PRESS RELEASE
27/03/2008

Dexia successfully closed a EUR 505 m long term loan for the refinancing of the Istanbul Atatürk Airport

Brussels, Paris, 27 March 2008 - Dexia, jointly with its Turkish subsidiary DenizBank A.S., closed as Mandated Lead Arranger, along with two other banks, the refinancing of TAV Istanbul's existing debt facilities.

TAV Istanbul, a subsidiary of TAV Airports, has been operating since July 2005 Istanbul Atatürk Airport's international and domestic terminals, as well as the car park and the general aviation terminal under an operational Lease Contract with DHMI, the Turkish airports authority. The Contract expires in January 2021.

TAV Airports, the leading airports operator in Turkey, is listed on the Istanbul stock exchange. Its main shareholders are Tepe and Akfen, two leading Turkish contracting companies.

Turkey's gateway to the world, Istanbul Atatürk Airport is the most important airport in Turkey in terms of passenger traffic and number of domestic and international destinations. In 2006, the Atatürk Airport serviced 21.3 million passengers and accounted for 35% of the total air passenger traffic in Turkey.

The financing for the Project comprises two 11-year loan facilities:

  • (i) a EUR 440 million facility to refinance the existing debt
  • (ii) a EUR 65 million capex facility to fund TAV Istanbul's expansion plans

The syndication of those facilities was oversubscribed with a total of 10 international and local banks joining the Mandated Lead Arrangers.

Dexia is also acting as Facility Agent and Hedging Bank.

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Dexia (www.dexia.com) is a European bank, and world leader in public / project finance. With a stock market capitalisation of EUR 20.3 billion as at 31 December 2007, Dexia is among the fifteen largest financial institutions in the euro zone. On the same date, the Group had more than 34,000 members of staff in 37 countries. Dexia has one of the best credit ratings in the banking sector. Its development strategy relies on two pillars: universal banking in Europe (Belgium, Luxembourg, Slovakia and Turkey), public / project financing at a world level.

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