PUBLIC OFFERING ANALYST PRESENTATION

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1 PUBLIC OFFERING ANALYST PRESENTATION

2 Disclaimer This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the information and analysis are correct and 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 Despec Computer or Oyak Yatırım 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. This presentation was prepared by Oyak Yatırım to introduce the company (with the reason of planned public offering) to Security companies who signed non-disclosure agreement. The details of this presentation are confidential and can not be distributed, explained, copied or can not be used except evaluating this investment project. The informationin in this presentation have not been audited by Oyak Yatırım. Oyak Yatırım does not undertake any responsibility regarding the correct of information and details for this presentation. This presentation is not a public offering document. The information that are real and results in responsibility to public can be found in Public offer circular and public offering prospectus which will be approved by Capital Markets Board ofturkish Republic. Investors should dissect the details of public offering prospectus to make decisions. 2

3 Contents Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 3

4 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 4

5 Population (mio) Nüfus (milyon) Overview of Turkish Economy Population of Turkey Age Distribution 100% 5% 5% 5% 5% 5% 5% %1,2 %1,0 %0,8 80% 60% 14% 15% 15% 16% 16% 17% 39% 39% 39% 40% 40% 40% %0,6 %0,4 %0,2 40% 20% 42% 41% 41% 40% 39% 39% 60 %0,0 2009G 2010T 2010F 2011F 2011T 2012F 2012T 2013F 2013T 2014F 2014T Nüfus Population Nüfus Population (yıllık değişim (yearly %) changes) 0% 2009G 2009G 2010F 2010T 2011F 2011T 2012F 2012T 2013F 2013T 2014F 2014T 70> yaş Population arası nüfus (%) (%) yaş Population arası nüfus (%) (%) yaş Population arası nüfus (%) (%) 0-24 yaş Population arası nüfus (%) (%) Source: EIU Source: EIU The population that has a high growth trend consist of age group of under 30 which meets more than 50% of young population. 73 million population in 2009 is expected to be 76 million in

6 GSYİH (milyar ABD Doları ) Büyüme (%) Growth (%) GDP (USD Bio) Overview of Turkish Economy Turkey GDP & GDP Growth 2010&2011 E GDP Growth per Person BYBO:%6, %12 %10 %8 %6 %4 %2 %0 -%2 -%4 GSYİH Büyümesi GDP Growth 7% 6% 5% 4% 3% 2% 1% %6,0 %4,2 %0,6 %0,4 %1,8 %1,1 %2,6 %2,5 %3,4 %2,9 %3,2 %0, G 06P 07G 07P 08G 08P 09G 09P 10F 10T 11T 11F 12F 12T 13F 13T 14F 14T -%6 Turkey Türkiye EU-15 AB-15 OECD ODKA Poland Polonya Bulgaristan Bulgaria GSYİH GDP (USD (milyar Bio) ABD Doları) GSYİH GDP Growth Büyümesi 2010T 2010E 2011T 2011E Source: EIU Source: EIU GDP İS 881 Billion USD in 2009, Turkey. According to EIU estimations, GDP is assumed to grow with % 6,2 of CAGR and reach Billion USD in Limited negative effect of crisis due to stronger financial sheets of private and public sector corporations when compared to other improving countries. 6

7 2006G 2007G 2008G 2009G 2010T 2011T 2012T 2013T 2014T USD / TRL ABD Doları/TL Overview of Turkish Economy US Dollar / TRL Currency Rates 1,8 25% Inflation & Interest Rates 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 1,43 1,30 1,30 1,55 1,53 1,57 1,57 1,57 1,56 20% 15% 10% 5% 0% -5% -10% ABD Doları / TL Değer Kaybı / (Kazancı) USD / TRL Value Loss / (Gain) %20 %18 %16 %14 %12 %10 %8 %6 %4 %2 06P 07P 08P 09P 10F 11F 12F 13F 14F -15% % Source: EIU ABD USD Doları / TRL / TL Kayıp Loss /(Kazanç) (Gain) Turkish lira reflected positively to recovery of global risk perception. Turkish Lira started revaluing although it lost % 30 value against USD and EURO. Inflation drawn back with serious amounts and it decreased % 6,5 in 2009 from % in the middle of 1990s. The main reasons for these improvements are, implementation of monetary & financial policy decision and macroeconomic program supported by IMF. Although, the inflation is % 9,2 in June 2010, it is expected to turn to double digit numbers with the effect of strong base at the end of year. Source: EIU Enflasyon Inflation Faiz Interest Oranları Rates 7

8 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 8

9 Developments in Information Technology ( IT ) Market The entrance of personal computers to Turkey was in the end of 1980s. Between , it had very fast improvement. However, computer usage stayed as limited with finance sector, public institutions and universities. The increase of computer usage in the second half of 1990s provided the IT Sector as one of the fastest growing sector between others. According to International Data Corporation ( IDC ), despite of the negative effects of global crisis, Turkish IT Market had % 21,6 CAGR between Turkish IT Sector Business Volume (USD, Mio) Estimated CAGR %15, T 2010F 2011T 2011F 2012T 2012F Source: IDC

10 Dynamics of IT Market Market share of end user displayed serious changes in IT Sector, the share of Public institutions decreased to % 18 in 2009 from % 38 in 1995 and the share of individual users increased from % 7 to % 38. IT Market End User Market Shares Devlet/Kamu Public Institutions Kurumları Finans FinanceSektörü Sector Özel Private Sektör Sector (Kurumsal) (corporate) KOBİ SMEs Bireysel Individual Kullanıcılar Users 100% 80% 60% 40% 20% 0% 7% 10% 5% 18% 7% 20% 10% 23% 35% 38% 30% 25% 12% 14% 35% 18% 25% 16% 15% 14% 38% 25% 22% 20% 18% Source: IDC

11 PC & Internet Penetration According to report of ITU (International Telecommunication Union) with 2007 data, computer ownership for house hold are % 70 in USA, %75 in the UK, % 79 in Germany, % 40 in Greece, %53 in Italy, % 21 in Brasil and around % 30 in Turkey. Internet usages are % 62 in USA, % 67 in the UK, % 71 in Germany, % 25 in Greece, % 43 in Italy, % 15 in Brasil and around % 40 in Turkey. Turkey has serious growth potential in terms of computer ownership as well as internet. PC Penetration in Turkey 31,1% Internet Penetration in Turkey 43,0% 35,5% 20,2% 21,3% 8,0% 4,8% 7,0% 1,9% 1,2% Source: Index Group Source: Index Group

12 IT Market Expenditure & Personel Computer Market IT Sector Expenditure, (US Dollar, mio) Donanım Hard. Yazılım Soft. Servis Service Turkish IT Market consist of 3 main groups as hardware, software and service. While the business volume was 5,3 billion USD, it reached 5,7 billion USD in Turkish IT Market has hardware dominant structure with the accordance of revenue T 2010F 2011F 2011T 2012F 2012T Desktop & Mobile PC Market Shares Desktop PC Sales Distribution, T 28% 72% 2010T 32% 68% HP; 19,2% % 68% Other Diğer; 36,2% % 53% 55% 47% Acer; 14,3% % 16% 1995 Masaüstü Desktop Market Pazar Share Payı 91% Taşınabilir Mobile PC Market PC Pazar SharePayı 9% Casper; 8,0% Asus; 9,2% Toshiba; 13,1% Source: IDC 2010 Source: IDC

13 Turkey Türkiye Yunanistan Greece Israel İsrail Czech Republic Çek Cumhuriyeti Poland Polonya Korea Kore Rusya Russia Brasil Brezilya World IT Market According to the report published by IDC, World IT Market Business volume is seen as 1,4 trillion USD. In IT Market, although Turkey is bigger than Greece, Israel and Czech Republic, it is smaller than Spain and Brazil with the rate of 1/5. World IT Market 2009 (US Dollar, mio) Turkey & Other Countries IT Market Servis Service Yazılım Software Donanım Hardware Donanım Yazılım Servis Hardware Software Service 29% 30% 28% 20% 55% 56% 57% 60% 78% 39% 21% 15% 11% 22% 12% 37% 39% 18% 20% 31% 36% 14% 16% 17% 16% 34% 14% 43% 49% 14% 15% 16% 13% 31% 29% 27% 27% 9% 14% 40% 74% 66% 45% 40% 55% 49% 67% 51% Kuzey North Amerika America Batı West Avrupa Europa Asya Asia Latin Amerika America Doğu East Avrupa Europa Middle Orta Doğu East & Afrika Africa Diğer Other Toplam Total Dünya World Source: IDC 2010 Source: IDC

14 Overview of Turkish Economy IT Sector Index Group Consumables Despec Overview Despec Financial Data Public Offering Summary 14

15 Overview of Index Group İndeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret A.Ş. (Index Bilgisayar) was established in 1989 to provide all needed products to Dealers in Turkey under the identity of well organized computer distributor. Index became IT Sector Leader Group since 2001 by having 306 employees and more than 7,500 business partners. Index Group companies are distributing more than 200 world brands Index Group has 6 big companies which operates in technology field. İndeks Bilgisayar Desktop PCs Laptops Servers Printers Peripherals OEM Products Software Med-Size Systems Datagate Bilgisayar Micro Processor Hard Disks Main Boards Graphic Card Monitors Server Products Memory Products Desktop Computers Security Products Despec Neotech Neteks Teklos Corporate Network Laser tonner Systems Consumer Elect. Ink-jet Net. Tools Communication PC Accessories Struct. Cable. Prod. Logistic & Appliances Magnetic Data Cor. Stations Syst. Transportation Alternative. Elect. Products Netw. Secur. Solut. Products Papers Broad B. ve SMEs Commun. Solutions * Despec ve Homend are group companies and have no capital relations. 15

16 Milestones of Index Group $431 Mio Index _Halka Arz Datagate_Halka Arz $563 Mio $630 Mio $787Mio $163 Mio $111 Mio IBM POS $59 Mio $4 Mio 16

17 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 17

18 Overview of Consumables Market in Turkey As consumables market is a sub segment of IT Market Hardware, it is growing with the new investments in IT and usage of present computer and printer capacity. Consumables Market is limitedly affected by financial crisis when compared to IT Market Total business Volume as the continues needs and wants are carrying on consumables market. Consumables Market 2009 (USD, mio) Laser toner Toner & Ink & Cartridge Mürekkep Kartuş PC PC Aksesuarları Accessories Diğer Other 19,9 18,7 21,9 79,2 22,2 95,8 24,7 124,7 24,4 19,6 138,1 151,6 19,6 166,8 183,5 196,3 138,9 159,0 191,7 222,8 210,3 232,1 257,0 277, F T 2011F T 2012FT Source: Index Group 18

19 Printer Consumables Market in Turkey (1/2) Laser printer toner, Ink Cartridge, Printer ribbon called printer consumables have approximately % market share in IT consumables Market as dominant. Printer Consumables Market can be classified under three product groups as Original Products, Substitute Products and Re-fill Products. The rate between printer sales and branded toner & cartridge sales is 1/2 in European Countries and 1/1,2 in Turkey. It was observed that the consumers tended to buy original products after crisis terms with economic recovery. Orijinal Original Products Ürünler Muadil SubtituteÜrünler Products Re-fill Re-Fillürünler Products 11% 10% 9% 8% 8% 8% 6% 6% 4% 4% 4% 6% 7% 8% 8% 8% 85% 86% 87% 87% 86% 85% 86% 86% Source: IDC 2010 & Index F T 2011F T 2012F T 19

20 Printer Consumables Market in Turkey (2/2) In Turkey, computer ownership rate became more than % 20 with the latest development in retail channel and increase of individual consumption. In parallel to this, printer market had fast growth furthermore, it resulted in increase on consumption of toner and cartridge numbers. While the major player was individual consumers in 2009 in total IT Market, is it estimated that SMEs will be important players with decrease of financial crisis s effect in the next 5 years. Laser Printer Toner and Inkjet Printer Cartridges Original Market in Turkey (Revenue, USD, mio) HP Samsung Canon Oki Lexmark Epson Xerox Diğer Others ,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 180,0 200,0 Source: Index Group 20

21 PC Accessories Market in Turkey PC accessories has the second biggest share as approx. % in IT Consumables Market. Microsoft, A4 Tech, Logitech, Trust, Targus, Belkin, Case Logic, Apple and Genius PC Accessories are the important players of the market. PC accessories has important role in Despec Bilgisayar Pazarlama ve Ticaret A.Ş. ( Despec or Company ) s growth plans with the reason of dynamic market structure and important potantial held by the market. PC accessories (USD, mio) F T 2011F T 2012F T Source: Index Group 21

22 Factors Affecting Consumables Sector Macroeconomic Performance Developments in IT Market were affected negatively after the economic crisis in 2001 and Economy of Turkey started to recovery after crisis. Economic stability affected the investments on IT positively. Changing Economic Structure Increasing activities in service sector encourages IT investments particularly retail, logistic, financial services, professional services and individual services field. Growing Trade with EU Countries Increasing trade activity with EU and direct foreign investments to Turkey push the IT investments in local industries and competition. Besides, change of quality standards are increasing in data management and analyze systems. 22

23 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 23

24 Despec Capital Structure Before public offering After public offering Other Diğer; 0,1% Despec Group B.V.; 50,0% Desbil Tek. Ürün. Tic. A.Ş.; 49,9% Halka Public açık; Offer 39,35% Desbil Tek. Ürün. Tic. A.Ş.; 30,24% Other Diğer; 0,08% Despec Group B.V.; 30,33% 24

25 History of Despec Public Offer Despite of economic crisis, %5.7 in 2008, %18,2 in 2009 revenue growth on TRL based Despec Group B.V. & DIFC Merger Lexmark Distribution Contract Larger market share in accessories market with Distribution Agreement of Trust Distribution gained for Canon ve Targus products Distribution Agreement of OKİ gained beyond HP products. Despec became leader in its field Name of the company changed to Despec Bilgisayar Pazarlama ve Ticaret A.Ş. Despec Group B.V. acquired %50 of the company. Despec was established 25

26 Organization Chart Directors Board Executive Committee General Manager Marketing Mngr. Mali İşler Müd. Services Imprt.&Exprt Mngr. Sales Manager Product Mngt. Accountancy Logistic Head office Sales Finance Customer Serv. Ankara Branch IT İzmir Branch 26

27 Profile of Employees Education & Experiences of Despec s 25 employees are as follows: 0-5 yıl; Y yıl>; Y> yıl; Y 5 10 Master Yüksek lisans; yıl year experienced tecrübeli; year yıl year tecrübeli; experienced; 9 9 University Üniversite; 13 High Lise; 10 School 20 Year & more 20 yıl ve üstü experienced tecrübeli; yıl year experienced tecrübeli; 8 27

28 Supply & Sales Chains Producers Chain Retail Channel Stationary Channel Traditional Dealers Corporate Dealers Sub Dealers Channel END USER 28

29 The Products Despec Distributes Despec has very large product range in consumables: laser toner, Ink cartridge, accessories, Printer ribbon, magnetic media, Paper vb. 29

30 Main Suppliers Despec get the majority of products its sales from world brands such as HP, Canon, OKİ, Lexmark etc Supplier based distribution (2009 sales) Canon 11% OKİ 5% HP 68% Trust 2% Other Diğer 5% Lexmark 4% Epson 3% Targus 2% 30

31 Yearly Sales Despec recorded % 17,1 Compound Annual Growth Rate (CAGR) from 2001 to 2009 by gaining very important and huge growth. Net sales (USD, mio) CAGR %17, /1H 31

32 Product based sales distribution of Despec The majority of Despec s 2009 sales consist of laser toner and Ink cartridge with % 86. Quantity and amount based chart of Despec for 2009 are as follows: Tutar Amount (ABD (USD, doları, mio) milyon) Adet Quantity Laser Toner Toner 50,2 Laser Toner Mürekkep Ink Cartridge Kartuş 22,5 Ink Mürekkep Cartridge Kartuş MagneticMedia Data 4,7 Magnetic Magnetic Media Data Accessories Aksesuar 4,6 Accessories Aksesuar Printer Yazıcı Ribbon Şeridi 2,0 Printer Ribbon Yazıcı Şeridi Paper Kağıt 0,7 Kağıt Paper

33 Despec Turkey Despec has head office in Istanbul, branches in Ankara and İzmir. Besides, it has large network all over Turkey with mobile channel team. Regional Based Sales (2009) Marmara; 61,0% Central İç Anatolian Anadolu; 28,0% Diğer; Other 4,0% Ege; Agean 7,0% 7,0% 33

34 Customer Segment Based Distribution of Sales Despec which has numbers of customers has balanced customers segments. Some of Despec s customers are stated as follows, Customer Based Distribution of Sales, 2009 Traditional Channels Tekin Ozalit Şahin Ozalit Avcılar ofis Taksim Büro Traditional Geleneksel Dealers Kanallar; 20,0% Stationary Channel Kırtasiye Kanalı; 18,0% Chain Zincir Retail Perakendeciler Cahannel; Kanalı; 11,0% 11,0% Corporate Kurumsal Bayiler; Dealers; 34,0% 34,0 % Alt Sub Dağıtıcı; Distributor 17,0% Chain Retails Channel Corporate Dealers Stationary Channel Media Markt Vatan Bimeks BestBuy Teknolojiks Tesco Kipa Hepsiburada Nasa Bilgisayar Elips Bilgisayar Intermat 4S Bilgisayar Planet Servus Sistemar Kadıoğlu Kırtasiye Şenses Kırtasiye Sub Didtributors Gürel Bilgisayar Seres Bilgisayar 34

35 It is the leader since 1998 Interpromedya first 500 IT Companies 2009 range: Consumables League: Sıra Company Şirket TRL, TL, 000bin 2009 Sales Satışlar 1 Despec Türkiye Ekip Elektronik Xerox Teknosa Pera Bilgi İşlem (Lexmark) Oki Hobim Bilgi İşlem Epson Bilgitaş Büro Makinaları Elips Elektronik Aksel Eraltek Metro Elektronik Bilgitaş Teknik Servis Diğer Toplam Total Source: Interpromedya Despec market Share 22,6% 22,3% 22,1% Y-2010 Source: Company 35

36 Kısaca Despec Leader Consumables Distributor of Turkey Despec who is the leader of consumables field has large product range consisting of world famous brands. It gains majority of its sales from HP, Canon, OKI, Lexmark, Epson, Targus, Imation, Sony, Xerox, Panasonic, IBM and Trust branded products. Large Product Range Despec distributes toner, Ink cartridge, printer ribbon, storage products, paper products, accessories etc IT consumables with well organized distributor identity. Despec conducts sales and distribution of its products with sales teams in Istanbul (Head Office), Ankara and İzmir. Despec Group B.V. & Index Group The main shareholders of Despec are Despec Group B.V.,head office located in Holland and Desbil Teknolojik Ürünler A.Ş. that owned by Bilecik Family. Bilecik family is the shareholder and founder of İndeks Bilgisayar Sistemleri Mühendislik San. ve Tic. A.Ş. Which is the leader IT distributor in Turkey. Despec s two importnat and experienced shareholders creates important synergy for Despec. 36

37 Why Despec? High and Consistent growth since establishment Leader in its field since1998 Important growth potential in IT Sector. Strong financial sheets & low debt rates Synergy created with company shareholders who have deep and long year experiences. Successful risk management * Source: Interpromedya & Company Investments to be done and growth to be obtained in accessories. 37

38 Reasons for Capital Increase To provide the finance needs raised from growth of Company Operations. In parallel to real growth in the sector, to increase profitability and in particular, give better service tothe medium and small size customers who make low revenue. Strengthening electronic trade infrastructure Pursue new investment opportunities in this field to support IT Sector consumables needs with domestic products. In parallel to Company s growth aim, considering the opportunities of acquiring companies from stationary channel firstly. 38

39 Directors Board Erol Bilecik Chairman Erol Bilecik was born in 1962 in Antakya. He completed his primary, secondary and college education in the same city. In 1986, he graduated from computer engineering, Istanbul Technical University. After his graduation, he started working in Nıxdorf Computer as System Analyst and worked in this company for two years. Erol Bilecik established Index A.Ş. in 1989 and took in charge as General Manager. He is stil CEO of Index Bilgisayar A.Ş., Despec A.Ş., Datagate A.Ş., Neteks A.Ş, Neotech A.Ş. and Teklos A.Ş. in INDEX GROUP. In meantime, He took in charge as the chairman of Turkish Information Technology Industrialists & Businessmen Association which is one of the oldest non-governmental organizations in Turkish Information Technology Sector. He is married and has two children. He speaks English. Oğuz Gülmen Vice Chairman and General Manager Oğuz Gülmen was born in 1957 and he completed his education in master level in Computer Science Department of London University in He is a software engineer. He worked as system analyst in Denizcilik Bankası Bilgi İşlem Merkezi & Türkiye Şişe Cam companies & Lever respectively between , sales representative in Siemens Nixdorf & 3M Elektrik companies between , planning manager in Ford Otosan respectively between Oğuz Gülmen left working with Ford otosan and in the same year, he was appointed as Assistant General Manager of İndeks Computer. In 1998, he was appointed as General Manager to Despec A.Ş. He still runs his duty in Despec as General Manager and Vice Chairman. He is married and has one child. He speaks English. 39

40 Directors Board Halil Duman Board Member He was born in Giresun, in He completed his primary, secondary and high school education in Bulancak. In 1987, he graduated from Business Administration of Marmara University. He started working in accounting deparment of construction company called Yücelen Inşaat A.Ş. In a little while, he became a CFO (Chief Financial Officer) and conducted this duty for thirteen years. After he left this position, he started working for Indeks Bilgisayar A.Ş. as CFO (Chief Financial Officer). In december 8th, 2003, he was appointed as Assistant General Manager with the title of CFO. He is still acting as Board Member of the group companies and also acts as a Board Member. He gained Official Certified Chartered Accountant title and is a member of ACCA in Istanbul. He is married and has two childeren. Salih Baş Shareholder and Board Member Salih Baş was born in 1965, and graduated from Anadolu University, Department of Business Administration. He has been working for Index Group since In 2003, while he was acting as the Assistant General Manager - Finance & Accounting for İndeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret A.Ş., he was appointed as the General Manager and Vice Chairman of the Board of Directors of Datagate Bilgisayar Malzemeleri Ticaret A.Ş.. He curren acts as the Deputy Chairman for the companies, İndeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret AŞ., Teklos Teknoloji Lojistik Hizmetleri AŞ., Homend Elektrikli Cihazlar San. Ve Ticaret AŞ., İnfin Bilgisayar Ticaret A.Ş. and Desbil Teknolojik Ürünler Ticaret A.Ş., and as one of the members of the Board of Directors for the companies Despec Bilgisayar Pazarlama ve Ticaret AŞ., Neotech Teknolojik Ürünler Dağıtım A.Ş. and Neteks İletişim Ürünleri Dağıtım A.Ş. Salih Baş is married with one child and speaks English. 40

41 Directors Board Riyaz Jamal Board Member Riyaz Amirali Jamal was born in 1955 and took his family business over in1987. He opened Despec London Branch. In 1993, he opened first Middle East Office in Jebel Ali Free Zone when became a partner company with Van Dorp Despec. Jamal established Despec International FZCO in 2006 and this company acquired %100 of Despec Group B.V. He sold % 70 shares of Despec International FZCO to DIFC(Dubai International Financial Centre) in He started his professional career 25 years before by computer, printer trade and retail selling. He became the main distributor in Canada and Europe in OEM (computer components) brands. He is an experienced enterprise and specialised in international business management, drawing and planning strategic vision, organization management, company acquiring and merger. Besides, he is mechanical engineering and speaks English, African and Indian Languages. 41

42 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 42

43 Despec Summarized Financial Data* Net Sales (TRL, mio) EBITDA (TRL, mio) 131,18 FAVÖK EBITDA FAVÖK EBITDA Margin marjı 10,94 10% 104,96 110,95 91,28 97, ,54 8,02 8% 6 6% 4 3,82 4,27 4% 2 2% A M A M A M A M % *2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited. 43

44 Despec P/L Accounts* TRL, mio 2007 % 2008 % 2009 % 9M-2009 % 9M-2010 % Sales % % % % % Cost of Sales % % % % % Gross Profit / Loss % % % % % Marketing, Sales & Log. Exp % % % % % General Administrative Exp % % % % % Other Operationa Income % % % % % Other Operational Expenses % % % % % Operational Profit / Loss % % % % % Depreciation % % % % % EBITDA % % % % % Financial Income / Expenses % % % % % Profit / Loss before Tax % % % % % Tax Expenses % % % % % Net Profit or Loss % % % % % Parent Company Shares % % % % % Earning per Share % % % % % *2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited. 44

45 Despec Balance Sheet* TRL, mio 2007 % 2008 % 2009 % 9A-2010 % Current Assets % % % % Cash & Cash Equivalents % % % % Trade Receivables % % % % -Receivables from Related Part % % % % -Other % % % % Other Receivables % % % % -Receivables from Related Part % % % % -Other % % % % Inventories % % % % Other Current Assets % % % % Non-Current Assets % % % % Total Assests % % % % Short Term Liabilities % % % % Financial Liabilities % % % % Other Financial Liabilities Trade Payables % % % % -Payables to the Related Parties % % % % -Other % % % % Other Payables % % % % Long Term Liabilities % % % % Financial Liabilities Capital % % % % Capital Paid-in % % % % Previous Years Profit % % % % Net Profit for the Period % % % % Capital and Total Liabilities % % % % *2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited. 45

46 Product Based Revenue and Cost Distribution TRL Total Gross Toplam Gross Total Gross Product COG COG COG Quantity Revenue Profit % Quantity Revenue Profit % Quantity Revenue Profit % Laser Toner 516,669 56,256,172 51,816, % 541,999 63,077,504 57,822, % 531,830 77,637,893 68,106, % Ink Cartridge 1,323,916 32,969,435 30,446, % 1,326,741 33,173,614 30,782, % 1,128,630 34,880,002 31,503, % Magnetic Media 325,803 5,722,170 5,012, % 219,057 4,541,437 3,913, % 221,984 7,297,716 6,278, % Accessories 352,687 4,698,663 4,171, % 342,163 5,695,528 5,007, % 329,468 7,179,775 6,125, % Printer Ribbon 340,745 4,053,846 3,763, % 267,159 3,358,304 3,133, % 205,780 3,064,087 2,740, % Paper 122,084 1,264,335 1,166, % 113,333 1,103,357 1,044, % 69,190 1,115,778 1,031, % Total 2,981, ,964,620 96,376, % 2,810, ,949, ,702, % 2,486, ,175, ,784, % 46

47 Overview of Turkish Economy IT Sector Index Group Consumables Sector Despec Overview Despec Financial Data Public Offering Summary 47

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