Alterra Partners' subsidiary, Lima Airport Partners -LAP-, raises $125 million debt financing for airport expansion in Peru.

Business Editors/Travel Writers

LONDON--(BUSINESS WIRE)--Nov. 24, 2003

Lima Airport Partners, S.R.L. (LAP), the concessionaire for Lima's Jorge Chavez International Airport in which Alterra Partners has a majority ownership stake, has closed a US $125 million limited-recourse debt financing. The project lenders are the US Overseas Private Investment Corporation (OPIC) and Germany's Kreditanstalt fur Wiederaufbau (KfW) and the project counsel team is Thelen Reid & Priest of the US and Benites, De Las Casas, Forno & Ugaz of Peru.

The financing, which has a 16 year term, represents a milestone in Latin American airport privatisations and illustrates the long term commitment of the LAP shareholders to the development and growth of Jorge Chavez Airport and Peru. LAP is building new domestic and international terminals and shopping plaza at the airport that will contribute to Jorge Chavez becoming one of the leading, privately operated airports in the region.

Uday Mathur, Director-Finance, Alterra, heading the debt transaction team for the sponsors commented, "This financing effort, spanning over two years, represents the successful conclusion of a team approach between LAP, its shareholders, the Peruvian government and the lenders. The project's strong economic fundamentals and a dedicated approach by all parties helped to overcome several challenges to this financing including the impact on global aviation from the 9/11 tragedy and the Gulf conflict. This financing allows LAP to continue the airport expansion and modernisation programme that will deliver Peru the economic benefits flowing from a world-class international gateway. We are proud to be a part of this team and look forward to strengthening the partnership with the Peruvian government, the lenders and our fellow shareholder Fraport".

LAP's shareholders are Alterra Lima Holdings, Ltd. ("Alterra") (57.25)% and Fraport AG Frankfurt Airport Services Worldwide ("Fraport") (42.75%). Fraport is the owner operator of Frankfurt Airport, one of the major airline hubs in Europe

About Alterra

ALTERRA PARTNERS is a global operator, investor, and developer of airports and related infrastructure. Alterra operates airports in true partnership with the community and have a strong underlying business proposition that creates value for all stakeholders - customers, business partners, employees, shareholders, and the various communities served by the airport.

In addition to Jorge Chavez International Airport, Alterra Partners holds ownership and management interests in London Luton Airport (UK), Juan Santamaria International Airport (Costa Rica), and Curacao International Airport (Netherlands Antilles).

Headquartered in London, Alterra Partners is a joint venture of the premier airport operator, Singapore Changi Airport Enterprise, and premier infrastructure developer, Bechtel Enterprises.