substantial holding

From Rare Infrastructure's summary of holdings 30 June 2011

3. MAp Airports (MAP): Mkt Cap $6.2b
MAp has majority ownership of three major airports (Sydney, Copenhagen and Brussels) and actively
manages these assets at a strategic and operational level. It has been successful in improving the
financial and operational performance at its airports with growth in EBITDA, which typically
outperforms traffic growth. Capital expenditure is managed to limit excess capacity while maximising
returns on capital. However, each airport has capacity to cater for medium to longer term traffic
growth.
MAp?s airports are operated under dual-till regulatory frameworks, which allow for excess returns in
the unregulated non-aeronautical operations. Each airport has explicit inflation protection in its
current aeronautical charges agreement, as well as in a number of its commercial revenue drivers.
MAp has a proven ability in maximising revenues (aeronautical and non-aeronautical) while
maintaining tight control on operating costs.
The experienced MAp team has a disciplined acquisition strategy with a focus on gateway (origin and
destination) and major hub airports with more defensive traffic profiles than secondary regional hubs.