Financial and Operational Results

2017

February 21, 2018

Contents

Contents Pg. #CEO’s Message 3

Highlights 6

Summary Financial and Operational Results 7

Passenger Developments 8

Comparison to FY16 9

Revenue 10

Costs 11

Profitability 12

Quarterly Drivers 13

Quarterly Revenues & EBITDA by Assets 14

Revenue and EBITDA Bridges 15

Guidance 16

FX Analysis 18

Debt Structure 17

CAPEX and Dividends 21

APPENDIX

Notes on Financials 22

Adjusted Financials - IFRIC 12 23

Restated 2016 Financials 24

Accounting Changes 25

Selected Financials by Assets (IFRIC 12 adjusted) 26

Service Companies KPIs 27

Equity Accounted Investees 30

Income Statement & Balance Sheet 31

Cash Flow Statement 32

Operating Environment 33

Timeline 34

Material Events 35

Concessions Overview 38

TAV Corporate and Shareholder Structure 39

Contact IR 40

TAV Airports Operations Map*

2

* as of December 31, 2017

The main theme of 2017 for us and the aviation sector in general was recovery from a very difficult 2016. Therecovery was very sharp and strong as we have seen many times before in different crises in the aviationsector.

We operate a highly diversified airport portfolio both in terms of geography and also underlying marketdynamics. This gives us an operational hedge where soft performance of some airports in our portfolio arecompensated by exceptionally strong performance of some other airports in the portfolio. We are alsofinancially hedged because most of our revenues are in hard currency, while most of our expenses are in softcurrencies. This protects us from depreciation of local currencies of the countries where we conduct business.

In the second half of 2017, the number of international Origin & Destination (O&D) passengers in IstanbulAtaturk Airport passed 2015 levels. In transfer passengers for most of 2017 we were at all time highs. Izmircaught up to 2015 levels in international passengers with more direct routes served by Turkish carriers. Ankarahad exceptional growth in 2017 with significant demand for new direct international routes introduced byTurkish carriers.

Georgian airports had an eye-catching 43% growth in passenger traffic driven by strong travel demand fromRussia, Israel and Iran. We had anticipated this growth and invested in the Tbilisi Airport for better passengercomfort, safety and increased capacity. We opened the new arrival terminal building of Tbilisi Airport in thesecond quarter.

We continued to invest in the future of aviation during difficult times. As the outlook improved theseinvestments have quickly started pay off. We also opened the new terminal building of Zagreb Airport in thefirst quarter 2017.

As the capacity of the holy cities to host pilgrims increases, the number of passengers flying to these citiesalso increases. We had a strong 2017 in Medinah and we are expecting a very strong 2018 with theannounced increase in visa issuance by the KSA.

CEO’s Message

3

Aviation sector continues to have a strong long term growth outlook. According to Airports Council International (ACI) data, globalpassenger traffic is expected to grow at an average of 4.5% per year until 2040. The share of emerging markets in this traffic flow willincrease from 45% to 60% meanwhile. With our expertise and focus on emerging markets we are well situated to take advantage ofthese favorable market dynamics in the future as well.

We hope to start the Cuban project in 2018 and we are evaluating airport operation projects in Eastern Europe, Africa and Middle East.

ATU invested in new shops and renovations in Turkey, Latvia, Georgia and Tunisia which contributed to a mild drop in passenger spendin a depreciating TRY environment.

BTA has started operations in Zagreb and Taif airports and will take over the operations in Muscat Airport in the first half of 2018.

In addition to the airports we operate, TAV Operations Services is now in Germany, USA, Switzerland, Kenya, Oman, Chile, Rwanda andDenmark with lounge operations as it has become a truly global brand. It also serves Turkish Railways, Istanbul Sea Ferries and GlobalPorts Holding in Turkey.

We produce and use technology intensely. We can identify passenger needs and expectations and create innovative solutions by usingtechnology. Our main technology asset, TAV Technologies has diversified its project, product and operation portfolio with new productsthat can be deployed in hospital infrastructure projects and has won several concessions in the KSA and UAE for deployment, operationand maintenance of IT systems. It has become a globally recognized solution provider for many tech problems in infrastructure assets.New products developed by TAV Technologies this year are TDAS, Passenger Flow Simulation, What-if scenario manager, SMART FIDS,Oculus VR, Car Park Single Space System and MED Airport Mobile Application.

There was a strong recovery in ATMs in all airports served by Havas, which also was supportive of the strong 2017 financial results.

TAV paid TRY 2 billion to the Turkish state in the form of social security, tax and rent. The company will continue to create social benefitto foster economic growth in its operating geography.

CEO’s Message

4

During 2017, our shareholder structure changed. Groupe ADP bought another 8.1% stake in the company from Akfen Holding andincreased its stake to 46.1%. TAV Airports now represents a significant growth and expansion opportunity for Groupe ADP in our coregeography which spans Eastern Europe, The Baltics, CIS countries, Central Asia, Middle East and Africa. This will be a very exciting newperiod for all TAV Airports shareholders as we launch our company into the future. We are financially strong, endowed with the best inclass human resources, have developed an excellent reputation in airport management and know our core regions very well. With thisacquisition made by Groupe ADP, we will be benefiting from both our own brand and Groupe ADP’s global brand recognition.

In 2017, our consolidated revenue increased 3% and reached EUR 1143 million. EBITDAR increase was much stronger at 12% mainly withimproved cost control. EBITDA increased 13% and reached EUR 519 million. We served around 115 million passengers in 2017, indicating10% growth compared to 2016. We finished the year with 9% growth in Istanbul Ataturk Airport international O&D passengers and 7%growth in Istanbul international passengers. Our net profit grew at 37% and reached EUR175 million. In all items we have either met ourrevised guidance or have performed better than guidance, due to better than expected passenger recovery.

In 2017, we distributed TRY248 million in dividends in line with our “smart growth” strategy and our official dividend policy of 50%payout. Similarly, for 2018, our Board of Directors has resolved to submit for shareholder approval, a dividend of TRY406 million, out of2017 earnings at the General Assembly meeting, which corresponds to a payout of 50%. We will continue to produce value for ourinvestors both through regular dividend payments and addition of new concessions to our portfolio for further enhancement of futurereturns.

We are expecting another strong year in 2018 with 10 to 12 percent growth in total TAV passengers Under our traffic and FX assumptionsand assuming Istanbul Ataturk Airport will operate for the full year in 2018, we expect 6 to 8 percent growth in Istanbul Ataturk Airportinternational passengers, 9 to 11 percent growth in Istanbul Ataturk Airport international O&D passengers, 2 to 4 percent growth inconsolidated revenue, 5 to 7 percent growth in EBITDA, double digit increase in net profit and approximately EUR 80 million capitalexpenditures compared to 2017.

I would like to thank our shareholders, our employees and all our stakeholders for building one of the truly global Turkish brands. We willcontinue to serve the world proudly with the best-in-class know how that we developed in our home country.

CEO’s Message

5

Dr. M. Sani SenerCEO & Executive Board Member

Highlights of 2017 Full Year Results

61) IFRIC 12 adjusted (please refer to page 25, for revenue reported by Groupe ADP)

2) IFRIC 12 adjusted, before impairment (please refer to page 25, for EBITDA reported by Groupe ADP)

3) TAV Istanbul’s Rent in 2017 is mainly determined by 2016 EUR/USD FX rate, due to amortization schedule of rent payments (while there is no change in cash payment amount)

Consolidated Revenue(1) of €1143m (+3% vs FY16)

Revenue growth with pax recovery and strong groundhandling, despite weak TRY and cease of BTA logisticsthird party operations

Consolidated EBITDAR(2) of €684m (+12% vs FY16)

EBITDAR bolstered by decline in cash opex

Net Profit of €175m (+37% vs FY16)

Impacted by lower finance expenses and elimination ofone-off deferred tax expense related with TAV Tunisie in2Q 2016, despite higher minority interest; higher D&A&Idue to TAV Milas Bodrum, lower contribution fromMedinah and FX losses due to depreciation of USD andTRY versus EUR.

Net Debt of €586m (-23% vs FY16)

Net debt decreased significantly with cash flow generation

115m Passengers Served(+10% vs FY16)

11% international and 8% domestic passenger growth

Consolidated EBITDA(3) of €519m (+13% vs FY16)

EBITDA growth almost in line with EBITDAR growth

IFRIC 12 Adjusted Financials(in m€, unless stated otherwise) FY16 (5) FY17 Chg %

Revenue (1) 1104.1 1142.7 3%

EBITDAR(2) 611.0 683.5 12%

EBITDAR margin (%) 55.3% 59.8% 4.5 ppt

EBITDA(2) 458.8 518.9 13%

EBITDA margin (%) 41.6% 45.4% 3.9 ppt

FX Gain (loss) 6.2 (20.9) nm

Deferred Tax Expense (31.6) (1.2) -96%

Net Profit(3) 127.1 174.5 37%

Capex 108 41 -62%

Net Debt 761 586 -23%

Average number of employees 15,791 16,796 6%

Number of passengers (m) 104.7 115.0 10%

- International 58.7 65.2 11%

- Domestic 46.0 49.8 8%

Duty free spend per pax (€) (4) 14.3 13.0 -10%(1) IFRIC 12 adjusted (please refer to page 25, for revenue reported by Groupe ADP)

(2) IFRIC 12 adjusted, before impairment (please refer to page 25, for EBITDA reported by Groupe ADP)

(3) Attributable to equity holders of the company

(4) Transfer numbers are tentative and subject to change

(5) Restated

FY17 Summary Financials

7

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

Spend per PaxFrom €14.3 to €13.0, mainly due to TRY depreciationimpacting Turkish passengers’ spending, as well asweakness in European passengers.

Pax -+10%

Istanbul Airport international pax +7% in FY17 with +5% in international-to-international transfer pax and +9% in international O&DO&D recovery started in Q2Share of transfer is 47% in Istanbul (FY16: 49%)

Revenue +3%

Revenue growth with pax recovery and strong groundhandling, despite weak TRY and cease of BTA logisticsthird party operations47% aero, 53% non-aero

EBITDA +13%

EBITDA growth almost in line with EBITDAR growth

FX Gain (Loss) Mostly due to depreciation of USD and TRY versus EUR

Net Profit +37%

Impacted by lower finance expenses and elimination ofone-off deferred tax expense related with TAV Tunisie in2Q 2016, despite higher minority interest; higher D&A&Imainly due to TAV Milas Bodrum; lower contributionfrom Medinah and FX losses due to depreciation of USDand TRY versus EUR

Net Debt -23%

Net debt decreased significantly with cash flow generation

EBITDAR +12%

EBITDAR bolstered by decline in cash opex

Traffic Performance

Istanbul Traffic started to recover in April with low base and Turkish Airlines’ re-utilisation of grounded aircraft. Strong O&D recovery since the second quarter.

Ankara International growth strong with new routes in Ukraine, Iraq, Afghanistan and KSA starting Q4 2016

İzmir More routes by Turkish carriers

Milas-Bodrum Domestic traffic strong, international dominated by European traffic

Gazipasa Gradually recovering, weakness in Western European traffic

Medinah Strong growth in international and religious traffic

Tunisia 2016 1H was a strong base due to fight diversions from Libya, recovery started following repeal of UK travel ban in late July

Georgia Increase in Russia, CIS, Israel and Iran traffic; new routes

Macedonia Driven by WizzAir

Zagreb Driven by new airlines, new terminal opened at the end of March

Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZNote: DHMI figures for 2017 are tentative. (1) Both departing and arriving passengers, including transfer pax, pax numbers NOT stake adjusted(2) Commercial flights only

January-December

Passengers (1) 2015 2016 2017 Chg % (17/16)

Ataturk Airport 61.332.124 60.415.470 63.727.448 5%

International 41.998.251 41.281.937 44.277.101 7%

Domestic 19.333.873 19.133.533 19.450.347 2%

Esenboga Airport 12.113.439 13.044.116 15.845.878 21%

International 1.551.157 1.496.876 1.991.979 33%

Domestic 10.562.282 11.547.240 13.853.899 20%

Izmir Airport 12.178.100 12.051.243 12.823.701 6%

International 2.632.657 2.096.076 2.354.622 12%

Domestic 9.545.443 9.955.167 10.469.079 5%

Gazipaşa Airport 914.017 718.718 823.238 15%

Milas-Bodrum 3.877.873 3.221.776 3.509.347 9%

International 1.568.758 909.734 935.849 3%

Domestic 2.309.115 2.312.042 2.573.498 11%

Medinah 5.831.163 6.572.787 7.805.295 19%

Tunisia (Monastir&Enfidha) 1.407.393 1.593.780 1.683.604 6%

Georgia (Tbilisi&Batumi) 2.066.268 2.560.462 3.654.389 43%

Macedonia (Skopje&Ohrid) 1.560.381 1.794.376 2.027.344 13%

Zagreb Airport 2.587.798 2.766.087 3.092.047 12%

TAV TOTAL (3) 102.301.951 104.738.815 114.992.291 10%

International 57.629.843 58.745.737 65.220.285 11%

Domestic 44.672.108 45.993.078 49.772.006 8%

January-December

Air Traffic Movements (2) 2015 2016 2017 Chg %(17/16)

Ataturk Airport 446.944 447.963 449.448 0%

International 314.071 318.355 314.713 -1%

Domestic 132.873 129.608 134.735 4%

Esenboga Airport 87.867 94.170 106.746 13%

International 12.031 12.694 15.237 20%

Domestic 75.836 81.476 91.509 12%

Izmir Airport 79.571 78.846 82.853 5%

International 19.156 15.697 16.758 7%

Domestic 60.415 63.149 66.095 5%

Gazipaşa Airport 6.417 5.338 5.662 6%

Milas-Bodrum 26.284 22.832 23.260 2%

International 9.910 6.499 6.074 -7%

Domestic 16.374 16.333 17.186 5%

Medinah 49.031 54.451 58.045 7%

Tunisia (Monastir&Enfidha) 12.229 12.631 12.011 -5%

Georgia (Tbilisi&Batumi) 25.148 27.788 37.908 36%

Macedonia (Skopje&Ohrid) 15.510 16.883 18.130 7%

Zagreb Airport 39.854 40.796 41.585 2%

TAV TOTAL (3) 778.965 801.698 835.648 4%

International 459.768 476.537 491.128 3%

Domestic 319.197 325.161 344.520 6%

8

YoY Comparison (2016 figures restated)

54%33%

3%4%

48%

35%

3%

9%5%

Istanbul Other Airports BTA HAVAS Other Services

9

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

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

1104 1143

FY16 FY17

459519

FY16 FY17

127

175

FY16 FY17

(1) IFRIC 12 adjusted

(2) Attributable to equity holders of the company

22%

32%13%

8%

25%

21%

34%13%

9%

23%

Duty-free Aviation Ground-handling F&B Other

33%

20%17%

14%

9%7% 31%

21%15%

18%

9%5%

Personnel Concession rent Other

D&A Services rendered Catering

FY16

FY17

EBITDAR (1) (€m) EBITDA (1) (€m)

611684

FY16 FY17

(€m) * FY16** FY17 Chg (%)

Aviation 352.7 388.2 10%

Ground handling (inc. de-icing) 141.4 152.8 8%

Commission from duty free sales 241.5 245.6 2%

Catering services and retail 113.0 105.4 -7%

Other operating revenue 255.6 250.7 -2%

Total Revenue 1,104.1 1,142.7 3%

Revenue growth with pax recovery, despite weak TRY

10

* IFRIC 12 adjusted

** Restated

Spend per PaxFrom €14.3 to €13.0, mainly due to TRY depreciationimpacting Turkish passengers’ spending, as well asweakness in European passengers.

Revenue+3%

Revenue growth with pax recovery and strong groundhandling, despite weak TRY and cease of BTA logisticsthird party operations

Aviation+10%

Aviation boosted by superior performance of Georgia and recovery in Istanbul.

Guaranteed Pax Revenue: €21.2m for Ankara (€20.2m in FY16).

Commission fromDuty Free+2%

Commission from duty free less than international paxgrowth, mainly due to TRY depreciation impactingTurkish passengers’ spending, as well as weakness inEuropean passengers.

Ground Handling+8%

Total flights served +2%, HAVAS only +9% (fully consolidated), TGS +5 (equity pick-up)

Georgia GH exceptionally strong, return of the Russian charters to HAVAS

Catering&Retail-7%

Discontinued third-party operations of BTA Logisticsand weak TRY.

Other OperatingRevenue-2%

Mostly due to the large IT revenue accrual in 4Q16, stemming from projects in Middle East.Strong performance in Operation Services with new lounges

YoY Opex Comparison

11

*Rent payments are made to DHMI for Istanbul Ataturk, Izmir Adnan Menderes and Milas Bodrum.Concession payments are made to Tunisian Civil Aviation Authority (OACA), Macedonian Ministry of Transportation and Communication and to GACA in Saudi Arabia.

(€m) * FY16** FY17 Chg (%)

Cost of catering inventory sold (53) (41) -22%

Cost of services rendered (68) (72) 5%

Personnel expenses (256) (244) -5%

Concession & rent expenses (152.2) (164.6) 8%

Istanbul (145.3) (157.9) 9%

Tunisia (5.8) (5.8) 0%

Macedonia (1.2) (1.0) -11%Depreciation, Amortization and Impairment (105) (141) 34%

Other operating expenses (134) (119) -11%

Total Operating Expenses (768) (782) 2%

Catering COGS-22%

Mostly due to cease of logistics operations for third party during 2016 and weak TRY vs EUR

Services Rendered+5%

Increase due to new IT and OS projects undertaken

Personnel-5%

Concession & Rent+8%

Depreciation, Amortization & Impairment+34%

TAV Istanbul’s rent in 2017 is mainly determined by 2016 EUR/USDFX rate, due to amortization schedule of rent payments (while nochange in USD denominated rent amount)

Mostly due to weak TRY

Mostly due to Istanbul extension, includes impairment of TAV Milas-Bodrum

Other Opex-11%

TotalOpex+2%

Weak TRY and cease of third party logistics operation, despite higher concession and rent, COSR and D&A&I

Mostly due to weak TRY vs EUR

** Restated

Equity pick-up (€m)

(€m) (1) FY16** FY17 Chg (%)

Equity Pick-up 17.1 16.4 -4%

EBIT 353.5 377.8 7%

EBITDAR 611.0 683.5 12%

EBITDAR margin 55.3% 59.8% 4.5 ppt

EBITDA 458.8 518.9 13%

EBITDA margin 41.6% 45.4% 3.9 ppt

Net Profit growth spurred by operational performance, lower finance costs and deferred taxes

12

(1) IFRIC 12 adjusted

(2) Non-controlling interest reflects the allocation of profit / loss held by minority shareholders of

subsidiaries (BTA, TAV Tunisia, TAV Georgia, HAVAS Europe)

TGS: All companies under Havas consolidation – Havas solo BTA: BTA IDO+UNLU+LOKUM (incl. in OTHER)

(€m) (1) FY16** FY17 Chg (%)

Finance income 15.3 12.5 -18%

Finance costs -138.2 -123.8 -10%

FX gain (loss) 6.2 -20.9 nm

Net finance costs -122.9 -111.3 -9%

Profit before income tax 210.3 245.2 17%

Tax expense -90.7 -59.9 -34%

Current period tax expense -59.1 -58.7 -1%

Deferred tax (expense) -31.6 -1.2 -96%

Profit for the period 119.7 185.3 55%

Attributable to :

Equity holders of the Company 127.1 174.5 37%

Non-controlling interest(2)

7.5 -10.8 nm

Equity Pick-up-4%

Doubling of Medinah rent with the expiry of grace period, as stipulated in the BTO agreement. Opening of new terminal in Zagreb with additional D&A costs.

EBITDAR+12%

Significant growth supported by the decline in cash opex

EBITDA+13%

EBITDA growth almost in line with EBITDAR growth

EBIT+7%

Increase in D&A&I (TAV Istanbul and TAV Milas Bodrum), lower contribution from equity pick-up

Net Finance Costs-9%

Lower interest expenses due to:RefinancingLower principal

Macedonia refinancing of €-7m in Q1 2016 (one-off)Istanbul refinancing of €-11m in Q2 2016 (one-off)

FX Gain (loss)nm

Translation differences mainly due to appreciation of EUR against USD and TRY during FY17 compared to 2016 year-end

Tax-34%

Due to lower deferred tax (one off deferred tax asset write down in Tunisia in 2Q16)

Current Tax-1%

Mostly due to bottomline improvement in loss making entities

Deferred Tax-96%

One off deferred tax asset write down in Tunisia in 2Q16

Net Profit toEquity Holders+37%

Impacted by lower finance expenses and elimination of one-offdeferred tax expense related with TAV Tunisie in 2Q 2016; despitehigher minority interest; higher D&A&I mainly due to TAV MilasBodrum; lower contribution from Medinah and FX losses due todepreciation of USD and TRY versus EUR

*ATU = ATU + ATU Magazacılık (Domestic)

** Restated

16,9

4,4

-4,2

0,3 0,4

-0,8

20,59,4

-11,6

-0,6 -0,9 -0,4

ATU TGS* TIBAH BTA IDO MZLZ(Zagreb)

Other

12M16

12M17

Quarterly Drivers*

13

€m 1Q16 1Q17 % 2Q16 2Q17 % 3Q16 3Q17 % 4Q16 4Q17 %

Adjusted Revenue 234.5 229.3 -2% 274.1 287.1 5% 314.0 345.9 10% 281.5 280.4 0%

Aviation income 75.8 77.5 2% 83.2 92.5 11% 107.6 125.6 17% 86.1 92.6 8%

Ground Handling Income 28.4 29.3 3% 35.4 38.5 9% 43.1 52.2 21% 34.5 32.7 -5%Commission from sales of duty free goods 52.1 46.6 -11% 60.9 62.9 3% 66.3 71.0 7% 62.1 65.1 5%

Catering services & retail 26.3 21.1 -20% 29.9 27.2 -9% 33.0 32.4 -2% 23.9 24.7 3%

Other Operating Revenue & Income 52.0 54.9 6% 64.8 66.0 2% 63.9 64.6 1% 74.9 65.2 -13%

Cost of catering inventory sold -12.9 -9.8 -25% -15.3 -9.9 -35% -13.9 -11.6 -17% -10.7 -10.1 -6%

Cost of services rendered -10.7 -13.1 22% -17.0 -20.2 19% -17.9 -18.6 4% -22.6 -19.7 -13%

Personnel expenses -63.1 -57.0 -10% -62.2 -62.1 0% -62.7 -60.0 -4% -67.7 -64.5 -5%

Concession rent expenses -36.0 -39.3 9% -36.8 -40.6 10% -38.6 -42.8 11% -40.8 -41.9 3%Depreciation, amortization and impairment expense -24.3 -29.6 22% -25.3 -29.2 16% -26.8 -28.9 8% -28.9 -53.4 85%

Other operating expenses -29.5 -28.1 -5% -31.6 -28.4 -10% -32.1 -30.7 -4% -40.0 -32.1 -20%

Equity Pick-up 3.4 -1.7 nm 5.1 2.3 -55% 9.5 10.7 13% -1.0 5.0 nm

Adjusted EBITDA 85.7 80.7 -6% 116.3 128.1 10% 158.1 192.6 22% 98.7 117.4 19%

Adjusted EBITDA Margin 37% 35% -1 ppt 42% 45% 2 ppt 50% 56% 5 ppt 35% 42% 7 ppt

Operating profit 61.4 51.1 -17% 91.0 98.9 9% 131.3 163.8 25% 69.7 64.0 -8%

IFRIC 12 -5.7 -6.3 10% -1.2 -2.2 88% -3.4 -4.9 43% -9.9 -7.9 -21%

Finance income 2.2 -1.0 nm -4.6 -2.2 -53% 0.6 2.9 370% 5.3 12.7 139%

Translation gain 3.3 4.8

Finance costs -35.4 -20.3 -43% -38.1 -26.3 -31% -24.7 -29.8 21% -28.2 -47.4 68%

Translation loss -0.2 -1.5 -8.1 -10.9

Net finance costs -33.2 -21.3 -36% -42.7 -28.5 -33% -24.1 -26.9 12% -22.9 -34.7 51%

Profit before income tax 22.4 23.5 5% 47.2 68.2 45% 103.8 132.0 27% 36.9 21.5 -42%

Tax expense -10.2 -13.7 33% -37.9 -16.5 -56% -21.9 -18.0 -18% -20.6 -11.8 -43%

Current period tax expense -8.6 -10.9 27% -17.3 -14.0 -19% -15.6 -19.1 22% -17.6 -14.7 -16%

Deferred tax (expense) -1.7 -2.8 68% -20.6 -2.5 -88% -6.3 1.1 nm -3.0 3.0 nm

Profit for the period 12.2 9.8 -19% 9.3 51.7 456% 81.9 114.1 39% 16.3 9.7 -41%

Attributable to:

Equity holders of the Company 14.6 11.7 -20% 16.9 48.3 186% 78.3 104.9 34% 17.3 9.6 -44%

Minority -2.4 -1.9 -24% -7.6 3.4 nm 3.6 9.2 157% -1.0 0.1 nm

EURTRY (avg)EURTRY (eop)

EURUSD (avg)EURUSD (eop)

3.24 3.93 21% 3.25 3.93 21% 3.27 4.10 22% 3.34 4.35 30%3.21 3.91 22% 3.20 4.00 25% 3.36 4.19 25% 3.71 4.51 22%

1.10 1.07 -3% 1.11 1.07 -3% 1.12 1.10 0% 1.11 1.19 7%1.13 1.07 -5% 1.11 1.10 -1% 1.12 1.18 5% 1.05 1.20 14%

Margin expansion since 1Q17, as operatingleverage kicks in with passenger recovery

Minority interest from TAV Tunisie enjoyedsmaller losses and minority interest fromGeorgia enjoyed larger gains since 1Q17

One offs:1Q16: Macedonia refinancing -€7m2Q16: Istanbul refinancing -€11m2Q16: TAV Tunisie deferred taxexpense -€14mLarge IT revenue accrual in 4Q16,classified in Other OperatingRevenueCease of BTA Logistics third-partyoperations softened catering services&retail incomeTAV Milas Bodrum impairment in Q42017

** 2016 and 2017 Restated

Quarterly Revenue & EBITDA by Assets(1,4)

14

(1) Adjusted for IFRIC 12(2) Others EBITDA includes share of profit of equity accounted investees (equity-pick up). Please see pg 12.

(3) Restated(4) Please see pg. 24 and 25 for accounting changes

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16(3) 2Q16(3) 3Q16(3) 4Q16(3) 1Q17(3) 2Q17(3) 3Q17(3) 4Q17(3)

Airports 141.3 169.3 203.7 176.2 161.9 201.3 220.0 179.4 169.2 189.8 225.0 193.4 164.9 198.3 246.0 197.8

Istanbul 102.4 114.5 124 121.1 117.3 141.6 145.7 124.9 118.1 126.3 132.0 124.6 109.0 128.6 139.7 129.0

Ankara 12.1 9.6 10.6 14.9 13.0 10.3 13.2 14.9 17.3 12.7 15.9 21.6 17.8 13.5 17.3 18.8

Ege 10.5 16.3 23.1 15.5 12.1 17.2 25.0 15.2 12.9 16.1 22.2 15.4 12.5 16.4 24.1 15.5

Gazipasa 0.2 0.7 1.7 0.5 0.3 1.6 2.6 0.9 0.4 1.3 2.1 0.7 0.3 1.2 2.1 0.9

Tunisia 4.9 14 24 9 4.7 11.9 5.7 2.7 3.2 6.6 10.6 3.9 2.3 5.8 11.6 3.4

Georgia 7.3 8.8 12 9.1 9.0 11.7 17.3 13.0 10.3 13.9 21.8 16.8 15.6 20.2 29.5 20.1

Macedonia 3.9 5.4 6.5 4.9 4.6 5.6 7.7 5.7 5.3 6.5 8.1 6.8 5.7 6.5 9.1 6.7

Milas Bodrum 1.8 1.2 0.8 1.4 2.9 2.2 1.8 6.5 12.4 3.7 1.7 6.1 12.6 3.5

Services 70.5 100.8 109.3 120 92.1 109.5 126.2 115.6 93.1 116.4 123.2 124.2 92.4 119.1 133.4 113.1

Havas 22.9 40.8 50.8 30.9 25.4 40.1 49.7 32.7 28.0 33.3 39.0 31.3 26.0 34.8 46.8 31.8

BTA 27.9 37.8 35.6 37 37.8 42.1 47.2 39.8 39.5 44.6 48.3 37.8 32.7 40.1 47.5 38.1

Others (2) 19.6 22.2 22.9 52.2 28.9 27.3 29.3 43.2 25.6 38.5 35.9 55.0 33.7 44.1 39.1 43.2

Total 211.7 270.1 312.9 296.2 254.0 310.9 346.3 295.1 262.3 306.2 348.2 317.6 257.3 317.3 379.4 310.9

Eliminations -22.2 -24.5 -27.6 -33.8 -26.9 -30.2 -32.1 -37.7 -27.8 -32.1 -34.2 -36.1 -28.0 -30.3 -33.5 -30.5

Consolidated Revenue 189.6 245.6 285.3 262.4 227.1 280.7 314.1 257.3 234.5 274.1 314.0 281.5 229.3 287.1 345.9 280.4

Airports 56.7 84.5 111.8 88.3 65.2 115.8 132.2 81.9 77.2 98.1 128.8 90.8 71.6 105.7 150.0 103.3

Istanbul 45.5 59.6 67.2 61.3 53.4 85.7 90.7 63.4 54.3 65.0 69.1 57.4 43.7 65.6 76.3 64.0

Ankara 7 4.3 5.1 5.6 7.3 4.7 7.3 5.4 11.7 6.7 10.1 12.0 12.2 7.5 11.5 13.3

Ege 2.4 7.6 13.8 15.9 5.3 10.5 17.4 7.9 6.3 9.5 15.1 8.5 6.8 10.4 17.5 9.3

Gazipasa -0.4 0.2 0.9 -0.2 -0.4 0.8 1.9 0.0 -0.4 0.4 1.2 -0.3 -0.4 0.3 1.2 0.0

Tunisia -2.2 5 13.6 -2.7 -6.0 3.6 -3.9 -5.3 -2.6 0.1 2.6 -3.8 -3.1 -0.4 3.9 -2.9

Georgia 3.8 5.7 8.6 5.6 5.0 7.9 13.3 8.4 6.4 10.0 17.8 12.9 11.1 16.2 25.0 15.8

Macedonia 0.6 2.2 3.2 1.3 1.2 2.4 4.2 2.0 1.7 3.0 4.0 2.8 1.5 2.8 5.1 2.3

Milas Bodrum -0.6 1.6 -0.6 0.3 1.4 0.2 -0.3 3.4 8.8 1.3 -0.1 3.2 9.5 1.5

Services 9.5 30.6 34.4 19.2 12.4 26.5 40.5 15.5 7.9 17.9 28.7 9.0 9.5 22.7 43.7 12.7

Havas 3 16.8 20.8 2.1 0.0 14.2 22.8 7.8 4.4 9.7 15.2 2.5 4.1 11.8 24.1 9.0

BTA 1 3.6 4.8 0.4 2.6 4.9 5.9 0.2 2.0 4.2 6.4 0.9 2.0 3.1 7.2 1.4

Others(2) 5.5 10.2 8.8 16.7 9.8 7.4 11.8 7.5 1.5 3.9 7.2 5.5 3.3 7.9 12.5 2.2

Total 66.2 115.1 146.2 107.6 77.6 142.3 172.7 97.4 85.1 116.0 157.5 99.8 81.1 128.4 193.7 116.0

Eliminations 0.5 1 -1.8 -0.8 0.9 -0.1 1.3 -3.6 0.6 0.3 0.6 -1.1 -0.4 -0.4 -1.1 1.5

Adjusted EBITDA 66.7 116.1 144.4 106.7 78.5 142.2 174.0 93.7 85.7 116.3 158.1 98.7 80.7 128.1 192.6 117.4

Guaranteed pax revenue 7.3 8.3 11.9 11.0 5.9 2.3 4.5 6.8 5.7 1.2 3.4 9.9 6.3 2.2 4.9 -34.6

Ankara 5.1 3.4 3.3 7.6 5.6 2.3 4.5 6.8 5.7 1.2 3.4 9.9 6.3 2.2 4.9 -34.6

İzmir 2.1 4.9 8.6 3.4 0.2 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total Concession expense 34.8 36 37.5 27.4 31.5 32.5 34.0 34.7 -36.0 -36.8 -38.6 -40.8 -39.3 -40.6 -42.8 -41.9

Istanbul 31.9 32.2 32.6 32.6 30.7 30.8 31.2 33.2 -35.1 -35.1 -35.7 -39.3 -38.5 -38.9 -40.1 -40.5

Ege 2.2 2.2 2.2 -6.5

Tunisia 0.6 1.4 2.5 1.2 0.6 1.4 2.5 1.2 -0.6 -1.4 -2.5 -1.2 -0.6 -1.4 -2.5 -1.2

Macedonia 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.3 -0.2 -0.3 -0.3 -0.3 -0.2 -0.3 -0.3 -0.2

Milas Bodrum 1.4 -1.4

458,8

87,7

4,0 0,4 4,4 0,7 12,414,5

518,9

FY16

Vo

lum

e

F/X

Mix

Oth

er

EPU

**

Ren

t

Price

FY17

FY17 Revenue and EBITDA Bridges *

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

* IFRIC 12 adjusted, 2016 restated

15

** Equity Pick -up

1104

22,7

7,97,8

5,35,1 1,9 1,4 -0.1 -0.1 -0.4 -1.3

-11.8

1143

FY16

Geo

rgia

Elimin

ation

Havas

Istanb

ul

Oth

ers

Izmir

Maced

on

ia

An

kara

Gazip

asa

Bo

dru

m

Tun

isia

BTA

FY17

459

21,0

17,37,7

4,5 3,9 3,8 1,2 0,9 0,3 0,2 0,1 -0.7

519

FY16

Geo

rgia

Havas

Oth

ers

Izmir

An

kara

Istanb

ul

Tun

isia

Bo

dru

m

BTA

Gazip

asa

Maced

on

ia

Elimin

ation

FY17

1104.1

102,5

17,6 10,3 3,1 2,3-97.0

1142,7

FY16

Vo

lum

e

Oth

er

Price

Mix

On

e-Offs

F/X

FY17

Ege

Ege

2017 Guidance and Realization

2017 Revised Guidance

Istanbul Ataturk

Airport Int. Pax

Total TAV Airports

PaxRevenue

EBITDAR(EBITDA before concession &

rent)

CAPEXNet Profit

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

Istanbul Ataturk

Airport Int.O&D Pax

Realization

Guidance is revised due to better than expected passenger recovery and updated FX assumptions.

16

4 to 6percent

6 to 8percent

1 to 3percent

significantincrease

~ €50m6 to 8percent

6 to 8percent

7percent

9percent

10percent

3percent

12percent

37percent

€41m

2018 Guidance

2018 Guidance

Istanbul Ataturk

Airport Int. Pax

Total TAV Airports

PaxRevenue EBITDA CAPEXNet Profit

Notes: All financial targets have been adjusted to reverse the efects of IFRIC 12 and are compliant with IFRS 11; assuming Istanbul Ataturk Airport will operate for the full year in 2018.

Istanbul Ataturk

Airport Int.O&D Pax

17

6 to 8Percent

increase

10 to 12Percent

increase

2 to 4Percent

increase

double digit

increase

~ €80m9 to 11Percent

increase

5 to 7Percent

increase

Under our traffic and FX assumptions

FX Exposure of Operations (FY17)

18

10%

23%

10%

57%

Opex (1)(2)

€75m

€182m

€79m

€452m

98%

1%

Gross Debt

€1092m

4%

18%

56%

22%

Revenue (1)

€716m

€230m

€54m

€281m

96%

4%

Concession Rent Expense

€7m

€158m

€4m

€1282m

€165m

€788m

€1119m

EUR USDTRY Other

(1) Combined figures, pre-elimination IFRIC12 adjusted, includes equity-pick up (€16m)(2) Includes concession rent expenses (€165m), does not include depreciation (€141m)

€22m

Average 31 December

FX Rates FY16 FY17 2016 2017

EUR/TRY 3.34 4.12 3.71 4.52

USD/TRY 3.02 3.64 3.52 3.77

EUR/USD 1.11 1.13 1.05 1.20

EUR/GEL 2.62 2.83 2.79 3.10

EUR/MKD 61.73 61.57 61.48 61.49

EUR/TND 2.37 2.72 2.43 2.95

EUR/SAR 4.15 4.24 3.95 4.49

FX Exposure

19

Hedging

Subsidiaries, TAV Esenboga, TAV Milas Bodrum and TAV Ege enter into swaptransactions in order to diminish exposure interest rate risk to manage exposure tothe floating interest rates relating to loans used.

Interest payments of 100%, 100% and 90% of floating bank loans for TAV Esenboga,TAV Ege and TAV Milas Bodrum respectively are fixed with interest rate swaps.

Changes in the fair value of the derivative hedging instrument designated as a cashflow hedge are recognized directly in equity to the extent that the hedge is highlyeffective. To the extent that the hedge is ineffective, changes in fair value of theineffective are recognized in profit or loss.

Sensitivity Analysis

The Group’s principal currency rate risk relates to changes in the value of the Eurorelative to TRY and the USD. The Group manages its exposure to foreign currency riskwhere possible by incurring expenses with respect to each contract in the currency inwhich the contract 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 an aggregatecorporate-level currency exposure. The aggregate foreign exchange exposure iscomposed of all assets and liabilities denominated in foreign currencies, both short-term and long-term purchase contracts. The analysis excludes net foreign currencyinvestments.

A 10 percent strengthening / (weakening) of EUR against the following currencies at31 December 2017 and 31 December 2016 would have increased / (decreased) equityand profit or loss by the amounts shown above. This analysis assumes that all othervariables, in particular interest rates, remain constant.

Equity Profit or loss

(‘000)

Strengtheningof EUR

Weakeningof EUR

Strengtheningof EUR

Weakeningof EUR

31 December 2017

USD - - (23,331) 23,331

TRY - - (2,799) 2,799

Other - - (1,634) 1,634

Total (27,764) 27,76431 December 2016

USD - - (16,987) 16,987

TRY - - (2,662) 2,662

Other - - (534) 534

Total - - (20,183) 20,183

Decentralized Debt Structure - Prudently Levered

20

Net Debt (eop, €m)December

2016September

2017December

2017

Airports 750 773 668

İstanbul (32) 12 (76)

Ankara 48 22 18

Ege 198 200 186

Gazipasa 46 47 48

Tunisia* 339 346 348

Georgia (17) (18) (15)

Macedonia 45 46 43

Bodrum 124 118 116

Services 11 (118) (81)

HAVAS 32 12 7

BTA 7 4 7

Holding (stand alone) (35) (141) (101)

Others 6.5 7 6

Total 761 655 586

Gross Debt Maturity Profile (€m)

Door to Door Maturity 8.2 Years

Average Maturity 5.1 Years

Average € Cost of Debt (Hedged**) 4.3 %

Net Debt / 2017 FY EBITDA 1.2

** 54% of all loans have fixed rates. -as of December 31, 2017

** With the Istanbul refinancing the average cost of debt decreased from 4.6%

in 2015 to 4.3% in 2017.

The refinancing transaction had a neutral effect on the bottom line in 2016 andsaved approximately €10m in 2017.·

*Due to the trilateral negotiations in Tunisia, all financial debt has been reclassified toshort term borrowings. Details can be found in IFRS financials Note 26

207

94 94 56 42

255

359*

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

Tunisia

TAV Airports

Non-recourse

2,7

3,3 3,4 3,5

5,5

4,6

2011 2012 2013 2014 2015 2016

39

62 66

109 105

64

53

124133

218 210

127

74%

50% 50% 50% 50%50%

2011 2012 2013 2014 2015 2016

Dividends Paid Net Income Payout Ratio

CAPEX Development / Dividends

21

Quarterly Capex (€m)(i) 2017 Capex

Dividend Yield (%) Dividend History (€m)

€30m invested in Tbilisi runway and taxiway rehabilitation in 2016, €17m in 2017

(i) Adjusted to exclude effects of IFRIC 12 accounting change

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

2017 YTDCAPEX

€41m

23

14

0 0 0

14

8

14 1312

14

66

1816

1920

96

16

11

20

13

19

1012 12

6

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

Ege Istanbul Other

Summary IFRS Consolidation Table

2016 2017

Name of Subsidiary Consolidation % Stake Consolidation % Stake

TAV Istanbul Full - No Minority 100 Full - No Minority 100

TAV Esenboga Full - No Minority 100 Full - No Minority 100

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

TAV Gazipasa Full - No Minority 100 Full - No Minority 100

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

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

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

TAV Urban Georgia (Tbilisi) Full - With Minority 80 Full - With Minority 80

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

TIBAH Development Equity 33 Equity 33

TIBAH Operation Equity 51 Equity 51

HAVAS Full - No Minority 100 Full – No Minority 100

BTA Full - With Minority 67 Full – No Minority 100

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

TAV IT Full - No Minority 100 Full – No Minority 100

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

HAVAS Europe Full - No Minority 100 Full - No Minority 100

ATU Equity 50 Equity 50

TGS Equity 50 Equity 50

BTA Denizyollari (IDO)* Equity 50 Equity 50

MZLZ Equity 15 Equity 15

MZLZ Operations Equity 15 Equity 15

TAV Milas Bodrum Full - No Minority 100 Full - No Minority 100

TAV Akademi Full - No Minority 100 Full - No Minority 100

Havas Saudi Equity 67 Equity 67

Tunisia Duty Free** Proportionate 30 Proportionate 30

Notes on Financials

22*Effective ownership to TAV Airports is 33% in BTA IDO**Tunisia Duty Free is 30% held and proportionately consolidated to ATU because ATU has 65% of the voting rights.

Basis of Consolidation

The consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”).Although the currency of the country in which the Group is domiciled is Turkish Lira (TRL), most of the Group entities’ functional currency and reporting currency is EUR.Each entity is consolidated as follows:

IFRIC 12 & Our Adjusted Financials Policy

23

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 thescope.

The capex we incur on our BOT assets, is routinely booked as “airport operation right” inthe balance sheet. However when there are guaranteed passenger fees in question,these fees are discounted to their NPV and subtracted from the “airport operationright” of the BOT in question. The remaining capex amount gets booked as “airportoperation right” and the NPV of guaranteed passenger fees gets booked as “tradereceivables.”

When the guaranteed passenger fees become earned during the course of operations,these are credited from the balance sheet and the difference between discounted (NPVof) guaranteed passenger fees and the actual fees as they are earned are booked asfinance income.

Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L items andget treated as Balance Sheet/Cash Flow items, while at the same time, part of these feesgets shown as finance income. This unduely decreases aviation income and increasesfinance income and distorts our P&L. To adjust for the distortion we add backguaranteed passenger fees 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 incomemay or may not carry a mark-up on it. Since this method of booking also distorts boththe P&L and the Balance Sheet we adjust our financials to disregard the effects of both“construction expense” and “construction income.”

Debit Credit1. During Construction

BS DebtBS CashBS Construction in progressPL Construction Expense Construction Income

2. Completion of ConstructionBS Construction in progress

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

BS Airport Operation Right *

3. Operations During YearPL Aviation Income for the Current Year **BS Cash **

4. Year ClosePL 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 RightBS 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

2016 Restated Financials

24

As Reported RestatedAdjusted Revenue € mn 12M16 12M16 Difference Difference(%) NoteAirports 765,7 777,5 11.8 2%

Istanbul 500.9 500.9 0.0 0%Ankara 55.7 67.5 11.8 21% 1Ege 66.5 66.5 0.0 0%Gazipasa 4.5 4.5 0.0 0%Tunisia 24.3 24.3 0.0 0%

Georgia 62.8 62.8 0.0 0%Macedonia 26.6 26.6 0.0 0%

Bodrum 24.4 24.4 0.0 0%Services 456.8 456.9 0.1 0%

Havas 131.6 131.6 0.0 0%BTA 170.2 170.2 0.0 0%

Others 154.9 155.0 0.1 0%Total 1222.5 1234.4 11.9 1%

Eliminations -130.2 -130.2 0.0 0%Consolidated Revenue (*) 1092.3 1104.1 11.9 1%

Adjusted EBITDA 12M16 12M16 Difference Difference(%)Airports 382.3 395.0 12.8 3%

Istanbul 244.9 245.8 1.0 0%Ankara 28.6 40.6 12.0 42%Ege 39.7 39.5 -0.2 -1%Gazipasa 0.9 0.9 0.0 1%Tunisia -3.7 -3.7 0.0 0%

Georgia 47.1 47.1 0.0 0%Macedonia 11.6 11.6 0.0 0%

Bodrum 13.2 13.2 0.0 0%Services 62.4 63.4 1.0 2%

Havas 31.4 31.8 0.4 1%BTA 12.9 13.5 0.5 4%

Others 18.1 18.2 0.1 1%Total 444.6 458.5 13.8 3%

Eliminations 0.3 0.3 0.0 0%Adjusted EBITDA 445.0 458.8 13.8 3% 2

Guaranteed passenger fee revenuefrom Ankara 20.2 20.2 0.0 0%Discount Income from Ankara 11.8 11.8 0.0 0% 1

As Reported RestatedP&L€mn 12M16 12M16 Difference Difference(%) NoteAviation income 352.7 352.7 0.0 0%Commission from sales of duty free goods 241.5 241.5 0.0 0%Ground handling income 141.4 141.4 0.0 0%Catering services income 113.0 113.0 0.0 0%Income from car parking operations 31.9 31.9 0.0 0%

Other Operating Revenue 142.1 223.6 81.5 57% 1,3

Other operating income 69.8 0.1 -69.6 -100% 3Total revenue 1092.3 1104.1 11.9 1%Construction revenue 31.5 31.5 0.0 0%Construction expenditure -31.5 -31.5 0.0 0%Cost of catering inventory sold -52.9 -52.9 0.0 0%Cost of services rendered -68.3 -68.3 0.0 0%

Personnel expenses -257.7 -255.7 2.0 -1% 2Concession rent expenses -152.2 -152.2 0.0 0%Depreciation and amortization expense -105.3 -105.3 0.0 0%Other operating expenses -133.3 -133.3 0.0 0%Equity Pick-up 17.1 17.1 0.0 0%IFRIC 12 -20.2 -20.2 0.0 0%Operating profit 339.7 353.5 13.8 4%

Finance income 15.3 15.3 0.0 0%Translation Gain 6.2 6.2 0.0 0%

Finance expenses -124.4 -138.2 -13.8 11% 1,2Translation LossNet finance expense -109.1 -122.9 -13.8 13%Profit / (loss) before income tax 210.3 210.3 0.0 0%Tax (expense) / benefit -90.7 -90.7 0.0 0%Current tax -59.1 -59.1 0.0 0%Deferred tax -31.6 -31.6 0.0 0%Profit / (loss) for the period 119.7 119.7 0.0 0%Minority Interest -7.5 -7.5 0.0 0%Profit / (loss) for the period after Minority 127.1 127.1 0.0 0%

1) Discount Income from collection of discounted DHMI receivables was reclassified from NetFinance Expense to Other Operating Revenue

2) Discount Expense from Employee Termination Benefits was reclassified from PersonnelExpenses to Finance Expenses

3) Most Other Operating Income items were reclassified to Other Operating Revenue.Discount Income from collection of discounted DHMI receivables was reclassified fromFinance Income to Other Operating Revenue (€69.8m + €11.8m = €81.7m)

EBITDA Reconciliation (FY 2017)

Reconciliation of Revenue and EBITDA & Accounting Changes

25

Revenue Reconciliation (FY 2017)The following changes were made to the financials:

Discount Income from unwinding of TAV Esenboga’s discounted receivablesfrom DHMI (please refer to page 23 of the presentation for IFRIC 12 bookingmodel and discount income figures). Discount income, which is thedifference between discounted receivables and the actual receivables whichwas previously classified to finance income is now classified to OtherOperating Revenue. The impact on 2017 IFRS financials is EUR 10,96 million.Please note that 2016 financials are restated accordingly.

Items like advertising income, rent income from sublease, utility andparticipation income, which were reported as «Other Operating Income»items are now reclassified to «Other Operating Revenue» for full year 2017.Please note that 2016 financials are restated accordingly.

Depreciation and Amortization method for Georgia, Macedonia, SaudiArabia and Gazipasa airports has been changed from «straight-line» to «unitof production» (i.e. passenger number projections), in line with Ege andBodrum, following end of ramp up period and thanks to passenger volumevisibility. The impact on 2017 IFRS financials is EUR 5,04 million. Please notethat the accounting changes have been applied to Q3 2017 financials, butprevious periods have not been restated.

Discount Expense on Employee Termination Benefits is reclassified tofinance expense. 2016 financials are restated accordingly and the impact on2017 IFRS financials is EUR 2,40 million.

Other Operating Income, which mainly consists of extra ordinary items likegain fixed asset sale or reversal of provision for doubtful receivables, for thefull year of 2016 and 2017 is not reported as revenue. The impact on 2017IFRS financials is EUR 493 thousand. Please note that 2016 financials arerestated accordingly.

1138,5

+21.3 -17.1

1142,7

IFR

S R

even

ue

(re

po

rte

d b

y A

DP

)

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Co

nst

ruct

ion

Rev

enu

e

Ad

just

ed R

even

ue

(re

po

rte

d b

y TA

V)

481,2

21,316,4

518,9

EBIT

DA

rep

ort

ed b

y A

DP

An

kara

Gu

aran

teed

Pax

Rev

enu

e

Equ

ity

Pic

k-u

p

EBIT

DA

rep

ort

ed b

y TA

V

Selected Financials by Assets (IFRIC 12 Adjusted) and employee #s (FY17)

26

(€m) Revenue EBITDAEBITDA

Margin (%)Net Debt

Airports 806.9 430.6 53% 668Istanbul 506.3 249.6 49% -76Ankara 67.4 44.5 66% 18Ege 68.5 44.0 64% 186Gazipasa 4.4 1.1 25% 48Tunisia 23.0 -2.5 nm 348Georgia 85.5 68.1 80% -15Macedonia 28.0 11.7 42% 43Bodrum 24.0 14.1 59% 116.0

Services 458.0 88.7 19% -81Havas 139.5 49.1 35% 7BTA 158.4 13.7 9% 7Others* 160.1 25.9 16% -95

Total 1,264.9 519.2 41% 586

Elimination -122.2 -0.4 0

Consolidated 1,142.7 518.9 45% 586

Revenue (€m) FY16* FY17 Chg.(%)

Airports 777.5 806.9 4%İstanbul 500.9 506.3 1%Ankara 67.5 67.4 0%Ege 66.5 68.5 3%Gazipasa 4.5 4.4 -1%Tunisia 24.3 23.0 -5%Georgia 62.8 85.5 36%Macedonia 26.6 28.0 5%Bodrum 24.4 24.0 -2%

Services 456.8 458.0 0%Havas 131.6 139.5 6%BTA 170.2 158.4 -7%Others 154.9 160.1 3%

Total 1,234.3 1,264.9 2%Elimination -130.1 -122.2 -6%Consolidated 1,104.1 1,142.7 3%ATU** 336.4 342.1 2%TGS** 130.2 126.7 -3%TIBAH** 59.8 70.2 17%

Number of Employees (eop) FY16* FY17

Istanbul 2,936 2,993Ankara 928 941Ege 878 928Tunisia 672 778Gazipasa 57 62Georgia 781 876Macedonia 675 681Havas 3,853 4,135BTA 2,904 3,165Holding 105 111O&S 700 678Technologies 277 332Security 774 1,070Latvia 6 6Bodrum 75 78Academy 3 2

TOTAL 15,624 16,836

EBITDA (€m) FY16* FY17 Chg.(%)

Airports 395.0 430.6 9%Istanbul 245.8 249.6 2%Ankara 40.6 44.5 9%Ege 39.5 44.0 12%Gazipasa 0.9 1.1 25%Tunisia -3.7 -2.5 -32%Georgia 47.1 68.1 45%Macedonia 11.6 11.7 1%Bodrum 13.2 14.1 7%

Services 63.4 88.7 40%Havas 31.8 49.1 54%BTA 13.5 13.7 2%Others* 18.2 25.9 42%

Total 458.5 519.2 13%Elimination 0.3 -0.4 -209%Consolidated 458.8 518.9 13%ATU** 27.4 28.7 5%TGS** 11.2 15.6 40%TIBAH** 26.8 15.1 -43%

*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

ATU (50%)

27

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

1617,1

15,716,3 16,6 16,5

16,0

14,415,3 15,4

14,114,815,8

14,7 14,5 14,9 15,0 14,8

13,314,3 14,3

13,0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Istanbul TAV

Operations started in 5 Tunisian airports in Q4 2014, ramp up in 2017 (one-off income in Q4 2016).

SPP dropped in FY17, mainly due to TRY depreciation impacting Turkish passengers’ spending, as well as weakness in European passengers.

Recovery in Istanbul, Georgia very strong.

71,6

88,2 91,981,9

72,184,7

93,086,5

68,3

85,8

102,0

86,0

4,7 7,1 7,23,7 1,5

4,710,2 11,1

5,9 6,412,7

3,8

7%

8% 8%

5%

2%

6%

11%

13%

9%

7%

12%

8%

0%

2%

4%

6%

8%

10%

12%

14%

0

20

40

60

80

100

120

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

Revenue EBITDA Margin

BTA

28

BTA Financials (€m)

37,842,1

47,2

39,8 39,544,6

48,3

37,832,7

40,1

47,5

38,1

2,64,9 5,9

0,21,9

4,16,3

0,7 1,9 2,9

7,0

1,8

7%

12%12%

1%

5%

9%

13%

2%

6%

7%

15%

5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Revenue EBITDA Margin

TAV F&B Spend per Pax (€)

1,8

2,12

1,6

1,3 1,3 1,3 1,3 1,3 1,31,2

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Predominantly TRY based revenue and opexCease of third party operations of BTA Logistics during 2016Ramp up in Latvia and Medinah in 2016Croatia added in 2017 Q4

123

312

49

485

135

329

32

496

HAVAS TGS HVS E HAVAS + TGS + HVSE

FY16

FY17

HAVAS

29

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

Havas Solo FX Exposure FY 2017# of Flights Served (‘000)

* Post IFRS 11

9%

40%

51%

Revenue

3%

73%

24%

Cost

25,4

40,1

49,7

32,728,0

33,339,0

31,326,0

34,8

46,9

31,8

0,0

14,2

22,8

7,84,2

9,7

17,1

0,44,0

11,7

24,0

9,3

0%

10%

20%

30%

40%

50%

60%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Revenue EBITDA Margin

25,028,3

41,9

35,232,4

36,039,5

22,325,5

32,0

36,832,4

2,3 3,1

8,64,8

3,34,9 5,8

-2,8

1,93,8

7,32,6

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

-10,0

-5,0

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

Revenue EBITDA Margin

EUR USDTRY

Equity Accounted Investees – IFRS 11

30

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17

ATU (50%) Revenue 71.6 88.2 91.9 81.9 333.6 72.1 84.7 93.0 86.7 336.4 68.3 85.8 102.0 86.0 342.1

EBITDA 4.7 7.1 7.2 3.7 22.7 1.5 4.7 10.2 11.1 27.4 5.9 6.4 12.7 3.8 28.7

Net Profit 3.0 5.2 5.9 3.8 17.9 1.3 3.5 1.8 10.4 16.9 3.3 4.5 8.4 4.3 20.5

Net Debt 12.5 7.9 6.4 10.7 10.7 13.3 12.2 18.0 9.3 9.3 8.8 4.5 -1.1 -4.6 -4.6

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17

TGS (50%) Revenue 25.0 28.3 41.9 35.2 130.4 32.4 36.0 39.5 22.3 130.2 25.5 32.0 36.8 32.4 126.7

EBITDA 2.3 3.1 8.6 4.8 18.8 3.3 4.9 5.9 -2.8 11.2 1.9 3.8 7.3 2.6 15.6

Net Profit 1.3 1.8 5.1 2.8 10.6 1.8 2.7 3.5 -3.6 4.4 0.6 2.0 5.0 1.8 9.4

Net Debt - 0.0 0.0 -5.9 -5.9 0 0.0 0.0 0.1 0.1 - 0.0 0.0 -11.4 -11.4

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17

TIBAH (33%) Revenue 11.0 10.1 13.3 11.9 46.3 14.1 14.8 16.5 14.3 59.8 16.8 18.2 21.4 13.8 70.2

EBITDA 1.9 2.6 5.0 4.2 13.7 8.8 6.1 7.1 4.8 26.8 3.4 4.1 5.5 2.1 15.1

Net Profit 1.7 -3.5 -1.8 -3.9 -7.6 0.8 -1.3 -0.7 -2.9 -4.2 -4.5 -3.7 -0.7 -2.7 -11.6

Net Debt 315.4 311.0 311,0 328.8 328.8 317.0 322.6 315.6 316.5 316.5 311.0 300.7 300.3 283.0 283.0

1Q15 2Q15 3Q15 4Q15 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 3Q17 4Q17 FY17

BTA IDO (50%) Revenue 2.5 3.2 4.6 2.5 12.8 2.5 2.9 3.7 5.4 11.5 1.2 1.6 2.4 1.1 6.3

EBITDA 0.1 0.4 0.9 0.2 1.6 0.2 0.3 0.4 0.5 0.9 -0.2 0.1 0.1 -0.2 -0.2

Net Profit -0.1 0.2 0.7 0.1 0.9 0.1 0.2 0.2 0.2 0.3 -0.4 -0.1 0.2 -0.3 -0.6

Net Debt -0.5 -0.6 -1.2 -0.4 -0.4 0.9 0.3 -0.3 0.3 -0.4 -0.2 -0.3 -0.2 -0.1 -0.1

HAVAS* pre IFRS 11 post IFRS 11

Revenue Havas Solo + TGS (50%) Havas Solo

EBITDA Havas EBITDA + TGS (50%) EBITDA Havas EBITDA + TGS (50%) Net Profit

Net Profit Havas Net Profit + TGS (50%) Net Profit Havas Net Profit + TGS (50%) Net Profit

BTA** pre IFRS 11 post IFRS 11

Revenue BTA + BTA IDO (50%) BTA

EBITDA BTA EBITDA + BTA IDO (50%) EBITDA BTA EBITDA + BTA IDO (50%) Net Profit

Net Profit BTA Net Profit + BTA IDO (50%) Net Profit BTA Net Profit + BTA IDO (50%) Net Profit

*Havas Solo defined as all companies under HAVAS consolidation – TGS**BTA defined as all companies under BTA consolidation – BTA IDO

Income Statement / Balance Sheet

31

INCOME STATEMENT (€m) FY16 FY17

Construction revenue 31.5 17.1Total operating income 1083.9 1121.4

Aviation income 332.4 367.0Ground handling income 138.9 152.8Commission from sales of duty free goods 241.5 245.6Catering services and retail income 93.2 98.7Other operating income 277.8 257.5

Construction expenditure -31.5 -17.1Operating expenses -767.9 -781.8

Cost of catering inventory sold -52.9 -41.4Cost of services rendered -68.3 -71.6Personnel expenses -255.7 -243.6Concession rent expenses -152.2 -164.6Depreciation and amortization expense -105.3 -141.1Other operating expenses -133.5 -119.4

Equity pick-up 17.1 16.4Operating profit 333.2 356.5Finance income 15.3 12.5Finance expenses -138.2 -123.8Profit before tax 210.3 245.2Income tax expense -90.7 -59.9Profit for the period attributable to:

Owners of the Company 127.1 174.5Non-controlling interest 7.5 -10.8Profit for the period 119.7 185.3

EQUITY AND LIABILITIES (€m) FY16 FY17

EQUITY

Share capital 162 162 Share premium 220 220 Legal reserves 111 110 Other reserves (68) (79)Revaluation surplus 0 0 Purchase of shares of entities under common control 40 40 Cash flow hedge reserve (59) (53)Translation reserves (33) (48)Retained earnings / (Accumulated losses) 435 541

Total equity attributable to equity holders of the Company 808 893 Non-controlling interest (1) (4)Total Equity 807 889

Loans and borrowings 674 551 Reserve for employee severance indemnity 21 23 Due to related parties 0 0 Derivative financial instruments 49 36 Deferred income 36 21 Other payables 598 554

Deferred tax liabilities 15 15 Total non-current liabilities 1,394 1,201 Bank overdraft 1 0 Loans and borrowings 566 568 Trade payables 56 46 Due to related parties 3 1 Current tax liabilities 23 20 Other payables 230 252 Provisions 7 6 Deferred income 14 18 Derivative financial instruments 0 2 Total current liabilities 900 912 Total Liabilities 2,294 2,113

TOTAL EQUITY AND LIABILITIES 3,101 3,002

ASSETS (€m) FY16 FY17

Property and equipment 230 192 Intangible assets 14 12 Airport operation rights 1,694 1,618 Other investments 0 0 Goodwill 136 136 Prepaid concession expenses 9 6 Trade receivables 90 79 Other non-current assets 3 10 Deferred tax assets 37 35 Equity pick-up assets 94 88 Total non-current assets 2,308 2,175 Inventories 9 10 Prepaid concession expenses 92 72 Trade receivables 130 130 Due from related parties 20 22 Derivative financial instruments 0 0 Other receivables and current assets 61 61 Cash and cash equivalents 317 344 Restricted bank balances 164 188 Total current assets 793 827 TOTAL ASSETS 3,101 3,002

Cash Flow Statement

32

CASH FLOWS FROM OPERATING ACTIVITIES FY16 FY17

Profit for the period 119.7 185.3

Adjustments for:

Amortisation and impairment of airport operation right 60.1 86.0

Depreciation of property and equipment 40.7 51.1

Amortisation of intangible assets 4.5 4.1

Concession and rent expenses 152.2 164.6

Provision for employee severance indemnity 3.3 3.4

Provision for doubtful receivables 1.5 3.4

Discount on receivables and payables, net 0.0 -0.1

Gain on sale of property and equipment 0.0 0.0

Provision set for unused vacation 0.5 0.4

Interest income -9.0 -12.4

Interest expense on financial liabilities 87.1 59.3

Tax expense 90.7 59.9

Unwinding of discount on concession receivable and payable 24.3 24.0

Share of profit of equity-accounted investees, net of tax -17.1 -16.4

Unrealized foreign exchange differences on statement of financial position items -2.9 -18.5

Cash flows from operating activities 555.6 594.2

Change in current trade receivables -31.9 1.7

Change in non-current trade receivables 21.2 22.2

Change in inventories 2.3 -1.1

Change in due from related parties 14.5 -2.0

Change in restricted bank balances 246.7 -38.0

Change in other receivables and other assets -7.8 6.0

Change in trade payables 6.0 -9.7

Change in due to related parties -2.6 -2.2

Change in other payables and provisions -29.4 -75.9

Cash provided from operations 774.6 495.3

Income taxes paid -50.9 -62.1

Interest paid -42.6 -34.8

Retirement benefits paid -4.2 -4.4

Additions to prepaid concession and rent expenses -130.3 -134.1

Dividends from equity-accounted investees 24.2 18.7

Net cash provided from operating activities 570.8 278.5

CASH FLOWS FROM INVESTING ACTIVITIES FY16 FY17

Interest received 7.1 13.4

Proceeds from sale of property, equipment and intangible assets 10.0 3.7

Acquisition of property and equipment -74.8 -23.2

Additions to airport operation right -29.5 -15.6

Acquisition of non-controlling interest net of cash acquired -9.5

Acquisition of intangible assets -3.3 -1.4

Net cash used in investing activities -90.6 -32.6

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 284.3 55.3

Repayment of borrowings -514.7 -181.7

Cash inflows and outflows from derivative instruments -30.0 -12.0

Financial provision for employee benefit obligation 2.0 2.4

Dividends paid -115.7 -76.8

Change in finance lease liabilities -2.4 -4.4

Net cash used in financing activities -376.5 -217.1

NET INCREASE IN CASH AND CASH EQUIVALENTS 103.7 28.9

CASH AND CASH EQUIVALENTS AT 1 JANUARY 211.7 315.3

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 315.3 344.2

Passenger growth in Selected Airports (FY17)Monthly Change in Number of Tourists Visiting Turkey

TAV Airports Market Share (%) in Turkey

Operating Environment

33

Source: Company DataSource: Ministry of Tourism

Source: DHMI

40,9 41,1

48,9 48,7 48,6 49,1

51,350,1

30

35

40

45

50

55

60

2010 2011 2012 2013 2014 2015 2016 2017

-10% -7% -4%

18% 16%

43% 46% 46% 43%

22% 22%31%

-6%-10% -13%

-28%-35%

-41%-37% -38%

-33%-26%

-21%

-11%

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

2017/2016

2016/2015

9,8%

8,2%

7,7%

6,1%

4,5%

TAV

AENA

Schiphol

Frankfurt Airport

Paris Aéroport

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

~EUR15m software sales revenue accrued in Q4, mainly from Abu Dhabi and Saudi projects

MoU signed to undertake exclusive negotiations with the Cuban government for Havana Airport

Q4

Timeline

34

20172015 2016

TRY 348 million cash dividends paid

Macedonia loan refinanced with one-off cost of ~EUR7m

Q1

TRY 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

4% of TAV Georgia (Tbilisi) bought for USD 5.2m

Ten year duty-free concession at Houston George Bush Airport, USA won

Harsh winter conditions led to flight cancellations and unbudgeted de-icing revenue

Q1

The consortium including TAV was not selected as preferred bidder in LaGuardia tender.

New terminal building of Medinah Airport opened.

ATU operation in Oman Salalah started

Dividends paid

Q2

Gazipasa runway extension complete

Mezzanine floor opens in Ataturk Airport International Terminal

ATU started in Houston.

Q3

Milas-Bodrum Airport international terminal taken over

Gazipasa runway extension complete

Havas became 100% shareholder of Havas Europe

Q4

Istanbul loan refinanced with one-off cost of ~EUR11m (will be net income neutral by year-end)

Tunisia deferred tax asset reversal of ~EUR14m

Ataturk extension complete

Tbilisi runway and taxiway rehabilitation complete

Attack on the airport (June 28), coup attempt (July 15)

Q2

Consortium with TAV invited to exclusive negotiations for Havana Airports, Cuba

Started negotiations with Saudi Oger Ltd. to purchase half of its 33.3% shares of Tibah

Q3

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

Material Events in 2017

35

2/17/2017, Dividend Distribution for 2016

Our Company's Board of Directors has resolved to submit to the approval of the General Assembly the decision to distribute TL 0.6825341 (68.25341%) gross cash dividend (net:0.5801539 TL) per each share with a nominal value of TL 1 starting from March 22, 2017. The total proposed gross cash dividend to be distributed is TL 247.951.822

2/17/2017, Guidance for 2017

In our material event disclosure dated July 27, 2016, we had announced our revised guidance for 2016, under normal market conditions. The initial guidance was announced onFebruary 12, 2016. With 1% increase in consolidated revenue, we met our revenue expectation. We expected a 20% decline in international origin and destination (O&D)passengers in Istanbul which materialized better than our expectations at -16%.Due to the better than expected performance in O&D passengers, EBITDAR (EBITDA before rent),expected at -8 to -10%, also materialized better than our expectations at -4%. Subject to our traffic and FX assumptions, our company’s targets for 2017 are as follows: - Passengergrowth in Istanbul Ataturk international: 1 to 3 percent, - Flat Istanbul Ataturk international Origin & Destination (O&D) Passengers, - Growth in total number of passengersserved by TAV Airports: 4 to 5 percent, - Flat Revenue, - Flat EBITDAR (EBITDA before rent), - Significant net profit growth, - Total capex: around EUR50 million Note: All financialtargets are in EUR terms and have been adjusted to reverse the effects of IFRIC 12.

2/17/2017, Appointment of Independent Auditor

As per the proposal of the Audit Committee, it has been unanimously resolved to submit to the approval of the General Assembly the appointment of Güney Bağımsız Denetimve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a partner of Ernst & Young Global Limited) as the independent auditing company and auditor defined by the TurkishCommercial Code, Capital Markets Law and the relevant legislation, to audit our Company's financial statements in 2017 and to perform all other activities required within thescope of the relevant aforementioned regulation and law.

3/13/2017, Yanbu Int'l Airport

The consortium formed by TAV Airports Holding and Al Rajhi Holding Group has entered into exclusive talks with General Authority of Civil Aviation (GACA) concerning theoperating and development of Yanbu International Airport in Saudi Arabia, with a 30 years concession contract. TAV Airports Holding and Al Rajhi Holding Group have an equalshare (50%) within the consortium. Yanbu Airport served nearly 1.1 million passengers in 2016. The public shall be notified through all the relevant stages.

3/16/2017, Agreement for operating Yanbu Int'l Airport

In our material event disclosure dated 13.03.2017, we had announced that we entered into exclusive talks with General Authority of Civil Aviation (GACA) for Yanbu InternationalAirport in Kingdom of Saudi Arabia. GACA has disclosed that they have reached an agreement with TAV Airports Holding, in partnership with Al Rajhi Holding Group (50%), foroperating Yanbu International Airport for 30 years. The airport which served 1.1 million passengers in 2016, will reach approximately 3 million annual passenger capacity with thenew terminal investment.

3/20/2017, The Minutes of the 2016 Ordinary General Shareholders' Meeting

The Minutes of the 2016 Ordinary General Shareholders' Meeting are disclosed in our web site (ir.tav.aero).

Material Events in 2017

36

6/9/2017, Yanbu, Qassim and Hail Airports

In our material event disclosures dated 16.03.2017 and 24.04.2017, respectively, we had announced that we had been selected by General Authority of CivilAviation (GACA) in partnership with Al Rajhi Holding Group (50%), for operating Yanbu, Qassim and Hail International Airports for 30 years. The Operatingagreement of these airports has been signed between consortium and GACA on June 8, 2017. Service charges per passenger have been determined as 87 SAR(approximately 23 USD) both for incoming and outgoing international passengers. The airports which served 3.6 million passengers in 2016, will reach toapproximately 11.5 million annual passenger capacity with new investment of nearly 400 million USD. It is planned to commence the construction of the newterminal buildings following take over the airports and construction period is expected around 2-2.5 years.

6/5/2017, The tenders of airports in Pakistan

Our Company has submitted a bid for the tenders of airports in Pakistan whose operating period shall be 15 years + 15 years (optional), held by the localauthority; Pakistan Civil Aviation Authority (PCAA). Following the technical and financial evaluation by the Authority, the winning party is expected to beannounced.

7/8/2017 New Shareholder Structure and Board Members

New Shareholder Structure and Board Members & Changes in Board Committees

9/19/2017, New Shareholder Structure (Tepe and Sera Transaction)

As was announced on September 12, 2017, the share transfer of Tepe İnsaat Sanayi A.S 's 3.0% stake and Sera Yapı Endustrisi ve Ticaret A.S’s 0.76% stake in TAVAirports, has been completed. After the transaction, the shareholder structure of TAV Airports is as below Shareholder Structure of TAV Airports: Groupe ADP*:46.12% Tepe İnsaat Sanayi A.S. : 5.06% Sera Yapı Endustrisi ve Ticaret A.S: 1.29% Other non-floating: 3.20% Other free-float: 44.33% *Through Tank OWA alphaGmbH, which is a wholly owned subsidiary of Aéroports de Paris.

10/24/2017, BTA Share Purchase

33.333% of BTA Havalimanları Yiyecek ve İcecek Hizmetleri A.S, which is 66.667% owned by TAV Airports Holding will be acquired from Bilintur BilkentTurizm İnsaat Yatırım A.S. in return for EUR 9.5 million. The share transfer will take place following relevant legal approvals. The purchase value of theshares was determined by negotiations. After the purchase, the share of TAV Airports Holding in BTA Havalimanları Yiyecek ve İcecek Hizmetleri willincrease from 66.667% to 100.00%, Bilintur Bilkent Turizm İnsaat Yatırım will no longer have any shares in BTA Havalimanları Yiyecek ve İcecek Hizmetleri.

10/24/2017, Guidance Revision for 2017

In our material event disclosure dated February 17, 2017, we had disclosed our guidance for 2017, under normal market conditions. Our guidance has beenrevised due to better than expected passenger recovery and updated FX assumptions. Guidance for 2017 Previous / Revised -Passenger growth in IstanbulAtaturk international 1% to 3%/ 4% to 6% -Passengers growth in Istanbul Ataturk international Origin & Destination (O&D) Flat / 6% to 8% -Total number ofpassengers served by TAV Airports 4% to 5% / 6% to 8% -Revenue (EUR) Flat / 1% to 3% -EBITDAR (EBITDA before rent) (EUR) Flat/6% to 8% -Net profitgrowth Significant growth / Significant growth -Total capex Around EUR50m / Around EUR50m

10/25/2017, Amendments of AoA

Our Company's Board of Directors has decided on necessary actions to be taken to obtain the approval of the Capital Markets Board and the Ministry ofCustoms and Trade, to amend Article 6 "Capital" and Article 15 “Board of Directors Meeting” of our Articles of Association as attached, in accordance withthe principles of Capital Markets Law, the Turkish Commercial Code, and related legislation. Amendment of Articles of Association is subject to approval ofthe General Assembly.

37

Material Events in 2017

Airport Type/Expire TAV Stake Scope 2016 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Volume Guarantee

Yearly Lease/ Concession Fee Paid

Net Debt (1)

Istanbul Ataturk Lease

100% Terminal 63.7US$15

€3 No $140m + VAT €-76m(January 2021) €2.5 (Transfer)

Ankara Esenboga BOT

100% Terminal 15.8€15

€2.5 (Transfer)€3

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

- €18m(May 2023)

Izmir A.Menderes (Ege)

Concession100% Terminal 12.8

€15€2.5 (Transfer)

€3 No €29m+VAT (2)

€186m(December 2032)

Gazipasa Alanya Lease

100% Airport 0.8 €10(3) TL7.5(3) No $50,000+VAT(4) €48m(May 2034)

Milas BodrumConcession

(December 2035)100% Terminal 3.5 €15 €3 No

€143.4m upfront+€28.7m+VAT (5)

€116m

Tbilisi BOT

80% Airport 3.2 US$24 US$6 No - €-10m(February 2027)

Batumi BOT

76% Airport 0.5 US$12 US$7 No - €-5m(August 2027)

Monastir&Enfidha BOT+Concession

67% Airport 1.7 €9 €1 No 11-26% of revenues

from €348m(May 2047) 2010 to 2047

Skopje & Ohrid BOT+Concession

100% Airport 2.0€17.5 in Skopje, €16.2 in Ohrid

- No4% of the gross annual

turnover (6)€43m

(March 2030)

MedinahBTO+Concession

33% Airport 7.8 SAR 87 (7) - No 54.5% (8) -(2037)

Yanbu, Hail & Qassim(7,9)

BTO+Concession

50%Airport

3.5 SAR 87(7) SAR 10 No

3% of the gross annual turnover for Yanbu

3,6% of the gross annual turnover until 2026, 7,2% between 2026-2047 for

Hail&Qassim

-(2047)

ZagrebBOT+Concession

(April 2042)15% Airport 3.1

€15 €7 No

€2.0 - €11.5m fixed0.5% (2016) - 61%

(2042) variable-

€4 (Transfer)

Concession Overview

38

1) As of 31 December 20172) 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 20323) TAV Gazipasa tariff increased on January 1, 20154) TAV Gazipasa will make a yearly rent payment of US$ 50,000 + VAT plus 65% of net profit to DHMI.5) Yearly payments start October 2015. 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 20326) The percentage will be tapered towards 2% as passenger numbers increase.7) SAR 87 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years8) The concession charge was reduced to 27.25 % for the first two years that follow the completion of the construction of the new terminal in Q2 20159) The aiirports are planned to be taken over by 4Q 2017.

Airport Type/Expire TAV Stake Scope 2017 Pax (mppa)

fee/pax Int'l

fee/pax Dom.

Volume Guarantee

Yearly Lease/ Concession Fee Paid

Net Debt (1)

TAV Corporate and Shareholder Structure

39

5.06%

1.29%

3.20%

44.33%

46.12%

Shareholder Structure (as of December 2017)

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%)

Academy (100%)

Havas (100%)

TGS (50%)

Havas Latvia (100%)

Ataturk (100%)

Esenboga (100%)

Adnan Menderes (100%)

Gazipasa Alanya (100%)

Milas Bodrum (100%)

Medinah (33%)

Tbilisi (80%) & Batumi (76%)

Monastir & Enfidha (67%)

Skopje & Ohrid (100%)

Latvia (100%)

Zagreb (15%)

Havas Saudi (67%)

Yanbu, Hail & Qassim (50%)

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

Contact Us

40

IR Team About TAV Airports

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

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

Ali Ozgu CANERİInvestor Relations Coordinatorali.caneri@tav.aeroTel :+90 212 463 3000 / 2124Fax : +90 212 465 3100

IR Website http://ir.tav.aero

e-mail ir@tav.aero

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

Twitter twitter.com/irTAV

Facebook facebook.com/irTAV

Address TAV Airports Holding Co.Istanbul Ataturk Airport International Terminal

(Besides Gate A and VIP) 34149 Yesilkoy, Istanbul

Turkey

Georgia

Tunisia

Macedonia

Saudi Arabia

Latvia

Croatia

Istanbul AtaturkAnkara EsenbogaIzmir Adnan Menderes

Gazipasa Alanya Milas Bodrum

Tbilisi and Batumi

Monastir and Enfidha

Skopje and Ohrid

MedinahYanbu, Qassim & Hail

Riga (only commercial areas)

Zagreb

TAV Airports through its affiliates and subsidiaries, in auxiliary airport services includingduty free, food and beverage, ground handling services, IT, security and operation services.As part of these diversified services TAV Airports also operates the duty-free, food andbeverage and other commercial areas at Riga Airport in Latvia. In 2017, TAV Airports served836 thousand flights and 115 million passengers. The Company’s shares are listed in BorsaIstanbul since February 23, 2007, under the ticker code “TAVHL”

IR AppContact Info

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 formthe 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 maybe placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentationis 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 willbe 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 advisersand 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 wordsof similar 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 otherfactors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors couldadversely affect the outcome and financial effects of the plans and events described herein. These forward-looking statements speak only as at the date of thispresentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein toreflect 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. Pastperformance 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 February 21, 2018.

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