Macquarie Korea Infrastructure Fund

Interim / Quarterly Report • Dec 31, 2010

j^nr^ofb=hlob^=fkco^pqorqrob=crka= 2010 4th QUARTER ASSET MANAGEMENT REPORT

Important notice

Under the Financial Investment Service and Capital Market Act (the "Act"), Macquarie Korea Infrastructure Fund ("MKIF") is required to provide an Asset Management Report to its shareholders in the form, and containing the specific information, set out in the Act on a quarterly basis. This Asset Management Report has been prepared by MKIF in compliance with its statutory obligations.

Disclaimer

MKIF and Macquarie Shinhan Infrastructure Asset Management Co., Ltd. ("MSIAM"), are not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MKIF/ MSIAM.

General advice warning

The contents of this report do not constitute an offer, invitation or recommendation for the subscription or purchase of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

CONTENTS

I	General report	4
1.	Overview	4
2.	Asset details	5
II	Management performance and term performance	6
1.	Overview	6
2.	Management plan	6
3.	Management performance	6
4.	Profit and Loss summary	6
III	Details of assets	7
1.	Asset portfolio	7
2.	Top ten invested assets	7
3.	MKIF's asset portfolio details	8
IV	Registered asset managers	9
1.	Registered asset managers	9
2.	Change of registered asset managers	9
V	Cost summary	10
1.	Fees to service providers	10
2.	Fees and expenses	10
VI	Invested asset transactions and Debt facility	10
1.	Equity transactions	10
2.	During the past three quarter equity turnover ratio	10
3.	Loan sales	10
4.	Loan injections	10
5.	Debt facility status	11
VII	Notice	11
	APPENDIX I. MKIF BOARD OF DIRECTORS	12
	APPENDIX II. SUMMARY OF FINANCIAL STATEMENTS	13

^IGeneral report

1. Overview Under the Financial Investment Service and Capital Market Act (the Act) Investment Grade : 4

Fund name	Macquarie Korea Infrastructure Fund (MKIF)
Fund code*	35801
Date of incorporation	12 December 2002
Date of registration	26 December 2002
Date of listing	15 March 2006
Financial year end	31 December every year
Fund maturity	Perpetual (until the occurrence of dissolution events defined in the Act)
Asset manager	Macquarie Shinhan Infrastructure Asset Management Co., Ltd. (MSIAM)
Sales agents	Shinhan Investment Corp., Samsung Securities Co., Ltd., Macquarie Securities Korea, Ltd., Hanwha Securities Co., Ltd., Kyobo Securities Co., Ltd., Tongyang Investment Bank Co., Ltd.
Custodian	Korea Securities Finance Corporation (KSFC)
Fund administrator	Korea Exchange Bank Investor Service Co., Ltd.
Board of directors +	Corporate Director: MSIAM
	Supervisory Directors: Dae Yun Cho, Kyung Soon Song and Tae Hee Yoon
Key staff of MSIAM +	Chul Hum Paik (CEO) Jason Pak (COO) Johnno Kim (Asset Management) Jong Hyuk Park (Asset Acquisition) Moon Mok Jung (Finance) Jinwook Park (Compliance)
MKIF profile	MKIF is a leading private sector infrastructure investor in Korea and has the largest portfolio of infrastructure assets in Korea that have been, or are being, constructed under the Private Participation in Infrastructure Act (PPI Act). MKIF was established in December 2002 with a mandate to invest in concession companies that construct or operate infrastructure assets such as toll roads, bridges and tunnels in Korea. MKIF invests in these concession companies through equity and debt. MKIF is focused on generating profits from its investments and distributing these profits to its shareholders. MKIF is proud to be making a significant contribution to Korea's infrastructure development. MKIF is managed by MSIAM. MSIAM is a joint venture between Macquarie Capital Funds (Europe) Limited, a member of the Macquarie Group Limited, and Shinhan Bank and Shinhan Capital, which are members of the Shinhan Financial Group. * Fund code generated by the Korea Financial investment Association (KOFIA)

^* Fund code generated by the Korea Financial investment Association (KOFIA)

⁺ See Section IV Registered Asset Managers and Appendix I Board of Directors for more information

Asset details

Under the Act, MKIF is required to report the net asset value per share (NAV per share) of its portfolio.

The total net asset value of MKIF's portfolio is calculated by subtracting total liabilities from total assets of MKIF. MKIF's assets include its equity and debt investments in concession companies, cash and deposits and other investment securities. The net asset value per share of MKIF is calculated by dividing total net asset value by the number of outstanding shares.

The Collective Investment Property Appraisal Committee of MSIAM has chosen to adopt the acquisition cost as its assessment of fair value for the unlisted equity investments under the Act and accounting principles generally accepted in Korea (KGAAP). In addition, the loan investments are measured at amortised cost under the Act and KGAAP.

The calculation of the NAV per share of MKIF is set out in the table below. For the purposes of this calculation, asset and liability information is based on the balance sheet of MKIF, which is attached as Appendix II.

(Unit: KRW, Share)

			(Onit. N. W., Onare)
Туре	Q3 2010	Q4 2010	% Change
Total Assets (A)	2,023,920,114,086	2,064,940,571,049	2.03 %
Total Liabilities (B)	362,855,045,291	369,163,883,671	1.74 %
Net Asset Amount (C=A-B)	1,661,065,068,795	1,695,776,687,378	2.09 %
Shares (D)	331,459,341	331,459,341	0.00 %
NAV per share (E=C/D)	5,011.37	5,116.09	2.09 %

Distribution payment (during the fourth quarter)

(Unit: KRW, Share)

Date of	Distribution Amount	Balance after Payment	NAV p	per share	Remarks
Payment	(KRW Million)	(Shares)	Before Payment	After Payment	Hemaiks
N/A

II Management performance and term performance

1. Overview

Established on 12 December 2002, MKIF is a leading private sector infrastructure investor in Korea under the PPI Act and governed by the Act. MKIF is mandated to invest in concession companies that construct or operate infrastructure assets through equity and debt. MKIF focused on generating profits from its investments and distributing these profits to its shareholders. As of 31 December 2010 MKIF has committed to invest in 12 toll roads, one subway and one port with total investment commitment of KRW1,783 billion.

2. Management plan

MKIF is focusing on investments in loans to, and unlisted equity and equity-linked securities of, concession companies that operate infrastructure assets such as toll roads and other infrastructure under concessions from Korean central, provincial or city governments throughout the country. These infrastructure assets have been, or are being, constructed under the PPI Act and benefit from various forms of government support. Also, these assets offer opportunities to maximise MKIF's profit through capital restructuring initiatives.

3. Management performance

The table below sets out the historical NAV (including the distribution paid) for MKIF. As explained above and given that the majority of MKIF's assets are held at their acquisition cost, the net asset value is not representative of changes in the value of the MKIF portfolio.

A. Short-term performance

(Unit: %)

Type	3 Month	6 Month	9 Month	12 Month
MKIF	2.09	3.50	4.99	6.59
Comparative Index +			N/A

⁺ There is no comparable index available because MKIF is the only listed infrastructure fund in Korea with publicly available NAV data.

B. Long-term performance

(Unit: %)

Type	1 Year	2 Year+	3 Year	5 Year
MKIF	6.59	4.94	6.86	6.53
Comparative Index ^			N/A

⁺ The performance ratio reflected dilution effect resulting from stock distribution on 26 February 2009

4. Profit and Loss summary

The table below sets out the profit and loss incurred by MKIF in its P&L during the Quarter, in comparison with any profit and loss from the previous quarter.

(Unit: KRW million, %)

Type	Equity	Loan	Certificates of Deposit	Short-term Facilities & Deposit	Other Asset	Total Profit (Loss)
Q4 2010	2,423	44,621	-	716	101	47,861
Q3 2010	-	36,361	-	892	4	37,257

^※ Performance quoted above is historical and does not guarantee future performance.

^{^} There is no comparison index available because MKIF is the only listed infrastructure fund in Korea with publicly available NAV data.

^※ Performance quoted above is historical and does not guarantee future performance.

III Details of assets

1. Asset portfolio

MKIF's investment portfolio consists of equity, loan and certificates of deposit, cash and deposits and other assets.

(Unit: KRW million, %)

Type	Equity (unlisted)	Loan +	Short-term facilities & Deposit	Other asset ^	Total Assets
KRW	610,399	1,098,823	139,365	216,354	2,064,941
Composition Ratio	29.56	53.21	6.75	10.48	100

⁺ Includes loans to concession companies

^{^} Other Assets: interest receivable, other receivables and prepayment

2. Top ten invested assets

(Unit: million, %)

Rank	Type	Name #	Acquisition Value +	Composition Ratio ^
1	Subordinated loan	Cheonan-Nonsan Expressway Co., Ltd.	182,250	8.83
2	Senior loan	Kwangju Beltway Investment Co., Ltd.	142,000	6.88
3	Subordinated loan	BNCT Co., Ltd.	135,329	6.55
4	Equity (unlisted)	Cheonan-Nonsan Expressway Co., Ltd.	93,815	4.54
5	Subordinated loan	Incheon Bridge Co., Ltd.	89,378	4.33
6	Subordinated loan	Seoul Chuncheon Highway Co., Ltd.	87,450	4.23
7	Subordinated loan	MCB Co., Ltd.	79,000	3.83
8	Subordinated loan	Gyungsu Highway Co., Ltd.	77,000	3.73
9	Equity (unlisted)	Private Infrastructure Investment Korea	76,887	3.72
10	Senior loan	Kwangju Ring Road Co., Ltd.	66,019	3.20

^# Busan New Container Terminal Co., Ltd. changed the name of the company to BNCT Co., Ltd

⁺ Under KGAAP and the Act, MKIF records the value of its equity investments in concession companies at their acquisition costs including transaction costs

^{^} Ratio refers to the contribution to total assets

3. MKIF's asset portfolio details

① Equity securities (unlisted) (top five assets)
						(Unit: Share, KRW million, %)
Name	No. of Shares	Percentage Interest	Acquisition Value (A)	Appraisal Value (B) +	Gain/ Loss (B)-(A)	Composition Ratio ^
Cheonan-Nonsan Expressway Co., Ltd.	17,550,000	60%	93,815	93,815	-	4.54
Private Infrastructure Investment Korea	14,266,425	100%	76,887	76,887	-	3.72
New Airport Hiway Co., Ltd.	10,594,360	24.1%	59,880	59,880	-	2.90
Gyungsu Highway Co., Ltd.	11,550,000	35%	58,362	58,362	-	2.83
Korea Road Infrastructure Investment Co., Ltd.	5,610,000	85%	57,552	57,552	-	2.79

⁺ Under KGAAP and the Act, MKIF records the value of its equity investments in concession companies at their acquisition costs including transaction costs

^② Equity securities (unlisted) (more than 1% of total issued shares) (Unit: Share, KRW million, %)

Name #	No. of Shares	Percentage	Acquisition	Appraisal	Gain/ Loss	Composition
		Interest	Value (A)	Value (B) +	(B)-(A)	Ratio ^
Cheonan-Nonsan Expressway Co., Ltd.	17,550,000	60%	93,815	93,815	-	4.54
Private Infrastructure Investment Korea	14,266,425	100%	76,887	76,887	-	3.72
New Airport Hiway Co., Ltd.	10,594,360	24.1%	59,880	59,880	-	2.90
Gyungsu Highway Co., Ltd.	11,550,000	35%	58,362	58,362	-	2.83
Korea Road Infrastructure Investment Co., Ltd.	5,610,000	85%	57,552	57,552	-	2.79
Seoul-Chuncheon Highway Co., Ltd.	9,714,000	15%	49,439	49,439	-	2.39
Soojungsan Investment Co., Ltd.	1,114,880	100%	47,248	47,248	-	2.29
BNCT Co., Ltd.	9,003,120	30%	45,644	45,644	-	2.21
Seoul Metro Line 9 Co., Ltd.	8,197,309	24.5%	41,148	41,148	-	1.99
MCB Co., Ltd.	7,955,780	70%	33,925	33,925	-	1.64
Kwangju Ring Road Co., Ltd.	5,775,000	75%	29,495	29,495	-	1.43
Kwangju Beltway Investment Co., Ltd.	2,610,000	100%	13,050	13,050	-	0.63
Woomyunsan Infraway Co., Ltd.	1,915,200	36%	2,724	2,724	-	0.13
Baekyang Tunnel Ltd.	100,000	100%	1,231	1,231	-	0.06

^# Busan New Container Terminal Co., Ltd. changed the name of the company to BNCT Co., Ltd

③ Loans to concession companies (top five assets)
								(Unit: KRW million, %)
Name #	Acquisition Value	Interest Receivable +	Interest Rate	Issued Date	Maturity Date	Guarantee	Credit Rating	Composition Ratio ^
Cheonan-Nonsan Expressway Co., Ltd. (Sub)	182,250	93,072	16.00	20/05/2005	20/05/2029	N/A	N/A	8.83
Kwangju Beltway Investment Co., Ltd. (Senior)	142,000	3,509	10.00	25/11/2004	30/09/2024	N/A	N/A	6.88
BNCT Co., Ltd. (Sub)	135,329	2,471	10.00	25/02/2008	25/11/2032	N/A	N/A	6.55
Incheon Bridge Co., Ltd (Sub)	89,378	11,430	11.49	12/04/2006	18/07/2026	N/A	N/A	4.33
Seoul Chuncheon Highway Co., Ltd. (Sub)	87,450	12,079	11.59	02/11/2006	28/05/2031	N/A	N/A	4.23

^# Busan New Container Terminal Co., Ltd. changed the name of the company to BNCT Co., Ltd

④ Short term facilities and deposit

MKIF has also invested a proportion of its cash reserves in MMDA and term deposits. A summary of the MMDA and term deposit set out in the table below.

						(Unit: KRW million, %)
Name*	Banks	Deposit amount +	Date of Deposit	Maturity Date	Interest Receivable	Composition Ratio ^
			N/A

^* Each deposit amount exceeding 5% of the Total Assets

^{^} Ratio refers to the contribution to total assets

⁺ Under KGAAP and the Act, MKIF records the value of its equity investments in concession companies at their acquisition costs including transaction costs

^{^} Ratio refers to the contribution to total assets

⁺These values are the accumulated interest receivable

^{^} Ratio refers to the contribution to total assets.

⁺ This value is the principal

^{^} Ratio refers to the contribution to total assets

Other assets

The other assets are set out in the table below and consist of accrued income.

(Unit: KRW million, %)

Туре	Amount	Composition Ratio ^
Interest Receivable *	199,145	9.64

^* Other assets under the invested assets composition (ex: accrued dividends, accrued income etc), exceeding 5% of the total assets

IV Registered asset managers*

1. Registered asset managers

MSIAM is licensed under the Act to carry out asset management activities for MKIF. As part of its licensing requirements, MSIAM is required to employ at least two infrastructure asset management professionals who meet certain qualifications. The following is the list of MSIAM's infrastructure asset management professionals who are registered with KOFIA and meet these requirements.

Name (KOFIA registration number)	Date of fund management	Title		ent fund other n MKIF Total asset under management	Career
Johnno Kim (06-02323-0004)	February 2006	Division Director	N/A	N/A	Mr Kim has over 24 years experience in asset management and his previous experience includes: Connell Wagner Group (consulting on major road projects) Mott Macdonald Group (Project Engineer in UK) BHP Engineering (Industrial & Commercial Development – Project Manager) Egis Consulting/GHD (PF & Toll Road Management Consulting company)
Jong Hyuck Park (08-02323-0005)	January 2008	Division Director	N/A	N/A	Mr Park has over 17 years experience with Kookmin Bank, including 10 years with Investment Banking Division and his previous experience includes: - Kookmin Bank (Project Manager for 3 port projects, 7 toll road projects and 2 property projects) - Worked as a member of advisory panel to PIMAC

^* All of the two registered infrastructure asset managers work exclusively for MSIAM, the manager of MKIF which has investment commitment of KRW 1.78 trillion and no other fund. According to the Articles of Incorporation of MKIF, MKIF is allowed to pay the performance fee to MSIAM.

2. Change of registered infrastructure asset managers

Period term	Registered asset managers ^	Change
January 2008 ~ current	Jong Hyuck Park	Registration
November 2010	Beom Shick Won	Retired
November 2010	Jung Suk Lee	Retired

^{^} Change of registered asset managers during the past three years.

^{^} Ratio refers to the contribution to total assets

V Cost summary

1. Fees to service providers

The table below sets out fees paid by MKIF to its service providers.

(Unit: KRW million, %)

Type		Q3 2010		Q4 2010		Remarks
		Amount	Ratio+	Amount	Ratio+
	Management fee	5,704	0.343	5,959	0.355
	Sales Agent fee	-	-	-	-
	Custodian fee	84	0.005	85	0.005
MKIF	Administrator fee	52	0.003	53	0.003
	Total	5,840	0.351	6,097	0.363
	Other expenses	580	0.035	862	0.051
	Transactions fee	-	-	-	-

⁺ Ratio refers to fees as a proportion of Net Asset Value

2. Fees and expenses

(Unit: Annualised, %)

Type		Collective Investment Vehicle
		Total Expense Ratio*	Commission Ratio
	Q3 2010	1.5292	-
MKIF	Q4 2010	1.6466	-

^* Total Expense ratio refers to a ratio calculated by dividing the total management fee and other expenses borne by the collective investment vehicle by annual average balance of the fund (before deducting the fees and expenses) and represents the total fees and expenses borne by the investor during the management period

VI Invested asset transactions and Debt facility

1. Equity transactions

During the Quarter, MKIF acquired equity securities in concession companies or holding companies (which hold an interest in an underlying concession company). These acquisitions represented new investments for existing investments (in accordance with the schedule in the relevant shareholders agreement) and are summarised in the table below. During the Quarter, MKIF partially disposed of its equity securities of the concession companies.

(Unit: Shares, KRW million, %)

Buy			Sell		Turnover Ratio +
	Shares	Amount	Shares	Amount	Q4 2010	Annualised rate
	454,500	2,273	3,409,620	14,539	2.35	9.33

⁺ The Turnover Ratio shows frequency level for the equity transactions. The ratio refers to average sold amounts divided by average retained equity amounts during the application period. Provided that the average equity investment is 10 billion and the average equity disposal amount is 10 billion, turnover ratio is 100%.

2. During the past three quarter equity turnover ratio

(Unit: %)

2Q 2010	3Q 2010	4Q 2010
-	-	2.35

3. Loan sales

(Unit: KRW million)

Name	Type	Date	Amount
MCB Co., Ltd.	Subordinated Loan	29/11/2010	61,266
Total			61,266

4. Loan injections

(Unit: KRW million)

Name	Type	Date	Amount
MCB Co., Ltd.	Subordinated Loan	29/11/2010	79,000
BNCT Co., Ltd.	Subordinated Loan	22/10/2010	1,511
BNCT Co., Ltd.	Subordinated Loan	29/11/2010	5,265
Total			85,776

5. Debt facility status

(Unit: KRW million)

Name	Limit of the Facility	Cumulative to Q3 2010	Movements in Q4 2010+	Cumulative to Q4 2010
Shinhan Bank	139,529	99,275	1,679	100,954
National Agricultural Cooperative Federation (NACF)	139,529	99,275	1,679	100,954
Woori Bank	109,630	78,002	1,319	79,321
Shinhan Life Insurance	29,899	21,273	360	21,633
LIG Insurance	19,933	14,182	240	14,422
Tongyang Life Insurance	59,799	42,547	719	43,266
Total	498,319	354,554	5,996	360,550

⁺ MKIF repaid the debt facility of KRW 50 billion on 26 August 2010

VII Notice

Under the Financial Investment Service and Capital Market Act (the Act), MSIAM shall prepare this report and upload it on the web site of MKIF and KOFIA after confirmation from the Custodian (KSFC).

For more information on the website:

MKIF macquarie.com/mkif KOFIA http://dis.kofia.or.kr

APPENDIX I. MKIF BOARD OF DIRECTORS

Supervisory directors

Name	Career
Dae Yun Cho	Ó Practicing law at the law offices of Kim & Chang in Seoul since 1979 (Senior Partner) Ó Acted as a consultant for various Korean Ministries, including the Ministry of Strategy and Finance and the Ministry of Knowledge Economy Ó Former senior adviser to the Korea International Trade Law Association, the arbitrator of the Korean Commercial Arbitration Board Ó Panel member of the WTO's Subsidies and Countervailing Duties Committee Ó President of the International Association Korean Lawyer
Kyung Soon Song	Ó Founding Representative Director of Korea Expert Consulting Group (KECG) Ó Visiting Professor at the Graduate School of International Studies of Seoul National University since 2003 Ó Former senior staff member of World Bank Ó Former Chief Operating Officer of Nomura Project Finance International Limited
Tae Hee Yoon	Ó Chairman, Lutronic Corporation Inc, Korea Ó Former Vice-Chairman, Financial Advisory Services, PricewaterhouseCoopers Ó Former Chairman of Arirang International TV Ó Founding chairman of Korea Economic Intelligence, New York Wall Street

Corporate director – MSIAM

Name	Career
Chul Hum Paik	Ó Representative Director of Macquarie Shinhan Infrastructure Asset Management Co., Ltd. Ó Headed the Financial Products division of Shinhan Macquarie Financial Advisory from 2001 to 2006 Ó Joined Shinhan Bank in 1993, with responsibilities for international banking and investment banking division
Jason Pak	Ó Chief Operating Officer of Macquarie Shinhan Infrastructure Asset Management Co., Ltd. Ó Joined Macquarie Group in 2002 and spent 4 years on the equity capital market and M&A advisory side with Macquarie Securities Ó Worked over 5 years in the Corporate Finance division of KPMG, in Seoul and London on the M&A advisory side
Jong Hyuck Park	Ó Head of Transaction Team of Macquarie Shinhan Infrastructure Asset Management Co., Ltd. Ó Joined Macquarie Group in 2007 with responsibilities for asset transactions Ó Worked over 10 years mainly in Investment Banking Division of Kookmin Bank Ó Worked as a member of advisory panel to PIMAC
Chun Bae Kim	Ó Vice President of Shinhan Capital Ó Joined Shinhan Capital in 2008 and lead various investment projects
Young Chul Lee	Ó Head of Project Financing Team in Investment Banking Group of Shinhan Bank Ó Joined Shinhan Bank in 1994 with responsibilities for various project finance transactions involving SOC projects in Korea

APPENDIX II. SUMMARY OF FINANCIAL STATEMENTS

Statements of Financial Position

As of 31 December 2010, 30 September 2010 and 31 December 2009

(Unit: KRW million)

	31 December 2010	30 September 2010	31 December 2009
Assets
Ⅰ. Invested assets	1,848,587	1,803,963	1,964,784
Cash & deposits	139,365	103,340	239,694
Loans receivable	1,098,823	1,077,957	1,112,570
Equity securities	610,399	622,666	612,520
Ⅱ. Others	216,354	219,957	189,512
Interest receivables	199,145	201,481	168,342
Other receivables	3,860	3,883	3,178
Deferred costs, net	13,349	14,593	17,992
Total assets	2,064,941	2,023,920	2,154,296
Liabilities
Payables	1	1	7
Management fee payable	5,958	5,704	5,814
Other liabilities	2,654	2,596	77,986
Long-term debt	360,551	354,554	380,087
Total liabilities	369,164	362,855	463,894
Shareholders' equity
Ⅰ. Share capital	1,670,986	1,670,986	1,670,986
Ⅱ. Retained earnings	24,791	(9,921)	19,416
Total shareholders' equity	1,695,777	1,661,065	1,690,402
Total liabilities and shareholders' equity	2,064,941	2,023,920	2,154,296

Statements of income

For the Quarter Ended 31 December 2010 and 30 September 2010 Year ended 31 December 2010

(Unit: KRW million)

	Quarter Ended 31 Dec. 2010	Quarter Ended 30 Sep. 2010	Year Ended 31 Dec. 2010
Ⅰ. Revenue	47,861	37,257	166,275
1. Interest income	40,021	37,253	151,281
2. Arrangement fees	100	-	100
3. Gain on sale of investment	7,739	-	14,888
4. Other income	1	4	6
Ⅱ. Expenses	13,149	12,863	54,833
1. Management fees	5,959	5,704	22,891
2. Custodian fees	85	84	335
3. Administrator fees	53	52	251
4. Interest expense	6,088	6,349	25,620
5. Other expenses	964	674	5,736
Ⅲ. Net income =	34,712	24,394	111,442

CORPORATE DIRECTORY

Manager of MKIF

Macquarie Shinhan Infrastructure Asset Management Co., Ltd. 4th Floor, Hanwha Building, 110 Sokong-Dong, Chung-Gu, Seoul, 100-755, KOREA Telephone +82 2 3705 8565 Facsimile + 82 2 3705 8596

MKIF Custodian

Korea Securities Finance Corp. 34-9, Yeouido-Dong, Yeoungdeungpo-Gu, Seoul, 150-884, KOREA Telephone + 82 2 3770 8800 Facsimile + 82 2 3770 8244

MKIF Administrator

Korea Exchange Bank Investor Services Co., Ltd Han Oe Building 9th Floor, 70 Da Dong Chung-Gu, Seoul, 100-180, KOREA Telephone + 82 2 6714-4613 Facsimile + 82 2 6714-4800