News Release

Macquarie Power Income Fund Announces First Quarter Results

TORONTO, May 4, 2005 – The Macquarie Power Income Fund (TSX: MPT.UN - the “Fund”) announced today results for the first quarter ended March 31, 2005. The Fund generated revenue of $25.2 million for the first quarter ended March 31, 2005. For the corresponding period in 2004, prior to the establishment of the Fund, the Cardinal Power facility, the Fund’s sole asset, generated revenue of $24.5 million and received $2.8 million of revenue from adjustments to prior years’ electricity production. On a direct comparison, the $0.7 million improvement in revenue in the first quarter 2005 compared to the first quarter 2004 is attributed to higher electricity production.

The Fund’s earnings before interest, taxes, depreciation and amortization and unrealized gains and losses (“EBITDA”) for the quarter ended March 31, 2005 was $8.6 million compared to EBITDA of $11.4 million reported by the Cardinal Power facility in the quarter ended March 31, 2004. The decrease in EBITDA is primarily related to the effect of the revenue adjustment noted above, deferred maintenance expenditure and administrative expenses.

During the first quarter ended March 31, 2005, the Fund generated distributable cash of $7.9 million ($0.374 per unit) and declared distributions during the quarter of $5.0 million ($0.238 per unit). Distributions were paid out of cash resources available and no reserve accounts were drawn down.

As at March 31, 2005, the Fund had cash and cash equivalents totalling $14.8 million, of which $8.7 million was allocated to its general, major maintenance and capital expenditure reserve accounts. The balance of this amount is maintained as free cash on hand and is available to finance the seasonality of operations.

“We are pleased to report another quarter of solid operating performance at the Cardinal facility. Additionally, the Fund’s strong cash position enables us to address our future operational and financial requirements,” said Bob Rollinson, President and Chief Executive Officer, Macquarie Power Income Fund.

Subsequent to the quarter end, the Fund’s management announced intentions to opportunistically pursue investments and acquisitions within the broad mandate outlined in the Fund’s charter.

Mr. Rollinson commented, “Looking forward, we remain focused on growing the Fund through accretive acquisitions to enhance cash available for distribution to unitholders. We will continue to consider opportunities across the power and infrastructure sectors.”

Conference Call and Webcast
The Fund will hold a conference call to discuss the results on May 5, 2005 at 8:30 AM EST., at which time the Fund’s Manager will present the results for the first quarter 2005. The conference call will also be available via webcast through the Fund’s website at and by telephone at 416-640-4127. A replay of the conference call will be available until May 13, 2005 following the conference call and can be accessed by dialing 416-640-1917, passcode 21123656#.

Macquarie Power Income Fund is an unincorporated limited purpose trust which indirectly owns a 156MW 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 Ltd1, a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

Additional information about the Macquarie Power Income Fund can be found at or

1Macquarie Power Management Ltd is not an authorised deposit taking institution for the purposes of the Banking Act (Cth) 1959 and Macquarie Power Management Ltd.’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Power Management Ltd.

For additional information please contact:

Investor enquiries
Harry Atterton
Chief Financial Officer
Macquarie Power Management Ltd.
(416) 594-5198

Media enquiries
Monica Zaied
Corporate Communications
Macquarie North America Limited
(416) 594-5042