BRISBANE AIRPORT RAIL LINK

Brisbane, Queensland, Australia

The Brisbane Airport Rail Link is an A$223M, 5.3-mile project servicing the Domestic and International Terminals at Brisbane Airport, developed as a build-own-operate-transfer PPP. It commenced operations in May 2001. Exhibit 4.24 shows on of the stations on the Brisbane Airtrain Rail Link.

Exhibit 4.24 Brisbane Airtrain Rail Link Station

Source: Maunsell of Australia, 2005

It is planned that the project will be turned over to the Queensland Government after five years of operation, though the company has a 35-year operating concession. Contractual arrangements require that the state government take control if Airtrain fails.

The rail link is owned and operated by Airtrain CityLink Pty Ltd. Equity Participants include:

• Transfield (50%);

• EGIS (10%);

• Hyder (15%); and

• Macquarie Bank and ABN AMRO serving as the debt participants (25%).

Issues/Results: The rail link is not performing as expected as ridership has been much lower than forecast. In March 2003, Moody's Investors Service sharply downgraded their rating for Airtrain Citylink Ltd., reducing it to Caa1 from B2 and saying the debt outlook is negative.