2016 Q3 TRAKYA CAM

Investor Presentation

Contents

Trakya Cam

3 Financial & Operational Overview

Şişecam Group Overview

11

17

2

Financial & Operational Overview

2016 Q3 Highlights

Key Financial Indicators

Operational Performance

3

Q3 2016 Highlights

Financials Highlights

Starting 2016, Bulgarian operations are fully consolidated on the financial statements

Revenues up by 39% YoY, reaching TL 704 Million in Q3’16

Excluding Bulgarian operations in 2016 Q3, consolidated revenue up by 16% YoY

EBITDA of TL 158 Million, up by %83 YoY* with a robust margin of 22%*

Developments through the third quarter

10% discount on Bulgarian natural gas prices effective July

Improved flat glass sales price levels especially in Western Europe

30% q-o-q price hike in the third quarter in Russia

Cost effective marketing activities led ratio of operating expenses to revenues continue to improve,

which is recorded at 20% in the third quarter (Q2’16: 21%, Q1’16:22%)

Trakya Cam maintained its dominant position in the local market in the third quarter with 66% market

share while strenghening its position in global market

*Please see the detailed explanation of Bulgarian Operations effect on financials in Slide 6 4

One-off income was recorded in 2016

Q2 from the sale of Soda shares

amounting TL 284 mn, excluded from

EBITDA and Net income calculation

Key Financial IndicatorsSummary Financials

5

Consolidated results for 2015 Q3

includes equity pick-ups: Bulgaria,

India & Egypt. Starting 2016,

Bulgarian operations are fully

consolidated on the financial

statements

TRY mn 2015 Q3 2016 Q2 2016 Q3 YoY Growth QoQ Growth

Revenue 507 723 704 39% -3%

Gross Profit 126 212 201 59% -5%

EBITDA1

60 119 124 106% 4%

Dep.&Amortization 43 60 62 44% 4%

EBIT2 17 59 62 264% 4%

1 Gross Profit-Opex(G&A+Marketing+R&D)+Depreciation

2 Gross Profit-Opex(G&A+Marketing+R&D)

EBITDA w/Other Items3

87 417 158 83% -62%

One-offs 0 284 0 NM NM

Dep.&Amortization 43 60 62 44% 4%

EBIT w/Other Items 43 73 96 122% 32%

Adjusted EBITDA w/Other Items4

87 133 158 83% 19%3 excluding one-offs

4 Gross Profit-Opex(G&A+Marketing+R&D)+Depreciation+other income&expense, income from equity pick-ups & investment activities

Net Income 36 325 74 108% -77%

Adjusted Net Income5

36 54 74 108% 36%5 excluding one-offs

Capex 63 73 53 -15% -27%

Margins %

Gross Profit 25% 29% 29% 367 bps -81 bps

EBIT 3% 8% 9% 542 bps 55 bps

EBITDA 12% 17% 18% 573 bps 107 bps

EBIT w/Other Items 9% 10% 14% 510 bps 360 bps

Adjusted EBITDA w/Other Items 17% 18% 22% 541 bps 413 bps

Adjusted Net Income 7% 7% 11% 350 bps 301 bps

Capex/Sales 12% 10% 8% -478 bps -252 bps

Key Financial Indicators

Bulgarian operations are excluded from 2016 Q3

figures:

From Revenue = Excluding the revenue coming from

Bulgarian Operations and eliminated sales from

Turkey to Bulgaria in the consolidated revenues are

added

From EBIT = After excluding the COGS & operating

expenses related to Bulgaria, adding Trakya Cam’s

share in Bulgarian net income calculated according

to equity pick-up method

6

Consolidated results for 2015 Q3 includes equity pick-

ups: Bulgaria, India & Egypt. Starting 2016, Bulgarian

operations are fully consolidated on the financial

statements

Summary Financials - Excluding Bulgarian OperationsTRY mn 2015 Q3 2016 Q2 2016 Q3 YoY Growth QoQ Growth

Revenue 507 723 704 39% -3%

Excluding Bulgaria 507 615 589 16% -4%

EBIT* 17 59 62 264% 4%

Excluding Bulgaria 17 35 35 109% 1%

EBITDA* 60 119 124 106% 4%

Excluding Bulgaria 60 81 83 38% 3%

EBIT* 3% 8% 9% 542 bps 55 bps

Excluding Bulgaria 3% 6% 6% 269 bps 32 bps

EBITDA* 12% 17% 18% 573 bps 107 bps

Excluding Bulgaria 12% 13% 14% 220 bps 96 bps* Gross Profit-Opex(G&A+Marketing+R&D)* Gross Profit-Opex(G&A+Marketing+R&D)+Depreciation

EBIT w/Other Items** 43 352 96 1 bps -1 bps

Excluding One-offs 43 73 96 122% 32%

Excluding One-offs & Bulgaria 43 68 92 113% 35%

EBITDA w/Other Items** 87 392 158 83% -60%

Excluding One-offs 87 133 158 83% 19%

Excluding One-offs & Bulgaria 87 108 139 61% 29%

EBIT w/Other Items** 9% 49% 14% 510 bps -3508 bps

Excluding One-offs 9% 10% 14% 510 bps 360 bps

Excluding One-offs & Bulgaria 9% 11% 16% 710 bps 457 bps

EBITDA w/Other Items** 17% 54% 22% 541 bps -3181 bps

Excluding One-offs 17% 18% 22% 541 bps 413 bps

Excluding One-offs & Bulgaria 17% 18% 24% 661 bps 606 bps**Gross Profit-Opex+other income&expense,net income from equity pick-ups & investment activities

38%

8%8%

46%

20%

7%

14%

58%

Europe Russia Export Domestic

507

704

2015 Q3 Europe Russia Domestic Export Elimination 2016 Q3

757%

YoY

Sales by Geographies

7

Accelerated Growth in All Operating Regions

2015 Q3 2016 Q3

• Europe’s share increased y-o-y after the inclusion of Bulgarian operations starting 2016, which constitutes more than

50% of the European revenues. Increased demand in European architectural markets also led to improved volumes

and prices

• Share of Russian Operations increased thanks to the recovery in flat glass prices, edged up by 30% q-o-q in the third

quarter after the price hike announcements of local producers

• Exports’ share declined y-o-y due to full consolidation of Bulgarian operations. Starting 2016, sales from Turkey to

Bulgaria is eliminated from the consolidated revenue (Exports to Bulgaria account for over 15% of total exports)

• Elimination between the geographies increased due to full consolidation of Bulgarian operations

YoY Revenue Evolution through Regions

TRY mn

Breakdown of Sales by Region

171%

YoY

54%

YoY

17%

YoY

12%

YoY

• Revenue coming from basic glass delivered further good organic growth in Russia and Bulgaria driven by improved

sales price levels.

• As a result of rapid recovery in the construction industry, consolidated revenues generated from Turkey including

exports increased by 12% y-o-y while unit price levels continued to advance

• Total of auto, encapsulation and white goods revenues increased by 14% in the third quarter y-o-y mainly driven by

the improvement in the unit price levels of Bulgarian & Fritz’s operations.

• Starting 2016, elimination between the businesses increased due to full consolidation of Bulgaria

Sales by Businesses

8

Accelerated Growth in All Businesses

TRY mn

Revenue Breakdown by Businesses

61% 61% 65%

39% 39% 35%

-1% -5% -8%

2015 Q3 2016 Q2 2016 Q3

Basic Glass Auto-Glass & Incapsulated &Home Appliances Elimination

Financials PerformanceConsolidated EBITDA & CAPEX Consolidated Net Debt/EBITDA

TRY mn

Maturity Breakdown of Debt Currency Breakdown of Debt

TRY mn

2016 Q3

9

24%

13%

11%

43%

4%

5%

0% 10% 20% 30% 40% 50%

within 1 year

1 to 2 year

2-3 year

3-4 year

4-5 year

5 years-

44%

52%

4%2016 Q3

USD EUR TRY

0,790,44

0,93

1,37

3,84

1,81

2,96

245

613

418

286

3873 53

193269

387 391

145 133 158

2012 2013 2014 2015 2016 Q1 2016 Q2 2016 Q3

Capex EBITDA EBITDA/Capex

1,0 1,0 1,1

1,81,8

1,3

1,7

378 389 396

722813

640

936

2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3

Net Debt Net Debt/EBITDA

Operational Performance

Continued Production with High Capacity Utilization

K tons

Production Volume (Flat & Frosted Glass)

1.5 mn

K/tonnes

per

annum

1.6 mn

K/tonnes

of Total

Annual

Capacity

1.9 mn

K/tonnes

of Total

Annual

Capacity

2 mn

K/tonnes

of Total

Annual

Capacity

2.5 mn

K/tonnes

of Total

Annual

Capacity

2.5 mn

K/tonnes

of Total

Annual

Capacity

Operations in Bulgaria, India & Egypt - not included* Operations in India & Egypt - not included* Bulgarian operations – included**

*Bulgaria, India & Egypt are consolidated as equity pick-ups

**Starting 2016, Bulgarian operations are fully consolidated10

1.117 1.2161.390

1.259

310 373

102191

142146

1.491 1.450

452547

2012 2013 2014 2015 2015 Q3 2016 Q3

International Domestic

Trakya Cam

Global & Local Presence

History

Organizational Structure

11

Free Float31%

Sisecam69%

Trakya Cam

12

Bulgaria

Trakya Glass Bulgaria EAD

Float, & Auto Glass,

Mirror & Processed

Laminated Line

470K tons / year

#2

#1

#5

Market Shares(1)

SHAREHOLDERSOperations & Global Presence

Russia, Rebuplic of Tataristan

Trakya Glass Rus AO, AGAR

Float & Auto Glass

Mirror Line

230K tons / year

Slovakia

Richard Fritz

Incapsulation

Germany

Richard Fritz

Holding

Incapsulation,

Prototype,

Spareparts

Turkey

Float,Frosted & Auto Glass ,

Mirror, Coated, Processed,

Laminated Line

1.795K tons / year

India

HNG Float Glass

Limited

Float Glass,

Mirror Lİne

100K tons / year

Egypt

Saint-Gobain Glass

Egypt (JV-30%)

Float Glass Plant

85K tons / year

3,5%

3,1%

66%

Global

Europe

Turkey

Flat Glass Market Shares(1) in operating regions

56%

9%

66%

Balkans

Russia

Turkey

Auto Glass Market Shares(1) in operating regions

10%

5%

68%

Europe

Russia

Turkey

2

1 1

1

7 11

1

1 1

2

Hungary

Richard Fritz

Incapsulation

Romania

Glasscorp

Auto-glass

1

indicates number of

Encapsulated Automotive Glass Plantindicates number of

Float Line Plantindicates number of

Automotive Glass Plant * Market Shares are as of 30.09.2016

4%

23%

36% 33%

14% 15%19%

19%

15% 17%

3% 6%

6%

6%

7% 7%

3%

3%

6% 5%

11%11%

8%

9%

6% 6%

2012 2013 2014 2015 1H 2016 9M 2016

Russia China Bulgaria Saudi Arabia Belgium

Local Presence

13

High Concentration in the Local Market

2 Float Lines (440K ton Total Capacity) Mirror, AutoglassLüleburgaz

Yenişehir Float Lines (500K ton Total Capacity) Coated, Laminated Line

Float Line (290K ton Total Capacity)

Mersin Float Lines (565K ton Total Capacity) Mirror Line, Frosted Glass Line,

Solar Glass Line

2

1

2

Polatlı

Trakya Cam’s Capacities in Domestic Market

Competition in Domestic Market

66%10%

24%

2016 9M

Trakya Cam Competitor Import

Market Shares - Consumption

Top Importers – Share in Total Import Volume

Imports from Russia and China have decreased in

volumes in 2016 9M thanks to recovery in Russian

local prices and anti-dumping measures against

China.

Bulgarian imports include the sales coming from

Trakya Cam’s operation unit

Operating ProfileClear Float -Glass

Heat Control Glass (Low-E Coated Glass)

Solar Control Glass (Online Coated Glass)

Safety and Security Glasses

Noise Control Glasses

Decorative Glasses (Mirror, Patterned Glass)

Movable Door Glasses

Fixed, Encapsulated Fixed Side Glasses

Flush (Glass-in-Glass) Side Windows

Backlites (Back Door Glasses)

Sunroofs

Double-glazed Bus Sidelites

Bullet-proof Glass for Military Vehicles

Combat Ship Glasses

Encapsulated Glasses

Refrigerator and Oven Glasses

Solar Thermal Collector and Photovoltaics

Architectual

Glass

Automotive

Glass

Home

Appliances

-

Solar Glass

Related Industries

14

History

Trakya Cam was founded in Lüleburgaz, Turkey

Lüleburgaz plant resumed production, being the first in the region to use float technology.

Lüleburgaz Automotive Glass Plant resumed

production

Mersin plant resumed

production

2nd float line in Mersin resumed

production

First float line production in Bulgaria and added mirror and tempered glass to its

portfolio

Yenişehir Plant resumed production

Automotive glass productionstarted in Bulgaria. JV with Saint Gobain for Egypt and

Russia Projects

Projects in Russia, Romania, India, Germany with the aim of expanding our operations to become a global player

Acquisition of Glasscorp in

Romania

Acquisition of Fritz Groupin Germany. JV with HNG Float Glass Ltd in India

Polatlı and Russia Plants resumed production

Cold repair of the 2nd float line in Mersin

2nd float line in Bulgaria resumed production

Restructuring of Bulgarian

Operations

1978 1981 1991 1996 2000 2006 2007 2010 2011 2012 2013 2014 2014 2015 2015

15

Organizational Structure

Trakya Yenişehir

Cam Sanayii

A.Ş.

Trakya

Investment B.V.HNG Float Glass

Limited

(JV)

TRSG Glass

Holding BV

Trakya

Autoglass

Holding BV

Automotive

Glass Alliance

Rus AO

AGAR Trading

AO

Trakya Glass

Rus AO

Trakya Glass

Rus Trading

AO

Fritz Holding

GMBH

Trakya Glass

Bulgaria

EAD

Saint Gobain

Glass Egypt

(JV)

Richard Fritz

Spol S.RO.

Richard Fritz

KFTRichard Fritz

Prototype + Spare

Parts Gmbh

TRAKYA CAM SANAYİİ A.Ş.

%85 %100 %50 %100 %70

%30 %100 %100

%100 %100 %100

%100 %100 %100 %100

Trakya Polatlı

Cam Sanayii

A.Ş.

%85

Glasscorp SA

%90

Şişecam

Automotive

Bulgaria EAD

%100

Şişecam

Otomotiv

A.Ş.

%100

16

29

Şişecam Overview

Executive Summary

Revenue & Cash Generation

Company Overview

17

Executive Summary

Şişecam is a conglomerate in Turkey, founded by İşbank in 1935

Operational in: Flat glass , Glass Packaging, Glassware and Chemicals

Present in 13 countries: Turkey, Russia, Bulgaria, Egypt, Georgia, BosniaHerzegovina, Romania, Ukraine, Italy, Germany, Slovakia, Hungary and India withexports more than 142 countries

Annual production of approx. 4,2 Million tons of Glass and 2,2 Million tons ofSoda Ash

Annual Sales reaching USD 3 Billion

Alliances with global players

Rated by Ba1/BB by Moody’s and S&P

18

Revenue & Cash Generation

Sustained Growth in Revenue with Preserved EBITDA Margin

EBITDA Margin

TRY mn

4.9795.320

5.9546.876

7.415

5.3896.007

1.267

966 1.223 1.365 1.7641.305 1.393

2011 2012 2013 2014 2015 9M2015 9M2016Revenue EBITDA EBITDA Margin

25% 18% 21% 20% 24% 25% 22%19

Revenue & Cash Generation

Balanced Contribution of the Segments in Conformity with Previous Years’ Results

Segments’ Contribution to Revenue

* Consists of energy trade of Şişecam

9M2016

20

34%

21%

22%

19%

4%

Flat Glass Glassware Glass Packaging Chemicals Other

33%

22%

21%

19%

4%

*

9M2015

Revenue & Cash Generation

Balanced Contribution of the Segments in Conformity with Previous Years’ Results

Segments’ Contribution to EBITDA

* Consists of energy trade of Şişecam

9M2015 9M2016

30%

12%

21%

33%

4%

Flat Glass Glassware Glass packaging Chemicals Other

21

25%

15%

19%

31%

9%

*

Revenue & Cash Generation

Geographical Contribution to Revenue

Operations in Turkey Foreign Operations

TRY 6 bnRevenue in

9M 2016

Domestic

Export

Europe

RussiaUkraineGeorgia

22

TRY 4,2 bnRevenue

TRY 1,8 bnRevenue

69%

31%

64%

36%

Revenue & Cash Generation

Exports from Turkey

23

North & Middle

America

SouthAmerica

Middle East

Africa

Asia

Far East

Oceania

Europe

7%

4%

10%

15%

49%13%

1%

1%

Top 10 CountriesExports of USD 508 Million in 9M 2016 to more than 142 countries

Italy 13%

Egypt 7%

China 5%

France 5%

Bulgaria 5%

Saudi Arabia 4%

UK 4%

USA 4%

Germany 4%

Spain 3%

Global Presence

Strong Global Player with Competitive Profitability

24Sources: Bloomberg & Companies Websites

Calculations were made based on 9M2016 financials except for Saint Gobain and NSG (1H2016 financials were the latest available data)

26%

20%

26%25%

18%

26%

21%

30%

16%19%

10%

19% 19%

10%

21%23%

Asahi Glass Owens Illinois St Gobain Owens Corning Ardagh NSG NEG Şişecam

Gross Margin EBITDA Margin

NEG 100%

Owens Illinois 100%

NSG 100%

Şişecam 77%

Owens Corning 64%

Asahi Glass 54%

Ardagh 51%

St Gobain 25%

Glass Revenues' Share in Total

Operating Territories

25

Şişecam History

26

1935-1960Establishment and Single Plant Stage

1960-1990Strong Growth

1990’s Investment Structuring

2000’s Global Vision

2014’s OnwardsTo Be Among The Top 3 Producers

Globally

Regional leadership achievedHigher market share regionally

Reaching World glass volumesEfficient Management StructureInvestments Abroad

Expansion of product rangeState of the art Technologies, institutional R&D«The World is our Market»

Glassware and container production – PaşabahçeModest Growth

Corporate Structure

27

*Publicly Traded at BIST-100

Prudent Risk Management Policies

28

Leverage

Liquidity

FX Position

Interest Rate

Derivatives

Leverage with conservative NET DEBT / EBITDA levels

Maintain sufficient liquidity to meet short-term funding and financeequity portion of Capex

FX position limited to +/- 25% of shareholder’s equity

CounterpartyNot only a diversified relationship banks portfolio, but also access to international debt capital and loan markets at favorable rates.

Balanced fixed and variable rate loan book

Limited to hedging only, no speculative trading

Credit & Corporate Governance Ratings

29

Şişecam was included in the BIST Sustainability Index. The index comprises publicly traded companieswith a high rating on corporate sustainability performance.

Corporate Governance Rating of Sisecam was revised to 9,35 from 9,28 on December 2015.As a Corporate Policy, Şişecam continues to strive for reaching the highest level of Corporate Governancepractices, where its heritage of «good corporate governance practices» has already been evidenced by therecent rating received.Sustainability remains at the core of operations and strategy, with continuously improved practices.http://www.sisecam.com.tr/en/investor-relations/corporate-overview-and-governance/corporate-governance-policieshttp://www.sisecam.com.tr/en/sustainability/sustainability-reports

Corporate Governance & Sustainability

MOODY’S LT FCY Rating Ba1 Stable

S&P LT FCY Rating BB Negative

Credit Ratings

DisclaimerThis information in this document has been obtained by T. Şişe ve Cam Fabrikaları A.Ş. (“Şişecam” from sources believedto be reliable , however, Şişecam cannot guarantee the accuracy , completeness, or correctness of such information. Thisdocument has been issued for information purposes only . The financial reports and statements announced by Şişecamto the public and the relevant corporations are accepted to be the sole material. Şişecam does not accept any liabilitywhatsoever for any direct or consequential loss arising from any use of this document or its contents due to themisleading information in this document. All estimations contained in this document are the opinions of Şişecam and canbe subject to change without notice. This document cannot be interpreted as an advice to the investors and Şişecamcannot be held responsible for the results of investment decisions made on account of this document. This document hasbeen issued specially to the person, whom the document is concerned and may not be reproduced , distributed or sharedwith third parties for any purpose.

FX Rates

30

2011 2012 2013 2014 2015 9M2015 9M2016

USD/TL

Period End 1,89 1,78 2,13 2,32 2,91 3,04 3,00

Period Average 1,67 1,79 1,90 2,19 2,72 2,66 2,93

EUR/TL

Period End 2,44 2,35 2,94 2,82 3,18 3,42 3,36

Period Average 2,32 2,30 2,53 2,90 3,02 2,96 3,27

Contact DetailsGörkem Elverici, Chief Financial Officergelverici@sisecam.com Tel: (+90) 850 206 3885Başak Öge, Investor Relations Directorboge@sisecam.com Tel :(+90) 850 206 3262

Investor Relations Team

SC_IR@sisecam.com

Hande Özbörçek Kayaer

hozborcek@sisecam.com, Tel: (+90) 850 206 3374

Sezgi Eser Ayhan

seayhan@sisecam.com, Tel: (+90) 850 206 3791

Trakya Cam Sanayi A.Ş.Şişecam Genel MerkeziD-100 Karayolu Cad. No:44A 34947 Tuzla/İstanbul TurkeyTel : (+90) 850 206 50 50 Fax: (+90) 850 206 40 40