AI Airports Intl ADC : Investor update for AI Airports International Limited

INFORMATION FOR CERTIFICATE HOLDERS

Investor update for AI Airports International Limited

AI Airports International Limited

1st Floor, 7 Bond Street St Helier, Jersey JE2 3NP Channel Islands

Jersey/Vienna December 23, 2011 - The Board of Directors of AI Airports International Limited (AI) provides further information regarding the decision of the arbitration panel in the Austrian arbitration proceedings against Meinl Bank AG (Meinl Bank) as originally announce on
19 December 2011.
The primary claims presented to the arbitration panel related to the level of Meinl Bank's fees under the Placement and Market Maker Agreement. The majority of the arbitration panelists were persuaded by the testimony of Meinl Bank's experts and Meinl Bank's legal arguments that the fees charged by Meinl Bank were not excessive when compared to the fair market value of the services provided by Meinl Bank as described in the Placement and Market Maker Agreement. This point was core to the entire case. In addition, the arbitration panel held that Meinl Bank's counterclaim for a stock commission was without merit. Finally, as regards AI's supplementary claim regarding wrong calculation of fees under the Placement and Market Maker Agreement, as previously communicated, the arbitration panel decided in favor of AI. Whilst the Board of Directors of AI is clearly disappointed that the arbitral panel did not share the view of AI's legal counsel and experts with respect to AI's primary claims regarding the Placement and Market Maker Agreement, AI needs to respect their decision.
The Board of Directors wishes to revise the guidance regarding the range of potential outcomes provided to Certificate Holders in the press release dated 4th July 2011. The Board of Directors revises its estimate of further cash repayments to Certificate Holders, in addition to cash repayments to date of EUR 5.17, to between EUR 0.18 and EUR 0.22 per share/certificate, excluding certificates held by AI. This compares to previous guidance of further cash repayments between EUR 0.18 and EUR 0.72.
The AI Board sets out its range of additional estimated outcome by category below, subject to the disclaimer below:

Estimated Low - TEUR

Estimated High - TEUR

Estimated Low - EUR per ADC

Estimated High - EUR per ADC

Cash - 30 Nov 2011 16,233 16,233 0.24 0.24

Remaining assets and litigation (625) 2,200 (0.01) 0.03

Provisions for remaining costs (839) (684) (0.01) (0.01) Austrian Arbitration (522) (522) (0.01) (0.01) Contingency (2,000) (2,000) (0.03) (0.03)

Net 12,247 15,227 0.18 0.22

Disclaimer

The information presented above has not been independently verified and no representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.

INFORMATION FOR CERTIFICATE HOLDERS

AI Airports International Limited

1st Floor, 7 Bond Street St Helier, Jersey JE2 3NP Channel Islands

None of AI or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arisingin connection with this document.

This document includes forward looking statements. By their nature, forward looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. No undue reliance should be placed on these forward looking statements.

This document does not constitute an offer or invitation to purchase or subscribe for any certificate of AI and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Please address any inquiries to:

Investor Relations & Public Relations

Metrum Communications GmbH Mick Stempel

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