TAV Airports acquired 35% of Havaş shares from İş Private Equity and HSBC Investment Bank Holdings f

TAV Airports bought 35% shares of Havaş (Havaalanları Yer Hizmetleri A.Ş.), the leading ground handling services provider in Turkey from İş Private Equity, an indirect affiliate of İşbank (Türkiye İş Bankası A.Ş.) and HSBC Investment Bank Holdings in exchange for a total consideration of €80 million.

The statements regarding the subject are as follows:

TAV Airports President & CEO M. Sani Sener, "Today marks an important milestone in the history of HAVAŞ, Turkey's first and foremost ground handling services company, which currently serves at 23 airports in Turkey. Three years ago we sealed a partnership with two highly reputable partners, İş Private Equity and HSBC Principal Investments to support HAVAŞ's growth ambitions under TAV Airports management. With this transaction we injected €102 million into TAV Airports Holding. During these three years, together with our financial partners we have managed to turn HAVAŞ into a multinational ground handling company that is clearly uncontested in its home country. With the addition of Turkish Ground Services ("TGS") to its subsidiaries, HAVAŞ has more than doubled the number of aircraft it serves in the Turkish market. On the other hand, the acquisition of HAVAŞ Europe has turned HAVAŞ into a multinational ground handling company providing service in six countries.

As HAVAŞ has blossomed into a more commanding and diversified asset in the ground handling sector, our expectations from the future performance of HAVAŞ have never been higher. We are hence very pleased to take over HAVAŞ fully at this point in time. Our partnership with HSBC Investment Bank Holdings and İş Private Equity has indeed been a very fruitful one."

Dr. Ahmet Erelçin, Managing Director of HSBC Principal Investments, Vice-Chairman of Board of Directors of HSBC Portföy Yönetimi A.Ş., which provided consultancy services to HSBC Investment Bank Holdings during the sale process, drew attention to Turkey's growing importance each passing day towards becoming a regional transportation hub and spoke as follows regarding the acquisition: "We have invested in with a mission to support Havaş to keep up its strong performance on the back of the significant progress recently demonstrated by the Turkish aviation sector. As planned, Havaş's buoyant position in its sector and its dynamic business model have allowed the company to reach a higher plateau in a very short time. The unique collaboration realized together with the dynamic TAV family has led to mutually beneficial results for all parties." Mr Erelçin continued "Havaş makes significant contribution to the development of the Turkish aviation sector, as can be understood from the superior performance it has demonstrated under the roof of TAV Airports and a number of international quality awards it holds. In addition to this added value, Havaş helps Turkish aviation to attain prominence at the international arena by exporting the experience and knowledge it holds through its international subsidiaries".

Murat Özgen, CEO of İş Private Equity said, "Our investment in Havaş has been an example of us fulfilling our goal to provide support to companies which create value for the Turkish economy.

It has been a real pleasure working in this industry together with such a strong partner and we are very happy to have contributed to the transformation process of Havaş. We hereby would like to thank TAV Airports and Havaş together with the management team for having successfully coordinated this process.

It has been such a remarkable decade for the Turkish aviation industry during which we have witnessed a quicker-than-the-eye liberalization process and consecutive years of double digit growth. The industry has proved resilient even during the global economic crisis starting in 2008 and has demonstrated 15% compounded annual growth rate between 2002 and 2011. This has eventually increased the appetite for foreign investment, as a result of which, Aéroports de Paris Group has acquired 38% of TAV Airports in May 2012, a landmark investment in the sector that coincided with the attainment of our business plan goals at Havaş. Havaş and its subsidiaries have almost doubled the number of aircraft they served and number of countries served from two to six during our partnership with TAV Airports."