407ETR Toronto Canada - Update

02 February 2004

On 30 January, 2004 407ETR made a written offer to the Government of Ontario to discount its 1 February toll increase for up to 60 days - as long as the Province agreed to expedite an independent resolution of their dispute about toll increases.

The Province advised 407ETR that it would not accept this offer. The Province also stated that in its view if the 407ETR implemented an increase on 1 February, 2004, it did so at the risk of defaulting on its contractual obligations.

407ETR has legal advice that its right to increase tolls is not subject to a submission of a change request which must be approved or consented to by the Government. In accordance with its contract 407ETR increased its tolls by C$0.01 per kilometre on 1 February, 2004.

MIG owns, directly and indirectly, 43% of 407 International, Inc.  407 International Inc owns 100% of 407ETR.  407ETR is the company which holds a 95 year concession to operate the 407ETR. 407ETR is a 108 kilometre toll road serving the main growth corridor in the Greater Toronto Area. MIG also owns stakes in a further 24 toll roads in 8 countries.

• Download the public statement issued by 407ETR on 30 January, 2004 (pdf 82 KB).

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

Media Enquiries
Jane Rotsey
Public Affairs Manager
Mobile: (61) 401 997 160
Email: jane.rotsey@macquarie.com