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| Macquarie Power and Infrastructure Income Fund Quarterly Reults For Period End 06/30/2007 |
| Update 10/23/2007 |
Macquarie Power & Infrastructure Income Fund
Canadian Pacific Tower
TD Centre
100 Wellington Street West
PO Box 234, Suite 2200
Toronto, Ontario M5K 1J3
CANADA
Telephone 1 (416) 607 5000
Facsimile 1 (416) 607 5073
Internet www.macquarie.com/mpt
MACQUARIE POWER & INFRASTRUCTURE INCOME FUND
ANNOUNCES SECOND QUARTER RESULTS
• Continuing strong performance from Cardinal and Leisureworld
• Newly acquired assets operating well
• Significant capacity for continuing growth
TORONTO, ONTARIO (August 8, 2007) – Macquarie Power & Infrastructure Income Fund
(TSX: MPT.UN; MPT. DB – “MPT” or the “Fund”), which invests in essential infrastructure
assets in North America, today announced continuing strong performance in the second
quarter ended June 30, 2007. The results reflect four days of contribution from the assets
acquired from Clean Power Income Fund (“CPIF”) effective June 27, 2007. The Fund’s
Management’s Discussion and Analysis and unaudited financial statements are available on
the Fund’s website at www.macquarie.com/mpt or on SEDAR at www.sedar.com.
“During the quarter, Cardinal and Leisureworld once again generated predictable cash flow
and stable distributions to the Fund’s unitholders,” said Mr. Gregory Smith, President and
Chief Executive Officer of the Fund. “We also significantly increased the size and value of the
Fund, adding wind, hydro and biomass power assets that diversify our portfolio by fuel source
and geography. These new assets are operating well and will further enhance the Fund’s
long-term cash flow stability.”
Financial Review
Revenue for the quarter ended June 30, 2007 was $21.6 million compared with $16.3 million in
the same period last year, reflecting higher power prices, which were impacted by a 2.9%
increase in the Direct Customer Rate (“DCR”), and a 25% increase in the production of
electricity due to less scheduled maintenance time compared with 2006. The Fund’s newly
acquired assets contributed revenue of $442,000.
Income from operations1 for the Fund was $2.4 million for the quarter compared with a loss of
$1.3 million for the second quarter of 2006, reflecting increased revenue partially offset by an
increase in operating costs primarily due to increased gas requirements which was offset by a
reduction in scheduled maintenance costs.
The Fund’s distributable cash2 was $7.3 million ($0.237 per unit) compared with $6.3 million
($0.210 per unit) in same quarter last year, reflecting increased electricity production and the
continuing impact of electricity rate increases under Cardinal’s PPA. Declared distributions to
unitholders for the quarter were $9.5 million ($0.257 per unit) compared with $7.5 million in the
same period last year ($0.250 per unit), representing a payout ratio of 129% (2006 – 119%).
The higher payout ratio reflects the Fund’s payment of distributions on the MPT units issued in
connection with the Fund’s acquisition of CPIF that were outstanding on the distribution record
date of June 29, 2007. Distributions to unitholders are paid from cash flows from operations
and unrestricted cash balances.
1 Income from operations refers to income before net interest, share of losses from long-term
investments, unrealized
gains (losses) on swap contracts and on embedded derivatives in gas purchase contracts.
2 Distributable cash is 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
and distributions from Leisureworld.
The future income tax expense in the second quarter includes a one-time charge of $44.0
million in relation to Bill C-52 that was passed into law on June 22, 2007. Under this law, flowthrough
entities, including publicly-listed Canadian trusts and partnerships, such as the Fund,
will be taxed in a manner similar to corporations in 2011. This non-cash charge represents the
tax effect of the difference in the tax and accounting values of the Fund’s assets and does not
affect distributable cash. Since the Fund was not taxable in prior years, this non-cash charge
was not previously recorded.
As at June 30, 2007, the Fund had working capital of $33.0 million, an uncommitted cash
balance of $22.8 million and fully funded general, major maintenance and capital expenditure
reserve accounts.
Operational Performance: Power Infrastructure
Gas Cogeneration
During the quarter, Cardinal’s plant availability was 95.7% (2006 – 77.4%) and capacity was
93.7% (2006 – 75.0%). Electricity sales amounted to 304,000 MWh compared with 243,000
MWh in the second quarter last year.
Wind
During the quarter, the Erie Shores Wind Farm operated at an availability of 97.3% and
achieved a capacity factor of 23.7%. Erie Shores Wind Farm produced 51,301 MWh of
electricity during the quarter.
The Fund receives semi-annual interest payments each March and September on its
subordinated wind loan receivable. Receipt of these interest payments is not anticipated to be
affected by any expected variances in production. In the second quarter, total production from
the six U.S. wind facilities decreased slightly to 91% of production from the same period last
year due to lower wind speeds at Foote Creek III, Foote Creek IV and Big Spring. Total
production at the U.S. wind facilities was 61,065 MWh compared with 67,439 MWh.
Hydro
The Sechelt, Hluey Lakes, Wawatay and Dryden hydro facilities operated at a weighted
average availability of 99.4% (2006 - 99.1%). Production was 55,095 MWh compared with
60,383 MWh in the second quarter of 2006, primarily reflecting continued low water flows at
Dryden caused by the extremely dry conditions that have affected production since 2006.
Precipitation levels at Wawatay began to recover during the quarter but remained below
average long-term levels. Production at Sechelt decreased 4% from the same quarter in 2006.
Biomass
During the quarter, Whitecourt operated at an availability of 94.5% (2006 – 95.3%) and
achieved a capacity of 94.0% (2006 – 95.3%), reflecting an unplanned two-day outage due to
tube leak repairs and the refurbishment of the induced draft fan, which was offset slightly by a
shorter planned maintenance shutdown of three days instead of four days in 2006. Production
was 47,813 MWh compared with 49,883 MWh in the same period last year, which reflects the
lower availability and slightly lower capacity.
Chapais operated at 92.8% availability (2006 – 84.7%), reflecting a shortened spring
maintenance shutdown from 10 days in 2006 to five and a half days in 2007 as well as fewer
unplanned outages. Production was 53,607 MWh for the quarter compared with 49,895 MWh
in the same period last year.
Operational Performance: Social Infrastructure
The Fund owns an indirect 45% interest in Leisureworld Senior Care LP (“Leisureworld”),
which it accounts for as an equity investment. Leisureworld’s second quarter performance
benefited from improved occupancy and greater use of preferred accommodation across the
portfolio as well as increased government funding. Average total occupancy for the quarter
was 98.1% (2006 – 95.6%), reflecting the ramp up of Brampton Meadows, Brampton Woods,
Norfinch and Vaughan homes. Average preferred occupancy was 81.8% in the quarter (2006
– 78.3%).
Macquarie Power & Infrastructure Income Fund
Outlook
Mr. Smith continued, “Our outlook for the remainder of fiscal 2007 is favourable, with
continuing strong performance expected from Cardinal and Leisureworld along with a positive
contribution from our new wind, hydro and biomass assets. At the same time, we have
significant financial capacity for continuing growth, including acquisitions that will further
diversify our portfolio, complement MPT’s cash flow profile and deliver an attractive, increasing
total return to unitholders.”
With the annual maintenance program completed, Cardinal is expected to experience
increased cash flow for the balance of the year as a result of higher electricity rates compared
with 2006. This will be partially offset by higher gas transportation costs. Cardinal’s
maintenance and capital expenditure requirements are fully funded by established reserve
accounts.
Leisureworld’s performance is expected to remain strong as occupancy continues to improve
and as Leisureworld continues to execute its strategy to optimize preferred accommodation
and provide high quality care and services to residents. For 2007, management expects that
18 long-term care (“LTC”) homes will achieve the 97% annual occupancy threshold that is
required for full funding. The remaining home may be eligible for funding at its actual
occupancy rate plus 3% through a special program for homes located in regions with excess
beds resulting from the government’s 1998 initiative to increase the supply of LTC beds in the
province. In addition, on July 3, 2007, Leisureworld completed its previously announced sale of
Spencer House, which was closed at the time the new home in Orillia opened, realizing onetime
net proceeds of $3.0 million.
Leisureworld also expects to benefit from continuing increases in government funding in line
with inflation. In April and July, the Ministry of Health and Long-Term Care (MOHLTC)
increased funding to the three funding envelopes (nursing and personal care, programs and
services, and accommodation, which includes food). On July 30, 2007, the MOHLTC
announced a further increase in the daily food allowance effective September 1, 2007,
followed by an announcement on July 31, 2007 of the MOHLTC’s 10-year plan to redevelop
35,000 Class B and C homes across Ontario, commencing in 2008. This funding will enable
Leisureworld to further enhance the quality and comfort of accommodation available to
residents.
The Fund expects its acquisition of CPIF to be accretive to distributions per unit in the first year
of combined operations. On an annualized basis, management expects gas cogeneration to
account for approximately 49% of the Fund’s distributable cash, wind to account for
approximately 17%, hydro, approximately 11% and biomass, approximately 8%, with
Leisureworld representing the balance of approximately 15%.
The Fund anticipates maintaining an annual payout ratio of 90% to 95% in 2007, providing
unitholders with stability and the potential for growth. Management expects the return of
capital portion to be approximately 70% for the 2007 fiscal year, based on current operations
and barring any significant external shocks.
Distribution Reinvestment Plan (DRIP)
Eligible unitholders may elect to participate in the Fund’s Distribution Reinvestment Plan. For
more information about the DRIP, please visit the Fund’s website at www.macquarie.com/mpt.
Conference Call and Webcast
The Fund will hold a conference call to discuss the second quarter results on Thursday,
August 9, 2007 at 8:30 a.m. ET. The conference call will be accessible via webcast (with
accompanying slides) through the Fund’s website at www.macquarie.com/mpt and by
telephone at 416-641-6126 (Canada) or 1-866-542-4236 (North America). A replay of the call
will be available until August 23, 2007 by dialling 416-695-5800 or 1-800-408-3053 and
entering the passcode 3228442.
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, totalling 459 MW of installed capacity, and a 45% indirect 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 Bank Limited and a member of the
Macquarie group. 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 forwardlooking
statements. Forward-looking statements use such words as “may”, “will”, “anticipate”,
“believe”, “expect”, “plan” and other similar terminology. These statements reflect current
expectations regarding future events and operating performance and speak only as of the date
of this news release. 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. 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 Fund’s gas cogeneration,
wind, hydro and biomass power generating assets and the power industry generally; risks
associated with MPT’s interest in Leisureworld and the long-term care sector; risks associated
with the structure of MPT; risks associated with the acquisition of Clean Power Income Fund,
including the possibility that the anticipated benefits from the acquisition cannot be fully
realized; and risks associated with business, regulatory and economic conditions. The risks
and uncertainties described above are not exhaustive and other events and risk factors
including risk factors disclosed in MPT’s filings with Canadian securities regulatory authorities
could cause actual results to differ materially from the results discussed in the forward-looking
statements.
The forward-looking statements contained in this news release are based upon information
currently available and what the Fund currently believes are reasonable assumptions.
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 the Fund and the Manager assume no obligation to update or revise them
to reflect new events or circumstances. The Fund cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of the date made.
Non-GAAP Financial Measures
"Income from operations" and "distributable cash" do not have any standardized meaning
under Canadian Generally Accepted Accounting Principles (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.
For further information, please contact:
Harry Atterton Sarah Borg-Olivier
Chief Financial Officer Investor Relations
Tel: (416) 607 5198 Tel: (416) 607 5009
Email: harry.atterton@macquarie.com Email: sarah.borg-olivier@macquarie.com
=
Canadian Pacific Tower
TD Centre
100 Wellington Street West
PO Box 234, Suite 2200
Toronto, Ontario M5K 1J3
CANADA
Telephone 1 (416) 607 5000
Facsimile 1 (416) 607 5073
Internet www.macquarie.com/mpt
MACQUARIE POWER & INFRASTRUCTURE INCOME FUND
ANNOUNCES SECOND QUARTER RESULTS
• Continuing strong performance from Cardinal and Leisureworld
• Newly acquired assets operating well
• Significant capacity for continuing growth
TORONTO, ONTARIO (August 8, 2007) – Macquarie Power & Infrastructure Income Fund
(TSX: MPT.UN; MPT. DB – “MPT” or the “Fund”), which invests in essential infrastructure
assets in North America, today announced continuing strong performance in the second
quarter ended June 30, 2007. The results reflect four days of contribution from the assets
acquired from Clean Power Income Fund (“CPIF”) effective June 27, 2007. The Fund’s
Management’s Discussion and Analysis and unaudited financial statements are available on
the Fund’s website at www.macquarie.com/mpt or on SEDAR at www.sedar.com.
“During the quarter, Cardinal and Leisureworld once again generated predictable cash flow
and stable distributions to the Fund’s unitholders,” said Mr. Gregory Smith, President and
Chief Executive Officer of the Fund. “We also significantly increased the size and value of the
Fund, adding wind, hydro and biomass power assets that diversify our portfolio by fuel source
and geography. These new assets are operating well and will further enhance the Fund’s
long-term cash flow stability.”
Financial Review
Revenue for the quarter ended June 30, 2007 was $21.6 million compared with $16.3 million in
the same period last year, reflecting higher power prices, which were impacted by a 2.9%
increase in the Direct Customer Rate (“DCR”), and a 25% increase in the production of
electricity due to less scheduled maintenance time compared with 2006. The Fund’s newly
acquired assets contributed revenue of $442,000.
Income from operations1 for the Fund was $2.4 million for the quarter compared with a loss of
$1.3 million for the second quarter of 2006, reflecting increased revenue partially offset by an
increase in operating costs primarily due to increased gas requirements which was offset by a
reduction in scheduled maintenance costs.
The Fund’s distributable cash2 was $7.3 million ($0.237 per unit) compared with $6.3 million
($0.210 per unit) in same quarter last year, reflecting increased electricity production and the
continuing impact of electricity rate increases under Cardinal’s PPA. Declared distributions to
unitholders for the quarter were $9.5 million ($0.257 per unit) compared with $7.5 million in the
same period last year ($0.250 per unit), representing a payout ratio of 129% (2006 – 119%).
The higher payout ratio reflects the Fund’s payment of distributions on the MPT units issued in
connection with the Fund’s acquisition of CPIF that were outstanding on the distribution record
date of June 29, 2007. Distributions to unitholders are paid from cash flows from operations
and unrestricted cash balances.
1 Income from operations refers to income before net interest, share of losses from long-term
investments, unrealized
gains (losses) on swap contracts and on embedded derivatives in gas purchase contracts.
2 Distributable cash is 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
and distributions from Leisureworld.
The future income tax expense in the second quarter includes a one-time charge of $44.0
million in relation to Bill C-52 that was passed into law on June 22, 2007. Under this law, flowthrough
entities, including publicly-listed Canadian trusts and partnerships, such as the Fund,
will be taxed in a manner similar to corporations in 2011. This non-cash charge represents the
tax effect of the difference in the tax and accounting values of the Fund’s assets and does not
affect distributable cash. Since the Fund was not taxable in prior years, this non-cash charge
was not previously recorded.
As at June 30, 2007, the Fund had working capital of $33.0 million, an uncommitted cash
balance of $22.8 million and fully funded general, major maintenance and capital expenditure
reserve accounts.
Operational Performance: Power Infrastructure
Gas Cogeneration
During the quarter, Cardinal’s plant availability was 95.7% (2006 – 77.4%) and capacity was
93.7% (2006 – 75.0%). Electricity sales amounted to 304,000 MWh compared with 243,000
MWh in the second quarter last year.
Wind
During the quarter, the Erie Shores Wind Farm operated at an availability of 97.3% and
achieved a capacity factor of 23.7%. Erie Shores Wind Farm produced 51,301 MWh of
electricity during the quarter.
The Fund receives semi-annual interest payments each March and September on its
subordinated wind loan receivable. Receipt of these interest payments is not anticipated to be
affected by any expected variances in production. In the second quarter, total production from
the six U.S. wind facilities decreased slightly to 91% of production from the same period last
year due to lower wind speeds at Foote Creek III, Foote Creek IV and Big Spring. Total
production at the U.S. wind facilities was 61,065 MWh compared with 67,439 MWh.
Hydro
The Sechelt, Hluey Lakes, Wawatay and Dryden hydro facilities operated at a weighted
average availability of 99.4% (2006 - 99.1%). Production was 55,095 MWh compared with
60,383 MWh in the second quarter of 2006, primarily reflecting continued low water flows at
Dryden caused by the extremely dry conditions that have affected production since 2006.
Precipitation levels at Wawatay began to recover during the quarter but remained below
average long-term levels. Production at Sechelt decreased 4% from the same quarter in 2006.
Biomass
During the quarter, Whitecourt operated at an availability of 94.5% (2006 – 95.3%) and
achieved a capacity of 94.0% (2006 – 95.3%), reflecting an unplanned two-day outage due to
tube leak repairs and the refurbishment of the induced draft fan, which was offset slightly by a
shorter planned maintenance shutdown of three days instead of four days in 2006. Production
was 47,813 MWh compared with 49,883 MWh in the same period last year, which reflects the
lower availability and slightly lower capacity.
Chapais operated at 92.8% availability (2006 – 84.7%), reflecting a shortened spring
maintenance shutdown from 10 days in 2006 to five and a half days in 2007 as well as fewer
unplanned outages. Production was 53,607 MWh for the quarter compared with 49,895 MWh
in the same period last year.
Operational Performance: Social Infrastructure
The Fund owns an indirect 45% interest in Leisureworld Senior Care LP (“Leisureworld”),
which it accounts for as an equity investment. Leisureworld’s second quarter performance
benefited from improved occupancy and greater use of preferred accommodation across the
portfolio as well as increased government funding. Average total occupancy for the quarter
was 98.1% (2006 – 95.6%), reflecting the ramp up of Brampton Meadows, Brampton Woods,
Norfinch and Vaughan homes. Average preferred occupancy was 81.8% in the quarter (2006
– 78.3%).
Macquarie Power & Infrastructure Income Fund
Outlook
Mr. Smith continued, “Our outlook for the remainder of fiscal 2007 is favourable, with
continuing strong performance expected from Cardinal and Leisureworld along with a positive
contribution from our new wind, hydro and biomass assets. At the same time, we have
significant financial capacity for continuing growth, including acquisitions that will further
diversify our portfolio, complement MPT’s cash flow profile and deliver an attractive, increasing
total return to unitholders.”
With the annual maintenance program completed, Cardinal is expected to experience
increased cash flow for the balance of the year as a result of higher electricity rates compared
with 2006. This will be partially offset by higher gas transportation costs. Cardinal’s
maintenance and capital expenditure requirements are fully funded by established reserve
accounts.
Leisureworld’s performance is expected to remain strong as occupancy continues to improve
and as Leisureworld continues to execute its strategy to optimize preferred accommodation
and provide high quality care and services to residents. For 2007, management expects that
18 long-term care (“LTC”) homes will achieve the 97% annual occupancy threshold that is
required for full funding. The remaining home may be eligible for funding at its actual
occupancy rate plus 3% through a special program for homes located in regions with excess
beds resulting from the government’s 1998 initiative to increase the supply of LTC beds in the
province. In addition, on July 3, 2007, Leisureworld completed its previously announced sale of
Spencer House, which was closed at the time the new home in Orillia opened, realizing onetime
net proceeds of $3.0 million.
Leisureworld also expects to benefit from continuing increases in government funding in line
with inflation. In April and July, the Ministry of Health and Long-Term Care (MOHLTC)
increased funding to the three funding envelopes (nursing and personal care, programs and
services, and accommodation, which includes food). On July 30, 2007, the MOHLTC
announced a further increase in the daily food allowance effective September 1, 2007,
followed by an announcement on July 31, 2007 of the MOHLTC’s 10-year plan to redevelop
35,000 Class B and C homes across Ontario, commencing in 2008. This funding will enable
Leisureworld to further enhance the quality and comfort of accommodation available to
residents.
The Fund expects its acquisition of CPIF to be accretive to distributions per unit in the first year
of combined operations. On an annualized basis, management expects gas cogeneration to
account for approximately 49% of the Fund’s distributable cash, wind to account for
approximately 17%, hydro, approximately 11% and biomass, approximately 8%, with
Leisureworld representing the balance of approximately 15%.
The Fund anticipates maintaining an annual payout ratio of 90% to 95% in 2007, providing
unitholders with stability and the potential for growth. Management expects the return of
capital portion to be approximately 70% for the 2007 fiscal year, based on current operations
and barring any significant external shocks.
Distribution Reinvestment Plan (DRIP)
Eligible unitholders may elect to participate in the Fund’s Distribution Reinvestment Plan. For
more information about the DRIP, please visit the Fund’s website at www.macquarie.com/mpt.
Conference Call and Webcast
The Fund will hold a conference call to discuss the second quarter results on Thursday,
August 9, 2007 at 8:30 a.m. ET. The conference call will be accessible via webcast (with
accompanying slides) through the Fund’s website at www.macquarie.com/mpt and by
telephone at 416-641-6126 (Canada) or 1-866-542-4236 (North America). A replay of the call
will be available until August 23, 2007 by dialling 416-695-5800 or 1-800-408-3053 and
entering the passcode 3228442.
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, totalling 459 MW of installed capacity, and a 45% indirect 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 Bank Limited and a member of the
Macquarie group. 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 forwardlooking
statements. Forward-looking statements use such words as “may”, “will”, “anticipate”,
“believe”, “expect”, “plan” and other similar terminology. These statements reflect current
expectations regarding future events and operating performance and speak only as of the date
of this news release. 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. 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 Fund’s gas cogeneration,
wind, hydro and biomass power generating assets and the power industry generally; risks
associated with MPT’s interest in Leisureworld and the long-term care sector; risks associated
with the structure of MPT; risks associated with the acquisition of Clean Power Income Fund,
including the possibility that the anticipated benefits from the acquisition cannot be fully
realized; and risks associated with business, regulatory and economic conditions. The risks
and uncertainties described above are not exhaustive and other events and risk factors
including risk factors disclosed in MPT’s filings with Canadian securities regulatory authorities
could cause actual results to differ materially from the results discussed in the forward-looking
statements.
The forward-looking statements contained in this news release are based upon information
currently available and what the Fund currently believes are reasonable assumptions.
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 the Fund and the Manager assume no obligation to update or revise them
to reflect new events or circumstances. The Fund cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of the date made.
Non-GAAP Financial Measures
"Income from operations" and "distributable cash" do not have any standardized meaning
under Canadian Generally Accepted Accounting Principles (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.
For further information, please contact:
Harry Atterton Sarah Borg-Olivier
Chief Financial Officer Investor Relations
Tel: (416) 607 5198 Tel: (416) 607 5009
Email: harry.atterton@macquarie.com Email: sarah.borg-olivier@macquarie.com
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