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Industry Funds Management Completes US$1.477 Billion Con Edison Electricity Generation Facilities Investment

25th June, 2008

Industry Funds Management Pty Ltd ("IFM"), one of the largest global infrastructure investment managers, today announced completion of the second and final stage of its US$1.477 billion acquisition of a portfolio of five U.S.-based power generating facilities with 1,706 MW of generating capacity from Consolidated Edison Development, Inc. ("Con Edison"), a subsidiary of Consolidated Edison, Inc. This second stage of the acquisition includes the Newington Power Station, a 525 MW natural gas fired combined cycle generation facility in Newington, New Hampshire. The acquisition was made through North American Energy Alliance ("NAEA"), wholly owned by IFM International Infrastructure.

Completion of the first stage of the Con Edison facilities acquisition was announced on May 8, 2008. The acquired facilities includes 29 individual generating units in two energy constrained markets across 12 different sites in Maryland, Massachusetts, New Hampshire, and New Jersey. (See attachment for detailed list.)

Dunia Wright, Head of US and Europe for Industry Funds Management said, "IFM is pleased to be investing in the U.S. and supporting its energy needs through this third infrastructure investment in our North American portfolio. We plan to make further infrastructure investments in the U.S., building on this high quality portfolio of global energy assets."

Approximately 40%, or US$6.6 billion, of Industry Funds Management's US$16.1 billion in assets under management are infrastructure investments in assets across Australia, Europe, the United States and South America. In North America, these investments now include holdings in the Colonial Pipeline Company and Duquesne Light Holdings, as well as 100 percent ownership of NAEA, which in turn owns the five power generating facilities purchased from Consolidated Edison Development.

Merrill Lynch and AllCapital acted as financial advisors to IFM. Financing for the transaction was underwritten by Barclays Capital, which worked closely with NAEA in structuring the balance sheet to reflect the conservative approach to leverage that is typical of IFM investments.

About Industry Funds Management Pty Ltd (IFM)

Industry Funds Management Pty Ltd ("IFM") is one of the largest global infrastructure investment managers. Headquartered in Melbourne, Australia, with offices in London and New York, IFM specializes in the management of private investment products across infrastructure, private equity, debt investments and listed equity portfolios. IFM manages over A$17.4 billion (US$16.1 billion) worldwide in its related products and services.

IFM has been an investor in infrastructure assets since 1995, and has completed 46 transactions in that 13 year period with approximately A$7.1 billion (US$6.6 billion) invested in the sector. IFM is owned by Industry Super Holdings Pty Ltd, the holding company for the Members Equity group of companies, which in turn is owned by 40 major Australian pension funds.

Attachment 1

The Con Edison portfolio comprises 29 individual generating units with an aggregate capacity of 1,706 MW. The power stations are located in Maryland Massachusetts, New Hampshire, and New Jersey, placing all of them in the capacity constrained Northeastern and Mid-Atlantic United States power market. Expansion opportunities for additional generating capacity exist and are potentially in the order of 1,000 MW.

The assets acquired include:

-- Newington Energy LLC, a nominal 525 MW, combined cycle, dual fuel facility located in Newington, New Hampshire, north of the city of Portsmouth on approximately 20 acres. It operates within the service territory of Public Service of New Hampshire, New Hampshire's largest electrical utility within an industrial area.

-- Consolidated Edison Energy Massachusetts Inc ("CEEMI") comprises 185 MW of generation capacity consisting of hydroelectric facilities, gas turbines and thermal (steam, turbine and boiler combination) units located in Western Massachusetts.

-- CEEMI Expansion is a 96 MW facility that was established by Con Edison for the purpose of expanding the existing West Springfield (MA) Station electricity capacity.

-- Lakewood is a nominal 246 MW combined facility located on 40 acres in Lakewood, New Jersey. Con Edison holds 80% of the ownership interests in this facility, with Osaka Gas holding the remaining 20%.

-- Ocean Peaking is a nominal 351 MW peaking facility located on 15.8 acres in Lakewood, New Jersey.

-- Rock Springs is a nominal 352 MW peaking facility located in Rising Sun, Maryland.

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