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Fraport AG

Fraport's Project in Manila Continues as Planned

Frankfurt/Main, Germany (ots)

Contrary to a report published in
"Handelsblatt", Fraport AG continues to participate as planned in the
construction of the new International Passenger Terminal 3 (ITP3) at
Ninoy Aquino International Airport in Manila, the capital of the
Philippines.
Fraport AG Frankfurt Airport Services Worldwide holds a direct
30-percent share in PIATCO, the ITP3 project company. In addition,
Fraport holds a 40-percent share in PTI, the future terminal
operating company. Under Philippine law foreign investors are not
allowed to hold larger shares in any single company.  PIATCO has a
concession for constructing and operating the new terminal for a
period 25 years. However, it does not have the concession for
operating duty-free shops.
Fraport AG's key role is to transfer its expertise and know-how to
this project to ensure the new terminal will meet international
standards. A team of 20 Fraport AG specialists are on site in Manila
for that purpose. The main contractor for the construction project is
the Japanese Takenaka Corporation. Construction progresses on
schedule.
PIATCO is currently working on fulfilling the facility-of-payment
conditions of the long-term financing arrangement agreed in July
2001. This long-term financing will be provided by an international
banking consortium led by Kreditanstalt fuer Wiederaufbau (KfW),
Dresdner Bank, International Finance Corporation (IFC), and the Asian
Development Bank.
Corruption allegations set afloat by interested parties are not
linked to Fraport's involvement. An inquiry commission established by
the Philippine Parliament confirmed already in 2000 that the
concession contract had been awarded legitimately.

Contact:

Tanja Engelmann
60547 Frankfurt am Main, Germany
Phone +49 69 690 66951
Internet: www.fraport.com

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