TAV Airports Holding provides the following key points in their management presentation: 1) Turkey has experienced strong passenger growth of 14% annually between 2002-2013 and is projected to continue growing 11% annually through 2023, presenting attractive market opportunities. 2) TAV has a diversified portfolio as the #1 airport operator in Turkey with investments in 13 airports across multiple countries, giving it large catchment areas. 3) TAV has a vertically integrated business model and a track record of delivering double-digit passenger growth, EBITDA growth of 45% annually between 2006-2013, and high returns through operating leverage.

1. TAV Airports Holding
Management Presentation
February 2014

2. Investment Highlights
Turkey is the fastest growing aviation market in Europe
Passenger growth of 14% p.a. during 2002‐2013
Projected passenger growth of 11% p.a. during 2009‐2023(1)Attractive market with
strong growth prospects
Access to fast growing MENA region
Istanbul is the most efficient hub for Europe, MENA Region(2)
Aggressive capacity expansion plans of Turkish Airlines (seat capacity to double by 2021) (3)
strong growth prospects
Diversified, balanced portfolio with leading market positions
#1 airport terminal operator in Turkey
13 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia
(large catchment areas)
Strong vertically integrated value chain
Leading airport operator
with diversified portfolio
& integrated structure
Strong vertically integrated value chain
Strong momentum with EBITDA posting 45% CAGR between 2006 and 2013
High earnings visibility given clear / agreed regulatory framework
Strong financial
g g y g / g g y
Proven track record of growth and profitability with attractive organic growth prospects
High financial returns and cash flow generation given fixed cost base (operational leverage) and
minimal ongoing capex
TAV will receive compensation for all loss of profit in case of new Istanbul airport opening before
2021
Strong financial
performance and cash
flow generation
2021
Favorable cash flow exposure to FX due to FX denominated revenue (67% of combined revenues)
Well‐positioned to benefit from further organic and inorganic growth
La Guardia, Bodrum and Dalaman Airport tenders
2
, p
Istanbul Ataturk Airport extension project
Gazipasa runway extension
(1) Source: Turkey’s Ministry of Transport
(2) Determining Hub Efficiency in Europe, MIiddle East and North Afirca a comparative study, E. Nur Günay, Şükrü Nenem
(3) THY web site
“Platform play”

3. Double‐Digit Passenger Growth Continued
FY
Passengers (1)
2012 2013 Chg %
Ataturk Airport 45,091,962 51,320,875 14%
International 29,812,307 34,096,770 14%
Domestic 15,279,655 17,224,105 13%
E b Ai (2)
9 273 108 10 928 403 18%
The number of passengers using airports operated by TAV increased 17% (like‐
for‐like growth of 13%) to 84 million in 2013, on the back of organic and inorganic
growth.
Esenboga Airport(2)
9,273,108 10,928,403 18%
International 1,593,737 1,573,943 ‐1%
Domestic 7,679,371 9,354,460 22%
Izmir Airport(3)
9,355,902 10,208,627 9%
International 2,410,858 2,467,436 2%
Domestic 6,945,044 7,741,191 11%
Gazipaşa Airport 79,740 363,024 n.m.
The number of international passengers served at Istanbul Ataturk continued to
grow in double digits, increasing by 14%, with 28% surge in international to
international transfer passengers.
International 75,886 242,949 n.m.
Domestic 3,854 120,075 n.m.
Medinah(5)
4,588,158 4,669,181 2%
Tunisia 3,321,244 3,437,849 4%
Georgia 1,387,946 1,642,597 18%
Macedonia 913,567 1,067,467 17%
TAV TOTAL (4)
71,654,344 83,638,023 17%
Istanbul growth at double‐digit spearheaded by THY’s aggressive fleet expansion
plan.
Ankara’s strong growth in domestic driven by Sun Express.
International 40,871,220 47,429,862 16%
Domestic 30,783,124 36,208,161 18%
FY
ATM(2)
2012 2013 Chg %
Ataturk Airport 346,060 387,965 12%
International 231,293 260,686 13%
Domestic 114 767 127 279 11%
Strong domestic growth in Izmir driven by SunExpress and Pegasus.
SAS, SunExpress and Pegasus increased regular flights to Gazipaşa dramatically.
Domestic 114,767 127,279 11%
Esenboga Airport(2)
74,860 85,241 14%
International 13,266 13,133 ‐1%
Domestic 61,594 72,108 17%
Izmir Airport(3)
66,417 70,057 5%
International 17,078 17,215 1%
Domestic 49,339 52,842 7%
Gazipaşa Airport 578 2 577 n m
Medinah passenger was flat due to visa restrictions arising from construction in
the holy pilgrimage area.
Tunisian passengers was relatively flat due to the political situation.
Gazipaşa Airport 578 2,577 n.m.
International 532 1,805 n.m.
Domestic 46 772 n.m.
Medinah(5)
36,282 40,000 10%
Tunisia 27,350 30,077 10%
Georgia 23,598 23,512 0%
Macedonia 11,285 12,380 10%
TAV TOTAL (4)
569 790 651 809 14%
Georgian airports are attracting both Turkish and Russian tourists.
Macedonia is being driven mainy by WizzAir.
3
Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH
Notes: DHMİ figures for 2012 and 2013 are tentative.
(1) Both departing and arriving passengers, including transfer pax
(2) Commercial flights only
(3) TAV started to serve domestic passengers at Izmir Airport in January 2012
(4) 2012 totals do not include Medinah data for the first half of the year and Gazipaşa for the whole year
(5) TAV started to serve Medinah passengers on July 1, 2012
TAV TOTAL ( )
569,790 651,809 14%
International 330,935 376,719 14%
Domestic 238,855 275,090 15%

4. International Scheduled Traffic Developments & Outlook
3 0
3.5
4.0 2012 Seat Capacity 2012 Pax
2 5
3.0
3.5 2011 Seat Capacity 2011 Pax(m, pax) (m, pax)
1.5
2.0
2.5
3.0
1.5
2.0
2.5
0.0
0.5
1.0
0.0
0.5
1.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
3 5
4.0
4.5 2013 Seat Capacity 2014 Seat Capacity
3 5
4.0
4.5
2013 Seat Capacity 2013 Pax
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
(m,pax)
(m,pax)
2 0
2.5
3.0
3.5
2 0
2.5
3.0
3.5
9 % Seat Capacity Increase vs. 2013 in the first 10
months
0 5
1.0
1.5
2.0
0 5
1.0
1.5
2.0
Gezi&Ramadan Effect
0.0
0.5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0.0
0.5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
4
Source: Airport Data Intelligence (ADI)

5. State Airports Authority Turkish Aviation Market Forecast
350
Domestic International Total
CAGR (2009 23)
Mn, pax
207
CAGR (2009‐23)
11%
CAGR (2012‐16)
12%
118
130
150
172
190
15%
13%
10%
9%
12%
86
104
118
20%
18%
14%
14%
10%
11%
15%
12%
10%
7%
13%
10%
9%
2009 2010 2011 2012 2013 2014e 2015e 2016e // 2023e
23%
11% 16% 13%
15% 18%
5
Source: State Airports Authority

6. Ataturk Airport – DHMI’s Extension Plans
Domestic Terminal
International Terminal
Additional 15 new parking positions at the
opposite of international terminal
Additional 43 new parking positions and taxiway
Cargo Terminal
104 existing parking positions
Parking capacity to increase from 104 to 162
p g p y
in former military area
6
Parking capacity to increase from 104 to 162
(+56%)
Construction is going

7. Istanbul ATM Capacity vs Peers with Similar Runway Structure
Istanbul Atatürk Airport Declared Capacities*
Istanbul Atatürk**: 58 ATM/hr
Zurich Airport: 68 ATM/hr
Vi Ai t 72 ATM/hVienna Airport : 72 ATM/hr
Zurich Airport Vienna Airport
7*State Airports Authority (DHMI), Zurich Airport, Vienna Airport
**Please note that runways, aprons and taxiways of Istanbul Ataturk Airport are operated by State Airports Authority (DHMI)

8. Major Airports in Turkey
Istanbul / Atatürk Airport
İstanbul / Sabiha Gökçen Airport
‐Tender Date: 2007 ‐Type: BOT
‐ Expire :2030
51,3 m
Intl:34,1 m
Dom:17,2 m
Istanbul / Atatürk Airport
‐Tender Date: 2005 ‐Type: Lease
‐Expire: 2021
18,6 m
Intl:6,7 m
Dom:11,9 m
Trabzon Airport
2,6 m
Intl:0,1 m
Dom:2,5 m
10,9 m
10,2 m
Intl:2,5 m
Dom:7,7 m
Ankara / Esenboğa Airport
‐Tender Date: 2006 ‐Type: BOT
‐Expire:2023
İzmir / A. Menderes Airport
‐Tender Date: 2011 ‐Type: BOT+Lease
‐ Expire :2032
Muğla / Bodrum‐Milas Airport
‐Tender Date: 2006/2011*‐Type: BOT
‐Expire:2015
Intl:1,6 m
Dom:9,4 m
4,3 m3 6 m
Gaziantep Airport
Intl:0,6 m
Dom:3,8 m
Adana Airport
3,6 m
Intl:1,9 m
Dom:1,7 m
1,9 m
Intl:0,2 m
Dom:1,7 m0,36 m
Intl:0,24 m
Dom:0,12 m
Antalya Airport
‐Tender Date: 2007 ‐Type: LeaseMuğla / Dalaman Airport
4,1 m
Intl:3,2 m
Dom:0,9 m
Adana Airport
Operated by TAV
Gazipaşa Airport
‐Tender Date: 2007 ‐Type: Lease
‐Expire:2034
8
‐Tender Date: 2007 ‐Type: Lease
‐Expire:2024
Muğla / Dalaman Airport
‐Tender Date: 2004 ‐Type: Lease
‐Expire:2015
* Astaldi took over the project in 2011
** Pax numbers are for 2013 .
27,0 m
Intl:21,5 m
Dom:5,5 m
Not privatized
Operated by others

9. La Guardia Airport
L G di Ai t PQ
LaGuardia Airport
LaGuardia Airport PQ
The LGA Central Terminal Consortium, composed of Our Company, Aeroports de
Paris (ADP) Management, Goldman Sachs (GS Global Infrastructure Partners II, L.P.
and GS International Infrastructure Partners II, L.P.), Tutor Perini Corporation, Ove
Arup & Partners PC, Kohn Pederson Fox Associates PC, Suffolk Construction
d d d l l fCompany, STV Incorporated and ADP Ingenierie, received preliminary qualification
(“PQ”) to place a bid in the tender for the " Design / Build / Finance / Operate &
Maintain LaGuardia Airport Central Terminal Building Replacement Project " in NYC,
USA held by the Port Authority of New York and New Jersey (PANYNJ). LaGuardia
International Airport served a total of 26 million passengers in 2012.
9

10. Financial Overview
IFRIC 12
Adjusted Financials
IFRS 11 and IFRIC 12
Adjusted Financials
(i € l t t d th i ) 2012(2) 2013 Ch % 2012(2) 2013 Ch %(in m€, unless stated otherwise) 2012(2) 2013 Chg % 2012(2) 2013 Chg %
Revenues 847 904 7% 1,099 1,205 10%
EBITDA 328 381 16% 339 397 17%
EBITDAmargin (%) 38.7% 42.1% 3.4 ppt 30.8% 32.9% 2.1 ppt
EBITDAR 463 524 13% 483 555 15%EBITDAR 463 524 13% 483 555 15%
EBITDAR margin (%) 54.7% 58.0% 3.3 ppt 44.0% 46.1% 2.1 ppt
FX Gain (Loss) 1 (32) nm 2 (33) nm
Deferred Tax Income (Expense) 5 (16) nm 4 (17) nm
Net Profit 129 133 3% 129 133 3%Net Profit 129 133 3% 129 133 3%
Net Cash Provided from Operating Activities(3) 417 526 26% 417 526 26%
Capex(3) (69) (234) 238% (69) (234) 238%
Free Cash Flow(3) 347 293 (16%) 347 293 (16%)
Shareholders’ Equity 505 594 18% 505 594 18%
Net Debt 816 874 7% 882 1022 16%
Average number of employees 13,091 13,598 4% 22,797 24,016 5%
Number of passengers (m) 71.7 83.6 17% 71.7 83.6 17%
‐ International 40.9 47.4 16% 40.9 47.4 16%
‐ Domestic 30.8 36.2 18% 30.8 36.2 18%
Duty free spend per pax (€)(1) 15.0 14.8 ‐2% 15.0 14.8 ‐2%
(¹) Transfer numbers are tentative and subject to change
(²) Restated retrospectively due to IAS 19
(³) IFRS
10
( ) IFRS
Source: TAV Airports Holding, DHMI, TAV Tunisie, TAV Macedonia, Georgian Aviation Authority, TIBAH

11. 2013 Guidance Attained
Guidance Realization
Growth in Istanbul Ataturk Airport Passengers 14 to 16 percent 14 percent
Growth in Total TAV Airports Passengers
Growth in Revenues
15 to 18 percent
10 to 12 percent
17 percent
10 percentGrowth in Revenues
Growth in EBITDA 17 to 19 percent
10 to 12 percent 10 percent
17 percent
Consolidated CAPEX €330m to €350m €354m
Notes:
All financial targets have been adjusted to reverse the effects of IFRIC 12 and IFRS 11 in 2013 financials.
All financial targets are subject to the passenger targets being metAll financial targets are subject to the passenger targets being met.
11

12. Comparison to 2012
Consolidated Revenue (€m) EBITDA (€m) Net Profit (€m)
7%
16% 3%
129
133
328
381
847
904
FY11 FY12FY11 FY12FY11 FY122012 2013 2012 2013 2012 2013
Consolidated Revenue (%) EBITDA (%) Opex (%)
Duty‐free Aviation
Ground‐handling F&B
Other
Istanbul Other Airports
BTA HAVAŞ
Other Services
4%
Catering Services rendered
D&A Duty‐free
Other Concession rent
Personnel
25%
20%
25%
19%
5%
3%
11%
3%
8%
10%
4%
9%
11%36%
4%
8%
11%36%
31%
16%
8%
16%
8%
54%
26%
55%
24%
19%
18%
2012
2013
12
* IFRIC 12 adjusted
31%
16%
22%
23%

13. Selected Financials by Assets (IFRIC 12 Adjusted) and employee #s
Revenue (€m) 2012 2013 Chg.(%)
Airports 614.8 658.0 7%
Istanbul 413.8 442.1 7%
Ankara 44.6 48.1 8%
(2013, €m) Revenues EBITDA
EBITDA
Margin (%) Net Debt
Airports 658.0 303.5 46% 652
Istanbul 442.1 210.6 48% (1) Ankara 44.6 48.1 8%
Izmir (including TAV Ege) 56.5 60.0 6%
Gazipasa 0.5 1.8 251%
Tunisia 50.6 51.9 3%
Georgia 30.9 35.3 14%
Macedonia 17.8 18.8 6%
Services 328 6 344 9 5%
Ankara 48.1 21.4 45% 84
Izmir (including TAV Ege) 60.0 27.3 46% 155
Gazipasa 1.8 ‐0.1 ‐8% 16
Tunisia 51.9 17.0 33% 344
Georgia 35.3 21.6 61% (2)
Macedonia 18.8 5.7 30% 55
Services 328.6 344.9 5%
Havas 130.6 140.5 8%
BTA 105.8 116.0 10%
Others 92.2 88.3 ‐4%
Total 943.4 1,002.9 6%
Elimination ‐96.7 ‐99.3 3%
Consolidated 846 6 903 6 7%
Services 344.9 77.4 22% 222
Havas 140.5 29.1 21% 58
BTA 116.0 11.2 10% 2
Others 88.3 37.1 42% 162
Total 1,002.9 380.8 38% 874
Elimination ‐99.3 ‐0.2 0
Consolidated 846.6 903.6 7%
EBITDA (€m) 2012 2013 Chg.(%)
Airports 267.4 303.5 13%
Istanbul 181.1 210.6 16%
Ankara 19 1 21 4 12%
Consolidated 903.6 380.6 42% 874
Number of Employees (eop) 2012 2013
Istanbul 2,640 2,724
Ankara 872 921
I i E 623 686 Ankara 19.1 21.4 12%
Izmir (including TAV Ege) 26.8 27.3 2%
Gazipasa ‐0.9 ‐0.1 ‐85%
Tunisia 21.7 17.0 ‐22%
Georgia 17.5 21.6 24%
Macedonia 2.2 5.7 154%
Services 65.5 77.4 18%
Izmir+Ege 623 686
Tunisia 748 775
Gazipaşa 19 29
Georgia 794 806
Macedonia 648 626
HAVAŞ 3,852 3,648
ATU ‐ ‐
Havas 18.3 29.1 59%
BTA 10.2 11.2 10%
Others 37.1 37.1 0%
Total 332.9 380.8 14%
Elimination ‐5.1 ‐0.2 ‐96%
Consolidated 327.8 380.6 16%
ATU
BTA 2,086 2,255
Holding 102 99
O&M 296 307
IT 197 210
Security 233 270
Latvia 3 3
13
Medinah(100%) ‐ ‐
Akademi ‐ 11
TOTAL 13,113 13,370

14. Dividends
Dividend History (€m)Dividend Yield (%)
Dividends Paid Net Income Payout Ratio
2.7
3.3 3,4* 124
133
74%
50%
50%*
50%
60%
70%
80%
100
120
140
Dividends Paid Net Income Payout Ratio
39
62 66*
53
10%
20%
30%
40%
50%
20
40
60
80
2011 2012 2013
0%
10%
0
2011 2012 2013
* TRL Payout ratios are 79%, 52% and 61%, respectively.
The board of directors has decided to distribute 50% of 2013 IFRS net profit, totaling approximately €66m, which will be presented to the
General Assembly for approval. The board will also submit a dividend policy of 50% of the consolidated IFRS net profit to the approval of the
General Assembly.
Accordingly TRL 0.55 (55%) gross cash dividend per share having nominal value of TL 1 shall be distributed to our shareholders and total gross
cash dividend distribution amount shall be TRL 199,008,765 for 2013.
14
* Subject to General Assembly approval

15. CAPEX Development & Outlook
Quarterly Capex (€m)
52
66
51
Ege Other
42
87% of total Capex was incurred in Izmir Adnan Menderes
Domestic Terminal Construction
4
10
7
11
1Q13 2Q13 3Q13 4Q13
Domestic Terminal Construction
The bulk of the remainder of the capex was incurred at
Istanbul and Havas
Airport Scope
Total EPC*
(€m)
EPC Cumulative
(€m)
Cumulative (¹+²)
(€m)
2012¹
(€m)
2013²
(€m) % CompletedAirport Scope (€m) (€m) (€m) (€m) (€m) % Completed
Izmir Re‐construction of the domestic terminal 266 237 250 39 210 89 %
Medinah (33%)
Re‐construction of the terminals and extension of the
runway 248 137 153 52 101 58 %
15
*While EPC capex does not include capitalized interest costs and other charges, IFRS capex does. Medinah EPC calculated at 1.3 EUR/USD

16. Debt Structure
Net Debt (eop, €m) 2012 9M13 2013
Airports 569 624 652
Door to Door Maturity 7.6 Years
Airports 569 624 652
Istanbul 45 68 (1)
Ankara 92 83 84
Izmir (including Ege) (1) 58 155
Gazipasa 17 16 16
T i i
Average Maturity 5.1 Years
Average € Cost of Debt (Hedged*) 5.5 %
Tunisia 351 345 344
Georgia 8 (4) (2)
Macedonia 58 57 55
Services 246 251 222
HAVAS 68 64 58
Net Debt/EBITDA 2.3x
*91% of all loans have fixed rates.
BTA (1) 0 2
Others 179 187 162
Total 816 874 874
Gross Debt Maturity Profile (€m)
Net Debt to Cash Flow (€m)
‐58 3
296
‐187
4
816 874
281
161
217
159
112
417
Net Debt
2012
Change in
Cash
Change in
Restricted
Cash
New
Borrowings
Raised
Repayment
of
Borrowings
Other
Net Debt
2013
16
112
2014 2015 2016 2017 2018 2019+

17. FX Exposure of Operations (2013)FX Exposure of Operations (2013)
Revenues(1) Opex (1)(2)
USD
22%
Other
8%USD
20%
TL
Other
3%
€206m
€367m
€158m
€33m
€61m
EUR
19%TL
51%
EUR
TL
35%
€1037m €435m
€363m
€138m
€724m
EUR
42%
Concession Rent Expense Gross Debt
€24m
TL
2%
USD
1%EUR
10%
€14m
€24m
€129m
€17m
€1306m
€143m €1347m
EUR
97%
USD
90%
(1) Combined figures, pre‐eliminations IFRIC 12 adjusted. Includes equity pick‐up (€34m)
(2) Includes concession rent expenses (€143m) and depreciation (€69m). 17

18. FX Exposure
FX Rates
Average Rate 31 Dec 31 Dec
Equity Profit or loss
Average Rate 31 Dec 31 Dec
2012 2013 2012 2013
EUR/TRL 2.30 2.53 2.35 2.94
USD/TRL 1.79 1.90 1.78 2.13
29 33 32 38
(€’000)
Strengthening
of EUR
Weakening
of EUR
Strengthening
of EUR
Weakening
of EUR
31 December 2013
USD (16,039) 15,607 (14,012) 14,012
TRL ‐ ‐ (10,027) 10,027
Other ‐ ‐ (1,028) 1,028
EUR/USD 1.29 1.33 1.32 1.38
EUR/GEL 2.12 2.21 2.18 2.39
EUR/MKD 61.35 61.73 61.51 61.50
EUR/TND 2.01 2.16 2.05 2.27
Other (1,028) 1,028
Total (16,039) 15,607 (25,067) 25,067
31 December 2012
USD (28,469) 18,012 (12,534) 12,534
TRL ‐ ‐ (8,956) 8,956
Hedging
Subsidiaries, TAV Istanbul, TAV Esenboğa, HAVAŞ, TAV
EUR/SEK 8.71 8.65 8.61 8.94
EUR/SAR 4.82 4.99 4.95 5.16
Sensitivity Analysis
Other ‐ ‐ (1,181) 1,181
Total (28,469) 18,012 (22,671) 22,671
Subsidiaries, TAV Istanbul, TAV Esenboğa, HAVAŞ, TAV
Macedonia, TAV Tunisia and TAV Ege enter into swap
transactions in order to diminish exposure to foreign currency
mismatch relating to DHMI installments and interest rate risk
to manage exposure to the floating interest rates relating to
loans used.
The Group’s principal currency rate risk relates to changes in the value of the Euro relative to
TRL and the USD. The Group manages its exposure to foreign currency risk by entering into
derivative contracts and, where possible, seeks to incur expenses with respect to each
contract in the currency in which the contract is denominated and attempt to maintain its
cash and cash equivalents in currencies consistent with its obligations.
100%, 100%, 50%, 80%, 85% and 100% of floating bank loans
for TAV Istanbul, TAV Esenboğa, HAVAŞ, TAV Macedonia, TAV
Tunisia and TAV Ege respectively are fixed with interest rate
swaps as explained in Note 34.
The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate
corporate‐level currency exposure. The aggregate foreign exchange exposure is composed of
all assets and liabilities denominated in foreign currencies, both short‐term and long‐term
purchase contracts. The analysis excludes net foreign currency investments.
A 10 percent strengthening / (weakening) of EUR against the following currencies at 31
Changes in the fair value of the derivative hedging instrument
designated as a cash flow hedge are recognized directly in
equity to the extent that the hedge is highly effective. To the
extent that the hedge is ineffective, changes in fair value of the
ineffective are recognized in profit or loss. 18
A 10 percent strengthening / (weakening) of EUR against the following currencies at 31
December 2013 and 31 December 2012 would have increased / (decreased) equity and profit
or loss by the amounts shown to the left. This analysis assumes that all other variables, in
particular interest rates, remain constant.

19. FX Gain / Loss Analysis
TAV has EUR140m equivalent USD financial assets mainly related with TAV Istanbul’s rent payment to DHMI and EUR100m equivalent TRL financial
assets as at 31 December 2013 (Note 26 in IFRS Report, derivatives are not taken into consideration, since they affect other comprehensive income,
t P&L) St th i f EUR i t USD d TRL ill i i th fi i l t i IFRS fi i l d i FX lnot P&L). Strengthening of EUR against USD and TRL will impair these financial assets in IFRS financials and increase FX losses.
When we consider that TAV had a similar foreign currency position throughout 2013 and calculate the FX loss by using these USD and TRL financial
assets (see below), a 4.3% strengthening of EUR against USD will have an FX loss effect amounting to EUR6m (calculated as 140m x ‐ 4.3% = ‐ 6m) on
the USD financial assets. Likewise, a 24.9% strengthening of EUR against TRL will have an FX loss effect amounting to EUR25m (calculated as 100m x –
24 9% = ‐ 25m) on TRL financial assets24.9% = ‐ 25m) on TRL financial assets.
The total calculated effect of these FX rate changes are EUR31m loss. We almost reach the actual exchange loss for 2013 only by using these two
currencies, which are actually the only major currencies affecting TAV’s FX gain/losses.
2013 (€ ‘000) USD TRL TOTAL2013 (€ ‘000) USD TRL TOTAL
Net Exposure 129,695 100,272
Less: Derivatives (10,424) ‐
Net Exposure affecting PL 140,119 100,272
St th i f EUR i t F i C i 4 3% 24 9%Strengthening of EUR against Foreign Currencies 4.3% 24.9%
Calculated FX Loss (6,025) (24,967) (30,992)
Effect of other currencies (1,243)
Actual FX Loss (32,235)
19

20. 2014 Guidance
Growth in Istanbul Ataturk Airport Passengers 8 to 10 percent
Growth in Total TAV Airports Passengers
Growth in Revenues
10 to 12 percent
9 to 11 percentGrowth in Revenues
Growth in EBITDA
9 to 11 percent
12 to 14 percent
Consolidated CAPEX €100m to €120m
Growth in net profit Significant improvement expected
Notes:
All financial targets are subject to the passenger targets being met.
All financial targets have been adjusted to reverse the effects of IFRIC 12 and are compliant with IFRS 11.
20

21. Income Statement
(€m) 2012* 2013
Construction revenue 39.1 210.4
Total operating income 811.9 867.7
Aviation income 230.8 247.6
Ground handling income 138.0 146.5
Commission from sales of duty free goods 208.7 227.5
Catering services income 67.5 75.5
Other operating income 166.8 170.5 p g
Construction expenditure (39.1) (210.4)
Operating expenses (611.4) (625.3)
Cost of catering inventory sold (24.5) (27.0)
Cost of services rendered (53.5) (51.1)
Personnel expenses (218.1) (223.2)
Concession rent expenses (135.6) (143.4)p (135.6) (143.4)
Depreciation and amortization expense (66.4) (68.7)
Other operating expenses (114.3) (111.9)
Equity pick‐up 26.9 33.6
Operating profit 226.6 276.0
Finance income 31.7 32.2
Finance expenses (94 3) (120 2)Finance expenses (94.3) (120.2)
Profit before tax 164.0 188.0
Income tax expense (31.7) (55.3)
Profit for the period
Attributable to:
Owners of the Company 129.2 132.9
Non controlling interest 2 9 (0 2)Non‐controlling interest 2.9 (0.2)
Profit for the period 132.2 132.7
* Restated
21

22. Balance SheetBalance Sheet
€m 2012* 2013 ∆%
ASSETS
Property and equipment 158 157 ‐1%
Intangible assets 23 20 ‐14%
760 930 22%
€m 2012* 2013 ∆%
EQUITY
Share capital 162 162 0%
Share premium 220 220 0%
L l 55 78 43%Airport operation rights 760 930 22%
Other investments 0 0 nm
Goodwill 136 136 0%
Prepaid concession expenses 57 56 ‐3%
Trade receivables 76 58 ‐23%
Other non‐current assets 0 2 281%
Deferred tax assets 100 72 27%
Legal reserves 55 78 43%
Other reserves (18) (18) 0%
Revaluation surplus 1 1 ‐26%
Purchase of shares of entities under
common control 40 40 0%
Cash flow hedge reserve (96) (69) ‐28%
Translation reserves (3) (16) 391%Deferred tax assets 100 72 ‐27%
Equity Accounted Investees 80 92 15%
Total non‐current assets 1,394 1,523 9%
Inventories 7 8 8%
Prepaid concession expenses 138 138 0%
Translation reserves ( ) ( )
Retained earnings 143 194 36%
Total equity attributable to equity holders
of the Company 505 594 18%
Non‐controlling interest 32 32 0%
Total Equity 538 626 16%
LIABILITIES
Prepaid concession expenses %
Trade receivables 81 74 ‐9%
Due from related parties 52 15 ‐72%
Derivative financial instruments 0 1 523%
Other receivables and current assets 21 24 15%
Cash and cash equivalents 40 98 148%
Restricted bank balances 385 382 ‐1%
LIABILITIES
Loans and borrowings 1,025 1,068 4%
Reserve for employee severance indemnity 14 12 ‐18%
Due to related parties 13 10 ‐20%
Derivative financial instruments 166 123 ‐26%
Deferred income 30 24 ‐20%
Other payables 11 11 0%
Total current assets 723 739 2%
TOTAL ASSETS 2,118 2,262 7%
Other payables 11 11 0%
Deferred tax liabilities 3 4 38%
Trade payables (0) 0 nm
Total non‐current liabilities 1,262 1,251 1%
Bank overdraft 1 2 12%
Loans and borrowings 213 283 33%
* Restated
Trade payables 37 41 11%
Due to related parties 13 9 ‐28%
Current tax liabilities 8 10 33%
Other payables 27 21 ‐24%
Provisions 7 6 ‐10%
Deferred income 11 11 ‐4%
Total current liabilities 318 384 20%
TOTAL LIABILITIES 1,580 1,635 4%
TOTAL EQUITY AND LIABILITIES 2,118 2,262 7%
22* Restated

23. Cash Flow Statement
€m 2012* 2013 ∆%
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 132 133 0%
Adjustments for:
€m 2012* 2013 ∆%
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 14 11 ‐21%
Proceeds from sale of property, equipment and j
Amortisation of airport operation right 40 40 ‐1%
Depreciation of property and equipment 22 24 11%
Amortisation of intangible assets 4 4 3%
Concession and rent expenses 136 143 6%
Provision for employee severance indemnity 3 5 106%
Provision for doubtful receivables 1 1 ‐15%
Discount on receivables and payables net 0 0 Nm
p p y q p
intangible assets 2 2 ‐3%
Acquisition of property and equipment ‐29 ‐31 8%
Acquisition of non‐controlling interest ‐80 0 nm
Additions to airport operation right ‐39 ‐202 417%
Acquisition of intangible assets ‐2 ‐1 ‐21%
Net cash (used in) / provided from investing activities ‐133 ‐220 66%
CASH FLOWS FROM FINANCING ACTIVITIESDiscount on receivables and payables, net 0 0 Nm
Gain on sale of property and equipment 0 ‐1 98%
Provision set for unused vacation 2 0 ‐82%
Interest income ‐15 ‐15 nm
Interest expense on financial liabilities 85 81 nm
Reversal of insurance income 3 0 Nm
Tax expense 32 55 75%
U i di f di t i i bl 15 17 16%
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 195 296 52%
Repayment of borrowings ‐163 ‐187 15%
Change in restricted bank balances ‐293 ‐295 1%
Non‐controlling interest change ‐1 ‐4 187%
Dividends paid ‐39 ‐59 49%
Change in finance lease liabilities ‐1 1 Nm
Unwinding of discount on concession receivable ‐15 ‐17 16%
Share of profit of equity‐accounted investees, net of
tax ‐27 ‐34 25%
Unrealised foreign exchange differences on statement
of financial position items 4 ‐5 nm
Cash flows from operating activities 407 416 2%
Change in current trade receivables ‐13 8 Nm
h d bl
Net cash used in financing activities ‐302 ‐248 ‐18%
nm
NET INCREASE IN CASH AND CASH EQUIVALENTS ‐18 58 nm
CASH AND CASH EQUIVALENTS AT 1 JANUARY 56 38 ‐32%
CASH AND CASH EQUIVALENTS AT 31 DECEMBER 38 96 153%
Change in non‐current trade receivables 34 35 4%
Change in inventories ‐1 ‐1 Nm
Change in due from related parties ‐41 38 Nm
Change in restricted bank balances 249 287 15%
Change in other receivables and current assets 32 11 ‐65%
Change in trade payables 5 4 ‐19%
Change in due to related parties ‐7 ‐6 ‐7%
Change in other payables and provisions ‐3 ‐19 437%
Change in other long term assets 0 ‐1 Nm
Additions to prepaid concession and rent expenses ‐138 ‐136 ‐1%
Cash provided from operations 523 637 22%
Income taxes paid ‐39 ‐37 ‐5%
Interest paid ‐84 ‐85 1%
Retirement benefits paid ‐2 ‐5 102%Retirement benefits paid 2 5 102%
Dividends from equity‐accounted investees 19 17 ‐12%
Net cash provided from operating activities 417 526 26%
23
* Restated

24. IFRIC 12 & Our Adjusted Financials PolicyIFRIC 12 & Our Adjusted Financials Policy
Introduction to IFRIC 12 IFRIC 12 booking model
DebitCredit
1. During Construction
BS Debt
BS Cash
BS Construction in progress
PL Construction Expense Construction Income
IFRIC 12‐ is an accounting application treating BOT assets with special provisions
for guaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes
Airport International Terminal, with their guaranteed passenger fee structures,
fall under the scope.
The capex we incur on our BOT assets, is routinely booked as “airport operation
right” in the balance sheet However when there are guaranteed passenger fees
2. Completion of Construction
BS Construction in progress
BS
(NPV of) Passenger Revenue Receivable
(Trade Receivables)
BS Airport Operation Right *
right in the balance sheet. However when there are guaranteed passenger fees
in question, these fees are discounted to their NPV and subtracted from the
“airport operation right” of the BOT in question. The remaining capex amount
gets booked as “airport operation right” and the NPV of guaranteed passenger
fees gets booked as “trade receivables.”
When the guaranteed passenger fees become earned during the course of
operations these are credited from the balance sheet and the difference between
3. Operations During Year
PL Aviation Income for the Current Year **
BS Cash **
4. Year Close
PL Aviation Income for the Current Year ***
operations, these are credited from the balance sheet and the difference between
discounted (NPV of) guaranteed passenger fees and the actual fees as they are
earned are booked as finance income.
Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L
items and get treated as Balance Sheet/Cash Flow items, while at the same time,
part of these fees gets shown as finance income. This unduely decreases aviation
income and increases finance income and distorts our P&L To adjust for the
PL
Finance Income
(Difference between discounted receivables and the actual
receivables)
BS Passenger Revenue Receivable****
PL Amortisation of Airport Operation Right
BS Accumulated Amortisation of Airport Operation Right
* AOR C i i (NPV f ) P R R i bl
income and increases finance income and distorts our P&L. To adjust for the
distortion we add back guaranteed passenger fees while reporting our adjusted
revenues.
On the other hand the capex incurred during the construction phase is
immediately transferred to P&L with an offsetting construction income assigned
to it. This income may or may not carry a mark‐up on it. Since this method of
booking also distorts both the P&L and the Balance Sheet we adjust our financials
Guaranteed Pax Structure 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64
* AOR = Construction in progress‐ (NPV of ) Passenger Revenue Receivable
** TR‐GAAP
***IFRS (IFRIC 12 application)
****Discounted guaranteed passenger revenues for that period
booking also distorts both the P&L and the Balance Sheet we adjust our financials
to disregard the effects of both “construction expense” and “construction
income.”
Ankara
International Departing Pax (m) 0.16 0.75 0.79 0.83 0.87 0.91 0.96 1.01 1.06 1.11 1.16 1.22 1.28 1.35 1.41 1.49 1.56 0.64
Guaranteed Pax Income (€m) 2.3 11.3 11.8 12.4 13.0 13.7 14.4 15.1 15.8 16.6 17.5 18.3 19.2 20.2 21.2 22.3 23.4 9.6
Domestic Departing Pax (m) 0.13 0.60 0.63 0.66 0.70 0.73 0.77 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.13 1.19 1.25 0.51
Guaranteed Pax Income (€m) 0.4 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.4 3.6 3.7 1.5
İzmir
International Departing Pax (m) 0.25 1.03 1.06 1.09 1.13 1.16 1.19 1.23 1.27 0.03
Guaranteed Pax Income (€m) 3.7 15.5 15.9 16.4 16.9 17.4 17.9 18.4 19.0 0.5 24

25. Adjusted Financials Adjusted Financials ‐‐ IFRS 11IFRS 11
Effects of IFRS 11 Financials Adjusted for IFRS 11
However, to enable the capital markets participants a
smooth transition process into the new standard, TAV
Airports will provide a summary of consolidated P&L items
adjusted to reverse the effects of IFRS 11 for 2013.
According to the IFRS 11 standard, joint ventures cannot be
consolidated “proportionately” starting with 2013 first set
of financials. These types of entities have to be consolidated
using the “equity pick‐up” method. j
Shares of profit of equity accounted investees are
classified in the consolidated operating profit of the
Holding company, but these sums are not included in the
consolidated revenues.
In the case of TAV Airports, this standard implies that
previously “proportionately” consolidated entities such as
ATÜ, TGS, TIBAH Development (Medinah) and BTA Marine
(IDO) have to be consolidated using the “equity pick‐ up”
method.
In the IFRS report, these entities have been consolidated in
accordance with the IFRS 11 standard, recording the “net
income/(loss)” contributions of these entities as a source of
i fi
Pl b i d d th t ill di ti ti lid t d fi i l dj t d f
operating profit.
Please be reminded that we will discontinue reporting consolidated financials adjusted for
IFRS 11 with 1Q14 financials.
25

26. Reconciliation of 2013 Adjusted Financials* to IFRS
IFRIC
12
IFRIC 12
Adjustments
Revenue (€m) EBITDA (€m)
100
28 11 0
‐116
12 4 1
‐34
Adj. IFRS 11 Adjustments
IFRS 11 Adjustments
1,078
‐210
36
277
345
36
33 ‐1
1,205 397
IFRS
IFRIC 12
Construction
Income
IFRIC 12
Guaranteed
Pax
ATU(50%)
Havas
Medinah
BTA
Others
Elimination
IFRS 11 &
IFRIC 12 adj.
IFRS
IFRIC 12
Guaranteed
Pax
ATU(50%)
Havas
Medinah
BTA
Others
Elimination
IFRS 11 &
IFRIC 12
adj.
Net Debt (€m) Share of Profit of Equity‐accounted investees (€m)
146
5 2 0
3.7
0 6
‐0.2
TIBAH BTA Havas ATU AJEZagreb
IFRS 11 Adjustments874
1,022
0.6
7.3
26
*IFRS 11 and IFRIC 12 adjusted
IFRS
Medinah
ATU
(50%)
Havas
BTA
IFRS 11
adj.
22.2

27. Selected Financials by Assets (IFRS 11 and IFRIC 12 adjusted) and employee #’s
(2013, €m) Revenues EBITDA
EBITDA
Margin (%) Net Debt
Airports 686.4 307.8 45% 798
Istanbul 442.1 210.6 48% ‐1
Revenue (€m) 2012 2013 Chg.(%)
Airports 631.3 686.4 9%
Istanbul 413.8 442.1 7%
Ankara 44.6 48.1 8%
Ankara 48.1 21.4 45% 84
Izmir (including TAV Ege) 60.0 27.3 46% 155
Gazipasa 1.8 ‐0.1 ‐8% 16
Tunisia 51.9 17.0 33% 344
Georgia 35.3 21.6 61% ‐2
Macedonia 18.8 5.7 30% 55
Izmir (including TAV Ege) 56.5 60.0 6%
Gazipasa 0.5 1.8 251%
Tunisia 50.6 51.9 3%
Georgia 30.9 35.3 14%
Macedonia 17.8 18.8 6%
Medinah 16.5 28.4 72%
Medinah (33%) 28.4 4.4 15% 146
Services 733.5 89.9 12% 224
ATU (50%) 277.1 32.9 12% 5
Havas (incl. TGS) 240.9 40.9 17% 55
BTA (incl. IDO) 127.2 12.5 10% 2
Others 88.4 3.5 4% 162
T l 9 8 39 28% 022
Services 673.5 733.5 9%
ATU (50%) 255.1 277.1 9%
Havas (incl. TGS) 210.9 240.9 14%
BTA (incl. IDO) 115.4 127.2 10%
Others 92.2 88.4 ‐4%
Total 1,304.8 1,419.8 9%
EBITDA (€m) 2012 2013 Chg.(%)
Airports 270.5 307.8 14%
I t b l 181 1 210 6 16%
Total 1,419.8 397.7 28% 1,022
Elimination ‐215.2 ‐1.1 0
Consolidated 1,204.7 396.6 33% 1,022
Elimination ‐205.4 ‐215.2 5%
Consolidated 1,099.4 1,204.7 10%
Number of Employees (eop) 2012 2013
Istanbul 2,640 2,724
Istanbul 181.1 210.6 16%
Ankara 19.1 21.4 12%
Izmir (including TAV Ege) 26.8 27.3 2%
Gazipasa ‐0.9 ‐0.1 ‐85%
Tunisia 21.7 17.0 ‐22%
Georgia 17.5 21.6 24%
Ankara 872 921
Izmir+Ege 623 686
Tunisia 748 775
Gazipaşa 19 29
Georgia 794 806
Macedonia 648 626 Georgia 17.5 21.6 24%
Macedonia 2.2 5.7 154%
Medinah 3.1 4.4 42%
Services 73.6 89.9 22%
ATU (50%) 28.5 32.9 15%
Havas (incl. TGS) 23.2 40.9 76%
HAVAŞ 11,082 11,670
ATU 1,551 1,376
BTA 2,642 2,894
Holding 102 99
O&M 296 307
IT 197 210
BTA (incl. IDO) 11.5 12.5 9%
Others 10.4 3.5 ‐66%
Total 344.1 397.7 16%
Elimination ‐5.3 ‐1.1 ‐78%
Consolidated 338.8 396.6 17% 27
Security 233 270
Latvia 3 3
Medinah(100%) 254 291
Academy ‐ 11
TOTAL 22,704 23,698

28. Service Companies KPIs
ATU Revenues (€m) Duty Free Spend per Pax (€)
Q1 Q2 Q3 Q4 Istanbul TAV
72
74
47
56
68
69
16.0
17.1
15.7
16.3
16.6 16.5
16.0
29 33 41 50 61
38 42
53
65
7341 47
57
72
37
47
TAV F&B Spend per Pax (€)
2009 2010 2011 2012 2013
FY12
# of Flights Served (‘000)
15%
2007 2008 2009 2010 2011 2012 2013
363
252
426
FY12
FY13
19%
1.8
2.1
2.0
1.6
1.3 1.3 1.3
117
203
43
124
252
49
5%
13%
28
Source: DHMI, TAV
43 49
HAVAŞ TGS HVŞ E HAVAŞ + TGS +
HVŞ E
HAVAŞ EUROPE HAVAŞ + TGS + HAVAŞ
EUROPE
2007 2008 2009 2010 2011 2012 2013

29. Timeline
Q1 Q1
2011 2012
Q1
2013
• Tunisian civil unrest started
• TAV Latvia took over the duty free operations in Riga
International Airport
• Increased shareholding in TAV Security from 67% to 100%
• Izmir domestic operations were taken over by TAV Ege on
January 2012.
• HAVAS had to suspend bus services in Istanbul temporarily as
of 14.01.2012 due to the decision of Istanbul Metropolitan
Municipality.
•Compensation letter received from DHMI regarding our
Company’s concession rights in Istanbul Ataturk Airport
•Tbilisi extension project cancelled
• Increased shareholding in TAV Urban Georgia from 66% to
76%
• Increased shareholding in TAV Batumi from 60% to 76%
• Adjustments incurred within the context of the tax amnesty
Q2
• Transfer of 38% of TAV Airports shares to ADP has taken
place in May 2012
• First time cash dividend of €39m
• Operations of Medinah Airport were taken over in June 2012
Q2
•The New Istanbul Airport tender was held. TAV Airports did
not win the tender.
•Cash dividend of €59m paid.
•Havas Europe Helsinki & Stockholm stations closed.
Q2
• Adjustments incurred within the context of the tax amnesty
legislation (€2.9m one‐off expense)
Q3
Operations of Medinah Airport were taken over in June 2012
• The insurance claim on the trigen facility has finalized and
resulted in lower than inially expected, hence insurance
income accrual amounting €2.7m was reversed.
•TGS added SunExpress to clients served.
Q3
p
•THY aircrafts are served by TGS now instead of Havas at
Bodrum and Dalaman. Havas personnel were transferred to
TGS.
•Gezi events took place.
Q3
TAV Ai ’ i lifi d f L G di Ai• Skopje Airport construction finalized
• BTA IDO established and the multistage takeover of the
catering operations in IDO ferries initiated
• One‐off provision of c€5m (KTHY)
• THY CIP Lounge operations at Istanbul Atatürk Airport
International terminal ended
•An MoU is signed to extend the Tbilisi concession for 10 years
9 months in exchange for new runway to cost $65m (MoU
cancelled in Q1 2013. No Capex)
•TAV Airports agreed to acquire the remaining 35% of Havas
shares for €80m.
•Holding made one off Medinah acquisition expenses (€0.2m
in Q1, €0.5m in Q2, €2.0m in Q3)
•TAV Airports’ consortium prequalified for LaGuardia Airport
tender.
• Tunisian elections took place
• Increased shareholding in Havas Europe from 50% to 67%
• Izmir Adnan Menderes Airport International and domestic
tender won , TAV Ege was established, €12m paid as rent
advance
Q4 Q4
•Transfer of acquired HavaS shares took place on October 3,
2012.
•TAV Airports signed a LOI for 15% participation in the Zagreb
Airport consortium composed of ADPM and BBI.
•Holding made one off Medinah acquisition expenses (€0.9m
in Q4 €3 7m for FY)
Q4
•Zagreb airport taken over in December 2013 by consortium.
• At the end of 2013, corporate taxes in Tunisia have been
decreased from 30% to 25%.
in Q4, €3.7m for FY)
•The Tunisian concession payable due from 2010 was
decreased €3.9 million
•TIBAHD paid €12.6m to TAV Airports Holding (€8.4m after
eliminations) as success fee
29

30. Tax Regimes
Corporate income tax rate of 20%
Advance tax returns are filed on a quarterly basis.
Losses can be carried forward for offsetting against future taxable income for up to 5 years
Losses cannot be carried back
Turkey
Corporate income tax rate of 15%
Corporate income tax rate of 25%
Georgia
Corporate income tax rate of 25%
TAV Tunisia is exempt from corporate tax for a period of 5 years starting from the concession
agreement date
Tunisia
Corporate income tax of 10%
Corporate income tax rate of 15%
Macedonia
LatviaLatvia
Corporate income tax rate of 20% for non-residents
Saudi Arabia
30
Corporate income tax rate of 20%
Croatia

31. Corporate Governance Rating Corporate Governance Rating
The New Corporate Governance Communiqué (II‐17.1) came into effect on January 3rd, 2014 after being launched by the
C it l M k t B d f T k (CMB) Th C t G P i i l d t d ith thi C i éCapital Markets Board of Turkey (CMB). The Corporate Governance Principles are updated with this new Communiqué as a
part of an ongoing process by the introduction of the CMB Law no.6362.
Within the scope of the developments stated above, the weighting of main topics of Corporate Governance Principles
compliance methodology has been updated to capture the rating of minimum requirements and represent the
amendments in corporate governance principles.
In this context, our Corporate Governance rating grade which was announced as 93.97 (9.39 over 10) on 23rd August 2013
has been revised as 91.76 (9.17 over 10).
Sub‐categories Weight Grade
Shareholders 0,25 91,36
Public Disclosure and Transparency 0,25 96,51
Stakeholders 0,15 90,07
Board of Directors 0,35 89,38
Total 1.00 91.76
Second highest corporate governance rating in 2013 !!
31

32. Share Performance ( February 17, 2013)
TAVHL ($) Relative to BIST-100
Share Price Performance2.30
2.50
2.70
7.00
7.50
8.00
8.50
1M 3M 2013 to date 2014 to date
TL 6% 18% 83% 5%
USD 7% 10% 50% 2%1.50
1.70
1.90
2.10
5 00
5.50
6.00
6.50
Relative to ISE ‐100 6% 36% 118% 8%
0.90
1.10
1.30
3.50
4.00
4.50
5.00
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2013
2014
2014
1/2/2
1/23/2
2/13/2
3/6/2
3/27/2
4/17/2
5/8/2
5/29/2
6/19/2
7/10/2
7/31/2
8/21/2
9/11/2
10/2/2
10/23/2
11/13/2
12/4/2
12/25/2
1/15/2
2/5/2
Closing Price (TRL) Market Cap Av. Daily Volume Free Float* Effective Free Float*
16,15 USD 2,6b USD 7m 44% 40%
32
Source: Central Registry Agency (MKK)

33. Growth of the Turkish Aviation Market and TAV AirportsGrowth of the Turkish Aviation Market and TAV Airports
Domestic Int'l Total
Turkish Aviation Market (mPax)Turkish Aviation Market (mPax) Number of Aircraft in Turkey
( )
86 103
118
130
150
202
240
259 250
270
299
332
349
370
CAGR (2002‐13)
14%
CAGR (2002‐12)
13%
34 34
45
57
65
70
79
110
162
202
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
TAV Airports Passenger Traffic (mPax)TAV Airports Passenger Traffic (mPax)
48
53
72
84
CAGR (2002‐13)
23%
Deregulation of the domestic market in 2003
2nd largest country in Europe in terms of population:
75m (1)
In 2012 foreign visitors reached 32m (2)
9 9 10
17
23
30
41 42
48 In 2012, foreign visitors reached 32m (2)
Limited alternative transport infrastructure
Aircraft number in Turkey expected to reach
750 in 2023 (3)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
33Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Ministry of Transport

34. Exceptional Growth SustainedExceptional Growth Sustained
Revenues (€m)
CAGR (2006 13)
EBITDA (€m)
CAGR (2006 13)
167
212
257
339
397
627 640
785
881
1099
1205
CAGR (2006‐13)
45%
CAGR (2006‐13)
17%
29
77
141
167
402
508
627 640
2006 2007 2008 2009 2010 2011 2012 2013
2006 2007 2008 2009 2010 2011 2012 2013
Passenger (m) Average Number of Employees
48
53
72
84
17,535
19,838
22,227
24,014
CAGR (2006‐13)
20%
CAGR (2006‐13)
17%
23
30
41 42
48
8,146
9,473
11,289 12,194
2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013
34IFRS 11 and IFRIC 12 adjusted

35. Concession OverviewConcession Overview
Airport Type/Expire TAV Stake Scope
2013
Pax(mppa)
fee/pax
Int'l
fee/pax
Dom.
Volume
Guarantee
Lease/
Concession
Fee
Net Debt (1)
Lease US$15 $140m/yr +
Istanbul Ataturk 100% Terminal 51,3
$
€3 No
$140m/yr +
VAT
€(1)m
(Jan. 2021) €2.5 (Transfer)
Ankara Esenboga
BOT
100% Terminal 10,9 €15 €3
0.6m Dom. ,
0.75m Int'l for
2007+%5 p.a
‐ €84m
(May 2023)
Izmir A Menderes
BOT+Lease
100% Terminal 10 2 €15 €3
1.0m Int’l for
€29m starting
from 2013 (6) €155mIzmir A.Menderes 100% Terminal 10,2 €15 €3
2006 + %3 p.a.
from 2013 (6) €155m
(Dec. 2032)
Gazipasa
Lease
100% Airport 0,4 €5 TL2 No $50,000+VAT(5) €16m
(May 2034)
Tbilisi
BOT
76% Airport 1.4 US$22 US$6 No ‐ €(1)m
(Feb. 2027) ( )
Batumi
BOT
76% Airport 0.2 US$12 US$7 No ‐ €(1)m
(Aug. 2027)
Monastir&Enfidha
BOT+Concession
67% Airport 3.4 €9 €1 No
11‐26% of
revenues from €344m
(May 2047) 2010 to 2047
Skopje & Ohrid
BOT+Concession
100% Airport 1,1
€17.5 in
Skopje, €16.2
in Ohrid
‐ No
15% of the
gross annual
turnover (2)
€55m
(March 2030)
Medinah
BTO+Concession
33% Airport 4.7 SAR 80 (3) ‐ No 54.5%(4) €146m
(2037)
1) As of 31 December 2013
2) The concession fee is going to be 15% of the gross annual turnover until the number of passengers using the two airports reaches 1 million, and when the number of passengers exceeds 1 million,
this percentage shall change between 4% and 2% depending on the number of passengers
Zagreb
BOT+Concession
(April 2042)
15% Airport 2.3
€15 (7)
€7(7) No
€2.0 ‐ €11.5m fixed
0.5% (2016) ‐ 61%
(2042) variable
‐
€4 (Transfer)
p g g p g p g
3) SAR 80 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years
4) The concession charge will be reduced to 27.3 % for the first two years that follow the completion of the construction.
5) TAV Gazipaşa shall make a yearly rent payent of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI.
6) Cash Basis
7)€10, €4, €4 before April 2014 respectively for international, domestic and transfer pax
35

36. Macro Outlook
Country Units Scale 2011 2012 2013 2014 2015 2016 2017 2018
Estimates
Start After
Croatia
U.S. dollars Billions 61,722 56,475 58,601 61,280 64,833 69,035 73,476 78,203 2012
U.S. dollars Units 14,021,390 12,829,451 13,312,349 13,920,989 14,728,139 15,682,694 16,691,559 17,765,316 2012
%chg 2,262 3,427 2,988 2,500 2,700 2,900 3,000 3,000 2012
Persons Millions 4,402 4,402 4,402 4,402 4,402 4,402 4,402 4,402 2012
Georgia
U.S. dollars Billions 14,435 15,830 15,953 16,622 17,806 19,462 21,293 23,310 2012
U.S. dollars Units 3,229,808 3,519,588 3,557,975 3,718,576 3,995,667 4,380,646 4,807,533 5,279,142 2012
%chg 8,543 ‐0,944 ‐0,260 4,000 5,000 5,000 5,000 5,000 2012
Persons Millions 4,469 4,498 4,484 4,470 4,456 4,443 4,429 4,415 2012
Latvia
U.S. dollars Billions 28,480 28,380 30,380 32,454 34,914 37,491 40,199 43,053 2012
U.S. dollars Units 13,728,016 13,899,892 14,923,985 15,990,686 17,254,825 18,584,047 19,986,389 21,469,736 2012
%chg 4,223 2,285 0,688 2,100 2,300 2,300 2,300 2,300 2012
Persons Millions 2,075 2,042 2,036 2,030 2,023 2,017 2,011 2,005 2012
Macedonia
U.S. dollars Billions 10,561 9,630 10,507 11,424 12,421 13,405 14,399 15,452 2012
U.S. dollars Units 5,122,036 4,660,052 5,073,330 5,503,798 5,970,850 6,429,596 6,890,950 7,378,698 2011
%chg 3,902 3,314 2,800 2,100 2,000 2,000 2,000 2,000 2011
Persons Millions 2,062 2,066 2,071 2,076 2,080 2,085 2,090 2,094 2011
Saudi Arabia
U.S. dollars Billions 669,507 711,050 718,472 746,819 770,569 798,830 832,741 870,977 2012
U.S. dollars Units 23,599,107 24,523,916 24,246,471 24,684,740 24,970,328 25,378,559 25,937,184 26,596,173 2010
%chg 3,749 2,857 3,760 3,582 3,526 3,507 3,502 3,501 2012
Persons Millions 28,370 28,994 29,632 30,254 30,859 31,477 32,106 32,748 2010
Tunisia
U.S. dollars Billions 46,435 45,407 48,379 51,471 55,659 59,754 64,603 69,365 2012
U.S. dollars Units 4,350,336 4,213,149 4,431,304 4,654,021 4,968,085 5,265,197 5,619,394 5,956,128 2010
%chg 3,529 5,582 6,000 4,700 4,700 4,200 4,000 4,000 2012
Persons Millions 10,674 10,778 10,918 11,060 11,203 11,349 11,496 11,646 2010
Turkey
U.S. dollars Billions 774,775 788,299 821,798 851,434 941,925 1,042,781 1,155,239 1,279,825 2012
36IMF, World Economic Outlook Database, October 2013
, , , , , , , , , , ,
U.S. dollars Units 10,477,014 10,526,796 10,744,699 11,011,252 12,052,480 13,205,276 14,482,852 15,888,582 2012
%chg 6,472 8,892 7,71 6,491 6,041 6,041 6,041 6,041 2012
Persons Millions 73,950 74,885 76,484 77,324 78,152 78,967 79,766 80,550 2012

37. ADP – TAV Airports: A Global Footprint
C ti (TAV 15% ADPM 21%)France
Paris‐CDG: 62mn pax
Paris‐Orly: 27mn pax
Owner and operator
Schiphol Group (8%)
52,6mn pax
Industrial cooperation
Liège (25.6%)
0.6mn tons of freight
Strategic partner
Georgia (76%)
Tbilisi & Batumi: 1.6mn pax
Concession operator
13 Regional airports
Mexico North Central (25.5%)¹
13,3mn pax
Operator & Strategic partner
Croatia (TAV 15% ADPM 21%)
Zagreb Airport; 2.3 mn pax
Concession operator
Concession operator
Macedonia (100%)
Skopje & Ohrid: 1.1mn pax
Concession operator
Turkey
Istanbul Ataturk: 51,3mn pax
Ankara: 10,9mn pax
Izmir: 10,2mn pax
Gazipasa: 0,3mn
Concession operator
Amman – Jordan (9.5%)
6,5mn pax
Management contract
Strategic partner
Cambodian Airports
Conakry Airport (29%)
0.3mn pax
Operator
Jeddah (Hajj Terminal) –
Saudi Arabia
Cambodian Airports
Phnom Penh & Siam Reap:
5,1mn pax
Assistance in management
Algier Airport
5 9mn pax
Mauritius (10%)
2,8mn pax
Tunisia (67%)
Enfidha & Monastir
Medinah (Saudi Arabia) (33%)
4 7mn pax
TAV Airports
37
Saudi Arabia
6,8mn pax
Management contract
5,9mn pax
Operator
2,8mn pax
Operator
Strategic partner
Enfidha & Monastir
3.4mn pax
Concession operator
4,7mn pax
Concession operatorADP
Source: ADP, TAV Airports
Notes: Mexico: ADP holds a 25.5% stake in the Mexican company Servicios de Tecnología Aeroportuaria (SETA), which itself has a 16.7% stake in holding company Grupo Aeroportuario del Centro Norte (GACN), which controls 13 airports in the
north and centre of Mexico, including Monterrey International Airport
Passenger numbers are for FY 2013.

38. TAV Corporate and Shareholder Structure
(2)Airport Companies Service CompaniesService Companies
Shareholder StructureTAV Airports Holding Co.
8.1%
(3)
8.1%
(4)
2.0%
(5)
(1)
38.0%
Atatürk (100%)Atatürk (100%) ATÜ (50%) ATÜ (50%)
3.5%
(6)
40.3%
Esenboğa (100%)
Adnan Menderes
(100%)
BTA (67%)BTA (67%)
Havaş (100%)Havaş (100%)
40.3%
TGS (50%)TGS (50%)
Havaş Europe (67%)Havaş Europe (67%)
Gazipaşa (100%)
Medinah (33%)
Shareholders
1. Aéroports De Paris*
Internationally acclaimed airport operating company with global
operations
2. Tepe Insaat Sanayi A.Ş.
Turkish integrated conglomerate focused on infrastructure and
Tbilisi & Batumi
(76%)
O&M (100%)O&M (100%)
Turkish integrated conglomerate focused on infrastructure and
construction
3. Akfen Holding A.Ş.
Holding company operating in the infrastructure, construction, seaport,
REIT and energy sector
4. Sera Yapi Endustrisi A.Ş.
Focused on construction in Turkey & MENA region
Monastir &
Enfidha (67%)
Skopje & Ohrid
(100%)
IT (99%)IT (99%)
Security (100%)Security (100%)
y g
5. Other Non‐floating
6. Other Free Float
*Through Tank ÖWA Alpha GMBH
Latvia (100%)
Security (100%)Security (100%)
38
Zagreb (15%)

39. Contact IR
Nursel İLGEN, CFA
IR TeamIR Team About TAV Airports
Nursel İLGEN, CFA
Director, Head of Investor Relations
nursel.ilgen@tav.aero
Tel :+90 212 463 3000 / 2122
Fax : +90 212 465 3100
TAV Airports, the leading airport operator in Turkey, operates 13 airports:
Turkey
Istanbul Ataturk
Ankara Esenboga
Izmir Adnan Menderes
Antalya Gazipasa
Ali Özgü CANERİ
Investor Relations Manager
li i@
Antalya Gazipasa
Georgia
Tbilisi and Batumi
Tunisia
Monastir and Enfidha
Macedonia
ali.caneri@tav.aero
Tel :+90 212 463 3000 / 2124
Fax : +90 212 465 3100
Skopje and Ohrid
Saudi Arabia
Medinah
Latvia
Riga (only commercial areas)
Croatia
Besim MERİÇ
Investor Relations Manager
besim.meric@tav.aero
Tel :+90 212 463 3000 / 2123
Croatia
Zagreb
TAV Airports provides service in all areas of airport operations such as duty
free, food and beverage, ground handling, IT, security and operations
services. The Company and its subsidiaries, provided service to
i l 652 h d fli h d 84 illi i 2013 ThFax : +90 212 465 3100
IR Website ir.tav.aero
e‐mail ir@tav.aero Address TAV Airports Holding Co.
approximately 652 thousand flights and 84 million passengers in 2013. The
Company’s shares are listed in Borsa Istanbul since February 23, 2007,
under the ticker code “TAVHL”
39
e mail ir@tav.aero
Phone +90‐212‐463 3000 (x2122 – 2123 – 2124 ‐ 2125)
Twitter twitter.com/irTAV
Facebook facebook.com/irTAV
Istanbul Ataturk Airport International Terminal
(Besides Gate A and VIP)
34149 Yesilkoy, Istanbul

40. 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.Ş. (the "Company") in any
jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written or oral information will form the basis
of any contract.
The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No reliance may be
placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation is subject
to verification, completion and change. While the information herein has been prepared in good faith, no representation or warranty, express or implied, is or will be made and
no responsibility or liability is or will be accepted by the Company or any of its group undertakings employees or agents as to or in relation to the accuracy completeness orno responsibility or liability is or will be accepted by the Company or any of its group undertakings, employees or agents as to or in relation to the accuracy, completeness or
fairness of the information contained in this presentation or any other written or oral information made available to any interested party or its advisers and any such liability is
expressly disclaimed. This disclaimer will not exclude any liability for, or remedy in respect of fraudulent misrepresentation by the Company.
This presentation contains forward‐looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar
meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future financial or other performance of
the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changingp y, j y y , g , g g
business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome
and financial effects of the plans and events described herein. These forward‐looking statements speak only as at the date of this presentation. The Company expressly disclaim
any obligation or undertaking to disseminate any updates or revisions to any forward‐looking statements contained herein to reflect any change in the Company’s expectations
with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future
performance. As a result, you are cautioned not to place reliance on such forward‐looking statements.
Information in this presentation was prepared as of February 18 , 2014
40