2020 Fırst HALF FINANCIAL & OPERATIONAL RESULTS

2020 NINE MONTHS

FINANCIAL & OPERATIONAL RESULTS

October 22, 2020 CONTENTS CEO’s Message 2 Changes to the Financials 3 TAV Airports Operations Map* Highlights 4 Summary Financial and Operational Results 5 Traffic Performance 6 Covid Update 7 Comparison to 9M20 12 9M20 P&L 13 Revenue 14 Opex 15 Profitability 17 Debt Structure 18 CAPEX and Dividends 19 Selected Financials by Assets 20 Revenue and EBITDA Bridges 22 Antalya Overview 23 Almaty Overvıew 24 Share Buy-back 25 Havas Overview 26 ATU Overview 27 BTA Overview 28 FX 29 Guidance 31 Equity Accounted Investees 32 APPENDIX Quarterly Financials 33 * as of September 30 2020 Notes on Financials 35 IFRIC 12 36 Income Statement & Balance Sheet & Cash Flow Statement 37 Operating Environment 40 Timeline 41 Concessions Overview 42 TAV Corporate and Shareholder Structure 43 Contact IR 44

TAV Airports – 9M20 Results|1 CEO’S MESSAGE

Aviation is the sector that has been the most affected by the Covid-19 pandemic. At the peak of the pandemic lock downs in April and May, we saw our passenger numbers drop to nearly zero due to the border closings. Our main task since March has been to take the necessary cost cutting actions fairly between stakeholders, shareholders, investors and our employees. We have done our best with regards to this balance. With a very quick response, we decreased our cash opex 55% in the second quarter and 53% in the third quarter. I would especially like to acknowledge our employees and sub-contractors for making this possible.

Pandemics are very clearly defined in our contracts as a ‘Force Majeure’ event. Therefore we have made the relevant applications to the aviation authorities that we partner with for compensation of our lost revenue based on these clauses. Compensation methods which may differ from contract to contract could be in the form of time extension, rent postponement or other methods to compensate for our losses.

As of July 2020, Turkish Airports, Tunisia and Macedonia have reopened to international flights. Georgia is partially open with full opening expected in November and partial reopening of Medinah Airport to international flights took place in September with scope expected to enlarge in November. Zagreb kept open during the pandemic.

The mutual inclusion of countries and or cities in each others’ respective ‘Covid-19 green lists’ that designate ‘safe countries’ with no quarantine requirements is what drives the recovery level in each reopened airport.

As more countries were added to the mutual green list with Turkey, we saw a material rebound in traffic which mainly started in August 2020. Despite the limited number of countries with mutual green lists with Turkey, in September 2020, on a monthly basis, Antalya recovered 45% of international passengers and Bodrum recovered 59% of international passengers vs. 2019. The fast recovery that materialized in the course of 8 weeks demonstrates the existence of pent-up travel demand for short-haul budget destinations even with the pandemic still not over. This gives us evidence that the recovery in our airports could actually be very fast once we start to normalize.

We have received the pre-approval from IFC and EBRD for the loans to use in the financing of the Almaty transaction. The final work that needs to be done before the close of Almaty transaction is nearly complete and we plan to close the transaction in the fourth quarter of 2020. Almaty’s revenue is less dependent on tourism and more dependent on cargo and transit traffic of airlines crossing Asia on the New Silk Road. With these defensive characteristics, Almaty’s financials were much less affected by the pandemic compared to the airports in our portfolio. As a perpetuity with no renewal risk, Almaty will be a valuable addition to our portfolio.

We are also very close to finalizing the Tunisia debt restructuring talks the details of which we will disclose once the deal closes.

Turkish Government has taken fast and decisive precautions to stop the loss of employment during the pandemic. The latest package disclosed will also be very instrumental in keeping employment high and returning to the growth path outlined in the New Economic Program.

As we navigate our Company through these unprecendented times we can count on our strong balance sheet and the unwavering support of our employees, shareholders and business partners to whom I would like to express my deepest gratitude.

Dr. M. Sani Sener CEO & Executive Board Member TAV Airports – 9M20 Results|2 CHANGES TO THE REPORTING OF FINANCIAL RESULTS

1. Net Debt Definition Change – Made in Q1 2020  To harmonize with Groupe ADP reporting practices, Bank Overdrafts and Financial Loans provided to Related Parties (TAV JVs) have been included in the definition of Net Debt.  Groupe ADP Definition of Net Debt = +Current&Non-Current Borrowings +Shareholder Loan and Accrued Interest +Bank Overdrafts –Cash&Restricted Bank Balances -Financial Loans provided to Related Parties (TAV JVs)  Financial Loans provided to Related Parties (TAV JVs) can be found in IFRS Footnote 20 under Other Related Party Transactions at lines Current loan to related parties & Non-current loan to related parties  Bank Overdrafts can be found on the Liabilities Page of the IFRS Report

 According to the Groupe ADP definition, Government Bonds are not considered cashlike.

2. Adjusted Revenue and EBITDA – Made in Q1 2020 To harmonize with Groupe ADP reporting practices, reporting of Adjusted Revenue and Adjusted EBITDA has been discontinued in Q1 2020. In Q1 2020 financials, we only provide IFRS Revenue and EBITDA not adjusted for IFRIC 12 and before Equity Pick-up.

3. Net Debt Reclassification – Made in Q2 2019 Net Debt has been restated to include the €300m shareholder loan plus accrued interest from Groupe ADP.

4. Discontinued Operations – Made in Q2 2019 All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul (the concession holder of Istanbul Ataturk Airport). TAV total passenger numbers reported after the closure also do not include the results of Istanbul Ataturk Airport.

TAV Airports – 9M20 Results|3 HIGHLIGHTS OF 2020 NINE MONTHS RESULTS (1)

Revenue was impacted by Covid-19 related travel restrictions that started in March. Revenue of € 228m There was nearly zero traffic in all airports in the second quarter. Border openings (-61% vs 9M19) started in June and material passenger rebound started in August 20.

Cash Opex(2) of € 212m Versus 2019, opex was 55% lower in 2Q20, 53% lower in 3Q20 and 39% lower in 9M20. Compared to 2019, an opex cut of €60m was achieved in 2Q20 and €67m in 3Q20 (-39% vs 9M19) in response to the impact of Covid-19 related travel restrictions on business volume.

EBITDA of € 17m A drop of €355m in revenue was responded to with a cut of €138m of cash opex. (-93% vs 9M19)

Net Profit of € -201m Net Profit decreased due to sharp drop in revenue which also affected the bottomline of equity accounted investees. The drop was mitigated by significant (€ 150m in 9M19) opex cuts.

Slíght increase in net debt. €193m of cash was collected as the first installment of Net Debt of € 912m Istanbul Compensation Receivable in 1Q20. Second installment of €196m is expected in 1Q21. €50m of euro denominated 1 year Turkish Government Eurobond purchased (+17% vs 9M19) in 2Q20 is not classified as cash-like in net debt calculation. If the bond were considered cash-like, net debt would be € 862m.

21m Passengers Served(1) Due to Covid-19 related flight restrictions traffic dropped to nearly zero in the second (-71% vs 9M19) quarter of 2020. Material passenger rebound started in August 2020.

(1) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. (2) Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA) TAV Airports – 9M20 Results|4 9M20 SUMMARY FINANCIAL AND OPERATIONAL RESULTS(*)

(in m€, unless stated otherwise) 9M19(*) 9M20(*) Chg % Revenue(*) Revenue was impacted by Covid-19 related travel restrictions Revenue 583.7 228.5 -61% -61% that started in March. There was nearly zero traffic in all airports in the second quarter. Border openings started in June 20 and Cash Opex -349.3 -211.5 -39% material passenger rebound started in August 20. EBITDA 234.4 16.9 -93% EBITDA margin (%) 40.2% 7.4% -32.7 ppt Versus 2019, opex was 55% lower in 2Q20, 53% lower in 3Q20 and 39% lower in 9M20. Compared to 2019, an opex cut of Cash Opex FX Gain /(Loss) 5.0 (13.3) nm €60m was achieved in 2Q20 and €67m in 3Q20 in response to Deferred Tax Expense (11.3) (14.2) 25% -39% the impact of Covid-19 related travel restrictions on business Equity Accounted Investees 40.0 (59.1) nm volume. Net Profit after Minority 150.1 (200.6) nm (*) Continuing Operations 98.3 (196.2) nm EBITDA A drop of €355m in revenue was responded to with a 9M Discontinued Operations 51.8 (4.4) nm -93% cut of €138m of cash opex. Capex 47.5 26.5 -44% FX Loss FX Loss increased mostly due to higher EURUSD’s effect Net Debt (includes Sh. Loan) 782 912 17% nm on USD assets. Number of employees (av, incl. Istanbul) 16,854 14,754 -12% Number of passengers (m) 71.5 21.0 -71% Discontinued Loss mostly due to TL dividend payments made in 1Q20. - International 45.7 10.0 -78% - Domestic 25.9 11.0 -58% Net Profit Net Profit decreased due to sharp drop in revenue which Duty free spend per pax (€) (*) also affected the bottom-line of equity accounted 6.7 9.4 41% nm% (*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, investees. The drop was mitigated by significant opex cuts. 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. Slíght increase in net debt. €193m of cash was collected as the first installment of Istanbul Compensation Receivable in Net Debt 1Q20. Second installment of €196m expected 1Q21. €50m of +17% euro denominated 1 year Turkish Government Eurobond purchased in 2Q20 was not classified as cash-like in net debt calculation. If the bond were considered cash-like, net debt Due to Covid-19 related flight restrictions traffic dropped to Pax(*) would be €50 m less (i.e. €862m). -71% nearly zero in the second quarter of 2020. The rebound materially started in August 2020. Spend per From € 6.7 to € 9.4 due to price hikes in Turkish local market in Pax 3Q19 and changing passenger profile due to pandemic.

(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax and SPP numbers reported after closure also do not include the results of Istanbul Ataturk Airport. TAV Airports – 9M20 Results|5 Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA) TRAFFIC PERFORMANCE Start of Flight Restrictions January – September Full Year (*) Due to Covid 19 related travel restrictions domestic and Passengers 2019 2020 Chg 2019 international flights were discontinued in the second Esenboga Airport 10,585,288 3,977,863 -62% 13,692,954 International 1,752,715 627,758 -64% 2,275,195 quarter of 2020. Domestic 8,832,573 3,350,105 -62% 11,417,759 . Izmir Airport 9,542,048 4,244,089 -56% 12,385,329 International 2,685,476 848,510 -68% 3,338,315 Easing of Flight Restrictions Domestic 6,856,572 3,395,579 -50% 9,047,014 As of July 2020, Turkish Airports, Tunisia and Macedonia Gazipasa Airport 902,649 196,808 -78% 1,102,308 have reopened to international flights. Zagreb kept open International 517,652 35,206 -93% 601,645 Domestic 384,997 161,602 -58% 500,663 during the pandemic. Georgia is partially open with full Milas-Bodrum 3,783,768 1,192,866 -68% 4,344,767 opening expected in November and partial reopening of International 1,694,130 386,472 -77% 1,881,173 Medinah Airport to international flights took place in Domestic 2,089,638 806,394 -61% 2,463,594 September with scope expected to enlarge in November. Antalya 29,298,168 7,132,563 -76% 35,714,206 International 23,997,304 4,751,599 -80% 28,635,987 The mutual inclusion of countries and or cities in each Domestic 5,300,864 2,380,964 -55% 7,078,219 others’ respective ‘Covid-19 green lists’ that designate ‘safe Medinah 6,581,853 1,943,461 -70% 8,383,973 Tunisia countries’ with no quarantine requirements, drives the 2,653,512 274,526 -90% 3,040,723 (Monastir&Enfidha) recovery level in each reopened airport. Georgia (Tbilisi&Batumi) 3,490,695 587,515 -83% 4,309,768 N. Macedonia 2,052,829 632,581 -69% 2,677,618 Rebound in traffic started in August 2020. Despite limited (Skopje&Ohrid) border openings, in September 2020, on a monthly basis, Zagreb Airport 2,626,511 785,321 -70% 3,435,531 Antalya recovered 45% of international passengers and TAV TOTAL (*) 71,517,321 20,967,593 -71% 89,087,177 Bodrum recovered 59% of international passengers vs. 2019 International 45,656,521 9,996,367 -78% 55,406,132 which demonstrates the existence of pent-up travel Domestic 25,860,800 10,971,226 -58% 33,681,045 demand for short-haul budget destinations even with the pandemic still not over. * All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. 78% decline in int. pax TAV Total figures do not include Ataturk Airport for 2019 Flights and passenger numbers affected by flight Pax restrictions that started mainly in March 2020 due to Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ, DHMI figures for are tentative for one year. Both Covid-19 pandemic. departing and arriving passengers, including transfer pax TAV Airports – 9M20 Results|6 TAV AIRPORTS MONTHLY CHANGE IN PASSENGERS SERVED, 2020 VS 2019

Strong start to the Flight restriction measures due to Lifting of international flight restrictions began with year with double Covid-19 mostly repatriation flights and then with inclusion of digit int. pax Turkish destinations in some main markets’ safe growth country lists (green lists), mass traffic started. Only a portion of international routes flown before 20% 14% 11% restrictions have yet been reinstated due to the limited number of mutual green lists for each country. 0%

-20%

-40% -51% -60% -65%

-80% International Domestic -100% Jan Feb Mar Apr May Jun Jul Aug Sep

TAV Airports – 9M20 Results|7 TWO AIRPORTS WITH THE STRONGEST REBOUND SO FAR

In September 2020, on a monthly basis, Antalya recovered 45% of international passengers and Bodrum recovered 59% of international passengers vs. 2019 with a limited number of unrestricted border openings (green lists) which demonstrates the existence of pent-up travel demand for short-haul budget destinations despite the pandemic.

Bodrum Int. Pax Monthly Change vs 2019 Antalya Int. Pax Monthly Change vs 2019 0% 40% -10% 20% -20% -30% -41% 0% -40% -20% -50% -40% -60% -55%

-70% -60% -80% -80% -90% -100% -100%

TAV Airports – 9M20 Results|8 COVID-19 SAFETY MEASURES AT OUR AIRPORTS

Safety Measure:

• Mandatory Social Distancing

• Regular disinfection with special methods.

• Mandatory Thermal Screening

• Obligatory usage of masks

• Hand sanitizers

• Plexiglas barriers

• Obligatory change of gloves

• Fresh air circulation

• Elevator usage limitation

• Encourage users for contactless payment methods.

• Audio-visual safety awareness messages

• PCR Testing

• Aircraft Disinfection Service • Awareness and trainings on COVID-19 for Airport staff

• TAV is one of the first companies to join the EASA Covid-19 Safety Charter which sets the industry standard and monitors compliance for Covid-19 safety in airports. TAV Airports – 9M20 Results|9 SOME EVIDENCE THAT COVID-19 SAFETY PRECAUTIONS HAVE MADE FLYING SAFE

• According to data compiled by Association of Flight Attendants, Business Insider and The New York Times, the incidence of COVID-19 in flight attendants is 60% lower than the general population in the US. (*)

• The CEOs of United Airlines, Delta and American Airlines have confirmed that finding and have stated that the data shows that flying is safe(*)

«A little over 1,000 flight attendants nationwide have tested positive for COVID-19, according to data provided by the Association of Flight Attendants (the number includes their members, as well as members of other unions and nonunionized workers).

That's out of about 122,000 people who were employed as flight attendants in the US as of the end of 2019, according to the Bureau of Labor Statistics, or a 0.8% incidence.

There have been a total of 6.6 million confirmed cases in the US, according to data compiled by The New York Times. Out of a population of about 330 million, that's a 2% incidence.» (*)

(*) Source: https://www.businessinsider.com/airline-workers-covid-rates-is-flying-safe-2020-9

TAV Airports – 9M20 Results|10 AIRPORT SEASONALITY (PERCENTAGE OF PAX BY QUARTER)

Airports in order of decreasing seasonality (2019 int. pax):

60% Bodrum Tunisia Izmir 50% Antalya Macedonia Georgia Ankara 40% Medinah

30%

20%

10%

0% Q1 Q2 Q3 Q4

TAV Airports – 9M20 Results|11 YOY COMPARISON Consolidated Revenue (*) (€m) EBITDA (*) (€m) Net Profit after Minority (€m)

-61% -93% nm% Continuing 584 Discontinued 234 150

228 98,3 51,8 -201 17 -4,4 -196.2 9M19 9M20 9M19 9M20 9M19 9M20

Consolidated Revenue (%) EBITDA (%) Opex (%) Personnel Depreciation Aviation GH Catering 43% Lounge Sublease DF 9M19 Other Cost of Services Cost of Catering Rent Software Other 9M20 25% 28% Maintenance Utility Concession Rent 17% 18% 17% 16% 15% 0% 19% 9% 7% 10% 2% 6% 4% 4% 3% 10% 4% 2% 6% 4% 26% 5% 6% 6% 1% 13% 5% 40% 6% -13% 37% 15% 6% 9% 25% 15% 30% 7% 14% 17% *9M20 as % of -48% 18% 9M19 14% total positive EBITDA 9M20 Georgia Havas İzmir Ankara Tunisia Other Other Airports Services 17%

All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. TAV Airports – 9M20 Results|12 9M20 P&L  Revenue  Net Profit (€m) 9M19 9M20 Chg(%) (€m) (*) 9M19 9M20 Chg (%) Aviation 151.4 42.6 -72% EBITDA Ground handling 146.5 67.6 -54% 234.4 16.9 -93% D&A &Impairment Catering services 85.3 31.0 -64% -74.0 -42.0 -43% Lounge & loyalty card 51.6 15.1 -71% Equity Accounted Investees 40.0 -59.1 nm Area all., sublease& advertising 32.5 12.8 -60% EBIT 200.4 -84.2 nm Duty free 35.7 11.6 -68% FX Gain/Loss Software 21.6 13.7 -37% 5.0 -13.3 nm Net Interest Expense Car parking 14.1 5.3 -63% -40.4 -36.3 -10% Bus services 9.5 4.6 -52% Discount Expense -24.2 -25.4 5% Other 35.5 24.2 -32% Other Finance Income/Expense Total 583.7 228.5 -61% -5.7 -7.6 34% Net finance costs -65.2 -82.6 27%  Operating Expenses Profit before income tax 135.2 -166.7 nm (€m) 9M19 9M20 Chg (%) Tax expense -32.2 -29.0 -10% Personnel -157.8 -101.5 -36% Current period tax expense -20.9 -14.8 -29% Services Rendered -61.9 -32.3 -48% Catering COGS -26.8 -9.4 -65% Deferred tax (expense) -11.3 -14.2 25% Rent -21.5 -10.6 -51% Discontinued Operations 51.8 -4.4 nm Maintenance -7.8 -5.0 -36% Profit for the period Utility -10.2 -7.5 -27% 154.7 -200.1 nm Concession Rent -5.6 -0.4 -93% Non-controlling interest -4.7 -0.4 -91% Other -58.4 -51.7 -12% Net Profit After Minority 150.1 -200.6 nm Other Op. Income 0.6 6.8 991% Cash Opex -349.3 -211.5 -39% Continuing Operations 98.3 -196.2 nm D&A &Impairment -74.0 -42.0 -43% Discontinued Operations 51.8 -4.4 nm Total -423.3 -253.5 -40%

(€m) 9M19 9M20 Chg Chg(%) -61% Aviation 151.4 42.6 -108.8 -72% Ground handling 146.5 67.6 -78.9 -54% -5.0 -8.9 -7.9 -11.3 -24.1 -19.6 Catering services 85.3 31.0 -54.3 -64% -36.5 -54.3 Lounge & loyalty card 51.6 15.1 -36.5 -71% -78.9 Area all., sublease&ads 32.5 12.8 -19.6 -60% 584 Duty free 35.7 11.6 -24.1 -68% -108.8 Software 21.6 13.7 -7.9 -37% Car parking 14.1 5.3 -8.9 -63% 228 Bus services 9.5 4.6 -5.0 -52%

Other 35.5 24.2 -11.3 -32% DF

Bus

9M19 9M20 AA&S

Total 583.7 228.5 -355.2 -61% Other

Lounge

Carpark

Aviation

Software Catering

Revenue Ground Handling and Software were relatively less affected from -61% Lounge Covid-19 related travel restrictions -71% Affected by Ataturk’s closure and travel restrictions

Aviation Area All. -72% Due to Covid-19 related travel restrictions traffic in all airports dropped to nearly zero in the second quarter. Material rebound -60% Affected by Ataturk’s closure and travel restrictions started in August. Duty Free -68% Affected by travel restrictions Total flights served -57%, HAVAS only -47% (fully consolidated), TGS Ground Software -61% (equity pick-up) Software relatively more resilient Handling -37% -54% Ground handling revenue drop parallel to change in flights Carpark Carpark negatively affected by flight restrictions and TL served -63% depreciation Catering Catering affected by travel restrictions and closure of Ataturk Bus Impacted by travel restrictions and depreciation of Turkish -64% -52% Lira Other Decrease mostly due to closure of Hotel in Ataturk which did Spend per From € 6.7 to € 9.4 due to price hikes in Turkish local market in -32% not operate since 2Q19 Pax 3Q19 and changing passenger profile due to pandemic

(€m) 9M19 9M20 Chg Chg (%) -40% Personnel -157.8 -101.5 56.3 -36% Services Rendered -6.7 -2.7 -6.2 -2.8 -5.2 -61.9 -32.3 29.6 -48% -10.9 -17.3 Catering COGS -26.8 -9.4 17.3 -65% -29.6 -32.0 Rent -21.5 -10.6 10.9 -51% -56.3 Maintenance -7.8 -5.0 2.8 -36% 423 Utility -10.2 -7.5 2.7 -27% Concession Rent -5.6 -0.4 5.2 -93% 254 Other -58.4 -51.7 6.7 -12% Other Op. Income 0.6 6.8 6.2 nm

Cash Opex -349.3 -211.5 137.8 -39%

Rent

Utility

9M19 9M20

D&A &Impairment -74.0 -42.0 32.0 -43% Other

Rent

Services Catering

Total -423.3 -253.5 169.8 -40% Personnel

Concession

Other Op Inc OtherOp Depreciation Maintenance

Significant decrease in opex across the board in response Opex Rent Rent increase in 1Q20 for BTA due to IGA and Orly operations -40% to decreased business volume due to Covid-19 related -51% travel restrictions and decreases due to shoutdowns in 2Q20.Opex Maintenance Low time preference maintenance works were discontinued Personnel Personnel used unpaid leaves in 2Q20 and 3Q20. Also -36% in 2Q20 and 3Q20 -36% supported by weaker TL. Utility Higher utility unit costs and BTA’s IGA operations in 1Q20 vs Services Decreased in proportion to less business volume in IT -27% lower utility spending in 2Q20 and 3Q20 due to terminal Rendered BTA, OS and Havas. Drop also supported by weaker TL Concession shutdowns and partial closures. -48% Rent Decrease due to restructuring in Tunisia and decreased Catering COGS decreased due to discontinuation of -93% pax in Macedonia in 2Q20 Catering COGS BTA’s business in Istanbul Ataturk, TL depreciation and -65% lower volume due to Covid-19 related travel Other Some current asset write offs in 2Q and significant restrictions -12% decreases in 3Q Depreciation & Amortization & Other Op With the unit of account methodology depreciation €5.2m booked as Tunisia rent liability decreased due Impairment Income decreases as pax decreases. to concession restructuring. -43% nm

(€m) 2Q19 2Q20 Chg Chg (%) (€m) 3Q19 3Q20 Chg Chg (%) Personnel -48.4 -19.8 28.7 -59% Personnel -54.1 -31.0 23.1 -43% Services Rendered -21.7 -3.3 18.4 -85% Services Rendered -24.1 -13.3 10.8 -45% Catering COGS -8.1 -0.6 7.5 -92% Catering COGS -9.7 -2.7 7.0 -73% Rent -6.6 -1.0 5.6 -84% Rent -10.4 -2.6 7.8 -75% Maintenance -3.9 -0.9 3.0 -77% Maintenance -2.7 -1.5 1.2 -46% Utility -3.0 -1.6 1.5 -48% Utility -4.1 -2.5 1.6 -39% Concession Rent -1.7 0.0 1.7 -99% Concession Rent -3.0 -0.1 2.9 -96% Other -15.5 -22.1 -6.6 43% Other -19.1 -11.8 7.3 -38% Other Op. Income -0.2 0.1 0.3 nm Other Op. Income 0.8 5.6 4.7 581% Cash Opex -109.1 -49.2 59.9 -55% Cash Opex -126.5 -60.0 66.5 -53% D&A &Impairment -27.0 -8.9 18.1 -67% D&A &Impairment -29.1 -16.8 12.3 -42% Total -136.1 -58.1 78.0 -57% Total -155.6 -76.8 78.8 -51%

All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. TAV Airports – 9M20 Results|16 NET PROFIT EBITDA (€m) (*) 9M19 9M20 Chg Chg (%) nm Impact of drop in revenue mitigated by cost cutting measures EBITDA 234.4 16.9 -217.5 -93% Equity Accounted Investees were negatively affected by travel D&A &Impairment -74.0 -42.0 32.0 -43% EAI nm restrictions. Stake increase in TIBAH from 33% to 50% in 3Q19 Equity Accounted Investees 40.0 -59.1 -99.1 nm EBIT EBIT 200.4 -84.2 -284.5 nm nm D&A decreased due to volume drop FX Gain/Loss 5.0 -13.3 -18.3 nm Net Interest Expense -40.4 -36.3 4.1 -10% Net Finance Discount Expense -24.2 -25.4 -1.2 5% Main reason for the increase is fx loss on USD assets due to higher Costs Other Finance Inc./Exp. -5.7 -7.6 -1.9 34% EURUSD +27% Net Finance Expense -65.2 -82.6 -17.4 27% Profit before income tax 135.2 -166.7 -301.9 nm Tax expense -32.2 -29.0 3.2 -10% Tax Decrease due to lower current tax -10% Current period tax exp. -20.9 -14.8 6.0 -29% Current Tax Current tax decreased due to lower net income Deferred tax (expense) -11.3 -14.2 -2.8 25% -29% Discontinued Operations 51.8 -4.4 -56.2 nm Deferred Tax Deferred tax changes mainly due to TRY denominated investment Profit for the period 154.7 -200.1 -354.9 nm +25% incentives Non-controlling interest -4.7 -0.4 4.3 -91% Net Profit After Minority 150.1 -200.6 -350.6 nm Net Profit Net Profit decreased due to sharp drop in revenue which also Continuing Operations 98.3 -196.2 -294.5 nm nm% affected the bottom-line of equity accounted investees. The drop Discontinued Operations 51.8 -4.4 -56.2 nm was mitigated by very significant opex cuts.

+nm% 27,6 9M19 Equity Accounted Investees 9M20 32,0 3,2 4,3 -17,4 10,6 10,8 -56,2 150,1 -99,1

-0,8 - 2,9 -0,8 - 1,6 -217.5 -7,4 -5,0 -200,6 -11,3 -16,3

-21,9

EAI Tax

Antalya ATU TIBAH TGS Zagreb Others D&A

9M19 9M20

EBITDA Finance

TGS: All JVs under Havas Discont. Minority All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to TAV Airports – 9M20 Results|17 exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. DECENTRALIZED DEBT STRUCTURE - PRUDENTLY LEVERED September June September Net Debt (eop, €m) 2019 2020 2020 Door to Door Maturity 5.3 Years Airports 683.3 985.5 991.7 İstanbul -38.7 167.3 168.2 Average Maturity 3.1 Years Ankara 83.9 70.4 67.8 Ege (İzmir) 198.8 219.3 217.2 Average € Cost of Debt (Hedged*) 3.9 % Gazipasa -34.1 23.5 23.8 Tunisia 343.1 356.5 363.0 Net Debt(*) / 2019 FY EBITDA 2.8 Georgia -14.4 -15.7 -12.3 N. Macedonia 29.0 26.8 28.0 * 72% of all loans have fixed rates as of September 30, 2020 Bodrum 115.7 137.4 135.9 Services 98.6 -96.4 -80.4 Gross Debt Maturity Profile(**) (€m) HAVAS 149.0 158.8 147.0 BTA 28.5 45.6 46.4 Tunisia Holding (solo) -92.7 -312.8(*) -284.0(*) TAV Airports Others 13.9 11.9 10.5 Total 781.9 889.0(*) 911.6(*) (*) €50m of euro denominated 1 year Turkish Government Eurobond 371 purchased in 2Q20 is not classified as cashlike according to Groupe Non-recourse ADP definition. If the bond were classified as cashlike, Holding would be €334m Net Cash and Consolidated Net Debt would become €862m.

To harmonize with Groupe ADP reporting practices, Bank Overdrafts and 445 Financial Loans provided to Related Parties (TAV JVs) have been included 357 in the definition of Net Debt. Past periods have been restated to reflect the new definition 163 Groupe ADP Definition of Net Debt = +Current&Non-Current Borrowings +Shareholder Loan & Accrued Interest +Bank Overdrafts –Cash -Restricted Bank Balances -Financial Loans provided to Related Parties (TAV <1 Year Between 1-5 Years >5 Years JVs) ** Due to the trilateral negotiations in Tunisia, all financial debt has been Financial Loans provided to Related Parties (TAV JVs) can be found in IFRS reclassified to short term borrowings. Details can be found in IFRS financials Footnote 21 under Other Related Party Transactions at lines Current Note on Loans and Borrowings loan to related parties & Non-current loan to related parties. Bank Does not include Shareholder Loan from Groupe ADP Overdrafts can be found on the Liabilities Page of the IFRS Report TAV Airports – 9M20 Results|18 CAPEX DEVELOPMENT / DIVIDENDS

Quarterly Cash Capex (€m) Cash Capex 33 2020 9M 28 CAPEX €26.5m 22 20  Capex mostly done by Georgia, Havas, BTA and OS 17 16 15 14  Capex excludes non-cash additions to rights of use assets for 11 IFRS 16. 7 6

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

Dividend History (€m) Dividends Paid Net Income Payout Ratio 373 8,1 Dividend Yield (%) 74% Discontinued 6,9 Activities 255 5,5 50% 218 210 4,6 4,5 175 3,3 3,4 3,5 133 128 300 124 109 105 127 87 62 66 64 60 39 53 16%

2012 2013 2014 2015 2016 2017 2018 2019 2011 2012 2013 2014 2015 2016 2017 2018 2019

TAV Airports’ dividend policy: to distribute 50% of consolidated IFRS net profit TAV Airports – 9M20 Results|19 SELECTED FINANCIALS BY ASSETS AND EMPLOYEE #S (9M20)

EBITDA Net Number of Employees (eop) 9M19 9M20 (€m) Revenue EBITDA Margin Debt(*) (%) Istanbul 48 29 Airports 84.8 18.9 22% 992 Ankara 976 925 Istanbul 168 Ege (İzmir) 974 913 Ankara 17.4 3.9 22% 68 Tunisia 827 721 Ege (İzmir) 25.7 11.8 46% 217 Gazipasa 71 72 Gazipasa 0.8 -0.9 nm 24 Georgia 1,001 914 Tunisia 5.4 -5.5 nm 363 N. Macedonia 793 731 Georgia 16.7 7.1 43% -12 Havas 5,136 4,485 N. Macedonia 9.5 -1.4 nm 28 BTA 3,189 2,598 Bodrum 9.3 3.9 42% 135.9 Holding 118 113 Services 170.2 -2.0 -1% -80 OS 1,094 716 Havas 67.5 18.5 27% 147 Technologies 341 308 BTA 36.7 -9.2 -25% 46 Security 1,724 1,708 Others 65.9 -11.3 nm -273 Latvia 5 5 Total 255.0 16.9 7% 912 Bodrum 106 92 Elimination -26.6 0.0 0 Academy - - Consolidated 228.5 16.9 7% 912 TOTAL 16,403 14,330 (*) €50m of euro denominated 1 year Turkish Government Eurobond purchased in 2Q20 is not classified as cash-like according to Groupe ADP definition. If the bond were classified as cashlike, Consolidated Net Debt would become €861m.

Revenue (€m) 9M19 9M20 Chg Chg(%) EBITDA (€m) 9M19 9M20 Chg Chg(%)

Airports 262.9 84.8 -178.1 -68% Airports 168.6 18.9 -149.7 -89% Ankara 32.1 17.4 -14.7 -46% Ankara 14.3 3.9 -10.4 -73% Ege (İzmir) 58.3 25.7 -32.6 -56% Ege (İzmir) 39.3 11.8 -27.5 -70% Gazipasa 6.2 0.8 -5.4 -87% Gazipasa 3.5 -0.9 -4.5 nm Tunisia 36.0 5.4 -30.7 -85% Tunisia 17.2 -5.5 -22.7 nm Georgia 73.5 16.7 -56.8 -77% Georgia 59.4 7.1 -52.3 -88% N. Macedonia 27.1 9.5 -17.6 -65% N. Macedonia 13.2 -1.4 -14.6 nm Bodrum 29.6 9.3 -20.3 -68% Bodrum 21.7 3.9 -17.8 -82% Services 372.7 170.2 -202.5 -54% Services 65.8 -2.0 -67.8 nm Havas 129.6 67.5 -62.1 -48% Havas 42.1 18.5 -23.6 -56% BTA 107.8 36.7 -71.1 -66% BTA 5.9 -9.2 -15.1 nm Others* 135.2 65.9 -69.3 -51% Others* 17.8 -11.3 -29.1 nm Total 635.6 255.0 -380.6 -60% Total 234.4 16.9 -217.5 -93% Elimination -51.9 -26.6 25.3 -49% Elimination 0.0 0.0 0.0 - Consolidated 583.7 228.5 -355.2 -61% Consolidated 234.4 16.9 -217.5 -93%

(*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Airports – 9M20 Results|21 9M20 CONSOLIDATED REVENUE AND EBITDA BRIDGES BY ASSETS

EBITDA* (€m) Revenue* (€m)

-4.5 -14.6 25.3 -5.4 -14.7-17.6 -10.4 -20.3 -30.7 -17.8 -32.6 -15.1 -56.8 -23.6 -62.1 -22.7 -69.3 234 -27.5 584 -71.1 -29.1

228 -52.3

BTA BTA

Izmir Izmir

9M19 9M20 9M19 9M20

Havas Havas

Others Others

Tunisia Tunisia

Ankara Ankara

Bodrum Bodrum

Georgia Georgia

Gazipasa Gazipasa

Elimination

Macedonia Macedonia

Antalya Airport Financials (100%) Transaction Overview

EUR (m) 2014 2015 2016 2017 2018 2019  TAV acquires IC Ictas’ 49% stake in ICF Revenue 327 303 182 260 324 390 Antalya, the joint-venture that manages EBITDAR* 283 258 141 223 277 331 Antalya Airport Transaction EBITDA** 151 130 16 106 158 220  TAV stake entitles it to co-control; i.e. 50% dividend rights and 50% of voting rights EBITDA Margin 46% 43% 9% 41% 49% 56%  Fraport AG maintains 51% stake

*EBITDAR=IFRS EBITDA which is before rent amortization Date of Closing  8 May 2018 **EBITDA= Adjusted IFRS EBITDA after rent amortization

Price  EUR 360 million cash Antalya Pax (m) 35,7 Impact on TAV  Transaction expected to be EPS accretive 31,6 28,3 27,8 Source of  Transaction financed through debt (EUR 27.0 26.0 25.1 25,1 funding 300 million) and equity (EUR 60 million) 22.0 28,6 18,7 18,3 24 21,5 22,1 20,9 Consolidation  Consolidated by equity method 20,5 20,2 18,3 18,5 15,2 Note on Pax: Int 11,7 Total Severe international traffic decrease occured in 2016 with Russian ban to charters (started late 2015) and security issues 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 in Turkey. Majority of Russian traffic recovered in 2017 with the lift of travel ban. Domestic traffic increased non-stop during last 10 years. Source for Pax: DHMI TAV Airports – 9M20 Results|23 ALMATY INTERNATIONAL AIRPORT

Transaction Overview USD (mn) 2017 2018 2019  TAV Airports signed an SPA to acquire 100% of Transaction Almaty Airport and its associated fuel and Int. Pax (m) 2.7 2.8 3.0 catering businesses in Kazakhstan. Revenue 171 189 206  It is envisaged that at completion TAV will be joined by VPE Capital via one of its portfolio EBITDA 47 51 69 Consortium funds. TAV is expected to have no less than 75% ownership of the asset. EBITDA Margin 27% 27% 33% Date of signing  7 May 2020 Net Income 26 27 45  Closing which is contingent upon the necessary Date of Closing approvals is expected by 3Q20 Net Income Margin 15% 14% 21%  USD 415 million EV to acquire the asset with Net Debt 6 1 10 expected Net Debt of c. USD 20m at the time of Price closing  2019 FY EBITDA is USD 69 million CAGR: 7% Int. CAGR: 5%  Perpetuity with no rent payments and no renewal risk Impact on TAV International Domestic  Double-digit net income margin around or mPax above mid teens Source of funding  Financing to be finalized before closing 3,4 Consolidation  Asset to be fully consolidated 3,0 2,8 2,6 Norway 7,3 2,0 2,2 2,6 USA 6,0 1,9 Canada 4,1 Germany 2,6 France 2,4 3,0 Turkey 2,7 2,8 2,4 2,1 2,3 2,4 2,3 2,2 Russia 1,3 Poland 1,0 Kazakhstan 0,8 Kyrgyzstan 0,6 Propensity to Fly 2012 2013 2014 2015 2016 2017 2018 2019 Ukraine 0,4 TAV Airports – 9M20 Results|24 SHARE BUY-BACK

Average Total Number of A total of 2.0 m shares were bought back by TAV Date Price Paid Amount Shares Airports between March 13 and September 1 (TL) Paid (mTL) 2020 at an average priçe of TL 16.2 per share for 13.03.2020 424,530 17.09 7.3 a total sum of TL 33.1m (€4.3m paid). 16.03.2020 427,000 16.41 7.0 17.03.2020 180,686 15.39 2.8 19.03.2020 54,115 14.99 0.8 20.03.2020 156,000 15.21 2.4 30.03.2020 125,000 15.63 2.0 02.04.2020 115,000 16.26 1.9 12.05.2020 120,000 16.89 2.0 13.05.2020 60,000 17.29 1.0 26.08.2020 90,000 15.97 1.4 27.08.2020 95,000 15.91 1.5 28.08.2020 65,000 15.8 1.0 31.08.2020 65,000 15.48 1.0 1.09.2020 70,000 14.98 1.0 Total 2,047,331 16.19 33.1

TAV Airports – 9M20 Results|25 HAVAS Havas Consolidated Financials (€m) TGS Financials (50%) (€m) Revenue EBITDA Margin Revenue EBITDA Margin 60,0 35% 180 170,2 40% 50,0 46,0 47,6 30% 160 140,9 35% 40,8 129,6 39,7 140 30% 40,0 36,4 36,4 25% 120 31,1 32,4 25% 29,0 100 30,0 20% 20% 21,6 80 67,5 15% 20,0 15% 60 47,5 48,1 12,9 42,1 10,6 10,3 40 10% 6,8 18,5 10,0 4,9 5,7 10% 20 5% 1,1 0,8 3,84.2 0,5 -0,7 0 0% 0,0 5% 2018 2019 9M19 9M20 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 -10,0 0%

# of Flights Served (‘000) Havas Solo FX Exposure FY 2019

9M19 Revenue Cost 9M20 404

27% 273 61%

174 10% 10% 109 108 58 29% 63% 23 8

HAVAS TGS HVS E HAVAS + TGS + HVS E TRY EUR USD

TAV Airports – 9M20 Results|26 ATU (50%)

 SPP positively affected from price increases in Turkish local market after 3Q19 and changing pax profile during the pandemic

 Istanbul operations discontinued on April 6, 2019 and IGA Luxury stores and Bazaar operations started.

 Effect of Covid-19 related travel restrictions in 2Q20 on revenue and EBITDA

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

Revenue EBITDA Margin 120 14% 15% 12% 12% 12,7 11% 11% 100 11,5 9% 9% 8% 9% 9% 10% 10% 80 7,5 7,5 5% 6,90 60 6,7 6,8 6,8 6,3 6,7 6,6 6,70 6,4 102,0 97,3 1% 85,8 86,0 88,2 40 76,0 80,6 68,3 69,1 0% 48 20 12,7 11,6 43,9 10,1 7,7 37,1 5,9 4,0 6,9 7 4 6,5 23.5 0,917,1 3,8 0,2-6% -5% 0 -1.4-2,2

-0,8

3Q20 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

-20 1Q17 -10%

2018 2019

4Q19 1Q18 1Q19 2Q18 2Q19 3Q18 3Q19 4Q18 1Q20 2Q20 3Q20

TAV Airports – 9M20 Results|27 BTA

 Predominantly TRY based revenue and opex

 Zagreb added in 4Q17, Muscat added end of March 2018

 Personnel expenses increased significantly in 4Q18 due to employee termination benefits causing sharp decline in EBITDA margin

 BTA IDO 100% owned since 9M19

 BTA Orly operations that started in 2Q19 affected by runway renovation in Orly and Aigle Azur’s cease of operations

 Effect of Covid-19 related travel restrictions since 2Q20

BTA Financials (€m) TAV F&B Spend per Pax (without Ataturk) (€)

Revenue EBITDA Margin 1.0 60,0 21% 25% 0,9 0,9 0,9 20% 0,8 50,0 15% 15% 7% 40,0 6% 6% 10% 4% 7% 7% 2% 30,0 5% 5% 0% 47,5 44,4 20,0 40,1 38,1 41.7 40,1 39,7 37,9 32,7 36,7 -5% 9,4 30,3 30,0 10,0 7,0 -15% -2314% -10% 2,9 2,91 2,3 2,8 1,9 1,6 0,8 1,4 12,3 -15% 0,0 1,8 -20% -20% -3,3 -1,5 -10,0 -6,1 -6,1 -4,3 -25%

2018 2019 9M18 9M19 9M20

2Q18 1Q17 2Q17 3Q17 4Q17 1Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

TAV Airports – 9M20 Results|28 FX EXPOSURE

Sensitivity Analysis Equity Profit or loss The Group’s principal currency risk relates to changes in the value of the Strengthening Weakening Strengthening Weakening Euro relative to TRL and USD. The Group manages its exposure to foreign (‘000) of EUR of EUR of EUR of EUR currency risk by entering into derivative contracts and, where possible, seeks to incur expenses with respect to each contract in the currency in which the 30 September 2020 contract is denominated and attempt to maintain its cash and cash USD equivalents in currencies consistent with its obligations. (24,067) 24,067 (1,439) 1,439 The basis for the sensitivity analysis to measure foreign exchange risk is an TRY (1,293) 1,293 aggregate corporate-level currency exposure. The aggregate foreign Other (26,799) 26,799 exchange exposure is composed of all assets and liabilities denominated in Total foreign currencies, both short-term and long-term purchase contracts. 31 December 2019 USD A 10 percent strengthening / (weakening) of EUR against the following (15,260) 15,260 currencies at 31 December 2019 and 30 September 2020 would have TRY (2,097) 2,097 increased / (decreased) equity and profit or loss by the amounts shown Other (2,084) 2,084 below. This analysis assumes that all other variables, in particular interest Total (19,441) 19,441 rates, remain constant.

Hedging

Subsidiaries, TAV Ege, TAV Macedonia, TAV İşletme, TAV İşletme America and TAV Milas Bodrum enter into swap transactions in order to diminish exposure interest rate risk to manage exposure to the floating interest rates relating to loans used.

Interest payments of 99%, 100%, 100%, 100% and 90% of floating bank loans for TAV Ege, TAV Macedonia, TAV İşletme, TAV İşletme America and TAV Milas Bodrum respectively are fixed with interest rate swaps.

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

TAV Airports – 9M20 Results|29 FX EXPOSURE OF OPERATIONS (FY19)

€25m Revenue(1) Opex1), (2) €58m €54m €113m €204m 5% 20% 10% €23m 23% 6% €30m 3% 4% 4% €25m 12% €882m €553m 5% €110m €28m

52% €480m 54% €286m

D&A Gross Debt €3m €3m €36m €5m 1% €12m 2% 3% €7m 5% 7% €8m 8% €1.466m €99m €1.415m €77m 78% TRY EUR USD 97% OMR GEL TND Other

(1) Combined figures, pre-elimination and consolidated adjustment, IFRIC12 adjusted, includes equity-pick up (€33.4m) TAV Airports – 9M20 Results|30 (2) Includes concession rent expenses (€2.6m), does not include depreciation (€44.8m) 2020 GUIDANCE IS NO LONGER VALID DUE TO COVID-19 RELATED FLIGHT RESTRICTIONS

Starting with 2020, we will discontinue reporting adjusted EBITDA.

The basis for 2020 EBITDA guidance is EBITDA reported by Groupe ADP which is before equity pick-up and does not include Ankara Guaranteed Pax Revenue.

2019 2020 2019FY EBITDA Reconciliation 33,4 3/5% Total Pax (m) 89.1 14,7 growth 4/6% Int Pax(m) 55.4 growth 328,6 EBITDA reported by 9/11% 280,4 280.4 Groupe ADP (*) (€m) growth

Capex(€m) 69.5 70/75

Note: 2020 targets are subject to our fx and passenger EBITDA reported Ankara Equity Pick-up EBITDA reported assumptions. 2019 passengers do not include Istanbul by ADP* Guaranteed by TAV Ataturk. Pax Revenue

*before Groupe ADP consolidation effects *before Groupe ADP consolidation effects

TAV Airports – 9M20 Results|31 EQUITY ACCOUNTED INVESTEES – IFRS 11

FY17 FY18 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 Revenue 130.2 161.9 12.1 55.5 89.0 38.2 194.8 10.6 2.0 25.5 Adj. EBITDAR ² 111.3 138.7 6.5 48.4 80.7 29.8 165.5 5.6 -3.0 20.8 Adj. EBITDA ² 52.8 79.0 -7.3 34.6 66.8 15.8 109.9 -7.6 -16.2 7.5 Antalya(50%) ¹ Net Profit 20.0 45.4 -12.6 28.4 49.9 9.5 75.1 -12.7 -12.9 1.3 Net Debt -21.2 -7.8 78.6 65.8 25.4 10.5 10.5 59.8 62.2 53.5 PPAA ³ -36.8 2.2 -14.3 -25.9 -5.4 -43.5 2.7 7.8 -2.5 Net Profit+PPAA4 21.2 -10.5 14.1 24.0 4.1 31.6 -10.0 -5.1 -1.2 FY17 FY18 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 Revenue 342.1 342.0 69.1 43.9 48.0 37.1 198.1 23.5 0.9 17.1 EBITDA* 28.7 35.6 7.7 4.0 6.5 0.2 18.4 -1.4 -2.2 -0.8 ATU (%50) Net Profit 20.5 22.1 3.3 2.7 4.5 -2.2 9.3 -3.9 -4.9 -2.5 Net Debt -4.6 -18.9 -19.0 4.1 -1.6 8.1 8.1 11.7 15.2 10.4 FY17 FY18 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 Revenue 126.7 147.8 31.1 40.8 47.6 39.7 159.2 32.4 4.2 21.6 EBITDA 15.6 23.4 0.8 10.3 12.9 5.7 29.6 3.8 0.5 -0.7 TGS (50%) Net Profit 9.4 15.8 -1.5 4.1 8.2 1.1 11.9 0.3 -4.4 -0.4 Net Debt -11.4 -3.7 -0.3 8.7 -1.7 8.2 8.2 -3.2 13.8 7.1 (50% with 2Q19 33% before) FY17 FY18 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 Revenue 70.2 71.2 17.9 36.2 35.9 24.3 114.3 25.2 0.6 4.0 TIBAH(*) EBITDA 15.1 16.4 4.1 8.4 10.0 3.9 26.4 5.5 -2.7 -1.7 (Medinah) Net Profit -11.6 -8.5 -1.2 -4.8 -1.4 -8.2 -15.6 -4.9 -9.0 -8.0 Net Debt 283.0 299.9 302.9 445.6 457.9 454.6 454.6 461.5 453.2 461.5 *50% after 2Q19

1 TAV Airports’ 49% stake in TAV Antalya entitles it to equal governance and 50% of dividends. 2 Adjusted EBITDAR defined as IFRS EBITDA (which is before concession rent amortization.) Adjusted EBITDA defined as IFRS EBITDA after concession rent amortization 3 TAV Airports’ Purchase Price Allocation (PPA) Amortization for Antalya Airport. Purchase Price Allocation for TAV Antalya was changed in 4Q18 to include no goodwill 4 TAV Antalya’s net contribution to TAV Airports EBITDA since share purchase in May 2018. TAV Airports – 9M20 Results|32 QUARTERLY REVENUE & EBITDA BY ASSETS

m€ 1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 Ch% Airports 55.8 43.8 85.2 6.4 121.9 34.6 -72% Ankara 10.6 8.8 10.0 2.6 11.6 5.9 -49% Izmir 13.0 12.0 18.0 1.5 27.3 12.2 -55% Gazipasa 0.4 0.3 2.2 0.0 3.7 0.4 -88% Tunisia 3.2 2.5 11.7 0.2 21.2 2.7 -87% Georgia 20.5 13.0 25.8 1.3 27.3 2.5 -91% N. Macedonia 6.9 6.0 8.5 0.5 11.7 3.1 -74% Milas Bodrum 1.3 1.2 9.1 0.4 19.2 7.7 -60% Services 113.3 86.7 118.5 22.7 140.9 60.8 -57% Havas 27.1 27.9 43.7 8.3 58.8 31.4 -47% BTA 39.7 23.0 30.3 1.4 37.9 12.3 -68% Other 46.5 35.8 44.5 13.0 44.3 17.1 -61% Total 169.1 130.5 203.6 29.1 262.8 95.4 -64% Eliminations -18.2 -12.0 -15.1 -5.6 -18.6 -8.9 -52% Consolidated Revenue 150.9 118.5 188.6 23.5 244.2 86.5 -65%

Airports 26.9 14.6 54.6 -14.2 87.0 18.5 -79% Ankara 4.7 2.9 4.2 -1.4 5.4 2.4 -55% Izmir 7.2 5.8 11.7 -1.9 20.4 7.9 -61% Gazipasa -0.5 -0.5 1.3 -0.3 2.7 -0.1 nm Tunisia -1.8 -2.4 5.7 -6.7 13.2 3.5 -74% Georgia 15.6 8.4 21.0 -1.2 22.8 -0.1 nm N. Macedonia 2.2 0.9 4.2 -1.6 6.8 -0.7 nm Milas Bodrum -0.4 -0.7 6.4 -1.0 15.7 5.6 -64% Services 10.2 1.6 24.9 -11.6 30.7 8.1 -74% Havas 0.8 5.7 17.0 -0.6 24.4 13.4 -45% BTA 2.3 -3.3 0.8 -4.3 2.8 -1.5 nm Others 7.1 -0.8 7.1 -6.7 3.6 -3.9 nm Total 37.1 16.1 79.5 -25.8 117.7 26.6 -77% Eliminations 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 37.2 16.1 79.4 -25.8 117.7 26.6 -77%

TAV Airports – 9M20 Results|33 As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul QUARTERLY P&L

m€ 1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 Ch% Aviation income 30.6 22.0 48.8 2.3 72.0 18.3 -75% Ground handling income 28.7 28.5 50.7 8.5 67.1 30.7 -54% Commission from sales of duty free goods 5.0 4.8 11.4 0.3 19.3 6.4 -67% Catering services income 26.1 19.5 25.5 1.0 33.7 10.5 -69% Income from car parking operations 4.5 3.8 4.6 0.3 5.0 1.1 -77% Area allocation sublease and advertising 12.8 7.8 9.0 1.1 10.6 3.9 -63% Bus services income 3.0 2.5 2.9 0.3 3.7 1.8 -52% lounge services and royalty card 18.7 13.4 16.4 0.2 16.5 1.5 -91% Software Sales 5.9 5.4 8.9 3.7 6.8 4.5 -34% Other operating revenue 15.7 10.7 10.4 5.8 9.4 7.7 -18% Total Revenue 150.9 118.5 188.6 23.5 244.2 86.5 -65% Construction revenue ------Construction expenditure ------Cost of catering inventory sold -9.0 -6.2 -8.1 -0.6 -9.7 -2.7 -73% Cost of services rendered -16.0 -15.7 -21.7 -3.3 -24.1 -13.3 -45% Personnel expenses -55.3 -50.7 -48.4 -19.8 -54.1 -31.0 -43% Concession rent expenses -0.9 -0.2 -1.7 0.0 -3.0 -0.1 -96% Other operating expenses -32.6 -30.7 -28.9 -25.6 -36.3 -18.4 -49% Other operating income 0.0 1.1 -0.2 0.1 0.8 5.6 581% EBITDA 37.2 16.1 79.4 -25.8 117.7 26.6 -77% D&A and impairment expense -17.8 -16.3 -27.0 -8.9 -29.1 -16.8 -42% Equity Pick-up -10.6 -19.6 15.3 -25.8 35.2 -13.8 nm EBIT 8.7 -19.8 67.8 -60.4 123.9 -4.0 nm Net Interest Expense -11.8 -10.2 -16.1 -14.8 -12.4 -11.3 -9% Discount Expense -7.8 -7.7 -8.2 -9.1 -8.2 -8.5 4% FX Gain/Loss 0.4 0.5 1.6 -8.7 3.0 -5.2 nm Other Finance Expense -2.3 -3.3 -1.7 0.2 -1.7 -4.5 166% Net Finance Expense -21.5 -20.7 -24.5 -32.4 -19.2 -29.5 54% Profit Before Tax -12.8 -40.4 43.3 -92.8 104.6 -33.5 nm Current tax -4.6 -1.2 -4.7 -4.4 -11.6 -9.2 -20% Deferred tax -4.2 -4.6 -0.9 -2.9 -6.3 -6.7 7% Tax (expense) / benefit -8.7 -5.8 -5.6 -7.3 -17.9 -15.9 -11% Continuing Operations -21.5 -46.2 37.7 -100.1 86.7 -49.5 nm Discontinued Operations 44.4 -8.3 2.2 5.1 5.3 -1.2 nm Profit / (loss) for the period 22.9 -54.5 39.9 -95.0 92.0 -50.6 nm Minority 1.1 -1.5 -2.5 0.9 -3.2 0.2 nm Profit / (loss) for the period after Minority 23.9 -56.1 37.4 -94.1 88.8 -50.4 nm

TAV Airports – 9M20 Results|34 NOTES ON FINANCIALS

The consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards Basis of (“IFRS”). Although the currency of the country in which the Group is domiciled is Turkish Lira (TRL), most of the Group entities’ functional Consolidation currency and reporting currency is EUR. Each entity is consolidated as follows: Summary IFRS Consolidation Table 9M19 9M20 Name of Subsidiary Consolidation % Stake Consolidation % Stake TAV Istanbul Full - No Minority 100 Full - No Minority 100 TAV Esenboga Full - No Minority 100 Full - No Minority 100 TAV Ege Full - No Minority 100 Full - No Minority 100 TAV Gazipasa Full - No Minority 100 Full - No Minority 100 TAV Macedonia Full - No Minority 100 Full - No Minority 100 TAV Latvia Full - No Minority 100 Full - No Minority 100 TAV Tunisia Full - With Minority 67 Full - No Minority 100 TAV Urban Georgia (Tbilisi) Full - With Minority 80 Full - With Minority 80 TAV Batumi Full - With Minority 76 Full - With Minority 76 TIBAH Development Equity 33 Equity 50 TIBAH Operation Equity 51 Equity 51 HAVAS Full - No Minority 100 Full – No Minority 100 BTA Full - With Minority 67 Full – No Minority 100 TAV O&M Full - No Minority 100 Full - No Minority 100 TAV Technologies Full - No Minority 100 Full – No Minority 100 TAV Security Full - No Minority 100 Full - No Minority 100 HAVAS Latvia Full - No Minority 100 Full - No Minority 100 ATU Equity 50 Equity 50 TGS Equity 50 Equity 50 BTA Denizyollari (IDO) Equity 50 Full – No Minority 100 MZLZ Equity 15 Equity 15 MZLZ Operations Equity 15 Equity 15 TAV Milas Bodrum Full - No Minority 100 Full - No Minority 100 TAV Akademi (Academy) Full - No Minority 100 Full - No Minority 100 Havas Saudi Equity 67 Equity 67 Tunisia Duty Free* Proportionate 30 Proportionate 30 Antalya Equity 49** Equity 49**

**Tunisia Duty Free is 30% held and proportionately consolidated to ATU because ATU has 65% of the voting rights. **49% Stake in Antalya gives TAV equal governance and 50% of dividends TAV Airports – 9M20 Results|35 IFRIC 12

Introduction to IFRIC 12 IFRIC 12 booking model Debit Credit  IFRIC 12- is an accounting application treating BOT assets with special provisions for 1. During Construction guaranteed income. Ankara Esenboga Airport and Izmir Adnan Menderes Airport BS Debt International Terminal, with their guaranteed passenger fee structures, fall under BS Cash the scope. BS Construction in progress  The capex we incur on our BOT assets, is routinely booked as “airport operation PL Construction Expense Construction Income right” in the balance sheet. However when there are guaranteed passenger fees in 2. Completion of Construction question, these fees are discounted to their NPV and subtracted from the “airport BS Construction in progress operation right” of the BOT in question. The remaining capex amount gets booked (NPV of) Passenger Revenue as “airport operation right” and the NPV of guaranteed passenger fees gets BS Receivable booked as “trade receivables.” (Trade Receivables) BS Airport Operation Right *  When the guaranteed passenger fees become earned during the course of operations, these are credited from the balance sheet and the difference 3. Operations During Year between discounted (NPV of) guaranteed passenger fees and the actual fees as PL Aviation Income for the Current Year ** BS Cash ** they are earned are booked as finance income. 4. Year Close  Due to the application of IFRIC 12, guaranteed passenger fees stop being P&L PL Aviation Income for the Current Year *** items and get treated as Balance Sheet/Cash Flow items, while at the same time, Was: Finance Income part of these fees gets shown as finance income. Is: Other operating revenue  On the other hand the capex incurred during the construction phase is PL (Difference between discounted receivables and immediately transferred to P&L with an offsetting construction income assigned to the actual it. This income may or may not carry a mark-up on it. receivables) BS Passenger Revenue Receivable**** PL Amortisation of Airport Operation Right Accumulated Amortisation of Airport BS Operation Right * AOR = Construction in progress-(NPV of Passenger Revenue Receivable *** IFRS (IFRIC 12 application) ** TR-GAAP **** Discounted guaranteed passenger revenue for that period

Guaranteed Pax Structure 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 International Departing Pax (m) 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.6 0.6 Guaranteed Pax Income (€m) 11.8 12.4 13.0 13.7 14.4 15.1 15.8 16.6 17.5 18.3 19.2 20.2 21.2 22.3 23.4 9.6 Domestic Departing Pax (m) 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.2 0.5 Guaranteed Pax Income (€m) 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.4 3.6 3.7 1.5 Ankara Ankara Total Guaranteed Pax Income (€m) 13.7 14.4 15.1 15.9 16.7 17.5 18.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1 Discount Income (€m) 11.80 10.96 9.93 8.69 7.21 5.47 3.43 0.43 International Departing Pax (m) 1.1 1.1 1.1 1.2 1.2 1.2 1.3

İzmir İzmir Guaranteed Pax Income (€m) 15.9 16.4 16.9 17.4 17.9 18.4 19.0 Total Guaranteed Pax Income (€m) 29.6 30.8 32.0 33.3 34.6 35.9 37.4 19.3 20.2 21.3 22.3 23.4 24.6 25.8 27.1 11.1 TAV Airports – 9M20 Results|36 IFRS INCOME STATEMENT

INCOME STATEMENT (€m) 9M19 9M20 Construction revenue 0.0 0.0 Operating Revenue 583.7 228.5 Aviation income 151.4 42.6 Ground handling income 146.5 67.6 Commission from sales of duty free goods 35.7 11.6 Catering services income 85.3 31.0 Other operating revenue 164.8 75.7 Construction expenditure 0.0 0.0 Operating expenses -423.3 -253.5 Cost of catering inventory sold -26.8 -9.4 Cost of services rendered -61.9 -32.3 Personnel expenses -157.8 -101.5 Concession rent expenses -5.6 -0.4 Depreciation and amortization expense -74.0 -42.0 Other operating expenses -97.9 -74.7 Other operating income 0.6 6.8 Equity Pick-up 40.0 -59.1 Operating profit/(loss) 200.4 -84.2 Finance income 16.7 8.1 Finance expenses -81.9 -90.7 Profit before income tax 135.2 -166.7 Income tax expense -32.2 -29.0 Profit from continuing operations 103.0 -195.7 Profit from discontinued operations 51.8 -4.4 Net Profit 154.7 -200.1 Minority -4.7 -0.4 Net Profit After Minority 150.1 -200.6

TAV Airports – 9M20 Results|37 BALANCE SHEET

ASSETS (€m) FY19 9M20 EQUITY AND LIABILITIES (€m) FY19 9M20 Property and equipment 206 191 Share capital 162 162 Share premium 220 220 Intangible assets 14 11 Legal reserves 122 122 Airport operation right 1,582 1,559 Other reserves -30 -30 Right of use assets 59 57 Treasury reserves - -4 Purchase of shares of entities under common Equity-accounted investees 393 344 control 40 40 Goodwill 138 138 Cash flow hedge reserve -59 -68 Trade receivables 50 36 Translation reserves -37 -68 Non-current due from related parties 2 2 Retained earnings 901 626 Total equity attributable to equity holders of the Other non-current assets 296 102 Company 1,319 1,001 Deferred tax assets 27 18 Non-controlling interests -10 13 Total non-current assets 2,765 2,459 Total Equity 1,310 1,014 Inventories 9 7 Loans and borrowings 633 660 Reserve for employee severance indemnity 19 15 Financial assets - 50 Due to related parties 306 304 Trade receivables 116 99 Derivative financial instruments 37 39 Due from related parties 27 28 Deferred income 17 16 Other receivables and current assets 273 274 Other payables 600 616 Deferred tax liabilities 21 26 Cash and cash equivalents 584 732 Total non-current liabilities 1,632 1,676 Restricted bank balances 69 35 Bank overdraft 1 0 Total current assets 1,078 1,225 Loans and borrowings 527 733 0 0 Trade payables 56 52 Due to related parties 1 1 TOTAL ASSETS 3,843 3,685 Current tax liabilities 99 13 Other payables 198 182 Provisions 6 3 Deferred income 14 10 Total current liabilities 901 996 Total Liabilities 2,533 2,671 TOTAL EQUITY AND LIABILITIES 3,843 3,685 TAV Airports – 9M20 Results|38 CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES 9M19 9M20 CASH FLOWS FROM INVESTING ACTIVITIES 9M19 9M20 Profit for the period Proceeds from sale of property, equipment and 4.1 0.9 (Loss) / Profit from continuing operations 103.0 -195.7 intangible assets (Loss) / Profit from discontinued operations 51.8 -4.4 Amortisation of airport operation right 49.5 15.1 Acquisition of property and equipment -46.6 -23.1 Depreciation of property and equipment 79.2 24.6 Additions to airport operation right - -2.3 Amortisation of intangible assets 2.0 2.3 Purchase of treasury bonds - -50.0 Concession and rent expenses 51.0 0.4 Acquisition of intangible assets -0.9 -1.1 Other income accruals -55.0 - Change in due from related parties -10.3 4.6 Provision for employee severance indemnity 2.7 2.8 Change in due to related parties -25.1 - Provision for doubtful receivables 1.2 7.3 Dividends from equity-accounted investees 121.6 0.9 Discount on receivables and payables, net -0.1 -2.1 Acquisition of subsidiary, net-of cash acquired -2.0 - Provision set for unused vacation 0.2 -0.8 Net cash provided from/(used in) investing Gain on sale of property and equipment - -1.1 40.7 -70.1 activities Interest income -12.9 -8.9 CASH FLOWS FROM FINANCING ACTIVITIES Interest expense on financial liabilities 51.2 44.7 Proceeds from borrowings 15.3 330.3 Tax expense 49.0 31.9 Repayment of borrowings -47.2 -86.9 Unwinding of discount on concession receivable 17.4 19.8 Dividends paid -131.1 -57.4 and payable Interest received 7.6 3.5 Share of profit of equity-accounted investees, net -40.0 59.1 Interest paid -21.1 -23.3 of tax Change in due to related parties -8.7 -9.1 Unrealised foreign exchange differences on -24.6 -3.7 Purchase of treasury shares - -4.3 statement of financial position items Change in restricted bank balances -36.2 34.4 Cash flows from operating activities 325.4 -8.7 Change in lease liabilities -0.3 -9.7 Change in current trade receivables -3.9 9.9 Change in non-current trade receivables 18.3 13.5 Net cash provided from/(used in) in financing Change in inventories -0.7 0.7 -221.7 177.5 Change in due from related parties 6.8 -0.8 activities Change in other receivables and assets -118.1 186.7 Change in trade payables 19.7 3.3 NET INCREASE IN CASH AND CASH EQUIVALENTS 7.6 149.0 Change in due to related parties 0.4 -0.1 Change in other payables and provisions -21.0 -59.5 CASH AND CASH EQUIVALENTS AT 1 JANUARY 552.2 582.4 Cash provided from operations 226.9 145.2 CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 559.8 731.4 Income taxes paid -21.7 -102.6 Retirement benefits paid -16.7 -1.0 Net cash provided from operating activities 188.6 41.6

TAV Airports – 9M20 Results|39 OPERATING ENVIRONMENT

Number of Tourists Visiting Turkey Passenger Growth in Selected Airports (9M20)

2020 2019 2018 6,6 6,3 Paris Aéroport -75% 5,3 5,4

4,3 TAV (post Ataturk Airport) -71% 4,0 3,3 Frankfurt Airport -70% 2,2 2,1 2,2 1,8 1,8 1,7 1,5 1,7 AENA -70% 0,9 0,7 0,0 0,2 0,0 Schiphol Airport -68%

Source: Ministry of Tourism Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Company Data Remarks TAV Airports’ Market Share (%) in Turkey

62,3 Turkish market share increased with addition of Antalya Airport to the portfolio and decreased with the shutdown of

51,3 50,1 Ataturk Airport 48,9 48,7 48,6 49,1

41,1 40,9 40,0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: DHMI

TAV Airports – 9M20 Results|40 TIMELINE

2018 2019 2020 Q1 Q1 Q1 TRY 406 million cash dividends paid TRY 758 million cash dividends paid TRY 392 million cash dividends paid Signed SPA to purchase 49% of Antalya BTA IDO stake increased to 100% Covid-19 related travel restrictions Airport with co-control and equal dividend rights from IC for EUR 360 million TAV OS acquired 70% of Spanish Lounge First installment of Istanbul compensation of operator GIS EUR 193m collected in cash

Q2 Q2 Q2 Antalya Airport share transfer took place Commercial traffic of Istanbul Ataturk Airport Covid-19 related travel restrictions in May 2018 transferred to Istanbul Airport Kazakhstan SPA signed TGS contract renewed for 15 more years BTA Orly operations started €3.6m of share buy-backs were executed Guidance revision for 2018 Stake in TIBAH (Medinah) increased to 50%

Q3 Q3 Q3 Volatility in markets Gradual easing of travel restrictions between Russian flight ban to Georgia June and August €0.7m of share buy-backs were executed Q4 TAV Airports Holding included in Turquality program Q4

EUR 10million impairment of Milas Bodrum €389m of pre-tax compensation income reversed accrued due to early closure of Ataturk Employee termination benefits provisioned Tunisian concession agreement with the Higher PPAA allocation for Antalya Airport authority restructured. due to change in accounting Shareholding in Tunisia increased to 100% TAV Airports – 9M20 Results|41 CONCESSION OVERVIEW

Yearly Lease/ 2019 Pax fee/pax fee/pax Security Volume Airport Type/Expire TAV Stake Scope Concession Fee (mppa) Int'l Dom. fee/pax int’l(7) Guarantee Paid BOT 0.6m Dom. , €15 Ankara Esenboga 100% Terminal 13.7 €3 €1.5 0.75m Int'l for - (May 2023) €2.5 (Transfer) 2007+5% p.a Izmir A.Menderes Concession €15 €29m+VAT (1) 100% Terminal 12.4 €3 €0.75 No (Ege) (December 2032) €2.5 (Transfer) Lease $50,000+VAT+65% Gazipasa Alanya 100% Airport 1.1 €12 TL10 €1.0 No (May 2034) of net profit Concession €0.75 €143.4m upfront+ Milas Bodrum 100% Terminal 4.3 €15 €3 No (December 2035) €28.7m+VAT (2) Concession €15 €0.75 Antalya 50%(6) Terminal 35.7 €3 No €100.5m + VAT (December 2024) €2.5 (Transfer) BOT Tbilisi 80% Airport 3.7 US$24 US$6 - No - (February 2027) BOT Batumi 76% Airport 0.6 US$12 US$7 - No - (August 2027) 11-26% of BOT+Concession Monastir&Enfidha 100% Airport 3.0 €13 €1 €0.8 No revenue from(8) (May 2047) 2010 to 2047 BOT+Concession €6.5 in 4% of the gross €11.5 in Skopje, Skopje & Ohrid 100% Airport 2.7 - Skopje, €6.5 No annual turnover (March 2030) €10.2 in Ohrid in Ohrid (3) Medinah BTO+Concession 50% Airport 8.4 SAR 91 (4) - - No 54.5% (5) (TIBAH) (2037) €17 €2.0 - €11.5m Zagreb BOT+Concession fixed 15% Airport 3.4 €7.5 €6.5 No (MZLZ) (April 2042) €4 (Transfer) 0.5% (2016) - 61% (2042) variable Lease US$15 Istanbul Ataturk* 100% Terminal 16.0 €3 €1.5 No $140m + VAT (January 2021) €2.5 (Transfer)

1) Accrual basis: Depreciation expense of €13.5m in 2015 to €32.4m in 2032 plus finance expense of €17.8m in 2015 to €0m in 2032 2) Accrual basis: Depreciation expense of €11.1m in 2016 to €38.0m in 2032 plus finance expense of €18.8m in 2016 to €0m in 2032 3) The percentage will be tapered towards 2% as passenger numbers increase. 4) SAR 91 from both departing and arriving international pax. Pax charge will be increase as per cumulative CPI in Saudi Arabia every three years, 5) Was reduced to 27.25 % for the first two years after construction of new terminal in Q2 2015 6) TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends. 7) Security fee for int’l pax are collected in Turkish Airports starting from January 2019. 8) The concession fees have been restructured in November 2019 with this multiplier: (*35% if pax<4m, *75% if 4m7.5m)

*All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. DHMI had stated that it would reimburse our company for loss of profit due to opening of the New Istanbul Airport before the end of TAV Istanbul's lease period which ends on January 3, 2021. TAV Airports – 9M20 Results|42 TAV CORPORATE AND SHAREHOLDER STRUCTURE

TAV Airports Holding Co. Shareholder Structure (as of December 2019)

Airport Companies Service Companies 5,06% Esenboga (100%) ATU (50%) 2 1,18% 3 4 3,20% Adnan Menderes (100%) BTA (100%) 1 46,12% Gazipasa Alanya (100%) OS (100%) 5 Milas Bodrum (100%) TAV Technologies 44,45% (100%) Antalya (50%) Security (100%) Shareholders

Medinah (50%) 1. Groupe ADP* Academy (100%) Internationally acclaimed airport operating company Tbilisi (80%) & Batumi (76%) with global operations

Havas (100%) 2. Tepe Insaat Sanayi A.S. Monastir & Enfidha (100%) Turkish integrated conglomerate focused on infrastructure and construction TGS (50%) Skopje & Ohrid (100%) 3. Sera Yapi Endustrisi A.S. Focused on construction in Turkey & MENA region Havas Latvia (100%) 4. Other Non-floating Latvia (100%) Havas Saudi (67%) 5. Other Free Float

Zagreb (15%) *Through Tank oWA Alpha GMBH Note: Groupe ADP bought Akfen Holding’s 8.12% stake in TAV Airports as of July 7, 2017

IR Team About TAV Airports

• Gazipasa Alanya • Ankara Esenboga Turkey • Milas Bodrum • Izmir Adnan Menderes • Antalya Ali Ozgu CANERİ Investor Relations Coordinator [email protected] Georgia Tbilisi and Batumi Tel :+90 212 463 3000 / 2124 Fax : +90 212 465 3100 Tunisia Monastir and Enfidha

Besim MERİC North Macedonia Skopje and Ohrid Investor Relations Coordinator [email protected] Tel :+90 212 463 3000 / 2123 Saudi Arabia Medinah Fax : +90 212 465 3100

Latvia Riga (only commercial areas)

IR Website http://ir.tav.aero Croatia Zagreb e-mail [email protected] Phone +90-212-463 3000 (x2122 – 2123 – 2124 - 2125) Twitter twitter.com/irTAV TAV Airports through its affiliates and subsidiaries, in auxiliary airport services Facebook facebook.com/irTAV including duty free, food and beverage, ground handling services, IT, security and operation services. As part of these diversified services TAV Airports also Address TAV Airports Holding Co. operates the duty-free, food and beverage and other commercial areas at Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi Riga Airport in Latvia. In 2019, the company provided services for 600 thousand No:109L 2C Blok 34485 Sarıyer/Istanbul flights and 89 million passengers. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”

TAV Airports – 9M20 Results|44 DISCLAIMER

This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.S. (the "Company") in 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 October 22, 2020.

TAV Airports – 9M20 Results|45