Corporate Presentation. March

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1 Corporate Presentation March

2 Table of Contents Overview 3 Management 12 Portfolio Companies 15 Esas Properties 22 2

3 Overview 3

4 THREE MAIN BUSINESS AREAS OF WHICH THE MAIN FOCUS IS ON DIRECT INVESTMENTS Asset Management Manages Esas Shareholders liquid assets Family office manages total assets of more than US$ 4 billion Private Equity Focuses on strategic and financial investments mostly in Turkey since 2000 Esas invested over US$ 500m of equity in its portfolio Real Estate Acquires and develops commercial real estate in Turkey and abroad Esas invested over EUR 400m in real estate in a period of four years 4

5 ESAS IS AN INVESTMENT COMPANY ESTABLISHED AND FUNDED BY SEVKET SABANCI AND HIS FAMILY Established Name Founded in 2000 by first and second generation Sabanci family members ascended from Mr. Sevket Sabanci, Esas is one of the leading investment companies of Turkey Sabanci Family is one of the most regarded and influential names in Turkey, who has been active in the Turkish business community for more than five decades Unique Investment and Management Capability ESAS shareholders Sabanci name and strong management team coupled with solid relationships in the business community allows ESAS to source investment opportunities Management who combines over 200 years of experience in Turkish and international business landscape, has the ability to deliver high growth through practicing high standards of governance and operational know-how Strong Track Record Over the last seven years, revenues of the portfolio companies have increased from US$ 797m to US$ 2.398m in 2014(1) Extraordinary financial performance between 2010 and 2014 Topline growth of 31% (CAGR) EBITDA growth of 59% (CAGR) 1) Air Berlin and Esas Properties are not included 5

6 INVESTMENT APPROACH is a dynamic decision taker with local expertise, global know-how and entrepreneur approach brings operational experience, strong financing capabilities, reputability, business network, sector intelligence and best in class human resources to our portfolio companies does not involve in day-to-day operations of its portfolio companies but aims to contribute to the business at board level in strategic decisions, banking relations, M&As, business development and corporate governance aims to exit in 4 to 6 years, however unlike other private equity companies, Esas has the flexibility to wait longer since it utilizes the funds from its own balance sheet rather than the limited partners 6

7 INVESTMENT RATIONALE Esas aims to invest in Turkish companies with sustainable EBITDA level and major growth potential which are market leaders or strong candidates having the potential to create value with our industry experience coupled with access to unique financing options via acquiring majority shares or minority shares with controlling rights Outside of Turkey, Esas is interested in international companies having sound business strategies and strong market position with attractive value realization potential with talented and experienced management teams 7

8 WE ARE OPERATORS Value Creation Plan We define our value creation initiatives. Paradigm shift and strategic direction are our main focuses to create market leading companies. Key Business Priorities As per the value creation model, Key Business Priorities (KBP) and day plans (for institutionalization, growth and infrastructure) are identified to create value. Guidance & Monitoring Hands on operational approach: Executive Officers harness a variety of talents within the firms to deliver the best guidance to the portfolio companies. Active Boards are strengthened with best international / local industry experts. Guidance The Executive Officers with a wide sector expertise offer distinct strategies and fresh ideas to our portfolio companies in order to maximize growth potential Operational Improvements & Growth The Executive Officers with a wide sector expertise offer distinct strategies and fresh ideas to our portfolio companies in order to maximize growth potential Finance Our central finance team offers portfolio companies access to best source of capital 8

9 ESAS HOLDING IN NUMBERS ( ) bn 2.4bn %59 Portfolio Companies Assets Under Management(US$) Total Sales (US$) EBITDA Growth (CAGR ) 1 Investment Abroad 2 new acquisitions in 2014 CAGR 31% ( ) 2014 EBITDA US$ 513m Net Sales Developments (TL in million) Sales Breakdown (2014) Healthcare 3% Food & Beverage 6% Logistics 12% ) Air Berlin and Esas Properties are not included Retail & Entertaiment 14% Aviation 65% 9

10 ESAS HOLDING HAS A CUSTOMER BASE OF 42 MILLION IN 2014 AND CONTINUES TO INVEST IN CONSUMER ORIENTED SECTORS Aviation 16 million guests Healthcare 1m patients Retail 2 million customers Entertainment 23m admissions 10

11 HISTORY SINCE

12 Management 12

13 BOARD OF DIRECTORS Sevket Sabanci, Chairman Şevket Sabanci was born in Kayseri in He graduated from Manchester University with a degree in Textile Engineering. Mr. Sabanci held various managerial positions at Sabanci Holding's textile companies and then started representing Sabanci Holding abroad in Also a founding member of Vaksa, Mr. Sabanci was the Vice Chairman of Sabanci Holding and played a vital role in Sabanci Holding's successful progress. Preserving his stake in Sabanci Holding, he initiated ESAS establishment in Mr. Sabanci still leads the company as Chairman of the Board of Directors. Emine Sabanci Kamisli, Vice Chairman Emine S. Kamisli was born in Adana in She received her BSc Degree in Economies of Industry and Commerce from The London School of Economics in Mrs. Kamisli worked for Willis Corroon reassurance brokerage company in London and returned back to Turkey in She joined Aksigorta as the Director of Commerce. She had responsibilities such as the Executive Board Member of Aksigorta, Akhayat and Sabanci Holding prior to the establishment of Esas. Mrs. Kamisli co-founded ESAS along with Mr. Sevket Sabanci in 2000 and is currently in charge of treasury and wealth management of Esas. Ali Sabanci, Member of the Board Ali Sabanci was born in Adana in After specializing in Politics and Economics at Tufts University in US, he worked for Morgan Stanley & Co. Inc. until the year He received his MBA degree with a major in International Finance at Columbia Business School in 1995 and then returned to Turkey. He had various duties in Akbank. In 1997, Ali Sabanci assumed the responsibility of Head of Projects in Sabanci Holding, then became the Executive Vice President of Strategy and Business Development in Mr. Sabanci, Chairman of Pegasus Airlines since 2005 manages Esas aviation investments. Erhan Kamisli, Member of the Board Erhan Kamisli was born in Adana in He graduated from California State University with a degree in Marketing and International Business Administration. Mr. Kamisli started his career in Exsa and held various positions in Akcimento. Then he served as Cement Group President at Sabanci Holding while holding chairman positions in Akcansa and Cimsa. Mr Kamisli joined Esas in 2008 as a Board Member and he is also currently the Chairman of Medline Health Group and Esas Properties. Cagatay (Chaatai) Ozdogru, Member of the Board & CEO Please see the next slide. Inan Tanriover, Member of the Board & CFO Please see the next slide. 13

14 EXECUTIVE OFFICERS Cumhur Kuscuoglu / Inan Tanriover / Cagatay Ozdogru / Babur Celebi / Sami Vodina / Benan Cetin Cumhur Kuscuoglu, Investment & Business Dev. Director Inan Tanriover, Member of the Board & CFO Cagatay (Chaatai) Ozdogru, Member of the Board & CEO Babur Celebi, President of Food & Beverage Group Sami Vodina, Auditor Benan Cetin, Finance Director Cumhur Kuscuoglu was born in 1972 in Ankara. He earned BA degree from Bogazici University in Between 1996 and 2002 Mr. Kuscuoglu served in the Audit Department as a Manager in Arthur Andersen. Between 2002 and 2007, he was a Director at Ernst & Young, supervising the M&A advisory services in Turkey and Southeast Europe. In May 2007, he joined Carlyle Group as the Director of MENA Buyout Fund and worked till the end of He joined Esas in December Inan Tanriover was born in 1956 in Samsun. He studied Marketing at Ege University in Izmir and graduated in Mr. Tanriover worked for Ziraat Bank between 1977 and 2001 and has been appointed to London office twice between and as Senior Country Manager. In 2001, he joined Sabanci Holding s International Trade Group in London as Finance Director. He was the Executive Board member of Sekerbank between 2006 and Mr. Tanriover joined Esas in June 2007 as CFO Cagatay Ozdogru was born in Istanbul in He graduated from Istanbul Technical University with a degree in Electronics & Telecommunications Engineering in 1989 and received his MS degree in Telecommunications Engineering from George Washington University in Prior to joining Esas in 2005, Mr. Ozdogru was the President of IT & Telecommunications in Sabanci Holding between 2002 and Between 1997 and 2001, he held various positions at France Telecom Group where his last post was Vice President of REEMEA region (Russia-East Europe-Middle East & Africa). He was promoted to CEO of Esas in January Babur Celebi was born in 1956 in Istanbul. Mr. Celebi earned BA degree from Georgia State University in He received his MBA degree from GSU in He completed Columbia University s Senior Executive MBA program in He began his career in 1982 in US and held various positions in Unilever Group. Then he was a board member at Evyap. Prior to joining Esas, he was the CEO of Dogan Online. He acted as a VP of Consumer Products and GM of Marketing Group in Ulker from 2003 to He joined Esas in Sami Vodina was born in 1946 in Biga. He graduated from İstanbul University with a degree in Economics. Mr. Vodina, certified public accountant, started his career in 1971 and held various positions at Netaş and Bimsa. Mr. Vodina also served in Aksigorta as Vice President between 1985 and He is the auditor of Esas since 2005 Benan Cetin was born in 1970 in Izmir. He graduated from Dokuz Eylul University with a BA degree in Economics in Mr. Cetin started his career in Sabanci Bank PLC London. During his period in Sabanci Bank, he had served in various departments including Treasury and Foreign Trade. He then joined Emirates Bank International London in In 2002, Mr. Cetin joined Sabanci Foreign Trade Group and got his AMCT degree in Mr. Cetin joined Esas in

15 Portfolio Companies 15

16 SELECTED PORTFOLIO COMPANIES Food & Beverage Nuts, dried fruits and sweets production and distribution company Acquired in Feb 2008 Retail and Entertainment Largest cinema chain in Turkey Publicly traded Acquired in Sept 2010 Leading sports club chain in Turkey Acquired in Nov 2011 Multibrand shoe retail company Acquired in Feb 2013 Aviation Real Estate Second largest German Airline %12 shareholding Acquired in Feb 2009 Largest private airline company in Turkey Acquired in Jan 2005 Acquisition and development of commercial real estate Established in Mar 2009 Logistics Leading freight Ro-Ro operator in Mediterranean region Acquired in Sep 2014 Healthcare Hospital chain and emergency healthcare services Acquired in Oct

17 PORTFOLIO COMPANIES - I Entertainment Entertainment Joint Control (35%) Strategic Investment Mars Cinema Group (MCG) is the leading movie exhibitor in Turkey with its 69 locations and 612 screens in 26 cities. With its out-of box management approach, MCG has changed the vision of the Turkish cinema market and also has brought the new film technologies to Turkey, and created a brand new cinema experience. Joint Control (35%) Strategic Investment Mars Sportif is the leading health club operator of Turkey which runs two different brands/concepts in its body: MAC and MacFit. MAC is the premium gym concept of Mars Sportif which operates six state of the art sports facilities in three cities of Turkey with over 12,000 members. Mars Sportif s newly established affordable gym concept MacFit, aims making it both easy and more accessible for everybody to exercise. MacFit currently operates sixteen health clubs in Istanbul, Ankara, İzmir, Adana and Bursa with more than members. The aim is to reach 60 clubs by the end of 2016 and make Turkey a fitter place! & 17

18 PORTFOLIO COMPANIES - II Retail Food & Beverage Majority (60%) Strategic Investment Ayakkabı Dünyası is one of the largest footwear retailers of Turkey, selling more than 2 million pairs of shoes annually through its 45 stores. The Company which is established in 1923, has accumulated unparalleled knowledge and strong heritage in footwear business along with a highly recognized and trusted brand name in Turkey. Ayakkabı Dünyası, which opened its first store in 1996, is also the first mover in multi branded footwear retail in Turkey. Minority (30%) Strategic Co-Investment Acquired by Esas Holding in 2008, Peyman is one of the leading players of Turkish edible nuts and dried fruits market. Since Esas acquisition, the company increased its revenues by five folds and become the second largest player in Turkish market. The company is active in local market with five well known house brands including Bahçeden, Dorleo, Çitliyo, Nutzz and Peyman. In addition to Turkey, the company is exporting its products to 40 different countries 18

19 PORTFOLIO COMPANIES - III Aviation Aviation Majority (65,5%) Strategic Investment Fastest growing airline in Europe; has brought Low Cost airline model to Turkey. In 2013, 16,8 million guests around the world flew with Pegasus. The company serves to 78 domestic & international destinations via Turkey s youngest fleet of 54 aircrafts with an average age of 4 years. In April 2013, Pegasus realized the largest IPO of the year in Turkey at which the company sold 34.5% of its issued shares. The market cap of the company is increased from TL 1.8 billion to TL 2.6 billion since its initial offering date. The proceeds of the IPO will be utilized to fuel the expansion of the operations and improve its international presence. Minority (12%) Financial Investment Germany s second, Europe s fifth largest airline with 144 operational aircraft flying more than 128 destinations throughout the world. Employs more than 8,900 people and carried a total of c.31.5 million passengers in With its 12% stake, Esas Holding is the second largest shareholder of Air Berlin. 19

20 PORTFOLIO COMPANIES - IV Food Food Wholly owned (100%) Strategic Investment Purchased in 2008, Esasli Food produces and sells delicatessen meat and frozen products under the brand names of Esasli and Bonservis. The company also produces private label products for nation wide retailers of Turkey. The company utilizes a factory with an annual production capacity of tons and a total closed area of m2 located in Antalya. The product portfolio of the company includes Turkish style spiced sausage, hot dog, and salami along with doner, precooked and frozen meatballs, cordon bleu, and schnitzel. Majority (99%) Greenfield Investment Bonservis was established by Esas in 2005 to provide a professional and reliable food service for out of home food consumption companies. With its modern fleet of multi temperature vehicles, 75 personnel and pallets of storage area, Bonservis is providing services to companies in Marmara Region. Bonservis product portfolio consists fresh and frozen red meat, poultry, dairy products, dry goods, fresh and frozen vegetables and fruit, sea food and deli meat 20

21 PORTFOLIO COMPANIES - V Healthcare Logistics Wholly owned (100%) Strategic Investment Hospital and emergency & mobile healthcare investments under the brand of Medline Health Group ("Medline"). The Group owns one of the largest private hospital chain in Turkey providing premium healthcare services to circa 1 million patients every year through its three hospitals in Anatolia. Also, with its fully equipped ambulances, Medline provides 7/24 emergency and mobile healthcare services to c. 2.5 million members Joint Control (40%) Strategic Investment Acquired in 2014 by Esas and Actera partnership, U.N Ro-Ro is the leading freight Ro-Ro operator in the Mediterranean region and among top 10 operators in the world. UN Ro - Ro has a fleet of 12 Ro Ro vessels (approximately 44 km Lane Meter) and utilizes four ports in Istanbul, Mersin, Trieste and Toulon which are at the service of local and international logistics companies, importers and exporters in Turkey and in the region. 21

22 SELECTED PORTFOLIO COMPANIES (CONT D) Esas Properties 22

23 ESAS PROPERTIES HAS INVESTED OVER EUR 400M OF EQUITY IN A PERIOD OF FOUR YEARS Strong Capital Base With EUR250 million of additional capital available for investments, ESAS is well positioned to acquire assets at attractive values In today s distressed financial market, we have significant discretionary capital and the experience to capitalize on real estate investment opportunities in Turkey and abroad Local Strategy & Projects ESAS has a local strategy to focus on secondary cities and large towns in Turkey with a population over people in Anatolia with low level of competition in terms of shopping centers. The purpose is to create sustainable advantage in these sub-prime and underpenetrated markets which ultimately results high entry barriers for future endeavors ESAS has a pipeline of ten selected cities in Anatolia for development projects. Constructions are scheduled to start in the upcoming four years In addition to the shopping center development projects; ESAS focus on office development projects in Istanbul International Expansion Internationally, Esas co-invests with investors teamed up with local asset managers who can successfully manage the portfolio and deliver outstanding results International investments of ESAS is comprised of the following; Stevenage Retail Center, UK Halton Lea Shopping Center, UK Blue Portfolio, UK Barnsley Shopping Center, UK Middlesbrough Shopping Center, UK 12 Stanhopegate, London, UK 815 Sixth Avenue, New York, US Summit House, London, UK Eastgate Centre, Inverness, UK Freshney Palace, Grimsby, UK Coopers Square, Burton, UK Bon Accord & St Nicholas, Aberdeen, UK Kensington Street Portfolio, London, UK 229 West 28th Street, NY, US Nassau Street, NY, US 23

24 SELECTED LOCAL ASSETS Shopping Mall Kocaeli Maltepe Office Building Istanbul Shopping Mall Bolu Shopping Mall Zonguldak Shopping Mall Çanakkale Esas Aeropark Istanbul 24

25 SELECTED INTERNATIONAL ASSETS Summit House London, UK Coopers Square Burton, UK Blue Office Portfolio UK Freshney Palace Grimsby, UK Bon Accord & St Nicholas Aberdeen, UK 229 West 28th Street NY, US 25

26 Esas Holding A.S. Esas Plaza, Ruzgarlibahce Mah., Kavak Sok. No:29, Kavacik, Beykoz Istanbul, TURKEY 26

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