Cintra IPO Update - Lodgement of Folleto

11 October 2004

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

Macquarie Infrastructure Group (MIG) today advised that the next step in the formal process to list Concesiones de Infraestructuras de Transporte (Cintra) on the Spanish stock exchange has been completed. The Folleto¹ for the Cintra Initial Public Offering (IPO) has been lodged with Comisión Nacional del Mercado de Valores (CNMV²).

The offering documents highlight that, should the IPO proceed:

• MIG will exchange 53.82 million Cintra shares for an additional 13.87% direct equity interest in the 407ETR. This will increase MIG's direct equity interest in 407ETR to 30.0%
• MIG will be offering all of its remaining 125.73 million shares in Cintra for sale in the IPO
• The indicative and non-binding price range established for accepting orders for Cintra shares is between €8.24 and €8.80
• The shares in Cintra are to be admitted to listing on the Spanish stock exchanges on or about 27 October 2004.

Cintra is also conducting an offering to institutional investors outside of Spain.

1 The Folleto is a Spanish language prospectus which is the offering document to retail and institutional investors in Spain. It contains information relating to the intended structure of the proposed offering.
2 CNMV is the Spanish National Securities Market Commission, the regulator of the Spanish securities market.

NOTICE
This document is not an offering of securities or a request for the acquisition of securities in the United States. The shares (the "Shares") of Cintra Concesiones de Infraestructuras de Transporte, S.A. ("Cintra") cannot be offered or sold in the United States either for, or on behalf of, or to benefit persons in the United States (as defined in Regulation S of the US Securities Act 1933 ("US Securities Act 1933"), unless those Shares are registered in accordance with the US Securities Act 1933 or are exempt from registration. The Shares have not been and will not be registered in accordance with the US Securities Act 1933. This document or any copy of it may not be taken or sent to the US, Canada or Japan and may not be distributed, either directly or indirectly, in the US, Canada or Japan or to any resident of these countries.

For further information 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