407 International Inc. announced today a loss of $75.2 million for the year ended December 31, 2003, compared with $99.1 million for last year. Loss for the fourth quarter was $32.4 million, slightly lower than $33.6 million during the same quarter last year. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the year ended December 31, 2003, totalled $239.6 million compared with $207.5 million in 2002. After giving effect to depreciation, amortization, financing costs and taxes, the Company's net loss is $75.2 million for 2003. The Board of Directors declared and paid a dividend of approximately $0.024 per common share (calculated on a fully-diluted basis) on February 11, 2004, to equityholders of record on February 11, 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.

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For more information, contact:

Investors:

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

Media:

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