TÜRK HAVA YOLLARI A.O.

Investor Presentation • Nov 4, 2024

Turkish Airlines

Investor Presentation

3Q'24 Results

3Q'23	3Q'24	Change	(USD mn)	9M'23	9M'24	Change
6,321	6,630	4.9%	Total Revenues	15,823	17,060	7.8%
5,527	5,550	0.4%	Passenger Revenue	13,586	13,971	2.8%
618	911	47.4%	Cargo Revenue	1,809	2,546	40.7%
151	120	-20.5%	Technic Revenue	375	404	7.7%
1,736	1,346	-22.5%	Profit From Main Operations	2,644	1,979	-25.2%
1,920	1,543	-19.6%	Net Income	2,788	2,712	-2.7%
30.4%	23.3%	-7.1 pt	Net Income Margin	17.6%	15.9%	-1.7 pt
2,543	2,334	-8.2%	EBITDAR	4,864	4,484	-7.8%
40.2%	35.2%	-5.0 pt	EBITDAR Margin	30.7%	26.3%	-4.5 pt
65.2	68.7	5.4%	ASK1 (Billion)	176.0	190.8	8.4%
8.53	8.59	0.7%	RASK2 (incl. ACTK)2	7.89	7.79	-1.3%
9.90	9.51	-4.0%	Revenue Yield (R/Y)3 (Usc)	9.29	8.90	-4.2%
25.2	24.5	-2.9%	Passengers Carried (Million)	63.9	65.1	1.8%
85.6%	85.0%	-0.7 pt	L/F (%)	83.1%	82.3%	-0.8 pt
439	513	16.8%	Carried Cargo Tons ('000)	1,187	1,502	26.5%

Highlights (3Q'24)

Total Revenues exceeded 3Q'23 level by 5%.

Cargo Revenues surged by 47% due to strong demand from Far East.

EBITDAR Margin declined as a result of cost pressures.

A sizable contribution from our investment portfolio supported 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)

Americas	AMERICAS		Europe	EUROPE				Far East FAR EAST
	3Q	9M		3Q	9M			3Q
ASK	13.1%	11.7%	ASK	-3.4%	2.0%		ASK	26.8%
RASK2	-3.9%	-4.8%	RASK2	2.3%	-1.3%		RASK2	2.2%
Passenger RASK	-5.4%	-8.9%	Passenger RASK	-3.3%	-2.4%		Passenger RASK	-8.0%
R/Y	-2.4%	-6.9%	R/Y	-2.3%	-0.6%		R/Y	-5.4%
R/Y ex-currency	-1.8%	-6.1%	R/Y ex-currency	-1.3%	1.8%		R/Y ex-currency	-5.2%
Africa	AFRICA		Middle East	MIDDLE EAST				Domestic DOMESTIC
	3Q	9M		3Q	9M			3Q
ASK	11.0%	10.0%	ASK	-21.5%	-14.1%		ASK	-5.9%
RASK2	-3.4%	-5.0%	RASK2	-2.6%	-1.9%		RASK2	25.2%
Passenger RASK	-1.9%	-6.9%	Passenger RASK	-14.2%	-3.2%		Passenger RASK	26.6%
R/Y	-4.3%	-7.6%	R/Y	-17.0%	-3.7%		R/Y	26.6%
R/Y ex-currency	-4.0%	-6.6%	R/Y ex-currency	-16.7%	-3.1%		R/Y ex-currency	51.3%

Americas	AMERICAS		Europe	EUROPE
	3Q	9M		3Q	9M
	13.1%	11.7%	ASK	-3.4%	2.0%
	-3.9%	-4.8%	RASK2	2.3%	-1.3%
Passenger RASK	-5.4%	-8.9%	Passenger RASK	-3.3%	-2.4%
	-2.4%	-6.9%	R/Y	-2.3%	-0.6%
R/Y ex-currency	-1.8%	-6.1%	R/Y ex-currency	-1.3%	1.8%

Africa	AFRICA		Middle East	MIDDLE EAST		Domestic	DOMESTIC
	3Q	9M		3Q	9M		3Q
	11.0%	10.0%	ASK	-21.5%	-14.1%	ASK	-5.9%
	-3.4%	-5.0%	RASK2	-2.6%	-1.9%	RASK2	25.2%
Passenger RASK	-1.9%	-6.9%	Passenger RASK	-14.2%	-3.2%	Passenger RASK	26.6%
	-4.3%	-7.6%	R/Y	-17.0%	-3.7%	R/Y	26.6%
R/Y ex-currency	-4.0%	-6.6%	R/Y ex-currency	-16.7%	-3.1%	R/Y ex-currency	51.3%

	Americas
	3Q	9M
ASK	13.1%	11.7%
RASK 2	$-3.9%$	$-4.8%$
Passenger RASK	$-5.4%$	$-8.9%$
R/Y	$-2.4%$	$-6.9%$
R/Y ex-currency	$-1.8%$	$-6.1%$

Africa
	3Q	9M
ASK	11.0%	10.0%
RASK 2	$-3.4%$	$-5.0%$
Passenger RASK	$-1.9%$	$-6.9%$
R/Y	$-4.3%$	$-7.6%$
R/Y ex-currency	$-4.0%$	$-6.6%$

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

5

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

3Q'23	3Q'24	Change	(mn USD)	9M'23	9M'24	Change	% of Total Costs
1,693	1,662	-1.8%	Fuel	4,545	4,785	5.3%	31.1%
786	1,209	53.8%	Personnel	2,349	3,326	41.6%	21.6%
521	627	20.3%	Aircraft Ownership1	1,571	1,880	19.7%	12.2%
448	485	8.3%	Airports & Air Navigation	1,221	1,315	7.7%	8.6%
354	325	-8.2%	Sales & Marketing	1,004	1,006	0.2%	6.5%
317	385	21.5%	Ground Handling	922	1,102	19.5%	7.2%
215	282	31.2%	Passenger Services & Catering	631	741	17.4%	4.8%
280	301	7.5%	Maintenance	756	818	8.2%	5.3%
124	142	14.5%	Other	399	393	-1.5%	2.6%
4,738	5,418	14.4%	TOTAL	13,398	15,366	14.7%	100.0%

Includes Depreciation and Aircraft Rent expenses.

3Q'23	3Q'24	Change	(USc)	9M'23	9M'24	Change
2.60	2.42	-6.9%	Fuel	2.58	2.51	-2.9%
1.21	1.76	45.9%	Personnel	1.33	1.74	30.6%
0.80	0.91	14.2%	Aircraft Ownership1	0.89	0.99	10.4%
0.69	0.71	2.7%	Airports & Air Navigation	0.69	0.69	-0.6%
0.54	0.47	-12.9%	Sales & Marketing	0.57	0.53	-7.6%
0.49	0.56	15.2%	Ground Handling	0.52	0.58	10.3%
0.33	0.41	24.5%	Passenger Services & Catering	0.36	0.39	8.3%
0.43	0.44	2.0%	Maintenance	0.43	0.43	-0.2%
0.19	0.21	8.7%	Other	0.23	0.21	-9.1%
7.27	7.88	8.5%	CASK	7.61	8.05	5.8%
4.67	5.47	17.0%	Ex-Fuel CASK	5.03	5.55	10.3%
6.58	7.21	9.6%	CASK2 (incl. ACTK)2	6.87	7.25	5.5%
4.23	5.00	18.2%	(incl. ACTK)2 Ex-Fuel CASK2	4.54	4.99	9.9%

Highlights (3Q'24)

Fuel-CASK decreased by 7% due to lower fuel prices.

Increase in Ex-fuel CASK driven by wages, GTF groundings and growing cargo operations.

Impact of GTF groundings on Ex-fuel CASK was around 1.5 pp.

Sales & Marketing CASK declined by 13% as a result of lower incentives and GDS expenses.

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)

3Q'23	3Q'24	Change		9M'23	9M'24	Change
955	884	-7.5%	Fuel Price (USD/ton)	950	908	-4.4%
3.08	3.13	1.7%	Fuel Consumption (lt) per 100 ASK21	3.07	3.11	1.3%
1,086	1,287	18.5%	Aircraft Ownership Cost per BH2	1,214	1,365	12.4%
584	618	5.9%	Maintenance Cost per BH2	584	594	1.6%
2,140	2,697	26.0%	Handling Cost per Landing	2,329	2,757	18.4%
1,497	1,579	5.4%	Airports & Air Navigation Cost per km Flown	1,513	1,519	0.4%
8.5	11.5	35.1%	Passenger Services & Catering Cost per Pax	9.9	11.4	15.4%
5.6%	4.9%	-0.7 pt.	Sales & Marketing Cost / Total Revenue	6.3%	5.9%	-0.4 pt.

Resulting from cargo load factor increase, (net positive).

ASK: Available Seat Kilometers ¹ASK2: Adjusted ASK by available cargo ton kilometers ²In terms of Block Hour: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate.

3Q'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

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

Source: World Bank (2023).

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 58%.

Revenue Breakdown (9M'24)

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

Operating Efficiency

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

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

Type Total 49 34 24 23 130 B737-8/9 MAX 32 A321/320 NEO 73 100 A321/320/319 84	Owned 20 13 33 0 0 54 50	Financial Lease 14 14 24 23 75 25 39 21	Opr./Wet Lease 15 7 0 0 22 7 34 25	Seat Capacity ('000) 14.0 12.2 7.8 6.9 40.9 5.1 13.9 16.9	Average Fleet Age 12.2 11.1 1.7 3.4 8.4 3.9 2.8	# of New Generation Aircraft 159 (34% of total) Airbus & Boeing Split
					14.1
		29	5	14.9	12.8	56% / 44%
B737-8 MAX WL 7	0	0	7	1.3	6.4
A321/320 WL 18	0	0	18	3.7	17.7
314	104	114	96	55.9	10.1
10	3	7	0		10.9	Ownership
8	0	8	0		5.7
5	0	0	5		29.0	Owned: 30%
23	3	15	5		13.0	Fin. Lease: 44% Op. Lease: 26%
467	140	204	123	96.8	9.8
			New Entries in 3Q 2024:	4 x A350-9	1 x A320 NEO

Turkish Cargo Overview

Turkish Cargo Revenue Development

Overview

Flies to 133 countries / 366 destinations with 23 freighters and 444 passenger aircraft as of Sep 2024.

Ranks 3 rd globally in terms of FTK¹ in 9M'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 – A New Growth Platform

Incorporation	Fleet Renewal
▪ Incorporated in 2023 as a spinoff of AnadoluJet brand ▪ Independently operational since April 2024	▪ Decreasing unit costs with more efficient and high density new generation aircraft entries
Expanding Network ▪ Increasing depth and breadth	Digital Transformation
of the network with an international focus ▪ Penetration to high growth	▪ Generating ancillary revenue by merchandising and unbundling ▪ Higher proportion of online	International Share of its Capacity1
leisure and ethnic travel market	ticket sales	Int'l Market Share2 in
		Capacity1
		1	2
		In terms of Available Seat Kilometers (ASK).

Increased Focus on International Operations

	2019	2023	9M'23	9M'24
Number of Aircraft	31	91	85	102
Number of Routes	129	177	171	161
International Share of its Capacity1 (%)	13.3%	61.3%	61.4%	60.8%
Int'l Market Share2 in Istanbul Sabiha Airport	18%	25%	25%	23%
Number of Passenger (mn)	14.6	20.9	16.0	16.6
Capacity1 (bn ASK)	11.2	27.4	20.9	21.3
Load Factor	87.5%	82.3%	82.8%	82.5%

In terms of Number of Landings.

22

Currency Exposure (9M'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.

: 2.73%

(mn USD) 30.09.2024	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	816	10-12 Years	140
EUR	6,348	10-12 Years	961
JPY	2,628	10-12 Years	314
CHF	435	12 Years	52
CNY	560	12 Years	48
Total	10,788		1,515

3Q'23	3Q'24	Change	EBITDAR (mn USD)	9M'23	9M'24	Change
6,321	6,630	4.9%	Sales Revenue	15,823	17,060	7.8%
4,185	4,810	14.9%	Cost of Sales (-)	11,752	13,625	15.9%
2,136	1,820	-14.8%	GROSS PROFIT / (LOSS)	4,071	3,435	-15.6%
103	166	61.2%	General Administrative Expenses (-)	330	386	17.0%
450	442	-1.8%	Marketing and Sales Expenses (-)	1,316	1,355	3.0%
1,583	1,212	-23.4%	NET OPERATING PROFIT / (LOSS)	2,425	1,694	-30.1%
192	142	-26.0%	Other Operating Income	493	359	-27.2%
39	8	-79.5%	Other Operating Expense (-)	274	74	-73.0%
1,736	1,346	-22.5%	Profit / (Loss) from Main Operations	2,644	1,979	-25.2%
196	266	35.7%	Adjustments	354	387	9.3%
116	114	-1.7%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	146	133	-8.9%
80	152	90.0%	Income From Government Incentives	208	254	22.1%
1,932	1,612	-16.6%	EBIT	2,998	2,366	-21.1%
464	555	19.6%	Depreciation	1,458	1,629	11.7%
2,396	2,167	-9.6%	EBITDA	4,456	3,995	-10.3%
111	116	4.6%	Adjusted Operating Lease Expenses1	326	328	0.8%
35	51	43.8%	Adjusted Short term Lease Expenses (Wet-lease)2	82	161	96.6%
2,543	2,334	-8.2%	EBITDAR	4,864	4,484	-7.8%
40.2%	35.2%	-5.0 pt	EBITDAR MARGIN	30.7%	26.3%	-4.5 pt

Notes: - For 3Q'24, Turkish Technic's contribution to EBITDAR through consolidation is 120 mn USD (3Q'23: 151 mn USD). - For 3Q'24, adjustments for heavy maintenance of operational lease expenses is 116 mn USD (3Q'23: 100 mn USD).

¹ Adjusted for aircraft heavy maintenance.

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

(mn USD)	9M'23	% in Total	9M'24	% in Total	Change
Fuel	4,545	33.9%	4,785	31.1%	5.3%
Personnel	2,349	17.5%	3,326	21.6%	41.6%
Landing, Navigation & Air Traffic	1,221	9.1%	1,315	8.6%	7.7%
Landing and navigation	679	5.1%	704	4.6%	3.7%
Air Traffic Control	542	4.0%	611	4.0%	12.7%
Sales & Marketing	1,004	7.5%	1,006	6.5%	0.2%
Commissions and Incentives	495	3.7%	495	3.2%	0.0%
Reservation System	243	1.8%	224	1.5%	-7.8%
Advertising	129	1.0%	138	0.9%	7.0%
Other	137	1.0%	149	1.0%	8.8%
Depreciation	1,458	10.9%	1,629	10.6%	11.7%
Ground Handling	922	6.9%	1,102	7.2%	19.5%
Aircraft Rent	168	1.3%	308	2.0%	83.3%
Operational Lease	19	0.1%	15	0.1%	-21.1%
Wet Lease	149	1.1%	293	1.9%	96.6%
Passenger Services & Catering	631	4.7%	741	4.8%	17.4%
Maintenance	756	5.6%	818	5.3%	8.2%
General Administration	87	0.6%	104	0.7%	19.5%
Other	257	1.9%	232	1.5%	-9.7%
TOTAL	13,398	100%	15,366	100%	14.7%
Operating Cost per ASK (USc)	7.61	-	8.05	-	5.8%
Ex-fuel Operating Cost per ASK (USc)	5.03	-	5.55	-	10.3%
Fixed Costs	3,443	25.7%	4,474	29.1%	29.9%

(mn USD)	2019	2020	2021	2022	2023	9M'23	9M'24	YoY Change
Operating Revenue	13,229	6,734	10,686	18,426	20,942	15,823	17,060	8%
Operating Expenses (-)	12,644	7,264	9,411	15,710	18,269	13,398	15,366	15%
of which Fuel	3,873	1,638	2,756	6,467	6,232	4,545	4,785	5%
of which Personnel	2,067	1,097	1,298	2,140	3,256	2,349	3,326	42%
of which Depreciation	1,521	1,659	1,740	1,864	2,035	1,458	1,629	12%
Biraz daraltalım of which Rent	311	244	197	157	263	168	308	83%
Net Operating Profit / Loss	585	-530	1,275	2,716	2,673	2,425	1,694	-30%
Other Operating Income	355	330	174	145	509	493	359	-27%
Other Operating Expenses (-)	64	55	35	82	323	274	74	-73%
Profit / Loss From Main Operations	876	-255	1,414	2,779	2,859	2,644	1,979	-25%
Income From Investment Activities (Net)	89	179	200	293	868	716	1,246	74%
Share of Investments' Profit / Loss	82	-87	75	121	232	146	133	-9%
Financial Income	139	72	101	378	611	538	923	72%
Financial Expense (-)	310	835	767	632	931	603	1,560	159%
Monetary Gain	-	-	-	-	2	-	-	-
Profit Before Tax	876	-926	1,023	2,939	3,641	3,441	2,721	-21%
Tax (-)	88	-90	64	214	-2,380	653	9	-99%
Current Tax Expense	-	-	-28	-35	-66	-28	-157	-
Deferred Tax Income	-88	90	-36	-179	2,446	-625	148	-
Net Profit	788	-836	959	2,725	6,021	2,788	2,712	-3%

Assets (mn USD)	2019	2020	2021	2022	2023	30.09.2024
Cash and Cash Eqv. & Short-Term Financial Investments	2,475	1,829	2,682	4,701	6,027	6,236
Trade Receivables	540	637	925	995	856	1,159
Pre-delivery Payment (PDP) Receivables	778	731	546	511	305	699
Other Current Assets	977	981	785	1,018	1,407	1,838
Total Current Assets	4,770	4,178	4,938	7,225	8,595	9,932
Net Fixed Assets1	3,643	4,145	4,364	4,723	6,118	6,995
of which Aircraft and Engines2	1,493	1,859	2,041	2,351	3,678	4,369
Rights of Use of Assets	13,618	14,777	15,110	16,577	16,928	17,449
Pre-delivery Payment (PDP) Receivables	761	515	279	291	501	262
Other Non-Current Assets	15,550	16,692	16,956	18,705	20,457	22,484
Total Non-Current Assets	19,954	21,352	21,599	23,719	27,076	29,741
Total Assets	24,724	25,530	26,537	30,944	35,671	39,673

Liabilities (mn USD)	2019	2020	2021	2022	2023	30.09.2024
Lease Obligations	9,919	11,307	10,244	10,766	11,812	12,546
Bank Borrowings	3,453	5,394	4,659	3,273	2,435	1,933
Passenger Flight Liabilities	1,032	580	1,216	2,291	2,656	3,001
Accounts Payable	1,130	861	891	1,200	1,291	1,404
Other Liabilities	2,326	2,005	2,690	3,672	1,914	2,617
Total Liabilities	17,860	20,147	19,700	21,202	20,108	21,501
Total Shareholders Equity	6,864	5,383	6,837	9,742	15,563	18,172
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	-191
of which Net Profit for the Period	788	-836	959	2,725	6,021	2,712
Total Liabilities & Shareholders Equity	24,724	25,530	26,537	30,944	35,671	39,673

1 Investment Property is included.

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

Subsidiaries & Affiliates

	30.09.2024	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
	Turkish Airlines 1, 2	Transportation	17,060	34,329	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1	Turkish Technic Inc.	MRO	-	11,187	100% Turkish Airlines
2	Turkish Airlines Technology Inc.	IT	-	1,563	100% Turkish Airlines
3	Turkish Flight Training and Airport Operations Inc.	Flight Trainings & Airport Operations	-	180	100% Turkish Airlines
4	AJet Hava Taşımacılığı A.Ş.	Transportation	-	2,392	100% Turkish Airlines
5	Turkish Airlines Air Cargo Transport Inc.	Cargo	-	13	100% Turkish Airlines
6	Turkish Support Services Inc.	Support Services	-	10,877	100% Turkish Airlines
7	Turkish Airlines Electronic Money and Payment Services Inc.	Payment Systems	-	10	100% Turkish Airlines
8	THY Real Estate Investment Services Inc.	Management of Various Investment Projects	-	-	100% Turkish Airlines
9	THY Sport Inc.	Sports Activities	-	-	99.99% Turkish Airlines - 0,01% Turkish Airlines Sports Club
10	Turkish Cabin Interior Systems Inc.	Cabin Interior	-	608	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
11	Turkish Fuel Services Inc.	Fuel	2,673	142	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
12	Sun Express Aviation Inc.	Transportation	1,616	4,154	50% Turkish Airlines - 50% Lufthansa
13	Turkish Opet Aviation Fuels Inc.	Fuel	596	560	50% Turkish Airlines - 50% Opet
14	Turkish Ground Services Inc.	Ground Services	595	19,902	50% Turkish Airlines - 50% Havas
15	Turkish Do&Co Catering Services Inc.	Catering	481	6,732	50% Turkish Airlines - 50% Do&Co
16	Pratt&Whitney Turkish Engine Center Co. Ltd.	MRO	345	522	51% P&W - 49% Turkish Technic
17	We World Express Limited	Cargo	94	73	45% Turkish Airlines - 45% ZTO - 10% Pal Air
18	Goodrich Turkish Technic Service Center Co. Ltd.	MRO	25	73	60% Collins Aerospace - 40% Turkish Technic
19	Air Albania SHPK	Transportation	-	154	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
		Total		93,471

Revenue of 100% consolidated subsidiaries are included. Includes parent company personnel only

INVESTOR RELATIONS

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