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0 New York, March 2007 TAV AirportsTurkey: The New Destination for Direct Investment and Private Equity Dr. Sani Şener CEO, TAV Airports Holding.

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Presentation on theme: "0 New York, March 2007 TAV AirportsTurkey: The New Destination for Direct Investment and Private Equity Dr. Sani Şener CEO, TAV Airports Holding."— Presentation transcript:

1 0 New York, March 2007 TAV AirportsTurkey: The New Destination for Direct Investment and Private Equity Dr. Sani Şener CEO, TAV Airports Holding

2 1 \\nlon14p20505a\GIS$\Verticals\Transport and Logistics (TPT)\Clients2\TAV\IPO 2006\Other\Roadshow\TAV Roadshow presentation FINAL v9 (No Script).ppt /1 Agenda TAV Airports Overview IPO Summary Conclusion Istanbul Atatürk Airport

3 2 \\nlon14p20505a\GIS$\Verticals\Transport and Logistics (TPT)\Clients2\TAV\IPO 2006\Other\Roadshow\TAV Roadshow presentation FINAL v9 (No Script).ppt /2 TAV Airports Group As a successful example of PPP a regional power recently floated As a successful example of PPP a regional power recently floated

4 3 LODOCS1 - #172131v14 /3 TAV Airports Holding: Airport & Service Companies AirportsDuty Free Food and Beverage Ground Handling Other 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 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 Notes: (1) Based on number of flights for 9M06

5 4 LODOCS1 - #172131v14 /4 18.4% free float (post-over allotment) Ownership Structure ShareholdersCurrent 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 6

6 5 LODOCS1 - #172131v14 /5 Investment Highlights #1 Airport Terminal Operator in Turkey Buoyant Turkish economy strong passenger growth Diversified portfolio with leading market position (47% market share (1) ) Large catchment areas (74m population (2) ) Clear Regulatory Framework and Earnings Visibility 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 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 6 LODOCS1 - #172131v14 /6 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) Turkey is a Fast Growing Market 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 forecast period The market is expected to grow by almost 9% over the next few years … and Demand is Expected to be StrongTurkish Aviation Market has Grown Rapidly… GDP and tourism growth ( ) annual passenger growth forecast (3)

8 7 LODOCS1 - #172131v14 /7 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 Well Positioned for Additional Concessions Upcoming tenders in the region Key upcoming tenders: Sabiha Gökçen Ist. Intl Airport Antalya Airport Intl Terminal Project Jordan – Queen Alia Intl Airport

9 8 LODOCS1 - #172131v14 /8 TAV Airports Overview IPO Summary Conclusion Izmir Adnan Menderes International Terminal 8

10 9 LODOCS1 - #172131v14 /9 Offering Summary Global International Offer (69%) Outside US, institutional investors under Reg S Public offer in Turkey (31%) TRY (Price Range TRL 8.55 – TRL ) Istanbul Stock Exchange (ISE) 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 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 Offer Size IPO Price Roadshow Reception from investors Offer Structure Listing 18.4% free float including over allotment Mix of 25% primary and 75% secondary shares $320m offer with a MCap of $1,740m

11 TAV Airports Overview IPO Summary Conclusion Istanbul Atatürk International Arrivals 10

12 11 LODOCS1 - #172131v14 /11 February 1998 March 2007 Istanbul Ataturk International Airport TAV Airports TAV Construction Doha International AirportCairo International Airport TAV has just won the Enfida and Monastir AirportsTender of Tunusia Istanbul Ataturk International Airport Ankara Esenboga International Airport Izmir Adnan Menderes International Airport Tblisi International Airport Batumi International Airport


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