Cintra IPO: Binding Underwriting Documentation Signed

26 October 2004

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

Macquarie Infrastructure Group (MIG) and Concesiones de Infraestructuras de Transporte (Cintra) yesterday in Spain finalised and executed binding underwriting documentation for the Initial Public Offer (IPO) of Cintra at a price of €8.24, subject to certain Force Majeure clauses and listing. It is anticipated that the shares will be allotted with trading on the Spanish Stock Exchange expected to begin Wednesday, 27 October 2004.

Mr Stephen Allen, Chief Executive Officer of MIG said, “MIG and Cintra have entered into underwriting arrangements for 125.729 million Cintra shares at €8.24. Net proceeds from the Cintra IPO to MIG are €1.01billion (A$1.7bn). This is consistent with the guidance given by MIG on 4 June 2004.”

MIG will exchange its remaining interest in Cintra (53.82 million shares) for 13.87% direct equity interest in the 407 ETR¹ at 5.30pm today in Spain, following satisfaction of the final condition precedent.

As previously indicated, MIG anticipates returning the proceeds of the IPO to MIG security holders, the precise extent of the return will depend on MIG’s overall cash requirements and future commitments. Detailed distribution guidance will be provided shortly after the MIG Annual General Meeting on 30 November 2004 where investors will consider a resolution to restructure MIG’s stapled structure.

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