TÜRK HAVA YOLLARI A.O.

Earnings Release • Aug 5, 2024

Turkish Airlines

Investor Presentation

2Q'24 Results

2Q'23	2Q'24	Change	(USD mn)	1H'23	1H'24	Change
5,149	5,661	9.9%	Total Revenues	9,502	10,430	9.8%
4,412	4,597	4.2%	Passenger Revenue	8,060	8,421	4.5%
600	885	47.5%	Cargo Revenue	1,191	1,635	37.3%
117	140	19.7%	Technic Revenue	224	284	26.8%
794	591	-25.6%	Profit From Main Operations	908	633	-30.3%
635	943	48.5%	Net Income	868	1,169	34.7%
12.3%	16.7%	4.3 pt	Net Income Margin	9.1%	11.2%	2.1 pt
1,552	1,371	-11.6%	EBITDAR	2,321	2,150	-7.3%
30.1%	24.2%	-5.9 pt	EBITDAR Margin	24.4%	20.6%	-3.8 pt
59.1	63.6	7.7%	ASK1 (Billion)	110.8	122.1	10.2%
7.63	7.73	1.3%	RASK2 (incl. ACTK)2	7.52	7.35	-2.3%
9.12	8.91	-2.3%	(R/Y)3 Revenue Yield (Usc)	8.91	8.54	-4.2%
21.7	22.1	2.0%	Passengers Carried (Million)	38.7	40.6	4.8%
81.9%	81.1%	-0.8 pt	L/F (%)	81.6%	80.8%	-0.8 pt
395	512	29.6%	Carried Cargo Tons ('000)	748	989	32.3%

Financial Highlights

Total Revenues exceeded 2Q'23 level by 10%.

Cargo Revenues surged by 48% due to strong e-commerce activity.

EBITDAR Margin declined as a result of cost pressures.

A sizable contribution from our investment portfolio materially improved Net Income.

¹ASK: Available Seat Kilometers ²RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer) ³Revenue Yield (R/Y): Total Passenger Revenue / RPK

Unit Revenue Development

RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer) Revenue Yield (R/Y): Total Passenger Revenue / RPK Passenger RASK: Total Passenger Revenue / ASK

ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers

Regional Unit Revenue Change in USD (2024/2023)

Far East FAR EAST 2Q 33.5% 3.0% -11.6% -7.9% -5.1%	1H 30.3% -1.5% -11.2% -8.3% -6.2%
2Q	1H
	0.3%
	19.1%
30.3%	19.8%
	14.9%
	68.9%
	Domestic DOMESTIC -6.0% 29.6% 23.6% 78.2%

Americas	AMERICAS		Europe	EUROPE
	2Q	1H		2Q	1H
	5.9%	10.8%	ASK	2.4%	5.6%
	-2.0%	-5.1%	RASK2	-0.7%	-3.3%
RASK	-5.7%	-7.6%	Passenger RASK	-2.6%	-3.9%
	-4.7%	-6.1%	R/Y	-0.3%	-1.7%
R/Y ex-currency	-3.5%	-4.9%	R/Y ex-currency	4.0%	1.3%

Africa	AFRICA		Middle East	MIDDLE EAST		Domestic	DOMESTIC
	2Q	1H		2Q	1H		2Q
	10.5%	9.5%	ASK	-11.0%	-10.1%	ASK	-6.0%
	-5.0%	-5.9%	RASK2	1.4%	-0.9%	RASK2	29.6%
RASK	-7.2%	-6.6%	Passenger RASK	0.7%	-1.9%	Passenger RASK	30.3%
	-6.7%	-6.3%	R/Y	0.6%	-1.1%	R/Y	23.6%
R/Y ex-currency	-4.8%	-5.0%	R/Y ex-currency	1.9%	-0.3%	R/Y ex-currency	78.2%

Americas
	2Q	1H
ASK	5.9%	10.8%
RASK 2	$-2.0%$	$-5.1%$
Passenger RASK	$-5.7%$	$-7.6%$
R/Y	$-4.7%$	$-6.1%$
R/Y ex-currency	$-3.5%$	$-4.9%$

Africa
	2Q	1H
ASK	10.5%	9.5%
RASK 2	$-5.0%$	$-5.9%$
Passenger RASK	$-7.2%$	$-6.6%$
R/Y	$-6.7%$	$-6.3%$
R/Y ex-currency	$-4.8%$	$-5.0%$

RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)

Revenue Yield (R/Y): Total Passenger Revenue / RPK Passenger RASK: Total Passenger Revenue / ASK

ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers

¹Includes other operating income, other operating expense and FX gains/losses from operational activities

2Q'23	2Q'24	Change	(mn USD)	1H'23	1H'24	Change	% of Total Costs
1,375	1,586	15.3%	Fuel	2,852	3,123	9.5%	31.4%
837	1,091	30.3%	Personnel	1,563	2,117	35.4%	21.3%
536	644	20.1%	Aircraft Ownership1	1,050	1,253	19.3%	12.6%
411	426	3.6%	Airports & Air Navigation	773	830	7.4%	8.3%
335	356	6.3%	Sales & Marketing	650	681	4.8%	6.8%
343	413	20.4%	Ground Handling	605	717	18.5%	7.2%
230	247	7.4%	Passenger Services & Catering	416	459	10.3%	4.6%
235	261	11.1%	Maintenance	476	517	8.6%	5.2%
139	127	-8.6%	Other	275	251	-8.7%	2.5%
4,441	5,151	16.0%	TOTAL	8,660	9,948	14.9%	100.0%

Includes Depreciation and Aircraft Rent expenses.

2Q'23	2Q'24	Change	(USc)	1H'23	1H'24	Change
2.33	2.49	7.1%	Fuel	2.57	2.56	-0.6%
1.42	1.71	21.1%	Personnel	1.41	1.73	23.0%
0.91	1.01	11.6%	Aircraft Ownership1	0.95	1.03	8.3%
0.70	0.67	-3.7%	Airports & Air Navigation	0.70	0.68	-2.5%
0.57	0.56	-1.3%	Sales & Marketing	0.59	0.56	-4.9%
0.58	0.65	11.8%	Ground Handling	0.55	0.59	7.6%
0.39	0.39	-0.3%	Passenger Services & Catering	0.38	0.38	0.2%
0.40	0.41	3.1%	Maintenance	0.43	0.42	-1.4%
0.24	0.20	-15.1%	Other	0.25	0.21	-17.1%
7.52	8.10	7.7%	CASK	7.81	8.15	4.3%
5.19	5.60	8.0%	Ex-Fuel CASK	5.24	5.59	6.7%
6.76	7.27	7.4%	CASK2 (incl. ACTK)2	7.04	7.27	3.3%
4.67	5.03	7.7%	Ex-Fuel CASK2 (incl. ACTK)2	4.72	4.99	5.6%

Highlights

Fuel-CASK rose by 7% due to higher fuel prices and growing cargo operations.

Increase in Ex-fuel CASK driven by personnel expenses and GTF groundings.

Impact of personnel bonus payment, subsidiary salary adjustments and GTF was around 6 pp.

Ground Handling unit cost rose as a result of subsidiary salary adjustment.

1 includes Depreciation and Aircraft Rent expenses.

CASK: Total Expenses / ASK (Available Seat Kilometers) Ex-Fuel CASK: (Total Expenses - Fuel Expenses) / ASK

² CASK2: Total Expenses / ASK (Adjusted ASK by available cargo ton kilometer) Ex-Fuel CASK2: (Total Expenses - Fuel Expenses) / ASK (Adjusted ASK by available cargo ton kilometer)

2Q'23	2Q'24	Change		1H'23	1H'24	Change
977	993	1.6%	Fuel Price (USD/ton)	947	1,007	6.3%
2.68	2.82	5.2%	1 Fuel Consumption (lt) per 100 ASK2	3.06	2.83	-7.4%
1,224	1,381	12.8%	Aircraft Ownership Cost per BH2	1,290	1,408	9.1%
537	560	4.3%	BH2 Maintenance Cost per	585	581	-0.7%
2,502	3,003	20.0%	Handling Cost per Landing	2,442	2,791	14.3%
1,511	1,466	-3.0%	Airports & Air Navigation Cost per km Flown	1,521	1,486	-2.3%
10.6	11.2	5.3%	Passenger Services & Catering Cost per Pax	10.7	11.3	5.3%
6.5%	6.3%	-0.2 pt.	Sales & Marketing Cost / Total Revenue	6.8%	6.5%	-0.3 pt.

2Q'24 Results

Source: General Directorate of State Airports Authority (DHMI) – May 2024 (*) Adjusted for double count on Domestic Pax.

ASK: Available Seat Kilometers RPK: Revenue Passenger Kilometers Source: IATA.

Market Share Development (Passenger)

Turkish Airlines' market share quadrupled in the last two decades

LTM 1H'24 Market Share & Ranking
Total	2.3%	9
International	3.4%	5

World Leading Network

Turkish Airlines ranks #1 in the World by international destinations

Turkish Airlines offers the most diverse set of flight itineraries with minimum detour¹

Top Airlines by Connectivity Number of International City Pairs² Europe to the World 1. Turkish Airlines ~17,800 2. Lufthansa ~7,200 3. Air France ~6,300 Middle East to the World 1. Turkish Airlines ~6,800 2. Qatar Airways ~3,500 3. Indigo ~1,600 Africa to the World 1. Turkish Airlines ~4,000 2. Ethiopian ~3,000 3. Air France ~2,200

Turkish Airlines increases flight distance by less than 13%.

Average international transfer time decreased by 30% for optimum connectivity.

¹Detour (Circuity): Increase in the flight distance compared to a non-stop flight. ²Includes meaningful city pairs with maximum 40% detour (detour factor <1.4). ³Analysis is based on c.14,000 city pairs with detour factor <1.4.

Source: OAG. As of 13 August 2023.

Istanbul's Geographical Advantage - A Natural Hub

Passenger Traffic and Breakdown

Int'l Passenger Breakdown by Geography Passenger Breakdown by Transfer Type

Note: Int'l to int'l transfer passengers' share in total international passengers is 59%.

Revenue Breakdown (1H'24)

Note: Includes total passenger and cargo revenue Note: Includes only scheduled passenger revenue

Operating Efficiency

1 In terms of Block Time: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate. 2 Includes Turkish Airlines' fully consolidated subsidiaries

¹Net Debt = Total Debt - (Cash & Cash eq. + Financial Investments + Short-term PDP Receivables + Restricted Cash)

			Fleet	as of 30.06.2024
30.06.2024	Type	Total	Owned	Financial Lease	Opr./Wet Lease	Seat Capacity ('000)	Average Fleet Age	# of New Generation Aircraft
	A330-2/3	49	20	14	15	14.0	12.0
	B777-3ER	34	12	15	7	12.2	10.8	149 (33% of total)
Wide Body	A350-9	20		20		6.5	1.7
	B787-9	23		23		6.9	3.2
	Total	126	32	72	22	39.6	8.4
	B737-8/9 MAX	32		25	7	5.1	3.7	Airbus &
	A321/320 NEO	67		36	31	12.8	2.7	Boeing Split
	B737-8/9	100	51	24	25	16.9	13.9	55% / 45%
Narrow Body	A321/320/319	83	49	30	4	14.8	12.6
	B737-8 MAX WL	7			7	1.3	6.2
	A321/320 WL	18			18	3.7	17.4
	Total	307	100	115	92	54.6	10.0
	A330-200F	10	3	7			10.7	Ownership
	B777F	8	0	8			5.4
Cargo	Wet Lease	7	0	0	7		25.6	Owned: 29%
	Total	25	3	15	7		13.2	Fin. Lease: 44% Op. Lease: 26%
	Grand Total	458	135	202	121	94.1	9.8
	1 x A321 NEO		New Entries in 2Q 2024: 2 x A350-9				1 x B737-8 MAX

Turkish Cargo Overview

Turkish Cargo Revenue Development

Flies to 133 countries / 366 destinations with 21 freighters and 437 passenger aircraft.

Ranks 3 rd globally in terms of FTK¹ in 1H'24.

Operates in SmartIST, one of the largest air cargo terminals in the world.

Opportunities

• Türkiye's ideal location as a global hub and increasing trade volume
• Penetration into the fast growing express cargo
• segment (e-commerce)
• Growth opportunities in Asia through JVs and commercial partnerships
• Integrated solutions for intermodal transportation

AJet – Building a Growth Platform

Incorporation	Fleet Renewal
▪ Incorporated in 2023 as a spinoff of AnadoluJet brand ▪ Started being independently operational in April 2024	▪ Decreasing unit costs with more efficient and high density new generation aircraft entries
Expanding Network	Digital Transformation
▪ Increasing depth and breadth of the network with an	▪ Generating ancillary revenue by merchandising and
international focus ▪ Penetration to high growth leisure and ethnic travel	unbundling ▪ Higher proportion of online	International Capacity
market	ticket sales	Int'l Market Share in Hub (Ist. SAW Airport)
		1ASK: Available Seat Kilometers.

Increased Focus on International Operations

	2019	2023	1H'23	1H'24
Number of Aircraft	31	91	81	95
Number of Routes	129	177	178	162
International Capacity Share (%)	13.3%	61.3%	57.7%	57.6%
Int'l Market Share in Hub (Ist. SAW Airport)	18%	25%	25%	23%
Number of Passenger (mn)	14.6	20.9	9.3	10.2
Capacity (ASK)	11.2	27.4	12.2	13
Load Factor	87.5%	82.3%	80.4%	79.6%

¹ASK: Available Seat Kilometers.

Currency Exposure (1H'24)

Diversified revenue base increases our ability to adapt to different macro economic conditions.

Regional revenue distribution provides a natural hedge against FX volatility as well as geopolitical risks.

c.65% of our revenues are in hard currencies.

¹Currencies that are highly correlated (85%) with USD and EUR comprise c.90% of our total revenues. ²85% correlation with USD and EUR considered as USD and EUR correlated respectively.

Fuel Expense Bridge and Hedging

• Descending layered hedging strategy
• Crude oil based swaps and options
• Maximum of 60% for the following month is hedged using derivative instruments depending on the market conditions.

Currency Breakdown of Total Lease Liabilities Financial Lease Debt Service

1 Including interest payments. ² Post-Hedge Interest Rate breakdown.

: 2.90%

(mn USD) 30.06.2024	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	886	10-12 Years	142
EUR	6,408	10-12 Years	933
JPY	2,145	10-12 Years	269
CHF	113	12 Years	26
CNY	369	12 Years	31
Total	9,921		1,402

2Q'23	2Q'24	Change	EBITDAR (mn USD)	1H'23	1H'24	Change
5,149	5,661	9.9%	Sales Revenue	9,502	10,430	9.8%
3,862	4,570	18.3%	Cost of Sales (-)	7,567	8,815	16.5%
1,287	1,091	-15.2%	GROSS PROFIT / (LOSS)	1,935	1,615	-16.5%
129	112	-13.2%	General Administrative Expenses (-)	227	220	-3.1%
450	469	4.2%	Marketing and Sales Expenses (-)	866	913	5.4%
708	510	-28.0%	NET OPERATING PROFIT / (LOSS)	842	482	-42.8%
100	106	6.0%	Other Operating Income	196	217	10.7%
14	25	78.6%	Other Operating Expense (-)	130	66	-49.2%
794	591	-25.6%	Profit / (Loss) from Main Operations	908	633	-30.3%
121	68	-43.8%	Adjustments	158	121	-23.4%
42	17	-59.5%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	30	19	-36.7%
79	51	-35.4%	Income From Government Incentives	128	102	-20.3%
915	659	-28.0%	EBIT	1,066	754	-29.3%
497	543	9.3%	Depreciation	994	1,074	8.0%
1,412	1,202	-14.9%	EBITDA	2,060	1,828	-11.3%
110	110	-0.1%	Adjusted Operating Lease Expenses1	214	212	-1.1%
30	60	98.2%	Adjusted Short term Lease Expenses (Wet-lease)2	47	111	136.5%
1,552	1,371	-11.6%	EBITDAR	2,321	2,150	-7.3%
30.1%	24.2%	-5.9 pt	EBITDAR MARGIN	24.4%	20.6%	-3.8 pt

Notes: - For 2Q'24, Turkish Technic's contribution to EBITDAR through consolidation is 140 mn USD (2Q'23: 117 mn USD). - For 2Q'24, adjustments for heavy maintenance of operational lease expenses is 100 mn USD (2Q'23: 107 mn USD).

¹ Adjusted for aircraft heavy maintenance.

² Adjusted for aircraft rent and heavy maintenance portion. (Aprox. 55%)

(mn USD)	1H'23	% in Total	1H'24	% in Total	Change
Fuel	2,852	32.9%	3,123	31.4%	9.5%
Personnel	1,563	18.0%	2,117	21.3%	35.4%
Landing, Navigation & Air Traffic	773	8.9%	830	8.3%	7.4%
Landing and navigation	428	4.9%	443	4.5%	3.5%
Air Traffic Control	345	4.0%	387	3.9%	12.2%
Sales & Marketing	650	7.5%	681	6.8%	4.8%
Commissions and Incentives	314	3.6%	330	3.3%	5.1%
Reservation System	160	1.8%	161	1.6%	0.6%
Advertising	86	1.0%	86	0.9%	0.0%
Other	90	1.0%	104	1.0%	15.6%
Depreciation	994	11.5%	1,074	10.8%	8.0%
Ground Handling	605	7.0%	717	7.2%	18.5%
Aircraft Rent	93	1.1%	216	2.2%	132.3%
Operational Lease	8	0.1%	15	0.2%	87.5%
Wet Lease	85	1.0%	201	2.0%	136.5%
Passenger Services & Catering	416	4.8%	459	4.6%	10.3%
Maintenance	476	5.5%	517	5.2%	8.6%
General Administration	63	0.7%	51	0.5%	-19.0%
Other	175	2.0%	163	1.6%	-6.9%
TOTAL	8,660	100%	9,948	100%	14.9%
Operating Cost per ASK (USc)	7.81	-	8.15	-	4.3%
Ex-fuel Operating Cost per ASK (USc)	5.24	-	5.59	-	6.7%
Fixed Costs	2,295	26.5%	2,877	28.9%	25.4%

(mn USD)	2019	2020	2021	2022	2023	1H'23	1H'24	YoY Change
Operating Revenue	13,229	6,734	10,686	18,426	20,942	9,502	10,430	10%
Operating Expenses (-)	12,644	7,264	9,411	15,710	18,269	8,660	9,948	15%
of which Fuel	3,873	1,638	2,756	6,467	6,232	2,852	3,123	10%
of which Personnel	2,067	1,097	1,298	2,140	3,256	1,563	2,117	35%
of which Depreciation	1,521	1,659	1,740	1,864	2,035	994	1,074	8%
Biraz daraltalım of which Rent	311	244	197	157	263	93	216	132%
Net Operating Profit / Loss	585	-530	1,275	2,716	2,673	842	482	-43%
Other Operating Income	355	330	174	145	509	196	217	11%
Other Operating Expenses (-)	64	55	35	82	323	130	66	-49%
Profit / Loss From Main Operations	876	-255	1,414	2,779	2,859	908	633	-30%
Income From Investment Activities (Net)	89	179	200	293	868	337	749	122%
Share of Investments' Profit / Loss	82	-87	75	121	232	30	19	-37%
Financial Income	139	72	101	378	611	413	371	-10%
Financial Expense (-)	310	835	767	632	931	552	746	35%
Monetary Gain	-	-	-	-	2	-	-	-
Profit Before Tax	876	-926	1,023	2,939	3,641	1,136	1,026	-10%
Tax (-)	88	-90	64	214	-2,380	268	-143	-
Current Tax Expense	-	-	-28	-35	-66	-6	-	-
Deferred Tax Income	-88	90	-36	-179	2,446	-262	143	-
Net Profit	788	-836	959	2,725	6,021	868	1,169	35%

Assets (mn USD)	2019	2020	2021	2022	2023	30.06.2024
Cash and Cash Eqv. & Short-Term Financial Investments	2,475	1,829	2,682	4,701	6,027	5,799
Trade Receivables	540	637	925	995	856	1,166
Pre-delivery Payment (PDP) Receivables	778	731	546	511	305	528
Other Current Assets	977	981	785	1,018	1,407	2,012
Total Current Assets	4,770	4,178	4,938	7,225	8,595	9,505
Assets1 Net Fixed	3,643	4,145	4,364	4,723	6,118	6,588
of which Aircraft and Engines2	1,493	1,859	2,041	2,351	3,678	4,101
Rights of Use of Assets	13,618	14,777	15,110	16,577	16,928	17,006
Pre-delivery Payment (PDP) Receivables	761	515	279	291	501	400
Other Non-Current Assets	15,550	16,692	16,956	18,705	20,457	21,097
Total Non-Current Assets	19,954	21,352	21,599	23,719	27,076	28,083
Total Assets	24,724	25,530	26,537	30,944	35,671	37,588

Liabilities (mn USD)	2019	2020	2021	2022	2023	30.06.2024
Lease Obligations	9,919	11,307	10,244	10,766	11,812	11,536
Bank Borrowings	3,453	5,394	4,659	3,273	2,435	1,407
Passenger Flight Liabilities	1,032	580	1,216	2,291	2,656	3,850
Accounts Payable	1,130	861	891	1,200	1,291	1,510
Other Liabilities	2,326	2,005	2,690	3,672	1,914	2,257
Total Liabilities	17,860	20,147	19,700	21,202	20,108	20,560
Total Shareholders Equity	6,864	5,383	6,837	9,742	15,563	17,028
of which Issued Capital	1,597	1,597	1,597	1,597	1,597	1,597
of which Retained Earnings	4,463	5,246	4,406	5,405	8,097	14,118
of which Differences from Currency Translation	-184	-201	-275	-294	-221	-211
of which Net Profit for the Period	788	-836	959	2,725	6,021	1,169
Total Liabilities & Shareholders Equity	24,724	25,530	26,537	30,944	35,671	37,588

1 Investment Property is included.

² Before 2019 values include leases. After 2019 values show only unencumbered aircraft & engine values.

Subsidiaries & Affiliates

30.06.2024	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
1 2 Turkish Airlines (Türk Hava Yolları A.O.)	Transportation	10,430	33,486	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1 Turkish Technic Inc.	MRO	-	10,759	100% Turkish Airlines
2 Turkish Airlines Technology Inc.	IT	-	1,562	100% Turkish Airlines
3 Turkish Flight Training and Airport Operations Inc.	Flight Trainings & Airport Operations	-	165	100% Turkish Airlines
4 AJet Hava Taşımacılığı A.Ş.	Transportation	-	2,200	100% Turkish Airlines
5 Turkish Airlines Air Cargo Transport Inc.	Cargo	-	13	100% Turkish Airlines
6 Turkish Support Services Inc.	Support Services	-	10,525	100% Turkish Airlines
7 Turkish Airlines Financial Technologies Inc.	Payment Systems	-	5	100% Turkish Airlines
8 Turkish Cabin Interior Systems Inc.	Cabin Interior	-	567	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
9 Turkish Fuel Services Inc.	Fuel	1,722	129	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
10 Sun Express Aviation Inc.	Transportation	710	4,097	50% Turkish Airlines - 50% Lufthansa
11 Turkish Opet Aviation Fuels Inc.	Fuel	353	547	50% Turkish Airlines - 50% Opet
12 Turkish Ground Services Inc.	Ground Services	369	20,189	50% Turkish Airlines - 50% Havas
13 Turkish Do&Co Catering Services Inc.	Catering	276	6,774	50% Turkish Airlines - 50% Do&Co
14 Pratt&Whitney Turkish Engine Center Co. Ltd.	MRO	217	501	51% P&W - 49% Turkish Technic
15 We World Express Limited	Cargo	40	68	45% Turkish Airlines - 45% ZTO - 10% Pal Air
16 Goodrich Turkish Technic Service Center Co. Ltd.	MRO	20	71	60% Collins Aerospace - 40% Turkish Technic
17 Air Albania SHPK	Transportation	-	162	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
	Total		91,820

INVESTOR RELATIONS

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Türk Hava Yolları A.O. (the "Incorporation" or ''Turkish Airlines'') has prepared this presentation for the sole purpose of providing information about its business, operations, operational and financial results. The information in this presentation is subject to updating, revision and amendment. This presentation is not, and does not support to be comprehensive and to contain all information related to Turkish Airlines.

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