New Ankara Esenboga Airport Concession

(2025- 2050)

December 20, 2022

ANKARA ESENBOGA AIRPORT NEW CONCESSION OVERVIEW

Concession Overview

Operation Period

TAV Airports is awarded the right to operate Ankara Esenboga Airport from May 2025 to May 2050.

Ankara Esenboga is in the capital of Turkey and served 11.5m domestic and 2.3m international

Impact on TAV

passengers in 2019. Seasonality is low due to the business nature of the airport.

The airport delivered 7% international and 6% domestic passenger CAGR between 2010-2019

2019 Cash Revenue

Ankara Esenboga generated EUR 64.8 million cash revenue and EUR 44.5 million cash EBITDAR in

and Cash EBITDAR(*)

2019 before IFRIC 12 accounting and guaranteed passenger fee application.

Total Concession Rent to Be Paid

Total concession rent to be paid is 475 million EUR + VAT.

25% of total concession rent will be paid up front to State Airports Authority (DHMI).

Concession Rent

10% of total concession rent will be paid between 2025 and 2029 in equal annual (2% p.a.)

instalments.

Payment Schedule

Remaining 65% of total concession rent will be paid annually (3.25% p.a.) in equal instalments until

the concession ends (between 2030 and 2049).

Departing International :17 EUR service fee (was 15 EUR) & 3 EUR security fee (was 1.5 EUR)

Pax Fees During New Concession

Departing Domestic: 3 EUR

Period (2025-2050)

There is no guarantee (fixed revenue) structure. This allows revenue upside from present passenger

volume

In the first phase, c. 210 million EUR on EPC basis will be invested starting in 2023, in a new runway,

carpark, 5MW solar panels and other various improvements which are planned to take between 2

Capital Expenditure

to 3 years.

The second phase of investment of c. 90 m EUR which includes terminal expansion, and airside

improvements is planned to take 2 to 3 years and begins the latest in 2038.

After the second phase is complete, no capacity constraints are foreseen until end of concession.

Financing

Both capex and up front payment of total concession rent are expected to be circa 70%

financed by debt and circa 30% financed by equity.

Consolidation

Asset to be fully consolidated

(*) Revenue and EBITDAR before IFRIC 12 accounting and DHMI guaranteed passenger application, not IFRS, not audited

TAV Airports - New Ankara Concession |1

ANKARA ESENBOGA AIRPORT PASSENGER TRENDS

Passengers Served (m)

Passengers Served (m)

2010 - 2019 pax CAGR:

  • Total: 7%

•

Int'l: 7%

Recovery of domestic pax is

•

Domestic: 6%

16,7

Domestic

lower than int'l pax due to

ticket price

domestic ticket price caps.

15,8

caps

14,5

13,013,8

2019/11M

2021/11M

2022/11M

-42%

12,111,5

11,5

10,9

11,010,6

12,8

9,3 9,4

9,6

10,6

7,8

8,5 7,7

7,1

7,0

7,9

6,4

5,2 5,7

-17%

4,4

5,2

6,1

6,4

1,3

1,4

1,6

1,6

1,4

1,6

1,5

2,0

2,2

2,3

1,3

2,1

1,8

0,7

1,2

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Domestic

Int'l

Total

Domestic

Int'l

Total

TAV Airports - New Ankara Concession |2

TAV Airports - New Ankara Concession |3

CONTACT IR

IR Team

About TAV Airports

Ali Ozgu CANERİ

Investor Relations Coordinator ali.caneri@tav.aero

Tel :+90 212 463 3000 / 2124 Fax : +90 212 465 3100

Besim MERİC

Investor Relations Coordinator besim.meric@tav.aero

Tel :+90 212 463 3000 / 2123 Fax : +90 212 465 3100

IR Website

http://ir.tav.aero

e-mail

ir@tav.aero

Phone

+90-212-463 3000 (x2122 - 2123 - 2124 - 2125)

Twitter

twitter.com/irTAV

Facebook

facebook.com/irTAV

Turkey

Georgia

Kazakhstan

Tunisia

North Macedonia

Saudi Arabia

Latvia

Croatia

•

Ankara Esenboga

•

Gazipasa Alanya

•

Milas Bodrum

•

Izmir Adnan Menderes

•

Antalya

Tbilisi and Batumi

Almaty

Monastir and Enfidha

Skopje and Ohrid

Madinah

Riga (only commercial areas)

Zagreb

Address TAV Airports Holding Co.

Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi

No:109L 2C Blok 34485 Sarıyer/Istanbul

In addition to airport operations, TAV Airports provides auxiliary airport services including duty free, food and beverage, ground handling, IT, security and lounge services. In 2019, the company provided services for 600 thousand flights and 89 million passengers in 2019 and 27 million passengers in 2020 due to the pandemic. The Company's shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code "TAVHL"

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 December 20, 2022.

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TAV Havalimanlari Holding AS published this content on 20 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 13:08:06 UTC.