News Release

Macquarie Power Income Fund Declares July 2004 Cash Distribution

TORONTO, July 20 /CNW/ - Macquarie Power Income Fund (the "Fund") today declared a cash distribution for the month of July 2004 of C$0.07917 per trust unit. The distribution will be paid on August 31, 2004 to unitholders of record at the close of trading on July 30, 2004. The distribution for the month of July 2004 represents the third monthly cash distribution made by the Macquarie Power Income Fund to unitholders since listing. Below is a summary of the distributions announced to date:

 Distribution month
Cash distribution (C$)
Record date
Payable date
 May 04
 $0.08177 per unit
 May 31, 2004
 June 30, 2004
 June 04
 $0.07917 per unit  June 30, 2004
 July 30, 2004
 July 04
 $0.07917 per unit  July 30, 2004
 August 31, 2004

Macquarie Power Income Fund (the "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 Limited, a wholly owned subsidiary of Macquarie Bank Limited and a member of the Macquarie group.

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/ (MPT.UN.)
CO: Macquarie Power Income Fund
CNW 15:39e 20-JUL-04