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Meinl Airports International Ltd.

Meinl Airports International: Initial stake of 24.9% in the airport of Bydgoszcz Increase to up to 49% depending on consent of Polish Civil Aviation Office

St, Helier Jersey (euro adhoc) -

Commitment of EUR 23.5 million for the development of the airport
Significant growth potential based on local market – MAI’s expertise 
will support the exploitation of the potential
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
merger, acquisition and takeover/Participation
10 March 2008 - Meinl Airports
International Ltd. ("MAI") has signed contracts for a participation 
in the Polish airport of Bydgoszcz. In a first step, MAI will get a 
stake of 24.9% in the airport. A further increase of the 
participation to up to 49% is intended, but subject to the consent by
the Polish Civil Aviation Office. The participation(s) are being 
conducted in form of a capital increase by the airport operating 
company "Port Lotniczy Bydgoszcz S.A.".
MAI will invest a total of EUR 23.5 million in the development of 
Bydgoszcz airport. Following the airport project in Sochaczew, 
Bydgoszcz airport is already MAI´s second airport transaction in 
Poland. Bydgoszcz is also the first operating international airport 
in Poland, which forms such a Public Private Partnership with an 
international investor. The airport has significant growth potential,
in particular due to the market potential of the Region, both 
outgoing and incoming - based on local population, tourist potential 
and businesses existing in the region. This is also underlined 
through already existing and further increasing interest of airlines,
notably some low cost airlines. Ryanair, which is operating flights 
into Bydgoszcz Airport since 2006, has recently announced new 
destinations and increased frequencies from and to Bydgoszcz. 
Furthermore, Polish Jet Air has recently started new operations as 
well. For 2008, MAI expects that the airport will handle already 
approx. 300,000 passengers - and further MAI intends to work with 
local partners to increase the traffic by double digit growth rates 
annually for the foreseeable future.
Participation of up to 49% in Bydgoszcz airport - expected IRR 
exceeds 15%
MAI will invest EUR 23.5 million in the development of the aviation 
and non-aviation infrastructure of the airport in Bydgoszcz. As a 
part to this, MAI will receive in a first step 24.9% of the shares in
the airport through a share capital increase. Following this first 
transaction, MAI will apply for approval from the President of the 
Civil Aviation Office (CAO) of its intend to take up shares exceeding
the thresholds posted by Polish Law of 25% and later 33% of ownership
in the share capital of airports. After eventually having received 
the consent of CAO, MAI will in consent with existing shareholders 
through another capital increase at given time extend its stake to a 
total of 49%, which is the legal limit for airport participation by a
foreign company according to Polish law. In its details related to 
the CAO approval, the development of the non-aviation business will 
be realised through a separate project company, in which MAI will 
become majority shareholder.
Partners and co-owners of MAI, following the transaction(s), are the 
City of Bydgoszcz, the Region of Kujawy-Pomerania, state enterprise 
Polish Airport Operator (PPL), the Cities of Torun and Inowroclaw and
as well several other public and private Polish shareholders with 
smaller stakes. All stakeholders are important partners to realise 
the intended developments and a basis of common interest is formed to
enable prospering of the airport in future. This provides comfort in 
ensuring successful growth of the airport. Roman Himmler explains: 
"Bydgoszcz Airport serves an attractive local community and area with
high potential. The airport is a prerequisite for further successful 
development. In the discussions and negotiations during the last 
months, we have seen same intents and goals by our partners to make 
use of the airport´s market backbone to form an excellent basis for 
mutual benefit. MAI can and will assist in achieving the common goals
of development of the airport and - hence - the Region and its 
cities."
The expected IRR for the participation will exceed 15%, based on the 
realisation of the potentials.
Development of airport infrastructure could be supported by EU 
funding
The funds, which are being brought to the airport company through 
MAI´s participation will be used mainly to finance the intended 
development and extension of the airport infrastructure parallel to 
the increasing demand and the forecasted passenger growth. The 
development should be carried out in several phases over the next 
years. Furthermore, there exists the potential that funds originating
from European Union can be received.
The investments in the optimisation of the airport infrastructure and
airport extension includes plans for the extension and capacity 
upgrade of the runway and the development of a new cargo terminal 
beside other investments like development of an airport car park. A 
long-term strategic plan also includes facilitating of airport 
surrounding area. Additionally, new restaurants are planned and a 
viewing terrace is going to be used more efficiently.
Tourist region with 2.1 million inhabitants - only civil airport in a
range of 110km
The airport of Bydgoszcz is the only commercial international airport
in a radius of 110km. The airport is located only 3km from the city 
centre of Bydgoszcz, which is the capital of the Kujawy-Pomerania 
Region and one of the fastest developing cities in Poland with at the
moment approximately 400,000 inhabitants. The whole region of 
Kujawy-Pomerania has approximately 2.1 million inhabitants.
The airport is not only important due to increasing business travel 
and outgoing leisure travel. The region of Kujawy-Pomerania is also 
one of the main tourist regions in Poland. Torun, a city 50km from 
Bydgoszcz is the home town of Copernicus and is famous for having 
preserved almost intact its medieval spatial layout. It was inscribed
onto the World Heritage List of UNESCO in 1997. Historic architecture
can be also found in Bydgoszcz itself and in other cities in the 
region: Bydgoszcz, the former German Bromberg, has a famous old town 
with Gothic buildings.
Bydgoszcz hosts NATO Training Centre
The airport of Bydgoszcz is not only a fast growing airport for civil
air transport. Bydgoszcz also hosts in its vicinity the NATO Joint 
Forces Training Centre, which is a further important element of the 
airport´s current and future development: The airport does not only 
generate revenues from the traffic from the training centre itself 
but also benefits from the intended increase of traffic to and from 
the training centre in possible air-route developments. Furthermore 
the participants of such trainings are an important source for the 
airport to boost the non-aviation business at and around the airport.
MAI expects the airport of Bydgoszcz to handle approx. 300,000 
passengers in 2008
Poland´s current airport network consist of one central airport in 
Warsaw, one regional central airport in Krakow and 10 regional 
airports which have the status of an international airport. Among 
these regional airports, Bydgoszcz is until now the 8th largest in 
terms of passenger traffic. The airport terminal has been newly built
in 2004 and the technical infrastructure is one of the most modern 
ones in the country.
Currently, Bydgoszcz airport is being served by the Polish LOT 
(Bydgoszcz - Warsaw, 3 flights per day), Ryanair and Jet Air. Ryanair
has started operations in Bydgoszcz in 2006 and currently is handling
flights to London, Dublin and Liverpool. Ryanair also announced to 
fly from Bydgoszcz to Düsseldorf Weeze. The airline expects that it 
will handle approximately 60,000 passengers per year only on this 
route. The Polish airline Jet Air, which is at the moment flying 
certain routes from Bydgoszcz to Warsaw on behalf of LOT, has started
new operations at Bydgoszcz in January 2008, serving flights to 
Katowice, Copenhagen and Berlin.
Passenger figures have increased with rates of +50% and more over the
last years: In 2004, the airport had only 25.000 passengers; in 2007 
approximately 200,000 passengers have been handled already. MAI 
expects that the passenger volume in Bydgoszcz will continue to 
increase strongly over the coming years. Roman Himmler explains: 
"Given the increasing interest from international low cost airlines 
and taking into account the general growth in the Polish air travel -
which is with respect to the growth rates comparable with China - we 
could imagine that by 2008, we will already handle 300,000 
passengers. On the longer-term, a volume of more than 1 million 
passengers has been forecasted."
Notes to the Editor:
MAI is a long term investor in airports, parts of airports or airport
related businesses in particular - but not limited to - in the growth
markets in Central and Eastern Europe, South Eastern Europe and 
Russia. The Company was founded in 2006 and since April 2007 is 
listed on the Vienna Stock Exchange.
MAI has been successful in acquiring already six assets and today MAI
is an active investor and a player to be reckoned with in airports 
with more than 30 million annual passengers and that number is 
growing. In Poland and Russia, MAI has been the first foreign 
investor, which has been able to acquire a stake in an international 
airport. Among others the Company´s current portfolio consists of 
investments in "Lake Baikal Airport", Ulan Ude (Russia), TAV Airports
(Turkey), Airport Development Sochaczew (Poland) and Bydgoszcz 
Airport (Poland).
Furthermore, MAI is evaluating more than 50 projects, most of which 
are located in the Company´s main target region: Central, Eastern and
South Eastern Europe including the CIS countries.
end of announcement                               euro adhoc

Further inquiry note:

Nadine Gilles
Member of the Board / Meinl Airport Managers Ltd.
gilles@meinlairports.com
+421 911 500 730

Branche: Real Estate
ISIN: AT0000A053N4
WKN:
Index: other listings
Börsen: Wiener Börse AG / Third Market

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