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News Releases

407 International Reports 2010 Results

February 17, 2011, 5:00 p.m. (EST)

407 International Inc. announced today revenues of $624.3 million for the year ended December 31, 2010, compared to $560.0 million in 2009. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) totalled $500.1 million for 2010 compared with $444.0 million for 2009. The Company reported net income of $77.0 million for 2010 compared with net income of $58.2 million for 2009.

The Board of Directors declared an eligible dividend of $0.106 per common share payable on or about February 17, 2011, to shareholders of record on February 17, 2011.

407 International Inc. is owned by Cintra Infraestructuras, Canada Pension Plan Investment Board and SNC-Lavalin.

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For more information, contact:

Investors:

Louis-M. St-Maurice
Chief Financial Officer
Tel: 905-265-4070

Media:

Kevin Sack
Vice President
Communications and Government Relations
Tel: 905-264-5374

EBITDA is not a recognized measure under Canadian generally accepted accounting principles and investors are cautioned that EBITDA should not be construed as an alternative to net income or cash from operating activities as an indicator of the Company's performance or cash flows. The Company's method of calculating EBITDA may differ from other companies' and may not be comparable to measures used by other companies. EBITDA less Depreciation and amortization, Interest and other expenses, net and Income tax, results in Net income.

Highlights

Unaudited

Three month period ended December 31 Year ended December 31
2010 2009 2010 2009
Selected Financial Information
(in millions)
Revenues $ 158.3 $ 141.6 $ 624.3 $ 560.0
Operating expenses 40.7 34.8 124.2 116.0
Depreciation and amortization 15.2 14.3 56.9 61.4
55.9 49.1 181.1 177.4
Income from operations 102.4 92.5 443.2 382.6
Interest and other expenses, net 97.3 85.8 327.5 339.8
Income before income taxes 5.1 6.7 115.7 42.8
Future Income tax expense (recovery) 3.2 (22.6) 38.7 (15.4)
Net income $ 1.9 $ 29.3 $ 77.0 $ 58.2
Traffic
Total trips (in thousands) 29,192 # 28,372 114,691 110,764
Average revenue per trip $5.42 $4.99 $5.44 $5.06
Average workday number of trips 383,689 373,079 380,679 367,295
Total vehicle kilometres (in thousands) 593,027 566,753 2,336,401 2,214,775
Number of transponders in circulation
at December 31 1,022,466 985,701 1,022,466 985,701

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