50 TALENT TIGHTROPE: MANAGING THE WORKPLACE THROUGH THE DOWNTURN TALENT TIGHTROPE: MANAGING THE WORKPLACE THROUGH THE DOWNTURN 51

“WE REMOVED COFFEE, TEA AND MILK AND THIS WAS EQUIVALENT TO SAVING FIVE PEOPLE’S JOBS!”Baby Boomer, Finance Consultant in IT

“THE COMPANY IS … FOCUSED MORE ON INTERNAL DEVELOPMENT OF TALENT (SUCCESSION PLANNING), RATHER THAN PROMOTIONS AND SALARY INCREASES”Generation X, HR Business Partner in Advertising/Marketing/Media

ALLEVIATING THE PAIN

It is our view that employers who have valued and engaged their employees during the downturn are likely to become the employers of choice of the future. It is through these times that the folklore of a business is developed – deep-felt attitudes will be developed, stories will be created and retold. How an organisation treats and engages its people today will profoundly affect the social capital – what is said about a business – in years to come. We predict that employees scarred by the current circumstances will begin to assess employers on a different set of criteria in the future with a greater emphasis on security, values and treatment of staff.

It is interesting to see the types of communication and strategies that have actually been implemented by companies on both sides of the Tasman to alleviate the deepening concern amongst employees. All in all, 88% of companies have done one or more of the following:

L 45% have made an announcement about the company’s future plans

L 44% have given an update on the company’s current financial status

L 43% are providing regular updates to employees on the impact of the downturn

L 40% have informally reassured individual employees

L 26% have provided dedicated support services for employees

L 21% have implemented a new reward and/or recognition scheme.

“PROVIDE CAREER COUNSELLING…MOTIVATE STAFF BY ENCOURAGING THEM TO TAKE ON COURSES TO EXPAND KNOWLEDGE”Generation Y, Finance Analyst in Telecommunications

“THEY … KEPT US IN THE LOOP. KNOWLEDGE IS POWER! OUR JOBS DON’T FEEL THREATENED AND OUR COMPANY CONTINUES TO GROW”Generation X, Sales Manager in Private Healthcare

18 TALENT TIGHTROPE: MANAGING THE WORKPLACE THROUGH THE DOWNTURN

COMPROMISING POSITION

Just over a third of employees would consider a pay freeze (36%) or reducing/losing a bonus (29%) to keep their own jobs, but only one in eight (12%) would consider a pay cut (see Fig. 7). Employees are most willing to forgo professional development – two in five would be willing for professional training to be scaled back (40%). Following this is budget cuts at 38%.

Of noticeable generational difference here, is that Generation Y is the least willing to accept compromises related to remuneration or professional training to either keep their own or their colleagues’ jobs. Bearing in mind that they represent the lowest paid group, are most in need of training at this point in their career and are the least fearful of losing their jobs, employers may want to take steps to protect Generation Y’s salaries and training.

To ensure employee buy-in with proposed cost cutting initiatives, employers should consider providing a range of measures that give employees some flexibility and choice over the concessions they make – for

instance, choosing whether to purchase leave, move to a nine-day fortnight or take leave without pay. They will feel involved in the process and will be able to opt for compromises that best suit their personal situation. It is also important for employers to reassure employees by providing details of the company’s future plans to remove imposed compromises preferably giving an indication of the timeframe they can expect to see things return to normal.

In response to the downturn, many employers have acted reflexively to cut operating costs or reassess business efficiency, often by implementing strategies that involve concessions which employees are either forced or encouraged to make.

Employees are increasingly resigned to consent to a growing list of cost-cutting measures that they either would consider to keep their own jobs, or to help their colleagues keep their jobs. In some cases they have already made these concessions, most of which represent a direct hit on employees, either financially or in terms of their professional development and career progression.

There are signs of a tendency for employees to ‘pull together’ in times of crisis – often they say they are more likely to accept compromises to help their colleagues keep their jobs over their own. This underscores the importance of communicating to employees the rationale behind these strategies and positioning them as ways in which staff at all levels can be involved in helping the company and everyone in it to survive.

“WE’VE HAD CUT BACKS LIKE BONUS PAYMENTS…BUT I AM HAPPY TO SACRIFICE THINGS LIKE THIS SO WE CAN KEEP OUR JOBS”Generation X, CEO in Professional Services

“[THE COMPANY HAS] INVOKED A 5% GLOBAL PAY CUT FOR ALL EMPLOYEES WITH NO GUARANTEES OF…REINSTATING PAY LEVELS”Baby Boomer, Test Specialist in IT

EXTREMELY/QUITE WORRIED

Aust/NZ Employers

Aust/NZ Employees

Gen Y Employees

Gen X Employees

Baby Boomer Employees

Gen Y - Starting Out

Gen Y - Early Career

Gen X - No Kids

Gen X - Families

Boomers - Late Career

Boomers - Pre-Retirees

Base: Employees, n=2,394; Employers, n=247

51%

35%

32%

34%

42%

31%

32%

31%

36%

43%

40%

Q 7 Employers/employees — In your view, which of the following best describes how employees [you/the employees in your company] feel about the economic downturn?

“I DON’T THINK MY JOB IS AT RISK, BUT I WORRY”

More

Unchanged

Less

0

10

20

30

40

50

60

Nov 02 - Jan 03

Apr - Jun 03

Jul - Sep 03

Oct - D

ec 03

Jan - Mar 0

4

Apr - Jun 0

4

Jul - Sep 0

4

Oct - D

ec 04

Jan - Mar 05

Apr - Jun 05

Jul - Sep 05

Oct - D

ec 05

Jan - Mar 0

6

Apr - Jun 0

6

Jul - Sep 0

6

Oct - D

ec 06

Apr - Jun 07

Jan - Mar 07

Oct - D

ec 07

Jul - Sep 07

Jan - Mar 0

8

Apr - Jun 0

8

Jul - Sep 0

8

36 TALENT TIGHTROPE: MANAGING THE WORKPLACE THROUGH THE DOWNTURN TALENT TIGHTROPE: MANAGING THE WORKPLACE THROUGH THE DOWNTURN 37

“I’M SO DISAPPOINTED WITH MY EMPLOYER I’M LOOKING FOR A NEW JOB AND WILL CHANGE PROFESSIONS TO GET ONE”Generation Y, Project Manager, Construction

SEEKING NEW ROLES

32%

15%

9%

44%

42%

58% Still seeking new job

Started looking for new job

No longer seeking new job

Still not seeking

Total job seekers = 47%

Companies that have not valued their human capital and have not actively reengaged their employees are most at risk of an exodus of talent within 12-18 months.

The percentage of employees now seeking has risen from 42% before the downturn to the current 47% (see Fig. 18). However, of the 9% who were looking for a job before but are now no longer looking, nearly half (49%) said they will start their job search again after the economy improves, with nearly half (42%) doing so within a year of the economy picking up.

“I’D BE A LITTLE MORE CAREFUL ABOUT WHERE I WENT TO WORK AND I’D WANT TO BE SURE THAT THEY HAD A STABLE FUTURE”Generation Y, Assistant Brand Manager in FMCG

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HUDSON IN THE NEWS

02/04/2009Australian employer confidence at lowest point on record: Hudson Report >more

12/03/2009 Work your way through the downturn >more

21/01/2009 Australian employer confidence at record low: Hudson Report >more

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ATTACHMENT 3MACQUARIE POWER & INFRASTRUCTURE INCOME FUND

Equity Commitment Letter and Shareholders Agreement Term Sheet

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MACQUARIE SECURITIES AND RESEARCHMacquarie’s research team provides coverage on companies in every major oil and gas basin in the world, with our leading ‘play-speci�c’ research insight supported by strong technical backgrounds.

Macquarie’s global economists and leading commodities research team, in conjunction with our natural gas trading business undertake regional price forecasts, providing our clients with leading industry views and unique insights into oil and gas prices, trends and underlying fundamentals.

As well as leading equities research, Macquarie has established relationships with over 1,700 global institutional investors, providing our clients with a global securities trading and distribution network.

CAPITAL MARKETSEQUITY CAPITAL MARKETS

Macquarie’s team of equity capital markets professionals provides our clients with a leading presence in major stock exchanges globally. We are a member of 23 exchanges with distribution capabilities in all major �nancial centres globally.

Our strong transaction execution capability, coupled with our global sales and distribution network and strong institutional investor relationships, allows us to provide innovative and tailored solutions to our client’s funding requirements.

A PRESENCE IN MAJOR STOCK EXCHANGES GLOBALLY

MACQUARIE TRISTONEMacquarie Tristone is a leading global Acquisitions & Divestments (A&D) team providing technical and �nancial advisory services in energy asset transactions and negotiations worldwide to the universe of clients in the oil and gas sector.

Macquarie Tristone brings together an unrivalled combination of disciplines in engineering, geoscience and economics, providing our clients with sophisticated asset divestment processes.

Through its global network of technical and commercial professionals, Macquarie Tristone’s specialist A&D team works as part of and in combination with Macquarie Capital Advisers. The result is a seamless, integrated o�ering, providing top-tier �nancial and execution experience together with superior specialist technical expertise and transaction logistics management.

MACQUARIE OIL AND GAS ADVISORYMacquarie Capital has the largest global network of energy focused corporate �nance and advisory professionals. Our global relationship network gives us access to the world’s key energy players.

Macquarie’s unique combination of corporate �nance professionals, geotechnical experts and engineers allows us to provide our clients with unmatched evaluation and execution abilities. Macquarie’s existing capabilities in the energy sector were further enhanced by the acquisition of Tristone Capital.

Macquarie can assist our clients over every stage of the corporate cycle, providing world class strategic, �nancial and technical advice.

Our leading cross-border execution ability and successful track record, combined with our proven reputation for innovation, success and market insight allows us to o�er our clients a market-leading suite of advisory services.

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Advised on more than

$US320 billion

of new debt capital raised since 2005

MEETING YOUR LIFECYCLE OF CAPITAL NEEDS

More than 100 executives focused on the energy sector

22 o�ces servicing all key energy

markets globally

Over 130 energy M&A transactions with a combined value of more than

$US75 billion since 2005

More than

$US40 billion of equity raised for our energy clients in the past �ve years

DEBT CAPITAL MARKETS

Macquarie has one of the largest dedicated debt advisory teams globally, with over 50 debt �nancing specialists located across all key �nancial markets. Our debt team has established relationships with lenders and debt investors at all levels.

FIXED INCOME, CURRENCIES AND COMMODITIES (FICC)The Metals & Energy Capital (MEC) team provides principal equity and debt �nance to the global metals and energy sectors, as well as spot, forward and option price making and structured hedging facilities in precious metals, base metals and other select commodities.

MEC has provided commodity �nancing and hedging services to its clients for more than 25 years, providing loans and making equity investments of more than $A3 billion.

MEC employs more than 90 professionals, 18 of whom have technical expertise, including geologists, mining engineers and petroleum engineers.

FICC’s Energy Markets Division (EMD) provides natural gas, oil and coal hedging and is active in physical gas and electricity trading in North America.

$US25 billion completed since 2005

More than

150 A&D transactionsworth over

BROKING & RESEARCH LENDING HEDGING COMMODITY TRADING

in over 20 marketsMore than 225 energy stocks

reaching over 1,700 global institutional investors

IPOs

EquityRaisings

HybridSecurities

CapitalManagement

ProjectFinance

DebtCapital

Spin-O�s /Divestitures

M&A DIVESTMENTS CORPORATE STRATEGY STRUCTURING EQUITY CAPITAL DEBT CAPITAL HYBRIDS GEOLOGY & ENGINEERING ACQUISITIONS & DIVESTMENTS

in 9 o�ces

across 5 countries

Over 90 MEC sta� More than

$A3 billion of debt and principal equity

investment provided

PETROPHYSICS

GEOSCIENCE

ENGINEERING

ENERGY PROPERTY A&D

FARM-OUTS

NEGOTIATIONS

FINANCIAL

DIVESTMENTS

TECHNICAL

ACQUISITIONS

&ENERGY

METALS & MINING

INFRASTRUCTURE & SERVICES

OTHER

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LNG

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OILFIELD SERVICES

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NYSE HKEX TSX-V

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APRIL 2010

Since 2005 Macquarie has advised on over:

130 energy M&A transactions totalling more than $US75 billion480 equity capital raisings totalling more than $US40 billion

150 A&D transactions totalling more than $US25 billion

GLOBAL ENERGY COMPANIES PROVIDING THE FUEL FOR THE WORLD’S FUTURE

ONE OF THE WORLD’S LARGEST TEAMS OF DEDICATED ENERGY ADVISORY AND FINANCIAL SERVICES PROFESSIONALSOur unique combination of �nancial and technical expertise across our integrated global network provides our clients with an unmatched suite of regional and cross-border energy market services.

leum Rock Energy

Metgasco Israel Petrochemical Enterprises

Alter NRG Cinch Energy Winstar Resources Scomi Group RAM Energy

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WesternZagros Resources Cequence Imdex Daesung Holdings MEO

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tro-leum

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Eurogas PO Valley Energy Cooper Energy

Geokinetics Matrix Composites & Engineering Crimson Explora-

tion Nido Petroleum

Pan Paci�c Petro-

rens Energy Berkana

Energy Berland Exploration BG Group Birchill Energy Black

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Resource Spar- tan Exploration Star-

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man Exploration Tata Power Company Tecton Energy ULC Tempest Energy Temple Energy Temple Exploration

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YOUR GLOBAL OIL & GAS

SPECIALISTS

The companies identi�ed on the map above are some of the companies that operate within the Oil and Gas and Energy sectors in one or more countries throughout the world. The Macquarie Group makes no representation or warranty, whether express or implied, that any of the companies are or have been clients of the Macquarie Group. In addition, the Macquarie Group does not represent or warrant that the list of companies above is an exhaustive or ongoing list of companies that operate within the Oil and Gas and Energy sectors or that any of the companies operate in the country in which they appear on the map above.

IMPORTANT NOTICE AND DISCLAIMER

This brochure has been prepared by Macquarie Capital Advisers Limited (ABN 79 123 199 548) (“Macquarie”) or one of its a�liates for the purpose of marketing to interested parties and is provided solely for marketing purposes and may not be reproduced in whole or in part, without Macquarie’s prior written consent.

Macquarie, its related bodies corporate and other a�liates, and their respective directors, employees, consultants and agents (“Macquarie Group”) makes no representations or warranties as to the timeliness or accuracy, completeness, or reliability of the information in this brochure. To the maximum extent permitted by law, no member of the Macquarie Group accepts any liability (including, without limitation, any liability arising from fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this brochure or its contents or otherwise arising in connection with it. While reasonable care has been taken in producing the information, subsequent changes in circumstances may occur which may a�ect accuracy. This information is current as at March 2010. Past performance is not a reliable indication of future performance.

This brochure is not an o�er or invitation for subscription or purchase of securities or a solicitation or recommendation to make any �nancial investment. It is provided for general information purposes only. None of the information takes into account your personal objectives, �nancial situation or needs and you must determine whether the information is appropriate in terms of your particular circumstances. Nothing in this presentation constitutes investment, legal, tax, accounting, �nancial or other advice. The recipient should consider its own �nancial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate.

The Macquarie Group and its o�cers or employees may have interests in the securities referred to herein and may have or may in the future act in various roles including as underwriter, dealer, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. In addition, they may buy or sell the securities as principal or agent and as such may e�ect transactions which are not consistent with the information. A list of these roles is available on the Macquarie Group’s website at http://www.macquarie.com.au/macsec/equitiesresearch/InstitutionalHomeServlet?documentname=disclosure_disc&documentid=1.

None of the entities noted in this document are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

© 2010 Macquarie Group

Head of Global Resources GroupJohn PrendivilleO�ce: SydneyPhone: +61 2 8232 3655Email: John.Prendiville@macquarie.com

Australia/New ZealandStephen BrentO�ce: SydneyPhone: +61 2 8232 6845Email: Stephen.Brent@macquarie.com

Robert Dunlop O�ce: MelbournePhone: +61 3 9635 8246Email: Robert.Dunlop@macquarie.com

AsiaMark DempseyO�ce: SingaporePhone: +65 6231 1127Email: Mark.Dempsey@macquarie.com CanadaDan CristallO�ce: CalgaryPhone: +1 403 218 6660Email: Dan.Cristall@macquarie.com AfricaSean ChilversO�ce: JohannesburgPhone: +27 11 583 2283Email: Sean.Chilvers@macquarie.com

Global Group HeadAndrew DowneO�ce: SydneyPhone: +61 2 8232 3314Email: Andrew.Downe@macquarie.com

Global Co-Heads of Metals & Energy CapitalGavin BradleyO�ce: SydneyPhone: +61 2 8232 3089 Email: Gavin.Bradley@macquarie.com

James Mactier (FICC Head of Perth O�ce)O�ce: PerthPhone: +61 8 9224 0612 Email: James.Mactier@macquarie.com

GLOBAL ENERGY TEAM LEADERS AND CONTACTS

MACQUARIE CAPITAL ADVISERS

FIXED INCOME, CURRENCIES & COMMODITIES

Chairman of Global Resources GroupTony FergusonO�ce: SydneyPhone: +61 2 8232 4161Email: Tony.Ferguson@macquarie.com

United StatesDoug ReynoldsO�ce: HoustonPhone: +1 713 651 4283Email: Doug.Reynolds@macquarie.com Europe, Middle East & AfricaPaul ConnollyO�ce: LondonPhone: +44 20 3037 5655Email: Paul.Connolly@macquarie.com Latin AmericaArturo VilasO�ce: Buenos AiresPhone: +54 11 4809 3223Email: Arturo.Vilas@macquarie.com

BEIJING

SEOUL

BANGKOK

JAKARTA

PERTH

VANCOUVER

HOUSTON

BUENOS AIRES

MEXICO CITY

TORONTO

NEW YORK

AUCKLAND

CALGARY