: Manila Write-down Overshadows Successful 2002
Business Year / Sales Increase 14 Percent / Adjusted EBITDA Exceeds EUR
500 Million

Frankfurt, Germany (ots) - For fiscal year 2002 Fraport AG has made a
complete write-down - in the context of its business caution and
conservative balance-sheet policy - on its financial investment in the
new International Passenger Terminal 3 (IPT 3) project at Ninoy Aquino
International Airport (NAIA) in Manila, the Philippines. This
exceptional write-down overshadowed positive results in the Group's
operating business: Excluding the exceptional write-down for Manila, the
2002 EBITDA (earnings before income, tax, depreciation and amortization)
of EUR 503 million almost reached the previous year's level. "In these
difficult global economic and political times, we have achieved a
precise landing and successful business results," said Dr. Wilhelm
Bender, Executive Board Chairman of Fraport AG.

Nevertheless, because of this exceptional effect of EUR 290 million
resulting from the Manila write-down, the Fraport Group had an annual
net loss of EUR 121 million and retained earnings were zero after a
release from capital reserves for 2002. As a result, no dividend
payments will be made for fiscal year 2002.

The Fraport Group sales increased in the reporting year by 14 percent
to EUR 1.8 billion. This noticeable increase can be attributed primarily
to the full-consolidation of ICTS Europe, a wholly owned subsidiary of
Fraport since January 2002 and the European market leader for aviation
security services.

Even when adjusted by this consolidation effect, Fraport's sales grew
strongly by four percent over the previous year. The major factors
contributing to this were mainly the increase in airport charges at
Frankfurt Airport at the beginning of 2002, as well as continued good
growth in retail revenues. Proceeds from retail and duty-free shops
increased by over 12 percent to EUR 67.6 million.

The Fraport Group's total output reached EUR 1.9 billion. Material
expense grew by four percent to EUR 527 million over the previous year.
The increase in personnel costs of about 25 percent to EUR 860 million
was mainly due to the first-time full consolidation of ICTS Europe, a
very manpower-intensive operation. Thus, the Fraport Group employed an
average of 21,395 people during 2002, 5,869 more than in the previous
year.

In contrast to the trend towards a worldwide slump in the industry,
more than 69 million passengers used the airports of the Fraport Group
in 2002, a 2.5 percent increase over 2001....