News Release

Macquarie Power Income Fund Declares May 2005 Cash Distribution

TSX/MEDIA RELEASE 20 May 2005 – Macquarie Power Income Fund (TSX: MPT.UN - the “Fund”) today declared a cash distribution for the month of May 2005 of C$0.07917 per trust unit.

The distribution will be paid on June 30, 2005 to Unitholders of record at the close of trading on May 31, 2005.

Macquarie Power Income Fund is an unincorporated limited purpose trust which 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 Ltd. , a wholly-owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

More information on Macquarie Power Income Fund can be found at the Fund’s website, www.macquarie.com/mpt

For additional information please contact:

Investor enquiries
Harry Atterton
Chief Financial Officer
Macquarie Power Management Ltd.
Tel: (416) 607 5198
Email: harry.atterton@macquarie.com

Media enquiries
Monica Zaied
Corporate Communications
Macquarie North America
Tel: (416) 607 5042
Email: monica.zaied@macquarie.com