TAV AIRPORTS HOLDING

April 2011

Page

Overview 1

Financial Overview 23

Operations 34

Conclusion 57

2

Airport Companies

Ataturk Airport (100%)

Esenboga Airport (100%)

Adnan Menderes

Airport (100%)

Gazipasa Airport (100%)

Tbilisi (%66) & Batumi (60%)

Monastir & Enfidha (67%)

Skopje & Ohrid

(100%)

Service Companies

ATÜ (50%)

BTA (67%)

HAVAŞ

(65%)

TAV O&M (100%)

TAV IT (99%)

TAV Security (100%)

TGS (%50)

North Hub

Services

(%50)

TAV Airports Holding Co.

3

Heinemann

Bilintur

Tepe Savunma ve Guvenlik

IFC (15%)

PAIDF (18%)

HSBC(28%)

Is Private Equity(6,7%)

TAV Airports Holding will increase its share in TAV Georgia to 76% within the next two months.

O&M, IT and Security

TAV O&M (100%):

Commercial area

allocations &

CIP/VIP,travel agency

services

TAV IT (99%):

Airport IT services

(FIDS,FMS,etc)

TAV Security* (67%):

Security service

provider in Istanbul,

Ankara , Izmir and

Gazipasa

Airports Duty FreeFood and

Beverage

Ground

HandlingOthers

Turkey

Istanbul Ataturk Airport (100%),

Ankara Esenboğa Airport (100%),

Izmir Adnan Menderes Airport (Intl. Terminal) (100%),

Gazipasa Airport (1) (100%)

Georgia*

Tbilisi International Airport(66%) and Batumi Airport

Tunisia

Monastir and Enfidha Airports(2) (67%)

Macedonia

Skopje, Ohrid and Shtip

Airports (3) (100%)

ATÜ (50%)

Largest duty free

operator in Turkey

Partner with Unifree –

owned by Heinemann,

leading German travel

retailer (Travel Value)

Operating in Turkey,

Georgia, Tunisia,

Macedonia and Latvia

BTA (67%)

Operating in Turkey,

Georgia, Macedonia,

Tunisia and Latvia

Operates Istanbul Airport

Hotel (131 rooms)

Total seating capacity of

12.500 at144 points

Bakery & pastry factory

serving in Turkey

Revenu

es

1Q

11

/ 2

01

0(5

)

Notes: (1) We had signed Gazipasa Airport concession agreement on January 7, 2008 and operations started on July 13, 2009.

(2) We started operations in Monastir Airport on January 1, 2008. Enfidha Airport (greenfield investment) started operations in December 2009.

(3) We are awarded the tender on September 2, 2008 and TAV commenced its operations as of 1 March, 2010.

(4) Based on number of flights for 2010

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

Havaş (65%)

Major groundhandler in

Turkey with a c.65% (4)

share

Operates in 22 airports

in Turkey including

Istanbul (AHL&SGA),

Ankara, Izmir and

Antalya

*TGS(%50) operates in

Istanbul, Ankara, Izmir,

Antalya and Adana

%50 partner of North

Hub Services, operating

in Riga and Helsinki

*TGS started operations as of 1 January 2010

TAV Airports Overview4

€m102/471m €41m/170m €17m/75m €37m/163m €15m/61m

*Share of TAV Airports Holding in TAV Georgia and TAV Security shall increase to 76% and 100%, respectively within the next three months.

Ownership Structure (as of 31 March, 2011)

1. Tepe Insaat Sanayi A.Ş.

Turkish integrated conglomerate focused on infrastructure and

construction

2. Akfen Holding A.Ş.

Holding company operating in the construction, tourism, insurance

and energy sector

3. Sera Yapi Endustrisi A.Ş.

Focused on construction in Turkey & MENA region

4. Other Non-floating

5. Other Free Float

Shareholder Structure Founding Shareholders

Other shareholders

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

3. Sera Yapi Endustrisi ve Tic. Ltd. Sti. has 806,544 (0.22%) shares in the free float

-Morgan Stanley has 17.859.404 (4.92%) shares in the free float as of April 2011

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

- TAVHL effective free float is 40%

(1)26,1%

(2)26,1%

(3)4,2%

(4)3,5%

(5)40,1%

5

6

Airports 2009 2010 09/10 (%)Jan-

Mar10

Jan-

Mar11%

Istanbul Ataturk 29,8 32,1 8% 6,9 7,4 7%

Int’l 18,4 20,3 11% 4,2 4,6 10%

Dom. 11,4 11,8 3% 2,8 2,8 2%

Ankara Esenboga 6,1 7,8 28% 1,6 2,0 21%

Int’l 1,1 1,3 21% 0,2 0,3 26%

Dom. 5,0 6,4 29% 1,4 1,7 20%

Izmir A.Mend. (int’l) 1,7 2,1 28% 0,2 0,3 34%

Monastir Airport(ınc. Enfidha) 3,8 3,92 4% 0,3 0,2 -46%

Georgia (inc. Batumi) 0,77 0,91 18% 0,2 0,2 30%

Macedonia(Skopje&Ohrid)** 0,64 0,73 14% 0,1 0,1 7%

TAV Total *** 42,1 47,6 13% 9,4 10,1 8%

Int’l 25,7 29,3 14% 5,2 5,6 8%

Dom. 16,4 18,3 11% 4,2 4,5 8%

Airports 2009 2010 09/10 (%)Jan-

Mar10

Jan-

Mar11%

Istanbul Ataturk 265,8 273,7 3% 62,8 66,5 6%

Int’l 169,9 178,8 5% 40,7 44,0 8%

Dom. 95,8 94,9 -1% 22,1 22,5 2%

Ankara Esenboga 51,3 63,4 24% 13,5 16,7 23%

Int’l 10,1 11,7 16% 2,3 2,6 12%

Dom. 41,2 51,6 25% 11,2 14,1 26%

Izmir A.Mend. (int’l) 13,1 16,1 23% 2,1 2,2 7%

Monastir Airport(Inc. Enfidha) 30,4 31,8 5% 3,2 2,3 -26%

Georgia (inc. Batumi) 15,6 18,7 20% 3,5 4,6 30%

Macedonia(Skopje&Ohrid)** 12,8 12,8 0% 2,7 2,2 -17%

TAV Total *** 376,2 416,6 11% 87,8 94,6 8%

Int’l 237,4 267,9 13% 54,2 57,4 6%

Dom. 138,8 148,7 7% 33,6 37,1 11%

In 2010 (January – December Period)

TAV Total Passenger Istanbul Ataturk Airport Int’l Passenger

47,6m 20,3m13% 11%

TAV Traffic Performance

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

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

*** TAV 2009 traffic figures do not include Macedonia

7

Page

Overview 1

Financial Overview 23

Operations 34

Conclusion 57

177

140

1Q11 1Q10

Financial Overview8

(in mn €)* 1Q11 1Q10∆ y-o-y

2010 2009∆ y-o-y

Revenues 177 140 27% 785,0 639,7 23%

EBITDA 35 18 100% 212,2 167,4 27%

EBITDA margin 19,8% 12,6% 7,2 ppt 0,27 0,26 0,9 ppt

Net Income (Loss) -14 -15 44% 341,8 311,1 10%

Cash flow from operations (16,8) (15,7) 7% 51,6 51,5 0%

Capex (45,8) (40,1) 14% 336,3 209,7 60%

Free Cash Flow (21,6) (24,7) -13% (118,9) (312,1) -62%

Shareholders’ Equity (67) (65) nm 217,4 (102,4) nm

Net Debt 430,3 372,4 16% 438,4 372,4 18%

Average number of employees 919 997 -8% 821,4 940,8 -13%

Number of passengers (mn) 18.832 15.491 22% 17.535 12.194 44%

- International 10,1 9,4 8% 47,6 42,1 13%

- Domestic 5,65 5,21 8% 29,3 25,7 14%

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

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

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

35

18

1Q11 1Q10

%100

-14

-15

1Q11 1Q10%27

9

Revenue & EBITDA

EBITDA Breakdown (1Q11) EBITDA Breakdown (1Q10)

Revenue breakdown (1Q11) Revenue breakdown (1Q10)

33%

24%

19%

6%

18% Duty-free

Aviation

Ground-handling

F&B

Other

34%

25%

15%

7%

19%Duty-free

Aviation

Ground-handling

F&B

Other

66%

18%

9%1%

7%

Istanbul

Other Airports

ATU

BTA

HAVAŞ70%

15%

9%6%0%

Istanbul

Other Airports

ATU

BTA

HAVAŞ

10

OPEX Breakdown

1Q11 1Q10

2% 7%

10%

10%

13%

20%

37%

Catering

Services rendered

D&A

Duty free

Other

Concession rent

Personnel

3% 5%

9%

10%

16%

21%

36%

Catering

Services rendered

D&A

Duty free

Other

Concession rent

Personnel

11

OPEX Breakdown

1Q11 1Q10

(Excluding concession rent and D&A expenses)

3%

14%

10%

54%

19%

Catering

Services rendered

Duty free

Other

Personnel

4%

14%

8%

52%

22%

Catering

Services rendered

Duty free

Other

Personnel

1Q11 Financial Summary12

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

** TAV Istanbul EBITDAR: €55m (margin: 72%)

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

Airports 102,3 30,6 30% 785 Istanbul** 76,2 24,1 32% 242 Ankara 9,9 5,1 52% 110 Izmir 4,9 1,8 36% 26 Tunisie 2,7 (2,4) nm 349 Gazipasa 0,0 (0,2) nm 17 Tbilisi & Batumi 5,2 2,2 43% 19 Macedonia 3,4 0,1 4% 22

Services 110,9 4,5 4% 135 ATU (50%) 41,3 3,2 8% 26 BTA 17,4 0,5 3% (5)Havaş 37,1 2,4 6% 76 Others 15,1 (1,6) nm 39

Total 213,2 35,1 17% 920 Eliminations (36,0) (0,0) -

Consolidated 177,2 35,1 20% 920

TAV Airports Consolidated – 1Q11

13

Revenue by country (1Q11)

90%

3%

6%

2%

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

intangible asset airport operation right property and equipment

1520

67

39

6268

45

113

88

55 56

25

35

17

42

21

CAPEX

(million €)

Enfidha Airport capex

14

18

Debt Structure

15

NET DEBT

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

Airports 785 851 697

Istanbul 242 309 160

Ankara 110 114 110

Izmir 26 44 26

Tunisia 349 342 343

Gazipasa 17 12 16

Tbilisi 19 30 24

Batumi -0 -0 -0

Macedonia 22 -0 18

Services 135 146 125

ATU (50%) 26 22 21

BTA -5 2 (3)

Havas 76 54 76

Others* 40 67 32

Total 920 997 822

* Including Holding Co.

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

TAV Holding - solo

Havaş

TGS

TAV Gazipaşa

TAV Macedonia

ATU

TAV Tbilisi

TAV Izmir

TAV Esenboğa

TAV Tunisie

TAV Istanbul

483

127124137158

Debt Repayment

16

193

De-leveraging Process

Rights Issue (€57m, January 09)

TAV Tunisie Sale to IFC (€28m, August 09)

Havaş sale to HSBC - Is Girisim (€102m, March 10)

TAV Tunisie sale to PAIDF (€39.7m, June 10)

17

Loan Original currency interet rate maturityTAV Istanbul 382.490.198 EUR Euribor + 2.5% 2018

382.490.198

TAV Tunisie 167.891.831 EUR Euribor + 2.28% 2028

109.832.476 EUR Euribor + 2.00% 2022

69.654.403 EUR Euribor + 1.54% 2028

30.210.556 EUR Euribor + 4.75% 2028

377.589.266

TAV Ankara 142.415.339 EUR Euribor + 2.35% 2021

TAV Izmir 46.894.510 EUR Euribor + 3.00% 2013

TAV Holding 30.228.857 EUR 4.25% 2014

17.798.897 USD 5.50% 2011

17.153.249 EUR 4.00% - 6.00% 2011

7.120.495 USD 3.75% 2012

6.110.342 EUR 6.00% 2011

78.411.840

TAV Tbilisi 26.852.634 USD Libor + 4.50% 2015HAVAŞ 59.268.844 EUR Euribor + 4.75% 2018

20.261.762 EUR Euribor + 5.75% 2017

29.712 EUR Euribor + 3.50% 2015

79.560.318

ATU 10.611.900 EUR Euribor + 2.70% 2015

10.080.302 EUR 6.00% 2018

5.069.851 EUR 5.00% 2015

719.079 EUR 5.00% 2012

658.435 EUR 5.64% 2016

303.394 EUR 4.80% 2016

941.04 EUR 5.20% 2012

526.378 TND 5.93% 2013

28.910.379

TAV Macedonia 37.514.137 EUR Euribor + 5.50% 2020

TAV Gazipaşa 10.674.580 EUR 4.00% - 4.50% 2011

5.951.527 TL 8.50% 2011

16.626.107

TGS 3.229.336 TL 7.95% 2011Others 1.012.931

TOTAL 1.221.506.995

Debt Repayment

18

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

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

Assets.

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

Effective date of the application is 1 January 2008.

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

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

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

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

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

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

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

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

respectively.

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

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

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

IFRIC 12

19

IFRIC 12

Airport operation right Added

Trade receivables Increase

Build-operate-transfer

(“BOT”) Investment Removed

The effect of adoption of IFRIC 12

Balance Sheet

(Assets)

Income

Statement

Construction revenue Added

Construction expenditure (-) Added

Aviation income Decrease (guaranteed pax fees)

Discount interest income Added

Depreciation and amortisation

expense (-) Decrease

19

20

Cash Flow Hedge Accounting

•Subsidiaries, TAV Istanbul, TAV Esenboga, TAV Izmir and TAV Tunisie enter into swap transactions in order to diminish exposure to foreign currency mismatch

relating to DHMI installments and interest rate risk to manage exposure to the floating interest rates relating to loans used.

•100%, 55%, 100% and 50% of floating bank loans for TAV Istanbul, TAV Izmir, TAV Esenboga and HAVAŞ, respectively are fixed with financial derivatives.

100% of floating senior bank loans for TAV Tunisie was fixed with financial derivative until 31 October 2009 and 85% of floating senior bank loans for TAV

Tunisie is fixed with financial derivative starting from 1 November 2009.

Sensitivity Analysis

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

currencies at 31 March 2011 and 31 December 2010 would have

increased / (decreased) equity and profit or loss by the amounts shown

below. This analysis assumes that all other variables, in particular interest

rates, remain constant.

Based on the Group’s current borrowing profile, a 50 basis points

increase in Euribor or Libor would have resulted in additional interest

expense of approximately EUR 0.8 million on the Group’s variable rate

debt when ignoring effect of derivative financial instruments. EUR 0.6

million of the exposure is hedged through interest rate swap contracts.

Therefore, the net exposure on statement of comprehensive income would

be EUR 0.2 million. A 50 basis points increase in Euribor or Libor would

have resulted an increase in cash flow hedge reserve in equity

approximately by EUR 24.3 million and a 50 basis points decrease in

Euribor or Libor would have resulted an decrease in cash flow hedge

reserve in equity approximately by EUR 25.3 million.

Equity Profit or loss

Strengthening Weakening Strengthening Weakening

of EUR of EUR of EUR of EUR

31 March 2011

USD -24,4 29,8 -0,5 0,5

TRL -7,3 7,3

Other 0,7 -0,7

Total -24,4 29,8 -7,1 7,1

31 December

2010

USD -26,0 31,7 2,9 -2,9

TRL -8,7 8,7

Other -0,4 0,4

Total -26,0 31,7 -6,2 6,2

21

Consolidated Income Statement

(€ million) 1Q11 1Q10

Construction revenue 17,4 9,1 Total operating income 163,1 128,5 Sales of duty free goods 34,5 21,1 Aviation income 40,3 32,5 Ground handling income 36,0 29,7 Commission from sales of duty free goods 17,5 15,1 Catering services income 11,0 9,3 Other operating income 7,7 6,4 Construction expenditure (17,4) (8,8)Operating expenses (157,5) (134,7)Cost of catering inventory sold (3,8) (3,6)Cost of duty free inventory sold (15,6) (13,0)Cost of services rendered (10,7) (7,2)Personnel expenses (59,0) (48,8)Concession rent expenses (31,8) (28,9)Depreciation and amortization expense (15,4) (12,4)Other operating expenses (21,1) (20,9)Operating profit 13,3 0,4 Finance income 5,3 4,5 Finance expenses (30,6) (20,3)Profit before income tax (12,1) (15,4)Income tax expense (4,8) (0,3)Profit for the period from continuing operations

Attributable to:

Owners of the Company (14,5) (15,3)Non-controlling interest (2,3) (0,4)

(16,8) (15,7)Other Financial Data:Adjusted Revenue * 177 140

Adjusted EBITDA * 35 18

Adjusted EBITDAR * 67 46

22

Consolidated Balance Sheet

1Q11 2010

ASSETS

Property and equipment 166.148.240 169.534.780

Intangible assets 37.002.242 37.877.865

Airport operation rights 741.498.802 734.271.656

Other investments 24.238 24.238

Goodwill 154.019.707 154.019.707

Prepaid concession expenses 159.634.715 82.283.714

Trade receivables 108.933.019 113.810.957

Other non-current assets 1.968.344 601.680

Deferred tax assets 72.138.325 79.492.563

Total non-current assets 1.441.367.632 1.371.917.160

Inventories 14.611.444 13.966.730

Prepaid concession expenses 120.891.204 122.592.025

Trade receivables 74.349.046 77.681.614

Due from related parties 4.684.075 5.124.375

Derivative financial instruments 983.455 -

Other receivables and current assets 33.821.928 33.305.357

Cash and cash equivalents 52.615.905 32.442.373

Restricted bank balances 255.224.915 382.444.797

Total current assets 557.181.972 667.557.271

TOTAL ASSETS 1.998.549.604 2.039.474.431

23

1Q11 2010

EQUITY

Share capital 162.383.978 162.383.978

Share premium 220.286.470 220.286.470

Legal reserves 22.476.108 21.655.917

Other reserves 14.622.932 14.622.932

Revaluation surplus 1.897.316 1.982.718

Purchase of shares of entities under common control 40.063.860 40.063.860

Cash flow hedge reserve -52.110.649 -61.729.366

Translation reserves -1.713.293 849.301

Retained earnings / (Accumulated losses) 22.096.761 37.209.526

Total equity attributable to equity holders of the Company 430.003.483 437.325.336

Non-controlling interest 101.423.869 103.060.117

Total Equity 531.427.352 540.385.453

Consolidated Balance Sheet

24

LIABILITY 1Q11 2010

Loans and borrowings 1.031.020.357 1.008.094.394

Reserve for employee severance indemnity 8.814.736 7.451.972

Due to related parties 13.048.166 14.130.564

Deferred income 21.171.264 21.688.366

Deferred tax liabilities 5.668.452 6.281.310

Total non-current liabilities 1.079.722.975 1.057.646.606

Bank overdraft 2.959.093 2.865.313

Loans and borrowings 192.987.342 225.363.062

Trade payables 32.499.309 34.158.389

Due to related parties 10.848.677 14.021.181

Derivative financial instruments 92.771.371 104.968.109

Current tax liabilities 2.695.403 9.920.571

Other payables 40.852.145 38.074.621

Provisions 4.584.972 4.832.799

Deferred income 7.200.965 7.238.327

Total current liabilities 387.399.277 441.442.372

Total Liabilities 1.467.122.252 1.499.088.978

TOTAL EQUITY AND LIABILITIES 1.998.549.604 2.039.474.431

Consolidated Balance Sheet

25

Consolidated Cash Flow Statement

CASH FLOWS FROM OPERATING ACTIVITIES 1Q11 1Q10

Profit for the period -16.816.056 -15.702.258

Adjustments for:

Amortisation of airport operation right 8.709.654 7.384.849

Depreciation of property and equipment 5.253.511 3.654.524

Amortisation of intangible assets 1.415.407 1.345.975

Amortisation of prepaid rent 31.813.003 28.850.743

Provision for employment termination benefits 2.176.374 2.944.924

Provision set for doubtful receivables 256.105 169.405

Discount on receivables and payables, net -20.002 -84.362

Gain on sale of property and equipment -18.820 -58.777

Provision set for unused vacation 49.855 479.888

Provision for slow moving inventory 248 35.632

Interest income -2.789.792 -2.820.355

Interest expense on financial liabilities 24.017.875 15.075.057

Income tax expense 4.750.588 333.087

Discount income from concession receivable -2.426.617 -1.543.373

Unrealised foreign exchange differences on statement of financial position items -2.486.548 10.704.508

53.884.785 50.769.467

Cash flows from operating activities Change in trade receivables 3.094.041 -1.511.126

Change in non-current trade receivables 7.304.555 6.705.010

Change in inventories -644.962 -634.821

Change in due from related parties 440.301 -4.153.163

Change in restricted bank balances 31.703.399 20.720.309

Change in other receivables and current assets 2.273.222 -1.402.593

Change in trade payables -2.481.392 3.849.826

Change in due to related parties -4.254.901 -2.667.113

Change in other payables and provisions 2.223.060 494.622

Change in other long term assets -1.366.662 -245.464

Additions to prepaid rent expenses -106.638.322 -97.461.769

-14.462.876 -25.536.815

Cash provided from operations Income taxes paid -8.591.697 -1.770.390

Interest paid -22.355.805 -12.216.626

Retirement benefits paid -423.915 -592.354

Net cash provided from operating

activities -45.834.293 -40.116.185

26

Consolidated Cash Flow Statement

CASH FLOWS FROM INVESTING

ACTIVITIES1Q11 1Q10

Interest received 2.773.832 2.766.493

Proceeds from sale of property and equipment and intangible assets 155.831 1.294.695

Proceeds from sale of non-controlling interest in a subsidiary - 101.978.682

Acquisition of property and equipment -4.170.906 -14.179.668

Additions to airport operation right -17.039.414 -10.322.736

Acquisition of intangible assets -343.087 -204.785

Net cash provided from / (used in) investing activities -18.623.744 81.332.681

New borrowings raised 78.969.216 86.080.192

CASH FLOWS FROM FINANCING

ACTIVITIES Repayment of borrowings -87.789.115

-

108.474.790

Change in restricted bank balances 92.742.651 66.081.851

Non-controlling interest change 391.723 -669.936

Addition to finance lease liabilities 223.314 26.974

Effect of group structure change - -59.254.279

Net cash (used in) / provided from financing activities

84.537.789(16.209.988

)

20.079,752 25.006.508

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS 29.577,060 31.630.989

CASH AND CASH EQUIVALENTS AT 1 JANUARY 49.656,812 56.637.497

27

For further information, please visit http://ir.tav.aero, e-mail: TAVInverstorRelations@tav.aero

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

TAV Airports Holding Co.

Istanbul Ataturk Havalimanı Dış Hatlar Terminali

34149 Yesilkoy, Istanbul

Nursel İLGEN, CFA

Head of Investor Relations

nursel.ilgen@tav.aero

Tel :+90 212 463 3000 / 2122

Fax : +90 212 465 3100

Besim MERİÇ

Investor Relations Senior Associate

besim.meric@tav.aero

Tel :+90 212 463 3000 / 2123

Fax : +90 212 465 3100

TAV Investor Relations

2007 2008

2009 2010

Disclaimer

28

This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.Ş. (the "Company")

in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written or oral information

will form the basis of any contract.

The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No reliance

may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this

presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no representation or warranty,

express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its group undertakings, employees or

agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other written or oral information made

available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude any liability for, or remedy in respect

of fraudulent misrepresentation by the Company.

This presentation contains forward-looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and

words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future

financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and

uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the

Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking

statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to

any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or

circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you are cautioned not

to place reliance on such forward-looking statements.

Information in this presentation was prepared as of 28 April, 2011.