19.12.06

BBGP invests in Turkey’s leading airport operator

On 19 December 2006, Babcock & Brown Global Partners (“BBGP”) and Babcock & Brown (ASX: BNB) acquired a 6% equity interest in TAV Havalimanlan Isletme A.S. (“TAV Airports”), an airport operating company, which holds the concessions for the Istanbul, Ankara and Izmir airports in Turkey, and the Tbilisi airport in Georgia. These four airports presently service over 27 million passengers per annum. BBGP expects TAV Airports to benefit from capitalising on the significant passenger traffic growth in the airports currently operated and obtaining new airport concessions both in Turkey and overseas. TAV Airports has applied to the Istanbul Stock Exchange for a public offering of 17% of its share capital.

For further information please contact:
Marwan El-Asmar
Babcock & Brown Global Partners
Tel: +44 20 7203 7300

About Babcock & Brown Global Partners

Babcock & Brown Global Partners ("BBGP") is a €370 million co-investment fund with Babcock & Brown. BBGP has been established to invest exclusively in transactions originated and structured by Babcock & Brown on a global basis. BBGP has the right to participate in equity opportunities that Babcock & Brown are seeking to syndicate to third party investors.

About Babcock & Brown

Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.

Babcock & Brown operates from 23 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 810 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.

For further information about Babcock & Brown please see the website: www.babcockbrown.com

About TAV Airports

TAV Airports operates Istanbul’s Atatürk Airport, Ankara’s Esenboga Airport, and Izmir’s Adnan Menderes Airport in Turkey; and Tblisi’s airport in the Georgian Republic. The Group also includes Havas, a leading ground handling services company; ATU, Turkey’s largest duty free operator and BTA, a food and beverage company. TAV Airports is actively bidding for airport concessions and pursuing related business opportunities, both within Turkey and overseas.