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407 International Reports $30.6 Million in Loss for the First Quarter of 2004

TORONTO, April 20, 2004

407 International Inc. announced today a loss of $30.6 million for the first quarter of 2004 compared with $21.5 million for the first quarter of 2003. Net loss in the first quarter of 2003 included a one-time $13.8 million reduction in reserves related to certain contingencies which reduced its loss in the first quarter of 2003. Earnings before interest, taxes, depreciation and amortization ("EBITDA") totalled $53.1 million compared with $44.8 million in the corresponding period of 2003. The Board of Directors declared and paid a dividend of approximately $0.024 per common share (calculated on a fully-diluted basis) on April 20, 2004, to equityholders of record on April 20, 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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