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CP2 Level 8 Aurora Place 88 Phillip Street Sydney NSW 2000 AUSTRALIA www.CP2.com CP2 Limited ABN 88 077 750 044 Media Release 22 July 2011 CP2’s Horizon Roads makes recommended proposal to acquire the balance of ConnectEast CP2 Limited (CP2) is pleased to announce that its acquisition vehicle Horizon Roads Pty Limited (Horizon) has entered into an agreement to acquire the outstanding units in ConnectEast, the ASXlisted owner and operator of the EastLink tollway in Melbourne. CP2 is an Australian-owned and headquartered global infrastructure investment manager, and already owns or controls thirty-five per cent of ConnectEast. The proposal of 55 cents cash per unit represents a premium of 22.2 per cent to the last closing price of 45 cents on 21 July 2011 and a premium of 22.4 per cent to the one month VWAP, and implies an equity value for all of ConnectEast of $2.2 billion. The transaction has been unanimously recommended by the Independent Directors of ConnectEast in the absence of a superior proposal and subject to the opinion of an independent expert. CP2 Managing Director, Mr Syd Bone, said, “We believe the proposal, which has been recommended by the ConnectEast Independent Directors, is highly attractive for ConnectEast security holders.” “ConnectEast is a single purpose company and we recognise the importance of ensuring that it continues to perform in a manner consistent with its obligations under the Concession Deed. From a customer, management and employee perspective, the operations of EastLink will be business as usual.” Mr Bone said the announcement follows a due diligence and equity raising process conducted by CP2. “ConnectEast is a good asset for patient, long term investors. Following a lengthy process, we have assembled a diverse group of high quality, institutional investors to support our offer for the sixty-five per cent of ConnectEast not already owned or controlled by CP2-managed funds,” Mr Bone said. Funding for the offer is being provided by its global investor group: Universities Superannuation Scheme in the UK, pension asset manager APG of the Netherlands, National Pension Service of Korea, Leader Investment Corporation (a subsidiary of China Investment Corporation), ATP of Denmark, New Zealand Superannuation Fund, Teachers Insurance and Annuity Association of America and Mirae Asset Maps/ Korean Teachers Credit Union. Total funding of $1.4 billion has been raised. Mr Bone said, “We are pleased to be able to bring global capital to infrastructure investment in Victoria and Australia.” As an alternative to the cash consideration, ConnectEast unitholders will also be provided with the opportunity to elect to rollover their units into an unlisted rollover fund which will maintain an ongoing exposure to ConnectEast. The transaction is subject to regulatory approvals and the approval of ConnectEast unitholders. Further details of the transaction and a copy of the Scheme Implementation Deed are available in the ASX release made by ConnectEast today. More information on CP2 can be found at www.CP2.com. CP2 is advised by Flagstaff Partners and Johnson Winter & Slattery. For further information: ► Hinton & Associates (Media): Tim Duncan/Nerida Mossop +61 3 9600 1979 ► Flagstaff Partners (Investors): Anthony Burgess/Kent Greig +61 3 9664 4555 ► CP2 Limited: Syd Bone/Tim Heaton +61 2 8274 5912