Changi Airports International consortium wins auction for 25-year concession to manage Antonio Carlo

Changi Airports International (CAI), a wholly-owned subsidiary of Changi Airport Group (CAG), today announced that its consortium partnership with Odebrecht TransPort (OTP) has won the right to the concession for the expansion, maintenance and development of Antonio Carlos Jobim International Airport (Galeão) in Rio de Janeiro.

With the offer of R$19.02 billion for the concession, 293% above the minimum bid of R$4.83 billion, the consortium will invest around R$5 billion up to the end of the concession period of 25 years. A Special Purpose Vehicle to manage Galeão Airport will be composed of 51%-participation, by OTP and CAI, with 49% participation by Infraero, Brazil's state-run airport management company.

The winning consortium features the specialised and complementary competencies necessary for world-class airport management and operations and for the immediate accomplishment of the important investments that will be made in Galeão Airport. OTP is an investor and operator in public transport service concessions, in the areas of urban mobility, highways and integrated logistics systems, and will now start its role as an airport investor and operator. CAI is an investor and manager of airports in various parts of the world. Its parent, CAG, operates and manages the highly acclaimed Singapore Changi Airport that has already received over 450 awards for exceptional performance in customer experience, service and operating efficiency.

GALEÃO AIRPORT

According to the consortium's investment plan, the Galeão Airport will increase its capacity to more than 60 million passengers by the end of concession, thus consolidating its status as the international gateway for Brazil and South America. In 2012, 17.5 million passengers passed through Galeão. The first phase of construction will include the building of an additional 26 aerobridges and car parks by April 2016.

The new concessionaire is scheduled to start its activities in the third quarter of 2014, after the contract signature (foreseen for March 2014) and a transition phase. During the most intense work period, the expanded operations and infrastructure development will create additional employment.

CHANGI AIRPORT AND ODEBRECHT TRANSPORT

To Lim Liang Song, Chief Executive Officer of CAI, starting its first airport investment in Brazil is an important step towards expanding the company's international business. "Together with our partners, we are committed to providing an airport infrastructure that provides passengers and visitors with a positive and enjoyable experience. We look forward to working with Infraero to develop a high level of operating efficiency. We would also share the experience that the Changi Airport Group acquired in managing Singapore Changi Airport and from our airport investments and consulting elsewhere."

Mr Lee Seow Hiang, Chief Executive Officer of CAG, said, "The Latin American aviation market presents many growth opportunities which we are excited and optimistic about. This investment signifies an important step forward for CAG and CAI in terms of our presence in a new and important market, and gives us the valuable opportunity to participate and contribute to the region's aviation growth. We look forward to working closely with our partners to develop Galeão Airport into a vibrant and successful air hub."

"Our priority will be the rendering of high-quality services to the passengers and users, thus being able to achieve the best international standards. Additionally, we must focus immediately on the expansion of the Galeão Airport. Sharing the experiences acquired by Infraero, which will also be a member of the future concessionaire to be created, will be instrumental in the accomplishment of our targets", said Mr Paulo Cesena, President of OTP.