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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New York, March 2007

TAV Airports“Turkey: The New Destination for Direct Investment and Private Equity”

Dr. Sani ŞenerCEO, TAV Airports Holding

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Agenda

TAV Airports Overview

IPO Summary

Conclusion

Istanbul Atatürk Airport

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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

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TAV Airports Holding:Airport & Service Companies

Airports Duty FreeFood 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

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18.4% free float (post-over allotment)

Ownership Structure

ShareholdersCurrent Shareholder Structure

18,40%

4,92%

5,00%

15,71%

18,86%

5,16%

3,15%

28,80%

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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)

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Investment Highlights

#1 Airport

TerminalOperator 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 RegulatoryFramework 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

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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

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100

200

300

1995 1997 1999 2001 2003 2005

GDP Tourist Arrivals Total Passengers

Source: DHMI, ATI, Passenger figures for 2006Notes: (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

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 (1995-2005) 2005 - 2009 annual passenger growth forecast(3)

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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. Int’l Airport

Antalya Airport Intl Terminal Project

Jordan – Queen Alia Intl Airport

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TAV Airports Overview

IPO Summary

Conclusion

Izmir Adnan Menderes International Terminal

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Offering Summary

Global International Offer (69%) Outside US, institutional investors under Reg S

Public offer in Turkey (31%)

TRY 10.00 (Price Range TRL 8.55 – TRL 10.30 )

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

TAV Airports Overview

IPO Summary

Conclusion

Istanbul Atatürk International Arrivals

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February 1998 March 2007

Istanbul Ataturk International Airport

TAV

Airports

TAV

Construction

Doha International Airport Cairo International Airport

TAV has just won the Enfida and MonastirAirportsTender of Tunusia

Istanbul Ataturk International Airport

Ankara Esenboga International Airport

Izmir Adnan Menderes International Airport

Tblisi International Airport

Batumi International Airport