MACQUARIE KOREA INFRASTRUCTURE FUND

May 2013

General Presentation

2

DISCLAIMER

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in Macquarie Korea Infrastructure Fund (“MKIF”), the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser after reading investment prospectus, if necessary.

MKIF and Macquarie Korea Asset Management Co., Ltd.(“MKAM”) are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia) and their 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 MKIF/ MKAM.

Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in MKIF. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of MKIF. Past performance and results are not a reliable indication of future performance.

Based on the performance of the fund, loss of principal may incur and such losses will be vested to investors.

This presentation is not an offer for sale of the securities of MKIF in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, or in any jurisdiction where such offer or sale is not permitted. MKIF does not intend to register any portion of any contemplated offering in the United States or to conduct a public offering of securities in the United States

Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any securities will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

FORWARD LOOKING STATEMENT

This presentation contains forward-looking statements, in particular, under the heading “Business Overview”. All forward-looking statements are our management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

IMPORTANT NOTICE

3

CONTENTS

1

Highlights

Financial results

5

6

2 Business Overview

MKIF history

Share information

Corporate structure

Portfolio

Landmark assets

10

11

12

13

14

Key Results

Long-term concession period

Government revenue support

Debt profile

Distribution

Conclusion

15

16

17

18

19

3

Financial position statements

Profit and loss statements

Cashflow statements

Busan New Port Phase 2-3

Portfolio

Operating performance by asset

21

22

23

24

25

26

Minimum revenue guarantee summary

Management fees

Macquarie Funds Group

Macquarie worldwide investments

Macquarie Infrastructure and real assets (MIRA)’s competitive advantage

MIRA infrastructure overview

27

28

29

30

31

32

Appendices

Underlying asset performance

Newly opened assets

7

8

Key Results

1

HIGHLIGHTS

5

Solid financial and traffic results

- On a non-consolidated basis, MKIF’s revenue and net income decreased by 0.9% and 0.7%, respectively, compared to the previous corresponding period (“pcp”), mainly due to the decrease in loan interest resulting from the divestment of Daegu 4th Beltway East completed on 27 June 2012

- Underlying traffic volume and revenue grew by 2.6% and 7.2%, respectively, on pcp1

- Weighted average daily traffic for the four newly opened assets2 reached 73%³ of the Concession Agreement Forecasts

Outlook on Busan New Port, 2-3, remains cautiously optimistic

- Total volume for the Quarter was approximately 0.3 million TEUs, largely in line with the management expectation adjusted for the seasonality, and the estimated volume for the year remains at 1.6 million TEUs

- Volume migration from the Busan Old Port continues with the New Port’s market share of container volume in Busan area reaching 60% as of March 2013

- Overall, Busan’s volume grew by slightly over 2.8% in the Quarter compared to pcp

- Cash management remains priority during the ramp-up phase

Remains financially healthy with a conservative debt position

- Proportional cash balance of KRW 221.1 billion including MKIF cash of KRW 25.8 billion

- Continued de-gearing of asset level debt with average maturity of 8.4 years

- No external debt refinancing required until May 2016

- Proportionately consolidated gearing4 of 41% with 65% of interest obligations fixed5

- MKIF domestic credit rating remains AA (Stable)6

1. On a weighted average basis based on revenue size of each asset and the MKIF’s equity interest in each concession company 2. Yongin-Seoul Expressway, Seoul-Chuncheon Expressway, Seoul Subway Line 9 and Incheon Grand Bridge 3. On a weighted average basis based on total commitment amount and average daily traffic 4. Gearing = Proportionately consolidated MKIF Net Debt / (Proportionately consolidated MKIF Net Debt + MKIF market capital (3-month average)) 5. Hedging (Fixed) = Proportionately consolidated MKIF net debt adjusted for fixed debt / Proportionately consolidated MKIF net debt 6. Rated by NICE Investors Service on 29 March 2013

6

FINANCIAL RESULTS

6

(Unit: KRW mn) Non-consolidated financial information

FY2012 1Q 2013 1Q 2012 % change

Revenue 205,749 42,585 42,968

Interest income 171,912 42,585 42,968

Gain on sale of investment 33,1511 - -

Other income 686 - -

Expense 51,626 12,880 13,053

Management fee 27,786 7,577 6,434

Interest expense 19,828 4,698 6,007

Other expense 4,012 605 612

Net income 154,123 29,705 29,915

Normalised Net income 120,972 29,705 29,915

1. One-off gain from the sale of equity in Daegu 4th Expressway East

0.9%

0.7%

UNDERLYING ASSET PERFORMANCE

7

TRAFFIC VOLUME GROWTH1

2.6%

TRAFFIC REVENUE GROWTH1

7.2%

PORTFOLIO AGE2

6.6 years

1. On a weighted average basis based on revenue size of each asset and the MKIF’s equity interest in each concession company 2. Operation period of each concession company on a weighted average basis based on respective commitment amount

% of MKIF Portfolio Average daily traffic volume Average daily traffic revenue

Vehicles/day % change on pcp KRW thousand/day % change on pcp

Incheon International Airport Expressway 6.6% 49,686 2.1% 328,318 4.4%

Baekyang Tunnel 0.2% 70,350 2.2% 50,382 1.9%

Gwangju Second Beltway, Section 3-1 4.9% 31,571 (11.0%) 33,336 6.5%

Gwangju Second Beltway, Section 1 11.4% 37,053 4.9% 39,011 6.5%

Woomyunsan Tunnel 1.2% 23,769 (3.4% ) 51,360 (3.6%)

Cheonan-Nonsan Expressway 16.1% 41,446 2.5% 345,004 6.4%

Soojungsan Tunnel 6.5% 42,198 2.2% 30,763 1.6%

Machang Bridge 6.8% 14,634 (1.7%) 32,100 19.3%

Yongin-Seoul Expressway 8.1% 65,103 5.2% 116,624 16.8%

Seoul-Chuncheon Expressway 8.2% 33,566 (1.2%) 212,040 2.2%

Seoul Subway Line 9 Section1 4.5% 235,632 11.4% 189,998 19.8%

Incheon Grand Bridge 9.9% 27,784 6.1% 145,315 9.5%

Weighted average growth rate 2.6% 7.2%

TRAFFIC PERFORMANCE –1Q 2013 OVER 1Q 2012

-

50,000

100,000

150,000

200,000

250,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2009 Q4

2010 Q1

Q2 Q3 Q4 2011 Q1

Q2 Q3 Q4 2012 Q1

Q2 Q3 Q4 2013 Q1

YSE (LHS) SCE (LHS) IGB (LHS) SM9 (RHS)

NEWLY OPENED ASSETS1

8 8

1. Transportation assets opened since 2009 2. During 1st quarter 2013, on a weighted average basis based on total commitment amount and average daily traffic 3. Weighted average daily traffic during 1st quarter 2013 over 1st quarter 2012

Asset Operation

commencement

Traffic volume growth on

pcp

Traffic revenue

growth on pcp

% of CA forecast traffic

volume

Yongin-Seoul Expressway (YSE)

01-Jul-09 5.2% 16.8% 71.5%

Seoul-Chuncheon Expressway (SCE)

15-Jul-09 (1.2%) 2.2% 67.5%

Seoul Subway Line 9, Section 1 (SM9)

24-Jul-09 11.4% 19.8% 105.6%

Incheon Grand Bridge (IGB)

19-Oct-09 6.1% 9.5% 62.5%

QUARTERLY TREND OF TRAFFIC VOLUME 1Q 2013 TRAFFIC PERFORMANCE

% OF PORTFOLIO

31%

% OF CA FORECAST TRAFFIC VOLUME2

73%

TRAFFIC VOLUME GROWTH3

5%

Vehicles/day Initial boarding/day

BUSINESS OVERVIEW

2

10

MKIF HISTORY

1. Private Participation in Infrastructure Act (PPI Act) defines infrastructure sectors including roads, railways, ports, energy, airport, communication, water resources, etc. 2. A wholly owned subsidiary of Macquarie Infrastructure and Real Assets (Europe) Limited, a member of Macquarie Group (voting share basis)

Market Leader

Promulgated PPI Act

Establishment Listing

A key component in Korean government’s initiative to expand Infrastructure in Korea, introduced strong government supports to private participation in investment

Asian economic crisis Identified the attractive opportunities available

Active fund raising and deal participation

Capital raising of KRW 1.26tn until the listing Captured attractive asset portfolio underpinned by

significant government revenue protections

Capital raising of KRW 582.5 bn through IPO Dual listed on KRX and LSE

MANDATE To invest in infrastructure assets in

Korea as defined under PPI Act1

INVESTMENTS 13 assets, KRW1.66tn

(11 toll roads, 1 subway &1 port)

OBJECTIVE To create value through active

capital/portfolio management and to provide stable distributions

ASSET MANAGER Macquarie Korea Asset Management Co., Ltd.2

Late 90s 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

11

SHARE INFORMATION

1. Based on the share price as of 31 March 2013 2. Calculated based on the exchange rate as at 31 March 2013 3. 3-month average daily turnover as of 31 March 2013 4. As at 31 December 2012 5. Source: Financial Supervisory Service (Over 5% holders and MKAM’s affiliates as of 31 March 2013)

TOP SHAREHOLDERS5

1. Hanwha Life Insurance 13.1%

2. Shinhan Financial Group 7.2%

3. Newton Investment Management 7.1%

4. Kyobo Life Insurance 6.1%

* Macquarie Group 3.8%

SHAREHOLDER BASE4

EXCHANGE KRX -088980.KS /

LSE – MKIF.LI

MARKET CAP1 KRW 2.2 trillion (US$ 2.0 billion)2

DAILY VOLUME3 618,356 shares (US$ 3.7 million)2

57.0% 22.2%

20.8%

Domestic Retail

International investors

Domestic institutions

12

– External fund manager – Managed under Macquarie’s global

policies and procedures

MKAM Management Agreement

MKIF

Tax through vehicle

OPERATING – 13 assets

Toll roads (11) Subway (1) Port (1)

Active manager of the invested companies through management participation

Corporate tax exempted when MKIF distributes more than 90% of its profits available for dividends

Invests in the form of: Equity Subordinated debt Senior debt

Receives: Interest income Dividend

CORPORATE STRUCTURE

As of 31 March 2013

13

PORTFOLIO1

As of 31 March 2013

Portfolio Composition by Asset Portfolio Composition by Phase and Type

35.4%

Mature 11.6%

53.0%

Senior debt 14.3%

Equity 34.2%

Sub debt 51.5%

Growth

Ramp up

4.9% 6.8%

8.2%

6.5%

16.1%

1.2%

11.4%

6.6%

8.1%

9.9%

4.5%

15.6%

Port 15.6%

Subway 4.5%

Toll-road 79.9%

Yongin-Seoul Expressway

Incheon Grand Bridge

Seoul Subway Line 9, Section 1

Seoul-Chuncheon Expressway

Machang Bridge

Busan New Port Phase 2-3

Gwangju 2nd Beltway, Section 1

Gwangju 2nd Beltway, Section 3-1

Incheon International Airport Expressway

Woomyunsan Tunnel

Cheonan-Nonsan Expressway

Soojungsan Tunnel

0.2%

Baekyang Tunnel

1. Based on commitment amount

Well balanced and diversified into essential infrastructure assets

Predominantly toll-roads

Relatively young portfolio with average age of 6.6 years

Ratio of central and local government involvement is 65:35

14

LANDMARK ASSETS

15

LONG-TERM CONCESSION PERIOD

CONCESSION TERM VS. GOVERNMENT REVENUE SUPPORT PERIOD

Revenue Support1,2 Concession Term 3 Early Termination Support1,4

Weighted Average Concession Term

23 years

Weighted Average Revenue Support 11 years

Present

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045

(L)Kwangju 2nd Beltway, Section 1

(L)Baekyang Tunnel

Relevant Authority (C) Central government (L) Local government

(C)Busan New Port Phase 2-3

(C)Yongin-Seoul Expressway

(C)Incheon Grand Bridge

(L)Seoul Subway Line 9, Section 1

(C)Seoul Chuncheon Expressway

(L)Machang Bridge

(L)Soojungsan Tunnel

(C)Cheonan Nonsan Expressway

(L)Woomyunsan Tunnel

(L)Kwangju 2nd Beltway, Section 3

(C)Incheon International Airport Expressway

1. Revenue support and termination payment provisions vary for each concession 2. Revenue support until at least 2019 with weighted average support remaining of about 11 years (excluding Busan New Port Phase 2-3) 3. Concessions last at least until 2025 with weighted average life remaining of about 23 years 4. Concession companies have the right to receive payments if the relevant concession agreement is terminated prior to expiration of the concession term, including termination due to events attributable to

the concession company or the government body or for events of force majeure

As of 31 March 2013

16

Revenue Cap1

MRG1

Forecast Revenues2

Government bodies compensate the shortfall

Relevant government authorities extract the excess portion

Actual Revenue

1. MRG and revenue caps vary across assets 2. Forecast revenues set out in the Concession Agreement 3. In three of 12 MRG assets, no revenue guarantee applies if actual revenue are below 50% of the toll revenue forecast

Revenue

GOVERNMENT REVENUE SUPPORT

MRG and Revenue support for 12 of MKIF’s 13 assets3

Inflation-linked revenue support

MRG line tracking the forecast revenue line (typically 80~90% below forecast revenue)

Korea sovereign rating as of March 2013:

− S&P : A+ (Stable)

− Moody’s : AA3 (Stable)

Details for the government revenue support by each asset attached – Slide 27

Conceptual Diagram

MINIMUM REVENUE SUPPORT MECHANISM

300

600

900

1,200

1,500

2014 2019 2024 2029 2034 2039 2044

17

DEBT PROFILE

1. Proportionately consolidated cash balance (including MKIF cash balance of KRW 25.8bn) 2. Weighted average amortising maturity of the underlying asset level external debt 3. Gearing = Proportionately consolidated MKIF Net Debt / (Proportionately consolidated MKIF Net Debt + MKIF market capital (3-month average)) 4. Hedging (Fixed) = Proportionately consolidated MKIF net debt adjusted for fixed debt / Proportionately consolidated MKIF net debt 5. Outstanding debt balance based on amortisation schedule of asset level external debt on a proportionate equity shareholding basis. Excludes MKIF level corporate loan balance

OUTSTANDING DEBT BALANCE 5

GEARING3 41%

INTEREST RATE HEDGE4 65% until end of Mar 2014

AMORTISING MATURITY2 8.4 years

CASH1 KRW 221.1bn

As of 31 March 2013

(KRW bn)

DISTRIBUTION

18 18

DECLARATION/ PAYMENT

Semi-annual: As end of June and December

2012 DISTRIBUTION KRW 480 per share1

DISTRIBUTION FLOOR

Higher of taxable income or 100% of distributable accounting income – to maintain tax exempt status

CASH YIELD Circa 7.0%2

1. Composed of (i) a dividend of KRW465 per share and (ii) a distribution in excess of profits of KRW15 per share (Deduction from the retained earnings). Total of KRW480 per share will be accounted as distribution income in calculating dividend income tax and tax payable under Korean law. Investors are advised to consult their own tax advisor for the appropriate tax treatment of the distribution

2. Based on the share price as of 31 December 2012 and 2012 distribution

0

100

200

300

400

500

600 Second Half

First Half

230 220 200

220 220

2006 2007 2008

122

230

Stock distribution

230

2009

160

420 440

582

390

2010

160

DISTRIBUTION HISTORY ( PER SHARE, POST-LISTING )

2011

165

184

344

2012

220

165

330 260

480

19

CONCLUSION

REDUCED CAPITAL RISKS Minimum Revenue Guarantee (MRG) provided to12 out 13 underlying assets

Underlying revenues are fully inflation-adjusted

EMBEDDED GROWTH POTENTIAL

Real and inflation-linked natural underlying revenue growth

Capital restructuring opportunities

Re-rating of assets

Growth through new investments

HEALTHY FINANCIALS

Sound balance sheet position

Conservative gearing with solid debt profile

Stability of operating cashflows supported by predictable cost basis

MACQUARIE MANAGED FUND Global leader managing A$97 billion1 of assets under management across 25 countries

Management fees aligned with shareholders’ interests

STRONG MARKET PRESENCE #1 infrastructure management and advisory platform

Unrivalled brand recognition and track record in the infrastructure space in Korea

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 31 December 2012 for the majority of assets

APPENDICES

3

21

FINANCIAL POSITION STATEMENTS Non-consolidated – as at 31 March 2013 and 31 December 2012

CAPITAL INJECTION INTO MKIF INVESTMENTS

(Unit: KRW mn)

Asset Item 1Q 2013

Soojungsan Tunnel Senior Debt (1,799)

Total (1,799)

31 March 2013 31 December 2012

Assets

Invested Assets 1,694,304 1,691,108

Cash & deposits 25,822 20,815

Loans 1,094,231 1,096,042

Equity securities 574,251 574,251

Others 386,191 364,175

Interest receivable 375,387 351,646

Other receivables 2,947 4,458

Deferred costs, net 7,857 8,071

Total Assets 2,080,495 2,055,283

Liabilities

Accounts Payable 1 1

Management fee payable 7,577 7,455

Long-term debt 166,419 84,944

Bonds 249,200 249,156

Other liabilities 1,579 1,534

Total Liabilities 424,776 343,090

Shareholders’ Equity

Share Capital 1,670,986 1,670,986

Retained Earnings (15,267) 41,207

Total Shareholders’ Equity 1,655,719 1,712,193

Total Liabilities and Shareholders’ Equity 2,080,495 2,055,283

* Excludes Baekyang Tunnel loan amortisation of KRW 12mil

22

PROFIT AND LOSS STATEMENTS Non-consolidated – 3 months to 31 March 2013

(Unit: KRW mn)

1Q 2013 1Q 2012

Revenue 42,585 42,968

Interest Income 42,585 42,968

Gain (Loss) on sale of investment - -

Expenses 12,880 13,053

Management fees 7,577 6,434

Custodian fees 82 83

Administrator fees 51 52

Interest expenses 4,698 6,007

Other expenses 472 477

Net Profits 29,705 29,915

23

CASHFLOW STATEMENTS Non-consolidated - 12 Months to 31 December 2012

(Unit: KRW mn)

2012 2011

Cashflows from operating activities:

Cash inflows from operating activities 200,405 133,130

Sale of investment 91,159 20,550

Collection of other loans receivable 45,827 14,530

Interest and other income 63,419 98,050

Cash outflows from operating activities: (33,869) (100,096)

Investments (4,720) (74,355)

Fees and expenses (29,148) (25,741)

Net cash provided by (used in) operating activities 166,537 33,034

Cashflows from financing activities:

Repayment of long-term debt (180,000) (250,000)

Drawdown from long-term debt 74,500 55,443

Proceeds from Bond - 250,000

Distributions paid (127,612) (115,679)

Interest expense (13,403) (6,552)

Borrowing related costs (100) (3,592)

Bond issue cost - (1,126)

Net cash provided by (used in) financing activities (246,615) (71,506)

Net increase (decrease) in cash and deposits (80,078) (38,472)

Cash and deposits at beginning of the period 100,893 139,365

Cash and deposits at end of the period 20,815 100,893

24

BUSAN NEW PORT PHASE 2-3

Project Company BNCT Co., Ltd.

Relevant Authority Ministry of Oceans and Fisheries

Concession Term 29 years 3 months from completion of construction (24 Dec 2011 – 23 Mar 2041)

Construction Period 48 months (Dec 2007 ~ Dec 2011)

Operation commencement 2 January 2012

MKIF Investment Total of KRW 259.4bn

- 30% Equity ( KRW 66.4bn)

- 100% Sub debt ( KRW 193bn)

% of MKIF Portfolio 15.6%

Construction completed on time and on budget, commencing operation in January 2012

The key operational highlights for 1Q 2013 include:

- Total volume for the Quarter was approximately 0.3 million TEUs, largely in line with the management expectation adjusted for the seasonality, and the estimated volume for the year remains at 1.6 million TEUs

- Volume migration from the Busan Old Port continues with the New Port’s market share of container volume in Busan area reaching 60% as of March 2013

- Overall, Busan’s volume grew by slightly over 2.8% in the Quarter compared to pcp

- Cash management remains priority during the ramp-up phase

Gaduk-do, Busan City

PORTFOLIO1

25

1. Based on commitment amount 2. Includes KRW 3.2bn working capital facility

MKIF COMMITMENT AND DEBT INTEREST RATE

As of 31 March 2013

(KRW bn, %)

Name Abbrv Equity Ownership(%) Subordinated debt

Interest rate(%)

Senior debt

Interest rate (%)

Total

Baekyang Tunnel BYTL 1.2 100.0 - 1.5 15.0 2.7

Gwangju Second Beltway, Section 1 KBICL 13.1 100.0 35.22 20.0 142.0 10.0 190.3

Incheon International Airport Expressway NAHC 58.2 24.1 51.7 13.9 - 109.9

Soojungsan Tunnel SICL 47.1 100.0 19.3 20.0 41.4 8.5 107.8

Cheonan-Nonsan Expressway CNEC 87.8 60.0 182.2 20.0 - 270.0

Woomyunsan Tunnel WIC 10.7 36.0 9.6 20.0 - 20.3

Gwangju Second Beltway, Section 3-1 KRRC 28.9 75.0 - 52.1 7.85 81.0

Machang Bridge MCB 33.8 70.0 79.0 11.4 - 112.8

Yongin-Seoul Expressway YSE 57.8 35.0 77.0 15.0 - 134.8

Seoul-Chuncheon Expressway SCE 48.6 15.0 87.4 11.6 - 136.0

Seoul Subway Line 9 Section 1 SM9 40.9 24.5 33.5 15.0 - 74.4

Incheon Grand Bridge IGB 74.5 41.0 89.4 9.3 - 163.9

Busan New Port Phase 2-3 BNP 66.4 30.0 193.0 12.0 - 259.4

Total 569.0 857.3 237.0 1,663.3

Percentage(%) 34.2% 51.5% 14.3% 100%

Assets Operating Revenue2 OPEX EBITDA Net Debt3 EBITDA

margin Net Debt

to EBITDA Operating Revenue2 OPEX EBITDA Net Debt3 EBITDA

margin Net Debt

to EBITDA

Gwangju Second Beltway, Section 14 14,552 (4,862) 9,690 (1,606) 67% (0.2x) 30,553 (4,431) 26,122 (1,584) 85% (0.1x)

Gwangju Second Beltway, Section 3-1 18,331 (3,965) 14,367 (1,775) 78% (0.1x) 17,131 (5,798) 11,333 (2,279) 66% (0.2x)

Soojungsan Tunnel4 11,417 (3,909) 7,509 (13,362) 66% (1.8x) 23,966 (3,740) 20,226 (16,219) 84% (0.8x)

Baekyang Tunnel4 21,396 (4,229) 17,166 136,005 80% 7.9x 23,259 (3,722) 19,537 142,812 84% 7.3x

Incheon International Airport Expressway 199,138 (21,008) 178,130 152,424 89% 0.9x 187,868 (19,060) 168,808 237,679 90% 1.4x

Cheonan-Nonsan Expressway 186,395 (25,721) 160,675 96,612 86% 0.6x 180,093 (23,936) 156,157 185,402 87% 1.2x

Woomyunsan Tunnel4 19,869 (3,966) 15,903 76,640 80% 4.8x 21,015 (3,787) 17,228 86,162 82% 5.0x

Machang Bridge 23,144 (5,047) 18,098 226,747 78% 12.5x 23,178 (4,495) 18,684 221,412 81% 11.9x

Yongin-Seoul Expressway 41,502 (10,393) 31,109 357,281 75% 11.5x 37,161 (9,673) 27,487 351,953 74% 12.8x

Seoul-Chuncheon Expressway 106,717 (20,607) 86,110 810,605 81% 11.8x 106,608 (30,402) 76,206 831,035 71% 10.9x

Seoul Subway Line 9 Section 1 121,339 (81,337) 40,002 472,127 33% 9.4x 93,308 (76,538) 16,771 442,397 18% 26.4x

Incheon Grand Bridge 68,711 (15,802) 52,909 576,818 77% 10.9x 59,743 (16,265) 43,478 584,276 73% 13.4x

Busan New Port Phase 2-35 23,429 (41,024) (17,596) (475,628) (75%) (27.0x) N/A N/A N/A N/A N/A N/A

Proportionate average6 332,729 (74,563) 258,166 999,646 78% 3.9x 344,102 (73,073) 271,030 1,073,609 79% 4.0x

26

OPERATING PERFORMANCE BY ASSET1

12 Months to 31 December 2012

2012 2011

1. Management estimated, unaudited figures. Actual results may vary 2. Revenue compensation and other compensations from the relevant government authority are reflected on cash basis 3. Excludes Shareholders loans 4. All or part of MRG portion of operating revenue receivable for 2011 were not paid, resulting in significantly decreased operating revenue compared to prior year 5. Busan New Port Phase 2-3 commenced operation 2 January 2012. Negative Net Debt to EBITDA margin reflects cash deficiency due to ramp-up period 6. On a proportionate average basis based on MKIF’s equity interest in each concession company. Daegu 4th Beltway East (divested in June 2012) and Busan New Port Phase 2-3 (operation commenced in

January 2012) excluded from the proportionate average for FY 2011 and FY 2012

(Unit: KRW million)

27

MINIMUM REVENUE GUARANTEE SUMMARY

Asset Relevant Authority Concession

Term Concession Term

Remaining Revenue Guarantee

Duration Revenue Guarantee Duration Remaining

Revenue Guarantee Threshold1

Revenue Cap Threshold1,2 Remarks

Baekyang Tunnel Busan

Metropolitan City 25 12 25 12 90% 110%

Gwangju 2nd Beltway, Section 1 Gwangju

Metropolitan City 28 16 28 16 85% 115%

Incheon International Airport Expressway MOLIT7 30 18 20 8 80% 110% Partial revenue sharing in excess of 80% to 110% level

Soojungsan Tunnel4 Busan Metropolitan City

25 14 25 14 90% 110%

Cheonan-Nonsan Expressway MOLIT 30 20 20 10 82% 110% Partial revenue sharing in excess of 82% to 110% level

Woomyunsan Tunnel Seoul

Metropolitan City 30 21 30 21 79%3 110%

All revenue sharing excess of 79% to 85% and excess 110%/ Partial revenue sharing excess of 90% to 110%

Gwangju 2nd Beltway, Section 3-1 Gwangju

Metropolitan City 30 22 30 22 90% 110%

Machang Bridge GSND8 30 25 30 25 75.78% 120%

Yongin-Seoul Expressway5 MOLIT 30 26 10 6 70% 130%

Seoul-Chuncheon Expressway5 MOLIT 30 26 15 11 80%/70%/60% 120%/130%/140% Change by every five year

Seoul Subway Line 9, Section 15 Seoul Metropolitan City

30 26 15 11 90%/80%/70% 110%/120%/130% Change by every five year

Incheon Grand Bridge MOLIT 30 27 15 12 80% 120%

Busan New Port Phase 2-3 MOF9 29 28 N/A N/A

Weighted average6 29 23 17 11

1. % of annual concession agreement projected revenue 2. Relevant government authorities are entitled to receive the portion exceeding the threshold 3. 79% up to 2023 and 78% from 2024 to 2034 4. In toll revenue below 90%, Busan City Government is obliged to compensate 91.5% of the shortfall amount 5. No revenue guarantee applies if actual revenue are below 50 % of the toll revenue forecast 6. Weighted by investment commitment 7. MOLIT (Ministry of Land, Infrastructure and Transport) 8. GSND (Gyeongsang Namdo (Provincial) government) 9. MOF (Ministry of Oceans and Fisheries)

As of 31 March 2013

28

Management fee calculated quarterly basis as:

Base Fee

1.25% pa falling to 1.10%1 of Net Investment Value (NIV) of MKIF; plus (+)

1.15% pa falling to 1.05%1 per annum of Commitment2 of MKIF

Performance Fee

20% sharing in cumulative total returns3 over 8% pa

Net Investment Value for any quarter equals:

The average market capitalisation of MKIF over all trading days in each calculation; plus (+)

The amount of any external borrowings by MKIF; less (-)

Cash or cash equivalent held by MKIF

1. For NIV +Commitment in excess of KRW 1.5 trillion 2. Commitments means all amounts that MKIF has firmly committed for future investment contributions 3. Total return to shareholders reflects both distributions from MKIF to its shareholders and share price performance over each calculation

Manager’s interests aligned with shareholders

No performance – no performance fees

Underperformance carried forward

MANAGEMENT FEES

29

MACQUARIE FUNDS GROUP

A$343bn AUM1

~1,400 21 Staff1 Countries worldwide1

Macquarie Investment

Management (“MIM”)

Securities investment management across:

Fixed interest and currencies Equities, including infrastructure securities

Private markets Hedge funds

Multi-asset allocation solutions ‘Best of breed’ external managers

Macquarie Specialised Investment

Solutions (“MSIS”)

Fund and equity-based solutions including:

Fund linked products Capital protected investments

Retirement and annuity solutions Agriculture

Infrastructure debt

Macquarie Infrastructure and Real Assets (“MIRA”)

Alternative asset management including:

Infrastructure Real Estate Agriculture

Energy Operations

Legal and Compliance

Distribution

1. All numbers as at 31 March 2013

30

114 portfolio businesses, ~300 properties and ~3.6 million hectares of farmland1

MACQUARIE WORLDWIDE INVESTMENTS

1. As at 31 March 2013. Represents portfolio businesses which Macquarie Infrastructure and Real Assets manages on behalf of investors with various direct percentage stakes held in each. Portfolio businesses shown on the map are representative and not exhaustive. In some instances they represent the operations of a single business where it has operations across different countries

South Africa Kelvin Power Station Umoya Energy Cookhouse Kathu Bakwena Platinum Corridor N3 Toll Concessions Trans African Concessions

USA AMC REIT Chicago Skyway Dulles Greenway Indiana Toll Road Elizabeth River Tunnels AIR-serv (tyre inflation) Harley Marine Services Icon Parking Penn Terminals Smarte Carte Airport Services (fixed

base operations) Total Terminals International

(Hanjin Pacific Corporation)

Global Tower Partners Aquarion Company Puget Energy

District Energy Duquesne Light Hawaii Gas Broadrock Renewables MIC Solar International-Matex Tank Terminals Leaf River Gas Storage Waste Industries WCA Waste

Canada Autoroute 25 Fraser Surrey Docks Halterm Limited (port) Mexico Decarred (highways)

Mareña Renovables (wind farms) Telecommunication Towers

Portfolio Concesionaria Universidad

Politécnica Macquarie Mexico REIT

UK Bristol Airport Airwave Arqiva Red Bee Media CLP Envirogas

(MEIF Renewables) Energy Power Resources

(MEIF Renewables) Thames Water M6 Toll Condor Group (ferry services) Moto (motorway services) National Car Parks Wightlink (ferry services) Baglan Bay Power Station Sutton Bridge Power Station Belgium Brussels Airport Denmark Copenhagen Airports

China Hua Nan Expressway Changshu Xinghua Port Star King (China) Food Group MWREF (Retail Malls) Shenyang Water Treatment Co. Zhejiang Wanna Environment Protection Longtan Tianyu Terminal Plaza 353

France Pisto SAS (oil storage and

distribution) EPR France (MEIF

Renewables, wind farm) RES (MEIF Renewables,

wind farm) Trois Sources & Lomont

Windfarms Compteurs Farnier (Techem, water metering) Autoroutes Paris-Rhin-

Rhône Germany

TanQuid (tank storage business)

GWE (Techem) Techem (submetering) Thyssengas Open Grid Europe Warnow Tunnel

Spain Asset Energia Solar

(MEIF Renewables) Solpex Energia Solar

(MEIF Renewables) Itevelesa (vehicle inspections)

Czech Republic Ceske Radiokomunikace Czech Gas Networks Sweden EPR Sweden (MEIF Renewables,

wind farm) Varmevarden Arlanda Express Russia Brunswick Rail GSR Energy Investments Russian Towers OGK-5

New Zealand Retirement Care New Zealand

Japan Hanjin Pacific Corporation (Tokyo, Osaka)

United Arab Emirates ICAD Effluent Treatment Plant Al Ain Industrial City Industrial City of Abu Dhabi

Puerto Rico (USA) Global Tower

Partners

Australia Hobart International Airport 3P Learning Regis Group (aged care) MREEFs Paraway Pastoral (17 farms) Lawson Grains (4 farms) Melro Dairy (1 farm)

South Korea C&M (Cable TV) North East Chemical Youngduk Wind Power Kangnam City Gas Baekyang Tunnel Cheonan-Nonsan Expressway Gwangju 2nd Beltway Section 1 Gwangju 2nd Beltway Section 3-1 Incheon Grand Bridge Incheon International Airport Expressway Machang Bridge Seoul Chuncheon Expressway Soojungsan Tunnel Woomyunsan Tunnel Yongin-Seoul Expressway Seoul Subway Line 9, Section 1 Busan New Port Phase 2-3 Hanjin Pacific Corporation (ports) Macquarie NPS REIT Macquarie NPS REIT No. 2

India Viom Networks

Adhunik Power and Natural Resources MB Power (Madhya Pradesh) Soham Renewable Energy

GMR Airports (Delhi and Hyderabad airports) Ashoka Concessions

Brazil Cruzeiro do Sul Grãos

(1 farm)

Roads & Rail Renewable Energy

Other Transport Services

Real Estate Communications Airports Other Real Assets

Energy Utilities Waste Agriculture

Taiwan Taiwan Broadband Communications Miaoli Windpower

Hanjin Pacific Corporation (Kaohsiung)

Nigeria

Lekki Concession Company

Poland DCT Gdansk

(container terminal) TanQuid (tank

storage business)

31

EXTENSIVE EXPERIENCE

PROPRIETARY INVESTMENT FLOW

EFFECTIVE ASSET MANAGEMENT

— MIRA has over 17 years global infrastructure investment experience — A$97 billion¹ of assets under management across 25 countries

— Access to the proprietary investment sourcing capability of the Macquarie Group

STRONG ALIGNMENT

— Local expertise, knowledge and relationships across 28 offices globally

— Macquarie and staff investment of ~A$1.9 billion2 in MIRA-managed funds

MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA)’S COMPETITIVE ADVANTAGE

A global leader in managing infrastructure and real assets for over 17 years

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 31 December 2012 for the majority of assets 2. As at 31 March 2013. Staff investment is ~A$0.2 billion

32

MIRA INFRASTRUCTURE OVERVIEW

1996 March 2013

Funds / Vehicles Unlisted No. - 26

Listed No. 2 4

Portfolio Businesses No. 4 101

Assets under Management A$b 1.6 911

Equity under Management Unlisted A$b - 292

Listed A$b 0.6 62

1. Based on proportionate enterprise value, calculated as proportionate net debt and equity value at 31 December 2012 for the majority of assets 2. Listed funds – market capitalisation plus fully underwritten or committed future capital raisings. Unlisted funds – committed capital less any called capital returned to investors. Invested capital for

other MIRA businesses. For jointly managed funds, amount is representative of Macquarie’s economic ownership of the JV manager. Adjustments have been made where MIRA managed funds have invested in other MIRA managed funds