Expedited Arbitration on 407ETR

17 May 2004

On Friday 14 May, 2004, 407ETR and the Province of Ontario both agreed to proceed to arbitration in relation to their dispute as to whether a Change Request has to be lodged by 407ETR in relation to any proposed increase in tolls.

The parties have agreed that the arbitration process will be private.

The arbitration will be conducted on an expedited basis.

Discussions between 407ETR and the Province are continuing in relation to other matters.

MIG has direct and indirect interests totaling 43% in 407ETR.

For further information, please contact:

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

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

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