TAV Airports Holding

Financial and Operational Results

First Half 2013

August 26, 2013

2

Contents

CEO’s Message 3

Adjusted Financials-IFRS 11 4

Highlights of 2013 First Half Results 5

Summary Financial and Operational Results 6

Reconciliation of 1H13 Adjusted Financials to IFRS 7

Passenger Growth 8

Comparison to 1H12 9

Adjusted Revenues 10

Adjusted Costs 11

Summary Adjusted P&L 12

Quarterly Revenues & EBITDAR by Assets 13

Selected Financials by Assets 14

Debt Structure 16

Capex 17

FX Exposure of Operations 18

Employee Numbers & FX Sensitivity Analysis 19

Timeline 20

TAV Airports 2013 Guidance 21

Notes on Financials 22

Adjusted Financials - IFRIC 12 23

IFRS Income Statement 24

IFRS Balance Sheet 25

IFRS Cash Flow Statement 26

Material Events 28

Concessions Overview 30

TAV Corporate and Shareholder Structure 31

Contact IR 32

TAV Airports Operations Map

CEO’s Message*

The first half of 2013 has been exceptionally strong in terms of operational performance. EBITDA growth reached 28% and consolidated EBITDA came in at €166 million in the first half of 2013. We, thus managed to improve the EBITDA margin 2.4 percentage points in the first half of 2013 YoY. On the back of this robust operating performance Free Cash Flow generation enjoyed a 61% increase YoY and reached €105 million. The strong operating performance came on the back of passenger growth that soared 24% to 39 million, where double digit growth continued in most of our airports. While we added 3.7 million passengers from Istanbul during the first half, we also added 2.4 million passengers from Medinah as inorganic growth.

The growth in passenger numbers reflected well on consolidated revenues which grew 17% and reached €567 million. Our operating expenses increased only 13% YoY and we thus enjoyed a high degree of operating leverage.

While we had enjoyed non-cash FX and deferred tax gains in the first half of 2012, we recorded non-cash FX and deferred tax losses in the same period of 2013. Despite these pressures on the bottomline, we had a 7% net income increase and we finished the first half of the year with a net income of €53 million. This is a record high net income figure for the first half of the year. The construction works we initiated in Medinah and Izmir are both ahead of schedule and we are looking forward to serving our passengers in the new terminals. I would like to thank all TAV employees for another very strong quarter.

3

Dr. M.Sani Şener Member of Board of Directors President & CEO

*Revenues and EBITDA are IFRS 11 and IFRIC 12 adjusted

Adjusted Financials - IFRS 11

Effects of IFRS 11

According to the IFRS 11 standard, joint ventures cannot be consolidated “proportionately” starting with 2013 first set of financials. These types of entities have to be consolidated using the “equity-pick-up” method.

In the case of TAV Airports, this standard implies that previously “proportionately” consolidated entities such as ATÜ, TGS, TIBAH Development (Medinah) and BTA Marine (IDO) have to be consolidated using the “equity-pick- up” method.

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

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However, to enable the capital markets participants a

smooth transition process into the new standard, TAV Airports will provide a summary of consolidated P&L items adjusted to reverse the effects of IFRS 11 for 2013.

Shares of profit of equity accounted investees are classified in the consolidated operating profit of the Holding company, but these sums are not included in the consolidated revenues.

Financials Adjusted for IFRS 11

Highlights of 2013 First Half Results

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

Strong operating leverage

*IFRS

** IFRS 11 and IFRIC 12 adjusted

Consolidated revenue** of €567 m (+17% vs 1H12)

Revenue growth in line with like-for-like passenger growth

Net profit* of €53 m (+7% vs 1H12)

Bottom line pressured by FX in 1H13; i.e. FX losses & deferred tax expenses in 1H13 vs. FX gains & deferred tax gain in 1H12.

Net Debt** of €1,051 m (+1% vs 1Q13 )

Net debt increased mainly due to ongoing investments and dividend

payment.

39 m passengers served (+24% vs 1H12)

Like-for-like growth of 17%, 2.4m pax (7% growth) stemming from Medinah

5

Summary Financial and Operational Results

In 1H13, while total number of passengers served increased 24%, like-for-like growth was 17%. The number of aircrafts served by Havaş, TGS and Havaş Europe increased by 20% YoY.

Revenues(1) increased by 17% to €567 million in 1H13 from €483 million in 1H12, on the back of strong organic and inorganic growth and in line with like for like pax growth. The weight of aeronautical revenues in consolidated revenues was 45% in 1H13 compared to 44% in 1H12.

EBITDA(1) increased by 28% to €166 million in 1H13 from €130 million in 1H12, implying respective 27.0% and 29.3% margins in 1H13 and 1H12 thanks to strong operating leverage and favorable FX movements.

On the back of strong operational performance, the bottom-line (net profit (2) attributable to owners of the company) came in at €53m in 1H13 versus €50 m in 1H12, despite FX loss and deferred tax expense in 1H13.

Consolidated net debt(1) came at €1,051 million at 1H13 versus €896 million at 1H12. Net Debt increased YoY, due to Havaş acquisition in 4Q12, capex incurred for ongoing investments in Medinah and Izmir and dividend payment in 2013.

IFRS 11 and IFRIC 12 Adjusted Financials

IFRIC 12 Adjusted Financials

(in m€, unless stated otherwise) 1H12(4) 1H13 Chg % 1H12 1H13 Chg %

Revenues 483 567 17% 378 423 12%

EBITDA 130 166 28% 126 159 26%

EBITDA margin (%) 27.0% 29.3% 2.4 ppt 33.4% 37.7% 4.3 ppt

FX Gain (Loss) 11 (5) nm 10 (5) nm

Deferred Tax Gain (Expense) 10 (1) nm 10 (0) nm

Net Income (2) 50 53 7% 50 53 7% Net Cash Provided from Operating Activities(2) 74 234 216% 74 234 216%

Capex(2) (9) (129) nm (9) (129) nm

Free Cash Flow(2) 65 105 61% 65 105 61%

Net Debt 896 1,051 17% 890 942 6%

Average number of employees 20,975 23,443 12% 12,363 13,483 9%

Number of passengers (m) 32 39 24% 32 39 24%

- International 17 22 25% 17 22 25%

- Domestic 14 17 23% 14 17 23%

Duty free spend per pax (€) (3) 15.4 15.6 1% 15.4 15.6 1%

(1) IFRS 11 and IFRIC 12 adjusted

(2) IFRS

(3)Transfer numbers are tentative and subject to change

(4)Restated retrospectively due to IAS 19

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

6

IFRS 11 Adjustments 942

103 7 1 (1)

1,051

IFRIC 12 Adj.

IFRS 11 Adjustments IFRIC 12 Adjustments

IFRS 11 Adjustments

Reconciliation of 1H13 Adjusted Financials* to IFRS

7

Revenue (€m) EBITDA (€m)

Net Debt (€m)

*IFRS 11 and IFRIC 12 adjusted

523.3

(117.9)

17.1

134.0

46.8 14.8 4.9

(56.1)

566.9 142.0

17.1 (14.8) 14.2

4.7 2.6 0.5

166.3

2.21 0.15

2.38

10.05

TIBAH BTA HAVAS ATU

Equity pick-up (€m)

Passenger Growth

The number of passengers using airports operated by TAV increased by 24% (like-for-like growth of 17%) to 39 million in 1H13 on the back of organic and inorganic growth. The number of international passengers served at Istanbul Ataturk continued to soar in 2013 increasing by 18% in the first half of 2013.

Breakdown of Change in Passengers Served

8

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH Notes: DHMİ figures for 2012 and 2013 are tentative. (1) Both departing and arriving passengers, including transfer pax (2) Commercial flights only

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

January-June FY

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

Ataturk Airport 20.673.856 24.395.233 18% 37.394.694 44.998.508 20%

International 13.628.507 16.136.011 18% 23.973.158 29.717.196 24%

Domestic 7.045.349 8.259.222 17% 13.421.536 15.281.312 14%

Esenboga Airport (2) 4.488.465 5.205.724 16% 8.485.467 9.237.886 9%

International 691.564 745.810 8% 1.405.395 1.574.039 12%

Domestic 3.796.901 4.459.914 17% 7.080.072 7.663.847 8%

Izmir Airport (3) 4.263.912 4.706.735 10% 8.523.533 9.356.284 10%

International 945.689 939.080 -1% 2.398.457 2.411.257 1%

Domestic 3.318.223 3.767.655 14% 6.125.076 6.945.027 13%

Gazipaşa Airport 16.280 114.808 n.m. 14,083 84,253 498%

International 15.958 67.961 n.m. 9,434 81,251 761%

Domestic 322 46.847 n.m. 4,649 3,002 -35%

Medinah(5) 2.277.543 2.406.101 6% 3.547.508 4.588.158 29%

Tunisia 1.128.786 1.182.158 5% 2.289.131 3.321.244 45%

Georgia 583.493 686.077 18% 1.190.922 1.387.824 17%

Macedonia 402.946 472.536 17% 838.164 913.567 9%

TAV TOTAL (4) 31.541.458 39.169.372 24% 52.596.835 71.525.928 36%

International 17.354.564 21.766.071 25% 32.019.832 40.756.688 27%

Domestic 14.186.894 17.403.301 23% 20.577.003 30.769.240 50%

January-June FY

ATM(2) 2012 2013 Chg % 2011 2012 Chg %

Ataturk Airport 161.877 184.965 14% 301.518 348.698 16%

International 108.518 123.834 14% 197.580 231.596 17%

Domestic 53.359 61.131 15% 103.938 117.102 13%

Esenboga Airport (2) 36.397 40.895 12% 71.752 74.847 4%

International 5.872 6.260 7% 11.795 12.946 10%

Domestic 30.525 34.635 13% 59.957 61.901 3%

Izmir Airport (3) 30.548 32.720 7% 62.402 67.222 8%

International 7.012 6.682 -5% 17.494 17.124 -2%

Domestic 23.536 26.038 11% 44.908 50.098 12%

Gazipaşa Airport 127 854 n.m. 196 566 189%

International 124 542 n.m. 94 543 478%

Domestic 3 312 n.m. 102 23 -77%

Medinah(5) 16.062 19.119 19% 32.935 36.499 11%

Tunisia 10.488 11.519 10% 20.805 27.350 31%

Georgia 10.774 10.718 -1% 23.118 23.596 2%

Macedonia 5.279 5.740 9% 11.878 11.285 -5%

TAV TOTAL (4) 255.363 306.530 20% 446.565 573.309 28%

International 146.279 173.596 19% 278.934 331.051 19%

Domestic 109.084 132.934 22% 167.631 242.258 45%

31.5

3.7

2.4

0.7 0.4 0.1 0.1 0.1 0.1

39.2

1H

12

Istanb

ul

Med

inah

An

kara

Izmir

Gazip

aşa

Geo

rgia

Maced

on

ia

Tun

isia

1H

13

50 53

FY11 FY12

Comparison to 1H12*

130 166

FY11 FY12

483 567

FY11 FY12

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

17 % 28 % 7 %

1H12

1H13

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

9 * IFRS 11 and IFRIC 12 adjusted

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

33%

25%

20%

7%

15% 33%

26%

19%

7%

15%

Duty-free Aviation

Ground-handling F&B

Other

59% 24%

9%

5% 4% -1%

60% 24%

8%

3% 6% -2%

Istanbul Other Airports ATU

BTA HAVAŞ Other Services

3% 9%

9%

11%

14% 17%

36%

3% 8%

9%

12%

14%

18%

36%

Catering Services rendered

D&A Duty-free

Other Concession rent

Personnel

51

90

16

156

55

116

25

195

HAVAŞ TGS HVŞ E HAVAŞ + TGS + HVŞ E

1H12

1H13

Adjusted Revenues*

Revenue increased by 17% to €567 million in 1H13 from €483 million in 1H12, on the back of strong organic and inorganic growth. In 1H13, while total number of passengers served increased by 24%, like-for-like growth was 17%.

Our income stream is mainly in hard currency, based primarily in Euro and U.S. dollars (please refer to page #18), with aeronautical revenues (which includes ground handling), accounting for 45% of total operating income and non-aeronautical revenues accounting for 55% of total operating income in 1H13.

Aviation income amounted €146 million in 1H13, versus €121 million in 1H12 (+21% yoy). The growth in passenger number outpaced the growth in aviation income as domestic and transfer pax have a dilutive effect on aviation fees whose fees are €3 and €2.5 per pax respectively. The guaranteed pax fees in the context of IFRIC12 amounted €10.4m for Ankara Esenboga and €6.7m for İzmir Adnan Menderes in 1H13.

Sales of duty free goods increased by 17% from €113 million in 1H12 to €132 million in 1H13 on the back of strong international passenger growth.

Average per passenger spending increased 1% to €15.6 in 1H13, despite the dilutive impact of the increase in transfer traffic. The share of international to international transfer passengers in Istanbul’s international passengers increased from 32% in 1H12 to 35%, YoY**.

Commission from sales of duty free goods increased by 16% from €48 million in 1H12 to €55 million in 1H13.

Ground handling income increased by 16% to €110 million in 1H13 from €94 million in 1H12. The number of aircraft served by Havaş, TGS and Havaş Europe increased by 20% YoY to 195K. The number of flights served by TGS soared 22% in parallel with increase in total THY traffic and addition of SunExpress to clients served in second quarter of 2012. THY is served in Bodrum and Dalaman by TGS instead of Havaş as of 2Q13. Havaş Europe served 37% more aircraft due to German operations ; while Helsinki and Stockholm operations closed in 2Q13.

Catering service income, mainly denominated in TL, increased by 16%, from €35 million in 1H12 to €40 million in 1H13, mainly on the back of organic growth.

Other operating revenue increased by 14 % from €73million in 1H12 to €84 million in 1H13, mainly stemming from area allocation, bus services and prime class income.

# of Flights Served (‘000)

7%

22%

37%

20%

(€m) 1H12 1H13 Chg.(%)

Sales of duty free goods 113 132 17%

Aviation income 121 146 21%

Ground handling income 94 110 16%

Commission from duty free sales 48 55 16% Catering services income 35 40 16% Other operating revenue 73 84 14% Total operating revenue (after eliminations) 483 567 17%

10 * IFRS 11 and IFRIC 12 adjusted

** Transfer numbers are tentative and subject to change

HAVAŞ EUROPE HAVAŞ + TGS + HAVAŞ EUROPE

Adjusted Costs*

Operating expenses increased by 13% from €389 million in 1H12 to €438 million in 1H13. This was primarily the result of increase in personnel expenses, concession and rent expenses and cost of goods sold. Expenses grew slower on the back of weak TRL.

Cost of catering inventory sold increased by 16% in 1H13 to come in equal to catering revenue growth at 16%.

Cost of duty free inventory sold increased by 13% to €50 million in 1H13 compared with 17% growth in duty-free sales.

Cost of services rendered increased by 10% from €34 million in 1H12 to €37 million in 1H13. Cost of services rendered principally consists of Havaş’s operating expenses, TAV Latvia’s concession payments and also includes some costs of BTA and TAV O&M.

Personnel expenses increased by 13% from €140 million in 1H12 to €159 million in 1H13, with new operations and 12% YoY increase in the average number of employees in 1H13.

Concession & rent expenses increased 17% to €78 million in 1H13. Rent expenses principally consist of payments to DHMI under the terms of the Istanbul Ataturk Airport lease agreement and renovation of the domestic terminal (€64 million in total in 1H13). Concession expenses consist of payments made to Tunisian Civil Aviation Authority (OACA), Macedonian Ministry of Transportation and Communication, Saudi Arabian Civil Aviation Authority (GACA) and those made to DHMI under the terms of the Izmir Adnan Menderes Airport concession. While the rent payment of Istanbul Ataturk Airport is made in USD terms at the beginning of each year, due to the amortization schedule of the prepaid rent, Istanbul Ataturk Airport’s rent increased 8% from €59 million in 1H12 to €64 million in 1H13. TAV Ege booked €4.4 million for Izmir Adnan Menderes domestic terminal in 1H13. A concession payment of 54.5% of Medinah Airport’s revenues totaling €7.8 million was made to GACA in 1H13. The concession expense for 1H13 was €1.8 million in Tunisia. Macedonia’s concession payment decreased because it is expected to surpass 1 million passengers in 2013 whereafter the concession percentage drops from 15% to 4%.

Depreciation and amortization expense rose by 6% from €35 million in 1H12 to €37 million in 1H13.

Other operating expenses increased by 11% to €62 million in 1H13 mainly due to higher utility costs and addition of Medinah utility and maintenance expense.

(€m) 1H12 1H13 Chg.(%)

Cost of catering inventory sold 12 14 16%

Cost of duty free inventory sold 45 50 13%

Cost of services rendered 34 37 10%

Personnel expenses 140 159 13%

Concession & rent expenses 67 78 17%

Istanbul 58.8 63.8 8%

Ege 4.4 4.4 0%

Tunisia 1.8 1.8 2%

Macedonia 1.3 0.4 -72%

Medinah 33% 0.0 7.8 nm

Depreciation and Amortization 35 37 6%

Other operating expenses 56 62 11%

Total Operating Expenses 389 438 13%

11

* IFRS 11 and IFRIC 12 adjusted, 1H12 restated retrospectively due to IAS 19

Summary Adjusted P&L

Operating profit increased 36% from €95 million in 1H12 to €129 million in 1H13. EBITDA, which we define as profit (loss) adjusted for income taxes, finance income and expenses and depreciation & amortisation expense, increased by 28% and amounted €166 million in 1H13 versus €130 million in 1H12.

EBITDAR, which we define as EBITDA before concession rent payment, increased by 24 % from €197 million in 1H12 to €244 million in 1H13.

Net finance costs amounted €37 million in 1H13, compared with €22 million in 1H12. Finance costs were higher mainly due to non-cash FX losses in 1H13 vs FX gains in 1H12.

Tax expense consists of deferred tax and corporate taxes. Current tax expense was €23 million in 1H13, compared with €21 million in 1H12. In 1H12, TAV had recorded €10 million deferred tax income versus €1 million tax expense in 1H13 mainly due to FX movements. All in all, total tax expense amounted €23 million in 1H13 versus €11 million in 1H12, mainly due to deferred taxes turning negative. Net profit attributable to owners of the company in 1H13 was realized as €53 million compared to a net profit of €50 million in 1H12 according to IFRS financial statements. Non-controlling interest reflects the allocation of profit / losses held by the non-controlling interest and amounted -€2 million in 1H13.

(€m) (1) 1H12(3) 1H13 Chg.(%)

Operating profit 95 129 36%

EBITDA 130 166 28%

EBITDA margin 27.0% 29.3% 2.4 ppt

EBITDAR 197 244 24%

EBITDAR margin 40.7% 43.2% 2.5 ppt

(€m) (2) 1H12(3) 1H13 Chg.(%)

Finance income 26 14 -46%

Finance costs (48) (52) 7%

FX gain/(loss) 11 (1) nm

Net finance costs (22) (37) 74%

Profit before income tax 58 74 29%

Tax expense (11) (23) 114%

Current period tax expense (21) (23) 9%

Deferred tax (expense)/income 10 (1) nm

Profit for the period 47 51 10%

Attributable to

Equity holders of the Company 50 53 7%

Non-controlling interest (3) (2) -35%

12

(1)IFRS 11 and IFRIC 12 adjusted

(2)IFRS 11 adjusted

(3) Restated retrospectively due to IAS 19

Quarterly Revenues & EBITDAR by Assets

13

€m 1Q11 2Q11 3Q11 4Q11 1Q12 **2Q12 3Q12 4Q12 1Q13 2Q13 Airports 102.3 128.4 150.0 117.3 122.7 156.7 195.3 156.6 147.5 180.8 Istanbul 76.2 90.5 93.5 84.2 87.8 106.0 114.0 106.0 102.8 116.1 Ankara 9.9 10.3 13.1 8.6 10.2 11.3 14.6 8.6 11.9 14.0 Izmir (including TAV Ege) 4.9 9.3 14.4 6.5 9.3 14.1 21.3 11.8 10.1 15.6 Gazipasa 0.0 0.0 0.0 0.1 0.0 0.1 0.3 0.1 0.1 0.4 Tunisia 2.7 8.9 15.4 7.6 5.2 12.7 23.6 9.1 4.6 13.4 Georgia 5.2 5.5 7.8 6.6 6.3 7.2 9.8 7.6 6.9 8.8 Macedonia 3.4 3.9 5.8 3.7 3.9 4.3 5.5 4.0 3.9 4.9 Medinah (33%) - - - - - 1.0 6.3 9.3 7.2 7.5 Services 110.9 141.3 155.2 144.9 129.6 165.8 192.7 185.4 152.5 188.8 ATU (50%) 41.3 52.8 57.4 56.0 50.5 64.7 72.1 67.8 61.3 72.7 BTA 17.4 19.9 22.3 21.5 24.4 28.9 32.9 29.2 28.2 33.0 Havas 37.1 53.3 60.5 46.5 39.3 53.6 68.6 49.3 44.8 63.4 Other 15.1 15.3 15.0 20.9 15.4 18.6 19.1 39.1 18.2 19.7 Total 213.2 269.7 305.2 262.2 252.3 322.5 388.0 342.0 300.0 369.6 Eliminations -36.0 -42.6 -43.9 -46.8 -41.0 -50.4 -53.6 -60.5 -47.7 -55.0 Consolidated Adjusted Revenue 177.2 227.1 261.3 215.4 211.3 272.1 334.4 281.5 252.3 314.6 Airports 62.4 85.0 109.8 70.6 75.8 99.3 139.3 99.0 91.1 127.0 Istanbul 55.0 66.9 73.4 63.1 63.8 72.3 87.3 80.3 73.7 90.0 Ankara 5.1 5.6 8.4 0.6 4.8 6.0 8.1 -0.1 5.8 8.2 Izmir 1.8 6.1 11.2 3.3 4.5 9.5 13.9 7.4 4.4 9.7 Gazipasa -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 -0.4 -0.3 0.0 Tunisia -2.1 3.2 9.5 -0.1 -0.4 5.6 16.6 0.7 -1.4 6.4 Georgia 2.2 2.8 4.9 3.2 2.9 4.1 6.7 3.8 3.1 5.7 Macedonia 0.6 0.7 2.6 0.7 0.5 1.4 2.4 0.7 0.6 1.8 Medinah (33%) - - - - - 0.6 4.5 6.7 5.2 5.2 Services 4.5 20.1 25.9 9.3 3.6 18.6 25.6 22.5 3.3 23.7 ATU (50%) 3.2 4.8 6.4 6.8 4.3 6.9 8.2 8.6 6.2 7.9 BTA 0.5 2.0 3.3 0.2 2.0 3.5 4.3 1.0 2.1 3.3 Havas 2.4 13.4 15.3 3.3 -0.7 7.6 15.2 -0.7 -1.4 11.8 Other -1.6 -0.1 0.9 -0.9 -2.1 0.7 -2.0 13.5 -3.6 0.6 Total 66.9 105.1 135.6 79.9 79.4 118.0 164.9 121.5 94.4 150.6 Eliminations 0.0 -0.3 -0.3 -0.4 0.0 -0.5 0.0 -4.9 -0.2 -0.4 Adjusted EBITDAR 66.9 104.8 135.4 79.5 79.4 117.5 164.9 116.6 94.2 150.2 Total Guaranteed passenger fee revenue 6.4 8.8 13.3 4.9 6.6 9.2 14.5 4.4 6.8 10.3 from Ankara 4.1 4.3 5.4 2.0 4.4 4.8 6.3 1.3 4.9 5.5 from Izmir 2.3 4.5 7.9 2.9 2.2 4.5 8.2 3.1 1.9 4.8 Total Concession expense 31.8 34.8 35.5 27.3 32.6 34.0 41.1 37.1 38.8 39.3 Istanbul 31.0 31.3 30.7 29.6 29.3 29.5 32.3 32.3 31.6 32.1 Ege 2.2 2.2 2.2 2.2 2.2 2.2 Tunisia 0.3 2.9 4.0 -2.9 0.5 1.3 2.0 -2.9 0.6 1.3 Macedonia 0.5 0.6 0.9 0.6 0.6 0.7 0.8 0.6 0.6 -0.2 Medinah (33%) 0.4 3.8 5.0 3.9 3.9

*Adjusted for IFRS 11 and IFRIC 12

**Restated restrospectively due to IAS 19

130

22.7

3.5 3.2

3.0 2.4 1.8 1.4 0.2 0.1 (0.1) (0.2) (0.3) (1.6)

166

1H

12

Istanb

ul

Havas

An

kara

ATU

(50

%)

Med

inah

Geo

rgia

Maced

on

ia

Gazip

asa

Izmir+Ege

Elimin

ation

BTA

Tun

isia

Oth

ers

1H

13

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

Revenue (€m) 1H12 1H13 Chg.(%)

Airports 279.4 328.3 17% Istanbul 193.8 218.9 13% Ankara 21.5 25.9 21% Izmir (including TAV Ege) 23.4 25.7 10%

Gazipasa 0.1 0.5 296% Tunisia 17.9 18.1 1% Georgia 13.4 15.6 16%

Macedonia 8.3 8.8 6% Medinah 1.0 14.8 1453% Services 295.4 341.3 16% ATU (50%) 115.2 134.0 16%

Havas (incl. TGS) 92.9 108.2 16% BTA (incl. IDO) 53.3 61.3 15% Others 34.0 37.9 12%

Total 574.8 669.6 16%

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

EBITDA (€m) 1H12 1H13 Chg.(%)

Airports 108.5 140.0 29%

Istanbul 77.3 100.0 29%

Ankara 10.8 14.0 29%

Izmir (including TAV Ege) 9.6 9.7 1%

Gazipasa (0.5) (0.3) -36%

Tunisia 3.4 3.1 -9%

Georgia 7.1 8.8 25%

Macedonia 0.6 2.0 234%

Medinah 0.2 2.6

Services 22.3 27.0 21%

ATU (50%) 11.2 14.2 27%

Havas (incl. TGS) 7.0 10.5 50%

BTA (incl. IDO) 5.5 5.3 -3%

Others (1.4) (3.0) 114%

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

(1H 2013, €m)

Revenues EBITDA EBITDA

Margin (%) Net Debt Airports 328.3 140.0 43% 816 Istanbul 218.9 100.0 46% 137 Ankara 25.9 14.0 54% 89 Izmir (including TAV Ege) 25.7 9.7 38% 59

Gazipasa 0.5 (0.3) nm 17 Tunisia 18.1 3.1 17% 351 Georgia 15.6 8.8 57% 2

Macedonia 8.8 2.0 23% 58 Medinah (33%) 14.8 2.6 18% 103 Services 341.3 27.0 8% 235

ATU (50%) 134.0 14.2 11% 7 Havas (incl. TGS) 108.2 10.5 10% 77 BTA (incl. IDO) 61.3 5.3 9% (3) Others 37.9 (3.0) -8% 155

Total 669.6 167.0 25% 1,051

Elimination (102.7) (0.6) Consolidated 566.9 166.3 29% 1,051

1H12 – 1H13 EBITDA Bridge (€m)

14

Selected Financials by Assets (IFRIC 12 Adjusted)

Revenue (€m) 1H12 1H13 Chg.(%)

Airports 278.5 313.5 13%

Istanbul 193.8 218.9 13%

Ankara 21.5 25.9 21%

Izmir (including TAV Ege) 23.4 25.7 10%

Gazipasa 0.1 0.5 296%

Tunisia 17.9 18.1 1%

Georgia 13.4 15.6 16%

Macedonia 8.3 8.8 6%

Services 140.3 155.6 11%

Havas 57.0 61.4 8%

BTA 49.3 56.3 14%

Others 34.0 37.9 12%

Total 418.7 469.1 12%

Elimination (40.6) (46.6) 15%

Consolidated 378.2 422.6 12%

EBITDA (€m) 1H12 1H13 Chg.(%)

Airports 108.3 137.4 27% Istanbul 77.3 100.0 29% Ankara 10.8 14.0 29% Izmir (including TAV Ege) 9.6 9.7 1%

Gazipasa (0.5) (0.3) nm Tunisia 3.4 3.1 -9% Georgia 7.1 8.8 25%

Macedonia 0.6 2.0 234% Services 18.3 22.4 22%

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

Total 126.7 159.7 26% Elimination (0.4) (0.6) 49% Consolidated 126.3 159.2 26%

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

(1H 2013, €m)

Revenues EBITDA EBITDA

Margin (%) Net Debt Airports 313.5 137.4 44% 713 Istanbul 218.9 100.0 46% 137 Ankara 25.9 14.0 54% 89 Izmir (including TAV Ege) 25.7 9.7 38% 59

Gazipasa 0.5 (0.3) nm 17 Tunisia 18.1 3.1 17% 351 Georgia 15.6 8.8 57% 2

Macedonia 8.8 2.0 23% 58 Services 155.6 22.4 14% 229

Havas 61.4 5.7 9% 76 BTA 56.3 4.8 9% -2 Others* 37.9 11.8 31% 155

Total 469.1 159.7 34% 942

Elimination (46.6) (0.6) 0 Consolidated 422.6 159.2 38% 942

126

22.7

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

159

1H

12

Istanb

ul

An

kara

Oth

ers

Geo

rgia

Maced

on

ia

Havas

Gazip

asa

Izmir+Ege

Elimin

ation

BTA

Tun

isia

1H

13

1H12 – 1H13 EBITDA Bridge (€m)

Debt Structure

Net Debt Adjusted consolidated net debt came in at €1,051 million at 1H13 versus €882 million at end of 2012, mainly due to rent payment of Istanbul, ongoing investments and dividend payment .

Net Debt*(eop, €m) FY12 1Q13 1H13

Airports 640 891 816

Istanbul 45 209 137

Ankara 92 91 89

Izmir (including Ege) (1) 57 59

Gazipasa 17 17 17

Tunisia 351 355 351

Georgia 8 5 2

Macedonia 58 60 58

Medinah(33%) 70 97 103

Services 243 147 235

ATU (50%) 3 9 7

HAVAS 62 73 77

BTA (2) (5) (3)

Others 179 70 155

Total 882 1,038 1,051

Gross Debt ** (€m) FY12 1H13

On demand or within one year 212 242

In the second year 244 208

In the third year 126 146

In the fourth year 127 164

In the fifth year 125 132

After five years 400 361

Total 1,234 1,253

16 * IFRS 11 adjusted

**IFRS

896

78 64

156

13

1,051

1H

12

Ne

t D

ebt

∆ 3

Q1

2

∆ 4

Q1

2

∆ 1

Q1

3

∆ 2

Q1

3

1H

13

Ne

t D

ebt

Net Debt from 1H12 to 1H13 (€m)

Havaş Acquisition

Rent Payments

Dividends Paid

77%

22%

2%

Turkey Saudi Arabia Other

17

Enfidha Macedonia

CAPEX

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

€177m Medinah

Izmir

* IFRS 11 adjusted, unadjusted IFRS capex is €129m for 1H13

0

20

40

60

80

100

120

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

property and equipment airport operation right intangible assets

EUR, 99%

USD, 1% TL, 0%

USD, 82%

EUR, 8%

SAR; 10%

USD, 14%

EUR, 32% TL, 45%

Other, 9%

€540m

USD, 15%

EUR, 44%

TL, 35%

Other, 6%

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

(3) IFRS

Revenues (1) Opex (1)(2)

Concession Rent Expense Gross Debt (3)

€670m €301m

€233m

€101m

€176m

€78m €1253m

€8m

€245m

€75m €35m

€64m

€13m

€7m

€6m

€1234m

FX Exposure of Operations (1H13)

18

€43m

Employee Numbers & FX Sensitivity Analysis

The Group’s principal currency rate risk relates to changes in the value of the Euro relative to TRL and the 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. The analysis excludes net foreign currency investments. A 10 percent strengthening / (weakening) of EUR against the following currencies at 30 June 2013 and 31 December 2012 would have increased / (decreased) equity and profit or loss by the amounts shown to the left. This analysis assumes that all other variables, in particular interest rates, remain constant.

Number of Employees (eop)

*1H12 **1H12 *1Q13 *1H13 **1H13

Istanbul 2,572 2,572 2,681 2,747 2747 Ankara 868 868 885 929 929 Izmir+Ege 623 623 681 699 699 Tunisia 701 701 748 751 751 Gazipaşa 19 19 23 23 23 Georgia 770 770 770 821 821 Macedonia 653 653 649 649 649 HAVAŞ 11,604 4,621 11,004 12,593 4447 ATU 1,540 0 1,551 1,721 0 BTA 2,610 1,988 2,625 2,820 2174 Holding 112 112 108 106 106 O&M 279 279 296 307 307 IT 167 167 175 206 206 Security 74 74 220 253 253 Latvia 3 3 3 3 3 Medinah(100%) 200 0 270 294 0 Akademi 0 0 5 8 8 TOTAL 22,795 13,450 22,694 24,930 14,123

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

Medinah: Takeover of operations in June 2012.

Istanbul: Traffic increase necessitated a larger headcount.

Equity Profit or loss

(€’000) Strengthening

of EUR Weakening

of EUR Strengthening

of EUR Weakening

of EUR

30 June 2013

USD (20,891) 20,891 (5,982) 5,982

TRL - - (9,297) 9,297

Other - - (849) 849

Total (20,891) 20,891 (16,128) 16,128

31 December 2012

USD (28,469) 18,012 (12,534) 12,534

TRL - - (8,956) 8,956

Other - - (1,181) 1,181

Total (28,469) 18,012 (22,671) 22,671

Major movements in Employee Numbers (yoy):

Sensitivity Analysis

19 *IFRS 11 adjusted

**IFRS

Timeline

• Tunisian civil unrest started • TAV Latvia took over the duty free operations in Riga International Airport • Increased shareholding in TAV Security from 67% to 100%

Q1

• Increased shareholding in TAV Urban Georgia from 66% to 76% • Increased shareholding in TAV Batumi from 60% to 76% • Adjustments incurred within the context of the tax amnesty legislation (€2.9m one-off expense)

Q2

• Skopje Airport construction finalized • BTA IDO established and the multistage takeover of the catering operations in IDO ferries initiated • One-off provision of c€5m (KTHY) • THY CIP Lounge operations at Istanbul Atatürk Airport International terminal ended

Q3

• Tunisian elections took place • Increased shareholding in Havas Europe from 50% to 67% • Izmir Adnan Menderes Airport International and domestic tender won , TAV Ege was established, €12m paid as rent advance

Q4

• Izmir domestic operations were taken over by TAV Ege on January 2012. • HAVAŞ had to suspend bus services in Istanbul temporarily as of 14.01.2012 due to the decision of Istanbul Metropolitan Municipality.

Q1

• Transfer of 38% of TAV Airports shares to ADP has taken place in May 2012 • First time cash dividend of €39m • Operations of Medinah Airport were taken over in June 2012 • The insurance claim on the trigen facility has finalized and resulted in lower than inially expected, hence insurance income accrual amounting €2.7m was reversed. •TGS added SunExpress to clients served.

Q2

Q3

•An MoU is signed to extend the Tbilisi concession for 10 years 9 months in exchange for new runway to cost $65m (MoU cancelled in Q1 2013. No Capex) •TAV Airports agreed to acquire the remaining 35% of Havaş shares for €80m. •Holding made one off Medinah acquisition expenses (€0.2m in Q1, €0.5m in Q2, €2.0m in Q3)

2011 2012

Q4

•Transfer of acquired Havaş shares took place on October 3, 2012. •TAV Airports signed a LOI for 15% participation in the Zagreb Airport consortium composed of ADPM and BBI. •Holding made one off Medinah acquisition expenses (€0.9m in Q4, €3.7m for FY) •The Tunisian concession payable due from 2010 was decreased €3.9 million •TIBAHD paid €12.6m to TAV Airports Holding (€8.4m after eliminations) as success fee 20

•Compensation letter received from DHMI regarding our Company’s concession rights in Istanbul Ataturk Airport •Tbilisi extension project cancelled

Q1

2013

•The New Istanbul Airport tender was held. TAV Airports did not win the tender. •Cash dividend of €59m paid. •Havaş Europe Helsinki & Stockholm stations closed. •THY aircrafts are served by TGS now instead of Havaş at Bodrum and Dalaman. Havaş personnel were transferred to TGS.

Q2

TAV Airports 2013 Guidance

Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials.

IFRS 11 is applied for the first time to 1Q 2013 financials and retrospectively to FY 2012 financials.

All financial targets are subject to the passenger targets being met.

21

Growth in Istanbul Ataturk Airport Passengers

Growth in Total TAV Airports Passengers

Growth in Revenues

Growth in EBITDA

Consolidated CAPEX

14 to 16 percent

15 to 18 percent

14 to 16 percent

17 to 19 percent

€330 million to €350 millon

Notes on Financials

FX Rates Basis of Consolidation

Hedging

The consolidated interim financial statements have been prepared in

accordance with International Financial Reporting Standards (“IFRS”).

Although the currency of the country in which the Group is domiciled is Turkish Lira (TRL), most of the Group entities’ functional currency and reporting currency is EUR.

Each entity is consolidated as follows:

Subsidiaries, TAV İstanbul, TAV Esenboğa, HAVAŞ, TAV

Macedonia, TAV Tunisia and TAV Ege enter into swap transactions in order to diminish exposure to foreign currency mismatch relating to DHMI installments and interest rate risk to manage exposure to the floating interest rates relating to loans used.

100%, 100%, 44%, 80%, 85% and 100% of floating bank loans for TAV İstanbul, TAV Esenboğa, HAVAŞ, TAV Macedonia, TAV Tunisia 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.

Summary IFRS Consolidation Table

1H13 1H12 (Restated)

Name of Subsidiary Consolidation % Stake Consolidation % Stake

TAV İstanbul Full - No Minority 100 Full - No Minority 100

TAV Esenboğa Full - No Minority 100 Full - No Minority 100

TAV Izmir Full - No Minority 100 Full - No Minority 100

TAV Ege Full - No Minority 100 Full - No Minority 100

TAV Gazipaşa Full - No Minority 100 Full - No Minority 100

TAV Macedonia Full - No Minority 100 Full - No Minority 100

TAV Latvia Full - No Minority 100 Full - No Minority 100

TAV Tunisia Full - With Minority 67 Full - With Minority 67

TAV Urban Georgia (Tbilisi) Full - With Minority 76 Full - With Minority 76

TAV Batumi Full - With Minority 76 Full - With Minority 76

TIBAH Development Equity 33 Equity 33

TIBAH Operation Equity 51 Equity 51

HAVAŞ Full - No Minority 100 Full - With Minority 65

BTA Full - With Minority 67 Full - With Minority 67

TAV O&M Full - No Minority 100 Full - No Minority 100

TAV IT Full - With Minority 99 Full - With Minority 99

TAV Security Full - No Minority 100 Full - No Minority 100

HAVAS Europe (NHS) Full - With Minority 67 Full - With Minority 67

ATÜ Equity 50 Equity 50

TGS Equity 50 Equity 50

BTA Denizyollari (IDO) Equity 50 Equity 50

Average Rate 30 June 31 Dec 30 June

1H13 1H12 2013 2012 2012

EUR/TRL 2.38 2.33 2.51 2.35 2.27

USD/TRL 1.81 1.79 1.92 1.78 1.81

EUR/USD 1.31 1.30 1.31 1.32 1.26

EUR/GEL 2.17 2.14 2.16 2.18 2.07

EUR/MKD 61.73 61.73 61.73 61.35 61.73

EUR/TND 2.10 1.96 2.16 2.05 2.00

EUR/SEK 8.53 8.89 8.76 8.61 8.76

EUR/SAR 4.92 5.27 4.88 4.95 4.88

22

Guaranteed Pax Structure 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

An

kara

International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64

Guaranteed Pax Income (€m) 2.3 11.3 11.8 12.4 13.0 13.7 14.4 15.1 15.8 16.6 17.5 18.3 19.2 20.2 21.2 22.3 23.4 9.6

Domestic Departing Pax (m) 0.13 0.60 0.63 0.66 0.70 0.73 0.77 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.13 1.19 1.25 0.51

Guaranteed Pax Income (€m) 0.4 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.4 3.6 3.7 1.5

İzm

ir

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

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

Adjusted Financials-IFRIC 12

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

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.”

23

IFRS Income Statement

IFRS Income Statement (€m) 1H12* 1H13 ∆%

Construction revenue 0.1 117.9 nm Total operating income 362.4 405.4 12%

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

Construction expenditure (0.1) (117.9) nm Operating expenses (294.9) (312.7) 6%

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

Equity pick-up 10.0 14.8 47% Operating profit 77.5 107.5 39% Finance income 25.2 14.3 -43% Finance expenses (47.3) (50.7) 7% Profit before tax 55.3 71.1 28% Income tax expense (8.6) (19.9) 131% Profit for the period

Attributable to:

Owners of the Company 49.8 53.2 7% Non-controlling interest (3.1) (2.0) -35% Profit for the period 46.7 51.2 10%

24

* Restated

IFRS Balance Sheet

€ million 1H12* 1H13 ∆%

ASSETS

Property and equipment 150 158 5% Intangible assets 24 21 -12% Airport operation rights 749 863 15% Other investments 0 0 nm Goodwill 136 136 0% Prepaid concession expenses 127 126 -1% Trade receivables 85 67 -21% Other non-current assets 2 1 -62% Deferred tax assets 94 91 -3% Equity Accounted Investees 75 77 3% Total non-current assets 1,441 1,541 7%

Inventories 7 7 1% Prepaid concession expenses 137 137 0% Trade receivables 88 90 2% Due from related parties 67 22 -68% Derivative financial instruments 13 0 nm Other receivables and current assets 27 30 9% Cash and cash equivalents 64 88 36% Restricted bank balances 217 228 5% Total current assets 621 601 -3%

TOTAL ASSETS 2,062 2,141 4%

€ million 1H12* 1H13 ∆%

EQUITY

Share capital 162 162 0% Share premium 220 220 0% Legal reserves 54 78 45% Other reserves 8 (18) nm Revaluation surplus 1 1 -23% Purchase of shares of entities under common control 40 40 0% Cash flow hedge reserve (68) (69) 1% Translation reserves 1 (6) nm Retained earnings 68 115 68% Total equity attributable to equity holders of the Company 487 524 8% Non-controlling interest 83 33 -60% Total Equity 571 557 -2%

LIABILITIES

Loans and borrowings 983 1,013 3% Reserve for employee severance indemnity 11 13 16% Due to related parties 14 12 -18% Deferred income 31 27 -13% Other payables 16 10 -37% Deferred tax liabilities 3 3 17% Trade payables 0 0 nm Total non-current liabilities 1,059 1,079 2%

Bank overdraft 0 0 nm Loans and borrowings 188 244 29% Trade payables 25 41 65% Due to related parties 16 29 74% Derivative financial instruments 140 127 -10% Current tax liabilities 14 12 -19% Other payables 30 36 20% Provisions 6 7 10% Deferred income 12 11 -9% Total current liabilities 433 505 17% TOTAL LIABILITIES 1,492 1,584 6%

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

25

* Restated

* Restated

IFRS Cash Flow Statement

1H12* 1H13 ∆%

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period 47 51 10%

Adjustments for:

Amortisation of airport operation right 20 20 0%

Depreciation of property and equipment 11 12 14%

Amortisation of intangible assets 2 2 5%

Concession and rent expenses 66 70 6%

Provision for employee severance indemnity 1 3 87%

Provision for doubtful receivables 1 1 -32%

Discount on receivables and payables, net 0 0 -89%

Gain on sale of property and equipment 0 0 -54%

Provision set for unused vacation 1 0 -70%

Interest income -8 -6 -25%

Interest expense on financial liabilities 43 41 -4% Reversal of insurance income 3 0 nm

Tax expense 9 20 131%

Unwinding of discount on concession receivable -7 -8 21% Share of profit of equity-accounted investees, net of tax -10 -15 47% Unrealised foreign exchange differences on statement of financial position items -1 -5 nm

Cash flows from operating activities 178 186 5%

Change in current trade receivables -20 -9 -54%

Change in non-current trade receivables 16 17 6%

Change in inventories -1 0 nm Change in due from related parties -56 30 nm

Change in restricted bank balances 128 171 33%

Change in other receivables and current assets 19 -3 nm

Change in trade payables -7 4 nm

Change in due to related parties 0 15 nm

Change in other payables and provisions 5 2 -57%

Change in other long term assets -1 0 -86%

Additions to prepaid concession and rent expenses -138 -136 -1% Cash provided from operations 122 277 127%

Income taxes paid -17 -16 -6%

Interest paid -43 -41 -4%

Retirement benefits paid -1 -2 108%

Dividends from equity-accounted investees 13 17 27% Net cash provided from operating activities 74 234 216%

1H12* 1H13 ∆%

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 8 5 -37% Proceeds from sale of property, equipment and intangible assets 2 1 -48%

Acquisition of property and equipment -8 -13 68%

Additions to airport operation right 0 -115 nm

Acquisition of intangible assets -1 -1 -18%

Net cash (used in) / provided from investing activities 1 -123 nm

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 64 94 47%

Repayment of borrowings -94 -78 -18%

Change in restricted bank balances 3 -18 nm

Non-controlling interest change 0 -1 nm

Dividends paid -39 -59 49%

Change in finance lease liabilities 0 0 94%

Net cash used in financing activities -67 -62 -8%

NET INCREASE IN CASH AND CASH EQUIVALENTS 8 50 504% CASH AND CASH EQUIVALENTS AT 1 JANUARY 56 38 -32%

CASH AND CASH EQUIVALENTS AT 30 JUNE 64 88 36%

26 * Restated

Material Events in 2013

Jan/8/2013, Tbilisi New Runway

In our material event disclosure dated 24.08.2012, it was announced that an agreement (“agreement”), had been made with United Airport Georgia” (“local authority”) on reconstruction of the unused runway, one of two runways at Tbilisi International Airport operated by TAV Urban Georgia LLC whose 76% shares are owned by TAV Airports Holding. It had been also disclosed that, as per the agreement, an investment of USD 65 million would be made for the re-construction of the runway and the operational rights of TAV Urban Georgia would be extended for 10 years 9 months from February 2027 to November 8, 2037 within the scope of the Build-Operate-Transfer agreement, in exchange for the reconstruction investment. However, as per the decree issued by the new government of Georgia which came to power in October 2012, it was announced that the runway construction will be administered by the local authority. The financing of the construction will be ensured by the Georgian government with the support of the Finance Ministry and Economy Ministry of Georgia and the agreement signed with TAV Urban Georgia in August 2012, when the former government was in power is mutually terminated. The operating rights of TAV Urban Georgia based on the present BOT agreement have not changed and TAV Urban Georgia’s concession will remain effective until February 2027.

Jan/22/2013, Formal Letter Received from State Airports Authority

As per the lease contract between TAV Istanbul Terminal Isletmeciligi A.S. ("TAV Istanbul") and State Airports Authority ("DHMI"), TAV Istanbul has the right to operate Ataturk Airport International and Domestic Terminal Building, Parking Garage and General Aviation Terminal for 15.5 years, from 03.07.2005 00.01 hours until 02.01.2021 24.00 hours.

In the formal letter addressed to TAV Havalimanları Holding A.Ş and to TAV Istanbul by DHMI dated January 22, 2013, DHMI has stated that it will fully reimburse our company for all loss of profit over the remaining period of its existing lease period that may be incurred in case that another airport is opened for operation in Istanbul before the end of the lease period of TAV Istanbul and independent companies may be consulted for the calculation of the total amount of the loss of profit.

Jan/25/2013, Board of Directors' Resolutions

The Resolutions below have been reached in Board of Directors meeting of our company dated January 24th 2013:

1. to accept the resignation of Francois Paul Antoine Rubichon from Board Of Directors membership and to appoint Mr. Augustin Pascal Pierre Louis Marie DE ROMANET DE BEAUNE as a member of the Board of Directors in place of Francois Paul Antoine Rubichon, to submit to the approval of the first General Assembly. 2. Augustin Pascal Pierre Louis Marie de Romanet de Beaune, is elected as the Deputy Chairman of the Board of Directors, and Mr Pierre Georges Denis Graff will continue his duty as a member of Board Of Directors 3. to elect Mr Augustin Pascal Pierre Louis Marie de Romanet de Beaune, the Deputy Chairman and member of the Board of Directors, as the Deputy Chairman and member of Risk Assessment Committee of our Company in replacement of Mr Pierre Georges Denis Graff who has resigned from the Risk Assessment Committee of our Company; 4. to elect Mr Augustin Pascal Pierre Louis Marie de Romanet de Beaune, the Deputy Chairman and member of the Board of Directors, as the Deputy Chairman and member of the Corporate Governance Committee of our Company in replacement of Mr Francois Paul Antoine Rubichon who has resigned from the Corporate Governance Committee of our Company; 5. to elect Mr Augustin Pascal Pierre Louis Marie de Romanet de Beaune, the Deputy Chairman and member of the Board of Directors, as the Deputy Chairman and member of the Nomination Committee of our Company in replacement of Mr Pierre Georges Denis Graff who has resigned from the Nomination Committee of our Company of our Company; 6. the continuance of the memberships of all of the committee members, other than the changes specified above in the Risk Assessment Committee, the Corporate Governance Committee and the Nomination Committee of our Company; however due to the fact that Mr Augustin Pascal Pierre Louis Marie de Romanet de Beaune has been elected as the Deputy Chairman of the Corporate Governance Committee of our Company, to resolve that Mr Pierre Georges Denis Graff, who was the Deputy Chairman and member of the Corporate Governance Committee continues his duty only as a member of the Corporate Governance Committee.

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Material Events in 2013

Feb/22/2013, Distribution of dividend for the year 2012

It is unanimously resolved that this resolution to be submitted to the approval of our shareholders in the Ordinary General Assembly Meeting of our Company for the year 2012; 1. Our Company’s net profit of the fiscal year 2012 according to the independently audited consolidated financial tables prepared in accordance with “Capital Market Board Communiqué About Financial Reporting in Capital Markets Serial: XI No: 29” is TL 285.858.000 and according to the clauses of the Turkish Commercial Code and Tax Procedure Law is TL 210.848.826, 2. Profit of TL 285.858.000 of the profit after tax set forth in the consolidated financial statements will be the base for distribution of profit pursuant to the Capital Market Board Communiqué Serial IV No: 27, 3. As it is obligatory to set aside first legal reserves until the reserve amount reaches 20% of the paid in capital in accordance with Article 519 of Turkish Commercial Code, it is decided to reserve TL 10.542.441 first legal reserves for 2012, 4. It is determined that TL 276.080.645, which is reached by adding the donations in the amount of TL 765.086 made during the year to the distributable profit of TL 275.315.559 for the year 2012 according to the consolidated financial statements, shall be the base for first dividend.

5. It is decided to distribute TL 55.216.129, which corresponds to 20% of TL 276.080.645, which is considered as the base of the first dividend in accordance with “Capital Market Board Communiqué Serial IV No: 27” as cash first dividend and to distribute TL 87.712.871 as cash second dividend. a. TL 142.929.000, which is the total cash dividend amount to be distributed shall be covered by current period net profit. b. Accordingly TL 0.39 (39%) gross cash dividend per share having nominal value of TL 1 shall be distributed to our shareholders and total gross cash dividend distribution amount shall be TL 142.929.000

6. It is decided to reserve the remaining amount after deducting the dividend to be distributed in accordance with the Capital Markets Law and Turkish Commercial Law as extraordinary reserve.

Feb/22/2013, Targets for 2013

Under normal circumstances our company’s targets for 2013 are as follows: - Passenger growth in Istanbul of 14 to 16 percent - Growth in total number of passengers served by TAV Airports of 15 to 18 percent - Revenue growth of 14 to 16 percent - EBITDA growth of 17 to 19 percent - Total capex of € 330 to 350 million Note: All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials. Financial targets are based on the assumption that passenger targets are attained

Mar/29/2013, Appointment of Independent Auditor

It has been unanimously resolved that according to the proposal of the Audit Committee, Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş (a member firm of KPMG International Cooperative) to be elected as the independent auditing company and auditor based on the principles specified by the Turkish Commercial Code numbered 6102 and Capital Markets Law numbered 6362 and its relevant legislation in order to audit our Company’s financial statements for the year 2013 accounting period and to perform all other activities required within the scope of the relevant regulations stated in aforesaid laws and this resolution to be submitted to the approval of the General Assembly.

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Material Events in 2013

Apr/11/2013, Amendments of the AoA

The Board of Directors has resolved to apply to the Capital Markets Board to get approval for the amendments of the Articles of Association’s clauses no 2, 3, 4, 5,7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 34A, 34B, 35, 36, 37, 38, 39, 40, 41, 42 and the cancellation of the clauses no 43 and 44 as outlined in the attachment to comply with the Turkish Commercial Code.

Apr/30/2013, New Istanbul Airport Tender

Our Board of Directors has decided to bid in the tender to be held on May 3, 2013 as per the tender specifications of Istanbul’s New Airport Project to be undertaken by Build-Operate-Transfer model within the framework of the procedures and principles defined by the General Directorate of State Airports Authority (DHMI) as per the law no. 3996 and cabinet decree no. 2011/1807.

May/3/2013, The tender result of New Istanbul Airport

It has been announced that the winning bid for the tender made on May 3, 2013 as per the tender specifications of Istanbul’s New Airport Project to be undertaken by Build-Operate-Transfer model within the framework of the procedures and principles defined by the General Directorate of State Airports Authority (DHMI) as per the law no. 3996 and cabinet decree no. 2011/1807 was offered by a venture other than our company. We have not received any written notification regarding the tender result yet.

May/6/2013, Amendments of the AoA – Revised

Amendment Draft Relating to Amendment of Articles 2, 3, 4, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 34A, 34B, 35, 36, 37, 38, 39, 40, 41 and 42 and Cancellation of Articles 43 and 44 of Articles of Association of TAV Airports Holding.

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Concession Overview

1) As of 30 June 2012 2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million, this percentage shall change between 4% and 2% depending on the number of passengers 3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years 4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction. 5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI. 6) Cash Basis

Airport Type/Expire TAV Stake Scope 2012

Pax(mppa) fee/pax

Int'l fee/pax

Dom. Volume

Guarantee

Lease/ Concession

Fee Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 45.0 US$15

€3 No $140m/yr +

VAT €137m

(Jan. 2021) €2.5 (Transfer)

Ankara Esenboga BOT

100% Terminal 9.2 €15 €3 0.6m Dom. ,

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

- €89m (May 2023)

Izmir A.Menderes BOT+Lease

100% Terminal 9.4 €15 €3 1.0m Int’l for

2006 + %3 p.a.

€29m starting from 2013 (6)

€59m

(Dec. 2032)

Gazipasa Lease

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

Tbilisi BOT

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

Batumi BOT

76% Airport 0.2 US$12 US$7 No - €(1)m (Aug. 2027)

Monastir&Enfidha BOT+Concession

67% Airport 3.3 €9 €1 No

11-26% of revenues from €351m

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 0.9 €17.5 in

Skopje, €16.2 in Ohrid

- No 15% of the

gross annual turnover (2)

€58m (March 2030)

Medinah BTO+Concession

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

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(2) 8.1%

(3) 8.1%

(4) 2.0%

(5) 3.5%

(6) 40.3%

(1) 38.0%

TAV Corporate and Shareholder Structure

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

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

construction 3. Akfen Holding A.Ş. Holding company operating in the infrastructure, construction, seaport,

REIT and energy sector 4. Sera Yapi Endustrisi A.Ş. Focused on construction in Turkey & MENA region 5. Other Non-floating 6. Other Free Float

*Through Tank ÖWA Alpha GMBH

TGS (50%)

Havaş Europe (67%)

Airport Companies

Atatürk (100%)

Esenboğa (100%)

Adnan Menderes (100%)

Gazipaşa (100%)

Medinah (33%)

Tbilisi & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid (100%)

Latvia (100%)

Service Companies

ATÜ (50%)

BTA (67%)

Havaş (100%)

O&M (100%)

IT (99%)

Security (100%)

Shareholder Structure

Shareholders

TAV Airports Holding Co.

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Contact IR

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

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

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

IR Website ir.tav.aero

e-mail ir@tav.aero

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

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

IR Team About TAV Airports

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

Istanbul Atatürk, Ankara Esenboga, Izmir Adnan Menderes Antalya Gazipasa

Georgia Tbilisi and Batumi

Tunisia Monastir and Enfidha

Macedonia Skopje and Ohrid

Saudi Arabia Medinah

Latvia Riga (only commercial areas)

TAV Airports provides service in all areas of airport operations such as duty-

free, food and beverage, ground handling, IT, security and operations services. The Company and its subsidiaries, provided service to approximately 575 thousand flights and 72 million passengers in 2012. The Company’s shares are listed in the Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”

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Disclaimer

This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the

"Company") in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other 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 August 26, 2013

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