INTERVIEW WITH KERRIE MATHER, CHIEF EXECUTIVE OFFICER, MACQUARIE AIRPORTS (MAP)

“EBITDA Increases 12.8% Over PCP”

http://www.brr.com.au/event/48860

FRIDAY, AUGUST 1, 2008, 11:30 AM.

            BRR    Boardroom Radio this morning welcomes the Chief Executive Officer of Macquarie Airports, Miss Kerrie Mather, who joins us today to discuss

10                    Brussels Airport’s 2008 first half results. Macquarie Airports has a 62.1% interest in Brussels. Brussels reported a strong 12.8% growth in EBITDA for the first half of 2008. What were the key areas driving the result?

            MAP     Yes. We are very pleased with the result that we are announcing for Brussels airport today. The 12.8% growth in the first half of 2008 was driven by solid

15                    performances across all areas of the business, particularly in commercial activities and operational cost management.

            BRR    Traffic growth seems to be holding up relatively well considering the current environment of high fuel prices.

20        MAP     Yes, the Jet Airways European Hub strategy has been a significant contributor to the growth and our airline marketing efforts continue to bear fruit with the ongoing expansion of low cost and full service carriers of the airport. In an environment of high fuel prices, we recognize that our airline customers face challenging operating conditions and while Brussels airport is

25                    not totally immune to the airline capacity reduction, the results for the first half of 2008 demonstrates resilience of the airport operating model and the importance of owning the right airports.

            BRR    And, Kerrie, the commercial business has continued to expand?

30        MAP     Yes, the new retail concepts that we have introduced, particularly in food and beverage, are performing really well. These include the Grab and Fly units that opened in the middle of last year and the new Delifrance unit in the departures hall earlier this year. Our car parking offering continues to be in demand with all the car parks at near capacity at peak times. Going forward,

35                    we have earmarked a car parking initiative to expand the offering in order to meet the ever growing demand.

            BRR    And finally, Kerrie, cost seems to be well contained with growth of just 1.1% in the first half of 2008.

40        MAP     Yes, 1.1% growth in total operating costs for the first half was very pleasing and was achieved despite a national indexation of salaries occurring in both February and June this year. Since our acquisition we have put in place numerous cost management initiatives and we expect to see further efficiency gains which will be delivered from continuous strict cost control across the

45                    airport.

            BRR    Kerrie, as always, we appreciate your time today. We look forward to catching up with you soon.

            MAP     Thanks, Cameron.

            BRR    That has been Kerrie Mather, the Chief Executive Officer of Macquarie Airports speaking to us on Boardroom Radio.

INTERVIEW CONCLUDED

Contact brr@brr.com.au for more information

DISCLAIMER: Transcripts made available by Boardroom Radio.com is a free service whereby the transcripts are created by one or more third party contractors without any involvement or oversight by Boardroom Radio.com or the respective company, firm, partnership or individual that is being transcribed.  Boardroom Radio.com and its contractors, client companies, firms, partnerships and guest speakers (paid or otherwise) do not invite reliance upon, nor accept responsibility for, the information they provide. Boardroom Radio.com makes every effort to provide a high quality service. However, neither Boardroom Radio.com, its transcript providers, nor the providers of any other written or oral data made available on the Boardoomradio.com site (and its partner sites) give any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided. Users should confirm information from another source if it is of sufficient importance for them to do so. Boardroom Radio.com, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this site, or for any negligent misstatements, errors or omissions.