september 2019 - ir.tav.aero · management presentation september 2019. investment highlights 2...

Management PresentationSeptember 2019

Investment Highlights

2

Turkey is the fastest growing aviation market in Europe

Diversified, balanced portfolio with leading market positions

Strong momentum with EBITDARposting 13% CAGR between 2006 and 2018

Well-positioned to benefit from further organic and inorganic growth

Attractive market with strong growth prospects

Leading airport operator with diversified portfolio

& integrated structure

Strong financial performance and cash

flow generation“Platform play”

Passenger growth of 13% p.a. during 2003-2018

Projected tourist arrivals growth of 12% p.a. between 2018-2023(1)

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

Access to fast growing MENA region

#1 airport terminal operator in Turkey

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

90 airports around the world have a TAV Airports subsidiary functioning in them

Strong vertically integrated value chain

As of December 2018

High earnings visibility given clear / agreed regulatory framework

Proven track record of growth and profitability with attractive organic growth prospects

High financial returns and cash flow generation given fixed cost base (operational leverage) and minimal ongoing capex

Hard currency based cash flow & visible earnings

50% dividend payout policy

TAV will receive compensation for all loss of profit due to new Istanbul airport opening before 2021

Central and Eastern Europe, Africa,Middle East, South East Asia and Cuba

Inorganic growth of service companies

(1) Source: Turkey’s Ministry of Tourism(2) THY and Pegasus web site

Exceptional Growth

Revenue (€m)

402 508 627 640 785 881 1099 1205

847904

9831079 1,104 1132 1181

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pre-IFRS11

Post-IFRS11

EBITDAR (€m)

170 189 267 311 342 387 483 555

463524

569621 611

673728

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pre-IFRS11

Post-IFRS11

2330

41 4248 53

7284

95102 104

115

152

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-71

-38

4

51 50 53

129 133

218 210

127

175

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Passenger (m) Net Profit (€m)

2006 2007

255

3

TAV Corporate and Shareholder Structure

5.06%

1.18%

3.20%

44.45%

46.12

Shareholder Structure (as of June 2019)

Shareholders

TAV Airports Holding Co.

1

2

3

4

5

*Through Tank oWA Alpha GMBH

1. Groupe ADP*Internationally acclaimed airport operating company with global operations

2. Tepe Insaat Sanayi A.S.Turkish integrated conglomerate focused on infrastructure and construction

3. Sera Yapi Endustrisi A.S.Focused on construction in Turkey & MENA region

4. Other Non-floating

5. Other Free Float

Airport Companies Service Companies

ATU (50%)

BTA (100%)

OS (100%)

TAV Technologies (100%)

Security (100%)

Havas (100%)

TGS (50%)

Havas Latvia (100%)

Esenboga (100%)

Adnan Menderes (100%)

Gazipasa Alanya (100%)

Milas Bodrum (100%)

Medinah (50%)

Tbilisi (80%) & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid (100%)

Latvia (100%)

Zagreb (15%)

Havas Saudi (67%)

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

4

Antalya (50%)

*All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. DHMI had stated that it would reimburse our company for loss of profit due to opening of the New Istanbul Airport before the end of TAV Istanbul's lease period which ends on January 3, 2021.

http://www.sera.com.tr/tr_index.php

http://www.sera.com.tr/tr_index.php

TAV Airports Business Areas

ATU (50%)Partner with Unifree –owned by Heinemann, leading German travel retailer (Travel Value)Operating in Turkey, Georgia, Tunisia, North Macedonia, Latvia, Oman and MedinahOperating in Houston, USA, since September 2015.

BTA (100%)Operating in Turkey, Georgia, North Macedonia, Tunisia, Latvia, Saudi Arabia, Oman and CroatiaOperates İzmir Airport Hotel (81 rooms)Total seating capacity of c. 17 thousand at c. 267 points including BTA IDOBaker and pastry factory serving in TurkeyBTA Denizyollari (100%) is the F&B operator of Istanbul Deniz Otobusleri (IDO)Operating in New Muscat Int’l Airport since March 2018Operating in Orly Airport since 2Q 2019

HAVAS (100%)Major ground handler in Turkey with a c.70% shareOperates in 28 airports in Turkey including Istanbul, Ankara, Izmir and AntalyaTGS (50%) operates in Istanbul (IST&SAW), Ankara, Izmir, Antalya, Adana, Bodrum and Dalaman100% owner of Havas Latvia, with c.66% market share67% owner of Saudi HAVAS

operating in Medina

TAV OS (100%)Commercial area allocation and lounges

TAV Technologies (100%)Airport IT services

TAV Security (100%)Security service provider in Istanbul, Ankara, Izmir and Gazipasa

TAV Latvia (100%)Commercial area management in Riga Airport

Airports Duty free Food and beverage Ground handling Others

TurkeyAnkara Esenboga Airport (100%)Izmir Adnan Menderes Airport (100%)Gazipasa Alanya Airport (100%)Milas Bodrum Airport (100%)Antalya Airport (50%)*

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

TunisiaMonastir and Enfidha Airports (67%)

North MacedoniaSkopje and Ohrid Airports (100%)

Saudi-ArabiaMedinah (50%)

CroatiaZagreb Airport (15%)

*TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends.

.

5

8,7 9,3 7,9 10,4 11,9

12,5 11,77,6

7,710,5

4,5 3,6

0,9

4,7

6,05,3 5,6

3,9

3,6

4,51,7 1,8

1,7

1,9

2,42,6 2,5

1,7

1,7

2,31,6 1,7

1,7

2,5

2,0

2014 2015 2016 2017 2018

Rest of the world Rest of Europe Russian Federation

Germany Bulgaria UK

Source: State Airports Authority

Growth of the Turkish Aviation Market

Change in Foreign Visitors in Turkey

Deregulation of the domestic market in 2003

2nd largest country in Europe in terms of population: 81m (1)

In 2018, foreign visitors reached 39.5m (+22% vs 2017)(2)

Passport ownership of Turkish citizens (+18) is only 8%. (3)

Only 11% of Turkish people vacationed abroad. (3)

Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Konda Research and Consultancy 2017 Turkey Report

4452

5966

7380 84

71

83

97 101 105 109

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e 2020e 2021e

State Airports Authority International Passenger Forecast

Mn, pax

Foreign Visitors in Turkey (mn)

5%9%

4%

24%

9%18% 17%

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

2019/2018 2018/2017 2017/2016 2016/2015

YTD+14% +28% -30%+22%

-2%

-30%

+28%

36.8 36.2

25.4

32.4

39.5+22%

6

Traffic Outlook

Source: IATA, Airbus Global Market Forecast 2018, Boeing Current Market Outlook 2018

Source: IATA, Eurocontrol, DHMI

Source: THY presentation ( August 2019)Pegasus Presentation ( August 2019)

1 2 3

World Air Traffic will double in 20 years

Strong growth in Turkish Trafic

Aggressive fleet expansion plans of

major airlines in Turkey

Ministry of Tourism Turkeyexpects 12% CAGR for tourist arrivals reaching to 70mn by 2023 from 40mn in 2018

IATAexpects Turkish air traffic to grow at a 4.7% CAGR in the next twenty years

Boeingprojects 4.7% CAGR for world air traffic (2018-2037)

Airbusprojects 4.4% CAGR forfor world air traffic (2018-2037)

IATAexpects 7.8 bn pax to travel in 2036 a near doubling of 4 bn in 2017

THYto expand fleet size to 474 by 2023(from 328 in 2018)Pegasusto increase fleet to 108by 2024(from 82 in 2018)

7

Traffic Performance

Ankara Ankara international traffic predominantly Turkish citizens

İzmir International also affected by economic slowdown through Turkish citizens

Milas-Bodrum International season starts in April

Gazipasa Affected by some key carriers (Germania and Azurair)

Medinah Affected by weakness in emerging market currencies

Tunisia Continuation of recovery

Georgia Georgia continues to emerge as a new global touristic destination

North Macedonia New routes by airlines other than Wizz

Zagreb Some new routes

Pax Post Istanbul portfolio growth of +9% (int +21%, dom -7%)

* All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 5th, 2019.

Antalya was added to portfolio in May 2018. TAV Total figures do not include Antalya Airport until May 2018 and do not include Ataturk Airport

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ, DHMI figures for are tentative for one year. Both departing and arriving passengers, including transfer pax

Antalya Growth continues in 2019 with weakness in Turkish Lira

January – August January-December

Passengers (thousand) (1) 2018 2019 Chg 2017 2018 Chg

Esenboga Airport 11.771 9.429 -20% 15,817 16,732 6%

International 1.554 1.535 -1% 1,989 2,250 13%

Domestic 10.217 7.894 -23% 13,828 14,483 5%

Izmir Airport 9.212 8.395 -9% 12,824 13,426 5%

International 1.876 2.240 19% 2,350 2,737 16%

Domestic 7.336 6.155 -16% 10,475 10,689 2%

Gazipaşa Airport 839 773 -8% 821 1,216 48%

International 448 433 -3% 342 631 84%

Domestic 391 339 -13% 479 584 22%

Milas-Bodrum 3.048 3.145 3% 3,502 4,186 20%

International 1.095 1.366 25% 925 1,514 64%

Domestic 1.953 1.779 -9% 2,576 2,672 4%

Antalya 21.683 24.490 13% 25,872 31,566 22%

International 16.511 19.707 19% 18,449 24,003 30%

Domestic 5.172 4.783 -8% 7,423 7,563 2%

Medinah 5.679 5.925 4% 7,805 8,144 4%

Tunisia (Monastir&Enfidha) 1.721 2.184 27% 1,684 2,490 48%

Georgia (Tbilisi&Batumi) 2.983 3.091 4% 3,654 4,400 20%

North Macedonia (Skopje&Ohrid) 1.589 1.782 12% 2,027 2,343 16%

Zagreb Airport 2.224 2.276 2% 3,092 3,336 8%

TAV TOTAL (*) 56.428 61.491 9% 51,227 83,521 63%

International 31.721 38.405 21% 20,919 46,873 124%

Domestic 11.771 9.429 -7% 30,308 36,647 21%

Ataturk Airport 45.924 16,073 nm 64.106 67.981 6%

International 32.761 11,845 nm 44,477 48,811 10%

Domestic 13.163 4,227 nm 19,629 19,170 -2%

8

Antalya International Airport

Transaction Overview

Transaction

TAV acquires IC Ictas’ 49% stake in ICF Antalya, the joint-venture that manages Antalya Airport

TAV stake entitles it to co-control; i.e. 50% dividend rights and 50% of voting rights

Fraport AG maintains 51% stake

Date of Closing 8 May 2018

Price EUR 360 million cash

Impact on TAV Transaction expected to be EPS accretive

Source of funding

Transaction financed through debt (EUR 300 million) and equity (EUR 60 million)

Consolidation Consolidated by equity method

9

*EBITDAR=IFRS EBITDA which is before rent amortization**EBITDA= Adjused IFRS EBITDA after rent amortization

Antalya Airport Financials (100%)

Note on Pax:

Severe international traffic decrease occured in 2016 with Russian ban to

charters (started late 2015) and security issues in Turkey.. Majority of Russian

traffic recovered in 2017 with the lift of travel ban. Domestic traffic increased

non-stop during last 10 years.

EUR (m) 2014 2015 2016 2017 2018

Revenue 327 303 182 260 324

EBITDAR* 283 258 141 223 277

EBITDA** 151 130 16 106 158

EBITDA Margin 46% 43% 9% 41% 49%

Net Profit 85 68 -24 40 91

Source for Pax: DHMI

15,2

18,320,5 20,2

21,5 22,120,9

11,7

18,5

2418,3

22.0

25.1 25,127.0

28,3 27,8

18,7

26.0

31,6

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Antalya Pax (m)

Int

Total

Changes to the Reporting of Financial Results

1. Discontinued Operations - Q2 2019

All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13,Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul (the concession holder ofIstanbul Ataturk Airport). TAV total passenger numbers reported after the closure also do not include the results of Istanbul AtaturkAirport.

2. Net Debt Reclassification – Q2 2019

Net Debt has been restated to include the € 300m shareholder loan plus accrued interest from Groupe ADP.

3. Adjusted Revenue and EBITDA– Q1 2020

To harmonize with Groupe ADP reporting practices, reporting of Adjusted Revenue and Adjusted EBITDA will be discontinuedstarting with Q1 2020. With the Q1 2020 financials, we will only provide IFRS Revenue and EBITDA not adjusted for IFRIC 12 beforeEquity Pick-up. Please refer to pg. 27 for Revenue and EBITDA reported by Groupe ADP before Groupe ADP consolidation effects.

10

«IFRS 5.13: Non-current assets that are to be abandoned:

An entity shall not classify as held for sale a non-current asset (or disposal group) that is to be abandoned. This is because itscarrying amount will be recovered principally through continuing use. However, if the disposal group to be abandoned meets thecriteria in paragraph 32(a)–(c), the entity shall present the results and cash flows of the disposal group as discontinuedoperations in accordance with paragraphs 33 and 34 at the date on which it ceases to be used. Non-current assets (or disposalgroups) to be abandoned include non-current assets (or disposal groups) that are to be used to the end of their economic life andnon-current assets (or disposal groups) that are to be closed rather than sold.»

Discontinued Operations

1 January-30 June

2019

1 April-30 June

2019

1 January-30 June

2018

1 April-30 June

2018

Operating profit 63,021 4,041 107,363 62,103

Net finance costs (622) (60) 7,669 13,089

Profit before tax 62,399 3,981 115,032 75,192

Profit for the period 46,513 2,156 84,761 57,864

IFRIC 12 Adjusted Financials(in m€, unless stated otherwise) 1H18(*) 1H19(*) Chg %

Revenue 317.3 344.7 9%

EBITDAR 132.2 129.2 -2%

EBITDAR margin (%) 41.7% 37.5% -4.2 ppt

EBITDA 129.6 126.6 -2%

EBITDA margin (%) 40.9% 36.7% -4.1 ppt

FX Gain /(Loss) (13.9) 2.0 nm

Deferred Tax Expense (4.0) (5.0) 24%

Net Profit after Minority 93.1 61.3 -34%

Capex 53.4 32.7 -39%Net Debt (includes Shareholder Loan) 1026.7 948.4 -8%

Number of employees (eop) 18,694 16,477 -12%Number of passengers (m) 34.2 38.3 12%

- International 16.9 21.4 27%

- Domestic 17.2 16.8 -2%

Duty free spend per pax (€) (*) 6.7 6.4 -5%(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th,

2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the

results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul

Ataturk Airport.

Please refer to page 27, for reconciliation of Adjusted Revenue and Adjusted EBITDA to IFRS Revenue and

EBITDA reported by Groupe ADP

1H19 Summary Financial and Operational Results(*)

11

Spend per PaxFrom €6.7 to €6.4 due to weak TRY affecting Turkishpassengers

Pax (*)

+12%

Like-for-Like int pax growth is 8%, Antalya added in May 1827% int growth boosted by AntalyaDomestic traffic and outbound international traffic affected by weak Turkish Lira

Revenue(*)

+9%

Revenue positively affected by new lounges operated byTAV OS, the recovery in Tunisia and pax growth inGeorgia and Macedonia48% aero, 52% non-aero

EBITDA (*)

-2%No material change in rent YoY

FX Lossnm FX Loss improved as volatility decreased

Net Profit -34%

The effect of discontinued operations (TAV Istanbul) YoYwas €-38m

Net Debt -8%

The rent for the first three months of Istanbul operationswas amortized off rent already prepaid to DHMI. Nopayment was made for the remaining nine months not tobe operated.+€54m IFRS 16 impact in 1H19

EBITDAR (*)

-2%

EBITDAR negatively affected by inclusion of Antalya’s offseason results for the first time. (Antalya added May 18)and lower contribution from ATU due to closure ofIstanbul Ataturk

(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been

restated to exclude the results of TAV Istanbul. TAV Total pax and SPP numbers reported after closure also do not include the results of Istanbul Ataturk Airport.

317,3

10,86,2 6,1 6,1 3,9 1,5 0,9 0,6 0,1 0,0 0,3 8,4

344,7

1H

18

Oth

ers

Elimin

ation

Ge

orgia

Havas

Tun

isia

Maced

on

ia

Izmir (Ege

)

Bo

dru

m

Gazip

asa

Istanb

ul

An

kara

BTA

1H

19

129,6

14,17,9 1,2 -3,4 -12,8

-16,9

126,6

1H

18

Vo

lum

e

F/X

Mix

Oth

er

Price

EPU

***

1H

19

129,6

9,25,0 3,6 0,7 0,5 0,5 0,1 0,0 -0,1 -1,6 -5,5

-15,5

126,6

1H

18

Elimin

ation

Ge

orgia

Tun

isia

Maced

on

ia

An

kara

Bo

dru

m

Izmir (Ege

)

Istanb

ul

Gazip

asa

BTA

Havas

Oth

ers**

1H

19

1H19 Revenue and EBITDA Bridges *

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

* Please refer to page 27, for revenue reported by Groupe ADP, 2017 restated 12*** Equity Pick -up**Others includes equity pick-up

Antalya * -4,9

ATU -6.3

TIBAH -2.6

Other -1.7OS 12.8

Others -2.0

Antalya -4,9

ATU -6,3

TGS -3,1

Other -2,7

*Antalya acquisition was made in 2Q18. 1Q is seasonally weak in Antalya

317,3

43,7

10,0 5,8 2,6 -0,1-34,9

344,7

1H

18

Oth

er

Price

Vo

lum

e

Mix

On

e-Offs

F/X

1H

19

507,9

70,8

29,823,9

11,7 33,937,3

572,8

12

M17

Vo

lum

e

EPU

***

F/X

Mix

Oth

er

Price

12

M18

FY18 Revenue and EBITDA Bridges *

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

* Please refer to page 24, for revenue reported by Groupe ADP, 2017 restated 13*** Equity Pick -up

Ege

**Others includes equity pick-up

1131,7

12,09,7 7,2 5,0 4,8 4,5 3,2 2,7 1,4 0,9 0,2 2,2

1181,2

12M

17

Oth

ers

Tun

isia

Ge

orgia

Bo

dru

m

Elimin

ation

BTA

Maced

on

ia

Gazip

asa

Havas

Izmir (Ege)

Istanb

ul

An

kara

12M

18

507,9

15,414,3

11,411,0 6,3 6,0 2,9 2,6 2,2 1,1 2,5 5,9

572,8

12

M17

Oth

ers**

Havas

Tun

isia

Istanb

ul

Geo

rgia

Bo

dru

m

Gazip

asa

Maced

on

ia

Izmir (Ege)

Elimin

ation

An

kara

BTA

12

M18

1131,7

123,025,5 20,5 15,8 0,5

135,9

1181,2

12

M17

Vo

lum

e

Oth

er

Price

Mix

On

e-Offs

F/X

12

M18

Antalya 21.2

TIBAH 3.1

ATU 1.5

IT -6.2

Other -4.3

TAV OS 13.3

Holding 6.3

IT -8.3

Other 0.8

Antalya 21.2

TGS 6.5

TIBAH (Medinah) 3.1

ATU 1.3

Other -1.7

MZLZ (Zagreb) -0.7

84,8

46,5

10,7

16,2

1H18 1H19

ContinuingDiscontinued

YoY Comparison (1H19) (*)

24%

14%

10%10%

20%

21%29%

15%

11%14%

16%

15%

Georgia IzmirAnkara Other AirportsHavas Other Services&JVs

14

Consolidated Revenue (*) (€m) Net Profit after Minority (€m)

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

317345

1H18 1H19

130 127

1H18 1H19

38%

26%

15%

12%8%1%

39%

23%

17%

14%

6%1%

Personnel Other

D&A Services rendered

Catering Concession rent

1H18

1H19

EBITDA (*) (€m)

5%

23%

22%16%

33%

5%

25%

23%15%

33%

Duty-free Aviation

Ground-handling F&B

Other Services

(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported

after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul

Ataturk Airport. Please refer to page 27, for reconciliation of Adjusted Revenue and Adjusted EBITDA to IFRS Revenue and EBITDA reported by Groupe ADP

93

61+52%

YoY Comparison (FY18) (2017 figures restated)

49%

33%

3%10%

5%

45%

35%

1%

11%

8%

Istanbul Other Airports BTA HAVAS Other

15

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

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

1132 1181

12M17 12M18

508573

12M17 12M18

175

255

12M17 12M18

(1) Please refer to page 24, for revenue and EBITDA reported by Groupe ADP

(2) Attributable to equity holders of the company

31%

21%15%

18%

9%5% 33%

20%19%

14%

9%5%

Personnel Concession rent

Other D&A

Services rendered Catering

FY17

FY18

EBITDAR (1) (€m) EBITDA (1) (€m)

673728

12M17 12M18

22%

33%13%

9%

22%

20%

36%13%

9%

21%

Duty-free Aviation

Ground-handling F&B

Other

Selected Financials by Assets (IFRIC 12 Adjusted) and Employee #s (1H19)

16

(€m) Revenue EBITDAEBITDA

Margin (%)Net Debt

Airports 146.2 86.8 59% 804Istanbul - - - -32Ankara 25.8 14.1 55% 91Ege (İzmir) 31.0 18.9 61% 216Gazipasa 2.5 0.9 34% 28Tunisia 14.8 4.0 27% 355Georgia 46.2 36.6 79% -19Macedonia 15.4 6.4 41% 35Bodrum 10.4 6.0 57% 132

Services 231.8 39.8 17% 144Havas 70.8 20.3 29% 159BTA 70.0 2.9 4% 24Others* 91.0 16.6 18% -39

Total 378.0 126.6 33% 948Elimination -33.3 - -Consolidated 344.7 126.6 37% 948

Revenue (€m) 1H18* 1H19 Chg.(%)

Airports 133.5 146.2 10%İstanbul - - -Ankara 26.1 25.8 -1%Ege (İzmir) 30.0 31.0 3%Gazipasa 2.5 2.5 2%Tunisia 10.9 14.8 36%Georgia 40.1 46.2 15%Macedonia 13.9 15.4 10%Bodrum 9.8 10.4 6%

Services 223.3 231.8 4%Havas 64.8 70.8 9%BTA 78.4 70.0 -11%Others 80.2 91.0 13%

Total 356.8 378.0 6%Elimination -39.5 -33.3 -16%Consolidated 317.3 344.7 9%

Number of Employees (eop) 1H18* 1H19

Istanbul 3,088 56Ankara 944 955Ege (İzmir) 931 965Tunisia 789 819Gazipasa 67 69Georgia 982 1,051Macedonia 709 773Havas 4,988 5,383BTA 3,591 3,185Holding 113 115O&S 744 1,077Technologies 328 337Security 1,304 1,573Latvia 6 5Bodrum 108 114Academy 2 -

TOTAL 18,694 16,477

EBITDA (€m) 1H18* 1H19 Chg.(%)

Airports 76.4 86.8 14%Istanbul - - -Ankara 13.6 14.1 4%Ege (İzmir) 18.7 18.9 1%Gazipasa 0.9 0.9 -9%Tunisia 0.4 4.0 940%Georgia 31.6 36.6 16%Macedonia 5.7 6.4 12%Bodrum 5.5 6.0 9%

Services 62.4 39.8 -36%Havas 25.8 20.3 -21%BTA 4.5 2.9 -35%Others* 32.1 16.6 -48%

Total 138.8 126.6 -9%Elimination -9.2 0.0 nmConsolidated 129.6 126.6 -2%

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

(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul.

Selected Financials by Assets (IFRIC 12 Adjusted) and Employee #s (FY18)

17

(€m) Revenue EBITDAEBITDA

Margin (%)Net Debt

Airports 822.6 459.5 56% 712Istanbul 506.5 260.6 51% -114Ankara 54.2 31.0 57% 91Ege (İzmir) 69.4 46.2 67% 196Gazipasa 7.1 4.0 57% 29Tunisia 32.7 8.9 27% 352Georgia 92.7 74.4 80% -16North Macedonia 31.2 14.3 46% 36Bodrum 29.0 20.1 69% 140

Services 475.9 112.5 24% -209Havas 140.9 63.3 45% 11BTA 162.9 7.8 5% 9Others* 172.1 41.3 24% -229

Total 1,298.5 572.0 44% 503

Elimination -117.4 0.8 0

Consolidated 1,181.2 572.8 48% 503

Revenue (€m) FY17* FY18 Chg.(%)

Airports 796.0 822.6 3%İstanbul 506.3 506.5 0%Ankara 56.4 54.2 -4%Ege (İzmir) 68.5 69.4 1%Gazipasa 4.4 7.1 60%Tunisia 23.0 32.7 42%Georgia 85.5 92.7 8%North Macedonia 28.0 31.2 12%Bodrum 24.0 29.0 21%

Services 458.0 475.9 4%Havas 139.5 140.9 1%BTA 158.4 162.9 3%Others 160.1 172.1 8%

Total 1,253.9 1,298.5 4%Elimination -122.2 -117.4 -4%Consolidated 1,131.7 1,181.2 4%ATU** 342.1 342.0 0%TGS** 126.7 147.8 17%TIBAH (Medinah)** 70.2 71.2 1%

Number of Employees (eop) FY17* FY18

Istanbul 2,993 2,271Ankara 941 945Ege (İzmir) 928 940Tunisia 778 749Gazipasa 62 64Georgia 876 936North Macedonia 681 708Havas 4,135 4,433BTA 3,165 3,319Holding 111 116O&S 678 705Technologies 332 316Security 1,070 1,232Latvia 6 7Bodrum 78 78Academy 2 1

TOTAL 16,836 16,820

EBITDA (€m) FY17* FY18 Chg.(%)

Airports 419.6 459.5 10%Istanbul 249.6 260.6 4%Ankara 33.5 31.0 -8%Ege (İzmir) 44.0 46.2 5%Gazipasa 1.1 4.0 261%Tunisia -2.5 8.9 n.m.Georgia 68.1 74.4 9%North Macedonia 11.7 14.3 22%Bodrum 14.1 20.1 43%

Services 88.7 112.5 27%Havas 49.1 63.3 29%BTA 13.7 7.8 -43%Others* 25.9 41.3 60%

Total 508.3 572.0 13%Elimination -0.4 0.8 208%Consolidated 507.9 572.8 13%ATU** 28.7 35.6 24%TGS** 15.6 23.4 50%TIBAH (Medinah)** 15.1 16.4 8%

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

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

2,73,3 3,4 3,5

5,54,6 4,5

8,1

2011 2012 2013 2014 2015 2016 2017 2018

3962 66

109 105

6487

128

53

124 133

218 210

127

175

25574%

50%

2011 2012 2013 2014 2015 2016 2017 2018

Dividends Paid Net Income Payout Ratio

CAPEX Development / Dividends

18

Quarterly Capex (€m)(i) Capex

Dividend Yield (%) Dividend History (€m)

Capex mostly in IGA operations and growth initiatives of OS and BTA

Capex excludes IFRS16 (non-cash) effects. Consolidated IFRS16 impact (non-cash additions to rights of use assets) €7m in 1Q19 and €35m in 2Q19

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

2019 1HCAPEX

€33m

1012 12

6

20

33

11

28

16 17

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Decentralized Debt Structure - Prudently Levered

19

Net Debt(*)(eop, €m)

Dec2017

March2018

June2018(*)

March2019(*)

June 2019(*)

Airports 668 803 765 756 804 İstanbul -76 32 -23 -47 -32 Ankara 18 7 9 96 91 Ege (İzmir) 186 213 211 221 216 Gazipasa 48 49 48 -31 28 Tunisia* 348 355 356 356 355 Georgia -15 -14 -13 -17 -19 Macedonia 43 42 41 35 35 Bodrum 116 118 135 141 132

Services -81 -57 -40 90 144 HAVAS 7 8 -4 68 159 BTA 7 6 4 6 24 Holding (solo) -101 -80 251 0 -55 Others 6 9 11 17 16

Total 586 746 1,027 846 948

Gross Debt Maturity Profile(*) (€m)

Door to Door Maturity 6.7 Years

Average Maturity 4.2 Years

Average € Cost of Debt (Hedged*) 4.7%

Net Debt(*) / 2018 FY EBITDA 1.7

* 70% of all loans have fixed rates. -as of June 30, 2019

* Net Debt has been restated to include the € 300m shareholder loan taken in May 2018 from Groupe ADP plus accrued interest.

The interest rate for this loan is 3% and there is no principal payment until May 2021.

+€54m IFRS 16 IMPACT to Net Debt in 1H19: • Havas +€40m• BTA +€7m • Other +€7m

·

* Due to the trilateral negotiations in Tunisia, all financial debt has been reclassified to shortterm borrowings. Details can be found in IFRS financials Note on Loans and Borrowings.Does not include Shareholder Loan from Groupe ADP

Non-recourse

131 122 112 96 56

209

373

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

Tunisia

TAV Airports

2018 Guidance & Realization

2018Guidance

(revised in July 2018) Subject to our traffic and FX assumptions

Istanbul Ataturk

Airport Int. Pax

Total TAV Airports

PaxRevenue EBITDA CAPEXNet Profit

Istanbul Ataturk

Airport Int.O&D Pax

8 to 10Percent

> 30Percent

4 to 6Percent

~ €120m11 to 13Percent

14 to 16Percent

Notes: All financial targets have been adjusted to reverse the effects of IFRIC 12 and are compliant with IFRS 11; assuming Istanbul Ataturk Airport will operate for the full year in 2018. Antalya Airport included since May, excluding the loses in the first four months of 2018. Revenue: IFRS Revenue – Construction revenue + Ankara guaranteed passenger revenue - Discount Income related to Ankara guaranteed passenger revenue. EBITDA: IFRS EBIT + Depreciation & Amortisation & Impairment – Construction revenue + construction expense + Ankara guaranteed passenger revenue - Discount Income related to Ankara guaranteed passenger revenue + Equity accounted investees (EAI). EAI is not classified to EBITDA in Groupe ADP’s accounts. Please refer to pg. 24 for reconciliation to ADP’sreporting of TAV Airports financials.

significantdouble digit

growth

Realization

10Percent

31Percent

4Percent

€92m13Percent

13Percent

46 percent

1% below

lower

Capital expenditures were lower than guidance due to some investments, such as new lounges, being deferred to 2019

EBITDA was 1% lower than guidance, mainly because of higher purchase price amortization for Antalya

20

2019 Guidance

21

Subject to our traffic and FX assumptions,

excluding passenger and EBITDA generated from Istanbul Ataturk Airport operations in 2019,

our company’s targets for 2019 are as follows:

between EUR70mto EUR80m

EBITDA: IFRS EBIT + Depreciation & Amortisation & Impairment – Construction revenue + construction expense + Ankara guaranteed passenger revenue - Discount Incomerelated to Ankara guaranteed passenger revenue + Equity accounted investees (EAI). EAI is not classified to EBITDA in Groupe ADP’s accounts. Please refer to pg. 25 forreconciliation to ADP’s reporting of TAV Airports financials.

Total TAV Airports Pax(excluding Istanbul Ataturk

Airport)

EBITDA(excluding Istanbul Ataturk

Airport)

Capex

90 to 94 million 38 to 42 %lower

Note: Excluding any impact regarding compensation related with early closure of Istanbul Ataturk Airport All financial targets are in EUR terms and have been adjusted to reverse the effects of IFRIC 12.

11%

14%

47%

28%

Revenue (1)

22

FX Exposure of Operations (1H19)

5%

19%

54%

23%€48m

€59m

€138m

Opex (1)(2)

2%

74%

9%

14%

€33m

€1m

€4m

€6m

D&A

€178m

€54m

€44m

€383m €257m

€45m

€12m

EUR USDTRY Other

(1) Combined figures, pre-elimination and consolidated adjustment, IFRIC12 adjusted, includes equity-pick up (€4.7m)(2) Includes concession rent expenses (€2.6m), does not include depreciation (€44.8m)

96%

3%

1%

€1.414m

Gross Debt

€1.464m

€35m €11m

€107m

FX Exposure of Operations (FY18)

23

11%

22%

15%

52%

Opex (1)(2)

€116m

€174m

€83m

€401m

98%

2%

Gross Debt

€1400m

4%

19%

53%

24%

Revenue (1)

€719m

€255m

€54m

€327m

96%4%

Concession Rent Expense

€7m

€149m

€2m

€1355m

€156m

€774m

€1432m

EUR USDTRY Other

(1) Combined figures, pre-elimination and consolidated adjustment, IFRIC12 adjusted, includes equity-pick up (€46m)(2) Includes concession rent expenses (€156m), does not include depreciation (€116m)

€30m

FX Exposure

24

Hedging

Subsidiaries, TAV Ege, TAV Macedonia, TAV İsletme and TAV Milas Bodrumenter into swap transactions in order to diminish exposure interest rate riskto manage exposure to the floating interest rates relating to loans used.

Interest payments of 100%, 100%, 100% and 90% of floating bank loans forTAV Ege, TAV Macedonia, TAV İşletme and TAV Milas Bodrum respectively arefixed with interest rate swaps.

Changes in the fair value of the derivative hedging instrument designated as acash flow hedge are recognized directly in equity to the extent that the hedgeis highly effective. To the extent that the hedge is ineffective, changes in fairvalue of the ineffective are recognized in profit or loss.

Sensitivity Analysis

The Group’s principal currency risk relates to changes in the value of theEuro relative to TRL and USD. The Group manages its exposure to foreigncurrency risk by entering into derivative contracts and, where possible, seeksto incur expenses with respect to each contract in the currency in which thecontract is denominated and attempt to maintain its cash and cashequivalents in currencies consistent with its obligations.

The basis for the sensitivity analysis to measure foreign exchange risk is anaggregate corporate-level currency exposure. The aggregate foreignexchange exposure is composed of all assets and liabilities denominated inforeign currencies, both short-term and long-term purchase contracts.

A 10 percent strengthening / (weakening) of EUR against the followingcurrencies at 30 June 2019 and 31 December 2018 would have increased /(decreased) equity and profit or loss by the amounts shown below. Thisanalysis assumes that all other variables, in particular interest rates, remainconstant.

Equity Profit or loss(‘000) Sstrengthenin

g of EURWeakening

of EURStrengthening

of EURWeakening

of EUR

30 June 2019

USD (9,501) 9,501

TRY (1,861) 1,861

Other (1,497) 1,497

Total (12,859) 12,85931 December 2018

USD (7,189) 7,189

TRY (155) 155

Other (2,383) 2,383

Total (9,727) 9,727

66

170

13

250

63

167

14

245

HAVAS TGS HVS E HAVAS + TGS +HVS E

1H181H19

HAVAS

25

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

Havas Solo FX Exposure FY 2018# of Flights Served (‘000)

10%

35%

55%

Revenue

3%

69%

28%

Cost

26,034,8

46,9

31,827,0

37,845,3

30,8 27,1

43,7

4,011,7

24,0

9,3 6,0

19,8

30,5

7,1

-0,6

20,9

-20%

0%

20%

40%

60%

80%

-20,0

0,0

20,0

40,0

60,0

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

Revenue EBITDA Margin

25,532,0

36,832,4

29,036,4 36,4

31,1

40,8

1,9 3,87,3

2,6 1,16,8

10,64,9

0,8

10,2

0%

10%

20%

30%

40%

-5

5

15

25

35

45

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19


EUR USDTRY

ATU (50%)

26

ATU Financials (€m) Duty Free Spend per Pax (without Istanbul) (€)

SPP dropped in 1H19, mainly due to TRY depreciation impacting Turkish passengers’ spending, as well as weakness in European passengers.

Istanbul operations discontinued on April 6 2019.

68,3

85,8102,086,0

76,088,2

97,380,6

69,1

43,95,9 6,4

12,73,8 6,9 4.0 11,6

7 7,7 4.0

9%7%

12%

8%9%

10%12%

9%

11%

9%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19


6,76,8

6,1

6,7

6,6

2018 1Q18 1Q19 2Q18 2Q19

BTA

27

BTA Financials (€m)

32,7 41.7

47,538,1 36,7

41,72 44,4 40,1 39,730,3

1,9 2.97,0 1,8

1,6 2,91

9,4

-6,1

2,4 0,5

6% 7%

15%

5% 4% 7%

21%

-15%

6%

2%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

-10

0

10

20

30

40

50

60

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19


TAV F&B Spend per Pax (without Istanbul) (€)

Predominantly TRY based revenue and opexCroatia added in 4Q17, Muscat added end of March 2018Personnel expenses increased significantly in 4Q18 due to employee termination benefits causing sharp decline in EBITDA marginBTA IDO 100% owned since 1Q19BTA Orly operations started in 2Q19

0,8 0,70,8

0,70,8

2018 1Q18 1Q19 2Q18 2Q19

IFRIC 12 & Our Adjusted Financials Policy

28

Introduction to IFRIC 12 IFRIC 12 booking model

IFRIC 12- is an accounting application treating BOT assets with special provisions forguaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes AirportInternational 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 thebalance sheet. However when there are guaranteed passenger fees in question, these feesare discounted to their NPV and subtracted from the “airport operation right” of the BOT inquestion. The remaining capex amount gets booked as “airport operation right” and the NPVof guaranteed passenger fees gets booked as “trade receivables.”

When the guaranteed passenger fees become earned during the course of operations, theseare 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 financeincome.

Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L items and gettreated as Balance Sheet/Cash Flow items, while at the same time, part of these fees getsshown as finance income. This unduely decreases aviation income and increases financeincome and distorts our P&L. To adjust for the distortion we add back guaranteed passengerfees while reporting our adjusted revenues.

On the other hand the capex incurred during the construction phase is immediatelytransferred to P&L with an offsetting construction income assigned to it. This income may ormay not carry a mark-up on it. Since this method of booking also distorts both the P&L andthe Balance Sheet we adjust our financials to disregard the effects of both “constructionexpense” and “construction income.”

Debit Credit

1. During Construction

BS Debt

BS Cash

BS Construction in progress

PL Construction Expense Construction Income

2. Completion of Construction

BS Construction in progress

BS(NPV of) Passenger Revenue Receivable(Trade Receivables)

BS Airport Operation Right *

3. Operations During Year

PL Aviation Income for the Current Year **

BS Cash **

4. Year Close

PL Aviation Income for the Current Year ***

PL

Was: Finance IncomeIs: Other operating revenue (Difference between discounted receivables and the actual receivables)

BS Passenger Revenue Receivable****

PL Amortisation of Airport Operation Right

BS Accumulated Amortisation of Airport Operation Right

* AOR = Construction in progress-(NPV of Passenger Revenue Receivable** TR-GAAP*** IFRS (IFRIC 12 application)**** Discounted guaranteed passenger revenues for that period

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

An

kara

International Departing Pax (m) 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.6 0.6

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

Domestic Departing Pax (m) 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 0.5

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

Total Guaranteed Pax Income (€m) 13.7 14.4 15.1 15.9 16.7 17.5 18.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1

Discount Income (€m) 11.80 10.96 9.93 8.69 7.21 5.47 3.43 0.43

İzm

ir

International Departing Pax (m) 1.1 1.1 1.1 1.2 1.2 1.2 1.3

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

Total Guaranteed Pax Income (€m) 29.6 30.8 32.0 33.3 34.6 35.9 37.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1

Revenue Reconciliation

339,5

5,2 0,0

344,7

IFR

S R

eve

nu

e(r

epo

rted

by

AD

P)*

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Co

nst

ruct

ion

Rev

enu

e

Ad

just

edR

even

ue

(rep

ort

ed b

yTA

V)

EBITDA Reconciliation

116,6

5,24,7

126,6

EBIT

DA

rep

ort

ed b

yA

DP

*

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Equ

ity

Pic

k-u

p

EBIT

DA

rep

ort

ed b

yTA

V

Reconciliation of Revenue and EBITDA (1H19)

(Net

of

dis

cou

nt

inco

me)

(Net

of

dis

cou

nt

inco

me)

Adjusted Revenue and EBITDA Reporting will be discontinued in Q1 2020

To harmonize with Groupe ADP reporting practices, reporting of Adjusted Revenue and Adjusted EBITDA will be discontinuedstarting with Q1 2020. With the Q1 2020 financials, we will only provide IFRS Revenue and EBITDA not adjusted for IFRIC 12before Equity Pick-up.

29*before Groupe ADP consolidation effects

Quarterly Revenue & EBITDA by Assets(1)

30

(1) Please refer to page 27, for revenue and EBITDA reported by Groupe ADP(2) Others EBITDA includes share of profit of equity accounted investees (equity-pick up). Please see pg 24. (3) As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the

results of TAV Istanbul

m€ 1Q18 2Q18 1Q19 2Q19Airports 55.9 77.5 59.7 86.6

Ankara 14.9 11.2 14.5 11.3Ege 13.4 16.6 13.0 18.0Gazipasa 0.3 2.2 0.4 2.2Tunisia 2.2 8.8 3.2 11.7Georgia 17.0 23.1 20.5 25.8Macedonia 6.4 7.6 6.9 8.5Milas Bodrum 1.8 8.0 1.3 9.1

Services 101.0 122.4 113.3 118.5Havas 27.0 37.8 27.1 43.7BTA 36.7 41.7 39.7 30.3Others (2) 37.3 42.9 46.5 44.5

Total 156.9 199.9 173.0 205.0Eliminations -19.5 -20.0 -18.2 -15.1

Consolidated Revenue 137.4 179.9 154.8 189.9Airports 27.5 49.0 30.8 56.0

Ankara 7.8 5.8 8.6 5.6Ege 7.6 11.1 7.2 11.7Gazipasa -0.5 1.4 -0.5 1.3Tunisia -2.6 2.9 -1.8 5.7Georgia 12.8 18.8 15.6 21.0Macedonia 2.2 3.6 2.2 4.2Milas Bodrum 0.1 5.3 -0.4 6.4

Services 16.3 46.1 -0.4 40.2Havas 6.0 19.8 -0.6 20.8BTA 1.6 2.9 2.4 0.5Others(2) 8.7 23.4 -2.3 18.9

Total 43.8 95.1 30.4 96.2Eliminations -0.7 -8.5 0.0 0.0

Adjusted EBITDA 43.1 86.6 30.4 96.2

Guaranteed pax revenue Ankara 5.2 -0.8 3.9 1.4

Quarterly Consolidated P&L

31

€m 1Q18 1Q19 % 2Q18 2Q19 %Adjusted Revenue 137.39 154.80 13% 179.93 189.94 6%Aviation income 31.76 34.46 9% 42.49 50.15 18%Ground Handling Income 28.92 28.73 -1% 42.19 50.68 20%Commission from sales of duty free goods 5.29 5.00 -5% 10.37 11.39 10%Catering services income 23.51 26.05 11% 27.47 25.51 -7%Income from car parking operations 3.40 4.49 32% 4.50 4.58 2%Area allocation income 7.13 6.56 -8% 7.55 6.51 -14%Bus services income 3.71 3.01 -19% 3.67 2.87 -22%Income from lounge services and Primeclass 5.53 16.69 202% 13.85 14.86 7%Other operating revenue 28.15 29.80 6% 27.83 23.39 -16%

Cost of catering inventory sold -8.77 -8.95 2% -10.27 -8.10 -21%Cost of services rendered -13.53 -16.03 18% -16.13 -21.71 35%Personnel expenses -46.76 -55.25 18% -48.26 -48.44 0%Concession rent expenses -0.86 -0.88 2% -1.70 -1.74 2%Depreciation, amortization and impairment expense -20.83 -17.83 -14% -16.96 -26.99 59%Other operating expenses -26.89 -32.63 21% -36.07 -29.14 -19%Equity Pick-up 2.48 -10.63 nm 19.10 15.34 -20%Adjusted EBITDA 43.06 30.43 -29% 86.59 96.15 11%Adjusted EBITDA Margin 31% 20% -37% 48% 51% 5%Adjusted EBIT 22.23 12.61 -43% 69.63 69.16 -1%IFRIC 12 -5.25 -3.87 -26% 0.83 -1.37 nmNet finance expense -31.79 -21.49 -32% -31.87 -24.47 -23%Finance income 2.08 17.80 756% -4.48 29.66 -762%Finance expenses -33.87 -39.29 16% -27.39 -54.13 98%Translation Gain/Loss -13.16 0.28 nm -0.74 1.70 nmTax expense -6.44 -8.75 36% -6.65 -5.58 -16%Current period tax expense -4.13 -4.58 11% -4.90 -4.73 -3%Deferred tax (expense)/income -2.30 -4.17 81% -1.74 -0.85 -51%Profit from continuing operations -21.25 -21.50 1% 31.94 37.74 18%Discontinued Operations 26.90 44.36 65% 57.87 2.16 -96%Profit for the period 5.65 22.85 305% 89.81 39.89 -56%Net Profit After Minority 7.2 23.9 233% 86.0 37.4 -57%Minority 1.5 1.1 -31% -3.8 -2.5 -34%

Aviation Income strong in 2Q with strength ininternational traffic both in Turkish and non-TurkishairportsLike for Like (excluding Antalya and Istanbul) internationaltraffic was up 3% in 1Q vs 11% in 2QGround Handling Revenue increase ın 2Q mostly due tomore favorable mix (international vs domestic)Commission from duty free sales recovered in 1Q withimprovement in LfL international trafficCatering services negatively affected in 2Q from Istanbulexit and positively affected from new businessesIncome from Lounge Services increased in 1Q and 2Qwith new businesses while Istanbul exit had a negativeeffect in 2QCost of Catering decrease in 2Q mostly due to IstanbulexitCost of Services Rendered increase mostly due to newbusinesses of BTA and TAV OS

Equity Accounted Investees – IFRS 11

32

1Q17 2Q17 3Q17 4Q17 FY17 1H18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19

Antalya (50%) ¹ Revenue 7,5 35,4 65,0 22.3 130.2 12,0 43,4 77.1 29.5 161.9 12.1 55.5

Adj. EBITDAR ² 3.8 30.5 59.6 17.4 111.3 4.3 41.1 69.7 23.5 138.7 6.5 48.4

Adj. EBITDA ² -6.9 14.7 43.6 1.4 52.8 -10.9 25.8 55.2 8.9 79.0 -7.3 34.6 Net Profit -10.1 8.2 24.7 -2.8 20.0 -12.4 16.8 34.1 6.9 45.4 -12.6 28.4 Net Debt 63.8 47.6 2.1 -21.2 -21.2 29.9 54.0 34.5 -7.8 -7.8 78.6 65.8

PPAA ³ -8.5 -19.3 -9.0 -36.8 2.2 -14.3

Net Profit+PPAA4 8.5 14.8 -2.1 21.2 -10.5 14.1 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19

ATU (%50) Revenue 68.3 85.8 102.0 86.0 342.1 76.0 88.2 97.3 80.6 342.0 69.1 43.9

EBITDA* 5.9 6.4 12.7 3.8 28.7 6.9 10.1 11.6 7.0 35.6 7.7 4.0

Net Profit 3.3 4.5 8.4 4.3 20.5 5.0 7.5 7.5 2.1 22.1 3.3 2.7

Net Debt 8.8 4.5 -1.1 -4.6 -4.6 -9.3 -5.4 -15.1 -18.9 -18.9 -19.0 8.7 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19

TGS (50%) Revenue 25.5 32.0 36.8 32.4 126.7 29.0 36.4 36.4 46.0 147.8 31.1 40.8

EBITDA 1.9 3.8 7.3 2.6 15.6 1.1 6.8 10.6 4.9 23.4 0.8 10.3

Net Profit 0.6 2.0 5.0 1.8 9.4 0.3 5.2 9.9 0.4 15.8 -1.5 4.1

Net Debt - 0.0 0.0 -11.4 -11.4 0.0 0.0 0.0 -3.7 -3.7 -0.3 38.1

(50% with 2Q19 33% before) 1Q17 2Q17 3Q17 4Q17 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19(*)

TIBAH Revenue 16.8 18.2 21.4 13.8 70.2 16.8 17.3 23.1 13.9 71.2 17.9 36.2

(Medinah) EBITDA 3.4 4.1 5.5 2.1 15.1 4.2 3.9 6.0 2.3 16.4 4.1 8.4

Net Profit -4.5 -3.7 -0.7 -2.7 -11.6 -1.6 -1.8 -0.6 -4.5 -8.5 -1.2 -4.8

Net Debt 311.0 300.7 300.3 283.0 283.0 274.9 294.4 284.2 299.9 299.9 302.9 445.6

1 TAV Airports’ 49% stake in TAV Antalya entitles it to equal governance and 50% of dividends.2 Adjusted EBITDAR defined as IFRS EBITDA (which is before concession rent amortization.)

Adjusted EBITDA defined as IFRS EBITDA after concession rent amortization 3 TAV Airports’ Purchase Price Allocation (PPA) Amortization for Antalya Airport. Purchase Price Allocation for TAV Antalya was changed in

4Q18 to include no goodwill 4 TAV Antalya’s net contribution to TAV Airports EBITDA since share purchase in May 2018.

*50%

IFRS Income Statement

33

INCOME STATEMENT (€m) 1H18 1H19

Construction revenue 0.0 0.0

Total operating Revenue 312.9 339.5

Other operating income 0.3 -0.2

Aviation income 69.8 79.4

Ground handling income 71.1 79.4

Commission from sales of duty free goods 15.7 16.4

Catering services income 51.0 51.6

Other operating revenue 105.3 112.8

Construction expenditure 0.0 0.0

Operating expenses -247.3 -267.5

Cost of catering inventory sold -19.0 -17.1

Cost of services rendered -29.7 -37.7

Personnel expenses -95.0 -103.7

Concession rent expenses -2.6 -2.6

Depreciation and amortization expense -37.8 -44.8

Other operating expenses -63.2 -61.6

Equity Pick-up 21.6 4.7

Operating profit 87.4 76.5

Finance income -2.4 47.5

Finance expenses -61.3 -93.4

Profit before income tax 23.8 30.6

Income tax expense -13.1 -14.3

Profit from discontinued operations 84.8 46.5

Net Profit After Minority 93.1 61.3

Minority 2.3 1.5

Balance Sheet

34

EQUITY AND LIABILITIES (€m) 1H19 12M18

Share capital 162 162

Share premium 220 220

Legal reserves 122 120

Other reserves -86 -84

Purchase of shares of ent. under common control 40 40

Cash flow hedge reserve -68 -52

Translation reserves -68 -62

Retained earnings 625 694Total equity attributable to equity holders of the Company 948 1038

Non-controlling interests -10 -6

Total Equity 938 1032

Loans and borrowings 654 643

Reserve for employee severance indemnity 13 22

Due to related parties 301 306

Derivative financial instruments 41 29

Deferred income 18 18

Other payables 570 559

Deferred tax liabilities 21 13Total non-current liabilities 1620 1589

Bank overdraft 2 0

Loans and borrowings 509 483

Trade payables 51 46

Due to related parties 4 25

Current tax liabilities 11 11

Other payables 233 250

Provisions 6 6

Deferred income 7 8Total current liabilities 822 830

Total Liabilities 2442 2419

TOTAL EQUITY AND LIABILITIES 3380 3451

ASSETS (€m) 1H19 12M18

Property and equipment 191 231

Intangible assets 10 11

Airport operation right 1,536 1,567

Right of use assets 53 -

Equity-accounted investees 429 493

Goodwill 139 136

Prepaid concession and rent expenses - 3

Derivative financial instruments 0 0

Trade receivables 58 66

Non-current due from related parties 2 2

Other non-current assets 82 8

Deferred tax assets 28 29

Total non-current assets 2,529 2,545

Inventories 9 9

Prepaid concession and rent expenses - 42

Trade receivables 151 150

Due from related parties 33 30

Other receivables and current assets 143 52

Cash and cash equivalents 466 553

Restricted bank balances 50 71Total current assets 852 906

TOTAL ASSETS 3,380 3,451

Cash Flow Statement

35

CASH FLOWS FROM OPERATING ACTIVITIES 1H19 1H18

Profit for the period 16.2 10.7

Profit from discontinued operations 46.5 84.8

Amortisation of airport operation right 27.3 26.7

Depreciation of property and equipment 72.9 26.4

Amortisation of intangible assets 1.3 1.3

Concession and rent expenses 48.0 80.9

Other income accruals -55.0

Provision for employee severance indemnity 1.8 2.6

Provision for doubtful receivables 0.5 0.4

Discount on receivables and payables, net -0.1 0.0

Provision set for unused vacation 0.3 1.1

Interest income -7.1 -7.1

Interest expense on financial liabilities 35.1 34.5

Tax expense 14.3 43.4

Unwinding of discount on concession receivable and payable 11.3 11.2

Share of profit of equity-accounted investees, net of tax -4.7 -21.6

Unrealised foreign exchange differences on statement of financial position items -29.0 -9.8

Cash flows from operating activities 179.6 285.3

Change in current trade receivables 0.1 -13.3

Change in non-current trade receivables 12.2 11.6

Change in inventories 0.3 0.1

Change in due from related parties 5.5 -3.3

Change in other receivables and assets -103.3 13.8

Change in trade payables 4.6 0.4

Change in due to related parties 0.3 0.3

Change in other payables and provisions -25.4 -71.3

Cash provided from operations 74.0 223.6

Income taxes paid -10.0 -36.2

Retirement benefits paid -16.4 -2.1

Additions to prepaid concession and rent expenses - -116.0

Net cash provided from operating activities 47.6 69.3

CASH FLOWS FROM INVESTING ACTIVITIES 1H19 1H18

Proceeds from sale of property, equipment and intangible assets 2.7 0.8

Acquisition of property and equipment -31.8 -52.3

Acquisition of intangible assets -0.9 -1.1

Acquisition of joint venture net of cash acquired - -360.0

Change in due from related parties -9.0 -3.3

Change in due to related parties -21.6 0.0

Dividends from equity-accounted investees 86.6 22.8

Acquisition of subsidiary, net-off cash acquired -2.1-

Net cash used in investing activities 23.9 -393.1

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 8.3 170.1

Repayment of borrowings -31.5 -115.8

Dividends paid -126.4 -88.5

Interest received 5.4 9.4

Interest paid -19.3 -22.6

Change in due to related parties -9.1 301.4

Change in restricted bank balances 15.0 -25.7

Change in finance lease liabilities -2.1 -0.5

Net cash used in financing activities -159.7 227.8

NET DECREASE IN CASH AND CASH EQUIVALENTS -88.1 -96.1

CASH AND CASH EQUIVALENTS AT 1 JANUARY 552.2 344.2

CASH AND CASH EQUIVALENTS AT 30 June 464.0 248.1

Airport Type/Expire TAV Stake Scope 2018 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Security fee/pax int’l(7)

Volume Guarantee

Yearly Lease/ Concession Fee

Paid

Ankara Esenboga BOT

100% Terminal 16.7€15

€2.5 (Transfer)€3 €1.5

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

-(May 2023)

Izmir A.Menderes (Ege)

Concession100% Terminal 13.4

€15€2.5 (Transfer)

€3 €0.75 No €29m+VAT (1)

(December 2032)

Gazipasa Alanya Lease

100% Airport 1.2 €12 TL10 €1.0 No $50,000+VAT+65%

of net profit(May 2034)

Milas BodrumConcession

(December 2035)100% Terminal 4.2 €15 €3

€0.75No

€143.4m upfront+€28.7m+VAT (2)

AntalyaConcession

(December 2024)50%(6) Terminal 31.6

€15€2.5 (Transfer)

€3€0.75

No €100.5m + VAT

Tbilisi BOT

80% Airport 3.8 US$24 US$6 - No -(February 2027)

Batumi BOT

76% Airport 0.6 US$12 US$7 - No -(August 2027)

Monastir&Enfidha BOT+Concession

67% Airport 2.5 €9 €1 €0.8 No

11-26% of revenue from

(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 2.3€11.5 in Skopje, €10.2 in Ohrid

-€6.5 in Skopje, €6.5 in Ohrid

No4% of the gross

annual turnover (3)(March 2030)

Medinah (TIBAH)

BTO+Concession50% Airport 8.1 SAR 87 (4) - - No 54.5% (5)

(2037)

Zagreb(MZLZ)

BOT+Concession(April 2042)

15% Airport 3.3€17

€7.5 €6.5 No€2.0 - €11.5m fixed0.5% (2016) - 61%

(2042) variable€4 (Transfer)

Istanbul Ataturk* Lease

100% Terminal 68.0US$15

€3 €1.5 No $140m + VAT (January 2021) €2.5 (Transfer)

Concession Overview

36

1) Accrual basis: Depreciation expense of €13.5m in 2015 to €32.4m in 2032 plus finance expense of €17.8m in 2015 to €0m in 20322) Accrual basis: Depreciation expense of €11.1m in 2016 to €38.0m in 2032 plus finance expense of €18.8m in 2016 to €0m in 20323) The percentage will be tapered towards 2% as passenger numbers increase. 4) SAR 87 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years, 5) Was reduced to 27.25 % for the first two years after construction of new terminal in Q2 20156) TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends.7) Security fee for int’l pax are collected in Turkish Airports starting from January 2019.

*All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. DHMI had stated that it would reimburse our company for loss of profit due to opening of the New Istanbul Airport before the end of TAV Istanbul's lease period which ends on January 3, 2021.

TAV became 100% shareholder of BTA

EUR25million impairment of Milas Bodrum (net profit impact of EUR20million, after deferred tax)

Havas Germany operations shut down

Accounting methodology changes

Timeline

2017 2018 2019

TRY 758 million cash dividends paid

BTA IDO stake increased to 100%

TAV OS acquired 70% of Spanish Lounge operator GIS

Q1TRY 248 million cash dividends paid

Adverse weather conditions in January led to flight cancellations in İstanbul

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

Q1

TRY 406 million cash dividends paid

Signed SPA to purchase 49% of Antalya Airport with co-control and equal dividend rights from IC for EUR 360 million

Q1

Philippines regional airports tender cancelled

Saudi airports awarded (Yanbu, Qasim and Hail)

New arrival terminal building of Tbilisi Airport opened at the end of June

Q2

Change in shareholder structure

Guidance Revision for 2017

Q3

Q4

Antalya Airport share transfer took place in May 2018

TGS contract renewed for 15 more years

Guidance revision for 2018

Q2

Volatility in markets

Q3

TAV Airports Holding included in Turquality program

EUR 10million impairment of Milas Bodrum reversed

Employee termination benefits provisioned

Higher PPAA allocation for Antalya Airport due to change in accounting

Q4

37

Commercial traffic of Istanbul Ataturk Airport transferred to Istanbul Airport

BTA Orly operations started

Stake in TIBAH (Medinah) increased to 50%

Q2

Tax Regimes

38

Corporate income tax rate of 25%


Corporate income tax rate of 20% as of 2018 (15% previously)

Corporate income tax rate of 20% for non-residents


Corporate income tax rate of 22% for 2018-2019-2020 (20% previously) %.

Advance tax returns are filed on a quarterly basisLosses can be carried forward for offsetting against future taxable income for up to 5 years


Turkey

Georgia

Tunisia

North Macedonia

Latvia

Saudi Arabia

Croatia

Share Price Performance 1M 3M YTD

TRY 1% -11% 7%

USD -2% -8% -1%

Relative to BIST -100 -5% -19% -4%

Share Performance (September 17, 2019)

ESG & Share Performance

39

The Corporate Governance rating of our Company has increased to 96.67 on 16.08.2019 from a rating of 96.25 which was announced on 17.08.2018, owing to our strong emphasis on developing good corporate governance practices.

Corporate Governance Rating Weight Grade

Shareholders 25% 95.79

Public Disclosure and Transparency 25% 98.65

Stakeholders 15% 98.82

Board of Directors 35% 94.98

Total 100% 96.67Closing Price (TRY)

23.58Market CapUSD 1. 5bn

Avg. Daily Volume**USD 7 m

Free Float*44%

Effective Free Float*44%

Foreign Ownership

~90%

* Source: Central Registry Agency (MKK)** 2019 yearly average

ESG

TAV Airports was included in the BIST Sustainability Index on November 4, 2014.

CDP report available on CDP.net

2,00

3,00

4,00

5,00

6,00

7,00

03.

01.2

01

8

28.

01.2

01

8

22.

02.2

01

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19.

03.2

01

8

13.

04.2

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05.2

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27.

06.2

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22.

07.2

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16.

08.2

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10.

09.2

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05.

10.2

01

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30.

10.2

01

8

24.

11.2

01

8

19.

12.2

01

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13.

01.2

01

9

07.

02.2

01

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04.

03.2

01

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29.

03.2

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23.

04.2

01

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18.

05.2

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9

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06.2

01

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07.2

01

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08.2

01

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26.

08.2

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9

TAVHL ($)

SWITZERLAND

UAE

SAUDIARABIA

USA

Global Presence with Service Companies in 28 Countries and 90 Airports

40

INDONESIA

JORDAN

GERMANY LATVIA

GEORGIA

MACEDONIA

TUNISIA EGYPT

TURKEY

QATARFRANCE

SPAIN

MEXICO

ARGENTINA

OMAN

KENYA

RWANDA

BRAZIL

ITALY

CROATIA

NETHERLANDS

COLOMBIA

CHILE

DENMARK

TAV Airports

ADP Airports

TAV + ADP

France

Paris-CDG: 72.2 mpax

Paris-Orly: 33.1mpax

Owner and operator

Schiphol Group (8%)

71.0 mpax

Industrial cooperation

Liège (25.6%)

Strategic partner

Jeddah (Terminal Hajj) – Saudi Arabia

7.3 mpax

Management contract

Amman(1) – Jordan (51%)

8.4 mpax

Management contract

Strategic partnerConakry (29%)

0.5 mpax

Operator

Mauricius (10%)

3.9 mpax

Operator

Strategic Partners

Tunisia (67%)

Enfidha & Monastir 2.5 mpax

Concession operator

Turkey

130.9 mpax

Istanbul Ataturk, Antalya(2),

Ankara, Izmir, Gazipasa & Bodrum

Concession operator

Georgia (76%)

Tbilisi & Batumi: 4.4 mpax

Concession operator

North Macedonia (100%)

Skopje & Ohrid: 2.3m pax

Concession operator

Medinah (Saudi Arabia) (33%)

8.1 mpax

Concession operator

Zagreb (ADP 21% & TAV 15%)

3.3 mpax

Operator and partner

Santiago de Chili (45%)

23.3 mpax

Concession operator

Madagascar

1.2 mpax

Concession operator

(1) In April 2018, Groupe ADP increased its stake in AIG, concessionary company of Amman Airport, Jordan, from 9.5% to 51%.(2) In May 2018, TAV Airports acquired 50% stake of Antalya Airport.

Groupe ADP – TAV Airports: A Global Footprint

A Platform of 24 airports* and 281 million passengers**

Passenger numbers are for FY 2018, excluding passenger numbers for Schiphol and Riga Airport. Antalya Airport passenger numbers are included starting from May 2018.This calculation takes into account Groupe ADP and TAV Airports’ figures at 100% for 2018 and, for minority stakes, it takes into account the traffic weighted by stake of ownership.

Source: Groupe ADP, TAV Airports ( as of end-2018)

41

Major Airports in Turkey

42

Istanbul / Ataturk AirportTender Date: 2005Type: LeaseExpire: 2021

68,0 mIntl: 48,8 m

Dom: 19,2 m

Ankara / Esenboga AirportTender Date: 2006Type: BOTExpire: 2023

16,7 mIntl: 2,2 m

Dom: 14,5 m

İzmir / A.Menderes AirportTender Date: 2011*Type: LeaseExpire: 2032

13,4 mIntl: 2,7 m

Dom: 10,7 m

Milas-Bodrum AirportTender Date: 2014*Type: LeaseExpire: October 22,2035

4,2 mIntl: 1,5 m

Dom: 2,7 m Mugla / Dalaman Airport

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

4,6 mIntl: 3,0 m

Dom: 1,6 m

Antalya AirportTender Date: 2007Type: Lease Expire: 2024

34,1 mIntl: 22,5 m

Dom: 11,7 m

Gaziantep Airport2,7 mIntl: 0,3 m

Dom: 2,4 m

Adana Airport5,6 mIntl: 0,7 m

Dom: 4,9 m

Kapadokya Airport0,4 mIntl: 0 m

Dom: 0,4 m

Trabzon Airport4,0 mIntl: 0,3 m

Dom: 3,8 m

Samsun Airport1,7 mIntl: 0,1 m

Dom: 1,6 m

GazipasaAirportTender Date: 2007Type: LeaseExpire: 2034

1,2 mIntl: 0,6 m

Dom: 0,6 m

* International terminal taken over in October 2015** Passenger numbers are for 2018.

Operated by TAV Airports

Not privatized

Operated by others

İstanbul /Sabiha Gokcen Airport

Tender Date: 2007Type: BOTExpire: 2032

34,1 mIntl:11,7 m

Dom: 22,5 m

New Airport

SabihaGokcen

AtaturkInt.

Airport

3rdBridge

Macro Outlook

43

Country Subject Descriptor Units Scale 2017 2018 2019 2020 2021 2022 2023 2024

Gross domestic product, constant prices % Ch. 2,9 2,7 2,6 2,5 2,4 2,2 2,0 2,0

Croatia

Gross domestic product, current prices USD Billions 55,2 60,7 61,3 64,6 67,7 70,9 74,1 77,2

Gross domestic product per capita, current prices USD Thousands 13,4 14,8 15,1 16,0 16,9 17,8 18,7 19,7

Inflation, average consumer prices % Ch. 1,1 1,5 1,5 1,6 1,7 1,8 1,9 1,9

Population Persons Millions 4,1 4,1 4,1 4,0 4,0 4,0 4,0 3,9


Georgia






Latvia






NorthMacedonia





Gross domestic product, constant prices % Ch. -0,7 2,2 1,8 2,1 2,2 2,2 2,3 2,3

Saudi Arabia



Inflation, average consumer prices % Ch. -0,9 2,5 -0,7 2,2 2,1 2,1 2,1 2,1



Tunisia





Gross domestic product, constant prices % Ch. 7,4 2,6 -2,5 2,5 3,0 3,0 3,5 3,5

Turkey





IMF, World Economic Outlook Database, April 2019

Contact IR

44

IR Team About TAV Airports

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

Ali Ozgu CANERİInvestor Relations [email protected] :+90 212 463 3000 / 2124Fax : +90 212 465 3100

IR Website http://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.

Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi

No:109L 2C Blok 34485 Sarıyer/Istanbul

Turkey

Georgia

Tunisia

North Macedonia

Saudi Arabia

Latvia

Croatia

Ankara EsenbogaIzmir Adnan Menderes

Gazipasa Alanya Milas BodrumAntalya

Tbilisi and Batumi

Monastir and Enfidha

Skopje and Ohrid

Medinah

Riga (only commercial areas)

Zagreb

TAV Airports through its affiliates and subsidiaries, in auxiliary airport services including dutyfree, food and beverage, ground handling services, IT, security and operation services. As part ofthese diversified services TAV Airports also operates the duty-free, food and beverage and othercommercial areas at Riga Airport in Latvia. In 2018, the company provided services for 1 millionflights and 152 million passengers. The Company’s shares are listed in Borsa Istanbul sinceFebruary 23, 2007, under the ticker code “TAVHL”

http://ir.tav.aero/

mailto:[email protected]

https://itunes.apple.com/tr/app/tav-ir/id1144512307

https://itunes.apple.com/tr/app/tav-ir/id1144512307

https://play.google.com/store/apps/details?id=com.tav.ir&hl=en

https://play.google.com/store/apps/details?id=com.tav.ir&hl=en

Disclaimer

This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.S. (the "Company") in anyjurisdiction 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 thebasis 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 beplaced for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation issubject 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 bemade 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 anysuch 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 ofsimilar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future financial or otherperformance 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 theoutcome 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 expresslydisclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’sexpectations 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 guideto 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 September 2019.

45

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