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News Releases

407 International Reports Second Quarter Financial Results

TORONTO, July 21, 2005

407 International Inc. announced today revenues of $109.2 million for the second quarter of 2005 compared with revenues of $95.5 million for the same period of 2004. Traffic increased by 6.9% to 27 million trips during the quarter setting a one-day traffic record of 413,687 trips on June 30, 2005. Earnings before interest, taxes, depreciation and amortization (“EBITDA” ) totalled $84.1 million compared with $71.6 million in the corresponding period of 2004. After giving effect to interest and taxes, the Company experienced a net profit of $17.0 million during the second quarter of 2005, compared with a net loss of $22.8 million in the second quarter of 2004. Non-cash interest expense relating to inflation-linked bonds in the second quarter of 2005 was lower than in the second quarter of 2004 by $30.3 million. The Board of Directors declared and paid a dividend of approximately $0.027 per common share payable on or about July 21, 2005, to shareholders of record on July 21, 2005.

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 Cintra Concesiones de Infraestructuras de Transporte, Macquarie Infrastructure Group and SNC-Lavalin.

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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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