March 2009 - Turkish Airlines

FINANCIAL DATA
› January – March 2009
OPERATIONAL DATA
› January - March 2009

Disclaimer
This presentation is confidential and does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for,
underwrite or otherwise acquire, any securities of Turkish Airlines A.O (the “Company”) or any member of its group nor should it or any part of it
form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of
its group nor shall it or any part of it form the basis of or be relied on in connection with any contract, investment decision or commitment
whatsoever. This presentation has been made to you solely for your information and background and is subject to amendment. This
presentation (or any part of it) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any
other person (excluding the relevant person‟s professional advisers) or published in whole or in part for any purpose without the prior written
consent of the Company.
This presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts,
statements regarding the Company‟s intentions, beliefs or current expectations concerning, among other things, the Company‟s results of
operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forwardlooking
statements involve risks and uncertainties, including, without limitation, the risks and uncertainties set forth in the Company‟s Offering
Memorandum, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you
that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity
and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forwardlooking
statements contained in this presentation. In addition, even if the Company‟s results of operations, financial condition and liquidity and
the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this
presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not
undertake any obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise after the date of this presentation.
2

Speakers
Dr. Temel KOTİL,
CEO, Turkish Airlines
› Started his Turkish Airlines career in March 2003 as Executive Vice President (Technical) and was
appointed as CEO in April 2005
› Ph.D. in Mechanical Engineering University of Michigan, USA
› M.Sc. in Mechanical Engineering University of Michigan, USA
› M.Sc. in Aerospace Engineering University of Michigan, USA
› B.Sc. in Aerospace Engineering, Istanbul Technical University, Istanbul
› Board Members of IATA, Turkish Airlines Inc, Turkish Airlines Technical Inc. and Sun Express Inc.
3

Speakers
Coşkun KILIÇ
CFO, Turkish Airlines
› CFO as of March 2006
› M.Sc. in Finance, Urbana Champaign Illinois University, USA
› M.A. Economics, Ankara University
› Certified Public Accountant
› Board Member of Sun Express
4

30.7
15.6
11.9
12.9
4.1
4.2
10.0
4.4
54.8
15.5
11.6
55.2
-1.7
11.5
9.4
3.0
10.1
37.2
42.7
17.4
-9.5
-3.7
2.0
5.9
16.5
26.3
7.7
14.4
5.7
6.6
4.2
0.7
17.5
5.0
11.0
4.9
0.6
3.4
1.0
3.5
13.6
16.0
13.5
25.5
-9.8
-4.1
-6.5
-3.4
THY vs AEA
30.0
% Changed
19.0
THY vs AEA (Total)
PAX ASK RPK
% Changed
40.0
THY vs AEA (Europe)
PAX ASK RPK
10.0
5.1
13.8
1.2
11.3
-7.3
20.0
0.0
14.6
7.0
15.8
2.0
12.9
-9.0
TK AEA TK AEA TK AEA
TK AEA TK AEA TK AEA
-10.0
2007 2008 1Q 2009
-20.0
2007 2008 1Q 2009
Middle East, Far East and Africa routes are expected to grow higher than average during the years
2009-2010, where THY has been successful in growing faster than AEA....
THY vs AEA (Middle East)
THY vs AEA (Far East)
% Changed
60.0
61.1
PAX ASK RPK
50.0
% Changed PAX ASK RPK
28.5
40.0
28.7
36.2
30.0
10.0
3.1 1.9 0.4
9.6
-6.9
20.0
0.0
9.5
8.3
1.0
-10.0
TK AEA TK AEA TK AEA
2007 2008 1Q 2009
TK AEA TK AEA TK AEA
5
2007 2008 1Q 2009

Company Overview
› Destinations
115 International Lines
AMERICAS (3)
CHICAGO
NEW YORK
SAO PAOLO
NORTH AFRICA (7)
ALGERS
CARIO
CASABLANCA
KHARTOUM
TRIPOLI
TUNUS
BENGAZI
MID- AFRICA (4)
ADISABABA
LAGOS
NAIROBİ
DAKAR
AMSTERDAM
ATHENS
BAKU
BARCELONA
BASEL
BELGRAD
BERLIN
BIRMINGHAM
BRUSSELS
BUCHAREST
BUDAPEST
CHISINAOU
COLOGNE
COPENHAGEN
DUBLIN
DONETSK
EUROPE (64)
DÜSSELDORF
MADRID
FRANKFURT
MILAN
GENEVA
MINSK
HAMBURG
MOSCOW
HANNOVER
MUNICH
HELSINKI
NICE
KAZAN
NURNBERG
KIEV
ODESSA
LEFKOSE
OSLO
LISBON
PARIS
LONDON
PRAG
LJUBLIANA
RIGA
LYON
ROME
LVOV
ROSTOV
MANCHESTER
PRISTINA
DNEPREPETROVSK UFA
SARAJEVO
SIMFEROPOL
SKOPJE
SOFIA
STOCKHOLM
STRASBOURG
ST PETERSBURG
STUTTGART
TBILISI
TIRANA
VIENNA
ZAGREB
WARSAW
ZURICH
VENICE
YEKATERINBURG
ALMATY
ASKHABAT
ASTANA
BANGKOK
BEIJING
BISKEK
DUSANBE
HONG KONG
AMMAN
ABU DHABI
BAHREYN
BEIRUT
DAMASCUS
DUBAI
DOHA
JEDDAH
BAGDAT
FAR EAST (17)
KARACHI
MUMBAI
NEW DELHI
SHANGAI
SEOUL
SINGAPORE
TASHKENT
TOKYO
OSAKA
MIDDLE EAST (18)
KUWAIT
MUSCAT
RIYAD
SANAA
TEHRAN
TEBRIZ
TEL AVIV
MEDINAH
ALEPPO
SOUTH AFRICA (2)
6
JOHENSBURG
CAPETOWN

TK-1951 Company INCIDENT Overview
› Destinations
37 Domestic Lines
ÇORLU
İSTANBUL
İSTANBUL
SİNOP
SAMSUN
ÇANAKKALE
BURSA
ESKİŞEHİR
ANKARA
MERZİFON
SİVAS
ERZİNCAN
TRABZON
ERZURUM
KARS
AĞRI
İZMİR
UŞAK
DENİZLİ
KONYA
NEVŞEHİR
KAYSERİ
MALATYA
K.MARAŞ
ADIYAMAN
ELAZIĞ
DİYARBAKIR
MUŞ
BATMAN
VAN
BODRUM
DALAMAN
ANTALYA
ADANA
G.ANTEP
Ş.URFA
MARDİN
HATAY
7

Company Overview
› Services
HABOM Project
› The Joint Venture Company, established by THY Technic AS and Grup Company of Technologies Corporation, Pratt & Whitney
has been registered as `THY Technic Aircraft Engine Maintenance Center Limited Corporation` to commercial registrar as of
October 10th,2008.
› JV agreement on engine maintenance was signed on January 7th 2008, with Pratt & Whitney.
› Revenue stream from engine maintenance is expected to start by the first half of 2009.
› MoU was signed on November 8, 2007 with Goodrich Aerostructures (Rohr Inc.) on Nacelle and Thrust Reverser
maintenance.
› Under HABOM, the plan is to increase the airframe maintenance capacity to approximately 400 aircraft per annum.
› Expect over 500 mn$ revenue by 2016 from HABOM Project.
THY will be developing its technical service and maintenance business through the HABOM Project
8

Company Overview
› Services
› THY has 4 full flight simulators RJ-100, B737-400, B737-800 and A320 for cockpit crew training.
› THY has;
› A340 ”Business class”, B737 “Economy Class” Cabin Service Trainer(CST)
› B737/A310/A340 Cabin Emergency Evacuation Trainer(CEET)
› For cabin crew training;
Flight Training
› THY provided training to 60 other airlines/companies cabin and cockpit training in 2008. Out of 60 , 39 domestic
and 21 international.
› Besides third party training, THY has provided in-house training for its 8555 cabin crew and 6540 cockpit crew until
December 31st, 2008.
THY will be developing its technical service and maintenance business through the HABOM Project
9

Airline Sector in Turkey
› Passenger Traffic
THY Passenger
Traffic Domestic 2005 2006 2007 2008
08 vs
09
Landings 65,448 78,910 86,428 92,187 20.499 20.824 1.6%
ASK (million) 5,431 7,123 8,087 8,440 1,952 1.953 0.0%
RPK (million) 3,992 5,213 5,893 6,377 1.393 1.421 2.0%
Passenger # ( '000) 7,197 8,906 9,892 10,993 2.328 2.414 3.7%
L/F % 73.5 73.2 73.0 75.6 71.4 72.8 1.4 pt
THY Passenger
Traffic Int'l 2005 2006 2007 2008
Landings 61,689 73,626 83,920 97,762 20.241 23.746 17.3%
ASK (million) 22,741 29,811 33,552 37,878 7.970 9.445 18.5%
RPK (million) 16,355 20,170 24,357 27,790 5.535 6.118 10.5%
Passenger # ( '000) 6,937 8,040 9,711 11,543 2.199 2.494 13.4%
L/F % 71.9 67.7 73.2 73.8 70.0 65.0 -5.0pt
THY Passenger
Traffic Total 2005 2006 2007 2008
Jan-
Mar08
Jan-
Mar08
Jan-
Mar08
Jan-
Mar09
Jan-
Mar09
Jan-
Mar09
08 vs
09
08 vs
09
Landings 127,137 152,536 170,348 189,949 40.740 44.570 9.4%
ASK (million) 28,172 36,934 41,625 46,318 9.922 11.398 14.9%
RPK (million) 20,347 25,383 30,250 34,167 6.929 7.539 8.8%
Passenger # ( '000) 14,134 16,946 19,603 22,536 4.528 4.908 8.4%
L/F % 71.5 68.7 72.7 73.8 69.8 66.1 -3.7 pt
Total Passenger Traffic
January-March
2008 vs 2009
Landing : up by 9%
ASK : up by 15%
RPK : up by 9%
Passenger : up by 8.4%
L/F
: down by 3.7 points
Significant Growth in
Operational Data
10

(Million)
24
24
25
30
37
42
46
10
11
(%)
Company Overview
› Passenger Traffic
50
45
40
35
30
25
20
15
10
5
0
68.9
Capacity-Traffic Development Load Factor %
67.0
17 16 17
ASK RPK L/F %
70.2 71.5
21
68.7
25
72.7
30
73.9
34
70.3
66.3
7 8
2002 2003 2004 2005 2006 2007 2008 Jan-Mar Jan-Mar
'08 '09
80
70
60
50
40
› In 2009, capacity on
domestic routes stayed the
same, traffic increased by
2%, load factor increased by
1.4 pt to 72.8. Anadolu Jet‟s
L/F was 77.4%.
› On international routes;
capacity increased by 17%,
traffic increased by 11%,
while load factor decreased
by 5 pt to 65%.AnadoluJet‟s
L/F was 65.4%
› Total capacity increased by
15% while traffic increased
by 9%. Load factor was
66.3% (-4pt).
11

1,120
864
938
1,208
1,468
1,814
2,167
Financial Highlights
› Revenues
Total Revenues (Mn€ 2008)
3,500
3,000
2,500
2,000
1,500
1,000
500
-
Domestic International Other
3,228
1,815
362
1,481
1,581
323 335
2,734 396
2,247 321
1,860 308
251
88 83
332 294 308 401 471
598 665 384 400
133 112
2002 2003 2004 2005 2006 2007 2008 1Q'08 1Q'09
2%
605 594
Source: Financial statements released under Turkish CMB standards, converted to € Euro using average exchange rates
Revenue has positive correlation with growth in GDP in Turkey
12

Financial Highlights
› Revenues
Change In R/Y (€) Change In RASK (€)
Domestic International Total
Domestic International Total
30%
20%
10%
0%
-10%
-20%
20%
11% 19%
12%
12%
2% 6% 7%
0%
5%
6%
-7%
2004 2005 2005 2007 2008 1Q'09
-9%
-9%-11%
-11%
-11%
-21%
30%
20%
10%
0%
-10%
-20%
23%
10%
22%
14%
5% 9% 8%
7%
5%
5%
9%
8%
4%
2004 2005 2006 2007 2008 1Q'09
-6%
-14%
-12%
-16%
-19%
-30%
-30%
Source: Financial statements released under Turkish CMB standards, converted to € Euro using average exchange rates
13

Financial Highlights
› Revenues
Revenues Split (1Q ‘09)
Passenger Revenues Split by Geography
Charter,
0.3%
Other,
6.6%
Cargo,
7.0%
Pax
Revenue
, 86.1%
Europe N.Africa
37.97% 3.88%
Domestic
21.81% Far East M.Africa
18.52% 0.48%
Int’l
78.19% M.East S.Africa
12.61% 0.98%
Source: Financial statements released under Turkish CMB standards, converted to € Euro using average exchange rates
America E.Africa
3.21% 0.55%
Breakdown of Passenger Revenue Constant Over the Years
14

Company Overview
› Passenger Breakdown
Int’l. Traffic Breakdown by Geography
(1Q2009)
N. Africa
4,6%
E. Africa
0,47%
Middle East
14.3% S.Africa
0.66%
N. America
1.77%
Market Shares (1Q 2009)
Foreign
Carriers
30%
Other
Turkish
Carriers
10%
International
Domestic
THY
60%
Europe
64.6%
W.Africa
0,46%
Stable Market Share in International Traffic
Far East
13%
Other
Turkish
Carriers
33%
THY
67%
15

52%
48%
10,420
51%
49%
11,991
49%
51%
14,137
48%
52%
16,946
50%
50%
19,636
51%
49%
22,597
49%
51%
4,528
51%
49%
4,908
Company Overview
› Passenger Breakdown
Passenger Breakdown
(2003 – 2008)
25,000
20,000
15,000
10,000
International Domestic Total
100%
80%
60%
40%
› THY carried 4.9 million
passengers in 2009, with an
increase of 9% compared to
2008.
› Domestic and International
passenger breakdown
consistent over the years.
5,000
0
2003
2004
2005
2006
2007
2008
Jan-Mar
08
Jan-Mar
09
20%
0%
› Haj and charter passengers
each accounted for 2% of the
passenger traffic.
Balanced Breakdown Between Domestic and International Traffic
16

17
Company Overview
› Fleet Development
Additions
Fleet as of May 2009
Type Total Owned
Financial
Lease
Operational
Lease
B737-800 51 - 38 13
B737-700 4 - 4
B737-400 7 - 7
A320-200 22 - 12 10
A321-200 21 - 14 7
A319-100 4 - 4
A330-200 6 - 5 1
A340 9 7 2
A310 2 2 -
B777-3ER(*) 3 -
A310 Cargo 4 3 1
Total 133 12 69 49
Type 2009
B777-ER 3
B737-700 1
A321-200 0
A330-200 2
Total 6
% 9% 52% 37%
(*) B777-3ER‟s are currently under wet-lease and will be converted to dry lease within this year.
Fleet Exits
Type 2009
A321- 200 1
B737-400 4
Total 5
Seat Capacity After
Additions&Exits
Type 2009
Seat Capacity 23.425
› At the end of 1Q 2009, total seat capacity
reached to 23.080 (91% increase since
2004), with an average age of 6,1 years.
› During 2009, annual lease payments
expected to be approximately around
$522 million, including 2 /A321 and
2/A330 aircraft to be delivered in 2009.
› According to the Fleet Plan for 2009-
2023, decision was made to purchase 25
firm, 10 optional total of 35 Wide Body
Long-Haul aircraft with double aisle and
50 firm, 20 optional total of 70 Narrow
Body Medium-Haul aircraft.
Seat capacity
increased by 29% in 1Q 2009
compared to same period of 2008

(Hours)
10.672
9.47
10.07
10.858
10.12
10.672
10.17
10.598
10.31
18,239
11.14
17,594
11.40
22,238
10.55
17,858
9.57
23,080
Company Overview
› Fleet Development
23,000
18,000
13,000
8,000
3,000
11.0
Seat Capacity
29%
2002 2003 2004 2005 2006 2007 2008 Mar'08 Mar '09
Average Daily Flight Utilization (hrs)
9%
› Since 2004, seat capacity
has increased by 91% in
2009.
› Aircraft utilization has been
rising due to better fleet
composition and a more
dynamic scheduling process.
However for 1Q‟09 due to
rapid capacity increase, the
utilization has decreased.
10.0
9.0
Strong capacity growth and
better flight utilization
8.0
2002 2003 2004 2005 2006 2007 2008 Mar'08 Mar '09
18

166
945
10,984
158
1,018
10,239
150
1,094
10,956
134
1,271
11,121
124
1,323
12,807
127
1,517
12,951
111
1,606
14,072
128
13,185
108
14,119
Company Overview
› Operating Efficiency
12,000
7,000
2,000
No of Personnel
2002 2003 2004 2005 2006 2007 2008 Mar'08 Mar'09
9%
› THY enjoys high personnel
efficiency compared to its
competitors.
› Personnel cost of THY per
ASK was only €1.3 cents for
1Q2009
19
1,200
700
200
200
160
120
80
40
0
Passengers per Employees
343 348
2002 2003 2004 2005 2006 2007 2008 Mar'08 Mar'09
Employees per Aircraft
1.2%
16%
2002 2003 2004 2005 2006 2007 2008 Mar'08 Mar'09
› 108 employees per aircraft
and 348 passengers per
employee for the 1Q „09.
Personnel efficiency is
the key driven
while ıncreasing fleet size

Financial Highlights
› Operating Expenses
Operating Expenses (€ Euro Mn)
(€ Mn) 1Q'08 % in Total 1Q'09 % in Total 09/'08 %
Personnel 149 24% 150 25% 1%
Fuel 186 30% 130 21% -30%
Rents 28 5% 48 8% 75%
Maintenance 42 7% 39 6% -6%
Insurance 4 1% 6 1% 49%
Depreciation 46 8% 43 7% -7%
Landing 42 7% 54 9% 29%
Ground handling 30 5% 39 6% 31%
Passenger Catering 29 5% 32 5% 12%
Sales and Marketing 45 7% 52 8% 14%
General Administration 5 1% 5 1% 7%
Others 6 1% 10 2% 71%
TOTAL 612 609 -0.5%
Op.Cost per ASK (€ ) 6.18 5.35 -13%
The difference is due to monthly exchange and year end exchange rate/
20
10
0
30%
20%
10%
0%
-10%
-20%
13.5
Operating Costs per ASK
(€ Cent 1Q’09)
11.8
10.6
8.1 7.3
Change in CASK €
(1Q ‘09)
5.4 4.9
SAS LH OS IB AY TK EZY
Domestic International Total
11%
14%
16%
11%
10%
1%
6%
0%
1%
-8% -4%
-7%
2004 -5% 2005 2006 2007-6%
2008 1Q'09-9%
-9%
-11%
-11%
Total Expenses did not increase this quarter due to decrease in Fuel Expense
20

€ sent
Historical Highlights
› Operating Expenses
% in Total Operating Expenses (2002 – 1Q’09) € Cost Per ASK (2002-1Q ‘09)
40%
Personne Expenses
Fuel Expenses
CASK Personnel per ASK Fuel Per ASK
35%
30%
25%
20%
15%
10%
27% 28%
20% 23% 23% 24% 20%
30%
34%
25%
24%
24%
24% 21%
20%
21%
15% 16%
2002 2003 2004 2005 2006 2007 2008 1Q '081Q '09
10.00
8.00
6.00
4.00
2.00
-
6.53
5.67
6.05 5.95 5.71 6.25 6.18
5.36
5.35
2.11
0.85 1.11 1.47 1.66
0.95
1.59 1.88
1.14
1.31 1.22 1.32 1.45 1.22 1.37 1.34 1.51 1.32
2002 2003 2004 2005 2006 2007 2008 1Q'08 1Q'09
Portion of fuel expenses decreased significantly
21

Financial Highlights
› EBITDAR
EBITDAR margin % Comparison (1Q 2009)
20
10
0
12.8
11.4
5.1
2.0
TK SAS LH CA
› Cost cutting policies had a
positive impact on operating
expenses.
› 2009 Year-end targeted
EBITDAR Margin is 16%.
(€ Euro Mn) 2004 2005 2006 2007 2008 1Q '08 1Q '09 09/'08 %
Revenue 1.581 1.86 2.247 2.734 3.228 607 594 -2%
EBIT 81 56 48 285 334 -2 -15 650%
EBIT Margin (%) 5,1 3,0 2,1 10,42 10,34 -0.38 -2.59 -0.02pt
EBITDA 251 235 235 490 541 44 28 10%
EBITDA Margin (%) 15,9 12,6 10,5 17,92 16,77 7.25 4.69 -0.03 pt
EBITDAR 315 320 366 678 723 71 76 3%
EBITDAR Margin (%) 19,9 17,2 16,3 24,81 22,41 11.71 12.84 1.14 pt
Net Income 61 56 101 149 598 114 72 -37%
22

(Litre per 100 ask)
THY
› Fuel
Average Specific Fuel Consumption
4.2
4.04
THY Fleet 2007 3.6 Litres/100 ASK
4.0
3.82
3.77
3.8
3.89
3.76
3.84
3.6
3.67 3.60
3.4
11,16% reduction since 2000
3.59
3.2
3.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Per ASK Fuel Cost (€ Cent) 1Q 2009
› Daily average crude oil
prices increased by 78% in
2008 compared to 2007.
› Although THY does not
hedge, its fuel expense per
ASK is lower on the average
compared to its peer group.
› Due to fleet expansion, the
fleet average age will be
lower which in return will
increase THY‟s fuel
efficiency.
7
5
3
1
-2
6.08
2.23 1.88 1.67 1.64 1.40 1.14
OS SAS IB LH EZY AY TK
Fleet expansion will reduce
fuel cost as well as fleet age
23
Source: Company annual reports & websites.

THY
› Currency Breakdown
Income by Currency (1Q 2009)
Other, 32%
USD, 12%
› THY‟s income is diversified
among the major currencies.
› Due to its currency basket
THY is very flexible on fx
position.
YTL, 16%
YTL,33%
Expenses by Currency (1Q 2009)
YTL, 33%
Other, 6%
Other, 6%
USD, 49%
EURO, 40%
USD, 49%
› Although USD income is
lower than USD expenses
THY is able to cover its USD
expenses from Euro income
due to strong Euro against
USD.
Diversified revenue & expense
base and agility
in pricing currency
Euro, 11%
EURO, 11%
24

Company Overview
› Highlights
› Blessed by its prime location
› Turkey only 3hrs flight from 50 different countries
› Increased focus on transit flights since 2002
› Increased focus on Business Class passengers since 2006
› Market leader in Turkey with a strong brand recognition
› Member of Star Alliance
› Substantial cost advantage over rivals
› Labor costs only 1.32€ per ASK (Austrian : 2.41€, Lufthansa :3.25€, Iberia: 2.12€)
› Profitable with room for further cost reductions
25

THANK YOU
Turkish Airlines Inc.
Investor Relations Department
Mr.Coşkun KILIÇ / CFO
Ms.Suna ÇELEBİ / IR Manager
Tel: +90 212-463-6363/3630
E-mail: ir@thy.com
26

Mn €
136
144
160
175
179
201
43
42
THY
› Cargo Transportation
Cargo Revenue (€ Mn)
250
200
150
100
2%
› Domestic and International
breakdown is consistent over
the years.
› Cargo revenue has decreased
by 2% in 1Q 2009 compared to
same period of 2008.
50
0
2003 2004 2005 2006 2007 2008 1Q'08 1Q'09
Plans to Enlarge Freighter Fleet
Aiming Higher Cargo Revenues
Source: Company
27

(Tons
(Tons)
96,467
276,283
122,822
93,828
324,588
134,851
103,729
331,116
144,974
113,163
348,722
159,873
125,033
382,572
183,052
144,033
402,097
199,006
161,249
85,975
44,889
35,603
85,618
47,015
39,195
THY
› Cargo Transportation
250,000 International
200,000
150,000
100,000
Domestic
THY - Cargo
50,000
0
28,438 28,994 31,122 31,811 34,840 39,019 37,757
8,992 8,247
2002 2003 2004 2005 2006 2007 2008 1Q '08 1Q '09
Source: Company
› Domestic and International
breakdown is consistent over
the years.
› As of January - March 2009
THY has carried total of
47.442 Tons cargo, indicating
6.4% increase compared to
same period of 2008.
450,000
300,000
150,000
Turkish Cargo Market vs THY
44% 42%
Türkiye Pazarı
THY
44% 46% 48%
49%
52%
55%
80%
60%
40%
20%
› Cargo revenue has increased
by 12% in 2008 compared
to 2007.
Plans to Enlarge Freighter Fleet
Aiming Higher Cargo Revenues
0
0%
2003 2004 2005 2006 2007 2008 1Q '08 1Q '09
28
Source: Company

Weekly Frequency
THY
› Network Mapping
5,500
4,500
Forecasted
2009 - 132
3,500
2008 - 127
2007 - 101
2006- 103
2,500
2005- 83
2004-73
1,500
2002- 66
2003- 65
Destinations
90 100 110 120 130 140 150 160 170

THY
› Assets& Liabilities
Assets (in € Mn) 2003 2004 2005 2006 2007 2008
Annual
08/'07
Cash and Equivalents 378 200 304 197 281 236 -16%
Net Trade Receivables 68 87 121 135 179 163 -9%
Other Current Assets 57 84 95 241 410 806 97%
Total Current Assets 502 371 520 573 870 1205 39%
Due from Related Parties (Long Term) 30 0 0 8 13 11 -15%
Net Fixed Assets 1130 995 1657 1671 1891 2359 25%
Other Long Term Assets 26 248 224 143 104 101 -3%
Total Long Term Assets 1.186 1.243 1.882 1.822 2.008 2.471 23%
Total Assets 1.689 1.614 2.402 2.395 2.878 3.677 28%
Liabilities (in € Mn) 2003 2004 2005 2006 2007 2008
Annual
'07/'06
Short Term Lease Obligations 140 111 229 118 134 196 46%
Accounts Payable 104 108 161 172 213 203 -5%
Passenger Flight Liabilities 64 101 0 151 222 206 -7%
Other Current Liabilities 112 78 365 136 125 149 19%
Total Current Liabilities 420 399 755 577 694 754 9%
Long Term Lease Obligations 688 524 540 780 933 1307 40%
Retirement Pay Provision 45 55 72 63 77 67 -13%
Other Long Term Liabilities 31 29 249 106 94 154 64%
Total Long Term Liabilities 764 608 861 949 1104 1528 38%
Capital 963 1048 110 95 102 82 -20%
Share Premium 0 0 1180 1010 1018 781 -23%
Reserves 71 77 5 4 36 0 -100%
Foreign Currency Translation Differences 2
Accumulated Loss /Income -530 -518 -509 -240 -75 530 807%
Total Shareholders Equity 505 608 786 869 1081 1395 29%
Total Liabilities & Shareholders Equity 1.689 1.614 2.402 2.395 2.878 3.677 28%
30
Source: In converting the TRY reported results to EURO, year-end EURO exchange rates were used

THY
› Income Statement
Income Statement
(in Euro mn) 2003 2004 2005 2006 2007 2008 1Q'08 1Q'09
Operating Revenues 1.481 1.581 1.86 2.246 2.685 3.228 605 594 -2%
09/08
%
Operating Expenses -1.289 -1.501 -1.804 -2.196 -2.38 -2.894 -612 -609 -0.5%
Operating Profit 193 81 56 50 307 334 -7 -15 108%
Income From Other Operations 53 34 255 486 64 30 103 46 -56%
Loss From Other Operations -6 -9 -166 -376 -236 -54 -1 -4 425%
Income Before Financial Income/(Expense) 240 105 145 159 135 310 95 27 -72%
Income/Loss due From Asset Valuation 2 -5 -5 10%
Financial Income/(Loss) 154 21 -36 -54 93 753 205 229 12%
Monetary Gain/(Loss) -223 -64 - - - -376 -153 -124 -19%
Income Before Taxation 170 62 109 105 228 688 143 127 -11%
Taxation -43 -2 -26 -4 -63 -90 -30 -55 86%
Net Income 127 61 83 101 164 598 113 72 -36%
In converting the TRY reported results to EURO, the period average EURO exchange rates were used
31

THY
› Subsidiary & Affiliates
Subsidiaries
› THY Technic A.S.(Consolidated)
› Owned 100% by THY
› During the 1Q‟09 posted revenues and net income was 77€mn and
16€mn respectively.
› Provides maintenance services to more than 10 international airlines
including Lufthansa, KLM, BA and Alitalia as well as domestic airlines.
› Main goal is to become one of the biggest MRO Center in the region.
› THY Do & Co Catering A.S. (Equity Pick-up)
› Owned 50% - %50 by THY and Do & Co Restaurants & Catering A.G.
› During the 1Q‟09 posted revenues and net income was 23€mn and
1.2€mn respectively.
› TGS Ground Handling Inc. (Equity Pick-up)
› Registered on August 28th, 2008 to Commerce Registary.
› Sun Express A.S. (Equity Pick-up)
› Owned 50% - 50% by THY and Lufthansa, respectively.
› Fleet consisted of 19 aircraft; 16 B737& 3 B757 aircraft with
total seat capacity of 3,696 as of March 2009. Carried
1,057,691 passengers in 1Q of 2009, by achieving load factor
of 75.47%. Number of personnel was 1,126 as of March 2009.
› During the 1Q‟09 posted revenues and net income was
71.653€ ths and 10.067 €ths respectively.
› JP`B&H Airlines`d.o.o.Sarajevo (Equity Pick-up)
› Owned 49% by THY
› During the 1Q‟09 posted revenues and loss was 979€ ths
and 1.435 €ths respectively
› THY Flight Training Inc. (to be Established)
› With 6 Full Flight Simulators, 8 A/Cs and cabin training mock-ups
HABOM Project will be
launched by THY Technic A.Ş.
32

THY
› Safety & Quality
› Safety:
As it is very well known and appreciated “Safety” is the key concept to be
adopted for existence. THY is determined to operate with the highest
operational standards. Accepting and implementing the standards dictated
by the aviation authorities and manufacturers as the baseline, THY strives
to attain safer operation conditions in respect to continuous development
process and appreciates it as a must. Within the frame of this efforts,
adoption of Safety Management System approach, implementation of
Flight Data Monitoring (FDM) system, trainings provided in risk assessed
flight subjects and publications to flourish a widespread safety culture can
be mentioned. The Flight Safety Department that has direct access to the
Accountable Manager is in charge of the management and oversight of the
system‟s safety. In addition to its audits, it also implements the Flight Data
Monitoring System, makes informal Line Observations and investigates the
occurences and reports (mandatory/voluntary) to promote safety.
In this context, it must be emphasized that THY is qualified as an IOSA
Operator after the IATA Operational Safety Audit as of April 07, 2006. The
expiry date of renewed IOSA operatorship is October 2009. In addition to
the IOSA audit, due to its vast operation network, THY is in active contact
with numerous Civil Aviation Authorities and subject to their audits. These
audits, as well as providing the opportunity to the auditors to evaluate the
current situation, input the required feedback for THY‟s safer operation
from thereupon.
› Quality:
Turkish Airlines adopted TS-EN ISO 9001:2000 Quality
Management System (QMS) in 2006. Quality Assurance
Directorate which is also connected directly to Accountable
Manager is in charge of the implementation and oversight of the
quality system. The departments within this directorate are; Flight
Operations, Ground Operations, Technic, Cabin, Flight Training,
Quality Management and Improvement. Each department
implements scheduled and unscheduled operational audits
annually to acquire the condition information. The QMS is in a
development stage progressing into Integrated Management
System. TS-EN ISO 14001:2004 – Environmental Management
System and OHSAS 18001- Occupational Health and Safety
System are planned to be integrated by mid of 2009.
In addition to above, having all requirements fulfilled and systems
in place with regards to Turkish Civil Aviation Law, Turkish Airlines
has the AOC (Air Operator Certificate) approved by Turkish Civil
Aviation Administration (CAA).
33