Fraport Consortium Launches Construction of New Terminal at St. Petersburg's Pulkovo Airport

By Fraport Ag, PRNE
Tuesday, November 23, 2010

FRANKFURT, November 24, 2010 - Fraport AG and its partners in the Northern Capital Gateway
consortium today held the festive terminal foundation ceremony - attended by
Russian prime minister Vladimir Putin and St. Petersburg city governor
Valentina Matvienko — to mark the construction launch of a new international
passenger terminal at St. Petersburg Pulkovo Airport (LED) and the start of a
new aviation era in Russia's second largest metropolis. Speaking at the
ceremony, Fraport AG's executive board chairman Dr. Stefan Schulte said:
"Today, our consortium has reached another important milestone, only seven
months after the successful takeover of airport operations at Pulkovo
Airport. During the next three years we will witness the development and
transformation of Pulkovo into a highly attractive gateway in Northern

Schulte was accompanied on his trip to St. Petersburg by Prof.
Klaus-Dieter Scheurle, parliamentary state secretary in the German Ministry
of Transport, and Uwe Becker, city treasurer for Frankfurt am Main -
underscoring the importance of Fraport's Russian project for Germany and for
the global airport company's home town.

Fraport has a 35.5 percent holding in the Northern Capital
Gateway consortium, which is advancing the development of Pulkovo Airport.
The other partners include VTB Bank (50 percent), Cypriot investor Koltseva
Holdings Ltd. (7.5) and Copelouzos Group of Greece (7 percent).

Running for 30 years, the airport concession focuses in the
first construction phase on building a new passenger terminal, which is
scheduled to be completed by the end of 2013. Phase one also includes
expanding apron areas, modernizing existing infrastructure and constructing a
hotel and business center on land bordering the airport. Until 2010, the
planned investment volume will reach EUR800 million.

Drawing upon its decades of expertise, Fraport AG is
supporting Pulkovo Airport with the planned construction activities as well
as airport operations. Responsible for core functions at LED, Fraport
provides the chief operations officer, chief financial officer, head of
information technology, as well as many other operational experts.

Serving about 6.7 million passengers in 2009, LED is Russia's
fourth largest aviation gateway after the three Moscow airports. By October
, LED already exceeded the seven million passenger level, nearly a 27
percent jump in traffic compared to the same 10-month period last year.
Traffic is expected to hit 8.4 million passengers for the entire year of
2010. Pulkovo ( - which is situated less
than 20 kilometers from downtown St. Petersburg - features two runways for
independent takeoffs and landings and two passenger terminals for domestic
and international traffic. Currently, LED is served by more than 70 airlines
flying to about 130 destinations in Russia, Europe and Asia.

Known as the "Venice of the North", St. Petersburg is a
beautiful and historic city of five million inhabitants. Welcoming
approximately 4.6 million visitors last year, St. Petersburg is well on its
way to becoming one of Europe's most popular tourist destinations. St.
is an important business, cultural and educational center in
Russia. A growing and diverse range of international companies have already
located in the region. Useful Web sites include:

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    For Further Information, Please Contact:
    Fraport AG Frankfurt Airport Services Worldwide
    Robert A. Payne, B.A.A. - Senior Mgr. International Press & PR

    International Spokesman, Press Office (Dept. UKM-PS),
    Corporate Communications, 60547 Frankfurt am Main, Germany
    Tel.: +49-69-690-78547; Fax: +49-69-690-55071;

For Further Information, Please Contact: Fraport AG Frankfurt Airport Services Worldwide, Robert A. Payne, B.A.A. - Senior Mgr. International Press & PR, International Spokesman, Press Office (Dept. UKM-PS), Corporate Communications, 60547 Frankfurt am Main, Germany, Tel.: +49-69-690-78547; Fax: +49-69-690-55071; E-mail: r.payne at;

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