Sydney Kingsford Smith Airport received (13-Sep-2021) a revised indicative, conditional and non binding proposal from the Sydney Aviation Alliance (the consortium) that provides for an acquisition, by way of scheme of arrangement and trust scheme, of 100% of the stapled securities in Sydney Airport at an indicative price of AUD8.75 (USD6.44) cash per stapled security. The further revised indicative proposal follows an initial indicative proposal from the consortium for AUD8.25 (USD6.08) cash per stapled security as announced on 05-Jul-2021, and a revised indicative proposal for AUD8.45 (USD6.22) cash per stapled security as announced on 16-Aug-2021, both of which the boards determined not to be in the best interests of Sydney Airport securityholders. The terms and conditions of the Further Revised indicative proposal are otherwise consistent with the proposal from the consortium announced by Sydney Airport on 16-Aug-2021. Sydney Airport intends to grant the Consortium the opportunity to conduct due diligence on a non exclusive basis to enable it to put forward a binding proposal, subject to entry into a Non-Disclosure Agreement on acceptable terms. That due diligence is expected to take four weeks from entry into the Non-Disclosure Agreement. Should the consortium pay AUD8.75 cash per stapled security then, subject to the parties entering into a binding scheme implementation agreement on terms acceptable to Sydney Airport and the airport completing an assessment of the conditionality of the binding offer to its satisfaction, the current intention of the Boards is to unanimously recommend that securityholders vote in favour of the proposal in the absence of a superior proposal.