Philippine Government Indicates "Active Commitment In Favor Of Fraport"

Frankfurt, Germany 22. 11. 2002 (PROTEXT/ots) - Parts ofConcession Agreement to Be Declared Void - Fraport's ChancesImprove for Re-transferring the Project

According to press reports, a senate committee of thePhilippine parliament plans to file an application with thesupreme court to declare void parts of the concession agreementbetween the Philippine state and the PIATCO operating company.Fraport AG holds a 30-percent stake in PIATCO, the company thatwas awarded the concession for constructing and operating thenew international passenger terminal (Terminal 3) at Manilaairport. It is rumored that the application is being madebecause the concession agreement allegedly contains provisionsdetrimental to the government as well as the Philippine people.However, these provisions were essentially agreed to beforeFraport AG invested in PIATCO.

The false report by Handelsblatt German newspaper - sayingthat talks between Fraport and the Philippine government hadfailed and that the German ambassador in Manila had beeninformed accordingly - have been denied by the responsibledepartment chief at the German Foreign Office in Berlin. Indeed,exactly the opposite was said in a long talk between the Germanambassador and members of the Philippine government. In thisregard, it was specifically said: "The Philippine government wasstriving for a solution that would protect the interests ofFraport." Incidentally, in its talks with the German ambassadorthe Philippine government showed a strong readiness to commititself actively in favor of the investor, Fraport, and to ensurecompensation.

The intention of the Philippine government - to protect theinvestments made by Fraport to date - was confirmed in atelephone call between Alberto Romulo, executive secretary ofthe Philippine government, and Roland Koch, supervisory boardchairman of Fraport AG and premier of the German state of Hesse.The Philippine government also made this assurance in directtalks with Fraport AG representatives held last week in Manila.At the expressed request of the Philippine government, talks areexpected to resume in the next few days.

ots Original Text Service: Fraport AG Internet:http://www.presseportal.de

For More Information, Please Contact:

Fraport AG Frankfurt Airport Services Worldwide Attn:Robert A. Payne - Manager International Press 60547 Frankfurt amMain, Germany Tel.: +49 69 690 -78547 / Fax: +49 69 690 -60548E-Mail: r.payne@fraport.de / Internet: www.fraport.com

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