Macquarie Power & Infrastructure Income Fund Announces Management Change
TORONTO, Ontario (April 14, 2009) – Macquarie Power & Infrastructure Income Fund (TSX:
MPT.UN; MPT.DB – “MPT”, or the “Fund”) today announced that Mr. Michael Bernstein has
been appointed interim President and Chief Executive Officer (CEO) of MPT, effective April 15,
2009. The appointment is simultaneous with Mr. Bernstein’s appointment as head of
Macquarie Capital Funds in Canada.
Mr. Bernstein’s appointment follows the decision of Mr Gregory Smith to step down as Head of
Macquarie Capital Funds in Canada and as President of Macquarie Power Management Ltd.,
MPT’s manager, to pursue other opportunities.
Mr. Smith will remain with the Macquarie Group until May 15, 2009 and will work closely with
Mr. Bernstein during a transition period up to that time. Mr Bernstein, a Senior Managing
Director of the Macquarie Group, was previously Head of Infrastructure & Utilities Advisory for
Macquarie Capital Markets Canada Ltd., a position he held since joining Macquarie in 2005
(see biography attached).
Mr. Derek Brown, Chairman of MPT, thanked Mr. Smith for his contribution to MPT as
President and CEO since 2005 and before that as Trustee from 2004, saying: “During Greg’s
time as CEO, MPT has evolved from a single asset vehicle to one that has a diversified
portfolio of quality infrastructure businesses. Most importantly, despite challenging market
conditions, the Fund’s operational performance has been resilient, demonstrating both the high
quality of the Fund’s assets and the way in which they have been managed,” said Mr. Brown.
Mr. Brown continued: “With Michael’s appointment as interim CEO, the Board recognized his
blend of infrastructure and utility experience, capital raising expertise and strong relationships
with corporations, governments and the investment community. He is one of Canada’s leading
infrastructure and utility executives and is well placed to lead MPT.”
About Macquarie Power & Infrastructure Income Fund
Macquarie Power & Infrastructure Income Fund invests in essential infrastructure assets in
North America with an emphasis on power infrastructure. MPT’s strategy is to acquire and
actively manage a diverse, high quality portfolio of infrastructure assets to improve their
financial performance and provide growing and sustainable distributions to unitholders. MPT’s
portfolio includes investments in gas cogeneration, wind, hydro and biomass power generating
facilities, representing approximately 350 MW of installed capacity, and a 45% interest in
Leisureworld Senior Care LP, a leading provider of long-term care, or social infrastructure, in
Ontario. MPT is managed by a wholly-owned subsidiary of Macquarie Group Limited. Please
visit www.macquarie.com/mpt for additional information.
Biographical Details- Michael Bernstein
Mr. Bernstein brings extensive experience in the Canadian infrastructure and utilities sector,
having been involved in a wide range of significant infrastructure and utility projects and
transactions. Highlights include:
- Building Macquarie’s platform (both advisory and principal) and team in Canada’s
infrastructure and power sector;
- Advising on the concession for Autoroute A-25, Quebec's first P3 project;
- Working on the $4.25 billion agreement to refurbish and restart the Bruce A nuclear
- Working with the Province of Ontario on the restructuring of Ontario Hydro; and
- Advising Borealis Infrastructure Management on its acquisition of Teranet Income
Mr. Bernstein also has significant experience with MPT. Highlights include:
- Advising on the initial public offering of MPT;
- Assisting with the financing relating to MPT’s Leisureworld acquisition; and
- Advising on the Fund’s acquisition of Clean Power Income Fund.
Prior to joining Macquarie, Mr. Bernstein was a senior member of the Power & Utilities Group
at CIBC World Markets, where he worked for nine years.
For further information, please contact:
Vice President, Communications and Investor Relations
Tel: (416) 649 1325