Sale of BIAC to Macquarie: official press release (detailed transaction)

[sn26567]

Brussels, 8 November 2004.

This press release is issued by ING in its capacity as financial advisor to the BIAC shareholders.

The BIAC shareholders announce that they have reached agreement on the sale of a 70% stake in BIAC to a Macquarie Airports-led consortium, for an acquisition price of EUR 735m (the “Transaction”). The Belgian Government has decided to pursue this transaction as the culmination of a continuing process begun in 1997. Under the terms of the Transaction, the Belgian State would retain a 30% stake in BIAC.

Commenting on the proposed Transaction, Minister Vande Lanotte said: “As the result of a competitive process initiated by the Belgian State together with BIAC’s other shareholders earlier this year, the Belgian Authorities are pleased to welcome Macquarie Airports as a longterm strategic partner for the airport.”

“Macquarie Airports was selected on the basis of its demonstrable experience in airport management, together with its commitment and proposed approach to the future of Brussels Airport.”

“Macquarie Airports is the second largest private owner and manager of airports in the world, and following completion, its airports will serve over 85 million passengers per annum. Macquarie Airports has a track record in managing major airports and the Belgian Authorities believe this outcome offers significant attractions for the airport, the surrounding region and the broader Belgian economy.”

Ms Kerrie Mather, Chief Executive Officer of Macquarie Airports, said: “We are delighted to be investing in such a high quality airport with attractive growth prospects and look forward to working with the Belgian Authorities to develop the long-term position of the airport of Brussels as a major player in Europe’s aviation market. Macquarie Airports’ experienced management team will work closely with BIAC to add value to the business.”

Completion of the Transaction, which is subject to receipt of customary regulatory approvals, is currently anticipated to occur around year end. At that time, as earlier indicated, the Royal Decree putting in place the regulatory framework and ensuring the continuity of employment rights will enter into effect. The proceeds of this Transaction accruing to the Belgian State will be used for debt reduction.