News Release

Macquarie Power Income Fund Closes IPO and Lists on Toronto Stock Exchange

TSX/MEDIA RELEASE April 30, 2004 – Macquarie Power Income Fund (TSX: MPT.UN ; the “Fund”) today closed its initial public offering and commenced trading on the Toronto Stock Exchange. The Fund is an open-ended, limited purpose trust which will seek out investments primarily in operating power generating assets, predominantly in Canada and the United States. La distribution sera versée le 29 juillet, 2005 aux porteurs de parts inscrits à la fermeture des bureaux le 30 juin, 2005. The Fund will be managed by Macquarie Power Management Limited (the Manager), a wholly owned subsidiary of Macquarie Bank Limited.

“We are delighted that this Fund has successfully listed on the Toronto Stock Exchange”, said the Chief Executive Officer of the Manager , Mr Bob Rollinson.

The Fund has issued 21,168,997 of its units, at a price of C$10.00 per unit for gross proceeds of C$211,689,970. The units were sold to the public through an underwriting syndicate co-led by TD Securities Inc and CIBC World Markets Inc and including BMO Nesbitt Burns Inc, National Bank Financial Inc, RBC Dominion Securities Inc and Scotia Capital Inc.

The Fund’s seed asset, the 100% ownership of a 156 megawatt gas-fired, combined-cycle cogeneration plant located in Cardinal, Ontario, was acquired from a private investor on closing.

“The Cardinal facility is a modern, established cogeneration plant with a record of strong operating performance.” noted Rollinson.

“The Fund will offer targeted monthly distributions to its investors, as outlined in it’s prospectus,” remarked Rollinson. “The experienced management team of this new income fund is also confident that electricity generation opportunities will emerge throughout Canada and the US and expects that some of these facilities will meet the Fund’s acquisition and investment guidelines.” he said.

About MPML and the Macquarie Group
Macquarie Power Management Ltd (MPML), the Manager of the Macquarie Power Income Fund, is a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

The Macquarie group comprises Macquarie Bank Limited (MBL), a company authorized under the Banking Act 1959 (Cth) to conduct banking business in Australia, and its worldwide affiliates. MBL is not licensed to conduct banking business in Canada or the United States. Macquarie Bank Limited is publicly listed on the Australian Stock Exchange, with a market capitalization of approximately $6 billion. The Macquarie group has assets under management of over $38 billion (as of 30 September 2003)> The Macquarie group is a global leader in the acquisition, funding and management of infrastructure and utility assets, and manages approximately $12.5 billion (as of 31 December 2003) of equity in infrastructure and utilities funds around the world including toll roads, airports, communications, water, rail and power assets. The Macquarie group has been active in North America for more than a decade and has over 300 employees across the continent. In Canada members of the Macquarie group have offices in Toronto and Vancouver and operate in ten locations across the United States.

For additional information please contact:

Media Enquiries
Alex Doughty
Public Affairs Manager
Macquarie group
Tel: (212) 231-1710

Allan Reynolds
GPC International for Macquarie Power Income Fund
Tel: 1 (416) 598 0055 ext 289