Result of Recommended Tender Offer for Shares of Københavns Lufthavne A/S (Copenhagen Airports)

14 December 2005

Macquarie Airports Copenhagen ApS (“MAp Copenhagen”) is pleased to announce that its Tender Offer to the shareholders of Københavns Lufthavne A/S (“Copenhagen Airports” or “CPH”) is now unconditional and will be completed.

On 24 October 2005, MAp Copenhagen submitted a voluntary conditional public tender offer (the “Tender Offer”) for the acquisition of all the issued shares and voting rights in Copenhagen Airports to the shareholders of CPH. The board of directors of Copenhagen Airports announced upon launch of the Tender Offer that it unanimously recommended that CPH shareholders accept the Tender Offer.

On 9 December 2005 at 8 p.m. (Danish time) the Tender Offer expired. At that time MAp Copenhagen owned or had received valid acceptances pursuant to the Tender Offer in respect of an aggregate of 2,992,341 CPH shares of nominal value DKK 100 each. In aggregate with the Initial MAp Copenhagen shareholding of 1,119,676 CPH shares, this corresponds to 52.4% of the issued shares and voting rights of CPH and satisfies the condition of the Tender Offer relating to a minimum shareholding of more than 50%.

“We are very pleased with the strong positive response to the Tender Offer, and very excited to be welcoming Copenhagen Airports into the MAp portfolio,” said CEO of Macquarie Airports, Kerrie Mather.

“Copenhagen Airport is the major hub airport serving a strong catchment area in Denmark and southern Sweden. The airport already has the capacity to handle significant passenger growth and potential to further expand its commercial and property-related businesses. The recent removal of the DKK 75 Danish Government Passenger Charge is expected to stimulate further growth in new airline services.

“We look forward to working with Copenhagen Airports’ skilled management and staff to maximise further growth. We will continue to support management’s plans for maintenance of its outstanding ratings for service quality and enhancing its position as a leading European hub. Copenhagen Airports is now MAp’s second largest European asset, and accounts for approximately 15% of the value of MAp’s investment portfolio,” Ms Mather said.

On 5 December 2005, unconditional approval for completion of the Tender Offer had been obtained from the European Commission.

MAp Copenhagen considers all conditions of the Tender Offer to have been satisfied and confirms that it will complete the Tender Offer and acquire the CPH shares in respect of which CPH shareholders have accepted the Tender Offer. Settlement will be effected as soon as possible, and MAp Copenhagen expects that settlement will take place on Monday 19 December 2005, on which date it is expected that CPH shareholders will receive payment for their CPH shares through the Danish Securities Centre (Værdipapircentralen).

For further information, please contact:

Karen Smith
Corporate Communications Manager
Macquarie Bank
Tel: (44) (0) 20 7065 2420

This announcement does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the Tender Offer or otherwise. The Tender Offer has been made solely by the Tender Offer document, which contains the full terms and conditions of the Tender Offer, including details of how the Tender Offer may be accepted. The availability of the Tender Offer to shareholders of Københavns Lufthavne A/S who are not resident in and citizens of Denmark may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. Further details in relation to overseas shareholders are contained in the Tender Offer document.