407 International Inc. to Redeem $75 Million of Senior Notes

    TORONTO, Jan. 25 /CNW/ - 407 International Inc. (the "Company") announced
today that it has exercised its right to redeem all outstanding notes of the
following issue on February 26, 2008:

     $75,000,000 Senior Floating Rate Medium-Term Notes, Series 07-A1, due
     May 26, 2008
     (CUSIP No. CA 350863 AX4) (the "Notes")
     Redemption Price: $75,000,000
     Accrued and unpaid Interest: $912,527.84
     Total Redemption Price and accrued and unpaid interest: $75,912,527.84

    The redemption price for the Notes will be par value determined in
accordance with the provisions of the amended and restated master trust
indenture dated as of July 20, 1999, and the twentieth supplemental indenture
dated as of December 7, 2005, governing the Notes. The redemption price will
also include accrued and unpaid interest on the Notes up to, but not
including, the redemption date.
    Notices of redemption will be delivered today to CDS Clearing and
Depository Services Inc. ("CDS") and the trustee, BNY Trust Company of Canada.
Non-registered holders (banks, brokerage firms or other financial
institutions) who maintain their interest in the Notes through CDS should
contact their CDS customer service representative with any questions about the
redemption. Alternatively, beneficial holders with any questions about the
redemption should contact their representative brokerage firm or financial
institution, which holds interest in the Notes on their behalf.
    The Company plans to finance the redemption of the Notes through the
previously announced issuance of its $250,000,000, 4.50% Senior Medium-Term
Notes, Series 08-A1, due January 25, 2011.

    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.

For further information:

For further information: Investors: Kenneth A. Walker, Chief Financial
Officer, Tel: (905) 265-4070; Media: Dale A. Albers, Manager, Public
Relations, Tel: (905) 264-5221

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