Disposal

TBI PLC
5 March 2001

                             
                          TBI plc
                             
                 Sale of Australian Assets
                             
TBI  plc  ('TBI'), the UK based regional airport  operator,
announces  the  disposal of all of its  Australian  airport
interests  and  assets for a cash consideration  of  A$86.0
million   (£31.2  million),  to  Hobart  Ports  Corporation
Proprietary Limited ('HPCP') and a consortium including BAA
plc ('BAA'), the Australian Infrastructure Fund ('AIF') and
the Utilities Trust of Australia ('UTA').

The  airport  assets,  all  of which  are  minority  equity
interests,  include  a 16.1 per cent.  equity  interest  in
Perth  International  Airport,  a  19.9  per  cent.  equity
interest  in  airports  in the Northern  Territory  (Darwin
International  Airport, Alice Springs Airport  and  Tennant
Creek Airport) and a 30 per cent. equity interest in Hobart
International  Airport. Completion of  the  transaction  is
subject  to  Australian  Foreign  Investment  Review  Board
approval  and  is  expected to  occur  by  April  2001.  In
conjunction  with  these disposals,  TBI  is  selling  five
technical services agreements relating to these airports.

The  interests  and  assets being disposed  of  were  first
acquired  by  Airport  Group  International  Holdings   LLC
('AGIH'), which TBI purchased in September 1999. As  at  31
March  2000, the airport interests and assets were held  on
TBI's  balance  sheet  at  A$68.7m  (£25.0  million).  This
disposal  will  generate an exceptional profit  before  tax
(net  of  disposal costs) of approximately  A$15.0  million
(£5.4  million), representing a 20 per cent.  premium  over
the price paid by AGIH. In the period 20 September 1999  to
31 March 2000, the airport interests and assets generated a
profit  before  tax  of approximately A$2.2  million  (£0.8
million).

The  sale  of  these  interests and  assets  represents  an
important  step  in the rationalisation of  TBI's  non-core
minority investments. The proceeds of the disposal will  be
used to reduce TBI's borrowings.

Commenting on the sale TBI's Chief Executive, Keith  Brooks
said:

  'I  am  delighted to announce the profitable sale of  our
Australian   minority  equity  interests   and   management
contracts  which  is  a key milestone in  our  strategy  of
owning  and  managing assets only where we have operational
control.   Minority  interests, such  as  these  Australian
holdings are not core to our future strategy'.

Note:
The  exchange rate used in this announcement is A$ 2.75  to
£1.00, being the rate at the last practicable time prior to
this announcement.

Keith Brooks
Caroline Price
TBI plc                              Tel:  [phone]


Charles Ryland
Buchanan Communications Ltd          Tel: [phone]