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TAV Airports “ Turkey: The New Destination for Direct Investment and Private Equity” Dr. Sani Şener CEO, TAV Airports Holding. New York, March 2007. Agenda. TAV Airports Overview IPO Summary Conclusion. Istanbul Atatürk Airport. TAV Airports Group. As a successful example of PPP

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slide1

TAV Airports“Turkey: The New Destination for Direct Investment and Private Equity”Dr. Sani ŞenerCEO, TAV Airports Holding

New York, March 2007

agenda
Agenda
  • TAV Airports Overview
  • IPO Summary
  • Conclusion

Istanbul AtatürkAirport

tav airports group
TAV Airports Group

As

  • a successful example of PPP
  • a regional power
  • recently floated
tav airport s holding airport service companies
TAV Airports Holding:Airport & Service Companies

Airports

Duty Free

Food and

Beverage

Ground

Handling

Other

Turkey

  • Istanbul Atatürk Airport (100%)
  • Ankara Esenboğa Airport (75%)
  • Izmir Adnan Menderes Airport (Intl. Terminal) (95%)

Georgia

  • Tbilisi International Airport (60%)

ATÜ (50%)

  • Largest duty free operator in Turkey
  • Partner with Unifree – leading German travel retailer (Travel Value)

BTA (67%)

  • 44 outlets with a total seating capacity of 4,500 in Istanbul
  • Operates Istanbul Airport Hotel
  • Bakery & pastry factory serving Starbucks in Turkey

Havaş (60%)

  • Traffic, ramp and cargo handling
  • Major groundhandler in Turkey with a c.47%(1) market share
  • Operates in 10 airports in Turkey including Istanbul, Ankara, Izmir and Antalya

O&M, IT and Security

  • TAV O&M (100%):
    • CIP / VIP
    • Car park operations
  • TAV IT (96%):
    • Airport IT services
  • TAV Security (67%):
    • Security service provider in Istanbul, Ankara and Izmir

Notes: (1) Based on number of flights for 9M06

slide5

Ownership Structure

Current Shareholder Structure

Shareholders

Founding shareholders

1. Tepe – Turkish integrated conglomerate focused on infrastructure and construction

2. Akfen – holding company operating in the construction, tourism, foreign trade, insurance and natural gas sectors

3. Sera Yapi Endustrisi – family of Dr. Sani Sener, CEO of TAV Airports

New shareholders

4. Goldman Sachs (Dec 2006)

5. Babcock & Brown – infrastructure fund (Dec 2006)

6. Global Investment House – a Kuwait based fund (Aug 2006)

7. IDB Infrastructure fund – Bahrain based private investment vehicle affiliated with the Islamic Development Bank (Apr 2006)

8

1

7

6

2

5

3

4

18.4% free float (post-over allotment)

investment highlights

#1

Airport

Terminal

Operator in Turkey

Clear Regulatory

Framework and

Earnings Visibility

  • Buoyant Turkish economy  strong passenger growth
  • Diversified portfolio with leading market position (47% market share(1))
  • Large catchment areas (74m population(2))
  • Agreed regulatory framework providing hard currency fees
  • Long-term concessions (Istanbul: 2021, Ankara:2023, Tbilisi: 2027)
  • Fixed cost base and minimal ongoing capex(3) high cash flow conversion
Investment Highlights

Notes: (1) Based on 2006 number of passengers(2) TURKSTAT estimate (2007)

(3) Minimal capex on existing concessions as all terminals are brand new. Also, the lease agreement for Istanbul mentions no additional mandatory capex for TAV

turkey is a fast growing market
Turkey is a Fast Growing Market

Turkish Aviation Market has Grown Rapidly…

… and Demand is Expected to be Strong

GDP and tourism growth (1995-2005)

2005 - 2009 annual passenger growth forecast(3)

  • GDP growth 7.5%(1) over the last four years
  • In 2005 foreign visitors reached 21.1m(2) (tourism approx 5% of GDP)
  • Deregulation of domestic market
  • Limited alternative transport infrastructure
  • 2nd largest country in Europe (74m)

The market is expected to grow by almost 9% over the next few years

Source: DHMI, ATI, Passenger figures for 2006

Notes: (1) TURKSTAT; (2) Ministry of Culture and Tourism

Source: IATA, Top 10 highest growth countries with over 2m annual passengers (05-09)

Notes: (3) Ranked by average annual growth rate for the 2005-09 forecast period

well positioned for additional concessions
Well Positioned for Additional Concessions

Upcoming tenders in the region

  • Significant upcoming domestic and international concession tenders
  • Targeted approach to concession bidding in the region
  • Strategic shareholder base and internationally recognised JV partners
  • Development of our retail business
  • Favourable tender characteristics:
    • Limited competition
    • Political stability
    • TAV differentiating factor
    • Strict price / profitability criteria
    • Middle Eastern & African concessions with reasonable price tag

Key upcoming tenders:

  • Sabiha Gökçen Ist. Int’l Airport
  • Antalya Airport Intl Terminal Project
  • Jordan – Queen Alia Intl Airport
slide9
TAV Airports Overview
  • IPO Summary
  • Conclusion

Izmir Adnan Menderes International Terminal

8

offering summary
Offering Summary

Offer Structure

  • Global International Offer (69%)
    • Outside US, institutional investors under Reg S
  • Public offer in Turkey (31%)
  • 18.4% free float including over allotment
  • Mix of 25% primary and 75% secondary shares
  • $320m offer with a MCap of $1,740m

Offer Size

IPO Price

  • TRY 10.00 (Price Range TRL 8.55 – TRL 10.30 )

Listing

  • Istanbul Stock Exchange (“ISE”)

Roadshow

  • 10 cities visited in Europe and Middle East
  • 11 day roadshow comprising 48 one-on-one meetings, conference calls with 11 investors and group meetings with 54 investors
  • In total, management presented to over 113 investors, managing equity assets worth more than US$1 trillion

Reception from investors

  • c.$5 billion worth of bids received, 16 times oversubscribed
    • International demand: c.$4 billion (18x oversubscribed), demand from 149 foreign investors
    • Domestic demand: c.$1 billion (10x oversubscribed), demand from 18,428 domestic investors
  • Positive aftermarket performance
slide11
TAV Airports Overview
  • IPO Summary
  • Conclusion

Istanbul Atatürk International Arrivals

10

february 1998
February 1998

March 2007

TAV Airports

Istanbul Ataturk International Airport

Ankara Esenboga International Airport

Izmir Adnan Menderes International Airport

Istanbul Ataturk International Airport

Tblisi International Airport

Batumi International Airport

TAV has just won the Enfida and Monastir

AirportsTender of Tunusia

TAV Construction

Doha International Airport

Cairo International Airport

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