tavhl management presentation_full2012

TAV Airports Holding Management Presentation April 2013

Contents

Page

Operational and Financial Highlights 3

Appendix 21

2

TAV Airports Holding

3

TGS (50%)

Havaş Europe (67%)

Airport Companies

Atatürk (100%)

Esenboğa (100%)

Adnan Menderes (100%)

Gazipaşa (100%)

Tbilisi & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid (100%)

Latvia (100%)

Medinah (33%)

Service Companies

ATÜ (50%)

BTA (67%)

Havaş (100%)

O&M (100%)

IT (99%)

Security (100%)

http://upload.wikimedia.org/wikipedia/commons/b/b4/Flag_of_Turkey.svg

http://upload.wikimedia.org/wikipedia/commons/0/0f/Flag_of_Georgia.svg

http://upload.wikimedia.org/wikipedia/commons/f/f8/Flag_of_Macedonia.svg

2012 Revenues/EBITDA(3) (€m)

631/268 255/28 115/11 211/21 92/10

Airports Duty Free Food and Beverage

Ground Handling

Others

TAV Airports Overview

O&M, IT and Security

TAV O&M (100%):

Commercial area

allocations & lounges, travel

agency services, TAV Passport

TAV IT (99%):

Airport IT services

TAV Security (100%):

Security service provider in Istanbul, Ankara , Izmir and Gazipasa

TAV Latvia (100%):

Commercial area management in Riga Airport

Turkey

Istanbul Ataturk Airport (100%),

Ankara Esenboğa Airport (100%),

Izmir Adnan Menderes Airport (100%),

Gazipasa Airport (100%)

Georgia

Tbilisi and Batumi Airports (76%)

Tunisia

Monastir and Enfidha Airports

(67%)

Macedonia

Skopje and Ohrid Airports (100%)

Saudi Arabia

Medinah Airport (33%)

ATÜ (50%)

Largest duty free operator in Turkey

Partner with Unifree – owned by Heinemann, leading German travel retailer (Travel Value)

Operating in Turkey, Georgia, Tunisia, Macedonia and Latvia

BTA (67%)

Operating in Turkey, Georgia, Macedonia, and Tunisia

Operates Istanbul Airport Hotel (131 rooms)

Total seating capacity of 12.500 at 146 points

Bakery & pastry factory serving in Turkey

BTA Marine (50%) is the F&B operator of Istanbul Deniz Otobusleri (IDO)

HAVAŞ (100%)

Major ground handler in Turkey with a c.65% (1) share

Operates in 24 airports in Turkey including Istanbul, Ankara, Izmir and Antalya

TGS (%50) (2) operates in Istanbul (AHL&SGA), Ankara, Izmir, Antalya and Adana

%67 partner of Havaş Europe, operating in Riga, Helsinki, Stockholm and Germany

(1) Based on number of flights for 2012 (2) TGS started operations in January 2010 (3) Revenues and EBITDA represent the proportional interest of these companies in TAV Airports (50% of ATÜ revenues) (before eliminations)

4

Highlights of 2012 Full Year Results

Consolidated EBITDA of €332m (+29% vs FY11)

Superb revenue growth led to another year of strong operating leverage.

*Unless otherwise noted, all Revenues, EBITDA and EBITDAR in this presentation are adjusted to include guaranteed passenger fees and to exclude construction revenues and costs (IFRIC 12 Reversal).

**Calculated according to 2012 average EURTRL rate,out of TRL 143m, may differ according to the actual EURTRL rate on distribution date.

Consolidated revenue of €1099m (+25% vs FY11)

Revenue growth hit twenties on the back of superb organic and inorganic growth.

Net profit of €124m vs €53m in FY11

All-time high net profit owing to strong operational performance

Robust free cash flow of €283m (+13% vs FY11)

Continuation of high cash flow conversion

Net Debt of €882m (+11% vs FY11)

Net Debt increased due to Havaş acquisition, capex incurred in Medinah and Izmir and first time dividend payment in 2012.

72m passengers served (+36% vs FY11)

Both strength in existing operations and inorganic growth in Izmir and Medinah boosted passenger numbers.

5

Proposed dividend of €62m**

A dividend of 50% of 2012 IFRS Net Income will be presented to the General Assembly for approval.

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 will be applied for the first time to 1Q 2013 financials.

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

6

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

Aéroports de Paris Acquired 38% of TAV Airports

7

Pre-Transaction Shareholder Structure Post-Transaction Shareholder Structure

(1) 26.1%

(2) 26.1% (3)

4.0%

(4) 3.5%

(5) 40.3%

(1) 8.1% (2)

8.1%

(3) 2.0%

(4) 3.5%

(5) 40.3%

(6) 38.0%

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

construction 2. Akfen Holding A.Ş. Holding company operating in the infrastructure, construction, seaport,

REIT and energy sector

3. Sera Yapi Endustrisi A.Ş. Focused on construction in Turkey & MENA region 4. Other Non-floating 5. Free Float 6. Aéroports De Paris* Internationally acclaimed airport operating company with global operations

*Through Tank ÖWA alpha GmbH

Aéroports de Paris (ADP) is one of the leading European airport groups:

EUR 2,502mm revenue and EUR 972mm EBITDA in 2011

88mm pax in Paris (CDG and ORY) + 40mm Pax under management in 9 countries

Over 9,100 professionals

ADP acquired

38% of TAV Airports for a total consideration of USD 874mm (TRL 11.3 per share)

Senior management team of TAV Airports to remain in place and committed to the business post-transaction, Deputy CEO appointed by ADP

Board structure is 3 Tepe&Akfen, 3 ADP, CEO and 4 independents (formerly 3 Tepe, 3 Akfen, CEO, 2 independents)

ADP – TAV Airports: A Global Footprint

8

France

Paris-CDG: 62mn pax

Paris-Orly: 27mn pax

Owner and operator

Schiphol Group (8%)

51mn pax

Industrial cooperation

Liège (25.6%)

0.6mn tons of freight

Strategic partner

Jeddah (Hajj Terminal) –

Saudi Arabia

7mn pax

Management contract

Amman – Jordan (9.5%)

6mn pax

Management contract

Strategic partner

Cambodian Airports

Phnom Penh & Siam Reap:

4mn pax

Assistance in management

Conakry Airport (29%)

0.3mn pax

Operator

Algier Airport

5mn pax

Operator

Mauritius (10%)

3mn pax

Operator

Strategic partner

Tunisia (67%)

Enfidha & Monastir

3.3mn pax

Concession operator

Turkey

Istanbul Ataturk: 45mn pax

Ankara: 9mn pax

Izmir: 9mn pax

Gazipasa

Concession operator

Georgia (76%)

Tbilisi & Batumi: 1.4mn pax

Concession operator

Macedonia (100%)

Skopje & Ohrid: 0.9mn pax

Concession operator

Medinah (Saudi Arabia) (33%)

Concession operator

13 Regional airports

Mexico North Central (25.5%)¹

13mn 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 2012.

A platform of 37 airports under management representing 200m Pax

0,00

0,50

1,00

1,50

2,00

2,50

3,00

3,50

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

2013 2012 2011 2010

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

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

2013 2012 2011 2010

9 9

January-March FY

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

Ataturk Airport 9.144.058 11.216.643 23% 37.394.694 44.998.508 20%

International 5.938.655 7.406.177 25% 23.973.158 29.717.196 24%

Domestic 3.205.403 3.810.466 19% 13.421.536 15.281.312 14%

Esenboga Airport (2) 2.137.710 2.405.357 13% 8.485.467 9.237.886 9%

International 306.987 335.842 9% 1.405.395 1.574.039 12%

Domestic 1.830.723 2.069.515 13% 7.080.072 7.663.847 8%

Izmir Airport (3) 1.825.239 2.031.383 11% 8.523.533 9.356.284 10%

International 290.683 259.343 -11% 2.398.457 2.411.257 1%

Domestic 1.534.556 1.772.040 15% 6.125.076 6.945.027 13%

Gazipaşa Airport 0 17.142 n.m. 14,083 84,253 498%

International 0 717 n.m. 9,434 81,251 761%

Domestic 0 16.425 n.m. 4,649 3,002 -35%

Medinah(5) 1.020.695 1.204.080 18% 3.547.508 4.588.158 29%

Tunisia 259.108 257.962 0% 2.289.131 3.321.244 45%

Georgia 246.514 282.702 15% 1.190.922 1.387.824 17%

Macedonia 171.032 192.376 12% 838.164 913.567 9%

TAV TOTAL (4) 13.783.661 17.607.645 28% 52.596.835 71.525.928 36%

International 7.201.827 9.503.908 32% 32.019.832 40.756.688 27%

Domestic 6.581.834 8.103.737 23% 20.577.003 30.769.240 50%

January-March FY

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

Ataturk Airport 75.248 87.720 17% 301.518 348.698 16%

International 50.642 58.696 16% 197.580 231.596 17%

Domestic 24.606 29.024 18% 103.938 117.102 13%

Esenboga Airport (2) 17.563 19.352 10% 71.752 74.847 4%

International 2.595 2.878 11% 11.795 12.946 10%

Domestic 14.968 16.474 10% 59.957 61.901 3%

Izmir Airport (3) 13.331 14.414 8% 62.402 67.222 8%

International 2.153 1.869 -13% 17.494 17.124 -2%

Domestic 11.178 12.545 12% 44.908 50.098 12%

Gazipaşa Airport 0 91 n.m. 196 566 189%

International 0 4 n.m. 94 543 478%

Domestic 0 87 n.m. 102 23 -77%

Medinah(5) 6.947 9.461 36% 32.935 36.499 11%

Tunisia 2.989 3.148 5% 20.805 27.350 31%

Georgia 4.792 4.652 -3% 23.118 23.596 2%

Macedonia 2.475 2.555 3% 11.878 11.285 -5%

TAV TOTAL (4) 116.398 141.393 21% 446.565 573.309 28%

International 64.988 78.054 20% 278.934 331.051 19%

Domestic 51.410 63.339 23% 167.631 242.258 45%

+25% YTD

+28% YTD

Traffic Performance

Istanbul International Pax (m)

TAV Total Pax (m)

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

New Istanbul Airport Tender

10

Tender issued on 24th January 2013 for world’s largest air transportation hub

Build-Operate-Transfer (BOT) + Lease model for a 25 year concession.

4 phases

70 million pax capacity at end of Phase 1A in 42 months; 2 runways, 1 terminal building

90 million pax capacity at end of Phase 1B in 58 months; 3 runways, 1 terminal building & 1 satellite

Ramp-up up to 150 million in three more stages conditional to pax demand

On completion of all phases, the airport will have 6 runways.

The only airport serving commercial flights on the European side of Istanbul

New Istanbul Airport

Overall cost estimated by the Ministry of Transport at circa € 7.5 billion.

DHMI Guarantee of € 6.3 billion for departing international pax and international transfer pax revenue for the first 12 years of operations

€ 20 International, € 5 transfer, € 3 domestic pax charge

Bid date announced 3rd May 2013

Total lease amount is the single bid criteria

International Pax Revenue Guarantee Structure (€m)

316 334 351 367

541 563 585 607 628 649 670 690

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Year 11

Year 12

Istanbul ATM Capacity vs Peers with Similar Runway Structure

11

Istanbul Atatürk Airport

Zurich Airport Vienna Airport

Istanbul Atatürk**: 58 ATM/hr

Zurich Airport: 68 ATM/hr

Vienna Airport : 72 ATM/hr

Declared 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)

Recently Won Projects

12

IZMIR MEDINAH

Operations Right Izmir Airport International Terminal, CIP, Domestic Terminal and the auxiliary structures

Prince Mohammed Bin Abdulaziz Airport structures

Concession Expiry 2032 2037

TAV Stake 100% 33%

New Terminal

€250mn ~$1bn

Start: 2012 Operations started in June 2012

Total Area Increase: 28.500 sqm to 204.500 sqm

Total terminal capacity will Increase from 4mn to 8mn

Pax Fees €15 per international pax and €3 per domestic

SAR 80 from departing and arriving international pax.

Volume Guarantee

No volume guarantee, except for existing international terminal guarantee valid until January 2015

No volume guarantee

Concession/Lease

Total concession rent for entire operating period (until 2032) €610mn (excluding VAT)

Total concession rent for entire operating period (until 2037): 54.5% of total revenues

Lease payment schedule: • 2% paid in 4Q 2011 (€12m) • 3% paid in 1Q 2012 (€18mn) • first instalment paid on 2 January 2013 (€29mn) • afterwards annually on first business day of each year.

The concession charge reduced to 27.3 % for the first two years that follow the completion of the construction.

Izmir and Medinah Projects BTA Marine (IDO)

BTA was awarded the F&B operations of Istanbul Deniz Otobusleri AS (IDO, with c.50m pax) and formed a 50-50 JV with TASS (operator of IDO)

BTA Marine has gradually taken over the current F&B sales points since September 2011

BTA Marine will serve at 82 outlets in 21 Terminals, 17 Vehicle Ferries and 8 Fast Ferries, comprising;

50 BTA Marine owned and operated Sales Points 7 International Fast Food Restaurant (Mc Donald's) 22 International Coffee Shop Chain (Nero) 3 Other Tenants

Concession Overview

13

1) As of 31 December 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 €45m

(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

- €92m (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)

-€1m

(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 - €9m (Feb. 2027)

Batumi BOT

76% Airport 0.17 US$12 US$7 No - -€1m (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) €70m (2037)

53

124

FY11 FY12

257 332

FY11 FY12

881 1.099

FY11 FY12

Financial Overview

14

(in m€, unless stated otherwise) 2011 2012 Chg % 2010 2011 Chg %

Revenues* 881 1,099 25% 785 881 12%

EBITDA* 257 332 29% 212 257 21%

EBITDA* margin (%) 29.2% 30.2% 1.1 ppt 27.0% 29.2% 2.2 ppt

FX Gain (Loss) (5) 2 n.m. 6 (5) n.m.

Deferred Tax (4) (6) n.m. 22 (4) n.m.

Net Income 53 124 135% 50 53 6%

Net Cash Provided from Operating Activities 355 414 16% 336 355 6%

Capex (106) (131) 24% (119) (106) -11%

Free Cash Flow 250 283 13% 217 250 15%

Shareholders’ Equity 475 504 6% 437 475 9%

Net Debt 792 882 11% 821 792 -4%

Average number of employees 19,838 22,227 12% 17,535 19,838 13%

Number of passengers (m) 52.8 71.5 36% 47.6 52.8 11%

- International 31.9 40.8 28% 29.3 31.9 9%

- Domestic 20.8 30.8 48% 18.3 20.8 14%

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

25% 29%

• Unless otherwise noted, all Revenues, EBITDA and EBITDAR in this presentation are adjusted to include guaranteed passenger fees and to exclude construction revenues and costs (IFRIC 12 Reversal).

135%

31

26

19

6

18 33

24

22

6

16

Duty-free Aviation Ground-handling F&B Other

Revenue, EBITDA and OPEX Breakdown

15

51

27

7

3

12 0

53

24

8

2

13 -1

Istanbul Other Airports ATU

BTA HAVAŞ Other Services

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

2010

2011

3 7

9

10

16

21

35

3 9

9

11

15 19

34

Catering Services rendered

D&A Duty-free

Other Concession rent

Personnel

33

24

22

6

16 32

25

20

7

16

Duty-free Aviation Ground-handling F&B Other

53

24

8

2

13 -1

53

26

8

3 6 3

Istanbul Other Airports ATU BTA HAVAŞ Other Services

3 9

9

11

15 19

34

3 9

8

11

15 17

36

Catering Services rendered D&A

Duty-free Other Concession rent

Personnel

2011

2012

USD; 85%

EUR; 8%

Other; 6%

USD; 17%

EUR; 47%

TL; 33%

Other; 4% USD;

14%

EUR; 33%

TL; 45%

Other; 8%

€1044m

€79m

USD; 1%

EUR; 91%

TL; 1% Other;

7%

(1) Combined figures, pre-eliminations. (2) Includes concession rent expenses (€144m) and depreciation (€72m)

Revenues (1) Opex (1)(2)

Concession Rent Expense Gross Debt

€1311m €613m

€429m

€220m

€341m

€144m €1341m

€9m

€474m

€151m

€49m

€123m

€88m

€12m €20m

€17m

€1216m

FX Exposure of Operations (FY12)

16

Net Debt

17

Debt Schedule (€m, FY12) Debt Composition

Borrowing through long term project finance facilities

All project finance facilities are back-ended and well-aligned with the future cash flows of the SPV

Net Debt (eop, €m) FY12 FY11 9M12

Airports 640 671 648

Istanbul 45 114 121

Ankara 92 103 93

Izmir (including Ege) (1) 3 (13)

Tunisia 351 358 349

Gazipasa 17 17 18

Georgia 8 15 12

Macedonia 58 61 60

Medinah(33%) 70 0 8

Services 243 122 170

ATU (50%) 3 15 5

BTA (2) (3) (5)

HAVAS 62 57 63

Others 179 52 107

Total 882 793 818 1- years 2-years 3- years 4- years 5- years 5+ years

TAV Istanbul TAV Tunisie TAV Esenboğa TAV Tbilisi ATU TAV Macedonia TAV Gazipaşa Havaş Medinah TAV EGE TAV Holding - solo Other

219

250

213

129 129

401

53% 45%

2%

Turkey Saudi Arabia Other

18

Enfidha Macedonia

CAPEX

Quarterly Capex (€m) Capex Composition (FY 2012)

€m 131

Izmir

Medinah

-20

0

20

40

60

80

100

120

140

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

property and equipment airport operation right intangible assets

257

43,9 15,5

11,8 6,8 4,6 4,4 4,4 3,1 0,2 0,0 -0.9 -4.8 -13.7

332

20

11

Istanb

ul

Tun

isia

Oth

ers

ATU

(50

%)

BTA

Izmir&

Ege

Geo

rgia

Med

inah

Maced

on

ia

Gazip

asa

An

kara

Elimin

ation

Havas

20

12

2012 Comparative Financials

19

2011 - 2012 EBITDA Bridge (€m)

2011 – 2012 Revenue Bridge (€m) Revenue (€m) FY12 FY11 Chg%

Airports 631.3 498.0 27%

Istanbul 413.8 344.4 20%

Ankara 44.6 41.9 6%

Izmir (including TAV Ege) 56.5 35.1 61%

Tunisia 50.6 34.7 46%

Gazipasa 0.5 0.1 309%

Georgia 30.9 25.0 23%

Macedonia 17.8 16.7 6%

Medinah 16.5 0.0 nm

Services 673.5 552.4 22%

ATU (50%) 255.1 207.6 23%

BTA 115.4 81.1 42%

Havas 210.9 197.4 7%

Others 92.2 66.3 39%

Total 1,304.8 1,050.4 24%

Elimination (205.5) (169.3) 21%

Consolidated 1,099.2 881.1 25%

EBITDA (€m) FY12 FY11 Chg%

Airports 268.4 197.8 36%

Istanbul 179.8 135.9 32%

Ankara 18.8 19.7 -5%

Izmir (incl. TAV Ege) 26.3 21.9 20%

Tunisia 21.7 6.1 253%

Gazipasa (0.9) (0.9) -1%

Georgia 17.5 13.1 34%

Macedonia 2.2 2.1 9%

Medinah 3.1 0.0 nm

Services 69.4 59.8 16%

ATU (50%) 28.0 21.2 32%

BTA 10.6 6.0 76%

Havas 20.7 34.3 -40%

Others 10.1 (1.7) nm

Total 337.8 257.7 31%

Elimination (5.3) (0.5) nm

Consolidated 332.5 257.1 29%

88

1

1.0

99

69,4 47,5

34,3 25,9 21,4 16,5 16,0 13,4 5,9 2,7 1,1 0,4

-36,1

20

11

Istanb

ul

ATU

(50

%)

BTA

Oth

ers

Izmir (in

clud

ing …

Med

inah

Tun

isia

Havas

Tbilisi&

Batu

mi

An

kara

Maced

on

ia

Gazip

asa

Elimin

ation

20

12

23

30

41 42 48

53

72

2006 2007 2008 2009 2010 2011 2012

8.146 9.473

11.289 12.194

17.535

19.838

22.227

2006 2007 2008 2009 2010 2011 2012

29

77

141 167

212

257

332

2006 2007 2008 2009 2010 2011 2012

402

508

627 640

785

881

1.099

2006 2007 2008 2009 2010 2011 2012

Exceptional Growth Sustained

20

Revenues (€m)

CAGR (2006-12) 50%

EBITDA (€m)

CAGR (2006-12) 21%

Passenger (m)

CAGR (2006-12) 18%

Average Number of Employees

CAGR (2006-12) 18%

Source: DHMI

Page

Overview 22

Operations 32

References 47

Appendix

21

Investment Highlights

22

Turkey is the fastest growing aviation market in Europe Passenger growth of 14% p.a. during 2002-2012 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)

Diversified, balanced portfolio with leading market positions #1 airport terminal operator in Turkey 12 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia (large

catchment areas)

Strong momentum with EBITDA posting 50% CAGR between 2006 and 2012 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

Attractive market with strong growth prospects

Strong financial performance and cash

flow generation

Well-positioned to benefit from further organic and inorganic growth

(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

Leading airport operator with diversified portfolio

“Platform play”

Worldwide traffic outlook up to 2030

23

Europe

2011–2030 2021–2030

4.1% 3.9%

Asia-Pacific

2011–2030 2021–2030

5.4% 5.1%

Latin America

2011–2030 2021–2030

5.9% 5.2%

North America

2011–2030 2021–2030

3.3% 3.3%

CIS

2011–2030 2021–2030

5.4% 4.8%

Middle East

2011–2030 2021–2030

7.3% 4.9%

Africa

2011–2030 2021–2030

5.1% 4.9%

World

2011–2030 2021–2030

4.7% 4.4%

Source: Airbus Global Markets Outlook (2011-2030)

Passenger traffic growth by airline domicile

The region where TAV operates is projected to experience the highest passenger traffic growth worldwide over the next 20 years.

110

162

202

240 259 250

270 299

332 349

370

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

9 9 10 17

23

30

41 42 48

53

72

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

9

9

14

21

31

32

36

41

51

58

65

25

25

31

36

34

38

44

44

53

59

65

34 34 45

57 65

70 79

86 103

118

130

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Domestic Int'l Total

Growth of the Turkish Aviation Market and TAV Airports

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

CAGR (2002-12) 14%

Turkish Aviation Market (mPax) Number of Aircraft in Turkey

CAGR (2002-12) 13%

TAV Airports Passenger Traffic (mPax)

CAGR (2002-12) 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)

Tourism

25

Countries 2012 2011 2010 2009

Germany 5,0 4.8 4.4 4.5

Russia 3,6 3.5 3.1 2.7

UK 2,5 2.6 2.7 2.4

Iran 1,2 1.9 1.9 1.4

Bulgaria 1,5 1.5 1.4 1.4

Georgia 1,4 1.2 1.1 1.0

Netherlands 1,3 1.2 1.1 1.1

France 1,0 1.1 0.9 0.9

Syria 0,7 1.0 0.9 0.5

U.S.A 0,8 0.8 0.6 0.7

Other 12,8 12.0 10.5 10.5

TOTAL 31,8 31.5 28.6 27.1

Source : Ministry of Culture and Tourism

Top Tourism Destinations (m tourists) Top visitors to Turkey (m tourists)

Turkey is the 6th most visited country in the world !!

Visitors to Turkey increased 10% in 2011.

Source : UNWTO

Countries 2000 2005 2006 2007 2008 2009 2010 2011

1-France 77.2 75 77.9 80.9 79.2 76.8 76.8 79.5

2-USA 51.2 49.2 51 56 57.9 55.0 59.7 62.3

3-China 31.2 46.8 49.9 54.7 53.0 50.9 55.7 57.6

4-Spain 46.4 55.9 58 58.7 57.2 52.2 52.7 56.7

5-Italy 41.2 36.5 41.1 43.7 42.7 43.2 43.6 46.1

6-Turkey 9.6 20.3 18.9 22.2 25.0 25.5 27.0 29.3

7-UK 23.2 28 30.7 30.9 30.1 28.2 28.1 29.2

8-Germany 19 21.5 23.6 24.4 24.9 24.2 26.9 28.4

9-Malaysia 10.2 16.4 17.5 21 22.1 23.6 24.6 24.7

10-Mexico 20.6 21.9 21.4 21.4 22.6 21.5 22.4 23.4

World 682 801 846 900 919 882 940 983

Strong Growing Presence in the Broader Region

26

Tbilisi Ankara

Izmir

Istanbul

Batumi

Ohrid

Skopje

Enfidha

Monastir

Ankara Tbilisi

Gazipaşa

Medinah

Source: DHMI

Asset overview / catchment area No.1 Airport operator in Turkey

2012 Passengers of 5 Largest Turkish Airports (mPax)

TAV operates in Turkey’s 3 largest cities

Since IPO TAV has expanded into the broader region, winning concessions and/or BOTs in Tunisia, Macedonia, Turkey (Gazipaşa), Georgia (Batumi) and most recently Saudi Arabia (Medinah)

TAV is the leading airport operator in the region (55% market share in Turkey) and its airports/terminals handling 72m passengers in 2012.

Latvia

45,0

25,0

14,5

9,2 9,4

AHL Antalya SAW Ankara Izmir

Integrated Unique Business Model

27

Integration

Operational Excellence Financial Excellence

Service Companies Airport Companies

High earnings visibility Pax fees regulated by authorities and set until end of concession Revenue guarantees in Ankara İzmir ATM’s drive airside and ground handling revenues.

Operating Leverage Predominantly fixed cost base

High Cash Flow Conversion

No hard assets, brand new portfolio

High profitability Service companies have lucrative margins. High potential to increase per pax spending & penetration

Streamlining

360 degree control facilitates best practice in performance. 360 degree data flow enables constant innovation.

Margin Conservation

All value added is preserved inside the group.

TAV vs Other Airport Operators

28

No state stake

No foreign ownership limit

Active state participation

Foreign ownership limits

Integrated business model with service companies active in every step of the value chain

Active mainly in airport/terminal management with some participation in airport services

Ownership of the operational rights of the airport portfolio over a predetermined period through BOTs and concessions

Mostly own the airport portfolio

If BOT, high upfront capex with minimal or no mandatory capex throughout the operation period

If lease, annual rent payment

Regular capital expenditure with bulk investments time-to-time

Business Model

Portfolio Ownership

Capital Expenditure

Counterparts TAV Airports

Shareholder Structure

Revenue sources

29

Aeronautical Charges Non-aeronautical Charges

Passenger Fee Ground Handling Landing Parking Fuel Duty Free F&B Car Park

Turkey

Istanbul X X X X X

Esenboga X X X X X

Izmir X X X X X

Gazipasa X X X X X X X X

Tunisia Enfidha X X X X X X X X

Monastir X X X X X X X X

Georgia Tbilisi X X X X X X X X

Batumi X X X X X X X X

Macedonia Skopje X X X X X X X X

Ohrid X X X X X X X X

Latvia Riga X X

Saudi Arabia Medinah X X X X X X X X

BTA started operations in Istanbul Ataturk Airport Domestic Terminal starting from July 2010 ATU will start operations in Monastir starting from July 2014 BTA will start operations in Monastir starting from 2018

Earnings Visibility

30 Notes: Passenger service charges apply to departing passengers only (except Medinah)

Landside

Agreed passenger service charge of airports / terminals depending on project

Ankara and Izmir have revenue guarantees (fixed PSC and volume growth p.a.)

Check-in counter, bridge Passenger & ATM growth is the main driver.

Parking, Landing and lighting fees ATM growth is main driver.

Airside Revenues

Ground Handling

Ramp, passenger services and traffic ATM growth and aircraft type are the main

drivers.

Duty Free

Other

Duty Free available to all international inbound and outbound passengers

Increased number of shops, improved selection of products and higher penetration

Catering, car park, advertising, area allocation, lounge services

Aeronautical Revenues Non-Aeronautical Revenues

32

27 25

20 18

14 14 14 13 13 10

9 7 6

5 4

0

5

10

15

20

25

30

35

Spai

n

Gre

ece

Slo

ven

ia

Cze

ch R

ep

.

Slo

vaki

a

Cro

atia

Hu

nga

ry

Po

lan

d

Ru

ssia

Latv

ia

Turk

ey

Ro

man

ia

Bu

lgar

ia

Serb

ia

Bo

snia

Ukr

ain

e

161%

120%

99% 86% 82% 82% 80%

68% 66%

39%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Gre

ece

Ital

y

Bel

giu

m

Fran

ce

UK

Ger

man

y

Hu

nga

ry

Spai

n

Net

her

lan

ds

Turk

ey

Turkey – Strong Economic Fundamentals

31

2nd largest country in Europe (>70m people) 6th largest economy in Europe; 16th largest economy in the world (by

GDP) Nominal GDP growth of 8.0% p.a. over the last six years, and recorded

8.5% real GDP growth in 2011, well ahead of EU 27 average of 1.6% Despite this, GDP per capita is still one of the lowest in Europe The Turkish economy has one of the lowest public debt levels in Europe Demographics support further market growth in the long term 64% of population between ages of 15-60, 28% between 0-14 and 8%

above 60 Passport ownership still in the low teens 3.9 million Turkish immigrants living in Europe offer a resilient traffic

flow

Strong historic GDP growth trajectory, but still significant upside potential in GDP per capita

Source: EIU.

483 531647

730615

734 772 828 895 959 1,0521,156

8.4% 6.9% 4.7%0.7%

(4.7%)

8.2% 8.5% 4.0%

5.0% 5.0% 4.3% 4.5%

(5%)

0%

5%

10%

15%

0

400

800

1,200

20

05

A

20

06

A

20

07

A

20

08

A

20

09

A

20

10

A

20

11

A

20

12

E

20

13

E

20

14

E

20

15

E

20

16

E

GDP Real GDP Growth

Source: IMF, Turkstat, Ministry of Development Note: 2012–2015E based on Ministry of Development and IMF forecasts.

(US$ in billions)

Source: IMF, Ministry of Development

Source: IMF

Comments Turkish GDP Growth

European Public Debt (2011 Gross Debt as % of GDP) GDP per Capita (‘000 USD)

CAGR (2011-16) 7%

CAGR (2005-11) 8%

Significant upside

potential

8,5

9,0

10

,2

11

,8

12

,2

13

,6

17

,1

18

,4

20

,3

23

,8

29

,7

2,9

3,1

5,4

7,5

9,1

9,6

11

,5

11

,4

11

,8

13

,6 1

5,3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

int'l Domestic

Istanbul Atatürk Airport

32

Map of Istanbul

Istanbul Atatürk Airport – A Natural Hub

International ATM (%) Domestic ATM (%)

Istanbul Historical Pax (m)

CAGR (2006-12) 13%

Source: DHMI

Source: TAV Istanbul

2

72

2

24

Lufthansa THY Atlasjet Diğer

74

10

14 3

THY Atlasjet Onur Air Other

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

1,8 1,8 2,1 2,6 3,3 3,6

4,4 5,0

6,4 7,1

7,7

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

int'l Domestic

Operations commenced in October 16, 2006.

Newest in the region

Secondary hub of Turkish Airlines (THY)

THY flying direct international flights

“2009 Best Airport Award” by ACI, in 5-10 million category

Ankara Esenboğa Airport

33

Passenger Traffic (mPax, 2006-2012) International ATM (%) Domestic ATM (%)

Source: DHMI

CAGR (2006-12)

13%

Source: TAV Ankara

37

14 18

31

THY Lufthansa Pegasus Other

76

14

10

THY Pegasus Other

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

3 3,6 3,8 4,5

5,4 6,1

6,9

2006 2007 2008 2009 2010 2011 2012

International Domesctic

Izmir Adnan Menderes Airport

34

Passenger Traffic (mPax, 2006-2012) Domestic ATM (%) International ATM (%)

Source: DHMI

Third largest city with the second biggest port in Turkey Major tourist destination Operations commenced in September, 2006. Diversified passenger base

CAGR (2006-12)

13%

Source: TAV Izmir

28

8

4

14 8

38

SunExpress Lufthansa Atlasjet

Pegasus Onur Air Other

31

25

21

9

8 6

Pegasus THY SXS

Atlasjet Anadolujet Other

6,4 7,8

10,2

12,9

10,8 11,6

14,3 16,0

17,3 18,5

20,2

22,3

-6

-4

-2

0

2

4

6

8

10

12

14

0

5

10

15

20

25

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

E

20

13

E

20

14

E

20

15

E

20

16

E

Nominal GDP Real GDP Growth (%)

(US$ in billions)

International tourist arrivals (millions), 2009 = 1.5m International tourism receipts (US$ millions), 2009 = 470m

Source: IMF.

Source: World Economic Forum Report. Source: IMF.

0

200

400

600

800

1.000

1.200

1.400

1.600

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

0-14 years old

15-64 years old

65 years old or more

Comments Georgia GDP growth

Population mix Travel and Tourism indicators

Country Overview: Georgia

Population: 4.4m (1.5m in Tbilisi – the capital) Located on the east of Black Sea, Georgia controls most of the

trade routes through Caucasus Mountains Constructions of several oil and gas pipelines have proved the

strategic location of Georgia One of the fastest growing economies among Former Soviet

Union until the dispute with Russia on Abkhazia and South Ossetia

Presidential-democratic form of government Strong tourism potential (rich history, culture, climate), wide

catchment area

35

CAGR (2005-11) 14.3%

CAGR (2011-16) 9.3%

0,6 0,6

0,8 0,8 0,9

1,2

1,4

2006 2007 2008 2009 2010 2011 2012

Georgian Airports

36

Passenger Traffic (mPax,2006-2012)

Batumi Airport Tbilisi Airport

Tbilisi Airport

Operations in new terminal commenced in February 7, 2007.

Capturing almost all air traffic in Georgia

Capital city of Georgia with promising business opportunities

Capacity: 2.8 million passengers per year

Selected the Best Emerging Airport – Russia, CIS and Baltic States Batumi Airport Operations in the terminal commenced in May 26, 2007.

Second biggest city of Georgia with strategic importance

Source: TAV Georgia

CAGR (2006-12) 16%

–

2.0%

4.0%

6.0%

8.0%

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Tunisia Northern Africa Africa

International tourist arrivals (millions), 2009 = 6.9m International tourism receipts (US$ billions), 2009 = 2.8bn

Source: IMF.

Source: IMF, African Economic Outlook.org

Source: World Economic Forum Report.

Population: 10.5m

Privatisation policies of the government have pushed the economy forward over the past decade

Fairly well developed infrastructure (in particular for air and rail transport – 37th place in the World Economic Forum Competitiveness Rankings)

Increasingly popular as a holiday destination, with 90% of travellers visiting Tunisia preferring air transportation

December 2010 marked the beginning of the Jasmine revolution, a series of protests and social unrest sparked by the self-immolation of 26-year-old Mohamed Bouazizi

The wave of demonstrations subsequently led to the ousting of President Zine El Abidine Ben Ali and put an end to his 23-year rule

0-14 years old

15-64 years old


–

50

100

150

200

250

300

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

International tourist arrivals (thousands)

International toursim receipts (US$ millions)

Comments Tunisia Real GDP growth


Country overview: Tunisia

37

22

17

14 10

5

32

NOUVELAIR THOMAS COOK UK TUNIS AIR

THOMSON FLY JET AIR FLY Other

4,2 4,2 4,2 3,8 3,9

2,3

3,3

2006 2007 2008 2009 2010 2011 2012

Tunisian Airports

38

Tunisian passenger Traffic (mPax) Air Traffic Movements by Airline

Enfidha Airport TAV started to operate in December, 2009. The Enfidha International Airport, is located 65 kilometers from the Monastir International Airport and has the potential to become one of the major air travel hubs in Africa and is a crucial facility for Tunisia’s tourism industry due to its proximity to major tourist destinations. TAV Tunisie reached agreements with many prominent airlines and tourism agencies of the region to increase the traffic at Enfidha.

Monastir Airport

TAV started to operate in January 1, 2008. Tunisia has potential to be the primary hub of Africa in near future. 90% of travelers visiting Tunisia prefer air transportation. Selected the Best Emerging Airport in Africa, surpassing all other African airports.

Enfidha Airport Monastir Airport

Source: TAV Tunisia

Arab Spring Financial Crisis

6,0 6,6

8,2

9,9 9,3 9,2

10,3 10,1 10,7

11,3 11,9

12,6

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

E

20

13

E

20

14

E

20

15

E

20

16

E


(US$ in billions)

International tourist arrivals (thousands), 2009 = 259k International tourism receipts (US$ millions), 2009 = 218m

Source: World Economic Forum Report. Source: IMF

Source: IMF.

0-14 years old

15-64 years old


–

50

100

150

200

250

300

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

International tourist arrivals (thousands)

International toursim receipts (US$ millions)

Comments Macedonia Real GDP growth


Country Overview: Macedonia

Population: 2.1m – Skopje (capital) has over 500,000 inhabitants Skopje has deep historical connections with Turkey and still harbours

large population of Turks and Albanians Important crossroads of trade in Balkan region Adoption of visa liberalization for Macedonia in December 2009 has

freed the traffic between Macedonia and EU member states comprising 500 million citizens

On the verge of joining the European Common Aviation Area (ECAA), which will lift the bilateral agreements and boost the air traffic in the region

39

CAGR (2005-11) 9.5%

CAGR (2011-16) 4.1%

Macedonian Airports

40

Skopje Airport Ohrid Airport

Macedonian Passenger Traffic (mPax) Skopje and Ohrid

Skopje and Ohrid Airports TAV Airports was awarded the tender on September 2, 2008

TAV started to operate Skopje and Ohrid Airports in March 2010

The European Parliament’s adoption of the visa liberalization for Macedonia on December 19, 2009 has freed traveling between Macedonia and 25 out of 27 EU member states with 500 million citizens.

Source: TAV Macedonia

0,64

0,73

0,84 0,91

2009 2010 2011 2012

Country Overview: Saudi Arabia

(US$ in billions)

International tourist arrivals (millions), 2010 = 12

International tourism receipts (US$ billions), 2010 = 7

Source: IMF

Source: Euromonitor, World Economic Forum Report.

Note: International tourism receipts figures not available before 2005. Source: Euromonitor

–

5.000

10.000

15.000

20.000

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

International tourist arrivals (thousands) Incoming toursim receipts (US$ billions)

0-14 years old

15-64 years old

65+ years old

Saudi Arabia Real GDP growth


Comments

Population: 27.1m

Occupies 80% of the Arabian peninsula

Saudi Arabia sits on more than 25% of the world’s known oil reserves, with a production capacity of 10 million barrels per day

Petroleum sector accounts for 55% of total GDP

Part of the WTO and OPEC, where it plays a leading role

Saudi Arabia has been ruled since its foundation by the Al Saud dynasty

Saudi Arabia is home to the two holiest sites of Islam (Mecca and Medinah)

41

316 357

385

477

377

451

578

652 667 683 703 730

0

1

2

3

4

5

6

7

8

0

100

200

300

400

500

600

700

800

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

E

20

13

E

20

14

E

20

15

E

20

16

E


0,7 1,1

1,9

2,5

3,2 3,7

4,1

4,7 5,1

4,8

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2,3

3,1 3,4

3,8

3,3 3,6

4,6

2006 2007 2008 2009 2010 2011 2012

Saudia Arabian and Latvian Airports

42

Medinah Pax (m)

Medinah – Jeddah (450 km)

Riga Pax (m)

Source: GACA

TAV Airports is in a JV with Al Rajhi and Oger groups (all 33%) for the improvement and management of the Medinah Airport.

TAV Airports operates only the commercial areas in Riga Airport, Latvia.

Terminal Renovation

CAGR (2003-12) 24%

Source: JSC Riga International Airport

ATÜ

43

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

ATÜ is Turkey’s leading duty free operator chain, established as a joint venture between TAV and Unifree (Heinemann). ATÜ is the sole duty free operator of the Istanbul, Izmir, Ankara airports in Turkey, Tbilisi and Batumi airports in Georgia, Enfidha airport in Tunisia, Skopje and Ohrid airports in Macedonia and Riga International Airport in Latvia as of January 2011 ATÜ, has access to a considerable operational know-how, purchasing power and an effective logistics network. Competitive concession fee paid to TAV for ATÜ operated shops in Ataturk Airport ATÜ also pursues tenders outside TAV operations and has been operating in Riga (Latvia)

Source: ATÜ Source: DHMI, ATÜ

29 33 41 50 38 42

53 65 41

47 57

72 37

47

56

68

2009 2010 2011 2012

Q1 Q2 Q3 Q4

14,8

15,8

14,7 14,5

14,9 15,1

16,0

17,1

15,7

16,3 16,6 16,5

2007 2008 2009 2010 2011 2012

ATU Average Istanbul

35

50 58 59

75 81

115

2006 2007 2008 2009 2010 2011 2012

BTA

44

Spend per Pax (€)

BTA Revenues (m€)

BTA Catering was established in 1999 as a partnership between Bilintur, Tepe and Akfen in order to handle the food & beverage operation of the Istanbul Atatürk Airport's International Terminal.

BTA is the food and beverage operator at Istanbul Ataturk, Ankara, Izmir, Tbilisi and Batumi, Monastir, Enfidha, Skopje and Ohrid

BTA, through its subsidiary, Cakes&Bakes produces pastry products for reputable international food chains

BTA, through its subsidiary, BTA Marine (IDO) provides food and beverage services at IDO (Istanbul Sea Ferry) sales points

CAGR (2006-12)

22%

1,8

2,1 2

1,6

1,3 1,5

2007 2008 2009 2010 2011 2012

116

161

31

308

117

203

43

363

HAVAŞ TGS HVŞ E HAVAŞ + TGS + HVŞ E

FY11

FY12

Havaş, TGS, Havaş Europe

45

Operations Map – Havaş, TGS

15%

29%

21%

1%

2009 2010 2011 2012

Revenues 126 163 197 211

EBITDA 24 26 34 21

EBITDA Margin 19% 16% 17% 10%

Aircraft Handled ('000) 182.785 269.244 308.100 363.352

Aircraft Handled (‘000) Havaalanları Yer Hizmetleri A.Ş. (Havaş), the first Ground Handling Services Company in Turkey, was founded by the state in 1933 to provide ground handling and catering services for airlines. Whereas catering services of the company were privatized under the name USAŞ in 1987, ground handling services unit continued to render services under the same name.

Operating at 24 airports in Turkey

Havaş has been chosen by THY as partner in the TGS Ground Handling Services Inc. which commenced its operations in January 2010

Havaş can be divided in five operational units

Passengers services

Aircraft services

Cargo / Postal services

Flight operation, freight control and communication services

Representation services

Exceptional service coverage throughout Turkey

TGS, operates at a total of six airports in Turkey and provides ramp, operation, cargo and passenger services

Expansion into northern Europe through its 67% stake in Havaş Europe

Riga – January 2010

Germany - Frankfurt, Munich, Berlin, Dusseldorf, Hamburg and Stuttgart – 2012

Other Services

46

Revenue Breakdown

Revenues (m€)

TAV O&M (100%), incorporated in 2004

Commercial area allocations, maintenance and Lounges

TAV IT (99%), become a separate entity in 2005

Airport IT services, software and hardware sales

TAV Security (100%), became a separate entity in 2006

Security service provider in Istanbul, Ankara, Izmir and Gazipaşa

TAV Latvia (100%) incorporated in 2010

TAV Airports commenced the management of all Commercial Areas in January 2011 including DutyFree, Food&Beverage and other Retail areas for 10 years

39

50 55

66 61

66

92

2006 2007 2008 2009 2010 2011 2012

31%

19% 10%

30%

11% TAV O&M

TAV IT

TAV Security

Holding

TAV Latvia

Tax Regimes

47

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



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

agreement date

Corporate income tax of 10%


Turkey

Georgia

Tunisia

Macedonia

Latvia

Summary Financials and P&L

48

Summary Financials (m EUR) FY12 FY11

EBITDA 332 257

EBITDAR 477 387

Summary Cash Flow Data:

Net cash provided by (used in):

Operating activities 414 355

Investing activities (193) (94)

Financing activities (236) (215)

Summary Balance Sheet Data:

Cash and cash equivalents 63 76

Restricted bank balances 402 356

Total assets 2,249 2,081

Bank loans 1,347 1,224

Total liabilities 1,712 1,519

Total equity 537 562

Net debt 882 792

IFRS Income Statement (mEUR) FY12 FY11

Construction revenue 97 65 Total operating income 1,065 848

Sales of duty free goods 249 203 Aviation income 245 178 Ground handling income 218 192 Commission from sales of duty free goods 106 87 Catering services income 76 52 Other operating income 171 137

Construction expenditure (97) (65) Operating expenses (838) (689)

Cost of catering inventory sold (26) (18) Cost of duty free inventory sold (96) (77) Cost of services rendered (76) (60) Personnel expenses (298) (236) Concession rent expenses (144) (129) Depreciation and amortization expense (72) (65) Other operating expenses (125) (104)

Operating profit 226 159 Finance income 33 29 Finance expenses (96) (96) Profit before income tax 163 92 Income tax expense (36) (40)

Current tax expense (benefit) 42 36 Deferred tax expense (gain) (6) 4

Profit for the period from continuing operations

Attributable to:

Owners of the Company 124 53 Non-controlling interest 3 (1) Profit for the year 127 52

Balance Sheet

49

€ million FY12 FY11 ASSETS

Property and equipment 192 179

Intangible assets 33 36

Airport operation rights 816 766

Other investments 0 0

Goodwill 152 152

Prepaid concession expenses 57 65

Trade receivables 76 94

Other non-current assets 1 1

Deferred tax assets 100 82

Total non-current assets 1,427 1,375

Inventories 23 19

Prepaid concession expenses 138 123

Trade receivables 97 74

Due from related parties 65 8

Derivative financial instruments 0 4

Other receivables and current assets 33 46

Cash and cash equivalents 63 76

Restricted bank balances 402 356

Total current assets 821 706

TOTAL ASSETS 2,249 2,081

€ million FY12 FY11 EQUITY

Share capital 162 162

Share premium 220 220

Legal reserves 55 36

Other reserves (18) 8

Revaluation surplus 1 2

Purchase of shares of entities under common control 40 40

Cash flow hedge reserve (96) (68)

Translation reserves (3) (1)

Retained earnings / (Accumulated losses) 142 76

Total equity attributable to equity holders of the Company 504 475

Non-controlling interest 32 87

Total Equity 537 562

LIABILITIES

Loans and borrowings 1,125 1,021

Reserve for employee severance indemnity 17 10

Due to related parties 6 8

Deferred income 19 20

Other payables 11 16

Deferred tax liabilities 6 6

Trade payables 0 0

Total non-current liabilities 1,185 1,081

Bank overdraft 2 0

Loans and borrowings 220 203

Trade payables 53 40

Due to related parties 11 10

Derivative financial instruments 166 127

Current tax liabilities 10 12

Other payables 45 29

Provisions 9 6

Deferred income 11 11

Total current liabilities 527 438

TOTAL LIABILITIES 1,712 1,519

TOTAL EQUITY AND LIABILITIES 2,249 2,081

Cash Flow Statement

50

2012 2011

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period 127 52

Adjustments for:

Amortisation of airport operation right 40 37

Depreciation of property and equipment 26 23

Amortisation of intangible assets 5 5

Concession and rent expenses 144 129

Provision for employment termination benefits 10 6

Provision for doubtful receivables 1 7

Other provisions released (0) (0)

Discount on receivables and payables, net (0) (0)

Gain on sale of property and equipment (0) (2)

Provision for unused vacation 2 1

Provision for slow moving inventory (0) (0)

Interest income (17) (16)

Reversal of insurance income 3 1

Interest expense on financial liabilities 86 83

Tax expense 36 40

Unwinding of discount on concession receivable (15) (13)

Unrealised foreign exchange differences on statement of financial position items 3 (6)

Cash flows from operating activities 452 347

Change in trade receivables (25) (3)

Change in non-current trade receivables 34 32

Change in inventories (4) (5)

Change in due from related parties (57) (3)

Change in restricted bank balances 248 213

Change in other receivables and current assets 26 3

Change in trade payables 0 (1)

Change in due to related parties (0) (10)

Change in other payables and provisions 11 9

Change in other long term assets (0) 0

Additions to prepaid rent expenses (138) (107)

Cash provided from operations 546 477

Income taxes paid (44) (34)

Interest paid (85) (85)

Retirement benefits paid (3) (2)

Net cash provided from operating activities 414 355

2012 2011

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 15 15

Proceeds from sale of property, equipment and intangible assets 3 6

Acquisition of property and equipment (39) (43)

Additions to airport operation right (91) (61)

Acquisition of intangible assets (2) (1)

Net cash provided from / (used in) investing activities (80) (9)

CASH FLOWS FROM FINANCING ACTIVITIES

New borrowings raised 283 179

Repayment of borrowings (169) (191)

Change in restricted bank balances (309) (202)

Acquisition of non-controlling interest

Non-controlling interest change (1) (4)

Dividends paid (39)

Change in finance lease liabilities (0) 3

Net cash (used in) / provided from financing activities (236) (215)

NET INCREASE IN CASH AND CASH EQUIVALENTS (16) 47

CASH AND CASH EQUIVALENTS AT 1 JANUARY 76 30

CASH AND CASH EQUIVALENTS AT 30 JUNE 61 76

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, Tibah Development 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%, 89% and 100% of floating bank loans for TAV İstanbul, TAV Esenboğa, HAVAŞ, TAV Macedonia, TAV Tunisia, Tibah Development and TAV Ege respectively are fixed with financial derivatives.

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 effective. To the extent that the hedge is ineffective, changes in fair value are recognized in profit or loss.

Summary Consolidation Table FY12 FY11

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 - -

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 Proportionate 33 - -

TIBAH Operation Proportionate 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 Proportionate 50

ATÜ Proportionate 50 Proportionate 50

TGS Proportionate 50 Proportionate 50

BTA Denizyollari (IDO) Proportionate 50 Proportionate 50

Average Rate 31 Dec 31 Dec

FY12 FY11 2012 2011

EUR/TRL 2.30 2.32 2.35 2.44

EUR/USD 1.29 1.39 1.32 1.29

EUR/GEL 2.12 2.35 2.18 2.16

EUR/MKD 61.35 61.35 61.50 61.50

EUR/TND 2.01 1.96 2.05 1.94

EUR/SEK 8.71 9.03 8.61 8.94

EUR/SAR 4.82 5.22 4.95 4.86

51

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

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.”

52

Board of Directors and Management Team

53

Board Member Position

Hamdi Akın Chairman

Augustin de Romanet Deputy Chairman

Mustafa Sani Şener Board Member

Pierre Graff Board Member

Laurent Galzy Board Member

Ali Haydar Kurtdarcan Board Member

Abdullah Atalar Board Member

Tayfun Bayazıt Independent Board Member

Necmi Bozantı Independent Board Member

Jerome Calvet Independent Board Member

Sevdil Yıldırım Independent Board Member

Management Team

Dr. Sani Şener Chief Executive Officer (CEO)

David Olivier Tarac Deputy CEO

Senior Management

Altug Koraltan Internal Audit Director

Bengi Vargul Corporate Communications Director

Burcu Geriş Chief Financial Officer (CFO)

Ceyda Akbal Legal Counsel

Deniz Aydın Financial Affairs Director

Ersagun Yücel General Secretary

Haluk Bilgi North Africa Director

Mehmet Erdoğan External Affairs Director

Murat Örnekol Operations Director

Nursel Ilgen Investor Relations Director

Serkan Kaptan Business Development Director

Waleed Youssef GCC Director and ACI Representative

Yiğit Oğuz Duman Human Resources Director

Airport GMs

Kemal Ünlü GM, TAV Istanbul

Erkan Balcı GM, TAV Izmir

Nuray Demirer GM,TAV Esenboga

Metin Kibar GM Deputy, TAV Tunisie

Mete Erkal GM, TAV Georgia

Zoran Krstevski GM, TAV Macedonia

Sofiene Abdessalem GM, Medinah Airport

Service Co. GMs

Ersan Arcan GM, ATU

Sadettin Cesur GM, BTA

Müjdat Yücel GM, HAVAS

Turgay Şahan GM, TAV Security

Binnur Onaran GM, TAV IT

Eda Bildiricioğlu GM, TAV O&M

Share Performance (March 29, 2013)

54

Share Price Performance

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

12,50 USD 2,5b USD 5m 84% 44% 40%

Share Price Performance

Weekly 1M 3M YTD

TL 10% 14% 38% 37%

USD 10% 13% 36% 35%

Relative to ISE -100 5% 5% 26% 25% 0,6

0,7

0,8

0,9

1,0

3,5

4,0

4,5

5,0

5,5

6,0

6,5

7,0

7,5

29

-03

-13

1

5-0

3-1

3

01

-03

-13

1

5-0

2-1

3

01

-02

-13

1

8-0

1-1

3

04

-01

-13

2

0-1

2-1

2

06

-12

-12

2

2-1

1-1

2

08

-11

-12

2

2-1

0-1

2

08

-10

-12

2

4-0

9-1

2

10

-09

-12

2

4-0

8-1

2

08

-08

-12

2

5-0

7-1

2

11

-07

-12

2

7-0

6-1

2

13

-06

-12

3

0-0

5-1

2

16

-05

-12

0

2-0

5-1

2

16

-04

-12

0

2-0

4-1

2

19

-03

-12

0

5-0

3-1

2

20

-02

-12

0

6-0

2-1

2

23

-01

-12

0

9-0

1-1

2

Price ($) Relative

TAVHL ($) Relative to ISE-100

Corporate Governance Rating

55

Sub-categories Weight Grade

Shareholders 0.25 90.98

Public Disclosure and Transparency 0.35 96.26

Stakeholders 0.15 94.53

Board of Directors 0.25 87.29

Total 1.00 92.40

Highest corporate governance rating in Turkey !!

The “Corporate Governance Rating Report” for TAV Airpors was prepared by RiskMetrics Group - Institutional Shareholder Services (ISS), a global corporate governance rating company with official authorization to assign corporate governance ratings in accordance with the Capital Markets Board (CMB) Corporate Governance Principles in Turkey.

TAV Airports is rated at 92.40 (9.24) in total average in its Corporate Governance Rating Report.

Final rating grades are determined by the separate weighting of four sub-categories within the framework of the related resolution of CMB.

The breakdown of corporate governance rating grades is stated below.

Macro Outlook

56

2010 2011 2012 2013 2014 2015 2016 2017 Estimates Start After CAGR 2012-2017

Georgia

Real GDP Growth (%) 6,3 7,0 6,5 5,5 5,5 5,5 5,5 5,5 2010 nm

GDP, current prices (US $, billion) 11,6 14,3 15,8 17,3 18,3 19,8 21,9 24,3 2010 7,4%

GDP per capita, current prices (US $) 2.623 3.210 3.514 3.824 4.042 4.370 4.853 5.404 2009 7,4%

GDP based on PPP per capita (US $) 5.064 5.491 5.908 6.283 6.707 7.192 7.748 8.388 2009 6,0%

Inflation, average consumer prices 7,1 8,5 0,2 5,5 6,0 6,0 6,0 6,0 2010 nm

Population (million) 4,4 4,5 4,5 4,5 4,5 4,5 4,5 4,5 2009 0,0%

Latvia

Real GDP Growth (%) -0,3 5,5 4,5 3,5 4,2 4,2 4,0 4,0 2011 nm




Inflation, average consumer prices -1,2 4,2 2,4 2,2 2,2 2,2 2,2 2,2 2011 nm

Population (million) 2,2 2,1 2,0 2,0 2,0 2,0 2,0 2,0 2010 -0,3%

Macedonia







Saudi Arabia







Tunisia

Real GDP Growth (%) 3,1 -1,8 2,7 3,3 4,1 5,3 5,5 6,0 2010 nm






Turkey


GDP, current prices (US $, billion) 731,3 774,3 783,1 839,0 900,4 980,6 1.072,2 1.170,1 2010 6,9%





International Monetary Fund, World Economic Outlook Database, October 2012

Contact IR

57

Besim MERİÇ Investor Relations Assistant Manager [email protected] Tel :+90 212 463 3000 / 2123 Fax : +90 212 465 3100

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

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

IR Website ir.tav.aero

e-mail [email protected]

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

Twitter twitter.com/irTAV

Facebook facebook.com/irTAV

Address TAV Airports Holding Co.

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

34149 Yesilkoy, Istanbul

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 Istanbul Stock Exchange since February 23, 2007, under the ticker code “TAVHL”

mailto:[email protected]

http://www.twitter.com/irTAV

https://www.facebook.com/pages/TAV-Investor-Relations/216650121681786

Disclaimer

58

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 12 April , 2013

tavhl management presentation_full2012

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