New Airport

TBI PLC
24 September 1999



Contacts:     Keith Brooks, Chief Executive
              TBI plc                                          0207 408 7300

              George Casey, Managing Director
              AGI                                              0207 408 7300

              David Bick
              Holborn Public Relations                         0207 929 5599
                                                  [e-mail]



                                    TBI plc

                      Agreement on new airport in Spain

TBI, the international airport owner and operator, announces through its
subsidiary, Airport Group International ('AGI'), that it has signed a
conditional Protocol of Intent with Aeropuerto de Ciudad Real, S.A. ('ACR') to
act as the exclusive manager and operator of the new Airport to be built in
Ciudad Real (the 'Airport').

ACR is a special purpose company established by the Chamber of Commerce and
Industry and Diputacion Provincial of Ciudad Real.  The Chamber of Commerce
and Industry of Ciudad Real plays a very important role in the industrial
development of the region, and was the initial promoter of the Airport.

TBI is one of the world's leading airport managers and operators, and the new
Airport will benefit from the corporate expertise gained operating, managing,
or providing services at TBI's portfolio of more than 32 airports worldwide. 
In addition, to its role as manager and operator of the Airport, it is
anticipated that, through AGI, TBI will take a 20% equity stake in the special
purpose company that will be granted the 30-year concession to develop,
finance, and construct the Airport.

It will be constructed on a greenfield site near the City of Ciudad Real in
South-Central Spain and will be the first privately developed commercial
airport in Spain.  The Airport project has received overwhelming political
support at local, regional and national government level.

The technical and environmental studies necessary for Airport development are
close to completion. Construction of the basic infrastructure is anticipated
to begin during the first half of 2000, with completion some two years later.

The Airport is expected to serve both scheduled and charter passenger traffic
originating in a market area of approximately 2 million people.  It is also
expected to target the tourism market in the region, which is composed
primarily of visitors to Toledo, the ancient capital of Spain and the capital
of the Province of Castilla la Mancha.

The Airport is strategically located in a logistics crossroads serving the
Southern region of Spain and is also expected to serve air cargo traffic,
which is currently being transported by road to other European airports for
onward air transportation.

The Airport is being designed in cost-effective manner to grow as demand
requires - with 24-hour, full-service operation, no environmental constraints
and excellent transportation access.  Ciudad Real is currently served by
high-speed rail ('AVE') from Madrid.  When the Airport is operational, travel
time will be 35 minutes.  The proponents of the airport project are also
studying the possibility of direct AVE service to the Airport - as the site
borders the AVE right-of-way. 

Commenting on the Ciudad Real Airport project, George Casey, AGI's Managing
Director stated:

'Ciudad Real Airport fills a critical need in the air transportation
infrastructure of Southern Europe and Spain, in particular. AGI is proud of
its association with the project's proponents and looks forward to working
with our partners, local, regional and national governments, local
stakeholders and potential users of the facility to make the airport a
successful venture.'

Keith Brooks, TBI's Chief Executive added:

'The Ciudad Real Airport project represents an important extension of our
airport business into Southern Europe.  It also presents important market and
operational synergies with our network of airports in Europe.'