TAV AIRPORTS HOLDING

September 2011

TAV AIRPORTS HOLDING

November 2011

Contents 2

Page

Operational and Financial Highlights 1

Appendix 20

Airport Companies

Atatürk Airport (100%)

Esenboga Airport (100%)

Adnan Menderes

Airport (100%)

Gazipaşa Airport (100%)

Tbilisi & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid

(100%)

TAV Latvia (100%)

Services Companies

ATÜ (50%)

BTA (67%)

HAVAŞ (65%)

TAV O&M (100%)

TAV IT (99%)

TAV Security

(100%)

North Hub

Services

(50%)

Heinemann

Bilintur

HSBC (28.3%)

İş Girişim (6.7%)

3

TAV Airports Holding Co.

TGS (50%)

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

O&M, IT and Security

TAV O&M (100%):

Commercial area

allocations & lounges, travel

agency services

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

Airports Duty Free Food and

Beverage

Ground

Handling Others

Turkey

Istanbul Ataturk Airport (100%),

Ankara Esenboğa Airport (100%),

Izmir Adnan Menderes Airport (Intl. Terminal) (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,

andTunisia

Operates Istanbul Airport

Hotel (131 rooms)

Total seating capacity of

12.500 at 146 points

Bakery & pastry factory

serving in Turkey

BTA Denizyollari (50%) (3)

is the F&B operator of

Istanbul Deniz Otobusleri

(IDO)

Revenu

es

9M

11

(4)

Notes: (1) Based on number of flights for 2010

(2) TGS started operations as of 1 January, 2010

(3) BTA Denizyollari will gradually took over the F&B operations

(4) Revenues represent the proportional interest of these companies in TAV Airports (50% of ATÜ revenues) (before eliminations)

HAVAŞ (65%)

Major ground handler in

Turkey with a c.65% (1)

share

Operates in 22 airports in

Turkey including Istanbul,

Ankara, Izmir and Antalya

TGS (%50) (2) operates in

Istanbul (AHL&SGA),

Ankara, Izmir, Antalya and

Adana

%50 partner of North Hub

Services, operating in Riga,

Helsinki and Stockholm

TAV Airports Overview 4

€381m €152m €60m €151m €45m

5

Turkey is the fastest growing aviation market in Europe

Passenger growth of 15% p.a. during 2002-2010

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

10 airports operating in Turkey, Georgia, Tunisia and Macedonia (large catchment areas)

Awarded Medinah Airport in Saudi Arabia

Strong momentum with EBITDA posting 64% CAGR between 2006 and 2010

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

Leading airport operator

with diversified portfolio

Strong financial

performance and cash

flow generation

Well-positioned to win international concessions and benefit from further organic and inorganic

growth

“Platform play” with

significant untapped

cross-fertilization

potential

(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

Investment Highlights 5

6

Comments

The Turkish aviation market has historically showed strong growth and resilience

Penetration is still low vs. Western European countries (passenger km / capita:

Turkey 0.5, Italy 0.8, Spain 1.6, Germany 2.1)(1)

Limited alternative transport infrastructure in a very large country

Transportation junction between Europe, North Africa and Asia

Young population, average age is 31 years (versus Spain – 41 years, and UK –

39 years) and 50% of its population is currently younger than 29 years

Visa policies are currently changing with more countries having eliminated or

simplified the visa process with Turkey

From 2000 to 2009, Turkey was the fastest growing tourist country in the world. As

a result, Turkey is now the 7th largest tourist destination in the world

Turkey has a number of attractive tourist destinations, e.g. Antalya, Istanbul

(largest business centre in the region), Mugla (Bodrum and Dalaman) and Izmir

The resilient Turkish aviation market is set to continue to grow rapidly in the next few years

Source: Euromonitor, IATA.

(1) Based on thousands km per capita.

Traffic outlook

2011–2030 World 4.2% pax – 5.1% CAGR in RPK

2010–2030 World 4.8% RPK

2010–2030 World 4.7% CAGR in RPK

2009–2023 Turkey 11% CAGR in Passengers

Turkey – one of the fastest growing airline markets

International Domestic

Rank Country

CAGR

2009–2013 (%) Country

CAGR

2009–2013 (%)

1 Algeria 7.8 China 11.8

2 Kazakhstan 7.6 Turkey 8.4

3 Romania 7.3 Philippines 7.0

4 Egypt 6.9 Brazil 6.7

5 Lebanon 6.8 Iran 6.6

6 Latvia 6.7 Greece 5.7

7 Turkey 6.3 Argentina 5.5

8 Ukraine 6.1 Vietnam 4.9

9 Indonesia 6.0 Italy 4.6

10 Russian Federation 6.0 India 4.3

World total 3.2 World total 3.5

Source: IATA.

Note: Only those countries with traffic in excess of 2 million passengers per annum have been included.

Source: UNWTO.

Intl. tourist arrivals – 10 largest countries ranked by growth

11.5%

9.8%

5.6%

2.7% 2.1% 1.3% 0.8% 0.5% 0.5%

(0.4%)

2.9%

Turk

ey

Mala

ysia

Chin

a

Germ

any

UK

Sp

ain

US

A

Italy

Mexi

co

Fra

nce

World

6

Turkey – Fastest Growing Aviation Market in Europe

7

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population:

72.5m(1) Limited alternative transport infrastructure

In 2010, foreign visitors reached 29m(2)

Growth of the Turkish Aviation Market

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

9 9 14

21

31 32 36

41

51

25 25 31

36 34 38

44 44

52

34 34

45

57

65 70

79 85

103

0

5

10

15

20

25

30

35

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010

Domestic Intl'l total Tourist Arrivals

Pax, Mn.

110

162

202

240 259

250 270

299

332

0

50

100

150

200

250

300

350

2002 2003 2004 2005 2006 2007 2008 2009 2010

Number of Aircrafts in Turkey

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

8

TAV Traffic Performance

TAV Passenger Figures (million) TAV Air Traffic Movements (‘000)

Source: Turkish State Airports Authority (DHMI), Georgian Civil Aviation Authority, TAV Tunisie,TAV Macedonia ** Operation commencement date: March 01, 2010

*** TAV 2009 traffic figures do not include Macedonia

January – October Period

TAV Total Passenger

Ataturk Airport Total Pasenger

44.6 m

31.4 m

Number of Passengers Growth

Airports 2009 2010 % 10M10 10M11 %

Istanbul Ataturk 29,8 32,1 8% 27,1 31,4 16%

Int’l 18,4 20,3 11% 17,1 19,9 17%

Dom. 11,4 11,8 3% 10,0 11,4 14%

Ankara Esenboga 6,1 7,8 28% 6,4 7,1 10%

Int’l 1,1 1,3 21% 1,1 1,2 6%

Dom. 5 6,4 29% 5,3 5,9 11%

Izmir A.Mend. (int’l) 1,7 2,1 28% 1,9 2,3 17%

Tunisia (Monastir & Enfidha) 3,8 3,92 4% 3,7 2,1 -42%

Georgia (inc. Batumi) 0,77 0,91 18% 0,77 1,02 32%

Macedonia(Skopje&Ohrid)** 0,64 0,73 14% 0,62 0,72 15%

TAV Total *** 42,1 47,6 13% 40,5 44,6 10%

Int’l 25,7 29,3 14% 25,1 27,2 8%

Dom. 16,4 18,3 11% 15,4 17,4 13%

Airports 2009 2010 % 10M10 10M11 %

Istanbul Ataturk 265,8 273,7 3% 228,3 254,4 11%

Int’l 169,9 178,8 5% 148,4 165,6 12%

Dom. 95,8 94,9 -1% 79,9 88,8 11%

Ankara Esenboga 51,3 63,4 24% 52,2 59,8 15%

Int’l 10,1 11,7 16% 9,9 10,2 3%

Dom. 41,2 51,6 25% 42,3 49,7 17%

Izmir A.Mend. (int’l) 13,1 16,1 23% 14,5 15,7 8%

Tunisia (Monastir & Enfidha) 30,4 31,8 5% 29,2 18,6 -36%

Georgia (inc. Batumi) 15,6 18,7 20% 15,3 19,4 27%

Macedonia(Skopje&Ohrid)** 12,8 12,8 0% 9,9 10,1 2%

TAV Total *** 376,2 416,6 11% 349,5 378,1 8%

Int’l 237,4 267,9 13% 349,5 378,1 5%

Dom. 138,8 148,7 7% 225,6 236,5 14%

9

402

508

627 640

785

2006 2007 2008 2009 2010

Revenue (m €)

29

77

141

167

212

2006 2007 2008 2009 2010

EBITDA (m €)

23

30

41 42

48

2006 2007 2008 2009 2010

Passengers (m)

8.146 9.473

11.289 12.194

17.535

2006 2007 2008 2009 2010

Number Of Employees

CAGR (2006-10)

64%

CAGR (2006-10)

18%

CAGR (2006-10)

20% CAGR (2006-10)

21%

Growth Rates of TAV Airports in 5 years

205

172

9M11 9M10

666

594

9M11 9M10

Financial Overview 10

(in mn €)* 9M11 9M10

∆

y-o-y 2010 2009

∆

y-o-y

Revenues 666 594 12% 785 640 23%

EBITDA 205 172 19% 212 167 27%

EBITDA margin 30.8% 29.0% 1.7ppt 27.0% 26.2% 0.9 ppt

Net Income (Loss) 35.2 33.5 5% 52 51 0%

Cash flow from operations 241 150 61% 336 210 60%

Capex (92) (72) 28% (119) (312) -62%

Free Cash Flow 149 78 91% 217 (102) nm

Shareholders’ Equity 452 410 10% 438 372 18%

Net Debt 832 890 -7% 821 941 -13%

Average number of employees 19,847 17,090 16% 17,535 12,194 44%

Number of passengers (mn) 39.7 36.0 10% 47.6 42.1 13%

- International 24.1 22.3 8% 29.3 25.7 14%

- Domestic 15.6 13.7 14% 18.3 16.4 11%

* Construction revenue and construction expenditure are excluded while computing the operational performance in the table.

** Figures are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir

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

12% 19%

35

33

9M11 9M10

5%

11

Revenue & EBITDA

EBITDA Breakdown (9M11) EBITDA Breakdown (9M10)

Revenue breakdown (9M11) Revenue breakdown (9M10)

32%

25%

22%

6%

15% Duty-free

Aviation

Ground-handling

F&B

Other

30%

26%

20%

6%

18% Duty-free

Aviation

Ground-handling

F&B

Other

50%

26%

15%

7% 3%

0%

Istanbul

Other Airports

HAVAŞ

ATU

BTA

Other Services

46%

29%

5%

3%

16%

0%

Istanbul

Other Airports

HAVAŞ

ATU

BTA

Other Services

12

OPEX Breakdown

9M11 9M10

Excluding concession rent and D&A expenses

3% 8%

10%

11%

14% 20%

35%

Catering

Services rendered

D&A

Duty free

Other

Concession rent

Personnel

3% 7%

9%

10%

16%

21%

34%

Catering

Services rendered

D&A

Duty free

Other

Concession rent

Personnel

4% 11%

16%

20%

49%

Catering

Services rendered

Duty free

Other

Personnel

4% 9%

15%

23%

49%

Catering

Services rendered

Duty free

Other

Personnel

CAPEX

(€m)

Enfidha Airport capex

13

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

property and equipment airport operation right intangible assets

15 20

67

39

62 68

45

113

88

55 56

25

35

17

42

21

42

29

18

Maturity Profile of Debt

14

1- years 2-years 3- years 4- years 5- years 5+ years

Others

TAV Holding - solo

Havaş

TGS

TAV Gazipaşa

TAV Macedonia

ATU

TAV Tbilisi

TAV Izmir

TAV Esenboğa

TAV Tunisie

TAV Istanbul

146 129 129 123

480

201

Debt Structure

15

NET DEBT

€(million) 30 September 2011 30 June 2011 31 March 2011 31 December 2010

Airports 729 798 784 697

Istanbul 177 243 242 160

Ankara 104 109 110 110

Izmir 10 20 26 26

Tunisia 360 358 349 343

Gazipasa 16 16 17 16

Tbilisi 14 17 19 24

Batumi -0 0 0 0

Macedonia 48 35 22 18

Services 104 109 136 125

ATU (50%) 19 20 26 21

BTA -5 (2) (5) (3)

Havas 59 76 76 76

Others* 31 16 40 32

Total 832 907 920 822

* Including Holding Co.

16

Revenue by country (9M11)

91%

5%

2%

2%

Latvia

1%

9M11 Comparative Financials 17

Note: Figures above are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir

** Regarding BTA, there is a one-off expense of €618K in the second quarter of 2011, related with the tax court case.

TAV Airports Consolidated – 9M11

REVENUES

(€ million) 9M11 9M10 Change

Airports 381 355 7% Istanbul 260 238 9% Others 120 118 3% Services 407 351 16% ATU (50%) 152 123 23% BTA 60 55 9% HAVAŞ 151 130 16% Others 45 43 4% Total 788 706 12% Eliminations (122) (112) 9% Consolidated 666 594 12%

EBITDA

(€ million) 9M11 9M10 Change

Airports 155 137 13% Istanbul 102 84 22% Others 53 53 0% Services 50 37 38% ATU (50%) 14 10 46% BTA 6 6 -4% HAVAŞ 31 29 7% Others (1) (8) n.m Total 206 173 19% Eliminations (1) (1) -30% Consolidated 205 172 19%

2010 Financial Summary 18

Note: Figures below are adjusted by including guaranteed passenger fee revenues from airports in Ankara and Izmir

** TAV Istanbul EBITDAR: €228m (margin: 72%)

(€ million) Revenues EBITDA (*) EBITDA (*) Margin Net Debt

Airports 471,0 170,2 36% 697

Istanbul** 318,6 110,7 35% 160

Ankara 37,9 15,3 40% 110

Izmir 32,7 19,4 59% 26

Tunisie 45,7 12,2 27% 343

Gazipasa 0,0 (1,2) nm 16

Tbilisi & Batumi 22,0 11,3 51% 23

Macedonia 14,1 2,5 18% 18

Services 469 43,5 9% 125

ATU (50%) 170 15,4 9% 21

BTA 75,0 7,2 10% (3)

Havaş 163,5 25,5 16% 76

Others 60,7 (4,6) nm 32

Total 940 213,7 23% 822

Eliminations (155) (1,5) -

Consolidated 785 212,2 27% 822

TAV Airports Consolidated – 2010

Appendix 19

Page

Overview 21

Operations 40

References 63

20

Historic Overview

1997 1998 2000 2003 2006 2002 2001

January 2000

ATÜ began

operations

International terminal

building completed

c.8 months ahead of

schedule

June 2000

Concession agreement

extended through to

July 2, 2005 in return

for a 30%

enlargement of the

int’l terminal

1999 2005 2004

Established under the name

of Tepe Akfen Vie Yatirim

Yapim ve Isletme A.S.

TAV successfully tendered

for BOT project for Istanbul

Atatürk Airport (Concession

deadline May 7, 2004)

May 2004

BTA started operating the

Istanbul International Airport

Hotel

August 2004

Executed the BOT agreement

for Ankara Esenboğa

International Airport (right to

operate through mid-2023)

September 2004

TAV O&M incorporated

June 2005

TAV won the tender for Ataturk Airport to operate

for 15.5 years (through Jan 2, 2021)

July 2005

TAV acquired 60% of Havaş shares

TAV obtained control of the BOT for Izmir Adnan

Menderes Airport (right to operate through Jan

2015) through acquisition of Havaş

August 2005

TAV IT became a separate entity

September 2005

TAV Urban Georgia LLC won the BOT tender for the

Tbilisi Airport (10.5 years operating contract) with a

9.5-year extension granted in return for

re-development of the Batumi Airport

March 2006

TAV Security became a separate entity

August 2006

Name changed to TAV Havalimanlari Holding

A.S.

September 2006

Completed the construction of Izmir Adnan

Menderes Airport’s international terminal

October 2006

Ankara Esenboğa’s new domestic and

international terminals completed

BTA was founded

2007

February 2007

IPO: TAV Havalimanlari Holding floated 44.56 million

shares

March 2007

TAV won the tender to operate Monastir and Enfidha

Airports in Tunisia for 40 years

May 2007

TAV started to operate Batumi Airport

July 2007

TAV acquired remaining 25% of TAV Esenboga and 5%

of TAV Izmir

August 2007

TAV was awarded the tender of Antalya-Gazipasa

Airport

November 2007

TAV increased its stake in Havaş to 100% from 60%

2008

January 2008

TAV started operating Monastir

Airport

March 2008

TAV Istanbul refinancing

April 2008

TAV Tunisie signed project

financing agreement

September 2008

TAV was awarded the tender for

Macedonian Airport

Infrastructure Development

21

0

1

2

3

4

5

6

7

8

9

10

TAV Tunise stake sale

to IFC

Added to MSCI

Turkey Index

TAV started

operations in

Riga Airport

Preferred bidder

in Medina Tender

%50 Rights Issue

TAV Tunisia minority

share sale

aggreement

Change in customs

law

Havas stake sale

announcement

Enfidha Airport started

the operations

Takeover of

operations of Skopje

and Ohrid Airport

TAV Tunusie

minority share sale

to PAIDF

AKFEN

IPO

Removed from

the MSCI Small

Cap Index

Riga

Commercial

Areas tender

Change in Duty

Free Limits

AKFEN

SPO

Developments since 2009

Ownership Structure (as of 30 September, 2011)

1. Tepe Insaat Sanayi A.Ş.

Turkish integrated conglomerate focused on infrastructure and

construction

2. Akfen Holding A.Ş.

Holding company operating in the construction, seaport, REIT and

energy sector

3. Sera Yapi Endustrisi A.Ş.

Focused on construction in Turkey & MENA region

4. Other Non-floating

5. Other Free Float

Shareholder Structure Founding Shareholders

Other shareholders

2.Akfen Holding A.Ş. has 14,466,267 (3.98%) shares in the free float

3. Sera Yapi Endustrisi ve Tic. Ltd. Sti. Has 446,544 (0.01%) shares in the free float

- Schroders has 18.235.856 (5.02%) shares in the free float as of January 2011

- TAVHL effective free float is 40%

22

(1)

26.1%

(2) 26.1%

(3) 4.0%

(4) 3.5%

(5) 40.3%

Worldwide traffic outlook up to 2030

23

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

Source: Airbus Global Markets Outlook (2011-2030).

Passenger traffic growth by airline domicile

Europe

2011–2030 2021–2030

4.2% 3.8%

CIS

2011–2030 2021–2030

5.6% 4.3%

Middle East

2011–2030 2021–2030

9.8% 5.0%

Africa

2011–2030 2021–2030

6.3% 4.9% Asia-Pacific

2011–2030 2021–2030

6.6% 4.9%

Latin America

2011–2030 2021–2030

6.9% 5.2%

North America

2011–2030 2021–2030

3.4% 3.1%

World

2011–2030 2021–2030

5.4% 4.3%

24

32.1

22.0

7.8 7.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Istanbul Antalya Ankara Izmir

TAV is the leading airport operator in Turkey with a c.41% market share(2) and its terminals handling 48m passengers in 2010

Source: DHMI.

(1) TAV only operates the International Terminal, which had 2.1m passengers in 2010.

(2) Source: DHMI.

PAX (in millions)

TAV operates in Turkey’s 3 largest

cities

(1)

Tbilisi

TAV

TAV TAV

TAV has cornered in Turkey’s 3 largest cities

Since IPO TAV has expanded into the broader region, winning

concessions and/or BOTs in Georgia, Tunisia, and Macedonia

Further opportunities in the region as infrastructure

developments reach completion

24

No.1 Airport operator in Turkey

No. 1 Airport Terminal Operator in Turkey with

Strong Growing Presence in the Broader Region

Ankara

Izmir

Istanbul

Batumi

Ohrid

Skopje

Enfidha

Monastir

Ankara

Asset overview / catchment area

Tiblisi

Gazipasa

Medinah

25

TAV vs Other Airport Operators 25

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 concession, annual concession

payment

Regular capital expenditure with bulk

investments time-to-time

TAV Airports Counterparts

SHAREHOLDER STRUCTURE

BUSINESS MODEL

PORTFOLIO OWNERSHIP

CAPITAL EXPENDITURE

34 34

45

57

65

70

79

86

103

2002 2003 2004 2005 2006 2007 2008 2009 2010

9 9 10

17

23

30

41 42

48

2002 2003 2004 2005 2006 2007 2008 2009 2010

Turkish Aviation Market and TAV Airports 26

Total Passenger Traffic of Turkish Aviation Market

by year (mn)

Total Passenger Traffic of TAV Airports

by year (mn)

3

-3 -3

-5 -5

-6

-8 -8

TAV Airports Fraport World

Aeroports de Paris BAA Europe AENA Schiphol

Growth Rates of Pax Number in Selected Airports

%

%

Source: ACI

27

TAV 3%

2009

2010

TAV 13%

13

9

6 6

4 4

0 -3

TAV Airports Fraport World AENA Europe Schiphol Aeroports de Paris BAA

28

Favorable Economic and Demographic Backdrop

Substantial market size

6th largest economy in Europe

16th largest economy in the world

Expected to beat the market

Sizable population with favorable

demographics

2nd largest population in Europe

Source: IMF

Flows adding most movements, 2017 v 2010.

9,0

3,7

1,7

4,4 3,1

1,5

Turkey Emerging Europe EURO Area

2010 2011

28% 35%

64% 50%

8% 15%

Turkey EU

60+ 15-60 0-14

GDP Growth Rate

Source: Eurocontrol

Tourism

Countries 2010 2009 Change

Germany 4,4 4,5 -2%

Russia 3,1 2,7 15%

UK 2,7 2,4 10%

Iran 1,9 1,4 36%

Bulgaria 1,4 1,4 2%

Georgia 1,1 1,0 12%

Netherlands 1,1 1,1 -5%

France 0,9 0,9 0%

Syria 0,9 0,5 76%

Italy 0,7 0,6 6%

Other 10,5 10,5 0%

TOTAL 28,6 27,1 6%

Source : Ministry of Culture and Tourism

Countries 2000 2005 2006 2007 2008 2009 2010 09/08 10/09

1-France 77,2 75 77,9 80,9 79,2 76,8 76,8 -3,0 0

2-USA 51,2 49,2 51 56 57,9 55,0 59,7 -5,1 8,7

3-China 31,2 46,8 49,9 54,7 53,0 50,9 55,7 -4,1 9,4

4-Spain 46,4 55,9 58 58,7 57,2 52,2 52,7 -8,8 1,0

5-Italy 41,2 36,5 41,1 43,7 42,7 43,2 43,6 1,2 0,9

6-UK 23,2 28 30,7 30,9 30,1 28,2 28,1 -6,4 -0,2

7-Turkey 9,6 20,3 18,9 22,2 25,0 25,5 27,0 2,0 5,9

8-Germany 19 21,5 23,6 24,4 24,9 24,2 26,9 -2,7 10,9

9-Malaysia 10,2 16,4 17,5 21 22,1 23,6 24,6 7,2 3,9

10-Mexico 20,6 21,9 21,4 21,4 22,6 21,5 22,4 -5,2 4,4

World 682 801 846 900 919 882 940 -3,8 6,6

Source :UNWTO

6% Turkey # 7

29

Tourist Arrivals increased by 6% in 2010 International Tourist Arrivals by Country

30

Notes: Passenger service charges apply to departing passengers only

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 NON-AERONAUTICAL

Earnings Visibility

Revenue sources

Aeronautical Charges Non-aeronautical Charges

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

Turkey

Istanbul

Esenboga

Izmir

Gazipasa

Tunisia

Enfidha

Monastir

Georgia

Tbilisi

Batumi

Macedonia

Skopje

Ohrid

Latvia Riga

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

31

Concession Overview 32

Airport Type/Expire TAV Stake Scope

2010

Pax(mppa) fee/pax Int'l fee/pax dom.

Volume

Guarantee Concession

Fee Net Debt*

Istanbul Ataturk

Concession

100% Int'l+Dom. 32,1

US$15 ,

3 No $140m/yr +

VAT €177m

(Jan. 2021) € 2.5

(Transfer)

Ankara Esenboga

BOT

100% Int'l+Dom. 7,8 15 3

0,6 M. Dom. ,

0,75 Int'l for

2007+%5 p.a

- €104m (May 2023)

Izmir A.Menderes BOT

100% Int'l 2,1 15 -

1.0m Int’l for

2006 + %3

p.a.

- €10m (Jan. 2015)

Gazipasa Concession

100% Int'l+Dom. - 5 TL4 No $50.000+VAT €16m (May 2034)

Tbilisi BOT

76% Int'l+Dom. 0,82 US$22 US$6 No - €14m (Feb. 2027)

Batumi BOT

76% Int'l+Dom. 0,09 US$12 US$7 No - - (Aug. 2027)

Monastir&Enfidha BOT+Concession

67% Int'l+Dom. 3,9 9 1 No

11-26% of

revenues from €360m

(May 2047) 2010 to 2047

Skopje & Ohrid

BOT+Concession

100% Int'l+Dom. 0,73

€17.5 in

Skopje, €16.2

in Ohrid

- No

15% of the

gross annual

turnover **

€48m

(March 2030)

Medinah BTO+Concession

33% Int'l+Dom. 3,3 SAR 80*** - No 54.5%**** n.a. (2037)

* As of 30 September 2010

** 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 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.

*** SAR 80 from both departing and arriving international pax. TAV Airports will increase pax charge as per CPI in Saudi Arabia every three years

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

33

Comments

2nd largest country in Europe (>70m people)

6th largest economy in Europe; 16th largest economy in the world (by

GDP)

Nominal GDP growth of 9.0% p.a. over the last five years, and recorded

8.2% real GDP growth in 2010, well ahead of EU 27 average of 1.8%

and Spain of (0.2%)

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

Turkish GDP growth

European public debt levels (2010)

GDP per capita (2010)

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

Source: EIU.

27%35%

49%54%

69%73%75%82%

100%

142%

Gre

ece

Italy

Belg

ium

Fra

nce

Hungary

UK

Germ

any

Spain

Turk

ey

Neth

erlands

483 531

647730

615

742 798877

9431.012

1.083

8.4%

6,9% 4,7%0,7%

(4.7%)

8,2%

4,6% 4,5% 4,1% 4,1% 4,0%

(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

E

20

12

E

20

13

E

20

14

E

20

15

E

Nominal GDP Real GDP growth (%)

Source: Datamonitor, IMF.

Note: 2011–2015E based on IMF forecasts.

30.6

27.3

23.7

18.316.1

13.7 12.9 12.310.7 10.4

7.56.3 5.2 4.3

3.010.4

Turk

ey

Sp

ain

Gre

ece

Slo

ve

nia

Czech

Rep

ub

lic

Slo

va

kia

Cro

atia

Hun

ga

ry

Po

lan

d

La

tvia

Russia

Rom

an

ia

Bu

lga

ria

Se

rbia

Bo

sn

ia

Ukra

ine

Up

sid

e p

ote

nti

al

to

clo

sest

peer

(Total debt as % of GDP) (US$ in thousands)

(US$ in billions)

Source: EIU, World Bank and IMF.

Source: EIU.

33

Turkey – Strong Economic Fundamentals

34

Istanbul Atatürk Airport (100%)

Largest in the region

Main hub and home base for Turkish Airlines

One of the fastest growing airports in Europe & 39th busiest

airport in the world

Revenue of €319 million in 2010

€228 million EBITDAR in 2010, implies 72% margin

€2.5 Transfer Fee (from Int’l Pax)

Terminal Expansion completed in 2010

Among “50 Best Travel Centers” list in Monocle, as a “Magnet

for Transit Flights.”

Domestic International

Source: DHMİ

Air Traffic Movement per airline (2010)

Source: DHMI

Note: 2009 and 2008 are not comparable with previous periods

Passenger traffic 2002 - 2010 (m)

2002 2003 2004 2005 2006 2007 2008 2009 2010

Int'l Domestic

21,3

19,3 15,6

12,1

28,6

23,2

32,1

29,8

11,4

THY (%65)

Lufthansa (%2)

Atlas Jet (%2)

MNG (%2)

THY (%75) Onur Air (%14)

Atlas Jet (%8) Other (%3)

Ankara Esenboga Airport (100%)

Newest in the region

Secondary hub of Turkish Airlines (THY)

Operations commenced in October 16, 2006.

THY’s Ankara based brand Anadolu Jet began to fly in May

2008

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

category


Passenger traffic 2002-2010 (m)

Source: DHMI

Source: DHMI

International Domestic

2002 2003 2004 2005 2006 2007 2008 2009 2010

Int'l Domestic

5,7

5,0 4,5

3,8 3,3 2,8

6,1

7,8

2,8

35

THY (%83) Pegasus (%12) Other (%5)

THY (%38)

Lufthansa (%12)

Pegasus (%11)

Other (%38)

36

Izmir Adnan Menderes Airport (100%)

Third largest city with the second biggest port in Turkey

Major tourist destination

Operations commenced in September 13, 2006.

Diversified customer base


Passenger traffic 2002 - 2010 (m)

Source: DHMI

Source: DHMI

(*) International passengers only

1,5 1,4

1,5 1,7

1,5 1,6 1,7 1,7

2,1

2002 2003 2004 2005 2006 2007 2008 2009 2010

Int'l

Sun Express (%32)

Pegasus (%14)

Lutfhansa (%7)

Other (%47)

37

10.2

12.9

10.811.7

12.9 13.3 13.7 14.2 14.912.3%

2.4%

(3.8%)

6.4%

5.5% 4.8% 4.8% 4.8% 4.8%

(5%)

0%

5%

10%

15%

0

4

8

12

16

20

07

A

20

08

A

20

09

A

20

10

A

20

11

E

20

12

E

20

13

E

20

14

E

20

15

E


(US$ in billions)

0

400

800

1,200

1,600

1995 1997 1999 2001 2003 2005 2007 2009

International tourist arrivals (thousands) International toursim receipts (US$ millions)

International tourist arrivals (millions), 2009 = 1.5m

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

Source: IMF.

Source: World Economic Forum Report.

37

Comments Georgia GDP growth

Travel and Tourism indicators Population mix

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

Country overview: Georgia

0-14 years old19%

15-64 years old

66%

65 years old or more15%

Source: IMF.

38

Tbilisi International Airport (76%)

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 as the Best Emerging Airport – Russia, CIS and

Baltic States


Passenger traffic 2002 - 2010 (‘mn)

Source: Georgian Civil Aviation Authority


0,27 0,32

0,40

0,55 0,57 0,62

0,71 0,70

0,82

2002 2003 2004 2005 2006 2007 2008 2009 2010

Georgian (%30)

THY (%13)

Armavia (%9)

Other (%48)

39

Batumi International Airport (76%)

Operations in the terminal commenced in May 26, 2007.

Second biggest city of Georgia with strategic importance


Passenger traffic 2007-2010 (‘mn)


Note: Domestic Passenger numbers included Hopa Terminal Passengers


THY (%26)

Georgian A/W (%15)

Air Batumi (%12)

Other (%46)

0,40

0,81 0,88

0,96

2007 2008 2009 2010

40

0-14 years old26%

15-64 years old

67%

65 years old or more

7%

–

2.0%

4.0%

6.0%

8.0%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Tunisia Northern Africa Africa

International tourist arrivals (millions), 2009 = 6.9m

International tourism receipts (US$ billions), 2009 = 2.8bn

0

1,500

3,000

4,500

6,000

7,500

1995 1997 1999 2001 2003 2005 2007 2009

International tourist arrivals (thousands)

International tourism receipts (US$ millions)

Source: IMF.

Source: IMF, African Economic Outlook.org


40

Comments Tunisia Real GDP growth


Population: 10.5m (capital Tunis’ population 728,000)

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

On 3 March 2011, the president announced that elections to a Constituent

Assembly would be held on 23 October 2011

Country overview: Tunisia

Monastir International Airport (67%*)

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 as the Best Emerging Airport in Africa,

surpassing all other African airports.


Passenger traffic 2003-2009 (m)

Source: TAV Tunisie

Source: TAV Tunisie

* TAV sold 15% of shares of TAV Tunisie SA to IFC in 2009. and 18% of shares to

PAIDF in June 2010

2,9 2,8

3,7

4,1 4,2 4,2 4,2 3,8 3,9

2002 2003 2004 2005 2006 2007 2008 2009 2010

41

Tunis Air (%30)

Nouvelair Tunisa (%26)

Air Berlin (%4)

Other (%40)

42

Enfidha International Airport (67%)

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. As a result of intensive marketing efforts, ground handling contracts were signed with nearly 30 airlines, and an

agreement was reached with the world’s leading cargo operator DHL for the operation of the cargo center at Enfidha.

43

8.7 9.2 9.79.1

10.110.8

11.412.2

13.0

6.1%5.0%

(0.9%) 0.7%3.0% 3.7% 4.2% 4.0% 4.0%

(5%)

0%

5%

10%

15%

0

3

5

8

10

13

15

20

07

A

20

08

A

20

09

A

20

10

A

20

11

E

20

12

E

20

13

E

20

14

E

20

15

E


(US$ in billions)

International tourist arrivals (thousands), 2009 = 259k

International tourism receipts (US$ millions), 2009 = 218m

0

100

200

300

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

International tourist arrivals (thousands) International toursim receipts (US$ millions)


Source: IMF.

Note GDP at current prices.

Comments Macedonia GDP growth


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

Country overview: Macedonia 43

0-14 years old21%

15-64 years old

68%

65 years old or more11%

Source: IMF.

44

We were awarded the tender on September 2, 2008

TAV started to operate Skopje and Ohrid Airports on

March 1, 2010

The European Parliament’s adoption of the visa

liberalization for Macedonia on December 19, 2009 has

opened a new era for Macedonian travel. The removal of

visa requirements has freed traveling between Macedonia

and 25 out of 27 EU member states with 500 million

citizens.

Passenger traffic 2005 - 2010 (‘000)

Air Traffic Movement per Airline (Skopje-2010)

Skopje and Ohrid International Airports (100%)

2005 2006 2007 2008 2009 2010

Skopje Ohrid

593

672 697 636 725

575

Adria (%11)

Malev (%9)

Austria Airways (%8)

Other (%72)

582

385

477

377448

560621

658696

2.0%

4.2%

0.1%

4.1%

6.5%

3.6%4.4% 4.6% 4.2%

0

200

400

600

800

2007A

2008A

2009A

2010A

2011E

2012E

2013E

2014E

2015E

0%

5%

10%

15%


45

(US$ in billions)

0

2,500

5,000

7,500

10,000

12,500

15,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

Comments Saudi Arabia GDP growth


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)

Country Overview: Saudi Arabia

0-14 years old

32%

15-64 years

old

65%

65+ years old

3%

Source: Euromonitor.

46

2 runways: 3,850m x 45m and 3,050m x 45m

Medinah Airport (33%)

Source: DHMI

Runways

Passenger traffic 2006-2010 (‘000)

Summary

First full scope airport privatisation in Saudi Arabia

Consortium with Al Rajhi Holding Group and Saudi Oger Ltd, each

having a 33.3% stake

Total Capex of $1–1.5bn; TAV share of $333–500m.

Medinah benefits from strong religion-driven pilgrimage traffic

growth

Operating rights of the new terminal for 25 years on a BTO model

basis after take over of operations (expected in first half of 2012)

Note: Haji and Umrah refers to people making pilgrimage to Mecca.

2.330

3.053 3.407

3.811

3.254

2006 2007 2008 2009 2010

Medina Jeddah Mecca

ATU Duty Free

47

ATU is Turkey’s leading duty free operator chain, established as a joint venture between TAV

Airports Holding and Unifree Duty Free A.S. It 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

ATU which is an enterprise constituting a perfect partnership collaboration model between TAV

and Unifree creates a considerable operation, purchasing capacity and an effective logistics

network.

ATU Duty Free (50%)

ATU is the sole duty free operator at Istanbul Atatürk,

Ankara, Izmir, Tbilisi, Batumi, Enfidha, Skopje and Ohrid

Competitive concession fee paid to TAV for ATÜ-

operated shops in Ataturk Airport

ATÜ commenced operations in Riga International Airport

(Latvia), starting from January 2011, contributing around

€4.7m revenue in the first nine months of 2011.

Note: Figures imply 100% of ATU

Revenue (€m) Spend Per Pax (€)*

Financial Data

(€ m) 2006 2007 2008 2009 2010 Change

Total Revenues 217.2 277.0 302.8 290.3 340,0 17%

EBITDA 7.6 17.6 27.6 27,7 30,8 11%

EBITDA Margin 3.5% 6.4% 9.1% 9,5% 9,0% -

Spend per pax (€) 15.7 14.8 15.8 14.7 14.5 -2%

48

Duty Free Spend Per Pax (€) * 9M11 9M10 % 2010 2009 %

ATU Average 14.4 13.9 4% 14.5 14.7 -2%

Istanbul 16.3 15.6 4% 16.3 15.7 3%

33 29

33

40 39 37 41

52

40 40

46

56

37 36

46

2008 2009 2010 2011 1Q 2Q 3Q 4Q

149

166

23%

-4%

17%

148

149

* Latvia was not included in duty free spend per pax spend calculation.

49

Customs Law

Products* 07.10.2009-05.09.2010 As of 06.09.2010

Tobacco Products

2 cartoons of cigarettes OR other

tobacco products at their own

limits

3 cartoons of cigarettes AND

other tobacco products at their

own limits

Alcohol

- Beverages with more than 22%

alcohol such as whiskey and raki 1 Liter OR 1 Liter AND

- Beverages with less than 22% alcohol

such as wine and champaigne 2 Liters 2 Liters

Parfume, lotion, essence, cologne, lavender

water

5 bottles (each bottle can be 120

ml max )

5 bottles (each bottle can be

120 ml max ) AND 5 packages

of skin care products & make-up

Chocolate 1 kg AND 2 kg OR

Sugar Products 1 kg 2 kg

* The table does not include all products covered under Customs Law, but includes high importance products for ATU

49

BTA Catering Services 50

BTA Catering was founded in 1999 under the partnership of Bilintur, Tepe and Akfen in

order to handle the food & beverage operation of the Istanbul Atatürk Airport's

International Terminal.

Following the opening of the new International Terminal of Istanbul Atatürk Airport on the

10th of January 2000, all food & beverage operations of the terminal, both for passengers

and the terminal personnel, are managed by BTA Catering.

BTA Catering Services (67%)

BTA is the food and beverage operator at Istanbul

Ataturk(Int’l and domestic terminal), Ankara, Izmir,

Tbilisi and Batumi, Monastir, Enfidha, Skopje and Ohrid

Total revenue increased by 27% in 2010

Concession fees: BTA pays c40% of its revenues to TAV

Note: Figures imply 100% of BTA

* 2007 ,2008 and 2009 food & beverage spend per pax includes Istanbul, Ankara & Izmir;

while previous periods indicate Istanbul only

Revenue (€m) Spend per Pax (€)*

Financial Data

* 2007 and 2008 food & beverage spend per pax includes Istanbul, Ankara & Izmir; while

previous periods indicate Istanbul only

(€ m) 2006 2007* 2008* 2009* 2010* Change

Total Revenues 35.0 50.3 58.1 59,1 75,0 27%

EBITDA 3.0 -0.2 3.5 6.5 7,2 11%

EBITDA Margin 8.6% n.m. 6.0% 11% 10% -

Spend per pax (€) 2.4 1.8 2.1 2.0 1,6 -21%

51

14,9 21,1

29,4 35

50,3 58,1 59,1

75,0

2003 2004 2005 2006 2007 2008 2009 2010

1,3 1,5

1,9

2,4

1,8

2,1 2

1,6

2003 2004 2005 2006 2007 2008 2009 2010

52

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 name Havaalanları Yer

Hizmetleri A.Ş.

Havaş Ground Handling

53

Havaş Ground Handling (65%)

Total revenue of Havas increased by 30% in 2010

Operating at 22 airports in Turkey

Havaş has been chosen by THY as partner in the TGS Ground

Handling Services Inc. which commenced its operations as of 01

January, 2010

Havaş purchased 50% shares of North Hub Services on 12 April,

2010

Financial Data

(€ m) 2006 2007 2008 2009 2010 Change

Total Revenues 99.5 108.1 120.6 125.9 163,5 30%

EBITDA 11.1 20.3 28.1 24.2 25,5 6%

EBITDA Margin 11.2% 18.7% 23.3% 19.2% 15,6% -

# Aircrafts handled

(‘000) 122.7 139.3 158.6 182.7 242,7 33%

Revenue (€m) Aircrafts Handled* (‘000)

* THY flights served by Havas at Istanbul Ataturk Airport in 2010

Figures imply 100% of Havas

84,1 99,5

108,1 120,6 125,9

163,5

2005 2006 2007 2008 2009 2010

TGS Only HAVAŞ Only HAVAŞ + TGS

85

92

9M10 9M11

100

124

9M10 9M11

185

216

9M10 9M11

54

Havaş, TGS and North Hub Operations 54

North Hub coverage

Finland

Sweden

Lithuania

Poland

Latvia

Denmark

Havaş & TGS coverage (Turkey) North Hub coverage (Northern Europe)

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

11,012 employees

Expansion into northern Europe through acquisition of 50% stake in

North Hub Services

Riga – January 2010

Helsinki – July 2010

Stockholm – June 2011

Other Services

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

on January 1st, 2011 including DutyFree, Food&Beverage and other

Retail areas for 10 years

Note: All periods include TAV Holding, TAV O&M, TAV IT and TAV Security

In 2009, €9million one-off gain was recorded due to the sale of TAV Tunisie shares to IFC

In 2010, approximately €5 million one-off expense was recorded due to consultancy charges

Revenue (€m) Revenue Breakdown ( 2010)

Financial Data

(€ m) 2006 2007 2008 2009 2010 Change

Total Revenues 38.8 50.3 54.5 66.1 60,7 -8%

EBITDA 6.7 -6.6 -1.7 19.6 -4,6 n.m.

EBITDA Margin 17.3 n.m. n.m. 30 n.m. -

55

38,8

50,3 54,5

66,1 60,7

2006 2007 2008 2009 2010

TAV O&M 50%

TAV IT 16%

TAV Security

14%

Holding 20%

Share Performance (as of November 02, 2011)

Notes: This page was prepared with market data of November 02, 2011.

* Jan 2011 to date

Share Price Performance

% Weekly 1M 3M Year to Date Since IPO

TL -2% 9% 1% 7% 5%

USD -3% 15% -3% -7% -18%

Relative to ISE -100 -3% 17% 12% 27% -17%

Closing Price

8.04

Market Cap (USD)

1.6bn

Avg. DailyVol.*

(USD)

6mn

Free Float

44%

Foreign Ownership

84%

Effective Free Float

40%

56

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

1,1

1,2

1,3

1,4

0

1

2

3

4

5

6

7

8

02-1

1-1

1

05-0

8-1

1

12-0

5-1

1

17-0

2-1

1

25-1

1-1

0

23-0

8-1

0

31-0

5-1

0

24-0

2-1

0

26-1

1-0

9

31-0

8-0

9

08-0

6-0

9

11-0

3-0

9

16-1

2-0

8

11-0

9-0

8

19-0

6-0

8

25-0

3-0

8

31-1

2-0

7

02-1

0-0

7

09-0

7-0

7

13-0

4-0

7

Price ($) Relative

TAVHL ($) Relative to ISE-100

57

IFRIC 12 is a new application regarding to interpretation of most of existing standards in the IFRS for example, IAS 11-

Construction Contracts, IAS 16-Property Plant and equipment, IAS 17-Leases, IAS 36-Impairment of Assets and IAS 38-Intangible

Assets.

IFRIC 12 Service Concession Arrangements was developed by the International Financial Reporting Interpretations Committee.

Effective date of the application is 1 January 2008.

•TAV Airports adopted IFRIC 12 in the consolidated financial statements for the first time as of 31 March 2008 retrospectively.

•IFRIC 12 affects P&L in terms of the decrease in aviation income (for the guaranteed passenger fees) and depreciation expenses

while the increase in financial income in accordance with such interpretation. “BOT assets” are classified as “airport operation

right” and “trade receivable” in the consolidated financial statements.

•It means the operator (TAV Airports) should account these investments as cost and book construction revenue (if a mark-up on

costs) on its financials instead of investments according to the completion of infrastructure throughout the construction periods.

Mark-up rates for TAV Izmir, TAV Esenboga, TAV Tbilisi, TAV Tunisia, TAV Macedonia and TAV Gazipasa, which are in the

application of IFRIC 12 are assessed by the management as 0%, 0%, 15%, 5%, 0% and 0% during the application periods,

respectively.

•The remaining discounted guaranteed passenger fee to be received from DHMİ according to the agreements made for the

operations of Ankara Esenboga Airport and Izmir Adnan Menderes Airport is represented as guaranteed passenger fee

receivable in the balance sheet as a result of IFRIC 12 application.

IFRIC 12

58

IFRIC 12

Airport operation right Added

Trade receivables Increase

Build-operate-transfer

(“BOT”) Investment Removed

The effect of adoption of IFRIC 12

Balance Sheet

(Assets)

Income

Statement

Construction revenue Added

Construction expenditure (-) Added

Aviation income Decrease (guaranteed pax fees)

Discount interest income Added

Depreciation and amortisation

expense (-) Decrease

58

59

Cash Flow Hedge Accounting

The Group has used material amounts of bank borrowings from foreign sources and banks. Although most of these bank borrowings have floating interest rates,

the Group management and banks fixed interest rates by using derivative financial instruments. TAV İstanbul, TAV İzmir, TAV Esenboğa, TAV Tunisia, HAVAŞ and

TAV Macedonia use interest rate swaps to hedge the fluctuations in Euribor and Libor rates (i.e. 100%, 49%, 100%, 85%, 50% and 100% of floating loans of

TAV İstanbul, TAV İzmir, TAV Esenboğa, TAV Tunisia, HAVAŞ, and TAV Macedonia, respectively are fixed).

Sensitivity Analysis The Group’s principal currency rate risk relates to changes in the

value of the Euro relative to TRL and the USD. The Group manages

its exposure to foreign currency risk by entering into derivative

contracts and, where possible, seeks to incur expenses with respect

to each contract in the currency in which the contract is

denominated and attempt to maintain its cash and cash equivalents

in currencies consistent with its obligations.

The basis for the sensitivity analysis to measure foreign exchange

risk is an aggregate corporate-level currency exposure. The

aggregate foreign exchange exposure is composed of all assets

and liabilities denominated in foreign currencies, both short-term

and long-term purchase contracts. The analysis excludes net

foreign currency investments.

A 10 percent strengthening / (weakening) of EUR against the

following currencies at 30 September 2011 and 31 December

2010 would have increased / (decreased) equity and profit or

loss by the amounts shown below. This analysis assumes that all

other variables, in particular interest rates, remain constant.

Equity Profit or loss

Strengthening Weakening Strengthening Weakening

of EUR of EUR of EUR of EUR

30 September

2011

USD -25.042.707 30.603.876 -6.209.670 6.209.670

TRL - - -9.941.791 9.941.791

Other - - -1.530.462 1.530.462

Total -25.042.707 30.603.876 -17.681.923 17.681.923

31 December

2010

USD -25.972.195 31.744.226 2.907.185 -2.907.185

TRL - - -8.739.274 8.739.274

Other - - -367.417 367.417

Total -25.972.195 31.744.226 -6.199.506 6.199.506

60

Dividend Policy

Under Turkish law, the distribution of profits and the payment of an annual dividend in respect of the preceding financial year is

recommended by our Board each year for approval by the shareholders at the annual general meeting, which must be held within

three months following the end of the preceding fiscal year.

Dividends are payable on a date determined at the annual general meeting of shareholders or on a date to be determined by

the Board if the general meeting of shareholders authorizes the board to make such a decision.

Pursuant to the requirements of the CMB, listed companies should distribute dividends on a date no later than the end of the fifth

month following the end of the preceding fiscal year.

Distribution of dividends by listed companies can be made in the form of cash or bonus shares, or a combination of both. Each

share entitles its holder to the amount of dividend corresponding to its shareholding.

TAV Airports Holding has not distributed any dividends to shareholders, yet.

Although TAV Airports recorded net profit in its 2009 & 2010 financials, it did not distribute any dividends to its shareholders due to

accumulated loss in the TR-GAAP financials.

61

Corporate Governance Rating

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 90.96 (9,09) 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.

Sub-categories Weight Grade

Shareholders 0.25 90.63

Public Disclosure and Transparency 0.35 93.41

Stakeholders 0.15 96.82

Board of Directors 0.25 84.36

Total 1.00 90.96

Highest corporate governance rating in Turkey !!

62

Management Team

Positions within TAV Airports

Dr. Sani Şener Chief Executive Officer (CEO)

Senior Management

Murat Ulug Chief Financial Officer (CFO)

Serkan Kaptan Business Development Director

Altug Koraltan Internal Audit Director

Deniz Aydın Financial Affairs Director

Murat Örnekol Operations Director

Haluk Bilgi Business Development Director (Subsidiaries)

Waleed Youssef Strategy Director

Ersagun Yücel General Secretary

Banu Pektaş Legal Counsel

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

Service Companies 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

63

Board of Directors

Board Member Positions within TAV Airports and other Companies

Hamdi Akın (Chairman) Chairman of Akfen Holding

Ali Haydar Kurtdarcan (Vice Chairman) Chairman of Tepe Construction Ind. Inc.

Dr. Sani Şener (Member and CEO) CEO of TAV Airports

İbrahim Süha Güçsav (Member) CEO of Akfen Holding

Prof. Dr. Abdullah Atalar (Member) Vice Chairman of Bilkent Holding

Önder Sezgi (Member) Financial Affairs and Audit Director of Bilkent Holding

Ahmet Ersagun Yücel (Member) General Secretary of TAV Airports

Dr. Cem Kozlu Independent Board Member

Pierre de Champfleury Independent Board Member

Macro Outlook 64

2009 2010 2011 2012 2013 2014 2015 2016

Estimates

Start After

CAGR

2010-2016

Georgia

GDP, current prices (US $) 11 12 14 15 15 16 17 18 2010 8%

GDP per capita, current prices 2455 2629 3098 3358 3460 3638 3915 4224 2009 8%

GDP based on (PPP) per capita GDP 4770 5074 5430 5809 6176 6581 7037 7546 2009 7%

Inflation, average consumer prices 2 7 10 5 5 5 5 5 2010 16%

Population 4 4 4 4 4 4 4 4 2009 0%

Latvia




Inflation, average consumer prices 3 -1 4 2 2 2 2 2 2010 -5%

Population 2 2 2 2 2 2 2 2 2010 0%

Macedonia




Inflation, average consumer prices -1 2 4 2 2 2 2 2 2010 nm

Population 2 2 2 2 2 2 2 2 2008 0%

Tunisia




Inflation, average consumer prices 4 4 4 4 4 4 4 4 2010 0%

Population 10 11 11 11 11 11 11 11 2009 1%

Turkey




Inflation, average consumer prices 6 9 6 7 5 5 5 5 2010 -3%

Population 71 71 72 73 74 75 75 76 2010 1%

65

Consolidated Income Statement

9M11 9M10 (Amounts expressed in mn Euro)

Construction revenue 64,8 14,9

Total operating income 610,8 537,0

Sales of duty free goods 148,2 120,0

Aviation income 146,6 121,4

Ground handling income 138,9 129,9

Commission from sales of duty free goods 63,8 56,9

Catering services income 38,6 34,5

Other operating income 26,3 31,5

Construction expenditure (64,8) (14,7)

Operating expenses (509,1) (464,8)

Cost of catering inventory sold (12,9) (12,9)

Cost of duty free inventory sold (57,1) (48,2)

Cost of services rendered (40,4) (30,7)

Personnel expenses (176,9) (158,9)

Concession rent expenses (102,2) (95,3)

Depreciation and amortization expense (48,4) (43,5)

Other operating expenses (71,3) (75,3)

Operating profit 128,0 104,0

Finance income 21,8 11,3

Finance expenses (81,3) (61,6)

Profit before income tax 68,5 53,7

Income tax expense (31,3) (14,3)

Profit for the period from continuing operations

Attributable to:

Owners of the Company 35,2 33,5

Non-controlling interest 2,0 5,9

37,2 39,4

Other Financial Data:

Adjusted EBITDA * 204,9 172,5

Adjusted EBITDAR * 307,1 267,8

Summary Cash Flow Data:

Net cash provided by (used in):

Operating activities 240,8 150,4

Investing activities (78,5) 73,2

Financing activities (140,8) (228,7)

66

Consolidated Balance Sheet

9M11 2010

ASSETS

Property and equipment 170,5 169,5

Intangible assets 34,5 37,9

Airport operation rights 773,5 734,3

Other investments 0,0 0,0

Goodwill 154,0 154,0

Prepaid rent expenses 97,8 82,3

Trade receivables 99,2 113,8

Other non-current assets 0,9 0,6

Deferred tax assets 73,8 79,5

Total non-current assets 1.404,3 1.371,9

Inventories 19,7 14,0

Prepaid concession expenses 120,7 122,6

Trade receivables 88,0 77,7

Due from related parties 4,4 5,1

Derivative financial instruments 0,0 0,0

Other receivables and current assets 30,2 33,3

Cash and cash equivalents 53,6 32,4

Restricted bank balances 326,0 382,4

Total current assets 642,7 667,6

TOTAL ASSETS 2.046,9 2.039,5

67


9M11 2010

EQUITY

Share capital 162,4 162,4

Share premium 220,3 220,3

Legal reserves 36,3 21,7

Other reserves 8,3 14,6

Revaluation surplus 1,7 2,0

Purchase of shares of entities under common control 40,1 40,1

Cash flow hedge reserve -71,1 -61,7

Translation reserves -4,1 0,8

Retained earnings 57,9 37,2

Total equity attributable to equity holders of the Company 451,8 437,3

Non-controlling interest 89,0 103,1

Total Equity 540,9 540,4

68

9M11 2010


LIABILITIES

Loans and borrowings 1.008,7 1.008,1

Reserve for employee severance indemnity 9,0 7,5

Due to related parties 11,8 14,1

Deferred income 21,7 21,7

Other payables 1,8 0,0

Deferred tax liabilities 5,8 6,3

Total non-current liabilities 1.058,8 1.057,6

Bank overdraft 2,5 2,9

Loans and borrowings 200,5 225,4

Trade payables 33,4 34,2

Due to related parties 14,8 14,0

Derivative financial instruments 124,7 105,0

Current tax liabilities 10,6 9,9

Other payables 44,6 38,1

Provisions 4,9 4,8

Deferred income 11,2 7,2

Total current liabilities 447,3 441,4

Total Liabilities 1.506,0 1.499,1

TOTAL EQUITY AND LIABILITIES 2.046,9 2.039,5

69

Consolidated Cash Flow Statement

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period 37,2 39,4

Amortisation of airport operation right 26,7 24,6

Depreciation of property and equipment 17,5 14,7

Amortisation of intangible assets 4,2 4,1

Amortisation of concession and rent 102,2 95,3

Provision for employment termination benefits 4,4 3,1

Provision for doubtful receivables 6,8 0,3

Other provisions released -0,3 -0,2

Discount on receivables and payables net - 0,0

Gain on sale of property and equipment -1,6 -0,4

Impairment of property and equipment - 6,6

Provision for unused vacation 1,0 0,7

Provision for slow moving inventory 0,0 0,1

Reversal of / (accrued) insurance income 0,1 -8,9

Other income accrual -9,5

Interest income -11,0 -8,6

Interest expense on financial liabilities 62,6 55,5

Income tax expense 31,3 14,3

Discount income from concession receivable -10,8 -8,0

Unrealised forex differences on statement of financial items -8,3 12,6

Cash flows from operating activities

Change in trade receivables -17,1 -27,1

Change in non-current trade receivables 25,4 23,5

Change in inventories -5,8 -2,0

Change in due from related parties 0,7 -21,2

Change in restricted bank balances 150,7 86,4

Change in other receivables and current assets 13,3 14,5

Change in trade payables -9,9 -9,5

Change in due to related parties -1,6 -3,5

Change in other payables and provisions 12,4 10,3

Change in other long term assets -0,3 7,9

Additions to prepaid rent expenses -106,6 -97,5

Cash provided from operations 323,8 217,6

Income taxes paid -20,0 -19,6

Interest paid -61,6 -46,0

Retirement benefits paid -1,5 -1,5

Net cash provided from operating activities 240,8 150,4

9M11 9M10

70

Consolidated Cash Flow Statement

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 10,9 4,9

Proceeds from sales of non-controlling interest in subsidiaries - 141,7

Proceeds from sale of property. equipment and intangible assets 2,7 2,2

Acquisition of property and equipment -30,3 -60,7

Additions to airport operation right -61,2 -11,1

Acquisition of joint venture net of cash acquired - -3,2

Acquisition of intangible assets -0,7 -0,6

Net cash provided from / (used in) investing activities -78,5 73,2

CASH FLOWS FROM FINANCING ACTIVITIES

New borrowings raised 114,3 121,5

Repayment of borrowings -138,4 -191,2

Change in restricted bank balances -105,2 -100,3

Acquisiton of non-controlling interest -9,2 -

Non-controlling interest change -2,6 -59,5

Addition to finance lease liabilities 0,3 0,8

Net cash (used in) / provided from financing activities -140,8 -228,7

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS 21,5 -5,1

CASH AND CASH EQUIVALENTS AT 1 JANUARY 29,6 31,6

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 51,1 26,6

9M11 9M10

71

For further information, please visit http://ir.tav.aero, e-mail: [email protected]

[email protected]

or call +90-212-463-30-00(x2120, 2122, 2123, 2124)

TAV Airports Holding Co.

Istanbul Ataturk Havalimanı Dış Hatlar Terminali

34149 Yesilkoy, Istanbul

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

Besim MERİÇ

Investor Relations Senior Associate

[email protected]

Tel :+90 212 463 3000 / 2123

Fax : +90 212 465 3100

TAV Investor Relations

2007 2008

2009 2010

http://ir.tav.aero/

mailto:[email protected]











Disclaimer

72

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 02 November 2011.

Documents

TAV AIRPORTS HOLDING