Meinl Airport Managers - Statement

Wien (OTS) - Meinl Airport Managers ("MAM"), a subsidiary of Meinl Bank, notes the comments attributed to Mr. Vilsmeier, the Chairman of the new Board of Meinl Airports International ("MAI") in the Austrian newspaper "Standard" published on 26th August.

MAM continues to seek to work constructively with its client, MAI, in accordance with the management agreement and its normal high standards of diligence and professionalism. Despite the previously stated commitment of the new Board that "all business ties to the Meinl Banking Group will be terminated as quickly as possible", MAM is pleased but not surprised that the new Board appears to have found nothing that would give them reason unilaterally to bring the management agreement between MAI and MAM to a premature end.

Whilst MAM sees no reason why the management agreement should not continue, it also notes Mr. Vilsmeier's comment that "We aim for a fair separation from the bank". MAM expects that if, having completed its review of MAI, the new Board does eventually move towards a separation, any such separation will be on the basis of the terms of the management agreement and the other agreements between MAI and the Meinl Bank Group.

In this regard, Mr Vilsmeier erroneously suggests that the old Board of MAI proposed to pay EUR 32million to separate MAI's business from Meinl Bank. In fact, that proposal had nothing to do with MAI. It related to Meinl International Power, a company of which Mr. Vilsmeier is not a director.

It is with some surprise that MAM notes Mr. Vilsmeier's statement that no central location exists where full documentation is available. That statement is incorrect. MAM's files are in good order and MAM has provided the new Board with extensive documentation in relation to MAI's corporate affairs and each of its investments. MAM has also responded in short order to all other requests from the new Board, including their invitation to present at a recent Board meeting.

MAM also notes that Mr. Vilsmeier has said to the "Standard" that the "complexity of the businesses extremely high". MAI is a young company with, as yet, only a small number of investments. It began to invest shortly after its IPO a little more than a year ago and has since completed 7 transactions. While there are large numbers of documents in relation to each investment, matters are no more complex than is usual for an investment company of this type. MAM is surprised therefore that the new Board appear to be having difficulty in understanding the business. Given this, and the fact that the new Board have only minimal experience of the airports sector, it is questionable whether it would be a wise decision to separate MAI from MAM and the Meinl Bank Group, and whether such a step would be in the best interests of MAI investors.

Rückfragen & Kontakt:

Meinl Airport Managers Limited