Fraport AG: Company's Management and Works Council Agree on Measures in Response to Possible Traffic Loss

Frankfurt, Germany 14.03.2003 (PROTEXT/ots) - Fraport AG hasprepared a package of coordinated contingency measures to beimplemented in the case of an Iraq war and its possible impacton international aviation. An agreement on this issue, presentedby Fraport's executive board, was adopted today by the company'sworks council.

Above all, the goal is to avoid or to minimize as much aspossible the impact of an Iraq conflict on Fraport's corporatedevelopment. The focus of this package is on reviewinginvestment spending and material costs. Under the agreementadopted by the works council, Fraport AG will be able to reactappropriately in terms of personnel deployment, when actualtraffic figures deviate strongly from the planning target. Byflexibly adapting personnel deployment to changing demand,Fraport intends to prevent business-related layoffs and to avoidstaff income losses. This contingency plan comprises threephases. The decision on individual measures to be taken willdepend on the degree to which the latest extrapolated trafficfigures for the full year fall short of the planning target orto which the actual values on a weekly basis deviate from thetarget figures. Fraport will present the respective currentfigures; then the company's management and works council willjointly decide which phase is applicable. Independent ofreaching the so-called activation values, this detailedagreement between the works council and employer gives Fraportthe flexibility to carry out temporary and permanent internal jobtransfers - basically right from the outbreak of the crisis.

The contingency package agreed by the executive board andworks council includes reducing overtime hours and accumulatedflextime hours, reducing the use of external and temporarystaff, implementing a hiring freeze and, in particular,increasing the flexibility of working hours. As a last resort -when traffic figures fall significantly short of the target -Fraport's catalog of measures calls for delaying, reducing ortemporarily suspending various social benefits (such as thecompany's years-of-service premium), not taking on apprenticesafter completion of their training, and introducing short-workweeks. ots Original Text Service: Fraport AG Internet:http://www.presseportal.de For More Information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide Attn: Robert A. Payne - ManagerInternational Press 60547 Frankfurt am Main, Germany Tel.:+49 69.690.78547 / Fax: +49.69.690.60548 E-mail:r.payne@fraport.de Internet: www.fraport.com

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