Investment portfolio - Intoll

Investment portfolio

Intoll holds a 30% interest in the 407 ETR in Toronto, Canada and a 25% interest in the Westlink M7 in Sydney, Australia.

Valuation of Intoll

Asset Discount Rate 31 December 2009 Asset value 31 December 2009 (Natural Currency m) Asset value 31 December 2009 A$m Portfolio Weighting 31 December 2009 407 ETR (30% interest) 9.5% C$3,230 3,431 90.3% Westlink M7 (25% interest) 12.0% A$369 369 9.7% Portfolio Valuation 9.8% n/a 3,800 100.0% Non Investment Balances - A$80 80 Distribution - - - Net Assets n/a n/a 3,880

Based on the value of net assets as at 31 December 2009, the Net Asset Backing per Intoll Security is A$1.72.

Key metrics as at 31 December 2009

Asset Toll increase mechanism Concession End Val A$m Net Debt A$m Ent. Value A$m Gearing % Revenue A$m EBITDA A$m Net Debt / EBITDA 407 ETR Mkt Based Nov 2098 3,431 1,345 4,776 28.2 187 148 9.1x Westlink M7 AUS CPI Feb 2037 369 296 665 44.5 43 35 8.5x 83 years 3,800 1,641 5,441 30.2% 230 183 9.0x

Extracted from Intoll's management information report for the year ended 31 Dec 2009. In the statutory income statement both these assets are accounted for as investments in financial assets with the income statement reflecting the movement of fair value of these investments.