Management Presentation. September 2013

Management Presentation September 2013

Management speakers 1 Who are presenting today? Mehmet Tütüncü Chief Executive Officer Member of Board of Directors Experience 33 years 18 years with Ülker Education Gazi University, Mechanical Engineering, BS Industrial and Organizational Psychology, MS Previous roles Vice President, Ülker Bisküvi and Çikolata Yıldız Holding Executive Committee Member General Manager, Ülker Bisküvi General Manager, Best Rothmans Cem Karakaş Yıldız Holding Chief Financial Officer Member of Board of Directors Experience 17 years 4 years with Ülker Education İstanbul University, Ph.D., Finance Massachusetts Institute of Technology, MBA, Finance Middle East Technical University, BS, Management Previous roles Chief Financial Officer, Erdemir Group Head of M&A, Oyak Group General Manager, Oyak Konut Real Estate Bora Yalınay Ülker Chief Financial Officer Experience 17 years 5 years with Ülker Education CPA Bilkent University, BA, Economics Previous roles Group Financial Controller, Yıldız Holding Audit Senior Manager, Deloitte & Touche

2 1. Ülker: Who we are? 2. Key Investment Highlights 3. Going forward / Our strategy 4. Financials 5. Appendix 2 7 24 27 32

We are the leading name in Turkish confectionery... 3 69 years of experience in Turkish confectionery Leader in biscuit and chocolate categories with 48% market shares in each; #2 in cake category with 33% market share - 1H 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 09/18/2013 4,634 Revenues 2,341 ~2,600 EBITDA 218 285-300 EBITDA margin % 9.3% 11%-11.5% Sales 2012 k tons TL mn % share Biscuits 232 844 37% Chocolate 134 1,137 51% Cake 57 264 12% Excludes other non-confectionary sales of TL95 mn Topkapı, Istanbul Chocolate Established in 1991 Capacity: 194k tons/year 68k sqm closed area Silivri, Istanbul Chocolate, chocolate covered biscuit Established in 1995 Capacity: 30k tons/year 12k sqm closed area Ülker family members Other & Yıldız Holding subsidiaries 11% 11% Free float 23% Production Facilities Istanbul Gebze Hadımkoy, Istanbul Cake Established in 1992 Capacity: 45k tons/year 27k sqm closed area Karaman Ankara Karaman Biscuit, cake, cracker & chocolate Established in 1986 Capacity: 123k tons/year 102k sqm closed area Non-Ülker branded products 44% owned by Ülker Shareholding Structure Yıldız Holding is Turkey s leading food and beverages group with annual gross sales of TL12.4 bn as of 2012 Biscuit Yıldız Holding 66% Gebze Biscuit & cracker Established in 1997 Capacity: 85.5k tons/year 41k sqm closed area Ankara Established in 1969 Capacity: 126k tons/year 86k sqm closed area The largest biscuit manufacturing facility in the Middle East

... and the Best Recognized FMCG brand... 4 Best Recognized Brands Brand One Feels Close To Consistently # 1 ranks as one of the best recognized brands in Turkey # 2 # 3 # 4 The Brand Award (International Brands Conference, 2011) The Best in the Sweet and Salty Category (Silver Effie Award, Ülker Rondo, 2011) Most Recognized Company (AC Nielsen, 2 nd place, 2010) # 5 Ülker has always been the most recognized brand and closest to consumers Strength of the brand is proven by national and international awards Source: ACNielsen 2011 Long lasting relationships with end users enhance brand perception Highly-popular sub-brands are in the market for 2-3 decades Ülker brand essence and campaign theme: Happy moments with Ülker Arçelik is a household durable goods brand

Chocolate Biscuit...with dominant positions in growing markets 5 Market leader in main categories Growth in Biscuit (Volume) BISCUITS CHOCOLATES CAKES Market Size (1H13) 146K Tons 88K Tons 38K Tons Market Share (1H13) (Volume based) 48% 48% 33% Market Position # 1 # 1 # 2 # 1 in Petit Beurre Segment Growth in Chocolate (Volume) * # 1 in Chocolate Covered Sandwich Segment # 1 in Special Biscuits Segment # 1 in Cracker Segment # 1 in Creamy Biscuits Segment # 1 in Sandwich Biscuits Segment Top 3 in Chocolate Covered Segment #1 in Spread Chocolate Segment Retail market

Milestones of our success 6 1944 Established as a small scale family run bakery 272 188 1996 Numerous minority shareholders triggered the listing of Anadolu Gıda on İstanbul Stock Exchange 1,165 914 Revenues Mcap 1,011 US$ mn 875 2003 Ülker Gıda merged under its own title with Anadolu Gıda 1,343 643 2006 Appointment of Murat Ülker as Chairman of Ülker and Yıldız Holding: new generation & new vision 1,080 1,100 2007 Ülker Gıda changed its name to Ülker Bisküvi: Emphasis on core business 1,090 972 1,013 1,069 1,303 1,404 312 630 953 759 1,849 2,310 2008 2009 2010 2011 2012 2013 Acquisition of 25% stake in the premium chocolatier brand Godiva Ülker Bisküvi investment: US$214 mn Rapid growth led to complex corporate structure 4 sales companies, 4 production companies and minority stakes in 7 non-core assets 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 1H 2013 Cancellation of privileged shares and founder shares New dividend policy minimum 70% of distributable income Mcap as of year-end Revenue LTM 1H 2013; Mcap as of 9/18/2013

Key investment highlights 8 1 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 2 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 3 High barriers to entry 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 is the best recognized FMCG brand in Turkey 4 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 5 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 6 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 Şok recently acquired DiaSa, a subsidiary of Dia International

1 Favorable demographics and young target population 9 Sizeable market with a growing population Youngest population in Europe Turkey has one of the youngest and fastest growing populations Malaysia Turkey CAGR 2007-2012 1.7% 1.4% Population 29 76 65+ 17% 7% Attractive target consumer group Indonesia S.Af rica 1.3% 1.2% 247 51 55-64 45-54 59% 12% 14% 8% 11% 41% Brazil 0.9% 199 European median 41 yrs UK France 0.7% 0.5% 63 66 35-44 25-34 15% 14% 14% 17% Turkey median 29 yrs Italy 0.5% 61 Netherlands 0.5% 17 15-24 41% 12% 17% 59% Czech Rep. Poland 0.3% 0.2% 11 39 0-14 16% 25% Russia 0.2% 144 EU-27 Turkey Greece 0.2% 11 Source: Turkstat, Eurostat Germany -0.1% 82 Source: World Bank, Turkstat Total population in millions

1 Spending increases in tandem with GDP per capita 10 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 Kg per capita 12.0 12.0 9.0 UK Netherlands 8.0 UK UK Germany 10.0 10.0 7.0 R 2 =0.60 Germany 8.0 Italy 8.0 6.0 Russia Netherlands R USA 2 =0.54 Brazil 5.0 6.0 France 6.0 Poland France USA Russia 4.0 Netherlands Turkey '18 Russia Germany Turkey '18 France Turkey '12 Poland 3.0 Hungary Croatia USA 4.0 Croatia Saudi Arabia 4.0 Croatia Turkey '18 Italy Turkey '07 Hungary Hungary Italy 2.0 '12 Poland Turkey '12 2.0 Brazil Saudi Arabia Egypt Malaysia 2.0 Turkey '07 1.0Turkey '07 Brasil S.Af rica Saudi Arabia S.Af rica Indonesia S.Af rica Indonesia US$ per capita Malaysia 0.0 0.0 Egypt US$ per capita 0 10,000 20,000 30,000 40,000 50,000 60,000 0 10,000 20,000 30,000 40,000 50,000 60,000 Source: Eurostat Source: Eurostat 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 US$20,000 GDP per capita target for Turkey by 2018 implies c.5% CAGR in biscuits consumption......and c.10% CAGR in chocolate consumption IMF estimate

600 500 400 300 200 100 0 9. 0 8. 0 7. 0 6. 0 5. 0 4. 0 3. 0 2. 0 1. 0 0. 0 Biscuit Chocolate Cake 1 Regaining market share with portfolio management... 11 Streamlined product portfolio and increased brand investment for improved sales Results of portfolio restructuring reflected as increased sales performance # of SKU and sales 502 370 3.0 4.8 7.1 7.6 330 330 Market Share Development, Volume Based 50% 48% 47% 43% 48% 37% 40% 42% 50% 13% 12% 10% 10% 2010 2011 2012 1H2013 LTM # of SKU Sales per SKU (TL mn) Source: The Company Portfolio restructuring started in late 2011 - Keeping star SKUs, discontinuing unprofitable ones Reduction from 502 SKUs in 2010 to 330 SKUs in 1H 2013 - Increased brand investments through multichannel advertising and social media / investment on star SKUs - Ad spent per SKU: TL 327k in 2010 vs. TL 613k in LTM 1H 2013 - Distribution efficiencies / declining sales returns: 2.82% in 2011 vs. 0.85% in 1H2013 - Increasing sales per SKUs New launches in 2H2013 to grasp market share: - Indulgence biscuits: Dore (launched in June 2013) - Diet biscuits (new segment) - Wet cake (new product) - Chocolate (two new products) 2010 2011 2012 1H 2013 51% 51% 48% 48% 20% 19% 22% 21% 11% 12% 9% 10% 13% 5% 9% 5% 9% 8% 8% 7% 4% 4% 3% 3% II 2010 2011 2012 1H 2013 2015E Ulker Nestle Eti Cadburry Ferrero Other 46% 49% 42% 39% Ulker Eti Other 51% 53% 35% 33% 12% 12% 14% 14% 2010 2011 2012 1H 2013 Ulker Eti Other Source: ACNielsen, Euromonitor Retail market, Market shares may not add up to 100% due to rounding II 2015E II >50% 35% 2015E

1... and unlocking distribution power... 12 Accessibility is a key success factor 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 665 km Marmara 30% sales points 35% of total sales Aegean 17% sales points 10% of total sales Source: The Company Mediterranean 15% sales points 10% of total sales Central Anatolia 15% sales points 20% of total sales 1,565 km Ülker domestic sales by channel 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 90% 200k US$ 100 c.90% nationwide coverage - widest after beverage & tobacco companies Reaching ~200k sales points throughout Turkey 175k in traditional channel through Horizon ~20k bullets in organized channel through Pasifik Typical distribution network in a similar FMCG network has a replacement value of c. US$100mn and requires 1,300 headcount Organized retail 35% Traditional retail 65% Source: The Company

1... through newly established exclusive distribution 13 Horizon to consolidate traditional channel. Distributors sell solely Yıldız Holding brands 3 categories 65 Brands 330 SKUs Biscuits Chocolates Cakes 60% 30% Ülker products c.60% in terms of value and c.35% in terms of volume in Horizon portfolio Delivering c. 30% shelf space of a small grocery - 20% with only Ülker products excluding tobacco and alcohol Baby products Sugar candy & gum Personal care Light and diabetic products 40 categories 300 Brands Margarine and liquid oils Breakfast items Drinks Culinary Brands Lower distribution cost Increased selling power with enhanced product portfolio Eliminating internal competition between distributors

2 Simplified route to market improving margins 14 Traditional channel - Efficiency gains from restructuring Before Current Simplified and consolidated route to market creates cost efficiencies paving the way for further margin improvement Previous Structure: Domestic Traditional Channel Biscuits Chocolates Other Food & Beverage Products Atlantik (Ülker brand) Atlas (Ülker brand) Distributors Distributors Completed New Structure: Domestic Traditional Channel Biscuits Chocolates Other Food & Beverage Products Horizon (New Sales Company) Distributors Cakes Atlas Cakes 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% Decreased logistics expense More efficient route to sales points Enhanced distribution profit Better and faster execution capability Stronger distributors with higher nominal gains Owned by Yıldız Holding, took over all traditional sales activities of Ülker as well as Yıldız Holding s other companies sales activities

2 Route to traditional channel in domestic market 15 Sales to traditional channel consolidated under Horizon Distributors warehouses 103 Distributors 175k Traditional channel Small groceries Warehouse (leased by Ülker) Factories of other Yıldız Holding companies Products are delivered to distributors warehouses Each distributor receives the whole product portfolio Horizon office Horizon acts as an intermediary between production companies and distributors Horizon does not carry either inventory or cash # of trucks: 1,545 # of SKUs delivered per truck: 226 # of points visited: 175k % of invoice issued by visit: 90%

2 Route to organized channel in domestic market 16 Sales to organized channel consolidated under Pasifik Organized retailers warehouses Organized retailers trucks ~20k Organized retail stores Warehouse (leased by Ülker) Factories of other Yıldız Holding companies Products are delivered to organized retailers warehouses Each organized retailer receives the whole product portfolio Pasifik office Pasifik acts as an intermediary between production companies and organized retailers Pasifik does not carry either inventory or cash

2 Distribution efficiencies reflected in figures 17 Gross margin and OPEX/Sales improvement Diminishing sales returns 24.4% 25.2% 23.8% 24.3% 25.8% 19.6% 19.5% 19.4% 20.4% 22.7% 22.0% 19.9% 21.2% 22.6% 27.8% 24.1% 3.3% 2.3% 2.6% 2.9% 2.2% 15.7% 18.9% 18.2% 16.8% 16.5% 11.9% 13.2% 14.6% 13.7% 13.0% 1.2% 0.7% 1.0% -0.5% -0.4% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Gross Margin OPEX / Sales (Excl. Other) Gross Margin (Proforma) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Sales Return Total savings from the new distribution network is expected to reach TL 350 mn between 2011 and 2013 Proforma gross margin figure excludes Atlas and Atlantik

500. 0 450. 0 400. 0 350. 0 300. 0 250. 0 200. 0 150. 0 100. 0 50. 0 0. 0 60. 0% 50. 0% 40. 0% 30. 0% 20. 0% 10. 0% 0. 0% -10. 0% 2 Growing chocolate segment favoring margins 18 Increasing share of higher margin chocolate segment Chocolate sales and total share in revenue 42.6% 46.5% 45.8% 300.7 292.9 234.0 50.0% 51.7% 49.4% 47.7% 354.0 328.6 281.9 290.9 Stronger growth in chocolate sales 16% Growth between 1H 2011 and 2H 2013 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Chocolate sales revenue Chocolate share in total revenue Gross profit margin % - 2012 22% 25% 46% 49% Chocolate share in total revenue 1H 2012 20% 23% Chocolate share in total revenue 1H 2013 Overall margin benefits from high growth chocolate category Biscuit Chocolate Cake Overall Chocolate business consolidated in 4Q2011 following the acquisition of Ülker Çikolota after depreciation

2 Measures reflected in margins, still room to go 19 Components of EBITDA margin improvement 2.7% 11.8% 3.5% 1.3% 4.3% 2011 EBITDA margin Distribution restructuring Category mix Better cost & OPEX management 2013-H1 EBITDA margin 11.5% 1.0% 1.8% 0.6% 15.0% 2013 EBITDA margin Reduction in sales discounts Category mix / New launches Better cost & OPEX management 2016E EBITDA margin

3 High barriers to entry 20 Dominant presence in Turkey across the board Strong brand equity with established market positions 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 The Brand Award (International Brands Conference, 2011) The Best in the Sweet and Salty Category Most Recognized Company (AC Nielsen, 2 nd place, 2010) High barriers to entry Exclusive distribution (Silver Effie Award, Ülker Rondo, 2011) Extensive and exclusive distribution network - the most relevant entry barrier in the market Reaching ~200,000 points of sales throughout Turkey Largest & spreadout production capacity in the domestic market 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

4 Platform for further growth 21 Expansion started with Saudi Arabia and Egypt, focus on underpenetrated markets Plans to expand business in underpenetrated markets with high growth potential Target regions: Middle East, North Africa, and Eastern Europe 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 (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 Source: Euromonitor 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 (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 Source: Euromonitor FMC (manufacturing) Hi Food (manufacturing) Ülker Egypt (sales) 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 Potential expansion areas Established in 2007 60% Yıldız Holding, 40% local partner Biscuit production Capacity: 27.5k tons Established in 2010 100% Yıldız Holding Biscuit sales Manages 12 distributors and reaches 20,000 sales points (US$ mn) 2012 2013E Net sales 88 109 EBITDA margin 7.0% 8.0% (US$ mn) 2012 2013E Net sales 32.0 45.0 EBITDA margin 12.0% 18.0% 2006-2011 CAGR Kg per capita - 2012

5 Godiva Hidden value 22 Acquired by Yıldız Holding in 2008 Ülker stake in Godiva - 19% 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$120mn EBITDA over the next three years Godiva store in Harrods, London Godiva store in Denver, the US Geographical presence of Godiva as of 1H13 end 198 stores in the US 32 stores in Europe Owns and operates 430 retail boutiques in 84 countries as of 1H13 end Available via over 10,000 specialty retailers 200 stores in Asia Key figures 2008 2013E 2014E # of stores 432 453 530 Revenues US$ 370mn US$ 760mn US$ 830mn EBITDA - US$ 60mn US$ 76mn Geographical store evolution 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

6 Yıldız Holding: Strong & supportive parent 23 TL 1,974mn TL 1,328mn TL 964mn 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 Best recognized food brand #1 in biscuits & chocolates Diversified product portfolio #2 in dairy products holding strong market #1 in edible oils and fats shares #1 in overall baby food #1 in culinary products Bizim and Şok - 7.5% of Ülker s net sales as of 2012 Real Estate Retail Food & Beverages Experience in managing international operations Premium segment chocolate producer acquired in 2008 Dia - new account entered after the acquisition in July 2013 Personal Care Finance Packaging 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 In excess of 200k sales points nationwide c.90% coverage, second best after Coca-Cola Icecek 2012 revenues

2016 Guidance 25 EBITDA growth to surpass sales growth Sales 2012-2016 (TL mn) 1,000 4,500 Top Line 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 2,341 417 614 128 CAGR 18% Profitability Gross margin to be materialized above 25% EBITDA margin to be materialized above 15% 2012 sales By 2016, Ülker is expected to surpass TL4.5bn net sales (including inorganic growth) with an EBITDA margin of above 15% 11.5% Biscuits Chocolates Cakes International growth EBITDA margin % 2012-2016 1.0% 1.8% 0.6% 2016 sales 15.0% Capex and Dividend Capex: 2.5-3.0% of net sales Distribute minimum 70% of distributable income 2013 2013 EBITDA Reduction in Category Mix Better Cost cost && EBITDA margin margin % in sales discounts Effect/New mix effect Launches / New OPEX management launches 2016E EBITDA margin %

Beyond 2016 26 Long-term ambitions 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 Productivity Boost product quality through operational efficiency Further efficiency and productivity in distribution channels Meet/beat international benchmarks Brand investments Ensure the continuity of brand investments Offer powerhouse brands to consumers at reasonable prices Increase market share Investor level Sustain best corporate governance practices

Increasing sales 28 Sales volume by category Net sales by category k tons TL mn 321 422 201 235 1,789 2,341 1,143 1,326 4% 13% 9% 11% 8% 32% 17% 75% 55% 13% 14% 30% 33% 56% 54% 10% 49% 30% 51% 36% 4% 5% 11% 11% 49% 46% 38% 36% FY11 FY12 H1 12 H1 13 Biscuits Chocolates Cakes FY11 FY12 H1 12 H1 13 Biscuits Chocolates Cakes Other Volume increase mainly driven by: Growing market Efficient distribution Improved product mix Revenue growth mostly followed volume growth Other sales diminishing with the restructuring of distribution channel Excluding non-confectionery sales volume Following acquisition of Ülker Çikolata in 2011, chocolate operations have been consolidated in figures from 4Q2011 onwards

Increasing margins 29 Gross profit and margin % EBITDA and margin % TL mn TL mn 356 503 256 309 77 218 116 156 21.5% 22.4% 23.3% 9.3% 10.1% 11.8% 19.9% 4.3% FY11 FY12 1H 12 1H 13 FY11 FY12 1H 12 1H 13 Margin improvement due to: Efficiencies from distribution restructuring Change in category mix favoring higher margin chocolate Better cost and opex management

Working capital and net debt 30 Average working capital days Net debt Average WC days 2011 2012 H1 2012 H1 2013 Trade receivables 87 84 83 75 Inventory 38 34 33 32 Trade payables 80 81 67 71 WC - days 45 37 49 36 Net debt - TL mn 2012 1H 2013 Financial debt 1,501 1,313 Short term financial debt 614 690 Long term financial debt 887 623 Non-trade receivables from related parties 131 141 Cash and cash equivalents 1,268 957 Net debt 102 215 Net working capital was TL312 mn as of 2012 end and TL372 mn as of 1H 2013 end Working capital requirement over sales ratio remained at 13.3% and 14.7% in 2012 and LTM 1H 2013, respectively Net debt as of 1H 2013 end is TL215 mn Financial debt - US$ denominated due to company strategy - Maturity breakdown as of 1H 2013: - Short term 53% - Long term 47% Cash & cash equivalents breakdown based on currency - TL: 45 mn - US$: 625 mn FX short position of US$ 100mn - Euro: 280 mn Amounts expressed in Turkish Lira TRY

Healthier balance sheet structure 31 Improving key metrics signals higher future cash generation Sustainable EBITDA generation 2012 1H 2013 LTM EBITDA 2011 TL 218mn TL 259mn TL 77mn Improved Cash Conversion Cycle Working Capital Days 2011 45 days 2012 37 days 1H 2013 36 days Higher profitability Through restructuring and product mix Better working capital management Effective use of technology in supply chain management Sustainable & profitable growth Net Debt/EBITDA at favorable levels Net Debt / EBITDA 2011 0.71x 2012 0.47x 1H 2013 LTM 0.83x

Financials 33 Consolidated income statement Income statements (TL mn) 2011 2012 Growth 11-12 1H 2012 1H 2013 Growth 1H 12-13 Sales Revenue 1,789 2,341 31% 1,143 1,326 16% Cost of Sales (1,433) (1,838) 28% (887) (1,017) 15% Gross Profit 356 503 41% 256 309 21% Gross Profit Margin % 19.9% 21.5% 22.4% 23.3% OPEX (309) (332) 7% (164) (178) 9% Marketing, Sales and Distribution Expenses (242) (227) -6% (110) (120) 10% General Administration Expenses (65) (96) 49% (50) (50) 0% Research and Development Expenses (3) (9) 232% (4) (8) 85% EBIT 47 171 267% 92 131 42% EBIT Margin 2.6% 7.3% 8.1% 9.9% Depreciation (30) (48) 59% (23) (25) 9% EBITDA 77 218 185% 116 156 35% EBITDA Margin 4.3% 9.3% 10.1% 11.8% Other Operating Income / Expense 66 32-53% 64 70 9% Profit / Loss from Investments - - n.m. 6 7 21% Share in Net Profit of Investments (13) - -100% - - n.m. Finance Incomes / Expenses 621 41-93% (16) (69) 327% Profit Before Taxation 722 244-66% 146 138-5% Tax Charge From Continued Operations (51) (48) -7% (30) (27) -10% Net Profit 670 196-71% 116 111-4%

Financials (cont d) 34 Consolidated balance sheet Balance sheet (TL mn) 2012 1H 2013 Current Assets 2,259 1,956 Cash and cash equivalents 1,268 957 Financial investments 3 3 Trade receivables 597 588 - Trade Receivables from related 433 445 Parties - Other Trade Receivables 164 143 Other receivables 140 156 - Non-trade Receivables 131 143 - Other short-term Receivables 8 14 Inventories 186 176 Other current assets 65 76 Non-Current Assets 898 906 Financial investments 326 325 Investment properties 30 30 Tangible assets 524 533 Intangible assets 1 1 Deferred tax assets 4 5 Other non-current assets 12 12 Total Assets 3,157 2,863 Balance sheet (TL mn) 2012 1H 2013 Current Liabilities 1,143 1,157 Financial liabilities 614 690 Other financial liabilities 0 - Trades payables 471 392 - Trade payables to related parties 247 215 - Other trade payables 224 177 Other payables 5 3 Corporate tax payable 2 12 Debt provisions 12 23 Employee benefits 22 19 Other current liabilities 17 18 Non-Current Liabilities 934 671 Financial liabilities 887 623 Employee benefits 20 23 Deferred tax liabilities 27 25 Other non-current liabilities 0 0 Shareholders' Equity 1,080 1,035 Share capital 342 342 Inflation adjustments to share capital 108 108 Valuation funds 144 143 Restricted reserves 73 124 Actuarial gain / loss (2) (2) Retained earnings 125 93 Net income for the year 167 92 Non-controlling interest 122 135 Total Liabilities and S.E. 3,157 2,863

Financials (cont d) 35 Consolidated cash flows Cash flow (TL mn) 2011 2012 1H 2013 Beginning cash 617 402 1,268 Net profit for the year 670 196 111 Net cash provided by operating activities (500) 20 159 Taxes (129) (104) (30) NWC 203 17 (67) Cash flow from operations 245 128 172 Cash flow from investing activities (139) 481 (19) Cash flow to firm 106 609 153 Cash flow from financing (321) 257 (463) Net cash flow to equity (215) 866 (311) Ending cash 402 1,268 957

Disclaimer 36 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