PINAR ENTEGRE ET VE UN SAN. A.Ş.Earnings Presentation, 2014 Q1

* GFK&Repman 2013 ** Capital&GFK 2013 *** Superbrands1

Highligths

•Innovative and pioneer

•More than 300 SKUs

•R&D expertise

Product Portfolio

•Among most admired companies in Turkey*

•Among Turkey’s Superbrands**

•One of the top ten most reputable brands ***

Brand Equity

•Hygenic and EU standard production

•Technical expertise & sectoralknow how

Production

•Food safety and quality at every stage from supply to final product

•ISO 9001-2008

•ISO 14001

•ISO18001

•FSSC 22000

•ISO 50001

Quality

•YBP – Turkey’s biggest nationwide cold and frozen distribution chain

•More than 150.000 sales points

•Technical know-how and expertise

•Synergy in the distribution of dairy and meat products

Distribution Network

•Purchase operations spread out to 6 territories

•Strong relations with farmers

•Contractual stock farming

Supply

A slight decline in 2014 Q1 in unprocessed foodprices

64,63% 65,15% 67,25%

2011 2012 2013Source: Nielsen2

Carcass Meat Average Prices (TL)

Packaged Delicatessen Share

In 2013, the red meat production was 996K tons with an increase of %8.8 and the poultry meat (chicken&turkey) production was 1798K tons with an increase of %1.8. (TUIK)

Per capita red meat consumption is 13.01kg in 2013 while it was 12.11 in 2012.

Registered delicatessen market is around 67K tons (1,4 bn TL) (Nielsen)

Growth trend in the segment of small portion salami products and frozen flouryproducts.

Market Dynamics

Price of Food Products

Food Prices

(% change)

Processed Food

Unprocessed Food

10

15

20

J A J O

2012 2013 2014

0%

20%

40%

60%

Salami Sausage Soujouk TotalDelicatessen

Pınar Nearest Competitor

Source: Nielsen, 2014-Q1, Value Share

Products Share Position

Salami 47,4% Lider

Sausage 38,1% Lider

Soujouk 16,0% Lider

Total Delicatessen 23,7% Lider

3

Pazar Payı Karşılaştırması

Source: Nielsen, 2014-Q1, Value Share

Ahead of Competition - I

Pınar Et, increasing its market share in

total delicatessen, maintained its

leadership with 23,7% market share which

is more than double of nearest competitor.

(2013: %22,9)

As the leader brand Pınar, brought new

reforms to the category with new tastes.

Market narrowed by %11.6 in terms of

volume and grew by %10.5 in terms of

value in 2013. Despite the contraction in

the market, Pınar Et increased its market

shares in all delicatessen segments.

(Nielsen)

33,3%35,2%

37,4%

43,9%47,4%

26,8% 25,8%28,4%

35,3%38,1%

20,0% 19,2% 20,6%17,0% 16,0%15,7% 14,7% 16,2%

22,9% 23,7%

2010 2011 2012 2013 2014-Q1

Salam (Leader)

Sausage (Leader)

Total Delicatessen(Leader)

Soujouk (Leader)

4

Pınar Et increased its market shares of all delicatessen segments in 2014 Q1.

Source: Nielsen – Value Share

Ahead of Competition - II

Pınar Börek Pınar Pizzato Mini

Pınar Kadınbudu Meatball

New Products & Product Differentiations

6

Pınar Açbitir Salami Frozen Meatballs

Pınar Gourmet Soudjouk www.lezzetfikirleri.com

Campaigns

YBP; 76%

Export; 3%

Direct; 21%

Processed Products;

89%

Fresh Meat; 7%

Others; 4%

Product Groups & Sales Channels

7

Breakdown of Net Sales (2014-Q1)

Breakdown of Distribution Channels (2014-Q1)

Continued to focus on high

value added products.

PINAR ENTEGRE ET VE UN SAN. A.Ş.

Financial Results

40,1 39,5

29,732,7

38,3

7,8 9,0

2009 2010 2011 2012 2013 1Q13 1Q14 9

307,8352,8

383,7416,4

479,3

100,0129,9

2009 2010 2011 2012 2013 1Q13 1Q14

64,759,9 60,3

72,483,1

18,7 19,8

2009 2010 2011 2012 2013 1Q13 1Q14

CAGR %12

Sales and profitability

%30,0

Net Sales (Mn TL)

Net Profit (Mn TL)

Gross Profit (Mn TL)

In 1Q 14, the net sales grew by %30 compared to 1Q 13, driven mainly from price and product mix. The product prices are upwards in sector.

Although not to be able to reflect the increases in raw material totally, the better operational performance and the increase in association revenues balanced the margins.

(Million TL)31.03.2014 31.03.2013 Difference % Change

Net Sales 129,9 100,0 29,9 30,0

Cost of goods Sold (110,1) (81,3) (28,8) 35,5

Gross Profit 19,8 18,7 1,1 5,9

R&D Expenses (0,3) (0,3) (0,0) 8,9

Sales, Distribution and Marketing Expens(7,4) (6,2) (1,2) 19,6

General Administration Expenses (4,6) (4,7) 0,1 (1,1)

EBIT 7,5 7,6 (0,1) (1,0)

Share of Results of Investments in

Associates 2,1 0,8 1,3 155,9

Other Income 1,0 0,4 0,6 163,6

Other Expenses (0,2) (0,1) (0,1) 262,0

Financial Income (Net) 0,5 0,9 (0,5) (50,7)

Profit Before tax 10,9 9,6 1,2 12,6

Tax (1,8) (2,0) 0,2 (9,0)

Net Profit for the Period 9,0 7,6 1,4 18,4

EBITDA 10,0 10,5 (0,5) (4,4)

Total Assets 455,0 427,8 27,3 6,4

Equity 309,4 323,8 (14,4) (4,4)

10

Income Statement

15,7%17,4% 17,3% 18,7%

15,2% 14,5%

2011 2012 2013 1Q13 1Q14 4Q13

11

6,3%

7,9% 7,9% 7,6%

5,8%5,1%

2011 2012 2013 1Q13 1Q14 4Q13

8,7%

10,0% 10,1% 10,5%

7,7% 7,4%

2011 2012 2013 1Q13 1Q14 4Q13

7,7% 7,8% 8,0% 7,6%6,9% 6,6%

2011 2012 2013 1Q13 1Q14 4Q13

Profit Margins

Gross Margin (%) EBIT Margin *(%)

Net Profit Margin (%)EBITDA Margin **(%)

* Ex. Other income and expenditures ** Earnings before Interest, Tax, Depreciation, and Amortization

In 2014 Q1, we increased all profit margins with the succesful pricing strategy, QoQ.

Quarterly Results

12

100

130 122

1Q13 1Q14 4Q13

10,5 10,09,0

1Q13 1Q14 4Q13

Net Sales (Mn TL)

EBITDA* (Mn TL)

* Earnings (ex. other income and expenditures) before tax, dep. and amortization.

Despite the shrank in the market in terms ofvolume, Pınar Et maintained a strong growthby %14 in terms volume and by %30 in termsof value.

Basic Ratios, Net Financial Debt & Net Working Capital

Mn

TL

13

31-Mar-14 31-Dec-13(Million TL)

31-Mar-14 31-Dec-13

Current ratio 1,29 1,70 Cash & Cash Equivalents 7,21 13,78

Leverage ratio 0,32 0,25 S/T Bank Borrowings 0,94 0,80

S/T Fin Debt/T. Fin Debt 1,00 0,06 L/T Bank Borrowings 0,00 11,66

Net Financial Debt/EBITDA - - Net Financal Debt (6,3) (1,3)

Total Fin Debt/Equity 0,00 0,04 * Finansal borç aynı koşullarda Grup Şirketlerine devredilmiştir.

-80

-60

-40

-20

0

20

40

60

80

Trade Receivables Trade Payables Inventories

Continuous focus on risk

management and

productivity

Effective working capital

management

Strong balance sheet and

liquidity management

Dividends

14

0,14 TL0,23 TL

0,28 TL0,36 TL

0,12 TL

0,62 TL 0,65 TL0,53 TL 0,54 TL

74,7%

66,8%61,6%

59,9%

19,5%

79,0%84,4%

90,4%90,8%

11,5%

7,9% 6,9% 8,5% 4,5%9,6% 8,6%

9,4%

6,3%

2004 2005 2006 2007 2008 2009 2010 2011 2012

Hisse Başı Net Temettü Temettü Ödeme Oranı Temettü Verimi*Dividends Per Share

(Net)Payout Ratio Dividend Yield

Overview of 2014 Q1

15

The raw material prices began to follow an upward trend in the end of

2013 and this situation has continued in 2014 Q1. The raw meat prices are

higher by %22 when compared to 1Q 13.

Cost saving measures and projects to improve production efficiency have

continued. (OMI-Lean Six Sigma Projects)

Continued to focus on high value added products and smaller packaged

products suitable for purchasing power of consumers.

Strategies

16

Growing above market growth rates in the segments we operate in, with;

An effective inventory management,

A product portfolio targeting needs of various segments

A wide spread distribution

An efficient utilization of social media

Developments in “Away from Home” market

Continuing marketing investment.

94,76

6,80

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

-

20

40

60

80

100

120

140

İMKB-TÜM'e Göre (Sol Eksen) PETUN (Sağ Eksen)

%38,0 %23,4 %44,9 %26,4

Ownership & Participation StructureShare Performance

17

31.12.2010 = 100

Shareholder Structure Share PerformanceRelative and Absolute Performance

of Pınar Et SharesOthers

Disclaimer and Contact Information

18

This presentation does not constitute an offer or invitation to purchase or subscription for any

securities and no part of it shall form the basis of or be relied upon in connection with any

contract or commitment whatsoever. This presentation contains forward-looking statements

that reflect the company management’s current views with respect to certain future events.

Although it is believed that the expectations reflected in these statements are reasonable, they

may be affected by a variety of variables and changes in underlying assumptions that could

cause actual results to differ materially. Neither Pınar Entegre Et ve Un San. A.Ş. nor any of its

affiliates, advisors, representatives, directors, managers or employees nor any other person

shall have any liability whatsoever for any loss arising from any use of this presentation or its

contents or otherwise arising in connection with it.

Company’s financial statements are available on www.kap.gov.tr and www.pinar.com.tr

websites.

Investor Relations Department

Tel: 90 232 482 22 00Fax: 90 232 484 17 89

investorrelations@pinaret.com.tr

PINAR ENTEGRE ET VE UN SAN. A.Ş.

Thank You