MIG and Ferrovial Announce Agreement to List Cintra

04 June 2004

Not for distribution in the United States, Canada or Japan.

Macquarie Infrastructure Group (MIG) today announced that MIG and Grupo Ferrovial (Ferrovial) have signed an agreement to list Cintra Concesiones de Infraestructuras de Transporte (Cintra) through an initial public offer (IPO) on the Spanish stock market during the fourth quarter of the 2004 calendar year, subject to market conditions remaining favourable.

Under the terms of MIG's original acquisition of an interest in Cintra in January 2002 it was agreed that Ferrovial and MIG would, by 15 July 2004, review the strategic alliance to determine the future development of Cintra, options included the listing of Cintra. That review has now taken place and it has been agreed that listing Cintra would be in the best interests of Cintra shareholders.

MIG currently holds a 40% interest in Cintra. Ferrovial holds the remaining 60%. The final structure of the IPO has yet to be determined, however, the key parameters are:

• A direct 13.87% shareholding of 407 ETR will be transferred to MIG from Cintra in exchange for 11.99% of MIG's investment in Cintra. This will give MIG a 30% direct interest in 407 ETR post IPO.
• MIG will sell down all of its remaining stake in Cintra through the IPO.

MIG and Ferrovial will jointly agree the appointment of the Global Coordinators for the IPO. Requests for proposals have been issued to select international investment banks. The structure will be finalised once the Global Coordinators have been appointed.

Mr Stephen Allen, CEO of MIG said, "Based on valuation materials received by MIG from a leading investment bank MIG would receive cash proceeds in excess of €1.0bn (A$1.75bn), subject to the final pricing of the IPO.

"Given MIG's initial investment of €816m in January 2002 and subsequent investment of €52m in April 2002 we anticipate IPO proceeds, plus the additional 13.87% of 407 ETR, would provide an IRR (internal rate of return) in both Euros and Australian dollars (assuming current exchange rates) in excess of 20% per annum.

"MIG anticipates returning the proceeds to MIG security holders following completion of the IPO. The precise extent of the return will depend on the final pricing of the IPO, MIG's overall cash requirements and future commitments of MIG at that time," Mr Allen said.

Post IPO MIG will continue to hold investments in 12 roads in 6 countries:

• M1, M2, M4, M5, M7 in Australia
• M6 Toll, Yorkshire Link in the UK
• Highway 407 in Canada
• SR 125 South in the USA
• Vasco da Gama Bridge and 25th April Bridge in Portugal
• Warnow River Crossing in Germany

Post IPO MIG will no longer hold interests in 13 Spanish, Portugese and Chilean roads:

• Artxanda Tunnels, Europistas (A1), M45, R4, Autema, Ausol I, Ausol II in Spain
• Algarve, Norte Litoral in Portugal
• Temuco to Rio Beuno, Collipulli to Temuco, Talca to Chillan, Santiago to Talca in Chile.

"MIG's strategy continues to be to invest in, develop and operate roads that are value accretive to MIG security holders. Following completion of the IPO MIG will maintain its position as one of the largest developers and operators of toll roads in the world with investments in 12 roads in 6 countries," Mr Allen said.

See below asset split for MIG pre and post the IPO of Cintra.

The information contained in this press release and/or report is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares (the "Shares") in Cintra Concesiones de Infraestructuras de Transporte, S.A. ("Cintra") may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) unless registered under the Securities Act or pursuant to an exemption from such registration. The Shares have not been, nor will be, registered under the Securities Act. Any offer of the Shares in the United States will be made by means of a prospectus that will contain detailed information about Cintra and its management, as well as financial statements.

For further information, please contact:

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

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

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