TAV Airports Holding Management Presentation September 2013

TAV Airports HoldingManagement Presentation

September 2013

Traffic Performance

3.50

2013 2012 2011 2010

January‐July FY

Passengers (1) 2012 2013 Chg % 2011 2012 Chg %

Ataturk Airport 25,035,324 28,934,579 16% 37.394.694 44.998.508 20%International 16,506,475 19,104,053 16% 23.973.158 29.717.196 24%Domestic 8,528,849 9,830,526 15% 13.421.536 15.281.312 14%

16% YTD

Istanbul International Pax (m)

2.00

2.50

3.00Esenboga Airport (2) 5,343,900 6,170,261 15% 8.485.467 9.237.886 9%International 878,280 910,838 4% 1.405.395 1.574.039 12%Domestic 4,465,620 5,259,423 18% 7.080.072 7.663.847 8%Izmir Airport (3) 5,278,619 5,733,343 9% 8.523.533 9.356.284 10%International 1,309,426 1,294,936 ‐1% 2.398.457 2.411.257 1%Domestic 3,969,193 4,438,407 12% 6.125.076 6.945.027 13%Gazipaşa Airport 34,304 189,164 n.m. 14,083 84,253 498%

+16% YTD

0.50

1.00

1.50

Gazipaşa Airport 34,304 189,164 n.m. 14,083 84,253 498%International 33,976 129,751 n.m. 9,434 81,251 761%Domestic 328 59,413 n.m. 4,649 3,002 ‐35%Medinah(5) 2,698,458 2,758,837 2% 3.547.508 4.588.158 29%Tunisia 1,704,823 1,737,978 2% 2.289.131 3.321.244 45%Georgia 737,151 868,575 18% 1.190.922 1.387.824 17%Macedonia 517,567 601,345 16% 838.164 913.567 9%TAV TOTAL (4) 39,038,299 46,994,082 20% 52.596.835 71.525.928 36%

2013 2012 2011 2010

0.00Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

, , , ,International 21,898,068 26,392,166 21% 32.019.832 40.756.688 27%Domestic 17,140,231 20,601,916 20% 20.577.003 30.769.240 50%

January‐July FYATM(2) 2012 2013 Chg % 2011 2012 Chg %Ataturk Airport 193,847 219,829 13% 301.518 348.698 16%International 129,519 146,732 13% 197.580 231.596 17%Domestic 64 328 73 097 14% 103 938 117 102 13%

TAV Total Pax (m)

6 00

7.00

8.00

9.00

2013 2012 2011 2010Domestic 64,328 73,097 14% 103.938 117.102 13%Esenboga Airport (2) 43,240 48,338 12% 71.752 74.847 4%International 7,333 7,550 3% 11.795 12.946 10%Domestic 35,907 40,788 14% 59.957 61.901 3%Izmir Airport (3) 37,493 39,701 6% 62.402 67.222 8%International 9,508 9,121 ‐4% 17.494 17.124 ‐2%Domestic 27,985 30,580 9% 44.908 50.098 12%Gazipaşa Airport 254 1 386 n m 196 566 189%

+20% YTD

2.00

3.00

4.00

5.00

6.00Gazipaşa Airport 254 1,386 n.m. 196 566 189%International 247 989 n.m. 94 543 478%Domestic 7 397 n.m. 102 23 ‐77%Medinah(5) 19,516 22,282 14% 32.935 36.499 11%Tunisia 14,647 15,907 9% 20.805 27.350 31%Georgia 13,186 13,038 ‐1% 23.118 23.596 2%Macedonia 6,550 7,128 9% 11.878 11.285 ‐5%TAV TOTAL (4) 312 417 367 609 18% 446 565 573 309 28%

0.00

1.00

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

22

TAV TOTAL ( ) 312,417 367,609 18% 446.565 573.309 28%International 180,491 210,068 16% 278.934 331.051 19%Domestic 131,926 157,541 19% 167.631 242.258 45%

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAHNotes: DHMİ figures for 2013 are tentative. (1) Both departing and arriving passengers, including transfer pax(2) Commercial flights only

(3) TAV started to serve domestic passengers at Izmir Airport in January 2012(4) 2011 totals do not include Medinah, Gazipaşa and Izmir domestic traffic data while 2012 totals do not include Medinah data for the first half of the year and Gazipaşa for the whole year(5) TAV started to serve Medinah passengers on July 1, 2012

International Scheduled Traffic Developments & Outlook

3 0

3.5

4.0 2012 Seat Capacity 2012 Pax

2 5

3.0

3.5 2011 Seat Capacity 2011 Pax(m) (m)

1.5

2.0

2.5

3.0

1.5

2.0

2.5

0.0

0.5

1.0

0.0

0.5

1.0


3.5

4.0

4.5 2013 Seat Capacity 2014 Seat Capacity


3.5

4.0

4.5 2013 Seat Capacity 2013 Pax


(m) (m)

2.0

2.5

3.0

3.5

2.0

2.5

3.0

Gezi&Ramadan Effect

13 % Seat C it

15 % Seat Capacity Increase vs. 2012

0.5

1.0

1.5

0 0

0.5

1.0

1.5 Capacity Increase vs. 2013



3

Source: Airport Data Intelligence (ADI)

Ataturk Airport – DHMI’s Extension Plans

104 existing parking positions

Additional 15 new parking positions at theAdditional 15 new parking positions at theopposite of international terminal

Additional 43 new parking positions and taxiwayin former military areain former military area

Parking capacity to increase from 104 to 162

Construction has started

4

Construction has started

Istanbul ATM Capacity vs Peers with Similar Runway Structure

Istanbul Atatürk Airport Declared Capacities*

Istanbul Atatürk**: 58 ATM/hr

Zurich Airport: 68 ATM/hr

Vi Ai t 72 ATM/hVienna Airport : 72 ATM/hr

Zurich Airport Vienna Airport

5*State Airports Authority (DHMI), Zurich Airport, Vienna Airport**Please note that runways, aprons and taxiways of Istanbul Ataturk Airport are operated by State Airports Authority (DHMI)

Major Airports in Turkey

Istanbul / Atatürk Airport

İstanbul / Sabiha Gökçen Airport‐Tender Date: 2007 ‐Type: BOT‐ Expire :2027

45,1 mIntl:29,8 mDom:15,3 m

Istanbul / Atatürk Airport‐Tender Date: 2005 ‐Type: Lease‐Expire: 2021

14,7 mIntl:5,0 mDom:9,7 m

Trabzon Airport


9,3 m


Ankara / Esenboğa Airport‐Tender Date: 2006 ‐Type: BOT‐Expire:2023

İzmir / A. Menderes Airport‐Tender Date: 2011 ‐Type: BOT+Lease‐ Expire :2032

Muğla / Bodrum‐Milas Airport‐Tender Date: 2006/2011*‐Type: BOT‐Expire:2015

Intl:1,6 mDom:7,7 m

3,8 m3 5 mGaziantep Airport

Intl:0,6 m Dom:3,1 m

Adana Airport


1,4 mIntl:0,2 mDom:1,3 m0,80 m

Intl:0,76 mDom:0,04 m

Antalya Airport‐Tender Date: 2007 ‐Type: LeaseMuğla / Dalaman Airport


Adana Airport

Operated by TAV

Gazipaşa Airport‐Tender Date: 2007 ‐Type: Lease‐Expire:2034

6

‐Tender Date: 2007 ‐Type: Lease‐Expire:2024

Muğla / Dalaman Airport‐Tender Date: 2004 ‐Type: Lease‐Expire:2015

* Astaldi took over the project in 2011** Pax numbers are for 2012 .

25,1 mIntl:20,2 mDom:4,9 m

Not privatized

Operated by others

ADP – TAV Airports: A Global Footprint

A platform of 37 airports under management representing 200m Pax

FranceParis‐CDG: 62mn paxParis‐Orly: 27mn paxOwner and operator

Schiphol Group (8%)51mn paxIndustrial cooperation

Liège (25.6%)0.6mn tons of freightStrategic partner

Georgia (76%)Tbilisi & Batumi: 1.4mn paxConcession operator

Macedonia (100%)Skopje & Ohrid: 0.9mn paxConcession operator

13 Regional airportsMexico North Central (25.5%)¹

13mn paxOperator & Strategic partner

Turkey Istanbul Ataturk: 45mn paxAnkara: 9mn paxIzmir: 9mn paxGazipasaC i

Amman – Jordan (9.5%)6mn paxManagement contractStrategic partner

Concession operator

Cambodian AirportsPhnom Penh & Siam Reap: 4mn paxAssistance in management

Conakry Airport (29%)0.3mn paxOperator

Jeddah (Hajj Terminal) –Saudi Arabia

Algier Airport5mn pax

Mauritius (10%)3mn pax

Tunisia (67%)Enfidha & Monastir

Medinah (Saudi Arabia) (33%)Concession operator

TAV Airports

7

Saudi Arabia7mn paxManagement contract

5mn paxOperator

3mn paxOperator Strategic partner

Enfidha & Monastir 3.3mn paxConcession operator

Concession operatorADP

Source: ADP, TAV AirportsNotes: Mexico: ADP holds a 25.5% stake in the Mexican company Servicios de Tecnología Aeroportuaria (SETA), which itself has a 16.7% stake in holding company Grupo Aeroportuario del Centro Norte (GACN), which controls 13 airports in the north and centre of Mexico, including Monterrey International AirportPassenger numbers are for FY 2012.

La Guardia and Zagreb Airports

L G di Ai t PQLaGuardia Airport

LaGuardia Airport PQThe LGA Central Terminal Consortium, composed of Our Company, Aeroportsde Paris (ADP) Management, Goldman Sachs (GS Global InfrastructurePartners II, L.P. and GS International Infrastructure Partners II, L.P.), TutorPerini Corporation, Ove Arup & Partners PC, Kohn Pederson Fox Associates PC,ff lk d d dSuffolk Construction Company, STV Incorporated and ADP Ingenierie, received

preliminary qualification (“PQ”) to place a bid in the tender for the " Design /Build / Finance / Operate & Maintain LaGuardia Airport Central TerminalBuilding Replacement Project " in NYC, USA held by the Port Authority of NewYork and New Jersey (PANYNJ). LaGuardia International Airport served a totalf 26 illi i 2012of 26 million passengers in 2012.

Zagreb Airport

Zagreb Int'l Airport

Zagreb Airport

TAV Airports has signed a letter of interest for taking a participation limited to15% in the consortium comprising Aéroports de Paris Management ( asubsidiary of Aéroports de Paris) and Bouygues Batiment International(“Consortium”) which had won the Croatia Zagreb International Airport tenderin April 2012. TAV Airports has confirmed its interest to provide a maximum

it t ib ti f €15 illi t th C ti bj t t th ditiequity contribution of €15 million to the Consortium subject to the conditionsstated in the letter of interest. The concession agreement stipulates that theoperation period of Zagreb International Airport by the Consortium will end inApril 2042.

8

Istanbul vs. Other Hubs

ATM (‘000, 2012) 10 year pax

CAGRTransfer Share

(Int.)City Population

(m)World Rank

# PAX (m, 2012)

932 2% 60% 0.4

471 1% 37% 8.170.0

95.5

London (LHR)

Atlanta (ATL)1

3

491 2% 24% 13.0

346 15% ‐ 10.257.7

61.6

Jakarta (CGK)

Charles De Gaulle (CDG)

7

9

347 14% 34% 2.1

482 2% 54% 0.757.5

57.7

Frankfurt (FRA)

Dubai (DXB)10

11

327 5% 9% 15.0

320 6% 25% 5.351.2

53.0

Singapore (SIN)

Bangkok (BKK)

14

15

349 12% 36% 13.5

270 2% 34% 1.024.8

45.0

Zurich (ZRH)

Istanbul (IST)

( )

20

50+

156 25% 70% 1.421.3Doha (DOH)

9

50+

Highlights of 2013 First Half Results

Consolidated revenue** of €567 m (+17% vs 1H12) Revenue growth in line with like‐for‐like passenger growth

Consolidated EBITDA** of €166 m (+28% vs 1H12) Strong operating leverage

Net profit* of €53 m (+7% vs 1H12) Bottom line pressured by FX in 1H13; i e FX losses & deferred taxNet profit* of €53 m (+7% vs 1H12) Bottom line pressured by FX in 1H13; i.e. FX losses & deferred taxexpenses in 1H13 vs. FX gains & deferred tax gain in 1H12.

Net Debt** of €1,051 m (+1% vs 1Q13 ) Net debt increased mainly due to ongoing investments and dividendpaymentpayment.

39 m passengers served (+24% vs 1H12) Like‐for‐like growth of 17%, 2.4m pax (7% growth) stemming fromMedinah

*IFRS** IFRS 11 and IFRIC 12 adjusted

10

Financial Overview

(in m€, unless stated otherwise) 1H12 1H13 Chg % 2011 2012 Chg %

Revenues* 483 567 17% 881 1,099 25%*EBITDA* 130 166 28% 257 332 29%

EBITDA* margin (%) 27.0% 29.3% 2.4 ppt 29.2% 30.2% 1.1 ppt

FX Gain (Loss)* 11 (5) n.m (5) 2 n.m.Deferred Tax Gain (Loss)* 10 (1) n.m. (4) 6 n.m.

Net Income 50 53 7% 53 124 135%Net Income 50 53 7% 53 124 135%Net Cash Provided from Operating Activities 74 234 216% 355 414 16%Capex (9) (129) nm (106) (131) 24%

Free Cash Flow 65 105 61% 250 283 13%

Net Debt* 896 1,051 17% 792 882 11%Average number of employees* 20,975 23,443 12% 19,838 22,227 12%Number of passengers (m) 32 39 24% 52.8 71.5 36%

‐ International 17 22 25% 31.9 40.8 28%

‐ Domestic 14 17 23% 20.8 30.8 48%

Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)

5053130

166483

567

17% 28% 7%

50130483

11• IFRS 11 and /or IFRIC 12 adjusted for 2013, IFRIC 12 adjusted for 2012

1H12 1H13 1H12 1H13 1H12 1H13

Reconciliation of 1H13 Adjusted Financials* to IFRS

IFRIC 12 Adj.

IFRS 11 AdjustmentsIFRIC 12 Adjustments

IFRS 11 Adjustments

Revenue (€m) EBITDA (€m)

14.8 4.9(56 1) 0 5

523.3

(117.9)17.1

134.0

46.814.8 (56.1)

142 0

17.1 (14.8) 14.2

4.7 2.6 0.5

566.9142.0 166.3

Net Debt (€m) 1H13 Equity pick up (€m)

1037 1 (1)

Net Debt (€m)

2.21

TIBAH BTA IDO TGS (HAVAS) ATU

1H13 Equity pick‐up (€m)

IFRS 11 Adjustments9421,051

2.21 0.15

2.38

12*IFRS 11 and IFRIC 12 adjusted

10.05

Selected Financials by Assets (IFRS 11 and IFRIC 12 Adjusted)

Revenue (€m) 1H12 1H13 Chg.(%)

Airports 279.4 328.3 17%Istanbul 193.8 218.9 13%Ankara 21.5 25.9 21%

(1H 2013, €m) Revenues EBITDAEBITDA

Margin (%) Net DebtAirports 328.3 140.0 43% 816Istanbul 218.9 100.0 46% 137

Izmir (including TAV Ege) 23.4 25.7 10%Gazipasa 0.1 0.5 296%Tunisia 17.9 18.1 1%Georgia 13.4 15.6 16%Macedonia 8.3 8.8 6%Medinah 1.0 14.8 1453%

Ankara 25.9 14.0 54% 89Izmir (including TAV Ege) 25.7 9.7 38% 59Gazipasa 0.5 (0.3) nm 17Tunisia 18.1 3.1 17% 351Georgia 15.6 8.8 57% 2Macedonia 8.8 2.0 23% 58

Services 295.4 341.3 16%ATU (50%) 115.2 134.0 16%Havas (incl. TGS) 92.9 108.2 16%BTA (incl. IDO) 53.3 61.3 15%Others 34.0 37.9 12%

Total 574.8 669.6 16%

Medinah (33%) 14.8 2.6 18% 103Services 341.3 27.0 8% 235ATU (50%) 134.0 14.2 11% 7Havas (incl. TGS) 108.2 10.5 10% 77BTA (incl. IDO) 61.3 5.3 9% (3)Others 37.9 (3.0) ‐8% 155

T l 669 6 6 0 2 % 0

1 8 1 4 0 2 0 1 (0 1) (0 2) (0 3) (1 6)

Elimination (91.3) (102.7) 12%Consolidated 483.4 566.9 17%

EBITDA (€m) 1H12 1H13 Chg.(%)

Airports 108.5 140.0 29%I t b l 77 3 100 0 29%

Total 669.6 167.0 25% 1,051Elimination (102.7) (0.6)Consolidated 566.9 166.3 29% 1,051

1H12 – 1H13 EBITDA Bridge (€m)

22.7

3.5 3.2 3.0 2.4 1.8 1.4 0.2 0.1 (0.1) (0.2) (0.3) (1.6) Istanbul 77.3 100.0 29%Ankara 10.8 14.0 29%Izmir (including TAV Ege) 9.6 9.7 1%Gazipasa (0.5) (0.3) ‐36%Tunisia 3.4 3.1 ‐9%Georgia 7.1 8.8 25%

130166

Georgia 7.1 8.8 25%Macedonia 0.6 2.0 234%Medinah 0.2 2.6 nm

Services 22.3 27.0 21%ATU (50%) 11.2 14.2 27%Havas (incl. TGS) 7.0 10.5 50%

1H12

Istanbul

Havas

Ankara

ATU(50%

)

Medinah

Georgia

Macedonia

Gazipasa

Izmir+Ege

Elimination

BTA

Tunisia

Others

1H13

BTA (incl. IDO) 5.5 5.3 ‐3%Others (1.4) (3.0) 114%

Total 130.8 167.0 28%Elimination (0.5) (0.6) 32%Consolidated 130.3 166.3 28% 13

Selected Financials by Assets (IFRIC 12 Adjusted)

Revenue (€m) 1H12 1H13 Chg.(%) Airports 278.5 313.5 13%Istanbul 193.8 218.9 13%Ankara 21.5 25.9 21%

(1H 2013, €m) Revenues EBITDAEBITDA

Margin (%) Net DebtAirports 313.5 137.4 44% 713Istanbul 218.9 100.0 46% 137 Ankara 21.5 25.9 21%

Izmir (including TAV Ege) 23.4 25.7 10%Gazipasa 0.1 0.5 296%Tunisia 17.9 18.1 1%Georgia 13.4 15.6 16%Macedonia 8.3 8.8 6%

Services 140 3 155 6 11%

Ankara 25.9 14.0 54% 89Izmir (including TAV Ege) 25.7 9.7 38% 59Gazipasa 0.5 (0.3) nm 17Tunisia 18.1 3.1 17% 351Georgia 15.6 8.8 57% 2Macedonia 8.8 2.0 23% 58

Services 140.3 155.6 11%Havas 57.0 61.4 8%BTA 49.3 56.3 14%Others 34.0 37.9 12%

Total 418.7 469.1 12%Elimination (40.6) (46.6) 15%Consolidated 378 2 422 6 12%

Services 155.6 22.4 14% 229Havas 61.4 5.7 9% 76BTA 56.3 4.8 9% ‐2Others* 37.9 11.8 31% 155

Total 469.1 159.7 34% 942Elimination (46.6) (0.6) 0

Consolidated 378.2 422.6 12%

EBITDA (€m) 1H12 1H13 Chg.(%) Airports 108.3 137.4 27%Istanbul 77.3 100.0 29%Ankara 10 8 14 0 29%

Consolidated 422.6 159.2 38% 942

3.2 3.2 1.8 1.4 1.1 0.2 0.1 (0.2) (0.2) (0.3)

1H12 – 1H13 EBITDA Bridge (€m)

Ankara 10.8 14.0 29%Izmir (including TAV Ege) 9.6 9.7 1%Gazipasa (0.5) (0.3) nmTunisia 3.4 3.1 ‐9%Georgia 7.1 8.8 25%Macedonia 0.6 2.0 234%

Services 18.3 22.4 22%126

22.7

159

Havas 4.6 5.7 24%BTA 5.0 4.8 ‐4%Others 8.7 11.8 37%

Total 126.7 159.7 26%Elimination (0.4) (0.6) 49%Consolidated 126.3 159.2 26%1 Is A O G M H G Iz E B T 1

14**Share of profit of equity accounted investees is included in EBITDA of “Others”.

1H12

stanbul

Ankara

Others

Georgia

Macedonia

Havas

Gazipasa

zmir+Ege

Elimination

BTA

Tunisia

1H13

Havas & TGS EBITDA Development

30%20HAVAŞ EBITDA (solo) TGS EBITDA (%50) Other EBITDA HAVAŞ cons. EBITDA Margin

€m

25% 25%22%

25%

30%

15

20

19% 20%

15

13%

10%

15%10

6%

7%

5%

%5

‐2%3%

‐1%0%

02011 2012 2013 2011 2012 2013 2011 2012 2011 2012

1Q 1Q 1Q 2Q 2Q 2Q 3Q 3Q 4Q 4Q

15

‐3%‐5%‐5

Service Companies KPIs

ATÜ Revenues (m€) Duty Free Spend per Pax (€)

Q1 Q2 Q3 Q4 ATU Average Istanbul

5668

Q Q Q Q

14 8

15.8

14 9 15.115.4

15.616.0

17.1

15.7

16.316.6 16.5 16.6 16.6

29 33 41 50 6138 42 53 65 7341 47

5772

3747 14.8 14.7 14.5

14.9

2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 1H12 1H13

F&B Spend per Pax (€)

1H12

# of Flights Served (‘000)

2 1

156

116

1951H131.8

2.12.0

1.6

1.3 1.3 1.3 1.3

51

90

16

55

116

25

16Source: DHMI, TAV

16

HAVAŞ TGS HVŞ E HAVAŞ + TGS + HVŞ EHAVAŞ EUROPE HAVAŞ + TGS + HAVAŞ EUROPE

2007 2008 2009 2010 2011 2012 1H12 1H13

Operating Leverage

Cost Base (FY 2012)Highlights

36% 17% 15% 11% 9% 9% 3%

Partially fixed or inelastic cost base

Revenue growth has consistently surpassed the growth in costs

Mostly Fixed

Inelastic

36% 17% 15% 11% 9% 9% 3%

Personnel expenses Concession rent expenses

Uninterrupted EBITDA margin expansion

1,200Revenues Cash Opex EBITDA (Revenues‐Cash Opex)

Personnel expenses Concession rent expensesOther operating expenses Cost of duty free inventory soldDepreciation and amortization expense Cost of services renderedCost of catering inventory sold

26.2% 27.0%29.2% 30.2%

EBITDA Margin

600

800

1,000

15.2%

22.4%

0

200

400

600

7.2%

17

0

*Opex‐Depreciation, adjusted for IFRS 11 and IFRIC 12

2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Net Income and Dividends

Net Income Dividend Paid Payout Ratio*

Net Income from 1H12 to 1H13 (mn) Dividend History (mn)

2,1 Dividends Paid

12479%

50% 50%

60%

70%

80%

100

120

14034.7

12.33.6

12.41.1

5339

62

50%

20%

30%

40%

50%

40

60

8049.8

53.1

0%

10%

0

20

2011 2012

Net Prof1Q

12

∆ EBITDA

D&A

Finance incom

e

Finance costs

Income t

expens

Minority

Net Prof1H13

1H12it

A tax e

y it

Dividend Yield (%)

3.3 Dividends Paid increased 59% in € terms from

2.7

3.32011 to 2012.

18*TRL Payout Ratio, EUR ratio on distribution date may differ2011 2012

CAPEX Development & Outlook

Airport ScopeTotal (€m)

Cumulative (¹+²) (€m)

2012¹ (€m)

1H13² (€m)

Izmir Re construction of the domestic terminal 266 156 39 118Izmir Re‐construction of the domestic terminal 266 156 39 118

Medinah (33%)** Re‐construction of the terminals and extension of the runway 248 91 52 38

Quarterly Capex* (€m) Capex *Composition (1H13)

22%

2%

Enfidha Macedonia Izmir100

120

property and equipment airport operation right intangible assets

77%

€177mMedinah

40

60

80

77%

Turkey Saudi Arabia Other‐20

0

20

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13 Turkey Saudi Arabia Other

19*IFRS 11 adjusted , IFRS capex is €129m **Estimated at EURUSD of 1.3

‐20

7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3

Debt Structure

Net Debt

Adjusted consolidated net debt came in at €1,051 million at 1H13 versus €882ll d f l d f b l

Net Debt*(eop, €m) FY12 1Q13 1H13

Airports 640 891 816 million at end of 2012, mainly due to rent payment of Istanbul, ongoinginvestments and dividend payment .

Airports 640 891 816 Istanbul 45 209 137 Ankara 92 91 89 Izmir (including Ege) (1) 57 59 Gazipasa 17 17 17 T i iTunisia 351 355 351 Georgia 8 5 2 Macedonia 58 60 58 Medinah(33%) 70 97 103

Services 243 147 235

Net Debt from 1H12 to 1H13 (€m)

Rent Payments

Dividends Paid

ATU (50%) 3 9 7 HAVAS 62 73 77 BTA (2) (5) (3)Others 179 70 155

Total 882 1,038 1,051 156

13Havaş Acquisition

Rent Payments

Gross Debt ** (€m) FY12 1H13On demand or within one year 212 242

896

78 64

1,051

In the second year 244 208In the third year 126 146In the fourth year 127 164In the fifth year 125 132Af fi

1H1D

∆ 3 Q

∆ 4Q

∆ 1Q

∆ 2Q

1H1D

After five years 400 361Total 1,234 1,253

20* IFRS 11 adjusted**IFRS

12 Net

ebt

Q12

Q12

Q13

Q13

13 Net

ebt

FX Exposure of Operations (1H13)FX Exposure of Operations (1H13)

Revenues (1) Opex (1)(2)

USD, 14%

Other, 9%USD, 15%

Other, 6%

€101m

€245m

€75m€35m €43m

EUR, 32%TL, 45%

€540m

EUR, 44%

TL, 35% €670m €301m€233m €176m

Concession Rent Expense Gross Debt (3)

USD, 1% TL, 0%

EUR, 8%TLSAR; 10%

€8m

€64m

€13m

€7m

€6m

USD, 82%

€78m€1253m

€1234m

EUR, 99%

(1) Combined figures, pre‐eliminations, IFRS 11 and IFRIC 12 adjusted(2) Includes concession rent expenses (€78m) and depreciation (€37m)

(3) IFRS 21

Employee Numbers & FX Sensitivity Analysis

Number of Employees(eop) *1H12 **1H12 *1Q13 *1H13 **1H13

Istanbul 2,572 2,572 2,681 2,747 2747

Major movements in Employee Numbers (yoy):Istanbul 2,572 2,572 2,681 2,747 2747Ankara 868 868 885 929 929Izmir+Ege 623 623 681 699 699Tunisia 701 701 748 751 751Gazipaşa 19 19 23 23 23Georgia 770 770 770 821 821Macedonia 653 653 649 649 649

Havaş: Personnel numbers in TGS have increased commensurate withthe increase in traffic. TGS started operations in Bodrum and Dalaman.

Medinah: Takeover of operations in June 2012.HAVAŞ 11,604 4,621 11,004 12,593 4447ATU 1,540 0 1,551 1,721 0BTA 2,610 1,988 2,625 2,820 2174Holding 112 112 108 106 106O&M 279 279 296 307 307IT 167 167 175 206 206

Istanbul: Traffic increase necessitated a larger headcount.

The Group’s principal currency rate risk relates to changes in the value of the

Security 74 74 220 253 253Latvia 3 3 3 3 3Medinah(100%) 200 0 270 294 0Akademi 0 0 5 8 8TOTAL 22,795 13,450 22,694 24,930 14,123

Sensitivity Analysis

The Group s principal currency rate risk relates to changes in the value of theEuro relative to TRL and the USD. The Group manages its exposure to foreigncurrency risk by entering into derivative contracts and, where possible, seeksto incur expenses with respect to each contract in the currency in which thecontract is denominated and attempt to maintain its cash and cashequivalents in currencies consistent with its obligations.

Equity Profit or loss

(€’000)Strengthening

of EURWeakening

of EURStrengthening

of EURWeakening

of EUR

30 June 2013

USD (20,891) 20,891 (5,982) 5,982TRL ‐ ‐ (9,297) 9,297

The basis for the sensitivity analysis to measure foreign exchange risk is anaggregate corporate‐level currency exposure. The aggregate foreign exchangeexposure is composed of all assets and liabilities denominated in foreigncurrencies, both short‐term and long‐term purchase contracts. The analysisexcludes net foreign currency investments.

/

( )Other ‐ ‐ (849) 849Total (20,891) 20,891 (16,128) 16,128

31 December 2012

USD (28,469) 18,012 (12,534) 12,534A 10 percent strengthening / (weakening) of EUR against the followingcurrencies at 30 June 2013 and 31 December 2012 would have increased /(decreased) equity and profit or loss by the amounts shown to the left. Thisanalysis assumes that all other variables, in particular interest rates, remainconstant.

TRL ‐ ‐ (8,956) 8,956Other ‐ ‐ (1,181) 1,181Total (28,469) 18,012 (22,671) 22,671

22*IFRS 11 adjusted **IFRS

Exceptional Growth SustainedExceptional Growth Sustained

3321 099

Revenues (€m)

CAGR (2006 12)

EBITDA (€m)

CAGR (2006 12)

141167

212

257

508

627 640

785881

1,099 CAGR (2006‐12)50%

CAGR (2006‐12)18%

29

77

141

402508

2006 2007 2008 2009 2010 2011 20122006 2007 2008 2009 2010 2011 2012

Passenger (m) Average Number of Employees

4248

53

72

17,53519,838

22,227CAGR (2006‐12)21%

CAGR (2006‐12)18%

2330

41 42

8,1469,473

11,289 12,194

2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

23Source: DHMI

TAV Airports 2013 Guidance

Growth in Istanbul Ataturk Airport Passengers 14 to 16 percent

Growth in Total TAV Airports Passengers

Growth in Revenues

15 to 18 percent

14 to 16 percentGrowth in Revenues

Growth in EBITDA

14 to 16 percent

17 to 19 percent

Consolidated CAPEX €330 million to €350 millon

Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials.IFRS 11 is applied for the first time to 1Q2013 financials and retrospectively to FY2012 financials.All financial targets are subject to the passenger targets being met.

24

Adjusted Financials Adjusted Financials ‐‐ IFRS 11IFRS 11

Effects of IFRS 11 Financials Adjusted for IFRS 11

According to the IFRS 11 standard, joint ventures cannot beconsolidated “proportionately” starting with 2013 first setof financials. These types of entities have to be consolidatedusing the “equity‐pick‐up” method

However, to enable the capital markets participants asmooth transition process into the new standard, TAVAirports will provide a summary of consolidated P&L itemsadjusted to reverse the effects of IFRS 11 for 2013.using the equity pick up method.

In the case of TAV Airports, this standard implies thatpreviously “proportionately” consolidated entities such asATÜ, TGS, TIBAH Development (Medinah) and BTA Marine(IDO) have to be consolidated using the “equity‐pick‐ up”

j

Shares of profit of equity accounted investees areclassified in the consolidated operating profit of theHolding company, but these sums are not included in theconsolidated revenues.(IDO) have to be consolidated using the equity pick up

method.

In the IFRS report, these entities have been consolidated inaccordance with the IFRS 11 standard, recording the “netincome/(loss)” contributions of these entities as a source of/( )operating revenue.

25

IFRIC 12 & Our Adjusted Financials PolicyIFRIC 12 & Our Adjusted Financials Policy

Introduction to IFRIC 12 IFRIC 12 booking model

DebitCredit

1. During Construction

BS Debt

BS Cash

BS Construction in progressPL Construction Expense Construction Income

IFRIC 12‐ is an accounting application treating BOT assets with special provisionsfor guaranteed income. Ankara Esenboga Airport and Izmir Adnan MenderesAirport International Terminal, with their guaranteed passenger fee structures,fall under the scope.

The capex we incur on our BOT assets, is routinely booked as “airport operationright” in the balance sheet However when there are guaranteed passenger fees

2. Completion of Construction

BS Construction in progress

BS(NPV of) Passenger Revenue Receivable(Trade Receivables)

BS Airport Operation Right *

right in the balance sheet. However when there are guaranteed passenger feesin question, these fees are discounted to their NPV and subtracted from the“airport operation right” of the BOT in question. The remaining capex amountgets booked as “airport operation right” and the NPV of guaranteed passengerfees gets booked as “trade receivables.”

When the guaranteed passenger fees become earned during the course ofoperations these are credited from the balance sheet and the difference between

3. Operations During Year

PL Aviation Income for the Current Year **

BS Cash **

4. Year Close

PL Aviation Income for the Current Year ***

operations, these are credited from the balance sheet and the difference betweendiscounted (NPV of) guaranteed passenger fees and the actual fees as they areearned are booked as finance income.

Due to the application of IFRIC 12, guaranteed passenger fees stop being P&Litems and get treated as Balance Sheet/Cash Flow items, while at the same time,part of these fees gets shown as finance income. This unduely decreases aviationincome and increases finance income and distorts our P&L To adjust for the

PL

Finance Income(Difference between discounted receivables and the actual receivables)

BS Passenger Revenue Receivable****

PL Amortisation of Airport Operation Right

BS Accumulated Amortisation of Airport Operation Right* AOR C i i (NPV f ) P R R i bl

income and increases finance income and distorts our P&L. To adjust for thedistortion we add back guaranteed passenger fees while reporting our adjustedrevenues.

On the other hand the capex incurred during the construction phase isimmediately transferred to P&L with an offsetting construction income assignedto it. This income may or may not carry a mark‐up on it. Since this method ofbooking also distorts both the P&L and the Balance Sheet we adjust our financials

Guaranteed Pax Structure 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64

* AOR = Construction in progress‐ (NPV of ) Passenger Revenue Receivable** TR‐GAAP***IFRS (IFRIC 12 application)****Discounted guaranteed passenger revenues for that period

booking also distorts both the P&L and the Balance Sheet we adjust our financialsto disregard the effects of both “construction expense” and “constructionincome.”

Ankara International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64Guaranteed Pax Income (€m) 2.3 11.3 11.8 12.4 13.0 13.7 14.4 15.1 15.8 16.6 17.5 18.3 19.2 20.2 21.2 22.3 23.4 9.6Domestic Departing Pax (m) 0.13 0.60 0.63 0.66 0.70 0.73 0.77 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.13 1.19 1.25 0.51Guaranteed Pax Income (€m) 0.4 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.4 3.6 3.7 1.5

İzmir International Departing Pax (m) 0.25 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 0.03

Guaranteed Pax Income (€m) 3.7 15.5 15.9 16.4 16.9 17.4 17.9 18.4 19.0 0.5 26

IFRS Income Statement

IFRS Income Statement (€m) 1H12* 1H13 ∆%( )Construction revenue 0.1 117.9 nmTotal operating income 362.4 405.4 12%

Sales of duty free goods 0.0 0.0 nmAviation income 104.2 115.8 11%Ground handling income 59.0 63.3 7%Commission from sales of duty free goods 94.0 109.7 17%Commission from sales of duty free goods 94.0 109.7 17%Catering services income 31.4 36.8 17%Other operating income 73.8 79.8 8%

Construction expenditure (0.1) (117.9) nmOperating expenses (294.9) (312.7) 6%

Cost of catering inventory sold (11.5) (13.0) 14%Cost of duty free inventory sold 0.0 0.0 nmy yCost of services rendered (24.1) (24.7) 2%Personnel expenses (107.9) (116.1) 8%Concession rent expenses (66.2) (70.3) 6%Depreciation and amortization expense (33.0) (34.5) 5%Other operating expenses (52.2) (54.0) 4%

Equity pick‐up 10.0 14.8 47%Operating profit 77.5 107.5 39%Finance income 25.2 14.3 ‐43%Finance expenses (47.3) (50.7) 7%Profit before tax 55.3 71.1 28%Income tax expense (8.6) (19.9) 131%Profit for the periodAttributable to: Owners of the Company 49.8 53.2 7%Non‐controlling interest (3.1) (2.0) ‐35%Profit for the period 46.7 51.2 10%

27

* Restated

IFRS Balance SheetIFRS Balance Sheet

€million 1H12* 1H13 ∆%

ASSETSProperty and equipment 150 158 5%Intangible assets 24 21 ‐12%

749 863 15%

€ million 1H12* 1H13 ∆%EQUITYShare capital 162 162 0%Share premium 220 220 0%L l 54 78 45%Airport operation rights 749 863 15%

Other investments 0 0 nmGoodwill 136 136 0%Prepaid concession expenses 127 126 ‐1%Trade receivables 85 67 ‐21%Other non‐current assets 2 1 ‐62%Deferred tax assets 94 91 3%

Legal reserves 54 78 45%Other reserves 8 (18) nmRevaluation surplus 1 1 ‐23%Purchase of shares of entities under common control 40 40 0%Cash flow hedge reserve (68) (69) 1%Translation reserves 1 (6) nmDeferred tax assets 94 91 ‐3%

Equity Accounted Investees 75 77 3%Total non‐current assets 1,441 1,541 7%

Inventories 7 7 1%Prepaid concession expenses 137 137 0%Trade receivables 88 90 2%

Translation reserves ( )Retained earnings 68 115 68%Total equity attributable to equity holders of the Company 487 524 8%Non‐controlling interest 83 33 ‐60%Total Equity 571 557 ‐2%

LIABILITIESDue from related parties 67 22 ‐68%Derivative financial instruments 13 0 nmOther receivables and current assets 27 30 9%Cash and cash equivalents 64 88 36%Restricted bank balances 217 228 5%Total current assets 621 601 ‐3%

LIABILITIESLoans and borrowings 983 1,013 3%Reserve for employee severance indemnity 11 13 16%Due to related parties 14 12 ‐18%Deferred income 31 27 ‐13%Other payables 16 10 ‐37%Deferred tax liabilities 3 3 17%

TOTAL ASSETS 2,062 2,141 4%

Deferred tax liabilities 3 3 17%Trade payables 0 0 nmTotal non‐current liabilities 1,059 1,079 2%

Bank overdraft 0 0 nmLoans and borrowings 188 244 29%Trade payables 25 41 65%

* Restated

Due to related parties 16 29 74%Derivative financial instruments 140 127 ‐10%Current tax liabilities 14 12 ‐19%Other payables 30 36 20%Provisions 6 7 10%Deferred income 12 11 ‐9%Total current liabilities 433 505 17%TOTAL LIABILITIES 1,492 1,584 6%

TOTAL EQUITY AND LIABILITIES 2,062 2,141 4%

28* Restated

IFRS Cash Flow Statement

1H12* 1H13 ∆%

CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 47 51 10%Adjustments for:

1H12* 1H13 ∆%

CASH FLOWS FROM INVESTING ACTIVITIESInterest received 8 5 ‐37%Proceeds from sale of property, equipment and j

Amortisation of airport operation right 20 20 0%Depreciation of property and equipment 11 12 14%Amortisation of intangible assets 2 2 5%Concession and rent expenses 66 70 6%Provision for employee severance indemnity 1 3 87%Provision for doubtful receivables 1 1 ‐32%Discount on receivables and payables net 0 0 ‐89%

p p y q pintangible assets 2 1 ‐48%Acquisition of property and equipment ‐8 ‐13 68%Additions to airport operation right 0 ‐115 nmAcquisition of intangible assets ‐1 ‐1 ‐18%

Net cash (used in) / provided from investing activities 1 ‐123 nmCASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 64 94 47%Discount on receivables and payables, net 0 0 89%Gain on sale of property and equipment 0 0 ‐54%Provision set for unused vacation 1 0 ‐70%Interest income ‐8 ‐6 ‐25%Interest expense on financial liabilities 43 41 ‐4%Reversal of insurance income 3 0 nmTax expense 9 20 131%U i di f di t i i bl 7 8 21%

Proceeds from borrowings 64 94 47%Repayment of borrowings ‐94 ‐78 ‐18%Change in restricted bank balances 3 ‐18 nmNon‐controlling interest change 0 ‐1 nmDividends paid ‐39 ‐59 49%Change in finance lease liabilities 0 0 94%

Net cash used in financing activities ‐67 ‐62 ‐8%Unwinding of discount on concession receivable ‐7 ‐8 21%Share of profit of equity‐accounted investees, net of tax ‐10 ‐15 47%Unrealised foreign exchange differences on statement of financial position items ‐1 ‐5 nm

Cash flows from operating activities 178 186 5%Change in current trade receivables ‐20 ‐9 ‐54%h d bl

NET INCREASE IN CASH AND CASH EQUIVALENTS 8 50 504%CASH AND CASH EQUIVALENTS AT 1 JANUARY 56 38 ‐32%CASH AND CASH EQUIVALENTS AT 30 JUNE 64 88 36%

Change in non‐current trade receivables 16 17 6%Change in inventories ‐1 0 nmChange in due from related parties ‐56 30 nmChange in restricted bank balances 128 171 33%Change in other receivables and current assets 19 ‐3 nmChange in trade payables ‐7 4 nmChange in due to related parties 0 15 nmChange in other payables and provisions 5 2 ‐57%Change in other long term assets ‐1 0 ‐86%Additions to prepaid concession and rent expenses ‐138 ‐136 ‐1%

Cash provided from operations 122 277 127%Income taxes paid ‐17 ‐16 ‐6%Interest paid ‐43 ‐41 ‐4%Retirement benefits paid ‐1 ‐2 108%Retirement benefits paid 1 2 108%Dividends from equity‐accounted investees 13 17 27%

Net cash provided from operating activities 74 234 216%

29* Restated

Tax Regimes

Corporate income tax rate of 20%

Advance tax returns are filed on a quarterly basis. Turkey

Losses can be carried forward for offsetting against future taxable income for up to 5 years

Losses cannot be carried back

y

Corporate income tax rate of 15% Georgia


TAV Tunisia is exempt from corporate tax for a period of 5 years starting from the concession

agreement date

Tunisia

Corporate income tax of 10%


Macedonia

30

Corporate income tax rate of 15%Latvia

Growth of the Turkish Aviation Market and TAV AirportsGrowth of the Turkish Aviation Market and TAV Airports

Domestic Int'l Total

Turkish Aviation Market (mPax)Turkish Aviation Market (mPax) Number of Aircraft in Turkey

( )

202

240259 250

270299

332349

370

79

86103

118130

CAGR (2002‐12)14%

CAGR (2002‐12)13%

110

162

202

4 1 31 32 36

41

51

58

65

25 25 31 36 34 38 44 44

53

59

65

34 3445

5765 70

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

9 9 14 212 2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

TAV Airports Passenger Traffic (mPax)TAV Airports Passenger Traffic (mPax)

4853

72CAGR (2002‐12)

23%

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population: 75m (1)

9 9 1017

2330

41 42 In 2012, foreign visitors reached 32m (2)

Limited alternative transport infrastructure

Aircraft number in Turkey expected to reach

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

31Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Ministry of Transport

750 in 2023 (3)

Investment Highlights

Turkey is the fastest growing aviation market in EuropePassenger growth of 14% p.a. during 2002‐2012Projected passenger growth of 11% p.a. during 2009‐2023(1)Attractive market with

strong growth prospectsAccess to fast growing MENA regionIstanbul is the most efficient hub for Europe, MENA Region(2)

strong growth prospects

Diversified, balanced portfolio with leading market positions#1 airport terminal operator in Turkey12 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia (large catchment areas)

Leading airport operator with diversified portfolio

Strong momentum with EBITDA posting 50% CAGR between 2006 and 2012High earnings visibility given clear / agreed regulatory frameworkStrong financial g g y g / g g yProven track record of growth and profitability with attractive organic growth prospectsHigh financial returns and cash flow generation given fixed cost base (operational leverage) and minimal ongoing capexTAV will receive compensation for all loss of profit in case of new Istanbul airport opening before 2021

Strong financial performance and cash

flow generation

2021

Well‐positioned to benefit from further organic and inorganic growth

“Platform play”

32(1) Source: Turkey’s Ministry of Transport(2) Determining Hub Efficiency in Europe, MIiddle East and North Afirca a comparative study, E. Nur Günay, Şükrü Nenem

p y

Concession OverviewConcession Overview

2012 fee/pax fee/pax Volume Lease/ Airport Type/Expire TAV Stake Scope 2012

Pax(mppa) fee/pax Int'l

fee/pax Dom.

Volume Guarantee Concession

Fee Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 45.0US$15

€3 No $140m/yr + VAT €137m

(Jan. 2021) € 2.5 (Transfer)

Ankara EsenbogaBOT

100% Terminal 9 2 €15 €30.6m Dom. , 0 75m Int'l for €89mAnkara Esenboga 100% Terminal 9.2 €15 €3 0.75m Int'l for 2007+%5 p.a

‐ €89m(May 2023)

Izmir A.Menderes BOT+Lease

100% Terminal 9.4 €15 €3 1.0m Int’l for 2006 + %3 p.a.

€29m starting from 2013 (6) €59m

(Dec. 2032)

GazipasaLease

100% Airport ‐ €5 TL4 No $50,000+VAT(5) €17mGazipasa 100% Airport €5 TL4 No $50,000+VAT €17m(May 2034)

Tbilisi BOT

76% Airport 1.2 US$22 US$6 No ‐ €3m(Feb. 2027)

Batumi BOT

76% Airport 0.17 US$12 US$7 No ‐ €(1)m(Aug. 2027)

11 26% fMonastir&Enfidha

BOT+Concession67% Airport 3.3 €9 €1 No

11‐26% of revenues from €351m

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 0.9€17.5 in

Skopje, €16.2 in Ohrid

‐ No15% of the gross annual turnover (2)

€58m(March 2030)

1) As of 30 June 2013 2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million, this percentage shall change between 4% and 2% depending on the number of passengers

( )

MedinahBTO+Concession

33% Airport 4.6 SAR 80 (3) ‐ No 54.5%(4) €103m(2037)

33

p g g p g p g3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction.5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI.6) Cash Basis

Corporate Governance Rating Corporate Governance Rating

The “Corporate Governance Rating Report” for TAV Airpors was prepared by RiskMetrics Group ‐ InstitutionalSh h ld S i (ISS) l b l t ti ith ffi i l th i ti t i tShareholder Services (ISS), a global corporate governance rating company with official authorization to assign corporategovernance ratings in accordance with the Capital Markets Board (CMB) Corporate Governance Principles in Turkey.

TAV Airports is rated at 93.97 (9.39) in total average in its Corporate Governance Rating Report.

Final rating grades are determined by the separate weighting of four sub‐categories within the framework of the relatedg g y p g g gresolution of CMB.

The breakdown of corporate governance rating grades is stated below.

Sub‐categories Weight Grade

Shareholders 0,25 92,62

Public Disclosure and Transparency 0,35 96,59

Stakeholders 0,15 94,53

Board of Directors 0,25 91,31

Total 1.00 93.97

Highest corporate governance rating in 2013 !!

34

Macro Outlook

Country Subject Descriptor Units Scale 2011 2012 2013 2014 2015 2016 2017 2018 Estimates Start After

GeorgiaGDP, current prices U.S. dollars Billions 14,4 15,9 17,0 17,9 19,0 20,6 22,5 24,4 2011

GDP i i U S d ll U i 3 230 3 543 3 763 395 4 189 4 561 4 996 5 463 2011GDP per capita, current prices U.S. dollars Units 3.230 3.543 3.763 395 4.189 4.561 4.996 5.463 2011

Inflation, average consumer prices % chg 8,5 ‐0,9 1,0 4,6 5,5 5,0 5,0 5,0 2011

Population Persons Millions 4,5 4,5 4,5 4,5 4,5 4,5 4,5 4,5 2012Latvia

GDP, current prices U.S. dollars Billions 28,5 28,4 31,1 32,8 34,8 36,7 38,8 41,0 2012

GDP per capita current prices U S dollars Units 13 728 13 900 15 285 162 17 176 18 196 19 293 20 447 2012GDP per capita, current prices U.S. dollars Units 13.728 13.900 15.285 162 17.176 18.196 19.293 20.447 2012

Inflation, average consumer prices % chg 4,2 2,3 1,8 2,1 2,2 2,2 2,3 2,3 2012

Population Persons Millions 2,1 2,0 2,0 2,0 2,0 2,0 2,0 2,0 2012

Macedonia


GDP per capita, current prices U.S. dollars Units 5.144 4.683 5.050 5.266 557 5.916 6.258 6.625 2011


Population Persons Millions 2,1 2,1 2,1 2,1 2,1 2,1 2,1 2,1 2011Saudi Arabia

GDP, current prices U.S. dollars Billions 670 727 746 761 789 822 862 905 2011

GDP per capita, current prices U.S. dollars Units 2.360 25.085 25.163 25.170 2.557 26.112 26.837 27.642 2010

Inflation, average consumer prices Percent change 4 3 4 4 4 4 4 4 2011

Population Persons Millions 28 29 30 30 31 31 32 33 2010Tunisia




Population Persons Millions 10,7 10,8 10,9 11,1 11,2 11,3 11,5 11,6 2010Turkey

GDP, current prices U.S. dollars Billions 774 794 852 882 941 1.028 1.123 1.227 2011

35



Population Persons Millions 74,0 74,9 75,8 76,7 77,6 78,5 79,3 80,2 2012

IMF, World Economic Outlook Database, April 2013

Share Performance (September 03, 2013)

TAVHL ($) Relative to BIST-100

Share Price Performance1.50

1.60

1.70

6.50

7.00

7.50

1M 3M YTDTL -11% 6% 30%USD -15% -2% 14%Relative to ISE ‐100 -1% 22% 52%

1.10

1.20

1.30

1.40

4.50

5.00

5.50

6.00

0.90

1.00

0

3.50

4.00

50

1/2/

2013

/16/

2013

/30/

2013

/13/

2013

/27/

2013

/13/

2013

/27/

2013

/10/

2013

/24/

2013

5/8/

2013

/22/

2013

6/5/

2013

/19/

2013

7/3/

2013

/17/

2013

/31/

2013

/14/

2013

/28/

2013

1 1/ 1/ 2/ 2/ 3/ 3/ 4/ 4/ 5 5/ 6 6/ 7 7/ 7/ 8/ 8/

Closing Price (TRL) Market Cap Av. Daily Volume Foreign Ownership Free Float Effective Free Float

11,50 USD 2,0b USD 7m 84% 44% 40%

36

TAV Corporate and Shareholder Structure

(2)

Shareholder StructureTAV Airports Holding Co.

8.1%(3)8.1%

(4)2.0%

(5)

(1)38.0%

Airport Companies

Atatürk (100%)Atatürk (100%)

Service CompaniesService Companies

ATÜ (50%) ATÜ (50%)

3.5%

(6)40.3%

Esenboğa (100%)

Adnan Menderes

BTA (67%)BTA (67%)

Havaş (100%)Havaş (100%) 40.3%

TGS (50%)TGS (50%)

(100%)

Gazipaşa (100%)

Havaş (100%)Havaş (100%)

Shareholders

1. Aéroports De Paris*Internationally acclaimed airport operating company with global operations

2. Tepe Insaat Sanayi A.Ş. Turkish integrated conglomerate focused on infrastructure and

Havaş Europe (67%)Havaş Europe (67%)Medinah (33%)

Tbilisi & Batumi (76%)

O&M (100%)O&M (100%)

Turkish integrated conglomerate focused on infrastructure and construction

3. Akfen Holding A.Ş.Holding company operating in the infrastructure, construction, seaport, REIT and energy sector

4. Sera Yapi Endustrisi A.Ş.Focused on construction in Turkey & MENA region

Monastir & Enfidha (67%)

Skopje & Ohrid

IT (99%)IT (99%)

Security (100%)Security (100%) y g5. Other Non‐floating 6. Other Free Float

*Through Tank ÖWA Alpha GMBH

pj(100%)

Latvia (100%)

Security (100%)Security (100%)

37

Contact IR

Nursel İLGEN, CFA

IR TeamIR Team About TAV Airports

Nursel İLGEN, CFA Director, Head of Investor Relations [email protected] Tel :+90 212 463 3000 / 2122Fax : +90 212 465 3100

TAV Airports, the leading airport operator in Turkey, operates 12 airports: Turkey

Istanbul AtatürkAnkara EsenbogaIzmir Adnan Menderes Antalya Gazipasa

Ali Özgü CANERİInvestor Relations Managerli i@

Antalya Gazipasa Georgia

Tbilisi and Batumi Tunisia

Monastir and EnfidhaMacedonia

[email protected] :+90 212 463 3000 / 2124Fax : +90 212 465 3100

Skopje and OhridSaudi Arabia

MedinahLatvia

Riga (only commercial areas)

Besim MERİÇ Investor Relations Manager [email protected] Tel :+90 212 463 3000 / 2123

TAV Airports provides service in all areas of airport operations such as dutyfree, food and beverage, ground handling, IT, security and operationsservices. The Company and its subsidiaries, provided service toapproximately 575 thousand flights and 72 million passengers in 2012. TheCompany’s shares are listed in Borsa Istanbul since February 23, 2007,

d h i k d “TAVHL”Fax : +90 212 465 3100

IR Website ir.tav.aero e‐mail [email protected] Address TAV Airports Holding Co.

under the ticker code “TAVHL”

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e mail [email protected] +90‐212‐463 3000 (x2122 – 2123 – 2124 ‐ 2125)Twitter twitter.com/irTAV Facebook facebook.com/irTAV

Istanbul Ataturk Airport International Terminal (Besides Gate A and VIP)34149 Yesilkoy, Istanbul

Disclaimer

This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the"Company") in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other writtenor oral information will form the basis of any contract.

The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. Noreliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. Theinformation in this presentation is subject to verification completion and change While the information herein has been prepared in good faith noinformation in this presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, norepresentation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its groupundertakings, employees or agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any otherwritten or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not excludeany liability for, or remedy in respect of fraudulent misrepresentation by the Company.

This presentation contains forward‐looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”p g , y p , , , , pand words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumedfuture financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks anduncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of theCompany. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward‐lookingstatements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisionsto any forward‐looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events,y g y g p y p g y gconditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, youare cautioned not to place reliance on such forward‐looking statements.

Information in this presentation was prepared as of September 03, 2013

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Business

TAV Airports Holding Management Presentation September 2013