IFM International Infrastructure Names Independent Directors to Board of North American Energy Alliance, Created Following $1.477B Acquisition of Power Generating Facilities from Consolidated Edison D



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June 26, 2008 4:08 PM EDT

NEW YORK, June 26 /PRNewswire/ -- North American Energy Alliance LLC ("NAEA"), which is wholly owned by IFM International Infrastructure, part of Industry Funds Management Pty Ltd ("IFM"), one of the largest global infrastructure investment managers, today announced that two highly qualified individuals, Charles E. Bayless and R. Foster Duncan, have been appointed to serve as independent directors on the newly formed Board of Directors of NAEA.

NAEA was created following the completion 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.

NAEA Board and management have considerable experience in the operation and development of power stations, mergers and acquisitions, and corporate strategy and financial management. John McTear, NAEA Chief Executive Officer, is a highly talented power professional with over 30 years industry experience, including six at Con Edison Development, where he was Vice President of Asset Management. The two independent directors are:

-- Charles E. Bayless, 65, who will serve as Chairman of the NAEA Board, brings over 35 years of engineering and executive experience and is Provost of West Virginia Institute of Technology. He serves on the boards of four energy companies and is Chairman of the West Virginia Chamber of Commerce Energy Committee and West Virginia Industrial Council and is a past member of numerous other corporate Boards. He and was previously Chairman, President and CEO of Illinova Corporation and Illinois Power Company, and held the same positions at Tucson Electric Power Company (UniSource Energy). He also was an attorney and director for nuclear fuel supply for Consumers Power Company in Michigan.

-- R. Foster Duncan, 54, brings senior corporate, investment banking, and private equity experience with two leading energy services and utility companies, a global natural resources company, a major regional investment banking firm, a super-regional commercial bank and a top tier private equity firm. Prior to joining Kohlberg Kravis Roberts & Co. and forming KD Capital, he was CEO and President of the Commercial Business Unit of Cinergy Corp. with responsibilities for all Cinergy's energy merchant operations and regulated generation. Earlier, he was EVP and CFO of Cinergy Corp. He also serves on the Wall Street Advisory Group and is past Chairman of the Financial Executive Advisory Committee of the Edison Electric Institute.

The other three directors on the NAEA Board are:

-- Kyle Mangini, 42, Head of Infrastructure and Specialized Funds at IFM and member of IFM Investments and Strategy Committee, brings 16 years prior experience with Credit Suisse and SBC Warburg.

-- Michael Thompson, 43, CPA, Executive Director for Infrastructure at IFM, with 21 years of global financial services and management experience with PricewaterhouseCoopers, Westpac Banking Corporation, Citigroup, Merrill Lynch and KPMG.

-- Jim Dickson, 39, CPA, Investment Director at IFM, who has been with IFM for six years and previously spent eight years with Gas & Fuel Corporation of Victoria, Westar/Kinetik and TXU.

The NAEA Board will be responsible for overseeing the management of NAEA and setting the strategy and direction of the Company, including the operations of its power plants, and will act as a platform for IFM's future investments in the power sector.

Dunia Wright, Head of US and Europe for Industry Funds Management said, "IFM is committed to continuing to invest in infrastructure assets in North America that support the economy. NAEA has a highly experienced management team and now has an outstanding Board whose members bring extensive experience and considerable expertise. Their collective knowledge and support will be a tremendous asset for IFM as it continues to pursue opportunities in the power sector to strengthen and grow our infrastructure investments in North America."

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.

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. For more information about IFM, please visit www.ifm.net.au.

SOURCE Industry Funds Management Pty Ltd

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