TAV Airports Holding

Management Presentation

April 2014

Investment Highlights

2

Turkey is the fastest growing aviation market in Europe Passenger growth of 14% p.a. during 2002-2013 Projected passenger growth of 11% p.a. during 2009-2023(1)

Access to fast growing MENA region Istanbul is the most efficient hub for Europe, MENA Region(2) Aggressive capacity expansion plans of Turkish Airlines (seat capacity to double by 2021) (3)

Diversified, balanced portfolio with leading market positions #1 airport terminal operator in Turkey 13 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia

(large catchment areas) Strong vertically integrated value chain

Strong momentum with EBITDA posting 45% CAGR between 2006 and 2013 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 TAV will receive compensation for all loss of profit in case of new Istanbul airport opening before

2021 Favorable cash flow exposure to FX due to FX denominated revenue (77% of combined revenues)

Attractive market with strong growth prospects

Strong financial performance and cash

flow generation

Well-positioned to benefit from further organic and inorganic growth La Guardia Airport tender Istanbul Ataturk Airport expansion project Gazipasa runway extension

(1) Source: Turkey’s Ministry of Transport (2) Determining Hub Efficiency in Europe, MIiddle East and North Afirca a comparative study, E. Nur Günay, Şükrü Nenem (3) THY web site

Leading airport operator with diversified portfolio

& integrated structure

“Platform play”

3 3

Traffic Performance

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLNote: DHMI figures for 2014 are tentative. (1) Both departing and arriving passengers, including transfer pax. (2) Commercial flights only

(3) 2013 TAV totals do not include Zagreb Airport.

January-March FY

Passengers (1) 2013 2014 Chg % 2012 2013 Chg %

Ataturk Airport 11.181.683 12.422.066 11% 45,091,962 51,320,875 14%

International 7.386.479 8.236.545 12% 29,812,307 34,096,770 14%

Domestic 3.795.204 4.185.521 10% 15,279,655 17,224,105 13%

Esenboga Airport 2.402.466 2.714.497 13% 9,273,108 10,928,403 18%

International 337.203 322.827 -4% 1,593,737 1,573,943 -1%

Domestic 2.065.263 2.391.670 16% 7,679,371 9,354,460 22%

Izmir Airport 2.034.266 2.245.116 10% 9,355,902 10,208,627 9%

International 258.623 299.082 16% 2,410,858 2,467,436 2%

Domestic 1.775.643 1.946.034 10% 6,945,044 7,741,191 11%

Gazipaşa Airport 16.879 51.187 n.m. 79,740 363,024 n.m.

International 707 10.751 n.m. 75,886 242,949 n.m.

Domestic 16.172 40.436 n.m. 3,854 120,075 n.m.

Medinah 1.204.080 1.673.258 39% 4,588,158 4,669,181 2%

Tunisia (Monastir&Enfidha) 257.962 267.130 4% 3,321,244 3,437,849 4%

Georgia (Tbilisi&Batumi) 282.703 309.766 10% 1,387,946 1,642,597 18%

Macedonia (Skopje&Ohrid) 192.376 207.963 8% 913,567 1,067,467 17%

Zagreb Airport 441.510 429.504 -3% 2,342,309 2,300,231 -2%

TAV TOTAL (3) 17.572.415 20.320.487 16% 71,654,344 83,638,023 17%

International 9.484.840 11.138.001 17% 40,871,220 47,429,862 16%

Domestic 8.087.575 9.182.486 14% 30,783,124 36,208,161 18%

January-March FY

Air Traffic Movements (2) 2013 2014 Chg % 2012 2013 Chg %

Ataturk Airport 86.200 96.154 12% 346,060 387,965 12%

International 58.322 65.908 13% 231,293 260,686 13%

Domestic 27.878 30.246 8% 114,767 127,279 11%

Esenboga Airport 19.295 20.600 7% 74,860 85,241 14%

International 2.929 2.661 -9% 13,266 13,133 -1%

Domestic 16.366 17.939 10% 61,594 72,108 17%

Izmir Airport 14.220 15.383 8% 66,417 70,057 5%

International 1.779 2.142 20% 17,078 17,215 1%

Domestic 12.441 13.241 6% 49,339 52,842 7%

Gazipaşa Airport 112 412 n.m. 578 2,577 n.m.

International 8 87 n.m. 532 1,805 n.m.

Domestic 104 325 n.m. 46 772 n.m.

Medinah 9.461 12.871 36% 36,282 40,000 10%

Tunisia (Monastir&Enfidha) 3.148 2.885 -8% 27,350 30,077 10%

Georgia (Tbilisi&Batumi) 4.652 4.906 5% 23,598 23,512 0%

Macedonia (Skopje&Ohrid) 2.555 2.593 1% 11,285 12,380 10%

Zagreb Airport 8.592 8.212 -4% 39,038 38,894 0%

TAV TOTAL (3) 139.643 164.016 17% 569,790 651,809 14%

International 77.645 94.234 21% 330,935 376,719 14%

Domestic 61.998 69.782 13% 238,855 275,090 15%

The number of passengers using airports operated by TAV increased 17% (like-for-like growth of 13%) to 84 million in 2013, on the back of organic and inorganic growth.

The number of international passengers served at Istanbul Ataturk continued to grow in double digits, increasing by 14%, with 28% surge in international to international transfer passengers.

Istanbul growth at double-digit spearheaded by THY’s aggressive fleet expansion plan.

Ankara’s strong growth in domestic driven by Sun Express.

Strong domestic growth in Izmir driven by SunExpress and Pegasus.

SAS, SunExpress and Pegasus increased regular flights to Gazipaşa dramatically.

Medinah passenger was flat due to visa restrictions arising from construction in the holy pilgrimage area.

Tunisian passengers was relatively flat due to the political situation.

Georgian airports are attracting both Turkish and Russian tourists.

Macedonia is being driven mainy by WizzAir.

Review of 2013:

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

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

2013 Seat Capacity 2013 Pax

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

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

2012 Seat Capacity 2012 Pax

International Scheduled Traffic Developments & Outlook

4

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

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

2011 Seat Capacity 2011 Pax

Source: Airport Data Intelligence (ADI)

(m, pax) (m, pax)

(m,pax) (m,pax)

Gezi & Ramadan Effect

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

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

2103 Pax 2014 Seat Capacity

11% seat capacity increase vs. 2013

86 104

118 130

150

172 190

207

350

2009 2010 2011 2012 2013 2014e 2015e 2016e // 2023e

Domestic International

State Airports Authority Turkish Aviation Market Forecast

5

CAGR (2009-23)

11%

Source: State Airports Authority

20%

18%

23%

14%

14%

10%

11%

11%

15%

12%

13%

10%

16%

10%

7%

13%

9%

10%

15% 18%

9%

Mn, pax

CAGR (2012-16)

12%

Ataturk Airport – DHMI’s Extension Plans

6

Additional 15 new parking positions at the opposite of international terminal

104 existing parking positions Parking capacity to increase from 104 to 162

(+56%) Construction is ongoing and funded by DHMI.

Additional 43 new parking positions and taxiway in former military area

Domestic Terminal

International Terminal

THY’s Cargo Terminal

Istanbul ATM Capacity vs Peers with Similar Runway Structure

7

Istanbul Atatürk Airport

Zurich Airport Vienna Airport

Istanbul Atatürk**: 58 ATM/hr

Zurich Airport: 68 ATM/hr

Vienna Airport : 72 ATM/hr

Declared ATM Capacities*

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

Major Airports in Turkey

8

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

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

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

İstanbul / Sabiha Gökçen Airport -Tender Date: 2007 -Type: BOT - Expire :2030

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

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

Muğla / Dalaman Airport -Tender Date: 2014 -Type: BOT+Lease -Expire:2039

* Astaldi took over the project in 2011 ** Pax numbers are for 2013 .

51,3 m Intl:34,1 m Dom:17,2 m

18,6 m Intl:6,7 m Dom:11,9 m

10,9 m Intl:1,6 m Dom:9,4 m

10,2 m Intl:2,5 m Dom:7,7 m

4,1 m Intl:3,2 m Dom:0,9 m

Trabzon Airport

2,6 m Intl:0,1 m Dom:2,5 m

4,3 m Intl:0,6 m Dom:3,8 m

Adana Airport

27,0 m Intl:21,5 m Dom:5,5 m

3,6 m Intl:1,9 m

Dom:1,7 m

Gaziantep Airport

1,9 m Intl:0,2 m Dom:1,7 m

Operated by TAV

Not privatized

Operated by others

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

0,36 m Intl:0,24 m Dom:0,12 m

La Guardia Airport

LaGuardia Airport PQ

The LGA Central Terminal Consortium, composed of Our Company, Aeroports de Paris (ADP) Management, Goldman Sachs (GS Global Infrastructure Partners II, L.P. and GS International Infrastructure Partners II, L.P.), Tutor Perini Corporation, Ove Arup & Partners PC, Kohn Pederson Fox Associates PC, Suffolk Construction Company, STV Incorporated and ADP Ingenierie, received preliminary qualification (“PQ”) to place a bid in the tender for the " Design / Build / Finance / Operate & Maintain LaGuardia Airport Central Terminal Building* Replacement Project " in NYC, USA held by the Port Authority of New York and New Jersey (PANYNJ). LaGuardia International Airport served a total of 27 million passengers in 2013.

* Central Building Terminal served a total of 13 million passengers in 2013.

LaGuardia Airport

9

Financial Overview

10

IFRIC 12 Adjusted Financials

IFRS 11 and IFRIC 12 Adjusted Financials

(in m€, unless stated otherwise) 2012(2) 2013 Chg % 2012(2) 2013 Chg %

Revenues 847 904 7% 1,099 1,205 10%

EBITDA 328 381 16% 339 397 17%

EBITDA margin (%) 38.7% 42.1% 3.4 ppt 30.8% 32.9% 2.1 ppt

EBITDAR 463 524 13% 483 555 15%

EBITDAR margin (%) 54.7% 58.0% 3.3 ppt 44.0% 46.1% 2.1 ppt

FX Gain (Loss) 1 (32) nm 2 (33) nm

Deferred Tax Income (Expense) 5 (16) nm 4 (17) nm

Net Profit 129 133 3% 129 133 3%

Net Cash Provided from Operating Activities(3) 417 526 26% 417 526 26%

Capex(3) (69) (234) 238% (69) (234) 238%

Free Cash Flow(3) 347 293 (16%) 347 293 (16%)

Shareholders’ Equity 505 594 18% 505 594 18%

Net Debt 816 874 7% 882 1022 16%

Average number of employees 13,091 13,598 4% 22,797 24,016 5%

Number of passengers (m) 71.7 83.6 17% 71.7 83.6 17%

- International 40.9 47.4 16% 40.9 47.4 16%

- Domestic 30.8 36.2 18% 30.8 36.2 18%

Duty free spend per pax (€) (1) 15.0 14.8 -2% 15.0 14.8 -2%

(¹) Transfer numbers are tentative and subject to change

(²) Restated retrospectively due to IAS 19

(³) IFRS

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

2013 Guidance Attained

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

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

11

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

17 to 19 percent

€330m to €350m

10 to 12 percent

14 percent

17 percent

10 percent

17 percent

€354m

Guidance Realization

129 133

FY11 FY12

Comparison to 2012

328 381

FY11 FY12

847 904

FY11 FY12

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

7% 16% 3%

2012

2013

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

12 * IFRIC 12 adjusted

2012 2013 2012 2013 2012 2013

25%

31% 16%

8%

20% 25%

31%

16%

8%

19%

Duty-free AviationGround-handling F&BOther

54%

26%

5%

3%

11%

55%

24%

3%

8%

10%

Istanbul Other Airports BTA

HAVAŞ Other Services

36%

23%

18%

11%

8% 4%

0%

Personnel Concession rent

Other D&A

Services rendered Catering

Duty-free

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

Revenue (€m) 2012 2013 Chg.(%)

Airports 614.8 658.0 7%

Istanbul 413.8 442.1 7%

Ankara 44.6 48.1 8%

Izmir (including TAV Ege) 56.5 60.0 6%

Gazipasa 0.5 1.8 251%

Tunisia 50.6 51.9 3%

Georgia 30.9 35.3 14%

Macedonia 17.8 18.8 6%

Services 328.6 344.9 5%

Havas 130.6 140.5 8%

BTA 105.8 116.0 10%

Others 92.2 88.3 -4%

Total 943.4 1,002.9 6%

Elimination -96.7 -99.3 3%

Consolidated 846.6 903.6 7%

EBITDA (€m) 2012 2013 Chg.(%)

Airports 267.4 303.5 13% Istanbul 181.1 210.6 16% Ankara 19.1 21.4 12% Izmir (including TAV Ege) 26.8 27.3 2%

Gazipasa -0.9 -0.1 -85% Tunisia 21.7 17.0 -22% Georgia 17.5 21.6 24%

Macedonia 2.2 5.7 154% Services 65.5 77.4 18%

Havas 18.3 29.1 59% BTA 10.2 11.2 10% Others 37.1 37.1 0%

Total 332.9 380.8 14% Elimination -5.1 -0.2 -96% Consolidated 327.8 380.6 16%

13

(2013, €m)

Revenues EBITDA EBITDA

Margin (%) Net Debt Airports 658.0 303.5 46% 652 Istanbul 442.1 210.6 48% (1) Ankara 48.1 21.4 45% 84 Izmir (including TAV Ege) 60.0 27.3 46% 155

Gazipasa 1.8 -0.1 -8% 16 Tunisia 51.9 17.0 33% 344 Georgia 35.3 21.6 61% (2)

Macedonia 18.8 5.7 30% 55 Services 344.9 77.4 22% 222

Havas 140.5 29.1 21% 58 BTA 116.0 11.2 10% 2 Others 88.3 37.1 42% 162

Total 1,002.9 380.8 38% 874

Elimination -99.3 -0.2 0 Consolidated 903.6 380.6 42% 874

Number of Employees (eop) 2012 2013

Istanbul 2,640 2,724 Ankara 872 921 Izmir+Ege 623 686 Tunisia 748 775 Gazipaşa 19 29 Georgia 794 806 Macedonia 648 626 HAVAŞ 3,852 3,648 ATU - - BTA 2,086 2,255 Holding 102 99 O&M 296 307 IT 197 210 Security 233 270 Latvia 3 3 Medinah(100%) - - Akademi - 11 TOTAL 13,113 13,370

Dividends

14

Dividend History (€m) Dividend Yield (%)

The TAV Airports’ dividend policy of 50% of the consolidated IFRS net profit has been approved by the General Assembly in 2014. Accordingly TRL 0.55 (55%) gross cash dividend per share having nominal value of TL 1 has been distributed to our shareholders and total

gross cash dividend distribution amount is TRL 199,008,765 for 2013.

2,7

3,3 3,4

2011 2012 2013

39

62 66

53

124 133

74%

50% 50%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

20

40

60

80

100

120

140

2011 2012 2013

Dividends Paid Net Income Payout Ratio

* TRL Payout ratios are 79%, 52% and 61%, respectively.

15

CAPEX Development & Outlook

Quarterly Capex (€m)

Airport Scope Total EPC*

(€m) EPC Cumulative

(€m) Cumulative (¹+²)

(€m) 2012¹ (€m)

2013² (€m) % Completed

Izmir Re-construction of the domestic terminal 266 237 250 39 210 89 %

Medinah (33%) Re-construction of the terminals and extension of the runway 248 137 153 52 101 58 %

*While EPC capex does not include capitalized interest costs and other charges, IFRS capex does. Medinah EPC calculated at 1.3 EUR/USD

52

66

51

42

4 10

7 11

1Q13 2Q13 3Q13 4Q13

Ege Other

87% of total Capex was incurred in Izmir Adnan Menderes Domestic Terminal Construction

The bulk of the remainder of the capex was incurred at Istanbul and Havas

816

-58 3

296 -187

4

874

Net D

ebt

20

12

Ch

ange in

Cash

Ch

ange in

Restricted

Cash

New

Bo

rrow

ings

Raised

Rep

aymen

to

fB

orro

win

gs

Oth

er

Net D

ebt

20

13Debt Structure

Net Debt (eop, €m) 2012 9M13 2013

Airports 569 624 652

Istanbul 45 68 (1)

Ankara 92 83 84

Izmir (including Ege) (1) 58 155

Gazipasa 17 16 16

Tunisia 351 345 344

Georgia 8 (4) (2)

Macedonia 58 57 55

Services 246 251 222

HAVAS 68 64 58

BTA (1) 0 2

Others 179 187 162

Total 816 874 874

16

Gross Debt Maturity Profile (€m)

Door to Door Maturity 7.6 Years

Average Maturity 5.1 Years Average € Cost of Debt (Hedged*) 5.5 %

Net Debt/EBITDA 2.3x

*91% of all loans have fixed rates.

281

161 217

159 112

417

2014 2015 2016 2017 2018 2019+

Net Debt to Cash Flow (€m)

USD; 16%

EUR; 58%

TL; 23%

Other; 3%

EUR 97%

TL 2%

USD 1%

USD 90%

EUR 10%

(1) Combined figures, pre-eliminations IFRIC 12 adjusted. Includes equity pick-up (€34m) (2) Includes concession rent expenses (€143m) and depreciation (€69m).

Revenues (1) Opex (1)(2)

Concession Rent Expense Gross Debt

€1037m €599m

€239m

€166m

€138m

€143m €1347m

€14m

€367m

€158m €33m

€24m

€129m

€17m

€1306m

FX Exposure of Operations (2013)

17

€61m

€724m

USD ; 22%

EUR ; 19% TL ;

51%

Other; 8%

FX Exposure

FX Rates

Hedging

Subsidiaries, TAV Istanbul, 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%, 50%, 80%, 85% and 100% of floating bank loans for TAV Istanbul, TAV Esenboğa, HAVAŞ, TAV Macedonia, TAV Tunisia and TAV Ege respectively are fixed with interest rate swaps as explained in Note 34.

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.

Average Rate 31 Dec 31 Dec

2012 2013 2012 2013

EUR/TRL 2.30 2.53 2.35 2.94

USD/TRL 1.79 1.90 1.78 2.13

EUR/USD 1.29 1.33 1.32 1.38

EUR/GEL 2.12 2.21 2.18 2.39

EUR/MKD 61.35 61.73 61.51 61.50

EUR/TND 2.01 2.16 2.05 2.27

EUR/SEK 8.71 8.65 8.61 8.94

EUR/SAR 4.82 4.99 4.95 5.16

18

Sensitivity Analysis

Equity Profit or loss

(€’000) Strengthening

of EUR Weakening

of EUR Strengthening

of EUR Weakening

of EUR

31 December 2013

USD (16,039) 15,607 (14,012) 14,012

TRL - - (10,027) 10,027

Other - - (1,028) 1,028

Total (16,039) 15,607 (25,067) 25,067

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

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 31 December 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.

FX Gain / Loss Analysis

TAV has EUR140m equivalent USD financial assets mainly related with TAV Istanbul’s rent payment to DHMI and EUR100m equivalent TRL financial assets as at 31 December 2013 (Note 26 in IFRS Report, derivatives are not taken into consideration, since they affect other comprehensive income, not P&L). Strengthening of EUR against USD and TRL will impair these financial assets in IFRS financials and increase FX losses.

When we consider that TAV had a similar foreign currency position throughout 2013 and calculate the FX loss by using these USD and TRL financial assets (see below), a 4.3% strengthening of EUR against USD will have an FX loss effect amounting to EUR6m (calculated as 140m x - 4.3% = - 6m) on the USD financial assets. Likewise, a 24.9% strengthening of EUR against TRL will have an FX loss effect amounting to EUR25m (calculated as 100m x – 24.9% = - 25m) on TRL financial assets.

The total calculated effect of these FX rate changes are EUR31m loss. We almost reach the actual exchange loss for 2013 only by using these two currencies, which are actually the only major currencies affecting TAV’s FX gain/losses.

19

2013 (€ ‘000) USD TRL TOTAL

Net Exposure 129,695 100,272 Less: Derivatives (10,424) - Net Exposure affecting PL 140,119 100,272

Strengthening of EUR against Foreign Currencies 4.3% 24.9%

Calculated FX Loss (6,025) (24,967) (30,992) Effect of other currencies (1,243) Actual FX Loss (32,235)

2014 Guidance

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

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

20

Growth in Istanbul Ataturk Airport Passengers

Growth in Total TAV Airports Passengers

Growth in Revenues

Growth in EBITDA

Consolidated CAPEX

8 to 10 percent

10 to 12 percent

9 to 11 percent

12 to 14 percent

€100m to €120m

Growth in net profit Significant improvement expected

Income Statement

(€m) 2012* 2013

Construction revenue 39.1 210.4 Total operating income 811.9 867.7

Aviation income 230.8 247.6 Ground handling income 138.0 146.5 Commission from sales of duty free goods 208.7 227.5 Catering services income 67.5 75.5 Other operating income 166.8 170.5

Construction expenditure (39.1) (210.4) Operating expenses (611.4) (625.3)

Cost of catering inventory sold (24.5) (27.0) Cost of services rendered (53.5) (51.1) Personnel expenses (218.1) (223.2) Concession rent expenses (135.6) (143.4) Depreciation and amortization expense (66.4) (68.7) Other operating expenses (114.3) (111.9)

Equity pick-up 26.9 33.6 Operating profit 226.6 276.0 Finance income 31.7 32.2 Finance expenses (94.3) (120.2) Profit before tax 164.0 188.0 Income tax expense (31.7) (55.3) Profit for the period

Attributable to:

Owners of the Company 129.2 132.9

Non-controlling interest 2.9 (0.2)

Profit for the period 132.2 132.7

21

* Restated

Balance Sheet

€m 2012* 2013 ∆%

ASSETS

Property and equipment 158 157 -1% Intangible assets 23 20 -14% Airport operation rights 760 930 22% Other investments 0 0 nm Goodwill 136 136 0% Prepaid concession expenses 57 56 -3% Trade receivables 76 58 -23% Other non-current assets 0 2 281% Deferred tax assets 100 72 -27% Equity Accounted Investees 80 92 15% Total non-current assets 1,394 1,523 9%

Inventories 7 8 8% Prepaid concession expenses 138 138 0% Trade receivables 81 74 -9% Due from related parties 52 15 -72% Derivative financial instruments 0 1 523% Other receivables and current assets 21 24 15% Cash and cash equivalents 40 98 148% Restricted bank balances 385 382 -1% Total current assets 723 739 2%

TOTAL ASSETS 2,118 2,262 7%

€m 2012* 2013 ∆%

EQUITY

Share capital 162 162 0% Share premium 220 220 0% Legal reserves 55 78 43% Other reserves (18) (18) 0% Revaluation surplus 1 1 -26% Purchase of shares of entities under common control 40 40 0% Cash flow hedge reserve (96) (69) -28% Translation reserves (3) (16) 391% Retained earnings 143 194 36% Total equity attributable to equity holders of the Company 505 594 18% Non-controlling interest 32 32 0% Total Equity 538 626 16%

LIABILITIES

Loans and borrowings 1,025 1,068 4% Reserve for employee severance indemnity 14 12 -18% Due to related parties 13 10 -20% Derivative financial instruments 166 123 -26% Deferred income 30 24 -20% Other payables 11 11 0% Deferred tax liabilities 3 4 38% Trade payables (0) 0 nm Total non-current liabilities 1,262 1,251 1%

Bank overdraft 1 2 12% Loans and borrowings 213 283 33% Trade payables 37 41 11% Due to related parties 13 9 -28% Current tax liabilities 8 10 33% Other payables 27 21 -24% Provisions 7 6 -10% Deferred income 11 11 -4% Total current liabilities 318 384 20% TOTAL LIABILITIES 1,580 1,635 4%

TOTAL EQUITY AND LIABILITIES 2,118 2,262 7%

22

* Restated

* Restated

Cash Flow Statement

€m 2012* 2013 ∆%

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period 132 133 0%

Adjustments for:

Amortisation of airport operation right 40 40 -1%

Depreciation of property and equipment 22 24 11%

Amortisation of intangible assets 4 4 3%

Concession and rent expenses 136 143 6%

Provision for employee severance indemnity 3 5 106%

Provision for doubtful receivables 1 1 -15%

Discount on receivables and payables, net 0 0 Nm

Gain on sale of property and equipment 0 -1 98%

Provision set for unused vacation 2 0 -82%

Interest income -15 -15 nm

Interest expense on financial liabilities 85 81 nm Reversal of insurance income 3 0 Nm

Tax expense 32 55 75%

Unwinding of discount on concession receivable -15 -17 16% Share of profit of equity-accounted investees, net of tax -27 -34 25% Unrealised foreign exchange differences on statement of financial position items 4 -5 nm

Cash flows from operating activities 407 416 2%

Change in current trade receivables -13 8 Nm

Change in non-current trade receivables 34 35 4%

Change in inventories -1 -1 Nm Change in due from related parties -41 38 Nm

Change in restricted bank balances 249 287 15%

Change in other receivables and current assets 32 11 -65%

Change in trade payables 5 4 -19%

Change in due to related parties -7 -6 -7%

Change in other payables and provisions -3 -19 437%

Change in other long term assets 0 -1 Nm

Additions to prepaid concession and rent expenses -138 -136 -1% Cash provided from operations 523 637 22%

Income taxes paid -39 -37 -5%

Interest paid -84 -85 1%

Retirement benefits paid -2 -5 102%

Dividends from equity-accounted investees 19 17 -12% Net cash provided from operating activities 417 526 26%

€m 2012* 2013 ∆%

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 14 11 -21% Proceeds from sale of property, equipment and intangible assets 2 2 -3%

Acquisition of property and equipment -29 -31 8%

Acquisition of non-controlling interest -80 0 nm

Additions to airport operation right -39 -202 417%

Acquisition of intangible assets -2 -1 -21%

Net cash (used in) / provided from investing activities -133 -220 66%

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 195 296 52%

Repayment of borrowings -163 -187 15%

Change in restricted bank balances -293 -295 1%

Non-controlling interest change -1 -4 187%

Dividends paid -39 -59 49%

Change in finance lease liabilities -1 1 Nm

Net cash used in financing activities -302 -248 -18%

nm

NET INCREASE IN CASH AND CASH EQUIVALENTS -18 58 nm CASH AND CASH EQUIVALENTS AT 1 JANUARY 56 38 -32%

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 38 96 153%

23 * Restated

IFRIC 12 & Our Adjusted Financials Policy

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.”

24

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

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

Adjusted Financials - IFRS 11

Effects of IFRS 11

Please be reminded that we will discontinue reporting consolidated financials adjusted for IFRS 11 with 1Q14 financials.

25

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

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 profit.

IFRS 11 Adjustments

IFRIC 12

Adj.

IFRS 11 Adjustments

IFRIC 12 Adjustments

IFRS 11 Adjustments

Reconciliation of 2013 Adjusted Financials* to IFRS

26

Revenue (€m) EBITDA (€m)

Net Debt (€m)

*IFRS 11 and IFRIC 12 adjusted

Share of Profit of Equity-accounted investees (€m)

1.078

-210

36

277

100 28 11 0

-116

1.205

IFRS IFR

IC 1

2C

on

structio

nIn

com

e

IFRIC

12

Gu

aranteed

Pax

ATU

(50

%)

Havas

Med

inah

BTA

Oth

ers

Elimin

ation

IFRS 1

1 &

IFRIC

12

adj.

345

36

33 12 4 1

-34 -1

397

IFRS IFR

IC 1

2G

uaran

teedP

ax

ATU

(50

%)

Havas

Med

inah

BTA

Oth

ers

Elimin

ation

IFRS 1

1 &

IFRIC

12

adj.

874

146 5 2 0

1.022

IFRS

Me

din

ah

ATU

(50%

)

Havas

BTA

IFRS 11

adj.

22,2

7,3

3,7

0,6 -0,2

ATU Havas TIBAH BTA Zagreb

Selected Financials by Assets (IFRS 11 and IFRIC 12 adjusted) and employee #’s

EBITDA (€m) 2012 2013 Chg.(%)

Airports 270.5 307.8 14%

Istanbul 181.1 210.6 16%

Ankara 19.1 21.4 12%

Izmir (including TAV Ege) 26.8 27.3 2%

Gazipasa -0.9 -0.1 -85%

Tunisia 21.7 17.0 -22%

Georgia 17.5 21.6 24%

Macedonia 2.2 5.7 154%

Medinah 3.1 4.4 42%

Services 73.6 89.9 22%

ATU (50%) 28.5 32.9 15%

Havas (incl. TGS) 23.2 40.9 76%

BTA (incl. IDO) 11.5 12.5 9%

Others 10.4 3.5 -66%

Total 344.1 397.7 16% Elimination -5.3 -1.1 -78% Consolidated 338.8 396.6 17%

(2013, €m)

Revenues EBITDA EBITDA

Margin (%) Net Debt Airports 686.4 307.8 45% 798 Istanbul 442.1 210.6 48% -1 Ankara 48.1 21.4 45% 84 Izmir (including TAV Ege) 60.0 27.3 46% 155

Gazipasa 1.8 -0.1 -8% 16 Tunisia 51.9 17.0 33% 344 Georgia 35.3 21.6 61% -2

Macedonia 18.8 5.7 30% 55 Medinah (33%) 28.4 4.4 15% 146 Services 733.5 89.9 12% 224

ATU (50%) 277.1 32.9 12% 5 Havas (incl. TGS) 240.9 40.9 17% 55 BTA (incl. IDO) 127.2 12.5 10% 2 Others 88.4 3.5 4% 162

Total 1,419.8 397.7 28% 1,022

Elimination -215.2 -1.1 0 Consolidated 1,204.7 396.6 33% 1,022

27

Revenue (€m) 2012 2013 Chg.(%)

Airports 631.3 686.4 9% Istanbul 413.8 442.1 7% Ankara 44.6 48.1 8% Izmir (including TAV Ege) 56.5 60.0 6%

Gazipasa 0.5 1.8 251% Tunisia 50.6 51.9 3% Georgia 30.9 35.3 14%

Macedonia 17.8 18.8 6% Medinah 16.5 28.4 72% Services 673.5 733.5 9% ATU (50%) 255.1 277.1 9%

Havas (incl. TGS) 210.9 240.9 14% BTA (incl. IDO) 115.4 127.2 10% Others 92.2 88.4 -4%

Total 1,304.8 1,419.8 9%

Elimination -205.4 -215.2 5% Consolidated 1,099.4 1,204.7 10%

Number of Employees (eop) 2012 2013

Istanbul 2,640 2,724

Ankara 872 921 Izmir+Ege 623 686

Tunisia 748 775 Gazipaşa 19 29 Georgia 794 806

Macedonia 648 626 HAVAŞ 11,082 11,670

ATU 1,551 1,376

BTA 2,642 2,894

Holding 102 99 O&M 296 307

IT 197 210

Security 233 270

Latvia 3 3

Medinah(100%) 254 291

Academy - 11

TOTAL 22,704 23,698

Service Companies KPIs

28

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

Source: DHMI, TAV

TAV F&B Spend per Pax (€)

29 33 41 50 61 38 42

53 65

73 41 47 57

72 74

37 47

56

68 69

2009 2010 2011 2012 2013

Q1 Q2 Q3 Q4

117

203

43

363

124

252

49

426

HAVAŞ TGS HVŞ E HAVAŞ + TGS +HVŞ E

FY12

FY13

# of Flights Served (‘000)

5%

19%

13%

15%

HAVAŞ EUROPE HAVAŞ + TGS + HAVAŞ EUROPE

16,0

17,1

15,7

16,3 16,6 16,5

16,0

2007 2008 2009 2010 2011 2012 2013

Istanbul TAV

1,8

2,1 2,0

1,6

1,3 1,3 1,3

2007 2008 2009 2010 2011 2012 2013

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. • HAVAS 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 Havas 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 HavaS 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 29

•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. •Havas Europe Helsinki & Stockholm stations closed. •THY aircrafts are served by TGS now instead of Havas at Bodrum and Dalaman. Havas personnel were transferred to TGS. •Gezi events took place.

Q2

Q3

•TAV Airports’ consortium prequalified for LaGuardia Airport tender.

Q4

•Zagreb airport taken over in December 2013 by consortium. • At the end of 2013, corporate taxes in Tunisia have been decreased from 30% to 25%.

Tax Regimes

30

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

Losses cannot be carried back

Corporate income tax rate of 15%

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 of 10%

Corporate income tax rate of 15%

Turkey

Georgia

Tunisia

Macedonia

Latvia

Corporate income tax rate of 20% for non-residents Saudi Arabia

Corporate income tax rate of 20% Croatia

Corporate Governance Rating

31

Sub-categories Weight Grade

Shareholders 0,25 91,36

Public Disclosure and Transparency 0,25 96,51

Stakeholders 0,15 90,07

Board of Directors 0,35 89,38

Total 1.00 91.76

Second highest corporate governance rating in 2013 !!

The New Corporate Governance Communiqué (II-17.1) came into effect on January 3rd, 2014 after being launched by the Capital Markets Board of Turkey (CMB). The Corporate Governance Principles are updated with this new Communiqué as a part of an ongoing process by the introduction of the CMB Law no.6362. Within the scope of the developments stated above, the weighting of main topics of Corporate Governance Principles compliance methodology has been updated to capture the rating of minimum requirements and represent the amendments in corporate governance principles. In this context, our Corporate Governance rating grade which was announced as 93.97 (9.39 over 10) on 23rd August 2013 has been revised as 91.76 (9.17 over 10).

Share Performance (April 02, 2014)

32

Share Price Performance

Closing Price (TRL) Market Cap Avg. Daily Volume** Free Float* Effective Free Float*

16,65 USD 2,7b USD 10m 44% 40%

*Source: Central Registry Agency (MKK) ** 2014 to date

1M 3M YTD

TL 14% 16% 11%

USD 14% 13% 7%

Relative to ISE -100 -1% 8% 7%

0,90

1,10

1,30

1,50

1,70

1,90

2,10

2,30

2,50

2,70

3,50

4,00

4,50

5,00

5,50

6,00

6,50

7,00

7,50

8,00

8,50

02

.01

.201

3

23

.01

.201

3

13

.02

.201

3

06

.03

.201

3

27

.03

.201

3

17

.04

.201

3

08

.05

.201

3

29

.05

.201

3

19

.06

.201

3

10

.07

.201

3

31

.07

.201

3

21

.08

.201

3

11

.09

.201

3

02

.10

.201

3

23

.10

.201

3

13

.11

.201

3

04

.12

.201

3

25

.12

.201

3

15

.01

.201

4

05

.02

.201

4

26

.02

.201

4

19

.03

.201

4

TAVHL ($) Relative to BIST-100

9 9 10 17

23 30

41 42 48

53

72

84

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

34 34 45

57 65

70 79

86 103

118 130

150

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

Domestic Int'l Total

110

162

202

240 259 250

270 299

332 349

370

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Growth of the Turkish Aviation Market and TAV Airports

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

CAGR (2002-13) 14%

Turkish Aviation Market (mPax) Number of Aircraft in Turkey

CAGR (2002-12) 13%

TAV Airports Passenger Traffic (mPax)

CAGR (2002-13) 23%

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population:

75m (1)

In 2012, foreign visitors reached 32m (2)

Limited alternative transport infrastructure

Aircraft number in Turkey expected to reach 750 in 2023 (3)

23 30

41 42 48

53

72

84

2006 2007 2008 2009 2010 2011 2012 2013

8.146 9.473

11.289 12.194

17.535 19.838

22.227 24.014

2006 2007 2008 2009 2010 2011 2012 2013

29

77

141 167

212

257

339

397

2006 2007 2008 2009 2010 2011 2012 2013

402 508

627 640

785 881

1099 1205

2006 2007 2008 2009 2010 2011 2012 2013

Exceptional Growth Sustained

34

Revenues (€m)

CAGR (2006-13) 45%

EBITDA (€m)

CAGR (2006-13) 20%

Passenger (m)

CAGR (2006-13) 17%

Average Number of Employees

CAGR (2006-13) 17%

IFRS 11 and IFRIC 12 adjusted

Concession Overview

1) As of 31 December 2013 2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million, this percentage shall change between 4% and 2% depending on the number of passengers 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 7)€10, €4, €4 before April 2014 respectively for international, domestic and transfer pax

Airport Type/Expire TAV Stake Scope 2013

Pax(mppa) fee/pax

Int'l fee/pax

Dom. Volume

Guarantee

Lease/ Concession

Fee Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 51,3 US$15

€3 No $140m/yr +

VAT €(1)m

(Jan. 2021) €2.5 (Transfer)

Ankara Esenboga BOT

100% Terminal 10,9 €15 €3 0.6m Dom. ,

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

- €84m (May 2023)

Izmir A.Menderes BOT+Lease

100% Terminal 10,2 €15 €3 1.0m Int’l for

2006 + %3 p.a.

€29m starting from 2013 (6)

€155m

(Dec. 2032)

Gazipasa Lease

100% Airport 0,4 €5 TL2 No $50,000+VAT(5) €16m (May 2034)

Tbilisi BOT

76% Airport 1.4 US$22 US$6 No - €(1)m (Feb. 2027)

Batumi BOT

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

Monastir&Enfidha BOT+Concession

67% Airport 3.4 €9 €1 No

11-26% of revenues from €344m

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 1,1 €17.5 in

Skopje, €16.2 in Ohrid

- No 15% of the

gross annual turnover (2)

€55m

(March 2030)

Medinah BTO+Concession

33% Airport 4.7 SAR 80 (3) - No 54.5%(4) €146m (2037)

Zagreb BOT+Concession

(April 2042) 15% Airport 2.3

€15 (7)

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

(2042) variable -

€4 (Transfer)

35

Macro Outlook

36 IMF, World Economic Outlook Database, October 2013

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

Croatia

U.S. dollars Billions 61,722 56,475 58,601 61,280 64,833 69,035 73,476 78,203 2012

U.S. dollars Units 14,021,390 12,829,451 13,312,349 13,920,989 14,728,139 15,682,694 16,691,559 17,765,316 2012

%chg 2,262 3,427 2,988 2,500 2,700 2,900 3,000 3,000 2012

Persons Millions 4,402 4,402 4,402 4,402 4,402 4,402 4,402 4,402 2012

Georgia

U.S. dollars Billions 14,435 15,830 15,953 16,622 17,806 19,462 21,293 23,310 2012

U.S. dollars Units 3,229,808 3,519,588 3,557,975 3,718,576 3,995,667 4,380,646 4,807,533 5,279,142 2012

%chg 8,543 -0,944 -0,260 4,000 5,000 5,000 5,000 5,000 2012

Persons Millions 4,469 4,498 4,484 4,470 4,456 4,443 4,429 4,415 2012

Latvia

U.S. dollars Billions 28,480 28,380 30,380 32,454 34,914 37,491 40,199 43,053 2012

U.S. dollars Units 13,728,016 13,899,892 14,923,985 15,990,686 17,254,825 18,584,047 19,986,389 21,469,736 2012

%chg 4,223 2,285 0,688 2,100 2,300 2,300 2,300 2,300 2012

Persons Millions 2,075 2,042 2,036 2,030 2,023 2,017 2,011 2,005 2012

Macedonia

U.S. dollars Billions 10,561 9,630 10,507 11,424 12,421 13,405 14,399 15,452 2012

U.S. dollars Units 5,122,036 4,660,052 5,073,330 5,503,798 5,970,850 6,429,596 6,890,950 7,378,698 2011

%chg 3,902 3,314 2,800 2,100 2,000 2,000 2,000 2,000 2011

Persons Millions 2,062 2,066 2,071 2,076 2,080 2,085 2,090 2,094 2011

Saudi Arabia

U.S. dollars Billions 669,507 711,050 718,472 746,819 770,569 798,830 832,741 870,977 2012

U.S. dollars Units 23,599,107 24,523,916 24,246,471 24,684,740 24,970,328 25,378,559 25,937,184 26,596,173 2010

%chg 3,749 2,857 3,760 3,582 3,526 3,507 3,502 3,501 2012

Persons Millions 28,370 28,994 29,632 30,254 30,859 31,477 32,106 32,748 2010

Tunisia

U.S. dollars Billions 46,435 45,407 48,379 51,471 55,659 59,754 64,603 69,365 2012

U.S. dollars Units 4,350,336 4,213,149 4,431,304 4,654,021 4,968,085 5,265,197 5,619,394 5,956,128 2010

%chg 3,529 5,582 6,000 4,700 4,700 4,200 4,000 4,000 2012

Persons Millions 10,674 10,778 10,918 11,060 11,203 11,349 11,496 11,646 2010

Turkey

U.S. dollars Billions 774,775 788,299 821,798 851,434 941,925 1,042,781 1,155,239 1,279,825 2012

U.S. dollars Units 10,477,014 10,526,796 10,744,699 11,011,252 12,052,480 13,205,276 14,482,852 15,888,582 2012

%chg 6,472 8,892 7,71 6,491 6,041 6,041 6,041 6,041 2012

Persons Millions 73,950 74,885 76,484 77,324 78,152 78,967 79,766 80,550 2012

ADP – TAV Airports: A Global Footprint

37

France

Paris-CDG: 62mn pax

Paris-Orly: 27mn pax

Owner and operator

Schiphol Group (8%)

52,6mn pax

Industrial cooperation

Liège (25.6%)

0.6mn tons of freight

Strategic partner

Jeddah (Hajj Terminal) –

Saudi Arabia

6,8mn pax

Management contract

Amman – Jordan (9.5%)

6,5mn pax

Management contract

Strategic partner

Cambodian Airports

Phnom Penh & Siam Reap:

5,1mn pax

Assistance in management

Conakry Airport (29%)

0.3mn pax

Operator

Algier Airport

5,9mn pax

Operator

Mauritius (10%)

2,8mn pax

Operator

Strategic partner

Tunisia (67%)

Enfidha & Monastir

3.4mn pax

Concession operator

Turkey

Istanbul Ataturk: 51,3mn pax

Ankara: 10,9mn pax

Izmir: 10,2mn pax

Gazipasa: 0,3mn

Concession operator

Georgia (76%)

Tbilisi & Batumi: 1.6mn pax

Concession operator

Macedonia (100%)

Skopje & Ohrid: 1.1mn pax

Concession operator

Medinah (Saudi Arabia) (33%)

4,7mn pax

Concession operator

13 Regional airports

Mexico North Central (25.5%)¹

13,3mn pax

Operator & Strategic partner

TAV Airports

ADP

Source: ADP, TAV Airports

Notes: Mexico: ADP holds a 25.5% stake in the Mexican company Servicios de Tecnología Aeroportuaria (SETA), which itself has a 16.7% stake in holding company Grupo Aeroportuario del Centro Norte (GACN), which controls 13 airports in the

north and centre of Mexico, including Monterrey International Airport

Passenger numbers are for FY 2013.

Croatia (TAV 15% ADPM 21%)

Zagreb Airport; 2.3 mn pax

Concession operator

(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.

38 Zagreb (15%)

Contact IR

39

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 http://ir.tav.aero

e-mail ir@tav.aero

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

Twitter twitter.com/irTAV

Facebook facebook.com/irTAV

Address TAV Airports Holding Co.

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

34149 Yesilkoy, Istanbul

IR Team About TAV Airports

TAV Airports, the leading airport operator in Turkey, operates 13 airports: Turkey

Istanbul Ataturk 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)

Croatia Zagreb

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 652 thousand flights and 84 million passengers in 2013. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”

Disclaimer

40

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 April 09, 2014