News Release

Macquarie Power Income Fund Declares Monthly Cash Distribution

TSX/MEDIA RELEASE June 21, 2004 – Macquarie Power Income Fund today declared a monthly cash distribution for the month of June of $0.07917 per trust unit. The distribution will be paid on July 31, 2004 to unit holders of record at the close of trading on June 30, 2004.

Macquarie Power Income Fund (the "Fund") is an unincorporated limited purpose trust which indirectly owns a 156 MW gas fired cogeneration power station located in Cardinal, Ontario. The Fund's units are listed on the Toronto Stock Exchange under the symbol MPT.UN. The Fund is managed by Macquarie Power Management Limited, a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

For additional information please contact:
Germain Lecours
Chief Financial Officer, Macquarie Power Management Ltd.
(416) 594 5198