Management Presentationir.tav.aero/uploads/documents/TAVHL_Investor_Presentation_FY18.pdf · Management Presentation February 2019 . Investment Highlights 2 Turkey is the fastest

Management Presentation February 2019

Investment Highlights

2

Turkey is the fastest growing aviation market in Europe

Diversified, balanced portfolio with leading market positions

Strong momentum with EBITDA posting 28% CAGR between 2006 and 2017

Well-positioned to benefit from further organic and inorganic growth

Attractive market with strong growth prospects

Leading airport operator with diversified portfolio

& integrated structure

Strong financial performance and cash

flow generation “Platform play”

Passenger growth of 13% p.a. during 2003-2018

Projected passenger growth of 7% p.a. between 2018-2020(1)

Aggressive capacity expansion plans of major airlines in Turkey(2)

Access to fast growing MENA region

#1 airport terminal operator in Turkey

15 airports operated in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia

76 airports around the world have a TAV Airports subsidiary functioning in them

Strong vertically integrated value chain

As of December 2018

High earnings visibility given clear / agreed regulatory framework

Proven track record of growth and profitability with attractive organic growth prospects

High financial returns and cash flow generation given fixed cost base (operational leverage) and minimal ongoing capex

Hard currency based cash flow & visible earnings

50% dividend payout policy

TAV will receive compensation for all loss of profit in case of new Istanbul airport opening before 2021

Central and Eastern Europe, Africa, Middle East, South East Asia and Cuba

Inorganic growth of service companies

(1) Source: Turkey’s Ministry of Transport (2) THY and Pegasus web site

Exceptional Growth

3

Revenue (€m)

402 508 627 640 785 881 1099 1205

847 904

983 1079 1,104 1132 1181

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pre-IFRS11

Post-IFRS11

EBITDAR (€m)

170 189 267 311 342 387 483 555

463 524

569 621 611

673 728

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pre-IFRS11

Post-IFRS11

23 30

41 42 48 53

72 84

95 102 104

115

152

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-71

-38

4

51 50 53

129 133

218 210

127

175

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Passenger (m) Net Profit (€m)

2006 2007

26 51

120

1

5

234 31 44

1

206 222 242

255

TAV Corporate and Shareholder Structure

26 51

120

1

234 31 44

1

242 247 252

9

5.06%

1.29%

3.20%

44.33%

46.12

Shareholder Structure (as of December 2018)

Shareholders

TAV Airports Holding Co.

1

2

3

4

5

*Through Tank oWA Alpha GMBH

1. Groupe ADP* Internationally acclaimed airport operating company with global operations

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

3. Sera Yapi Endustrisi A.S. Focused on construction in Turkey & MENA region

4. Other Non-floating

5. Other Free Float

Airport Companies Service Companies

ATU (50%)

BTA (100%)

OS (100%)

TAV Technologies (100%)

Security (100%)

Academy (100%)

Havas (100%)

TGS (50%)

Havas Latvia (100%)

Ataturk (100%)

Esenboga (100%)

Adnan Menderes (100%)

Gazipasa Alanya (100%)

Milas Bodrum (100%)

Medinah (33%)

Tbilisi (80%) & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid (100%)

Latvia (100%)

Zagreb (15%)

Havas Saudi (67%)

Note: Groupe ADP bought Akfen Holding’s 8.12% stake in TAV Airports as of July 7, 2017

4

Antalya (50%)*

*TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends

http://www.sera.com.tr/tr_index.php

TAV Airports Business Areas

5

ATU (50%) Largest duty free operator in Turkey Partner with Unifree –owned by Heinemann, leading German travel retailer (Travel Value) Operating in Turkey, Georgia, Tunisia, Macedonia, Latvia, Oman and Medinah Operating in Houston, USA, since September 2015.

BTA (100%) Operating in Turkey, Georgia, Macedonia, Tunisia, Latvia, Saudi Arabia, Oman and Croatia Operates Istanbul Airport Hotel (128 rooms) Operates İzmir Airport Hotel (81 rooms) Total seating capacity of c. 23 thousand at c. 380 points including BTA IDO and UNIQ Baker and pastry factory serving in Turkey BTA Denizyollari (100%) is the F&B operator of Istanbul Deniz Otobusleri (IDO) Operating in New Muscat Int’l Airport since March 2018

HAVAS (100%) Major ground handler in Turkey with a c.70% share Operates in 29 airports in Turkey including Istanbul, Ankara, Izmir and Antalya TGS (50%) operates in Istanbul (IST&SAW), Ankara, Izmir, Antalya, Adana, Bodrum and Dalaman 100% owner of Havas Latvia, with c.66% market share 67% owner of Saudi HAVAS operating in Medina

TAV OS (100%) Commercial area allocations and lounges

TAV Technologies (100%) Airport IT services

TAV Security (100%) Security service provider in Istanbul, Ankara, Izmir and Gazipasa

TAV Latvia (100%) Commercial area management in Riga Airport

Airports Duty free Food and beverage Ground handling Others

Turkey Istanbul Ataturk Airport (100%)

Ankara Esenboga Airport (100%) Izmir Adnan Menderes Airport (100%) Gazipasa Alanya Airport (100%) Milas Bodrum Airport (100%) Antalya Airport (50%)*

Georgia

Tbilisi (80%) and Batumi Airports (76%)

Tunisia Monastir and Enfidha Airports (67%)

Macedonia Skopje and Ohrid Airports (100%)

Saudi-Arabia Medinah (33%)

Croatia Zagreb Airport (15%)

*TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends. .

5,3 5,6 3,9 3,6 4,5

4,5 3,6

0,9 4,7

6,0

1,6 1,7

1,7

2,5 2,0 1,7 1,8

1,7

1,9 2,4 2,6 2,5

1,7

1,7 2,3

12,5 11,7

7,6

7,7

10,5

8,7 9,3

7,9

10,4

11,9

2014 2015 2016 2017 2018

Rest of the world

Rest of Europe

UK

Bulgaria

Iran

Russian Federation

Germany

Source: State Airports Authority

Growth of the Turkish Aviation Market

6

Foreign Visitors in Turkey

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population: 81m (1)

In 2016, foreign visitors amounted 25m (vs. 36mn in 2015) (2)

In 2018, foreign visitors reached to 39.5m (+22%)

Passport ownership of Turkish citizens (+18) is only 8%. (3)

Only 11% of Turkish people vacationed abroad. (3)

Aircraft number in Turkey expected to reach 750 in 2023 (4)

Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Konda Research and Consultancy 2017 Turkey Report (4) Ministry of Transport

41 51 58 65 76 86 97 103 110 113 122 128 44 52

59 66

73 80

84 71 83

97 106 109

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e 2020e

International

Domestic228

86 104

118 130

149 166 181 174

193 210

State Airports Authority Turkish Aviation Market Forecast

Mn, pax

Foreign Visitors in Turkey (mn)

38% 32% 35%

28% 27% 29%

12% 16% 18%

25% 19%

14%

-10% -7% -4%

18% 16%

43% 46% 46% 43%

22% 22%

31%

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

2018/2017 2017/2016 2016/2015

28% -30% 22% 237

-2%

-30%

28%

36,8 36,2

25,4

32,4

39,5

22%

Traffic Outlook

7 Source: IATA, Airbus Global Market Forecast 2018, Boeing Current Market Outlook 2018

Source: IATA, Eurocontrol, DHMI

Source: THY presentation (November 2018) Pegasus Presentation (November 2018)

1 2 3

World Air Traffic will double in 20 years

Turkish air traffic will double in 7 years

Aggressive fleet expansion plans of

major airlines in Turkey

Eurocontrol, projects 7% CAGR for Turkey until 2020 DHMI expects 7% CAGR in Turkey until 2020 IATA expects Turkish air traffic to grow at a 4.7% CAGR in the next twenty years

Boeing projects 4.7% CAGR for world air traffic (2018-2037) Airbus projects 4.4% CAGR for for world air traffic (2018-2037) IATA expects 7.8 bn pax to travel in 2036 a near doubling of 4 bn in 2017

THY to expand fleet size to 393 by 2020 (from 329 in 2017) Pegasus to increase fleet to 98 by 2020 (from 76 in 2017)

Traffic Performance

Istanbul

Traffic growth slowed down in 2nd half as expected since calendar effect of recovery (started in 2017 H2) is over. TRY depreciation impacts domestic traffic negatively. Istanbul International O&D +13%, int to int transfer +6% in 2018

Ankara

Significant growth continues thanks to year-on-year effect of routes opened in mid/late 2017 Domestic traffic growth is negatively impacted by TRY depreciation.

İzmir Increased seat capacity on several routes by Turkish carriers

Milas-Bodrum Significant increases in flight offering by many carriers

Gazipasa

Traffic started to recover with new routes introduced

Medinah Strong growth in scheduled international and Umrah traffic

Tunisia Recovery started following lift of UK travel ban in late July 2017

Georgia Year-on-year effect of Middle Eastern routes opened in 2017 (Kuwait, Bahrain, Tehran etc.) and 11 routes opened by Georgian Airways following visa free EU access of Georgian people.

Macedonia Year-on-year effect of Wizzair’s 4th aircraft ended in July, frequency increase in some other Airlines

Zagreb Driven by new routes, new terminal opened at the end of March 2017

Pax Strong growth in all markets continues Like for like growth of 8% in 2018

6

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8

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251 243 223

8

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ Note: DHMI figures for 2018 are tentative. 1) Both departing and arriving passengers, including transfer pax 2) Antalya added to portfolion in May 2018. TAV Total 2017 Traffic figures do not include 2017 Antalya Airport figures. TAV Total 2018 figures includes Antalya Airport starting from May.

Antalya

Traffic growth spurred by strong tourist arrivals

January-December

Passengers (1) 2017 2018 Chg % Ataturk Airport 64.106.014 67.981.446 6% International 44.476.589 48.811.305 10% Domestic 19.629.425 19.170.141 -2% Esenboga Airport 15.817.158 16.732.651 6% International 1.988.793 2.249.198 13% Domestic 13.828.365 14.483.453 5% Izmir Airport 12.824.310 13.425.547 5% International 2.349.550 2.736.719 16% Domestic 10.474.760 10.688.828 2% Gazipaşa Airport 821.178 1.215.627 48% International 342.341 631.188 84% Domestic 478.837 584.439 22% Milas-Bodrum 3.501.530 4.185.961 20% International 925.268 1.513.704 64% Domestic 2.576.262 2.672.257 4% Antalya Airport 25.872.451 31.566.217 22% International 18.448.685 24.003.110 30% Domestic 7.423.766 7.563.107 2% Medinah 7.805.295 8.144.790 4% Tunisia (Monastir&Enfidha) 1.683.604 2.490.607 48% Georgia (Tbilisi&Batumi) 3.654.389 4.400.224 20% Macedonia (Skopje&Ohrid) 2.027.344 2.342.541 16% Zagreb Airport 3.092.047 3.336.310 8% TAV TOTAL (3) 115.332.869 151.593.705 31% International 65.395.812 95.744.818 46%

Domestic 49.937.057 55.848.887 12%

34%

27% 29% 26%

7%

20%

5% 4% 5%

9% 7%

5%

-13% -12%

-5%

10%

-1%

4%

29% 31%

17% 18% 21% 22%

-30%

-20%

-10%

0%

10%

20%

30%

40%


18/17 change 17/16 change 16/15 change

Istanbul Int2int Transfer and O&D Pax, Yoy % Change

International Scheduled Traffic Developments & Outlook

9

Istanbul International O&D Pax Istanbul International Transfer Pax

Istanbul Transfer Pax / International Pax

2011 30%

2012 33%

2013 38%

2014 38%

2015 40%

2016 49%

2017 47%

2018 45%

235 242 250

8

-15% 10% 13%

-30%

-20%

-10%

0%

10%

20%

30%

40%

201

6 J

an

2016

Feb

201

6 M

ar

201

6 A

pr

201

6 M

ay

201

6 J

un

201

6 J

ul

2016

Au

g

2016

Sep

201

6 O

ct

2016

No

v

2016

Dec

201

7 J

an

2017

Feb

201

7 M

ar

201

7 A

pr

201

7 M

ay

201

7 J

un

e

2017

Ju

ly

201

7 A

ug

2017

Sep

201

7 O

ct

2017

No

v

2017

Dec

201

8 J

an

201

8 F

eb

201

8 M

ar

201

8 A

pr

201

8 M

ay

201

8 J

un

e

2018

Ju

ly

201

8 A

ug

2018

Sep

2018

Oct

2018

No

v

2019

Dec

O&D Transfer

34%

20% 17%

-1%

2% 3% 0%

-1%

0% 4%

7%

2%

-15%

-4% -6%

19%

7%

12% 10%

-3%

2% 7%

17% 15%

-20%

-10%

0%

10%

20%

30%

40%


18/17 change 17/16 change 16/15 change6% 5% 18%

Antalya International Airport

Transaction Overview

Transaction

TAV acquires IC Ictas’ 49% stake in ICF Antalya, the joint-venture that manages Antalya Airport

Fraport AG maintains 51% stake

Date of signing of SPA

27 February 2018

Date of Closing 8 May 2018

Price EUR 360 million cash

Impact on TAV Transaction expected to be EPS accretive

Source of funding Transaction financed through debt (EUR 300 million) and

equity (EUR 60 million)

Consolidation Consolidated by equity method

TAV acquires 49% of Antalya Airport with co-control; i.e. 50% dividend rights and 50% of voting rights

51% 49%

10

*EBITDAR=IFRS EBITDA which is before rent amortization **EBITDA= Adjused IFRS EBITDA after rent amortization

Antalya Airport Financials (100%)

15,2 16,2 15,2 18,3

20,5 20,2 21,5 22,1 20,9

11,7

18,5

24

2,6 2,6 3,1 3,7 4,5 4,9 5,5 [VALUE],0 6,9 7 7,5 7,6

17,8 18,8 18,3

22,0 25,0 25,1

27,0 28,3 27,8 26,0

31,6

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Antalya Pax (m) Int Dom Total

Source for Pax: DHMI

Severe international traffic decrease occured in 2016 with

Russian ban to charters (started late 2015) and security issues

in Turkey.. Majority of Russian traffic recovered in 2017 with

the lift of travel ban. Domestic traffic increased non-stop during

last 10 years.

EUR (m) 2014 2015 2016 2017 2018 Revenue 327 303 182 260 324 EBITDAR* 283 258 141 223 277 EBITDA** 151 130 16 106 158 EBITDA Margin 46% 43% 9% 41% 49% Net Profit 85 68 -24 40 91

IFRIC 12 Adjusted Financials (in m€, unless stated otherwise) FY17 (5) FY18 Chg %

Revenue (1) 1131.7 1181.2 4%

EBITDAR (2) 672.6 728.2 8%

EBITDAR margin (%) 59.4% 61.7% 2.2 ppt

EBITDA (2) 507.9 572.8 13%

EBITDA margin (%) 44.9% 48.5% 3.6 ppt

FX Loss (20.9) (5.8) -72%

Deferred Tax Expense (1.2) (2.3) 88%

Net Profit (3) 174.5 255.2 46%

Capex 41 92 126%

Net Debt 586 503 -14%

Average number of employees 16,796 18,106 8%

Number of passengers (m) 115.3 151.6 31%

- International 65.4 95.7 46%

- Domestic 49.9 55.8 12%

Duty free spend per pax (€) (4) 13.1 11.0 -16% (1) IFRS Revenue – Construction revenue + Ankara guaranteed passenger revenue - Discount Income (please refer to page 24, for

revenue reported by Groupe ADP)

(2) IFRS EBIT + Depreciation,Amortisation&Impairment + (Rent – for EBITDAR calculation) – Construction revenue + construction

expense + Ankara guaranteed passenger revenue - Discount Income + Equity accounted investees (EAI). EAI is not classified to EBITDA

in Groupe ADP’s accounts. (Please refer to pg. 24 for EBITDA reported by Groupe ADP)

(3) Attributable to equity holders of the company

(4) Transfer numbers are tentative and subject to change

(5) Restated

FY18 Summary Financial and Operational Results

11

Source: TAV Airports Holding, DHMI, TAV Tunisia, TAV Macedonia, Georgian Aviation Authority, TIBAH , MZLZ

Spend per Pax From €13.1 to €11.0, mainly due to depreciation of TRY impacting Turkish passengers’ spending, as well as weakness in European passengers.

Pax -+31%

Like-for-Like pax growth is 8%, Antalya added in May 18 Istanbul Airport international pax +10% in FY18 with +6% in international-to-international transfer pax and +13% in international O&D O&D recovery started in Q2 2017 Share of transfer is 45% in Istanbul (FY17: 47%)

6

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8

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251 243 223

Revenue +4%

Revenue growth supported by traffic growth (like-for-like growth of 8%), while impacted by depreciation of TRY, softness in duty free and stronger Euro vs US Dollar (1.18 vs 1.13 on average) 49% aero, 51% non-aero

EBITDA +13%

TAV Istanbul’s rent expense started to decline in EUR terms in 2H18 due to the amortization schedule;

FX Loss -72%

FX Loss accrued in the previous quarters improved due to appreciation of TRY and USD in 4Q18

Net Profit +46%

Operating performance reflected in bottomline

Net Debt -14%

Net debt, which excludes €300m shareholder loan related to Antalya acquisition, decreased with cash generation

EBITDAR +8%

EBITDAR margin expansion thanks to cost control and TAV Istanbul rent expense starting to decline in EUR terms in 2H18 due to the amortization schedule, despite increase in personnel costs due to employee termination benefits. EBITDAR boosted by contribution of Antalya (€21m since May 2018, after PPAA)

507,9

70,8

29,8 23,9 11,7 33,9

37,3

572,8

12

M17

Vo

lum

e

EPU

***

F/X

Mix

Oth

er

Price

12

M18

FY18 Revenue and EBITDA Bridges *

Revenue Bridges* (€m) EBITDA Bridges (€m)

26 51

120

1

5

234 31 44

1

206 222 242

* Please refer to page 24, for revenue reported by Groupe ADP, 2017 restated

251 243 223

12 *** Equity Pick -up

Ege

**Others includes equity pick-up

1131,7

12,0 9,7 7,2 5,0 4,8 4,5 3,2 2,7 1,4 0,9 0,2 2,2

1181,2

12M

17

Oth

ers

Tun

isia

Ge

orgia

Bo

dru

m

Elimin

ation

BTA

Maced

on

ia

Gazip

asa

Havas

Izmir (Ege)

Istanb

ul

An

kara

12M

18

507,9

15,4 14,3

11,4 11,0 6,3 6,0 2,9 2,6 2,2 1,1 2,5 5,9

572,8

12

M17

Oth

ers**

Havas

Tun

isia

Istanb

ul

Geo

rgia

Bo

dru

m

Gazip

asa

Maced

on

ia

Izmir (Ege)

Elimin

ation

An

kara

BTA

12

M18

1131,7

123,0 25,5 20,5 15,8 0,5

135,9

1181,2

12

M17

Vo

lum

e

Oth

er

Price

Mix

On

e-Offs

F/X

12

M18

Antalya 21.2

TIBAH 3.1

ATU 1.5

IT -6.2

Other -4.3

TAV OS 13.3

Holding 6.3

IT -8.3

Other 0.8

Antalya 21.2

TGS 6.5

TIBAH (Medinah) 3.1

ATU 1.3

Other -1.7

MZLZ (Zagreb) -0.7

YoY Comparison (2017 figures restated)

49%

33%

3% 10%

5%

45%

35%

1%

11%

8%

Istanbul Other Airports

BTA HAVAS

Other

13

Consolidated Revenue (1) (€m) Net Profit (2) (€m)

Consolidated Revenue (%) EBITDA (%) Opex (%)

1132 1181

12M17 12M18

508 573

12M17 12M18

175

255

12M17 12M18

(1) Please refer to page 24, for revenue and EBITDA reported by Groupe ADP

(2) Attributable to equity holders of the company

31%

21% 15%

18%

9% 5% 33%

20% 19%

14%

9% 5%

Personnel Concession rentOther D&AServices rendered Catering

FY17

FY18

EBITDAR (1) (€m)

26 51

120

144 146 148

247 166 63

234 31 44

85 129 193

186 186 186

206 222 242

230 231 232

253 219 151

248 182 187

5

228 238 248

245 245 247

EBITDA (1) (€m)

673 728

12M17 12M18

22%

33% 13%

9%

22%

20%

36% 13%

9%

21%

Duty-free AviationGround-handling F&BOther

Selected Financials by Assets (IFRIC 12 Adjusted) and Employee #s (FY18)

14

(€m) Revenue EBITDA EBITDA

Margin (%) Net Debt

Airports 822.6 459.5 56% 712 Istanbul 506.5 260.6 51% -114 Ankara 54.2 31.0 57% 91 Ege (İzmir) 69.4 46.2 67% 196 Gazipasa 7.1 4.0 57% 29 Tunisia 32.7 8.9 27% 352 Georgia 92.7 74.4 80% -16 Macedonia 31.2 14.3 46% 36 Bodrum 29.0 20.1 69% 140

Services 475.9 112.5 24% -209 Havas 140.9 63.3 45% 11 BTA 162.9 7.8 5% 9 Others* 172.1 41.3 24% -229

Total 1,298.5 572.0 44% 503

Elimination -117.4 0.8 0

Consolidated 1,181.2 572.8 48% 503

Revenue (€m) FY17* FY18 Chg.(%)

Airports 796.0 822.6 3% İstanbul 506.3 506.5 0% Ankara 56.4 54.2 -4% Ege (İzmir) 68.5 69.4 1% Gazipasa 4.4 7.1 60% Tunisia 23.0 32.7 42% Georgia 85.5 92.7 8% Macedonia 28.0 31.2 12% Bodrum 24.0 29.0 21%

Services 458.0 475.9 4% Havas 139.5 140.9 1% BTA 158.4 162.9 3% Others 160.1 172.1 8%

Total 1,253.9 1,298.5 4% Elimination -122.2 -117.4 -4% Consolidated 1,131.7 1,181.2 4% ATU** 342.1 342.0 0% TGS** 126.7 147.8 17% TIBAH (Medinah)** 70.2 71.2 1%

Number of Employees (eop) FY17* FY18

Istanbul 2,993 2,271 Ankara 941 945 Ege (İzmir) 928 940 Tunisia 778 749 Gazipasa 62 64 Georgia 876 936 Macedonia 681 708 Havas 4,135 4,433 BTA 3,165 3,319 Holding 111 116 O&S 678 705 Technologies 332 316 Security 1,070 1,232 Latvia 6 7 Bodrum 78 78 Academy 2 1

TOTAL 16,836 16,820

EBITDA (€m) FY17* FY18 Chg.(%)

Airports 419.6 459.5 10% Istanbul 249.6 260.6 4% Ankara 33.5 31.0 -8% Ege (İzmir) 44.0 46.2 5% Gazipasa 1.1 4.0 261% Tunisia -2.5 8.9 -455% Georgia 68.1 74.4 9% Macedonia 11.7 14.3 22% Bodrum 14.1 20.1 43%

Services 88.7 112.5 27% Havas 49.1 63.3 29% BTA 13.7 7.8 -43% Others* 25.9 41.3 60%

Total 508.3 572.0 13% Elimination -0.4 0.8 208% Consolidated 507.9 572.8 13% ATU** 28.7 35.6 24% TGS** 15.6 23.4 50% TIBAH (Medinah)** 15.1 16.4 8%

*Others EBITDA includes share of profit of equity accounted investees (equity-pick up).

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**Equity accounted investee *Others EBITDA includes share of profit of equity accounted investees (equity-pick up). * Restated

2,7 3,3 3,4 3,5

5,5

4,6 4,5

2011 2012 2013 2014 2015 2016 2017

39 62 66

109 105

64 87

53

124 133

218 210

127

175

74%

50%

2011 2012 2013 2014 2015 2016 2017

Dividends Paid Net Income Payout Ratio

CAPEX Development / Dividends

15

Quarterly Capex (€m)(i) 2018 Capex

Dividend Yield (%) Dividend History (€m)

The bulk of the capex was made for new headquarter building and new international lounges

(i) Adjusted to exclude effects of IFRIC 12 accounting change

TAV Airports’ dividend policy: to distribute 50% of the consolidated IFRS net profit.

26 51

120

1

5

206 222 242

251 243 223

2018 FY CAPEX

€92m

13 12 14

6 11

20

13 19

10 12 12 6

20

33

11

28

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Istanbul Other

Decentralized Debt Structure - Prudently Levered

16

Net Debt (eop, €m) December

2017 September

2018 December

2018

Airports 668 820 712

İstanbul (76) -21 -114

Ankara 18 94 91

Ege (İzmir) 186 200 196

Gazipasa 48 46 29

Tunisia* 348 350 352

Georgia (15) -7 -16

Macedonia 43 36 36

Bodrum 116 122 140

Services (81) -200 -209

HAVAS 7 15 11

BTA 7 2 9 Holding (stand alone) (101) -229 -238

Others 6 12 10

Total 586 620 503

Gross Debt Maturity Profile (€m)

Door to Door Maturity 7.2 Years

Average Maturity 4.6 Years

Average € Cost of Debt (Hedged*) 4.7%

Net Debt / 2018 FY EBITDA 0.9

* 69% of all loans have fixed rates. -as of December 31, 2018

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8

0 0 0

çizgiler

251 243 223

We calculate net debt by subtracting cash and cash equivalents and restricted bank balances from our outstanding (short term and long term) loans and borrowings. Net debt does not include the shareholder loan amount of EUR 300 million from Tank ÖWA alpha GmbH with the maturity of May 2021. The interest rate for this loan is 3% and there is no principal payment until May 2021. ·

*Due to the trilateral negotiations in Tunisia, all financial debt has been reclassified to short term borrowings. Details can be found in IFRS financials Note 26

Non-recourse

113 131 116 102 61

222

369

1 Year 2 Years 3 Years 4 Years 5 Years 6+ Years

Tunisia

TAVAirports

2018 Guidance & Realization

17

2018 Guidance (revised in July 2018) Subject to our traffic and FX assumptions

Istanbul Ataturk

Airport Int. Pax

Total TAV Airports

Pax Revenue EBITDA CAPEX Net Profit

Istanbul Ataturk

Airport Int. O&D Pax

8 to 10 Percent

> 30 Percent

4 to 6 Percent

~ €120m 11 to 13 Percent

14 to 16 Percent

Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and are compliant with IFRS 11; assuming Istanbul Ataturk Airport will operate for the full year in 2018. Antalya Airport included since May, excluding the loses in the first four months of 2018. Revenue: IFRS Revenue – Construction revenue + Ankara guaranteed passenger revenue - Discount Income related to Ankara guaranteed passenger revenue. EBITDA: IFRS EBIT + Depreciation & Amortisation & Impairment – Construction revenue + construction expense + Ankara guaranteed passenger revenue - Discount Income related to Ankara guaranteed passenger revenue + Equity accounted investees (EAI). EAI is not classified to EBITDA in Groupe ADP’s accounts. Please refer to pg. 24 for reconciliation to ADP’s reporting of TAV Airports financials.

significant double digit

growth

Realization

10 Percent

31 Percent

4 Percent

€92m 13 Percent

13 Percent

46 percent

1%

below lower

Capital expenditures were lower than guidance due to some investments, such as new lounges, being deferred to 2019

EBITDA was 1% lower than guidance, mainly because of higher purchase price amortization for Antalya

2019 Guidance

18

Subject to our traffic and FX assumptions, excluding passenger and EBITDA generated from Istanbul Ataturk Airport operations in 2019, our company’s targets for 2019 are as follows:

between EUR70m to EUR80m

EBITDA: IFRS EBIT + Depreciation & Amortisation & Impairment – Construction revenue + construction expense + Ankara guaranteed passenger revenue - Discount Income related to Ankara guaranteed passenger revenue + Equity accounted investees (EAI). EAI is not classified to EBITDA in Groupe ADP’s accounts. Please refer to pg. 25 for reconciliation to ADP’s reporting of TAV Airports financials.

Total TAV Airports Pax (excluding Istanbul Ataturk

Airport)

EBITDA (excluding Istanbul Ataturk

Airport)

Capex

90 to 94 million 38 to 42 % lower

Note: Excluding any impact regarding compensation related with early closure of Istanbul Ataturk Airport All financial targets are in EUR terms and have been adjusted to reverse the effects of IFRIC 12.

FX Exposure of Operations (FY18)

19

11%

22%

15%

52%

Opex (1)(2)

€116m

€174m

€83m

€401m

97%

3%

Gross Debt

€1094m

5%

18%

53%

24%

Revenue (1)

€719m

€247m

€62m

€327m

96% 4%

Concession Rent Expense

€7m

€149m

€2m

€1355m

€156m

€774m

€1126m

EUR USD TRY Other

(1) Combined figures, pre-elimination and consolidated adjustment, IFRIC12 adjusted, includes equity-pick up (€46m) (2) Includes concession rent expenses (€156m), does not include depreciation (€116m)

€30m

FX Exposure

20

Hedging

Subsidiaries, TAV Ege, TAV Macedonia, TAV İsletme and TAV Milas Bodrum enter into swap transactions in order to diminish exposure interest rate risk to manage exposure to the floating interest rates relating to loans used. Interest payments of 100%, 90%, 100%, 100% and 100% of floating loans of TAV Milas Bodrum, TAV Macedonia, TAV İsletme and TAV Ege respectively are fixed with interest rate swaps.

Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognized directly in equity to the extent that the hedge is highly effective. To the extent that the hedge is ineffective, changes in fair value of the ineffective are recognized in profit or loss.

Sensitivity Analysis

The Group’s principal currency risk relates to changes in the value of the Euro relative to TRL and USD. The Group manages its exposure to foreign currency risk by entering into derivative contracts and, where possible, seeks to incur expenses with respect to each contract in the currency in which the contract is denominated and attempt to maintain its cash and cash equivalents in currencies consistent with its obligations. The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate corporate-level currency exposure. The aggregate foreign exchange exposure is composed of all assets and liabilities denominated in foreign currencies, both short-term and long-term purchase contracts. A 10 percent strengthening / (weakening) of EUR against the following currencies at 31 December 2018 and 31 December 2017 would have increased / (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

6

235 242 250

8

251 243 223

Equity Profit or loss (‘000) Sstrengtheni

ng of EUR Weakenin

g of EUR

Strengthening of EUR

Weakening of EUR

31 December 2018 - -

USD (7,189) 7,189

TRY (155) 155

Other (2,383) 2,383

Total (9,727) 9,727 31 December 2017

USD (23,331) 23,331

TRY (2,799) 2,799

Other (1,634) 1,634

Total (27,764) 27,764

ATU (50%)

21

ATU Financials (€m) Duty Free Spend per Pax (€)

16,6 16,5 16,0

14,4 15,3 15,3

14,2

12,1

14,9 15,0 14,8

13,3 14,3 14,2

13,1

11,0

2011 2012 2013 2014 2015 2016 2017 2018

Istanbul TAV

SPP dropped in FY18, mainly due to TRY depreciation impacting Turkish passengers’ spending, as well as weakness in European passengers.

Operations started in 5 Tunisian airports in Q4 2014, ramp up in 2017 (one-off income in Q4 2016).

206 222 242

72,1 84,7

93,0 86,5

68,3

85,8 102,0

86,0 76,0

88,2 97,3

80,6

1,5 4,7 10,2 11,1

5,9 6,4 12,7

3,8 6,9 10,1 11,6 7

2%

6%

11%

13%

9%

7%

12%

8% 9%

11% 12%

9%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Revenue EBITDA Margin

BTA

22

BTA Financials (€m)

39,5 44,6 48,3

37,8 32,7

40,1 47,5

38,1 36,7 41.7 44,4

40,1

1,9 4,1

6,3

0,7 1,9 2,9 7,0

1,8 1,6 2.9

9,4

-6,1

5%

9%

13%

2%

6% 7%

15%

5% 4% 7%

21%

-15%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

-10,0

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

Revenue EBITDA

TAV F&B Spend per Pax (€)

1,8

2,1 2

1,6

1,3 1,3 1,3 1,3 1,3 1,3 1,2

1,1

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Predominantly TRY based revenue and opex Cease of third party operations of BTA Logistics during 2016 Croatia added in 4Q17, Muscat added end of March 2018 Personnel expenses increased significantly in 4Q18 due to employee termination benefits causing sharp decline in EBITDA margin

135

329

25

489

141

359

28

528

HAVAS TGS HVS E HAVAS + TGS +HVS E

12…12…

HAVAS

23

Havas Consolidated * Financials (€m) TGS Financials (50%) (€m)

Havas Solo FX Exposure FY 2018 # of Flights Served (‘000)

* Post IFRS 11

10%

35%

55%

Revenue

3%

69%

28%

Cost

28,0 33,3

39,0 31,3

26,0

34,8

46,9

31,8 27,0

37,8 45,3

30,8

4,2

9,7 17,1

0,4 4,0

11,7

24,0

9,3 6,0

19,8

30,5

7,1

0%

20%

40%

60%

80%

0,0

10,0

20,0

30,0

40,0

50,0

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18


32,4 36,0

39,5

22,3 25,5

32,0 36,8

32,4 29,0

36,4 36,4

3,3 4,9 5,8

-2,8

1,9 3,8

7,3 2,6 1,1

6,8 10,6

4,9

-20%

-10%

0%

10%

20%

30%

40%

-10,0-5,00,05,0

10,015,020,025,030,035,040,045,0

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18


EUR USD TRY

26 51

120

1

5

206 222 242

IFRIC 12 & Our Adjusted Financials Policy

24

Introduction to IFRIC 12 IFRIC 12 booking model

IFRIC 12- is an accounting application treating BOT assets with special provisions for guaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes Airport 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 operation right” in the balance sheet. However when there are guaranteed passenger fees in question, these fees are discounted to their NPV and subtracted from the “airport operation right” of the BOT in question. The remaining capex amount gets booked as “airport operation right” and the NPV of guaranteed passenger fees gets booked as “trade receivables.”

When the guaranteed passenger fees become earned during the course of operations, these are credited from the balance sheet and the difference between discounted (NPV of) guaranteed passenger fees and the actual fees as they are earned are booked as finance income.

Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L items 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 aviation income and increases finance income and distorts our P&L. To adjust for the distortion we add back guaranteed passenger fees while reporting our adjusted revenues.

On the other hand the capex incurred during the construction phase is immediately transferred to P&L with an offsetting construction income assigned to it. This income may or may not carry a mark-up on it. Since this method of booking also distorts both the P&L and the Balance Sheet we adjust our financials to disregard the effects of both “construction expense” and “construction income.”

Debit Credit

1. During Construction

BS Debt

BS Cash

BS Construction in progress

PL Construction Expense Construction Income

2. Completion of Construction

BS Construction in progress

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

BS Airport Operation Right *

3. Operations During Year

PL Aviation Income for the Current Year **

BS Cash **

4. Year Close

PL Aviation Income for the Current Year ***

PL

Was: Finance Income Is: Other operating revenue (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 = Construction in progress-(NPV of Passenger Revenue Receivable ** TR-GAAP *** IFRS (IFRIC 12 application) **** Discounted guaranteed passenger revenues for that period

Guaranteed Pax Structure 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

An

kara

International Departing Pax (m) 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.6 0.6

Guaranteed Pax Income (€m) 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 9.6

Domestic Departing Pax (m) 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 0.5

Guaranteed Pax Income (€m) 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

Total Guaranteed Pax Income (€m) 13.7 14.4 15.1 15.9 16.7 17.5 18.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1

Discount Income (€m) 11.80 10.96 9.93 8.69 7.21 5.47 3.43 0.43

İzm

ir

International Departing Pax (m) 1.1 1.1 1.1 1.2 1.2 1.2 1.3

Guaranteed Pax Income (€m) 15.9 16.4 16.9 17.4 17.9 18.4 19.0

Total Guaranteed Pax Income (€m) 29.6 30.8 32.0 33.3 34.6 35.9 37.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1

6

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8

251 243 223

EBITDA Reconciliation

514,2

12,4 46,2

572,8

EBIT

DA

rep

ort

ed b

yA

DP

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Equ

ity

Pic

k-u

p

EBIT

DA

rep

ort

ed b

yTA

V

Revenue Reconciliation

Reconciliation of Revenue and EBITDA (2018)

25

1168,8

12,4 0,0

1181,2

IFR

S R

even

ue

(re

po

rte

d b

y A

DP

)

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Co

nst

ruct

ion

Rev

enu

e

Ad

just

ed R

even

ue

(re

po

rte

d b

y TA

V)

(Net

of

dis

cou

nt

inco

me)

(Net

of

dis

cou

nt

inco

me)

Quarterly Revenue & EBITDA by Assets(1)

26

(1) Please refer to page 21, for revenue and EBITDA reported by Groupe ADP (2) Others EBITDA includes share of profit of equity accounted investees (equity-pick up). Please see pg 27.

(3) Restated

1Q15 2Q15 3Q15 4Q15 1Q16(3) 2Q16(3) 3Q16(3) 4Q16(3) 1Q17(3) 2Q17(3) 3Q17(3) 4Q17(3) 1Q18 2Q18 3Q18 4Q18

Airports 161.9 201.3 220.0 179.4 169.2 189.8 225.0 193.4 161.8 195.6 243.3 195.3 175.7 207.7 251.3 188.1

Istanbul 117.3 141.6 145.7 124.9 118.1 126.3 132.0 124.6 109.0 128.6 139.7 129.0 119.7 130.1 137.4 119.3

Ankara 13.0 10.3 13.2 14.9 17.3 12.7 15.9 21.6 14.8 10.8 14.6 16.3 14.9 11.2 13.0 15.1

Ege 12.1 17.2 25.0 15.2 12.9 16.1 22.2 15.4 12.5 16.4 24.1 15.5 13.4 16.6 24.4 14.9

Gazipasa 0.3 1.6 2.6 0.9 0.4 1.3 2.1 0.7 0.3 1.2 2.1 0.9 0.3 2.2 3.5 1.1

Tunisia 4.7 11.9 5.7 2.7 3.2 6.6 10.6 3.9 2.3 5.8 11.6 3.4 2.2 8.8 16.0 5.8

Georgia 9.0 11.7 17.3 13.0 10.3 13.9 21.8 16.8 15.6 20.2 29.5 20.1 17.0 23.1 31.0 21.5

Macedonia 4.6 5.6 7.7 5.7 5.3 6.5 8.1 6.8 5.7 6.5 9.1 6.7 6.4 7.6 10.2 7.1

Milas Bodrum 0.8 1.4 2.9 2.2 1.8 6.5 12.4 3.7 1.7 6.1 12.6 3.5 1.8 8.0 15.8 3.4

Services 92.1 109.5 126.2 115.6 93.1 116.4 123.2 124.2 92.4 119.1 133.4 113.1 101.0 122.4 130.4 122.2

Havas 25.4 40.1 49.7 32.7 28.0 33.3 39.0 31.3 26.0 34.8 46.8 31.8 27.0 37.8 45.3 30.8

BTA 37.8 42.1 47.2 39.8 39.5 44.6 48.3 37.8 32.7 40.1 47.5 38.1 36.7 41.7 44.4 40.1

Others (2) 28.9 27.3 29.3 43.2 25.6 38.5 35.9 55.0 33.7 44.1 39.1 43.2 37.3 42.9 40.7 51.3

Total 254.0 310.9 346.3 295.1 262.3 306.2 348.2 317.6 254.2 314.7 376.7 308.4 276.6 330.0 381.6 310.3

Eliminations -26.9 -30.2 -32.1 -37.7 -27.8 -32.1 -34.2 -36.1 -28.0 -30.3 -33.5 -30.5 -28.2 -28.8 -29.3 -31.1

Consolidated Revenue 227.1 280.7 314.1 257.3 234.5 274.1 314.0 281.5 226.2 284.4 343.2 277.9 248.4 301.2 352.3 279.2

Airports 65.2 115.8 132.2 81.9 77.2 98.1 128.8 90.8 68.5 103.0 147.3 100.8 81.1 119.3 168.2 90.8

Istanbul 53.4 85.7 90.7 63.4 54.3 65.0 69.1 57.4 43.7 65.6 76.3 64.0 53.7 70.4 83.8 52.7

Ankara 7.3 4.7 7.3 5.4 11.7 6.7 10.1 12.0 9.1 4.9 8.8 10.8 7.8 5.8 8.4 9.0 Ege 5.3 10.5 17.4 7.9 6.3 9.5 15.1 8.5 6.8 10.4 17.5 9.3 7.6 11.1 19.1 8.3

Gazipasa -0.4 0.8 1.9 0.0 -0.4 0.4 1.2 -0.3 -0.4 0.3 1.2 0.0 -0.5 1.4 2.8 0.2

Tunisia -6.0 3.6 -3.9 -5.3 -2.6 0.1 2.6 -3.8 -3.1 -0.4 3.9 -2.9 -2.6 2.9 8.6 0.0

Georgia 5.0 7.9 13.3 8.4 6.4 10.0 17.8 12.9 11.1 16.2 25.0 15.8 12.8 18.8 26.4 16.4

Macedonia 1.2 2.4 4.2 2.0 1.7 3.0 4.0 2.8 1.5 2.8 5.1 2.3 2.2 3.6 5.8 2.8

Milas Bodrum -0.6 0.3 1.4 0.2 -0.3 3.4 8.8 1.3 -0.1 3.2 9.5 1.5 0.1 5.3 13.3 1.3

Services 12.4 26.5 40.5 15.5 7.9 17.9 28.7 9.0 9.5 22.7 43.7 12.7 16.3 37.6 63.6 -5.0

Havas 0.0 14.2 22.8 7.8 4.4 9.7 15.2 2.5 4.1 11.8 24.1 9.0 6.0 19.8 30.5 7.1

BTA 2.6 4.9 5.9 0.2 2.0 4.2 6.4 0.9 2.0 3.1 7.2 1.4 1.6 2.9 9.4 -6.1

Others(2) 9.8 7.4 11.8 7.5 1.5 3.9 7.2 5.5 3.3 7.9 12.5 2.2 8.7 14.9 23.7 -5.9

Total 77.6 142.3 172.7 97.4 85.1 116.0 157.5 99.8 78.0 125.8 191.0 113.5 97.5 156.9 231.8 85.8

Eliminations 0.9 -0.1 1.3 -3.6 0.6 0.3 0.6 -1.1 -0.4 -0.4 -1.1 1.5 -0.7 0.0 -0.3 1.7

Adjusted EBITDA 78.5 142.2 174.0 93.7 85.7 116.3 158.1 98.7 77.6 125.4 190.0 114.9 96.7 157.0 231.5 87.5

Guaranteed pax revenue 5.9 2.5 4.5 6.8 2.5 -1.7 0.5 7.1 7.1 3.2 -0.5 2.2 5.4 -0.8 2.7 5.3

Ankara 5.6 2.5 4.5 6.8 2.5 -1.7 0.5 7.1 7.1 3.2 -0.5 2.2 5.4 -0.8 2.7 5.3

İzmir 0.2

Total Concession / Rent Expense 31.5 32.5 34.0 34.7 -36.0 -36.8 -38.6 -40.8 -39.3 -40.6 -42.8 -41.9 -40.4 -40.4 -38.0 -36.6

Istanbul 30.7 30.8 31.2 33.2 -35.1 -35.1 -35.7 -39.3 -38.5 -38.9 -40.1 -40.5 -39.6 -38.7 -35.1 -35.1

Tunisia 0.6 1.4 2.5 1.2 -0.6 -1.4 -2.5 -1.2 -0.6 -1.4 -2.5 -1.2 -0.6 -1.4 -2.5 -1.2

Macedonia 0.2 0.2 0.3 0.3 -0.2 -0.3 -0.3 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 -0.3 -0.4 -0.3

Equity Accounted Investees – IFRS 11

27

1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18

Antalya (50%) ¹ Revenue 8,9 23,2 39,2 19,6 90,9 7,5 35,4 65,0 22.3 130.2 12,0 43,4 77.1 29.5 161.9

Adj. EBITDAR ² 4.1 18.3 33.9 14.3 70.6 3.8 30.5 59.6 17.4 111.3 4.3 41.1 69.7 23.5 138.7

Adj. EBITDA ² -11.4 2.8 18.2 -1.4 8.2 -6.9 14.7 43.6 1.4 52.8 -10.9 25.8 55.2 8.9 79.0 Net Profit -16.3 1.2 9.6 -6.2 -11.8 -10.1 8.2 24.7 -2.8 20.0 -12.4 16.8 34.1 6.9 45.4 Net Debt 113.2 104.7 76.2 63.4 63.4 63.8 47.6 2.1 -21.2 -21.2 29.9 54.0 34.5 -7.8 -7.8

PPAA ³ -8.5 -19.3 -9.0 -36.8

Net Profit+PPAA4 8.5 14.8 -2.1 21.2

1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18 ATU (%50) Revenue 72.1 84.7 93.0 86.7 336.4 68.3 85.8 102.0 86.0 342.1 76.0 88.2 97.3 80.6 342.0

EBITDA* 1.5 4.7 10.2 11.1 27.4 5.9 6.4 12.7 3.8 28.7 6.9 10.1 11.6 7.0 35.6

Net Profit 1.3 3.5 1.8 10.4 16.9 3.3 4.5 8.4 4.3 20.5 5.0 7.5 7.5 2.1 22.1

Net Debt 13.3 12.2 18.0 9.3 9.3 8.8 4.5 -1.1 -4.6 -4.6 -9.3 -5.4 -15.1 -18.9 -18.9 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18

TGS (50%) Revenue 32.4 36.0 39.5 22.3 130.2 25.5 32.0 36.8 32.4 126.7 29.0 36.4 36.4 46.0 147.8

EBITDA 3.3 4.9 5.9 -2.8 11.2 1.9 3.8 7.3 2.6 15.6 1.1 6.8 10.6 4.9 23.4

Net Profit 1.8 2.7 3.5 -3.6 4.4 0.6 2.0 5.0 1.8 9.4 0.3 5.2 9.9 0.4 15.8

Net Debt 0 0.0 0.0 0.1 0.1 - 0.0 0.0 -11.4 -11.4 0.0 0.0 0.0 -3.7 -3.7 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18

TIBAH (33%) Revenue 14.1 14.8 16.5 14.3 59.8 16.8 18.2 21.4 13.8 70.2 16.8 17.3 23.1 13.9 71.2

(Medinah) EBITDA 8.8 6.1 7.1 4.8 26.8 3.4 4.1 5.5 2.1 15.1 4.2 3.9 6.0 2.3 16.4

Net Profit 0.8 -1.3 -0.7 -2.9 -4.2 -4.5 -3.7 -0.7 -2.7 -11.6 -1.6 -1.8 -0.6 -4.5 -8.5

Net Debt 317.0 322.6 315.6 316.5 316.5 311.0 300.7 300.3 283.0 283.0 274.9 294.4 284.2 299.9 299.9

6

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8

251 243 223

1 TAV Airports’ 49% stake in TAV Antalya entitles it to equal governance and 50% of dividends. 2 Adjusted EBITDAR defined as IFRS EBITDA (which is before concession rent amortization.) Adjusted EBITDA defined as IFRS EBITDA after concession rent amortization 3 TAV Airports’ Purchase Price Allocation (PPA) Amortization for Antalya Airport. Purchase Price Allocation for TAV Antalya was changed in 4Q18 to include no goodwill 4 TAV Antalya’s net contribution to TAV Airports EBITDA since share purchase in May 2018.

Income Statement / Balance Sheet

28

INCOME STATEMENT (€m) FY17 FY18

Construction revenue 17.1 0.0 Total operating revenue 1,121.4 1,168.8 Other operating income 0.5 0.3 Aviation income 367.0 407.1 Ground handling income 150.2 158.6 Commission from sales of duty free goods 245.6 238.7 Catering services income 105.4 110.7 Other operating revenue 253.2 253.7 Construction expenditure (17.1) 0.0 Operating expenses (781.8) (762.5) Cost of catering inventory sold (41.4) (38.7) Cost of services rendered (71.6) (69.7) Personnel expenses (243.6) (248.6) Concession rent expenses (164.6) (155.5) Depreciation and amortization expense (141.1) (107.6) Other operating expenses (119.4) (142.5) Equity Pick-up 16.4 46.2 Operating profit 356.5 452.7 Finance income 12.5 17.9 Finance expenses (123.8) (119.2) Profit before income tax 245.2 351.4 Income tax expense (59.9) (85.3) Profit for the period from continuing operations 185.3 266.2 Attributable to: Owners of the Company 174.5 255.2 Non-controlling interest 10.8 11.0

EQUITY AND LIABILITIES (€m) FY17 FY18

EQUITY

Share capital 162.4 162.4

Share premium 220.3 220.3

Legal reserves 109.9 119.6

Other reserves -79.3 -83.6

Revaluation surplus 0.0 0.0

Purchase of shares of entities under common control 40.1 40.1

Cash flow hedge reserve -52.6 -52.2

Translation reserves -48.5 -62.4

Retained earnings / (Accumulated losses) 541.2 693.7

Total equity attributable to equity holders of the Company 893.5 1,037.9

Non-controlling interest -4.2 -6.1

Total Equity 889.3 1,031.8

Loans and borrowings 551.1 642.6

Reserve for employee severance indemnity 23.2 21.9

Due to related parties 0.0 305.9

Derivative financial instruments 36.2 29.4

Deferred income 21.0 17.8

Other payables 553.6 530.8

Deferred tax liabilities 15.5 12.5

Total non-current liabilities 1,200.6 1,561.0

Bank overdraft 0.0 0.4

Loans and borrowings 567.6 483.0

Trade payables 46.3 46.2

Due to related parties 0.7 25.4

Current tax liabilities 19.8 11.4

Other payables 270.4 277.9

Provisions 6.1 5.9

Deferred income 17.7 8.4

Derivative financial instruments 2.3 -0.0

Total current liabilities 931.0 858.5

Total Liabilities 2,131.6 2,419.5

TOTAL EQUITY AND LIABILITIES 3,020.9 3,451.3

ASSETS (€m) FY17 FY18

Property and equipment 192.4 231.3 Intangible assets 11.8 11.0 Airport operation rights 1,617.6 1,566.6 Other investments 0.0 0.0 Goodwill 136.1 136.0 Prepaid concession expenses 6.2 3.1 Derivative Financial Instruments 0.0 0.0 Trade receivables 79.0 65.6 Other non-current assets 9.6 9.7 Deferred tax assets 34.6 29.2 Equity pick-up assets 106.8 492.6 Total non-current assets 2,194.0 2,545.1 Inventories 9.9 9.1 Prepaid concession expenses 71.7 42.3 Trade receivables 129.6 150.3 Due from related parties 22.3 29.7 Derivative financial instruments 0.0 0.0 Other receivables and current assets 60.8 51.8 Cash and cash equivalents 344.2 552.5 Restricted bank balances 188.3 70.5 Total current assets 826.8 906.2 TOTAL ASSETS 3,020.9 3,451.3

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Cash Flow Statement

29

CASH FLOWS FROM OPERATING ACTIVITIES FY17 FY18

Profit for the period 185.3 266.2

Adjustments for:

Amortisation and impairment of airport operation right 86.0 50.1

Depreciation and impairment of property and equipment 51.1 54.7

Amortisation of intangible assets 4.1 2.8

Concession and rent expenses 164.6 155.5

Provision for employee severance indemnity 5.8 5.1

Provision for doubtful receivables 3.4 3.3

Discount on receivables and payables, net -0.1 0.1

Gain on sale of property and equipment 0.0

Provision set for unused vacation 0.4 1.0

Interest income -12.4 -17.9

Interest expense on financial liabilities 59.3 70.3

Tax expense 59.9 85.3

Unwinding of discount on concession receivable and payable 24.0 23.6

Share of profit of equity-accounted investees, net of tax -16.4 -46.2

Unrealized foreign exchange differences on statement of financial position items

0.1 30.8

Cash flows from operating activities 615.2 623.1

Change in current trade receivables 1.7 -22.8

Change in non-current trade receivables 22.2 23.3

Change in inventories -1.1 0.8

Change in due from related parties -2.9 -5.6

Change in other receivables and other assets 6.0 26.9

Change in trade payables -9.7 -0.3

Change in due to related parties -2.2 49.4

Change in other payables and provisions -94.5 -68.8

Cash provided from operations 534.7 626.0

Income taxes paid -62.1 -91.3

Retirement benefits paid -4.4 -7.0

Additions to prepaid concession and rent expenses -134.1 -116.0

Net cash provided from operating activities 334.1 411.6

CASH FLOWS FROM INVESTING ACTIVITIES FY17 FY18

Proceeds from sale of property, equipment and intangible assets 3.7 4.3

Acquisition of property and equipment -23.2 -90.2

Additions to airport operation right -15.6 -0.3

Acquisition of non-controlling interest net of cash acquired -9.5 -1.5

Acquisition of joint venture net of cash acquired 0 -381.1

Acquisition of intangible assets -1.4 -1.8

Change in due from related parties 1.0 -1.8

Change in due to related parties 0.0 -24.7

Dividends from equity-accounted investees 18.7 23.2

Net cash used in investing activities -26.4 -474.0

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 55.3 249.8

Repayment of borrowings -181.7 -250.3

Cash inflows and outflows from derivative instruments -12.0 -8.4

Dividends paid -76.8 -100.7

Interest received 13.4 18.9

Interest paid -34.8 -36.5

Change in due to related parties 0 300.0

Change in restricted bank balances -38.0 98.9

Change in finance lease liabilities -4.4 -1.4

Net cash used in financing activities -278.9 270.3

NET INCREASE IN CASH AND CASH EQUIVALENTS 28.9 207.9

CASH AND CASH EQUIVALENTS AT 1 JANUARY 315.3 344.2

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 344.2 552.2

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Airport Type/Expire TAV Stake Scope 2018 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Security fee/pax int’l

Volume Guarantee

Yearly Lease/ Concession Fee Paid

Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 68.0 US$15

€3 €1.5 No $140m + VAT -114 (January 2021) €2.5 (Transfer)

Ankara Esenboga

BOT

100% Terminal 16.7 €15

€2.5 (Transfer) €3 €1.5

0.6m Dom. , 0.75m Int'l for 2007+5% p.a

- 91 (May 2023)

Izmir A.Menderes (Ege)

Concession 100% Terminal 13.4

€15 €2.5 (Transfer)

€3 €0.75 No €29m+VAT (2)

196

(December 2032)

Gazipasa Alanya Lease

100% Airport 1.2 €12(3) TL10(3) €1.0 No $50,000+VAT(4) 29 (May 2034)

Milas Bodrum Concession

(December 2035) 100% Terminal 4.2 €15 €3

€0.75

No €143.4m upfront+

€28.7m+VAT (5) 140

Antalya Concession

(December 2024) 50%(10) Terminal 31.6

€15 €2.5 (Transfer)

€3 €0.75

No €100.5m + VAT

Tbilisi BOT

80% Airport 3.8 US$24 US$6 - No - -11 (February 2027)

Batumi BOT

76% Airport 0.6 US$12 US$7 - No - -5 (August 2027)

Monastir&Enfidha BOT+Concession

67% Airport 2.5 €9 €1 €0.8 No

11-26% of revenue from 352

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 2.3 €11.5 in Skopje, €10.2 in Ohrid

- €6.5 in Skopje, €6.5 in Ohrid

No 4% of the gross annual

turnover (6) 36

(March 2030)

Medinah (TIBAH)

BTO+Concession 33% Airport 8.1 SAR 87 (7) - - No 54.5% (8)

(2037)

Yanbu, Hail & Qassim(7,9)

BTO+Concession

50% Airport

3.5 SAR 87(7) SAR 10 - No

3% of the gross annual turnover for Yanbu

3,6% of the gross annual turnover until 2026, 7,2% between 2026-2047 for

Hail&Qassim

(2047)

Zagreb (MZLZ)

BOT+Concession (April 2042)

15% Airport 3.3

€17

€7.5 €6.5 No €2.0 - €11.5m fixed 0.5% (2016) - 61%

(2042) variable €4 (Transfer)

Concession Overview

30

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251 243 223

1) As of 31 December 2018 2) Accrual basis: Depreciation expense of €13.5m in 2015 to €32.4m in 2032 plus finance expense of €17.8m in

2015 to €0m in 2032 3) TAV Gazipasa tariff increased on January 1, 2018 4) TAV Gazipasa will make a yearly rent payment of US$ 50,000 + VAT plus 65% of net profit to DHMI. 5) Yearly payments start October 2015. Accrual basis: Depreciation expense of €11.1m in 2016 to €38.0m in 2032 plus

finance expense of €18.8m in 2016 to €0m in 2032 6) The percentage will be tapered towards 2% as passenger numbers increase. 7) SAR 87 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi

8) Arabia every three years 9) The concession charge was reduced to 27.25 % for the first two years that follow the completion of the construction of

the new terminal in Q2 2015 10)TAV Airports won the concession for these airports but has not operated these airports 11) TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends. 12) Security fee for int’l pax are collected in Turkish Airports starting from January 2019.

TAV became 100% shareholder of BTA

EUR25million impairment of Milas Bodrum (net profit impact of EUR20million, after deferred tax)

Havas Germany operations shut down

Accounting methodology changes

~EUR15m software sales revenue accrued in Q4, mainly from Abu Dhabi and Saudi projects

MoU signed to undertake exclusive negotiations with the Cuban government for Havana Airport

Q4

Timeline

2017 2018 2016

TRY 348 million cash dividends paid

Macedonia loan refinanced with one-off cost of ~EUR7m

Q1


Adverse weather conditions in January led to flight cancellations in İstanbul

New terminal building of Zagreb Airport opened at the end of March

Q1


Signed SPA to purchase 49% of Antalya Airport with co-control and equal dividend rights from IC for EUR 360 million

Q1

Istanbul loan refinanced with one-off cost of ~EUR11m (will be net income neutral by year-end)

Tunisia deferred tax asset reversal of ~EUR14m

Ataturk extension complete

Tbilisi runway and taxiway rehabilitation complete

Attack on the airport (June 28), coup attempt (July 15)

Q2

Consortium with TAV invited to exclusive negotiations for Havana Airports, Cuba

Started negotiations with Saudi Oger Ltd. to purchase half of its 33.3% shares of Tibah

Q3

Philippines regional airports tender cancelled

Saudi airports awarded (Yanbu, Qasim and Hail)

New arrival terminal building of Tbilisi Airport opened at the end of June

Q2

Change in shareholder structure

Guidance Revision for 2017

Q3

Q4

Antalya Airport share transfer took place in May 2018

TGS contract renewed for 15 more years

Guidance revision for 2018

Q2

Volatility in markets

Q3

TAV Airports Holding included in Turquality program

EUR 10million impairment of Milas Bodrum reversed

Employee termination benefits provisioned

Higher PPAA allocation for Antalya Airport due to change in accounting

Q4

31

Tax Regimes

32

Corporate income tax rate of 25%


Corporate income tax rate of 20% as of 2018 (15% previously)

Corporate income tax rate of 20% for non-residents


Corporate income tax rate of 22% for 2018-2019-2020 (20% previously) %. Advance tax returns are filed on a quarterly basis Losses can be carried forward for offsetting against future taxable income for up to 5 years


Turkey

Georgia

Tunisia

Macedonia

Latvia

Saudi Arabia

Croatia

Share Price Performance 1M 3M YTD

TRY 17% 25% 18%

USD 21% 30% 18%

Relative to BIST -100 3% 10% 3%

Share Performance (February 12, 2019)

ESG & Share Performance

33

The Corporate Governance rating of our Company has increased to 96.25 on 17.08.2018 from a rating of 96.17 which was announced on 18.08.2017, owing to our strong emphasis on developing good corporate governance practices.

Corporate Governance Rating Weight Grade

Shareholders 25% 95.80

Public Disclosure and Transparency 25% 97.34

Stakeholders 15% 98.82

Board of Directors 35% 94.69

Total 100% 96.25 Closing Price (TRY)

28.14 Market Cap USD 1. 9bn

Avg. Daily Volume** USD 9 m

Free Float* 44%

Effective Free Float* 44%

Foreign Ownership

~90%

* Source: Central Registry Agency (MKK) ** 2019 yearly average

85 129 193

247 166 63

TAV Airports was included in the BIST Sustainability Index on November 4, 2014.

6

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Sustainability

2,00

3,00

4,00

5,00

6,00

7,00

02

.01

.20

17

16

.02

.20

17

02

.04

.20

17

17

.05

.20

17

01

.07

.20

17

15

.08

.20

17

29

.09

.20

17

13

.11

.20

17

28

.12

.20

17

11

.02

.20

18

28

.03

.20

18

12

.05

.20

18

26

.06

.20

18

10

.08

.20

18

24

.09

.20

18

08

.11

.20

18

23

.12

.20

18

06

.02

.20

19

TAVHL ($)

TUNISIA

UAE

QATAR

GEORGIA

TURKEY

OMAN KENYA

SAUDI ARABIA

LATVIA

GERMANY

USA CROATIA

MACEDONIA

Global Presence with Service Companies in 21 Countries and 76 Airports

34

CHILE

INDONESIA

JORDAN

DENMARK

SWITZERLAND

EGYPT

RWANDA

FRANCE

TAV Airports

ADP Airports

TAV + ADP

France

Paris-CDG: 72.2 mpax

Paris-Orly: 33.1mpax

Owner and operator

Schiphol Group (8%)

71.0 mpax

Industrial cooperation

Liège (25.6%)

Strategic partner

Jeddah (Terminal Hajj) – Saudi Arabia

7.3 mpax

Management contract

Amman(1) – Jordan (51%)

8.4 mpax

Management contract

Strategic partner Conakry (29%)

0.5 mpax

Operator

Mauricius (10%)

3.9 mpax

Operator

Strategic Partners

Tunisia (67%)

Enfidha & Monastir 2.5 mpax

Concession operator

Turkey

130.9 mpax

Istanbul Ataturk, Antalya(2),

Ankara, Izmir, Gazipasa & Bodrum

Concession operator

Georgia (76%)

Tbilisi & Batumi: 4.4 mpax

Concession operator

Macedonia (100%)

Skopje & Ohrid: 2.3m pax

Concession operator

Medinah (Saudi Arabia) (33%)

8.1 mpax

Concession operator

Zagreb (ADP 21% & TAV 15%)

3.3 mpax

Operator and partner

Santiago de Chili (45%)

23.3 mpax

Concession operator

Madagascar

1.2 mpax

Concession operator

(1) In April 2018, Groupe ADP increased its stake in AIG, concessionary company of Amman Airport, Jordan, from 9.5% to 51%. (2) In May 2018, TAV Airports acquired 50% stake of Antalya Airport.

Groupe ADP – TAV Airports: A Global Footprint

A Platform of 24 airports* and 281 million passengers**

Passenger numbers are for FY 2018, excluding passenger numbers for Schiphol and Riga Airport. Antalya Airport passenger numbers are included starting from May 2018. This calculation takes into account Groupe ADP and TAV Airports’ figures at 100% for 2018 and, for minority stakes, it takes into account the traffic weighted by stake of ownership.

Source: Groupe ADP, TAV Airports ( as of end-2018)

Major Airports in Turkey

36

Istanbul / Ataturk Airport Tender Date: 2005 Type: Lease Expire: 2021

68,0 m Intl: 48,8 m

Dom: 19,2 m

Ankara / Esenboga Airport Tender Date: 2006 Type: BOT Expire: 2023

16,7 m Intl: 2,2 m

Dom: 14,5 m

İzmir / A.Menderes Airport Tender Date: 2011* Type: Lease Expire: 2032

13,4 m Intl: 2,7 m

Dom: 10,7 m

Milas-Bodrum Airport Tender Date: 2014* Type: Lease Expire: October 22,2035

4,2 m Intl: 1,5 m

Dom: 2,7 m Mugla / Dalaman Airport

Tender Date: 2014 Type: BOT+Lease Expire: 2039

4,6 m Intl: 3,0 m

Dom: 1,6 m

Antalya Airport Tender Date: 2007 Type: Lease Expire: 2024

34,1 m Intl: 22,5 m

Dom: 11,7 m

Gaziantep Airport 2,7 m Intl: 0,3 m

Dom: 2,4 m

Adana Airport 5,6 m Intl: 0,7 m

Dom: 4,9 m

Kapadokya Airport 0,4 m Intl: 0 m

Dom: 0,4 m

Trabzon Airport 4,0 m Intl: 0,3 m

Dom: 3,8 m

Samsun Airport 1,7 m Intl: 0,1 m

Dom: 1,6 m

GazipasaAirport Tender Date: 2007 Type: Lease Expire: 2034

1,2 m Intl: 0,6 m

Dom: 0,6 m

* International terminal taken over in October 2015 ** Pax numbers are for 2018.

Operated by TAV Airports

Not privatized

Operated by others

İstanbul / Sabiha Gokcen Airport

Tender Date: 2007 Type: BOT Expire: 2032

34,1 m Intl:11,7 m

Dom: 22,5 m

New Airport

Sabiha Gokcen

Ataturk Int.

Airport

3rd Bridge

Macro Outlook

37

Country Subject Descriptor Units Scale 2016 2017 2018 2019 2020 2021 2022 2023

Gross domestic product, constant prices % Ch. 3,5 2,8 2,8 2,6 2,4 2,3 2,2 2,1

Croatia

Gross domestic product, current prices USD Billions 51,6 54,8 60,0 61,6 64,9 67,9 72,1 74,5

Gross domestic product per capita, current prices USD Thousands 12,4 13,3 14,6 15,1 16,1 16,9 18,1 18,8

Inflation, average consumer prices % Ch. -1,1 1,1 1,6 1,5 1,5 1,7 1,8 1,8

Population Persons Millions 4,2 4,1 4,1 4,1 4,0 4,0 4,0 4,0


Georgia



Inflation, average consumer prices % Ch. 2,1 6,0 2,8 2,7 3,0 3,0 3,0 3,0



Latvia






FYR Macedonia



Inflation, average consumer prices % Ch. -0,2 1,4 1,8 2,0 2,0 2,0 2,2 2,2


Gross domestic product, constant prices % Ch. 1,7 -0,9 2,2 2,4 1,9 2,1 2,2 2,3

Saudi Arabia



Inflation, average consumer prices % Ch. 2,0 -0,9 2,6 2,0 2,3 2,2 2,1 2,1



Tunisia






Turkey





IMF, World Economic Outlook Database, October 2018

228 238 248

10

242 247 252

9

Contact IR

38

IR Team About TAV Airports

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

Besim MERİC Investor Relations Coordinator [email protected] Tel :+90 212 463 3000 / 2123 Fax : +90 212 465 3100

Ali Ozgu CANERİ Investor Relations Coordinator [email protected] Tel :+90 212 463 3000 / 2124 Fax : +90 212 465 3100

IR Website http://ir.tav.aero

e-mail [email protected]

Phone +90-212-463 3000 (x2122 – 2123 – 2124 - 2125)

Twitter twitter.com/irTAV

Facebook facebook.com/irTAV

Address TAV Airports Holding Co. Istanbul Ataturk Airport International Terminal (Besides Gate A and VIP) 34149 Yesilkoy, Istanbul

Turkey

Georgia

Tunisia

Macedonia

Saudi Arabia

Latvia

Croatia

Istanbul Ataturk Ankara Esenboga Izmir Adnan Menderes

Gazipasa Alanya Milas Bodrum Antalya

Tbilisi and Batumi

Monastir and Enfidha

Skopje and Ohrid

Medinah Yanbu, Hail & Qassim*

Riga (only commercial areas)

Zagreb

TAV Airports through its affiliates and subsidiaries, in auxiliary airport services including duty free, food and beverage, ground handling services, IT, security and operation services. As part of these diversified services TAV Airports also operates the duty-free, food and beverage and other commercial areas at Riga Airport in Latvia. In 2018, the company provided services for 1 million flights and 152 million passengers. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”

** TAV Airports won the concession for these airports but has not operated these airports

mailto:[email protected]

http://ir.tav.aero/

mailto:[email protected]

https://itunes.apple.com/tr/app/tav-ir/id1144512307

https://play.google.com/store/apps/details?id=com.tav.ir&hl=en

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.S. (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 written or 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. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no representation 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 group undertakings, employees or agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other written or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude any 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” and words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you are cautioned not to place reliance on such forward-looking statements.

Information in this presentation was prepared as of February 13, 2019.

39

Documents

Management Presentationir.tav.aero/uploads/documents/TAVHL_Investor_Presentation_FY18.pdf · Management Presentation February 2019 . Investment Highlights 2 Turkey is the fastest