TAV AIRPORTS HOLDING Nine-month 2010 Financial Results

“Record high results in the third quarter”

Record high quarterly revenue, EBITDA, EBITDAR ever 9M10 EBITDA exceeded 2009 full-year EBITDA Robust free cash flow generation Decline in net debt continued

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero e-mail: TAVInvestorRelations@tav,aero

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Contents

CEO’s Message IFRIC 12 & Hedge Accounting Basis of Consolidation Highlights of 1H10 Financial Results (1H10) Income Statement Balance Sheet Cash Flow Statement Traffic Results About TAV Airports

Page

3 4 5 6 18 19 20 22 24 34

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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CEO’s Message

TAV Airports Holding Inc. Chief Executive Officer M. Sani Şener commented, “TAV Airports Holding posted record high operational and financial figures. TAV attained an exceptional 13% passenger growth in 9M10, outpacing international peers by a wide margin. During the July-September 2010 period, we have attained the highest quarterly revenue in our history, thanks to massive organic and inorganic growth (new operations such as TAV Macedonia, TGS and NHS). Likewise, consolidated EBITDA in the first nine months of 2010 grew by 28% and reached €172 million, exceeding 2009 fullyear EBITDA of €167 million. All in all, net profit amounted €39 million in 9M10, compared to €35 million in 9M09. Cash flow from operations increased by 36% to €151 million, while capital expenditures decreased substantially with the completion of Tunisia - Enfidha Airport construction. Accordingly, free-cash-flow generation was massive which amounted €74 million, compared with negative €144 million in 9M09. Deleveraging process initiated at the beginning of 2009 completed with TAV Tunisie stake sale to PAIDF in June 2010. Consolidated net debt decreased from €941 million at the end of 2009 to €890 million at the end of September 2010. All in all, we repaid €191 million debt in the first nine months of 2010. Considering our benefit to the economy, increasing our average employee number by 40% together with our continuing investments, it is obvious that we have set the best examples for making rapid decisions, effective communication between employees, and analytic management that is the only method for leading such a voluminous business. We are confident in the cash generation capacity of our business. I would like to thank all TAV Group employees and the passengers for their contributions.” Dr. M.Sani Şener Member of Board of Directors, President & CEO

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Introduction to Financials 1 – IFRIC 12 & Hedge Accounting IFRIC 12 is a new application regarding to interpretation of most of existing standards in the IFRS for example, IAS 11Construction Contracts, IAS 16-Property Plant and equipment, IAS 17-Leases, IAS 36-Impairment of Assets and IAS 38Intangible 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 and TAV Gazipasa, which are in the application of IFRIC 12 are assessed by the management as 0%, 0%, 15%, 5% 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.

Balance Sheet (Assets)

Income Statement

Airport operation right

Added

Trade receivables

Increase

Build-operate-transfer (“BOT”) Investment

Removed

Construction revenue

Added

Construction expenditure (-)

Added

Aviation income

Decrease (guaranteed pax fees)

Discount interest income

Added

Depreciation and amortisation expense (-)

Decrease

•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%, 65%,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 is 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. •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 effective, To the extent that the hedge is ineffective, changes in fair value are recognized in profit or loss, TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Introduction to Financials 2, Basis of Consolidation •The attached 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 based on the following methods: •TAV Istanbul, TAV Izmir, TAV Esenboğa, TAV İşletme (TAV O&M), TAV Gazipaşa, TAV Batumi and TAV Macedonia are fully consolidated without non-controlling interest’s ownership, •TAV Tunisie, HAVAŞ Holding, HAVAŞ, BTA, BTA Georgia, BTA Tunisie, BTA Macedonia, Cakes & Bakes, TAV İşletme Georgia (TAV O&M Georgia), TAV İşletme Tunusie (TAV O&M Tunisie), TAV Bilişim (TAV IT), TAV Tbilisi, Batumi Airport LLC and TAV Güvenlik (TAV Security) are fully consolidated with the non-controlling interest’s ownership reflected as a minority interest. The share capital of Batumi Airport LLC is fully allocated as non-controlling interest due to the transfer of right on shares to JSC at the end of share management agreement period. •With the sale of HAVAŞ to HAVAŞ Holding, in which TAV Airports Holding has 65% ownership, TAV started to deduct minority interest for the 35% non-controlling interest, •Turkish Ground Services (TGS) is jointly controlled by HAVAŞ and Turkish Airlines (THY) and has been proportionately consolidated starting from December 31st, 2009, TGS started to serve ground handling services to Turkish Airlines flights at Istanbul, Ankara, Izmir, Adana and Antalya Airports, starting January 1st 2010, •After the acquisition of 6% share in TAV Tbilisi in November 2009, TAV Holding obtained the control of TAV Tbilisi and accordingly started to fully consolidate it from the effective date of share transfer. • ATÜ, ATÜ Georgia, ATÜ Tunisie, ATÜ Macedonia, TAV Gözen, CAS, TGS and NHS are proportionately consolidated, TGS’s 50% stake was acquired by HAVAŞ following the approval of the joint venture agreement between THY and Havas by the Competition Board in August 2009. TGS is jointly controlled by HAVAŞ and THY and is proportionately consolidated as of 31 December 2009. 3. Macro Data Average Rate

Reporting Date Closing Rate

9M10

9M09

FY09

1H10

9M10

9M09

FY09

1H10

EUR-TL

1.96

2.14

2.15

2.02

1.98

2.16

2.16

1.92

USD-TL

1.49

1.57

1.55

1.52

1.45

1.48

1.51

1.57

EUR-USD

1.32

1.36

1.39

1.33

1.36

1.46

1.43

1.22

EUR-GEL

2.33

2.28

2.33

2.34

2.46

2.44

2.42

2.25

GDP (TL billion) GDP (USD billion) GDP Growth Rate (%) CPI Inflation (eop, YoY) Tourism Revenues (US$ mn)

9M10

1H10

1Q10

FY09

FY08

9.2% 15,547

511 334 10.30% 8.4% 6,972

242 161 11.7% 9.6% 2,413

954,0 618 -4.7% 6.5% 21,250

951,0 742 0.7% 10.1% 21,951

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Financial Results Robust free cash flow generation TAV Airports Holding announced €39.4 million profit in 9M10 versus €35.3 million profit in 9M09, implying 12% growth YoY. (in mn €, unless stated otherwise)*

9M10

9M09

∆ y-o-y

Revenues** 593.8 483.7 23% EBITDA** 172.5 135.1 28% EBITDA** margin (%) 29.0% 27.9% 1.1 ppt EBITDAR** 267.8 244.1 10% EBITDAR** margin (%) 45.1% 50.5% -5.4 ppt Net Income (Loss) 39.4 35.3 12% Cash flow from operations 151.4 111.9 35% Capex (77.1) (255.8) -70% Free Cash Flow 74.3 (143.8) nm Shareholders’ Equity 410.1 344.2 29% Net Debt 890.5 916.7 -4% Average number of employees 17,090 12,204 40% Number of passengers (mn) 36.0 31.9 13% - International 22.3 19.5 14% - Domestic 13.7 12.4 11% Duty free spend per pax (€)*** 13.9 14.7 -5% * 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 *** Commencement of Macedonia operations diluted duty-free spend per pax in 2Q10, 3Q10 and 9M10. Source: TAV Airports Holding, DHMI, TAV Tunisie, TAV Macedonia, Georgian Aviation Authority

Highlights of the first nine months of 2010 Construction revenue and construction expenditure are excluded and guaranteed passenger fee revenues from airports in Ankara and Izmir are included while computing the operational performance in the explanations below, Figures in parentheses refer to the reported figures in IFRS report,

The number of passengers using airports operated by TAV increased by 13% to 36.0 million in 9M10. According to Turkish State Airports Authority (DHMI) figures, the number of passengers in international terminal of Istanbul Ataturk Airport also showed a similar trend, increasing by 11% YoY to 15.1 million in 9M10. Atatürk Airport Int'l Pax

mn 2.1 1.9 1.7 1.5 1.3 1.1 0.9 Jan

Feb

Mar

Apr 2008

May

Jun 2009

Jul

Aug

Sep

Oct

Nov

Dec

2010

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Adjusted revenues increased by 23% to €594 million in 9M10 from €484 million in 9M09, on the back of organic and inorganic growth. Passengers served at the existing airports surged by 13%, while TGS and NHS commenced their operations as of January 1st and Macedonia operations were taken over as of March 1st. Depreciation of the Euro against other currencies also supported the top-line growth, given the increase of USD and TL denominated revenues in Euro terms, the functional currency, The weight of aeronautical revenues (including guaranteed passenger fee revenues from airports in Ankara and Izmir) in total operating income has increased from 44% in 9M09 to 47% in 9M10, with higher contribution from ground handling with the commencement of TGS operations. Second revenue contribution comes from duty-free services with 30%, followed by other revenues accounting for 24%.

24%

24%

30%

33%

47%

44%

9M10

9M09

Aeronautical

Duty-free

Other

Adjusted EBITDA surged by 28% to €172.5 million in 9M10 from €135.1 million in 9M09, implying respective 29% and 28% margins in 9M10 and 9M09. Strong operational leverage and the decline in the concession rent in Euro terms supported EBITDA growth, despite the €9 million one-off gain recorded from TAV Tunisie sale in 9M09. Adjusted EBITDAR increased by 10% to €268 million in 9M10, staying behind the growth in EBITDA, mainly because of the decline of the concession rent payment in Euro term.

594

23%

484

172

28%

39 12%

135

35

9M10

9M09

Revenues (mn €)

9M10

9M09

EBITDA (mn €)

9M10

9M09

Net Income (mn €)

 Similarly, bottom line surged by 12% YoY to €39 million in 9M10 from €35 million in 9M09.

 With the completion of deleveraging, net debt at the holding company level decreased from €47 million at the end of September 2010 from €200 million at the end of 2008. Accordingly, consolidated net debt became €890 million as of September 30th, 2010 versus €932 million at the end of June 2010. Tunisia Enfidha Airport construction had depressed the free cash flow in the negative territory throughout 2009. With the completion of Tunisia investment and commencement of operations at the airport, free cash flow (net cash provided from operating activities – capex) turned positive to €74million in 9M10 from minus €144 million in 9M09.

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Revenue breakdown (9M10)

F&B, 6%

Dutyfree, 30%

Other, 18%

Groundhandling, 20%

Other, 18%

Groundhandling, 19%

Cost Breakdown (9M10)

Cost of services rendered, 7%

D&A, 9%

Concession rent, 21%

Personnel, 34%

EBITDA Breakdown (9M10)

Cost of catering Cost of inventory duty-free sold, 3% inventory sold, 11% Other, 14% D&A, 7%

Concession rent, 29%

ATU, 5%

Other Airports, 29%

Personnel, 29%

Other Services, 10%

HAVAŞ, 16% Istanbul , 46%

Cost of services rendered, 7%

EBITDA Breakdown (9M09)

Other Services, 0% BTA, 3%

Aviation, 25%

Cost Breakdown (9M09)

Cost of dutyfree inventory sold, 10%

Other, 16%

Dutyfree, 33%

F&B, 6%

Aviation, 26%

Cost of catering inventory sold, 3%

Revenue Breakdown (9M09)

HAVAŞ, 25%

BTA, 4% ATU, 9%

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

Istanbul , 42%

Other Airports, 10%

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Overview of the period

(€ mn)

9M10

9M09

Change (%)

Sales of duty free goods

120.0

106.3

13%

Aviation income

155.1

121.4

28%

Ground handling income

121.4

89.8

35%

Commission from duty free sales

56.9

51.7

10%

Catering services income

34.5

27.7

24%

Other operating revenue

105.8

86.8

22%

Total operating revenue

593.8

483.7

23%

Adjusted revenues increased by 23% to €594 million in 9M10 from €484 million in 9M09, on the back of organic and inorganic growth. Passengers served at the existing airports surged by 13%, while TGS and NHS commenced their operations as of January 1st, Macedonia operations were taken over as of March 1st, and BTA took over the operations at Istanbul Ataturk Airport Domestic Terminal as of July 2010. Depreciation of Euro against other currencies also supported the growth in the topline, as USD and TL denominated revenues increased in Euro terms, the functional currency. Our income stream is hard currency, based primarily in Euro and U.S. dollars, with aviation operations (which includes ground handling), accounting for 47% of total operating income and non-aviation operations accounting for 53% of total operating income in 9M10.

Aviation income (excluding ground handling income) amounted €155 million in 9M10, versus €121 million in 9M09. In IFRIC 12 application, total guaranteed passenger fee revenues from Ankara Esenboga Airport (€12.6 million) and Izmir Adnan Menderes Airport (€12.7 million) in 9M10 are excluded from the P&L. However we included these revenues in aviation revenues throughout our announcement and presentations.

53%

56%

47%

44%

9M10

Aeronautical

9M09

Non-aeronautical

Sales of duty free goods increased by 13% from €106 million in 9M09 to €120 million in 9M10 on the back of the strong passenger growth. Despite the limitations on duty free purchases set by the Undersecretariat of Customs, effective from October 2009, duty free sales grew in-line with the passenger growth of 13%. Note that the Customs Undersecretariat alleviated the limits as of September 6th , impact of which has been seen only one month during September 2010. Average per passenger spending decreased by 5% YoY from €14.7 in 9M09 to €13.9 in 9M10, mainly due to dilutive impact of commencement of Macedonia and Tunisia operations and also increase in transit / transfer traffic.

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Ground handling income increased by 35% to €121 million in 9M10 from €90 million in 9M09. Commencement of TGS operations (serving at Istanbul, Ankara, Izmir, Antalya and Adana airports since Jan10, and also at Sabiha Gokcen since July10) propped up the ground handling revenues. Yet, it is important to note that the number of aircrafts served by HAVAŞ increased by 13% YoY to 85K, excluding THY flights served by TGS in 9M10 and THY flights served by Havas at Istanbul Ataturk Airport in 9M09 and turned over to TGS at the beginning of 2010, TGS also served 100K flights during the same period, as compared to 65K THY flights served at Istanbul Ataturk Airport by Havas in 9M09.

HAVAŞ ONLY

54%

13%

32%

100K

85K

184K 65K

75K

9M10

HAVAŞ + TGS

TGS ONLY*

9M09

9M10

9M09

9M10

140K

9M09

* 9M09 figure represents THY flights served by HAVAŞ at Istanbul Ataturk Airport

Commission from sales of duty free goods increased by 10% from €52 million in 9M09 to €57 million in 9M10. Catering service income, mainly denominated in TL, surged by 24% €28 million in 9M09 to €35 million in 9M10. Other operating income increased by 22% from €87 million in 9M09 to €106 million in 9M10, against the €9 million gain recorded from TAV Tunisie sale in 9M09. This increase primarily reflected the insurance income (€8.9 million) stemming from the trigeneration plant in Istanbul, as well as the increase of bus service, car park, area allocation and lounge revenues. Note that, TAV Airports has not recorded any gain/loss from the sales of Havaş and TAV Tunisie, as the Group complied with the amendment in IAS 27, which requires accounting of changes in ownership interests in a subsidiary under equity unless the control changes. (€ million)

9M10

9M09

Change (%)

Cost of catering inventory sold

(12.9)

(10.2)

27%

Cost of duty free inventory sold

(48.2)

(42.5)

14%

Cost of services rendered

(30.7)

(25.0)

23%

(158.9)

(110.9)

43%

Concession rent expenses

(95.3)

(109.0)

-13%

Depreciation and amortisation expenses

(43.5)

(27.5)

58%

(75.3) (464.8)

(51.0) (376.0)

48% 24%

Personnel expenses

Other operating expenses Total Operating Expenses

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Operating expenses increased by 24% from €376 million in 9M09 to €465 million in 9M10. This was primarily the result of increase in personnel expenses and depreciation and amortization expenses with the commencement of new operations (Enfidha Airport as of Dec 2009, NHS and TGS as of January 2010 and TAV Macedonia as of March 2010, extention of Istanbul Ataturk Airport and takeover of F&B service points’ operations at Istanbul Ataturk Airport Domestic Terminal by BTA). Concession rent expenses decreased by 13% to €95 million in 9M10, because of the decline in rent payment for Istanbul Atatürk Airport in Euro terms. Concession rent expenses principally consists of payments to DHMI under the terms of the Istanbul Ataturk Airport lease agreement and renovation of the domestic terminal (total: €85.9 million in 9M10) and payment made to Tunisian Airports and Civil Aviation Authority (OACA) (€7.9 million in 9M10) based on a predetermined percentage of revenues derived from Monastir (operational as of January 1, 2008) and Enfidha Airports (operational as of December 2009), While the concession payment of Istanbul Ataturk Airport is made in USD terms at the beginning of each year, due to amortization schedule of the payment, Istanbul Ataturk Airport’s concession decreased by 12% from €97 million in 9M09 to €86 million in 9M10. Cost of duty-free inventory sold increased by 14% to €48 million in 9M10 on a 13% growth in duty-free sales, as cost of inventory sold as a % of duty-free revenues stayed flat on a year-on-year basis. Cost of catering inventory sold increased by 27% from €10.2 million in 9M09 to €12.9 million in 9M10, in line with the catering revenue growth. Personnel expense increased by 43% from €111 million in 9M09 to €159 million in 9M10, with new operations (TGS, NHS and commencement of operations at Enfidha Airport and TAV Macedonia, extention of Istanbul Atatürk Airport, takeover of F&B service points at Istanbul Ataturk Airport Domestic Terminal) and 40% YoY increase in the average number of employees in 9M10. With new operations added to portfolio and high growth in labor-intensive ground handling segment, the share of personnel expenses in total operating expenses increased from 29% in 9M09 to 34% in 9M10. Cost of services rendered increased by 23% from €25 million in 9M09 to €31 million in 9M10. Cost of services rendered principally consists of the consolidated portion of ATU, BTA, TAV O&M and Havaş’ operating expenses, and the increase in the item is relatively in-line with the growth seen in this business lines. Depreciation and amortization expense increased by 58% from €27.5 million in 9M09 to €43.5 million in 9M10, mainly due to new operations particularly Enfidha Airport in Tunisia. Other operating expenses increased by 48% from €51 million in 9M09 to €73 million in 9M10, mainly due to consultancy services in relation to the projects followed and the impairment loss recognised (€6.6 million) for the trigeneration plant fire in Istanbul. On the other hand, TAV also recorded an insurance income of €8.9 million with regard to the issue. (€ million) 9M10 9M09 ∆ y-o-y Operating profit * 129.0 107.7 20% EBITDA** 172.5 135.1 28% EBITDA margin 29% 28% 1.1 ppt EBITDAR*** 267.8 244.1 10% EBITDAR margin 45% 50% -5.4 ppt * ignoring net effect of construction revenue and construction expenditure ** profit (loss) adjusted for income taxes, finance income and expenses and depreciation & amortization expense *** EBITDA before concession rent payment Note: Adjusted figures include guaranteed passenger fee revenues from airports in Ankara and Izmir

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

11

Adjusted operating profit (ignoring net effect of construction revenue and construction expenditure) increased from €108 million in 9M09 to €129 million in M10, with an increase of 20% YoY, despite the €9 million one-off gain recorded from TAV Tunisie stake sale to IFC in 9M09. Adjusted EBITDA, which we define as profit (loss) adjusted for income taxes, finance income and expenses and depreciation & amortisation expense, surged by 28% and amounted €172 million in 9M10, which was €135 million in 9M09. Adjusted EBITDAR, which we define as EBITDA before concession rent payment, increased by 10% from €244 million in 9M09 to €268 million in 9M10. The growth lagged EBITDA growth mainly because of the decline of the concession rent payment in Euro term. Net finance expenses amounted €50 million in 9M10 versus €47 million in 9M09, mainly on the back of two reasons: i) TAV Tunisie started to book finance expenses which had been capitalized by then with the commencement of operations. ii) TAV recorded €9.7 million translation loss in 3Q10 (due to strengthening of the Euro against other currencies in the third quarter), resulting to a net foreign exhange loss of €5.4 million in 9M10 versus €8.1 million in 9M09. (€ million) Finance income Finance costs Translation gain/loss Net finance income/(expense) Profit/(Loss) before income tax Income tax expense Profit/(Loss) for the period Attributable to Equity holders of the Company Non-controlling interest

9M10

9M09

Change

16.7 (67.0) (5.4) (50.3) 53.7 (14.3) 39.4

13.0 (60.0) (8.1) (47.0) 52.0 (16.7) 35.3

28% 12% -34% 7% 3% -14% 12%

33.5

33.8

-1%

5.9

1.5

294%

Income tax benefit (expense) consists of deferred tax and corporate taxes. Current income tax expense was €23 million in 9M10, compared to €9 million in 9M09, mainly stemming from TAV Istanbul.  TAV had recorded deferred tax benefits of €13 million in 1H10 (1Q: €6.8 million deferred tax income, 2Q: €6.3 million deferred tax income). However, in 3Q10 we recorded €4.8 million deferred tax expense, stemming mainly because of TAV Istanbul (changes of €/$ parity), resulting in a deferred tax income of €8.3 million in 9M10 compared to deferred tax expense of €7.8 million in 9M09. All in all, total income tax expense amounted €14.3 million in 9M10 versus €16.7 million in 9M09.

Income Tax (€ million)

9M10

9M09

Change

Current period tax expense

22.6

8.9

155%

Deferred tax (income) / expense

(8.3)

7.8

nm

Tax expense

14.3

16.7

-14%

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

12

Net profits attributable to the owners of the company in 9M10 was realized as €33.5 million compared to a net profit of €33.8 million in 9M09 according to IFRS financial statements. Non-controlling interest reflects the allocation of profit / losses held by the noncontrolling interest and amounted €5.9 million in 9M10. Summary Cash Flow Statement Net cash flow provided from operating activities In the first nine months of 2010, TAV Airports generated €151 million net cash from operating activities as compared to €112 million cash generated during 9M09. Cash flow from operations before changes in working capital items was €237 million for 9M10 as compared to €224 million for 9M09. CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period Adjustments for: Amortisation of airport operation right Depreciation of property and equipment Amortisation of intangible assets Amortisation of prepaid concession rent Provision for employment termination benefits Provision set for doubtful receivables Provision set for tax penalties Other provisions released Gain on sale of non-controlling interest in a subsidiary Discount on receivables and payables, net Gain on sale of property and equipment Impairment of property and equipment Provision set for unused vacation Provision set / (released) for slow moving inventory Accrued insurance income Other income accrual Interest income Interest expense on financial liabilities Income tax expense Discount income from concession receivable Unrealised foreign exchange differences on statement of financial position items Cash flows from operating activities Change in trade receivables Change in non-current trade receivables Change in inventories Change in due from related parties Change in restricted bank balances Change in other receivables and current assets Change in trade payables Change in due to related parties Change in other payables and provisions Change in other long term assets Additions to prepaid concession expenses Cash provided from operations Income taxes paid Interest paid Retirement benefits paid Net cash provided from operating activities TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

9M10

9M09

39.4

35.3

24.6 14.7 4.1 95.3 3.1 0.3 (0.2) 0.0 (0.4) 6.6 0.7 0.1 (8.9) (9.5) (8.6) 55.5 14.3 (8.0) 13.5 236.8 (27.1) 23.5 (2.0) (21.2) 86.4 14.5 (9.5) (3.5) 10.3 7.9 (97.5) 218.5 (19.6) (46.0) (1.5) 151.4

14.2 9.9 3.4 109.0 2.1 0.2 1.0 (0.0) (9.0) 0.2 (0.1) 0.7 0.0 (8.1) 35.1 16.7 (4.8) 18.7 224.5 (20.0) 21.2 (1.8) (1.8) 57.2 25.2 2.5 (48.4) 4.9 1.3 (104.5) 160.3 (6.5) (41.2) (0.7) 111.9

13

Net Cash flow generated from investing activities In 9M10, TAV generated €69 million net cash from investing activities on the back of declining capital expenditure with the completion of Enfidha Airport construction, as well as €102 million cash proceeds from Havas sale and €40 million cash proceeds from TAV Tunisie stake sales. TAV had undertaken €256 million capex in 9M09, mainly for Enfidha Airport, versus €77 million capex spend for projects in 9M10. On the other hand, NHS’s acquisition by HAVAŞ resulted in a net cash outflow of €3.2 mn. CASH FLOWS FROM INVESTING ACTIVITIES

9M10

9M09

Interest received Proceeds from sales of non-controlling interest in subsidiaries Proceeds from sale of property and equipment and intangible assets Acquisition of property and equipment Additions to airport operation right Net change in investments Acquisition of joint venture net of cash acquired Acquisition of intangible assets Net cash provided from / (used in) investing activities

4.9 141.7 2.2 (61.2) (15.2) (3.2) (0.6) 68.5

7.6 28.0 0.3 (20.5) (234.7) (13.8) (0.6) (233.6)

Net Cash flow from financing activities Cash flow from financing activities is mainly related to bank loans and project finance loans and the associated repayments, In the first quarter of 2010, HAVAŞ Holding signed a loan agreement of around €60 million to purchase HAVAŞ from TAV Airports. On the other hand, TAV Holding reduced its indebtness with HAVAŞ and TAV Tunisie stake sales repaying its loans. In the first nine months of 2009, TAV had generated €145 million of cash from financing activities, which principally included the project finance facility of TAV Tunisie and the €57 million rights issue.

CASH FLOWS FROM FINANCING ACTIVITIES New borrowings raised Repayment of borrowings Change in restricted bank balances Non-controlling interest change

9M10

9M09

121.5 (191.2) (100.3)

305.6 (154.3) (59.5)

(59.5)

(4.0)

Change in revaluation surplus and translation reserves

3.7

(0.5)

Addition to / (repayment of) finance lease liabilities

0.8

(0.1)

Increase in share premium

-

0.1

Increase in share capital

-

57.5

(225.0)

144.8

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS

(5.1)

23.1

CASH AND CASH EQUIVALENTS AT 1 JANUARY

31.6

20.7

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER

26.6

43.8

Net cash (used in) / provided from financing activities

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

14

Free Cash Flow Free cash flow (net cash provided from operating activities – capex) was realized as €74.3 million in 9M10 versus negative €144 million in 9M09, mainly thanks to the decrease in capex with the completion of Tunisia Enfidha Airport construction and stronger cash flow from operations. Note that TAV undertook €77 million capex in 9M10 versus €256 million capex in 9M09. (€ million) Cash flow provided operating activities - Capex for property and equipment - Capex for investment in airport operation right - Capex for intangible assets Free Cash Flow (FCF)

9M10 151.4 (61.2) (15.2) (0.6) 74.3

9M09 111.9 (20.5) (234.7) (0.6) (143.8)

Net Debt Deleveraging process initiated at the beginning of 2009 completed in June 2010 with 18% stake sale to PAIDF, bringing the net debt at holding company level from €200 million at the end of 2008 to €47 million at the end of September 2010. Consolidated net debt realized as €890 million as of September 30, 2010. Net Debt (eop, € mn)

9M10

1H10

1Q10

FY09

766

805

851

778

Istanbul

237

264

309

241

Ankara

108

112

114

119

31

40

44

46

341

341

342

335

Airports

Izmir Tunisia Gazipasa

16

16

12

9

Tbilisi

24

30

30

30

Batumi

(0)

(0)

(0)

(0)

Macedonia Services

9

3

(0)

(0)

124

127

146

163

ATU (50%)

17

22

22

17

BTA

(4)

(4)

2

2

Havas

70

70

54

(9)

Others Total

42

39

67

152

890

932

997

941

Maturity Profile of Financial Debt (€ million) On demand or within one year In the second year In the third year In the fourth year In the fifth year After five years

9M10 172 143 128 114 120 557 1,233

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

% 14% 12% 10% 9% 10% 45% 100%

FY09 197 147 133 119 106 584 1,286

% 15% 11% 10% 9% 8% 45% 100%

15

Number of Employees Due to personnel transitions from HAVAŞ to TGS, HAVAŞ experienced a steep decline in personnel at 2009 year-end. With the commencement of TGS operations as of January 1st 2010, a similar but stronger increase was experienced in 1Q10. Commencement of operations at Enfidha Airport in Tunisia, takeover of operations at Ohrid&Skopje Airports in Macedonia, multistage takeover of services by TGS and addition of new ground-handling stations boosted the employee numbers throughout 2010. With the launch of TAV Passport by TAV O&M and takeover of domestic service points at Istanbul Domestic Terminal by BTA , new hires were realized by the said companies in 3Q. Number of Employees (eop)

Sept 10

June 10

TAV ISTANBUL TAV ESENBOĞA TAV İZMİR TAV TUNISIE TAV GAZİPAŞA TAV Georgia TAV Macedonia HAVAŞ ATÜ BTA TAV HOLDING TAV O&M TAV IT TAV Security TOTAL

2,165 833 442 682 19 716 760 9,771 1,203 1,599 124 231 130 212 18,887

2,158 836 452 686 17 701 763 9,263 1,201 1,562 146 195 131 218 18,329

9M10/ 1H10 ∆ 7 (3) (10) (4) 2 15 (3) 508 2 37 (22) 36 (1) (6) 558

Dec 09

Sept 09

1,996 813 444 507 17 702 0 3,040 1,103 1,382 114 223 115 263 10,719

2,008 825 445 507 17 708 0 5250 1,072 1,376 120 179 119 192 12,818

9M10/ 9M09 ∆ 157 8 (3) 175 2 8 760 4,521 131 223 4 52 11 20 6,069

Sensitivity Analysis A 10 percent strengthening/weakening of the EUR against the following currencies at 30 September 2010 and 31 December 2009 would have increased/decreased “equity” and “profit/loss” by the amounts shown below, This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for FY09. Equity Strengthening of EUR 30-Sep-10 USD TRL Other Total

(31.4) (31.4)

Weakening of EUR

Profit or loss Strengthening of EUR

29.6 29.6

(4.7) (6.4) 0.9 (10.2)

Weakening of EUR 4.7 6.4 (0.9) 10.2

31-Dec-09 USD (26.0) 31.8 (0.2) 0.2 TRL (4.7) 4.7 Other (1.5) 1.5 Total (26.0) 31.8 (6.5) 6.5 Based on the Group’s current borrowing profile, a 50 basis points increase in Euribor or Libor would have resulted in additional annual interest expense of approximately EUR 2.8 million on the Group’s variable rate debt when ignoring effect of derivative financial instruments. EUR 2.3 million of the exposure is hedged through IRS contracts. Therefore, the net exposure on income statement would be EUR 0.5 million. A 50 basis points increase in Euribor or Libor would have resulted an increase in hedging reserve in equity approximately by EUR 27.9 million and a 50 basis points decrease in Euribor or Libor would have resulted an decrease in hedging reserve in equity approximately by EUR 29.1 million. TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

16

Airports Istanbul Ankara Izmir Tunisia Gazipasa Tbilisi & Batumi Macedonia Services ATU (50%) BTA Havas Others Total Elimination Consolidated

Revenues 355.3 237.8 29.0 24.9 36.9 0.0 16.5 10.1 350.8 122.9 54.7 129.8 43.5 706.1 (112.3) 593.8

EBITDA 136.7 84.1 14.7 14.9 13.4 (0.8) 8.4 2.0 36.6 9.9 6.1 29.1 (8.4) 173.4 (0.9) 172.5

EBITDA Margin (%) 38% 35% 51% 60% 36% nm 51% 20% 10% 8% 11% 22% nm 25% 29%

Net Debt 766.2 236.8 107.9 31.4 341.2 16.0 23.7 9.1 124.3 17.0 (4.1) 69.5 41.9 890.5 -

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

(€ million) Airports Istanbul Others Services ATU (50%) BTA HAVAŞ Others Total Eliminations Consolidated

9M10 355 238 118 351 123 55 130 43 706 (112)

9M09 279 195 83 295 109 43 99 44 574 (90)

Change 27% 22% 42% 19% 13% 27% 31% -1% 23%

594

484

23%

9M09 80 48 32 54 10 5 29 11 134 1 135

Change 71% 76% 63% -32% -1% 22% 0% nm 29%

TAV Airports EBITDA (€ million) Airports Istanbul Others Services ATU (50%) BTA HAVAŞ Others Total Eliminations Consolidated

9M10 137 84 53 37 10 6 29 (8) 173 (1) 172

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

28%

17

TAV Airports Holding Selected Financials (Amounts expressed in mn Euro)

9M10

9M09

14,9 568,5 120,0 129,9 121,4 56,9 34,5 105,8 (14,7) 0,0 (12,9) (48,2) (30,7) (158,9) (95,3) (43,5) (75,3) 104,0 16,7 (67,0) 53,7 (14,3)

248,8 463,5 106,3 101,2 89,8 51,7 27,7 86,8 (237,2) 0,0 (10,2) (42,5) (25,0) (110,9) (109,0) (27,5) (51,0) 99,0 13,0 (60,0) 52,0 (16,7)

33,5 5,9 39,4

33,8 1,5 35,3

172,5 267,8

135,1 244,1

Summary Cash Flow Data: Net cash provided by (used in): Operating activities Investing activities Financing activities

151,4 68,5 (225,0)

111,9 (233,6) 144,8

Summary Balance Sheet Data: Cash and cash equivalents Restricted bank balances Total assets Bank loans Total liabilities Total equity Net debt

30-Sep-10 30,1 317,1 2,037,4 1,237,7 1,526,3 511,1 890,5

31-Dec-09 34,0 313,8 1,923,1 1,288,7 1,510,1 413,0 940,8

Construction revenue Total operating income Sales of duty free goods Aviation income Ground handling income Commission from sales of duty free goods Catering services income Other operating income Construction expenditure Operating expenses Cost of catering inventory sold Cost of duty free inventory sold Cost of services rendered Personnel expenses Concession rent expenses Depreciation and amortization expense Other operating expenses Operating profit Finance income Finance expenses Profit before income tax Income tax expense Profit for the period from continuing operations Attributable to: Owners of the Company Non-controlling interest

Other Financial Data: Adjusted EBITDA * Adjusted EBITDAR *

* Ignoring net effect of construction revenue and construction expenditure and including guaranteed passenger revenues from airports in Ankara and Izmir TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

18

9M10

9M09

14,938,184 537,014,586

248,756,746 435,607,233

31,524,970 (14,652,584) (12,916,948) (48,198,604) (30,652,091) (158,917,347) (95,341,372) (43,462,556) (75,316,100) 104,020,138

27,905,582 (237,215,908) (10,204,152) (42,450,356) (25,012,022) (110,864,857) (109,001,339) (27,470,475) (51,046,793) 99,003,659

16,658,548 (66,952,998) (50,294,450)

12,988,304 (60,034,615) (47,046,311)

53,725,688

51,957,348

Income tax expense Profit for the period

(14,318,236) 39,407,452

(16,666,950) 35,290,398

Other comprehensive income Revaluation of property and equipment Effective portion of changes in fair value of cash flow hedges Foreign currency translation differences for foreign operations Income tax on cash flow hedge reserves Other comprehensive income for the period, net of tax

51,240 (34,924,092) 3,553,991 8,861,236 (22,457,625)

51,240 (46,456,238) (979,090) 7,843,337 (39,540,751)

Total comprehensive income for the period

16,949,827

(4,250,353)

Profit / (loss) attributable to: Owners of the Company Non-controlling interest Profit / (loss) for the period

33,466,535 5,940,917 39,407,452

33,781,943 1,508,455 35,290,398

Total comprehensive income attributable to: Owners of the Company Non-controlling interest

23,619,029 (6,669,202)

(4,611,506) 361,153

Total comprehensive income for the period

16,949,827

(4,250,353)

363,281,250

341,021,369

0.09

0.10

Construction revenue Operating revenue Other operating income Construction expenditure Cost of catering inventory sold Cost of duty free inventory sold Cost of services rendered Personnel expenses Concession rent expenses Depreciation and amortisation expense Other operating expenses Operating profit Finance income Finance costs Net finance costs Profit before income tax

Weighted average number of shares outstanding Earnings / (loss) per share – basic

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

19

ASSETS Property and equipment Intangible assets Airport operation rights Other investments Goodwill Prepaid concession expenses Trade receivables Other non-current assets Deferred tax assets Total non-current assets

Inventories Prepaid concession expenses Trade receivables Due from related parties Derivative financial instruments Other receivables and current assets Cash and cash equivalents

9M10

FY09

155,656,664 38,292,276 712,693,126 24,238 154,561,157 110,878,378 118,972,593 2,181,418

117,527,566 41,320,152 723,041,011 24,238 151,402,835 107,413,971 134,457,502 8,930,598

70,174,999

54,254,039

1,363,434,849

1,338,371,912

13,355,829 125,406,088 88,802,301 31,704,594 26,715,924 40,674,902 30,129,215

11,403,317 117,275,560 62,044,641 10,482,379 6,390,781 29,287,322 34,010,922

Restricted bank balances

317,138,897

313,849,601

Total current assets

673,927,750

584,744,523

2,037,362,599

1,923,116,435

TOTAL ASSETS

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

20

9M10

FY09

EQUITY Share capital Share premium Legal reserves Other reserves Revaluation surplus Purchase of shares of entities under common control Cash flow hedge reserve Translation reserves Retained earnings / (Accumulated losses) Total equity attributable to equity holders of the Company

162,383,978 220,286,470 19,494,019 14,622,932 2,068,119 40,063,860 (73,391,130) 1,659,210 22,953,397 410,140,855

162,383,978 220,286,470 18,385,795 2,324,325 40,063,860 (59,776,657) (2,056,517) (9,168,016) 372,443,238

Non-controlling interest

100,965,576

40,555,777

Total Equity

511,106,431

412,999,015

1,061,947,300 6,614,845 19,249,243 18,940,930 6,133,945 1,112,886,263

1,089,524,346 4,645,483 19,082,385 14,339,463 7,335,962 1,134,927,639

3,575,458 172,215,600 29,290,482 8,668,333 141,246,256 4,387,084 43,985,536 3,297,820 6,703,336 413,369,905

2,379,933 196,758,985 29,306,087 12,285,718 85,400,809 1,391,675 39,264,452 2,695,918 5,706,204 375,189,781

Total Liabilities

1,526,256,168

1,510,117,420

TOTAL EQUITY AND LIABILITIES

2,037,362,599

1,923,116,435

LIABILITIES Loans and borrowings Reserve for employee severance indemnity Due to related parties Deferred income Deferred tax liabilities Total non-current liabilities Bank overdraft Loans and borrowings Trade payables Due to related parties Derivative financial instruments Current tax liabilities Other payables Provisions Deferred income Total current liabilities

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

21

CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period Adjustments for: Amortisation of airport operation right Depreciation of property and equipment Amortisation of intangible assets Amortisation of prepaid concession rent Provision for employment termination benefits Provision set for doubtful receivables Provision set for tax penalties Other provisions released Gain on sale of non-controlling interest in a subsidiary Discount on receivables and payables, net Gain on sale of property and equipment Impairment of property and equipment Provision set for unused vacation Provision set / (released) for slow moving inventory Accrued insurance income Other income accrual Interest income Interest expense on financial liabilities Income tax expense Discount income from concession receivable Unrealised foreign exchange differences on statement of financial position items Cash flows from operating activities Change in trade receivables Change in non-current trade receivables Change in inventories Change in due from related parties Change in restricted bank balances Change in other receivables and current assets Change in trade payables Change in due to related parties Change in other payables and provisions Change in other long term assets Additions to prepaid concession expenses Cash provided from operations Income taxes paid Interest paid Retirement benefits paid Net cash provided from operating activities

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

9M10

9M09

39,407,452

35,290,398

24,646,701 14,742,929 4,072,926 95,341,372 3,075,370 334,618 (179,028) 34,698 (367,936) 6,638,910 651,031 61,692 (8,923,823) (9,450,966) (8,598,002) 55,456,812 14,318,236 (7,973,726) 13,487,795

14,208,889 9,861,449 3,400,137 109,001,339 2,106,376 237,438 972,275 (13,261) (8,993,461) 213,920 (59,798) 700,936 14,387 (8,143,081) 35,119,148 16,666,950 (4,775,899) 18,674,203

236,777,061 (27,113,041) 23,458,635 (2,014,144) (21,222,215) 86,415,176 14,465,621 (9,504,080) (3,450,526) 10,319,683 7,868,769 (97,461,768) 218,539,171 (19,632,391) (46,001,706) (1,540,572) 151,364,502

224,482,345 (20,007,380) 21,162,915 (1,793,481) (1,796,901) 57,239,724 25,206,832 2,536,730 (48,374,147) 4,870,382 1,250,361 (104,458,367) 160,319,013 (6,498,534) (41,165,144) (733,524) 111,921,811

22

9M10

9M09

4,942,989 141,668,682 2,242,185 (61,208,084) (15,211,456) (3,241,766)

7,615,708 27,999,826 340,602 (20,501,080) (234,710,210) (13,799,449) -

CASH FLOWS FROM INVESTING ACTIVITIES Interest received Proceeds from sales of non-controlling interest in subsidiaries Proceeds from sale of property and equipment and intangible assets Acquisition of property and equipment Additions to airport operation right Net change in investments Acquisition of joint venture net of cash acquired Acquisition of intangible assets

(644,533)

(559,242)

68,548,017

(233,613,845)

121,535,978 (191,241,082) (100,275,409) (59,538,367) 3,715,727 813,402 -

305,617,978 (154,281,617) (59,536,934) (4,045,669) (453,422) (99,513) 103,989

-

57,473,711

(224,989,751)

144,778,523

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS

(5,077,232)

23,086,489

CASH AND CASH EQUIVALENTS AT 1 JANUARY

31,630,989

20,727,590

CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER

26,553,757

43,814,079

Net cash provided from / (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES New borrowings raised Repayment of borrowings Change in restricted bank balances Non-controlling interest change Change in revaluation surplus and translation reserves Addition to / (repayment of) finance lease liabilities Increase in share premium Increase in share capital Net cash (used in) / provided from financing activities

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

23

TRAFFIC RESULTS January - September 2010 2009

Passengers (1) Ataturk Airport International Domestic Esenboga Airport (2) International Domestic Izmir Airport (3) Monastir Airport (Inc, Enfidha) (4) Tbilisi Airport (5) Batumi Airport (6) Macedonia (Skopje&Ohrid)(8) TAV TOTAL(9) International Domestic

Air Traffic Movements

24,159,355 15,124,148 9,035,207 5,675,224 983,783 4,691,441 1,716,322 3,240,473 613,319 70,616 557,292 36,032,601 22,305,953 13,726,648

(7)

Ataturk Airport International Domestic Esenboga Airport (2) International Domestic Izmir Airport (3) Monastir Airport (Inc, Enfidha) Tbilisi Airport (5) Batumi Airport (6) Macedonia (Skopje&Ohrid)(8) TAV TOTAL(9) International Domestic

(4)

Change %

22,362,483 13,630,286 8,732,197 4,486,312 824,649 3,661,663 1,341,675 3,175,151 529,404 52,678 493,647 31,947,703 19,533,344 12,414,359

8% 11% 3% 27% 19% 28% 28% 2% 16% 34% 13% 13% 14% 11%

January - September 2010 2009

Change %

200,987 130,448 70,539 45,816 8,762 37,054

198,559 125,987 72,572 37,474 7,474 30,000

1% 4% -3% 22% 17% 24%

12,921

10,231

26%

25,866 11,888 1,720 9,745 308,945 199,724 109,221

25,203 10,150 1,442 9,824 283,053 178,931 104,122

3% 17% 19% -1% 9% 12% 5%

Source:Turkish State Airports Authority (DHMI), Georgian Authority for Tbilisi & Batumi, TAV Tunisie for Monastir & Enfidha,TAV Macedonia for Skopje & Ohrid Airports Note: DHMI figures for January- June 2010 are tentative, DHMI passenger figures are including transfer passengers (1) Both departing and arriving passengers, excluding transit (2) Operation commencement date: October 16, 2006 (3) International Terminal only and operation commencement date: September 13, 2006 (4) Operation commencement date: January 1, 2008,Transit passengers are not included in pax numbers,(Including Enfidha Airport) (5) Operation commencement date for new terminal: February 7, 2007 (6) Operation commencement date: May 26, 2007 (Including passenger using Hopa Terminal) (7) Commercial flights only (8) Operation commencement date: March 01, 2010 (9) TAV 2009 traffic figures do not include Macedonia

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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ISTANBUL ATATURK

ANKARA ESENBOGA

IZMIR ADNAN MENDERES*

Duration / Expiration of Operation

Duration / Expiration of Operation

Duration / Expiration of Operation

15 years 6 months / January 2021

16 years 7 months / May 2023

8 years 4 months / January 2015

2009 Passenger Traffic

2009 Passenger Traffic

2009 Passenger Traffic

29,757,384

6,085,126

1,667,353

2009 Commercial Flight Traffic

2009 Commercial Flight Traffic

2009 Commercial Flight Traffic

264,481

51,293

13,137

Pax (mn) %27

24.2

4.5

9M10

9M09

5.7

%28

1.7

1.3

%8

22.4

9M09

9M10

9M09

9M10

* TAV only operates the International Terminal

ANTALYA GAZIPASA

TUNISIA ENFIDHA

Duration / Expiration of Operation

Duration / Expiration of Operation

25 years / July 2034

40 years / May 2047

Distance between Gazipaşa Airport and some major touristic destinations

km

Distance between Enfidha Airport and some major touristic destinations

Alanya

40

Monastir (City Center)

8

Anamur

80

Sousse

30

Manavgat

95

Mahdia

42

Side

105

Kairouan

92

Beldibi

135

Hammamet

103

Serik/Belek

143

Nabeul

110

Kundu

170

Grombalıa

125

Kemer

219

Tunis

154

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

km

25

GEORGIA TBILISI

GEORGIA BATUMI

TUNISIA MONASTIR*

Duration / Expiration of Operation

Duration / Expiration of Operation

Duration / Expiration of Operation

20 years / February 2027

20 years / August 2027

40 years / May 2047

2009 Passenger Traffic

2009 Passenger Traffic

2009 Passenger Traffic

702,714

69,936

3,781,256

2009 Commercial Flight Traffic

2009 Commercial Flight Traffic

2009 Commercial Flight Traffic

13,842

1,806

30,393

Pax, Mn,

0.61 3.2

0.07

%34

%16

%2

0.05

0.53

9M09

3.2

9M10

9M09

9M09

9M10

9M10

* Figures include Enfidha Airport pax numbers,

MACEDONIA SKOPJE

MACEDONIA OHRID

Duration / Expiration of Operation

Duration / Expiration of Operation

20 years / March 2030

20 years / March 2030

2009 Passenger Traffic

2009 Passenger Traffic

599,519

36,652

2009 Commercial Flight Traffic

2009 Commercial Flight Traffic

12,117

676

0.56 %13

0.49

9M09

9M10

Note: Figures include Skopje and Ohrid Airport pax number,

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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TAV Airports Holding Airport Companies

Service Companies

Ataturk Airport (100%)

ATU (50%)

Esenboga Airport (100%)

BTA (67%)

Adnan Menderes Airport (100%)

HAVAS (65%)

Gazipasa Airport (100%)

TGS (%50)

Tbilisi (%66) & Batumi (60%)

TAV O&M (100%)

Monastir & Enfidha Airport (67%)

TAV IT (99%)

TAV Security (67%)

Skopje & Ohrid (100%)

Shareholder Structure As of 30-Sept-2010

(1) 26,1%

Founding Shareholders 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, Family of Dr. Sani Sener, CEO of TAV Airports

4.

Other Non-floating

5.

Other Free-Float

(5) 40,0%

(4) 3,5%

(3) 4,4%

(2) 26,1%

North Hub Services (%50)

Morgan Stanley has 18,429,937 (5%) stake in the free-float.

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Highlights of 2010 18.10.2010, Stake in TAV IT increased to 99% from 97%. TAV IT Services Co., a subsidiary of TAV Airports Holding has increased its paid-in capital from 2,500,000TL (two million five hundred thousand) to 5,500,000TL (five million five hundred thousand). Accordingly, the share of TAV Airports Holding in the capital of TAV IT Services has been marked up from 2,425,000TL (two million four hundred twenty-five thousand) to 5,425,000TL (five million four hundred twenty-five thousand). As a result, the share of TAV Airports Holding in TAV IT has been raised to 99% from 97%. 06.10.2010, Establishment of SIA TAV Latvia We announced on September 27, 2010 that our Company will undertake the operations of the commercial areas within SJSC Riga International Airport in Latvia. The Board of Directors of our Company agreed to establish and register a company under the name of “SIA TAV Latvia” in Latvia for managing the operations of the commercial areas within SJSC Riga International Airport in Latvia. The capital stock of SIA TAV Latvia is 2,000 LVL (two thousand Lats) splitted in 2,000 (two thousand) shares; each share having a nominal value of 1 LVL (one lat). 27.09.2010, Riga Commercial Areas We have been notified in written that TAV Airports became the preferred bidder in the tender held by SJSC Riga International Airport Management regarding the operations of the commercial areas (Duty-Free, Food and Beverage, Lounges, Exchange Offices, etc.) within Riga Airport. As per the tender specifications, our Company will undertake the operations of the commercial area of 4,650 meter square gradually as of January 1, 2011 for a period of 10 years. In 2009, Riga International Airport increased its direct flight destination points to 82 by adding 29 new destination points and served approximately 4.1 million passengers. 06.09.2010, Amendment in Customs Law (#4458) With the amendment in Customs Law (#4458), Article #134 of, effective as of September 6, 2010, restrictions applied to products which can be brought from abroad has been relieved. Accordingly, maximum purchase limits applied to arriving international passengers have also changed with the amendment, as ATU’s sales at international arrival terminals is subject to Customs Law. 31 .08.2010, Corporate Governance Report (Update) The “Periodical Revision Report” made by ISS Corporate Services (ICS) - RiskMetrics, a global corporate governance rating company having the official authorization to do rating in accordance with the Capital Markets Board (CMB) Governance Principles in Turkey, has been completed. The Corporate Governance Grade of our Company which was rated as 83.3 (8.5) on 04.09.2009 has been revised upwards as 90.35 (9.0) as of 31.08.2010 owing to the importance given to Corporate Governance and consistent practice besides consideration of continuous betterment and improvement activities of our Company. 01.07.2010, Take over of service points from USAS TAV Airports Holding’s 66.66% subsidiary, BTA Airports Food and Beverage Co. (BTA) has taken over the operations of 5 F&B service points (Kantin, Beerport, Kokpit Cafe, Kokpit Brasserie, Botanik Cafe) at the Istanbul Ataturk Airport Domestic Terminal from USAŞ Uçak Servisi A.Ş. as of July 1st, 2010. With the take-over, BTA’s service points increased to 138. 30.06.2010, Memorandum of Understanding (Indonesia) A Memorandum of Understanding ("MOU") has been signed among TAV Airports Holding Co., Sigma Group/PT Wira Cipta Sukses from Indonesia and the Indonesian Government on June 30, 2010 for cooperation in potential airport projects to be carried out in Indonesia. 25.06.2010, Male Airport Tender (Official Announcement) Ref: Our Special Case Announcement dated 25.06.2010 In our Special Announcement dated June 25th, 2010, we stated that the Consortium in which our Company participated submitted an offer for the “Male Airport” (in the capital Male) tender made by the Government of the Republic of Maldives, however we had not received a written notification regarding the official tender result. The Government of the Republic of Maldives has notified us that the Consortium in which our Company participated has not been selected as the preferred bidder. TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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25.06.2010, Male Airport Tender In our disclosures dated 25th January 2010 and 1st April 2010, we stated that Our Company had received preliminary qualification to place a bid for the “Male Airport” (in the capital Male) tender made by the Government of the Republic of Maldives and decided to collaborate with Aeroports de Paris Management (ADPM), a subsidiary of Aeroports de Paris (ADP), for the concession of the Male International Airport. We have submitted our offer for Male Airport tender but we have not received a written notification regarding the official tender result as of yet. 23.06.2010, Upgrade of Antalya Gazipasa Airport from 2C to 3C We have received legal approval for the category upgrade of Antalya Gazipaşa Airport from 2C to 3C. TAV Gazipaşa Yatırım, Yapım ve İşletme A.Ş. (TAV Gazipaşa), owned by TAV Airports Holding, is entitled to operate the airport until July 2034. As per Ministry of Transportation Airport Construction, Operation, and Certification Regulations, code 1 and 2 airports are described as small airports and can be used by small jets and STOL aircraft with a low passenger capacity. Code 3 airports-including Gazipasa Airport--are considered mid-sized airports and can accommodate the landings and take-offs of passenger aircraft. 14.06.2010, Medina Int’l Airport Tender A tender will be made for the Medina International Airport in Medina, Saudi Arabia whose operating period shall be 25 years, by the concerned local authority the General Authority of Civil Aviation (GACA). The consortium formed by TAV Airports Holding, Saudi Oger Ltd., Al Rajhi Holding Group, and Consolidated Contracting Company (CCC) have got the preliminary qualification for the above cited tender. The public shall be informed of all stages regarding the matter. 09.06.2010, MoU wtih AirBaltic TAV Airports Holding has signed a Memorandum of Understanding ("MOU") with the the Latvian national airline AirBaltic for a Joint Venture partnership on a 50:50 shareholding basis for the development, construction and operation of a new passenger terminal at Riga International Airport. AirBaltic based at Riga Airport has been the fastest growing flag carriers of Europe by number of routes added, launching 27 new routes in 2009 and bringing its destination number to 80. In 2009, AirBaltic transported 2.8 million passengers, while Riga International Airport served 4.1 million passengers in the year. 08.06.2010, TAV Tunisie Share Sale to PAIDF In our disclosure dated 5th March, 2010, we stated that the agreement regarding the sales of 18 percent minority shares of TAV Tunisie SA to Pan African Infrastructure Development Fund (PAIDF) for 39,690,000 Euros in total was signed. Hereby, we state that the required approvals for sale transaction have been received and the payment of the above mentioned amount has been collected in cash. Proceeds from the sale shall be used to strengthen the capital structure of our Company. 24.05.2010, Ordinary General Shareholders’ Meeting Resolutions Ordinary General Shareholders’ Meeting, regarding the 2009 operations of the company, convened on 24th May 2010, Monday at 10:00 in Akfen Meeting Hall located in the headquarters at the address of Atatürk Havalimanı Dış Hatlar Terminali, Yeşilköy, Istanbul. In the Ordinary General Shareholders’ Meeting; 1. Balance Sheet and Profit/Loss Accounts, Activity Report of Board of Directors and Auditors’ Report and Independent Auditors’ Report for the year 2009 (01st January 2009-31st December 2009) were read and approved. 2. Resolved; setting aside the consolidated net profit as extraordinary reserves, instead of distributing it as dividend, as a net profit of 41,082,219 TL was attained in the financial accounts whereas a net loss of 141,232,832 TL accumulated in the financial accounts achieved as a result of the 2009 operations of the Company. 3. Resolved; amendment of the clause 13.1 of the Articles of Association of the Company. 4. Resolved, Members of the Board of Directors and Auditors shall be released for their activities relating to the year 2009. 5. Resolved, Mr. Önder Sezgi, Mr. İhsan Sancay, Mr. Vehbi Serkan Kaptan and Mr. Aziz Murat Uluğ shall be appointed for the vacancies in the Members of the Board of Directors throughout the year. 6. Resolved, election of new Board Members replacing the Board Members whose term of duty has come to an end and determination of their term and remuneration. Accordingly, the following Board Members are selected to perform their duties for 3 (three) years as of the registration date; TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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Mr. Hamdi AKIN, Mr. Mustafa Sani ŞENER, Mr. İbrahim Süha GÜÇSAV, Mr. Ali Haydar KURTDARCAN, Mr. Abdullah ATALAR , Mr. Önder SEZGİ, Mr. Ahmet Ersagun YÜCEL and as Independent Board Members; Mr. Mehmet Cem KOZLU and Mr. Pierre Charles Mari Pichot De CHAMPFLEURY. 7. Resolved, Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (KPMG) shall be appointed as Independent Auditing Firm within the frame of the Capital Market Law and Capital Markets Board (SPK) regulations. 8. Resolved, Chairman of the Board of Directors and Board Members shall be authorized to execute the transactions written in the articles 334 and 335 of the Turkish Commercial Code. Herein the Minutes of General Shareholders’ Meeting is attached. In addition to the abovementioned items, the General Assembly is informed regarding the following issues; 1. Donations and contributions in the total amount of TL 120,770.60 were made to various nonprofit associations and trusts working for public benefit in 2009. 2. Disclosure Policy document of the Company prepared within the framework of Corporate Governance Principles of Capital Markets Board. 3. “Transactions with the Related Parties” within the context of Article 5 of the notification Series: IV No:41 of Capital Markets Board. 4. Commitments and contingencies given as per the decision no. 28/780 of the Capital Markets Board dated 09/09/2009. 5. The administrative fine issued in the Weekly Bulletin dated 24/07/2009. 07.05.2010, Regarding Ordinary General Shareholders' Meeting for the year 2009 The Agenda of Year 2009 Ordinary General Shareholders’ Meeting of TAV HAVALİMANLARI HOLDİNG ANONİM ŞİRKETİ to Be Held on 24 May 2010 Opening and forming of the Presidential Board, 1. Granting authorization to the Presidential Board on signing the Ordinary General Shareholders’ Meeting Minutes, 2. Review and discussion on the Reports of the Board of Directors and the Auditors for the fiscal year 2009, 3. Discussion on and approval of the Balance Sheet and the Profit and Loss Statements for the fiscal year 2009, 4. Discussion and approval of setting aside the consolidated net profit as extraordinary reserves, instead of distributing it as dividend, as a net profit of 41.082.219 TL was attained in the financial accounts whereas a net loss of 141.232.832 TL accumulated in the financial accounts prepared in accordance with the legal records, 5. Amendment of the clause 13.1 of the Articles of Association of the Company 6. Releasing the Members of the Board and the Auditors for their activities for the fiscal year 2009, 7. Approval of the appointment of the new Members of the Board to the Board memberships which became vacant during the year, 8. Election of new Members of the Board replacing the Members of the Board whose term of duty has come to an end and determination of their term and remuneration, 9. Approval of the Independent External Auditor, 10. Presentation to the Shareholders of the Disclosure Policy prepared pursuant to the Corporate Governance Principles of the Capital Markets Board, 11. Presentation to the Shareholders of the transactions of the “Related Parties” within the framework of the provision of Article 5 of the Communique of the Capital Markets Board Serial IV No. 41, 12. Presentation to the Shareholders of the donations made by the Company during 2009, 13. Granting authorization to the Chairman and the Members of the Board pursuant to Article 334 and 335 of the Turkish Commercial Code, 14. Giving information regarding pledges, collaterals, and mortgages to the shareholders as per the decision no. 28/780 of the Capital Markets Board dated 09/09/2009. 15. Giving information regarding the administrative fine issued in the Weekly Bulletin dated 24/07/2009. 16. Wishes and requests, 17. Closing.

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

30

27 04 2010, Amendment in the Articles of Association In the board meeting of our Company dated 27.04.2010, a resolution has been reached to make an amendment in the clause of the Articles of Association concerning the decrease of the number of board members from at least 15 (fifteen) to at least 9 (nine). The amendments in the Articles of Association will be submitted for the approval of the general assembly of our Company pursuant to obtaining legal authorization. 20 04 2010, On the impact of the volcanic activity in Iceland The ash cloud caused by an erupting volcano in Iceland has been causing interruptions in air traffic and flight cancellations mainly in Northern Europe. Air space in many Northern European countries has been closed. However, news has been received that the air space in some countries such as Germany will be opened. The General Directorate of State Airports Authority (DHMI) announced on 19th April 2010 that the air space of Turkey does not need to be closed; takeoffs and landings are being orchestrated through altitude arrangements and route alterations. The air spaces of Istanbul Ataturk, Ankara Esenboga, Izmir Adnan Menderes and Antalya Gazipasa Airports in Turkey and the airports in Georgia, Macedonia and Tunisia operated by TAV Airports Holding are also open. A 26% increase has been recorded in the number of International Departing passengers between April 1-11, 2010 at Istanbul Ataturk Airport operated by TAV Airports Holding Co., compared to the same period of last year. After that date, due to negative impacts caused by the ash cloud and the closure of air space in some countries, nearly 600 flights were cancelled and nearly 1.350 flights were realized between April 15-18, 2010 in International Arrivals and Departures flights. As TAV Airports Holding, we have initiated the distribution of provisions to meet the basic food and sheltering needs of stranded passengers through our affiliate company BTA Catering Services. Additionally, some of the stranded passengers are being accomodated at the Airport Hotel next to the Airport. 13 04 2010, North Hub Services Share Purchase Agreement We had announced in our special announcement dated 22.03.2010 that Ground Handling Services Co. (HAVAŞ), a subsidiary of TAV Airports Holding Co. started negotiations to purchase 50% shares of North Hub Services (“NHS”), a company rendering ground handling services at Latvia Riga International Airport and aiming to expand its operations in Northern European countries. As a result of the negotiations, the parties signed the agreement on 12.04.2010 regarding the purchase of 50% shares of NHS by HAVAŞ for €3,250,000 in total. The purchase price shall be paid in cash upon receiving of necessary approvals. The public shall be informed about all the concerned developments. 12 04 2010, resignations of the Board Members Mr. Mumtaz Khan and Mr. Ihsan Sancay and appointment of new Board Members In the Meeting of the Board of Directors of TAV Airports Holding Co. dated 09 April 2010, it is resolved that the resignations of the Board Members; Mr. Mumtaz Khan and Mr. İhsan Sancay shall be accepted and Mr. Aziz Murat Uluğ and Mr. Vehbi Serkan Kaptan shall be appointed to replace them, assuming duties until the first General Meeting of the Shareholders, besides the appointments of new board members will be submitted for the approval of the General Assembly at the first General Meeting of Shareholders. 01 04 2010, Male Airport Tender We declared in our Special Announcement dated 25th January 2010 that our Company got prequalification for the tender of the "Male InternationalAirport", in capital city Male, held by the government of the Republic of Maldives. Our company has decided to cooperate with another pre-qualified candidate, Aeroports de Paris Management (ADPM), a subsidiary of Aeroports de Paris (ADP), in Male International Airport project.

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

31

25 03 2010, Havaş Sale In our special announcement dated March 18th, 2010, we reported the launch of the Havaş Airports Ground Handling Investment Holding (“Havaş Holding”). In accordance with its ownership in Havas Holding, our company (TAV Airports Holding Co., TAV Operations Services Co. and TAV IT Services Co.) had transferred capital of 78,000,000 Euros to Havas Holding, as HSBC Investment Bank Holdings Plc (“HSBC”) and Is Private Equity injected respective 34,000,000 and 8,000,000 Euros in capital into the new company, totaling to a capital of 120,000,000 Euros. Havas Holding utilised 60,000,000 Euros from Türkiye İş Bankası (Is Bank) and took over 100% of Havaş shares for a total of 180,000,000 Euros. Upon completion of the necessary transactions, Havas Holding and Havas will be merged and in this manner all parties shall be direct shareholders of Havaş. As part of the loan agreement signed between Havaş Holding and Is Bank, each shareholder of Havas Holding including our company, signed a Share Pledge Agreement with Is Bank. In accordance with this agreement, our company pledged 65% of the Havaş Airports Ground Handling Investment Holding Co. shares in favor of the Is Bank. 22 03 2010, Negotiations with North Hub Services HAVAS Ground Handling Services Co., a subsidiary of TAV Airports Holding Co., has started negotiations to purchase 50% shares of North Hub Services (“NHS”), a company rendering ground handling services at Latvian Riga International Airport. NHS started its operations at Riga Airport as of 1st January 2010 and aims to extend its operations in Northern European countries. 18 03 2010, Launch of Havas Holding In order to finalize the sales transactions referred to in our special announcement dated the 19th of October 2009, our company (TAV Airports Holding Co., TAV Operations Services Co., TAV IT Services Co.) possesses a 65% share, HSBC Investment Bank Holdings Plc a 28.3333% share and Is Private Equity Investment Trust Inc. has a 6.6667% share in Havaş Airports Ground Handling Investment Trust Co., which has been established with 228,000,000 TL in principal capital and is registered at the Istanbul Trade Registry. 05 03 2010, TAV Tunisie minority share sales agreement In the special announcement dated 01.03.2010, TAV Airports Holding had disclosed that negotiations had started for the sale of 18% shares in TAV Tunisie SA, 85% stake of which is owned by TAV Airports Holding Co., for €39,690,000 to the Pan African Infrastructure Development Fund. As a result of the negotiations, an agreement concerning the sale of 18% minority shares of TAV Tunisie SA for €39,690,000 to the Pan African Infrastructure Development Fund has been signed. Upon obtaining the necessary approvals, the total sale price will be collected in cash. The funds generated by the sale transaction will be utilized to strengthen the financial structure of our Company. After share sale, our partnership interest in TAV Tunisie SA will decrease to 67% and profit amounts shall be determined after related audit activities are completed. 01 03 2010, TAV Tunisie minority share sales Negotiations have started for the sale of 18% shares in TAV Tunisie SA, 85% stake of which is owned by TAV Airports Holding Co., for €39,690,000 to the Pan African Infrastructure Development Fund. The public will be kept informed about developments regarding the share sale, as they occur. 01 03 2010, Takeover of operations of Skopje and Ohrid Airports TAV Macedonia DOOEL, wholly-owned subsidiary of TAV Airports Holding Co., has taken over operations of the airports in Macedonia, Alexander the Great in Skopje and St. Paul the Apostle in Ohrid, as of March 1, 2010. The operating period of the airports is 20 years (until March 2030) and the operations shall comprise all airport business activities except air traffic control. Currently, both airports are operational. The passenger service fees have been set as €17.5 per passenger (including security charges) for Alexander the Great Airport and €16.2 for St. Paul the Apostle Airport. As per 2009 figures, service was rendered for 599K passengers at Alexander the Great Airport and 36K passengers at St. Paul the Apostle Airport. TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

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26 01 2010, BTA Tax Issue BTA Airports Food and Beverage Inc. (BTA) (66.66% owned by TAV Airports Holding Inc.) and the Ministry of Flnance were not able to reach an agreement upon a reconciliation requested for the corporate and value added tax notified in the penalty report regarding the accounts of October 2007-December 2007. BTA has decided to file a lawsuit disputing the abovementioned tax and penalty. The public will be kept informed about developments as they occur. 25 01 2010 Havaş - Directorate General of Civil Aviation Approval We have released that we received the approval of the Competition Authority in our special case announcement dated 11th December 2009 which had been mentioned in our special case announcement dated 19th October 2009. We have been notified about the approval of the Directorate General of Civil Aviation on 25th January 2010. The execution regarding the transfer of the shares is subject to fulfillment of other commercial preconditions. 25 01 2010 Male Airport Tender Our company has received preliminary qualification to place a bid for the Male Airport tender in the capital town of Male by the Maldives Republican Government. The public will be kept informed about developments as they occur. 05 01 2010 TAV Macedonia Concession Agreement Re : Our material disclosure dated 30.05.2008, 25.08.2008, 03.09.2008, 04.09.2008, 23.09.2008, 24.09.2008, 29.12.2008 and 27.08.2009 We had declared in our special announcement dated 27.08.2009 that the Concession Agreement signed between TAV Macedonia DOOEL Skopje (renamed as “TAV Macedonia DOOEL, Petrovec“) and the Macedonian Ministry of Transportation on 24.09.2008 for the Alexander the Great Airport in Skopje and the St. Apostle Paul Airport in Ohrid, as well as the construction of the new cargo airport in Shtip, and the operation thereof for 20 years will be effective on 01.03.2010. The Concession Agreement is amended by the parties to delay the construction date of the cargo airport to be constructed in Shtip to a further date to complete the meteorological and technical measurements as per the amendments made in Macedonian aviation regulations. Accordingly, upon the completion of the meteorological and technical measurements which will be carried out by an institution to be authorized by Macedonian government for not less than 10 years, the construction of Shtip cargo airport will be completed by TAV Macedonia in accordance with the conditions stated in the Concession Agreement.

TAV Havalimanları Holding A,Ş, / TAV Airports Holding Inc, İstanbul Atatürk Havalimanı Dış Hatlar Terminali / İstanbul Atatürk Airport International Terminal 34149 Yeşilköy / İstanbul / Turkey Tel : (90) 212 463 30 00 2122-2123-2124 Pbx / Fax : (90) 212 465 31 00 http://ir,tav,aero

33

About TAV Airports Holding TAV Airports Holding is the leader airport operator in Turkey with a market share of 48% as per the DHMI 2009 passenger statistics including transfer passengers. TAV Airports Holding operates Istanbul Atatürk Airport (one of the busiest in Europe), Ankara Esenboğa Domestic and International Terminals, Izmir Adnan Menderes Airport International Terminal and Antalya Gazipasa Airport in Turkey, the Tbilisi and Batumi Airports in Georgia, the Monastir and the Enfidha Airports in Tunisia and Skopje and Ohrid Airports in Macedonia. TAV Airports operates in other branches of airport operations as well, such as duty-free sales, food and beverage services, ground handling services, information technologies, security and operation services, TAV Airports serve 375K flights for approximately 300 airline companies and 42 million passengers on average per year.

Contact For further information, please visit http://ir.tav.aero. e-mail [email protected] or call +90-212-463 3000 (x2120 – 2122 – 2123 – 2124 ) TAV Airports Holding Co. Istanbul Ataturk Airport International Terminal (Besides Gate A and VIP) 34149 Yesilkoy, Istanbul

Nursel İLGEN, CFA Head of Investor Relations [email protected] Tel :+90 212 463 3000 / 2122 Fax : +90 212 465 3100

Burcu GÜNHAR Investor Relations Associate [email protected] Tel :+90 212 463 3000 / 2124 Fax : +90 212 465 3100

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

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