No "Crash Landing in Manila"

Frankfurt/Main (Germany) 19.03.2002 (ots/PROTEXT) - Inresponse to today's report in the German newspaper Handelsblatt,Fraport AG explained that no funds from the company's initialpublic offering (IPO) have flown into the terminal project inManila, the Philippines. Rather, the IPO proceeds were investedor used for debt repayment. Since the end of 2000, Fraport AGhas not made any additional funding available to the Piatcoproject company in Manila.

The auditing company KPMG prepared an evaluation of theManila project's risk position as of the end of 2000. Fraport AGhas taken the study's recommendations into account as far aspossible.

Fraport AG stresses that the contracts for building andoperating the international terminal in Manila were signed in1999 with the elected government at that time and are legallybinding under international law.

Currently, Fraport AG is involved in intensive negotiationswith its partners in Piatco and the Philippine government, withthe goal of fulfilling the requirement for paying out thefinancial package agreed with an international bankingconsortium. Fraport AG will only be prepared to make furtherfunding available for the terminal project, if certain frameworkconditions are fulfilled.

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 (with voice mailbox) Fax: +49 69 690 -60548E-Mail: r.payne@fraport.de Internet: www.fraport.de (click on"Press Lounge")

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