Price & Performance

Performance Highlights

• A solid investment return over 2010/2011 for TIF of 11.6 percent after fees

• TIF's capital raising marked an important milestone, attracting subscriptions from two new investors which elevates TIF's investor profile to include representation across all eastern seaboard states

• A 12 percent increase in the Fund's net asset value supported by investment activity

• TIF's airport assets continued to exhibit strong growth with highlights including Perth Airport and North Queensland Airports. All airport assets experienced greater passenger numbers for the year to 30 June 2011 relative to the previous corresponding period

• TIF completed the acquisition of an additional stake in an existing asset, Queensland Airports Limited (QAL) at attractive terms

*'After fees' performance includes fees and expenses charged at the TIF level, but excludes fees and expenses charged at The Private Capital Group (TPCG)-IU and TPCG-PCU level, such as the Trustee Fee and TPCG Service Provider Fee.