407 International Completes Subordinated Note Offering

On January 19, 2004, 407 International Inc. completed an offering of $245 million principal amount of 4 per cent subordinated medium term notes due on February 21, 2006, pursuant to its $1 billion medium term note program. This offering constituted an additional offering of the subordinated medium term notes, series 03-D1 that were originally issued on November 19, 2003, under such program. The dealer syndicate for the offering was led by BMO Nesbitt Burns Inc., and included RBC Dominion Securities Inc., TD Securities Inc., Scotia Capital Inc., National Bank Financial and Casgrain & Company Ltd. The proceeds of this offering will be principally used to repay the outstanding $220 million principal amount of 6.4 per cent subordinated bonds, series 01-C1, of 407, which matured on February 16, 2004.

407 was represented by Fraser Milner Casgrain LLP, with a team that included Doug Scott, James Janetos, William Fung and Joshua Yarmus. The dealers were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Carol Pennycook, Patrick Moyer and Daniel Batista.


William Fung Daniel Batista Jim Janetos Patrick E. Moyer Doug H. Scott Joshua S. Yarmus Carol D. Pennycook


Dentons Canada LLP Davies Ward Phillips & Vineberg LLP