Performance

A positive absolute return for 2008/2009 for TIF of 4.21 percent after fees and 3.58 percent after fees and implied superannuation investor tax.

TIF underperformed for the first time against the Fund's benchmark return of 8.75 percent against a backdrop of the global economic slowdown.

TIF undertook a further capital raising resulting in $176 million of unitholder subscriptions.

An 80 percent increase in the Fund's net asset value supported by strong capital raisings and further asset acquisitions.

TIF's airport assets continued to exhibit resilient performance with highlights including Queensland Airports Limited, North Queensland Airports and Perth Airport. Overall, these airport assets experienced greater passenger numbers for the year to 30 June 2009 relative to the previous corresponding period.

TIF completed the acquisition of two new assets, Mackay and Cairns Airports.

A recently acquired interest in Envirogen was impacted by a material write-down due to the Federal Government's proposed Carbon Pollution Reduction Scheme.

In January 2009, GRD completed the sale of its Eastern Creek facility which resulted in Hastings receiving an enhancement to the SCRaP Note debt amortisation profile.