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New York, March 2007

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Operates in 10 airports in Turkey including Istanbul, Ankara, Izmir and Antalya ... Long-term concessions (Istanbul: 2021, Ankara:2023, Tbilisi: 2027) ... – PowerPoint PPT presentation

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Title: New York, March 2007


1
TAV AirportsTurkey The New Destination for
Direct Investment and Private EquityDr. Sani
SenerCEO, TAV Airports Holding
  • New York, March 2007

2
Agenda
  • TAV Airports Overview
  • IPO Summary
  • Conclusion

Istanbul AtatĆ¼rk Airport
3
TAV Airports Group
  • As
  • a successful example of PPP
  • a regional power
  • recently floated

4
TAV Airports HoldingAirport Service Companies
Airports
Duty Free
Food and Beverage
Ground Handling
Other
  • Turkey
  • Istanbul AtatĆ¼rk Airport (100)
  • Ankara Esenboga Airport (75)
  • Izmir Adnan Menderes Airport (Intl. Terminal)
    (95)
  • Georgia
  • Tbilisi International Airport (60)
  • OM, IT and Security
  • TAV OM (100)
  • CIP / VIP
  • Car park operations
  • TAV IT (96)
  • Airport IT services
  • TAV Security (67)
  • Security service provider in Istanbul, Ankara and
    Izmir
  • ATƜ (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
  • Havas (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

Notes (1) Based on number of flights for 9M06
5
Ownership Structure
Shareholders
Current Shareholder Structure
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)
6
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
7
Turkey is a Fast Growing Market
and Demand is Expected to be Strong
Turkish Aviation Market has Grown Rapidly
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
8
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 GƶkƧen Ist. Intl Airport
  • Antalya Airport Intl Terminal Project
  • Jordan Queen Alia Intl Airport

9
  • TAV Airports Overview
  • IPO Summary
  • Conclusion

Izmir Adnan Menderes International Terminal
8
10
Offering Summary
  • Global International Offer (69)
  • Outside US, institutional investors under Reg S
  • Public offer in Turkey (31)

Offer Structure
Offer Size
  • 18.4 free float including over allotment
  • Mix of 25 primary and 75 secondary shares
  • 320m offer with a MCap of 1,740m
  • TRY 10.00 (Price Range TRL 8.55 TRL 10.30 )

IPO Price
  • Istanbul Stock Exchange (ISE)

Listing
  • 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
    US1 trillion

Roadshow
  • 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

Reception from investors
11
  • TAV Airports Overview
  • IPO Summary
  • Conclusion

Istanbul AtatĆ¼rk International Arrivals
10
12
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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