Management Presentation

March 2014

1

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Financials

4. Appendix

2

7

23

28

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

• 70 years of experience in Turkish confectionery

• Leader in biscuit and chocolate category with 47%

market share in each; #2 in cake category with 32%

market share – 1Q14

• Largest production capacity in the domestic market with

spread out facilities

• Consolidated annual net sales of TL 2.75 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 1Q 2014

Mcap as of 03/31/2014 5,147

Revenues (LTM) 2,825

EBITDA (LTM) 326

EBITDA margin % (LTM) 11.5%

† Excludes other non-confectionary sales of TL 20 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

75% 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 1Q14 k tons TL mn † % share †

Biscuits 69 301 38%

Chocolate 43 385 49%

Cake 18 86 11%

Shareholding Structure (As of 31.03.2014)

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

47% 47% 32% Market Share (1Q14)

(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

285K Tons 167K Tons 77K Tons Market Size † (1Q14

LTM)

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 2013

Cancellation of privileged shares and founder shares

New dividend policy – minimum 70% of distributable income

Free Float reached 40% after Yıldız Holding’s block sale

†Mcap as of year-end

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

2014 2014:

Ülker Biskuvi acquired 30% minority stake in Biskot

Divested stakes in Istanbul Gıda, Birleşik Dış Ticaret and Rekor

6

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Financials

4. Appendix

2

7

23

28

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 15.7bn 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

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 2013

- Increased brand investments through multichannel

advertising and social media / investment on star SKUs

- Distribution efficiencies / declining sales returns: 2.8% in

2011 vs. 0.5% in 2013 (0.3% in 1Q14 vs 0.7% in 1Q13)

- Increasing sales per SKUs

• New launches to grasp market share:

- Indulgence biscuits: Dore (launched in June 2013)

- Diet biscuits (launched in September 2013)

- Wet cake (launched in September 2013)

- A new cake line ‘’O La La’’ (launched in March 2014)

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

22%

25%

20%

23%

Biscuit Chocolate Cake Overall

2 Growing chocolate segment favoring margins

Gross profit margin % - 2013††

48,6% 49,2%

Chocolate

share in

total

revenue

2012

Chocolate

share in

total

revenue

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

15% Growth between 2013 and 2012

9% Growth between 1Q14 and 1Q13

15 Measures reflected in margins, still room to go…

Components of EBITDA margin improvement

2

16

4.500

271

399 83

1.000

2.748

2013 Sales Biscuits Chocolates Cakes Int. Growth 2016E Sales

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

Long Term 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

Capex: 2.5-

3.0% of net

sales

Distribute

minimum 70%

of

distributable

income

Sales 2013-2016 (TL mn)

2013

EBITDA

margin %

Reduction

in sales

discounts

Category

mix effect

/ New

launches

Better cost &

OPEX

management

2016

EBITDA

margin %

EBITDA margin % 2013-2016

CAGR 18%

2

17

• 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)

18

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

Saudi Arabia

• Population of 30.2 mn growing at CAGR of 1.8%

between 2007-2013

• US$ 924bn GDP growing at c.7%

• c.US$ 1.9 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) 2013 2014E

Net sales 91 109

EBITDA margin 6% 8%

(US$ mn) Market

size

Growth† Per capita

consumption††

Chocolate 993 9.0% 1.9

Biscuits 717 5.6% 3.7

FMC (manufacturing)

4 Platform for further growth

Egypt

• Population of 87 mn growing at CAGR of

1.7% between 2007-2013

• US$ 568bn GDP growing at c.3%

• c.US$ 1.4 bn confectionary market

Established in 2007

60% Yıldız Holding, 40%

local partner

Biscuit production

Capacity: 27.5k tons

(US$ mn) 2013 2014E

Net sales 36 45

EBITDA margin 18% 20%

(US$ mn) Market

size

Growth† Per capita

consumption††

Chocolate 408 5.3% 0.4

Biscuits 957 9.4% 2.9

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

† 2008-20113 CAGR-Volume

†† Kg per capita - 2013

Source: Euromonitor Source: Euromonitor

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 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 in 2016

5 Godiva – Hidden value

Key figures 2008 2013 2014E

# of stores 432 439 463

Revenues US$ 490mn US$ 704mn US$ 769mn

EBITDA - US$ 49mn US$ 56mn

• Owns and operates 439 retail boutiques in 84 countries

as of 2013 year end

• Available via over 10,000 specialty retailers

Geographical presence of Godiva as of 2013 year end

195 stores in

the US

&Canada

35 stores in

Europe

209 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

2013 195 128 46 35 5 30

2014YE 199 135 54 38 5 32

Geographical store evolution

Acquired by Yıldız

Holding in 2008

Ülker stake in

Godiva - 19%

20

Experience in managing international operations

• Operates in 6 sectors with TL15.7 bn gross sales in 2013

• 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 2013

Dia - new account

entered after the

acquisition in July

2013

† 2012 revenues

21 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

22

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Financials

4. Appendix

2

7

23

28

23 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

• Higher Volume is mainly driven by:

• Higher biscuit and cakes sales

• High base limited the volume growth in

chocolate

• Price increases

• Increase in Revenue is mainly driven by:

• Price increase & downsizings

• Higher export revenues

• Lower discounts & returns

Tonnes TL mn

24 Increasing margins

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

163 180 77 88

TL mn TL mn

• Margin improvement at the Gross Profit is due to:

• Price increases

• Lower sales discounts & returns

***Excluding other income/(expense) from operations

• Margin improvement at the EBITDA is due to:

• Lower marketing expenses

• Efficiency oriented opex management

25 Working capital and net debt

Average working capital days Net debt

• Net debt as of 1Q14: TL 20 mn

• Net debt to EBITDA (LTM) is <0.1x

• Financial debt

- US$ denominated due to company strategy

- Maturity breakdown as of 2013:

- Short term 90%

- Long term 10%

• Cash & cash equivalents breakdown based on currency

- TL: 228 mn

- US$: 533 mn†

- Euro: 437 mn†

• Net working capital was TL 363 mn as of 1Q14 and TL

325 mn at the end of 2013

• Working capital requirement over sales ratio was

12.8% in 1Q14 (LTM)

• FX short position of TL 92 mn

† Amounts expressed in Turkish Lira “TRY”

Average WC days 2011 2012 2013 1Q14

Trade receivables 87 84 76 68

Inventory 38 34 33 31

Trade payables 79 81 77 67

WC - days 46 37 32 32

Net debt - TL mn 2012 2013 1Q14

Financial debt 1.501 1.260 1.219

Short term financial debt 614 1.250 1.099

Long term financial debt 887 10 120

Non-trade receivables from related parties

131 3 -

Cash and cash equivalents 1.268 1.164 1.199

Net debt 102 92 20

26 Healthier balance sheet structure

Improving key metrics signals higher future cash generation

2011

2012

2013

TL 77mn TL 221mn

TL 315mn

Sustainable EBITDA generation

EBITDA

Working

Capital

Days

Net Debt /

EBITDA

2011

2012

2013 46 days

37 days

32 days

Improved Cash Conversion Cycle

2012

0.71x 0.46x

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

2013

0.29x

2013 (LTM)

TL 315mn

2013

32 days

2013(LTM)

0.06x

27

1. Ülker: Who we are ?

2. Key Investment Highlights

3. Financials

4. Appendix

2

7

23

28

28

Income statements (TL mn) 2012 2013 Growth 13-12 1Q13 1Q14 Growth 1Q14-1Q13

Sales Revenue 2.343 2.748 17% 716 792 11%

Cost of Sales (1.838) (2.115) 15% (554) (613) 11%

Gross Profit 505 633 25% 163 180 11%

Gross Profit Margin % 21,6% 23,0% 22,7% 22,7%

OPEX (332) (370) 11% (98) (105) 7%

Marketing, Sales and Distribution Expenses (227) (263) 16% (72) (74) 3%

General Administration Expenses (96) (94) (2%) (24) (27) 15%

Research Expense (9) (13) 51% (3) (4) 51%

EBIT 173 263 52% 65 74 15%

EBIT Margin 7,4% 9,6% 9,0% 9,4%

Depreciation (48) (52) 8% (13) (13) 6%

EBITDA 221 315 43% 77 88 14%

EBITDA Margin 9,3% 11,5% 10,8% 11,1%

Other Operating Income / Expense* & Inc/Exp

From Inv. Activities 73 256 251% 28 45 61%

Finance Incomes / Expenses* (3) (240) n.m. (23) (42) 85%

Profit Before Taxation 244 279 15% 70 78 11%

Tax Charge From Continued Operations (48) (52) 8% (14) (17) 17%

Net Profit (Equity holders of the parent) 167 189 13% 45 51 13%

Financials

Consolidated income statement

29 Financials (cont’d)

Consolidated balance sheet

Balance sheet (TL mn) 2013 1Q14

Current Assets 2.129 2.152

Cash and cash equivalents 1.164 1.199

Financial investments 1 1

Trade receivables 649 651

- Trade Receivables from related Parties 447 449

- Other Trade Receivables 202 202

Other receivables 20 10

- Non-trade Receivables 3 2

- Other short-term Receivables 17 8

Inventories 198 220

Other current assets 96 72

Non-Current Assets 1.033 1.036

Financial investments 464 468

Investment properties 10 10

Tangible assets 533 531

Intangible assets 1 1

Deferred tax assets 4 4

Other non-current assets 21 22

Total Assets 3.162 3.188

Balance sheet (TL mn) 2013 1Q14

Current Liabilities 1.827 1.810

Financial liabilities 1.250 1.099

Derivative financial liabilities - -

Trades payables 508 484

- Trade payables to related

parties 273 288

- Other trade payables 235 196

Other payables 1 135

Corporate tax payable 11 20

Debt provisions 9 20

Employee benefits 14 17

Other current liabilities 34 35

Non-Current Liabilities 67 179

Financial liabilities 10 120

Employee benefits 23 28

Deferred tax liabilities 34 31

Other non-current liabilities 0 0

Shareholders' Equity 1.268 1.199

Share capital 342 342

Inflation adjustments to share

capital 108 108

Valuation funds 260 263

Restricted reserves 126 138

Actuarial gain / loss (1) (2)

Retained earnings 106 150

Net income for the year 189 51

Non-controlling interest 138 149

Total Liabilities and S.E. 3.162 3.188

30 Cost Structure

Components of Cost of Goods Sold (Consolidated)

Raw Material

65%

Other 35%

Raw Material Breakdown

Wheat 20%

Sugar 15%

Palm Oil 15%

Cacao 15%

• Palm Oil and Cacao are imported in USD terms

• Wheat and Sugar is procured from domestic sources in TL terms

31 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