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TAV Airports Holding TAV Airports Holding Management Presentation May 2015 Investment Highlights Turkey is the fastest growing aviation market in Europe Passenger growth of 14% p.a. during 2002-2014 Attractive market with Projected passenger growth of 9% p.a. between 2014-2023(1) strong growth prospects Aggressive capacity expansion plans of major airlines in Turkey. (2) (fleet to double in 10 years) Access to fast growing MENA region Diversified, balanced portfolio with leading market positions Leading airport operator #1 airport terminal operator in Turkey with diversified portfolio 14 airports operating in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia, Croatia and Latvia & integrated structure (large catchment areas) Strong vertically integrated value chain Strong momentum with EBITDA posting 45% CAGR between 2006 and 2013 High earnings visibility given clear / agreed regulatory framework Strong financial Proven track record of growth and profitability with attractive organic growth prospects performance and cash High financial returns and cash flow generation given fixed cost base (operational leverage) and flow generation minimal ongoing capex TAV will receive compensation for all loss of profit in case of new Istanbul airport opening before 2021 Hard currency based cash flow & visible earnings Well-positioned to benefit from further organic and inorganic growth Istanbul Ataturk Airport expansion project “Platform play” La Guardia Airport Inorganic growth of service companies (1) Source: Turkey’s Ministry of Transport (2) THY and Pegasus web site 2 Exceptional Growth Sustained Revenue (€m) EBITDA (€m) CAGR (2006-13) CAGR (2006-13) 434 17% 983 45% 381 904 Pre-IFRS11 847 328 Pre-IFRS11 Post-IFRS11 Post-IFRS11 402 508 627 640 785 881 1099 1205 29 77 141 167 212 257 339 397 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2013 2014 Passenger (m) Net Profit (€m) CAGR (2006-14) 95 CAGR (2008-14) 218 19% 84 94% 72 129 133 53 48 41 42 53 30 51 50 23 4 2006 2007 2008 2009 2010 2011 2012 2013 2014 -38 2006 2007 2008 2009 2010 2011 2012 2013 2014 -71 3 TAV Corporate and Shareholder Structure TAV Airports Holding Co. Shareholder Structure Airport Companies Service Companies (2) 8.1% (3) 8.1% Ataturk (100%) ATU (50%) (4) (1) 2.0% 38.0% (5) Esenboga 3.5% (100%) BTA (67%) Adnan Menderes (100%) Havas (100%) (6) Gazipasa Alanya 40.3% (100%) TGS (50%) Milas Bodrum (100%) Shareholders Havas Europe (67%) Medinah (33%) 1. Aéroports De Paris* Tbilisi (80%) & Internationally acclaimed airport operating company with global Batumi (76%) OS (100%) operations 2. Tepe Insaat Sanayi A.S. Turkish integrated conglomerate focused on infrastructure and Monastir & construction Enfidha (67%) IT (100%) 3. Akfen Holding A.S. Holding company operating in the infrastructure, construction, seaport, Skopje & Ohrid REIT and energy sector (100%) 4. Sera Yapi Endustrisi A.S. Focused on construction in Turkey & MENA region Security (100%) 5. Other Non-floating Latvia (100%) 6. Other Free Float Zagreb (15%) Academy (100%) 4 *Through Tank oWA Alpha GMBH TAV Airports Business Areas Airports Duty free Food and beverage Ground handling Others Turkey ATU (50%) BTA (67%) HAVAS (100%) TAV OS (100%) Istanbul Ataturk Airport Largest duty free operator in Operating in Turkey, Georgia, Major ground handler in Commercial area (100%) Turkey Macedonia , Tunisia and Turkey with a c.65% share allocations and lounges, Ankara Esenboga Airport Partner with Unifree–owned Medinah Operates in 25 airports in travel agency services (100%) by Heinemann, leading Operates Istanbul Airport Turkey including Istanbul, TAV IT (100%) Izmir Adnan Menderes German travel retailer Hotel (131 rooms) Ankara, Izmir and Antalya Airport (100%) Airport IT services (Travel Value) Gazipasa Alanya Airport Total seating capacity of TGS (50%) operates in TAV Security (100%) Operating in Turkey, Georgia, 19,041 at 237 points Istanbul (AHL&SGA), Ankara, (100%) Security service provider in Tunisia, Macedonia and including BTA IDO and UNIQ Izmir, Antalya, Adana, Milas Bodrum Airport (100%) Istanbul, Ankara, Izmir and Latvia Bodrum and Dalaman Georgia Baker and pastry factory Gazipasa Tbilisi (80%) and Batumi Will be operating in Houston, serving in Turkey 67% partner of Havas TAV Latvia (100%) Airports (76%) USA and Salalah, Oman fairly BTA Denizyollari (50%) is the Europe, operating in Riga Commercial area Tunisia soon. and 6 airports in Germany F&B operator of Istanbul management in Riga Monastir and Enfidha Deniz Otobusleri (IDO) Airport Airports (67%) Uniq shopping mall food- TAV Academy (100%) Macedonia court Skopje and Ohrid Airports (100%) Saudi-Arabia Medinah (33%) Croatia Zagreb Airport (15%) 5 Growth of the Turkish Aviation Market and TAV Airports Turkish Aviation Market (mPax) Number of Aircraft in Turkey Domestic Int'l Total CAGR (2002-14) 441 166 12% 385 CAGR (2002-14) 150 370 14% 349 130 332 118 299 103 270 86 259 79 240 250 65 70 57 202 45 162 34 34 110 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TAV Airports Passenger Traffic (mPax) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 95 Deregulation of the domestic market in 2003 84 CAGR (2002-14) 72 2nd largest country in Europe in terms of population: 22% 75m (1) 53 In 2014, foreign visitors reached 37m (2) 48 42 41 Limited alternative transport infrastructure 30 23 17 Aircraft number in Turkey expected to reach (3) 9 9 10 750 in 2023 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: DHMI, (1)Turkstat, (2) Ministry Culture and Tourism, (3) Ministry of Transport 6 State Airports Authority Turkish Aviation Market Forecast Domestic International Mn, pax 350 CAGR (2009-23) 11% CAGR (2014-17) 170 10.3% 10% 223 11% 205 12% 187 11% 15% 166 8% 106 10% 149 9% 98 14% 11% 90 20% 130 118 10% 80 12% 73 104 11% 66 86 14% 59 180 18% 52 44 9% 117 13% 10% 107 12% 86 97 11% 18% 76 23% 15% 58 65 41 51 20092009 20102010 20112011 20122012 20132013 20142014 2015e2015e 2016e2016e 2017e2017e // // 2023e2023e Source: State Airports Authority 7 Traffic Outlook 1. 2. 3. 4. 5. World Air Traffic will Turkish air traffic will Aggressive fleet 9% seat capacity Extension plans at double in the next 15 double in the next 10 expansion plans of growth in 2015 Ataturk Airport years years major airlines in Turkey . Boeing projects 4.2% . Pax to double in 10 . THY to double . 9% seat capacity Terminal capacity will CAGR for world air years. fleet to 433 by increase expected increase by extension traffic (2013-2033) 2020. at Ataturk Airport of International . Eurocontrol, projects int’l scheduled Terminal. Airbus projects 5.2% 7% CAGR for Turkey . Pegasus to traffic in 2015 . CAGR for 2013-2023 until 2020 while DHMI increase fleet to following 13% Number of aircraft and 4.2% CAGR for expects 9% CAGR in 107 by 2020. increase in 2014. parking positions to 2023-2033. Turkey until 2023. increase from 102 to 145 (funded by DHMI). Source: THY Presentation (February 2014) Source: Airbus Global Market Forecast 2014, Source: ADI Pegasus Presentation (1Q2014) Source: DHMI, Ministry of Transport Boeing Current Market Outlook 2014 Source: Eurocontrol, DHMI 8 Traffic Performance 4M FY Istanbul: 7% international growth despite harsh winter Passengers (1) 2014 2015 Chg % 2013 2014 Chg % with 9% decrease (1Q) in int-to-int transfer and 19% growth Ataturk Airport 17,089,167 18,116,967 6% 51,297,790 56,954,790 11% International 11,429,008 12,241,093 7% 34,079,118 38,200,788 12% in int O&D (1Q). Domestic 5,660,159 5,875,874 4% 17,218,672 18,754,002 9% Esenboga Airport 3,649,480 3,808,346 4% 10,942,060 11,012,119 1% International 431,149 446,846 4% 1,572,228 1,445,044 -8% Spearheaded by THY’s fleet expansion Domestic 3,218,331 3,361,500 4% 9,369,832 9,567,075 2% Izmir Airport 3,121,125 3,414,231 9% 10,233,140 10,936,772 7% International 464,685 446,779 -4% 2,479,157 2,577,908 4% Istanbul transfer share 41%, same as 1Q14 Domestic 2,656,440 2,967,452 12% 7,753,983 8,358,864 8% Gazipasa Airport 91,895 130,967 43% 338,522 726,252 115% International 28,134 44,442 58% 227,932 409,253 80% Ankara: Some SunExpress flights turned over to THY Domestic 63,761 86,525 36% 110,590 316,999 187% Milas-Bodrum Domestic 308,561 331,073 7% 1,738,027 2,017,703 16% Medinah 2,188,087 2,120,462 -3% 4,669,181 5,703,349 22% Izmir: Domestic driven by THY & Onur Tunisia (Monastir&Enfidha) 432,694 395,990 -8% 3,437,849 3,332,391 -3% Georgia (Tbilisi&Batumi) 426,189 462,512 9% 1,642,597 1,788,571 9% Macedonia (Skopje&Ohrid) 315,000 379,640 21% 1,067,467 1,278,343 20% Gazipasa: THY and Anadolu Jet introduced year round Zagreb Airport 621,947 676,019 9% 2,300,231 2,430,971 6% TAV TOTAL (3) 27,935,584 29,836,207 7% 83,628,606 95,127,477 14% domestic flights. International 15,508,619 16,408,961 6% 47,407,199 54,615,845 15% Domestic 12,426,965 13,427,246 8% 36,221,407 40,511,632 12% Milas-Bodrum: THY increased frequency of flights 4M FY Air Traffic Movements (2) 2014 2015 Chg % 2013 2014 Chg % Ataturk Airport 130,077 136,757 5% 385,998 422,174 9% Medinah: Seasonality effects & ongoing construction in International 89,353 95,730 7% 259,432 287,519 11% Domestic 40,724 41,027 1% 126,566 134,655 6% the Harem area Esenboga Airport 27,475 27,599 0% 85,077 82,239 -3% International 3,569 3,583 0% 13,051 11,697 -10% Domestic 23,906 24,016 0% 72,026 70,542 -2% Tunisia: Impact of Arab spring and political instability on Izmir Airport 20,924 22,974 10% 69,216 74,048 7% tourists’ propensity to fly to Tunisia International 3,191
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