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Lubeck Airport Update

2 Feb 2009

Infratil has concluded a variation to its shareholders’ agreement with the City of Lübeck with respect to Lübeck Airport. Infratil owns 90% of Lübeck Airport and the City the balance of 10%.

The shareholders’ agreement, signed in 2005 when Infratil acquired its majority stake from the City, gave Infratil a put option under which it can require the City to reacquire its 90% shareholding if there were less than 1.2 million passengers at Lübeck Airport during 2008. There were 540,000 passengers in 2008.

The key put option terms are now:

1.  The put option may be exercised up until 31 January 2010.

2.  Infratil has agreed not to exercise the put option prior to 23 October 2009.

3.  If exercised between 23 October and 31 October 2009, the put option price will be Euro 23.5 million plus compensation for approved operating losses at the Airport incurred during 2009 (up to a maximum of Euro1.6 million) plus interest.

4.  The City has a call option over Infratil’s 90% shareholding exercisable until 31 October 2009 at the same price and terms as the put option.

Infratil has made no decision on whether to exercise the put option.  

In the meantime, Infratil and the Airport continue to await the planning approval decision that, if successful, would encourage aircraft to be based at the Airport and allow for significant passenger growth. The planning decision is expected in the first quarter of 2009.

The Airport is also pleased to note Ryanair’s increased services over the northern summer period. The most significant is the introduction of a daily Palma (Majorca) service.  Majorca is the single most popular holiday destination for Germans.

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