Macquarie International Infrastructure Fund

[mm63]

Thanks for your comments. Another thing that puzzles me is that the income from HNE dropped from $17.4mil in 2012 to $12.1mil in 2013. However, HNE revenue increased from RMB117.9mil in 2012 to RMB139.6mil in 2013. Why is there such a substantial drop in income despite the increased revenue?

1) There is no guarantee they will be able to divest HNE at that valuation or even at a valuation that will hit the $695 million figure.

2) Yes, The success fee will come from the sale proceeds. The previous divestments did not lead to a retaining of cash for the success fee ie shareholders benefited from the full payout.