MACQUARIE KOREA INFRASTRUCTURE FUND

April 2012

General Presentation

2

DISCLAIMER

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in Macquarie Korea Infrastructure Fund (“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 and Macquarie Korea Asset Management Co., Ltd.(“MKAM”) are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia) and their obligations 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 MKIF/ MKAM.

Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in MKIF. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of MKIF. Past performance is not a reliable indication of future performance.

This presentation is not an offer for sale of the securities of 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, as amended, or in any jurisdiction where such offer or sale is not permitted. MKIF does not intend to register any portion of any contemplated offering in the United States or to conduct a public offering of 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 document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any securities will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

FORWARD LOOKING STATEMENT

This presentation contains forward-looking statements, in particular, under the heading “Business Overview”. All forward-looking statements are our management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

IMPORTANT NOTICE

3

CONTENTS

1

Highlights

Financial results

5

6

2 Business Overview

MKIF history

Share information

Corporate structure

Portfolio

Landmark assets

10

11

12

13

14

Key Results

Long-term concession period

Government revenue support

Debt profile

Distribution

Conclusion

15

16

17

18

19

3

Financial position statements

Profit and loss statements

Cashflow statements

Busan New Port Phase 2-3

Portfolio

Underlying asset performance

21

22

23

24

25

26

Minimum revenue guarantee summary

Management fees

Macquarie Funds Group

Macquarie worldwide investments

Macquarie Infrastructure and real assets (MIRA)’s competitive advantage

MIRA infrastructure overview

27

28

29

30

31

32

Appendices

Underlying asset performance

Newly opened assets

7

8

Key Results

1

5

HIGHLIGHTS

SOLID FINANCIAL AND TRAFFIC RESULTS

- Excluding the one-off gain1, MKIF revenue and net income increased by 11% and 19%, respectively compared with the previous corresponding period (pcp)

- Underlying traffic volume and revenue2 grew by 5.3% and 8.4%, respectively, on pcp

- Weighted average daily traffic for the four newly opened assets3 reached 72%4 of the Concession Agreement Forecasts

BUSAN NEW PORT PHASE 2-3 (BNP) STARTS ON A POSITIVE FOOTING

- Successful vessel callings for the two Terminal Sharing Partners, CMA CGM and KMTC on superior move time

- Busan’s total container throughput volume remains robust with the increase in the market share for the Busan New Port, reaching 52% of the total

- Marketing to third party carriers progressing as scheduled

REMAINS FINANCIALLY HEALTHY WITH A CONSERVATIVE DEBT POSITION (as at 31 March 2012)

- Proportionately consolidated cash balance5 of KRW 264.8 billion

- Continued de-gearing of asset level debt with an weight average maturity of 8.6 years

- MKIF net debt of KRW 378 billion with the corporate loan facility not maturing until May 2016

- Proportionately consolidated gearing6 of 49% with 58% of interest obligations either fixed or hedged7 for next twelve months

- MKIF domestic credit rating remains AA (Stable)8

1. Excluding FY2011 gain on securitisation of interest receivable in Cheonan-Nonsan Expressway (Tranche III) 2. On a weighted average basis based on revenue size of each asset and the MKIF’s equity interest in each concession company. 3. Yongin-Seoul Expressway, Seoul-Chuncheon Expressway, Seoul Subway Line 9 and Incheon Grand Bridge 4. During 1Q 2012, on a weighted average basis based on total commitment amount and average daily traffic 5. Proportionately consolidated cash balance (including MKIF cash balance of KRW 63.3bn) 6. Gearing = MKIF Net Debt/( MKIF Net Debt + MKIF market capital(3-month average)), where MKIF Net Debt = Proportionate net debt from assets + Corporate net debt. Excludes shareholder loans 7. Hedging (Fixed or swapped to fixed) = Proportionately consolidated MKIF net debt adjusted for fixed or swapped debt / Proportionately consolidated MKIF net debt 8. Rated by Korea Ratings on 4 April 2012

6

1. One-off gain from 3rd tranche securitisation of interest receivables on the subordinated loan provided to Cheonan-Nonsan Expressway

(Unit: KRW mn)

FINANCIAL RESULTS

Non-consolidated financial information

FY2011 1Q 2012 1Q 2011 % change

Revenue 162,426 42,968 39,454

Interest income 161,805 42,968 38,833

Gain on sale of investment 6211 - 6211

Expense 56,842 13,053 13,620

Management fee 24,152 6,434 5,877

Interest expense 23,701 6,007 6,233

Other expense 8,989 612 1,510

Net income 105,584 29,915 25,834

Normalised Net income 104,963 29,915 25,213

6

19%

11%

7

UNDERLYING ASSET PERFORMANCE 1

TRAFFIC VOLUME GROWTH2

5.3%

TRAFFIC REVENUE GROWTH2,3

8.4%

PORTFOLIO AGE4

6 years

% of MKIF Portfolio Average daily traffic volume Average daily traffic revenue

Vehicles/day % change on pcp KRW thousand/day % change on pcp

Incheon International Airport Expressway 6.2% 48,686 0.8% 314,291 3.1%

Baekyang Tunnel 0.2% 68,805 1.2% 49,433 0.0%

Gwangju Second Beltway, Section 3-1 4.9% 35,481 7.1% 31,309 6.8%

Gwangju Second Beltway, Section 1 10.8% 35,324 3.1% 36,618 3.1%

Woomyunsan Tunnel 1.1% 24,606 (3.7% ) 53,281 20.3%

Cheonan-Nonsan Expressway 15.3% 40,453 8.2% 324,124 13.5%

Soojungsan Tunnel 6.5% 41,278 0.6% 30,282 (1.7%)

Deagu 4th Beltway East 5.1% 19,869 4.1% 19,869 4.1%

Machang Bridge 6.4% 14,892 7.1% 26,900 7.1%

Yongin-Seoul Expressway 7.6% 61,800 8.2% 99,835 8.4%

Seoul-Chuncheon Expressway 7.7% 33,972 5.8% 207,512 11.7%

Seoul Subway Line 9 Section1 4.2% 211,541 15.5% 158,599 22.4%

Incheon Grand Bridge 9.3% 26,179 3.3% 132,676 4.7%

Weighted average growth rate 5.3% 8.4%

TRAFFIC PERFORMANCE –1Q 2012 OVER 1Q 2011

1. Operational updates on Busan New Port Phase 2-3 not included 2. On a weighted average basis based on revenue size of each asset and the MKIF’s equity interest in each concession company 3. Actual revenue collected does not include minimum revenue compensation payments received from the relevant government authority or the toll freeze compensations related to the CPI growth 4. Operation period of each concession company on a weighted average basis based on respective commitment amount

-

50,000

100,000

150,000

200,000

250,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2009

Q4

2010

Q1

Q2 Q3 Q4 2011

Q1

Q2 Q3 Q4 2012

Q1

YSE (LHS) SCE (LHS) IBC (LHS) SM9 (RHS)

8 8

NEWLY OPENED ASSETS1

1. Transportation assets opened since 2009 2. During 1st quarter 2012, on a weighted average basis based on total commitment amount and average daily traffic 3. Weighted average daily traffic during 1st quarter 2012 over 1st quarter 2011

Asset Operation

commencement

Traffic volume growth on

pcp

Traffic revenue

growth on pcp

% of CA forecast traffic

volume

Yongin-Seoul Expressway (YSE)

01-Jul-09 8.2% 8.4% 74.1%

Seoul-Chuncheon Expressway (SCE)

15-Jul-09 5.8% 11.7% 69.7%

Seoul Subway Line 9, Section 1 (SM9)

24-Jul-09 15.5% 22.4% 103.2%

Incheon Grand Bridge (IGB)

19-Oct-09 7.4% 8.2% 61.7%

QUARTERLY TREND OF TRAFFIC VOLUME 1Q 2012 TRAFFIC PERFORMANCE

% OF PORTFOLIO

29%

% OF CA FORECAST TRAFFIC VOLUME2

72%

TRAFFIC VOLUME GROWTH3

7%

Vehicles/day Initial boarding/day

BUSINESS OVERVIEW

2

10

MKIF HISTORY

• Capital raising of KRW 1.26 tn until the listing • Captured attractive asset portfolio underpinned by significant

government revenue and capital protections

1. Private Participation in Infrastructure Act (PPI Act) defines infrastructure sectors including roads, railways, ports, energy, airport, communication, water resources, etc. 2. A wholly owned subsidiary of Macquarie Infrastructure and Real Assets (Europe) Limited, a member of Macquarie Group

Market Leader

Promulgated PPI Act

Establishment Listing

A key component in Korean government’s initiative to expand Infrastructure in Korea, introduced strong government supports to private participation in investment

Asian economic crisis Identified the attractive opportunities available

Active fund raising and deal participation

2000 2001 2002 2003 2004 2005 2006 2007 2008 Late 90s 2009

Capital raising of KRW 1.26tn until the listing Captured attractive asset portfolio underpinned by significant

government revenue and capital protections

Capital raising of KRW 582.5 bn through IPO Dual listed on KRX and LSE

MANDATE To invest in infrastructure assets in

Korea as defined under PPI Act1

INVESTMENTS 14 assets, KRW 1.77tn

(12 toll roads, 1 subway &1 port)

OBJECTIVE To create value through active

capital/portfolio management and to provide stable distributions

ASSET MANAGER Macquarie Korea Asset Management Co., Ltd.2

2010 2011

11

SHARE INFORMATION

1. Based on the share price as of 31 March 2012 2. 3-month average daily turnover 3. Calculated based on the exchange rate as at 31 March 2012 4. As at 31 December 2011 5. Source: Financial Supervisory Service (Over 5% holders and fund sponsors as of 4 May 2012)

TOP SHAREHOLDERS5

1. Military Mutual Aid Association 11.8%

2. Shinhan Financial Group 11.2%

3. Korea Life Insurance 8.4%

4. Macquarie Group 3.8%

SHAREHOLDER BASE4

EXCHANGE KRX -088980.KS /

LSE – MKIF.LI

MARKET CAP1 KRW 1.85 trillion (US$ 1.7 billion)3

DAILY VOLUME2 298,124 shares (US$ 1.5 million)3

61.7% 20.8%

17.6%

Domestic Retail

International investors

Domestic institutions

12

– External fund manager – Managed under Macquarie’s global

policies and procedures

Macquarie Korea Asset Management. Co., Ltd

Management Agreement MKIF

Invests in 14 Concession companies

OPERATING – 14 assets

Toll roads (12) Subway (1) Port (1)

1. Investments having a total par value of KRW 100mil or less are subject to withholding tax of 5.5%. Investments having a total par value over KRW100mil are subject to 15.4% tax for the amount exceeding KRW100mil, until December 2012

Active manager of the invested companies through management participation

Corporate tax exempted when MKIF distributes more than 90% of its annual net income

Korean retail residents benefit from a lower distribution withholding tax1

Invests in the form of: Equity Subordinated debt Senior debt

Receives: Interest income Dividend

CORPORATE STRUCTURE

As of 31 March 2012

13

Port

Subway

Toll-road

Yongin-Seoul Expressway

Incheon Grand Bridge

Seoul Subway Line 9, Section 1

Seoul-Chuncheon Expressway

Machang Bridge

Busan New Port Phase 2-3

Gwangju 2nd Beltway, Section 1

Gwangju 2nd Beltway, Section 3-1

Incheon International Airport Expressway

Woomyunsan Tunnel

Cheonan-Nonsan Expressway

Daegu 4th

Beltway, East

Soojungsan Tunnel

Beakyang Tunnel

PORTFOLIO1

As of 31 March 2012

34.1%

Mature

16.0%

49.9%

Senior debt

14.2%

Equity

35.5%

Sub debt

50.4%

Growth

Ramp up

Portfolio Composition by Asset Portfolio Composition by Phase and Type

1. Based on commitment amount

4.9%

6.4%

7.7%

5.1%

6.5%

15.3%

1.1%

10.8%

0.2%

6.2%

7.6%

9.3%

4.2%

14.7%

14.7%

4.2%

81.1%

14

LANDMARK ASSETS

15

LONG-TERM CONCESSION PERIOD

CONCESSION TERM VS. GOVERNMENT REVENUE SUPPORT PERIOD

Revenue Support1,2 Concession Term 3 Early Termination Support1,4

Weighted Average Concession Term

23years

Weighted Average Revenue Support 12years Present

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045

(L)Kwangju 2nd Beltway, Section 1

(L)Baekyang Tunnel

Relevant Authority (C) Central government (L) Local government

As of 31 March 2012

(C)Busan New Port Phase 2-3

(C)Yongin-Seoul Expressway

(C)Incheon Grand Bridge

(L)Seoul Subway Line 9, Section 1

(C)Seoul Chuncheon Expressway

(L)Machang Bridge

(L)Daegu 4th Beltway, East

(L)Soojungsan Tunnel

(C)Cheonan Nonsan Expressway

(L)Woomyunsan Tunnel

(L)Kwangju 2nd Beltway, Section 3

(C)Incheon International Airport Expressway

1. Revenue support and termination payment provisions vary for each concession 2. Revenue support until at least 2024 with weighted average support remaining of about 12 years (excluding Busan New Port Phase 2-3) 3. Concessions last at least until 2035 with weighted average life remaining of over 23 years 4. Concession companies have the right to receive payments if the relevant concession agreement is terminated prior to expiration of the concession term, including termination due to events attributable to

the concession company or the government body or for events of force majeure

16

Revenue Cap1

MRG1

Forecast Revenues2

Government bodies compensate the shortfall

Relevant government authorities extract the excess portion

Actual Revenue

1. MRG and revenue caps vary across assets 2. Forecast revenues set out in the Concession Agreement 3. In three of 13 MRG assets, no revenue guarantee applies if actual revenue are below 50 % of the toll revenue forecast

Revenue

GOVERNMENT REVENUE SUPPORT1

MRG and Revenue support for 13 of MKIF’s 14 assets3

Real and inflation-linked revenue support

MRG line tracking the forecast revenue line (typically 80~90% below forecast revenue)

Korea sovereign rating as of May 2011:

− S&P : A (Stable)

− Moody’s : A1 (Stable)

Details for the government revenue support by each asset attached – Slide 27

Conceptual Diagram

MINIMUM REVENUE SUPPORT MECHANISM

17

DEBT PROFILE

1. Proportionately consolidated cash balance (including MKIF cash balance of KRW 63.3bn) 2. Weighted average amortising maturity of the underlying asset level external debt 3. Gearing = Proportionately consolidated MKIF Net Debt / (Proportionately consolidated MKIF Net Debt + MKIF market capital (3-month average)) 4. Proportionate average of operating assets including 4 newly opened assets 5. Hedging (Fixed or swapped to fixed) = Proportionately consolidated MKIF net debt adjusted for fixed or swapped debt / Proportionately consolidated MKIF net debt 6. Outstanding debt balance based on amortisation schedule of asset level external debt on a proportionate equity shareholding basis. Excludes MKIF level corporate loan balance

OUTSTANDING DEBT BALANCE 6

GEARING3 49%

NET DEBT TO EBITDA4 4.2x

INTEREST RATE HEDGE5 58% until end of 2012

AMORTISING MATURITY2 8.6 years

CASH1 KRW 264.8bn

(KRW bn) Change Chart Period

As of 31 March 2012

(Year)

300

600

900

1,200

1,500

1,800

2012 2017 2022 2027 2032 2037 2042

18 18

DISTRIBUTION

1. Composed of (i) a dividend of KRW319 per share and (ii) a distribution in excess of profits of KRW11 per share (Deduction from the retained earnings). Total of KRW 330 per share will be accounted as distribution income in calculating dividend income tax and tax payable under Korean law

2. Based on the share price as of 31 December 2011 and 2011 distribution

DISTRIBUTION HISTORY ( PER SHARE, POST-LISTING )

DECLARATION/ PAYMENT

Semi-annual: As end of June and December

2011 DISTRIBUTION KRW 330 per share1

DISTRIBUTION FLOOR

Higher of taxable income or 100% of distributable accounting income – to maintain tax exempt status

CASH YIELD Circa 6.6%2

0

100

200

300

400

500

600

Second Half

First Half

230 220 200

220 220

2006 2007 2008

122

230

Stock distribution

230

2009

160

420 440

582

390

2010

160

2011

165

184

344 330

165

19

CONCLUSION

REDUCED CAPITAL RISKS Minimum Revenue Guarantee (MRG) provided to13 out 14 underlying assets

Underlying revenues are fully inflation-adjusted

EMBEDDED GROWTH POTENTIAL

Real and inflation-linked natural underlying revenue growth

Capital restructuring opportunities

Re-rating of assets

Growth through new investments

HEALTHY FINANCIALS

Sound balance sheet position

Conservative gearing with solid debt profile

Stability of operating cashflows supported by predictable cost basis

MACQUARIE MANAGED FUND Global leader managing A$90 billion1 of infrastructure assets under management across 24 countries

Management fees aligned with shareholders’ interests

STRONG MARKET PRESENCE #1 infrastructure management and advisory platform

Unrivalled brand recognition and track record in the infrastructure space in Korea

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at most recent valuation date, 30 June 2011 for the majority of assets

APPENDICES

3

21

CAPITAL INJECTION INTO MKIF INVESTMENTS

(Unit: KRW mn)

FINANCIAL POSITION STATEMENTS Non-consolidated – as at 31 March 2012 and 31December 2011

Asset Item 1Q 2012

Busan New Port Sub Debt 4,720

Gwangju 2nd Beltway, 3-1 Senior Debt (750)

Soojungsan Tunnel Senior Debt (1,799)

Total 2,171

31 March 2012 31 December 2011

Assets

Invested Assets 1,834,482 1,869,892

Cash & deposits 63,324 100,893

Loans 1,139,355 1,137,196

Equity securities 631,803 631,803

Others 274,942 256,628

Interest receivable 260,952 242,421

Other receivables 4,458 4,458

Deferred costs, net 9,532 9,749

Total Assets 2,109,424 2,126,520

Liabilities

Accounts Payable 1 1

Management fee payable 6,434 6,140

Long-term debt 191,310 183,907

Bonds 249,023 248,978

Other liabilities 1,750 1,812

Total Liabilities 448,518 440,838

Shareholders’ Equity

Share Capital 1,670,986 1,670,986

Retained Earnings (10,080) 14,696

Total Shareholders’ Equity 1,660,906 1,685,682

Total Liabilities and Shareholders’ Equity 2,109,424 2,126,520

* Excludes Baekyang Tunnel loan amortisation of KRW 12 mil

22

(Unit: KRW mn)

PROFIT AND LOSS STATEMENTS Non-consolidated – 3 months to 31 March 2012

1Q 2012 1Q 2011

Revenue 42,968 39,454

Interest Income 42,968 38,833

Gain (Loss) on sale of investment - 6211

Expenses 13,053 13,620

Management fees 6,434 5,877

Custodian fees 83 82

Administrator fees 52 51

Interest expenses 6,007 6,233

Other expenses 477 1,377

Net Profits 29.915 25,834

1. One-off gain from 3rd tranche securitisation of interest receivables on the subordinated loan provided to Cheonan-Nonsan Expressway

23

CASHFLOW STATEMENTS Non-consolidated - 12 Months to 31 December 2011

(Unit: KRW mn)

2011 2010

Cashflows from operating activities:

Cash inflows from operating activities 133,130 227,663

Sale of investment 20,550 46,834

Collection of other loans receivable 14,530 75,797

Interest and other income 98,050 105,032

Cash outflows from operating activities: (100,096) (176,825)

Investments (74,355) (151,861)

Fees and expenses (25,741) (24,964)

Net cash provided by (used in) operating activities 33,034 50,838

Cashflows from financing activities:

Repayment of long-term debt (250,000) (50,000)

Drawdown from long-term debt 55,443 5,000

Proceeds from Bond 250,000 -

Distributions paid (115,679) (106,067)

Interest expense (6,552) -

Borrowing related costs (3,592)

(1,126)

(100)

- Bond issue cost

Net cash provided by (used in) financing activities (71,506) (151,167)

Net increase (decrease) in cash and deposits (38,472) (100,329)

Cash and deposits at beginning of the period 139,365 239,694

Cash and deposits at end of the period 100,893 139,365

24

BUSAN NEW PORT PHASE 2-3

Project Company BNCT Co., Ltd.

Relevant Authority Ministry of Land, Transport and Maritime Affairs

Concession Term 29 years 3 months from completion of construction (24 December 2011 – 23 March 2041)

Construction Period 48 months (Dec 2007 ~ Dec 2011)

Operation commencement 2 January 2012

MKIF Investment Total of KRW 259.4bn

- 30% Equity ( KRW 66.4bn)

- 100% Sub debt ( KRW 193bn)

% of MKIF Portfolio 14.7%

Construction completed on time and on budget, commencing operation in January 2012

One of the five terminals operating within Busan New Port, a national priority port project intended to meet the growing shipping volume in Busan as Asia’s leading shipping and logistic hub

The key features include:

- Asia’s first vertical semi-automated container terminal with starting volume capacity of 1.8 million TEU Twenty-foot Equivalent Unit)

- Four 50,000-ton berths covering over 1,400 meters with initially 8 STS (ship-to-shore) quay cranes, capable of berthing 4 large container vessels

- Developed and constructed by Bouygues Travaux Publics and Hyundai Development

- KMTC and CMA CGM as the long-term terminal sharing shipping lines

- INTERGIS and KCTC as the joint operators

MKIF is the largest shareholder with 30% equity interest

Only non-MRG investment in MKIF’s portoflio

Gaduk-do, Busan City

25

PORTFOLIO

1. Includes KRW 3.2bn working capital facility

MKIF COMMITMENT AND DEBT INTEREST RATE

As of 31 March 2012

(KRW bn, %)

Interest Subordinated Debt

Senior Debt

Interest Name Abbrv. Equity Ownership (%) Rate Rate Total

Incheon International Airport Expressway NAHC 58.2 24.1 51.7 13.9 - 109.9

Baekyang Tunnel BYTL 1.2 100.0 - 1.5 15.0 2.7

Gwangju 2nd Beltway Section 3-1 KRRC 28.9 75.0 - 57.9

-

86.8

Gwangju 2nd Beltway Section 1 KBICL 13.1 100.0 35.2 1

20.0 142.0 190.3

Woomyunsan Tunnel WIC 10.7 36.0 9.6 - 20.3

Cheonan-Nonsan Expressway CNE 87.7 60.0 182.3 16.0 - 270.0

Soojungsan Tunnel SICL 47.1 100.0 19.3 20.0 48.6 8.5 115.0

Daegu 4th Beltway, East D4 57.5 85.0 32.0 17.0 - 89.5

Machang Bridge MCB 33.8 70.0 79.0 11.4 - 112.8

Seoul-Chuncheon Expressway SCE 48.6 15.0 87.4 11.6 - 136.0

Seoul Subway Line 9 Section 1 SUB9 40.9 24.5 33.5 15.0 - 74.4

Incheon Grand Bridge IGB 74.5 41.0 89.4 11.5 163.9

Yongin–Seoul Expressway YSE 57.8 35.0 77.0 13.0 - 134.8

Busan New Port Phase 2-3 BNP 66.4 30.0 193.0 12.0 - 259.4

Total 626.4 889.4 250.0 1,765.8

Percentage (%) 35.5% 50.4% 14.2% 100.0%

10.0

20.0

-

-

-

-

7.85

-

-

-

-

-

-

-

-

26 26

Assets Operating Revenue3 OPEX EBITDA Net Debt4 EBITDA

margin Net Debt

to EBITDA Operating Revenue3 OPEX EBITDA Net Debt4 EBITDA

margin Net Debt

to EBITDA

Gwangju Second Beltway, Section 1 30,553 (4,431) 26,122 (1,584) 85% (0.1x) 28,870 (6,269) 22,601 (1,434) 78% (0.1x)

Gwangju Second Beltway, Section 3-1 17,131 (5,798) 11,333 (2,279) 66% (0.2x) 16,731 (4,140) 12,591 (6,798) 75% (0.5x)

Soojungsan Tunnel 23,966 (3,740) 20,226 (16,219) 84% (0.8x) 23,637 (2,834) 20,802 (13,014) 88% (0.6x)

Baekyang Tunnel 23,259 (3,722) 19,537 142,812 84% 7.3x 23,400 (4,077) 19,323 151,352 83% 7.8x

Incheon International Airport Expressway 187,868 (19,060) 168,808 237,679 90% 1.4x 218,041 (21,352) 196,689 288,752 90% 1.5x

Cheonan-Nonsan Expressway 180,093 (23,936) 156,157 185,402 87% 1.2x 165,517 (22,958) 142,559 296,966 86% 2.1x

Woomyunsan Tunnel 21,015 (3,787) 17,228 86,162 82% 5.0x 21,595 (4,068) 17,527 90,884 81% 5.2x

Daegu 4th Beltway East 9,3735 (6,155) 3,219 71,050 34% 22.1x 26,040 (3,746) 22,294 65,672 86% 2.9x

Machang Bridge 23,178 (4,495) 18,684 221,412 81% 11.9x 21,495 (4,486) 17,010 214,352 79% 12.6x

Yongin-Seoul Expressway 37,161 (9,673) 27,487 351,953 74% 12.8x 34,215 (9,403) 24,812 347,951 73% 14.0x

Seoul-Chuncheon Expressway 106,608 (30,402) 76,206 831,035 71% 10.9x 87,203 (30,398) 56,805 836,593 65% 14.7x

Seoul Subway Line 9 Section 1 93,308 (76,538) 16,771 442,397 18% 26.4x 70,180 (74,255) (4,075) 429,103 (6%) 105.3x

Incheon Grand Bridge 59,743 (16,265) 43,478 584,276 73% 13.4x 51,729 (14,738) 36,991 582,909 72% 15.8x

Proportionate average6 353,444 (78,678) 274,765 1,147,439 78% 4.2x 349,916 (75,420) 274,497 1,222,963 78% 4.5x

20112 2010

OPERATING PERFORMANCE BY ASSET1

12 Months to 31 December 2011

1. FY 2011 results includes all 14 operating assets. FY2010 results announced in 29 January excluded assets opened in 2009 2. Management estimated, unaudited figures. Actual results may vary 3. Revenue compensation and other compensations from the relevant government authority are reflected on cash basis. 4. Excludes Shareholders loans 5. MRG portion of operating revenue of 2010 (KRW 20,430 mil) was not received 6. On a proportionate average basis based on MKIF’s equity interest in each concession company

(Unit: KRW million)

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MINIMUM REVENUE GUARANTEE SUMMARY

Asset Relevant Authority

Concession Term

Concession Term Remaining

Revenue Guarantee Duration

Revenue Guarantee Duration Remaining

Revenue Guarantee Threshold 1

Revenue Cap Threshold 1,2 Remarks

Baekyang Tunnel Busan

Metropolitan City 25 13 25 13 90% 110%

Gwangju 2nd Beltway, Section 1 Gwangju

Metropolitan City 28 17 28 17 85% 115%

Incheon International Airport Expressway MLTM 7 30 19 20 9 80% 110% Partial revenue sharing in excess of 80% to 110% level

Soojungsan Tunnel4 Busan Metropolitan City

25 15 25 15 90% 110%

Daegu 4th Expressway, East Daegu

Metrpolitan City 24 14 20 10 79.8% 120.2%

Cheonan-Nonsan Expressway MLTM 30 21 20 11 82% 110% Partial revenue sharing in excess of 82% to 110% level

Woomyunsan Tunnel Seoul

Metropolitan City 30 22 30 22 79%3 110%

All revenue sharing excess of 79% to 85% and excess 110%/ Partial revenue sharing excess of 90% to 110%

Gwangju 2nd Beltway, Section 3-1 Gwangju

Metropolitan City 30 23 30 23 90% 110%

Machang Bridge GSND 8 30 26 30 26 75.78% 120%

Yongin-Seoul Expressway 5 MLTM 30 27 10 7 70% 130%

Seoul-Chuncheon Expressway 5 MLTM 30 27 15 12 80%/70%/60% 120%/130%/140% Change by every five year

Seoul Subway Line 9, Section 1 5 Seoul Metropolitan City

30 27 15 12 90%/80%/70% 110%/120%/130% Change by every five year

Incheon Grand Bridge MLTM 30 28 15 13 80% 120%

Busan New Port Phase 2-3 MLTM 29 29 N/A N/A Construction asset

Weighted average6 29 23 18 12

1. % of annual concession agreement projected revenue 2. Relevant government authorities are entitled to receive the portion exceeding the Threshold 3. 79% up to 2023 and 78% from 2024 to 2034 4. In toll revenue below 90%, Busan City Government is obliged to compensate 91.5% of the shortfall amount 5. No revenue guarantee applies if actual revenue are below 50 % of the toll revenue forecast 6. Weighted by investment commitment 7. MLTM (Ministry of Land, Transport, Maritime Affairs 8. GSND (Gyeongsang Namdo (Provincial) government

As of 31 March 2012

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Management fee calculated quarterly basis as:

Base Fee

1.25% pa falling to 1.10%1 of Net Investment Value (NIV) of MKIF; plus (+)

1.15% pa falling to 1.05%1 per annum of Commitment2 of MKIF

Performance Fee

20% sharing in cumulative total returns3 over 8% pa

Net Investment Value for any quarter equals:

The average market capitalisation of MKIF over all trading days in each calculation; plus (+)

The amount of any external borrowings by MKIF; less (-)

Cash held by MKIF

1. For NIV +Commitment in excess of KRW 1.5 trillion 2. Commitments means all amounts that MKIF has firmly committed for future investment contributions 3. Total return to shareholders reflects both distributions from MKIF to its shareholders and share price performance over each calculation

Manager’s interests aligned with shareholders

No performance – no performance fees

Underperformance carried forward

MANAGEMENT FEES

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MACQUARIE FUNDS GROUP

Macquarie Investment

Management (“MIM”)

Fixed Income, Currencies and Commodities

Equities Funds of Funds

Macquarie Infrastructure and Real Assets (“MIRA”)

Infrastructure Real Estate

Private Equity

Macquarie Specialised Investment

Solutions (“MSIS”)

Protected Lending Fund Linked Products

Agricultural investments Lifetime income products

Operations

Legal and Compliance

Distribution

Macquarie Funds Group ranks in the top 40 asset managers globally

1. All numbers as at 30 September 2011

A$324bn AUM1

~1,400 23 Staff1 Countries worldwide1

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~105 portfolio businesses and ~115 properties1

MACQUARIE WORLDWIDE INVESTMENTS

South Africa Kelvin Power Station Umoya Energy Bakwena Platinum Corridor N3 Toll Concessions Trans African Concessions Nigeria Lekki Concession Company

USA Chicago Skyway Dulles Greenway Indiana Toll Road AIR-serv (tyre inflation) Harley Marine Services Icon Parking Penn Terminals Petermann (school buses) Sentient (private aviation) Smarte Carte Airport Services (fixed base operations) Total Terminals International (Hanjin Pacific Corporation)

Global Tower Partners Aquarion Company Puget Energy

District Energy Duquesne Light The Gas Company (Hawaii Gas) Broadrock Renewables International-Matex Tank Terminals Waste Industries AMC REIT

Canada Autoroute 25 Fraser Surrey Docks Halterm Limited (port) Mexico Decarred (highways)

Mareña Renovables (wind farms) Telecommunication Towers

Portfolio

UK Bristol Airport Airwave Arqiva Red Bee Media CLP Envirogas

(MEIF Renewables) Energy Power Resources

(MEIF Renewables) Thames Water Wales & West Utilities M6 Toll Condor Group (ferry services) Moto (motorway services) National Car Parks Wightlink (ferry services)

Belgium Brussels Airport Denmark Copenhagen Airports

China Hua Nan Expressway Changshu Xinghua Port Star King (China) Food Group MWREF (Retail Malls) Taiwan Taiwan Broadband Communications Miaoli Windpower

Hanjin Pacific Corporation (Kaohsiung)

France Pisto SAS (oil storage and

distribution) EPR France (MEIF

Renewables, wind farm) RES (MEIF Renewables,

wind farm) Trois Sources & Lomont

Windfarms Compteurs Farnier (Techem, water metering) Autoroutes Paris-Rhin-

Rhône Germany

TanQuid (tank storage business)

GWE (Tec hem) Techem (submetering) Thyssengas Warnow Tunnel

Roads & Rail Renewable Energy

Other Transport Services

Real Estate Communications Airports Other Real Assets

Spain Asset Energia Solar

(MEIF Renewables) Solpex Energia Solar

(MEIF Renewables) Itevelesa (vehicle inspections)

Czech Republic Ceske Radiokomunikace Poland DCT Gdansk (container

terminal) TanQuid (tank storage

business) Sweden EPR Sweden (MEIF

Renewables, wind farm) Varmevarden Arlanda Express Russia Brunswick Rail GSR Energy Investments

New Zealand Metlifecare2

Private Lifecare2

Retirement Care New Zealand

Japan Hanjin Pacific Corporation (Tokyo, Osaka)

United Arab Emirates ICAD Effluent Treatment Plant Al Ain Industrial City Industrial City of Abu Dhabi

Puerto Rico (USA) Global Tower Partners

Australia Hobart International Airport Dampier Bunbury Natural Gas Pipeline Multinet Gas Holdings United Energy Distribution 3P Learning Regis Group (aged care) Retirement Villages Group2

MREEFs

South Korea C&M (Cable TV) West Sea Power / West Sea Water North East Chemical Youngduk Wind Power Baekyang Tunnel Cheonan-Nonsan Expressway Daegu 4th Beltway East Gwangju 2nd Beltway Section 1 Gwangju 2nd Beltway Section 3-1 Incheon Grand Bridge Incheon International Airport Expressway Machang Bridge Seoul Chuncheon Expressway Soojungsan Tunnel Woomyunsan Tunnel Yongin-Seoul Expressway Seoul Subway Line 9, Section 1 Busan New Port Phase 2-3 Hanjin Pacific Corporation (ports) Macquarie NPS REIT Macquarie NPS REIT No. 2

India Viom Networks

Adhunik Power and Natural Resources MB Power (Madhya Pradesh) Soham Renewable Energy

GMR Airports (Delhi and Hyderabad airports)

Energy Utilities Waste

1. As at 31 December 2011. 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. On 12 January 2012, FKP Property Group completed the acquisition of Retirement Villages Group (RVG) management rights from Macquarie and became the sole manager of RVG.

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EXTENSIVE EXPERIENCE

PROPRIETARY DEAL FLOW

EFFECTIVE ASSET MANAGEMENT

— MIRA has 17 years’ global infrastructure investment experience — A$90 billion1 of assets under management across 24 countries

— Access to the proprietary investment sourcing capability of the Macquarie Group

STRONG ALIGNMENT

— Local expertise, knowledge and relationships across 23 offices globally

— Long term carry sharing arrangements for fund staff for recently established funds — Macquarie and staff investment of ~A$1.8 billion2 in MIRA managed funds

MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA)’S COMPETITIVE ADVANTAGE

Macquarie Infrastructure and Real Assets (previously Macquarie Capital Funds) is a leading global alternative asset manager specialising in infrastructure funds, other real asset funds and customised accounts

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 30 June 2011 for the majority of assets. 2. Staff investment is ~A$0.2 billion.

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MIRA INFRASTRUCTURE OVERVIEW Extensive experience sourcing and managing infrastructure investments

1996 December 2011

Funds/vehicles Unlisted No. - 27

Listed No. 2 5

Portfolio businesses No. 4 91

Assets under management A$b 1.6 871

Equity under management Unlisted A$b - 282

Listed A$b 0.6 42

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 30 June 2011 for the majority of assets 2. Listed funds – market capitalisation plus fully underwritten or committed future capital raisings. Unlisted funds – committed capital less any called 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.