 8.8% 10.8% 6.1%

Weighted Average1 (3.4%) (2.6%) 1. On a weighted average basis based on revenue size of and MKIF’s equity ownership stake in each project company 2. Percentage change from pcp, based on average daily traffic volume 3. Percentage change from pcp, based on average daily revenue 4. On MKIF investment amount basis as at 31 March 2020 5. Does not include government support payments; Baekyang Tunnel, Gwangju 2nd Beltway Section 1 & 3-1, Soojungsan Tunnel, Cheonan-Nonsan Expressway, Machang Bridge, Seoul-Chuncheon Highway and Incheon Grand Bridge receive support payments from government if their toll revenue or cash flow in a given period is less than specified amount under concession agreement

2. TRAFFIC VOLUME AND REVENUE - INDIVIDUAL ASSET PERFORMANCE

Baekyang Tunnel For the Quarter Category 2021 2020 Change (%) Average daily traffic 71,550 69,812 2.5% (vehicles / day) Average daily 59,569 57,813 3.0% revenue (KRW 1,000)