Meinl Airports International develops low cost airport for Warsaw

Transformation of a former military airport 40km west of Warsaw

Total investment volume EUR 210 million – start of operation planned
for 2011
Analyses forecast more than 2 million passengers in 2012
for Sochaczew

--------------------------------------------------------------------------------
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
--------------------------------------------------------------------------------

merger, acquisition and takeover/development

St, Helier Jersey (euro adhoc) - Jersey, 5th February, 2008. Meinl
Airports International Ltd. (MAI) will develop an airport for the
metropolis Warsaw and the Warsaw region. The new airport at
Sochaczew, 40km west of Warsaw will concentrate preliminary on low
cost carrier service. The total investment volume for the development
of the airport amounts to approximately EUR 210 million, with the
first flights planned to take off by 2011. The airport harbors a
significant growth potential, as a considerable increase in the
flight volume is expected for Warsaw and the existing "Warsaw Okecie
Airport" will reach its capacity limits within the coming years.
Experts expect that by the year 2012 an annual passenger volume of
more than 2 million will be handled at Sochaczew.

MAI prevails over international competitors in public tender and
acquires a 40% stake in airport company - expected IRR 17%.

In the past months, MAI has prevailed over international competitors
in a multi-stage call for tenders and was awarded the contract to
transform and develop the former military airport at Sochaczew into
an international commercial airport.

Initially MAI will acquire a stake of 40% in the new airport company,
with the remaining shares held by the state and a private Polish
owner. It is intended that MAI will, during the development process,
increase its stake as it becomes permissible in Poland, which is
limited to 49% at the moment. As a first step, MAI will provide the
required equity to finalize the project concept, and the local
partners will in turn bring the land plots into the airport company.
The total investment volume for the development of the airport and
its infrastructure is expected to amount to approximately EUR 210
million. The project shall be financed with a debt ratio of at least
50%, thus increasing the return of the shareholders on the capital
employed. The definite financing structure will be fixed at the start
of construction in 2009 at the latest. Based on the current plans,
MAI´s equity investment in the project will amount to approx. EUR 50
million, whereof the bulk has to be paid stepwise after the ground
breaking.

The expected return on equity for the project amounts to 17%.

Low cost airport for Warsaw - concept follows other successful low
cost airports

MAI´s partner in the tendering process was the operating company of
the airport Cologne-Bonn, which will also act as a consultant for the
development of the Polish airport. There are, however, no plans for
the German airport to acquire a financial stake in the project.

The Cologne-Bonn airport has substantial experience in developing a
successful low cost carrier concept: since Germanwings, headquartered
at Cologne airport, started its operation 6 years ago, the former
regional airport managed to increase its passenger volume from 5.4
million passengers in 2002 to 10.5 million passengers in 2007. Other
European airports that focus on handling low cost and charter flights
or have become alternative airports for these segments, have also
shown a highly dynamic development, airports such as Stansted or the
German airport Frankfurt-Hahn, whose background is very similar to
Sochaczew: In the mid-nineties a former military airport was
successfully transformed into a commercial airport focusing on
handling low cost flights. Frankfurt-Hahn now handles an annual
passenger volume of approximately 4 million.

Attractive growth potential based on dynamic passenger volume
increase in the Warsaw region

The airport´s potential results from the dynamic growth of air
traffic in Poland as a whole and the Warsaw region in particular.
Over the past 10 years, the passenger volume at Warsaw airport has
increased from approximately 3.1 million in 1996 to 8.4 million at
present. This corresponds to an annual increase of more than 10%, and
is expected to continue. Based on forecasts of the Polish Civil
Aviation Authority (CAA) the annual passenger volume in Warsaw or the
Warsaw region will exceed 15 million passengers by 2015.

The location of Sochaczew and its available infrastructure, plus the
expected passenger volume growth in the region, provides Sochaczew
with all possibilities to establish itself as a second airport in
addition to the main airport of Warsaw-Okecie.

Start of operation 2011 - more than 1 million passengers expected per
year

The contracts were signed this week, and in the weeks to come MAI and
its local partners will finalize the development concept for the
airport. The new airport at Sochaczew shall be established primarily
as airport for low cost flights and is intended to relieve the
existing Warsaw airport in this segment. As Roman Himmler, Chairman
of Meinl Airport Managers, puts it, "We do not consider ourselves as
competitors for "Okecie", much rather the new airport aims at
optimally complementing Okecie."

And he goes on to say, "Based on the final development concept, MAI
plans to get the necessary approvals and permits for realizing the
concept by the end of 2008, so that the first sod can be turned and
construction can start by 2009. After a construction time of about 2
years and a subsequent test phase required worldwide for getting the
final operating license for airports, the new airport is expected to
handle the first passengers in 2011."

Based on a market and project study, Sochaczew is expected to handle
more than 1 million passengers one year after start of operation.
Within 5 years after start of operation, 3 million to 4 million
passengers will be handled per year, and in the long term, annual
passenger volumes are expected to approach the two-digit million
range.

First international airport with international participation planned
in Poland

The planned new airport for Warsaw is the first MAI project in Poland
and hence an important step for the further development of the
company in this attractive investment market. "The new Sochaczew
Airport is also the first greenfield project that we develop `from
scratch´. That way, the project is an essential milestone for the
successful future development of MAI in general", said Mr. Himmler
and he added, "In addition, Sochaczew is the first international
airport with international participation planned in Poland."

end of announcement euro adhoc
--------------------------------------------------------------------------------

ots Originaltext: Meinl Airports International Ltd.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Meinl Airport Managers Ltd.

Nadine Gilles

Member of the Board

+421 911 500 730

gilles@meinlairports.com

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