Macquarie Group announces IPO of second closed-end fund on New York Stock Exchange

29 August 2005

The Macquarie group announced Friday the successful pricing of the initial public offering of common shares in a new closed-end fund, the Macquarie Global Infrastructure Total Return Fund (the Fund). The Fund has issued 17,000,000 common shares at an initial price of $25.00 per share, resulting in gross proceeds of $425,000,000 (exclusive of the underwriters’ overallotments). In addition, underwriters' overallotments of up to 15% of the total fund size may be exercised.

The Fund’s shares will begin trading today on the New York Stock Exchange (NYSE: MGU) and the Fund’s listing will be formally announced with the ringing of the NYSE opening bell of trading.

MGU is a closed-end management investment company, investing globally in predominantly listed infrastructure companies that own or operate infrastructure assets. The Fund’s investment objective is to provide to its investors a high level of total return consisting of dividends and other income, and capital appreciation.

The Fund will be advised by Macquarie Infrastructure Fund Adviser, LLC (MIFA). MIFA is a member of the Macquarie group.

“The listing of this Fund provides US retail investors the opportunity to gain access to a broad global portfolio of predominantly listed infrastructure companies,” said Oliver Yates, Chairman of MGU and an Executive Director of Macquarie Bank Limited. “MGU is the second US-listed closed-end fund to bear the Macquarie name and once fully invested, will take total US closed-end fund assets under management by members of the Macquarie group and its affiliates to over $1.6 billion,” Mr Yates said.

MGU does not intend to make investments in infrastructure companies managed by members of the Macquarie group which would be affiliated persons of the Fund as defined under The Investment Company Act of 1940.

The underwriting syndicate for the Fund was led by Citigroup and co-led by Merrill Lynch & Co.

For further information, please contact:

Matthew Russell
Public Relations
Macquarie Bank Limited
Tel: (612) 8232 4102
Mobile: (614) 1069 9532

Erica Sibree
Investor Relations
Macquarie Bank Limited
Tel: (612) 8232 5008
Mobile: (614) 1302 6309

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