407 ETR Update: Province lodges appeal of Independent Arbitrator’s ruling

03 August 2004

Macquarie Infrastructure Group (MIG) today advised that the Province of Ontario (Province) has formally filed an appeal it announced on 10 July 2004.  The appeal relates to the Arbitrator’s decision, delivered on 10 July 2004, which unequivocally confirmed that 407 ETR is not required to submit a Change Request, or obtain any other approval from the Province, in order to satisfy the terms and conditions of the concession contract regarding toll changes.

MIG and 407 ETR remain resolute in the view, confirmed by the Arbitrator, that the concession contract gives 407 ETR the right to determine toll rates, that no government approval of toll rates is required and that, at no stage, has 407 ETR defaulted on its obligations under the contract.

407 ETR is the company which holds a 94 year concession to operate Highway 407, which is a 108 kilometre toll road serving the main growth corridor in the Greater Toronto Area. MIG currently has direct and indirect interests totalling 43% in 407 ETR.

For further information, please contact:

Bianca Francis
Investor Relations Manager
Mobile: (61) 413 279 523
Email: bianca.francis@macquarie.com

Media Enquiries
Suzanne Mercer
Public Affairs Manager
Tel: (612) 8232 8525
Email: suzanne.mercer@macquarie.com

Investor Enquiries
Peter Johnston
Head of Investor Relations
Mobile: (61) 413 994055
Email: peter.johnston@macquarie.com