407 ETR announces new toll rates

02 January 2004

Macquarie Infrastructure Group (MIG) today announced the toll increases that will be implemented on the 407ETR in Toronto, Canada on and from 1 February 2004. These new toll rates were announced by the concession-holder at 9.00 am on Wednesday, 31 December, 2003 (Toronto time). The new toll rates are as follows:

• Peak hour rates for light vehicles will increase from 12.95 cents per kilometre to 13.95 cents per kilometre.
• Off-Peak rates will increase from 12.10 cents per kilometre to 13.10 cents per kilometre.
• The video surcharge will increase from $3.30 to $3.35 per trip.
• Peak hour is from 6am to 10am and 3pm to 7pm on weekdays.
• Light vehicles includes cars, motor cycles and SUVs.

Tolls for heavy vehicles will increase on and from the same date to the following:

• for heavy, single unit vehicles (trucks):
  • the peak hour rate will be 27.90 cents per kilometre
  • the off-peak rate will be 26.20 cents per kilometre
• for heavy, multiple unit vehicles (18 wheel trucks)
  • the peak hour rate will be 41.85 cents per kilometre
  • the off-peak rate will be 39.30 cents per kilometre

The Government of Ontario has written to 407 ETR stating that it considers that 407 ETR does not have the right to increase tolls from February, 2004. 407 ETR has replied stating that the concession agreement for 407 does not require Government approval for toll increases. A copy of the reply by 407 ETR to the Government's letter is appended to the 407 ETR press release sent with this announcement.

Set-out below: 407 ETR press release and attachments issued 9.00 am on Wednesday, 31 December, 2003 (Toronto time).

• News release - Toll Rates
• 407 ETR Letter - Toll Rates
• Background - Toll Rates

For further information, please contact:

Alan Stockdale
Global Head, Investor and External Relations
Macquarie Infrastructure Group
Tel: 612 8232 6771
Mobile: 61 0 418 276 366
Email: alan.stockdale@macquarie.com

Lisa Jamieson
Public Relations
Macquarie Bank Limited
Tel: (612) 8232 6016
Mobile: 0416 237 332