Joint Venture Agreement to build Germany's first toll road

08 February 1999

Macquarie Infrastructure Investment Management Limited (MIIML), the Manager of the Infrastructure Trust of Australia Group (the ITA Group), today announced that the ITA Group is entering into a Joint Venture Agreement with Bouygues SA to proceed with a A$48 million investment in a new toll road and tunnel to be developed in the City of Rostock, Germany.

Details of the investment are as follows: -

• Project - a new toll road and tunnel passing under the Warnow River in the Hanseatic city of Rostock
• Forecast IRR - initial equity base case approximately 16%
• ITA Group’s share of equity - 70%
• Expected financial close - second half of 1999
• Construction period - 3.25 years
• City of Rostock - located 225 km north of Berlin on the Baltic Sea. The fourth largest port in Germany
• Developer, co-owner and construction contractor - Bouygues SA, one of the largest construction companies in Europe and joint venture partner on the New Southern Rail Line in Sydney (advised by Macquarie Bank)
• Concession period - 30 years from completion of construction
• Debt to be underwritten by - Deutsche Bank, Nord LB and KfW
• Importance - first BOOT project in Germany, the world’s third largest economy

For further information, please contact:

Dennis Eagar
Division Director
Macquarie Infrastructure Investment Management Limited
Tel: (02) 8232 6771
Mobile: 0414 345 176
Email: dennis.eagar@macquarie.com