Macquarie NexGen Global Infrastructure Corporation

For Dealer Use Only

Macquarie NexGen Global Infrastructure Corporation

February 2007

3For Dealer Use Only

Agenda

1. Overview

2. Infrastructure as an Asset Class

3. Introduction to the Macquarie Group

4. Introduction to NexGen Financial LP

5. Summary of the Offering

6. Appendices


1. Overview

What the Fund will seek to provide:

• Exposure to infrastructure securities on a global basis

– Developed and developing countries– Infrastructure sectors not easily accessible by Canadian investors

(e.g. water utilities, toll roads, airports)

• Potential return consisting of income and capital growth

• 6% annual tax efficient (ROC and Capital Gains) distribution, paid monthly (reviewed annually)

• Access to asset class not highly correlated with traditional equities or fixed income

• Macquarie Bank Group, a world leader in infrastructure

• Experienced, dedicated investment team with established process



Infrastructure comprises the physical assets that a society requires to facilitate its orderly operation, including but not limited to:

Airports Bridges

Toll Roads (407 ETR – Toronto) Water, Gas, Electricity Transmission


2. Infrastructure is an Attractive Asset Class

Essential servicesEssential servicesSustainable competitive

advantages and barriers to entry

Sustainable competitive advantages and barriers

to entry

Fixed and/or regulatedreturns

Fixed and/or regulatedreturns

Leverage on a fixed cost base

Leverage on a fixed cost base

Typically stable demandprofiles

Typically stable demandprofiles Inflation hedgeInflation hedge Long-life assetsLong-life assets Low correlation to other

asset classesLow correlation to other

asset classes

• Infrastructure assets typically provide stable and predictable income streams and demonstrate some or all of the following investment characteristics



Environment and Outlook – Increasing need for private sector involvement

• Decreasing government expenditure on infrastructure in OECD countries means increasing opportunity for the private sector to invest in infrastructure assets

• Investment requirements for infrastructure are overwhelming – governments are struggling to keep pace

Percentage of Government Spending on Infrastructure (OECD)

Source: National Accounts, OECD (% of Government spending)

0%

5%

10%

15%

20%

25%

30%

35%

40%

Australia Canada Italy PortugalUnited KingdomUnited States

% o

f g

ovt

spen

din

g o

n in

frast

ruct

ure 1970 1980 1990 2000 2003 2004


2. Infrastructure Examples of Macquarie’s Canadian Holdings

Holding Description % Owned

407 ETR User Pay Express Toll Road 30Highway North of Toronto

Edmonton Ring Road* Government Pay Highway 81Surrounding Edmonton

AltaLink Electricity Transmission Grid 23Servicing 85% of Albertans

Sea-To-Sky Highway Government Pay Highway Linking 100Vancouver to Whistler Mountain

* South East Expansion Portion



Example – Toll Roads

• Consistent and stable cash flows with growth

• The cash flow revenues of a toll road can be predicted with relative certainty

Daily Revenue

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

OctNov Dec Ja

nFe

bMar Apr

May Jun Ju

lAug Se

p

14

Day M

ovin

g A

vera

ge R

even

ue (

AU

D)

2005/06

2004/05

2003/0

42002/03

2001/0

22000/01

1999/00

1998/99

1997/98

1996/97

1995/96

1994/95

1993/94

1992/93



Example – Airports

• Strong long term correlation between passenger growth and GDP growth

• Demonstrated history of resilience to world economic and political shocks

Source: International Civil Aviation Organization

Traffic, GDP and Real Airfares

Re

lati

ve

Mo

ve

me

nt

(Re

ba

se

d t

o 1

00

at

19

70

)

0

200

400

600

800

1000

1200

19

70

19

73

19

76

19

79

19

82

19

85

19

88

19

91

19

94

19

97

20

00

20

03

Traffic

Real Airfares

GDP

Oil Shocks(1974-76)

Recession(1980-82)

Recession + Gulf War(1990-92)

Sept 11, SARS + Iraq War(2001-03)

20

06Revenue Sources

• Landing Fees• Retail• Parking


Total return, volatility and correlation

• On a risk-adjusted basis, the historical return on the universe of listed infrastructure companies is even more attractive compared to broad range of equity market benchmarks


Source: Macquarie Bank Limited, Reuters

CorrelationASX200 (2)

(AUS)S&P500

(USA)MSCI Developed (3)

Market IndexFTSE 100 (4)

(UK)MSCI Europe (5)

Index

Universe of Infrastructure Stocks 0.734 0.738 0.773 0.720 0.760

(1) Return series assumes an equally weighted portfolio. Assumes dividends re-invested. Period to end of March 2006.

(2) Australian Stock Exchange (3&5) Morgan Stanley Capital International, Inc (4) London Stock Exchange

Note that past performance does not guarantee future results

Annualized Total Returns (1)

(Last five years based on monthly data)Annualized Standard Deviation (1)

(Last five years based on monthly data)

17.4%

14.8%

4.0% 4.8% 4.7%

0%

5%

10%

15%

20%

Infra

stru

cture

Stock

s ASX200

S&P500

MSCI W

orld

FTSE 100

MSCI E

urope

4.2%

9.9% 10.3%

14.1% 14.1% 14.2%

0%

5%

10%

15%

20%

Infra

stru

cture

Stock

s ASX200

S&P500

MSCI W

orld

FTSE 100

MSCI E

urope

17.0%


Getting Infrastructure Exposure • Typical infrastructure investors are large pension Funds (OMERS, Teacher’s, Caisse)• Asset class generally not available as a diversified package to retail investors• Infrastructure exposure is generally purchased in three different ways:

Direct Private Investments

Purchasing publicly traded infrastructure

equities (listed)

Macquarie NexGen Global Infrastructure

Corporation

• Large investment (typically $500 million+), illiquid, little diversification

• Usually indirect exposure, liquid, not diversified

• Purchase of a diversified, actively managed infrastructure fund



3. The Macquarie Group

• A global leader in infrastructure funding and investment management

• Macquarie Team manages a $35 billion global investment portfolio

• Solid 12 year investment track record

• Infrastructure team – 500 professionals in 25 countries

• Majority of infrastructure portfolio is held through its 28 listed and unlisted funds and vehicles

• Infrastructure investment portfolio managed similarly to this fund of US$1.4 billion

Data as of Dec. 31, 2006


USAAIR-servAquarion*Atlantic AviationBoart LongyearDistrict EnergyDulles GreenwayDuquesne Light*Hanjin Container Terminals*^Icon ParkingIndiana Toll RoadInternational-Matex Tank TerminalsParking Company of AmericaSkywaySmarte CarteSouth Bay ExpresswayThe Gas Company

JapanHakone Turnpike

Ibukiyama Driveway

AustraliaAdelaide AirportAlintaGas NetworksBroadcast AustraliaDampier-BunburyElectranet SAEastern Distributor (M1)EastLinkMacquarie Regional RadioworksMultinetProspect WaterRetirement Care AustraliaSydney AirportTranstollUnited Energy DistributionWestlink M7Zig Inge

Canada407 ETRAltaLink

Cardinal PowerEdmonton Ring Road

LeisureworldSea To Sky

New ZealandElderCareMetlifecarePrivate Lifecare

South KoreaBaekyang TunnelCheonan Nonsan ExpresswayCJ CableNetDaegu East Circular RoadIncheon ExpresswayIncheon Grand BridgeKwangju 2nd Beltway, Section 1Kwangju 2nd Beltway, Section 3Machang BridgeNew Daegu Busan ExpresswaySeosuwon-Osan-Pyungtaek ExpresswaySeoul Chuncheon ExpresswaySeoul Subway #9SK E&SSoojungsan TunnelWoomyunsan TunnelYongin Seoul Expressway

AFRICASouth AfricaBakwena Platinum CorridorN3 TollN4 Maputo Toll

TanzaniaKilimanjaro Airport

China/TaiwanChangshu Xinghua Port

Taiwan Broadband Communications

As at October 31, 2006 – the assets listed are managed by IBF with various direct % stakes held in each* Subject to financing and customary closing arrangements** European Directories also located in Sweden, Finland, Austria, Czech Republic, Slovakia, Denmark and France^ Hanjin Container Terminals also located in Japan and Taiwan

EUROPEUKArqiva Birmingham AirportBristol AirportEast London Bus GroupEnergy Power Resources (UK)M6 TollMotoNM Renewable EnergyRed Bee MediaSteam PacketThames Water*Wales & West UtilitiesWightlink

ItalyRome Airport

BelgiumBrussels Airport

SpainItevelesa

FranceAutoroutes Paris-Rhin-RhôneEnergy Power Resources (Europe)French windfarms*

GermanyTanQuid (tank storage business)Warnow Tunnel

DenmarkCopenhagen Airport

PortugalTagus Crossings

The NetherlandsEuropean Directories**NRE*Netbeheer Haarlemmermeer*Obragas Net*

PolandDeep Sea Container Terminal

SwedenArlanda Express

United Arab EmiratesUnited Arab EmiratesAAICICAD II

3. The Macquarie Group • Total Infrastructure AUM $35 Billion• A Global Leader in Infrastructure

– 25 Countries– 98 Assets


Airports7%

Diversified11%

Electric General6%

Electric & Gas Distribution

18%

Electric Utilities14%

Pipelines19%

Toll Roads16%

Water4%

Other5%


Indicative Portfolio • Sectoral breakdown of an indicative portfolio of listed infrastructure

securities

Had portfolio been purchased on Dec. 31, 2006


3. The Macquarie Group – Fund’s Top 10 Indicative Holdings

Company Location of

Assets

Sector 2006 Yield

Auckland International Airport Limited New Zealand Airports 3.8%

Babcock & Brown Infrastructure Group Limited NZ, UK, USA, Australia Diversified 7.5%

Duet Group Australia Diversified 7.6%

Enbridge Energy Partners L.P. USA Pipelines 7.5%

Enterprise Products Partners L.P. USA Pipelines 6.4%

Kinder Morgan Energy Partners L.P. USA Pipelines 6.8%

Macquarie Airports Group Aust., Belgium, Denmark, Italy, UK Airports 6.2%

Macquarie Infrastructure Group Aust., Can., UK, Portugal, Germany Toll Roads 3.8%

Spark Infrastructure Group Australia Electrical & Gas Distributors 6.2%

Transurban Group Australia, USA Toll Roads 6.7%

Had the Portfolio been purchased on Dec. 31, 2006

Source: Bloomberg.

As of December 31, 2006.

All investments made by the Investment Manager in funds managed by, or related to, Macquarie will be independently reviewed and approved by NexGen.



• Head of the infrastructure securities team and portfolio manager of MGU, MFD, MIISF and Cathay (Taiwan) funds since inception

• Manages US$1.4 billion of assets which invest in similar styles to the Fund

• Over 19 years of business experience encompassing:– business management, equity analysis, consulting and banking – almost 11 years at Macquarie – over 9 years dedicated to Infrastructure

• From 2001 to 2003, Jon was located in Hong Kong, where he was responsible for establishing a Hong Kong based research team of five analysts, and initiating research coverage on Asian infrastructure and utility stocks

• Prior to that Jon led the equity research coverage of the entire Australian infrastructure sector, including: tollroads, gas companies, electric utilities, airports and diversified funds

Jon Fitch


3. Track Record – Other Macquarie Funds

NAME

(EXCHANGE/TICKER)INCEPTION DATE

TOTAL ASSET UNDER MANAGEMENT

(US $MILLION)

TOTAL RETURN

(INCEPTION TO

DEC. 31, 2006)

TOTAL RETURN

(LAST FISCAL YEAR)

Macquarie Global Infrastructure Total Return Fund Inc. (NYSE/MGU)

Aug. 26, 2005 649.6 19.3%37.1%

(Nov. 30, 2006)

Macquarie International Infrastructure Securities Fund Limited

Sept. 29, 2005 132.6 25.0%6.6%

(June 30, 2006)

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE/MFD)

Mar. 26, 2004 320.9 59.2%24.9%

(Nov. 30, 2006)

AVERAGE -- -- 31.4% 29.7%

Refer to the Prospectus for full fund performance details


0

5

10

15

20

25

30

35

Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06

Share Price NAV Cumulative Distributions Issue Share Price

3. The Macquarie Group – MGU Performance

• NAV took only 10 months to return to issue price. Share price took 14 months to return to issue price

MGU: NYSE Performance Since Inception

October 18th, 2006


4. NexGen Financial LP

• Founded 2005 by Jim Hunter (former CEO, Mackenzie Financial)

• Committed to high quality, innovative, tax efficient products

• Seasoned executive team with 100+ years industry experience

• Well capitalized by Jim and Bay Street private equity investors

• Will act as Canadian manager – portfolio oversight by Jonathan Baird, CFA

• NexGen offers family of 13 unique tax managed and 13 registered mutual funds (launched Sept. ‘06)


Offering: • Transferable, redeemable shares of the Fund (the Shares”)• ‘A’ Shares

– Conventional Closed End Fund (Front Load)– Underwriting Fees and Expenses deducted from the

proceeds of the fund– $10 per class ‘A’ Share

Issuer: • Macquarie NexGen Global Infrastructure Corporation


Minimum Purchase: • 200 Units ($2,000)

Investment Objectives: • Maximize total Return of the Fund

• Provide tax efficient monthly distributions


Rationale for the Fund:

Distributions‘A’ Shares: • The indicative distribution amount for the first year of the Fund

is $0.60 per Unit per annum (5¢ per month) representing a yield of 6% per annum based on the $10.00 per share issue price.

• It is expected that distributions to shareholders will be characterized primarily as returns of capital and potentially some capital gains.

• All distributions from the Fund will automatically be paid directly to each shareholder.

• The Fund will be actively managed by Macquarie Alternative Investments Limited and will seek long-term, competitive returns by investing in a globally diversified portfolio of publicly listed and private global infrastructure companies and assets.


Use of Leverage: • The Fund will employ a leverage ratio of 1 part debt to 3 parts equity (25%).


5. Summary of The Offering

Annual RedemptionPrivilege: Shares may be surrendered for redemption during

September 2008, and each September thereafter

Currency Hedging: The Manager has the option to implement

Life of Fund: Unlimited – Forward Life 20 years

Manager: NexGen Financial LPJonathan Baird, CFA (Portfolio Oversight)

InvestmentManager: Macquarie Alternative Investments Limited

Eligibility: Eligible for RRSPs, RRIFs, DPSPs, and RESPs


5. Summary of The Offering

Management Fee:

Service Fee: ‘A’ Shares

– 0.40% of NAV per annum, paid monthly

Selling Concession: ‘A’ Shares

– 2.80% (Agents fees total 5%)

‘A’ Shares

– 1.10% of total assets per annum, paid monthly

– 1.47% based on NAV

Anticipated Timing: Sizing: Late February 2007

Closing: Mid March 2007


In Summary

This may suit clients who are looking for…

• Exposure to infrastructure securities on a global basis

– Developed and developing countries– Infrastructure sectors not easily accessible by Canadian investors

(e.g. airports, toll roads and water utilities)

• Annual tax efficient income and potential capital growth

• Diversification and potentially reduced correlation in their portfolios

• Actively-managed investment, managed by an experienced, dedicated Global Infrastructure team with established process and track record

Documents

Macquarie NexGen Global Infrastructure Corporation