Management Presentation

September 2013

1

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Going forward / Our strategy

4. Financials

5. Appendix

2

7

24

27

32

2 We are the leading name in Turkish confectionery...

• 69 years of experience in Turkish confectionery

• Leader in biscuit and chocolate category with 48% &

49% market share; #2 in cake category with 33% market

share – 9M 2013

• Largest production capacity in the domestic market with

spread out facilities

• Consolidated annual net sales of TL 2.3 bn in 2012;

aiming to reach ~TL 2.6 bn in 2013

• A gateway to the Middle East, Northern Africa and EU,

with exports to those regions accounting for c.20% of

revenues

Key figures – TL mn 2012 YE 2013E

Mcap as of 09/30/2013 4,720

Revenues 2,341 ~2,600

EBITDA 218 285-300

EBITDA margin % 9.3% 11%-11.5%

† Excludes other non-confectionary sales of TL95 mn

Production Facilities

Chocolate

Established in 1991

Capacity: 194k

tons/year

68k sqm closed area

Topkapı, Istanbul

Istanbul

Chocolate,

chocolate

covered biscuit

Established in 1995

Capacity: 30k

tons/year

12k sqm closed area

Silivri, Istanbul Biscuit, cake, cracker &

chocolate

Established in 1986

Capacity: 123k tons/year

102k sqm closed area

Non-Ülker branded products

44% owned by Ülker

Karaman

Cake

Established in 1992

Capacity: 45k

tons/year

27k sqm closed area

Hadımkoy, Istanbul

Biscuit

Established in 1969

Capacity: 126k tons/year

86k sqm closed area

The largest biscuit

manufacturing facility in the

Middle East

Ankara

Biscuit & cracker

Established in 1997

Capacity: 85.5k tons/year

41k sqm closed area

Gebze

Gebze

Ankara

Karaman

† † Yıldız Holding is Turkey’s leading food and beverages group with annual gross sales of TL12.4 bn as of 2012

Sales 2012 k tons TL mn † % share †

Biscuits 232 844 37%

Chocolate 134 1,137 51%

Cake 57 264 12%

Shareholding Structure (As of 01.11.2013)

3 ... and the “Best Recognized” FMCG brand...

Long lasting

relationships

with end users

enhance

brand

perception

The Best in the Sweet

and Salty Category

(Silver Effie Award,

Ülker Rondo, 2011)

Most

Recognized

Company

(AC Nielsen, 2nd

place, 2010)

The “Brand

Award”

(International

Brands

Conference, 2011)

Best Recognized

Brands

Brand One Feels

Close To

# 1

# 2

# 3

# 4

# 5

• Strength of the brand is proven by national and

international awards

• Ülker has always been the “most recognized”

brand and “closest to consumers” ††

• Ülker brand essence and campaign theme:

“Happy moments with Ülker”

• Highly-popular sub-brands are in the market for

2-3 decades

Consistently

ranks as one

of the best

recognized

brands in

Turkey

†

† Arçelik is a household durable goods brand

Source: ACNielsen 2011

4 ...with dominant positions in growing markets

BISCUITS CHOCOLATES CAKES

48% 49% 33% Market Share (9M13)

(Volume based)

Market Position # 1 # 1 # 2

Bis

cu

it

Ch

oc

ola

te

† Retail market

# 1 in Petit Beurre Segment

# 1 in Chocolate Covered Sandwich Segment

# 1 in Special Biscuits Segment

# 1 in Creamy Biscuits Segment

# 1 in Sandwich Biscuits Segment

# 1 in Cracker Segment

Top 3 in Chocolate Covered Segment

#1 in Spread Chocolate Segment

208K Tons 120K Tons 55K Tons Market Size † (9M13)

Market leader in main categories Growth in Biscuit (Volume)

Growth in Chocolate (Volume) *

5

1996

Milestones of our success

1944

2003

2006

2007

2008

2009

2010

2011

2012

2013††

Established as a small scale family run bakery

Ülker Gıda merged under its own title with Anadolu Gıda

Ülker Gıda changed its name to Ülker Bisküvi: Emphasis on core business

Acquisition of 25% stake in the premium chocolatier brand Godiva

Ülker Bisküvi investment: US$214 mn

2011 – 2013: Restructuring at all fronts

New top management on board

Gathering all chocolate and cake businesses under Ülker Bisküvi

Disposal of 6 non-core assets. Reduced Godiva stake to 19% - recorded TL 100mn profit

Simplified traditional channel distribution – merger of production companies with sales companies;

consolidation of all sales under new sales company Horizon

SKU optimization – 502 SKUs in 2010 vs. 330 SKUs in 9M 2013

Cancellation of privileged shares and founder shares

New dividend policy – minimum 70% of distributable income

†Mcap as of year-end †† Revenue LTM 9M2013; Mcap as of 9/30/2013

Revenues Mcap†

US$ mn

Appointment of Murat Ülker as Chairman of Ülker and Yıldız Holding: new generation & new vision

Numerous minority shareholders triggered the listing of Anadolu Gıda on İstanbul Stock Exchange

Rapid growth led to complex corporate structure – 4 sales companies, 4 production

companies and minority stakes in 7 non-core assets

6

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Going forward / Our strategy

4. Financials

5. Appendix

2

7

24

27

32

7 Key investment highlights

Further margin improvement to be realized on the back of...

Simplified and efficient distribution network

Effective OPEX management

Increasing share of higher margin chocolate sales

Top-line growth driven by...

Growing market - young population with increasing purchasing power spending more on packaged foods

Ülker - Regaining market share through optimization of SKU portfolio, category expansions and new product launches,

unlocking distribution power and new account additions

High barriers to entry

Yıldız Holding: Strong & supportive parent

Biggest food and beverage group with TL 12.4bn turnover with 57 production facilities and 300 brands in 40 categories

Strategic shareholdings in the leading food-retail discounters (Şok and Dia†) and cash & carry wholesaler (Bizim) in Turkey

Ülker - Benefiting from Yıldız Holding’s unique distribution network, procurement power and experience in international markets

Targeting to become a regional player in markets with high growth potential

Geographical expansion already on the way – Saudi Arabia and Egypt

Seeking further international opportunities in high growth markets

is the best recognized FMCG brand in Turkey

1

2

3

4

6

Godiva: Hidden value

US$700 mn revenue business - Global premium chocolate brand with significant brand equity worldwide

Investing in store expansion, especially in the Middle East, China, Japan, Korea and Indonesia

5

c.50% market share across the main categories

Strong brand equity in Turkey and in neighboring

countries

Access to an exclusive distribution network reaching

~200,000 sales points

Largest production capacity in the domestic market

† Şok recently acquired DiaSa, a subsidiary of Dia International

8

16%

12%

14%

15%

14%

12%

17%

25%

17%

17%

14%

11%

8%

7%

0-14

15-24

25-34

35-44

45-54

55-64

65+

EU-27 Turkey

59%

41%59%

41%

1.7%

1.4%

1.3%

1.2%

0.9%

0.7%

0.5%

0.5%

0.5%

0.3%

0.2%

0.2%

0.2%

-0.1%

Malaysia

Turkey

Indonesia

S.Africa

Brazil

UK

France

Italy

Netherlands

Czech Rep.

Poland

Russia

Greece

Germany

Turkey has one of

the youngest and

fastest growing

populations

Attractive target

consumer group

Source: World Bank, Turkstat

Sizeable market with a growing population Youngest population in Europe

Favorable demographics and young target population 1

Total population in millions

63

29

76

247

51

199

66

61

17

11

39

144

11

82

European median

41 yrs

Turkey median

29 yrs

CAGR 2007- 2012 Population

Source: Turkstat, Eurostat

9

UKGermany

NetherlandsRussia

USAFrance

Italy

Turkey '12

Turkey '07

Poland

Indonesia

Brazil

S.AfricaMalaysia

Saudi Arabia

Egypt

CroatiaHungaryTurkey '18

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0 10,000 20,000 30,000 40,000 50,000 60,000

NetherlandsUK

Italy

USAFrance

RussiaGermany

Turkey '12

Turkey '07Poland

Indonesia

Brazil

S.Africa

Malaysia

Saudi Arabia

Egypt

Croatia

Hungary

Turkey '18

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0 10,000 20,000 30,000 40,000 50,000 60,000

UK

Germany

NetherlandsRussia

USAFrance

ItalyTurkey '12

Turkey '07

Poland

Indonesia

Brasil

S.AfricaMalaysia

Saudi Arabia

Egypt

CroatiaHungary

Turkey '18

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0 10,000 20,000 30,000 40,000 50,000 60,000

...and c.10% CAGR in chocolate consumption

Biscuits consumption vs. GDP per capita Chocolate consumption vs. GDP per capita

Turkey’s

consumption of

biscuits and

chocolate stands

at 3.5 kg and 1.9

kg per capita,

respectively

Increasing GDP

per capita

expected to fuel

biscuit and

chocolate

consumption

Kg per capita

US$ per capita

Kg per capita

US$ per capita

US$20,000† GDP per capita target for Turkey by 2018 implies c.5% CAGR in biscuits consumption...

1

† IMF estimate

Spending increases in tandem with GDP per capita

R2=0.60

R2=0.54

Per capita consumption of biscuits and chocolate in Turkey grew at a CAGR of 5.3% and 7.9%,

respectively, between 2007 and 2012 -still lower than peers

Source: Eurostat Source: Eurostat

10

35%

2015E

50%

2015E

2015E

• Portfolio restructuring started in late 2011

- Keeping star SKUs, discontinuing unprofitable ones –

Reduction from 502 SKUs in 2010 to 330 SKUs in 9M

2013

- Increased brand investments through multichannel

advertising and social media / investment on star SKUs

- Distribution efficiencies / declining sales returns: 2.82% in

2011 vs. 0.99% in 9M2013

- Increasing sales per SKUs

• New launches in 2H2013 to grasp market share:

- Indulgence biscuits: Dore (launched in June 2013)

- Diet biscuits (launched in September 2013)

- Wet cake (launched in September 2013)

- Chocolate (two new products)

1 Regaining market share with portfolio management...

# of SKU and sales

Streamlined product portfolio and increased brand investment for improved sales

Market Share Development, Volume Based†

Bis

cu

it

Ch

oc

ola

te

Cak

e

II

II

II

>50%

Results of portfolio

restructuring

reflected as

increased sales

performance

Source: ACNielsen, Euromonitor † Retail market, Market shares may not add up to 100% due to rounding

11

Traditional retail65%

Organized retail35%

Accessibility is a key success factor

... and unlocking distribution power ... 1

Typical distribution network

in a similar FMCG network

has a replacement value of

c. US$100mn and requires

1,300 headcount

1,565 km

Ülker domestic sales by channel

665 km

Marmara

30% sales points

35% of total sales

Aegean

17% sales points

10% of total sales

Mediterranean

15% sales points

10% of total sales

Central Anatolia

15% sales points

20% of total sales

Black Sea

11% sales points

10% of total sales

Eastern Anatolia

6% sales points

8% of total sales

S. Eastern Anatolia

6% sales points

7% of total sales

US$

100

Reaching ~200k sales points

throughout Turkey

• 175k in traditional

channel through Horizon

• ~20k bullets in

organized channel

through Pasifik

200k

c.90% nationwide coverage -

widest after beverage &

tobacco companies

90%

Traditional retail

dominates the

biscuits and

chocolate market

Ülker benefits from

Yıldız Holding’s

wide distribution

network throughout

Turkey:

• Horizon in

traditional retail

• Pasifik in

organized retail

12

Horizon to consolidate traditional channel. Distributors sell solely Yıldız Holding brands

3 categories

65 Brands

330 SKUs

40 categories

300 Brands

• Biscuits • Chocolates • Cakes

• Baby products • Personal care • Light and diabetic

products

• Margarine and liquid oils • Culinary • Drinks

• Sugar candy & gum

• Breakfast items

Ülker products – c.60% in

terms of value and c.35% in

terms of volume in Horizon

portfolio

60%

1

Brands

... through newly established exclusive distribution

Lower distribution cost Increased selling power with

enhanced product portfolio

Eliminating internal competition

between distributors

30%

Delivering c. 30% shelf space

of a small grocery - 20% with

only Ülker products –

excluding tobacco and alcohol

13 Simplified route to market improving margins

Simplified and

consolidated route

to market creates

cost efficiencies

paving the way for

further margin

improvement

• Multi-channel route to traditional market

• Limited to single category sales

• 235 distributors

• # of points visited: 140k

• % of invoice issued by visit: 75%-80%

• Single route to traditional market – through Horizon

• Benefiting from Yıldız Holding product portfolio

• 103 distributors

• # of points visited: 175k

• % of invoice issued by visit: 90%

Other Food &

Beverage Products

Domestic

Traditional Channel

Biscuits

Chocolates

Cakes

Horizon †

(New Sales

Company)

Distributors

Completed New

Structure:

Before Current

Other Food &

Beverage Products Distributors

Domestic

Traditional

Channel

Biscuits

Chocolates

Cakes

Atlas

(Ülker brand) Distributors

Atlantik

(Ülker brand)

Atlas

Previous

Structure:

† Owned by Yıldız Holding, took over all traditional sales activities of Ülker as well as Yıldız Holding’s other companies’ sales activities

2

Traditional channel - Efficiency gains from restructuring

Decreased logistics expense More efficient route to sales points Enhanced distribution profit

Stronger distributors with higher

nominal gains

Better and faster execution

capability

14 Route to traditional channel in domestic market

Horizon office

Traditional channel

Small groceries

• Horizon acts as an intermediary between production companies

and distributors

• Horizon does not carry either inventory or cash

Distributors 103

# of trucks: 1,545

# of SKUs delivered per truck: 226

# of points visited: 175k

% of invoice issued by visit: 90%

2

• Products are delivered to

distributors’ warehouses

• Each distributor receives the whole

product portfolio

175k

Factories of other

Yıldız Holding

companies

Sales to traditional channel consolidated under Horizon

Distributors’

warehouses

Warehouse

(leased by Ülker)

15 Route to organized channel in domestic market

Pasifik office

Organized

retail stores

• Pasifik acts as an intermediary between production companies and

organized retailers

• Pasifik does not carry either inventory or cash

Organized retailers’

trucks

2

• Products are delivered to organized

retailers’ warehouses

• Each organized retailer receives the

whole product portfolio

~20k

Factories of other

Yıldız Holding

companies

Sales to organized channel consolidated under Pasifik

Organized retailers’

warehouses

Warehouse

(leased by Ülker)

16 Distribution efficiencies reflected in figures 2

Total savings from the new distribution network is expected

to reach TL 350 mn between 2011 and 2013

Gross margin and OPEX/Sales improvement Diminishing sales returns

† Proforma gross margin figure excludes Atlas and Atlantik

17

22%

25%

20%

23%

Biscuit Chocolate Cake Overall

2 Growing chocolate segment favoring margins

Gross profit margin % - 2012††

48% 49%

Chocolate

share in

total

revenue

9M 2012

Chocolate

share in

total

revenue

9M 2013

Increasing share of higher margin chocolate segment

† Chocolate business consolidated in 4Q2011 following the acquisition of Ülker Çikolota

† † after depreciation

Overall margin benefits from high

growth chocolate category

Chocolate sales and total share in revenue†

Stronger growth in chocolate sales

19% Growth between 9M 2012 and 9M 2013

18

15.0%

1.0%1.8%

0.6%

11.5%

2013 EBITDA margin Reduction in sales discounts

Category mix / New launches

Better cost & OPEX management

2016E EBITDA margin

Measures reflected in margins, still room to go…

Components of EBITDA margin improvement

2

11,7%

3,4%

1,3%

2,7%

4,3%

2011 EBITDA margin Distribution Restructuring Category Mix Effect Better Cost & OPEXmanagement

2013-9M EBITDA margin

19

• Extensive and exclusive distribution network - the most relevant entry barrier in the

market

• Reaching ~200,000 points of sales throughout Turkey

• 6 facilities in 4 cities, representing the largest production capacity in the domestic

market

• Ankara biscuit factory - the largest biscuit manufacturing facility in the Middle East

• Geographically diversified production base – competitive advantage in route to

market

High barriers to entry

Exclusive

distribution

Largest & spread-

out production

capacity in the

domestic market

3 High barriers to entry

Dominant presence in Turkey across the board

• c.50% dominant market share in biscuits and chocolate

• Significantly higher brand awareness of Ülker branded products

• Always been the “most recognized” brand and “closest to consumers”

Strong brand equity

with established

market positions

The Best in the Sweet and Salty Category

(Silver Effie Award, Ülker Rondo, 2011)

Most Recognized

Company

(AC Nielsen, 2nd

place, 2010)

The “Brand Award”

(International Brands Conference, 2011)

20

Expansion started with Saudi Arabia and Egypt, focus on underpenetrated markets

Saudi Arabia

• Population of 28.3 mn growing at CAGR of 1.8%

between 2007-2012

• US$ 683bn GDP growing at c.6%

• c.US$ 1.6 bn confectionary market

Established in 2000

42% Yıldız Holding, 58% local partner

Biscuit, chocolate and cake production

Capacity: 43k tons

c. 100 trucks reaching c. 10,000 sales

points

(US$ mn) 2012 2013E

Net sales 88 109

EBITDA margin 7.0% 8.0%

(US$ mn) Market

size

Growth† Per capita

consumption††

Chocolate 675 5.6% 1.6

Biscuits 510 5.8% 3.6

Cake 447 4.5% 2.3

FMC (manufacturing)

4 Platform for further growth

Egypt

• Population of 79 mn growing at CAGR of

1.7% between 2007-2012

• US$ 519bn GDP growing at c.6%

• c.US$ 0.6 bn confectionary market

Established in 2007

60% Yıldız Holding, 40%

local partner

Biscuit production

Capacity: 27.5k tons

(US$ mn) 2012 2013E

Net sales 32.0 45.0

EBITDA margin 12.0% 18.0%

(US$ mn) Market

size

Growth† Per capita

consumption††

Chocolate 188 7.3% 0.4

Biscuits 268 6.1% 1.5

Cake 137 10.8% 0.5

Established in 2010

100% Yıldız Holding

Biscuit sales

Manages 12 distributors and

reaches 20,000 sales points

Hi Food (manufacturing) Ülker Egypt (sales)

Potential

expansion areas

Plans to expand

business in under-

penetrated

markets with high

growth potential

Target regions:

Middle East, North

Africa, and Eastern

Europe

† 2006-2011 CAGR

†† Kg per capita - 2012

Source: Euromonitor Source: Euromonitor

21

• Leading premium chocolate producer with significant brand

equity worldwide

• Entry into China, S.Korea, Indonesia, S. Arabia and Turkey

since the acquisition

• Planned entry into Brazil and Russia

• Yet to reach its potential in terms of growth and margins by

• restructuring the company,

• investing in store expansion, especially in the Far

East,

• closing down inefficient stores,

• reshuffling the product portfolio,

• Godiva plans to open 50 new stores per annum and reach

US$1.0 bn in revenues and US$120mn EBITDA over the

next three years

5 Godiva – Hidden value

Key figures 2008 2013E 2014E

# of stores 432 453 530

Revenues US$ 370mn US$ 760mn US$ 830mn

EBITDA - US$ 60mn US$ 76mn

• Owns and operates 430 retail boutiques in 84 countries

as of 9M13 end

• Available via over 10,000 specialty retailers

Geographical presence of Godiva as of 1H13 end

198 stores in

the US

32 stores in

Europe

200 stores in

Asia

Godiva store in Harrods, London

Godiva store in Denver, the US

Year U.S. Japan China Pac Rim Belgium Others

2008 262 99 - 32 8 21

2012 203 125 30 32 7 25

2013YE 200 130 52 36 6 29

Geographical store evolution

Acquired by Yıldız

Holding in 2008

Ülker stake in

Godiva - 19%

22

Experience in managing international operations

• Operates in 6 sectors with TL12.4 bn gross sales in 2012

• The largest branded food group in CEEMEA

• 57 production facilities, 300 brands in 40 categories including biscuits, chocolate, confectionary, margarine & liquid oils,

culinary products, dairy products, beverages, fruit juice and frozen foods

• Benefits from its diversified business portfolio - significant distribution and purchasing synergies across the portfolio

• Increased interests in food retailing with strategic stakes in top three discounters - Bizim, Şok and Dia accounting for 7%

of organized food retail sales in Turkey

6 Yıldız Holding: Strong & supportive parent

Food &

Beverages

Packaging

Finance

Retail

Real Estate

Personal

Care

Best recognized food brand #1 in biscuits & chocolates #2 in dairy products #1 in edible oils and fats #1 in overall baby food #1 in culinary products

Premium segment chocolate producer acquired in 2008

In excess of 200k sales points nationwide

c.90% coverage, second best after Coca-Cola Icecek

Diversified product portfolio holding strong market

shares

JVs with leading international players Sole and first brand sought out for co-branding

Turkey's first food company to establish a nationwide distribution network

Bizim and Şok -7%

of Ülker’s net sales

as of 2012

Dia - new account

entered after the

acquisition in July

2013

TL 1,974mn† TL 1,328mn† TL 964mn†

† 2012 revenues

23

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Going forward / Our strategy

4. Financials

5. Appendix

2

7

24

27

32

24

15.0%

1.0%

1.8%0.6%

11.5%

2013 EBITDA margin

Reduction in sales

discounts

Category Mix Effect/New Launches

Better Cost & OPEX

management

2016E EBITDA margin

4,500

417

614 128

1,000

2,341

2016 Guidance

By 2016, Ülker is expected to surpass TL4.5bn net sales

(including inorganic growth) with an EBITDA margin of

above 15%

EBITDA growth to surpass sales growth

Chocolate volume

up 6 to 8%

annually

Biscuits and

cakes volume up

4 to 6% annually

Average price to

be increased by

± 2% vis-a-vis

inflation

Gross margin to

be materialized

above 25%

Top Line

Profitability

Capex and

Dividend

Capex: 2.5-3.0%

of net sales

Distribute

minimum 70% of

distributable

income

EBITDA margin to

be materialized

above 15%

Sales 2012-2016 (TL mn)

2012

sales

Biscuits Chocolates Cakes International

growth

2016

sales

2013

EBITDA

margin %

Reduction

in sales

discounts

Category

mix effect

/ New

launches

Better cost &

OPEX

management

2016

EBITDA

margin %

EBITDA margin % 2012-2016

CAGR 18%

25 Beyond 2016

Long-term ambitions

Productivity

Brand

investments

• Boost product quality through operational efficiency

• Further efficiency and productivity in distribution

channels

• Meet/beat international benchmarks

• Ensure the continuity of brand investments

• Offer powerhouse brands to consumers at

reasonable prices

• Increase market share

Growth

• Increase operating profit by higher sales volumes

and revenues

• Become a strong regional player

• Further efficiency and productivity in distribution

channels

• Growth through acquiring national champions

• Sustain best corporate governance practices Investor level

26

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Going forward / Our strategy

4. Financials

5. Appendix

2

7

24

27

32

27 Increasing sales

Sales volume by category

† Excluding non-confectionery sales volume †† Following acquisition of Ülker Çikolata in 2011, chocolate operations have been consolidated in figures from 4Q2011 onwards

Net sales by category

• Volume increase mainly driven by:

• Growing market

• Efficient distribution

• Improved product mix

• New product launches

• Revenue growth mostly followed volume growth

• Other sales diminishing with the restructuring of

distribution channel

Tonnes TL mn

28 Increasing margins

Gross profit and margin % EBITDA and margin % ***

145 114 370 453 11.5% 9.6% 9.9% 11.7%

TL mn TL mn

• Margin improvement due to:

• Efficiencies from distribution restructuring

• Lower sales discounts

• Lower sales returns (9M)

More effectiveness at the sales points

• Change in category mix favoring higher margin chocolate

• Better cost and opex management

• Some favorable raw material prices

***Excludes Other Nonoperating Income&Expenses

29 Working capital and net debt

Average working capital days Net debt

• Net debt as of 9M 2013 end is TL 264 mn

• Financial debt

- US$ denominated due to company strategy

- Maturity breakdown as of 9M 2013:

- Short term 46%

- Long term 54%

• Cash & cash equivalents breakdown based on currency

- TL: 7 mn

- US$: 835 mn†

- Euro: 124 mn†

• Net working capital was TL312 mn as of 2012 end and

TL461 mn as of 9M 2013

• Working capital requirement over sales ratio was

18.0% in LTM 9M 2013

• FX short position of TL 65 mn

† Amounts expressed in Turkish Lira “TRY”

Average WC days 2011 2012 9M 2013

Trade receivables 87 84 80

Inventory 38 34 34

Trade payables 80 81 72

WC - days 45 37 42

Net debt - TL mn 2012 9M 2013

Financial debt 1.501 1.242

Short term financial debt 614 572

Long term financial debt 887 670

Non-trade receivables from related parties 131 6

Cash and cash equivalents 1.268 973

Net debt 102 264

30 Healthier balance sheet structure

Improving key metrics signals higher future cash generation

2011

2012

9M 2013 LTM

TL 77mn

TL 218mn

TL 280mn

Sustainable EBITDA generation

EBITDA

Working

Capital

Days

Net Debt /

EBITDA

2011

2012 9M 2013

45 days

37 days 42 days

Improved Cash Conversion Cycle

2012

0.71x 0.47x

Net Debt/EBITDA at favorable levels

2011

Higher

profitability

Through

restructuring and

product mix

Better working

capital management

Effective use of

technology in

supply chain

management

Sustainable

& profitable

growth

9M 2013 LTM

0.90x

31

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Going forward / Our strategy

4. Financials

5. Appendix

2

7

24

27

32

32

Income statements (TL mn) 2011 2012 Growth 11-12 9M 2012 9M 2013 Growth 9M 12-13

Sales Revenue 1.789 2.341 31% 1.707 1.978 16%

Cost of Sales (1.433) (1.838) 28% (1.336) (1.525) 14%

Gross Profit 356 503 41% 370 453 22%

Gross Profit Margin % 19,9% 21,5% 21,7% 22,9%

OPEX (309) (332) 7% (236) (260) 10%

Marketing, Sales and Distribution Expenses (242) (227) -6% (159) (177) 12%

General Administration Expenses (65) (96) 49% (72) (73) 3%

Research and Development Expenses (3) (9) 232% (6) (10) 62%

EBIT 47 171 267% 135 193 44%

EBIT Margin 2,6% 7,3% 7,9% 9,8%

Depreciation (30) (48) 59% (35) (39) 9%

EBITDA 77 218 185% 170 232 36%

EBITDA Margin 4,3% 9,3% 9,9% 11,7%

Other Operating Income / Expense 66 32 -53% 43 146 239%

Profit / Loss from Investments - - n.m. - - -

Share in Net Profit of Investments (13) - -100% - - n.m.

Finance Incomes / Expenses 621 42 -93% 26 (148) n.m.

Profit Before Taxation 722 244 -66% 203 191 -8%

Tax Charge From Continued Operations (51) (48) -7% (41) (39) -4%

Net Profit 670 196 -71% 163 152 -7%

Financials

Consolidated income statement

33 Financials (cont’d)

Consolidated balance sheet

Balance sheet (TL mn) 2012 9M 2013

Current Assets 2.259 1.979

Cash and cash equivalents 1.268 973

Financial investments 3 3

Trade receivables 597 673

- Trade Receivables from related Parties 433 520

- Other Trade Receivables 164 153

Other receivables 140 10

- Non-trade Receivables 131 6

- Other short-term Receivables 8 4

Inventories 186 200

Other current assets 65 108

Non-Current Assets 898 872

Financial investments 326 325

Investment properties 30 10

Tangible assets 524 519

Intangible assets 1 1

Deferred tax assets 4 6

Other non-current assets 12 11

Total Assets 3.157 2.852

Balance sheet (TL mn) 2012 9M 2013

Current Liabilities 1.143 1.076

Financial liabilities 614 572

Other financial liabilities - -

Trades payables 471 413

- Trade payables to related parties 247 237

- Other trade payables 224 176

Other payables 5 1

Corporate tax payable 2 15

Debt provisions 12 34

Employee benefits 22 29

Other current liabilities 17 12

Non-Current Liabilities 934 717

Financial liabilities 887 670

Employee benefits 20 23

Deferred tax liabilities 27 24

Other non-current liabilities 0 0

Shareholders' Equity 1.080 1.059

Share capital 342 342

Inflation adjustments to share capital 108 108

Valuation funds 142 127

Restricted reserves 73 126

Actuarial gain / loss (2) (2)

Retained earnings 127 106

Net income for the year 167 123

Non-controlling interest 122 129

Total Liabilities and S.E. 3.157 2.852

34 Disclaimer

• This presentation contains information and analysis on financial statements and is prepared for the sole purpose of

providing information relating to Ülker Bisküvi Sanayi A.Ş. (“Ülker”)

• This presentation contains forward-looking statements which are based on certain expectations and assumptions at the

time of publication of this presentation and are subject to risks and uncertainties that could cause actual results to differ

materially from those expressed in these materials. Many of these risks and uncertainties relate to factors that are

beyond Ülker’s ability to control or estimate precisely, such as future market and economic conditions, the behavior of

other market participants, the ability to successfully integrate acquired businesses and achieve anticipated cost savings

and productivity gains as well as the actions of government regulators

• Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date

of this presentation. Ülker does not undertake any obligation to publicly release any revisions to these forward-looking

statements to reflect events or circumstances after the date of these materials

• This presentation merely serves the purpose of providing information. It neither represents an offer for sale nor for

subscription of securities in any country, including Turkey. This presentation does not include an official offer of shares;

an offering circular will not be published

• This presentation is not allowed to be reproduced, distributed or published without permission or agreement of Ülker

• The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on

figures including fractions. Therefore rounding differences may occur

• Neither Ülker nor any of its managers or employees nor any other person shall have any liability whatsoever for any loss

arising from the use of this presentation