News Release

Macquarie Power Income Fund Declares August 2004 Cash Distribution

TORONTO, Aug. 20 /CNW/ - Macquarie Power Income Fund (the "Fund") today declared a cash distribution for the month of August 2004 of C$0.07917 per trust unit.

The distribution will be paid on September 30, 2004 to unitholders of record at the close of trading on August 31, 2004.

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(1), 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,

(1) Macquarie 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. %SEDAR: 00020483EF

For further information: please contact:
Investor enquiries:
Germain Lecours, Chief Financial Officer, Macquarie Power Management Ltd.,
(416) 594-5198;

Media enquiries:
Alex Doughty,
Corporate Communications,
Macquarie group, (212) 548-2740
CO: Macquarie Power Income Fund
CNW 14:29e 20-AUG-04