Alterra receives US $40 million from the World Bank.

Business Editors

SAN JOSE, Costa Rica--(BUSINESS WIRE)--Nov. 1, 2001

Loan disbursement is largest in the history of Costa Rica and the first payment approved by the World Bank for an aviation project since

September 11, 2001

Alterra Partners Costa Rica today announced it received US $ 40 MM from a consortium of private banks led by the International Finance Corporation (IFC), the private arm of the World Bank. This constitutes the first disbursement of funds that will total $120 MM for the development and modernization of Costa Rica's Juan Santamaria International Airport.

Likewise, this disbursement is the first international private financing accomplished for an aviation project, since the terrorist attacks of September 11th, 2001. In addition to funding received from the IFC, other international banks participating in the loan include, Deutsche Bank, Dresdner Bank, Bank of Nova Scotia, Hypo-Vereinsbank, Deutsche Verkehrsban, Bayersiche and Credit Agricole Indosuez. Citibank, a unit of Citigroup together with the Bank of Costa Rica are the lead private investors responsible for organizing this trust.

"We are pleased to continue compliance with our obligations to improve and modernize Costa Rica's Juan Santamaria International Airport. The fact that it is the first aviation project to obtain financing since September 11, reaffirms once again the international financial community's trust in our company, in this project and in Costa Rica," stated Al Romeu, General Manger of Alterra. "We are very proud to participate in this project and to achieve what has become a milestone for the international financial community."

In addition to the US $40MM provided by the IFC and other international banking institutions, an additional US $13MM is being added by capital contributions of Alterra shareholders, bringing the total amount to US $53MM. These funds are being used to further develop Costa Rica's Juan Santamaria International Airport in the form of payment for engineering services, the purchase of equipment already being utilized as well as for payments pertaining to land appropriations corresponding to the first stage of airport development. Additionally, Alterra is using funds to reimburse the Government of Costa Rica for work already executed prior to the commencement of Alterra's management contract, while covering the costs corresponding to any and all banking and loan management fees.

Alfredo Aguileta, Director of Finance and Administration for Alterra stated, "This initial funding is the first of various payments that will be utilized to create the world class airport Costa Rica deserves. Alterra is aware of its responsibility as administrator of an infrastructure which is an indispensable economic asset for Costa Rica and for the future economic development of the country."

The management contract that was signed last October 18, 2000, calls for a total of US $160MM of investment to be managed by Alterra over the next 3 years. Of this total, US $120MM is to be financed via international bank loans, while the remaining US $40 MM is to come from capital contributions by Alterra shareholders. These investments are to be executed over a three year period corresponding to several stages of airport development. The first of these stages includes the construction and modernization works currently underway at Juan Santamaria International Airport. This first stage includes the remodeling of a new terminal facility as well as major runway improvements. Remaining distribution of investments will be made in accordance with the future needs of the airport.

About Alterra Partners Costa Rica:

Alterra Partners is comprised of a group of companies with deep economic strength and international prestige including, Bechtel Enterprises, AGI, Cormar, Agencia Datsun, Singapore Changi Airport Enterprise and Edica Ltda. More than US $180 MM will be invested throughout the duration of this project. Alterra currently employs approximately 90 people, the majority of which are Costa Rican.