Macquarie Power & Infrastructure Income Fund
TSX : MPT.UN
TSX : MPT.DB.A

Macquarie Power & Infrastructure Income Fund

February 16, 2010 08:30 ET

Macquarie Power & Infrastructure Income Fund Announces Planned Initial Public Offering of Leisureworld

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2010) - Macquarie Power & Infrastructure Income Fund ("MPT" or the "Fund") (TSX:MPT.UN)(TSX:MPT.DB.A) and Leisureworld Senior Care Corporation ("Leisureworld") today announced that Leisureworld has filed a preliminary prospectus with Canadian securities regulatory authorities in relation to a proposed initial public offering of common shares of Leisureworld.

With the net proceeds of the offering, Leisureworld intends to acquire 100% of the ownership interests in Leisureworld Senior Care LP ("LSCLP") from its current owners, MPT and Macquarie International Infrastructure Fund Limited. LSCLP, the third largest provider of licenced long-term care ("LTC") in Ontario, owns and operates 26 long-term care homes, one retirement home and one independent living home as well as a home health care business. It is a condition of closing the offering that the common shares of Leisureworld be listed on the Toronto Stock Exchange.

"The proposed divestiture of MPT's interest in LSCLP is consistent with our focus on current growth opportunities in core infrastructure categories such as power generation, transmission and distribution, utilities and transportation, including through public-private partnerships," said Michael Bernstein, President and Chief Executive Officer of MPT.

"This public offering is an important step in Leisureworld's 38-year history," said David Cutler, Chief Executive Officer of Leisureworld. "We look forward to becoming a stand-alone public company with an internalized management team. We will continue to deliver a high quality of care to our residents and work with our dedicated employees and stakeholders to ensure Leisureworld's continuing success."

TD Securities Inc., Macquarie Capital Markets Canada Ltd.(1) and RBC Capital Markets have been engaged to lead the underwriting syndicate.

Further information regarding the offering is contained in Leisureworld's preliminary prospectus, which is available on SEDAR at www.sedar.com. The preliminary prospectus contains LSCLP's audited fiscal 2009 financial report, which has been filed by the Fund on SEDAR under the Fund's profile.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction in which such offer, solicitation of sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of the securities in the United States may only be made by means of a prospectus containing detailed information about the Corporation and its management as well as financial statements.

About the Fund

Macquarie Power & Infrastructure Income Fund invests in essential infrastructure assets in 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 visit www.macquarie.com/mpt for additional information.

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. In particular, the completion of the initial public offering of Leisureworld is subject to a number of conditions, including the successful marketing of the initial public offering, obtaining a number of regulatory approvals and closing of the initial public offering. There can be no assurance that the initial public offering of Leisureworld will be completed as planned or at all. The forward-looking statements contained in this news release are based on information currently available and what the Fund currently believes are reasonable assumptions. 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.

(1) Macquarie Capital Markets Canada Ltd. is a wholly-owned subsidiary of Macquarie Group Limited and accordingly is a related party of Macquarie Power Management Ltd., the administrator of the Fund.

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.

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