TÜRK HAVA YOLLARI A.O.

Investor Presentation • Apr 28, 2025

Turkish Airlines

Investor Presentation

1Q'25 Results

2023	2024	Change	(USD mn)	1Q'24	1Q'25	Change
20,942	22,669	8.2%	Total Revenues	4,769	4,887	2.5%
17,727	18,444	4.0%	Passenger Revenue	3,824	3,929	2.7%
2,596	3,495	34.6%	Cargo Revenue	750	762	1.6%
531	541	1.9%	Technic Revenue	144	141	-2.1%
2,859	2,413	-15.6%	Profit From Main Operations	42	-76	-
6,021	3,425	-43.1%	Net Income	226	-44	-
28.8%	15.1%	-13.6 pt	Net Income Margin	4.7%	-0.9%	-5.6 pt
6,077	5,744	-5.5%	EBITDAR	779	664	-14.8%
29.0%	25.3%	-3.7 pt	EBITDAR Margin	16.3%	13.6%	-2.8 pt
234.9	254.1	8.2%	ASK1 (Billion)	58.5	61.0	4.3%
7.77	7.79	0.3%	RASK22 (incl. ACTK)	6.98	6.97	-0.1%
9.14	8.83	-3.4%	3 Revenue Yield (R/Y) (Usc)	8.13	8.00	-1.6%
83.4	85.2	2.1%	Passengers Carried (Million)	18.5	18.9	2.3%
82.6%	82.2%	-0.4 pt	L/F (%)	80.4%	80.6%	0.2 pt
1,659	2,001	20.6%	Carried Cargo Tons ('000)	477	478	0.2%

Financial Highlights

Total Revenues rose by 2.5% annually in a seasonally weaker quarter.

Cargo Revenue was resilient despite decelerating global trade.

EBITDAR Margin declined as a result of cost pressures and slower revenue growth.

Lower equity pick-up and tax contributions negatively affected the bottom line.

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 (Revenue Passenger Kilometers)

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

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.

2023	2024	Change	(mn USD)	1Q'24	1Q'25	Change	% of Total Costs
6,232	6,163	-1.1%	Fuel	1,537	1,346	-12.4%	26.1%
3,256	4,708	44.6%	Personnel	1,026	1,345	31.1%	26.0%
2,223	2,566	15.4%	Aircraft Ownership1	609	628	3.1%	12.2%
1,614	1,735	7.5%	Airports & Air Navigation	404	427	5.7%	8.3%
1,321	1,350	2.2%	Sales & Marketing	325	313	-3.7%	6.1%
1,241	1,490	20.1%	Ground Handling	304	379	24.7%	7.3%
863	1,026	18.9%	Passenger Services & Catering	212	255	20.3%	4.9%
997	1,153	15.6%	Maintenance	256	313	22.3%	6.1%
522	558	6.9%	Other	124	160	29.0%	3.1%
18,269	20,749	13.6%	TOTAL	4,797	5,166	7.7%	100.0%

¹Includes Depreciation and Aircraft Rent expenses.

2023	2024	Change	(USc)	1Q'24	1Q'25	Change
2.65	2.43	-8.6%	Fuel	2.63	2.21	-16.0%
1.39	1.85	33.6%	Personnel	1.76	2.21	25.7%
0.95	1.01	6.7%	Aircraft Ownership1	1.04	1.03	-1.1%
0.69	0.68	-0.7%	Airports & Air Navigation	0.69	0.70	1.4%
0.56	0.53	-5.5%	Sales & Marketing	0.56	0.51	-7.6%
0.53	0.59	11.0%	Ground Handling	0.52	0.62	19.5%
0.37	0.40	9.9%	Passenger Services & Catering	0.36	0.42	15.3%
0.42	0.45	6.9%	Maintenance	0.44	0.51	17.2%
0.22	0.22	-1.2%	Other	0.21	0.26	23.7%
7.78	8.17	5.0%	CASK	8.21	8.48	3.3%
5.13	5.74	12.0%	Ex-Fuel CASK	5.58	6.27	12.4%
6.98	7.37	5.5%	CASK2 (incl. ACTK)2	7.32	7.68	4.9%
4.60	5.18	12.6%	Ex-Fuel CASK2(incl. ACTK)2	4.97	5.68	14.2%

Highlights

Fuel-CASK decreased by 16% due to lower prices and jet crack spread.

Increase in Ex-fuel CASK driven by inflation compensation and GTF groundings.

Impact of GTF groundings on Ex-fuel CASK was around 2 pp.

Sales & Marketing CASK declined by 7.6% as a result of increasing direct sales (structural improvement via TKConnect).

¹includes Depreciation and Aircraft Rent expenses.

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

²CASK2: 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)

2023	2024	Change		1Q'24	1Q'25	Change
969	880	-9.2%	Fuel Price (Usd/ton)	945	821	-13.1%
3.07	3.11	1.2%	Fuel Consumption (lt) per 100 ASK1	3.10	3.04	-1.8%
1,284	1,409	9.7%	Aircraft Ownership Cost per BH2	1,437	1,450	0.9%
576	633	9.9%	Maintenance Cost per BH2	604	723	19.6%
2,387	2,837	18.8%	Handling Cost per Landing	2,547	3,103	21.8%
1,495	1,512	1.1%	Airports & Air Navigation Cost per km Flown	1,509	1,559	3.3%
10.3	12.0	16.4%	Passenger Services & Catering Cost per Pax	11.5	13.5	17.6%
6.3%	6.0%	-0.4 pt.	Sales & Marketing Cost / Total Revenue	6.8%	6.4%	-0.4 pt.

Passenger Capacity 6-8% increase vs. 2024

Passengers 91+ million

Total Revenues 6-8% increase vs. 2024 EBITDAR Margin 22-24%

Ex-fuel Unit Cost Mid-single digit increase vs. 2024

Fleet 2025 year-end 515-525

New Int'l Routes in 2025: Started: Planned: Benghazi Phnom Penh Damascus Port Sudan Ohrid

Network:

353 destinations in 131 countries

Strategic Priorities

Leveraging our strengths and extracting value embedded in our business model

Targeting organic growth opportunities

Investing in efficiency and business excellence

Sustaining our competitive cost base

Preserving balance sheet strength and focus on shareholder returns

1Q'25 Results

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

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

Passenger Market Share Development

Turkish Airlines' market share quadrupled in the last two decades

International Market Share Trends¹(2010-2024)

2024	Market Share & Ranking
International	3.4%	4
Total	2.3%	9

Source: IATA, airline publications. 2 In terms of Total Available Seat Kilometers (ASK).

World Leading Network

Turkish Airlines ranks #1 in the World by international destinations

The boxes show the number of destinations in the corresponding region.

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%.

Transit Connection Time

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

Note: Narrow body aircraft range represents 5,000 km non-stop flight from Istanbul. Source: World Bank (2023).

Passenger Traffic and Breakdown

Passenger Breakdown by Geography Passenger Breakdown by Transfer Type

Note: Int'l to int'l transfer passengers' share in total international passengers is 63%.

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Revenue Breakdown (1Q'25)

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

1Q'25

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 26 23 132 B737-8/9 MAX 32 A321/320 NEO 85 A321/320/319 90		Owned 20 15 35	Financial Lease 14 12 26 23 75 25	Opr./Wet Lease 15 7 22 7	Seat Capacity ('000) 14.1 12.2 8.5 6.9 41.6 5.1	Average Fleet Age 12.7 11.6 2.0 3.9 8.8	# of New Generation Aircraft 169 (36% of total)
						4.4	Airbus &
			40	45	16.2	3.2	Boeing Split
		54	25	11	16.0	13.1
B737-8 MAX WL 3				3	0.6	7.0	58% / 42%
A321/320 WL 6				6	1.3	18.4
100		58	17	25	16.9	14.6
316		112	107	97	56.1	10.1
10		4	6			11.4	Ownership
8			8			6.2
6				6		28.4	Owned: 32%
24		4	14	6		13.9	Fin. Lease: 42% Op. Lease: 23%
		151	196	125	97.7	9.9
	Grand Total	472		New Entries in 2025:		2 x A321 NEO 2 x A350-900

Turkish Cargo Overview

Turkish Cargo Revenue Development

Flies to 133 countries / 370 destinations with 24 freighters and 448 passenger aircraft as of March 2025.

Ranks 3 rd globally in terms of market share¹ in 2M'25.

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

¹FTK: Freight ton kilometer. ²Market share ranking according to 2M'25 data. Source: IATA.

Increased Focus on International Operations

	2019	2024	1Q'24	1Q'25
Number of Aircraft	31	119	98	95
Number of Routes	129	160	136	141
International Share of its Capacity1 (%)	13.3%	60.4%	56.6%	58.5%
Int'l Market Share2 in Istanbul Sabiha Airport	18%	23%	24%	24%
Number of Passenger (mn)	14.6	21.4	4.4	4.6
Capacity1 (bn ASK)	11.2	27.8	5.7	6.0
Load Factor	87.5%	81.7%	78.8%	78.7%

1 In terms of Available Seat Kilometers (ASK). ² In terms of Number of Landings.

Currency Exposure (1Q'25)

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. 2 85% correlation with USD and EUR considered as USD and EUR correlated respectively.

• 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.

: 2.77%

(mn USD) 31.03.2025	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	736	10-12 Years	119
EUR	5,587	10-12 Years	838
JPY	2,794	10-12 Years	291
CHF	379	12 Years	46
CNY	518	12 Years	51
Total	10,015		1,345

2023	2024	Change	EBITDAR (mn USD)	1Q'24	1Q'25	Change
20,942	22,669	8.2%	Sales Revenue	4,769	4,887	2.5%
16,060	18,347	14.2%	Cost of Sales (-)	4,245	4,558	7.4%
4,882	4,322	-11.5%	GROSS PROFIT / (LOSS)	524	329	-37.2%
449	564	25.6%	General Administrative Expenses (-)	108	171	58.3%
1,760	1,838	4.4%	Marketing and Sales Expenses (-)	444	437	-1.6%
2,673	1,920	-28.2%	NET OPERATING PROFIT / (LOSS)	-28	-279	-
509	606	19.1%	Other Operating Income	111	228	105.4%
323	113	-65.0%	Other Operating Expense (-)	41	25	-39.0%
2,859	2,413	-15.6%	Profit / (Loss) from Main Operations	42	-76	-
631	443	-29.8%	Adjustments	53	14	-73.6%
232	176	-24.1%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	2	-43	-
399	267	-33.1%	Income From Investment Incentives	51	57	11.8%
3,490	2,856	-18.2%	EBIT	95	-62	-
2,035	2,203	8.3%	Depreciation	531	565	6.4%
5,525	5,059	-8.4%	EBITDA	626	503	-19.6%
419	452	7.9%	Adjusted Operating Lease Expenses1	102	118	15.1%
133	234	75.6%	Adjusted Short term Lease Expenses (Wet-lease)2	51	43	-15.2%
6,077	5,744	-5.5%	EBITDAR	779	664	-14.8%
29.0%	25.3%	-3.7 pt	EBITDAR MARGIN	16.3%	13.6%	-2.8 pt

Notes: - For 1Q'25, Turkish Technic's contribution to EBITDAR through consolidation is 141 mn USD (1Q'24: 144 mn USD).

¹ Adjusted for aircraft heavy maintenance.

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

(mn USD)	1Q'24	% in Total	1Q'25	% in Total	Change
Fuel	1,537	32.0%	1,346	26.1%	-12.4%
Personnel	1,026	21.4%	1,345	26.0%	31.1%
Landing, Navigation & Air Traffic	404	8.4%	427	8.3%	5.7%
Landing and navigation	219	4.6%	226	4.4%	3.2%
Air Traffic Control	185	3.9%	201	3.9%	8.6%
Sales & Marketing	325	6.8%	313	6.1%	-3.7%
Commissions and Incentives	157	3.3%	155	3.0%	-1.3%
Reservation System	78	1.6%	64	1.2%	-17.9%
Advertising	35	0.7%	30	0.6%	-14.3%
Other	55	1.1%	64	1.2%	16.4%
Depreciation	531	11.1%	565	10.9%	6.4%
Ground Handling	304	6.3%	379	7.3%	24.7%
Aircraft Rent	97	2.0%	84	1.6%	-13.4%
Operational Lease	5	0.1%	6	0.1%	20.0%
Wet Lease	92	1.9%	78	1.5%	-15.2%
Passenger Services & Catering	212	4.4%	255	4.9%	20.3%
Maintenance	256	5.3%	313	6.1%	22.3%
General Administration	25	0.5%	50	1.0%	100.0%
Other	80	1.7%	89	1.7%	11.3%
TOTAL	4,797	100%	5,166	100%	7.7%
Operating Cost per ASK (USc)	8.21	-	8.48	-	3.3%
Ex-fuel Operating Cost per ASK (Usc)	5.58	-	6.27	-	12.4%
Fixed Costs	1,382	28.8%	1,715	33.2%	24.1%

(mn USD)	2019	2020	2021	2022	2023	2024	1Q'24	1Q'25	YoY Change
Operating Revenue	13,229	6,734	10,686	18,426	20,942	22,669	4,769	4,887	2%
Operating Expenses (-)	12,644	7,264	9,411	15,710	18,269	20,749	4,797	5,166	8%
of which Fuel	3,873	1,638	2,756	6,467	6,232	6,163	1,537	1,346	-12%
of which Personnel	2,067	1,097	1,298	2,140	3,256	4,708	1,026	1,345	31%
of which Depreciation	1,521	1,659	1,740	1,864	2,035	2,203	531	565	6%
Biraz daraltalım of which Rent	311	244	197	157	263	440	97	84	-13%
Net Operating Profit / Loss	585	-530	1,275	2,716	2,673	1,920	-28	-279	-
Other Operating Income	355	330	174	145	509	606	111	228	105%
Other Operating Expenses (-)	64	55	35	82	323	113	41	25	-39%
Profit / Loss From Main Operations	876	-255	1,414	2,779	2,859	2,413	42	-76	-
Income From Investment Activities (Net)	89	179	200	293	868	1,593	308	298	-3%
Share of Investments' Profit / Loss	82	-87	75	121	232	176	2	-43	-
Financial Income	139	72	101	378	611	991	195	233	19%
Financial Expense (-)	310	835	767	632	931	1,528	379	461	22%
Monetary Gain	-	-	-	-	2	2	-	3	-
Profit Before Tax	876	-926	1,023	2,939	3,641	3,647	168	-46	-
Tax (-)	88	-90	64	214	-2,380	222	-58	-2	-
Current Tax Expense	-	-	-28	-35	-66	-387	-	-4	-
Deferred Tax Income	-88	90	-36	-179	2,446	165	58	6	-90%
Net Profit	788	-836	959	2,725	6,021	3,425	226	-44	-

Assets (mn USD)	2019	2020	2021	2022	2023	2024	31.03.2025
Cash and Cash Eqv. & Short-Term Financial Investments	2,475	1,829	2,682	4,701	6,027	6,067	5,531
Trade Receivables	540	637	925	995	856	905	1,080
Pre-delivery Payment (PDP) Receivables	778	731	546	511	305	837	817
Other Current Assets	977	981	785	1,018	1,407	1,884	1,910
Total Current Assets	4,770	4,178	4,938	7,225	8,595	9,693	9,338
Assets1 Net Fixed	3,643	4,145	4,364	4,723	6,118	7,098	7,216
of which Aircraft and Engines2	1,493	1,859	2,041	2,351	3,678	4,447	4,543
Rights of Use of Assets (Aircraft Leases)	13,618	14,777	15,110	16,577	16,928	17,625	17,799
Pre-delivery Payment (PDP) Receivables	761	515	279	291	501	566	599
Other Non-Current Assets	15,550	16,692	16,956	18,705	20,457	22,317	23,490
Total Non-Current Assets	19,954	21,352	21,599	23,719	27,076	29,981	31,305
Total Assets	24,724	25,530	26,537	30,944	35,671	39,674	40,643
Liabilities (mn USD)	2019	2020	2021	2022	2023	2024	31.03.2025
Lease Obligations	9,919	11,307	10,244	10,766	11,812	11,966	12,319
Bank Borrowings	3,453	5,394	4,659	3,273	2,435	1,895	1,893
Passenger Flight Liabilities	1,032	580	1,216	2,291	2,656	2,659	3,487
Accounts Payable	1,130	861	891	1,200	1,291	1,494	1,525
Other Liabilities	2,326	2,005	2,690	3,672	1,914	2,346	2,384
Total Liabilities	17,860	20,147	19,700	21,202	20,108	20,360	21,608
Total Shareholders Equity	6,864	5,383	6,837	9,742	15,563	19,314	19,035
of which Issued Capital	1,597	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	14,112	17,535
of which Differences from Currency Translation	-184	-201	-275	-294	-221	-214	-209
of which Net Profit for the Period	788	-836	959	2,725	6,021	3,425	-44
Total Liabilities & Shareholders Equity	24,724	25,530	26,537	30,944	35,671	39,674	40,643

1 Investment Property is included.

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

Subsidiaries & Affiliates

	31.03.2025	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
	Turkish Airlines 1, 2	Transportation	4,887	35,433	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1	Türk Hava Yolları Teknik A.Ş. (Turkish Technic)	MRO	-	12,031	100% Turkish Airlines
2	THY Teknoloji ve Bilişim A.Ş. (Turkish Technology)	IT	-	1,819	100% Turkish Airlines
3	THY Uçuş Eğitim ve Hava Limanı İşletme A.Ş. (Turkish Airlines Flight Academy)	Flight Trainings & Airport Operations	-	226	100% Turkish Airlines
4	AJet Hava Taşımacılığı A.Ş. (AJet)	Transportation	-	2,746	100% Turkish Airlines
5	THY Hava Kargo Taşımacılığı A.Ş. (Widect)	Cargo	-	22	100% Turkish Airlines
6	THY Destek Hizmetleri A.Ş. (Turkish Support Services)	Support Services	-	11,599	100% Turkish Airlines
7	Türk Hava Yolları Elektronik Para ve Ödeme Hizmetleri A.Ş. (TKPAY)	Payment Systems	-	20	100% Turkish Airlines
8	THY Gayrimenkul Yatırım Hizmetleri A.Ş.	Management of Various Investment Projects	-	-	100% Turkish Airlines
9	THY Spor A.Ş.	Sports Activities	-	58	99.99% Turkish Airlines – 0.01% Turkish Airlines Sports Club
10	TCI Kabin İçi Sistemleri San. ve Tic. A.Ş. (TCI Aircraft Interiors)	Cabin Interior	-	674	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
11	TFS Akaryakıt Hizmetleri A.Ş. (TFS)	Fuel	675	161	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
12	Güneş Ekspres Havacılık A.Ş. (SunExpress)	Transportation	227	4,586	50% Turkish Airlines - 50% Lufthansa
13	THY OPET Havacılık Yakıtları A.Ş. (THY OPET)	Fuel	145	581	50% Turkish Airlines - 50% Opet
14	TGS Yer Hizmetleri A.Ş. (Turkish Ground Services)	Ground Services	186	19,269	50% Turkish Airlines - 50% Havas
15	THY DO&CO İkram Hizmetleri A.Ş. (Turkish DO&CO)	Catering	165	6,780	50% Turkish Airlines - 50% Do&Co
16	Pratt & Whitney THY Teknik Uçak Motoru Bakım Mrkz. Ltd. Şti. (Turkish Engine Center)	MRO	171	619	51% P&W - 49% Turkish Technic
17	We World Express Limited	Cargo	12	70	45% Turkish Airlines - 45% ZTO - 10% Pal Air
18	Goodrich THY Teknik Servis Merkezi Ltd. Şti. (Turkish Nacelle Center)	MRO	8	88	60% Collins Aerospace - 40% Turkish Technic
19	Air Albania SHPK	Transportation	-	136	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
		Total		96,918

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

INVESTOR RELATIONS

e-mail: ir@thy.com

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.

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Turkish Airlines nor any of its subsidiaries or their respective affiliates nor should it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation. The information contained in this presentation has not been subject to any independent audit or review and may contain forward-looking statements, estimates and projections. Statements herein, other than statements of historical fact, regarding future events or prospects, are forward-looking statements. Although Turkish Airlines believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ. As a result, you should not rely on these forward-looking statements. Turkish Airlines undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Any forward-looking statement in this presentation speaks only as of the date on which it is made, and Turkish Airlines undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except to the extent required by law.

Industry, market and competitive data and certain industry forecasts used in this presentation were obtained from internal research, market research, publicly available information and industry publications and other market commentaries. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable at the relevant time, but that the accuracy and completeness of such information is not guaranteed. Similarly, internal research, market research, industry publications and other publicly available information, while believed to be reliable, have not been independently verified, and Turkish Airlines does not make any representation as to the completeness or accuracy of such information.

No representation, warranty or undertaking, expressed or implied, is or will be made by Turkish Airlines or its shareholders, affiliates, advisors or representatives or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in this presentation (or whether any information has been omitted from this presentation). Turkish Airlines, to the extent permitted by law, and each of its respective directors, officers, employees, affiliates, advisors or representatives disclaims all liability whatsoever (in negligence or otherwise) for any loss however arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection with this presentation.

This presentation should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. Under no circumstances is this information and material to be construed as a prospectus, supplement, offering memorandum or advertisement, and neither any part of this presentation nor any information or statement contained herein shall form the basis of or be relied upon in connection with any contract, commitment or investment decision.

By reading this presentation or attending or listening to any relevant meeting, conference call or webcast organized by the Company, you agree to be bound by the above provisions.