407ETR Toronto Canada, Update

10 February 2004

Ontario Superior Court of Justice today granted a declaration that the Ontario Government's default process does not commence until the time when a default by 407ETR is determined to have occurred in accordance with the dispute resolution process.

The concession agreement provides for a 60 day cure period in the event of a default by the 407ETR. The Court's decision means that 407ETR will be able to continue to dispute its right to increase tolls without Government approval under the concession dispute resolution process, without losing its right to the 60 day cure period.

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. 407ETR is strongly contesting the Government's view of the concession agreement.

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.

• Download 407ETR Media Release (pdf 81 KB)

For further information, please contact:

Investor Enquiries
Stephen Mentzines
Chief Operating Officer
Tel: 61 2 8232 7912
Email: stephen.mentzines@macquarie.com

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