Macquarie Bank completes its acquisition of Sweden's Arlanda Express Airport Rail Link

15 January 2004

LONDON -  Macquarie Bank today announced the completion of its acquisition of 100 per cent of the shares in A-Train AB and A-Train Invest AB (together A-Train) for a total consideration of SEK 400 million (€44 million). A-Train is the operator of the Arlanda Express, a high speed dedicated rail link between Stockholm city centre and Arlanda Airport. The asset was acquired from a consortium comprising NCC, Vattenfall, Alstom and Mowlem.

The Arlanda Express links Stockholm's main international and domestic airport at Arlanda and Stockholm Central Station, a distance of 42kms by road. The high speed service travels at up to 200km per hour, providing a journey time of 20 minutes each way. Six trains run per hour during peak hours and Arlanda Express operates 19 hours per day. In 2002, A-Train's turnover was SEK 340 million and Arlanda Express carried 2.4 million passengers.

According to Jim Craig, Managing Director of the Macquarie European Infrastructure Fund, there will be no change for Arlanda Express staff and customers. "We look forward to working with the A-Train management team as they continue to provide a quality service to passengers to and from Arlanda," Mr Craig said.

"The Arlanda Express is an important component of the regional rail network, tying the airport closer to the expansive region around Stockholm, and we look forward to discussing how this can be further developed," he said.

Managing Director of Arlanda Express, Mr Per Thorstenson said, "As a long-term owner, Macquarie brings the benefit of global experience and expertise in managing infrastructure assets. We are very pleased to have formed this relationship and believe Macquarie's leading expertise will add value to our services and customers".

The Arlanda Express was established to improve transport links to Arlanda Airport and reduce anticipated levels of traffic congestion arising from air traffic and associated passengers. It operates under a Swedish Government concession that extends to 2040.

A-Train will be transferred from Macquarie Bank to the recently announced Macquarie European Infrastructure Fund, on completion of the Fund's initial equity raising which is expected to be within three to six months. The Macquarie European Infrastructure Fund is a new wholesale vehicle that will target investments in infrastructure and related assets located in European OECD countries.

A-Train is the second seed asset acquired for the Macquarie European Infrastructure Fund, following Macquarie's recent acquisition of leading UK utility South East Water.

NOTES TO EDITORS:
The Macquarie Bank Group
Macquarie is a global leader in infrastructure acquisition, funding and management, and manages almost €10 billion of funds invested in infrastructure assets and businesses around the world including toll roads, airports, communications, water, rail and power.

The Macquarie Bank Group provides specialist investment, advisory and financial services in select markets around the world, with 5000 people in 18 countries. The Group consists of Macquarie Bank Limited, the leading Australian investment bank, and its worldwide affiliates. Macquarie Bank has a market capitalisation of €4.5 billion.

Macquarie's European regional base is London where it has over 200 people, with additional offices in Dublin, Frankfurt, Geneva, Munich and Vienna.

A-Train
A-Train is Sweden's first privately financed infrastructure project and operates Arlanda Express, the express rail service between Stockholm Central Station and Stockholm Arlanda Airport. A-Train, whose traffic operations were launched in November 1999, currently has approx 180 employees.

A-Train is the first company to satisfy the new European environmental requirements in accordance with the Good Environmental Choice label.

For further information please contact:

Alison Jefferis
Corporate Communications
Macquarie Bank
Tel: +44 (0)20 7065 2335
Mob: +44 (0)791 938 2958

Andrew Waterworth
Financial Dynamics
Tel: +44 (0)20 7269 7127
Mob: +44 (0) 7771 740484