Welcome To Coventry Airport

Coventry Airport Under New Ownership

5th January 2006

NEW OWNER FOR AIRPORT OPERATING COMPANY

5th January 2006 At a press conference held at Coventry Airport today the Airport operating company, West Midlands International Airport Limited (WMIAL), confirmed it was under new ownership.

100% of the Airport operating company has been acquired from TUI UK by CAFCO (Coventry) Limited (CAFCO-C), a new joint venture company constituting Howard Holdings plc, an Anglo Irish property development group, and Convergence-AFCO Holdings Ltd. (CAFCOHL) an Anglo American airport management and development company.

WMIAL will continue to operate as normal and the new owners have confirmed they plan to fully pursue the existing development plans for Coventry Airport. The Public Local Inquiry for a new permanent terminal capable of handling up to 2 million passengers per annum commences on 10th January and CAFCOHL plans for future investment are centred on the new terminal building and other supporting infrastructure.

Greg Coughlan the Chief Executive of Howard Holdings said, “I am delighted that we have formed a consortium with very powerful and experienced partners to be able to take up the exciting opportunities of developing Coventry Airport. I am convinced that CAFCO-C will be a major player in multiple regional airport ownership in Europe in the next several years and we see Coventry as being the launch pad to a very successful part of its ongoing business”

Alan Robinson, Chairman of CAFCO-C and CAFCOHL, together with Chuck Stipancic Chief Operating Officer of AFCO Inc. said, “We are fully committed to the planning application being considered and we plan to develop the airport within an environmentally sustainable programme. We are pleased that Bill Savage has agreed to take the position of Executive Chairman of WMIAL and as his focus will primarily be upon the planning inquiry issues, I am very happy that Adrian Jones, the current Finance Director will also step up to run the business as acting Managing Director. I am sure that the current team will benefit from our vast aviation, infrastructure and property experience and we look forward to the exciting challenges ahead.”

*** Ends***

Notes to editors:

For further information about Howard Holding plc click on www.howardholdings.com

And for Convergence-AFCO Holdings Limited click on www.cafcohl.com and www.afcoinc.com

Call Sue Lindsay at Coventry Airport on 02476 308681 and click on www.coventryairport.co.uk

Media Enquiries Contact: Sue Lindsay +44 (0) 2476 308681

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