407 International Inc. to Repurchase Subordinated Notes

    TORONTO, Feb. 21 /CNW/ - 407 International Inc. (the "Company") announced
today that it has agreed to repurchase, from the open market, approximately
C$244 million of Subordinated Notes of the following issue on February 26,

    Subordinated Secured Floating Rate Notes, Series 07-D1, due May 26, 2008
    (CUSIP No. 350863 AY 2)

    The Company may repurchase the remainder of the issued and outstanding
Series 07-D1 Subordinated Notes, up to an aggregate principal amount of
C$300 million. The Subordinated Notes will be repurchased at par together with
accrued and unpaid interest on the Notes up to, but not including, the
repurchase date.
    The Company plans to finance the repurchase with the net proceeds from
Subordinated Notes, Series 08-D1 issued on January 29, 2008, and other
available cash.

    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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