News Release

Macquarie Power & Infrastructure Income Fund Announces New CFO

TORONTO, ONTARIO (July 27, 2009) – Macquarie Power & Infrastructure Income Fund (TSX: MPT.UN; MPT.DB – “MPT” or the “Fund”) today announced that Michael Smerdon, a Managing Director of Macquarie Capital Funds Canada Ltd., has been appointed Vice President and Chief Financial Officer of the Fund effective August 14, 2009. This appointment follows a decision by Harry Atterton, currently the Fund’s Vice President and Chief Financial Officer, to pursue a new career opportunity. Mr. Atterton will be supporting a smooth transition to Mr. Smerdon over the coming weeks.

Mr. Smerdon has extensive asset management and investment experience in the North American infrastructure sector, including roads, transportation, electric utilities, ports and social infrastructure. Mr. Smerdon has been integral to the sourcing of new investment opportunities and capital for Macquarie’s private infrastructure investment funds in North America.

“Michael brings a wealth of management, investment and capital markets expertise to the Fund as well as strong relationships with leading institutional investors in North America. We look forward to Michael’s leadership as we continue to seek new opportunities to build value for MPT’s unitholders,” said Michael Bernstein, the Fund’s President and Chief Executive Officer.

Derek Brown, Chairman of the Fund’s Board of Trustees said, “Harry has made a solid contribution to the Fund’s success since 2005. We thank him for his commitment to the Fund and wish him the very best in the next phase of his career.”

Biographical Details for Michael Smerdon
Since joining the Macquarie group in 1998, Michael has managed and overseen the acquisition and operation of diverse infrastructure assets in Canada and the United States.

From 1998 to 2002, Michael served with Macquarie’s infrastructure advisory group where he advised governments and the private sector on a number of transportation and electricity projects including toll roads, electricity distribution, aviation services, parking facilities and rail infrastructure.

Most recently, Michael served as a key member of the senior management team of New Yorkbased Macquarie Infrastructure Partners Inc. (“MIP”), which manages two infrastructure funds totalling US$5.5 billion of investor capital. His responsibilities included managing Macquarie’s North American port investments as well as capital raisings for Macquarie Infrastructure Partners II.

Prior to his role with MIP, Michael was responsible for managing a number of Macquarie’s infrastructure businesses, including the Detroit-Windsor Tunnel, Atlantic Aviation, Leisureworld and Parking Company of America Airports, among others, where he directed business planning, financial and operational reporting, capital structure management, and risk management and governance, including serving on each business’ board of directors.

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

Michael has likewise played a vital role in the growth of Macquarie’s infrastructure platform in North America, including:

  • Macquarie Infrastructure Group’s $1.2 billion acquisition of 40% of Cintra Concesiones de Infraestructuras de Transporte, S.A., the largest shareholder of 407 International Inc., in 2001;
  • Macquarie Infrastructure Company’s initial public offering and listing on the New York Stock Exchange in 2004;
  • Macquarie Essential Assets Partnership’s investment in the Sea to Sky Highway Improvement Project, a flagship $600 million public-private partnership (P3) project in British Columbia, in 2005;
  • MPT’s acquisition of a 45% interest in Leisureworld Senior Care LP in 2005 and related financing; and
  • Macquarie Infrastructure Partners’ acquisition of Fraser Surrey Docks, the Vancouverbased container and breakbulk terminal operator, in 2007.

Michael holds a Bachelor of Commerce degree from the University of British Columbia and a Master of Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario. He is also a Chartered Financial Analyst.

About the 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 for additional information.

1 Distributable cash is defined as cash flows from operating activities after removing changes in working capital and reflecting the impacts of releases from maintenance reserves, allocations to major maintenance and capital expenditure reserves, non-discretionary payments and receipts, and distributions from Leisureworld.
2 Income from operations refers to income before net interest, foreign exchange, share of income (losses) from long-term investments, unrealized gains (losses) on swap contracts and on embedded derivatives in gas purchase contracts, gain on sale of capital assets, and taxes.

Forward-looking Statements
Certain statements in this news release may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. When used in the this news release, such statements use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forwardlooking statements contained in this news release are based on information currently available and what the Fund currently believes are reasonable assumptions, including the material assumptions for each of the Fund’s assets set out in the Fund’s 2008 Annual Report under the headings “Outlook” on pages 23 to 24, as updated in subsequently filed quarterly Financial Reports of the Fund. However, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and, except as required by law, the Fund does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The Fund cautions readers not to place undue reliance on any forward-looking statements contained in this news release. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

The forward-looking information contained in this news release is presented for the purposes of assisting investors and analysts in understanding the Fund’s financial position and our stated priorities and objectives may not be appropriate for other purposes. The Fund cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks associated with: the operational performance of the Fund’s assets; power purchase agreements; fuel costs, supply and transportation; default under credit agreements; regulatory regime and permits; land tenure and related rights; government regulation and funding; the ability to complete future acquisitions; LTC home ownership and operation; minority ownership interest in Leisureworld; reliance on key personnel; default under Leisureworld’s long-term debt and credit facility; labour relations and cost; the variability of distributions; unitholder liability; dependence on Macquarie Power Management Ltd., the manager of the Fund, and potential conflicts of interest; insurance; and risks related to the environmental, health and safety regimes within which the Fund’s assets operate. The risks and uncertainties described above are not exhaustive and other events and risk factors, including risk factors disclosed in Fund’s filings with Canadian securities regulatory authorities, could cause actual results to differ materially from the results discussed in the forward-looking statements.

Non-GAAP Financial Measures
"Income from operations" and "distributable cash" do not have any standardized meaning under Canadian GAAP. Management believes they are useful measures of performance as they provide investors with indications of income from operations and the amount of cash available for distribution to unitholders. The Fund's method of calculating "income from operations" and "distributable cash" may not be comparable to other similarly named calculations.


Aaron Boles
Vice President, Communications and Investor Relations
Tel: (416) 649 1325