MIIF SELLS STAKE IN NOVERA MACQUARIE RENEWABLE ENERGY (NMRE)

Singapore ? 21 December 2006: Macquarie International Infrastructure Fund Limited

announced today a conditional agreement to sell its 50 per cent interest in NMRE, which

owns and operates renewable energy assets in the UK and Europe.

The opportunistic sale is in line with MIIF?s commitment to maximise value for security

holders and, over time, to progressively move its portfolio of assets to be more focused on

Asian infrastructure.

Novera Energy Limited (Novera) will acquire MIIF?s stake for a cash consideration of £30m

(S$91m1), less transaction related costs. MIIF will also be entitled to receive an additional

sum, being 50% of the net proceeds of an outstanding indemnity claim, which a subsidiary

of NMRE is currently pursuing. Novera has undertaken to place £750,000 in escrow at the

completion of this transaction, pending the outcome of the claim.

MIIF acquired its interest in NMRE at the time of MIIF?s listing on the Main Board of the

Singapore Exchange Securities Trading Limited on 27 May 2005. It expects to make a gain

of £9m (S$27m1) upon disposal of the holding against an acquisition cost of £21m

(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates

MIIF?s 30 September 2006 valuation of NMRE of S$89m.

Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after

just 18 months of ownership and earn an internal rate of return of approximately 37 per

cent per annum is a very good result.?

MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which

have been used to fund capital calls from Macquarie European Infrastructure Fund and to

acquire the Petroplus assets that form part of the TanQuid business.1), less transaction related costs. MIIF will also be entitled to receive an additional

sum, being 50% of the net proceeds of an outstanding indemnity claim, which a subsidiary

of NMRE is currently pursuing. Novera has undertaken to place £750,000 in escrow at the

completion of this transaction, pending the outcome of the claim.

MIIF acquired its interest in NMRE at the time of MIIF?s listing on the Main Board of the

Singapore Exchange Securities Trading Limited on 27 May 2005. It expects to make a gain

of £9m (S$27m1) upon disposal of the holding against an acquisition cost of £21m

(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates

MIIF?s 30 September 2006 valuation of NMRE of S$89m.

Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after

just 18 months of ownership and earn an internal rate of return of approximately 37 per

cent per annum is a very good result.?

MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which

have been used to fund capital calls from Macquarie European Infrastructure Fund and to

acquire the Petroplus assets that form part of the TanQuid business.1) upon disposal of the holding against an acquisition cost of £21m

(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates

MIIF?s 30 September 2006 valuation of NMRE of S$89m.

Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after

just 18 months of ownership and earn an internal rate of return of approximately 37 per

cent per annum is a very good result.?

MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which

have been used to fund capital calls from Macquarie European Infrastructure Fund and to

acquire the Petroplus assets that form part of the TanQuid business.

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N=Based on the £/S$ exchange rate of 3.0371 as at 20 December 2006==Based on the £/S$ exchange rate of 3.0371 as at 20 December 2006=

P=Based on the closing share price of S$0.985 as at 20 December 2006=

==Based on the closing share price of S$0.985 as at 20 December 2006=

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Macquarie International Infrastructure Fund Limited ==

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Mr Kerr said that going forward MIIF would focus increasingly on investments in Asian

infrastructure.

?We are pleased with the opportunities for infrastructure investment in Asia and, through

divestment of assets like NMRE we are able to begin rebalancing the MIIF portfolio to

reflect our increasing Asian focus,? he said.

The sale is subject to parties satisfying the conditions set out in the sale and purchase

agreement.

For the half year ending 31 December 2006, Mr Kerr said MIIF expects to pay dividends of

4.00 cents per share as guided on 8 June 2006, implying a current annualised trading yield

of 8.1 per cent3.

None of the directors of MIIF have any interest, direct or indirect in the above transaction.3.

None of the directors of MIIF have any interest, direct or indirect in the above transaction.

For further information, please contact:

INVESTOR ENQUIRIES MEDIA ENQUIRIES

Wei Cheong Kathryn Hanes

Investor Relations, Singapore Corporate Communications, Singapore

Tel: (65) 6231 2766 Tel: (65) 6231 2827

Email: wei.cheong@macquarie.com= Email: kathryn.hanes@macquarie.com== Email: kathryn.hanes@macquarie.com=