Fraport Supervisory Board Deliberates on Manila Project

FRANKFURT/MAIN 10. 4. 2002, Germany (ots/PROTEXT) - Call onthe Philippine government -- Good annual results despite thepilots' strike, weak economy, and terrorist attacks -- Changes inresponsibilities of some Executive Board members Today, the Executive Board of Fraport AG Frankfurt AirportServices Worldwide again briefed the company's Supervisory Boardabout the status of the Manila terminal project in thePhilippines, about preliminary results for fiscal year 2001, aswell as recommendations for reassigning areas of responsibilityamong some members of the Fraport Executive Board. The Supervisory Board accepted the recommendation of theExecutive Board not to provide any further funding now for theconstruction of the international passenger terminal in Manila.Because further development of the terminal project depends onfulfilment of the terms of the agreement through the contractpartners in Manila and because construction is already at anadvanced stage, the Fraport Supervisory Board called on thePhilippine government and Fraport's partners in Manila to supporton-schedule implementation of the agreement provisions. TheSupervisory Board thanked Werner Müller, Germany's FederalMinister of Economics, for his efforts in this regard. Fraport's Executive Board will continue intensive discussionson-site and will keep the Supervisory Board updated on thesituation.

In the most difficult year to date for the civil aviationindustry, Fraport AG achieved good results for fiscal year 2001 -- which represents a continuation of the development over thepast nine years. Despite the Lufthansa pilots' strike in May, theeconomic slowdown in the second quarter, and the 9/11 terrorattacks, the Fraport Group -- according to InternationalAccounting Standards (IAS) -- achieved a net income 101 million(almost DM198 million) or 27 percent higher than in 1999. Likethe net income, earnings before interest, tax, depreciation andamortisation (EBITDA) were also higher than the company's budgetestimate.

In every respect, the fiscal 2000 result -- about DM252million or 62 percent more than the previous year -- was soextraordinary that it can barely serve as a comparative basis forfiscal 2001, with its difficult overall conditions. TheSupervisory Board thanked the Executive Board and Fraportemployees for their dedication and success in a business yearcharacterized as being especially challenging.

In addition, the Supervisory Board approved the ExecutiveBoard's recommendation regarding a change in the assignment ofbusiness responsibilities for the Executive Board. Work for theRegional Planning Procedure (Raumordnungsverfahren - ROV) hasbeen largely and -- from the point of view of the company --successfully completed. For handling the subsequent zoningprocedure (Planfeststellungsverfahren), stronger emphasis willhave to be placed on legal aspects of the project. Building onProf. Barbara Jakubeit's previous work, Fraport's Vice ChairmanProf. Manfred Schölch (Executive Board member responsible forlegal affairs) will take charge of expansion planning for thezoning procedure. In exchange, Prof. Jakubeit will take over"Real Estate Development", and thus will be mainly responsiblefor construction in the area of Real Estate and FacilityManagement (IFM) including FRA's new Terminal 3. In the bestinterests of the company, the Supervisory Board approved theExecutive Board's unanimous suggestion to ensure smooth-runningcooperation among all parties involved.

The Airport Expansion Public Relations department will begrouped with Fraport AG's other communications activities thatreport to Executive Board Chairman Dr. Wilhelm Bender.

For More Information, Please Contact: Fraport AG FrankfurtAirport Services Worldwide Attn: Robert A. Payne - ManagerInternational Press, 60547 Frankfurt am Main, Germany. Tel.: +4969 690 -78547 / Fax: +49 69 690 -60548 E-Mail: r.payne@fraport.deInternet: www.fraport.de

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