MacquariePower & Infrastructure Income Fund

Annual General MeetingMay 7, 2009

Formal ProceedingsDerek Brown, Chairman, Board of Trustees

3

Formal Proceedings

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4

Formal Proceedings

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Investor UpdateMichael Bernstein, Interim President & CEO

6

Disclaimer

Macquarie Power & Infrastructure Income Fund (“MPT” or the “Fund”) is a member of the Macquarie group, which includes subsidiaries and affiliated companies of Macquarie Group Limited (“MGL” and collectively with its subsidiaries and affiliates, the “Macquarie group”) , such as Macquarie Power Management Ltd. (“MPML”), the Manager of the Fund, as well as funds under management by such entities.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. This presentation is an outline of matters for discussion only and no representations or warranties are given or implied.

The information contained in this presentation is subject to discussion, completion and amendment. This presentation does not contain all the information necessary to fully evaluate the business potential of an investment in infrastructure and, as such, no reliance should be placed on the contents of this presentation for such purpose. Any investment decision with respect to any transaction referred to herein should be made based solely upon appropriate due diligence by the prospective investor and, if applicable, upon receipt and careful review of any Prospectus or Confidential Information Memorandum.

The information in this presentation has been obtained from sources that MPT considers to be reliable and is based on present circumstances, market conditions and beliefs. MPT has no obligation to update this presentation or correct any inaccuracies or omissions in it. Certain statements in this presentation may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. When used in this presentation, such statements use such words as “may”, “will”, “expect”, “believe”, “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 presentation. 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.

The risks, uncertainties and other factors that could influence actual results are detailed from time to time in documents filed by MPT with the securities regulatory authorities in all of the provinces and territories of Canada which are available at www.sedar.com, including, without limitation, MPT’s Annual Information Form and Management’s Discussion & Analysis. The forward-looking statements contained in this presentation are based on 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 presentation and the Fund does not undertake to update any forward-looking information that may be made from time to time by or on its behalf, except as required under applicable securities legislation. The forward-looking information contained in this presentation is presented for the purposes of assisting investors and analysts in understanding our financial position as at and for the periods ended at the dates presented and our stated priorities and objectives may not be appropriate for other purposes. The Fund cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date madeK

Recipients of this presentation should neither treat nor rely on the contents of this presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers.

Neither MPT,MPML nor MGL are authorized deposit-taking institutions for the purposes of banking act (Commonwealth of Australia) 1959, and the obligations of MPT, MPL or MGL do not represent deposits or other liabilities of Macquarie Bank Limited (“MBL”) ABN 46 008 583 542. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MPT, MPML or MGL.

Nothing in this presentation contains a commitment from MGL or any of its subsidiaries or affiliated companies to provide or arrange any facility or is otherwise imposing any obligation on MGL or any subsidiaries or affiliated companies whatsoever. Neither MGL nor any of its subsidiaries or affiliated companies guarantees the performance or return of capital from infrastructure, utility or other investments.

Welcome

8

Agenda

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_ìáäÇ=jmq=áåíç=`~å~Ç~Ûë=äÉ~ÇáåÖ=áåÑê~ëíêìÅíìêÉ=áåîÉëíãÉåí=îÉÜáÅäÉ_ìáäÇ=jmq=áåíç=`~å~Ç~Ûë=äÉ~ÇáåÖ=áåÑê~ëíêìÅíìêÉ=áåîÉëíãÉåí=îÉÜáÅäÉ

Portfolio Snapshot

10

oÉëáäáÉåí=íÜêçìÖÜ=ÉÅçåçãáÅ=ÅóÅäÉ

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— iÉáëìêÉïçêäÇ çéÉê~íÉë=áå=êÉÖìä~íÉÇ=ÉåîáêçåãÉåí=ïÜÉêÉ=úSMB=çÑ=êÉîÉåìÉ=ÅçãÉë=Ñêçã=ÖçîÉêåãÉåí

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* The Dryden facility is comprised of the Wainwright, Eagle River & McKenzie Falls generating stations.**MPT’s investment in Chapais consists of a 31.3% interest in one of two classes of preferred shares, a 24.8% interest in Tranche A & B debt & a 50% interest in Tranche C debt***MPT owns a 45% interest in Leisureworld. The remaining 55% interest is owned by Macquarie Group Limited which has transferred the economic benefits of its ownership to Macquarie International Infrastructure Fund (MIIF). MIIF is managed by a member of the Macquarie group.

Diversified Portfolio of Quality Businesses

Map Legend

Water: SecheltWawatayDryden*Hluey Lakes

Gas Cogeneration:Cardinal

Biomass:WhitecourtChapais**

Wind: Erie Shores Wind Farm

Social Infrastructure:Leisureworld***

11

Distribution HistoryReflects strong cash flow profile of businesses

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*

*For the 8 months ended December 31, 2004

$ per unit

0.950 1.012 1.030 1.050

0.636

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2004 2005 2006 2007 2008

Financial Performance

13

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fåÅêÉ~ëÉÇ=éêçÇìÅíáçå=~í=bêáÉ=pÜçêÉë

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Stable Performance in Fiscal 2008

14

First Quarter 2009 Performance

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— NOJÇ~ó=çìí~ÖÉ=~í=tÜáíÉÅçìêí

pí~ÄäÉ=ÇáëíêáÄìíáçåë=íç=ìåáíÜçäÇÉêë çÑ=OSKO=ÅÉåíëLìåáí

— UTKSB=é~óçìí=îëK=TVKRB=áå=nN=MU

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15

Conservative Financial PositionPortfolio has low risk profile & long duration cash flows

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cìääó=ÑìåÇÉÇ=ÖÉåÉê~äI=ã~àçê=ã~áåíÉå~åÅÉ=C=Å~éáí~ä=ÉñéÉåÇáíìêÉ=êÉëÉêîÉ=~ÅÅçìåíë

PQKUPMKPråÅçããáííÉÇ=Å~ëÜ=Ä~ä~åÅÉ

RNKVQRKO`~ëÜ=C=Å~ëÜ=Éèìáî~äÉåíë

RNKVQRKRtçêâáåÖ=Å~éáí~ä

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Outlook

17

2009 OutlookStable distributions to unitholders

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― _~êêáåÖ=~åó=ëáÖåáÑáÅ~åí=ÉñíÉêå~ä=ÉîÉåíë=çê=ÖêçïíÜ=áåáíá~íáîÉë

― RMB=çÑ=ÇáëíêáÄìíáçåë=ÉñéÉÅíÉÇ=íç=ÄÉ=åçåJí~ñ~ÄäÉ=~ë=êÉíìêå=çÑ=Å~éáí~ä

j~ñáãáòáåÖ=éÉêÑçêã~åÅÉ=çÑ=ÅìêêÉåí=ÄìëáåÉëëÉë

— båÜ~åÅÉ=Å~ëÜ=Ñäçï=ëí~Äáäáíó=C=ëìëí~áå~Äáäáíó

Estimated 2009 Distributable Cash Contribution by Asset

Gas52%

Wind13%

LTC18%

Biomass6%

Water11%

18

2009 OutlookEfficiency initiatives

bêáÉ=pÜçêÉë=táåÇ=c~êã

— `çååÉÅíÉÇ=íç=ëÉÅçåÇ=äáåÉ=íç=ã~ñáãáòÉ=~î~áä~Äáäáíó

— ^Äáäáíó=íç=ÇÉäáîÉê=ÉäÉÅíêáÅáíó=íç=ÖêáÇ=ÇìêáåÖ=éÉêáçÇë=çÑ=çìí~ÖÉ=çå=eóÇêç=låÉ=äáåÉ

pÉÅÜÉäí=ÜóÇêç=Ñ~Åáäáíó

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— oÉãçíÉ=Åçåíêçä=çÑ=ï~íÉê=ÑäçïëI=ïÜáÅÜ=ÜÉäéë=íç=ã~ñáãáòÉ=éêçÇìÅíáçå

19

2009 OutlookCardinal

içïÉê=êÉîÉåìÉ=C=Å~ëÜ=Ñäçï=~í=`~êÇáå~äÁÄìí=ÄÉííÉê=íÜ~å=éä~ååÉÇ

— eçí=Ö~ë=é~íÜ=çÅÅìêë=ÉîÉêó=PêÇ óê=áå=SJóê=ã~áåíÉå~åÅÉ=ÅóÅäÉ

— eçí=Ö~ë=é~íÜ=áåëéÉÅíáçå=ÅçãéäÉíÉÇ=áå=NP=Ç~óë=áå=^éêáä

— d~ë=íê~åëéçêí~íáçå=Åçëíë=áå=OMMV=äçïÉê=íÜ~å=~îÖK=OMMU=ê~íÉ

20

2009 OutlookErie Shores

lîÉê=äçåÖ=íÉêãI=bêáÉ=pÜçêÉë=ÉñéÉÅíÉÇ=íç=ÇÉäáîÉê=~ååì~ä=éêçÇìÅíáçå=çÑ=úOQVIUMM=jtÜ

— pìÄàÉÅí=íç=ïáåÇ=ëéÉÉÇ=C=ÇÉåëáíó=

píêçåÖ=ïáåÇ=êÉëçìêÅÉ=áå=^éêáä=çÑÑëÉí=nN=éÉêÑçêã~åÅÉ

päáÖÜíäó=äçïÉê=éêçÇìÅíáçå=ÉñéÉÅíÉÇ=áå=OMMV

21

2009 OutlookHydro power facilities

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— _~ëÉÇ=çå=~îÖK=~Åíì~ä=~ååì~ä=éêçÇìÅíáçå=çÑ=É~ÅÜ=Ñ~Åáäáíó=ëáåÅÉ=ëí~êí=çÑ=çéÉê~íáçåë

— oÉÑäÉÅíë=äçåÖJíÉêã=ÜóÇêçäçÖáÅ~ä=é~ííÉêåë

päáÖÜíäó=äçïÉê=éêçÇìÅíáçå=ÉñéÉÅíÉÇ=áå=OMMV

22

2009 Outlook Whitecourt

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Q=Ç~óë=çÑ=ã~áåíÉå~åÅÉ=áå=Ñ~ää

tçêâáåÖ=ïáíÜ=jáää~ê=tÉëíÉêå=íç=ÉåëìêÉ=ÅçåíáåìáåÖ=ëí~ÄäÉ=ëìééäó=çÑ=ïççÇ=ï~ëíÉ=

— píêçåÖ=Åçåíê~Åí=éêçîáëáçåë

bñéÉÅí=íç=~ÅÜáÉîÉ=~å=~î~áä~Äáäáíó=çÑ=USB=íç=VMB

— `çåëáëíÉåí=ïáíÜ=OMMU=éÉêÑçêã~åÅÉ

23

2009 OutlookLeisureworld

cçÅìë=çå=ÇÉäáîÉêáåÖ=ÜáÖÜ=èì~äáíó=çÑ=Å~êÉ=C=~ÅÅçããçÇ~íáçå

— pìééçêíë=ÜáÖÜ=çÅÅìé~åÅó

`çåíáåìáåÖ=íç=~ííê~Åí=ãçêÉ=êÉëáÇÉåíë=íç=éêáî~íÉ=êççãë

pí~ÄäÉ=ÄìëáåÉëë=íÜêçìÖÜçìí=ÉÅçåçãáÅ=ÅóÅäÉ

léÉê~íáåÖ=éÉêÑçêã~åÅÉ=ÉñéÉÅíÉÇ=íç=ÄÉ=áå=äáåÉ=ïáíÜ=çê=ëäáÖÜíäó=ÄÉííÉê=íÜ~å=éêáçê=óÉ~êë=

Future Opportunities

25

OpportunitiesPost-PPA framework for Cardinal

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— sáí~ä=ÅçåíêáÄìíáçå=íç=çéÉê~Äáäáíó=çÑ=låí~êáçÛë=ÉäÉÅíêáÅáíó=ëóëíÉã

— páÖåáÑáÅ~åí=áåÇìëíêá~ä=ëìééçêí=C=ÉÅçåçãáÅ=î~äìÉ=íç=`^p`l

— pìééçêíë=låí~êáçÛë=ÅäÉ~å=ÉåÉêÖó=ã~åÇ~íÉ

26

OpportunitiesPost-2011 strategy for MPT

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`çåîÉêëáçå=íç=ÇáîáÇÉåÇJé~óáåÖ=Åçêéçê~íáçå=ãçëí=äáâÉäó=~ééêç~ÅÜ

bñéÉÅí=íç=éêçîáÇÉ=ÖìáÇ~åÅÉ=Äó=ÉåÇ=çÑ=OMMV

— aáëíêáÄìíáçå=éêçÑáäÉ

— `çêéçê~íÉ=ëíêìÅíìêÉ

27

Macquarie GroupManaging critical infrastructure assets globally

NNU=áåÑê~ëíêìÅíìêÉ=ÄìëáåÉëëÉë=áå=OS=ÅçìåíêáÉë

`AQR_=áå=áåÑê~ëíêìÅíìêÉ=Éèìáíó=ìåÇÉê=ã~å~ÖÉãÉåí

^ÅÅÉëë=íç=çéÉê~íáçå~ä=ÉñéÉêíáëÉ=C=êçÄìëí=éáéÉäáåÉ=çÑ=éçíÉåíá~ä=áåîÉëíãÉåíë=C=ÅçJáåîÉëíãÉåíë

28

OpportunitiesSignificant infrastructure deficit

AOMM_=åÉÉÇÉÇ=íç=êÉé~áê=ÉñáëíáåÖ=áåÑê~ëíêìÅíìêÉ=C=ÄìáäÇ=Ñçê=ÑìíìêÉ

dçîÉêåãÉåí=ÅçããáííÉÇ=íç=áãéêçîáåÖ=C=Éñé~åÇáåÖ=`~å~Ç~Ûë=áåÑê~ëíêìÅíìêÉ

— bÅçåçãáÅ=ÖêçïíÜ

— `çãéÉíáíáîÉåÉëë

— nì~äáíó=çÑ=äáÑÉ

29

OpportunitiesPublic-private partnerships

fåÅêÉ~ëáåÖ=êçäÉ=áå=áåÑê~ëíêìÅíìêÉ=ÇÉäáîÉêó

kÉ~êäó=NMM=mP=éêçàÉÅíë~Åêçëë=`~å~Ç~

— s~äìÉÇ=~í=úAPR_

— oçÄìëí=éáéÉäáåÉ

mP=éêçàÉÅíë=Ü~îÉ=äçï=êáëâ=éêçÑáäÉ

— píêçåÖ=éçíÉåíá~ä=Ñáí=Ñçê=jmq

30

OpportunitiesRenewable power

låí~êáçÛë=dêÉÉå=båÉêÖó=^Åí ~=êÉÅÉåí=áåáíá~íáîÉ

— kÉï=ÖêÉÉå=ÉÅçåçãó

cÉÉÇJáå=í~êáÑÑ=Öì~ê~åíÉÉë=ê~íÉë=Ñçê=êÉåÉï~ÄäÉ=ÉäÉÅíêáÅáíó

— táåÇI=ÜóÇêçI=Äáçã~ëë=çê=ëçä~ê

— båÜ~åÅÉÇ=ÅÉêí~áåíó=Ñçê=áåîÉëíçêë=C=áãéêçîÉÇ=ÉÅçåçãáÅë=

páãáä~ê=áåáíá~íáîÉë=ìåÇÉêï~ó=áå=çíÜÉê=éêçîáåÅÉë

31

OpportunitiesSelective approach

j~êâÉí=ä~åÇëÅ~éÉ=ÉîçäîáåÖ=Ñ~îçìê~Ääó

pÉäÉÅíáîÉ=~ééêç~ÅÜ

— dêÉÉåÑáÉäÇI=ÄêçïåÑáÉäÇ çê=çéÉê~íáåÖ=~ëëÉíë

— pÉÉâáåÖ=ëíêçåÖ=êÉÖìä~íçêó=çê=Åçåíê~Åíì~ä=Ñê~ãÉïçêâ

`çããáííÉÇ=íç=éêçîáÇáåÖ=áåîÉëíçêë=ïáíÜ=ëìëí~áå~ÄäÉ=óáÉäÇ=C=~ííê~ÅíáîÉ=íçí~ä=êÉíìêå

_ìáäÇ=éçêíÑçäáç=íç=ÉåëìêÉ=î~äìÉ=Ñçê=ìåáíÜçäÇÉêë çîÉê=íÜÉ=äçåÖ=íÉêã_ìáäÇ=éçêíÑçäáç=íç=ÉåëìêÉ=î~äìÉ=Ñçê=ìåáíÜçäÇÉêë çîÉê=íÜÉ=äçåÖ=íÉêã

32

Strongly Positioned in Current Environment

Key strengths:

pí~ÄäÉ=ÇÉã~åÇ=Ñçê=ÉëëÉåíá~ä=ëÉêîáÅÉë=íÜÉó=éêçîáÇÉ

píêçåÖ=ÅçãéÉíáíáîÉ=~Çî~åí~ÖÉ=ÇìÉ=íç=Åçåíê~Åíì~ä=çê=êÉÖìä~íçêó=Ñê~ãÉïçêâ

mêÉÇáÅí~ÄäÉ=äçåÖJÇìê~íáçå=Å~ëÜ=ÑäçïëI=ïÜáÅÜ=~Åí=~ë=ÜÉÇÖÉ=~Ö~áåëí=áåÑä~íáçå=íÜêçìÖÜçìí=ÉÅçåçãáÅ=ÅóÅäÉ

Positive outlook:

léíáãáëíáÅ=~Äçìí=èì~äáíó=C=ê~åÖÉ=çÑ=ÖêçïíÜ=çééçêíìåáíáÉë

cáå~åÅá~ääó=éçëáíáçåÉÇ=íç=ÉñÉÅìíÉ=çå=ëã~ää=íç=ãáÇJëáòÉÇ=íê~åë~Åíáçåë

^ÅÅÉëë=íç=ïçêäÇ=Åä~ëë=ÉñéÉêíáëÉ=C=ÇÉ~ä=Ñäçï

33

Fixed-cost base, low

variable costs

Strategic competitive advantage

Barriers to entry

Long life physical assets

Consistent, inelastic demand

Provide everyday services

Revenues correlated to

inflation

Predictable capex

requirements

Capital growth

Strong cash generation

Low correlation to other asset

classes

Active management ofinfrastructure assets

jmq=áë=éçëáíáçåÉÇ=íç=ÄÉ=`~å~Ç~Ûë=éêÉãáÉê=áåÑê~ëíêìÅíìêÉ=îÉÜáÅäÉjmq=áë=éçëáíáçåÉÇ=íç=ÄÉ=`~å~Ç~Ûë=éêÉãáÉê=áåÑê~ëíêìÅíìêÉ=îÉÜáÅäÉ

An Emerging Asset ClassPredictable performance throughout the economic cycle

MacquariePower & Infrastructure Income Fund

Questions