October 2017

Management Presentation

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 2016

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 12% p.a. during 2002-2016

Projected passenger growth of 9% p.a. between 2016-2023(1)

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

Access to fast growing MENA region

#1 airport terminal operator in Turkey

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

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

Strong vertically integrated value chain

As of July, 2017

* TAV will add 3 more airports in Saudi Arabia, bringing airports operated to 17.

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 1092

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Pre-IFRS11

Post-IFRS11

EBITDAR (€m)

170 189 267 311 342 387 483 555

463 524

569 621 597

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Pre-IFRS11

Post-IFRS11

23 30

41 42 48

53

72

84 95

102 104

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-71

-38

4

51 50 53

129 133

218 210

127

2008 2009 2010 2011 2012 2013 2014 2015 2016

Passenger (m) Net Profit (€m)

2006 2007

26 51

120

1

5

234 31 44

1

206 222 242

TAV Corporate and Shareholder Structure

4

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 September 2017)

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 (67%)

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%)

Yanbu, Hail & Qassim (50%)

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

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 (67%) 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. 22 thousand at c. 300 points including BTA IDO and UNIQ Baker and pastry factory serving in Turkey BTA Denizyollari (50%) is the F&B operator of Istanbul Deniz Otobusleri (IDO) Uniq shopping mall food-court Will be operating in New Muscat Int’l Airport

HAVAS (100%) Major ground handler in Turkey with a c.70% share Operates in 36 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.65% market share 67% owner of Saudi HAVAS operating in Medina

TAV OS (100%) Commercial area allocations and lounges, travel agency services

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%)

Georgia

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

Tunisia Monastir and Enfidha Airports (67%)

Macedonia Skopje and Ohrid Airports (100%)

Saudi-Arabia Medinah (33%) Yanbu, Hail &Qassim (50%)*

Croatia Zagreb Airport (15%)

*The airports are planned to be taken over by 4Q 2017.

Source: State Airports Authority

Growth of the Turkish Aviation Market and TAV Airports

6

Foreign Visitors in Turkey

9 9 10 17

23 30

41 42 48 53

72 84

95 102 104

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population: 80m (1)

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

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 97 103 104 108 112

180 44

52 59 66 73

80 84 71 84 92

112

170

2009 2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e 2023e

International

Domestic225

86 104 118 130

149 166 181 174 189 201

350

State Airports Authority Turkish Aviation Market Forecast

Mn, pax

//

TAV Airports Passenger Traffic (mPax)

-16%

6%

18%

2% 4%

10% 21%

4%

-10% -7% -4%

18% 16%

43% 46% 46%

-6% -10% -13%

-28% -35%

-41% -37% -38%

-33% -26%

-21%

-11%

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

2017/2016 2016/2015 2015/2014

-2% -30% +26% YTD

Traffic Outlook

7

Source: Airbus Global Market Forecast 2017, Boeing Current Market Outlook 2017

Source: Eurocontrol, DHMI Source: THY presentation (August 2017) Pegasus Presentation (August 2017)

Source: DHMI, Ministry of Transport

1 5

Source: ADI

2 3 4

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

~4% international seat capacity growth in

2017

Extension at Ataturk Airport

Boeing projects 4.7% CAGR for world air traffic (2017-2036) Airbus projects 4.4% CAGR for for world air traffic (2017-2036)

Eurocontrol, projects 7% CAGR for Turkey until 2020 DHMI expects 9% CAGR in Turkey until 2023

~4% seat capacity increase expected at Ataturk Airport international scheduled traffic in 2017

THY to expand fleet size to 369 by 2020 (from 334 in 2016) Pegasus to increase fleet to 93 by 2020 (from 82 in 2016)

Terminal capacity increased by extension of International Terminal. Number of aircraft parking positions increased from 102 to 145 (funded by DHMI).

Traffic Performance

Istanbul Traffic started to recover in April with low base and Turkish Airlines declared to re-utilise grounded flet. Strong O&D recovery in the third quarter.

Ankara International growth strong with new routes in Ukraine, Iraq, Afghanistan and KSA starting Q4 2016

İzmir More lines by Turkish carriers

Milas-Bodrum Domestic traffic strong, international dominated by European traffic

Gazipasa

Gradually recovering, weakness in Western European traffic

Medinah Strong growth in international and religious traffic

Tunisia 2016 1H was a strong base due to fight diversions from Libya, recovery started following lift of UK travel ban in late July

Georgia Increase in Russia, CIS, Israel and Iran traffic; new routes

Macedonia Driven by WizzAir

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

Pax Up by 8%

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ Note: DHMI figures for 2017 are tentative. (1) Both departing and arriving passengers, including transfer pax, pax numbers NOT stake adjusted (2) Commercial flights only

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January-September FY

Passengers (1) 2016 2017 Chg % 2015 2016 Chg %

Ataturk Airport 46.245.426 47.646.829 3% 61.332.124 60.119.215 -2%

International 31.612.253 33.010.845 4% 41.998.251 41.019.341 -2%

Domestic 14.633.173 14.635.984 0% 19.333.873 19.099.874 -1%

Esenboga Airport 9.671.539 11.396.679 18% 12.113.439 13.042.977 8%

International 1.137.111 1.530.525 35% 1.551.157 1.488.095 -4%

Domestic 8.534.428 9.866.154 16% 10.562.282 11.554.882 9%

Izmir Airport 9.145.370 9.617.920 5% 12.178.100 11.951.183 -2%

International 1.698.821 1.923.795 13% 2.632.657 2.076.174 -21%

Domestic 7.446.549 7.694.125 3% 9.545.443 9.875.009 3%

Gazipaşa Airport 589.790 673.202 14% 914.017 742.620 -19%

Milas-Bodrum 2.794.906 3.034.459 9% 3.877.873 3.224.436 -17%

International 826.275 851.491 3% 1.568.758 914.612 -42%

Domestic 1.968.631 2.182.968 11% 2.309.115 2.309.824 0%

Medinah 5.111.492 6.150.116 20% 5.831.163 6.572.787 13%

Tunisia (Monastir&Enfidha) 1.369.999 1.402.720 2% 1.407.393 1.593.780 13%

Georgia (Tbilisi&Batumi) 1.992.331 2.865.296 44% 2.066.268 2.560.462 24%

Macedonia (Skopje&Ohrid) 1.382.714 1.546.193 12% 1.560.381 1.794.376 15%

Zagreb Airport 2.127.658 2.365.972 11% 2.587.798 2.766.087 7%

TAV TOTAL (3) 80.431.225 86.699.386 8% 102.301.951 104.367.923 2%

International 45.523.390 49.716.523 9% 57.629.843 58.469.494 1%

Domestic 34.907.835 36.982.863 6% 44.672.108 45.898.429 3%

January-September FY

Air Traffic Movements (2) 2016 2017 Chg % 2015 2016 Chg %

Ataturk Airport 341.849 337.367 -1% 446.944 451.751 1%

International 243.567 236.312 -3% 314.071 319.936 2%

Domestic 98.282 101.055 3% 132.873 131.815 -1%

Esenboga Airport 69.996 77.964 11% 87.867 94.345 7%

International 9.663 11.732 21% 12.031 12.392 3%

Domestic 60.333 66.232 10% 75.836 81.953 8%

Izmir Airport 59.686 62.280 4% 79.571 80.022 1%

International 12.794 13.536 6% 19.156 16.461 -14%

Domestic 46.892 48.744 4% 60.415 63.561 5%

Gazipaşa Airport 4.350 4.489 3% 6.417 5.790 -10%

Milas-Bodrum 19.713 20.014 2% 26.284 23.253 -12%

International 5.842 5.470 -6% 9.910 6.471 -35%

Domestic 13.871 14.544 5% 16.374 16.782 2%

Medinah 42.542 45.540 7% 49.031 54.451 11%

Tunisia (Monastir&Enfidha) 10.252 9.739 -5% 12.229 12.631 3%

Georgia (Tbilisi&Batumi) 21.084 29.080 38% 25.148 27.788 10%

Macedonia (Skopje&Ohrid) 13.009 13.752 6% 15.510 16.883 9%

Zagreb Airport 31.312 31.730 1% 39.854 40.796 2%

TAV TOTAL (3) 613.793 631.955 3% 778.965 807.710 4%

International 367.634 375.005 2% 459.768 478.631 4%

Domestic 246.159 256.950 4% 319.197 329.079 3%

251 243 223

8

-13% -12%

-5%

7%

-1%

3%

28% 28%

14%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

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

17/16 change 16/15 change 15/14 change

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

3,0

3,5

4,0

4,5

5,0

5,5

6,0

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

2014 Seat Capacity 2015 Seat Capacity2016 seat capacity 2017 Seat Capacity

International Scheduled Traffic Developments & Outlook

9

Istanbul International O&D Pax Istanbul International Seat Capacity

Istanbul Transfer Pax / International Pax

2011 30%

2012 33%

2013 38%

2014 38%

2015 40%

2016 49%

2017 9M 47%

+11%

+7.4%

(m, pax)

235 242 250

8

O&D : 6%

Transfer : 23%

2008-2016 CAGR

-16% 5% THY started to ground aircraft

2017E: ~+4%

6% YTD

-30%

-20%

-10%

0%

10%

20%

30%

40%

201

6 Ja

n

201

6 Fe

b

201

6 M

ar

201

6 A

pr

201

6 M

ay

201

6 Ju

n

201

6 Ju

l

20

16

Au

g

201

6 Se

p

201

6 O

ct

201

6 N

ov

201

6 D

ec

201

7 Ja

n

201

7 Fe

b

201

7 M

ar

201

7 A

pr

201

7 M

ay

201

7 Ju

ne

201

7 Ju

ly

20

17

Au

g

201

7 Se

p

O&D Transfer

9M17 Summary Financials

10

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

Spend per Pax

From €13.9 to €12.8, mainly due to TRY depreciation impacting Turkish passengers’ spending, as well as weakness in European passengers.

Pax -+8%

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251 243 223

Revenue +5%

Revenue growth with pax recovery and strong ground handling, despite weak TRY and cease of BTA logistics third party operations 49% aero, 51% non-aero

EBITDA +12%

EBITDA growth almost in line with EBITDAR growth

FX Gain (loss)

Turned to loss due to weakening of mainly USD and also TRY

Net Profit +49%

Impacted by lower finance expenses and elimination of one-off deferred tax expense related with TAV Tunisie in 2Q 2016, despite higher minority interest; higher D&A due to TAV Istanbul; lower contribution from Medinah and FX losses due to weak USD

Net Debt -24%

Net debt decreased significantly with cash flow generation

EBITDAR +12%

EBITDAR bolstered by decline in cash opex

IFRIC 12 Adjusted Financials (in m€, unless stated otherwise)

9M16 9M17 Chg % 2015 2016 Chg %

Revenue 813.7 854.0 5% 1079.3 1092.3 1%

EBITDAR 460.6 513.9 12% 621.1 597.2 -4%

EBITDAR margin (%) 56.6% 60.2% 3.6 ppt 57.5% 54.7% -2.9 ppt

EBITDA 349.2 391.2 12% 488.4 445.0 -9%

EBITDA margin (%) 42.9% 45.8% 2.9 ppt 45.3% 40.7% -4.5 ppt

FX Gain (loss) 1.4 (10.0) nm 5.7 6.2 7%

Deferred Tax Expense (28.6) (4.2) -85% (7.6) (31.6) 314%

Net Profit(1) 109.8 163.4 49% 209.7 127.1 -39%

Capex(2) 83 35 -58% 88 108 23%

Net Debt 866 655 -24% 839 761 -9%

Average number of personnel 15,327 16,771 9% 15,111 15,791 5%

Number of passengers (m) 80.4 86.7 8% 102.3 104.4 2%

- International 45.5 49.7 9% 57.6 58.5 1%

- Domestic 34.9 37.0 6% 44.7 45.9 3%

Duty free spend per pax (€) (3) 13.9 12.8 -8% 14.3 14.4 1% (¹) Attributable to equity holders of the company

(2) Adjusted to exclude effects of IFRIC 12 accounting change (see pg. 20)

(3) Transfer numbers are tentative and subject to change

Istanbul Airport international pax +4% in 9M17 with +3% in international-to-international transfer pax and +6% in international O&D O&D recovery started in Q2 Share of transfer is 47% in Istanbul (9M16: 48%)

488.4

17,0 6,2 -3.7 -10.8 -13.3 -19.3

-19.5

445,0

FY15

Oth

er

F/X

EPU

**

Price

Mix

Vo

lum

e

Ren

t

FY16

FY16 Revenue and EBITDA Bridges *

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

26 51

120

1

5

234 31 44

1

206 222 242

* IFRIC 12 adjusted

251 243 223

11

488,4

12,6 11,8

8,0 3,9 1,9 1,8 -0.7 -1.4 -1.4 -13.4 -18.4

-48.3

445,0

FY15

Geo

rgia

Bo

dru

m

Tun

isia

An

kara

Maced

on

ia

Elimin

ation

BTA

Izmir

Gazip

asa

Havas

Oth

ers

Istanb

ul

FY16

** Equity Pick -up

1079

26,2 17,0 11,9 4,2 3,3 2,9 -0.7 -0.9 -2.9 -3.3 -16.3

-28.5

1092

FY15

Oth

ers

Bo

dru

m

Geo

rgia

An

kara

BTA

Maced

on

ia

Tun

isia

Gazip

asa

Izmir

Elimin

ation

Havas

Istanb

ul

FY16

1079

35,0 22,9 11,7 -12.4 -44.4

1092

FY15

Oth

er

Vo

lum

e

Price

Mix

F/X

FY16

349

70,3 4,1 0,1 -11.4 -6.3

-8.1 -6.7

391

9M

16

Vo

lum

e

F/X

Mix

Ren

t

Oth

er

Price

EPU

**

9M

17

814

78,6

12,7 12,4 1,9 0,2 -65.1

854

9M

16

Vo

lum

e

Oth

er

Price

Mix

On

e-Offs

F/X

9M

17

9M17 Revenue and EBITDA Bridges *

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

26 51

120

1

5

234 31 44

1

206 222 242

* IFRIC 12 adjusted

251 243 223

12

** Equity Pick -up

349

18,1

11,0 10,8

3,6 3,2 0,7 0,6 0,3 -0.1 -0.4 -2.6 -3.3

391

9M16

Geo

rgia

Oth

ers

Havas

Izmir

An

kara

Bo

dru

m

Maced

on

ia

Tun

isia

Gazip

asa

BTA

Istanb

ul

Elimin

ation

9M17

814

19,3 17,0

7,4 3,3 2,4 1,9 1,4 0,9 -0.2 -0.3 -0.8 -12.0

854

9M16

Geo

rgia

Oth

ers

Havas

An

kara

Elimin

ation

Izmir

Maced

on

ia

Istanb

ul

Gazip

asa

Bo

dru

m

Tun

isia

BTA

9M17

FY16 YoY Comparison

60% 21%

3%

7%

55% 31%

3% 7%

4%

Istanbul Other Airports BTA HAVAS Other Services

13

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

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

1080 1092

FY15 FY16

621 597

FY15 FY16

210

127

FY15 FY16

(1) IFRIC 12 adjusted

(2) Attributable to equity holders of the company

24%

32% 14%

10%

20%

22%

32% 13%

10%

22%

Duty-free Aviation Ground-handling F&B Other

37%

19% 17%

12%

8% 7% 33%

20% 17%

14%

9% 7%

Personnel Concession rent OtherD&A Services rendered Catering

FY15

FY16

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)

488 445

FY15 FY16

9M 17 YoY Comparison

54% 31%

4% 4%

47%

34%

3%

10% 6%

Istanbul Other Airports BTA HAVAS Other Services

14

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

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

814 854

9M16 9M17

349 391

9M16 9M17

110

163

9M16 9M17

(1) IFRIC 12 adjusted

(2) Attributable to equity holders of the company

22%

33% 13%

11%

21%

21%

35% 14%

9%

21%

Duty-free Aviation Ground-handling F&B Other

34%

20% 17%

14%

8% 8% 32%

22% 15%

16%

9% 6%

Personnel Concession rent OtherD&A Services rendered Catering

9M16

9M17

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)

461 514

9M16 9M17

Selected Financials by Assets (IFRIC 12 Adjusted) and employee #s (FY16)

15

(€m) Revenue EBITDA EBITDA

Margin (%) Net Debt

Airports 765.7 382.3 50% 749 Istanbul 500.9 244.9 49% -32 Ankara 55.7 28.6 51% 48 Izmir 66.5 39.7 60% 198

Gazipasa 4.5 0.9 20% 46

Tunisia 24.3 -3.7 -15% 338 Georgia 62.8 47.1 75% -17 Macedonia 26.6 11.6 44% 45 Bodrum 24.4 13.2 54% 124

Services 456.8 62.4 14% 11

Havas 131.6 31.4 24% 32

BTA 170.2 13.0 8% 7

Others* 154.9 18.1 12% -28 Total 1,222.5 444.6 36% 760

Elimination -130.2 0.3 0

Consolidated 1,092.3 445.0 41% 760

Revenue (€m) FY15 FY16 Chg.(%)

Airports 762.7 765.7 0% İstanbul 529.4 500.9 -5% Ankara 51.5 55.7 8% İzmir 69.4 66.5 -4% Gazipasa 5.4 4.5 -17% Tunisia 25.0 24.3 -3% Georgia 50.9 62.8 23% Macedonia 23.7 26.6 12% Bodrum 7.4 24.4 230%

Services 443.5 456.8 3% Havas 147.9 131.6 -11% BTA 166.9 170.2 2% Others 128.8 154.9 20%

Total 1,206.2 1,222.5 1% Elimination -126.9 -130.2 3% Consolidated 1,079.3 1,092.3 1% ATU** 333.6 336.4 1% TGS** 130.4 130.2 0% TIBAH** 46.3 59.8 29%

Number of Employees (eop) FY15 FY16

Istanbul 2,761 2,936

Ankara 950 928

Izmir+Ege 922 878

Tunisia 740 672

Gazipasa 54 57

Georgia 766 781

Macedonia 642 675

Havas 4,032 3,853

BTA 2,743 2,904

Holding 109 105

O&M 340 700

IT 240 277

Security 574 774

Latvia 6 6

Bodrum 223 75

Academy 11 3

TOTAL 15,113 15,624

EBITDA (€m) FY15 FY16 Chg.(%)

Airports 395.1 382.3 -3% Istanbul 293 244.9 -16% Ankara 25 28.6 16% Izmir (including TAV Ege) 41 39.7 -3% Gazipasa 2 0.9 -61% Tunisia -12 -3.7 -68% Georgia 35 47.1 37% Macedonia 10 11.6 20% Bodrum 1 13.2 877%

Services 94.9 62.4 -34% Havas 45 31.4 -30% BTA 14 13.0 -5% Others* 36 18.1 -50%

Total 489.9 444.6 -9% Elimination -2 0.3 -122%

Consolidated 488.4 445.0 -9% ATU** 22.7 27.4 21% TGS** 18.8 11.2 -41% TIBAH** 13.7 26.8 95%

*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).

Selected Financials by Assets (IFRIC 12 Adjusted) and employee #s (9M17)

16

(€m) Revenue EBITDA EBITDA

Margin (%) Net Debt

Airports 600.7 317.9 53% 773 Istanbul 377.3 184.8 49% 12 Ankara 40.2 22.6 56% 22 Izmir 53.0 34.6 65% 200 Gazipasa 3.5 1.1 31% 47 Tunisia 19.6 0.4 2% 346 Georgia 65.3 52.3 80% -18 Macedonia 21.3 9.4 44% 46 Bodrum 20.4 12.6 62% 118.1

Services 345.0 75.1 22% -118 Havas 107.7 39.7 37% 12 BTA 120.3 11.9 10% 4 Others* 117.0 23.5 20% -135

Total 945.7 393.0 42% 655

Elimination -91.7 -1.8

Consolidated 854.0 391.2 46% 655

Revenue (€m) 9M16 9M17 Chg.(%)

Airports 575.1 600.7 4% İstanbul 376.4 377.3 0% Ankara 36.9 40.2 9% İzmir 51.2 53.0 4% Gazipasa 3.7 3.5 -5% Tunisia 20.4 19.6 -4% Georgia 46.0 65.3 42% Macedonia 19.8 21.3 7% Bodrum 20.7 20.4 -1%

Services 332.7 345.0 4% Havas 100.3 107.7 7% BTA 132.3 120.3 -9% Others 100.0 117.0 17%

Total 907.8 945.7 4% Elimination -94.1 -91.7 -3% Consolidated 813.7 854.0 5% ATU** 249.8 256.1 3% TGS** 108.0 94.3 -13% TIBAH** 45.4 56.4 24%

Number of Employees (eop) 9M16 9M17

Istanbul 2,839 3,004 Ankara 948 953 Izmir+Ege 917 915 Tunisia 681 787 Gazipasa 57 64 Georgia 832 918 Macedonia 675 685 Havas 4,134 4,364 BTA 2,721 3,096 Holding 107 104 O&S 324 681 IT 272 328 Security 881 1,102 Latvia 6 6 Bodrum 94 91 Academy 3 2

TOTAL 15,491 17,100

EBITDA (€m) 9M16 9M17 Chg.(%)

Airports 294.0 317.9 8% Istanbul 187.4 184.8 -1% Ankara 19.4 22.6 17% Izmir (including TAV Ege) 31.0 34.6 12% Gazipasa 1.2 1.1 -8% Tunisia 0.1 0.4 180% Georgia 34.2 52.3 53% Macedonia 8.8 9.4 7% Bodrum 11.9 12.6 6%

Services 53.7 75.1 40% Havas 29.0 39.7 37% BTA 12.2 11.9 -3% Others* 12.5 23.5 88%

Total 347.7 393.0 13% Elimination 1.5 -1.8 -225% Consolidated 349.2 391.2 12% ATU** 16.3 25.0 53% TGS** 14.0 13.0 -8% TIBAH** 22.0 13.1 -41%

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

6

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8

0 0 0

çizgiler

251 243 223

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

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

5,5

4,6

2011 2012 2013 2014 2015 2016

39 62 66

109 105

64 53

124 133

218 210

127

74%

50% 50% 50% 50% 50%

2011 2012 2013 2014 2015 2016

Dividends Paid Net Income Payout Ratio

CAPEX Development / Dividends

17

Quarterly Capex (€m)(i) 2017 Capex

Dividend Yield (%) Dividend History (€m)

€30m invested in Tbilisi runway and taxiway rehabilitation in 2016, €17m in 9M 2017

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

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

26 51

120

1

5

206 222 242

251 243 223

2017 YTD CAPEX

€35m

23,2

13,5

0,1 0,2 0,0

13,8

8,3

14,2 13,4 12,0

14,0

5,5 5,8

18,0 16,0

19,1 20,4

8,8 6,5

15,6

10,6

20,1

12,9

19,1

10,2 12,1 11,8

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Ege Istanbul Other

Decentralized Debt Structure - Prudently Levered

18

Net Debt (eop, €m) 9M16 FY16 9M17

Airports 860 750 773

İstanbul 58 (32) 12

Ankara 46 48 22

Izmir (including Ege) 212 198 200

Gazipasa 46 46 47

Tunisia* 338 339 346

Georgia (18) (17) (18)

Macedonia 46 45 46

Bodrum 131 124 118

Services 6 11 (118)

HAVAS 36 32 12

BTA 5 7 4

Holding (stand alone) (46) (35) (141)

Others 10 7 7

Total 866 761 655

Gross Debt Maturity Profile (€m)

Door to Door Maturity 8.4 Years

Average Maturity 5.2 Years

Average € Cost of Debt (Hedged**) 4.2 %

Net Debt / 2016 FY EBITDA 1.9

** 70% of all loans have fixed rates. -as of September 30, 2017

6

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8

0 0 0

çizgiler

251 243 223

** With the Istanbul refinancing the average cost of debt decreased from 4.6% in

2015 to 4.2% in 2017. The refinancing transaction had a neutral effect on the bottom line in 2016 and will save approximately €10m in 2017. ·

*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 28

603

84 86 60 39

271

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

2016 Guidance and Realization

19

In our material event disclosure on February 12, 2016 we had disclosed our financial and operational expectations for 2016, under normal conditions. Because of security related incidents we have experienced both in Turkey and globally since then, passenger numbers and passenger mix is affected and hence guidance was revised on July 27, 2016. All measures have been taken to limit the decline in operational metrics and strict cost control measures have been implemented in response to the new situation.

Istanbul Ataturk

Airport Int. O&D (¹)

Pax

Revenue

EBITDAR (EBITDA before concession &

rent)

Net Profit

20 percent

stable

8-10 percent

significant decline

(¹) O&D: Origin & Destination, declined by 14% in the first half of 2016 (16% drop in the first nine months of 2016) Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and are compliant with IFRS 11.

Realization

1

percent

4 percent

39 percent

16 percent

Better than expected

Better than expected

international O&D

2017 Guidance (revised)

Under our FX and passenger assumptions, our Company’s targets for 2017 are as follows:

Istanbul Ataturk

Airport Int. Pax

Total TAV Airports

Pax Revenue

EBITDAR (EBITDA before concession &

rent)

CAPEX Net Profit

1 to 3 percent

4 to 5 percent

flat flat significant increase

~ €50m

Notes: All financial targets have been adjusted to reverse the efects of IFRIC 12 and are compliant with IFRS 11.

Istanbul Ataturk

Airport Int. O&D Pax

flat

Revised 2017 Guidance:

4 to 6 percent

6 to 8 percent

1 to 3 percent

significant increase

~ €50m 6 to 8 percent

6 to 8 percent

Guidance is revised due to better than expected passenger recovery and updated FX assumptions.

20

FX Exposure of Operations (FY16)

21

7%

23%

9%

61%

Opex (1)(2)

€73m

€185m

€55m

€481m

98%

1% 1%

Gross Debt

€1213m

2%

18%

53%

28%

Revenue (1)

€653m

€219m

€24m

€343m

95%

5%

Concession Rent Expense

€7m

€145m

€10m

€1240m

€152m

€794m

€1242m

EUR USD TRY Other

(1) Combined figures, pre-elimination IFRIC12 adjusted, includes equity-pick up (€21m) (2) Includes concession rent expenses (€133m), does not include depreciation (€35m)

€19m

Average 30 September

FX Rates 9M16 9M17 2016 2017

EUR/TRY 3.27 4.00 3.36 4.19

USD/TRY 2.93 3.59 3.00 3.55

EUR/USD 1.12 1.11 1.12 1.18

EUR/GEL 2.59 2.76 2.61 2.92

EUR/MKD 61.73 61.73 61.35 61.35

EUR/TND 2.35 2.65 2.47 2.91

EUR/SAR 4.19 4.18 4.21 4.43

FX Exposure

22

Hedging

Subsidiaries, TAV Esenboga, TAV Milas Bodrum and TAV Ege 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%, 100% and 90% of floating bank loans for TAV Esenboga, TAV Ege and TAV Milas Bodrum 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 rate risk relates to changes in the value of the Euro relative to TRY and the USD. The Group manages its exposure to foreign currency risk where possible by incurring 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. The analysis excludes net foreign currency investments. A 10 percent strengthening / (weakening) of EUR against the following currencies at 30 September 2017 and 31 December 2016 would have increased / (decreased) equity and profit or loss by the amounts shown above. This analysis assumes that all other variables, in particular interest rates, remain constant.

6

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8

251 243 223

Equity Profit or loss

(‘000)

Strengthening of EUR

Weakening of EUR

Strengthening of EUR

Weakening of EUR

30 September 2017

USD - - (15,087) 15,087

TRY - - (2,221) 2,221

Other - - (1,059) 1,059

Total (18,367) 18,367 31 December 2016

USD - - (16,987) 16,987

TRY - - (2,662) 2,662

Other - - (534) 534

Total - - (20,183) 20,183

ATU (50%)

23

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

16 17,1

15,7 16,3 16,6 16,5 16,0

14,4 15,3 15,4 15,0

14,1 14,8 15,8

14,7 14,5 14,9 15,1 14,8

13,3 14,3 14,4 13,9

12,8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M16 9M17

Istanbul TAV

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

SPP dropped in 9M17, mainly due to TRY depreciation impacting Turkish passengers’ spending, as well as weakness in European

passengers.

Recovery in Istanbul, Georgia very strong.

206 222 242

56,2 70,5

79,3 77,8 71,6

88,2 91,9 81,9

72,1 84,7

93,0 86,5

68,3

85,8 102,0

5,2 9,1 9,2

6,1 4,7 7,1 7,2 3,7 1,5

4,7 10,2 11,1

5,9 6,4 12,7

9%

13%

12%

8%

7%

8% 8%

5%

2%

6%

11%

13%

9%

7%

12%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Revenue EBITDA Margin

BTA

24

BTA Financials (€m)

27,9

37,8 35,2 37,4 37,8 42,1

47,2 39,8 39,5

44,6 48,3

37,8 32,7

40,1 47,5

1,0 3,6 3,9

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

0,2 1,9

4,1 6,3

0,7 1,9 2,9

7,0

4%

9%

11%

3%

7%

12% 12%

1%

5%

9%

13%

2%

6% 7%

15%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Revenue EBITDA Margin

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 1,3 1,2

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M16 9M17

Predominantly TRY based revenue and opex Cease of third party operations of BTA Logistics during 2016 Ramp up in Latvia and Medinah in 2016

94

240

38

372

102

250

26

377

HAVAS TGS HVS E HAVAS + TGS + HVS E

9M16

9M17

HAVAS

25

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

Havas Solo FX Exposure FY 2016 # of Flights Served (‘000)

* Post IFRS 11

10%

43%

47%

Revenue

3%

76%

21%

Cost

22,9

40,8

50,8

30,9 25,4

40,1

49,7

32,7 28,0

33,3 39,0

31,3 26,0

34,8

46,9

3,0

16,8 20,8

2,1 0,0

14,2

22,8

7,8 4,2

9,7 17,1

0,4 4,0

11,7

24,0

0%

20%

40%

60%

0,0

20,0

40,0

60,0

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Revenue EBITDA Margin

21,4

28,3 32,1

27,8 25,0

28,3

41,9

35,2 32,4

36,0 39,5

22,3 25,5

32,0 36,8

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

8,6 4,8 3,3 4,9 5,8

-2,8

1,9 3,8 7,3

-20%

-10%

0%

10%

20%

30%

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

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

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

Revenue EBITDA Margin

EUR USD TRY

26 51

120

1

5

206 222 242

Equity Accounted Investees – IFRS 11

26

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17

ATU (50%) Revenue 71.6 88.2 91.9 81.9 333.6 72.1 84.7 93.0 86.7 336.4 68.3 85.8 102.0

EBITDA 4.7 7.1 7.2 3.7 22.7 1.5 4.7 10.2 11.1 27.4 5.9 6.4 12.7

Net Profit 3.0 5.2 5.9 3.8 17.9 1.3 3.5 1.8 7.3 13.9 3.3 4.5 8.4

Net Debt 12.5 7.9 6.4 10.7 10.7 13.3 12.2 18.0 9.3 9.3 8.8 4.5 -1.1

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17

TGS (50%) Revenue 25.0 28.3 41.9 35.2 130.4 32.4 36.0 39.5 22.3 130.2 25.5 32.0 36.8

EBITDA 2.3 3.1 8.6 4.8 18.8 3.3 4.9 5.9 -2.8 11.2 1.9 3.8 7.3

Net Profit 1.3 1.8 5.1 2.8 10.6 1.8 2.7 3.5 -3.6 4.4 0.6 2.0 5.0

Net Debt - 0.0 0.0 -5.9 -5.9 0 0.0 0.0 0.1 0.1 - 0.0 0.0

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17

TIBAH (33%) Revenue 11.0 10.1 13.3 11.9 46.3 14.1 14.8 16.5 14.3 59.8 16.8 18.2 21.4

EBITDA 1.9 2.6 5.0 4.2 13.7 8.8 6.1 7.1 4.8 26.8 3.4 4.1 5.5

Net Profit 1.7 -3.5 -1.8 -3.9 -7.6 0.8 -1.3 -0.7 -2.9 -4.2 -4.5 -3.7 -2.2

Net Debt 315.4 311.0 311,0 328.8 328.8 317.0 322.6 315.6 316.5 316.5 311.0 300.7 300.3

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17

BTA IDO (50%) Revenue 2.5 3.2 4.6 2.5 12.8 2.5 2.9 3.7 5.4 11.5 1.2 1.6 2.4

EBITDA 0.1 0.4 0.9 0.2 1.6 0.2 0.3 0.4 0.5 0.9 -0.2 0.1 0.1

Net Profit -0.1 0.2 0.7 0.1 0.9 0.1 0.2 0.2 0.2 0.3 -0.4 -0.1 0.2

Net Debt -0.5 -0.6 -1.2 -0.4 -0.4 0.9 0.3 -0.3 0.3 -0.4 -0.2 -0.3 -0.2

HAVAS* pre IFRS 11 post IFRS 11

Revenue Havas Solo + TGS (50%) Havas Solo

EBITDA Havas EBITDA + TGS (50%) EBITDA Havas EBITDA + TGS (50%) Net Profit

Net Profit Havas Net Profit + TGS (50%) Net Profit Havas Net Profit + TGS (50%) Net Profit

BTA** pre IFRS 11 post IFRS 11

Revenue BTA + BTA IDO (50%) BTA

EBITDA BTA EBITDA + BTA IDO (50%) EBITDA BTA EBITDA + BTA IDO (50%) Net Profit

Net Profit BTA Net Profit + BTA IDO (50%) Net Profit BTA Net Profit + BTA IDO (50%) Net Profit

6

235 242 250

8

251 243 223

*Havas Solo defined as all companies under HAVAS consolidation – TGS **BTA defined as all companies under BTA consolidation – BTA IDO

(€m) Izmir Before After Izmir Domestic Terminal

Depreciation

Year Cash Payment

Concession Rent

Expense

Amortization Finance Expense

Total

2011 12.2 - - - -

2012 18.3 8.7 2.7 5.9 8.6

2013 29 8.7 3.0 5.7 8.7

2014 29 8.7 3.1 5.5 8.7 6.1

2015 29 32.4 13.6 17.8 31.4 9.5

2016 29 32.4 14.4 17.3 31.6 10.1

2017 29 32.4 15.2 16.5 31.7 10.6

2018 29 32.4 16.0 15.8 31.8 11.2

2019 29 32.4 17.0 15.1 32.0 11.9

2020 29 32.4 18.0 14.3 32.3 12.6

2021 29 32.4 19.0 13.4 32.4 13.3

2022 29 32.4 20.1 12.5 32.6 14.0

2023 29 32.4 21.2 11.5 32.7 14.8

2024 29 32.4 22.3 10.5 32.9 15.6

2025 29 32.4 23.5 9.5 32.9 16.4

2026 29 32.4 24.6 8.3 33.0 17.2

2027 29 32.4 25.9 7.1 33.0 18.1

2028 29 32.4 27.1 5.9 33.0 18.9

2029 29 32.4 28.4 4.5 32.9 19.8

2030 29 32.4 29.7 3.1 32.8 20.7

2031 29 32.4 31.0 1.6 32.6 21.7

2032 29 32.4 32.4 0 32.4 22.6

TOTAL 610 610 408.1 201.9 610 285

(€m) Bodrum Before After

Year Cash Payment Concession

Rent Expense Amortization

Finance Expense Total

2014 143.4 3.5 1.0 2.2 3.2

2015 28.7 12.8 4.0 7.5 11.5

2016 28.7 35 11.1 18.8 29.9

2017 28.7 35 11.9 18.2 30.1

2018 28.7 35 13.0 17.6 30.6

2019 28.7 35 14.2 16.9 31.1

2020 28.7 35 15.5 16.3 31.8

2021 28.7 35 17.0 15.5 32.5

2022 28.7 35 18.4 14.8 33.2

2023 28.7 35 20.0 14.0 33.9

2024 28.7 35 21.6 13.1 34.8

2025 28.7 35 23.3 12.2 35.5

2026 28.7 35 25.1 11.2 36.3

2027 28.7 35 26.7 10.2 37.0

2028 28.7 35 28.4 9.2 37.6

2029 28.7 35 30.0 8.0 38.1

2030 28.7 35 31.5 6.8 38.4

2031 28.7 35 33.0 5.6 38.5

2032 28.7 35 34.3 4.2 38.5

2033 28.7 35 35.6 2.8 38.4

2034 28.7 35 36.8 1.3 38.1

2035 - 35 37.9 - 37.9

TOTAL 717 717 490.5 226.5 717

Izmir Ege and Milas Bodrum Rent Accounting Change

27

(€m) Bodrum Before After

Year Cash

Payment

Concession Rent

Expense Amortization Finance Expense Total

2014 143.4 3.5 1.0 2.2 3.2

2015 28.7 12.8 4.0 7.5 11.5

2016 28.7 35 11.1 18.8 29.9

2017 28.7 35 11.9 18.2 30.1

2018 28.7 35 13.0 17.6 30.6

2019 28.7 35 14.2 16.9 31.1

2020 28.7 35 15.5 16.3 31.8

2021 28.7 35 17.0 15.5 32.5

2022 28.7 35 18.4 14.8 33.2

2023 28.7 35 20.0 14.0 33.9

2024 28.7 35 21.6 13.1 34.8

2025 28.7 35 23.3 12.2 35.5

2026 28.7 35 25.1 11.2 36.3

2027 28.7 35 26.7 10.2 37.0

2028 28.7 35 28.4 9.2 37.6

2029 28.7 35 30.0 8.0 38.1

2030 28.7 35 31.5 6.8 38.4

2031 28.7 35 33.0 5.6 38.5

2032 28.7 35 34.3 4.2 38.5

2033 28.7 35 35.6 2.8 38.4

2034 28.7 35 36.8 1.3 38.1

2035 - 35 37.9 - 37.9

TOTAL 717 717 490.5 226.5 717

(€m) IzmirEge Before After

Year Cash

Payment Concession

Rent Expense Amortization

Finance Expense Total

Izmir Domestic Terminal

Depreciation

2011 12.2 - - - -

2012 18.3 8.7 2.7 5.9 8.6

2013 29 8.7 3.0 5.7 8.7

2014 29 8.7 3.1 5.5 8.7 6.1

2015 29 32.4 13.6 17.8 31.4 9.5

2016 29 32.4 14.4 17.3 31.6 10.1

2017 29 32.4 15.2 16.5 31.7 10.6

2018 29 32.4 16.0 15.8 31.8 11.2

2019 29 32.4 17.0 15.1 32.0 11.9

2020 29 32.4 18.0 14.3 32.3 12.6

2021 29 32.4 19.0 13.4 32.4 13.3

2022 29 32.4 20.1 12.5 32.6 14.0

2023 29 32.4 21.2 11.5 32.7 14.8

2024 29 32.4 22.3 10.5 32.9 15.6

2025 29 32.4 23.5 9.5 32.9 16.4

2026 29 32.4 24.6 8.3 33.0 17.2

2027 29 32.4 25.9 7.1 33.0 18.1

2028 29 32.4 27.1 5.9 33.0 18.9

2029 29 32.4 28.4 4.5 32.9 19.8

2030 29 32.4 29.7 3.1 32.8 20.7

2031 29 32.4 31.0 1.6 32.6 21.7

2032 29 32.4 32.4 0 32.4 22.6

TOTAL 610 610 408.1 201.9 610 285

Ataturk Airport Capacity Expansion

1

2 4

3 5

6

8

7

Baggage handling system capacity increase Mezzanine floor on the land side has been moved to the air side increasing the passenger area and commercial spaces in the air side. 32 additional check-in islands - in addition to the existing 224 (May 2015)

Additional 26 new parking positions and taxiway in former military area (Nov 2014) Parking capacity increased from 102 to 145 (+42%) Construction is funded by DHMI.

Additional 17 new parking positions at the opposite of international terminal

International Terminal

THY’s cargo terminal was being replaced with a 27.000 m² passenger terminal - the total number of bridges at the International Terminal increased from 26 to 34.

New Departures Terminal (11K m2)

8 Additional Gates (4 Wide Body)

International Terminal

TAV Airports Headquarters

5

6

8

7

4

1

2

3

28

0

10

20

30

40

50

60

70

00

-01

01

-02

02

-03

03

-04

04

-05

05

-06

06

-07

07

-08

08

-09

09

-10

10

-11

11

-12

12

-13

13

-14

14

-15

15

-16

16

-17

17

-18

18

-19

19

-20

20

-21

21

-22

22

-23

23

-24

Istanbul Runway Capacity Variables

29

ATM/hr(1): 58 ATM/hr upside to 70s

Active Usage Hours: 21 hrs limited upside*

Daily ATM: 1.218 upside to 1400s

Passenger per Aircraft: 137 (2) upside with more wide bodies

Daily Passenger: 166,866 upside on many variables

Days / year: 365

Yearly Passenger: 61 million upside on many variables

(1) Source: DHMI (2) Source: DHMI, 2015 average pax per ATM *Airport is open 24 hrs while 98% of traffic is handled in 21 hrs.

Source: TAV Istanbul

Source: DHMI

112 117

124 130 132

135 137 133

2009 2010 2011 2012 2013 2014 2015 2016

Runway Usage (ATM/hr, 2016) Pax per ATM

235 242 250

8

251 243 223 Declared capacity

206 222 242

254 230 182

Airport Type/Expire TAV Stake Scope 2016 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Volume Guarantee

Yearly Lease/ Concession Fee Paid

Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 60.1 US$15

€3 No $140m + VAT €12m (January 2021) €2.5 (Transfer)

Ankara Esenboga BOT

100% Terminal 13.0 €15

€2.5 (Transfer) €3

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

- €22m (May 2023)

Izmir A.Menderes Concession

100% Terminal 12.0 €15

€2.5 (Transfer) €3 No

€29m+VAT (2)

€200m

(December 2032)

Gazipasa Alanya Lease

100% Airport 0.7 €10(3) TL7.5(3) No $50,000+VAT(4) €47m (May 2034)

Milas Bodrum Concession

(December 2035) 100% Terminal 3.2 €15 €3 No

€143.4m upfront+ €28.7m+VAT (5)

€118m

Tbilisi BOT

80% Airport 2.2 US$24 US$6 No - €-12m (February 2027)

Batumi BOT

76% Airport 0.3 US$12 US$7 No - €-6m (August 2027)

Monastir&Enfidha BOT+Concession

67% Airport 1.6 €9 €1 No 11-26% of revenues

from €346m

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 1.8 €17.5 in Skopje, €16.2 in Ohrid

- No 4% of the gross annual

turnover (6) €46m

(March 2030)

Medinah BTO+Concession

33% Airport 6.6 SAR 87 (7) - No 54.5% (8) - (2037)

Yanbu, Hail & Qassim(7,9)

BTO+Concession

50% Airport

3,6 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 BOT+Concession

(April 2042) 15% Airport 2.8

€15

€7 No €2.0 - €11.5m fixed 0.5% (2016) - 61%

(2042) variable -

€4 (Transfer)

Concession Overview

30

1) As of 30 September 2017 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) Gazipasa tariff increased on January 1, 2015 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 Arabia every three years 8) 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 9) The aiirports are planned to be taken over by 4Q 2017.

6

235 242 250

8

251 243 223

Airport Type/Expire TAV Stake Scope 2016 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Volume Guarantee

Yearly Lease/ Concession Fee Paid

Net Debt (1)

IFRIC 12 & Our Adjusted Financials Policy

31

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

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 = 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

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

235 242 250

8

251 243 223

Income Statement / Balance Sheet

32

INCOME STATEMENT (€m) 9M16 9M17

Construction revenue 0.1 16.9 Total operating income 803.4 840.6

Aviation income 256.3 282.3 Ground handling income 106.8 120.0 Commission from sales of duty free goods 179.4 180.4 Catering services and retail income 89.1 80.7 Other operating income 171.8 177.2

Construction expenditure (0.1) (16.9) Operating expenses (558.9) (563.3)

Cost of catering inventory sold (42.1) (31.3) Cost of services rendered (45.7) (51.9) Personnel expenses (190.0) (180.9) Concession rent expenses (111.4) (122.7) Depreciation and amortization expense (76.4) (89.2) Other operating expenses (93.3) (87.2)

Equity pick-up 18.0 11.4 Operating profit 262.5 288.6 Finance income 7.2 8.2 Finance expenses (96.2) (74.6) Profit before tax 173.4 222.3 Income tax expense (70.1) (48.2) Profit for the period attributable to:

Owners of the Company 109.8 163.4 Non-controlling interest (6.5) 10.7 Profit for the period 103.3 174.1

EQUITY AND LIABILITIES (€m) 9M16 9M17

EQUITY

Share capital 162 162

Share premium 220 220

Legal reserves 111 110

Other reserves (67) (70)

Revaluation surplus 0 0

Purchase of shares of entities under common control 40 40

Cash flow hedge reserve (70) (54)

Translation reserves (26) (41)

Retained earnings / (Accumulated losses) 421 531

Total equity attributable to equity holders of the Company 791 899

Non-controlling interest 1 4

Total Equity 792 903

Loans and borrowings 728 552 Reserve for employee severance indemnity 20 24 Due to related parties 0 0 Derivative financial instruments 65 40 Deferred income 44 30 Other payables 595 573

Deferred tax liabilities 15 17 Total non-current liabilities 1,467 1,235 Bank overdraft 3 0 Loans and borrowings 549 605 Trade payables 53 42 Due to related parties 1 1 Current tax liabilities 17 22 Other payables 217 254 Provisions 7 6 Deferred income 14 12 Derivative financial instruments 0 6 Total current liabilities 860 948 Total Liabilities 2,327 2,183

TOTAL EQUITY AND LIABILITIES 3,119 3,085

ASSETS (€m) 9M16 9M17

Property and equipment 230 203 Intangible assets 13 12 Airport operation rights 1,708 1,660 Other investments 0 0 Goodwill 136 136 Prepaid concession expenses 10 7 Trade receivables 94 82 Other non-current assets 3 5 Deferred tax assets 42 33 Equity pick-up assets 98 85 Total non-current assets 2,335 2,224 Inventories 10 10 Prepaid concession expenses 131 111 Trade receivables 151 160 Due from related parties 22 18 Derivative financial instruments 0 0 Other receivables and current assets 56 60 Cash and cash equivalents 249 312 Restricted bank balances 165 190 Total current assets 784 861 TOTAL ASSETS 3,119 3,085

6

235 242 250

8

251 243 223

Cash Flow Statement

33

CASH FLOWS FROM OPERATING ACTIVITIES 9M16 9M17

Profit for the period 103.3 174.1

Adjustments for:

Amortisation of airport operation right 44.6 47.4

Depreciation of property and equipment 28.6 38.4

Amortisation of intangible assets 3.2 3.3

Concession and rent expenses 111.4 122.7

Provision for employee severance indemnity 4.5 4.4

Provision for doubtful receivables 0.7 0.6

Discount on receivables and payables, net -0.1 -0.1

Loss / (gain) on sale of property and equipment 0.0 0.3

Provision / (reversal) set for unused vacation 0.4 0.2

Interest income -5.9 -8.2

Interest expense on financial liabilities 66.6 42.3

Tax expense 70.1 48.2

Unwinding of discount on concession receivable and payable 18.0 17.6

Share of profit of equity-accounted investees, net of tax -18.0 -11.4

Unrealised foreign exchange differences on statement of financial position items 5.1 -7.1

Cash flows from operating activities 432.6 472.7

Change in current trade receivables -52.0 -30.2

Change in non-current trade receivables 14.2 16.6

Change in inventories 0.6 -1.6

Change in due from related parties 12.5 2.6

Change in restricted bank balances 247.6 -34.8

Change in other receivables and assets -6.3 7.3

Change in trade payables 2.6 -14.0

Change in due to related parties -4.5 -1.9

Change in other payables and provisions -27.4 -41.4

Cash provided from operations 620.0 375.4

Income taxes paid -39.2 -45.0

Interest paid -50.6 -19.0

Retirement benefits paid -3.3 -3.3

Additions to prepaid concession and rent expenses -130.3 -134.1

Dividends from equity-accounted investees 24.2 18.7

Net cash provided from operating activities 420.8 192.7

CASH FLOWS FROM INVESTING ACTIVITIES 9M16 9M17

Interest received 5.3 8.9

Proceeds from sale of property, equipment and intangible assets 6.2 2.0

Acquisition of property and equipment -56.4 -17.7

Additions to airport operation right -25.9 -16.5

Acquisition of intangible assets -0.8 -0.8

Net cash used in investing activities -71.5 -24.2

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 270.0 33.2

Repayment of borrowings -468.5 -125.1

Cash inflows and outflows from derivative instruments - -6.0

Dividends paid -113.9 -70.9

Change in finance lease liabilities -2.5 -3.0

Net cash used in financing activities -314.8 -171.8

NET INCREASE IN CASH AND CASH EQUIVALENTS 34.4 -3.3

CASH AND CASH EQUIVALENTS AT 1 JANUARY 211.7 315.3

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 246.1 312.0

6

235 242 250

8

251 243 223

~EUR20m software sales revenue accrued in Q4, mostly from Abu Dhabi and Saudi projects

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

Q4

Timeline

34

2017 2015 2016

TRY 348 million cash dividends paid

Macedonia loan refinanced with one-off cost of ~EUR7m

Q1

TRY 247 million cash dividends paid

Adverse weather conditions in January led to flight cancellations in İstanbul

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

Q1

4% of TAV Georgia (Tbilisi) bought for USD 5.2m

Ten year duty-free concession at Houston George Bush Airport, USA won

Harsh winter conditions led to flight cancellations and unbudgeted de-icing revenue

Q1

The consortium including TAV was not selected as preferred bidder in LaGuardia tender.

New terminal building of Medinah Airport opened.

ATU operation in Oman Salalah started

Dividends paid

Q2

Gazipasa runway extension complete

Mezzanine floor opens in Ataturk Airport International Terminal

ATU started in Houston.

Q3

Milas-Bodrum Airport international terminal taken over

Gazipasa runway extension complete

Havas became 100% shareholder of Havas Europe

Q4

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, Qassim and Hail)

Q2

Change in shareholder structure

Q3

Tax Regimes

35

Corporate income tax rate of 25% TAV Tunisia is exempt from corporate tax for a period of 5 years starting from the concession agreement date

Corporate income tax rate of 10%

Corporate income tax rate of 15%

Corporate income tax rate of 20% for non-residents

Corporate income tax rate of 20%

Corporate income tax rate of 20% 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

Corporate income tax rate of 15%

Turkey

Georgia

Tunisia

Macedonia

Latvia

Saudi Arabia

Croatia

Share Price Performance 1M 3M 2017

TRY 0% -13% 39%

USD -5% -16% 34%

Relative to BIST -100 -3% -15% -1%

Share Performance (October 20, 2017)

ESG & Share Performance

36

Corporate Governance rating has increased to 96.17 (9.62 out of 10) from a rating of 95.38 (9.54 out of 10), owing to our strong emphasis on developing good corporate governance practices. The previous rating was announced on 19.08.2016.

Corporate Governance Rating Weight Grade

Shareholders 25% 95.77

Public Disclosure and Transparency 25% 97.34

Stakeholders 15% 98.82

Board of Directors 35% 94.48

Total 100% 96.17 Closing Price (TRY)

18.42 Market Cap USD 1.8bn

Avg. Daily Volume** USD 9m

Free Float* 44%

Effective Free Float* 44%

Foreign Ownership

~90%

* Source: Central Registry Agency (MKK) ** 2016 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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8

251 243 223

Sustainability

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

10/2

0/2

01

7

9/8/

201

7

7/25

/201

7

6/9/

201

7

4/26

/201

7

3/15

/201

7

2/1/

201

7

12/2

1/2

01

6

11/9

/201

6

9/28

/201

6

8/10

/201

6

6/24

/201

6

5/12

/201

6

3/31

/201

6

2/18

/201

6

1/7/

201

6

25.1

1.20

15

13.1

0.20

15

28.0

8.20

15

16.0

7.20

15

04.0

6.20

15

20.0

4.20

15

09.0

3.20

15

26.0

1.20

15

12.1

2.20

14

31.1

0.20

14

16.0

9.20

14

05.0

8.20

14

19.0

6.20

14

07.0

5.20

14

24.0

3.20

14

10.0

2.20

14

TAVHL ($)

TUNISIA

UAE

QATAR

GEORGIA

TURKEY

OMAN KENYA

SAUDI ARABIA

LATVIA

GERMANY

USA CROATIA

MACEDONIA

Global Presence with Service Companies in 17 Countries and 76 Airports (TAV Group)

37

THAILAND

CHILE

BAHREIN

JORDAN

Source: ADP, TAV Airports * Groupe ADP sold its 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 Airport. Since end of December 2016, Groupe ADP manages Antananarivo & Nosy Be airports in Madagascar but Group traffic figures do not include yet in 2016 their traffic figures. ** Passenger numbers are for FY 2016, Excluding passenger numbers for Schiphol and Riga Airports 38

A Platform of 23 airports* and 240 million passengers**

FRANCE Paris-CDG: 65.9mn pax Paris-Orly: 31.3mn pax Owner and operator

Schiphol Group (8%) 63.6mn pax Industrial cooperation

Liège (25.6%) 0.7mn tons of freight Strategic partner Croatia (TAV 15% ADPM

21%) Zagreb Airport:2.8mn pax Concession operator

Turkey Istanbul Ataturk: 60.1mn pax Ankara: 13.0mn pax Izmir: 12.0mn pax Mlas-Bodrum: 3.2mn pax Gazipasa: 0.7mn Concession operator

Amman – Jordan (9.5%) 7.4 mn pax Management contract Strategic partner

Medinah (Saudi Arabia) (33%) 6.6mn pax

Concession operator

Tunisia (67%) Enfidha & Monastir 1.6mn pax Concession operator

Jeddah (Hajj Terminal) – Saudi Arabia

7.8mn pax Management contract

Mauritius (10%) 3.5mn pax Operator Strategic partner

Conakry Airport (29%) 0.4mn pax Operator

Santiago de Chile (45%) 19.2mn pax Concession

ADP TAV Airports

ADP – TAV Airports: A Global Footprint

Macedonia (100%) Skopje & Ohrid: 1.8 mn pax

Concession operator

Georgia Tbilisi(80%) & Batumi(76%): 2.6 mn pax Concession operator

13 Regional airports in Mexico (sold in Oct. 2016)

18.9mn pax Advisory contract

Major Airports in Turkey

39

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

60,1 m Intl: 41,0 m

Dom: 19,1 m

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

13,0 m Intl: 1,5 m

Dom: 11,6 m

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

12,0 m Intl: 2,1 m

Dom: 9,9 m

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

3,2 m Intl: 0,9 m

Dom: 2,3 m Mugla / Dalaman Airport

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

3,1 m Intl: 1,8 m

Dom: 1,2 m

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

18,7 m Intl: 11,7 m Dom: 7,0 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

Nevşehir Airport 0,4 m Intl: 0 m

Dom: 0,4 m

Trabzon Airport 3,7 m Intl: 0,1 m

Dom: 3,6 m

Samsun Airport 1,8 m Intl: 0,1 m

Dom: 1,7 m

GazipasaAirport Tender Date: 2007 Type: Lease Expire: 2034

0,7 m Intl: 0,3 m

Dom: 0,4 m

* International terminal to be taken over October 2015 ** Pax numbers are for 2016.

Operated by TAV Airports

Not privatized

Operated by others

230 231 232

İstanbul / Sabiha Gokcen Airport

Tender Date: 2007 Type: BOT Expire: 2030

29,6 m Intl:9,4 m

Dom: 20,1 m

New Airport

Sabiha Gokcen

Ataturk Int.

Airport

3rd Bridge

Macro Outlook

40

Country Subject Descriptor Units Scale 2015 2016 2017 2018 2019 2020 2021 2022 Gross domestic product, constant prices % Ch. 2.2 3.0 2.9 2.7 2.5 2.3 2.2 2.1

Croatia

Gross domestic product, current prices USD Billions 48.9 50.7 53.5 57.9 60.4 62.9 65.1 68.9 Gross domestic product per capita, current prices USD Thousands 11.6 12.2 12.9 14.0 14.6 15.2 15.8 16.7 Inflation, average consumer prices % Ch. -0.5 -1.1 1.1 1.2 1.5 1.7 1.8 1.9 Population Persons Millions 4.2 4.2 4.2 4.1 4.1 4.1 4.1 4.1 Gross domestic product, constant prices % Ch. 2.9 2.7 4.0 4.2 4.5 5.0 5.5 5.5

Georgia

Gross domestic product, current prices USD Billions 14.0 14.3 15.2 16.7 18.0 19.5 21.2 23.0 Gross domestic product per capita, current prices USD Thousands 3.8 3.9 4.1 4.5 4.9 5.3 5.7 6.3 Inflation, average consumer prices % Ch. 4.0 2.1 6.0 3.0 3.2 3.0 3.0 3.0 Population Persons Millions 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 Gross domestic product, constant prices % Ch. 2.7 2.0 3.8 3.9 3.5 3.2 3.1 3.0

Latvia

Gross domestic product, current prices USD Billions 27.0 27.7 30.2 33.7 35.8 37.9 39.8 41.7 Gross domestic product per capita, current prices USD Thousands 13.6 14.1 15.4 17.2 18.4 19.5 20.5 21.5 Inflation, average consumer prices % Ch. 0.2 0.1 3.0 3.0 2.5 2.4 2.3 2.3 Population Persons Millions 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 Gross domestic product, constant prices % Ch. 3.8 2.4 2.5 3.2 3.4 3.6 3.6 3.8

FYR Macedonia

Gross domestic product, current prices USD Billions 10.1 10.9 11.4 12.3 13.0 13.8 14.5 15.4 Gross domestic product per capita, current prices USD Thousands 4.9 5.3 5.5 5.9 6.3 6.6 7.0 7.4 Inflation, average consumer prices % Ch. -0.3 -0.2 0.3 2.6 1.9 2.0 2.0 2.0 Population Persons Millions 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Gross domestic product, constant prices % Ch. 4.1 1.7 0.1 1.1 1.6 1.8 2.0 2.0

Saudi Arabia

Gross domestic product, current prices USD Billions 654.3 646.4 678.5 708.5 733.1 761.0 793.3 813.7 Gross domestic product per capita, current prices USD Thousands 21.1 20.4 21.0 21.5 21.8 22.1 22.6 22.8 Inflation, average consumer prices % Ch. 2.2 3.5 -0.2 5.0 2.0 2.2 2.1 2.0 Population Persons Millions 31.0 31.7 32.4 33.0 33.7 34.4 35.0 35.7 Gross domestic product, constant prices % Ch. 1.1 1.0 2.3 3.0 3.5 4.1 4.3 4.3

Tunisia

Gross domestic product, current prices USD Billions 43.2 42.1 39.9 39.3 41.3 43.6 46.1 48.8 Gross domestic product per capita, current prices USD Thousands 3.9 3.7 3.5 3.4 3.6 3.7 3.9 4.1 Inflation, average consumer prices % Ch. 4.9 3.7 4.5 4.4 4.0 3.8 3.6 3.5 Population Persons Millions 11.1 11.2 11.3 11.5 11.6 11.7 11.8 11.9 Gross domestic product, constant prices % Ch. 6.1 3.2 5.1 3.5 3.5 3.5 3.6 3.6

Turkey

Gross domestic product, current prices USD Billions 859.4 863.4 841.2 905.7 962.2 1018.9 1074.9 1132.2 Gross domestic product per capita, current prices USD Thousands 10.9 10.8 10.4 11.1 11.7 12.3 12.8 13.4 Inflation, average consumer prices % Ch. 7.7 7.8 10.9 9.3 8.8 7.9 7.5 7.5 Population Persons Millions 78.7 79.8 80.6 81.4 82.2 83.0 83.7 84.4

IMF, World Economic Outlook Database, October 2017

228 238 248

10

242 247 252

9

Contact IR

41

IR Team About TAV Airports

Nursel İLGEN, CFA Director, Head of Investor Relations nursel.ilgen@tav.aero Tel :+90 212 463 3000 / 2122 Fax : +90 212 465 3100

Besim MERİC Investor Relations Coordinator besim.meric@tav.aero Tel :+90 212 463 3000 / 2123 Fax : +90 212 465 3100

Ali Ozgu CANERİ Investor Relations Coordinator ali.caneri@tav.aero Tel :+90 212 463 3000 / 2124 Fax : +90 212 465 3100

IR Website http://ir.tav.aero

e-mail ir@tav.aero

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

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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

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 2016, the company provided services for 808K flights and more than 104 million passengers. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”

* The airports are planned to be taken over by year-end

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 October 24, 2017.

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