Macquarie Group Announces New Closed-End Fund IPO on New York Stock Exchange NEW YORK, March 29 /PRNewswire-FirstCall/ -- The Macquarie group today announced the successful pricing of the initial public offering of common shares in a new closed-endfund, the Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the Fund). The Fund has issued 8,500,000 common shares at an initial price of $20.00 per share, resulting in gross proceeds of $170,000,000 (exclusive of the underwriters' overallotments). In addition, underwriters' overallotments of up to 15% of the total fund size may be exercised. The Fund's shares began trading on the New York Stock Exchange on March 26, 2004, and its listing will be formally announced with the ringing of the NYSE opening bell on Tuesday March 30, 2004. MFD is a closed-end management investment company, investing predominantly in listed infrastructure and utilities companies in selected developed countries globally. The Fund will be advised by First Trust Advisors LP, and will be sub-advised by Macquarie Infrastructure Fund Adviser, LLC (MIFA) and Four Corners Capital Management, LLC (Four Corners). MIFA and Four Corners are both members of the Macquarie group. "The establishment of this Fund is a significant milestone for MIFA and the Macquarie group in the United States," said Oliver Yates, Executive Director of Macquarie Securities (USA) Inc. "MFD will provide an opportunity for US retail investors to gain access to a broad non-U.S. portfolio of predominantly listed infrastructure and utilities companies," Mr. Yates said. The Fund's investment objective is to seek a high level of current return consisting of dividends, interest and other similar income while attempting to preserve capital. In pursuing this objective, the Fund will seek to manage its investments and expenses so that a significant portion of its distributions to common shareholders will qualify as tax-advantaged dividends. There can be no assurance that the Fund will achieve its investment objective. The Fund will aim to build a portfolio of dividend and other income-paying stock in predominantly listed companies focusing on owning, managing and/or operating infrastructure and utilities assets in the UK andother current EU countries, Australia, Canada, the US, New Zealand, and Switzerland. In addition, the Fund has the ability to invest in three developed Asian countries - Japan, Hong Kong and Singapore. The Fund also intends to invest in senior secured US dollar-denominated floating rate loans issued by infrastructure and utilities companies. It is intended that the proceeds from the listing of MFD be invested within a three to six month period in securities and instruments that meet the investment objective and policies of the Fund. The lead manager of the underwriting syndicate for the Fund was Merrill Lynch & Co. For more information about the Fund, including risk considerations, charges and expenses, please call 800-988-5891 for a prospectus. ABOUT THE MACQUARIE GROUP AND MIFA The Macquarie group comprises Macquarie Bank Limited (MBL), a company authorised under the Banking Act 1959 (Cth) to conduct banking business in Australia, and its worldwide affiliated entities. MBL is not licensed to conduct banking business in the US. MBL maintains a Representative Office in New York and Texas. Macquarie Bank Limited is publicly listed on the Australian Stock Exchange, with a market capitalisation of approximately $6 billion. The Macquarie group has assets under management of over $38 billion (all figures as of 30 September 2003). The Macquarie group is a global leader in the acquisition, funding and management of infrastructure and utility assets, and manages approximately $11 billion of equity in infrastructure and utilities funds around the world including toll roads, airports, communications, water, rail and power assets. The Macquarie group has been active in the United States for more than a decade and has over 250 employees in offices in Chicago, Houston, Los Angeles, Memphis, New York, San Diego, San Jose and Seattle. Macquarie Infrastructure Fund Adviser, LLC (MIFA) is a newly organized registered investment adviser and a member of the Macquarie group. ABOUT FOUR CORNERS FourCorners Capital Management LLC, headquartered in Los Angeles, is a member of the Macquarie group and is a specialist manager of corporate credit through portfolios of senior loans and structured finance assets. Four Corners was founded in 2001 by an experienced team of US investment professionals and by the Macquarie group who, through affiliates, is a majority owner of Four Corners. Four Corners currently advises on approximately $1 billion of assets under management across five senior loan funds (including FCM, a senior loan closed- end fund listed on the American Stock Exchange) and managed accounts as well as one structured investment vehicle. ABOUT FIRST TRUST First Trust Advisors L.P. is a leader in providing financial services to the unit investment trust and closed-end fund marketplace. For its closed-end product line, First Trust Advisors has chosen to partner with respected asset managers with a strong track record in the asset class targeted. First Trust Advisors served as investment adviser or portfolio supervisor of over $10.9 billion in assets as of December 31, 2003. DATASOURCE: Macquarie CONTACT: Oliver Yates, Executive Director of Macquarie Securities (USA) Inc., +1-212-548-2559, or Alex Doughty, Corporate Communications, Macquarie Holdings (USA) Inc., +1-212-548-2740, mobile, +1-646-824 1708; or Kristin Sadlon of Porter Novelli, +1-212-601-8192, mobile, +1-646-334-0463, for the Macquarie Group

Copyright