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News Releases

407 International Reports Third Quarter Financial Results

TORONTO, October 25, 2004

407 International Inc. announced today revenues of $107.8 million for the third quarter of 2004 compared with revenues of $100.0 million for the third quarter of 2003. A record 545 million kilometres were travelled on Highway 407 during the quarter. Net loss for the nine months ended September 30, 2004 was $48.0 million after giving effect to a third-quarter net income of $5.4 million, compared to a net loss of $42.8 million for the same nine-month period of the prior year. The Board of Directors declared and paid a dividend of approximately $0.024 per common share (calculated on a fully-diluted basis) on or about October 25, 2004, to equity holders of record on October 25, 2004.

407 International Inc. is the sole shareholder, operator and manager of 407 ETR, which extends 108 kilometres east-west, just north of Toronto. 407 International Inc. is owned by a consortium comprised of the Canadian subsidiary of Cintra Concesiones de Infraestructuras de Transporte (co-owned by Grupo Ferrovial and Australian-headquartered Macquarie Infrastructure Group) and Canadian-based SNC-Lavalin.

For more information, contact:


Kenneth A. Walker
Chief Financial Officer
Tel: 905-265-4070


Dale A. Albers
Manager, Public Relations
Tel: 905-264-5221

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